CUSIP Numbers. * Retired as of the date of this report.

Transcription

1 VALLEJO CITY UNIFIED SCHOOL DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2 SPECIAL TAX BONDS SERIES 2007 ($7,360,000) (Bank Qualified) CONTINUING DISCLOSURE ANNUAL REPORT FISCAL YEAR (per SEC Rule 15c2-12(b)(5)) CUSIP Numbers $100, BG0* $255, BR6 $190, BH8* $265, BS4 $195, BJ4* $560, BU9 $205, BK1* $600, BW5 $210, BL9* $650, BY1 $220, BM7* $705, CA2 $225, BN5* $765, CC8 $235, BP0 $1,735, CG9 $245, BQ8 * Retired as of the date of this report. April 15, 2014

2 Community Facilities District No. 2 $7,360,000 Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report TABLE OF CONTENTS Section Page I. Introduction...1 II. Finances of Community Facilities District No III. Status of Development...4 IV. Reporting of Significant Events...5 Appendix A Vallejo City Unified School District Audited Financial Statements

3 I. Introduction This report contains certain information required to be filed annually per SEC rule 15c2-12(b)(5) (the Rule ) by Community Facilities District No. 2 ( CFD No. 2 ) of the Vallejo City Unified School District ( VCUSD or the District ). The Rule is applicable to the Special Tax Bonds, Series 2007 ( Series 2007 Bonds ) issued in the aggregate principal amount of $7,360,000. The Rule requires that an issuer undertake in a written agreement or contract, for the benefit of holders of the securities issued, to file with national and state repositories the following: 1. Certain financial information as presented in the Continuing Disclosure Certificate 2. VCUSD s audited financial statements 3. Notice of certain enumerated significant events, as specified in the Continuing Disclosure Certificate 4. Notice of any failure to provide such annual financial information as agreed To comply with the Rule, VCUSD signed the Continuing Disclosure Certificate requiring the District to provide annually, or as they occur, the aforementioned enumerated documents or events. Pursuant to the Continuing Disclosure Certificate, the District is required to file an Annual Report (if not defined herein, all capitalized terms shall have the same meaning as defined in either the Fiscal Agent Agreement or the Continuing Disclosure Certificate for the Series 2007 Bonds) with all national and State of California repositories (currently, no State of California repositories exist). Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report Page 1

4 II. Finances of Community Facilities District No. 2 The Vallejo City Unified School District, pursuant to the Continuing Disclosure Certificate, has agreed to provide the following information: A) Audited financial statements of the District for the preceding fiscal year prepared in accordance with generally accepted accounting principles. If the District s audited financial statements are not available by the time the Annual Report is required to be filed, the Annual Report shall contain unaudited financial statements, and the audited financial statements shall be filed in the same manner in the Annual Report when they become available. The District s audited and unaudited financial statements were not complete at the time of this Annual Report s due date. They will be submitted when they are completed. B) The following financial information and operating data with respect to CFD No. 2 for the preceding fiscal year: a) The principal amount of the Series 2007 Bonds outstanding: As of June 30, 2013, the principal amount outstanding is $6,240,000. b) The balance in the Project Fund: This fund has been closed. c) The balance in the Reserve Fund and statement of Reserve Requirement: In lieu of cash-funding the Reserve Fund, a surety bond was issued through Capital Assurance to satisfy the Reserve Requirement. As of June 30, 2013, the Reserve Requirement was $484,253. Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report Page 2

5 d) The balance in other funds and accounts held by the District, District Treasurer, or Fiscal Agent related to the Bonds: As of June 30, 2013, the balance in the Cost of Issuance Account is $1. As of June 30, 2013, the balance in Resource 9027 for CFD No. 2 is $9,939. e) Additional debt authorized by the District and payable from or secured by assessments of special taxes with respect to property within CFD No. 2: In August 2001, the District issued the VCUSD CFD No. 2 Special Tax Bonds, Series 2001 in the aggregate principal amount of $19,305,000. As of June 30, 2013, the principal amount outstanding of the Special Tax Bonds, Series 2001 is $15,130,000. f) Table of owners responsible for greater than 10% of the annual Special Tax levy, including total amount of applicable Special Tax levies and percentage of the total Special Tax levy: No property owner was responsible for more than 10% of the annual Special Tax levy for fiscal year g) Table indicating annual Special Tax levy, amount collected, delinquent amount and percent delinquent for the most recent year: Special Tax Levy Amount Collected* Amount Delinquent* Percent Delinquent* $3,488,115 $3,323,822 $164, % * As of May 7, In accordance with the Teeter Plan, the District receives the total special tax levy, regardless of the actual amount of the levy that is collected, from Solano County. Collection of delinquent CFD taxes is pursued by the County. h) Status of foreclosure proceedings and summary of results of foreclosure sales, if available: None pending i) Identity of any delinquent property owner representing more than 10% of levy: None Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report Page 3

6 III. Status of Development A) Significant amendments to land use entitlements known to the Issuer: None B) Summary of total number of parcels in CFD No. 2, number of developed residential parcels, number of developed commercial parcels, and total square footage of residential buildings and commercial buildings: For Fiscal Year Total Parcels in CFD No. 2 3,282 Developed Residential Parcels 2,997 Developed Commercial Parcels 17 Sq. Ft. of Residential Buildings 7,166,143 Sq. Ft. of Commercial Buildings 852,771 Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report Page 4

7 IV. Reporting of Significant Events The District shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds, if material, to the Municipal Securities Rulemaking Board and the Dissemination Agent as soon as possible: (i) (ii) (iii) (iv) (v) (vi) (vii) Principal and interest payment delinquencies; Non-payment related defaults; Unscheduled draws on debt service reserves reflecting financial difficulties; Unscheduled draws on credit enhancements reflecting financial difficulties; Substitution of credit or liquidity providers, or their failure to perform; Adverse tax opinions or events affecting the tax-exempt status of the security; Modifications to rights of security holders; (viii) Bond calls; (ix) Defeasances; (x) Release, substitution, or sale of property securing repayment of the Series 2007 Bonds; (xi) (xii) Rating changes; Initiation of bankruptcy proceedings by the District No material events have occurred since the last report was filed. Special Tax Bonds, Series 2007 Continuing Disclosure Annual Report Page 5

8 APPENDIX A Vallejo City Unified School District Audited Financial Statements for Fiscal Year Ending June 30, 2013 (To Come Under Separate Cover)