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<br />Redevelopment Agency of the City of Redwood City
<br />Notes to Basic Financial Statements, Continued
<br />For the year ended June 30,2006
<br />
<br />7. LONG-TERM DEBT, Continued
<br />
<br />B. Tax Allocation Bonds, Series 2003A
<br />
<br />On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final maturity
<br />date of July 15, 2032 to finance various downtown improvements. The bonds are secured by a first lien on
<br />the security interest in all of the tax revenue and all of the moneys deposited and held from time to time by
<br />the Trustee in the Special Revenue Fund and the Debt Service Fund, including interest account, the
<br />principal account, the reserve account and the redemption account established pursuant to the indenture.
<br />Interest rate ranges from 3.5% to 5.8%. Principal is due annually on each July 15 commencing in 2010.
<br />Interest is due semiannually on each January 15, and July 15, commencing July 15, 2005. At June 30, 2006
<br />the Refunding Public Financing Authority Bonds had a remaining balance outstanding of $33,997,448.
<br />
<br />The annual debt service requirements are shown below:
<br />
<br />For the Fiscal Year
<br />Ended June 30,
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012-2016
<br />2017-2021
<br />2022-2026
<br />2027-2031
<br />2032-2033
<br />
<br />Principal
<br />
<br />$
<br />
<br />1,225,000
<br />12,827,669
<br />8,336,012
<br />5,897,817
<br />4,312,131
<br />1,398,819
<br />33,997,448 $
<br />
<br />$
<br />
<br />Interest
<br />
<br />$
<br />
<br />654,150 $
<br />654,150
<br />654,150
<br />654,150
<br />632,712
<br />2,004,231
<br />9,188,988
<br />11,632,183
<br />13,212,869
<br />5,616,181
<br />
<br />44,903,764 $
<br />
<br />Total
<br />
<br />654,150
<br />654,150
<br />654,150
<br />654,150
<br />1,857,712
<br />14,831,900
<br />17,525,000
<br />17,530,000
<br />17,525,000
<br />7,015,000
<br />78,901,212
<br />
<br />The Tax Allocation Bonds, Series 2003A had issuance costs of $1,386,035, which was recorded as deferred
<br />charges on the Statement of Net Assets. This amount is being amortized over the life of the bonds at
<br />$47,794 annually. As of June 30, 2006 the amount remaining was $1,290,447.
<br />
<br />C. Loans
<br />
<br />Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a portion
<br />of the land and buildings located at 2107 Broadway that were acquired for the purpose of eventually being
<br />resold to a developer, original amount of $634,815 at 0% interest due in 15 annual installments of $42,321
<br />through 2013.
<br />
<br />The annual debt service requirements are shown below:
<br />
<br />For the Fiscal Year
<br />Ended June 30,
<br />
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012-2013
<br />
<br />31
<br />
<br />$
<br />
<br />Principal
<br />
<br />42,321
<br />42,321
<br />42,321
<br />42,321
<br />42,321
<br />84,642
<br />296,247
<br />
<br />$
<br />
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