|
6.1.D. - Page 108
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 14 — DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY (CONTINUED)
<br />Chanee in Debt:
<br />Annual Reoavment Requirements for Lone -Term Debt:
<br />Year End
<br />30 -Jun
<br />2017
<br />2018
<br />2019
<br />2020
<br />2021
<br />2022-2026
<br />2027-2031
<br />2032-2036
<br />Amounts due to the Citv of Redwood Citv
<br />Tax Increment Bonds
<br />Principle Interest
<br />1,889,861
<br />Beginning
<br />1,773,916
<br />1,731,084
<br />Ending
<br />Within
<br />1,557,657
<br />Interest Rate Balance
<br />Additions
<br />Retirements
<br />Balance
<br />One Year
<br />4,312,132
<br />13,212,869
<br />1,398,819
<br />5,616,181
<br />19,944,779
<br />39,650,221
<br />Tax Increment Bonds
<br />2003 Tax Allocation Bonds
<br />3.50-5.80 23,087,448
<br />3,142,669
<br />19,944,779
<br />1,889,861
<br />Accreted interest payable
<br />17,653,035
<br />1,853,990
<br />19,507,025
<br />Unamortized Premium
<br />553,888
<br />30,771
<br />523,117
<br />Total Bonds
<br />41,294,371
<br />1,853,990
<br />3,173,440
<br />39,974,921
<br />1,889,861
<br />Annual Reoavment Requirements for Lone -Term Debt:
<br />Year End
<br />30 -Jun
<br />2017
<br />2018
<br />2019
<br />2020
<br />2021
<br />2022-2026
<br />2027-2031
<br />2032-2036
<br />Amounts due to the Citv of Redwood Citv
<br />Tax Increment Bonds
<br />Principle Interest
<br />1,889,861
<br />1,615,139
<br />1,773,916
<br />1,731,084
<br />1,663,894
<br />1,841,106
<br />1,557,657
<br />1,947,343
<br />1,450,684
<br />2,054,316
<br />5,897,816
<br />11,632,183
<br />4,312,132
<br />13,212,869
<br />1,398,819
<br />5,616,181
<br />19,944,779
<br />39,650,221
<br />During FY 2004-05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to
<br />finance various downtown improvements. During FY 2008-09 the Redevelopment Agency repaid $115,622
<br />of the advance, during FY 2009-10 the Redevelopment Agency repaid $238,439, and during FY 2010-11 the
<br />Redevelopment Agency repaid $248,364. During 2011-12 the Redevelopment Agency was dissolved and the
<br />advance payable was transferred to the successor agency private purpose trust fund. Prior to the dissolution
<br />the Redevelopment Agency repaid $128,032.
<br />During FY 2009-10, the low and moderate income housing fund advanced $2,812,838 to the redevelopment
<br />agency fund to partially finance the amount taken away from the Redevelopment Agency by the State of
<br />California. During FY 2010-11 the Redevelopment Agency repaid $562,568 to the low and moderate income
<br />housing fund. During FY 2011-12 the Redevelopment Agency was dissolved and the advance receivable was
<br />transferred to the low and moderate income housing asset fund, and the advance payable was transferred
<br />to the successor agency private purpose trust fund. During FY 2011-12 the Successor Agency repaid
<br />$562,567 to the low and moderate income housing asset fund.
<br />81
<br />
|