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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2016
<br />
<br />
<br />NOTE 6 - LONG-TERM DEBT (Continued)
<br />
<br />At June 30, 2016, future debt service requirements for the 2007 COPs follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2017 910,000$ 689,519$ 1,599,519$
<br />2018 945,000 652,418 1,597,418
<br />2019 985,000 613,818 1,598,818
<br />2020 1,020,000 573,718 1,593,718
<br />2021 1,060,000 532,118 1,592,118
<br />2022-2026 6,010,000 1,941,319 7,951,319
<br />2027-2030 5,805,000 521,390 6,326,390
<br />16,735,000$ 5,524,300$ 22,259,300$
<br /> The proceeds from the 1999 COP refunding issue were placed in irrevocable escrow account overseen by
<br />independent bank fiscal agents. The proceeds are generally invested in U.S. Treasury Securities, which
<br />together with earned interest, will provide amounts sufficient for future payment of interest, principal, and
<br />redemption premium on the defeased bond in the amount of $27,257,815. The escrow account is not
<br />included as assets of the City. The defeased bonds are excluded from the City’s long-term obligations
<br />because the arrangement satisfies requirements of defeasance.
<br />
<br />2013 Refunding Lease Revenue Bonds
<br />
<br />In April 2013, the City issued $8,883,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013
<br />RLRB). The purpose of the 2013 RLRBs was to refund and retire the City’s 2003 COPs and 2001 COPs.
<br />The 2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each
<br />June 1 and December 1. Principal payments are payable annually on December 1.
<br />
<br />The refunding of the 2003 COPs resulted in a present value of savings of $928,703 of the refunded bonds.
<br />At June 30, 2016, future debt service requirements for the City’s portion of the 2013 RLRB follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2017 587,000$ 289,961$ 876,961$
<br />2018 601,000 272,141 873,141
<br />2019 621,000 253,811 874,811
<br />2020 641,000 234,881 875,881
<br />2021 661,000 215,351 876,351
<br />2022-2026 3,678,000 693,016 4,371,016
<br />2027-2028 1,674,000 75,588 1,749,588
<br />8,463,000$ 2,034,749$ 10,497,749$
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