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6.1 B <br /> Redevelopment Agency of the City of Redwood City AT �,a��E1v�r� <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2010 <br /> 5. LOW AND MODERATE INCOME HOUSING SET ASIDE I <br /> I <br /> The Agency is required to set aside a portion of the property tax increments it receives to increase and I <br /> improve the City's supply of low and moderate income housing. The amount set aside must equal twenty <br /> percent of each year's property tax increments. The Agency was in compliance with the twenty percent set- <br /> aside requirement for fiscal year 2009-2010. ' <br /> 6. INTERFUND TRANSACTIONS <br /> A. Transfer Between Funds <br /> With the Agency Board approval, resources may be transferred from one Agency fund to another. The <br /> purpose of the majority of transfers is to reimburse a fund which has made an expenditure on behalf of <br /> another fund. <br /> Transfers In <br /> 1997 Tax 2003 Tax <br /> Allocation Allocation <br /> Refunding Bonds Fund <br /> Bonds Fund Fund Total <br /> 0 <br /> � Redevelopment Agency $ 1,675,685 $ 652,577 $ 2,328,262 <br /> u <br /> � Low and Moderate Income Housing 1,076,557 - 1,076,557 <br /> � <br /> � Total $ 2,752,242 $ 652,577 $ 3,40 <br /> Transfers made from the Redevelopment Agency Fund and the Low and Moderate Income Housing <br /> � Fund to the 1997 Tax Allocation Refunding Bond Fund and the 2003 Tax Allocation Bond Fund were to <br /> fund debt service payments. <br /> B. Advances from the City <br /> During fiscal year 2004-2005, the City's Capital Outlay Fund advanced $3,000,000 to the Redevelopment <br /> Agency Fund to finance various downtown improvements. Interest is at 4.12 % with final payment due <br /> June 2019. Interest only payments are required through June 2009 at which time the principal payments <br /> will begin. During fiscal year 2009-2010, the Redevelopment Agency Fund repaid $238,439 of the <br /> advance. <br /> 30 <br />