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FUND FINANCIAL STATEMENTS <br /> The Redevelopment Agency of the City of Redwood City determined all its funds to be major funds in fiscal year <br /> year 2007. <br /> RedevelopmentAgency Fund <br /> This fund accounts for funds to be provided by loans and/or property tax increment from specific <br /> redevelopment areas for redevelopment projects within those areas. <br /> Low and Moderate Income Housing Fund <br /> This fund accounts for redevelopment property tax increment revenues which may be used strictly for <br /> low and moderate income housing. <br /> 1997 Tax Allocation Refunding Bonds Fund <br /> This fund accounts for bonds issued in 1997 to prepay a loan received by the Redevelopment Agency <br /> from the Redwood City Public Financing Authority, which in turn used the proceeds to defease the <br /> Public Financing Authority Series B bonds. <br /> 2003 Tax Allocation Bonds Fund <br /> This fund accounts for bonds issued in 2003 to finance various downtown improvements by the <br /> Redevelopment Agency. <br /> Low and Moderate Income Housing Projects Bonds Fund <br /> This fund accounts for tax increment bonds that were issued by the Public Financing Authority to <br /> finance construction of certain Redevelopment Agency projects. <br /> 15 <br />