Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Redevelopment Agency Earthquake Recovery Project
Tax Allocation Bonds Coverage
TABLE 17
Direct Net revenue
Fiscal Gross operating available for
Debt service requirement
year revenues expenses debt service Principal Interest Total Coverage
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 of the City of Santa Monica issued Earthquake Recovery
Redevelopment Project Area Tax Allocation Bonds at various interest rates of 4.58% to 7.50% which were initially
given underlying ratings of 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 of the City of Santa Monica issued $64,720,000 of 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 of A+ by Fitch, A3 by Moody's and A by
Standard and Poors, but all rated AAA with insurance.
Source: City of Santa Monica Finance Department
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