|
6.G. - Pa Reej oocT$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 />C. Annual Repayment Requirements for Business -type Activities Long Term Debt
<br />Business -Type Activities:
<br />Year End Revenue Bonds
<br />June 30 Principal Interest
<br />2019
<br />2,825,605
<br />2,486,485
<br />2020
<br />2,938,775
<br />2,378,768
<br />2021
<br />3,057,563
<br />2,264,131
<br />2022
<br />3,177,155
<br />2,144,889
<br />2023
<br />3,302,586
<br />2,020,908
<br />2024-2028
<br />18,811,352
<br />7,816,934
<br />2028-2032
<br />20,433,781
<br />3,579,963
<br />2033-2036
<br />5,595,000
<br />293,400
<br />60,141,817
<br />22,985,478
<br />NOTE 8 - DEBT WITHOUT CITY COMMITMENT
<br />A. Successor Agency Private Purpose Trust Fund Debt
<br />Tax Increment Bonds:
<br />2003 Tax Allocation Bonds — In October 2003, the former Redevelopment Agency issued $33,997,448 in
<br />bonds to finance various downtown improvements. These bonds consist of current coupon bonds and
<br />capital appreciation bonds. The current coupon bonds pay interest -only through January 15, 2010.
<br />Principal on the current coupon bonds is paid in annual installments of $1,225,000 to $3,045,000 from
<br />July 15, 2010 to July 15, 2014. Payments reflecting interest and principal on the capital appreciation
<br />bonds are due in annual installments of $3,505,000 to $3,510,000 from July 15, 2016 through July 15,
<br />2032. Total principal and interest remaining on the bonds is $52,585,000. Payments are made from
<br />property tax increment generated by the former redevelopment agency fund.
<br />B. Community Facilities District (Mello -Roos) Bonds
<br />On October 17, 2000, the Community Facilities District (CFD) issued $21,000,000 of bonds on behalf of
<br />the developer of the Pacific Shores Project to fund various transportation system improvements within
<br />the City's right-of-way that were required as a condition of the development.
<br />In July 2012 the CFD issued $5,555,000 Community Facilities District No. 2000-1 Pacific Shores Special
<br />Tax Refunding Bonds, Series 2012 to refund $8,655,000 of the Series 2000A bonds. The refunding
<br />reduced annual debt service payments by approximately 25% or $52,000, and resulted in an economic
<br />gain of $398,000, which equates to 7.61% of the refunding bonds. In September 2016, the final
<br />payment was made and this obligation was paid in full.
<br />On January 17, 2001, the Shores Transportation Improvement District issued $5,045,000 of Phase I CFD
<br />bonds, and on September 3, 2003 the District issued $7,505,000 of Phase II CFD bonds. The proceeds of
<br />these bonds were used to fund various transportation projects that are required under development
<br />agreements with commercial property owners in the Redwood Shores area of the City.
<br />64 270
<br />
|