MEMORANDUM. 2. Second Interim Report for fiscal year , including original Adopted Budget information;

Transcription

1 MEMORANDUM To: From: Electronic Municipal Market Access (EMMA) Municipal Securities Rulemaking Board Government Financial Strategies, as Dissemination Agent for Davis Joint Unified School District Date: April 12, 2013 Re: Annual Disclosure Report - CFD #1 Special Tax Bonds: Refunding Series 2006 and Refunding Series 2007; - CFD #2 Special Tax Bonds: Series 2004 and Refunding Series 2012; - General Obligation Refunding Bonds: Series 2010 and Certificates of Participation Pursuant to the continuing disclosure requirements of the above referenced transactions, enclosed please find the following documents/information: 1. Audit for fiscal year ; 2. Second Interim Report for fiscal year , including original Adopted Budget information; 3. Mello-Roos CFD #1 Tax Report for fiscal year Mello-Roos CFD #2 Tax Report for fiscal year See CFD #1 Tax Report for the summary of Special Tax Levy of CFD#1 by property types; 6. See CFD #2 Tax Report for the summary of Special Tax Levy of CFD#2 by property types; 7. See Audit report for Outstanding General Obligation Bonds principal amount as of June 30, See Mello-Roos CFD #1 Tax Report for Outstanding CFD #1 Bonds Principal Amount as of June 30, 2012; 9. See Mello-Roos CFD #2 Tax Report for Outstanding CFD #2 Bonds Principal Amount as of June 30, 2012; 10. The assessed value of taxable properties in the school district for fiscal year ; Net Secured Net Unsecured Total Net Homeowners' Total Fiscal Year AV Assessed Value Utility Assessed Value Assessed Value Exemption Assessed Value Yolo County $6,817,581,337 $287,602 $195,148,084 $7,013,017,023 $69,069,628 $7,082,086,651 Solano County $17,305,366 $0.00 $215,708 $17,521,074 $28, $17,549,074 $7,030,538,097 $7,099,635,725 Source: Yolo and Solano Counties Offices of the Auditor-Controller

2 April 12, 2013 RE: Annual Disclosure Report for the Davis Joint Unified School District Page Yolo and Solano counties continue to utilize the Teeter Plan with no changes to the Plan; 12. Yolo County maintains the same Investment Policy; 13. The 15 Largest Major Taxpayers of CFD #1 for fiscal year is as follows; NAME # PARCELS TOTAL CFD1 TAX FAIRFIELD CAMBRIDGE GLEN LLC 2 $22, KW DAVIS LLC 3 $21, SUTTER HEALTH 3 $21, UNIV RETMT COMM AT DAVIS INC 1 $20, CRANBROOK PARTNERS LLC 1 $19, SEQUOIA EQUITIES-CYPRESS POINT 2 $19, PARKSIDE APARTMENTS 1 $18, THORNHILL HENRY E III TR ETAL 2 $16, RENAISSANCE PARK 176 LLC 1 $15, EL MACERO VILLAGE APTS INV 1 $15, TEICHERT LAND CO 2 $14, WGA SYCAMORE LANE LP 2 $14, BURNHAM FAM LTD PRTNRSHP ETAL 2 $14, SFC GREYSTONE INVESTORS L P 1 $14, WILLOWS PARTNERS LLC 1 $14, $265, Source: SCI Consulting Group 14. The 15 Largest Major Taxpayers of CFD #2 for fiscal year is as follows; NAME # PARCELS TOTAL CFD2 TAX UNIV RETMT COMM AT DAVIS INC 1 $110, FINE ARTS LP 1 $59, WALNUT PARK APARTMENTS 1 $46, SE-DAVIS LLC 1 $37, SARATOGA WEST LP 1 $34, SEVILLE DAVIS LLC 1 $31, WARMINGTON DAVIS-SACTO 38 LLC 23 $26, GLACIER POINT ASSOC LP 1 $25, OAKSHADE COMMONS APT LLC 1 $23, WILDHORSE FAMILY APTS LP 1 $21, OAKSHADE AVALON INC 1 $20, VERONA-DAVIS LLC 84 $16, BUZZ OATES LLC ETAL 4 $11, TARGET CORPORATION 3 $9, BRIX & MORTAR PARTNERS LLC 17 $8, $483, Source: SCI Consulting Group

