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Redevelopment Agency of the City of Redwood City 6.1. B. - Page 188 <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30, 2011 <br /> 5. LOW AND MODERATE INCOME HOUSING SET ASIDE <br /> The Agency is required to set aside a portion of t11e property tax increments it receives to increase and <br /> inlprove flze City's supply of low and nloderate ulconle housing. The anlount set aside nlust equal twenty <br /> percent of each year's property tax increments. T11e Agency was in conlpliance with $Ze twenty percent set- <br /> aside requirement for fiscal year 2010-2011. <br /> 6. INTERFUND TRANSACTIONS <br /> A. Transfer Between Furzds <br /> With t11e Agency Board approval, resources may be trailsferred fronl oile Agency fund to another. The <br /> purpose of the majority of transfers is to reinlburse a fund which has made an expenditure on bellalf of <br /> another fund. <br /> � Transfers In � <br /> 2003 Ta� <br /> Alloc�tion <br /> Bonds Fund <br /> Fund Tot�l <br /> � <br /> O <br /> ,a Rede� elopment AgencS- $ 1,862,063 $ 1,862,063 <br /> m <br /> � <br /> � <br /> �, Total $ 1,862,063 $ 1,862,063 <br /> Transfers nlade fronl t11e Redevelopment Agency Fund to the 2003 Tax Allocation Bond Fw1d were to <br /> fund debt service payments. <br /> B. Advc�yices frrnn the Cit� <br /> During fiscal year 2004-2005, the City's Capital Outlay Fund advanced $3,000,000 to the Redevelopment <br /> Agency Fund to finance various do�nmtown inlprovenlents. Interest is at 4.12 % wit11 final payment due <br /> June 2019. Interest only payments are required through June 2009 at whicll tinle t11e principal paynlents <br /> will begin. During fiscal year 2010-2011, the Redevelopnlent Agency Fw1d repaid $248,364 of the <br /> advance. <br /> 32 <br />