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<br />:. NOTE 7 .::.- BUSINESS-TYPE .ACTIVITIES LONG.. TERM DEBT
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<br />A.. De.fC1'iption
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<br />.Revenue Bonds;
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<br />Port of Redwood City 1999 Revenue .Bonds were issued on April I, 1999 in the amount of
<br />$) 0.945,000 to finance improvements..to the ~ort, the majoritY of which will. be expended on
<br />cleaning: up hazardous. wastc.rer,nain.ing at the Port's liquid 'bulk tenninal. The bonds are due in .
<br />annual installments of $170,000 to $690,000 t~rough 2030, with total principal and. interest
<br />remaining of $15,912,349. The honds are payable out .of net revenues of the Port, which are
<br />..expe~ted to. equal at "least 120%. of the .annual.debt service. requirement..
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<br />Water. Revenue Bonds Series 2005A - In February 200Sl Redwood City Public. Financing
<br />Authority issued $3 5.790,000 .of-bonds to finance. a Portion of the CitY' ~ recycled water project.
<br />Principal.and interest is payable in 29. annual installments .of$2,142,585 to $2.1"57,925 from
<br />February. .2006 through .February 203"4. with total . prinCipal and . interest remaining of
<br />..$S5,914,71l..._T,he bonds .arc.payable out of net revenues which are expected to equal at least
<br />120% of the ~nual debt service requirement.":
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<br />Water Revenue .Bonds Series 2006A - hi .February 20fl6,.Redwbod City Public .Financing
<br />Authority issued $26;000:,000 of bonds to finance a portion ,of the City's recycled water project.
<br />Principal and inter.eSt is payahle in 29.. annual installments of $S20.000 tb $1",505,000 from
<br />February. .2007 through February 2035. with totar. princ.ipal and interest remaining of
<br />$42.425,966~ loe bonds are; payable out of net reven.ues which are expected. to equal at. least
<br />120% oft~eannua( dc.bt service'req~'irement" .. ..
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<br />. Water Revenue Bo~ds. Series 2007A - In F.ebruiuy 2007, Redwood. CitY Public Financing
<br />Authority issue~ $15,.l50~O()O ofhonds to finance a. portion. of the City's recycled. water proj~ct.
<br />:Prindpal and. interest is 'payable in 28ann~al installmehts of $285,000 to $910,000. from
<br />.February 200~. through. ; February 2035. With total principal and interest remaining of
<br />$25,6pr,563.:. thebollds' ~e payable out. of net revenues. ,~hich are ~xpected. to equal at least
<br />120% of the annual debt service requirement. . . .
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<br />Loans: ..
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<br />Yacbt Harbo:rRebabilitat.ion L01ID from. the: ,state:; of California :in .the original principal
<br />. amount of $880,000. The loan ,is payable in annual installments of principal and interest of
<br />: $53,648 thr<>~gh the y.ear 2024, with total principal an~ interest remaining of $858..34.8. The loan
<br />is payable Ollt of net revenues pf the ,Port, but subordinated to the .Port 1999 Revenue Bonds. At. .,
<br />June 30.2008, the ratio of net"revenlles to the dcbt. service payment.due during FY 2007/08 was
<br />. i . .7Q.06 (7006%)..' ... .. ., .. .
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<br />Parking Fund. Loan :agreement wj~ the. civic center construction fund: in the original principal
<br />amount of $1,300,000. to fi....ancethe construction of the parking .fund's downtown parking
<br />structure. Payments. are' for.. interest only until funds are available to. pay pri.nc.ipaL All principal
<br />is to be.repaid by' July 1, 2013 iflunds are avaiJabfe:. I"n: 2000/01, the civic center construction
<br />. furidwas closed, and the. loan receivable was transferred ~o the.capita.J outlay fund~. ,
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