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, 2008
A summary of long-term debt outstanding at year end is as follows:
Date of issue Original issue
Governmental activities:
Revenue bonds:
Downtown Redevelopment 2002 May 1, 2002 5,640,000
Final
maturity
date
Interest
rate
Balance at
June 30, 2008
$ July 1, 2008 2.00-3.60% $ 1,120,000
Parking Authority 2002 May 1, 2002 10,480,000 July 1, 2016 3.50-4.50% 8,300,000
Public Finance Authority 1999 Sept 15, 1999 13,200,000 July 1, 2021 4.25-5.50% 10,470,000
Public Finance Authority 2002 Jan 1, 2002 17,310,000 July 1, 2021 2.00-4.75% 13,880,000
Public Finance Authority 2004 Dec 1, 2004 38,930,000 July 1, 2025 3.35-5.00% 38,130,000
Subtotal revenue bonds -
governmental activities 71,900,000
Tax allocation bonds:
Ocean Park Redevelopment 2002 May 1, 2002 19,315,000 July 1, 2018 3.75-5.00% 14,605,000
Earthquake Recovery Project 2006 April 1, 2006 64,720,000 July 1, 2030 4.00-5.50% 60,965,000
Subtotal tax allocation bonds -
governmental activities 75,570,000
General obligation bonds:
Main Library Improvements 1998 June 25, 1998 3,060,000 July 1, 2010 4.00-4.30% 1,390,000
Main Library Improvements 2002 Aug 27, 2002 25,000,000 July 1, 2022 2.00-4.60% 18,750,000
Subtotal general obligation
bonds - governmental
activities 20,140,000
Subtotal governmental activities 167,610,000
Business-type activities:
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% 17,590,000
Certificates of participation 1995 Aug 15, 1995 4,025,000 July 1, 2007 8.875-9.10% —
Loans:
State Dept. of Transportation loans various 1,305,444 July 1, 2010 6.50-7.40% 66,653
State Water Resources Control
Board loan Jan 29, 1999 $ 5,000,000 July 1, 2019 2.60% 3,296,585
Subtotal loans payable 3,363,238
Subtotal business-type activities 30,623,238
Total $ 198,233,238
Management believes it is in compliance with all debt covenants.
63