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7.1.G. - Page 81
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2013
<br /> NOTE 7 — BUSINESS -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
<br /> $170,000 to $690,000 through 2030, with total principal and interest remaining of $12,297,064 The
<br /> bonds are payable out of net revenues of the Port, which are expected to equal at least 120% of the
<br /> annual debt 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 /> $14,103,581. 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
<br /> issued $35,790,000 of bonds to finance a portion of the City's recycled water project. Principal and
<br /> interest were scheduled to be paid in 29 annual installments of $2,142,585 to $2,157,925 from
<br /> February 2006 through February 2034. The bonds were paid out of net revenues which were expected
<br /> to equal at least 120% of the annual debt service requirement. These bonds were refunded in June
<br /> 2013.
<br /> Water Revenue Bonds Series 2006A — In February 2006, Redwood City Public Financing Authority
<br /> issued $26,000,000 of bonds to finance a portion of the City's recycled water project. Principal and
<br /> interest is payable in 29 annual installments of $1,572,556 to $1, 572,725 from February 2007 through
<br /> February 2035, with total principal and interest remaining of $34,570,774. The bonds are payable out
<br /> of net revenues of the water utility fund which are expected to equal at least 120% of the annual debt
<br /> service requirement.
<br /> Water Revenue Bonds Series 2007A — In February 2007, Redwood City Public Financing Authority
<br /> issued $15,150,000 of bonds to finance a portion of the City's recycled water project. Principal and
<br /> interest is payable in 28 annual installments of $728,072 to $950,950 from February 2008 through
<br /> February 2035, with total principal and interest remaining of $20,862,513. The bonds are payable out
<br /> of net revenues of the water utility fund which are expected to equal at least 120% of the annual debt
<br /> service requirement.
<br /> Water Revenue Bonds Series 2013 — In June 2013, Redwood City Public Financing Authority issued
<br /> $26,870,000 of bonds to refund the remaining Water Revenue Bonds Series 2005A. The refunding
<br /> resulted in a decrease of total debt service payments of $2,386,569 and an economic gain of
<br /> $1,231,113. Principal and interest is payable in 21 annual installments of $1,584,262 to $2,058,000
<br /> from February 2014 through February 2034, with total principal and interest remaining of $42,796,962.
<br /> The bonds are payable out of net revenues of the water utility fund which are expected to equal at least
<br /> 120% of the annual debt service requirement.
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