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City of Redwood City 6.1.F. - Page 79
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2012
<br /> NOTE 7—BUSINE55-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 $13,020,749. 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 /> Port of Redwood City 2012 Revenue Bonds were issued on June 26, 2012 in the amount of$10,000,000
<br /> to finance construction of the Port's Wharf 1 & 2 Redevelopment Project. The bonds are due in annual
<br /> installments of $322,509 to $666,361 through 2032, with total principal and interest remaining of
<br /> $14,784,017. The bonds are payable out of net revenues of the Port, which are expected to equal at
<br /> least 120%of the annual debt 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 $47,331,205. 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 $1,572,556 to $1, 572,725 from February 2007 through February
<br /> 2035, with total principal and interest remaining of $36,144,527. 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$728,072 to $950,950 from February 2008 through February 2035,
<br /> with total principal and interest remaining of $21,808,938. 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 $643,757. The loan is payable out of net
<br /> revenues of the Port, but subordinated to the Port 1999 Revenue Bonds. At June 30, 2012, the ratio of
<br /> net revenues to the debt service payment due during FY 2011/12 was 4.40(440%).
<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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