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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 />At June 30, 2018, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series A
<br />are as follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2019 $ $ 171,734 $ 171,734
<br />2020 718,888 718,888
<br />2021 718,888 718,888
<br />2022 718,888 718,888
<br />2023 430,000 718,888 1,148,888
<br />2024-2028 3,895,000 3,165,590 7,060,590
<br />2029-2033 4,980,000 2,107,140 7,087,140
<br />2034-2039 7,540,000 1,005,130 8,545,130
<br />$ 16,845,000 $ 9,325,146 $ 26,170,146
<br />2018 Tax Allocation Refunding Bonds Series B
<br />On May 8, 2018, the Successor Agency issued Tax Allocation Refunding Bonds (2018B TABs) in the
<br />amount of $2,215,000. The proceeds of the bonds will be used to refund the 2008 Tax Allocation Bonds,
<br />Series 2008. The bonds mature annually each March and September from 2019 to 2022 in amounts ranging
<br />from $260,000 to $670,000 and bear interest at rates ranging from 2.700% to 3.210%. Interest is payable
<br />semiannually March 1 and September 1. The Bonds are payable solely from tax increment revenue
<br />generated in the Alameda County -City of San Leandro Redevelopment Project Area. Total principal and
<br />interest remaining to be paid on the Bonds was $2,381,821 as of June 30, 2018.
<br />The refunding resulted in an overall debt service savings of $623,305. The net present value of the debt
<br />service savings, called an economic gain, amounted to $430,761.
<br />Proceeds from the 2018B T ABs were deposited in an irrevocable trust with an escrow agent to provide
<br />funds to fully redeem, on June 5, 2018, the principal and accrued interest of the 2008 Tax Allocation Bonds.
<br />At June 30, 2018, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series B
<br />are as follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2019 $ $ 15,632 $ 15,632
<br />2020 635,000 65,436 700,436
<br />2021 650,000 48,291 698,291
<br />2022 670,000 29,116 699,116
<br />2023 260,000 8,346 268,346
<br />$ 2,215,000 $ 166,821 $ 2,381,821
<br />90 555
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