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City of Redwood City 6.1.F. - Page 77 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2012 <br /> NOTE S—INVESTMENT IN$OUTH BAYSIDE$YSTEM AUTHORITY�CONTINUED� <br /> Cumulative Agency Balances: <br /> Belmont $ 12,637,538 <br /> San Carlos 9,231,899 <br /> Redwood City 35,084,220 <br /> West Bay Sanitation District 18,398,439 <br /> Total Net Assets $ 75,352,096 <br /> NOTE 6—GOVERNMENTAL ACTIVITIES 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. Total principal and interest remaining on the bonds in the amount of <br /> $1,711,750 was paid off in July 2011. <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$6,766,554 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 /> 49 <br />