8H Consent 2020 0406 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2019 NOTE 16 – SUCCESSOR AGENCY ACTIVITIES (Continued) 2013 Refunding Lease Revenue Bonds In 2013, the City issued $11,995,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013 RLRB) was issued. The purpose of the 2013 RLRBs was to refund the 2003 COPs and 2001 COPs. The 2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1 and December 1. Principal payments are payable annually on December 1. At June 30, 2019, future debt service requirements for the Successor Agency’s portion of the 2013 Refunding Lease Revenue Bonds were as follows: For The Year Ending June 30 Principal Interest Total 2020 219,000$ 68,875$ 287,875$ 2021 224,000 62,230 286,230 2022 234,000 54,190 288,190 2023 240,000 44,710 284,710 2024 249,000 35,864 284,864 2025 - 2027 800,000 52,819 852,819 1,966,000$ 318,688$ 2,284,688$ 2014 Tax Allocation Refunding Bonds On September 30, 2014, the Successor Agency issued $11,235,000 of Tax Allocation Bonds (2014 TABs) to prepay the 2002 and 2004 Tax Allocation Bonds and to pay issuance costs. The 2014 TABs are payable and secured by a pledge of tax revenues from tax increment generated in the Plaza Project Area and the West San Leandro/MacArthur Boulevard Project Area. The 2014 TABs bear interest rates ranging from 3.5% to 5.00% and are payable semiannually on each Marsh 1st and September 1st. Principal payments are payable on September 1st. Proceeds were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on October 30, 2014, the principal and accrued interest of the 2002 and 2004 Tax Allocation Bonds. As a result, the 2002 and 2004 Tax Allocation Bonds are considered redeemed (current refunding) and the liability for those bonds has been removed from the statement of fiduciary net position. 89236