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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />
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<br />NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued)
<br />
<br />2018 Tax Allocation Refunding Bonds Series A
<br />
<br />On May 8, 2018, the Successor Agency issued Tax Allocation Refunding Bonds (2018A TABs) in the
<br />amount of $16,845,000. The proceeds of the bonds were used to refund the 2008 Tax Allocation Bonds,
<br />Series 2008. Principal payments of the 2018A TABs are due annually on September from 2023 to 2039 in
<br />amounts ranging from $430,000 to $1,370,000 and bear interest at rates ranging from 3.375% to 5.000%.
<br />Interest is payable semiannually on March 1 and September 1. The Bonds are payable solely from tax
<br />increment revenue generated in the Alameda County – City of San Leandro Redevelopment Project Area.
<br />Total principal and interest remaining to be paid on the Bonds was $20,944,533 as of June 30, 2024.
<br />
<br />The bonds were issued at a premium of $1,809,519 which is being amortized over the 21-year life of the
<br />bonds resulting in an annual amortization of $86,168.
<br />
<br />On the date of issuance of the 2018A TABs, the Successor Agency deposited into the reserve account for
<br />the 2018A TABs a municipal bond debt service insurance policy in the amount of $1,431,438, which is
<br />equal to the “Reserve Requirement” for the 2018A TABs.
<br />
<br />Proceeds from the 2018A TABs were deposited in an irrevocable trust with an escrow agent to provide
<br />funds to fully redeem, on June 5, 2018, the outstanding principal and accrued interest of the 2008 Tax
<br />Allocation Bonds.
<br />
<br />At June 30, 2024, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series A
<br />are as follows:
<br />
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2025 740,000$ 654,788$ 1,394,788$
<br />2026 775,000 616,912 1,391,912
<br />2027 815,000 577,162 1,392,162
<br />2028 855,000 535,413 1,390,413
<br />2029 900,000 491,538 1,391,538
<br />2030 - 2034 5,225,000 1,765,338 6,990,338
<br />2035 - 2039 6,395,000 598,382 6,993,382
<br />15,705,000$ 5,239,533$ 20,944,533$
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