REDEVELOPMENT AGENCY OF THE CITY OF RIALTO

Transcription

1 REDEVELOPMENT AGENCY OF THE CITY OF RIALTO $29,600,000 TAX ALLOCATION HOUSING SET- ASIDE BONDS, (MERGED PROJECT AREA) 2008 SERIES B (TAXABLE) $21,965,000 TAX ALLOCATION BONDS, (MERGED PROJECT AREA) 2008 SERIES C (TAXABLE) San Bernardino County, California Dated: April 29, 2008 Base CUSIP : 76245E SUPPLEMENT NO. 1 TO: 2013 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT Dated February 13, 2014 AND NOTICE OF OCCURRENCE OF LISTED EVENT As of July 21, 2014 Also available at: Copyright, American Bankers Association. CUSIP data is provided by Standard and Poor's, CUSIP Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 LIST OF PARTICIPANTS SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIALTO George N. Harris Director of Administrative and Community s 150 South Palm Avenue Rialto, California (909) DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial s * Temecula, California (951) UNDERWRITER Griffin, Kubik, Stephens & Thompson, Inc. BOND COUNSEL Fulbright & Jaworski LLP Los Angeles, California TRUSTEE Nabeel Badawi Union Bank, N.A. 120 S. San Pedro Street, 4 th Floor Los Angeles, California (213) * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial s has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 TABLE OF CONTENTS I. INTRODUCTION... 1 II. FINANCIAL INFORMATION... 2 III. OPERATING INFORMATION... 2 A. HISTORICAL TAX REVENUES... 2 B. DEBT SERVICE COVERAGE... 3 C. HOUSING SET-ASIDE DEBT SERVICE COVERAGE... 3 IV. OCCURRENCE OF LISTED EVENT RATING CHANGE... 3 Successor Agency to Rialto RDA

4 I. INTRODUCTION Pursuant to an Official Statement dated April 17, 2008, the Redevelopment Agency of the City of Rialto (the Former Agency ) issued $29,600,000 Tax Allocation Housing Set-Aside Bonds (Merged Project Area), 2008 Series B (Taxable) (the Series B Bonds ) and $21,965,000 Tax Allocation Bonds (Merged Project Area), 2008 Series C (Taxable) (the Series C Bonds and together with the Series B Bonds, the Bonds ). The proceeds of the Series B Bonds were used to finance certain housing related redevelopment activities of the Former Agency. The proceeds of the Series C Bonds were used to finance certain related redevelopment activities of the Former Agency. The City of Rialto (the City ) is located in San Bernardino County, approximately 55 miles east of the City of Los Angeles and encompasses an area of approximately 23.4 square miles. Upon the dissolution of California redevelopment agencies effective February 1, 2012, the City elected to become Successor to the Former Agency (now referred to as the Successor Agency ). Due to the dissolution of the redevelopment agencies as previously discussed, the Successor Agency receives payments from the County s Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund debt service on the Bonds. As such, the Bonds are special obligations of the Successor Agency, payable from and secured by Pledged Tax Increment Revenues generated within the Project Area. The Bonds are not a debt of the City, the State of California, or any of its political subdivisions and neither the City, the State of California, nor any of its political subdivisions is liable. The Bonds do not constitute indebtedness within the meaning of any constitutional or statutory debt limit or restriction. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the Former Agency for the benefit of the holders of the Bonds and includes the information specified in a Continuing Disclosure Certificate. For further information and a more complete description of the Former Agency, the City and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Successor Agency and by other sources, which are believed to be accurate and reliable, but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement that involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Successor Agency or any other parties described herein. 2012/ B & C TAB Successor Agency to Rialto RDA 1

5 II. FINANCIAL INFORMATION Due to the dissolution of California redevelopment agencies effective February 1, 2012, there will not be separate audited financial statements prepared for the Former Agency. Commencing with the audited financial statements of the City for the fiscal year ended June 30, 2012, the activities of the Successor Agency will be reported as a fiduciary trust fund as part of the City s audited financial statements. The City s audited financial statements for the fiscal year ended June 30, 2013 have been separately filed through the Municipal Securities Rulemaking Board s Electronic Municipal Market Access website ( EMMA ) and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. III. OPERATING INFORMATION A. HISTORICAL TAX REVENUES Merged Redevelopment Project Area Fiscal Year 2011/ /13 Gross Tax Increment Revenue $21,589,739 $24,322,765 Less: SB 2557 Administration Fee (248,337) (127,592) Housing Set-Aside (53,974) (60,807) County Collection Charge (4,317,948) (4,864,553) Senior Pass-Throughs County of San Bernardino (607,619) (686,873) San Bernardino Valley Municipal Water District (870,800) (908,157) San Bernardino Flood Control District (253,316) (282,366) San Bernardino Library Fund (121,004) (135,796) San Bernardino Community College District (63,140) (69,094) Colton Unified School District (380,139) (415,523) Rialto Unified School District (29,144) (29,191) San Bernardino Superintendent of Schools (8,727) (9,597) West San Bernardino County Water District (116,616) (127,716) West Resource Conservation District (1,681) (1,848) Net Tax Revenues $14,517,293 $16,603,654 Source: HdL Coren & Cone. 2012/ B & C TAB Successor Agency to Rialto RDA 2

6 B. DEBT SERVICE COVERAGE Fiscal Year Net Tax Revenues Available for 2003A 2005A 2005C 2008A 2008C Coverage 2011/12 $14,517,293 $2,188,738 $1,287,318 $1,305,475 $2,751,158 $1,838, /13 16,603,654 2,183,513 1,291,645 1,306,845 2,747,018 1,838, C. HOUSING SET-ASIDE DEBT SERVICE COVERAGE Fiscal Year Housing Set-Aide Revenue 2005B 2008B Coverage 2011/12 $4,317,948 $772,698 $2,343, /13 4,864, ,933 2,341, IV. OCCURRENCE OF LISTED EVENT RATING CHANGE On March 25, 2010, Standard & Poor s Ratings s ( S&P ) downgraded Ambac Assurance Corp. ( Ambac ) from CC to R. On April 30, 2010, Fitch Ratings recalibrated its rating on the Bonds from BBB+ to A-. On November 30, 2010, S&P withdrew its rating of Ambac upon request. On April 7, 2011, Moody s Investors withdrew its rating of Ambac for business reasons. 2012/ B & C TAB Successor Agency to Rialto RDA 3