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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 />HUD 108 Guarantee Loan
<br />In 2000, the City received a $1,000,000 20-year federal loan from Housing and Urban Development, at an interest rate of
<br />5.6% to finance the acquisition and construction of affordable housing for seniors within the City of San Leandro. The
<br />loan is secured and payable from the Agency's 20% Housing Set -Aside Fund.
<br />At June 30, 2010, future debt service requirements for the HUD 108 Guarantee loan were as follows:
<br />Ending
<br />June 30,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />$ 63,000
<br />$ 6,095
<br />$ 69,095
<br />2012
<br />63,000
<br />11,372
<br />74,372
<br />2013
<br />63,000
<br />10,925
<br />73,925
<br />2014
<br />63,000
<br />10,232
<br />73,232
<br />2015
<br />63,000
<br />9,243
<br />72,243
<br />2016-2020
<br />307,000
<br />25,026
<br />332,026
<br />Total debt service
<br />$ 622,000
<br />$ 72,893
<br />$ 694,893
<br />HUD 108 Guarantee Loan
<br />In 2010, the City received a $2,500,000 20-year federal loan from Community Development Block Grant, at an interest
<br />rate of 3% to finance the acquisition and construction of senior center facility within the City of San Leandro. The loan is
<br />secured and payable from the Community Development Block Grant Fund.
<br />At June 30, 2010 future debt service requirements for the HUD 108 Guarantee loan were as follows:
<br />Ending
<br />June 30,
<br />Principal
<br />Interest
<br />Total
<br />2011
<br />131,000
<br />$ 41,078
<br />$ 172,078
<br />2012
<br />131,000
<br />77,464
<br />208,464
<br />2013
<br />131,000
<br />76,534
<br />207,534
<br />2014
<br />131,000
<br />75,093
<br />206,093
<br />2015
<br />131,000
<br />73,037
<br />204,037
<br />2016-2020
<br />660,000
<br />316,283
<br />976,283
<br />2021-2025
<br />660,000
<br />205,491
<br />865,491
<br />2026-2030
<br />525,000
<br />71,478
<br />596,478
<br />Total debt service
<br />$ 2,500,000
<br />$ 936,457
<br />$ 3,436,457
<br />70
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