3 April 12, 2013 RE: Annual Disclosure Report for the Davis Joint Unified School District Page Projected Coverage Ratios for all obligations paid by CFD #1 special taxes including Bond Reserve Account and Prior Redemption Account Balances as of June 30; 16. Projected Prior Redemption Account Balance and Bond Reserve available for early redemption (for CFD #1); 17. Projected Coverage Ratios for all obligations paid by CFD #2 special taxes; Enclosures

4 J NIFI L M No.1 COMMUNITY SPECIAL TAX REPORT - FINAL FISCAL YEAR APRIL,2013 PURSUANTTO MELLO-Roos COMMUNITY FACILITIES ACT OF 1982 TAX ADMINISTRATION CONSULTANT: 4745 MANGELS BLVD. FAIRFIELD, CALIFORNIA PHONE FAX

5 PAGEl OF Lovenburg, President Allen, Vice President Gina LJFJIIp.lm~n Richard Harris Tim Taylor Winfred Roberson """", nr-.atl: SUPERINTENDENT OF BUSINESS SERVICES Bruce Colby TAX ADMINISTRATION CONSULTANT SCI Consulting Group COMMUNITY FACILITIES DISTRICT No.1

6 PAGE II EXECUTIVE SUMMARY... a.a... 1 TAX FISCAL BY AND LJI I II~lJl'" IVl,1I1 d... 7 ADMINISTRATION OF COMMUNITY FACILITIES DISTRICT... 9 REQUiREMENTS... 9 PROCEDURES... 9 "'11"\''T"ll"'r-" OF TAX LIEN... 9 REPORTING REQUiREMENTS RATE AND METHOD OF ApPORTIONMENT OF SPECIAL TAX DISTRICT BOUNDARY DIAGRAM ApPENDIX A - SPECIAL TAX ROLL, FY ApPENDIX B - NOTICE OF SPECIAL TAX LIEN COMMUNITY FACILITIES DISTRICT No.1

7 PAGE III 1 - LJLJIVI'V,r\" 3- FIGURE4- OF OF BY... 2 OF OF BY Dnr,,\nr-lnTv TyPE FIGURE 5 - BOND luu\jr'\i~'v'-u AND PRINCIPAL LJM'I"\'~\;'... 6 FIGURE 6 - DELINQUENCY DATA - YOLO COUNTY... 7 FIGURE 7 - DELINQUENCY DATA - SOLANO COUNTy... 8 COMMUNITY FACILITIES DrsTRlcT No, 1

8 PAGE 1 The Joint Unified School District formed Davis Joint Unified School District Community District Number 1 (CFD #1) on June 1, 1990 for purpose of financing new improved within District. #1 was formed after over two-thirds support from election held on '''If'\\IOrr,nOr 7, 1 This Report the fiscal year Tax, Method of Apportionment and related There are currently 1 total in CFD,which includes both subdivided, nonsubdivided parcels tax-exempt in both and Solano Counties. The total annual special tax to be collected within CFD #1 year is $4,051, Figure 1, on the following page, summarizes the current Special Tax COMMUNITY FACILITIES DISTRICT No.1

9 PAGE SUMMARY OF... rul~._l BY $ $78, $ $1 1, $142} $156, $ $1 $112, $ $110} , $ $162, , $2,876, $148, , $137, , $154, [1] 22, $ (499.00) $74, [2] 22, $ $3,380, (76.50) $138, , $ $192, $165.64, $158, , $ $3,882,306,41 $150, , $4,051, $ *The total tax and number of special tax units listed the amounts submitted to the County Auditors (after any revisions for property The total amounts reflect senior citizen and low income tax reductions. In order to comply with County Auditor levy submission requirements, all taxes are rounded down to the even penny. Therefore, due to this rounding, the total tax listed above does not generally equal the tax units times the tax per STU. [1J The decrease in Special Tax Units was due to parcel usecode changes by the County, as well as adjustments made to the Wild Horse Golf Course property. [2] The decrease in Special Tax Units for , and through , was largely due to greater numbers of senior citizen reductions awarded than in the respective previous years, as well as additional parcels classified as nontaxable by the County. DAVIS JOINT UNIFiED SCHOOL DISTRICT COMMUNITY FACILITIES DISTRICT No.1

