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<br />Redwood City CFD 99-1 <br /> <br />1. EXECUTIVE SUMMARY <br /> <br />Special Tax Levy <br /> <br />Special Taxes of $778,365.24 will be levied on 56 parcels totaling 4,337,241 of taxable <br />commercial square footage for Fiscal Year (FY) 2006/2007. The Applied Special Tax <br />Rate represents an average of 77.4% of the Maximum Special Tax Rate on all taxable <br />property. Please see the attached Budget Worksheet for further informacion. <br /> <br />Delinquencies <br /> <br />There is currently one delinquent parcel within Redwood City CFD 99-1. APN 111-910- <br />160 is delinquent for FY 2005/06 in the amount of $432.66. As such, a reminder letter <br />was sent to the Property Owner on March 7, 2006. MuniFinancial will continue to <br />monitor delinquencies for the City. <br /> <br />Prepayments of the Special Tax Obligation <br /> <br />In November 2000, Oracle Systems Corporation, the owner of 8 parcels~ with a total <br />commercial square footage of 1,819,310, prepaid the District Special Taxes in full. <br />Accordingly, no Bonds were issued with regard to these prepaid Special Taxes. <br /> <br />Reserve Fund <br /> <br />2001 Bond proceeds of $252,250 were deposited in the Reserve Fund. Interest Earnings <br />on the amounts on deposit increased the balance in the Reserve Fund to $264,579.40 (as <br />of July 31, 2003) Upon issuance of the 2003 Bonds, the amount in the Reserve Fund was <br />increased by the amount of $375,250.00. Interest earnings were expected to accrue until <br />the Reserve Fund balance is equal to the Reserve Requirement, but surplus funds of <br />$111,270.51 in the Special Tax Fund should be transferred to the Reserve Fund to bring <br />the balance to the Reserve Requirement. The Reserve Requirement is the lowest of (i) <br />10% of the original proceeds of the Bonds, ($1,255,000.00), (ii) Maximum Annual Debt <br />Service of the Bonds ($888,416.26), or (iii) 125% of the average Annual Debt Service of <br />the Bonds ($1,098,757.47) <br /> <br />The combined balance in the Reserve Funds as of March 31, 2006 is $777,145.75. The <br />current Reserve Requirement is $888,416.26. <br /> <br />Action Items <br /> <br />Due to surplus funds in the Special Tax Fund, a transfer of $111,270.51 to the Reserve <br />Fund will bring the balance to the Reserve Requirement. The remaining surplus of <br />$214,878.57 should be Credited to the Levy. <br /> <br />Page 1 <br />