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6.1 B - Attachment No. 4
<br /> NOTE fi—GOVERNMENTAL ACTIVITIES LONG-TERM DEBT(CONTINUED)
<br /> principal and interest remaining on the bonds in the amount of$4,524,230 through July 15, 2011. The
<br /> bonds are payable solely from property tax increment generated by the redevelopment agency fund and
<br /> the low and moderate income housing fund which is expected to produce 135% of the debt service
<br /> requirements.
<br /> 2003 Tag Allocation Bonds — In October 2003, the Redwood City Redevelopment Agency issued
<br /> $33,997,448 in bonds to finance various downtown improvements. These bonds consist of current
<br /> coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-only through
<br /> January 15, 2010. Principal on the current coupon bonds is paid in annual installments of
<br /> $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments reflecting interest and principal
<br /> of the capital appreciation bonds are due in annual installments of$510,000 to $3,505,000 from July 15,
<br /> 2015 through July 15, 2032. Total principal and interest remaining on the bonds is $76,938,763.
<br /> Payments are made from property t� increment generated by the redevelopment agency fund which is
<br /> expected to produce 135%of the debt service requirements.
<br /> Loans•
<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 payable out of the redevelopment agency fund.
<br /> B. Changes in Long-Term Obligations
<br /> As of June 30,2009,the City had the following long-term obligations outstanding:
<br /> Beginning Ending Due Within
<br /> Interest Rate Balance Additions Retirements Balance One Year
<br /> Governmental Activities: % $ $ $ � $
<br /> Revenue Bonds
<br /> 1998 Lease Revenue Refunding Bonds 4.00-5.00 4,800,000 995,000 3,805,000 1,040,000
<br /> 1998 City Hall Lease Revenue variable 9,085,000 500,000 8,585,000 515,000
<br /> 2003 PFA Refunding Bonds 2.50-4.38 8,605,000 770,000 7,835,000 795,000
<br /> Unamortized premiums 3,143 286 2,857 286
<br /> Subtotal 22,493,143 2,265,286 20,227,857 2,350,286
<br /> General Improvement District Bonds
<br /> Facilities Series 1-64 5.00-6.00 145,000 145,000
<br /> Reclamation Series 1-64 5.00-6.00 25,000 25,000
<br /> Subtotal 170,000 170,000
<br /> Tax Increment Bonds
<br /> 1997 Tax Allocation Refunding 3.80-5.15 5,465,000 1,270,000 4,195,000 1,330,000
<br /> 2003 Tax Allocation Bonds 3.50-5.80 33,997,448 33,997,448
<br /> Accreted interest payable 5,766,393 1,435,971 7,202,364
<br /> Unamortized premiums 769,285 30,771 738,514 30,771
<br /> Subtotal 45,998,126 1,435,971 1,300,771 46,133,326 1,360,771
<br /> Loans
<br /> Redwood City School District Loan 211,605 42,321 169,284 42,321
<br /> Total Bonds and Loans 68,872,874 1,435,971 3,778,378 66,530,467 3,753,378
<br /> Accrued Sick Leave and Vacation 8,451,413 1,560,261 319,093 9,692,581 347,459
<br /> Total Governmental Activities Long-Term Debt 77,324,287 2,996,232 4,097,471 76,223,048 4,100,837
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