|
City of Redwood City 7.1.G. - Page 80
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2013
<br /> NOTE 6- GOVERNMENTAL ACTIVITIES LONG -TERM DEBT (CONTINUED)
<br /> 2013 Public Financing Authority Refunding lease - In May 2013, the City entered into a lease
<br /> agreement with BBVA Compass Bank in the amount of $3,360,000 to refund the 2003 Public Financing
<br /> Authority Bonds. Net proceeds of $3,292,748 plus the 2003 Public Financing Authority Bond Reserve
<br /> were utilized for the purpose of establishing an irrevocable escrow to refund $5,880,000 of the City's
<br /> 2003 Public Financing Authority Bonds. Principal is due in annual installments of $324,742 to $347,486,
<br /> with total principal and interest remaining on the lease in the amount of $3,507,440 through July 15,
<br /> 2018, payable out of the Public Financing Authority Refunding Lease Debt Service fund out of lease
<br /> payment revenue received from the general fund, requiring less than 10% of net revenues. The
<br /> refunding resulted in a decrease in total debt service payments of $347,302 and an economic gain of
<br /> $270,485.
<br /> B. Changes in Long -Term Obligations
<br /> As of June 30, 2013, the City had the following long -term obligations outstanding:
<br /> Interest Beginning Ending Due Within
<br /> Rate Balance Additions Retirements Balance One Year
<br /> Governmental Activities:
<br /> Revenue Bonds
<br /> 2003 PFA Refunding Bonds 2.50 -4.38 5,880,000 5,880,000
<br /> 2013 PFA Refunding Lease 1.51 3,360,000 3,360,000 324,742
<br /> Unamortized premiums 1,999 1,999
<br /> Total Bonds and Loans 5,881,999 3,360,000 5,881,999 3,360,000 324,742
<br /> Accrued Sick Leave and Vacation 9,882,217 217,322 563,606 9,535,933 386,490
<br /> Total Governmental Activities Long -Term Debt 15,764,216 3,577,322 6,445,605 12,895,933 711,232
<br /> At year -end, $957,991 of internal service fund compensated absences is included in the above amounts.
<br /> For the governmental activities, compensated absences are generally liquidated by the general fund.
<br /> C. Annual Repayment Requirements for Long -Term Debt
<br /> Governmental Activities:
<br /> Year End Refunding Lease Total
<br /> June 30 Principal Interest Principal Interest
<br /> $ $ $ $
<br /> 2014 324,742 31,710 324,742 31,710
<br /> 2015 656,858 43,362 656,858 43,362
<br /> 2016 666,814 33,406 666,814 33,406
<br /> 2017 676,920 23,299 676,920 23,299
<br /> 2018 687,180 13,039 687,180 13,039
<br /> 2019 347,486 2,624 347,486 2,624
<br /> 3,360,000 147,440 3,360,000 147,440
<br /> 52
<br />
|