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<br />DEBT ADMINISTRATION <br /> <br />Each of the Agency's debt issued is discussed in detail in Note 7 to the financial statements. In July 1997 the <br />Agency issued $15.43 million of Tax Allocation Refunding Bonds that bear interest at 3.8% to 5.15% and are <br />due in 2011. The proceeds from these Bonds were used to advance refund the outstanding balance of the <br />1991 Redwood City Public Financing Authority Bonds - Series B. <br /> <br />In October 2003 the Agency issued $33,997,448 of Tax Allocation Bonds that bear interest at 3.5% to 5.8% <br />and are due in 2032. The proceeds of the bonds were used to finance various downtown improvements. <br /> <br />At June 30, the Agency's debt comprised the two Tax Allocation Bond issues and a loan from the Redwood <br />City School District used to finance a real property purchase, all of which are secured by property tax <br />increment revenues. <br /> <br />CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT <br /> <br />These Component Unit Financial Statements are intended to provide citizens, taxpayers, investors, and <br />creditors with a general overview of the Agency's finances. Questions about this Report should be directed <br />to the Finance Department, at 1017 Middlefield Road, Redwood City, California 94063. <br /> <br />6 <br />