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6.1.D. - Page 84
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT (Continued)
<br />B. Changes in Long -Term Obligations
<br />As of June 30, 2016, the City had the following long-term obligations outstanding:
<br />Beginning
<br />Balance Additions Retirements
<br />Ending Due within
<br />Balance One year
<br />2,378,400 666,814 1,711,586 676,920
<br />2,378,400 666,814 1,711,586 676,920
<br />10,595,579 943,381 472,360 11,066,600 432,796
<br />12,973,979 943,381 1,139,174 12,778,186 1,109,716
<br />At year-end, $956,158 of internal service fund compensated absences is included in the above
<br />amounts. For the governmental activities, compensated absences are generally liquidated by the
<br />general fund.
<br />C. Annual Repayment Requirements for Long -Term Debt
<br />Year End
<br />June 30
<br />2017
<br />2018
<br />2019
<br />NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />Revenue Bonds:
<br />Refunding Lease
<br />Principle Interest
<br />676,920 23,299
<br />687,180 13,039
<br />347,486 2,624
<br />1,711,586 38,962
<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 due
<br />in annual installments of $386,916 to $725,679 through 2032, with total principal and interest remaining
<br />of $11,876,699. The bonds are payable out of net revenues of the Port, which are expected to equal at
<br />least 120% of the annual debt service requirement.
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<br />Interest
<br />Rate
<br />Governmental Activities:
<br />%
<br />Revenue Bonds
<br />2013 PFA Refunding Lease
<br />1.51
<br />Total Bonds and Loans
<br />Accrued Sick Leave and Vacation
<br />Total Governmental Activities Long
<br />-Term Debt
<br />Beginning
<br />Balance Additions Retirements
<br />Ending Due within
<br />Balance One year
<br />2,378,400 666,814 1,711,586 676,920
<br />2,378,400 666,814 1,711,586 676,920
<br />10,595,579 943,381 472,360 11,066,600 432,796
<br />12,973,979 943,381 1,139,174 12,778,186 1,109,716
<br />At year-end, $956,158 of internal service fund compensated absences is included in the above
<br />amounts. For the governmental activities, compensated absences are generally liquidated by the
<br />general fund.
<br />C. Annual Repayment Requirements for Long -Term Debt
<br />Year End
<br />June 30
<br />2017
<br />2018
<br />2019
<br />NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />Revenue Bonds:
<br />Refunding Lease
<br />Principle Interest
<br />676,920 23,299
<br />687,180 13,039
<br />347,486 2,624
<br />1,711,586 38,962
<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 due
<br />in annual installments of $386,916 to $725,679 through 2032, with total principal and interest remaining
<br />of $11,876,699. The bonds are payable out of net revenues of the Port, which are expected to equal at
<br />least 120% of the annual debt service requirement.
<br />57
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