January 27, Secondary-Market Disclosure Information as Required by SEC Rule 15c2-12

Transcription

1 SDFA Annual Disclosure Report - FY 2014/15 $18,900,000 (Ventura County, California) Wastewater Refunding Revenue Bonds, Series 2015 January 27, 2016 Secondary-Market Disclosure Information as Required by SEC Rule 15c2-12 City of Camarillo 601 Carmen Drive Camarillo, CA, Tel: (805) Fax: (805) Contact: Ronnie Campbell, Director of Finance Special District Financing & Administration, LLC 437 W. Grand Avenue Escondido, CA Tel: (760) Fax: (760) Contact: Jeffery Hamill

2 Table of Contents Annual Report - City of Camarillo - Camarillo Sanitary District Wastewater Refunding Revenue Bonds, Series 2015 DISTRICT STATEMENT REGARDING REPORT CONTENTS... 1 Data Disclosed in this Report...1 Reliability and Verification of Data...1 Review of Information...1 SUMMARY OF THE CONTINUING DISCLOSURE AGREEMENT... 2 Reporting Dates...2 Contents of the Annual Report...2 Dissemination of the Annual Report...3 REPORT SYNOPSIS - MATERIAL CHANGES FROM LAST REPORT... 4 APPENDICES... 5 EXHIBIT A: AUDITED FINANCIALS FOR FY 2014/15 EXHIBIT B: UPDATES TO TABLES IN THE OFFICIAL STATEMENT EXHIBIT C: NOTICE OF SIGNIFICANT EVENTS

3 Sedion One WASTEWATER REFUNDING REVENUE BONDS, SERIES FY Annual Disclosure Report City of Camarillo - Camarillo Sanitary District Wastewater Refunding Revenue Bonds, Series 2015 IDISTRICT STATEMENT REGARDING REPORT CONTENTS IData Disclosed in 1his Report This Report has been prepared by Special District Financing & Administration (SDFA), on behalf of the Camarillo Sanitary District (the "District'l It has been produced in accordance with the Continuing Disclosure Agreement (CDA) executed in connection with the issuance of the Wastewater Refunding Revenue Bonds, Series 2015 (the "Bonds'1- The information included was deemed to be pertinent in evaluating the market value of the securities at the time that the Bonds were issued. It has been prepared solely for the purpose of complying with the requirements of the Continuing Disclosure Agreement. This information is nat to be used or referenced for any other purpose without the written consent of the District. I Reliabilily and Ikri/ieation of Data Some of the information contained in this Report may have been provided or compiled by independent third-parties including, in some cases, obligated parties that may have an interest that is in conflict with the interest of potential purchasers of the securities. Additionally, some of the information may have been extracted fram data provided and compiled by other entities including the trustee, issuing agency, property owners, or other municipal agencies, the County Auditor and the TreasurerlTax Collector. SDFA and the District have not independently verified the accuracy of the data provided by such parties and make no representations to its accuracy. I Review of Informalion A qualified representative of the Camarillo Sanitary District has reviewed the contents of this Report and certifies that to the best of his/her knowledge the informotion contained herein is factually correct.t ~ Ronnie Campbell, Director of Finance

4 Section Two Annual Disclosure Report City of Camarillo Camarillo Sanitary District Wastewater Refunding Revenue Bonds, Series 2015 SUMMARY OF THE CONTINUING DISCLOSURE AGREEMENT The Continuing Disclosure Agreement (the CDA ) establishes that, for the benefit of Bondholders, the District has agreed to make specific information available and update the information annually. This information is intended to assist current and potential bondholders in making an informed purchase decision. The CDA sets forth the date by which information is to be provided, the specific information that must be provided each year, and the means for making this information available in the market place. Reporting Dates By February 1st of each year the District shall cause to be provided to each Repository (all NRMSIRs and any SID) the Annual Report. Pursuant to an amendment to SEC Rule 15c2-12, subsequent to June 1, 2009, this must be accomplished via electronic filing to the Municipal Securities Rulemaking Board s Electronic Municipal Market Access system (EMMA) at Contents of the Annual Report The Annual Report primarily includes the Audited Financials of the District and relevant financial and operating data. The specific financial and operating data to be included is set forth in the CDA. Additionally, an ongoing reporting obligation applies to the occurrence of certain material or listed events as set forth in the CDA. Each of these reporting components are more fully described as follows: Audited Financials: Audited financial statements as prepared in accordance with generally accepted accounting principals as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. 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 in a format similar to that used for the District s audited financial statements, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. 2

