Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
A summary of long-term bonds and loans outstanding at year end is as follows:
As Forathe result year of Council ended June Resolution 30, 2001, 9675, the theCity’s following annual changes pension Final have costbeen and subjected its actual
Date of issue
Original issue
maturity
date
Interest
rate
Balance at
June 30, 2009
Governmental activities:
Revenue bonds (1):
Parking Authority 2002 May 1, 2002 10,480,000 July 1, 2016 3.50-4.50% $ 7,520,000
Public Finance Authority 1999 Sept 15, 1999 13,200,000 July 1, 2021 4.25-5.50% 9,940,000
Public Finance Authority 2002 Jan 1, 2002 17,310,000 July 1, 2021 2.00-4.75% 13,125,000
Public Finance Authority 2004 Dec 1, 2004 38,930,000 July 1, 2034 3.35-5.00% 37,295,000
Subtotal revenue bonds -
governmental activities 67,880,000
Tax allocation bonds (2):
Ocean Park Redevelopment 2002 May 1, 2002 19,315,000 July 1, 2018 3.75-5.00% 13,550,000
Earthquake Recovery Project 2006 April 1, 2006 64,720,000 July 1, 2030 4.00-5.50% 59,350,000
Subtotal tax allocation bonds -
governmental activities 72,900,000
General obligation bonds (1):
Main Library Improvements 1998 June 25, 1998 3,060,000 July 1, 2010 4.00-4.30% 955,000
Main Library Improvements 2002 Aug 27, 2002 25,000,000 July 1, 2022 2.00-4.60% 17,500,000
Subtotal general obligation
bonds - governmental
activities 18,455,000
Loans (3):
State Dept. of Housing and
Community Development loan Dec 22, 1988 200,000 Dec 22, 2013 0.00% 200,000
State Dept. of Housing and
Community Development loan Dec 29, 1989 200,000 Dec 29, 2019 0.00% 200,000
Subtotal loans payable 400,000
Line of credit (2):
Bank of America May 1, 2008 15,485,324 July 1, 2013 LIBOR plus 1.25% 15,485,324
Subtotal governmental activities
175,120,324
Business-type activities (4):
Revenue bonds:
Hyperion Project Revenue 1993 Dec 22, 1993 38,620,000 Jan 1, 2022 4.50-4.25% 9,670,000
Hyperion Project Revenue 2005 Oct 1, 2005 20,305,000 Jan 1, 2018 3.00-5.00% 16,090,000
Subtotal revenue bonds -
business-type activities 25,760,000
Loans:
State Dept. of Transportation loans various 1,305,444 July 1, 2010 6.50-7.40% 44,436
State Water Resources Control
Board loan Jan 29, 1999 5,000,000 July 1, 2019 2.60% 3,058,972
Subtotal loans payable 3,103,408
For the year ended June 30, 2001, the City’s annual pension cost and its actual
Subtotal business-type activities 28,863,408
Total $ 203,983,732
(1) For construction of City facilities.
(2) For purchase/construction of affordable housing.
(3) To fund two promissory notes receivable from the owners of certain rental properties.
(4) To fund capital contribution towards wastewater treatment facility.
Management believes it is in compliance with all debt covenants.
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