AgdaPkt 2014-01-13 Interview, Closed and Regular

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City of Redwood City 7.1.G. - Page 82 Notes to the Basic Financial Statements For the year ended June 30, 2013 NOTE 7 — BUSINESS -TYPE ACTIVITIES LONG -TERM DEBT (CONTINUED) Pledges of Future Revenues - The pledge of future Water Utility fund revenues ends upon repayment of the $62 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2034- 35. For fiscal year 2012 -13, Water Utility fund operating revenues amounted to $33,167,498 and operating expenses excluding depreciation and amortizations amounted to $25,992,025. Net revenues available for debt service amounted to $7,175,473 which represented coverage ratio of 1.54 over the $4,667,852 in debt service. The pledge of future Port of Redwood City fund revenues ends upon repayment of the $17.7 million in remaining debt service on the bonds which is scheduled to occur in fiscal year 2031 -32. Port of Redwood City fund operating revenues amounted to $6,262,660 and operating expenses excluding depreciation, amortizations and subvention to the City amounted to $2,703,564. Net revenues available for debt service amounted to $3,559,096 which represented coverage ratio of 2.34 over the $1,519,627 in debt service. Loans: Yacht Harbor Rehabilitation Loan from the State of California in the original principal amount of $880,000. The loan is payable in annual installments of principal and interest of $53,648 through the year 2024, with total principal and interest remaining of $590,109. The loan is payable out of net revenues of the Port , but subordinated to the Port 1999 Revenue Bonds. At June 30, 2013, the ratio of net revenues to the debt service payment due during FY 2012/13 was 2.38 (238 %). Parking Fund Loan agreement with the civic center construction fund in the original principal amount of $1,300,000 to finance the construction of the parking fund's downtown parking structure. Payments are for interest only until funds are available to pay principal. All principal is to be repaid by July 1, 2023 if funds are available. In 2000/01, the civic center construction fund was closed, and the loan receivable was transferred to the capital outlay fund. 54