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<br />FUND FINANCIAL STATEMENTS <br /> <br />The Redevelopnlent Agency of the City of Redwood City determined all its funds to be major funds in fiscal <br />year 2007. <br /> <br />Redevelopment Agency Fund <br />This fund accounts.for funds to be provided by loans and/ or property tax increment from specific <br />redevelopment areas for redevelopment projects within those areas. <br /> <br />Low and Moderate Income Hotlsing FU11d <br />This fund accounts for redevelopment property tax increment revenues which may be used strictly <br />for low and moderate income housing. <br /> <br />1997 Tax Allocation Refunding Bonds Fund <br />This fund accounts for bonds issued in 1997 to prepay a loan received by the Redevelopment <br />Agency from the Redwood City Public Financing Authority, which in turn used the proceeds to <br />defease the Public Financing Authority Series B bonds. <br /> <br />2003 Tax Allocation Bonds Fund <br />This fund accounts for bonds issued in 2003 to finance various downtown improvements by the <br />Redevelopment Agency. <br /> <br />Low and Moderate lncome Housi,'g Projects Bonds Fund <br />This fund accounts for tax increment bonds that were issued by the Public Financing Authority to <br />finance construction of certain Redevelopment Agency projects. <br /> <br />15 <br />