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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 />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 $5,331,032. The loans bear an average interest rate of <br />4.50%. Principal and interest payments are payable annually on each August 1. The debt is secured by <br />Shoreline Enterprise Fund operating revenues. <br /> <br />At June 30, 2016, future debt service requirements for the Marina Cal Boating Notes Payable are as <br />follows: <br />For The Year <br />Ending Principal Interest Total <br />2017 226,911$ 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 270,586 22,413 292,999 <br />2022-2026 203,764 25,425 229,189 <br />2027 21,701 1,067 22,768 <br />1,466,823$ 250,171$ 1,716,994$ <br /> <br />C. Debt Covenants and Restrictions <br /> <br />For June 30, 2016, the City complied with all general and specific covenants regarding debt proceeds <br />usage and debt repayment. In accordance with bond official statements, the City also maintained <br />adequate reserves for all debt issues. <br /> <br />D. Long-Term Debt Without City Commitment <br /> <br />The City has sponsored the issuance of the following debt, for which the City is not liable for repayment <br />but acts as an agent for the property owners and bondholders: <br /> <br />Project Outstanding <br />Description June 30, 2016 <br />California Municipal Finance Authority Las Palmas <br />Revenue Bonds, Series 2015 Affordable Housing 22,901,000$ <br /> <br />66