|
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 />2008 Tax Allocation Bonds
<br />In 2008, the City issued $27,530,000 principal amount of 2008 Tax Allocation Bond (2008 TABs). The purpose of the
<br />2008 TABs was to provide funds to finance capital projects in the Alameda County -City of San Leandro
<br />Redevelopment Project Area. A portion of the 2008 TABs will be used to finance projects that meet the goals and
<br />objectives set forth in the Redevelopment Plan. These include, but not limited to, design and construction of a senior
<br />center, a proposed parking garage, and infrastructure improvements on East 10 Street. Interest rates vary from 4.70%
<br />to a maximum of 5.00% and are payable annually. Principal payments are payable annually on November 1.
<br />At June 30, 2010, future debt service requirements for the 2008 Tax Allocation Bonds were as follows:
<br />For year Ending
<br />June 30,
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016-2020
<br />2021-2025
<br />2026-2030
<br />2031-2035
<br />2036-38
<br />Total debt service
<br />Principal
<br />$ 475,000
<br />495,000
<br />510,000
<br />530,000
<br />550,000
<br />3,105,000
<br />3,860,000
<br />4,895,000
<br />6,360,000
<br />6,425,000
<br />$ 27,205,000
<br />Interest
<br />$ 1,389,813
<br />1,365,563
<br />1,340,438
<br />1,314,438
<br />1,287,438
<br />5,994,325
<br />5,155,869
<br />4,076,745
<br />2,621,753
<br />715,905
<br />$ 25,262,287
<br />Total
<br />$ 1,864,813
<br />1,860,563
<br />1,850,438
<br />1,844,438
<br />1,837,438
<br />9,099,325
<br />9,015,869
<br />8,971,745
<br />8,981,753
<br />7,140,905
<br />$ 52,467,287
<br />67
<br />
|