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<br />40 <br />1. Electric or Gas Franchise Ordinance: 2% or gross receipts attributable to miles of line operated; or <br />2. 1937 Act Computations: gross receipts within the City multiplied by 1%. <br /> Refuse & Recycling franchise fee calculations include complex calculations based on a <br />variety of basis such as per ton or percent of gross receipts between 10–12%. Most of the fees are adjusted annually by CPI. <br />Cannabis Business Tax. The City levies a tax on gross receipts from sales of cannabis within the City equal to 6% (the “Cannabis Tax”). The Cannabis Tax (up to 10% on gross <br />receipts from sales of cannabis) was approved a majority of the voters in the City on November <br />6, 2016 pursuant to Measure NN. On December 19, 2016, the City Council adopted Ordinance No. 2016-024, which amended the City’s Municipal Code to include the Cannabis Tax. The City <br />projects that revenues from the Cannabis Tax totaled approximately $500,000 for fiscal year <br />2017-18. The Cannabis Tax is not subject to a sunset date. <br />Parking and Warehouse Taxes. The City levies a tax on gross receipts from parking <br />lots of 10% and a business tax of $100 per 1,000 square feet of warehouse within the City (collectively, the “Parking and Warehouse Taxes”). The Parking and Warehouse Taxes were <br />approved a majority of the voters in the City on November 6, 2016 pursuant to Measure OO. On December 19, 2016, the City Council adopted Ordinance No. 2016-025, which amended the City’s Municipal Code to include the Parking and Warehouse Taxes. The City projects that <br />revenues from the Cannabis Tax totaled approximately $500,000 for fiscal year 2017-18. Parking and Warehouse Taxes are not subject to a sunset date. <br />Collectively, revenues attributable to the increase in the TOT Tax approved pursuant to Measure PP, and the revenues from the Cannabis Tax and the Parking and Warehouse Taxes approved pursuant to Measures NN and OO, respectively, are anticipated to generate an <br />additional $2 million in revenues for the City each fiscal year commencing fiscal year 2017-18. <br />General Fund Obligations <br />The following table shows the long–term obligations payable from the City’s General Fund, excluding the 2018 Bonds, followed by summary descriptions of each issuance. <br /> TABLE 16 CITY OF SAN LEANDRO <br />LONG–TERM GENERAL FUND DEBT OBLIGATIONS <br /> <br />Obligation <br />Original <br />Principal Amount <br /> <br />Interest Rate Range <br />Amount <br />Outstanding as of 6/30/2018 (2) <br /> <br />Final Maturity <br />2012 Pension Obligation Bonds (1) 18,305,000 1.14% to 5.54% $11,625,000 2024 <br />2013 Refunding Lease Revenue Bonds (1) 883,000 2.00% to 5.00% 7,275,000 2028 <br />BofA Equipment Lease 5,409,045 Fixed at 2.10% 5,254,715 2032 <br />2016 Bonds $14,125,000 2.0% to 5.0% 13,220,000 2030 <br /> (1) Interest payable on each June 1 and December 1; principal payments payable annually on December 1. (2). Unaudited. Source: City of San Leandro.