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City of Redwood City <br />Management’s Discussion and Analysis <br />For the fiscal year ended June 30, 2017 <br /> <br />17 <br /> <br />Long-Term Debt <br />Additional information can be found in Notes 6 and 7 of this report. <br /> <br />Outstanding Debt (in Millions) <br /> <br /> <br />SPECIAL ASSESSMENT DISTRICT DEBT <br /> <br />Special assessment districts in different parts of the City have also issued debt to finance infrastructure <br />and facilities construction in their respective districts. <br /> <br />At June 30, 2017, a total of $12.9 million in special assessment district debt was outstanding, issued by <br />three special assessment districts. This debt is secured only by special assessments on the real property <br />in the district issuing the debt, and is not the City’s responsibility, although the City does act as these <br />Districts’ agent in the collection and remittance of assessments. <br /> <br />PRIVATE PURPOSE TRUST FUND DEBT <br /> <br />On February 1, 2012, the Redevelopment Agency of the City of Redwood City was dissolved pursuant to <br />California State law, and as of that date, the long-term debt associated with the former Redevelopment <br />Agency was transferred to a private purpose trust fund for the Successor Agency. At June 30, 2017, the <br />Successor Agency had tax allocation bonds outstanding in the amount of $38.5 million including <br />unamortized premium and accreted interest payable. <br /> <br />Governmental Business-Type <br /> Activities Activities Total <br />2017 2016 2017 2016 2017 2016 Variance <br />$$$$$$ <br />Revenue bonds 66.890 74.814 66.890 74.814 -10.59% <br />Refunding lease 1.035 1.711 1.035 1.711 -39.51% <br />Accrued sick leave and vacation 11.556 11.067 0.915 0.886 12.471 11.953 4.33% <br /> Total long term debt 12.591 12.778 67.805 75.700 80.396 88.478 -9.13% <br />6.1.E. - Page 40