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7.1.A. - Page 80 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2014
<br /> NOTE 5 — INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (CONTINUED)
<br /> $
<br /> Cumulative Agency Balances:
<br /> Belmont 19,511,416
<br /> San Carlos 7,169,223
<br /> Redwood City 32,111,141
<br /> West Bay Sanitation District 15,584,638
<br /> Total Net Position 74,376,418
<br /> NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT
<br /> A. Description
<br /> Redwood City has no outstanding general obligation bonds. The following is the list of long -term
<br /> obligations of the City.
<br /> 2013 Public Financing Authority Refunding lease — In May 2013, the City entered into a lease
<br /> agreement with BBVA Compass Bank in the amount of $3,360,000 to refund the 2003 Public Financing
<br /> Authority Bonds. Net proceeds of $3,292,748 plus the 2003 Public Financing Authority Bond Reserve
<br /> were utilized for the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City's
<br /> 2003 Public Financing Authority Bonds. Principal is due in annual installments of $324,742 to $347,486,
<br /> with total principal and interest remaining on the lease in the amount of $3,150,988 through July 15,
<br /> 2018, payable out of the Public Financing Authority Refunding Lease Debt Service fund out of lease
<br /> payment revenue received from the general fund, requiring less than 10% of net revenues. The
<br /> refunding resulted in a decrease in total debt service payments of $347,302 and an economic gain of
<br /> $270,485.
<br /> B. Changes in Long -Term Obligations
<br /> As of June 30, 2014, the City had the following long -term obligations outstanding:
<br /> Interest Beginning Ending Due Within
<br /> Rate Balance Additions Retirements Balance One Year
<br /> Governmental Activities: % $ $ $ $ $
<br /> 2013 PFA Refunding Lease 1.51 3,360,000 324,742 3,035,258 656,858
<br /> Total Bonds and Loans 3,360,000 324,742 3,035,258 656,858
<br /> Accrued Sick Leave and Vacation 9,535,933 830,536 386,490 9,979,979 346,856
<br /> Total Governmental Activities Long -Term Debt 12,895,933 830,536 711,232 13,015,237 1,003,714
<br /> At year -end, $923,259 of internal service fund compensated absences is included in the above amounts.
<br /> For the governmental activities, compensated absences are generally liquidated by the general fund.
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