CITY OF SANTA MONICA, CALIFORNIA Redevelopment Agency Earthquake Recovery Project Tax Allocation Bonds Coverage TABLE 16 Direct Net revenue Fiscal Gross operating available for Debt service requirement year revenues expenses debt service Principal Interest Total Coverage 2008-09 $ 69,431,409 $ 3,756,953 $ 65,674,456 $ 1,615,000 $ 2,788,981 $ 4,403,981 14.91 2007-08 63,582,749 3,395,418 60,187,331 1,530,000 2,875,469 4,405,469 13.66 2006-07 58,267,909 2,670,168 55,597,741 2,225,000 1,998,213 4,223,213 13.16 2005-06 49,668,747 1,833,675 47,835,072 1,095,000 3,579,048 4,674,048 10.23 2004-05 36,763,429 1,109,270 35,654,159 1,045,000 3,627,198 4,672,198 7.63 2003-04 31,918,204 1,033,362 30,884,842 1,000,000 3,673,210 4,673,210 6.61 2002-03 33,522,316 756,744 32,765,572 960,000 3,717,310 4,677,310 7.01 2001-02 26,688,631 843,901 25,844,730 920,000 3,759,610 4,679,610 5.52 2000-01 17,910,624 731,954 17,178,670 880,000 4,118,436 4,998,436 3.44 Note: On December 1, 1999, the Redevelopment Agency <strong>of</strong> the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> issued Earthquake Recovery Redevelopment Project Area Tax Allocation Bonds at various interest rates <strong>of</strong> 4.58% to 7.50% which were initially given underlying ratings <strong>of</strong> A by Fitch, Baa1 by Moody's, and A- by Standard and Poor's, but all rated the issue AAA with insurance. On April 27, 2006, the Redevelopment Agency <strong>of</strong> the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> issued $64,720,000 <strong>of</strong> Earthquake Redevelopment Project refunding bonds bearing interest from 4.00% to 5.5% to defease the 1999 Earthquake Redevelopment Project Bonds which were initially given underlying ratings <strong>of</strong> A+ by Fitch, A3 by Moody's and A by Standard and Poors, but all rated AAA with insurance. Source: <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> Finance Department 157
CITY OF SANTA MONICA, CALIFORNIA Redevelopment Agency Ocean Park Project Tax Allocation Refunding Bonds Coverage TABLE 17 Direct Net revenue Fiscal Gross operating available for Debt service requirement year revenues expense debt service Principal Interest Total Coverage 2008-09 $ 4,227,693 $ 274,561 $ 3,953,132 $ 1,055,000 $ 670,998 $ 1,725,998 2.29 2007-08 4,086,779 269,907 3,816,872 1,015,000 711,129 1,726,129 2.21 2006-07 3,958,631 229,017 3,729,614 980,000 748,535 1,728,535 2.16 2005-06 3,332,493 256,927 3,075,566 945,000 784,628 1,729,628 1.78 2004-05 3,034,112 218,253 2,815,859 905,000 820,448 1,725,448 1.63 2003-04 2,896,936 182,117 2,714,819 865,000 859,091 1,724,091 1.57 2002-03 2,737,356 178,996 2,558,360 — 586,423 586,423 4.36 2001-02 2,944,183 206,004 2,738,179 280,000 651,925 931,925 2.94 2000-01 3,240,610 181,426 3,059,184 265,000 668,555 933,555 3.28 1999-00 1,848,217 186,823 1,661,394 250,000 683,755 933,755 1.78 Note: In October <strong>of</strong> 1984, the Redevelopment Agency issued Tax Allocation Bonds in the principal sum <strong>of</strong> $5,700,000 at an interest rate <strong>of</strong> 10.89%. Such obligations were serial in nature and matured annually with the final payment <strong>of</strong> $686,650 due in 2007. The bond proceeds were used to acquire land, construction <strong>of</strong> a public park, and for low and moderateincome housing. In April <strong>of</strong> 1988, the Redevelopment Agency issued Refunding and Refinancing Bonds in the principal sum <strong>of</strong> $8,775,000 at an interest rate <strong>of</strong> 5.2 - 8.25%. Such obligations were serial in nature and matured annually with the final payment <strong>of</strong> $754,906 due in 2019. The bond proceeds were used to defease the 1984 Ocean Park Bonds and to pay a portion <strong>of</strong> various Promissory Notes due to the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong>. In November <strong>of</strong> 1992, the Redevelopment Agency issued Ocean Park Redevelopment Project Tax Allocation Refunding Bonds, Series 1992, in the principal sum <strong>of</strong> $11,325,000 at an interest rate <strong>of</strong> 6.89%. Such obligations are serial in nature and mature annually with the final payment <strong>of</strong> $931,500 due in 2019. The bond proceeds were issued to defease the 1988 Refunding and Refinancing Bonds and to pay a portion <strong>of</strong> various Promissory Notes due to the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong>. Debt service payments began in fiscal year 1992-93. On May 2, 2002, the Agency issued $19,315,000 <strong>of</strong> Ocean Park refunding and new money bonds bearing interest at 5.03% to defease the outstanding 1992 Ocean Park Project Bonds and to provide funds for new low-moderate-income projects. Debt service payments on the 2002 bonds began in fiscal year 2002-03. Coverage ratios before FY 2002-03 above reflect the 1992 bonds. Source: <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> Finance Department 158
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