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<br />NOTE 7 - BUSINESS-TypE ACTIVITIES LoNG-TERM DEBT (CONTINUED)
<br />C. Annual Repayment Requirements for Business-type Activities Long Te1711 Debt
<br /> Business-Type Activities
<br />
<br /> Year End Revenue Bonds Loans Total
<br /> June 30 Principal Interest Principal Interest Principal Interest
<br /> $ $ $ $ $ $
<br /> 2006 1,040,000 1,828,120 23,232 95,381 1,063,232 1,923,501
<br /> 2007 950,000 1,914,961 24,277 94,336 974,277 2,009,297
<br /> 2008 980,000 1,884,644 25,370 93,243 1,005,370 1,977,887
<br /> 2009 1,020,000 1,851,194 26,511 92,101 1,046,511 1,943,295
<br /> 2010 1,055,000 1,814,084 27,704 90,909 1,082,704 1,904,993
<br /> 2011-2015 5,900,000 8,446,356 1,458,381 369,681 7,358,381 8,816,037
<br /> 2016-2020 7,165,000 7,178,438 197,373 70,692 7,362,373 7,249,130
<br /> 2021-2025 8,855,000 5,490,984 192,294 22,105 9,047,294 5,513,089
<br /> 2026-2030 11,110,000 3,311,131 11,110,000 3,311,131
<br /> 2031-2034 7,740,000 889,875 7,740,000 889,875
<br /> 45,815,000 34,609,787 1,975,142 928,448 47,790,142 35,538,235
<br />
<br />NOTE 8 - DEBT WITHOUT CITY COMMITMENT
<br />
<br />A.
<br />
<br />Assessment District Bonds
<br />
<br />Assessment District Bonds (1915 Act) were issued in July 1999 to refund bonds issued in 1990 by the
<br />Seaport Centre and Seaport Boulevard Assessment Districts (that were issued to refund bonds issued in
<br />1985). The original bonds (1985) were issued for the purpose of installing water and sewer systems
<br />within the Seaport Centre area and for improvements and landscaping to Seaport Boulevard. The
<br />principal amount issued in 1999 was $9,430,000. The 1999 bond issue also resulted in the consolidation
<br />of the two assessment districts into one district pursuant to the Refunding Act of 1984 for 1915
<br />Improvement Act bonds.
<br />
<br />These bonds are obligations of the property owners in this district and are not obligations of the City, nor
<br />has any political subdivision of the State of California pledged its full faith and credit for the payment of
<br />these bonds. The City's only responsibilities with respect to any delinquent assessment installments are
<br />solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to
<br />the extent that such funds are available, and instituting foreclosure proceedings. The City is not required
<br />to advance available funds of the City for payment of principal or interest or to purchase land at a
<br />delinquent foreclosure assessment sale. As of June 30, 2005, the outstanding principal amount was
<br />$4,440,000. The refunding resulted in a reduction of $1,028,138 in total debt service payments over the
<br />next ten years and an economic gain of$622,557.
<br />
<br />B.
<br />
<br />Community Facilities District (Mello-Roos) Bonds
<br />
<br />On October 17,2000, the Community Facilities District (CFD) issued $21,000,000 of bonds on behalf of
<br />the developer of the Pacific Shores Project to fund various transportation system improvements within
<br />the City's right-of-way that were required as a condition of the development. These bonds are solely
<br />obligations of the property owners in this district and are not obligations of the City, nor has any political
<br />subdivision of the State of California pledged its full faith and credit for the payment of these bonds.
<br />
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