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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2019
<br />NOTE 6 — LONGTERM DEBT (Continued)
<br />At June 30, 2019, future debt service requirements for the City's portion of the 2013 RLRB follows:
<br />For The Year
<br />Ending June 30 Principal
<br />2020
<br />$ 641,000
<br />2021
<br />661,000
<br />2022
<br />681,000
<br />2023
<br />710,000
<br />2024
<br />736,000
<br />2025-2028
<br />3,225,000
<br />$ 1,218,836
<br />$ 6,654,000
<br />2016 Refunding Lease Revenue Bonds
<br />Interest Total
<br />$ 234,881
<br />$ 875,881
<br />215,351
<br />876,351
<br />191,816
<br />872,816
<br />163,996
<br />873,996
<br />137,836
<br />873,836
<br />274,956
<br />3,499,956
<br />$ 1,218,836
<br />$ 7,872,836
<br />In fiscal year 2016-17, the San Leandro Public Financing Authority issued $14,125,000 principal amount of
<br />2016 Refunding Lease Revenue Bonds (2016 RLRB). The purpose of the 2016 RLRBs was to refinance the
<br />City's 2007 COPs. The 2016 RLRBs bear interest rates ranging from 2.0% to 5.0% and are payable
<br />semiannually on each May 1 and November 1. Principal payments are payable annually on November 1.
<br />The Refunding Bonds are general obligations of the City, payable solely from and secured by Revenues
<br />and certain funds and accounts held under the Indenture. The bond covenants contain events of default
<br />that may result in the termination of the lease or may retain the lease and hold the City liable for all
<br />payments on an annual basis and still have the right to re-enter the leased property without effecting a
<br />surrender of the lease. These may be applied by the Trustee as specified in the terms of the agreement if
<br />any of the following conditions occur: default on debt service payments; the failure of the City to observe
<br />or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if
<br />any court or competent jurisdiction shall assume custody or control of the City. There were no such
<br />events occurred during the fiscal year ending June 30, 2019.
<br />At June 30, 2019, future debt service requirements for the 2016 RLRBs follows:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2020
<br />$ 895,000
<br />$ 538,950
<br />$ 1,433,950
<br />2021
<br />930,000
<br />502,450
<br />1,432,450
<br />2022
<br />970,000
<br />459,600
<br />1,429,600
<br />2023
<br />1,015,000
<br />409,975
<br />1,424,975
<br />2024
<br />1,070,000
<br />357,850
<br />1,427,850
<br />2025-2029
<br />6,085,000
<br />1,040,850
<br />7,125,850
<br />2030-2030
<br />1,380,000
<br />34,500
<br />1,414,500
<br />$ 12,345,000
<br />$ 3,344,175
<br />$ 15,689,175
<br />CT9
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