Annual Special Tax and Bond Accountability
Report (SB 165)
As of June 30, 2024
City of Riverside
Community Facilities Districts and
General Obligation Bonds
Prepared For
November 2024
Table of Contents
Sections
Section 1. Senate Bill 165 _____________________________________________________ 1 Section 2. Community Facilities District No. 92-1 ____________ ______________________ 2 Section 3. Community Facilities District No. 2004-1 __________ ______________________ 3 Section 4. Community Facilities District No. 2006-1 IA 1 _____________________________ 4 Section 5. Community Facilities District No. 2006-1 IA 2 _____________________________ 5 Section 6. Community Facilities District No. 2013-1 __________ ______________________ 6 Section 7. Community Facilities District No. 2014-2 __________ ______________________ 7 Section 8. Community Facilities District No. 2015-1 __________ ______________________ 8 Section 9. Community Facilities District No. 2015-2 (Facilities) ________________________ 9 Section 10. Community Facilities District No. 2015-2 (Services) _______________________ 10 Section 11. Community Facilities District No. 2021-3 (Facilities) _______________________ 11 Section 12. Community Facilities District No. 2021-3 (Services) _______________________ 12 Section 13. City of Riverside Election of 2003 General Obligation Bonds, Series 2004 ______ 13
Tables
Table 2-1. Improvement Fund Balance for CFD 92-1 ________________________________ 2 Table 3-1. Improvement Fund Balance for CFD 2004-1 ______________________________ 3 Table 4-1. Improvement Fund Balance for CFD 2006-1 IA 1 ______ ____________________ 4 Table 5-1. Improvement Fund Balance for CFD 2006-1 IA 2 ______ ____________________ 5 Table 6-1. Improvement Fund Balance for CFD 2013-1 ______________________________ 6 Table 7-1. Improvement Fund Balance for CFD 2014-2 ______________________________ 7 Table 8-1. Improvement Fund Balance for CFD 2015-1 ______________________________ 8 Table 9-1. Improvement Fund Balance for CFD 2015-2 ______________________________ 9 Table 13-1. Improvement Fund Balance for City of Riverside Election of 2003 General Obligation Bonds, Series 2004 _________________________________________________ 13
The information herein for the City of Riverside wa s prepared by Webb Municipal Finance, LLC and the C ity of Riverside, as Administrators. Except as otherwise noted all information is current as of June 30, 2024.
1. Senate Bill 165
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 1
Senate Bill 165
Senate Bill 165 shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”) . This Act requires that any local special tax/local bond meas ure subject to voter approval contain a statement i ndicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the p roceeds shall be deposited, and require an annual r eport containing specified information concerning the use of the proceeds. The Act only applies to bonds iss ued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code.
Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This sec tion of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states:
The chief fiscal officer of the issuing local agenc y shall file a report with its governing body no la ter than January 1 after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410.
2. Community Facilities District No. 92-1
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 2
Community Facilities District No. 92-1 (Sycamore Canyon Business Park) (a) The amount of funds collected and expended for Community Facilities District No. 92-1 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $670,114.92
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $670,114.92
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $149,023.13
Bond Interest - 03/01/2024 $140,054.38
Bond Principal - 09/01/2023 $350,000.00
Administration $25,006.67
Total Expenditures $664,084.18
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, and Administrative Expenses.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 92-1 is as follows.
The Community Facilities District No. 92-1 (Special Tax Bonds, 2005 Series A) formed in the City of Ri verside was established to finance various public improvements needed to develop property located within CFD No. 9 2-1, including waterlines in Sycamore Canyon Blvd., East ridge Ave., and Cottonwood Ave., street and storm d rain improvements in Sycamore Canyon Blvd., Eastridge Av e., and Cottonwood Ave., construction of water qual ity marshes, acquisition of parkland to mitigate impact on endangered species, and incidentals including environmental, engineering, administration, and contingencies.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance, and the project status:
Table 2-1
Improvement Fund Balance for CFD 92-1 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 92 -1 $7,489,248.01 $7,489,248.01 $0.00 Complete
3. Community Facilities District No. 2004-1
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 3
Community Facilities District No. 2004-1 (Galleria at Tyler) (a) The amount of funds collected and expended for Community Facilities District No. 2004-1 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $1,234,962.46
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $1,234,962.46
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $125.00
Bond Interest - 11/01/2023 $238,756.25
Bond Interest - 03/01/2024 $125.00
Bond Interest - 05/01/2024 $227,356.25
Bond Principal - 09/01/2023 $0.00
Bond Principal - 11/01/2023 $760,000.00
Administration $0.00
Total Expenditures $1,226,362.50
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal and Interest Expenses.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2004-1 is as follows.
