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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2018
<br />I NOTE 16 -SUCCESSOR AGENCY ACTMTIES (Continued)
<br />2008 Tax Allocation Bonds
<br />In 2008, $27,530,000 principal amount of 2008 Tax Allocation Bond (2008 TABs) was issued. The
<br />purpose of the 2008 TABs was to provide funds to finance capital projects in the Alameda County-City of
<br />San Leandro former Redevelopment Project Area. A portion of the 2008 TABs were used to finance
<br />projects that meet the goals and objectives set forth in the former Redevelopment Plan. These include,
<br />but not limited to, design and construction of a senior center, a proposed parking garage, and
<br />infrastructure improvements on East 14th Street. Interest rates vary from 4.70% to a maximum of 5.00%
<br />and are payable annually. Principal payments are payable annually on November 1.
<br />In fiscal year 2018, the City refunded the outstanding 2008 Tax Allocation Bonds with the issuance of the
<br />2018 Tax Allocation Refunding Bonds, Series A and B. See below.
<br />2013 Refunding Lease Revenue Bonds
<br />In 2013, the City issued $11,995,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013
<br />RLRB) was issued. The purpose of the 2013 RLRBs was to refund the 2003 COPs and 2001 COPs. The
<br />2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1
<br />and December 1. Principal payments are payable annually on December 1.
<br />At June 30, 2018, future debt service requirements for the Successor Agency's portion of the 2013
<br />Refunding Lease Revenue Bonds were as follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2019 $ 214,000 $ 75,370 $ 289,370
<br />2020 219,000 68,875 287,875
<br />2021 224,000 62,230 286,230
<br />2022 234,000 54,190 288,190
<br />2023 240,000 44,710 284,710
<br />2024-2027 1,049,000 88,683 1,137,683
<br />$ 2,180,000 $ 394,058 $ 2,574,058
<br />2014 Tax Allocation Refunding Bonds
<br />On September 30, 2014, the Successor Agency issued $11,235,000 of Tax Allocation Bonds (2014 TABs)
<br />to prepay the 2002 and 2004 Tax Allocation Bonds and to pay issuance costs. The 2014 TABs are payable
<br />and secured by a pledge of tax revenues from tax increment generated in the Plaza Project Area and the
<br />West San Leandro/MacArthur Boulevard Project Area. The 2014 TABs bear interest rates ranging from
<br />3.5% to 5.00% and are payable semiannually on each Marsh 1st and September 1st. Principal payments are
<br />payable on September 1st.
<br />Proceeds were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on
<br />October 30, 2014, the principal and accrued interest of the 2002 and 2004 Tax Allocation Bonds. As a
<br />result, the 2002 and 2004 Tax Allocation Bonds are considered redeemed ( current refunding) and the
<br />liability for those bonds has been removed from the statement of fiduciary net position.
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