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41 Below is a summary of the long-term obligations payable from the City’s General Fund as of June 30, 2018: 2012 Pension Obligation Bonds. In 2012, the City issued $18,305,000 principal amount of 2012 Taxable Pension Obligation Bonds (the “2012 POBs”). The purpose of the 2012 POBs was to save the City money by causing the interest rate of such bonds, together with the cost of their issuance, to be significantly less than the interest rate the CalPERS had charged to amortize the City’s public safety side fund (which was, at the time of calculation of interest rate savings, 7.75%), and which side fund was distinct from the City’s other CalPERS plans. Principal is due annually on the 2012 POBs on December 1, and the interest is due semi–annually on June 1 and December 1, through June 2024. The interest rates for the 2012 POBs vary from 1.14% to a maximum of 5.54%. Debt service is payable from any available City resources. The 2012 POBs were outstanding in the total principal amount of $11,625,000 as of June 30, 2018. 2013 Refunding Lease Revenue Bonds. In 2013, the City issued $8,883,000 principal amount of 2013 Refunding Lease Revenue Bonds (the “2013 Bonds”). The purpose of the 2013 Bonds was to refund and retire the City’s certificates of participation issued in 2001 and 2003. The 2013 Bonds bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1 and December 1. Principal payments are payable annually on December 1. The 2013 Bonds were outstanding in the total principal amount of $7,275,000 as of June 30, 2018. BofA Equipment Lease. As previously described, in 2016, the City entered into the BofA Equipment Lease to finance certain personal property in the total aggregate amount of approximately $5.4 million, of which $5,254,715 was outstanding as of June 30, 2018. The equipment financed was generally for energy efficiency improvements to public buildings throughout the City, including the Lease Property. The interest rate is 2.10% payable semi– annually on January 21 and July 21, commencing January 21, 2017, through July 21, 2032. 2016 Bonds. As previously described, the 2018 Bonds are secured solely by Revenues and certain funds and accounts held under the Indenture on a parity with the 2016 Bonds. The 2016 Bonds bear interest rates ranging from 2.0% to 5.0% and are payable semiannually on each May 1 and November 1. The 2016 Bonds are currently outstanding in the aggregate principal amount of $12,345,000 and mature on November 1, 2029. See also “APPENDIX A – AUDITED FINANCIAL STATEMENTS OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2017, Note 7” for additional information about the City’s long–term General Fund obligations.