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<br />Redevelopment Agency of the City of Redwood City
<br />Notes to Basic Financial Statements, Continued
<br />For the year ended June 30, 2005
<br />
<br />7. LONG-TERM DEBT, Continued
<br />
<br />B. Tax Allocation Bonds, Series 2003A
<br />
<br />On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final maturity
<br />date of July 15, 2032 to finance various downtown improvements. The bonds are secured by a first lien on
<br />the security interest in all of the tax revenue and all of the moneys deposited and held from time to time by
<br />the Trustee in the Special Revenue Fund and the Debt Service Fund, including interest account, the
<br />principal account, the reserve account and the redemption account established pursuant to the indenture.
<br />Interest rate ranges from 3.5% to 5.8%. Principal is due annually on each July 15 commencing in 2010.
<br />Interest is due semiannually on each January 15, and July 15, commencing July 15, 2004. At June 30, 2005
<br />the Refunding Public Financing Authority Bonds had a remaining balance outstanding of $33,997,448.
<br />
<br />The annual debt service requirements are shown below:
<br />
<br />For the Fiscal Year
<br />Ended June 30, Principal Interest Total
<br />2006 $ $ 654,150 $ 654,150
<br />2007 654,150 654,150
<br />2008 654,150 654,150
<br />2009 654,150 654,150
<br />2010 654,150 654,150
<br />2011-2015 10,910,000 2,344,800 13,254,800
<br />2016-2020 10,027,996 7,426,817 17,454,813
<br />2021-2025 6,322,518 11,207,482 17,530,000
<br />2026-2030 4,574,936 12,950,064 17,525,000
<br />2031-2033 2,161,998 8,358,002 10,520,000
<br /> $ 33,997,448 $ 45,557,915 $ 79,555,363
<br />C. Loans
<br />
<br />Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a portion
<br />of the land and buildings located at 2107 Broadway that were acquired for the purpose of eventually being
<br />resold to a developer, original amount of $634,815 at 0% interest due in 15 annual installments of $42,321
<br />through 2013.
<br />
<br />The annual debt service requirements are shown below:
<br />
<br />For the Fiscal Year
<br />Ended June 30, Principal
<br />2006 $ 42,321
<br />2007 42,321
<br />2008 42,321
<br />2009 42,321
<br />2010 42,321
<br />2011-2013 126,963
<br /> $ 338,568
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