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7.1.G. - Page 117 <br /> DEBT SERVICE FUNDS <br /> Debt service funds are used to account for the payment of interest and principal on general debt of the <br /> City and related entities. <br /> Public Financing Authority Bonds Fund — This fund was created in 1991 as a financing mechanism to <br /> provide for the defeasement of the Facilities and Infrastructure Authority bonds (issued in 1986) and for <br /> funds to construct a new police facility. Lease /leaseback bonds were issued in July 1991 and were <br /> completely refunded in fiscal year 2003/04 through the issuance of 2003 Public Financing Authority <br /> bonds. The 2003 bonds were issued for the refunding and to provide funding for new projects. These <br /> bonds are guaranteed by lease payments from the City and were refunded in FY 2012/13. The City <br /> Council sits as the Authority's governing board. <br /> Public Financing Authority 2013 Refunding Lease Fund — This fund accounts for a lease entered into to <br /> refund the 2003 Public Financing Authority bonds. This lease is secured by lease payment from the City. <br /> CAPITAL PROJECTS FUNDS <br /> Capital projects funds are established to account for resources used for the acquisition and construction <br /> of capital facilities by the City except for those financed by the proprietary funds or special revenue <br /> funds. Funding for these projects is provided by the general fund and by special assessment districts. <br /> Currently the City has the following funds: <br /> Facilities Fee Construction Fund — This fund derives its revenue from fees collected from the developers <br /> in the Redwood Shores area. Funds are used for improvements to roads, drainage, water, traffic lights, <br /> canals, etc. in the area. <br /> Parks Impact and In Lieu Fee Fund — This fund accounts for parks impact fees and Quimby Act in lieu <br /> fees charged to developers on new development projects, to enable the City to expand and improve its <br /> system of parks, parkland, and recreational facilities to provide services to future development. <br /> Shores Transportation Improvement District Fund — This fund accounts for community facility district <br /> bonds that were issued and developer contributions that were received by the City to fund various <br /> transportation projects in the Redwood Shores area. <br /> One Marina Community Facilities District Fund — This fund accounts for certain public infrastructure <br /> improvements within the One Marina district that are financed by community facilities district bonds. <br /> 89 <br />