The Community Facilities District No. 2004-1 (2006 Lease Revenue Certificates of Participation) formed in the City of Riverside was established to finance the costs of parking deck additions to create 645 new automobile parking spaces, escalators and elevators associated with th e parking deck additions, hardscape, including with out limitation, curb, gutter, sidewalks, driveways, and fountains, landscape and landscape irrigation systems, exterior lighting and exterior lighting-related electrical s ystems, directional and other signage related to pu blic parking, public storm drain system, demolition of public and private facilities necessary to construct the publ ic improvements, including the parking facility within the proposed community facilities district, and th e costs of planning and designing the facilities.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 3-1
Improvement Fund Balance for CFD 2004-1 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2004 -1 $16,987,189.94 $16,987,189.94 $0.00 Complete
4. Community Facilities District No. 2006-1 IA 1
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 4
Community Facilities District No. 2006-1 Improvement Area 1 (Riverwalk Vista) (a) The amount of funds collected and expended for Community Facilities District No. 2006-1 IA1 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $315,682.88
Less: Delinquency as of 06/30/2024 $5,935.32
Total Special Taxes Received $309,747.56
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $92,546.88
Bond Interest - 03/01/2024 $90,315.63
Bond Principal - 09/01/2023 $105,000.00
Administration $25,053.83
Total Expenditures $312,916.34
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, and Administrative Expenses.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2006-1 IA1 is as follows.
The Community Facilities District No. 2006-1 IA1 (2 013 Special Tax Bonds) formed in the City of Rivers ide was established to finance various public improvements needed to develop property located within CFD No. 2 006-1 IA 1; streets and traffic signal facilities and appurtenances thereto, local city facilities including water distribution, street improvements, storm water drainage facilitie s, water system facilities, including capacity in e xisting facilities, sewer system facilities, including capacity in existing facilities and sewage treatment capacity, parks and park and recreation facilities, transportation faci lities and electric transmission and distribution f acilities, rights- of-way and easements necessary for any of such facilities and School District facilities including elementary school, middle school and high school facilities. The types of facilities to be purchased as completed facilit ies are street improvements including paving, curbs and gutters, s idewalks, perimeter wall, traffic signal facilities , signage, street lights, storm water drainage facilities, water system facilities and sewer system facilities.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 4-1
Improvement Fund Balance for CFD 2006-1 IA 1 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2006 -1 IA 1 $4,039,750.35 $4,039,750.35 $0.00 Complete
5. Community Facilities District No. 2006-1 IA 2
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 5
Community Facilities District No. 2006-1 Improvement Area 2 (Riverwalk Vista) (a) The amount of funds collected and expended for Community Facilities District No. 2006-1 IA2 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $393,929.12
Less: Delinquency as of 06/30/2024 $1,621.28
Total Special Taxes Received $392,307.84
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $105,968.76
Bond Interest - 03/01/2024 $103,334.38
Bond Principal - 09/01/2023 $160,000.00
Administration $22,263.55
Total Expenditures $391,566.69
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, and Administrative Expenses.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2006-1 IA2 is as follows.
The Community Facilities District No. 2006-1 IA 2 (Special Tax Bonds, Series 2016A, and Taxable Special Tax Bonds, Series 2016B) formed in the City of Riverside was established to finance street and road facilities, including street lights and traffic signals, storm water drainage fa cilities, water system facilities, including capaci ty in existing facilities, sewer system facilities including capacity in existing facilities and sewage treatment capacity, parks and park and recreation facilities, transportation facilities, and electric transmission and distribution facilities, as well as incidental expenses related to the planning, des ign and completion of such facilities. The School D istrict Facilities authorized to be financed from the Bond proceeds include the design, construction and acqui sition of certain public school facilities of the School District for elementary school, middle school and high school facilities, to be owned and operated by the School District.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 5-1
Improvement Fund Balance for CFD 2006-1 IA 2 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2006 -1 IA 2 $6,224,919.00 $5,894,527.40 $330,391.60 In Progress
6. Community Facilities District No. 2013-1
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 6
Community Facilities District No. 2013-1 (Kunny Ranch)
(c) The amount of funds collected and expended for Community Facilities District No. 2013-1 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $226,253.00
Less: Delinquency as of 06/30/2024 $9,066.00
Total Special Taxes Received $217,187.00
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $0.00
Bond Interest - 03/01/2024 $0.00
Bond Principal - 09/01/2023 $0.00
Administration $25,204.87
Total Expenditures $25,204.87
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Administration and Reserve.
(d) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2013-1 is as follows.
