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<br />40 <br />General Fund Obligations. Set forth below is a table presenting the long–term <br />obligations payable from the City’s General Fund, excluding the Bonds, followed by summary <br />descriptions of each issuance. See also “APPENDIX A – AUDITED FINANCIAL STATEMENTS <br />OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2015, Note 7” for additional <br />information about the City’s long–term General Fund obligations. <br /> <br />TABLE 14 <br />CITY OF SAN LEANDRO <br />LONG–TERM GENERAL FUND DEBT OBLIGATIONS <br /> <br /> <br /> <br />Obligation <br /> <br />Original Principal <br />Amount <br /> <br />Interest Rate <br />Range <br />Amount <br />Outstanding as <br />of 6/30/2016 <br /> <br />Final <br />Maturity <br />2007 Certificates of Participation(1) $23,435,000.00 4.00% to 4.375% $16,735,000.00 2029 <br />2012 Pension Obligation Bonds(2) 18,305,000.00 1.14% to 5.54% 14,345,000.00 2024 <br />2012 Fire Truck Lease 971,090.00 Fixed at 2.20% 202,762.00 2017 <br />2013 Refunding Lease Revenue Bonds(2) 883,000.00 2.00% to 5.00% 8,463,000.00 2028 <br />2015 PNC Lease for Police Vehicles 720,000.00 Fixed at 1.91% 476,181.49 2018 <br />2016 Equip. Lease Purchase Agreement 5,409,044.94 Fixed at 2.10% 5,409,045.00 2032 <br /> <br />(1) Interest payable semiannually on each May 1 and November 1, principal payable annually on November 1. These <br />obligations are expected to be refunded by the Bonds. <br />(2) Interest payable semiannually on each June 1 and December 1, principal payments payable annually on <br />December 1. Source: City of San Leandro. <br /> <br />2007 Certification of Participation. In 2007, the City issued $23,435,000 principal <br />amount of 2007 Certificates of Participation (referred to herein as the 2007 Certificates). The <br />purpose of the 2007 Certificates was to provide funds to refund the outstanding 1999 <br />Certificates of Participation (Library and Fire Stations Project) of the City of San Leandro and <br />the San Leandro Public Financing Authority. Interest rates vary from 4.00% to a maximum of <br />4.375% and are payable semiannually on each May 1 and November 1. Principal payments are <br />payable annually on November 1. The 2007 Certificates evidence fractional interest of the <br />owners in lease payment to be made by the City for use and occupancy of San Leandro <br />Libraries and San Leandro Fire Stations. The principal balance outstanding as of June 30, 2016 <br />was $16,735,000. <br /> <br />All of the outstanding 2007 Certificates are expected to be refunded in connection with <br />the issuance of the Bonds. <br /> <br />2012 Fire Truck Lease. In 2011, the City entered into a Lease/Purchase Agreement with <br />Oshkosh Capital to Lease/Purchase Equipment in the amount of $971,090. The Equipment <br />was for the Fire Department’s 2010 Triple Combination Pumper Truck. The interest is 2.20% <br />payable over five years. The principal balance outstanding as of June 30, 2016 was $202,762. <br /> <br />2012 Pension Obligation Bonds. In 2012, the City issued $18,305,000 principal amount <br />of 2012 Taxable Pension Obligation Bonds (the “2012 POBs”). The purpose of the 2012 POBs <br />was to save the City money by causing the interest rate of such bonds, together with the cost of <br />their issuance, to be significantly less than the interest rate the PERS had charged to amortize <br />the City’s public safety side fund (which was, at the time of calculation of interest rate savings, <br />7.75%), and which side fund was distinct from the City’s other PERS plans. Principal is due <br />annually on the 2012 POBs on December 1, and the interest is due semi–annually on June 1 <br />and December 1, through June 2024. The interest rates for the 2012 POBs vary from 1.14% to