Mount Diablo Unified School District Community Facilities District No. 1

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1 Mount Diablo Unified School District Community Facilities District No. 1 Continuing Disclosure Annual Report Fiscal Year Ended June 30, 2012 Prepared by: Mount Diablo Unified School District 1936 Calrlotta Drive Concord, CA 94519

2 Table of Contents I. Introduction... 3 II. Audited Financial Statements... 3 III. Adopted Budget... 3 IV. Principal Amount of Bonds Outstanding... 3 V. Reserve Account and Redemption Account Balances... 4 VI. Assessed Values... 4 VII. Value to Lien Ratio of Property in the CFD... 5 VIII. Contra Costa County Property Tax Collections... 5 IX. Projected Debt Service Coverage... 5 X. Special Tax Levy... 6 XI. Major Taxpayers... 6 XII. Land Uses According to County Use Codes... 7 XIII. Subsequent Events

3 I. Introduction The Mount Diablo Unified School District ( District ) hereby provides its continuing disclosure annual report pursuant to the Continuing Disclosure Agreements in connection with the following financings for the fiscal year ended June 30, 2012 ( Annual Report ): Exhibit 1 Financings Mount Diablo Unified School District: Community Facilities District No. 1 Base CUSIP Financing Series 2005 Special Tax Revenue and Refunding Bonds Series 2006 Special Tax Refunding Bonds II. Audited Financial Statements The District s audited financial statements for the fiscal year ended June 30, 2012 have been submitted separately to EMMA (Electronic Municipal Market Access). III. Adopted Budget The District s adopted budget for fiscal year has been submitted separately to EMMA (Electronic Municipal Market Access). IV. Principal Amount of Bonds Outstanding Outstanding Debt Outstanding as of June 30, Special Tax Bonds 12,565, Special Tax Bonds 21,255,000 Total $33,820,000 Source: Mount Diablo Unified School District 3

4 V. Reserve Account and Redemption Account Balances As of July 1, 2012 Ending Reserve Fund Balance (1) Ending Prior Redemption Fund Balance Total Funds Available for Early Redemption Outstanding Bonds 2005 Bonds $1,480, $203, $1,684, $12,565, Bonds $2,421, $332, $2,753, $21,255, Total $3,901, $536, $4,438, $33,820, (1) Reserve fund requirement (of combined series) as of June 30, 2012: $3,900, Source: Mount Diablo Unified School District VI. Assessed Values Set forth below is a summary of the assessed value of property located within the Community Facilities District (the CFD ) for Fiscal Years through The CFD is composed of all property located within the Mt. Diablo Unified School District (the District ). As a result, assessed values reflected below also constitute the value of all assessed property found in the District. Fiscal Year Secured Assessed Value Utility Unsecured Assessed Value Total Assessed Value % Change ,924,776,672 7,279, ,038,398 29,906,094, ,609,334,442 6,768, ,855,683 29,550,958, % $27,968,639,633 $6,768,296 $912,822,483 $28,888,230, % Source: California Municipal Statistics, Inc. 4

5 VII. Value to Lien Ratio of Property in the CFD The following is the ratio of total assessed value in the CFD to outstanding debt, as of June 30, Fiscal Year Total Assessed Value Outstanding Debt: 2005 Bonds Outstanding Debt: 2006 Bonds Total Outsanding Debt (1) Value: Lien Ratio $28,888,230,412 $12,565,000 $21,255,000 $33,820, (1) Outstanding as of June 30, 2012 Source: Isom Advisors VIII. Contra Costa County Property Tax Collections The issuer represents that Contra Costa County continues to utilize the Teeter Plan as a method for disbursing property tax revenues to local taxing entities. IX. Projected Debt Service Coverage The following is a summary of projected special tax revenues and debt service coverage, based on the Fiscal Year tax roll. Tax Year Begining Aug 1 Tax Revenue Net Taxes (after cost of collection) Maturity Date Aug 1 Source: Willdan Financial Services and Isom Advisors Mello Roos Bond Debt Service Series 2005 Series 2006 Refund & Refunding New Debt Bonds Debt Service Service Debt Service Coverage Ratio Taxable Units Total Debt Service ,308 $6,586, $1,067,024 $2,813,824 $3,880, % ,308 6,586, ,077,524 2,812,324 3,889, % ,308 6,586, ,076,261 2,808,011 3,884, % ,308 6,586, ,098,511 2,788,149 3,886, % ,308 6,586, ,203,491 2,692,949 3,896, % ,308 6,586, ,192,966 2,707,949 3,900, % ,308 6,586, ,180,856 2,711,394 3,892, % ,308 6,586, ,162,121 2,735,125 3,897, % ,308 6,586, ,561, ,765 1,763, % ,308 6,586, ,554, ,945 1,754, % ,308 6,586, ,763, ,905 1,966, % ,308 6,586, ,766, ,425 1,966, % ,308 6,586, , , % ,308 6,586, , , % $92,212,904 $15,704,407 $23,291,315 $38,995,722 5

6 X. Special Tax Levy The following table summarizes the number of taxable units in each land use category as well as the applied special tax rate for each category. Land Use Classification Tax Units (1) Dollars Levied FY 2012/13 % of Total Revenue Residential Single Family 70,349 $4,713, % Industrial 14, , % Commercial 9, , % Residential Multifamily 2, , % Governmental/Institutional , % Agricultural , % Municipally Owned (Taxable) 46 3, % Total 98,308 $6,586, % (1) Each tax unit is levied at the maximum tax of $67.00 Source: Willdan Financial Services XI. Major Taxpayers Set forth below is a summary of the major taxpayers ( Top Ten ) located in the CFD, based on their respective special tax payments for the Fiscal Year. Property Owner Parcels Estimated Tax Levy % of Est. Levy TESORO REFINING & MARKETING CO 27 $588, % NGP REALTY SUB LP 17 59, % RMC PACIFIC MATERIALS INC 2 48, % LP CATALYST HOLDINGS INC 4 28, % ALLIED CHEMICAL CORP 7 25, % EAST BAY REGIONAL PARK DIST 1 18, % TAUBMAN LAND ASSOCIATES LLC 6 18, % HRO INC , % GONSALVES & SANTUCCI INC 12 15, % GRUPE REAL ESTATE INVESTORS , % Total 553 $835, % Source: Willdan Financial Services 6

7 XII. Land Uses According to County Use Codes The following table summarizes the number of parcels in each land use for FY Land Use Classification Parcels Residential Single Family 70,324 Industrial 549 Commercial 1,572 Residential Multifamily 1,264 Governmental/Institutional 166 Agricultural 203 Municipally Owned (Taxable) 46 Total 74,124 Source: Willdan Financial Services XIII. Subsequent Events As of January 1, 2012 the District s Community Facilities District No. 1 Series 2002 Special Tax Refunding Bonds maturing August 1, 2012 through August 1, 2022 were defeased and redeemed on February 1,