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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2016 <br />NOTE 16 – SUCCESSOR AGENCY ACTIVITIES (Continued) <br />HUD 108 Guarantee Notes <br />In 2000, the City received a $1,000,000 20-year federal loan from Housing and Urban Development <br />(HUD 108 Guarantor loan), at an interest rate of 5.6% to finance the acquisition and construction of <br />affordable housing for seniors within the City of San Leandro. The loan is secured and payable from the <br />Agency’s 20% Housing Set-Aside Fund. The debt was assumed by the Successor Agency. Future debt <br />service payments for the HUD 108 Guarantee loan were as follows: <br />For The Year <br /> Ending June 30 Principal Interest Total <br />2017 63,000$ 6,452$ 69,452$ <br />2018 63,000 4,697 67,697 <br />2019 63,000 2,798 65,798 <br />2020 55,000 908 55,908 <br />244,000$ 14,855$ 258,855$ <br />NOTE 17 – SUBSEQUENT EVENTS <br />On July 21, 2016, the City completed an Energy and Water savings lease financing for the City's lowest- <br />ever interest rate (2.1%). The $5.4 million lease was secured through a competitive private placement, which produced 6 bids. The debt service through 2032 will be guaranteed by the developer's assurance of <br />avoided costs for energy and water over the next 16 years. <br />89