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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2021
<br />NOTE 6 – LONG-TERM DEBT (Continued)
<br />At June 30, 2021, future debt service requirements for the City’s portion of the 2013 RLRB follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2022 681,000$ 191,816$ 872,816$
<br />2023 710,000 163,996 873,996
<br />2024 736,000 137,836 873,836
<br />2025 762,000 113,017 875,017
<br />2026 789,000 86,351 875,351
<br />2027 - 2028 1,674,000 75,588 1,749,588
<br />5,352,000$ 768,604$ 6,120,604$
<br />2016 Refunding Lease Revenue Bonds
<br />In fiscal year 2016-17, the San Leandro Public Financing Authority issued $14,125,000 principal amount of
<br />2016 Refunding Lease Revenue Bonds (2016 RLRB). The purpose of the 2016 RLRBs was to refinance the
<br />City’s 2007 COPs. The 2016 RLRBs bear interest rates ranging from 2.0% to 5.0% and are payable
<br />semiannually on each May 1 and November 1. Principal payments are payable annually on November 1.
<br />The Refunding Bonds are general obligations of the City, payable solely from and secured by Revenues
<br />and certain funds and accounts held under the Indenture. The bond covenants contain events of default
<br />that may result in the termination of the lease or may retain the lease and hold the City liable for all
<br />payments on an annual basis and still have the right to re-enter the leased property without effecting a
<br />surrender of the lease. These may be applied by the Trustee as specified in the terms of the agreement if
<br />any of the following conditions occur: default on debt service payments; the failure of the City to observe
<br />or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if
<br />any court or competent jurisdiction shall assume custody or control of the City. There were no such
<br />events occurred during the fiscal year ending June 30, 2021.
<br />At June 30, 2021, future debt service requirements for the 2016 RLRBs follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2022 970,000$ 459,600$ 1,429,600$
<br />2023 1,015,000 409,975 1,424,975
<br />2024 1,070,000 357,850 1,427,850
<br />2025 1,120,000 303,100 1,423,100
<br />2026 1,180,000 260,350 1,440,350
<br />2027 - 2030 5,165,000 511,900 5,676,900
<br />10,520,000$ 2,302,775$ 12,822,775$
<br />66327
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