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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 />2004 Tax Allocation Bonds
<br />In 2004, the City issued $5,500,000 principal amount of 2004 Tax Allocation Bonds (2004 TABs). The purpose of the
<br />2004 TABS was to assist the Redevelopment Agency of the City finance redevelopment activities within the West San
<br />Leandro/MacArthur Boulevard Redevelopment Project Area of the City. The 2004 TABS bear interest rates ranging
<br />from 5.00% to 5.75% and are payable semiannually on each March 1 and September 1. Principal payments are payable
<br />annually on September 1. The debt is secured and payable from the tax increment revenues from the West San
<br />Leandro/MacArthur Boulevard Redevelopment Project area within the City.
<br />2004 Tax Allocation Bonds, Continued
<br />At June 30, 2010, future debt service requirements for the 2004 Tax Allocation Bonds were as follows:
<br />For the Year
<br />Ending
<br />June 30,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />$ 105,000
<br />$ 290,606
<br />$ 395,606
<br />2012
<br />110,000
<br />284,425
<br />394,425
<br />2013
<br />115,000
<br />277,956
<br />392,956
<br />2014
<br />125,000
<br />271,057
<br />396,057
<br />2015
<br />130,000
<br />263,888
<br />393,888
<br />2016-2020
<br />770,000
<br />1,206,690
<br />1,976,690
<br />2021-2025
<br />985,000
<br />978,804
<br />1,963,804
<br />2026-2030
<br />1,280,000
<br />672,289
<br />1,952,289
<br />2031-2035
<br />1,685,000
<br />252,856
<br />1,937,856
<br />Total debt service
<br />$ 5,305,000
<br />$ 4,498,570
<br />$ 9,803,570
<br />65
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