10 PAGE 3 BY The tr.lll"\\afinr< 2 OF..:I... r::l~i"'l BY Total Taxed Senior Low-Inc. 13,561 13,560 1,355 13, Condominium 1,167 1, Mobile Home, separate Commercial/industrial Office $91, $ $11, $857, $ $10, Park Joined 10 1, $0.00 TOTALS 18,588 16,624 1, ,178.00

11 PAGE 4 The following figure presents a of fiscal year special tax levies by County. (Totals shown are adjusted to account for senior and low income reductions.) FIGURE 3 - SUMMARY OF SPECIAL TAX BY Tota! Parcels Taxed Parcels Tax Units Total Tax Percent of Total Yolo Solano 18, , $4,049, % $1, % Totals 18,588 16,624 21, $4, % COMMUNITY FACILITIES DISTRICT No.1

12 PAGE 5 FISCAL Figure provides the expenditures for Fiscal FIGURE 4 - SUMMARY OF SPECIAL TAX EXPENDITURES Year Beginning Balance Contribution To I From CFD No.1 Fund Interest Income Bond Requirements Principal Repayment Interest Administrative Expenses Less: Credits Ending Balance Total Annual Special Tax: $4,051,890 $100,000 $1,710,000 $891,620 $59,800 $0 $18,037,295,420 $15,375,875 $4,051,890 COMMUNITY FACILITIES DISTRICT No.1

13 PAGE 6 OUTSTANDING Nine of Mello-Roos bonds with total principal balance of 5,000 have been Imn"t-:lrI70C' the bond issuance and outstanding principal to reflect of the Series 2001 bonds in February, principal activity by the redemption 5 - ISSUANCES AND PRINCIPAL!.oI/"\L-MI'I'... I...;J Bond 1990 {I] 1991 [1J Series Series 1995 [2J 1996 {3J Series 1997 {3J Series Series 2006 Series 2007 CFD No.1 $0 $0 $0 $0 $21,000,000 $0 $0 $0 $6,215,000 $17,000,000 $81,633,630 $23,215,000 [1] Refunded by Series 1996 bonds [2] Refunded by Series 2006 bonds [3] Refunded by Series 2007 bonds [4] Redeemed in February 2012 COMMUNITY FACILITIES DISTRICT No.1

14 PAGE 7 nrr.,"'oorilnf'lc' and, when No. 1 were 0.69% of total in Yolo County, and 0% for with the Counties of Yolo and District and in return all delinquent plan allows the District to maintain reliable annually by during the special tax in institute foreclosure than to against delinquent installments. is obligated to institute proceedings in the case of a single property owner who is delinquent by more than $25,000. FIGURE 6 - DELINQUENCY DATA - YOLO COUNTY FY Levies Total ljev!310pt3d Percent Parcels Delinquent 16, % Total Total Levied Delinquent Tax Delinquent $3,880, $26, % COMMUNITY FACILITIES DISTRICT No.1

15 PAGE 8 FY Total Ue\lelOOed % $1, $ % COMMUNITY FACILITIES DISTRICT No.1 SPECIAL TAX REPORT, FY

16 PAGE 9 AoMINISTRA TION OF COMMUNITY GENERAL ADfWlINISTR Community that a Special Report annually to identify for parcels to be assl:;sse~d in the upcoming year. The levy must subsequently be filed with the County Auditor prior to the second Tuesday in August for inclusion on property tax bills. After submission of the Tax levies, the preparation of tax is VVIIVVl"y in two equal installments on the typically bills that confirmed with the in October. due on December noted, the District participating in the County of and County of Yolo Teeter Plan, so the delinquent revenues are prepaid The delinquency rate for the tax was Yolo County, and for Solano County. no property owner is currently delinquent an amount in excess of $25,000, and the rate on the threshold the bond covenants, there is no requirement to commence nrn'... oorhnt'c- at this time. Moreover, the special taxes are anticipated to remain on the Plan. NOTICES OF SPFCIAI LIEN The Act states purposes of enabling of property to the levy of special taxes the of subdivision (b) of Section of the Civil Code, the designated department, or bureau shall furnish a Notice of Tax to individual requesting the or any owner of property subject to a special tax levied by the within five working receiving a request for such notice. The agency may for this not to exceed ten dollars." A copy of this notice is included in Appendix B of this Report. In addition, any developer, subdivider or his or her agent or representative shall not sell, or lease any property subject to the Special Tax until the prospective purchaser or lessee has been furnished with and signed a written notice of special tax lien similar to that shown in Appendix B of this Report. COMMUNITY FACILITIES DISTRICT No.1

