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CITY OF PLEASANTON NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2022 Note 6: Long-Term Liabilities (Continued) The Bonds are payable from any source of available water funds of the City. The bond covenants contain a provision that in an event of default, upon the written request of not less than fifty-one percent of the original purchasers of the bonds, may declare the principal and interest accrued to be due and payable immediately. Additionally, the bonds outstanding contain a subjective acceleration clause that allows the lender to accelerate payments and the principal amount to become due and payable immediately. Annual debt service requirements to maturity are as follows: For the Year Ending June 30 Principal Interest Total 2023 920,000$ 60,630$ 980,630$ 2024 940,000 40,850 980,850 2025 960,000 20,640 980,640 Total 2,820,000$ 122,120$ 2,942,120$ Bonds Water Revenue Bonds, Series 2017 c.Debt Without City Commitment Conduit Debt In 2003, the City issued a Multifamily Housing Revenue Bond for the Busch Senior Housing Apartments project financing in the amount of $13,360,000. The apartments are required to be occupied in part by low or moderate income families and are restricted exclusively for seniors. The bonds had a final maturity date of June 15, 2037 but were paid off in full on July 15, 2020. In September 2005, the City issued Variable Rate Demand Certificates of Participation (COP) for the Pleasanton Assisted Living Project (The Parkview) financing in the amount of $19,700,000. The COPs have a final maturity date of November 1, 2040. The assisted living facility is owned and operated by BLP Partnership, Inc. and payments on the COP debt will be made by the corporation from revenues derived from the operation of the facility. The City is not obligated in any manner for repayment of the COPs. Accordingly, the COPs are not reported as a liability in the accompanying basic financial statements. The aggregate amount of conduit debt outstanding as of June 30, 2022, was $15,650,292. d.Legal Debt Limit As of June 30, 2022, the City’s debt limit based on the legal debt margin (15 percent of 25 percent of the City’s assessed valuation subject to taxation) was $1,019,926,792. 84