AgdaPkt 2015-01-12 Joint SA Amended

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7.1.A. - Page 82 , Notes to the Basic Financial Statements For the year ended June 30, 2014 NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG -TERM DEBT (CONTINUED) Water Revenue Bonds Series 2013 — In June 2013, Redwood City Public Financing Authority issued $26,870,000 of bonds to refund the remaining Water Revenue Bonds Series 2005A. The refunding resulted in a decrease of total debt service payments of $2,386,569 and an economic gain of $1,231,113. Principal and interest is payable in 21 annual installments of $1,584,262 to $2,063,000 from August 2013 through February 2034, with total principal and interest remaining of $41,212,700. The bonds are payable out of net revenues of the water utility fund which are expected to equal at least 120% of the annual debt service requirement. Pledges of Future Revenues - The pledge of future water utility fund revenues ends upon repayment of the $60.2 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2034- 35. For fiscal year 2013 -14, water utility fund operating revenues amounted to $35,655,559 and operating expenses excluding depreciation and amortizations amounted to $25,032,582. Net revenues available for debt service amounted to $10,622,977 which represented coverage ratio of 2.58 over the $4,114,566 in debt service. The pledge of future Port of Redwood City fund revenues ends upon repayment of the $17.1 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2031 -32. Port of Redwood City fund operating revenues amounted to $6,824,473 and operating expenses excluding depreciation, amortizations and subvention to the City amounted to $2,840,631. Net revenues available for debt service amounted to $3,983,842 which represented coverage ratio of 2.71 over the $1,468,257 in debt service. Loans: Yacht Harbor Rehabilitation Loan — A loan from the State of California in the original principal amount of $880,000. The loan is payable in annual installments of principal and interest of $53,648 through the year 2024, with total principal and interest remaining of $536,460. The loan is payable out of net revenues of the Port , but subordinated to the Port 1999 Revenue Bonds. At June 30, 2014, the ratio of net revenues to the debt service payment due during FY 2013 -14 was 2.71 (271 %). Parking Fund Loan — A loan agreement with the civic center construction fund in the original principal amount of $1,300,000 to finance the construction of the parking fund's downtown parking structure. Payments were for interest only until funds were available to pay principal. In 2000 -01, the civic center construction fund was closed, and the loan receivable was transferred to the capital outlay fund. All principal was repaid as of June 30, 2014. 54