17 PAGE 10 This notice is rin"'f'1...""... and accurately provide information about the special tax and levy for property. included custom "n't1~ai""'.. n that will lookup any other functions, prints notices of special tax standard component of our administrative services. nrr",',nl"1'\f tax bills. norc'anc can information regarding special tax Consulting at Consulting Group is all tax the upcoming must be filed with the County by August 10. In Community Facilities Annual within 1 the of the The report and will be submitted and confirmed for 3. Article of the Act stipulates that any bonds on or after January 1, 1993 must provide the and Investment (CDIAC) with annual including the following information: 1. principal amount of any outstanding. 2. in bond reserve fund. 3. The balance in the capitalized fund, if 4. The number of which are with to their special tax payments, the amount that parcel is delinquent, the length of time that each been delinquent, and when foreclosure was commenced for each delinquent 5. The balance in any construction funds. 6. The assessed value of all parcels subject to the special tax to repay the bonds as shown on the most recent equalized roll. COMMUNITY FACILITIES No,1 noted, CDIAC reports are prepared annually.

18 PAGE 11 The tax listed for each parcel on the tax roll was computed at the following rates per Special Tax Unit for each parcel in CFD #1 existing as of July 1, 2012: Tax per STU $ The Special Tax Units were assigned as follows: A. Family Homes: a single-family detached house on a single parcel r:!c'c'i/"'1n ~ri 1 B. a mobile home on a parcel, or in a mobile home or in a mobile subdivision was STU. C. Multi-Family Units: all multi-family units, including duplex and halfplex, were STU per D. Commercial Property: property zoned for commercial use was assigned 1 each 1/4 acre or portion E. Industrial Property: property zoned for industrial use was assigned 1 STU 1/4 acre or portion thereof. F. Agricultural: property zoned for agricultural use was assigned 1 STU for each Agricultural property with no was not taxed. G. Vacant, undeveloped, non-agricultural property was 1 STU per H. Senior Reductions: a property owner over the of 65 obtains a reduction in the tax for primary residence by filing an application between May 15 and June 15. I. Low Income Housing Exemption: A qualifying low income/rent housing project obtain an exemption from the special tax by filing an application between May 15 and June 15. J. Any governmentally owned parcels are listed with zero Special Tax. The full text of the Rate and Method of Apportionment follows. COMMUNITY FACILITIES DISTRICT No.1

19 PAGE 17 The boundaries of CFD #1 are shown on the following diagram. COMMUNITY FACILITIES DISTRICT No.1

20 PAGE 18 --l---.:...~~= t-'""i :H~ ----:.-~~-~ "--~--~-- COMMUNITY FACILITIES DISTRICT No.1 SPECIAL TAXREPORT,FY

21 PAGEl The tax roll listing fiscal Tax for Parcels of land within the the Community District Number 1 ) of the Davis Joint Unified School District has been filed with the District and is included herein by The tax in,..,,...,..,,,,... rl,..,nr'o with the and Method of Apportionment of Special included in Section of Report titled RATE AND METHOD OF APPORTIONMENT OF TAX. COMMUNITY FACILITIES DISTRICT No.1

22 PAGEl! APJ:l~I=Nfill'i B - NOTICE OF SPECIAL The Notice of Special Tax Lien for the Community Facilities District No.1 is presented on the following COMMUNITY FACILITIES DISTRICT No.1

23 PAGE III DATE COMMUNITY FACILITIES DISTRICT No.1

24 J NIFI L 2 SPECIAL TAX... FINAL FISCAL APRIL,2013 PURSUANT TO MELLO-Roos COMMUNITY FACILITIES ACT OF 1982 TAX ADMINISTRATION CONSULTANT: 4745 MANGELS BLVD. FAIRFIELD, CALIFORNIA PHONE FAX rou

