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City of Redwood City 6.1.F. - Page 99 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2012 <br /> NOTE 1H—RELATED PARTY TRANSACTIONS <br /> In June 2000, the City's Redevelopment Agency authorized a First Time Homebuyer Program targeted to <br /> City employees and school teachers from the Redwood City Elementary School District. Under the <br /> program, the Agency offers first time homebuyers financial assistance in the purchase of a home within <br /> the City of Redwood City. These loans bear no interest and are secured by third deeds of trust on the <br /> property. No payments are due until five years after the date of purchase. This loan program is <br /> extended to City employees who meet the criteria of the program. As of June 30, 2012, one employee <br /> had a loan due to the City in the amount of$39,163 <br /> NOTE 19— $UBSEQUENT EVENT <br /> On July 31, 2012 the City sold $5,555,000 Community Facilities District No. 2000-1 Pacific Shores Special <br /> Tax Refunding Bonds to refund the Series 2000A bonds which had an outstanding balance of$8,655,000 <br /> as of June 30, 2012. The refunding reduced annual debt service by 25%. <br /> 71 <br />