|
City of Redwood City 7.1.A. - Page 81
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2014
<br /> NOTE 6 — GOVERNMENTAL ACTIVITIES LONG -TERM DEBT (CONTINUED)
<br /> C. Annual Repayment Requirements for Long -Term Debt
<br /> Governmental Activities:
<br /> Year End Refunding Lease Total
<br /> June 30 Principal Interest Principal Interest
<br /> $ $ $ $
<br /> 2015 656,858 43,362 656,858 43,362
<br /> 2016 666,814 33,406 666,814 33,406
<br /> 2017 676,920 23,299 676,920 23,299
<br /> 2018 687,180 13,039 687,180 13,039
<br /> 2019 347,486 2,624 347,486 2,624
<br /> 3,035,258 115,730 3,035,258 115,730
<br /> NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG -TERM DEBT
<br /> A. Description
<br /> Revenue Bonds:
<br /> Port of Redwood City 1999 Revenue Bonds — In April 1999, bonds were issued in the amount of
<br /> $10,945,000 to finance improvements to the Port, the majority of which was expended on cleaning up
<br /> hazardous waste remaining at the Port's liquid bulk terminal. The bonds are due in annual installments
<br /> of $170,000 to $690,000 through 2030, with total principal and interest remaining of $11,573,241. The
<br /> bonds are payable out of net revenues of the Port, which are expected to equal at least 120% of the
<br /> annual debt service requirement.
<br /> Port of Redwood City 2012 Revenue Bonds — In June 2012, bonds were issued in the amount of
<br /> $10,000,000 to finance construction of the Port's Wharf 1 & 2 Redevelopment Project. The bonds are
<br /> due in annual installments of $294,620 to $725,679 through 2032, with total principal and interest
<br /> remaining of $13,361,287. The bonds are payable out of net revenues of the Port, which are expected
<br /> to equal at least 120% of the annual debt service requirement.
<br /> Water Revenue Bonds Series 2006A — In February 2006, Redwood City Public Financing Authority
<br /> issued $26,000,000 of bonds to finance a portion of the City's recycled water project. Principal and
<br /> interest is payable in 29 annual installments of $1,568,926 to $1,573,906 from August 2006 through
<br /> February 2035, with total principal and interest remaining of $32,998,720. The bonds are payable out
<br /> of net revenues of the water utility fund which are expected to equal at least 120% of the annual debt
<br /> service requirement.
<br /> Water Revenue Bonds Series 2007A — In February 2007, Redwood City Public Financing Authority
<br /> issued $15,150,000 of bonds to finance a portion of the City's recycled water project. Principal and
<br /> interest is payable in 28 annual installments of $728,072 to $950,950 from August 2007 through
<br /> February 2035, with total principal and interest remaining of $19,912,062. The bonds are payable out
<br /> of net revenues of the water utility fund which are expected to equal at least 120% of the annual debt
<br /> service requirement.
<br /> 53
<br />
|