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City of Redwood City <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2016 <br />NOTE 18 — RELATED PARTY TRANSACTIONS <br />6.1.D. - Page 111 <br />In June 2000, the City's former Redevelopment Agency authorized a First Time Homebuyer Program <br />targeted to City employees and school teachers from the Redwood City Elementary School District. Under <br />the program, the Agency offered first time homebuyers financial assistance in the purchase of a home <br />within the City of Redwood City. These loans bear no interest and are secured by third deeds of trust on <br />the property. No payments are due until five years after the date of purchase. This loan program is <br />extended to City employees who meet the criteria of the program. As of June 30, 2016, one employee had <br />a loan due to the City in the amount of $34,664. <br />NOTE 19 — SUBSEQUENT EVENT <br />On October 24, 2016, the City Council authorized the selection of a financing team to refund the <br />outstanding Public Financing Authority Water Revenue Bonds, Series 2007A. The refinancing is expected <br />to occur in February 2017. <br />LOU <br />