Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Redevelopment Agency Ocean Park Project
Tax Allocation Refunding Bonds Coverage
TABLE 18
Direct Net revenue
Fiscal Gross operating available for
Debt service requirement
year revenues expense debt service Principal Interest Total Coverage
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
1998-99 1,638,906 163,521 1,475,385 235,000 697,585 932,585 1.58
Note:
In October of 1984, the Redevelopment Agency issued Tax Allocation Bonds in the principal sum of $5,700,000 at an
interest rate of 10.89%. Such obligations were serial in nature and matured annually with the final payment of $686,650
due in 2007. The bond proceeds were used to acquire land, construction of a public park, and for low and moderateincome
housing.
In April of 1988, the Redevelopment Agency issued Refunding and Refinancing Bonds in the principal sum of
$8,775,000 at an interest rate of 5.2 - 8.25%. Such obligations were serial in nature and matured annually with the final
payment of $754,906 due in 2019. The bond proceeds were used to defease the 1984 Ocean Park Bonds and to pay a
portion of various Promissory Notes due to the City of Santa Monica.
In November of 1992, the Redevelopment Agency issued Ocean Park Redevelopment Project Tax Allocation Refunding
Bonds, Series 1992, in the principal sum of $11,325,000 at an interest rate of 6.89%. Such obligations are serial in
nature and mature annually with the final payment of $931,500 due in 2019. The bond proceeds were issued to defease
the 1988 Refunding and Refinancing Bonds and to pay a portion of various Promissory Notes due to the City of Santa
Monica. Debt service payments began in fiscal year 1992-93.
On May 2, 2002, the Agency issued $19,315,000 of 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: City of Santa Monica Finance Department
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