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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 />2014 PNC Equipment Lease
<br />
<br />On July 29, 2014, the City entered into a Lease/Purchase Agreement with PNC Equipment Finance, LLC to
<br />Lease/Purchase Equipment in the amount of $473,917. The Equipment was for ten Police SUV Ford
<br />Explorers. The interest is 1.38% payable over 3 years. At June 30, 2016, the City paid the lease in its
<br />entirety.
<br />
<br />2015 PNC Equipment Lease
<br />
<br />On September 18, 2015, the City entered into a Lease/Purchase Agreement with PNC Equipment Finance,
<br />LLC to Lease/Purchase Equipment in the amount of $720,000. The Equipment was for eleven Police SUV
<br />Ford Explorers, two Police Interceptors and two Police Ford Fusions. The interest is 1.91% payable over 3
<br />years.
<br />
<br />At June 30, 2016, future debt service requirements for the 2015 equipment lease follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2017 235,829$ 9,135$ 244,964$
<br />2018 240,353 4,611 244,964
<br />476,182$ 13,746$ 489,928$
<br /> HUD 108 Guarantee Loan – Senior Center
<br />
<br />In 2011, the City received a $2,500,000 20-year federal loan from HUD, at an interest rate of 3% to finance
<br />the acquisition and construction of senior center facility within the City of San Leandro. The loan is secured
<br />and payable from the Community Development Block Grant Fund.
<br />
<br />At June 30, 2016 future debt service requirements for the HUD 108 Guarantee loan follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2017 131,000$ 67,233$ 198,233$
<br />2018 131,000 63,584 194,584
<br />2019 131,000 59,635 190,635
<br />2020 132,000 55,414 187,414
<br />2021 132,000 50,972 182,972
<br />2022-2026 660,000 180,015 840,015
<br />2027-2030 528,000 45,983 573,983
<br />1,845,000$ 522,836$ 2,367,836$
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