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6.1 B
<br /> Redevelopment Agency of the City of Redwood City AT r�,��E�,�r�i
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2010
<br /> 7. LONG-TERM DEBT, Continued
<br /> B. Tax Allocation Bonds, Series 2003A
<br /> On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A with a final
<br /> maturity date of July 15, 2032 to finance various downtown improvements. The bonds are secured by a
<br /> first lien on the security interest in all of the tax revenue and all of the moneys deposited and held kom
<br /> time to time by the Trustee in the Special Revenue Fund and the Debt Service Fund, including interest
<br /> account, the principal account, the reserve account and the redempiion account established pursuant to
<br /> the indenture. Interest rate ranges from 3.5% to 5.8%. Principal on the current coupon bonds is paid
<br /> in annual installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments
<br /> reflecting interest and principal of the capital appreciation bonds are due in annual installments of
<br /> $510,000 to $3,505,000 from July 15, 2015 through July 15, 2032. Total principal and interest remaining
<br /> on the bonds is $76,284,615. At June 30, 2010, the Tax Allocation Bonds, Series 2003A had a remaining
<br /> balance outstanding of $33,997,448. Payments are made from property tax increment generated by the
<br /> Redevelopment Agency Fund which is expected to produce 135% of the debt service requirements.
<br /> The annual debt service requirements are shown below:
<br /> For the Fiscal Year
<br /> Ended June 30, Principal Interest Total
<br /> 2011 $ 1,225,000 $ 632,713 $ 1,857,713
<br /> 2012 1,265,000 585,975 1,850,975
<br /> 2013 2,480,000 511,075 2,991,075
<br /> 2014 2,895,000 385,481 3,280,481
<br /> 2015 3,045,000 229,556 3,274,556
<br /> 2016-2020 10,027,996 7,426,819 17,454,815
<br /> 2021-2025 6,322,518 11,207,482 17,530,000
<br /> 2026-2030 4,574,936 12,950,064 17,525,000
<br /> 2031-2033 2,161,998 8,358,002 10,520,000
<br /> $ 33,997,448 $ 42,287,167 $ 76,284;615
<br /> The Tax Allocation Bonds, Series 2003A had issuance costs of $1,386,035, which were recorded as
<br /> deferred charges on the Statement of Net Assets. This amount is being amortized over the life of the
<br /> bonds at $47,794 annually. As of June 30, 2010 the amount remaining was $1,099,270.
<br /> C. Loans
<br /> Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a
<br /> portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of
<br /> eventually being resold to a developer, original amount of $634,815 at 0% interest due in 15 annual
<br /> installments of $42,321 through 2013.
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