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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2022
<br />NOTE 17 – SUCCESSOR AGENCY ACTIVITIES
<br />A. Cash and Investments
<br />Cash and investments at June 30, 2022, consisted of the following:
<br />Statement of net position:
<br />Cash and Investments 2,418,665$
<br />Cash and Investments held by fiscal agents 21
<br />Total cash and investments 2,418,686$
<br />The Successor Agency pools its cash and investment with the City in order to achieve a higher return on
<br />investment. Certain restricted funds, which are held and invested by independent custodians through
<br />contractual agreements, are not pooled. These restricted funds include cash with fiscal agents.
<br />B. Capital Assets
<br />The Successor Agency assumed the capital assets of the former Redevelopment Agency as of February 1,
<br />2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is
<br />not available. Contributed capital assets are valued at their estimated fair market value on the date
<br />contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain
<br />minimum thresholds and with useful lives exceeding two years.
<br />All capital assets with limited useful lives are depreciated over their estimated useful lives. The purpose
<br />of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets.
<br />The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of
<br />capital assets.
<br />C. Long-Term Debt Obligations
<br />At June 30, 2022, future debt service requirements for the Successor Agency were as follows:
<br />Balance Balance Current Long-Term
<br />June 30, 2021 Retirements June 30, 2022 Portion Portion
<br />2013 Refunding Lease Revenue Bonds
<br />Successor Agency Portion 1,523,000$ (234,000)$ 1,289,000$ 240,000$ 1,049,000$
<br />2014 Tax Allocation Refunding Bonds
<br />Successor Agency Portion 10,345,000 (675,000) 9,670,000 720,000 8,950,000
<br />2018 Tax Allocation Refunding Bonds, Series A
<br />Successor Agency Portion 16,845,000 - 16,845,000 430,000 16,415,000
<br />2018 Tax Allocation Refunding Bonds, Series B
<br />Successor Agency Portion 930,000 (670,000)260,000 260,000 -
<br />Direct Borrowings:
<br />Owner Participation Agreements 414,170 - 414,170 - 414,170
<br />Total 30,057,170 (1,579,000) 28,478,170 1,650,000 26,828,170
<br />Plus (Less) unamortized:
<br />Premium (2013 LRB)49,238 (8,562)40,676 8,562 32,114
<br />Premium (2014 TARB)1,102,461 (81,664) 1,020,797 81,664 939,133
<br />Premium (2018 TARB)1,551,015 (86,168) 1,464,847 86,168 1,378,679
<br />Total Long-Term Debt 32,759,884$ (1,755,394)$ 31,004,490$ 1,826,394$ 29,178,096$
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