|
6.G. - PaZff Reay Of $i7
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />C. Annual Repayment Requirements for Long -Term Debt
<br />Year End June 30
<br />2019
<br />Refunding Lease
<br />Principle Interest
<br />347,486 2,624
<br />NOTE 7 - BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />Revenue Bonds:
<br />Port of Redwood City 2012 Revenue Bonds — In June 2012, bonds were issued in the amount of
<br />$10,000,000 to finance construction of the Port's Wharf 1 & 2 Redevelopment Project. The bonds are
<br />due in annual installments of $386,916 to $725,679 through 2032, with total principal and interest
<br />remaining of $10,392,113. The bonds are payable out of net revenues of the Port, which are expected to
<br />equal at least 120% of the annual debt service requirement.
<br />Port of Redwood City 2015 Revenue Bonds — In June 2015, bonds were issued in the amount of
<br />$6,940,000 to (a) refund the 1999 Bonds, (b) purchase the 2016 Reserve Fund Policy in lieu of cash
<br />funding a reserve fund for the 2016 Bonds, and (c) pay a portion of the costs of issuance of the 2016
<br />Bonds. The bonds are due in annual installments of $385,000 to $611,000 through 2030, with total
<br />principal and interest remaining of $7,239,946. The bonds are payable out of net revenues of the Port,
<br />which are expected to equal at least 120% of the annual debt service requirement.
<br />Water Revenue Bonds Series 2007A — In February 2007, Redwood City Public Financing Authority issued
<br />$15,150,000 of bonds to finance a portion of the City's recycled water project. Principal and interest was
<br />payable in 28 annual installments of $728,072 to $950,950 from August 2007 through February 2035.
<br />During the year, these were refunded with the issuance of Series 2017 bonds.
<br />Water Revenue Bonds Series 2013 — In June 2013, Redwood City Public Financing Authority issued
<br />$26,870,000 of bonds to refund the remaining Water Revenue Bonds Series 2005A. The refunding
<br />resulted in a decrease of total debt service payments of $2,386,569 and an economic gain of
<br />$1,231,113. Principal and interest is payable in 21 annual installments of $1,584,262 to $2,063,000
<br />from August 2013 through February 2034, with total principal and interest remaining of $32,971,800.
<br />The bonds are payable out of net revenues of the water utility fund which are expected to equal at least
<br />120% of the annual debt service requirement.
<br />Water Revenue Bonds Series 2015 — In May 2015, Redwood City Public Financing Authority issued
<br />$20,235,000 of bonds to refund the remaining Water Revenue Bonds Series 2006A. The refunding
<br />resulted in a decrease of total debt service payments of $3,243,691 and an economic gain of
<br />$2,117,710. Principal and interest is payable in 20 annual installments of $1,205,491 to $1,421,544 from
<br />August 2016 through February 2035 with total principal and interest remaining of $24,139,488. The
<br />bonds are payable out of net revenues of the water utility fund which are expected to equal at least
<br />120% of the annual debt service requirement.
<br />62 268
<br />
|