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City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />
<br />95
<br />Note 8 – Long-Term Liabilities (Continued)
<br />
<br />C. Business-Type Activities
<br />
<br />A summary of changes in the long-term liabilities of the business-type activities for the year ended June 30, 2025,
<br />is as follows:
<br />
<br />Balance
<br />July 1, 2024, Debt Debt Balance Due within Due in More
<br />as restated Issued Retired June 30, 2025 One Year Than One Year
<br />Bonds payable:
<br />Port of Redwood City Revenue Bonds Series 2012 5,036,242$ -$ (541,109)$ 4,495,133$ 564,278$ 3,930,855$
<br />Port of Redwood City Revenue Refunding
<br />Bonds Series 2015 3,160,000 - (485,000) 2,675,000 505,000 2,170,000
<br /> plus: unamortized bond discount (8,873) - 1,500 (7,373) - (7,373)
<br />Water Revenue Refunding Bonds Series 2013 15,915,000 - (15,915,000) - - -
<br /> plus: unamortized bond premium 1,654,637 - (1,654,637) - - -
<br />Water Revenue Refunding Bonds Series 2015 12,880,000 - (985,000) 11,895,000 1,025,000 10,870,000
<br /> plus: unamortized bond premium 429,653 - (39,059) 390,594 - 390,594
<br />Water Revenue Refunding Bonds Series 2017 4,405,000 - (320,000) 4,085,000 335,000 3,750,000
<br /> plus: unamortized bond premium 291,840 - (26,532) 265,308 - 265,308
<br />Water Revenue Refunding Bonds Series 2024 - 14,445,000 (1,200,000) 13,245,000 1,205,000 12,040,000
<br /> plus: unamortized bond premium - 1,806,161 (180,615) 1,625,546 - 1,625,546
<br />Total bonds payable 43,763,499 16,251,161 (21,345,452) 38,669,208 3,634,278 35,034,930
<br />Lease liability 3,401,771 - (64,144) 3,337,627 65,107 3,272,520
<br />Subscription liability - 238,177 (46,605) 191,572 40,623 150,949
<br />Total 47,165,270$ 16,489,338$ (21,456,201)$ 42,198,407$ 3,740,008$ 38,458,399$
<br />Classification
<br />
<br />
<br />Port of Redwood City 2012 Revenue Bonds
<br />
<br />In June 2012, the Port of Redwood City issued bonds in the amount of $10,000,000 to finance construction of the
<br />Port’s Wharf 1 & 2 Redevelopment Project. The bonds are due in annual installments of $742,294 through 2032,
<br />with total principal and interest remaining of $5,196,057. The bonds are payable out of net revenues of the Port,
<br />which are expected to equal at least 120% of the annual debt service requirement.
<br />
<br />The annual debt service requirements are as follows:
<br />
<br />Year Ending
<br />June 30, Principal Interest Total
<br />2026 564,278$ 178,016$ 742,294$
<br />2027 588,440 153,854 742,294
<br />2028 613,635 128,659 742,294
<br />2029 639,910 102,384 742,294
<br />2030 667,310 74,984 742,294
<br />2031-2032 1,421,561 63,026 1,484,587
<br />Total 4,495,134$ 700,923$ 5,196,057$
<br />
<br />Port of Redwood City 2015 Revenue Refunding Bonds
<br />
<br />In June 2015, the Port of Redwood City issued bonds in the amount of $6,940,000 to (a) refund the 1999 Bonds,
<br />(b) purchase the 2016 Reserve Fund Policy in lieu of cash funding a reserve fund for the 2016 Bonds, and (c) pay
<br />a portion of the costs of issuance of the 2016 Bonds. The bonds are due in annual installments of $561,600 to
<br />$611,000 through 2030, with total principal and interest remaining of $2,995,475. The bonds are payable out of net
<br />revenues of the Port, which are expected to equal at least 120% of the annual debt service requirement.
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