|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2021
<br />NOTE 16 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />At June 30, 2021, 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 />2022 -$718,888$ 718,888$
<br />2023 430,000 710,288 1,140,288
<br />2024 710,000 687,488 1,397,488
<br />2025 740,000 654,788 1,394,788
<br />2026 775,000 616,912 1,391,912
<br />2027 - 2031 4,510,000 2,446,438 6,956,438
<br />2032 - 2036 5,700,000 1,308,589 7,008,589
<br />2037 - 2039 3,980,000 212,806 4,192,806
<br />16,845,000$ 7,356,197$ 24,201,197$
<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 $952,904 as of June 30, 2021.
<br />Proceeds from the 2018B TABs were deposited in an irrevocable trust with an escrow agent to provide
<br />funds to fully redeem, on June 5, 2018, the principal and accrued interest of the 2008 Tax Allocation Bonds.
<br />At June 30, 2021, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series B
<br />are as follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2022 670,000$ 18,731$ 688,731$
<br />2023 260,000 4,173 264,173
<br />930,000$ 22,904$ 952,904$
<br />91352
|