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Re� 6.1. B. - 189 Jency of the City of Redwood City
<br /> Notes to Basic Financial Statements, Continued
<br /> For the year ended June 30, 2011
<br /> 7. LONG-TERM DEBT
<br /> Suninlary of challges in long-terin debt for the year ended June 30, 2011 was as follows:
<br /> Amount Amount
<br /> Balance Balance Due Within Due In More
<br /> July 1, 2010 Additions Retirements June 30, 2011 One Year Than One Year
<br /> Tax Allocation Bond, Series 2003A 33,997,448 - 1,225,000 32,772,448 1,265,000 31,507,448
<br /> Accreted interest payable 8,717,909 1,599,544 - 10,317,453 - 10,317,453
<br /> Unamortized premium 707,743 - 30,771 676,972 30,771 646,201
<br /> Loans Payable 126,963 - 42,321 84,642 42,321 42,321
<br /> Total $ 43,550,063 $ 1,599,544 $ 1,298,092 $ 43,851,515 $ 1,338,092 $ 42,513,423
<br /> B. Tax Allocc�tion Bonds, Series 2003A
<br /> On October 2003, the Agency issued $33,997,448 of Tax Allocation Bonds, Series 2003A wit11 a fuzal
<br /> nlaturity date of July 15, 2032 to finance various downtown inlprovenlents. The bonds are secured Uy a
<br /> first lien on tlle security ulterest u1 all of the tax revenue and all of the nloneys deposited and held fronl
<br /> tinle to time by the Trustee uz the Special Pevenue Fund and the Debt Service Fwzd, uzcluding uzterest
<br /> account, fl1e principal account, the reserve account and the redenlption account established pursuant to
<br /> the indenture. Interest rate ranges fron13.5% to 5.8%. Principal on the current coupon bonds is paid
<br /> u1 aiulual installnlents of $1,225,000 to $2,850,000 fronl July 15, 2010 to July 15, 2015. Payments
<br /> reflecting ulterest and principal of t11e capital appreciation bonds are due u1 aiulual installments of
<br /> $510,000 to $3,505,000 fronl July 15, 2015 through July 15, 2032. Total pruzcipal and interest remaining
<br /> on the bonds is $74,426,900. At June 30, 2011, the Tax Allocation Bonds, Series 2003A had a renlaululg
<br /> balance outstanding of $32,772,448. Paynlents are nlade from property tax increnlent generated by the
<br /> Redevelopnlent Agency Fund whicll is expected to produce 135% of the debt service requirenlents.
<br /> T11e annual debt service requirements are shown below:
<br /> Far the Fiscal Year
<br /> Ended June 30, Principal Interest Total
<br /> 2012 1,265,000 585,975 1,85Q975
<br /> 2013 2,480,000 511,075 2,991,075
<br /> 2014 2,895,000 385,481 3,28Q481
<br /> 2015 3,045,000 229,556 3,274,556
<br /> 2016 3,142,669 292,144 3,434,813
<br /> 2017-2021 8,336,012 9,188,988 17,525,000
<br /> 2022-2026 5,897,817 11,632,183 17,53Q000
<br /> 2027-2031 4,312,130 13,212,869 17,524,999
<br /> 2032-2033 1,398,820 5,616,181 7,015,001
<br /> $ 32,772,448 $ 41,654,452 $ 74,426,900
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