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Redwood City CFD 99 -1 <br />1. EXECUTIVE SUMMARY <br />Special Tax Levy <br />Special Taxes of $912,802.72 will be levied on 56 parcels totaling 4,337,241 of <br />taxable commercial square footage for Fiscal Year (FY) 2005/2006. The Applied <br />Special Tax Rate represents an average of 90.7% of the Maximum Special Tax Rate <br />on all taxable property. Please see the attached Budget Worksheet for further <br />information. <br />Delinquencies <br />There are currently no delinquent parcels within Redwood City CFD 99 -1. <br />MuniFinancial will continue to monitor delinquencies for the City. <br />Prepayments of the Special Tax Obligation <br />In November 2000, Oracle Systems Corporation, the owner of 8 parcels, with a <br />total commercial square footage of 1,819,310, prepaid the District Special Taxes in <br />full. Accordingly, no Bonds were issued with regard to these prepaid Special Taxes. <br />Reserve Fund <br />2001 Bond proceeds of $252,250 were deposited in the Reserve Fund. Interest <br />Earnings on the amounts on deposit increased the balance in the Reserve Fund to <br />$264,579.40 (as of July 31, 2003) Upon issuance of the 2003 Bonds, the amount in <br />the Reserve Fund was increased by the amount of $375,250.00. Interest earnings <br />were expected to accrue until the Reserve Fund balance is equal to the Reserve <br />Requirement, but surplus funds of $134,318.29 in the Special Tax Fund should be <br />transferred to the Reserve Fund to bring the balance to the Reserve Requirement. <br />The Reserve Requirement is the lowest of (i) 10% of the original proceeds of the <br />Bonds, ($1,255,000.00), (ii) Maximum Annual Debt Service of the Bonds <br />($888,416.26), or (iii) 125% of the average Annual Debt Service of the Bonds <br />($1,098,757.47) <br />The combined balance in the Reserve Funds as of March 31, 2005 is $754,097.97. <br />The current Reserve Requirement is $888,416.26. <br />Page 1 <br />