Análisis de la información colectada a partir del cuarto instrumento de

The transfer of the assets and liabilities of the former redevelopment agency as of February 1, 2012 (effectively the same date as January 31, 2012) from governmental funds of the City to fiduciary funds was reported in the governmental funds as an extraordinary loss (or gain) in the governmental fund financial statements. The receipt of these assets and liabilities as of January 31, 2012 was reported in the private-purpose trust fund as an extraordinary gain (or loss).

Because of the different measurement focus of the governmental funds (current financial resources measurement focus) and the measurement focus of the trust funds (economic resources measurement focus), the extraordinary loss (gain) recognized in the governmental funds was not the same amount as the extraordinary gain (loss) that was recognized in the fiduciary fund financial statements.

Capital asset activities for the fiscal year ended June 30, 2020 were as follows:

The following is a schedule of long-term liabilities for the fiscal year ended June 30, 2020:

Fiduciary Activities: Balance at Balance at

Capital assets, not being depreciated: July 1, 2019 Additions Deletions June 30, 2020 Land 528,300$ $ - $ - $ 528,300 Total capital assets, not being depreciated 528,300 528,300 Capital assets, being depreciated:

Buildings 620,871 (620,871) Total capital assets, being depreciated 620,871 (620,871) Less accumulated depreciation for:

Buildings (302,622) 302,622 Total accumulated depreciation (302,622) 302,622 Total capital assets, being depreciated net 318,249 (318,249) Fiduciary activities capital assets, net $ 846,549 $ - $ (318,249) $ 528,300

Balance at Balance at Due Within

July 1, 2019 Additions Reductions June 30, 2020 One Year Tax Allocation Bonds:

2002 Series B $ 1,140,000 $ - $ (65,000) $ 1,075,000 $ 70,000 2014 Series A 8,388,100 (522,700) 7,865,400 541,500 2014 Series B 3,303,000 (206,800) 3,096,200 214,300 2015 Series A 7,973,800 (435,300) 7,538,500 441,100 2015 Series B 3,894,100 (241,500) 3,652,600 249,000 2017 Refunding 16,675,000 (535,000) 16,140,000 605,000 Unamortized bond premium 2,505,934 (156,621) 2,349,313 156,621 Total other long-term debt $ 43,879,934 $ - $ (2,162,921) $ 41,717,013 $ 2,277,521

CITY OF HEALDSBURG

NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2020

Note 15 Successor Agency to the Former Redevelopment Agency (Continued)

A. 2002 Series B

In August 2004, the Agency issued $1,800,000 Series B 2002 Tax Allocation Bonds. The Bonds were issued for the purpose of providing funds to finance the construction of the Alliance Medical Clinic, which the Agency determined is a benefit to the Sotoyome Project Area. Interest on the bonds is at 4.75% with semiannual debt service payments due February 1 and August 1, with principal maturing annually August 1, 2005 through 2031. Upon and during the continuance of an event of default, the principal of and interest accrued on all bonds may be declared to be due and payable immediately. Debt service payments will be made from tax increment revenue received by the Trust. Future debt service on these bonds is as follows:

B. 2014 Series A and B

In May 2014, the Successor Agency issued $10,876,000 in 2014 Tax Allocation Refunding Bonds, Series A, to refund the outstanding 2002 Tax Allocation Bonds, Series A (current refunding). Proceeds from the 2014 Series A bonds were used to refund in full the 2002 Series A bonds, to establish a reserve fund, and to pay costs of issuance. As a result, the 2002 Series A bonds are considered defeased and the liability has been removed from these financial statements.

In May 2014, the Successor Agency issued $4,279,400 in 2014 Tax Allocation Refunding Bonds, Series B, to refund the outstanding 2002 Tax Allocation Bonds, Series C (current refunding). Proceeds from the 2014 Series B bonds were used to refund in full the 2002 Series C bonds, to establish a reserve fund, and to pay costs of issuance. As a result, the 2002 Series C bonds are considered defeased. Interest on the bonds is set at 3.4% with semi-annual debt service payments due on February 1 and August 1 of each year, with principal maturing annually August 1, 2014 through 2031. Upon and during the continuance of an event of default, the principal of and interest accrued on all bonds may be declared to be due and payable immediately. Debt service payments will be made from tax increment revenue received by the Trust. The following represents the future minimum debt service requirements:

