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<br />Redevelopment Agency of the City of Redwood City
<br />Notes to Basic Financial Statements, Continued
<br />For the year ended June 30, 2008
<br />
<br />6. INTERFUND TRANSACfIONS
<br />
<br />B. Advances from the City, Continued
<br />
<br />Summary of changes in long-term debt for the year ended June 30, 2008 was as follows:
<br />
<br /> Amount Amount
<br /> Balance Balance Due Withil\ Due In More
<br /> July 1, 2007 Additions Retirements June 30, 2008 One Year Than One Year
<br />1997 Tax Allocation Refunding Bond $ 6,675,01.10 $ - $ 1,210,000 $ 5,465,000 $ 1,270,000 $ 4,195,000
<br />Tax Allocation Bond, Series 2003A 33,997,448 33,997,448 33,997,448
<br />Accreted interest payable 4,405,805 1,360,588 5,766,393 5,766,393
<br />Unamortized premium 800,056 30,771 769,285 30,771 738,514
<br />Loans Payable 253,926 42,321 211,605 42,321 ~ ]69,284
<br />Total $ 46,132,235 $ 1,360,588 $ 1,283,092 $ 46,209,731 $ 1,343,092 $ 44,866,639
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<br />7. LONG-TERM DEBT
<br />
<br />A. 1997 Tax Allocation Refunding Bonds
<br />
<br />On June 15, 1997, the Agency issued $15,430,000 of 1997 Tax Allocation Refunding Bonds with a final
<br />maturity date of July 15, 2011. The purpose of the issuance is to provide funds to prepay a loan received
<br />by the Agency and defease $13,955,000 aggregate principal amount of the 1991 Local Agency Revenue
<br />Bonds, Series B (Prior Bonds), to fund a reserve account for the Bonds and to pay the costs of issuance
<br />incurred in connection with the issuance, sale and delivery of the Bonds. The purpose of the prior
<br />bonds was to finance improvements within the Agency's Redevelopment Project Area No.2. The bonds
<br />are secured by a first lien on the security interest in all of the tax revenue and all of the moneys
<br />deposited and held from time to time by the Trustee in the Special Revenue Fund and the Debt Service
<br />Fund, including interest account, the principal account, the reserve account and the redemption account
<br />established pursuant to the indenture. Interest rate ranges from 3.8% to 5.15%. Principal amount is due
<br />in annual installments of $417,805 to $1,525,880, with total principal and interest remaining on the bonds
<br />in the amount of $6,038,695 through July 15, 2011. At June 30, 2008 the 1997 Tax Allocation Refunding
<br />Bonds had a remaining balance outstanding of $5,465,000. The bonds are payable solely from property
<br />tax increment generated by the redevelopment agency fund and the low and nloderate income housing
<br />fund which is expected to produce 135 % of the debt service requirements.
<br />
<br />The annual debt service requirements are shown below:
<br />
<br />For the Fiscal Year
<br />Ended June 30, Principal Interest Total
<br />2009 $ 1,270,000 $ 244.,465 $ 1,514,465
<br />2010 1,330,000 180,100 1,510/100
<br />2011 1,395,000 111,278 1,506,278
<br />2012 1,470,000 37,852 1,507,852
<br /> $ 5,465,000 $ 573,695 $ 6,038,695
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