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<br />.. NOTE 6 -GOVERNMENl'AL.AcrI\;lTIES LONG.. TERM. DEBT .
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<br />A. Desc,iptiun
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<br />Redwood City has no: outstanding general obligation .bonds~ One improvement district has been formed
<br />within the. City limits' for specific .improvements. within the boundaries. of the. district. General..
<br />Improvement District bonds (GID] -64 reclam.ation. and facilities bonds) are limited general obligations .
<br />of,Redwood City confined t~:thc district. boundary. The following is the list of long-term obligations of
<br />the City. . . .
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<br />Revenue Bonds:
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<br />. 1998~e Re~eDUe,RefuildiDg Bonds ~ In Julyi998, the City iss~d $.12J60~OOo.:~fbond~to.
<br />refund. $lO,99S;o.Oo.: of the ]991 Public'Financing Authority bonds.. Principal is due in annual
<br />installments of .$695,0.0.0. to. $ t ,67o.~OOO, with total principal and interest remaining on the. bonds
<br />in the amount of $5;329~64 through July 15, 20.11. Bonds are payable .out of .the 1998 Lease
<br />Revenue Refunding aonds.. debt serVice fund out df lease payment revenue received from the
<br />. general fund, and .annual principal. and interest payments are exPected' to. require .Iess than .10.
<br />. percent of net" reveriues. . . . .
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<br />.1998 City Hall. LeaSe Revenue Certificates. of.Pa.rticipat~oD - hi October 1'998; the City. issued
<br />$11,70.0.00.0. of variable .rate dem~nd certificates to provide J>e~anent funding for the new City;
<br />Hall project that" was ..completed.~ in AVgust: 1997.. Principal and estimated interest payments
<br />totaling $11,823,558 through July 1, 202 I will. be made out of the: 1998 City Hall Lease Revenue
<br />Certificates of Participation debt service fund 'from: transfers in . from the gen.eral fund, requiring
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<br />less than.' 1 0'. perc.ent of net revenues. . The 'variable rate: is calcuhlted weekly and fluctuates.,.
<br />according to market conditions, but is . capped. at" 12%.! The average mOllthly."interest paid in.
<br />fiscal year 2007/08 was$21,50l and the interes~ rate in effect atJtlne)O~ 2008 ~as 1.50%. .
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<br />2003.Public l1~inaDcing...;\ut.ho.rityBonds :"'l~ Deceinper 2003, the City issued $IIA75~OOO.of
<br />bonds to:: refund $6.725,000 of the 1991 Public Fin.ance Authority bonds and 010 provide.
<br />.$4,390,000 fo(ne~ projects.. .Principal is . due, in annual. instalhnents of $67o.,o.OO.to $94.0,0.00,
<br />with total ;principal and interest remaining on the bonds",in'the .a"i11ount of $10.567,S52 through.
<br />July: 15, 2018~. payable out' of :the Public Financing Authority Bonds debt service. fund out of
<br />.. lease payment :revenue received from the gen.~ral. fund. requiring less ~han 10. percent of net
<br />revenues. The :refunding resulted ii1 an. increase 'in total debt service payments of $441,654 and
<br />an'economicgai"nof$415,987.; . . .
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<br />: .:Gco.c.nil Imrirovement Distri~t Bonds:
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<br />GEmerallmptovement District No. 1-64 Facilities Serics.,Bonds are d~e.in annual installments
<br />of $26,500: to,. $ 1,350,000 throug~ July 1,20..08; .original amount $18,515.000 issued in 1966 for
<br />utility. lineli. .and. infrastructure improvements in: the Redwood Shores area. . Debt service
<br />payments. are ma~e, from .the. GID ; 1-64 Facilities .Bonds. deb,t service. fund. out of special
<br />ass~ssmentrevenue. .
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<br />.. Generallmprove.ncDt District No. 1-64 Land. RecJamation Series Bonds are due in annual
<br />. . instanm~nt'" of $300,000. to $510,000 through July 1;2008; original amount $9,510,000 issued in
<br />. 1966 for land reclamation in the Redwood Shores. area. Debt service payments are made from
<br />the GID ]-64 Reclamation Bonds debt.service fund out of special assessment revenue.
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<br />Tax Increment Bonds: .
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<br />199':. Tax AllocatioD. Refunding. goods. issued in July .1997 by the Redwood City
<br />Redevelopment Ag~ncy to prepay,s loan received: by the Agency from. the Red.wood City Public
<br />Fina~cing Authority. Origi~~1 amount of$15,430,~o.O is due in ~nn~8:1 ;instaIlments of$417,805
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