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6.C. - Page 97 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 8 — DEBT WITHOUT CITY COMMITMENT (CONTINUED) <br />B. Community Facilities District (Mello -Roos) Bonds, Continued <br />These bonds are solely obligations of the property owners in this district and are not obligations of the City, <br />nor has any political subdivision of the State of California pledged its full faith and credit for the payment of <br />these bonds. The City's only responsibilities with respect to any delinquent assessment installments are <br />solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the <br />extent that such funds are available, and instituting foreclosure proceedings. <br />In June 2016, Community Facilities District No. 2010-1 issued $4,350,000 Community Facilities District No. <br />2010-1 (One Marina) 2016 Special Tax Refunding Bonds to refund the outstanding 2011 Bonds. <br />The City is not required to advance available funds of the City for payment of principal or interest or to <br />purchase land at a delinquent foreclosure assessment sale. As of June 30, 2020, the outstanding principal <br />amount was $3,965,000 <br />NOTE 9 — EMPLOYEE BENEFITS <br />A. Pension Plan <br />General Information about the Pension Plan: <br />Plan Description — All qualified permanent and probationary employees are eligible to participate in the <br />City's separate Safety (police and fire) and Miscellaneous (all other) Plans, agent multiple -employer defined <br />benefit pension plans administered by the California Public Employees' Retirement System (Ca1PERS), <br />which acts as a common investment and administrative agent for its participating member employers. Benefit <br />provisions under the Plans are established by State statute and City resolution. Ca1PERS issues publicly <br />available reports that include a full description of the pension plans regarding benefit provisions, <br />assumptions, and membership information that can be found on the Ca1PERS website. <br />65 184 <br />