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6.1.D. - Page 169
<br />Schedule 12 (Continued)
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />PLEDGED -REVENUE COVERAGE
<br />Last Ten Fiscal Years
<br />' Port operating expenses above exclude $406,792 subvention to the City and depreciation.
<br />Z Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br />3 In FY 2009-10, the 1997 Tax Increment Bonds were paid off resulting in additional principal payment of $2,865,000.
<br />4 As a result of the California Supreme Court upholding AB X1 26, Redevelopment Agencies were eliminated as of
<br />January 31, 2012. Consequently, all former tax increment revenue is retained by the County of San
<br />Mateo Controller's Office and deposited into the "Redevelopment Property Tax Trust Fund" (RPTTF)
<br />and is disbursed according to the provisions of AB X1 26 and AB 1484, the clean-up legislation that
<br />became law effective June 27, 2012. Under these laws the Successor Agencies to the Redevelopment
<br />Agencies now receive funding from the RPTTF to pay these types of debt obligations as the
<br />Redevelopment Agency is no longer in existence to receive tax increment revenue.
<br />142
<br />Port Revenue Bonds
<br />Less:
<br />Net
<br />Fiscal
<br />Gross
<br />Operating
<br />Available
<br />Debt Service
<br />Coverage
<br />Year
<br />Revenues
<br />Expenses'
<br />Revenue
<br />Principal
<br />Interest
<br />Ratio2
<br />2007
<br />6,443,530
<br />2,505,950
<br />3,937,580
<br />239,292
<br />535,231
<br />5.08
<br />2008
<br />6,188,729
<br />2,529,213
<br />3,659,516
<br />250,385
<br />524,033
<br />4.73
<br />2009
<br />5,967,743
<br />2,516,939
<br />3,450,804
<br />266,528
<br />512,090
<br />4.43
<br />2010
<br />5,729,278
<br />2,648,046
<br />3,081,232
<br />277,721
<br />499,137
<br />3.97
<br />2011
<br />5,820,715
<br />2,561,439
<br />3,259,276
<br />288,969
<br />485,389
<br />4.21
<br />2012
<br />6,159,871
<br />2,746,082
<br />3,413,789
<br />305,273
<br />471,085
<br />4.40
<br />2013
<br />6,262,660
<br />2,703,564
<br />3,559,096
<br />644,144
<br />875,483
<br />2.34
<br />2014
<br />6,824,474
<br />2,786,181
<br />4,038,293
<br />646,186
<br />819,930
<br />2.75
<br />2015
<br />6,721,955
<br />3,033,231
<br />3,688,724
<br />710,341
<br />807,953
<br />2.43
<br />2016
<br />6,779,863
<br />2,417,147
<br />4,362,716
<br />772,130
<br />630,193
<br />3.11
<br />Tax Increment Bonds
<br />Property
<br />Tax
<br />Debt Service
<br />Coverage
<br />Increment
<br />Principal
<br />Interest
<br />Ratio
<br />2007
<br />7,346,699
<br />1,160,000
<br />1,043,515
<br />3.33
<br />2008
<br />8,416,294
<br />1,210,000
<br />988,415
<br />3.83
<br />2009
<br />7,921,159
<br />1,270,000
<br />929,730
<br />3.60
<br />2010 3
<br />71953,318
<br />4,195,000
<br />886,687
<br />1.57
<br />2011
<br />7,552,777
<br />1,225,000
<br />632,713
<br />4.07
<br />20124
<br />1,265,000
<br />585,975
<br />2013 4
<br />2,480,000
<br />511,075
<br />2014 4
<br />2,895,000
<br />385,481
<br />2015 4
<br />3,045,000
<br />229,556
<br />2016 4
<br />3,142,669
<br />292,144
<br />' Port operating expenses above exclude $406,792 subvention to the City and depreciation.
<br />Z Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br />3 In FY 2009-10, the 1997 Tax Increment Bonds were paid off resulting in additional principal payment of $2,865,000.
<br />4 As a result of the California Supreme Court upholding AB X1 26, Redevelopment Agencies were eliminated as of
<br />January 31, 2012. Consequently, all former tax increment revenue is retained by the County of San
<br />Mateo Controller's Office and deposited into the "Redevelopment Property Tax Trust Fund" (RPTTF)
<br />and is disbursed according to the provisions of AB X1 26 and AB 1484, the clean-up legislation that
<br />became law effective June 27, 2012. Under these laws the Successor Agencies to the Redevelopment
<br />Agencies now receive funding from the RPTTF to pay these types of debt obligations as the
<br />Redevelopment Agency is no longer in existence to receive tax increment revenue.
<br />142
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