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6.G. - Pagf Redwood 187
<br />City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2018
<br />NOTE 14 — DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY (CONTINUED)
<br />The following is a summary of the long-term obligations of the Successor Agency.
<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 />Change in Debt:
<br />Annual Repayment Requirements for Long -Term Debt:
<br />Year End
<br />June 30
<br />2019
<br />2020
<br />2021
<br />2022
<br />2023
<br />2024-2028
<br />2029-2033
<br />Amounts due to the City of Redwood City
<br />Tax Increment Bonds
<br />Principal Interest
<br />1,663,894
<br />1,841,106
<br />1,557,657
<br />1,947,343
<br />1,450,684
<br />2,054,316
<br />1,352,544
<br />2,152,456
<br />1,256,332
<br />2,248,668
<br />5,168, 321
<br />12, 361,679
<br />3,831,570
<br />13,698,430
<br />16,281,002 36,303,998
<br />During FY 2004-05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to
<br />finance various downtown improvements. During FY 2008-09 the Redevelopment Agency repaid
<br />$115,622 of the advance, during FY 2009-10 the Redevelopment Agency repaid $238,439, and during FY
<br />2010-11 the Redevelopment Agency repaid $248,364. During FY 2011-12 the Redevelopment Agency
<br />was dissolved and the advance payable was transferred to the successor agency private purpose trust
<br />fund. Prior to the dissolution the Redevelopment Agency repaid $128,032. During FY 2017-18 the
<br />Successor Agency repaid $1,441,204 to the capital outlay fund. The amounts due to the City has been
<br />paid off as of June 30, 2018.
<br />NOTE 15 - LITIGATION AND CONTINGENT LIABILITIES
<br />The City generally follows the practice of recording liabilities resulting from claims and legal actions only
<br />when they become fixed or determinable in amount.
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