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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 />Marina Cal Boating Notes Payable
<br />The City entered into various direct borrowing construction loan agreements with the California
<br />Department of Boating and Waterways in the total principal amount of $5,331,032. The loans bear an
<br />average interest rate of 4.50%. Principal and interest payments are payable annually on each August 1.
<br />The debt is secured by Shoreline Enterprise Fund operating revenues.
<br />At June 30, 2021, future debt service requirements for the Marina Cal Boating Notes Payable are as
<br />follows:
<br />For The Year
<br />Ending Principal Interest Total
<br />2022 93,273$ 10,236$ 103,509$
<br />2023 45,334 6,039 51,373
<br />2024 20,770 3,999 24,769
<br />2025 21,705 3,064 24,769
<br />2026 22,682 2,087 24,769
<br />2027 23,703 1,067 24,770
<br />227,467$ 26,492$ 253,959$
<br />2020 Bank of America Equipment Lease
<br />On January 22, 2021, the City entered into a direct borrowing Lease/Purchase Agreement with the Bank
<br />of America, LLC to Lease/Purchase Equipment in the amount of $7,624,924. The Equipment was for the
<br />installation of energy efficiency equipment. The loans bears an interest rate of 1.989% per annum.
<br />Principal and interest payments are payable annually on each January 22. The debt is secured by Water
<br />Pollution Control Plant Enterprise Fund’s operating revenues.
<br />At June 30, 2021, future debt service requirements for the 2020 equipment lease as follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2022 441,265$ 151,660$ 592,925$
<br />2023 450,042 142,883 592,925
<br />2024 458,993 133,932 592,925
<br />2025 468,123 124,802 592,925
<br />2026 477,434 115,491 592,925
<br />2027 - 2031 2,533,446 431,179 2,964,625
<br />2032 - 2036 2,795,621 169,005 2,964,626
<br />7,624,924$ 1,268,952$ 8,893,876$
<br />C.Debt Covenants and Restrictions
<br />For fiscal year 2020-21, the City complied with all general and specific covenants regarding debt
<br />proceeds usage and debt repayment. In accordance with bond official statements, the City also
<br />maintained adequate reserves for all debt issues.
<br />70331
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