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COMMUNITY REDEVELOPMENT AGENCY
<br />OF THE CITY OF SANTA ANA
<br />Notes to the Basic Financial Statements (Continued)
<br />Year Ended June 30, 2011
<br />1989 Series A Refunding Bonds
<br />The 1989 Series A Refunding Bonds were issued in the amount of $8,985,000 to retire the 1985 Series
<br />A Tax Allocation Bonds issued to fund the Santa Ana Intercity Commuter Station Project. $1,160,000
<br />of the bonds matured serially through September 1, 1999; $2,555,000 are term bonds which matured
<br />September 1, 2009, in annual installments ranging from $180,000 to $345,000; and $5,270,000 are
<br />term bonds maturing on September 1, 2019, in annual installments ranging from $370,000 to $715,000.
<br />Interest rates vary from 4.25% to 5.375 %. Bonds maturing on September 1 in the years 2009 and 2019
<br />are subject to mandatory redemption from sinking account payments. The Agency paid the remaining
<br />outstanding principal balance of $5,270,000 during the fiscal year ended June 30, 2011.
<br />1989 Series B Refunding Bonds
<br />The 1989 Series B Refunding Bonds were issued in the amount of $70,000,000 to retire the 1985
<br />Series B Tax Allocation Bonds Redevelopment Project Area. $10,325,000 of the bonds matured
<br />serially through September 1, 2000; $18,335,000 are term bonds which matured September 1, 2009, in
<br />annual installments ranging from $1,490,000 to $2,685,000; $25,670,000 are term bonds maturing on
<br />September 1, 2016, in annual installments ranging from $2,895,000 to $4,540,000; and $15,670,000
<br />are term bonds maturing on September 1, 2019, in annual installments ranging from $4,850,000 to
<br />$5,580,000. Interest rate is 5.125% on bonds maturing on September 1 in the years 2009, 2016 and
<br />2019 are subject to mandatory redemption from sinking account payments. The Agency paid the
<br />remaining outstanding principal balance of $41,340,000 during the year ended June 30, 2011.
<br />1989 Series C Refunding Bonds
<br />The 1989 Series C Refunding Bonds were issued in the amount of $15,425,000 to retire the 1985
<br />Series C Tax Allocation Bonds issued to fund the South Harbor Redevelopment Project. $1,995,000 of
<br />the bonds matured serially through September 1, 2009, in annual installments ranging from $165,000
<br />to $285,000; $4,385,000 are term bonds which matured September 1, 2009, in annual installments
<br />ranging from $310,000 to $595,000; $6,685,000 are term bonds maturing on September 1, 2017, in
<br />annual installments ranging from $640,000 to $1,060,000; $2,360,000 are term bonds maturing
<br />September 1, 2019, in annual installments ranging from $1,140,000 to $1,220,000. Interest rates vary
<br />from 4.4% to 5.6 %. Bonds maturing on September 1 in the years 2009, 2017, and 2019 are subject to
<br />mandatory redemption from sinking account payments. Payment of the principal and interest on the
<br />bonds is guaranteed by a municipal bond guarantee insurance policy issued by Municipal Bond
<br />Investors Assurance Company (MBIA). The Agency paid the outstanding principal balance of
<br />$9,045,000 during the year ended June 30, 2011.
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