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6.1 B
<br /> Redevelopment Agency of the City of Redwood City ATfP�IP41E
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2010
<br /> 7. LONG-TERM DEBT
<br /> Summary of changes in long-term debt for the year ended June 30, 2010 was as follows:
<br /> Amount Amount
<br /> Balance Balance Due Within Due In More
<br /> July 1, 2009 Additions Retirements June 30, 2010 One Year Than One Year
<br /> 1997 Tax Allocation Refunding Bond $ 4,195,000 $ - $ 4,195,000 $ - $ - $ -
<br /> Tax Allocation Bond, Series 2003A 33,997,448 - - 33,997,448 1,225,000 32,772,448
<br /> Accreted interest payable 7,202,364 1,515,545 - 8,717,909 - 8,717,909
<br /> Unamortized premium 738,514 - 30,771 707,743 30,771 676,972
<br /> Loans Payable 169,284 - 42,321 126,963 42,321 84,642
<br /> Total $ 46,302,610 $ 1,515,5 $ 4,268,092 $ 43,550,063 $ 1,298,092 $ 42,251
<br /> A. 1997 Tax Allocation Refunding Bonds
<br /> On June 15, 1997, the Agency issued $15,430,000 of 1997 Tax Allocation Refunding Bonds with a final
<br /> maturity date of July 15, 2011. The purpose of the issuance was to provide funds to prepay a loan
<br /> received by the Agency and defease $13,955,000 aggregate principal amount of the 1991 Local Agency
<br /> Revenue Bonds, Series B(Prior Bonds), to fiznd a reserve account for the Bonds and to pay the costs of
<br /> issuance incurred in connection with the issuance, sale and delivery of the Bonds. The purpose of the '
<br /> prior bonds was to finance improvements within the Agency's Redevelopment Project Area No. 2. The I
<br /> bonds were secured by a first lien on the security interest in all of the tax revenue and all of the moneys
<br /> deposited and held from time to iime by the Trustee in the Special Revenue Fund and the Debt Service
<br /> Fund, including interest account, the principal account, the reserve account and the redemption account
<br /> established pursuant to the indenture. Interest rate ranges from 3.8% to 5.15%. Principal amount was
<br /> due in annual installments of $417,805 to $1,525,880, with total principal and interest remaining on the
<br /> bonds in the amount of $6,038,695 through July 15, 2011. During FYE 2009-10 those bonds were
<br /> completely paid off.
<br /> 3"1
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