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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)
<br />
<br />C. Business-Type Activities (Continued)
<br />
<br />Water Revenue Refunding Bonds Series 2017
<br />
<br />In February, 2017, the Redwood City Public Financing Authority issued $6,300,000 of bonds to refund the
<br />outstanding Water Revenue Bonds Series 2007A. The refunding resulted in a decrease of total debt service
<br />payments of $8,191,968 and an economic gain of $1,169,839. Principal and interest is payable in 18 annual
<br />installments of $489,069 to $497,669 from February 2018 through February 2035 with total principal and interest
<br />remaining of $4,940,126. The bonds are payable out of net revenues of the water utility fund which are expected to
<br />equal at least 120% of the annual debt service requirement.
<br />
<br />The annual debt service requirements are as follows:
<br />
<br />Year Ending
<br />June 30, Principal Interest Total
<br />2026 335,000$ 159,419$ 494,419$
<br />2027 355,000 142,669 497,669
<br />2028 370,000 124,919 494,919
<br />2029 385,000 106,419 491,419
<br />2030 405,000 87,169 492,169
<br />2031-2035 2,235,000 234,531 2,469,531
<br />Total 4,085,000$ 855,126$ 4,940,126$
<br />
<br />Water Revenue Refunding Bonds Series 2024
<br />
<br />In 2024, Redwood City Public Financing Authority issued $13,245,000 of bonds to refund the outstanding Water
<br />Revenue Refunding Bonds Series 2013. The refunding resulted in a decrease of total debt service payments of
<br />$1,978,050 and an economic gain of $1,766,867. The Bonds bear an interest of 5% which is payable semi-annually
<br />each August 1 and February 1. Principal is due in annual installments of $1,200,000 to $1,770,000 from
<br />February 2025 through February 2034. As of June 30, 2025, the remaining principal and interest balance was
<br />$16,769,000. The bonds are payable out of net revenues of the water utility fund which are expected to equal at
<br />least 120% of the annual debt service requirement.
<br />
<br />The annual debt service requirements are as follows:
<br />
<br />Year Ending
<br />June 30, Principal Interest Total
<br />2026 1,205,000$ 662,250$ 1,867,250$
<br />2027 1,260,000 602,000 1,862,000
<br />2028 1,325,000 539,000 1,864,000
<br />2029 1,395,000 472,750 1,867,750
<br />2030 1,460,000 403,000 1,863,000
<br />2031-2034 6,600,000 845,000 7,445,000
<br />Total 13,245,000$ 3,524,000$ 16,769,000$
<br />7.C. - Page 129 of 269
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