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<br />. : ~ , <br /> <br />::. 'NOTE 14.-REDWOODCITYREDEVELOPMENT AGENCY (CONTINUED) . <br /> <br />The "Agency has a~eements termed pass-throughs with government entities. These agreements require <br />the Agency to pass through to these entities a portion of the :property :.tax increases it collectS. <br />representing the .increases. these entities 'would have expected to collect if the Agency had n.ofbeen <br />formed.: , . <br /> <br />..; ~OTE 15 - .LlTIGATJON 'AND'CONTINGENT LIABILITIES' <br /> <br />The City generally follows the pra~tice of recording liabilities resulting from claims.and iegal actions <br />. only when they become fixed or determinable in amount. <br /> <br />. " , <br /> <br />There' are lawsuits pending in which the City is.a party. In the :opinion of the City Attorney, the City has <br />., adequate legal defenses and/or reserves to, cover such liability if it does arise. <br /> <br />NOTE 16 - CONSTRUCTION AND OTiJER SIGNIFICANT COMMITMENTS <br /> <br />. ., ,. '., .., <br />, '. ,., ' <br /> <br />As. of J~e 3~~ 20Q8, t,h~ City had tlle following ~ommitrrients (which .were. enc~bered): <br /> <br />. .. <br /> <br />$1;321,1;10 f~r:the c:ons~]tant team for prep~ration of the City's new general plan and $5,252,465 forthe <br />recycled, water syste~ development. . <br /> <br />. . , :! .'. . " " . <br /> <br />'.. . NOTE 17:... SO'UTHBAYSIDE W ASTE.MANAGEMENT AVTHORrry <br /> <br />, : <br /> <br />Redwood. City is. 'a .me:mber of the . South ; .Ba.yside Waste Management Atithority (SBWMA), a joint <br />powers authoritY established tcrpurcha.se. the solid waste transfer station located in San Carlost California <br />from Browning-Ferris Industries; now,Allied Waste 'Systems::(Allied)~ and then lease the transfer station <br />back: to Allied.. Cudently there are. i2. pt.ibJi~ entities. that are. members. of thisorg-anization.:, Each of' <br />these: membetsalso. by individual and: separate legislative action, has entered into a. franchise agreement <br />with Allied for solid: waste .collection. within, their respective jurisdictions. . <br />, . ,." .. . <br /> <br />The;:SBWMA::is~ueQ '.$20 million in. .bo~ds in i999. t~ :provid~ funds f~r. the purch.ase: of the' . transfer. <br />, station.. The lease payments received from Allied for the, use.of the transfer .station provide funds for the <br />. ;SBwMA to paythe.principaJ arid interest on .the outstanding bonds. The debt issued by the SBWMA is.: <br />.':not an obligation .of any of the member . entities. Allied .;in. tu~: inc~udes: the lease :payments to the <br />.SBWMA as an ehgible.:cost to be' recovered from solid Waste collection: (;ustomers under the terms. of ' <br />their franchise agreements. . ,. <br /> <br />. The ,SBWMA.:also .se~es. as.a regional fonnn Jor :rriember entities to collectively .pursueother solid .waste <br />· management matters s.uch as rate setting, solid'waste reduction~ and::meeting recycling goa]sas required. <br />by state law. ... ' ' ;. <br /> <br />.;: Audited financlal :statemen~ .are. available- from the SBWMA. c/o.the. City o(San Carlos, 600 Elm' Str~etl <br />: San :Carlos, CA94070.'The foHowing is.SBWMA's condensed unaudit~dfinancial results for the year.;. <br />ended June 30.:2008. . . ... <br /> <br />Total assets <br />Total liabilities' <br />Total.equity <br /> <br />: $ 42A48.338 <br />17,110,550 <br />$ 25,337~788 <br /> <br />. . ."(:. ... <br /> <br />