AgdaPkt 2014-01-13 Interview, Closed and Regular

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7.1.G. - Page 85 Notes to the Basic Financial Statements For the year ended June 30, 2013 NOTE 8 — DEBT WITHOUT CITY COMMITMENT (CONTINUED) In December 2012 the Shores Transportation District issued $10,275,000 Redwood Shores Community Facilities District No. 99 -1 Special Tax Refunding Bonds, Series 2012B to refund $3,640,000 of the outstanding Series 2001A Bonds and $6,675,000 of the outstanding Series 2003A Bonds. The refunding reduced annual debt service payments by approximately 16% or $140,000, and resulted in an economic gain of $1.7 million, which equates to 16.62% of the refunding bonds. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2013, the outstanding principal amount was $10,275,000. On April 5, 2011, the Community Facilities District (CFD) issued $5,760,000 of bonds on behalf of the developer of the One Marina Project to fund various transportation system improvements within the City's right -of -way that were required as a condition of the development. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2013, the outstanding principal amount was $5,760,000. NOTE 9 — EMPLOYEE BENEFITS A. Retirement System PERS Safety and Miscellaneous Employees' Plans Substantially all City employees are eligible to participate in pension plans offered by California Public Employees' Retirement System (PERS), an agent multiple - employer defined benefit pension plan which acts as a common investment and administrative agent for its participating member employers. PERS provides retirement and disability benefits, annual cost of living adjustments, and death benefits to plan members who must be public employees and beneficiaries. The City's employees participate in the separate safety (police and fire) and miscellaneous (all other) employee plans. Benefit provisions under both plans are established by state statute and City resolution. Benefits are based on years of credited service, equal to one year of full time employment. Funding contributions for both plans are determined annually on an actuarial basis as of June 30 by PERS; the City must contribute these amounts. 57