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6.A. - Page 92 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 7 — BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />B. Changes in Long -Term Obligations
<br />As of June 30, 2019, the City had the following business -type long-term obligations outstanding:
<br />Unamortized Premium -Water
<br />Interest
<br />Beginning
<br />3,531,400
<br />Ending
<br />Due Within
<br />Business -type Activities:
<br />Rate %
<br />Balance Additions
<br />Retirements
<br />Balance
<br />One Year
<br />Revenue Bonds
<br />960,767 1,001,551
<br />972,865
<br />989,453 504,932
<br />Total Business -type Activities Long -Term Debt
<br />$ 64,847,166 $ 1,001,551
<br />Port of Redwood City -2012 Series
<br />4.20-4.20
<br />$ 7,846,817 $
<br />$ 420,604
<br />$ 7,426,213
<br />$ 438,775
<br />Port of Redwood City -2015 Series
<br />2.00-4.00
<br />5,795,000
<br />405,000
<br />5,390,000
<br />415,000
<br />Water Revenue Refunding Bonds Series 2013
<br />3.00-5.00
<br />22,430,000
<br />980,000
<br />21,450,000
<br />1,020,000
<br />Water Revenue Refunding Bonds Series 2015
<br />3.00-4.00
<br />18,035,000
<br />775,000
<br />17,260,000
<br />810,000
<br />Water Revenue Refunding Bonds Series 2017
<br />2.00-5.00
<br />6,035,000
<br />245,000
<br />5,790,000
<br />255,000
<br />Unamortized Premium -Water
<br />3,762,455
<br />231,055
<br />3,531,400
<br />Unamortized Discount -Port
<br />(17,873)
<br />(1,500)
<br />(16,373) -
<br />Total Bonds and Loans
<br />63,886,399 -
<br />7055,159
<br />60,831,240 2,938,775
<br />Accrued Sick Leave and Vacation:
<br />960,767 1,001,551
<br />972,865
<br />989,453 504,932
<br />Total Business -type Activities Long -Term Debt
<br />$ 64,847,166 $ 1,001,551
<br />$ 4,028,024
<br />$ 61,820,693 $ 3,443,707
<br />C. Annual Repayment Requirements for Business -type Activities Long Term Debt
<br />For The Fiscal
<br />Year Ending
<br />June 30 Principal Interest Total
<br />2020
<br />$ 2,938,775
<br />$ 2,378,767
<br />$ 5,317,542
<br />2021
<br />3,057,563
<br />2,264,131
<br />5,321,694
<br />2022
<br />3,177,155
<br />2,144,888
<br />5,322,043
<br />2023
<br />3,302,586
<br />2,020,908
<br />5,323,494
<br />2024
<br />3,443,891
<br />1,877,652
<br />5,321,543
<br />2025-2029
<br />19,627,372
<br />7,005,728
<br />26,633,100
<br />2030-2034
<br />19,918,871
<br />2,740,457
<br />22,659,328
<br />2035
<br />1,850,000
<br />66,463
<br />1,916,463
<br />$ 57,316,213
<br />$ 20,498,994
<br />$ 77,815,207
<br />NOTE 8 — DEBT WITHOUT CITY COMMITMENT
<br />A. Successor Agency Private Purpose Trust Fund Debt
<br />Tax Increment Bonds:
<br />2003 Tax Allocation Bonds — In October 2003, the former Redevelopment Agency issued $33,997,448 in
<br />bonds to finance various downtown improvements. These bonds consist of current coupon bonds and capital
<br />appreciation bonds. The current coupon bonds pay interest -only through January 15, 2010. Principal on the
<br />current coupon bonds is paid in annual installments of $1,225,000 to $3,045,000 from July 15, 2010 to July
<br />15, 2014. Payments reflecting interest and principal on the capital appreciation bonds are due in annual
<br />installments of $3,505,000 to $3,510,000 from July 15, 2016 through July 15, 2032. Total principal and
<br />interest remaining on the bonds is $52,580,000. Payments are made from property tax increment generated
<br />by the former redevelopment agency fund.
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