25 PAGEl OF EDUCATION Lovenburg, President Vice President Gina Daleiden Richard Harris Tim Taylor nle'tnlt"'" SUPERINTENDENT Winfred Roberson Bruce Colby SUPERINTENDENT OF BUSINESS ""'C'-I\I'~C[, TAX ADMINISTRATION CONSULTANT SCI Consulting Group COMMUNITY FACILITIES DISTRICT No.2

26 PAGEl! EXECUTIVE SUMMARY... 1 DETAIL BY U,..,r",,..,.-,,.,.,,-,,... 5 FISCAL... 6 AND '-'<u'-'''-','-'-'... 7 ADMINISTRATION OF COMMUNITY FACILITIES DISTRICT... 9 IIn, "",f'... ~~~... ~ NOTICES OF T A:X LIEN... 9 REPORTING REQUiREMENTS RATE AND METHOD OF ApPORTIONMENT OF SPECIAL TAX DISTRICT BOUNDARY DIAGRAMS ApPENDIX A - SPECIAL TAX ROLL, FY I ApPENDIX B - NOTICE OF SPECIAL TAX LIEN, FY COMMUNITY FACILITIES DISTRICT No.2

27 PAGE III FIGURE BY FIGURE4- FIGURE FIGURE6- IWW,-,n.,.vl-W AND PRINCIPAL BALANCES... 7 FIGURE 7 - '-''-c.".''''-'l..., 'v DATA... 8 FIGURE 8 - HISTORICAL AND COMMUNITY FACILITIES DISTRICT No.2

28 PAGE 1 The Joint Unified Joint Unified School 990 for construction ':If''l''II'"Of''l-::lto amount of ':l1"1'",o':l"io voting from property '-"1"'.11'1'11"," District. The tax primarily to school of bonds have been for an The Davis Joint Unified School District has conducted seven annexations of property to to Report Apportionment, the fiscal Special Method of data. total parcels in CFD #2, which includes subdivided, non-subdivided tax-exempt parcels. The total annual special tax to be collected within CFD #2 for fiscal year is $3,054, Figure 1, on the following page, summarizes the current and historical Special Tax data. COMMUNITY FACILITIES DISTRICT No.2

29 PAGE 2 FIGURE 1- SUMMARY OF LCRrr::',..., BY Current Current Fiscal Total Year's Tax Year's Tax Annual Change Year Parcels Parcels $0, ,804 $0, , ,484 $0, ,099 $0,0430 $1,290,691,84 494, ,555 2,809 $0,0450, $492, ,194 $ $487, ,986 3,525 $0,3290 $ $416, , $37, , $ $63, , $ $39, $ $57, ,136 3,809 $ $0, $80, ,216 3,903 $ $7, ,209 3,908 $ $ $23, ,213 3,914 $ $ $6, [1J 4,205 3,917 $ $ $2,960, ($44,184.64) ,348 3,943 $ $ $2,990, $30, ,378 3,999 $ $ $3,054, $63, *Notes: The total tax and number of special tax units listed are the amounts submitted to the County Auditors (after any revisions for property changes). The total tax amounts reflect low income tax exemptions, as submitted. In order to meet County Auditor submission requirements, the special tax levy for each parcel with a tax amount that is not evenly divisible by 2 is rounded down to the even penny. COMMUNITY FACILITIES DISTRICT No.2

30 PAGE 3 Figure 2 provides a listing of developed residential and commercial area by year. FIGURE 2 DEVELOPMENT DETAIL BY YEAR Fiscal Year Deve/oped Residential Developed Comm.llndust. Total Developed Res. SF Total ell SF ,510 3,600 3, ,760 3, ,037, ,678,739 9,957,915 10,624,802 10,662,367 10,701,561 10,714, , , , ,527 Note: The developed residential square footage numbers include properties that have qualified for a low income tax exemption. COMMUNITY FACILITIES DISTRICT No.2

31 PAGE 4 Figure 3 presents an analysis of the average within the of new residential properties constructed FIGURE 3 - NET ANNUAL CHANGE IN NEW HOMES AND AVERAGE SIZE 1, , , , , , , , , , ,662 3,669 3,672 3,678 3,681 3, ,667 1, ,056 4,415, ,038, ,747, , ,986, ,061, ,175, ,726 8,195, ,808 8,208,797 4,485 8,226, ,906 8,238, ,288, ,007 8,407, ,058 1,887 1,913 1,968 1,998 2,180 2, COMMUNITY FACILITIES DISTRICT No.2