The Community Facilities District No. 2013-1, forme d in the City of Riverside, was established to fina nce street and road facilities, including street lights and traffic signals, storm water drainage facilities, water system facilities, including capacity in existing facilities, sewer sy stem facilities including capacity in existing faci lities and sewage treatment capacity, parks and park and recreation facilities, transportation facilities, and electric transmission and distribution facilities, as well as incidental expe nses related to the planning, design and completion of such facilities. The School District Facilities authoriz ed to be financed from the Bond proceeds include th e design, construction and acquisition of certain public school facilities of the School District for elementary school, middle school and high school facilities, to be owned and operated by the School District.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 6-1
Improvement Fund Balance for CFD 2013-1 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2013 -1 $3,810,744.00 $0.00 $3,810,744.00 In Progress
7. Community Facilities District No. 2014-2
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 7
Community Facilities District No. 2014-2 (The Highlands) (a) The amount of funds collected and expended for Community Facilities District No. 2014-2 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $166,262.28
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $166,262.28
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $39,850.00
Bond Interest - 03/01/2024 $38,875.00
Bond Principal - 09/01/2023 $60,000.00
Administration $23,513.15
Total Expenditures $162,238.15
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, and Administrative Expenses.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2014-2 is as follows.
The Community Facilities District No. 2014-2 (Speci al Tax Bonds, Series 2016A, and Taxable Special Tax Bonds, Series 2016B) formed in the City of Riverside was established to finance street and road facilities, including street lights and traffic signals, storm water drainage fa cilities, water system facilities, including capaci ty in existing facilities, sewer system facilities including capacity in existing facilities and sewage treatment capacity, parks and park and recreation facilities, transportation facilities, and electric transmission and distribution facilities, as well as incidental expenses related to the planning, des ign and completion of such facilities. The School D istrict Facilities authorized to be financed from the Bond proceeds include the design, construction and acqui sition of certain public school facilities of the School District for elementary school, middle school and high school facilities, to be owned and operated by the School District.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 7-1
Improvement Fund Balance for CFD 2014-2 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2014 -2 $2,184,515.00 $2,055,823.92 $128,691.08 In Progress
8. Community Facilities District No. 2015-1
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 8
Community Facilities District No. 2015-1 (Orangecrest Grove) (a) The amount of funds collected and expended for Community Facilities District No. 2015-1 are as follows.
Fiscal Year 2023 -24 Revenues
Special Taxes Levied (1) $173,697.50
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $173,697.50
Fiscal Year 2023 -24 Expenditures
Bond Interest - 09/01/2023 $46,090.00
Bond Interest - 03/01/2024 $45,240.00
Bond Principal - 09/01/2023 $50,000.00
Administration $33,217.83
Total Expenditures $174,547.83
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, Administration, and Reserve.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2015-1 is as follows.
The Community Facilities District No. 2015-1 (Speci al Tax Bonds, Series 2020A, and Taxable Special Tax Bonds, Series 2020B) formed in the City of Riverside was e stablished to finance certain public improvements, including the acquisition of street and road facilities, stor m water drainage facilities, parks and park recreat ion facilities, transportation facilities, and electric transmissio n and distribution facilities in the City, as well as incidental expenses related to the planning, design and completion of such facilities. The School District Facilities authorized to be financed from the Bonds proceeds include the design, construction, and acquisition of certain public school facilities of the School District for elementary sc hool, middle school and high school facilities, to be owned and operated by the School District.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024, Improvement Fund balance and the project status:
Table 8-1
Improvement Fund Balance for CFD 2015-1 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2015 -1 $2,416,305.33 $1,841,853.98 $574,451.35 In Progress
9. Community Facilities District No. 2015-2 (Facili ties)
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 9
Community Facilities District No. 2015-2 (Pomelo Facilities) (a) The amount of funds collected and expended for Community Facilities District No. 2015-2 are as follows.
Fiscal Year 2023-24 Revenues
Special Taxes Levied (1) $333,540.10
Less: Delinquency as of 06/30/2024 $2,864.32
Total Special Taxes Received $330,675.78
Fiscal Year 2023-24 Expenditures
Bond Interest - 09/01/2023 $105,450.00
Bond Interest - 03/01/2024 $104,175.00
Bond Principal - 09/01/2023 $85,000.00
Administration $25,476.11
Total Expenditures $320,101.11
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Principal, Interest, Administration, and Reserve.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2015-2 is as follows.
The Community Facilities District No. 2015-2 (Special Tax Bonds, Series 2022A) formed in the City of Riverside was established to finance certain public improvements needed with respect to the development of property located within the District, including the acquisition of s treet and road facilities, water and sewer improvem ents, and landscaping and lighting, as well as incidental exp enses related to the planning, design and completio n of such facilities.
The following table shows the initial amount deposi ted to the Improvement Fund, the amount expended, t he District’s June 30, 2024 Improvement Fund balance and the project status:
Table 9-1
Improvement Fund Balance for CFD 2015-2 as of June 30, 2024 District Name
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
CFD 2015 -2 $4,125,756.81 $4,125,756.81 $0.00 Complete
10. Community Facilities District No. 2015-2 (Services)
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 10
Community Facilities District No. 2015-2 (Pomelo Services) (a) The amount of funds collected and expended for Comm unity Facilities District No. 2015-2 (Services) are as follows.
