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6.G. - PaZff Reed Of $i7
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 5 - INVESTMENT IN SILICON VALLEY CLEAN WATER AUTHORITY (CONTINUED)
<br />Cumulative Agency Balances:
<br />Bel mont $ 24,060,518
<br />San Carlos 6,145,323
<br />Redwood City 37,275,076
<br />West Bay Sanitation District 12,184,942
<br />Total Net Position $ 79,665,859
<br />NOTE 6 - GOVERNMENTAL ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />Redwood City has no outstanding general obligation bonds. The following is the only long-term
<br />obligation of the City.
<br />2013 Public Financing Authority Refunding lease — In May 2013, the City entered into a lease agreement
<br />with BBVA Compass Bank in the amount of $3,360,000 to refund the 2003 Public Financing Authority
<br />Bonds. Net proceeds of $3,292,748 plus the 2003 Public Financing Authority Bond Reserve were utilized
<br />for the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City's 2003 Public
<br />Financing Authority Bonds. Principal is due in annual installments of $347,486 to $687,180, with total
<br />principal and interest remaining on the lease in the amount of $2,450,768 through July 15, 2018.
<br />Payments are made from the Public Financing Authority Refunding Lease Debt Service fund out of lease
<br />payment revenue received from the general fund, requiring less than 10% of net revenues. The
<br />refunding resulted in a decrease in total debt service payments of $347,302 and an economic gain of
<br />$270,485.
<br />B. Changes in Long -Term Obligations
<br />As of June 30, 2018, the City had the following long-term obligations outstanding:
<br />At year-end, $1,063,796 of internal service fund compensated absences is included in the above
<br />amounts. For the governmental activities, compensated absences are generally liquidated by the general
<br />fund.
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<br />Beginning
<br />Ending
<br />Due Within
<br />Interest Rate
<br />Balance
<br />Additions Retirements
<br />Balance
<br />One year
<br />Governmental Activities: %
<br />Revenue Bonds
<br />2013 PFA Refunding Lease 1.51
<br />$ 1,034,666
<br />$ $ 687,180
<br />$ 347,486
<br />$ 347,486
<br />Total Bonds and Loans
<br />1,034,666
<br />687,180
<br />347,486
<br />347,486
<br />Accrued Sick Leave and Vacation
<br />11,556,444
<br />896,752 432,796
<br />12,020,400
<br />444,477
<br />Total Governmental Activities Long -Term Debt
<br />$12,591,110
<br />$ 896,752 $ 1,119,976
<br />$12,367,886
<br />$ 791,963
<br />At year-end, $1,063,796 of internal service fund compensated absences is included in the above
<br />amounts. For the governmental activities, compensated absences are generally liquidated by the general
<br />fund.
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