5 Other Annual Information: The following information as set forth in Section 4 of the Continuing Disclosure Agreement is deemed to be relevant financial and operating data for which the District has agreed to provide annual updates. 1. TABLE 2 Number of Connections by User Type. 2. TABLE 3 Revenues by User Type. 3. TABLE 4 Revenue Provided by Ten Largest Customers 4. TABLE 5 Historical Monthly Wastewater Rates Residential. 5. TABLE 6 Historical Monthly Wastewater Rates Non-Residential. 6. TABLE 7 Historical Capacity Fee Residential and Non-Residential. 7. Debt service coverage in the format shown in Table 13. Reporting of Significant Events: Pursuant to Section 5 of the Continuing Disclosure Agreement, the District will give notice of the occurrence of any of the following events, if material: 1. Principal and interest payment delinquencies; 2. Unscheduled draws on credit enhancements reflecting financial difficulties; 3. Unscheduled draws on credit enhancements reflecting financial difficulties; 4. Substitution of credit or liquidity providers, or their failure to perform; 5. Defeasances; 6. Rating changes; 7. Tender offers; 8. Bankruptcy, insolvency, receivership or similar event of the obligated person; 9. Adverse tax opinions or events adversely affecting the tax-exempt status of the Bonds. Material Reportable Events: Pursuant to Section 5 of the Continuing Disclosure Agreement, the District will give notice of the occurrence of any of the following events, if material: 1. Non-payment related defaults; 2. Modification to rights of security holders; 3. Bond calls. Dissemination of the Annual Report Digital Assurance Certification, LLC, (DAC) is the designated Dissemination Agent. This and other Annual Disclosure Reports for the City of Camarillo are available for download at (the DAC website). 3

6 Section Three Annual Disclosure Report City of Camarillo Camarillo Sanitary District Wastewater Refunding Revenue Bonds, Series 2015 REPORT SYNOPSIS - MATERIAL CHANGES FROM LAST REPORT The Bonds are dated August 11, The information contained in this report relates to the fiscal year ending June 30, Please see Exhibit C regarding a Notice of Significant Event. 4

7 Section Four Annual Disclosure Report City of Camarillo Camarillo Sanitary District Wastewater Refunding Revenue Bonds, Series 2015 APPENDICES Exhibit Number CDA Information Item No. Exhibit Item Exhibit A 4(a)(i) Audited Financials (FY 2014/15) Exhibit B 4(a)(ii) Updates to Tables in the Official Statement Exhibit C Listed Events Notice of Significant Events (FY 2014/15) 5

8 Exhibit A: Audited Financials for FY 2014/15 The Audited Financials for the City of Camarillo for FY 2014/15 have been filed electronically:

9 Exhibit B: Updates to Tables in the Official Statement Updates to Tables 2, 3, 4, 5, 6, 7, and 13 can be found on the following pages. TABLE 2 WASTEWATER ENTERPRISE NUMBER OF CONNECTIONS BY USER TYPE Fiscal Year User Type Single Family Residential 12,061 12,063 12,066 12,069 12,073 Multiple Family Residential Senior Rate Residential Mobile Home Parks Commercial/Industrial 1,011 1,011 1,012 1,012 1,016 Other Total All Users 14,071 14,073 14,073 14,077 14,102 TABLE 3 WASTEWATER ENTERPRISE REVENUES BY USER TYPE Fiscal Year User Type Single Family Residential $3,893,918 $4,128,025 $4,499,989 $5,118,923 $5,694,353 Multiple Family Residential 1,409,081 1,633,245 1,951,067 2,224,666 2,491,044 Senior Rate Residential 57,855 62,319 68,120 77,480 90,238 Mobile Home Parks 103, , , , ,444 Commercial/Industrial 2,298,204 2,406,191 2,532,053 2,944,136 3,086,874 Other 58,605 66,315 77,243 88,072 97,656 Total All Users $7,821,114 $8,471,069 $9,336,019 $10,686,621 $11,718,609

10 TABLE 4 WASTEWATER ENTERPRISE REVENUE PROVIDED BY TEN LARGEST CUSTOMERS Fiscal Year User Type of Business Revenue % of Total Villa Camarillo Apartment Management $138, % Essex Mgmt Corp Apartment Management 135, % Mira Vista Vllg Apartment Management 118, % Lincoln Military Housing Military Off-Base Housing 115, % Avalon Bay Communities Inc Apartment Management 97, % Cam Premium Outlets, Site#7846 Retail Sales 93, % Cam Springs Ctry Club Hoa Home Owners Association 89, % Lamplighter Camarillo Mhc Llc Mobile Home Park 76, % Brookshire Hoa Home Owners Association 74, % St Johns Pv Hospital, Site 381 Hospital 66, % Total of Top Ten $1,006, % Total Fiscal Year 2015 Wastewater Enterprise revenues were $5,249,462 TABLE 5 WASTEWATER ENTERPRISE HISTORICAL MONTHLY WASTEWATER RATES - RESIDENTIAL Calendar Year Dwelling Type Single Family $33.92 $38.68 $44.10 $47.19 $49.55 Individual Condominium $26.80 $30.56 $34.84 $37.28 $39.15 Duplex $25.59 $29.18 $33.27 $35.60 $37.38 Triplex $25.03 $28.54 $32.54 $34.82 $36.57 Multi-family (per dwelling) $24.16 $27.55 $31.41 $33.61 $35.30 Mobile Home $21.26 $24.24 $27.64 $29.58 $31.06 Low Income Senior $19.78 $22.56 $25.72 $27.53 $28.91

