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General Improvement District 1964 Bonds Funds — These funds account for bonds authorized by a special vote of the property owners on June 16, 1964, for the purpose of developing approximately 4,500 acres of land fronting the San Francisco Bay. Bonds authorized for land reclamation are secured by ad valorem assessments on land only while bonds authorized for facilities are secured by ad valorem assessments on land and improvements. Within this district, values are determined as of January 1 by an appraiser engaged by the City. The City Council determines the tax rate to be charged for the ensuing year, and by agreement, the County of San Mateo collects these assessments on its general property tax bills. Public Financing Authority Bonds Fund — This fund was created in 1991 as a financing mechanism to provide for the defeasement of the Facilities and Infrastructure Authority bonds (issued in 1986) and for funds to construct a new police facility. Lease/leaseback bonds were issued in July 1991 and were completely refunded in fiscal year 2003/04 through the issuance of 2003 Public Financing Authority bonds. The 2003 bonds were issued for the refunding and to provide funding for new projects. These bonds are guaranteed by lease payments from the City. The City Council sits as the Authority's governing board. 1997 Tax Allocation Refunding Bonds Fund— This fund accounts for bonds issued in 1997 to prepay a loan received by the Redevelopment Agency from the Redwood City Public Financing Authority, which in turn used the proceeds to defease the Public Financing Authority Series B bonds. 2003 Tax Allocation Bonds Fund — This fund accounts for bonds issued in 2003 to finance various downtown improvements. 1998 Lease Revenue Refunding Bonds Fund— This fund accounts for bonds issued in 1998 to advance refund a portion of the Public Financing Authority bonds issued in 1991. 1998 City Hall Lease Revenue Certificates of Participation Fund—This fund accounts for certificates of participation issued in 1998 to reimburse the City for the cost of constructing the new City Hall that was completed in August 1997. CAPITAL PROJECTS FUNDS Capital projects funds are established to account for resources used for the acquisition and construction of capital facilities by the City except for those financed by the proprietary funds or special revenue funds. Funding for these projects is provided by the general fund and by special assessment districts. Currently the City has the following funds: Facilities Fee Construction Fund—This fund derives its revenue from fees collected from the developers in the Redwood Shores area. Funds are used for improvements to roads, drainage, water, traffic lights, canals, etc. in the area. General Improvement District (GID) 1965 Construction Fund — This fund accounts for general improvement bonds issued to finance the drainage improvements, water line improvements, and sewage line improvements in the district area. Public Financing Authority Series B Construction Fund — This fund accounts for tax increment bonds that were issued by the Public Financing Authority to finance construction of certain Redevelopment Agency proj ects. Shores Transportation Improvement District Fund — This fund accounts for community facility district bonds that were issued and developer contributions that were received by the City to fund various transportation projects in the Redwood Shores area. Pacific Shores Community Facilities District Fund- This fund accounts for the various transportation system improvements within the City's right-of-way in the Pacific Shores district that are financed by community facilities district bond. 71