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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2015
<br />
<br />
<br />NOTE 7 - LONG-TERM DEBT (Continued)
<br />
<br />B. Long-Term Debt of Business-Type and Proprietary Funds
<br />
<br />Summary of changes in long-term debt of business-type and proprietary funds for the year ended June 30,
<br />2015:
<br />
<br />Due Due in
<br />Balance Balance Within more than
<br />June 30, 2014 Additions Retirements June 30, 2015 one year one year
<br />Marina Note 1,891,755$ $207,791$ 1,683,964$ 217,141 $ 1,466,823$
<br />State Water Resources
<br />Control Board 36,022,900 4,385,604 40,408,504 40,408,504
<br />Total 37,914,655$ 4,385,604$ 207,791$ 42,092,468$ 217,141 $ 41,875,327 $
<br /> State Water Resources Control Board
<br />
<br />On August 4, 2011, the City entered into a Finance Agreement with the State Water Resources Control
<br />Board in the total principal amount of $43,000,000, for the purpose of financing the Wastewater System
<br />Expansion and Improvement Project. The loan bears an interest rate of 2.6%. Principal and interest
<br />payments are payable annually on July 1. The debt is secured by the WPCP Enterprise Fund operating
<br />revenues. At June 30, 2015, the City has drawn down $40.41 million from the State Water Resource
<br />Control Board and the remaining balance of $6.98 million is expected to be drawn down in fiscal year
<br />2014-15.
<br />
<br />There was no debt service payment in fiscal year 2014-15, with the first debt service payment of $4.2
<br />million due in fiscal year ending 2016-2017. Future debt service is expected to average $3 million per
<br />year through fiscal year 2034-35 for a total $58.8 million.
<br />
<br />Marina Cal Boating Notes Payable
<br />
<br />The City entered into various construction loan agreements with the California Department of Boating
<br />and Waterways in the total principal amount of $5,331,032. The loans bear an average interest rate of
<br />4.50%. Principal and interest payments are payable annually on each August 1. The debt is secured by
<br />Shoreline Enterprise Fund operating revenues.
<br />
<br />At June 30, 2015, future debt service requirements for the Marina Cal Boating Notes Payable are as
<br />follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2016 217,141$ 75,868$ 293,009$
<br />2017 226,911 66,098 293,009
<br />2018 237,124 55,887 293,011
<br />2019 247,793 45,216 293,009
<br />2020 258,944 34,065 293,009
<br />2021-2025 451,668 45,751 497,419
<br />2026-2027 44,383 3,154 47,537
<br />1,683,964 $ 326,039$ 2,010,003$
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