|
<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 />7. LONG-TERM DEBT, Continued
<br />
<br />B. Tax Allocation Bonds, Series 2003A
<br />
<br />On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final
<br />maturity date of July 15, 2032 to finance various downtown improvements. The bonds are secured by a
<br />first lien on the security interest in all of the tax revenue and all of the moneys deposited and held frOln
<br />time to time by the Trustee in the Special Revenue Fund and the Debt Service Fund, including interest .
<br />account, the principal account, the reserve account and the redemption account established pursuant to
<br />the indenture. Interest rate ranges from 3.5% to 5.8%. Principal on the current coupon bonds is paid
<br />in annual installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments
<br />reflecting interest and principal of the capital appreciation bonds are due in annual installments of
<br />$510,000 to $3,505,000 from July 15, 2015 through July 15, 2032. Total principal and interest remaining
<br />on the bonds is $77,592,913. At June 30, 2008, the Tax Allocation Bonds, Series 2003A had a remaining
<br />balance outstanding of $33,997,448. Payments are made from property tax increment generated by the
<br />redevelopment agency 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 $ $ 654,150 $ 654,150
<br />2010 654,150 654,150
<br />2011 1,225,000 632,712 1,857,712
<br />2012 1,265,000 585,975 . 1,850,975
<br />2013 2,480,000 511,075 2,991,075
<br />2014- 2018 12,746,445 4,253,406 16,999,851
<br />2019- 2023 7,281,112 10,243,888 17,525,000
<br />2024-2028 5,168,321 12,361,679 17,530,000
<br />2029-2033 3,831,570 13,698A30 17,530,000
<br /> $ 33,997,448 $ 43,595,465 $ 77,592,913
<br />
<br />The Tax Allocation Bonds, Series 2003A had issuance costs of $1,386,035, which were recorded as
<br />deferred charges on the Statenlent of Net Assets. This amount is being amortized over the life of the
<br />bonds at $47,794 annually. As of June 30, 2008 the amount remaining was $1,194,858.
<br />
<br />C. Loans
<br />
<br />Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a
<br />portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of
<br />eventually being resold to a developer, original amount of $634,815 at 0% interest due in 15 annual
<br />installments of $42,321 through 2013.
<br />
<br />'"''''
<br />
|