|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2019
<br />NOTE 6 — LONG-TERM DEBT (Continued)
<br />2018 Lease Revenue Bonds
<br />In fiscal year 2018-19, the San Leandro Public Financing Authority issued $18,905,000 principal amount of
<br />2018 Lease Revenue Bonds (2018 LRB). The purpose of the 2018 LRBs was to finance the acquisition and
<br />construction of certain capital improvement projects of the City, anticipated to consist of improvements to
<br />the Police Headquarters and South Office Building, the Mulford -Marina Branch Library, Manor Park
<br />Competition Pool, Farrelly Pool, and Casa Peralta. The 2018 LRBs bear interest rates ranging from 3.5% to
<br />5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable
<br />annually on November 1, beginning in 2030.
<br />The 2018 Bonds are special obligations of the authority payable solely from and secured by a pledge of
<br />Revenues and certain funds and accounts held under the indenture on a parity with the 2016 Bonds. The
<br />bond covenants contain events of default that may result in the termination of the lease or may retain the
<br />lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the
<br />leased property without effecting a surrender of the lease. These may be applied by the Trustee as
<br />specified in the terms of the agreement if any of the following conditions occur: default on debt service
<br />payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the
<br />debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control
<br />of the City. There were no such events occurred during the fiscal year ending June 30, 2019.
<br />At June 30, 2019, future debt service requirements for the 2018 LRBs are as follow:
<br />For The Year
<br />Ending June 30
<br />Principal
<br />Interest
<br />Total
<br />2020
<br />$ -
<br />$ 752,944
<br />$ 752,944
<br />2021
<br />-
<br />871,575
<br />871,575
<br />2022
<br />-
<br />871,575
<br />871,575
<br />2023
<br />-
<br />871,575
<br />871,575
<br />2024
<br />-
<br />871,575
<br />871,575
<br />2025-2029
<br />-
<br />4,357,875
<br />4,357,875
<br />2030-2034
<br />2,705,000
<br />4,162,875
<br />6,867,875
<br />2035-2039
<br />4,190,000
<br />3,310,025
<br />7,500,025
<br />2040-2044
<br />5,340,000
<br />2,161,250
<br />7,501,250
<br />2045-2049
<br />6,670,000
<br />821,400
<br />7,491,400
<br />$ 18,905,000
<br />$ 19,052,669
<br />$ 37,957,669
<br />
|