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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />NOTE 8 – LONG-TERM DEBT (Continued)
<br />2018 Lease Revenue Bonds
<br />In fiscal year 2018-19, the San Leandro Public Financing Authority issued $18,905,000 principal amount of
<br />2018 Lease Revenue Bonds (2018 LRB). The purpose of the 2018 LRBs was to finance the acquisition and
<br />construction of certain capital improvement projects of the City, anticipated to consist of improvements to
<br />the Police Headquarters and South Office Building, the Mulford-Marina Branch Library, Manor Park
<br />Competition Pool, Farrelly Pool, and Casa Peralta. The 2018 LRBs bear interest rates ranging from 3.5% to
<br />5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable
<br />annually on November 1, beginning in 2030.
<br />The 2018 LRBs are special obligations of the Authority payable solely from and secured by a pledge of
<br />Revenues and certain funds and accounts held under the Indenture on a parity with the 2016 RLRBs. The
<br />bond covenants contain events of default that may result in the termination of the lease or may retain the
<br />lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the
<br />leased property without effecting a surrender of the lease. These may be applied by the Trustee as
<br />specified in the terms of the agreement if any of the following conditions occur: default on debt service
<br />payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the
<br />debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control
<br />of the City. There were no such events occurred during the fiscal year ending June 30, 2024.
<br />At June 30, 2024, future debt service requirements for the 2018 LRBs are as follow:
<br />For The Year
<br /> Ending June 30 Principal Interest Total
<br />2025 -$ 871,575$ 871,575$
<br />2026 - 871,575 871,575
<br />2027 - 871,575 871,575
<br />2028 - 871,575 871,575
<br />2029 - 871,575 871,575
<br />2030 - 2034 2,705,000 4,095,251 6,800,251
<br />2035 - 2039 4,190,000 3,208,762 7,398,762
<br />2040 - 2044 5,340,000 2,027,750 7,367,750
<br />2045 - 2049 6,670,000 688,000 7,358,000
<br />18,905,000$ 14,377,638$ 33,282,638$
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