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6.1 B - Attachment No. 2 <br /> Redevelopment Agency of the City of Redwood City <br /> Notes to Basic Financial Statements,Continued <br /> For the year ended June 30,2009 <br /> 5. LOW AND MODERATE INCOME HOUSING SET ASIDE <br /> The Agency is required to set aside a portion of the property tax increments it receives to increase and <br /> improve the City's supply of low and moderate income housing. The amount set aside must equal twenty <br /> percent of each year's property tax increments. The Agency was in compliance with the twenty percent set- <br /> aside requirement for fiscal year 2008-2009. <br /> 6. INTERFUND TRANSACTIONS <br /> A. Transfer Between Funds <br /> With the Agency Board approval, resources may be transferred from one Agency fund to another. The <br /> purpose of the majority of transfers is to reimburse a fund which has made an expenditure on behalf of <br /> another fund. <br /> Transfers In <br /> 1997 Tax 2003 Tax <br /> A llo cation A llo cation <br /> Refunding Bonds Fund <br /> Bonds Fund Fund Total <br /> w <br /> � <br /> � 1,092,280 $ 651,391 $ 1,743,671 <br /> � Redevelopment Agency � <br /> v <br /> � Low and Moderate Income Housing 274,057 - 274,057 <br /> � <br /> � Total $ 1,366,337 $ 651,391 $ 2,017,728 <br /> Transfers made from the Redevelopment Agency Fund and the Low and Moderate Income Housing <br /> Fund to the 1997 Tax Allocation Refunding Bond Fund and the 2003 Tax Allocation Bond Fund were to <br /> fund debt service payments. <br /> B. Advances from the City <br /> During fiscal year 2004-2005,the City's Capital Outlay Fund advanced$3,000,000 to the Redevelopment <br /> Agency Fund to finance various downtown improvements. Interest is at 4.12 % with final payment due <br /> June 2019. Interest only payments are required through June 2009 at which time the principal payments <br /> will begin. During fiscal year 2008-2009, the Redevelopment Agency Fund repaid $115,622 of the <br /> advance. <br /> 30 <br />