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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2022 NOTE 17 – SUCCESSOR AGENCY ACTIVITIES (Continued) 2018 Tax Allocation Refunding Bonds Series B On May 8, 2018, the Successor Agency issued Tax Allocation Refunding Bonds (2018B TABs) in the amount of $2,215,000. The proceeds of the bonds were used to refund the 2008 Tax Allocation Bonds, Series 2008. The bonds mature annually each March and September from 2019 to 2022 in amounts ranging from $260,000 to $670,000 and bear interest at rates ranging from 2.700% to 3.210%. Interest is payable semiannually March 1 and September 1. The Bonds are payable solely from tax increment revenue generated in the Alameda County – City of San Leandro Redevelopment Project Area. Total principal and interest remaining to be paid on the Bonds was $264,173 as of June 30, 2022. Proceeds from the 2018B TABs were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on June 5, 2018, the principal and accrued interest of the 2008 Tax Allocation Bonds. At June 30, 2022, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series B are as follows: For The Year Ending June 30 Principal Interest Total 2023 260,000$ 4,173$264,173$ 260,000$ 4,173$264,173$ Direct Borrowings The Agency entered into the following agreement which represent contingency liabilities for the Agency: Ford Motor Company Owner Participation Agreement The agreement required the Agency to make annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years depending on the volume of auto sales at no interest. There were no payments for fiscal year ended June 30, 2022. 92