32 PAGES TAX DETAil BY PROPERTY purposes. BY uondi::o"'l"v Property Type Developed Parcels Residential Square Feet Commllndust. Square Feet Tax Levy Condominium Mobile Commerciallindustrial Office $ Golf course Joined TOTALS 3,999 Notes: COMMUNITY FACILITIES DISTRICT No.2 SPECIAL TAX REPORT,

33 PAGE 6 Figure provides the levy expenditures Year SUMMARY OF SPECIAL I-<orl.nnn"lrl Balance Contribution To / From CFD No.2 Fund Interest Income Bond Administrative Expenses T rsf to Projects Less: Credits Ending Balance Total Annual Special Tax: $1,750,000 $1,202,361 $160,000 $0 $8,493,157 $3,132,361 $5,360,796 $3,054,086 COMMUNITY FACILITIES DISTRICT No.2

34 PAGE 7 OUTSTANDING indicated previously, seven series of Mello-Roos bonds have issued. Figure 6 below summarizes the bond issuance and outstanding principal as of June 30, 2012, to reflect the principal activity generated by the Series 2012 refunding bonds issued in May, FIGURE 6 -- BOND ISSUANCES AND PRINCIPAL BALANCES Original Outstanding Balance Series Series Series Series Series 2001 [2J Series 2004 Series 2012 Total, CFD 2 $0 $0 $125,000 $375,000 $430,000 $8,850,000 $17,450,000 $27,230,000 [1] Partially refunded by Series 1998 bond issue, as follows: Series 1993: $2,910,000 refunded by Series 1998 bond issue Series 1995: $3,040,000 refunded by Series 1998 bond issue [2J Refunded by Series 2012 bond issue; fully defeased as of August 2012 [3J $6,829,315 refunded by Series 2012 bond issue; fully defeased as of August 2012 DELINQUENCIES As shown in Figure 7, delinquencies for CFD No.2 were 0.39% of total special taxes levied for special taxes levied for parcels in Yolo County. The District participates in the "Teeter Plan" with the County of Yolo whereby the County pays all delinquent special taxes to the District and in return the County institutes collection proceedings and, when collected, keeps all delinquent payments with interest and penalties. This plan COMMUNITY FACILITIES DISTRICT No.2

35 PAGE 8 allows the District to maintain reliable special tax revenues and reduces the cost of collection. The reviews the County of Yolo public annually by June 30 to the amount of tax revenues and delinquencies during the year. If the amount of collections is of amount of in fiscal year, School District has covenanted with bondholders to institute foreclosure proceedings not later than October to enforce the lien against delinquent installments. The is obligated to institute proceedings in the case of a single property owner who is delinquent by more than $25, DELINQUENCY Total uevl810diea FY Levies Percent of Parcels Delinquent Total Special Tax Levied Total Taxes Delinquent Percent of Special Tax Delinquent 0.62% $2,990, $11, % COMMUNITY FACILITIES DISTRICT No.2 SPECIAL TAX REPORT, FY

36 PAGE 9 ADMINISTRATION OF COMMUNITY Community annually to identify assl3sse3d in the upcoming fiscal year. The levy County Auditor prior to the second Tuesday in August must,.;7u... ',.;7v"IUvl that a Special parcels to be be filed with the After Tax levies, the confirmed with the to preparation of T\lnll~"'"" occurs in October. The COlllecteW in two equal 'I"IC'T"lllnr"lOI"lTC on the tax that are due on December 10 and April 10. the District is participating in the County of so the delinquent revenues are prepaid by the County. The delinquency 1-12 special tax was Yolo County. no owner currently delinquent by an amount in excess of and delinquency rate on the taxes is below the threshold the bond covenants, there no requirement to commence foreclosure Moreover, the special taxes are to remain on the NOTICES OF SPECIAL The property to the levy of (b) of of the Civil of Special Tax to any individual to a special tax by the so receiving a for such notice. The local for not to exceed ten dollars." A copy of this notice is included in Appendix B of In addition, any developer, subdivider or his or her agent or representative shall not sell, or lease any property subject to Special until the prospective purchaser or lessee has been furnished with and signed a written notice of special tax lien similar to that shown in Appendix B of this Report. This notice is designed to clearly and accurately provide information about the special tax and the levy for the subject property. COMMUNITY FACILITIES DISTRICT No.2 SPECIAL TAX REPORT, FY

