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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 />B. Long -Term Debt of Business -Type and Proprietary Funds
<br />Summary of changes in long-term debt of business -type and proprietary funds for the year ended June 30, 2010:
<br />Debt Issue
<br />Marina Cal Boating Notes Payable $
<br />Notes Payable
<br />Marina Cal Boating Notes PUAble
<br />Balance
<br />July 1, 2009
<br />Balance
<br />Retirements June 30, 2010
<br />Due within Due in more
<br />one year than one year
<br />2,803,948 $ (166,741) $ 2,637,207 $ 174,245 $ 2,462,962
<br />The City entered into various construction loan agreements with the California Department of Boating and Waterways
<br />in the total principal amount of $5,331,032. The loans bear an average interest rate of 4.50%. Principal and interest
<br />payments are payable annually on each August 1. The debts are secured from Shoreline Enterprise Fund operating
<br />revenues.
<br />At June 30, 2010, future debt service requirements for the Marina Cal Boating Notes Payable were as follows:
<br />For the Year
<br />Ending
<br />June 30,
<br />2011
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016-2020
<br />2021-2025
<br />2026-2027
<br />Totals
<br />C. Debt Covenants and Restrictions
<br />Principal
<br />$ 174,245
<br />182,086
<br />190,280
<br />198,842
<br />207,790
<br />1,187,913
<br />451,669
<br />44,382
<br />$ 2,637,207
<br />Interest
<br />$ 118,764
<br />110,923
<br />102,730
<br />94,167
<br />85,219
<br />277,132
<br />45,750
<br />6,218
<br />$ 840,903
<br />Total
<br />$ 293,009
<br />293,009
<br />293,010
<br />293,009
<br />293,009
<br />1,465,045
<br />497,419
<br />50,600
<br />$ 3,478,110
<br />For June 30, 2010, the City complied with all general and specific covenants regarding debt proceeds usage and debt
<br />repayment. In accordance with bond official statements, the City also maintained adequate reserves for all debt issues.
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