Laserfiche WebLink
<br />year, and by agreement, the County of San Mateo collects these assessments on its general property tax <br />bills. <br /> <br />Public Financing Authority Bonds Fund - This fund was created in 1991 as a financing mechanism to <br />provide for the defeasement of the Facilities and Infrastructure Authority bonds (issued in 1986) and for <br />funds to construct a new police facility. Lease/leaseback bonds were issued in July 1991 and were <br />completely refunded in fiscal year 2003/04 through the issuance of 2003 Public Financing Authority <br />bonds. The 2003 bonds were issued for the refunding and to provide funding for new projects. These <br />bonds are guaranteed by lease payments from the City. The City Council sits as the Authority's <br />governing board. <br /> <br />1997 Tax Allocation Refunding Bonds Fund - This fund accounts for bonds issued in 1997 to prepay a <br />loan received by the Redevelopment Agency from the Redwood City Public Financing Authority, which <br />in turn used the proceeds to defease the Public Financing Authority Series B bonds. <br /> <br />2003 Tax Allocation Bonds Fund - This fund accounts for bonds issued in 2003 to finance various <br />downtown improvements. <br /> <br />1998 Lease Revenue Refunding Bonds Fund - This fund accounts for bonds issued in 1998 to advance <br />refund a portion of the Public Financing Authority bonds issued in 1991. <br /> <br />1998 City Hall Lease Revenue Certificates of Participation Fund - This fund accounts for certificates of <br />participation issued in 1998 to reimburse the City for the cost of constructing the new City Hall that was <br />completed in August 1997. <br /> <br />CAPITAL PROJECTS FUNDS <br /> <br />Capital projects funds are established to account for resources used for the acquisition and construction of <br />capital facilities by the City except for those financed by the proprietary funds or special revenue funds. <br />Funding for these projects is provided by the general fund and by special assessment districts. Currently <br />the City has the following funds: <br /> <br />Facilities Fee Construction Fund - This fund derives its revenue from fees collected from the developers <br />in the Redwood Shores area. Funds are used for improvements to roads, drainage, water, traffic lights, <br />canals, etc. in the area. <br /> <br />General Improvement District (GID) 1965 Construction Fund - This fund accounts for general <br />improvement bonds issued to finance the drainage improvements, water line improvements, and sewage <br />line improvements in the district area. <br /> <br />Public Financing Authority Series B Construction Fund - This fund accounts for tax increment bonds <br />that were issued by the Public Financing Authority to finance construction of certain Redevelopment <br />Agency projects. <br /> <br />Shores Transportation Improvement District Fund - This fund accounts for community facility district <br />bonds that were issued and developer contributions that were received by the City to fund various <br />transportation proj ects in the Redwood Shores area. <br /> <br />Pacific Shores Community Facilities District Fund - This fund accounts for the various transportation <br />system improvements within the City's right-of-way in the Pacific Shores district that are financed by <br />community facilities district bond. <br /> <br />67 <br />