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6.C. - Page 95 of 196
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2020
<br />NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />A. Description, Continued
<br />Pledges of Future Revenues — The pledge of future water utility fund revenues ends upon repayment of the
<br />$69.5 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2035-36. For
<br />fiscal year 2019-20, Water Utility Fund operating revenues amounted to $47,221,422 and operating expenses
<br />excluding depreciation and amortizations amounted to $14,397,749. Net revenues available for debt service
<br />amounted to $14,397,749 which represented a coverage ratio of 3.62 over the $3,973,21 lin debt service.
<br />The pledge of future Port of Redwood City fund revenues ends upon repayment of the $19 million in
<br />remaining debt service on the bonds which is scheduled to occur in fiscal year 2031-32. Port of Redwood
<br />City fund operating revenues amounted to $8,761,928 and operating expenses excluding depreciation,
<br />amortizations, and subvention to the City amounted to $5,890,142. Net revenues available for debt service
<br />amounted to $4,602,672 which represented a coverage ratio of 3.42 over the $1,344,331 in debt service.
<br />B. Changes in Long -Term Obligations
<br />As of June 30, 2020, the City had the following business -type long-term obligations outstanding:
<br />Unamortized Premium -Water
<br />Unamortized Discount -Port
<br />Total Bonds and Loans
<br />Accrued Sick Leave and Vacation:
<br />3,531,400 231,055 3,300,345 -
<br />(16,373) (1,500) (14,873) -
<br />60,831,240 3,168,329 57,662,911 3,057,563
<br />989,453 1,188,901 989,452 1,188,902 588,698
<br />C. Annual Repayment Requirements for Business -type Activities Long Term Debt
<br />For The Fiscal
<br />Interest
<br />Beginning
<br />Ending
<br />Due Within
<br />Business -type Activities:
<br />Rate %
<br />Balance Additions
<br />Retirements
<br />Balance
<br />One Year
<br />Revenue Bonds
<br />$ 3,057,563
<br />$ 2,264,131
<br />$ 5,321,694
<br />2022
<br />3,177,155
<br />Port of Redwood City -2012 Series
<br />4.20-4.20
<br />$ 7,426,213 $
<br />$ 438,774
<br />$ 6,987,439
<br />$ 457,563
<br />Port of Redwood City -2015 Series
<br />2.00-4.00
<br />5,390,000
<br />415,000
<br />4,975,000
<br />435,000
<br />Water Revenue Refunding Bonds Series 2013
<br />3.00-5.00
<br />21,450,000
<br />1,020,000
<br />20,430,000
<br />1,060,000
<br />Water Revenue Refunding Bonds Series 2015
<br />3.00-4.00
<br />17,260,000
<br />810,000
<br />16,450,000
<br />840,000
<br />Water Revenue Refunding Bonds Series 2017
<br />2.00-5.00
<br />5,790,000
<br />255,000
<br />5,535,000
<br />265,000
<br />Unamortized Premium -Water
<br />Unamortized Discount -Port
<br />Total Bonds and Loans
<br />Accrued Sick Leave and Vacation:
<br />3,531,400 231,055 3,300,345 -
<br />(16,373) (1,500) (14,873) -
<br />60,831,240 3,168,329 57,662,911 3,057,563
<br />989,453 1,188,901 989,452 1,188,902 588,698
<br />C. Annual Repayment Requirements for Business -type Activities Long Term Debt
<br />For The Fiscal
<br />Year Ending
<br />June 30
<br />Principal
<br />Interest
<br />Total
<br />2021
<br />$ 3,057,563
<br />$ 2,264,131
<br />$ 5,321,694
<br />2022
<br />3,177,155
<br />2,144,888
<br />5,322,043
<br />2023
<br />3,302,586
<br />2,020,908
<br />5,323,494
<br />2024
<br />3,443,891
<br />1,877,652
<br />5,321,543
<br />2025
<br />3,596,109
<br />1,727,542
<br />5,323,651
<br />2026-2030
<br />20,423,573
<br />6,164,483
<br />26,588,056
<br />2031-2035
<br />17,376,561
<br />1,920,623
<br />19,297,184
<br />$ 54,377,439
<br />$ 18,120,227
<br />$ 72,497,665
<br />63 182
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