11 TABLE 6 WASTEWATER ENTERPRISE HISTORICAL MONTHLY WASTEWATER RATES - NON-RESIDENTIAL Calendar Year Meter Size /4" $21.59 $24.62 $28.07 $30.04 $ " $46.99 $53.57 $61.07 $65.35 $ /2" $89.32 $ $ $ $ " $ $ $ $ $ " $ $ $ $ $ " $ $ $ $ $ " $ $ $1, $1, $1, " $1, $1, $1, $1, $1, Calendar Year Strength Rating (1) Low Strength $2.46 $2.81 $3.21 $3.44 $3.62 Medium Strength $3.29 $3.76 $4.29 $4.60 $4.83 High Strength $4.13 $4.71 $5.37 $5.75 $6.04 Other Uses Church $2.37 $2.71 $3.09 $3.31 $3.48 School $2.37 $2.71 $3.09 $3.31 $3.48 Hospital/Convalescent $2.53 $2.89 $3.30 $3.54 $3.72 Public/City $2.35 $2.68 $3.06 $3.28 $3.45 Industrial $3.47 $3.96 $4.52 $4.84 $5.09 (1) Per hundred cubic feet of water consumption per month

12 TABLE 7 WASTEWATER ENTERPRISE HISTORICAL CAPACITY FEE - RESIDENTIAL AND NON-RESIDENTIAL Fiscal Year Meter Size /8" and 3/4" $2,913 $3,950 $4,030 $4,135 $4,238 1" $7,282 $9,755 $9,953 $10,212 $10, /2" $14,564 $19,510 $19,906 $20,424 $20,935 2" $23,302 $31,215 $31,849 $32,678 $33,495 3" $43,691 $58,530 $59,718 $61,272 $62,804 4" $72,818 $97,550 $99,530 $102,119 $104,672 6" $145,637 $195,100 $199,061 $204,240 $209,346 8" $233,018 $312,155 $318,492 $326,778 $334,947 2nd residential unit using a service lateral to $1,456 $1,975 $1,975 $2,026 $2,077 common main residence Connection Permit Fee (per connection) Residential $110 $110 $110 $110 $110 With septic tank abandonment $170 $170 $170 $170 $170 Additional inspection fee for sewer line $110 $110 $110 $110 $110 from main sewer to property line Fee for the first 30 feet + $.50 per linear $110 $110 $110 $110 $110 foot thereafter commercial/industrial for sewer installation inspection

13 Operating Revenue Charges for services $12,029,195 $13,822,875 $14,734,348 $15,603,771 $16,383,960 Other revenues 473, , , , ,078 Total Operating Revenue $12,502,352 $14,290,744 $15,205,917 $16,079,076 $16,863,038 Non-operating Revenues WASTEWATER ENTERPRISE PROJECTION OF REVENUES, EXPENDITURES, AND DEBT SERVICE COVERAGE FISCAL YEAR ENDED JUNE 30, Developer connection fees $30,000 $30,300 $30,603 $30,909 $31,218 Other revenues and grants 2,552,900 (1) 2,929 2,958 2,988 3,018 Property taxes 988, ,398 1,008,382 1,028,550 1,049,121 Interest Earnings 49, , ,955 93,243 90,326 Total Non-operating Revenue $3,621,295 $1,220,366 $1,188,898 $1,155,690 $1,173,683 Total Revenue $16,123,647 $15,511,110 $16,394,815 $17,234,766 $18,036,721 Less: Operating Expenses: Personnel services $4,003,600 $4,163,744 $4,330,294 $4,503,506 $4,683,646 Services and Supplies 4,561,203 4,885,475 5,069,942 5,261,788 5,461,307 Total Operating Expenses $8,564,803 $9,049,219 $9,400,236 $9,765,294 $10,144,953 Net Revenues Available for Debt Service $7,558,844 $6,461,891 $6,994,579 $7,469,472 $7,891, Bonds $0 $0 $0 $0 $ Bonds 1,308,867 1,308,994 1,305,844 1,306,044 1,308, Bonds (2) 0 1,017,085 1,017,085 1,017,085 1,017,085 Total Debt Service (2) $1,308,867 $2,326,079 $2,322,929 $2,323,129 $2,325,879 Debt Service Coverage (2) 5.78 x 2.78 x 3.01 x 3.22 x 3.39 x (1) Includes a one time Proposition 84 grant expected in fiscal year (2) Estimated

14 Exhibit C: Notice of Significant Events To the best of the District s knowledge, none of the Listed Events identified in the Continuing Disclosure Agreement have occurred.