Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Redevelopment Agency Downtown Project Lease
Revenue Bonds Coverage
TABLE 16
Direct Net revenue
Fiscal Gross operating available for
Debt service requirement
year revenues expense debt service Principal Interest Total Coverage
2007-08 $ 4,205,369 $ 395,930 $ 3,809,439 $ 1,080,000 $ 58,680 $ 1,138,680 3.35
2006-07 2,002,555 345,087 1,657,468 1,050,000 93,840 1,143,840 1.45
2005-06 2,964,663 429,708 2,534,955 1,015,000 125,358 1,140,358 2.22
2004-05 2,913,781 368,031 2,545,750 985,000 152,388 1,137,388 2.24
2003-04 2,972,240 221,683 2,750,557 390,000 168,600 558,600 4.92
2002-03 3,698,589 308,456 3,390,133 — 115,000 115,000 29.48
2001-02 2,823,105 313,397 2,509,708 710,000 417,296 1,127,296 2.23
2000-01 2,751,331 316,317 2,435,014 670,000 456,981 1,126,981 2.16
1999-00 2,776,080 286,809 2,489,271 635,000 493,539 1,128,539 2.21
1998-99 2,687,824 285,855 2,401,969 605,000 526,883 1,131,883 2.12
Note:
Redevelopment Agency of the City of Santa Monica Parking Lease Revenue Bonds were originally issued December 1,
1978 in the principal amount of $14,470,000 at an interest rate of 6.25 - 7.75%.
These bonds were refunded on October 1, 1992 as Lease Revenue Bonds, Series 1992 (Downtown Redevelopment
Refunding Project of 1992) issued in the principal amount of $11,635,000 at an interest rate of 5.98%.
On May 2, 2002, the Agency issued $5,640,000 of Downtown Project refunding bonds bearing interest at 4.6% to
defease the outstanding 1992 Downtown Project Bonds. 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: City of Santa Monica Finance Department
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