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.. . . .NOTE:J - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES' A: Reporting Entil}r The. acconipanying basic financial: statements present the financial activity .of the City of Redwood City (City). which is the 'primary government presented, along with the financial activities of its component 'Wtits, which are entities for which. the City is financially accountable.: .Although they. are separate legal entities, blended comp.onent. wlits:are 1n substaDce part of the. City~s. operations and are reported. as an . ,integral part of the City's financ iaL statements. This City?s component .unit~ which are described below ..are. aIr blended. . , . I . . . . . . . The Clty:COuncil serves ~ :seParate session .~s: the go~e~~g bodies of the Redwood Cit)' RedeveiQpment. Agency,. the Redwood City Facilities and Infrastructure Authority,. and the., Public Financing Authority, although these agencies ate legal entities apart from the City. Under the City Charter, the City Council appoints the Board o('Port Commissioners who oversee the operations of .t)1e ,Port of Redwood ,City, which is:consider~d.a.department of the City. . . .. .: The Redwood CitY :R~devel~pment Ag~ncy, Red~oo(LCit}: Facility and Infrastructure Authority, and . Public.FinanCing Authority.' are incbJded as component unitS in,the accompanying financial statements. The financial activities of the foregoing ent~ties have been aggregated.and merged .(termed "blending") : witll'those of the City in the accompanying financial statements\ as each meets the criteria for jnclus~on as set forth in Goverynnental"Accounting Siandai:ds:Board.Statement No. 14. .Information .concerning the Bay Cities -:Joint P"owers insunmce Authority and South Bayside System Authority are :presented in the . . notes to: the finan~ial: statements, as the. City's relationship to :.these organizations does not . meet the . aforementioned criteria for presenting these. .organizations as comPonent 'units. .The Red~velopme~t: Agency of the CitY of'RedwOOd City CA.gen~y) vjas CT~a~ed under the provisio~ of the Community Redevelopment Law (California. Health and Safety Code) to redevelop certain :areas in the City. A Redevelopment.Plan was originally adopted in July-198i. (Original Area). It was amended in. .. , ~ay 1985 (F~tAmendmerit) and.again in ipecernber ~989 (Second- Anlen,dtrient) to provide an improved. .physical~ social, and economic: environment in the: Agency's project area. ;TheAgency is authorized to . fmance the Plan .from various.: sources, including a.ssistance:. from the. City, the;. state and federal . : governments, propertY tax increments. intFest in.come, and the issUance. of Agency bonds. . ....... .... '. . . . Redwood City.Facilitfes and Infrastructure Authority' (RCFISA) was .established!in 1986 to fi~ance .the . constructioll :of certain public' facilities such as the Main. Fire Station, City Hall, and Main Library. After . :acq.uiring .ce~in properties from the : City, R;CFISA leased them back to the. City. The lease 'money providec:i the funds for the debt service for the certificates. of participation issued by the RCFISA to acquire the propertie.s from the City..: .. '. . ; .' ":. . : .. The P~blic Financing:Authority (pFA) was ~stablished in 1991 to finance construcllon of the new Police . : : Facility . to .finance the defeasance of outstanding certificates of participation issued by. the RCFISA. and to isslie tax incremenLbqnds:on.behalf of the; Redevelopment Agency. The PFA has since issu.ed various .. types of debt on l>eha1fof the City and the Agency. .. '. : Componen'( ~it. fin~~cjal. statements for the Redev~lopment Agency. may '~e, obtaj~~d : 'from the.. City of . :.RedwoodCi:t)i, Finance' Deparnnent. 1017 Middlefield Road,. .Redwood: C;:lty,CA 94063. Separate tinancial'statements are not prepared tor other component units:. The Port .of Redwood:: City: was established under the City :C11arter as.a deparunent of the City and is managed by the Port Commission of Redwood City, whose members are appointed by the CityCoun"cil. .. This commission is a: "semi.autonomous bOdy and has full authority to: manage the Pon. Its financial . syste~ is maintained separately frotll the City by the p'orfs'own ~nanc1aLstaff.. :J:'he Port's treasurer and: .:.; :;j .. ; 29. ... ;. ..... . . 1 '; .. :. 'M~ ',' ;i: ,. .. ... .... . . .... ,',. _._-_...~.............. .