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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 />Advances from/Advances to Other Funds <br />Advances To <br />(Receivable) <br />Capital Projects <br />Low and Moderate <br />Advances From (Payable) Income Housing <br />Merged Project Area Debt Service Fund $ 712021359 <br />The Low and Moderate Income Housing Capital Projects Fund loaned $7,202,359 to the Merged <br />Project Area Debt Service Fund, of which $191,920 was for the Agency's 2004 -05 Educational <br />Revenue Augmentation Fund (ERAF) payments to the State of California, $3,330,894 was for the <br />Agency's 2005 -06 ERAF payments, and $3,679,545 was for the 2009 -10 Supplemental Educational <br />Revenue Augmentation Fund (SERAF) payments to the State of California. The loans are expected to <br />be repaid as follows: $1,634,045 each fiscal year from 2012 to 2015 and $666,179 in fiscal year 2016. <br />Interfund Transfers <br />Transfers Out <br />Debt service: <br />Merged Project Area <br />Merged <br />Project <br />Area <br />Capital Projects <br />Low and <br />Moderate <br />Income <br />Housing <br />Totals <br />$ 714881042 $ 1316751382 $ 2111631424 <br />The Low and Moderate Income Housing Capital Projects Fund received a transfer of $13,675,382 from <br />the Merged Project Area Debt Service Fund for the low and moderate housing share of tax increment <br />set -aside monies. <br />The Merged Project Area Capital Projects Fund received a transfer of $7,488,042 from the Merged <br />Project Area Debt Service Fund consisting of: 1) $85,277 for the 1989 Tax Allocation Bond payments; <br />2) $1,594,070 for debt payment related to the South Main Commercial Corridor Capital Projects <br />settlement agreement and 3) $5,808,695 for the funding of operating activities of the Merged Project <br />Area Capital Project. <br />(11) RELATED PARTY TRANSACTIONS <br />In prior years, the City has transferred monies to the Agency to fund redevelopment project costs. An <br />obligation for the accumulated transfers has not been reported in the Agency's financial statements, <br />because repayment is not expected within a reasonable period of time, and it is unlikely that the <br />Agency will have sufficient resources to provide repayment after other obligations of the Agency have <br />WE <br />