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7.1.G. - Page 103 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2013 <br /> NOTE 18 — RELATED PARTY TRANSACTIONS <br /> In June 2000, the City's former Redevelopment Agency authorized a First Time Homebuyer Program <br /> targeted to City employees and school teachers from the Redwood City Elementary School District. <br /> Under the program, the Agency offered first time homebuyers financial assistance in the purchase of a <br /> home within the City of Redwood City. These loans bear no interest and are secured by third deeds of <br /> trust on the property. No payments are due until five years after the date of purchase. This loan <br /> program is extended to City employees who meet the criteria of the program. As of June 30, 2013, one <br /> employee had a loan due to the City in the amount of $37,404. <br /> Note 19 — SUBSEQUENT EVENT <br /> On October 30, 2013 the Superior Court Judge hearing the lawsuit filed against the State of California <br /> Department of Finance concerning the $10.3 million the City is holding in the Housing Legal Aid Society <br /> Fund (discussed more fully in Note 14) as part of the dissolution of the former Redevelopment Agency <br /> issued a tentative ruling in favor of the State of California. On November 6, 2013 the Judge then issued <br /> a "Request for Further Briefing" to be held on November 22, 2013. As of the date of this report a final <br /> ruling has not been issued. <br /> 75 <br />