Fiscal Year 2023-24 Revenues
Special Taxes Levied (1) $38,774.16
Less: Delinquency as of 06/30/2024 $359.02
Total Special Taxes Received $38,415.14
Fiscal Year 2023-24 Expenditures & Adjustments
Services $32,831.71
Reserve $3,283.17
Administration $2,659.30
Total Expenditures $38,774.18
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Services and Administration.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2015-2 (Services) is as follows.
The Services component of the Community Facilities District No. 2015-2 (Special Tax Bonds, Series 2022 A) was established to finance certain services such as the maintenance of landscaping in public areas, easements or rights of way, open space, and streets, the operation of s torm drainage systems, the removal of graffiti from public improvements, and administration expenses.
11. Community Facilities District No. 2021-3 (Facilities)
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 11
Community Facilities District No. 2021-3 (Bridle Ridge Facilities) (a) The amount of funds collected and expended for Comm unity Facilities District No. 2021-3 (Facilities) a re as follows.
Fiscal Year 2023-24 Revenues
Special Taxes Levied (1) $24,960.00
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $24,960.00
Fiscal Year 2023-24 Expenditures
Bond Interest - 09/01/2023 $0.00
Bond Interest - 03/01/2024 $0.00
Bond Principal - 09/01/2023 $0.00
Administration $22,190.11
Total Expenditures $22,190.11
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Administration and Reserve.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2021-3 (Facilities) is as follows.
The Community Facilities District No. 2021-3 formed in the City of Riverside was established to financ e certain public improvements needed with respect to the deve lopment of property located within the District, in cluding the acquisition of street and road facilities, water and sewer improvements, and landscaping and lighting, as well as incidental expenses related to the planning, design and completion of such facilities.
Bonds have not yet been issued for this District.
12. Community Facilities District No. 2021-3 (Services)
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 12
Community Facilities District No. 2021-3 (Bridle Ridge Services) (a) The amount of funds collected and expended for Comm unity Facilities District No. 2021-3 (Services) are as follows.
Fiscal Year 2023-24 Revenues
Special Taxes Levied (1) $3,291.36
Less: Delinquency as of 06/30/2024 $0.00
Total Special Taxes Received $3,291.36
Fiscal Year 2023-24 Expenditures & Adjustments
Services $2,698.24
Reserve $269.82
Administration $323.30
Total Expenditures $3,291.36
(1) Amount enrolled for the Fiscal Year 2023-24 to pay for Services and Administration.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for Community Facilities District No. 2021-3 (Services) is as follows.
The Services component of the Community Facilities District No. 2021-3 was established to finance certain services such as the maintenance of landscaping in public areas, easements or rights of way, open space, and streets, the operation of storm drainage systems, the removal of graffiti from public improvements, and administrat ion expenses.
13. City of Riverside Election of 2003 General Obligation Bonds, Series 2004
City of Riverside Senate Bill 165 Report for Fiscal Year 2023-24 13
City of Riverside Election of 2003 General Obligation Bonds, Series 2004 (i) (a) The amount of funds collected and expended for the City of Riverside Election of 2003 General Obligati on Bonds, Series 2004 are as follows.
Fiscal Year 2023 -24 Revenues
Property Taxes Levied for GO Bonds (1) $1,235,700.00
Total Special Taxes Received $1,544,809.27
Fiscal Year 2023 -24 Expenditures
Bond Interest - 08/01/2023 $92,950.00
Bond Interest - 02/01/2024 $47,850.00
Bond Principal - 08/01/2023 $1,640,000.00
Credit for Excess Funds ($600,000.00)
Total Expenditures $1,180,800.00
(1) Estimated amount enrolled for the Fiscal Year 2023 -24 to pay for Principal and Interest; actual enrollment may vary, due to revisions in parcels' Assessed Values.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410 for the City of Riverside Election of 2003 General Obligation Bonds, Series 2004 is as follows.
The City of Riverside Series 2004 General Obligatio n Bonds were issued by the City of Riverside in 200 4 and authorized at an election of the registered voters in November 2003 to finance the costs of replacing outdated and substandard fire stations to improve emergency services and response times, upgrade training facilities, and construct an emergency operations center to manage major disasters.
The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2024 Improvement Fund balance and the project status:
Table 13-1
Improvement Fund Balance for the City of Riverside Election of 2003 General Obligation Bonds, Series 2004 as of June 30, 2024
Issuance
Initial Amount
Deposited
to Improvement Fund
Amount
Expended
June 30, 2024
Balance
Project
Status
2004 GO Bonds $19,887,884.00 $19,887,884.00 $0.00 Complete
(i) Information pertaining to the 2003 General Obligation Bonds, Series 2004 was provided by the City of Riverside.