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6.C. - Page 123 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 14 — DISSOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY <br />(CONTINUED) <br />Annual Repayment Requirements for Long -Term Debt: <br />Year End Tax Increment Bonds <br />June 30 Principal Interest <br />2021 <br />$ 1,450,685 <br />$ 2,054,315 <br />2022 <br />1,352,544 <br />2,152,456 <br />2023 <br />1,256,332 <br />2,248,668 <br />2024 <br />1,172,831 <br />2,337,169 <br />2025 <br />1,090,125 <br />2,414,875 <br />2026-2030 <br />4,574,937 <br />12,950,063 <br />2031-2033 <br />2,161,997 <br />8,358,002 <br />$ 13,059,451 <br />$ 32,515,548 <br />NOTE 15 — LITIGATION AND CONTINGENT LIABILITIES <br />The City generally follows the practice of recording liabilities resulting from claims and legal actions only <br />when they become fixed or determinable in amount. <br />The City is involved in various lawsuits. Although the outcome of these lawsuits is not presently <br />determinable, it is the opinion of management and legal counsel, that the resolution of these matters will not <br />have a material adverse effect on the City's financial statements. In the opinion of the City Attorney, the City <br />has adequate legal defenses and/or reserves to cover such liability if it does arise. <br />The City has received various state and federal funds for specific purposes that are subject to review and <br />audit by the grantor agencies. Although such audits could generate expenditure disallowances under terms of <br />the grants, it is believed that any required reimbursement will not be material. <br />91 210 <br />