|
<br />NOTE 7 - BUSINESS-TypE ACTIVITIES LoNG- TERM DEBT
<br />
<br />A.
<br />
<br />Description
<br />
<br />Revenue Bonds:
<br />
<br />Port of Redwood City 1999 Revenue Bonds are due in annual installments of $170,000 to
<br />$690,000 through 2030. On April 1, 1999, the Port issued bonds in the amount of $10,945,000 to
<br />finance improvements to the Port, the majority of which will be expended on cleaning up
<br />hazardous waste remaining at the Port's liquid bulk terminal.
<br />
<br />Water Revenue Bonds Series 2005A - In February 2005, Redwood City Public Financing
<br />Authority issued $35,790,000 of bonds to finance a portion of the City's recycled water project.
<br />Principal and interest is payable in 29 annual installments of $2,142,585 to $2,157,925 from
<br />February 2006 through February 2034.
<br />
<br />Loans:
<br />
<br />Yacht Harbor Rehabilitation Loan from the State of California in the original principal amount
<br />of $880,000. The loan is payable in annual installments of principal and interest of $53,613
<br />through the year 2024.
<br />
<br />Parking Fund Loan agreement with the civic center construction fund in the original principal
<br />amount of $1,300,000 to finance the construction of the parking fund's downtown parking
<br />structure. Payments are for interest only until funds are available to pay principal. All principal
<br />is to be repaid by July 1, 2013 if funds are available. In 2000/01, the civic center construction
<br />fund was closed, and the loan receivable was transferred to the capital outlay fund.
<br />
<br />B. Changes in Debt
<br /> Interest Beginning Ending Due Within
<br /> Rate Balance Additions Retirements Balance One Year
<br /> % $ $ $ $ $
<br />Revenue Bonds:
<br />Port of Redwood City - 1999 Series 4.00-5.25 10,225,000 200,000 10,025,000 210,000
<br />Water Revenue Bonds Series 2005A 2.75-4.25 35,790,000 35,790,000 830,000
<br /> 10,225,000 35,790,000 200,000 45,815,000 1,040,000
<br />Loans:
<br />Yacht Harbor Rehabilitation Loan 4.70 697,373 22,231 675,142 23,232
<br />Parking Fund Loan variable 1,300,000 1,300,000
<br /> 1,997,373 22,231 1,975,142 23,232
<br />Total Bonds and Loans 12,222,373 35,790,000 222,23 1 47,790,142 1,063,232
<br />Accrued Sick Leave and Vacation 695,082 79,160 36,424 737,818 367,587
<br />Total Business-type Activities Long- Tenn Debt 12,917,455 35,869,160 258,655 48,527,960 1,430,819
<br />
<br />46
<br />
|