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6.A. - Page 90 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 6 — GOVERNMENTAL ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />B. Changes in Long -Term Obligations
<br />As of June 30, 2019, the City had the following governmental long-term obligations outstanding:
<br />Beginning
<br />Interest Rate Balance
<br />Governmental Activities:
<br />Revenue Bonds
<br />2013 PFA Refunding Lease
<br />Total Bonds and Loans
<br />Accrued Sick Leave and Vacation
<br />Total Governmental Activities Long -Term Debt
<br />1.51% $ 347,486 $
<br />347,486
<br />12,020,400
<br />Due Within
<br />Additions Retirements Ending Balance One Year
<br />$ 347,486 $ $
<br />347,486
<br />12,256,523 12,008,302 12,268,621 447,024
<br />$ 12,367,886 $ 12,256,523 $ 12,355,788 $ 12,268,621 $ 447,024
<br />At year-end, $1,148,356 of internal service fund compensated absences is included in the above amounts. For
<br />the governmental activities, compensated absences are generally liquidated by the general fund.
<br />NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT
<br />A. Description
<br />Revenue Bonds:
<br />Port of Redwood City 2012 Revenue Bonds — In June 2012, bonds were issued in the amount of
<br />$10,000,000 to finance construction of the Port's Wharf 1 & 2 Redevelopment Project. The bonds are due in
<br />annual installments of $742,294 through 2032, with total principal and interest remaining of $9,649,819. The
<br />bonds are payable out of net revenues of the Port, which are expected to equal at least 120% of the annual
<br />debt service requirement.
<br />Port of Redwood City 2015 Revenue Bonds — In June 2015, bonds were issued in the amount of
<br />$6,940,000 to (a) refund the 1999 Bonds, (b) purchase the 2016 Reserve Fund Policy in lieu of cash funding
<br />a reserve fund for the 2016 Bonds, and (c) pay a portion of the costs of issuance of the 2016 Bonds. The
<br />bonds are due in annual installments of $561,600 to $611,000 through 2030, with total principal and interest
<br />remaining of $6,635,757. The bonds are payable out of net revenues of the Port, which are expected to equal
<br />at least 120% of the annual debt service requirement.
<br />Water Revenue Bonds Series 2013 — In June 2013, Redwood City Public Financing Authority issued
<br />$26,870,000 of bonds to refund the remaining Water Revenue Bonds Series 2005A. The refunding resulted
<br />in a decrease of total debt service payments of $2,386,569 and an economic gain of $1,231,113. Principal
<br />and interest is payable in 21 annual installments of $2,058,000 to $2,063,000 from August 2013 through
<br />February 2034, with total principal and interest remaining of $30,911,950. The bonds are payable out of net
<br />revenues of the water utility fund which are expected to equal at least 120% of the annual debt service
<br />requirement.
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