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6.1. B. - Page 71
<br /> NOTE 5— INVESTMENT IN SOUTH BAYSIDE $YSTEM AUTHORITY �CONTINUED�
<br /> Cumulative Agency Balances:
<br /> Belmont $ 12,754,866
<br /> San Carlos 8,681,014
<br /> Redwood City 33,294,052
<br /> West Bay Sanitation District 17,584,470
<br /> Capital Assets (net depreciation) $ 72,314,402
<br /> NOTE 6—GOVERNMENTALACTIVITIES LONG-TERM DEBT
<br /> A. Description
<br /> Redwood City has no outstanding general obligation bonds. The following is the list of long-term
<br /> obligations of the City.
<br /> Revenue Bonds:
<br /> 1998 Lease Revenue Refunding Bonds - In July 1998, the City issued $12,160,000 of bonds to refund
<br /> $10,995,000 of the 1991 Public Financing Authority bonds. Principal is due in annual installments of
<br /> $695,000 to $1,670,000, with total principal and interest remaining on the bonds in the amount of
<br /> $1,711,750 through July 15, 2011. Bonds are payable out of the 1998 Lease Revenue Refunding Bonds
<br /> debt service fund out of lease payment revenue received from the general fund, and annual principal
<br /> and interest payments are expected to require less than 10 percent of net revenues.
<br /> 2003 Public Financing Authority Bonds — In December 2003, the City issued $11,475,000 of bonds to
<br /> refund $6,725,000 of the 1991 Public Finance Authority bonds and to provide $4,390,000 for new
<br /> projects. Principal is due in annual installments of $670,000 to $940,000, with total principal and
<br /> interest remaining on the bonds in the amount of $7,345,867 through July 15, 2018, payable out of the
<br /> Public Financing Authority Bonds debt service fund out of lease payment revenue received from the
<br /> general fund, requiring less than 10 percent of net revenues. The refunding resulted in an increase in
<br /> total debt service payments of $441,654 and an economic gain of $415,987.
<br /> Tax Increment Bonds:
<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 current
<br /> coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-only through
<br /> January 15, 2010. Principal on the current coupon bonds is paid in annual installments of
<br /> $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments reflecting interest and principal
<br /> of the capital appreciation bonds are due in annual installments of $510,000 to $3,505,000 from July 15,
<br /> 2015 through July 15, 2032. Total principal and interest remaining on the bonds is $74,426,900.
<br /> Payments are made from property tax increment generated by the redevelopment agency fund which is
<br /> expected to produce 135°/a of the debt service requirements.
<br /> Loans:
<br /> Redwood City School District Loan entered into by the Redevelopment Agency in 1998 to finance a
<br /> portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of
<br /> eventually being resold to a developer; original amount of $634,815 at 0% interest due in 15 annual
<br /> installments of $42,321 through 2013 payable out of the redevelopment agency fund.
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