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7.1.G. - Page 158
<br /> Schedule 12 (Continued)
<br /> CITY OF REDWOOD CITY, CALIFORNIA
<br /> PLEDGED - REVENUE COVERAGE
<br /> Last Ten Fiscal Years
<br /> Port Revenue Bonds
<br /> Less: Net
<br /> Fiscal Gross Operating Available Debt Service Coverage
<br /> Year Revenues Expenses* Revenue Principal Interest Ratio **
<br /> $ $ $ $ $
<br /> 2004 5,380,204 2,406,807 2,973,397 211,274 565,139 3.83
<br /> 2005 6,079,416 2,576,993 3,502,423 222,231 555,917 4.50
<br /> 2006 6,665,761 2,367,549 4,298,212 233,246 545,937 5.52
<br /> 2007 6,443,530 2,505,950 3,937,580 239,292 535,231 5.08
<br /> 2008 6,188,729 2,529,213 3,659,516 250,385 524,033 4.73
<br /> 2009 5,967,743 2,516,939 3,450,804 266,528 512,090 4.43
<br /> 2010 5,729,278 2,648,046 3,081,232 277,721 499,137 3.97
<br /> 2011 5,820,715 2,561,439 3,259,276 288,969 485,389 4.21
<br /> 2012 6,159,871 2,746,082 3,413,789 305,273 471,085 4.40
<br /> 2013 6,262,660 2,703,564 3,559,096 644,144 875,483 2.34
<br /> Tax Increment Bonds
<br /> Property
<br /> Tax Debt Service Coverage
<br /> Increment Principal Interest Ratio
<br /> $ $ $
<br /> 2004 6,083,483 1,060,000 952,334 3.02
<br /> 2005 6,169,024 1,105,000 1,094,898 2.80
<br /> 2006 6,422,792 1,160,000 1,043,515 2.91
<br /> 2007 7,346,699 1,210,000 988,415 3.34
<br /> 2008 8,416,294 1,270,000 929,730 3.83
<br /> 2009 7,921,159 1,330,000 838,615 3.65
<br /> 2010 7,953,318 1,225,000 654,150 4.23
<br /> 2011 7,552,777 1,265,000 611,275 4.03
<br /> 2012 * ** 2,480,000 560,675
<br /> 2013 * ** 2,895,000 461,475
<br /> *Port operating expenses above exclude $375,760 subvention to the City and depreciation.
<br /> ** Debt service coverage is calculated using maximum annual debt service as required for the annual disclosure report.
<br /> * ** As a result of the California Supreme Court upholding AB X1 26, Redevelpment Agencies were eliminated as of
<br /> January 31, 2012. Consequently, all former tax increment revenue is retained by the County of San
<br /> Mateo Controller's Office and deposited into the "Redevelopment Property Tax Trust Fund" (RPTTF)
<br /> and is disbursed according to the provisions of AB X1 26 and AB 1484, the clean -up legislation that
<br /> became law effective June 27, 2012. Under these laws the Successor Agencies to the Redevelopment
<br /> Agencies now receive funding from the RPTTF to pay these types of debt obligations as the
<br /> Redevelopment Agency is no longer in existence to receive tax increment revenue.
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