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6.1 B <br /> Page 86 <br /> NOTE 19— PROPOSITION lA BORROWING BY THE STATE OF CALIFORNIA �CONTINUED) <br /> obligation on the bonds and no credit exposure to the State. The City participated in the securitization <br /> program and accordingly property taxes have been recorded in the same manner as if the State had not <br /> exercised its rights under Proposition IA. The receivable sale proceeds were equal to the book value and, <br /> as a result, no gain or loss was recorded. <br /> NOTE 2O— PRIOR PERIOD ADJUSTMENT <br /> The City recorded a prior period adjustment to the investment in sewer authority recorded in the sewer <br /> utility fund to more accurately reflect the amount the City has invested in the South Bayside System <br /> Authority. <br /> Net Assets, as Prior Period Net Assets, as <br /> Previously Reported Adjustment Restated <br /> $ $ $ <br /> A. Government-wide Statements <br /> Business Activities: Net Assets 142,395,773 9,200,926 151,596,699 <br /> B. Fund Financial Statements <br /> Sewer Utility Fund 38,250,393 9,200,926 47,451,319 <br /> 63 <br />