Laserfiche WebLink
Redevelopment Agency of the City of Redwood City <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30,2007 <br /> 6. INTERFUND TRANSACTIONS <br /> A. Transfer Between Funds <br /> With the Agency Board approval, resources may be transferred from one Agency fund to another. The <br /> purpose of the majority of transfers is to reimburse a fund which has made an expenditure on behalf of <br /> another fund. <br /> Transfers In <br /> Low and 1997 Tax 2003 Tax <br /> Moderate Allocation Allocation <br /> Inconle Refunding Bonds Fund <br /> Housing Bonds Fund Fund Total <br /> � <br /> p Redevelopnlent Agency $ 175,000 $ 1,13�198 $ 8�587 $ 1,389,785 <br /> � <br /> � Low and Moderate Inconle Housing - 283,049 - 283,049 <br /> � <br /> � <br /> � <br /> � Public Financing Authority Series B Construction Fund 166,305 - - 166,305 <br /> H <br /> Total $ 341,305 $ 1,415,247 $ 8�587 $ 1,839,139 <br /> Transfers made from the Redevelopment Agency Fund and the Low and Moderate Income Housing Fund to <br /> the 1997 Tax Allocation Refunding Bond Fund and the 2003 Tax Allocation Bond Fund were to fund debt <br /> service payments. <br /> Transf ers f rom the Redevelopment Agency Fund and the Public Financing Authority Series B Construction <br /> Fund to the Low and Moderate Income Housing Fund were f or construction and purchase of general Agency <br /> assets. <br /> The Low and Moderate Income Housing Fund also made a transf er of $526,899 to the City's Grants Fund f or <br /> acquisition and construction of capital assets f or the City. <br /> B. Advances from the City <br /> During fiscal year 2004-2005, the City's Capital Outlay Fund advanced $3,000,000 to the Redevelopment <br /> Agency Fund to finance various downtown improvements. Interest is at 4.12 % with final payment due June <br /> 2019. Interest only payments are required through June 2009 at which time the principal payments will begin. <br /> 30 <br />