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Outstanding General Fund Obligations
<br /> The City currently has outstanding General Fund obligations as follows:
<br /> Name Principal Amount Maturity Date
<br /> Certificates of Participation,
<br /> (Parking Facilities Refunding
<br /> Project), Series 1993A $16,625,000 June 1, 2016
<br /> Certificates of Participations,
<br /> (Commercial Facilities Refunding
<br /> Project), Series 1993B 1,945,000 June 1, 2008
<br /> Certificates of Participation,
<br /> (Mass Commuting Facilities Refunding
<br /> Project), Series 1993C 5,005,000 June 1, 2008
<br /> Other Capitalized Leases 2.800.267
<br /> Total $26,375,267
<br /> The City's maximum annual rental obligation relating to the certificate of participation obligations is
<br /> $2,886,309 in 1994. The City has entered into a loan agreement with the Redevelopment Agency pursuant to
<br /> which the Redevelopment Agency is obligated to make payments to the City sufficient to make all payments
<br /> with respect to the Certificates of Participation(Parking Facilities Refunding Project), Series 1993A. Current
<br /> Redevelopment Agency practice is to make all payments with respect to the other Certificate of Participation
<br /> issues described above directly to the Trustees on behalf of the City. There can be no assurance, however, that
<br /> the Redevelopment Agency can or will continue to make such payments in the future.
<br /> The City currently has outstanding a variety of other long-term obligations but which are not payable
<br /> from the general fund. For information regarding these other long-term obligations of the City see the notes to
<br /> the City Audited Financial Statements set forth in Appendix B.
<br /> Insurance and Risk Management
<br /> Property Risks. The City is one of 17 cities that formed the Public Entity Property Insurance Program
<br /> (PEPIP) in May, 1993. PEPIP is a joint-purchase arrangement whose members currently number 63, and
<br /> whose collective insurable values exceed $4.5 billion. The renewal date is May 15 of each year. The program
<br /> has a $250,000,000 per occurrence shared-loss limit except for earthquake and flood coverage of$50,000,000,
<br /> which applies to the City only. The coverage is "All Risk" and includes earthquake and flood. The deductibles
<br /> are $10,000 except 5% of the location value for earthquake with a $100,000 minimum, $500,000 for flood and
<br /> $25,000 for vehicles, except $50,000 for fire trucks. The coverage is replacement cost with no co-insurance.
<br /> Rents coverage is provided on an "Actual Loss Sustained" basis. Library inventory has a separate value
<br /> formula.
<br /> Currently, RLI Insurance Company and Lexington Insurance Company provide the first layer of
<br /> $5,000,000 coverage. The second ($5,000,000,000)is insured by Industrial Indemnity Company and Royal
<br /> Indemnity Company. The third layer ($15,000,000) is insured by six insurance companies. The fourth layer
<br /> ($25,000,000) is insured by eleven insurance companies. The fifth layer ($50,000,000)is insured by Industrial
<br /> Indemnity Company and does not include earthquake or flood. The sixth layer ($100,000,000) is insured by
<br /> three insurance companies and does not include earthquake or flood. The seventh layer ($50,000,000) is
<br /> insured by Travelers Insurance Companies.. The City has a Boiler& Machinery Policy with a $10,000,000
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