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6.1.E. - Page 83 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<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
<br /> June 30 Principal Interest
<br /> $ $
<br /> 2016 666,814 33,406
<br /> 2017 676,920 23,299
<br /> 2018 687,180 13,039
<br /> 2019 347,486 2,624
<br /> 2,378,400 72,368
<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 were due in annual
<br /> installments of$170,000 to $690,000 through 2030. These bonds were refunded in April 2015.
<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 $12,618,994. 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 /> Port of Redwood City 2015 Revenue Bonds — In June 2015, bonds were issued in the amount of
<br /> $6,940,000 to (a) refund the 1999 Bonds, (b) purchase the 2015 Reserve Fund Policy in lieu of cash
<br /> funding a reserve fund for the 2015 Bonds, and (c) pay a portion of the costs of issuance of the 2015
<br /> Bonds. The bonds are due in annual installments of $561,600 to $611,000 through 2030, with total
<br /> principal and interest remaining of$9,059,951. The bonds are payable out of net revenues of the Port,
<br /> which are expected 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 was payable in 29 annual installments of$1,568,926 to $1,573,906 from August 2006 through
<br /> February 2035. These bonds were refunded in May 2015.
<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$18,963,487. The bonds are payable out
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