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Redevelopment Agency of the City of Redwood City
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30,2007
<br /> 7. LONG-TERM DEBT
<br /> Summary of changes in long-term debt for the year ended June 30,2007 was as follows:
<br /> Amount Amount
<br /> Balance Balance Due Within Due In More
<br /> july 1,2006 Additions Retirements June 30,2007 One Year Than One Year
<br /> 1997 Tax Allocation Refunding Bond $ 7,835,000 $ - $ 1,160,000 $ 6,675,000 $ 1,210,000 $ 5,465,000
<br /> Tax Allocation Bond,Series 2003A 33,997,448 - - 33,997,448 - 33,997,448
<br /> Accreted interest payable 3,116,631 1,289,174 - 4,405,805 - 4,405,805
<br /> Unamortized premium 830,827 - 30,771 800,056 30,771 769,285
<br /> Loans Payable 296,247 - 42,321 253,926 42,321 211,605
<br /> Total $ 46,076,153 $ 1,289,174 $ 1,233,092 $ 46,132,235 $ 1,283,092 $ 44,849,143
<br /> A. 1997 Tax Allocation Refunding Bonds
<br /> On June 15, 1997, the Agency issued $15,430,000 of 1997 Tax Allocation Refunding Bonds with a final maturity
<br /> date of July 15, 2011. The purpose of the issuance is to provide funds to prepay a loan received by the Agency
<br /> and def ease $13,955,000 aggregate principal amount of the 1991 Local Agency Revenue Bonds, Series B (Prior
<br /> Bonds), to fund a reserve account for the Bonds and to pay the costs of issuance incurred in connection with
<br /> the issuance, sale and delivery of the Bonds. The purpose of the prior bonds was to finance improvements
<br /> within the Agency's Redevelopment Project Area No. 2. The 1997 Tax Allocation Refunding Bonds are due in
<br /> annual installments of $417,805 to $1,525,880 through July 15, 2011, payable from the Redevelopment Agency
<br /> Tax Increment. The bonds are secured by a first lien on the security interest in all of the tax revenue and all of
<br /> the moneys deposited and held from time to time by the Trustee in the Special Revenue Fund and the Debt
<br /> Service Fund, including interest account, the principal account, the reserve account and the redemption
<br /> account established pursuant to the indenture. Interest rate ranges from 3.8% to 5.15%. Principal is due
<br /> annually on each July 15. Interest is due semiannually on each January 15, and July 15. At June 30, 2007 the
<br /> 1997 Tax Allocation Refunding Bonds had a remaining balance outstanding of$6,675,000.
<br /> The annual debt service requirements are shown below:
<br /> For the Fiscal Year
<br /> Ended June 30, Principal Interest Total
<br /> 2008 $ 1,210,000 $ 304,922 $ 1,514,922
<br /> 2009 1,270,000 244,465 1,514,465
<br /> 2010 1,330,000 180,100 1,510,100
<br /> 2011 1,395,000 111,278 1,506,278
<br /> 2012 1,470,000 37,853 1,507,853
<br /> $ 6,675,000 $ 878,618 $ 7,553,618
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