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<br />NOTE 6 - GOVERNMENTAL ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />
<br />Tax Increment Bonds:
<br />
<br />1997 Tax Allocation Refunding Bonds issued in July 1997 by the Redwood City Redevelopment
<br />Agency to prepay a loan received by the Agency from the Redwood City Public Financing
<br />Authority. Original amount of $15,430,000 is due in annual installments of $417,805 to
<br />$1,525,880 through July 15,2011 payable out of the 1997 Tax Allocation Refunding Bonds debt
<br />service fund from transfers in from the redevelopment agency fund and the low and moderate
<br />income housing fund.
<br />
<br />2003 Tax Allocation Bonds - In October 2003, the Redwood City Redevelopment Agency issued
<br />$33,997,448 in bonds to finance various downtown improvements. These bonds consist of
<br />current coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-
<br />only through January 15, 2010. Principal on the current coupon bonds is paid in annual
<br />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 />$292,669 to $3,510,000 from July 15, 2015 through July 15, 2032. Payments are made from the
<br />2003 Tax Allocation Bonds fund from transfers in from the redevelopment agency fund.
<br />
<br />Loans:
<br />
<br />Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to
<br />finance a portion of the land and buildings located at 2107 Broadway that were acquired for the
<br />purpose of eventually being resold to a developer; original amount of $634,815 at 0% interest due
<br />in 15 annual installments of $42,321 through 2013 payable out of the redevelopment agency
<br />fund.
<br />
<br />B.
<br />
<br />Changes in Long- Term Obligations
<br />
<br />As of June 30, 2004, the City had the following long-term obligations outstanding including the current
<br />portion:
<br /> Beginning Ending Current
<br /> Interest Rate Balance Addi ti ons Retirem ents Balance P orti on
<br />Revenue Bonds % $ $ $ $ $
<br />Public Financing Authority Bonds 4.75-6.50 7~400~000 7 ~400~000
<br />1998 Lease Revenue Refunding 4.00-5.00 9~21 O~OOO 81 O~OOO 8~400~000 845,000
<br />1998 City Hall Lease Revenue variable 11 ~305~000 41 O~OOO 1 0~895~000 425,000
<br />2003 PF A Refunding Bonds 2.50-4.38 11 ~4 75~000 11 ~4 75~000 670,000
<br />Unamortized premiums 4~573 286 4~287 286
<br />Subtotal 27~915~000 1 L479~573 8~620~286 30~ 774~287 1 ~940~286
<br />General Improvement District Bonds
<br />Facilities Series 1-64 5.00-6.00 5~220~000 1 ~035~000 4J 85~000 1,090,000
<br />Reclamation Series 1-64 5.00-6.00 1.955,000 515,000 1.440,000 530,000
<br />Subtotal 7J 75,000 1,550,000 5,625,000 1,620,000
<br />Tax Increment Bonds
<br />1997 Tax Allocation Refunding 3.80-5.15 11 ~O 1 O~OOO 1 ~O 1 O~OOO 1 O~OOO~OOO 1,060,000
<br />2003 Tax Allocation Bonds 3.50-5.80 33~997~448 33~997~448
<br />Unamortized premiums 923 J 40 30,771 892,369 30,771
<br />Subtotal 11,010,000 34,920,588 1.040,771 44,889,817 1.090,771
<br />Loans
<br />Redwood City School District Loan 423,210 42,321 380,889 42,321
<br />
<br />Total Bonds and Loans 46,523,210 46,400J61 1 1.253,378 81.669,993 4,693,378
<br />
<br />Accrued Sick Leave and Vacation 6,998,538 908,150 469,085 7,437,603 1,798,901
<br />
<br />Total General Long-Term Debt 53,521,748 47,308,311 11,722,463 89,107,596 6,492,279
<br />
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