City of Oakland. Utility Underground Assessment District No Piedmont Pines Phase I. Continuing Disclosure Annual Report

Transcription

1 City of Oakland Utility Underground Assessment District No Piedmont Pines Phase I Continuing Disclosure Annual Report Fiscal Year Ended: June 30, 2014 Main Office Temecula Parkway, Suite 100 Temecula, CA Toll free: Fax: Regional Office 870 Market Street, Suite 1223 San Francisco, CA Toll free: Fax:

2 City of Oakland $3,148, UTILITY UNDERGROUND ASSESSMENT DISTRICT NO PIEDMONT PINES PHASE I 2010 LIMITED OBLIGATION IMPROVEMENT BONDS DATED: MARCH 9, 2010 CUSIP NOS. MATURITY CUSIP MATURITY CUSIP AD AQ AE AR AF AS AG AT AH AU AJ AV AK AW AL AX AM AY AN AZ AP BA BB5

3 TABLE OF CONTENTS 1. INTRODUCTION CONTENT OF ANNUAL REPORT Audited Financial Statements Principal Amount of Bonds Outstanding Fund Balances Value-to Lien Ratio Delinquency Information SIGNIFICANT EVENTS APPENDIX 4-1 NBS has relied upon information provided by sources which are believed to be reliable without independent verification. Therefore we express no opinion as to the completeness, accuracy or suitability of such information.

4 1. INTRODUCTION The purpose of this report is to provide information to Electronic Municipal Market Access (EMMA) in order to comply with the provisions contained in the Continuing Disclosure Certificate (the Disclosure Certificate ) for the City of Oakland (the City ), Utility Underground Assessment District No (the District ), Piedmont Pines Phase I 2010 Limited Obligation Improvement Bonds (the Bonds ). The Disclosure Certificate was executed and delivered by the City for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 1-1 Prepared by NBS Fiscal Year Ended June 30, 2014

5 2. CONTENT OF ANNUAL REPORT 2.1. Audited Financial Statements The Fiscal Year 2013/14 Audited Financial Statements of the City will be disseminated to EMMA under separate cover. THE CITY S ANNUAL FINANCIAL STATEMENT IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES EXCHANGE COMMISSION STAFF S INTERPRETATION OF RULE 15C2-12. NO GENERAL FUNDS OR ASSETS OF THE CITY ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE CITY IN EVALUATING WHETHER TO BUY, HOLD, OR SELL THE BONDS Principal Amount of Bonds Outstanding The principal amount of the Bonds outstanding as of June 30, 2014 was $2,945, Fund Balances The following table shows the fund balances for the District as of June 30, 2014: Fund Balance Improvement Fund $1,963, Redemption Fund 151, Reserve Fund 230, Value-to Lien Ratio Assessed Value (1) Unbilled Principal (2) Value-to-Lien $122,186, $2,883, :1 1) Includes land and structure value as of January 1, ) As of June 30, Delinquency Information Refer to the Appendix for delinquency information, including a list of all parcels delinquent in the payment of the assessment, amounts of delinquencies, and length of delinquencies. There are no parcels in foreclosure at this time. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 2-1 Prepared by NBS Fiscal Year Ended June 30, 2014

6 3. SIGNIFICANT EVENTS No significant events occurred during the Fiscal Year ended June 30, Disclosure Certificate, significant events are as follows: According to the (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) principal and interest payment delinquencies. non-payment related defaults. modifications to rights of Bondholders. optional, contingent or unscheduled bond calls. defeasances. rating changes. adverse tax opinions or events affecting the tax-exempt status of the Bonds. unscheduled draws on the Reserve Fund reflecting financial difficulties. unscheduled draws on the credit enhancements reflecting financial difficulties. substitution of the credit or liquidity providers, or their failure to perform. release, substitution, or sale of property securing repayment of the Bonds. initiation of bankruptcy proceedings by the City or by or on behalf of any person owning property representing more than five percent (5%) of the unpaid reassessments. Notice for listed events described in items (iv) and (v) above need not be given any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds pursuant to the Fiscal Agent Agreement. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 3-1 Prepared by NBS Fiscal Year Ended June 30, 2014

7 4. APPENDIX The following pages show delinquency information, including a list of all parcels delinquent in the payment of the assessment, amounts of delinquencies, and length of delinquencies. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 4-1 Prepared by NBS Fiscal Year Ended June 30, 2014

8 City of Oakland PIEDMONT PINES UNDERGROUND AD NO Delinquency Detail Report Late Charges Calculated Through: 06/30/2014 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) 048D SYDNEY & CO LLC 3317 KEMPTON AVE #301 12/10/ Account Subtotal: $1, $ $ $1, D ELKIND NANCY L 5968 ASCOT DR Account Subtotal: $ $ $ $ 048D BROWNLOW RYAN 5972 ASCOT DR 12/10/ /10/ /10/ /10/ Account Subtotal: $2, $1, $ $3, D DAVIS RICHARD F & DOROTHEA E 6470 ASCOT DR 12/10/ /10/ Account Subtotal: $1, $ $ $1, D SPEARS KEITH M & WEBB DORIAN K C/O: HAMILTON LANE 200 CALIFORNIA ST #400 SAN FRANCISCO, CA /10/ DB 04/10/ DB Account Subtotal: $1, $ $ $1, D FARRELL NICHOLAS J & COATES CORINNE D 6608 ASCOT DR Account Subtotal: $ $ $ $ 048D GOLDIE EDWARD B ETAL 9130 SKYLINE BLVD 12/10/ (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): RL=Reminder Sent; DL=Demand Letter Sent; SR=Tax Roll Removal Requested; SC=Tax Roll Removal Confirmed; FL=Foreclosure Letter Sent; OL=Other Letter Sent; FI=Judicial Foreclosure Initiated; CP=County Payment Plan; FH=Judicial Forecloseure on Hold/Special Case; FC=Foreclosure Complete; LIT=Litigation Guarantee; LGL=Legal Fees and Costs; O=Other Fees; SO=Tax Roll Removal County Fee; PP=Payment Plan. (3) Miscellaneous Codes: DB=Direct Bill Sent; BK=Declared Bankruptcy; PM=Partial PAyment made, remainder delinquent. Copyright 2013 by NBS Page 1 of 2 10/28/ :19:49PM

9 City of Oakland PIEDMONT PINES UNDERGROUND AD NO Delinquency Detail Report Late Charges Calculated Through: 06/30/2014 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) Account Subtotal: $1, $ $ $1, D NTFVA LLC 9120 SKYLINE BLVD 04/10/ /10/ Account Subtotal: $1, $ $ $2, D SIMONS WILLIAM G TR 6846 WILTON DR 04/10/ Account Subtotal: $ $ $ $ District Totals: 9 Accounts $10, $3, $ $13, Report Totals: 9 Accounts $10, $3, $ $13, (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): RL=Reminder Sent; DL=Demand Letter Sent; SR=Tax Roll Removal Requested; SC=Tax Roll Removal Confirmed; FL=Foreclosure Letter Sent; OL=Other Letter Sent; FI=Judicial Foreclosure Initiated; CP=County Payment Plan; FH=Judicial Forecloseure on Hold/Special Case; FC=Foreclosure Complete; LIT=Litigation Guarantee; LGL=Legal Fees and Costs; O=Other Fees; SO=Tax Roll Removal County Fee; PP=Payment Plan. (3) Miscellaneous Codes: DB=Direct Bill Sent; BK=Declared Bankruptcy; PM=Partial PAyment made, remainder delinquent. Copyright 2013 by NBS Page 2 of 2 10/28/ :19:49PM