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City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
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<br />Note 8 – Long-Term Liabilities (Continued)
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<br />C. Business-Type Activities (Continued)
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<br />Port of Redwood City 2015 Revenue Refunding Bonds (Continued)
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<br />The annual debt service requirements are as follows:
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<br />Year Endin g
<br />June 30, Principal Interest Total
<br />2026 505,000$ 103,175$ 608,175$
<br />2027 520,000 85,500 605,500
<br />2028 545,000 66,000 611,000
<br />2029 565,000 44,200 609,200
<br />2030 540,000 21,600 561,600
<br />Total 2,675,000$ 320,475$ 2,995,475$
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<br />Water Revenue Refunding Bonds Series 2013
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<br />In June 2013, the Redwood City Public Financing Authority issued $26,870,000 of bonds to refund the remaining
<br />Water Revenue Bonds Series 2005A. The refunding resulted in a decrease of total debt service payments of
<br />$2,386,569 and an economic gain of $1,231,113. Principal and interest was payable in 21 annual installments of
<br />$2,058,000 to $2,063,000 from August 2013 through February 2034, with total principal and interest remaining of
<br />$22,670,750. The bonds are payable out of net revenues of the water utility fund which are expected to equal at
<br />least 120% of the annual debt service requirement. The Water Revenue Bonds Series 2013 were called and paid off
<br />through the issuance of the Water Revenue Refunding Bonds Series 2024.
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<br />Water Revenue Refunding Bonds Series 2015
<br />
<br />In May 2015, the Redwood City Public Financing Authority issued $20,235,000 of bonds to refund the remaining
<br />Water Revenue Bonds Series 2006A. The refunding resulted in a decrease of total debt service payments of
<br />$3,243,691 and an economic gain of $2,117,710. Principal and interest is payable in 20 annual installments of
<br />$1,205,490 to $1,421,544 from August 2016 through February 2035 with total principal and interest remaining of
<br />$14,204,583. The bonds are payable out of net revenues of the water utility fund which are expected to equal at
<br />least 120% of the annual debt service requirement.
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<br />The annual debt service requirements are as follows:
<br />
<br />Year Ending
<br />June 30, Principal Interest Total
<br />2026 1,025,000$ 396,244$ 1,421,244$
<br />2027 1,065,000 355,244 1,420,244
<br />2028 1,095,000 323,294 1,418,294
<br />2029 1,130,000 290,444 1,420,444
<br />2030 1,165,000 256,544 1,421,544
<br />2031-2035 6,415,000 687,813 7,102,813
<br />Total 11,895,000$ 2,309,583$ 14,204,583$
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<br />7.C. - Page 128 of 269
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