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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,Continued
<br /> B. Tax Allocation Bonds,Series 2003A
<br /> On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final
<br /> maturity date of July 15,2032 to finance various downtown improvements. T he bon ds are secured by a
<br /> first lien on the security interest in all of the tax revenue and all of the moneys deposited and held from
<br /> time to time by the Trustee in the Special Revenue Fund and the Debt Service Fund, including interest
<br /> account, the principal account, the reserve account and the redemption account established pursuant to
<br /> the indenture. Interest rate ranges from 3.5% to 5.8%. Principal on the current coupon bonds is paid
<br /> in annual installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments
<br /> reflecting interest and principal of the capital appreciation bonds are due in annual installments of
<br /> $510,000 to $3,505,000 from July 15, 2015 through July 15, 2032. Total principal and interest remaining
<br /> on the bonds is $79,584,198. At June 30, 2009, the Tax Allocation Bonds, Series 2003A had a remaining
<br /> balance outstanding of$33,997,448. Payments are made from property tax increment generated by the
<br /> redevelopment agency 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 $ - $ 654,150 $ 654,150
<br /> 2011 1,225,000 632,712 1,857,712
<br /> 2012 1,265,000 585,975 1,850,975
<br /> 2013 2,480,000 511,075 2,991,075
<br /> 2014 2,895,000 385,482 3,280,482
<br /> 2015-2019 11,515,337 5,709,030 17,224,367
<br /> 2020-2024 6,790,049 10,739,952 17,530,001
<br /> 2025-2029 4,855,056 12,669,944 17,525,000
<br /> 2030-2033 2,972,006 13,698,430 16,670,436
<br /> $ 33,997,448 $ 45,586,750 $ 79,584,198
<br /> The Tax Allocation Bonds, Series 2003A had issuance costs of $1,386,035, which were recorded as
<br /> deferred charges on the Statement of Net Assets. This amount is being amortized over the life of the
<br /> bonds at$47,794 annually. As of June 30,2009 the amount remaining was$1,147,064.
<br /> C. 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.
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