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City of Redwood City 6.1.E. - Page 84
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 7—BUSINESS-TYPE ACTIVITIES LONG-TERM DEBT(CONTINUED)
<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 2013 — In June 2013, Redwood City Public Financing Authority issued
<br /> $26,870,000 of bonds to refund the remaining Water Revenue Bonds Series 2005A. The refunding
<br /> resulted in a decrease of total debt service payments of $2,386,569 and an economic gain of
<br /> $1,231,113. Principal and interest is payable in 21 annual installments of $1,584,262 to $2,063,000
<br /> from August 2013 through February 2034, with total principal and interest remaining of $39,153,938.
<br /> The bonds are payable out of net revenues of the water utility fund which are expected to equal at least
<br /> 120% of the annual debt service requirement.
<br /> Water Revenue Bonds Series 2015 — In May 2015, Redwood City Public Financing Authority issued
<br /> $20,235,000 of bonds to refund the remaining Water Revenue Bonds Series 2006A. The refunding
<br /> resulted in a decrease of total debt service payments of $3,243,691 and an economic gain of
<br /> $2,117,710. Principal and interest is payable in 20 annual installments of $1,205,491 to $1,421,544
<br /> from August 2015 through February 2035 with total principal and interest remaining of $28,186,016.
<br /> The bonds are payable out of net revenues of the water utility fund which are expected to equal at least
<br /> 120% of the annual debt service requirement.
<br /> Pledges of Future Revenues—The pledge of future water utility fund revenues ends upon repayment of
<br /> the $57.9 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2034-
<br /> 35. For fiscal year 2014-15, water utility fund operating revenues amounted to $35,035,470 and
<br /> operating expenses excluding depreciation and amortizations amounted to $25,033,740. Net revenues
<br /> available for debt service amounted to $10,001,730 which represented a coverage ratio of 2.06 over
<br /> the $4,848,480 in debt service.
<br /> The pledge of future Port of Redwood City fund revenues ends upon repayment of the $15.9 million in
<br /> remaining debt service on the bonds which is scheduled to occur in fiscal year 2031-32. Port of
<br /> Redwood City fund operating revenues amounted to $6,721,955 and operating expenses excluding
<br /> depreciation, amortizations, and subvention to the City amounted to $3,033,231. Net revenues
<br /> available for debt service amounted to $3,688,724 which represented a coverage ratio of 2.43 over the
<br /> $1,518,294 in debt service.
<br /> Loans:
<br /> Yacht Harbor Rehabilitation Loan —A loan from the State of California in the original principal amount
<br /> of $880,000. The loan was payable in annual installments of principal and interest of $53,648 through
<br /> the year 2024. This loan was paid in full during FY 2014-15.
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