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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2022
<br />NOTE 7 – LONG-TERM DEBT (Continued)
<br />At June 30, 2022, future debt service requirements for the City’s portion of the 2013 RLRB follows:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2023 710,000$ 163,996$ 873,996$
<br />2024 736,000 137,836 873,836
<br />2025 762,000 113,017 875,017
<br />2026 789,000 86,351 875,351
<br />2027 824,000 51,944 875,944
<br />2028 850,000 23,644 873,644
<br />4,671,000$ 576,788$ 5,247,788$
<br />2016 Refunding Lease Revenue Bonds
<br />In fiscal year 2016-17, the San Leandro Public Financing Authority issued $14,125,000 principal amount of
<br />2016 Refunding Lease Revenue Bonds (2016 RLRB). The purpose of the 2016 RLRBs was to refinance the
<br />City’s 2007 COPs. The 2016 RLRBs bear interest rates ranging from 2.0% to 5.0% and are payable
<br />semiannually on each May 1 and November 1. Principal payments are payable annually on November 1.
<br />The 2016 RLRBs are general obligations of the City, payable solely from and secured by Revenues and
<br />certain funds and accounts held under the Indenture. The bond covenants contain events of default that
<br />may result in the termination of the lease or may retain the lease and hold the City liable for all payments
<br />on an annual basis and still have the right to re-enter the leased property without effecting a surrender of
<br />the lease. These may be applied by the Trustee as specified in the terms of the agreement if any of the
<br />following conditions occur: default on debt service payments; the failure of the City to observe or perform
<br />the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or
<br />competent jurisdiction shall assume custody or control of the City. There were no such events occurred
<br />during the fiscal year ending June 30, 2022.
<br />At June 30, 2022, future debt service requirements for the 2016 RLRBs follows:
<br />For The Year
<br />Ending June 30 Principal Interest Total
<br />2023 1,015,000$ 409,975$ 1,424,975$
<br />2024 1,070,000 357,850 1,427,850
<br />2025 1,120,000 303,100 1,423,100
<br />2026 1,180,000 260,350 1,440,350
<br />2027 1,205,000 215,475 1,420,475
<br />2028 - 2030 3,960,000 296,425 4,256,425
<br />9,550,000$ 1,843,175$ 11,393,175$
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