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6.G. - Pa Reay Of T$i�
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 7 - BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />A. Description, Continued
<br />Water Revenue Bonds Series 2017 — In February, 2017, Redwood City Public Financing Authority issued
<br />$6,300,000 of bonds to refund the outstanding Water Revenue Bonds Series 2007A. The refunding
<br />resulted in a decrease of total debt service payments of $8,191,968 and an economic gain of
<br />$1,169,839. Principal and interest is payable in 18 annual installments of 493,588 to $496,800 from
<br />February 2018 through February 2035 with total principal and interest remaining of $8,384,106. 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 />Pledges of Future Revenues — The pledge of future water utility fund revenues ends upon repayment of
<br />the $69.5 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2035-
<br />36. For fiscal year 2017-18, water utility fund operating revenues amounted to $42,990,320 and
<br />operating expenses excluding depreciation and amortizations amounted to $36,472,505. Net revenues
<br />available for debt service amounted to $6,517,815 which represented a coverage ratio of 1.64 over the
<br />$3,965,763 in debt service.
<br />The pledge of future Port of Redwood City fund revenues ends upon repayment of the $19 million in
<br />remaining debt service on the bonds which is scheduled to occur in fiscal year 2031-32. Port of
<br />Redwood City fund operating revenues amounted to $8,627,231 and operating expenses excluding
<br />depreciation, amortizations, and subvention to the City amounted to $4,245,795. Net revenues available
<br />for debt service amounted to $4,381,436 which represented a coverage ratio of 3.25 over the
<br />$1,346,481 in debt service.
<br />B. Changes in Debt
<br />63 269
<br />Interest
<br />Beginning
<br />Ending
<br />Due Within
<br />Rate
<br />Balance Additions
<br />Retirements
<br />Balance
<br />One Year
<br />Business -type Activities:
<br />Revenue Bonds
<br />Port of Redwood City -2012 Series
<br />4.20-4.20
<br />$ 8,250,454 $
<br />$ 403,637
<br />$ 7,846,817
<br />$ 420,605
<br />Port of Redwood City -2015 Series
<br />2.00-4.00
<br />6,190,000
<br />395,000
<br />5,795,000
<br />405,000
<br />Water Revenue Bonds Series 2007A
<br />4.00-4.50
<br />-
<br />-
<br />-
<br />-
<br />Water Revenue Refunding Bonds Series 2013
<br />3.00-5.00
<br />23,385,000
<br />955,000
<br />22,430,000
<br />980,000
<br />Water Revenue Refunding Bonds Series 2015
<br />3.00-4.00
<br />18,790,000
<br />755,000
<br />18,035,000
<br />775,000
<br />Water Revenue Refunding Bonds Series 2017
<br />2.00-5.00
<br />6,300,000
<br />265,000
<br />6,035,000
<br />245,000
<br />Unamortized Premium -Water
<br />3,993,510
<br />231,055
<br />3,762,455
<br />-
<br />Unamortized Discount -Port
<br />(19,373)
<br />(1,500)
<br />(17,873)
<br />-
<br />66,889,591
<br />3,003,192
<br />63,886,399
<br />2,825,605
<br />Accrued Sick Leave and Vacation:
<br />915,493 485,787
<br />440,513
<br />960,767
<br />477,802
<br />Total Business -type Activities Long -Term Debt
<br />$67,805,084 $ 485,787
<br />$ 3,443,705
<br />$64,847,166
<br />$ 3,303,407
<br />63 269
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