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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Management's Discussion and Analysis (Continued) <br />Year Ended June 30, 2011 <br />(Unaudited) <br />FINANCIAL FORECAST <br />State Legislation Affecting California Redevelopment Agencies <br />On June 29, 2011, the Governor of the State of California signed Assembly Bills X1 26 and 27 as part of <br />the State's budget package, which directly impacts the future of redevelopment agencies. The new <br />legislation and potential impacts to the Agency are discussed in the Notes to the Basic Financial <br />Statements, Note 12(b). <br />DEBT ADMINISTRATION <br />Long -Term Debt <br />On June 30, 2011, the Agency has the following debt outstanding: $20.96 million in tax allocation <br />refunding bonds, $84.28 million in tax allocation bonds and $6.22 million in loans. The Agency issued <br />the 2011 Series A Merged Project Tax Allocation Bonds for the defeasance and refinancing of the 1998 <br />SAFA bonds, and for the financing of $6.1 million in redevelopment activities related to the Agency's <br />Merged Redevelopment Project. The SAFA bonds were an obligation of the City, the proceeds from <br />which were used to purchase the 1989 bonds, which were an obligation of the Agency. This transaction <br />resulted in the retirement of the 1989 bonds. The changes in debt outstanding are the result of the new <br />bond refunding, in addition to principal payments on existing debt during the fiscal year. <br />Table 3 <br />Outstanding Debt at Year -End <br />(in Millions) <br />Governmental Activities <br />2011 2010 <br />Refunding tax allocation bonds payable $ 20.96 $ 91.10 <br />Tax allocation bonds payable 84.28 18.01 <br />Loans payable 6.22 6.67 <br />Totals $ 111.46 $ 115.78 <br />CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT <br />These financial statements are designed to provide our citizens, taxpayers, investors, and creditors with a <br />general overview of the Agency's finances. If you have any questions about this report or need additional <br />information, please contact the Agency's Finance Department at the City of Santa Ana, 20 Civic Center <br />Plaza, Santa Ana, California 92701, (714) 647 -5433. <br />11 <br />