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City of Redwood City 7.1.A. - Page 85 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2014 <br /> NOTE 8 — DEBT WITHOUT CITY COMMITMENT (CONTINUED) <br /> payment of these bonds. The City's only responsibilities with respect to any delinquent assessment <br /> installments are solely advancing funds from the reserve fund (established with bond proceeds) to the <br /> redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. <br /> The City is not required to advance available funds of the City for payment of principal or interest or to <br /> purchase land at a delinquent foreclosure assessment sale. As of June 30, 2014, the outstanding <br /> principal amount was $9,700,000. <br /> On April 5, 2011, the Community Facilities District (CFD) issued $5,760,000 of bonds on behalf of the <br /> developer of the One Marina Project to fund various transportation system improvements within the <br /> City's right -of -way that were required as a condition of the development. <br /> These bonds are solely obligations of the property owners in this district and are not obligations of the <br /> City, nor has any political subdivision of the State of California pledged its full faith and credit for the <br /> payment of these bonds. The City's only responsibilities with respect to any delinquent assessment <br /> installments are solely advancing funds from the reserve fund (established with bond proceeds) to the <br /> redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. <br /> The City is not required to advance available funds of the City for payment of principal or interest or to <br /> purchase land at a delinquent foreclosure assessment sale. As of June 30, 2014, the outstanding <br /> principal amount was $5,760,000. <br /> NOTE 9 — EMPLOYEE BENEFITS <br /> A. Retirement System <br /> PERS Safety and Miscellaneous Employees' Plans <br /> Substantially all City employees are eligible to participate in pension plans offered by California Public <br /> Employees' Retirement System (PERS), an agent multiple - employer defined benefit pension plan which <br /> acts as a common investment and administrative agent for its participating member employers. PERS <br /> provides retirement and disability benefits, annual cost of living adjustments, and death benefits to plan <br /> members who must be public employees and beneficiaries. The City's employees participate in the <br /> separate safety (police and fire) and miscellaneous (all other) employee plans. Benefit provisions under <br /> both plans are established by state statute and City resolution. <br /> Benefits are based on years of credited service, equal to one year of full time employment. Funding <br /> contributions for both plans are determined annually on an actuarial basis as of June 30 by PERS; the City <br /> must contribute these amounts. <br /> 57 <br />