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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2024 NOTE 8 – LONG-TERM DEBT (Continued) 2016 Refunding Lease Revenue Bonds In fiscal year 2016-17, the San Leandro Public Financing Authority issued $14,125,000 principal amount of 2016 Refunding Lease Revenue Bonds (2016 RLRB). The purpose of the 2016 RLRBs was to refinance the City’s 2007 COPs. The 2016 RLRBs bear interest rates ranging from 2.0% to 5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable annually on November 1. The 2016 RLRBs are general obligations of the City, payable solely from and secured by Revenues and certain funds and accounts held under the Indenture. The bond covenants contain events of default that may result in the termination of the lease or may retain the lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the leased property without effecting a surrender of the lease. These may be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events occurred during the fiscal year ending June 30, 2024. At June 30, 2024, future debt service requirements for the 2016 RLRBs follows: For The Year Ending June 30 Principal Interest Total 2025 1,120,000$ 303,100$ 1,423,100$ 2026 1,180,000 260,350 1,440,350 2027 1,205,000 215,475 1,420,475 2028 1,265,000 160,050 1,425,050 2029 1,315,000 101,875 1,416,875 2030 1,380,000 34,500 1,414,500 7,465,000$ 1,075,350$ 8,540,350$ 68