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6.1. B. - Page 73
<br /> NOTE 7— BUSINESS-TYPE ACTIVITIES LONG-TERM DEBT
<br /> A. Description
<br /> Revenue Bonds:
<br /> Port of Redwood City 1999 Revenue Bonds were issued on April 1, 1999 in the amount of $10,945,000
<br /> to finance improvements to the Port, the majority of which was expended on cleaning up hazardous
<br /> waste remaining at the Port's liquid bulk terminal. The bonds are due in annual installments of $170,000
<br /> to $690,000 through 2030, with total principal and interest remaining of $13,743,459. The bonds are
<br /> payable out of net revenues of the Port, which are expected to equal at least 120% of the annual debt
<br /> service requirement.
<br /> Water Revenue Bonds Series 2005A - In February 2005, Redwood City Public Financing Authority issued
<br /> $35,790,000 of bonds to finance a portion of the City's recycled water project. Principal and interest is
<br /> payable in 29 annual installments of $2,142,585 to $2,157,925 from February 2006 through February
<br /> 2034, with total principal and interest remaining of $49,477,904. The bonds are payable out of net
<br /> revenues which are expected to equal at least 120% of the annual debt service requirement.
<br /> Water Revenue Bonds Series 2006A - In February 2006, Redwood City Public Financing Authority issued
<br /> $26,000,000 of bonds to finance a portion of the City's recycled water project. Principal and interest is
<br /> payable in 29 annual installments of $520,000 to $1,505,000 from February 2007 through February
<br /> 2035, with total principal and interest remaining of $37,714,106 The bonds are payable out of net
<br /> revenues which are expected to equal at least 120% of the annual debt service requirement.
<br /> Water Revenue Bonds Series 2007A— In February 2007, Redwood City Public Financing Authority issued
<br /> $15,150,000 of bonds to finance a portion of the City's recycled water project. Principal and interest is
<br /> payable in 28 annual installments of $285,000 to $910,000 from February 2008 through February 2035,
<br /> with total principal and interest remaining of $22,755,663. The bonds are payable out of net revenues
<br /> which are expected to equal at least 120% of the annual debt service requirement.
<br /> Loans:
<br /> Yacht Harbor Rehabilitation Loan from the State of California in the original principal amount of
<br /> $880,000. The loan is payable in annual installments of principal and interest of $53,648 through the
<br /> year 2024, with total principal and interest remaining of $697,405 The loan is payable out of net
<br /> revenues of the Port , but subordinated to the Port 1999 Revenue Bonds. At June 30, 2011, the ratio of
<br /> net revenues to the debt service payment due during FY 2010/11 was 96.72 (9,672%).
<br /> Parking Fund Loan agreement with the civic center construction fund in the original principal amount of
<br /> $1,300,000 to finance the construction of the parking fund's downtown parking structure. Payments are
<br /> for interest only until funds are available to pay principal. All principal is to be repaid by July 1, 2013 if
<br /> funds are available. In 2000/01, the civic center construction fund was closed, and the loan receivable
<br /> was transferred to the capital outlay fund.
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