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7.1.G. - Page 79
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2013
<br /> NOTE 5 — INVESTMENT IN SOUTH BAYSIDE SYSTEM AUTHORITY (CONTINUED)
<br /> The condensed unaudited financial information of the JPA as of June 30, 2013 is as follows:
<br /> Total Assets $ 156,317,576
<br /> Total Liability 82,294,405
<br /> Total Net Position $ 74,023,171
<br /> Total Operating Revenues $ 25,427,682
<br /> Total Operating Expenses 23,627,093
<br /> Total Operating Income (loss) 1,800,589
<br /> Other Income (loss) (3,406,512)
<br /> Net Income (loss) $ (1,605,923)
<br /> Cumulative Agency Balances:
<br /> Belmont $ 12,281,642
<br /> San Carlos 8,991,460
<br /> Redwood City 35,053,645 (1)
<br /> West Bay Sanitation District 17,696,424
<br /> Total Net Position $ 74,023,171
<br /> (1) SBSA financial information does not include a $503,915 payment made by the City of Redwood City for
<br /> Stage II construction out of fees collected during FY 2012/13. Due to a timing difference, SBSA will record
<br /> this contribution in FY 2013/14
<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 /> 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. These bonds were
<br /> refunded in May 2013.
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