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NOTE 6—GOVERNMENTAL ACTIVITIES LONG-TERM DEBT�CONTINUED�
<br /> 2003 Tax Allocation Bonds—In October 2003,the Redwood City Redevelopment Agency issued
<br /> $33,997,448 in bonds to finance various downtown improvements. These bonds consist of
<br /> current coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-
<br /> only through January 15, 2010. Principal on the current coupon bonds is paid in annual
<br /> installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments
<br /> reflecting interest and principal of the capital appreciation bonds are due in annual installments of
<br /> $510,000 to $3,505,000 from July 15, 2015 through July 15, 2032. Payments are made from the
<br /> 2003 Tax Allocation Bonds fund from transfers in from the redevelopment agency fund.
<br /> Loans:
<br /> Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to
<br /> finance a portion of the land and buildings located at 2107 Broadway that were acquired for the
<br /> purpose of eventually being resold to a developer; original amount of$634,815 at 0% interest due
<br /> in 15 annual installments of $42,321 through 2013 payable out of the redevelopment agency
<br /> fund.
<br /> B. Cha�nges�n Long-Term Obllgatlons
<br /> As of June 3 0, 2007,the City had the following long-term obligations outstanding:
<br /> Beginning Ending Due Within
<br /> Interest Rate Balance Additions Retirements Balance One Year
<br /> Governmental Activities: % $ $ $ $ $
<br /> Revenue Bonds
<br /> 1998 Lease Revenue Refunding Bonds 4.00-5.00 6,675,000 920,000 5,755,000 955,000
<br /> 1998 City Hall Lease Revenue variable 10,025,000 460,000 9,565,000 480,000
<br /> 2003 PFA Refunding Bonds 2.50-4.38 10,090,000 735,000 9,355,000 750,000
<br /> Unamortized premiums 3,715 286 3,429 286
<br /> Subtotal 26,793,715 2,115,286 24,678,429 2,185,286
<br /> General Improvement District Bonds
<br /> Facilities Series 1-64 5.00-6.00 1,950,000 1,255,000 695,000 550,000
<br /> Reclamation Series 1-64 5.00-6.00 355,000 250,000 105,000 80,000
<br /> Subtotal 2,305,000 1,505,000 800,000 630,000
<br /> Tax Increment Bonds
<br /> 1997 Tax Allocation Refunding Bonds 3.80-5.15 7,835,000 1,160,000 6,675,000 1,210,000
<br /> 2003 Tax Allocation Bonds 3.50-5.80 33,997,448 33,997,448
<br /> Accreted interest payable 3,116,631 1,289,174 4,405,805
<br /> Unamortized premiums 830,827 30,771 800,056 30,771
<br /> Subtotal 45,779,906 1,289,174 1,190,771 45,878,309 1,240,771
<br /> Loans
<br /> Redwood City School District Loan 296,247 42,321 253,926 42,321
<br /> Total Bonds and Loans 75,174,868 1,289,174 4,853,378 71,610,664 4,098,378
<br /> Accrued Sick Leave and Vacation 7,958,342 293,658 308,582 7,943,418 283,599
<br /> Total Governmental Activities
<br /> Long-Term Debt 83,133,210 1,582,832 5,161,960 79,554,082 4,381,977
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