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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 /> 7. LONG-TERM DEBT
<br /> Summary of changes in long-term debt for the year ended June 30,2009 was as follows:
<br /> Amount Amount
<br /> Balance Balance Due Within Due In More
<br /> July 1,2008 Additions Retirements June 30,2009 One Year Than One Year
<br /> 1997 Tax Allocation Refunding Bond $ 5,465,000 $ - $ 1,270,000 $ 4,195,000 $ 1,330,000 $ 2,865,000
<br /> Tax Allocation Bond,Series 2003A 33,997,448 - - 33,997,448 - 33,997,448
<br /> Accreted interest payable 5,766,393 1,435,971 - 7,202,364 - 7,202,364
<br /> Unamortized premium 769,285 - 30,771 738,514 30,771 707,743
<br /> Loans Payable 211,605 - 42,321 169,284 42,321 126,963
<br /> Total $ 46,209,731 $ 1,435,971 $ 1,343,092 $ 46,302,610 $ 1,403,092 $ 44,899,518
<br /> A. 1997 Tax Allocation Refunding Bonds
<br /> On June 15, 1997, the Agency issued $15,430,000 of 1997 Tax Allocation Refunding Bonds with a final
<br /> maturity date of July 15,2011.The purpose of the issuance is to provi de fun ds to prepay a loan received
<br /> by the Agency and defease $13,955,000 aggregate principal amount of the 1991 Local Agency Revenue
<br /> Bonds, Series B (Prior Bonds), to fund a reserve account for the Bonds and to pay the costs of issuance
<br /> incurred in connection with the issuance, sale and delivery of the Bonds. The purpose of the prior
<br /> bonds was to finance improvements within the Agency's Redevelopment Project Area No. 2. The bonds
<br /> are secured by a first lien on the security interest in all of the tax revenue and all of the moneys
<br /> deposited and held from time to time by the Trustee in the Special Revenue Fund and the Debt Service
<br /> Fund,including interest account,the principal account,the reserve account and the redemption account
<br /> established pursuant to the indenture. Interest rate ranges from 3.8% to 5.15%. Principal amount is due
<br /> in annual installments of$417,805 to$1,525,880,with total principal and interest remaining on the bonds
<br /> in the amount of$6,038,695 through July 15, 2011. At June 30, 2009 the 1997 Tax Allocation Refunding
<br /> Bonds had a remaining balance outstanding of$4,195,000. The bonds are payable solely from property
<br /> tax increment generated by the redevelopment agency fund and the low and moderate income housing
<br /> fund which is expected to produce 135% of the debt service requirements.
<br /> The annual debt service requirements are shown below:
<br /> For the Fiscal Year
<br /> Ended June 30, Principal Interest Total
<br /> 2010 $ 1,330,000 $ 180,100 $ 1,510,100
<br /> 2011 1,395,000 111,278 1,506,278
<br /> 2012 1,470,000 37,852 1,507,852
<br /> $ 4,195,000 $ 329,230 $ 4,524,230
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