37 PAGE 10 any tax special tax Group at Group is tax upcoming must be filed with the County Auditor by August 10. In addition, the Mello-Roos Community Facilities Annual must filed within 120 days of the The report and tax will 3. of the Act stipulates that any bonds on or January 1, 1993 must provide the California Debt and Investment Commission (CDIAC) with annual not than October including the following information: The amount The in the bond reserve fund. The 4. to their special tax amount of time that each delinquent, and when each delinquent parcel. 5. in any construction funds. 6. of all subject to the special tax to repay the bonds as most recent equalized roll. As noted, CDIAC reports are prepared annually. COMMUNITY FACILITIES DISTRICT No.2

38 PAGE 11 For any Property that became developed Commercial Property or developed Residential June 1,2011 and May 31,201 the special tax rate is as follows: $ per square foot $0.081 per square foot $ per square foot $0.0 within for which building permits were not on Roll. Any Tax. In "'rirl'h"''''' any qualifying application between May June 15 shall be as of 1, 2012 are not with a $0 are listed with that filed an tax rate for property that became developed property was taxed for the first time in previous fiscal is summarized in Figure This table also displays the expected tax rate for future if the tax is escalated at the maximum rate of 4.63% per year. COMMUNITY FACILITIES DISTRICT No.2

39 PAGE 12 * The year in which a developed property is first taxed within CFO No.2. For example, residential property that received a building permit between June 2, 1995 and June 1, 1996 would be taxed at the 1996 rate of $ per square foot. The Rate and Method of Apportionment for CFD No.2 is included on the following pages. COMMUNITY FACILITIES DISTRICT No.2

40 PAGE 13 COMMUNITY FACILITIES DISTRICT No.2 SPECIAL TAX REPORT, FY

41 PAGEl The tax roll listing the for all Parcels of land within the boundaries of the Number 2 (CFD of the Joint Unified District District is included by The tax attributed to was computed in accordance with the Rate and Method of Apportionment of included in the Section of this Report titled AND METHOD APPORTIONMENT OF SPECIAL TAX. COMMUNITY FACILITIES DISTRICT No.2

42 PAGE II ApPENDIX B - IIU"'''F''''''''' 3 COMMUNITY FACILITIES DISTRICT No.2

43 PAGE III TO: THE PROSl'EC'TI\;:E p1'jjrclli..!ij;er (1) (2) c~trm::rion of non..r:>chool u>u"'-"-"'::> UJ ~ llistria ~tioos~ "!he acqmisitioo of reh!i!~ eqmpme!nt m:!d~: ItO!.'W!et S~llt popui.srioo DATE COMMUNITY FACILITIES DISTRICT No.2

44 PAGE IV TO: THE PROSPEC'TI'I,lE. PURCR.4SER OF '!HE RE..4.L PROPERTY KNOw';~ AS: (3) DATE COMMUNITY FACILITIES DISTRICT No.2

45 Davis Joint Unified School District Debt Service Coverage Community Facilities District No. 1 Tax Revenue Debt Service Coverage Prior Coverage Ratio Fiscal Year Adjusted CFD #1 Bond Year Series 2001 Series 2006 Series 2007 Total August 15 Redemption Including Prior Ending Special Tax Net Tax Ending Bonds Debt Bonds Debt Bonds Debt Debt Coverage Account Redemption June 30 Units (1) Revenue August 15 Service Service Service Service Ratio Balance Account (1) ,402 $3,882, $4,118,360 $618,790 $1,972,575 $6,709, % $9,331, % ,346 $4,051, $0 $621,250 $1,966,025 $2,587, % $11,405, % ,346 $4,239, $0 $617,820 $1,973,075 $2,590, % $13,293, % ,346 $4,436, $0 $623,645 $1,971,419 $2,595, % $15,411, % ,346 $4,641, $0 $638,770 $1,972,950 $2,611, % $17,504, % ,346 $4,856, $0 $637,390 $1,982,488 $2,619, % $19,819, % ,346 $5,081, $0 $645,000 $1,982,675 $2,627, % $22,369, % ,346 $5,316, $0 $646,190 $1,985,613 $2,631, % $25,172, % ,346 $5,562, $0 $650,590 $1,993,963 $2,644, % $28,236, % ,346 $5,820, $0 $658,990 $1,572,163 $2,231, % $32,005, % ,346 $6,089, $0 $660,620 $339,363 $999, % $37,268, % ,346 $6,371, $0 $686,225 $343,563 $1,029, % $42,659, % ,346 $6,666, $0 $168,813 $346,806 $515, % $48,886, % ,346 $6,975, $0 $177,225 $349,431 $526, % $55,352, % ,346 $7,298, $0 $0 $351,438 $351, % $62,337, % ,346 $7,636, $0 $0 $167,000 $167, % $69,833, % (1) Coverage ratio including Prior Redemption Account is the sum of the prior year's Prior Redemption Account balance plus current year revenue divided by current year debt service. Davis JUSD-Mello-Roos Model-2013.xlsx (A-Coverage Ratio-SKW) 4/12/13 MET Page 1 of 2