Fiscal Year Principal Interest Total

2021 $ 70,000 $ 49,400 $ 119,400 2022 70,000 46,075 116,075 2023 75,000 42,631 117,631 2024 80,000 38,950 118,950 2025 80,000 35,150 115,150 2026-2030 475,000 112,219 587,219 2031-2032 225,000 10,806 235,806 Totals $ 1,075,000 $ 335,231 $ 1,410,231 2002 Tax Allocation Bond Series B

CITY OF HEALDSBURG

NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2020

Note 15 Successor Agency to the Former Redevelopment Agency (Continued)

B. 2014 Series A and B (Continued)

C. 2015 Series A and B

In January 2015, the Successor Agency issued $9,568,200 in 2015 Tax Allocation Refunding Bonds, Series A, and $4,750,800 in 2015 Tax Allocation Refunding Bonds, Series B, to refund the outstanding 2003 Tax Allocation Bonds, Series A and B (current refunding). Interest on the 2015 bonds is 4.25% with semi-annual debt service payments due on February 1 and August 1 of each year, with principal maturing annually August 1, 2015 through 2031. Upon and during the continuance of an event of default, the principal of and interest accrued on all bonds may be declared to be due and payable immediately. Future debt service payments will be made from tax increment revenue received by the Trust, and is as follows:

Fiscal Year Principal Interest Total

2021 $ 541,500 $ 258,218 $ 799,718 2022 559,600 239,499 799,099 2023 577,200 220,174 797,374 2024 599,000 200,178 799,178 2025 619,400 179,465 798,865 2026-2030 3,426,500 561,303 3,987,803 2031-2032 1,542,200 52,913 1,595,113 Totals $ 7,865,400 $ 9,577,1501,711,750 $ 2014 Tax Allocation Bond Series A

Fiscal Year Principal Interest Total

2021 $ 214,300 $ 101,628 $ 315,928 2022 221,600 94,217 315,817 2023 228,600 86,564 315,164 2024 235,400 78,676 314,076 2025 241,600 70,567 312,167 2026-2030 1,349,000 220,504 1,569,504 2031-2032 605,700 20,823 626,523 Totals $ 3,096,200 $ 672,979 $ 3,769,179

2014 Tax Allocation Bond Series B

CITY OF HEALDSBURG

NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2020

Note 15 Successor Agency to the Former Redevelopment Agency (Continued)

C. 2015 Series A and B (Continued)

D. 2017 Tax Allocation Refunding Bonds

In December 2017, the Successor Agency issued $17,150,000 in 2017 Tax Allocation Refunding Bonds to refund the outstanding 2010 Tax Allocation Bonds (advanced refunding). Proceeds from the 2017 Bonds were used to refund in full the 2010 Bonds and to pay issuance costs. As a result, the 2010 bonds are considered defeased and the liability has been removed from these financial statements. As of June 30, 2018, $21,103,793 was held in escrow to refund the 2010 Bonds. Interest on the 2017 bonds ranges from 2% to 5% with semi-annual debt service payments due on February 1 and August 1 of each year, with principal maturing annually August 1, 2018 through 2034. The Successor Agency refunded the 2010 Bonds to reduce total debt service by approximately $3.6 million, and to obtain an economic gain (difference between the present values of the debt service payments on the old and new debt) of approximately $3 million. Upon and during the continuance of an event of default, the principal of and interest accrued on all bonds may be declared to be due and payable immediately. Future debt service payments will be made from tax increment revenue received by the Trust, and is as follows:

Fiscal Year Principal Interest Total

2021 $ 441,100 $ 311,013 $ 752,113 2022 455,700 291,956 747,656 2023 464,700 272,397 737,097 2024 468,200 252,573 720,773 2025 481,300 232,396 713,696 2026-2030 3,592,500 757,824 4,350,324 2031-2032 1,635,000 68,944 1,703,944 Totals $ 7,538,500 $ 9,725,6032,187,103 $

Fiscal Year Principal Interest Total

2021 $ 249,000 $ 149,944 $ 398,944 2022 255,900 139,215 395,115 2023 267,500 128,093 395,593 2024 273,700 116,592 390,292 2025 289,500 104,624 394,124 2026-2030 1,588,000 328,569 1,916,569 2031-2032 729,000 31,437 760,437_- Totals $ 3,652,600 $ 998,474 $ 4,651,074

2015 Tax Allocation Bond Series A

2015 Tax Allocation Bond Series B

CITY OF HEALDSBURG

NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2020

Note 15 Successor Agency to the Former Redevelopment Agency (Continued)

D. 2017 Tax Allocation Refunding Bonds (Continued)