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City of Redwood City 6.1.E. - Page 106
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 14—DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY(CONTINUED)
<br /> Change in Debt:
<br /> Interest Beginning Ending Due Within
<br /> Rate Balance Additions Retirements Balance One Year
<br /> $ $ $ $ $
<br /> Tax Increment Bonds
<br /> 2003 Tax Allocation Bonds 3.50-5.80 26,132,448 3,045,000 23,087,448 3,142,669
<br /> Accreted interest payable 15,668,105 1,984,930 17,653,035 217,331
<br /> Unamortized Premium 584,659 30,771 553,888
<br /> Total Bonds 42,385,212 1,984,930 3,075,771 41,294,371 3,360,000
<br /> Annual Repayment Requirements for Long-Term Debt:
<br /> Year End Tax Increment Bonds
<br /> June 30 Principal Interest
<br /> $ $
<br /> 2016 3,142,669 292,144
<br /> 2017 1,889,861 1,615,139
<br /> 2018 1,773,916 1,731,084
<br /> 2019 1,663,894 1,841,106
<br /> 2020 1,557,657 1,947,343
<br /> 2021-2025 6,322,516 11,207,484
<br /> 2026-2030 4,574,937 12,950,064
<br /> 2031-2035 2,161,998 8,358,002
<br /> 23,087,448 39,942,366
<br /> NOTE 15—LITIGATION AND CONTINGENT LIABILITIES
<br /> The City generally follows the practice of recording liabilities resulting from claims and legal actions only
<br /> when they become fixed or determinable in amount.
<br /> There are lawsuits pending in which the City is a party, one of which was recently filed, by Ted J. Hannig,
<br /> in November 2015 regarding certain conditions at Docktown Marina. In the opinion of the City
<br /> Attorney,the City has adequate legal defenses and/or reserves to cover such liability if it does arise.
<br /> NOTE 16—CONSTRUCTION,OTHER SIGNIFICANT COMMITMENTS AND ENCUMBRANCES
<br /> As of June 30, 2015,the City has the following significant commitments:
<br /> $774,545—Professional services related to 101/84 Highway Interchange
<br /> $2,128,354—Construction services related to Blomquist Avenue extension
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