Financial Report - Moreno Valley

Note 6: Long Term Debt (Continued)
City of Moreno Valley
Notes to Financial Statements
Year Ended June 30, 2011 (Continued)
August 1, 2017. The bonds are payable solely from Tax Increment Revenues and other
funds and amounts pledged therefore pursuant to the Indenture. This issue is fully insured in
the event of nonpayment by the Agency.
The annual debt service requirements for the RDA 2007 Tax Allocation Bonds Series A
payable outstanding at June 30, 2011, are as follows:
Principal Interest
Year Ending June 30,
2011-2012 $ 210,000 $ 2,043,484
2012-2013 220,000 2,034,884
2013-2014 230,000 2,025,884
2014-2015 230,000 2,017,259
2015-2016 235,000 2,009,121
2017-2021 1,290,000 9,898,475
2022-2026 6,415,000 9,204,840
2027-2031 10,040,000 7,187,818
2032-2036 13,655,000 4,261,125
2037-2041 9,950,000 762,500
Debt Service Requirements
RDA 2007 Tax Allocation Bonds
Series A
Totals $ 42,475,000 $ 41,445,390
The Redevelopment Agency has pledged as security for tax allocation bonds it has issued a
portion of the tax increment revenue that it receives. These bonds were to provide financing
for various capital projects. The Agency has committed to appropriate each year from these
resources amounts sufficient to cover the principal and interest requirements on the debt.
Total principal and interest remaining on the debt is $83,920,390 with annual debt service
requirements indicated above. For the current year, the total tax increment revenue
recognized by the Redevelopment Agency was $17,614,795 and the debt service obligation
on the bonds was $2,180,284.
Conduit Debt
The Moreno Valley Public Financing Authority issued $5,548,000 Assisted Living Housing
Revenue Bonds, Series 2000A. The bonds and interest thereon are limited obligations of the
issuer, payable solely from the revenues and the trust estate, which are assigned and
pledged to such purposes. Consequently, no liability is reported in these accompanying
financial statements. The outstanding balance at June 30, 2011 was $5,248,000.
No-Commitment Debt
The Community Facilities District No. 5 of the City of Moreno Valley 2007 Special Tax Bonds
were issued to finance various public improvements needed to develop property located
within the Community Facilities District No. 5 (“District”). The original issue amount was
$5,870,000. The Bonds are special limited obligations of the District and are payable solely
from revenues derived from certain annual Special Taxes to be levied on and collected from
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