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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 6-LONG-TERM DEBT (Continued)
<br />2016 Bank of America Equipment Lease
<br />On July 21, 2016, the City entered into a Lease/Purchase Agreement with Bank of America, LLC to
<br />Lease/Purchase Equipment in the amount of $5,409,045. The Equipment was for the installation of energy
<br />efficiency improvements on various City-owned facilities. The interest is 2.10% payable over 16 years.
<br />At June 30, 2018, future debt service requirements for the 2016 equipment lease follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2019 $ 313,538
<br />2020 320,156
<br />2021 326,915
<br />2022 333,816
<br />2023 340,864
<br />2024-2028 1,815,340
<br />2029-2033 1,804,086
<br />$ 5,254,715
<br />HUD 108 Guarantee Loan-Senior Center
<br />Interest
<br />$ 108,712
<br />102,092
<br />95,334
<br />88,433
<br />81,389
<br />295,907
<br />96,031
<br />$ 867,898
<br />$
<br />$
<br />Total
<br />422,250
<br />422,248
<br />422,249
<br />422,249
<br />422,253
<br />2,111,247
<br />1,900,117
<br />6,122,613
<br />In 2011, the City received a $2,500,000 20-year federal loan from HUD, at an interest rate of3% to finance
<br />the acquisition and construction of senior center facility within the City of San Leandro. The loan is secured
<br />and payable from the Community Development Block Grant Fund.
<br />At June 30, 2018 future debt service requirements for the HUD 108 Guarantee loan follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2019 $ 131,000
<br />2020 132,000
<br />2021 132,000
<br />2022 132,000
<br />2023 132,000
<br />2024-2028 660,000
<br />2029-2030 264,000
<br />$ 1,583,000
<br />66
<br />Interest
<br />$ 59,635
<br />55,414
<br />50,972
<br />46,246
<br />41,256
<br />126,892
<br />11,604
<br />$ 392,019
<br />Total
<br />$ 190,635
<br />187,414
<br />182,972
<br />178,246
<br />173,256
<br />786,892
<br />275,604
<br />$ 1,975,019
<br />531
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