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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2017
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<br />
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<br />NOTE 7 – BUSINESS‐TYPE ACTIVITIES LONG‐TERM DEBT (CONTINUED)
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<br />The pledge of future Port of Redwood City fund revenues ends upon repayment of the $19 million in
<br />remaining debt service on the bonds which is scheduled to occur in fiscal year 2031‐32. Port of Redwood
<br />City fund operating revenues amounted to $7,127,814 and operating expenses excluding depreciation,
<br />amortizations, and subvention to the City amounted to $3,106,577. Net revenues available for debt
<br />service amounted to $4,021,237 which represented a coverage ratio of 2.98 over the $1,349,331 in debt
<br />service.
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<br />B. Changes in Debt
<br />
<br />Interest Within
<br />Rate Additions Retirements One Year
<br />Business‐type Activities:%
<br />Revenue Bonds
<br />Port of Redwood City‐2012 Series 4.20‐4.20 8,637,370$ ‐$ 386,916$ 8,250,454$ 403,483$
<br />Port of Redwood City‐2015 Series 2.00‐4.00 6,575,000 ‐ 385,000 6,190,000 395,000
<br />Water Revenue Bonds Series 2007A 4.00‐4.50 12,060,000 ‐ 12,060,000 ‐ ‐
<br />Water Revenue Refunding Bonds Series 2013 3.00‐5.00 24,305,000 ‐ 920,000 23,385,000 955,000
<br />Water Revenue Refunding Bonds Series 2015 3.00‐4.00 19,525,000 ‐ 735,000 18,790,000 755,000
<br />Water Revenue Refunding Bonds Series 2017 2.00‐5.00 ‐ 6,300,000 ‐ 6,300,000 265,000
<br />Unamortized Premium‐Water 3,732,452 477,557 216,499 3,993,510 ‐
<br />Unamortized Discount‐Port (20,873) ‐ (1,500) (19,373) ‐
<br />74,813,949 6,777,557 14,701,915 66,889,591 2,773,483
<br />Accrued Sick Leave and Vacation:885,914 459,639 430,060 915,493 451,939
<br />Total Business‐type Activities Long‐Term Debt 75,699,863$ 7,237,196$ 15,131,975$ 67,805,084$ 3,225,422$
<br />Beginning
<br />Balance Ending Balance
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<br />C. Annual Repayment Requirements for Business‐type Activities Long Term Debt
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<br />
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<br />
<br />
<br />Business‐Type Activities:
<br />Year End
<br />June 30 Principal Interest
<br />$$
<br />2018 2,773,483 2,549,043
<br />2019 2,825,759 2,486,485
<br />2020 2,938,775 2,378,768
<br />2021 3,057,563 2,264,131
<br />2022 3,177,155 2,144,889
<br />2023‐2027 18,025,303 8,598,722
<br />2028‐2032 20,927,416 4,438,828
<br />2033‐2036 9,190,000 673,656
<br />62,915,454 25,534,521
<br />Revenue Bonds
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<br />6.1.E. - Page 84
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