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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />
<br />
<br />NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />
<br />2013 Refunding Lease Revenue Bonds
<br />
<br />In 2013, the City issued $11,995,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013
<br />RLRB). The purpose of the 2013 RLRBs was to refund the 2003 COPs and 2001 COPs. The 2013 RLRBs
<br />bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1 and December
<br />1. Principal payments are payable annually on December 1.
<br />
<br />At June 30, 2024, future debt service requirements for the Successor Agency’s portion of the 2013
<br />Refunding Lease Revenue Bonds were as follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2025 258,000$ 27,464$ 285,464$
<br />2026 266,000 18,455 284,455
<br />2027 276,000 6,900 282,900
<br />800,000$ 52,819$ 852,819$
<br />
<br />
<br />2014 Tax Allocation Refunding Bonds
<br />
<br />On September 30, 2014, the Successor Agency issued $11,235,000 of Tax Allocation Bonds (2014 TABs)
<br />to prepay the 2002 and 2004 Tax Allocation Bonds and to pay issuance costs. The 2014 TABs are payable
<br />and secured by a pledge of tax revenues from tax increment generated in the Plaza Project Area and the
<br />West San Leandro/MacArthur Boulevard Project Area. The 2014 TABs bear interest rates ranging from
<br />3.5% to 5.00% and are payable semiannually on March 1 and September 1. Principal payments are payable
<br />on September 1st.
<br />
<br />Proceeds were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on
<br />October 30, 2014, the principal and accrued interest of the 2002 and 2004 Tax Allocation Bonds. As a
<br />result, the 2002 and 2004 Tax Allocation Bonds are considered redeemed (current refunding) and the
<br />liability for those bonds has been removed from the statement of fiduciary net position.
<br />
<br />At June 30, 2024, future debt service requirements for the 2014 Tax Allocation Refunding Bonds are as
<br />follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2025 765,000$ 367,450$ 1,132,450$
<br />2026 785,000 328,700 1,113,700
<br />2027 805,000 288,950 1,093,950
<br />2028 825,000 248,200 1,073,200
<br />2029 845,000 206,450 1,051,450
<br />2030 - 2034 3,805,000 420,538 4,225,538
<br />2035 380,000 6,650 386,650
<br />8,210,000$ 1,866,938$ 10,076,938$
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