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REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY <br /> Notes to Component Unit Financial Statements <br /> <br />I NOTE 2 - CASH AND INVESTMENTS (Continued) [ <br /> <br /> B. A uthorized Investments <br /> <br /> Under the investment policy of the City and Agency and State statutes, the Agency may invest in the <br /> following typeg of investments: <br /> <br /> Bankers Acceptance <br /> State of California Local Agency Investment Fund (LAIF) <br /> Certificates of Deposit <br /> Commercial Paper <br /> Government Agency Sectmties <br /> Money Market Certificates <br /> Passbook Savings Accounts <br /> San Mateo County Investment Pool <br /> Treasury Bills and Notes <br /> <br />INOr 3-LOA SREm¥ '.E I <br /> <br />A. First Time Homebuyer Loan Program <br /> <br /> The Agency established a First Time Homebuyer Program during fiscal year 1995. Under the Program the <br /> Agency offers first time home buyers, who qualify as having low and moderate incomes, financial <br /> assistance in the purchase of a home within the City of Redwood City. These loans bear no interest and <br /> are secured by third deeds of lrust on the property. No payments are due until five years after the date of <br /> purchase. At June 30, 2001 the Agency had loaned $180,332 to fifteen buyers. Since these loans arc not <br /> currently available for expenditure, fund balance has been reserved m this amount. <br /> <br />B. City Centre Plaza Loans <br /> <br /> Thc Agency sold several parcels of land to the developers of the City Centre Plaza proj¢ct for $1,700,000 <br /> m 1996 payable as discussed at Note 8C. The outstanding balance at June 30, 2001 was $1,692,381. <br /> <br />[NOTE a-FIXED ASSETS [ <br /> <br /> The Agency's fixed assets balance0s comprised the following at June 30: <br /> <br /> 2001 2000 <br /> Land $560,000 $560,000 <br /> Machinery and equipment 23,605 26,403 <br /> $583,605 $586,403 <br /> <br /> 12 <br /> <br /> <br />