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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
<br />Principal
<br />Interest
<br />48,291
<br />2020
<br />$ -
<br />$ 718,888
<br />2021
<br />-
<br />718,888
<br />2022
<br />-
<br />718,888
<br />2023
<br />430,000
<br />718,888
<br />2024
<br />710,000
<br />701,688
<br />2025-2029
<br />4,085,000
<br />2,977,940
<br />2030-2034
<br />5,225,000
<br />1,879,540
<br />2035-2039
<br />6,395,000
<br />718,692
<br />$ 16,845,000
<br />$ 9,153,412
<br />2018 Tax Allocation Refunding Bonds Series B
<br />Total
<br />$ 718,888
<br />718,888
<br />718,888
<br />1,148,888
<br />1,411,688
<br />7,062,940
<br />7,104,540
<br />7,113,692
<br />$ 25,998,412
<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
<br />Interest Total
<br />2020 $ 635,000 $
<br />65,436
<br />2021 650,000
<br />48,291
<br />2022 670,000
<br />29,116
<br />2023 260,000
<br />8,346
<br />$ 2,215,000 $
<br />151,189
<br />01
<br />$ 700,436
<br />698,291
<br />699,116
<br />268,346
<br />$ 2,366,189
<br />
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