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City of San Leandro
<br />Notes to Basic Financial Statements
<br />For the year ended June 30, 2010
<br />NOTE 7 - LONG-TERM DEBT, Continued
<br />A. Governmental Activities Long -Term Debt, Continued
<br />Special Assessment Debt With City Commitment
<br />Special assessment districts are established in various parts of the City to provide improvements to properties located
<br />in those districts. Properties are assessed for the cost of improvements; these assessments are payable over the term of
<br />the debt issued to finance the improvements. The total amount of the assessment is recorded as receivable and
<br />deferred revenue at the time the related debt is issued, and reduced as assessments are collected. The City is obligated
<br />to be the purchaser of last resort or to advance available City funds to repay this debt in the event of default by any of
<br />these districts. These funds are paid from special assessment revenues levied on the property owners in each
<br />assessment district. At June 30, 2010, all these districts were in compliance with the repayment and other
<br />requirements of their respective debt issues.
<br />Special assessment debt with City commitment has been completed as of June 30, 2010.
<br />Davis Street
<br />2001 Certificates of Participation
<br />Interest
<br />Maturity
<br />Rate
<br />Date
<br />4.6-7.2%
<br />10/1/2009
<br />Balance
<br />July 1. 2009 Retirements
<br />$ 155,000 $ (155,000)
<br />Balance
<br />June 30, 2010
<br />S -
<br />In 2001, the City issued $5,020,000 principal amount of 2001 Certificates of Participation (2001 COPS). The purpose of
<br />the 2001 COPS was to assist the Redevelopment Agency of the City finance redevelopment activities within the Joint
<br />Project Area of the City. The 2001 COPs bear interest rates ranging from 2.10% to 5.10% and are payable semiannually
<br />on each June 1 and December 1. Principal payments are payable annually on December 1. The certificates evidence
<br />fractional interest of the owners in lease payments to be made by the City for use and occupancy of the City corporation
<br />yard and are additionally secured and payable from the property tax increment revenues from the Joint Project Area
<br />within the City.
<br />At June 30, 2010, future debt service requirements for the 2001 Certificates of Participation were as follows:
<br />For the Year
<br />Ending
<br />June 30, Principal Interest Total
<br />2011
<br />$ 155,000
<br />$ 187,857
<br />$ 342,857
<br />2012
<br />165,000
<br />181,375
<br />346,375
<br />2013
<br />170,000
<br />174,423
<br />344,423
<br />2014
<br />180,000
<br />166,937
<br />346,937
<br />2015
<br />185,000
<br />158,860
<br />343,860
<br />2016-2020
<br />1,070,000
<br />649,759
<br />1,719,759
<br />2021-2025
<br />1,360,000
<br />344,760
<br />1,704,760
<br />2026-2027
<br />645,000
<br />33,278
<br />678,278
<br />Total debt service
<br />$ 3,930,000
<br />$ 1,897,249
<br />$ 5,827,249
<br />62
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