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NOTE 6—GOVERNMENTAL ACTIVITIES LONG-TERM DEBT A. Descrlption Redwood City has no outstanding general obligation bonds. One improvement district has been formed within the City limits for specific improvements within the boundaries of the district. General Improvement District bonds (GID 1-64 reclamation and facilities bonds) are limited general obligations of Redwood City confined to the district boundary. The following is the list of long-term obligations of the City. Revenue B onds: 1998 Lease Revenue Refunding Bonds - In July 1998, the City issued $12,160,000 of bonds to refund $10,995,000 of the 1991 Public Financing Authority bonds. Principal is due in annual installments of $695,000 to $1,670,000 through July 15, 2011 payable out of the 1998 Lease Revenue Refunding Bonds debt service fund out of lease payment revenue received from the general fund. 1998 City Hall Lease Revenue Certificates of Participation - In October 1998, the City issued $11,700,000 of variable rate demand certificates to provide permanent funding for the new City Hall project that was completed in August 1997. Principal payments will be made over a 23-year period commencing July 1, 2002 out of the 1998 City Hall Lease Revenue Certificates of Participation debt service fund from transfers in from the general fund. The variable rate is calculated weekly and fluctuates according to market conditions, but is capped at 12%. The average monthly interest paid in fiscal year 2006/07 was $28,264 and the interest rate in effect at June 30, 2007 was 3.65%. 2003 Public Financing Authority Bonds — In December 2003, the City issued $11,475,000 of bonds to refund $6,725,000 of the 1991 Public Finance Authority bonds and to provide $4,390,000 for new projects. Principal is due in annual installments of $670,000 to $940,000 through July 15, 2018 payable out of the Public Financing Authority Bonds debt service fund out of lease payment revenue received from the general fund. The refunding resulted in an increase in total debt service payments of$441,654 and an economic gain of$415,987. General Improvement District Bonds: General Improvement District No. 1-64 Facilities Series Bonds are due in annual installments of $26,500 to $1,350,000 through July 1, 2008; original amount $18,515,000 issued in 1966 for utility lines and infrastructure improvements in the Redwood Shores area. Debt service payments are made from the GID 1-64 Facilities Bonds debt service fund out of special assessment revenue. General Improvement District No. 1-64 Land Reclamation Series Bonds are due in annual installments of$300,000 to $510,000 through July 1, 2008; original amount $9,510,000 issued in 1966 for land reclamation in the Redwood Shores area. Debt service payments are made from the GID 1-64 Reclamation Bonds debt service fund out of special assessment revenue. Tax Increment Bonds: 1997 Tax Allocation Refunding Bonds issued in July 1997 by the Redwood City Redevelopment Agency to prepay a loan received by the Agency from the Redwood City Public Financing Authority. Original amount of $15,430,000 is due in annual installments of $417,805 to $1,525,880 through July 15, 2011 payable out of the 1997 Tax Allocation Refunding Bonds debt service fund from transfers in from the redevelopment agency fund and the low and moderate income housing fund. 44