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<br />NOTE 7 - BUSINESS- TYPE ACTIVITIES LONG-TERM DEBT (CONTINUED)
<br />
<br />c.
<br />
<br />Annual Repayment Requirements for Business-type Activities Long Term Debt
<br />
<br />Business- Type Activities
<br />
<br />Year End Revenue Bonds Loans Total
<br />June 30 Princi pal Interest Princi pal Interest Princi pal Interest
<br /> $ $ $ $ $ $
<br />2005 200,000 524,535 22,231 96,382 222,231 620,917
<br />2006 210,000 515,535 23,232 95,381 233,232 610,916
<br />2007 215,000 505,875 24,277 94,336 239,277 600,211
<br />2008 225,000 495,770 25,370 93,243 250,370 589,013
<br />2009 240,000 484,970 26,511 92,101 266,511 577,071
<br />2010-2014 1,380,000 2,234,138 1,451,561 441,502 2,831,561 2,675,640
<br />2015-2019 1,785,000 1,828,973 188,873 79,191 1,973,873 1,908,164
<br />2020-2024 2,310,000 1,305,081 235,318 32,694 2,545,318 1,337,775
<br />2025-2029 2,970,000 648,825 2,970,000 648,825
<br />2030 690,000 35,363 690,000 35,363
<br /> 10,225,000 8,579,065 1,997,373 1,024,830 12,222,373 9,603,895
<br />
<br />NOTE 8 - DEBT WITHOUT CITY COMMITMENT
<br />
<br />A.
<br />
<br />Assessment District Bonds
<br />
<br />Assessment District Bonds (1915 Act) were issued in July 1999 to refund bonds issued in 1990 by the
<br />Seaport Centre and Seaport Boulevard Assessment Districts (that were issued to refund bonds issued in
<br />1985). The original bonds (1985) were issued for the purpose of installing water and sewer systems
<br />within the Seaport Centre area and for improvements and landscaping to Seaport Boulevard. The
<br />principal amount issued in 1999 was $9,430,000. The 1999 bond issue also resulted in the consolidation
<br />of the two assessment districts into one district pursuant to the Refunding Act of 1984 for 1915
<br />Improvement Act bonds.
<br />
<br />These bonds are obligations of the property owners in this district and are not obligations of the City, nor
<br />has any political subdivision of the State of California pledged its full faith and credit for the payment of
<br />these bonds. The City's only responsibilities with respect to any delinquent assessment installments are
<br />solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to
<br />the extent that such funds are available, and instituting foreclosure proceedings. The City is not required
<br />to advance available funds of the City for payment of principal or interest or to purchase land at a
<br />delinquent foreclosure assessment sale. As of June 30, 2004, the outstanding principal amount was
<br />$5,565,000. The refunding resulted in a reduction of $1,028,138 in total debt service payments over the
<br />next ten years and an economic gain of $622,557.
<br />
<br />B.
<br />
<br />Community Facilities District (Mello-Roos) Bonds
<br />
<br />On October 17, 2000, the Community Facilities District (CFD) issued $21,000,000 of bonds on behalf of
<br />the developer of the Pacific Shores Project to fund various transportation system improvements within the
<br />City's right-of-way that were required as a condition of the development. These bonds are solely
<br />obligations of the property owners in this district and are not obligations of the City, nor has any political
<br />subdivision of the State of California pledged its full faith and credit for the payment of these bonds.
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