AgdaPkt 2018-12-17 Joint Special

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6.G. - Pa Ree? oocT$i� City Notes to the Basic Financial Statements For the fiscal year ended June 30, 2018 NOTE 8 - DEBT WITHOUT CITY COMMITMENT (CONTINUED) B. Community Facilities District (Mello -Roos) Bonds, Continued In December 2012 the Shores Transportation District issued $10,275,000 Redwood Shores Community Facilities District No. 99-1 Special Tax Refunding Bonds, Series 2012B to refund $3,640,000 of the outstanding Series 2001A Bonds and $6,675,000 of the outstanding Series 2003A Bonds. The refunding reduced annual debt service payments by approximately 16% or $140,000, and resulted in an economic gain of $1.7 million, which equates to 16.62% of the refunding bonds. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2018, the outstanding principal amount was $8,205,000. On April 5, 2011, the Community Facilities District (CFD) issued $5,760,000 of bonds on behalf of the developer of the One Marina Project to fund various transportation system improvements within the City's right-of-way that were required as a condition of the development. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. In June 2016, Community Facilities District No. 2010-1 issued $4,350,000 Community Facilities District No. 2010-1 (One Marina) 2016 Special Tax Refunding Bonds to refund the outstanding 2011 Bonds. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2018, the outstanding principal amount was $4,235,000. 65 271