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            "type": "heading",
            "bbox": {
                "l": 50.88,
                "t": 522.96,
                "r": 264.24,
                "b": 510.72
            },
            "text": "NOTE 3 - NOTES AND LOANS RECEIVABLE",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p76.6",
            "order": 52,
            "type": "heading",
            "bbox": {
                "l": 51.12,
                "t": 504.48,
                "r": 152.88,
                "b": 492.24
            },
            "text": "A. Notes Receivable",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p76.7",
            "order": 53,
            "type": "text",
            "bbox": {
                "l": 50.88,
                "t": 482.64,
                "r": 560.4,
                "b": 397.68
            },
            "text": "On August 8, 2006, the City of Palm Desert issued $3,165,000 of Limited Obligation Bonds. The proceeds of the Bonds were used to finance the construction of the utility undergrounding and pay the cost of issuance. The debt service on the bonds is to be paid by assessments secured on the property tax rolls of those properties benefiting from the improvements. Bond maturities began September 2, 2007, and continue annually through 2036. The interest rates of the bonds range from 3.85% to 5.15%. The City of Palm Desert is the only bondholder on record for the bonds and reports a receivable in the general fund that corresponds to the outstanding principal on the bonds. As of June 30, 2025, the receivable balance was $926,000."
        },
        {
            "id": "p76.8",
            "order": 54,
            "type": "heading",
            "bbox": {
                "l": 51.36,
                "t": 388.56,
                "r": 154.56,
                "b": 376.32
            },
            "text": "B. Loans Receivable",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p76.9",
            "order": 55,
            "type": "text",
            "bbox": {
                "l": 50.4,
                "t": 366.24,
                "r": 560.4,
                "b": 292.8
            },
            "text": "The City entered into several individual loan agreements with residents of the Highlands Utility Underground Assessment District No. 04-01. The loans were issued by the City to pay off the principal of the respective properties assessment. In turn, the residents agreed to pay to the City the full cost of the loan amount plus any accrued interest at a rate of 5.35%. The full amount of the loan along with all accrued interest is due and payable at the earliest of September 2, 2036 or any change in ownership of the property. As of June 30, 2025, the total receivable from the Highlands Deferral Loan Program was $14,978."
        },
        {
            "id": "p76.10",
            "order": 56,
            "type": "text",
            "bbox": {
                "l": 50.16,
                "t": 284.64,
                "r": 561.12,
                "b": 151.2
            },
            "text": "Pursuant to Health and Safety Code 34176(b), the housing assets of the former RDA have been transferred to the Housing Asset Fund as the successor housing entity. The Housing Asset Fund has a loan receivable for the construction of a multi-family affordable housing development dated June 14, 2001 due from the PD Hovley Limited Partnership. The loan is secured by a Deed of Trust and Regulatory Agreement with Options on the housing development located in Palm Desert. On April 8, 2021 the Authority Board approved the re-syndication, refinancing and rehabilitation of the affordable housing development. The existing 2001 loan was modified to extend its maturity for fifty-five (55) years and provides for a suspension of principal payments for the estimated construction period. The Authority Loan shall bear interest at the greater of the current applicable federal rate as of the date of the Promissory Note or one percent (1%) simple interest per annum, and will be repaid from seventy-five percent (75%) of the developments residual receipts remaining after payment of fees and expenses. As of June 30, 2025, the total receivable from PD Hovley Limited Partnership was $5,148,813."
        },
        {
            "id": "p76.11",
            "order": 57,
            "type": "footer",
            "bbox": {
                "l": 299.04,
                "t": 47.28,
                "r": 312.48,
                "b": 36.24
            },
            "text": "76",
            "attrs": {
                "block_label": "number"
            }
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
    }
}