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<br />NOTE 6 - GoVERNMENTAL ACTIVITIES LoNG-TERM DEBT (CONTINUED)
<br />
<br />2003 Tax Allocation Bonds - In October 2003, the Redwood City Redevelopment Agency
<br />issued $33,997,448 in bonds to finance various downtown improvements. These bonds consist
<br />of current coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-
<br />only through January 15, 2010. Principal on the current coupon bonds is paid in annual
<br />installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments
<br />reflecting interest and principal of the capital appreciation bonds are due in annual installments
<br />of $510,000 to $3,505,000 from July 15,2015 through July 15,2032. Payments are made from
<br />the 2003 Tax Allocation Bonds fund from transfers in from the redevelopment agency fund.
<br />
<br />Loans:
<br />
<br />Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to
<br />finance a portion of the land and buildings located at 2107 Broadway that were acquired for the
<br />purpose of eventually being resold to a developer; original amount of $634,815 at 0% interest
<br />due in 15 annual installments of $42,321 through 2013 payable out of the redevelopment agency
<br />fund.
<br />
<br />B. Changes in Long-Term Obligations
<br />As of June 30, 2005, the City had the following long-term obligations outstanding including the current
<br />portion:
<br /> Beginning Ending Due Within
<br /> Interest Rate Balance Additions Retirements Balance One Year
<br />Revenue Bonds % $ $ $ $ $
<br />1998 Lease Revenue Refunding Bonds 4.00-5.00 8,400,000 845,000 7,555,000 880,000
<br />1998 City Hall Lease Revenue variable 10,895,000 425,000 10,470,000 445,000
<br />2003 PFA Refunding Bonds 2.50-4.38 11,475,000 670,000 10,805,000 715,000
<br />Unamortized premiums 4,287 286 4,001 286
<br />Subtotal 30,774,287 1,940,286 28,834,001 2,040,286
<br />General Improvement District Bonds
<br />Facilities Series 1-64 5.00-6.00 4,185,000 1,090,000 3,095,000 1,145,000
<br />Reclamation Series 1-64 5.00-6.00 1,440,000 530,000 910,000 555,000
<br />Subtotal 5,625,000 1,620,000 4,005,000 1,700,000
<br />Tax Increment Bonds
<br />1997 Tax Allocation Refunding Bonds 3.80-5.15 10,000,000 1,060,000 8,940,000 1,105,000
<br />2003 Tax Allocation Bonds 3.50-5.80 33,997,448 33,997,448
<br />Accreted interest payable 737,684 1,157,427 1,895,111
<br />Unamortized premiums 892,369 30,771 861,598 30,771
<br />Subtotal 45,627,501 1,157,427 1,090,771 45,694,157 1,135,771
<br />Loans
<br />Redwood City School District Loan 380,889 42,321 338,568 42,321
<br />
<br />Total Bonds and Loans 82,407,677 1,157,427 4,693,378 78,871,726 4,918,378
<br />
<br />Accrued Sick Leave and Vacation 7,437,603 659,685 458,854 7,638,434 1,735,213
<br />
<br />Total General Long-Term Debt 89,845,280 1,817,112 5,152,232 86,510,160 6,653,591
<br />
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