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City of Redwood City 6.1.F. - Page 81 Notes to the Basic Financial Statements For the year ended June 30, 2012 NOTE H—DEBT WITHOUT CITY COMMITMENT A. Successor Agency Private Purpose Trust Fund Debt Tax Increment Bonds: 2003 Tax Allocation Bonds— In October 2003, the former Redwood City Redevelopment Agency issued $33,997,448 in bonds to finance various downtown improvements. These bonds consist of current coupon bonds and capital appreciation bonds. The current coupon bonds pay interest-only through January 15, 2010. Principal on the current coupon bonds is paid in annual installments of $1,225,000 to $2,850,000 from July 15, 2010 to July 15, 2015. Payments reflecting interest and principal of the capital appreciation bonds are due in annual installments of$510,000 to $3,505,000 from July 15, 2015 through July 15, 2032. Total principal and interest remaining on the bonds is $74,426,900. Payments are made from property tax increment generated by the former redevelopment agency fund. Loans: Redwood City School District Loan entered into by the former Redevelopment Agency in 1998 to finance a portion of the land and buildings located at 2107 Broadway that were acquired for the purpose of eventually being resold to a developer; original amount of$634,815 at 0% interest due in 15 annual installments of$42,321 through 2013 payable out of the Successor Agency Private Purpose Trust Fund. B. Community Facilities District(Mello-RoosJ Bonds On October 17, 2000, the Community Facilities District (CFD) issued $21,000,000 of bonds on behalf of the developer of the Pacific Shores Project to fund various transportation system improvements within the City's right-of-way that were required as a condition of the development. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2012, the outstanding principal amount was$8,655,000. On January 17, 2001, the Shores Transportation Improvement District issued $5,045,000 of Phase I CFD bonds, and on September 3, 2003 the District issued $7,505,000 of Phase II CFD bonds. The proceeds of these bonds are being used to fund various transportation projects that are required under development agreements with commercial property owners in the Redwood Shores area of the City. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to 53