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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,Continued
<br /> B. Tax Allocation Bonds, Series 2003A
<br /> On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final maturity
<br /> date of July 15, 2032 to finance various downtown improvements. The bonds are secured by a first lien on the
<br /> security interest in all of the tax revenue and all of the moneys deposited and held from time to time by the
<br /> Trustee in the Special Revenue Fund and the Debt Service Fund, including interest account, the principal
<br /> account, the reserve account and the redemption account established pursuant to the indenture. Interest rate
<br /> ranges f rom 3.5% to 5.8%. Principal is due annually on each July 15 commencing in 2010. Interest is due
<br /> semiannually on each January 15, and July 15. At June 30, 2007, the Tax Allocation Bonds, Series 2003A had a
<br /> remaining balance outstanding of$33,997,448.
<br /> The annual debt service requirements are shown below:
<br /> For the Fiscal Year
<br /> Ended June 30, Principal Interest Total
<br /> 2008 $ - $ 654,150 $ 654,150
<br /> 2009 - 654,150 654,150
<br /> 2010 - 654,150 654,150
<br /> 2011 1,225,000 654,150 1,879,150
<br /> 2012 1,265,000 611,275 1,876,275
<br /> 2013-2017 13,452,530 3,313,733 16,766,263
<br /> 2018-2022 7,798,695 9,726,305 17,525,000
<br /> 2023-2027 5,512,687 12,017,313 17,530,000
<br /> 2028-2032 4,064,617 13,465,293 17,529,910
<br /> 2033 678,919 2,826,082 3,505,001
<br /> � 33,997,448 � 44,576,600 � 78,574,049
<br /> The Tax Allocation Bonds, Series 2003A had issuance costs of $1,386,035, which was recorded as def erred
<br /> charges on the Statement of Net Assets. This amount is being amortized over the lif e of the bonds at $47,794
<br /> annually. As of June 30,2007 the amount remaining was $1,242,653.
<br /> C. Loans
<br /> Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a portion of
<br /> the land and buildings located at 2107 Broadway that were acquired f or the purpose of eventually being resold
<br /> to a developer, original amount of $634,815 at 0% interest due in 15 annual installments of $42,321 through
<br /> 2013.
<br /> The annual debt service requirements are shown below:
<br /> For the Fiscal Year
<br /> Ended June 30, Principal
<br /> 2008 $ 42,321
<br /> 2009 42,321
<br /> 2010 42,321
<br /> 2011 42,321
<br /> 2012 42,321
<br /> 2013 42,321
<br /> � 253,926
<br /> 32
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