|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2019
<br />NOTE 16 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />At June 30, 2019, 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 />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 710,000 701,688 1,411,688
<br />2025 - 2029 4,085,000 2,977,940 7,062,940
<br />2030 - 2034 5,225,000 1,879,540 7,104,540
<br />2035 - 2039 6,395,000 718,692 7,113,692
<br />16,845,000$ 9,153,412$ 25,998,412$
<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 $2,366,189 as of June 30, 2019.
<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 $430,761.
<br />Proceeds from the 2018B TABs were deposited in an irrevocable trust with an escrow agent to provide
<br />funds to fully redeem, on June 5, 2018, the principal and accrued interest of the 2008 Tax Allocation Bonds.
<br />At June 30, 2019, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series B
<br />are as follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2020 635,000$ 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$ 151,189$ 2,366,189$
<br />91238
|