46 Davis Joint Unified School District Measure A Bonds August 15 Bond Year Ending Prior Total Funds Ending Ending Redemption Ending Bond Available for Outstanding August 15 Account Balance Reserve Balance Redemption Bonds Balance 2012 $9,331,854 (1) $2,233,941 $11,565,796 $21,505, $11,405,312 $1,758,585 $13,163,897 $19,740, $13,293,683 $1,676,613 $14,970,296 $17,910, $15,411,085 $1,584,730 $16,995,815 $16,010,000 (2) 2016 $17,504,443 $1,481,036 $18,985,479 $14,025, $19,819,821 $1,362,129 $21,181,949 $11,960, $22,369,912 $1,225,506 $23,595,417 $9,810, $25,172,942 $1,067,114 $26,240,056 $7,575, $28,236,298 $881,895 $29,118,192 $5,240, $32,005,823 $661,549 $32,667,372 $3,225, $37,268,399 $448,810 $37,717,209 $2,360, $42,659,449 $359,792 $43,019,241 $1,430, $48,886,541 $243,861 $49,130,402 $975, $55,352,493 $186,624 $55,539,117 $490, $62,337,935 $108,008 $62,445,943 $160, $69,833,321 $41,750 $69,875,071 $0 (1) Denotes actual balance. (2) Denotes expected outstanding bond redemption. Davis JUSD-Mello-Roos Model-2013.xlsx (A-Coverage Ratio-SKW) 4/12/13 MET Page 2 of 2

47 Davis Joint Unified School District CFD #2 Expenditures CFD #2 Coverage Bond Year Ending August Total Debt Service Administration Total Tax Coverage Principal Interest Expenditures Expenditures Revenue Ratio (1) $1,565,000 $934,373 $20,000 $2,519,373 $2,998, % $1,480,000 $846,558 $40,000 $2,366,558 $3,054, % $1,535,000 $811,558 $40,000 $2,386,558 $3,054, % $1,565,000 $775,233 $40,000 $2,380,233 $3,054, % $1,595,000 $737,773 $40,000 $2,372,773 $3,054, % $1,650,000 $687,123 $40,000 $2,377,123 $3,054, % $1,705,000 $633,473 $40,000 $2,378,473 $3,054, % $1,755,000 $578,023 $40,000 $2,373,023 $3,054, % $1,815,000 $520,873 $40,000 $2,375,873 $3,054, % $1,740,000 $461,723 $40,000 $2,241,723 $3,004, % $1,755,000 $403,460 $40,000 $2,198,460 $2,816, % $1,555,000 $344,245 $40,000 $1,939,245 $2,637, % $1,500,000 $290,308 $40,000 $1,830,308 $2,473, % $1,335,000 $237,745 $40,000 $1,612,745 $2,387, % $1,380,000 $187,550 $40,000 $1,607,550 $2,281, % $1,440,000 $135,200 $40,000 $1,615,200 $2,094, % $1,175,000 $78,500 $40,000 $1,293,500 $1,763, % $685,000 $30,825 $40,000 $755,825 $1,182, % (1) Does not include Bond Reserve Fund balance. Davis JUSD-Mello-Roos Model-2013.xlsx (#2-Coverage Ratio-SKW) 4/12/13 MET Page 1 of 1