Financial Report - Moreno Valley

Note 6: Long Term Debt (Continued)
City of Moreno Valley
Notes to Financial Statements
Year Ended June 30, 2011 (Continued)
The annual debt service requirements for the 2007 Towngate Special Tax Refunding Bonds
payable outstanding at June 30, 2011, are as follows:
2007 Towngate Special Tax
Refunding Bonds
Principal Interest
Year Ending June 30,
2011-2012 $ 655,000 $ 359,294
2012-2013 680,000 335,931
2013-2014 700,000 310,906
2014-2015 730,000 283,181
2015-2016 760,000 253,381
2017-2021 4,350,000 688,931
2022-2026 985,000 20,316
Totals $ 8,860,000 $ 2,251,940
2007 Towngate Improvement Tax Refunding Bonds
CFD 87-1 Improvement Area No. 1 Special Tax Refunding Bonds in the original issue of
$4,075,000 were issued in November 2007 to refund prior bonds currently outstanding, to
fund a reserve for the bonds and to pay issuance costs. The bonds mature in serial fashion
through October 1, 2023 and bear interest ranging from 3.75% to 4.875%. The bonds are
subject to both optional and mandatory redemption prior to maturity beginning on
April 1, 2009. The bonds are payable from and secured by a special tax levy against certain
affected parcels within the District. Under an arrangement (a Cooperation and
Reimbursement Agreement) involving the District, the City and the City's Redevelopment
Agency, the required tax levy may be reduced in part by a reimbursable tax increment from
the Agency to a maximum of 70.3% of required debt service. This refinancing increased the
aggregate debt service payments that were required on the Refunded Bonds by
approximately $984,049. This refunding resulted in an economic gain of approximately
$465,301.
The annual debt service requirements for the 2007 Towngate Improvement Tax Refunding
Bonds payable outstanding at June 30, 2011, are as follows:
2007 Towngate Improvement
Tax Refunding Bonds
Principal Interest
Year Ending June 30,
2011-2012 $ 205,000 $ 152,173
2012-2013 210,000 143,719
2013-2014 220,000 135,009
2014-2015 230,000 125,669
2015-2016 240,000 115,739
2017-2021 1,375,000 403,905
2022-2026 990,000 73,288
Totals $ 3,470,000 $ 1,149,502
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