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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 />2018 Lease Revenue Bonds
<br />In fiscal year 2018-19, the San Leandro Public Financing Authority issued $18,905,000 principal amount of
<br />2018 Lease Revenue Bonds (2018 LRB). The purpose of the 2018 LRBs was to finance the acquisition and
<br />construction of certain capital improvement projects of the City, anticipated to consist of improvements to
<br />the Police Headquarters and South Office Building, the Mulford-Marina Branch Library, Manor Park
<br />Competition Pool, Farrelly Pool, and Casa Peralta. The 2018 LRBs bear interest rates ranging from 3.5% to
<br />5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable
<br />annually on November 1, beginning in 2030.
<br />The 2018 LRBs are special obligations of the Authority payable solely from and secured by a pledge of
<br />Revenues and certain funds and accounts held under the Indenture on a parity with the 2016 RLRBs. The
<br />bond covenants contain events of default that may result in the termination of the lease or may retain the
<br />lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the
<br />leased property without effecting a surrender of the lease. These may be applied by the Trustee as
<br />specified in the terms of the agreement if any of the following conditions occur: default on debt service
<br />payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the
<br />debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control
<br />of the City. There were no such events occurred during the fiscal year ending June 30, 2022.
<br />At June 30, 2022, future debt service requirements for the 2018 LRBs are as follow:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2023 -$871,575$ 871,575$
<br />2024 -871,575 871,575
<br />2025 -871,575 871,575
<br />2026 -871,575 871,575
<br />2027 -871,575 871,575
<br />2028 - 2032 1,290,000 4,294,126 5,584,126
<br />2033 - 2037 3,810,000 3,594,562 7,404,562
<br />2038 - 2042 4,840,000 2,536,500 7,376,500
<br />2043 - 2047 6,140,000 1,223,625 7,363,625
<br />2048 - 2049 2,825,000 114,100 2,939,100
<br />18,905,000$ 16,120,788$ 35,025,788$
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