|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2021
<br />
<br />
<br />NOTE 16 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />
<br />At June 30, 2021, future debt service requirements for the 2014 Tax Allocation Refunding Bonds are as
<br />follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2022 675,000$ 476,450$ 1,151,450$
<br />2023 720,000 441,575 1,161,575
<br />2024 740,000 405,075 1,145,075
<br />2025 765,000 367,450 1,132,450
<br />2026 785,000 328,700 1,113,700
<br />2027 - 2031 4,235,000 1,026,750 5,261,750
<br />2032 - 2035 2,425,000 144,038 2,569,038
<br />10,345,000$ 3,190,038$ 13,535,038$
<br />
<br />
<br />2018 Tax Allocation Refunding Bonds Series A
<br />
<br />On May 8, 2018, the Successor Agency issued Tax Allocation Refunding Bonds (2018A TABs) in the
<br />amount of $16,845,000. The proceeds of the bonds will be used to refund the 2008 Tax Allocation Bonds,
<br />Series 2008. Principal payments of the 2018A TABs are due annually on September from 2023 to 2039 in
<br />amounts ranging from $430,000 to $1,370,000 and bear interest at rates ranging from 3.375% to 5.000%.
<br />Interest is payable semiannually March 1 and September 1. The Bonds are payable solely from tax
<br />increment revenue generated in the Alameda County – City of San Leandro Redevelopment Project Area.
<br />Total principal and interest remaining to be paid on the Bonds was $24,560,636 as of June 30, 2021.
<br />
<br />The bonds were issued at a premium of $1,809,519 which is being amortized over the 21-year life of the
<br />bonds resulting in an annual amortization of $86,168.
<br />
<br />On the date of issuance of the 2018A TABs, the Successor Agency deposited into the reserve account for
<br />the 2018A TABs a municipal bond debt service insurance policy in the amount of $1,431,438, which is
<br />equal to the “Reserve Requirement” for the 2018A TABs.
<br />
<br />Proceeds from the 2018A TABs were deposited in an irrevocable trust with an escrow agent to provide
<br />funds to fully redeem, on June 5, 2018, the outstanding principal and accrued interest of the 2008 Tax
<br />Allocation Bonds.
<br />
<br />90351
|