Community Facilities District No Special Tax Refunding Bonds

Transcription

1 City of Folsom Continuing Disclosure Annual Report Community Facilities District No Special Tax Refunding Bonds Fiscal Year Ended June 30, 2012 Main Office Temecula Parkway, Suite 100 Temecula, CA Toll free: Fax: Regional Office 870 Market Street, Suite 1223 San Francisco, CA Toll free: Fax:

2 CITY OF FOLSOM $4,340,000 COMMUNITY FACILITIES DISTRICT NO SPECIAL TAX REFUNDING BONDS DATED: May 13, 1998 CUSIP NOS. MATURITY CUSIP MATURITY CUSIP KP KQ4

3 TABLE OF CONTENTS INTRODUCTION 1 CONTENT OF ANNUAL REPORT 2 SIGNIFICANT EVENTS 4 APPENDICES 5 MATURITY SCHEDULE DELINQUENCY INFORMATION TOP PROPERTY OWNERS A B C NBS has relied upon information provided by sources which are believed to be reliable without independent verification, therefore we express no opinion as to the completeness, accuracy or suitability of such information.

4 INTRODUCTION This report provides information to the Electronic Municipal Market Access ( EMMA ) in order to comply with the provisions contained in the Continuing Disclosure Certificate ( Disclosure Certificate ) in connection with the issuance of its $4,340,000 City of Folsom Community Facilities District No Special Tax Refunding Bonds ( Bonds ). The Disclosure Certificate was executed and delivered by the City of Folsom ( City ) for the benefit of the holders and beneficial owners of the bonds and in order to assist the participating underwriter in complying with S.E.C. Rule 15c2-12(b)(5). Continuing Disclosure Annual Report City of Folsom Prepared by NBS Fiscal Year Ended June 30,

5 CONTENT OF ANNUAL REPORT Maturity Schedule As of June 30, 2012, the total amount of Bonds outstanding was $1,985,000. See Appendix A for a maturity schedule for the outstanding Bonds. There were no Bonds redeemed prior to maturity during fiscal year ended June 30, Fund Balances The following table provides the June 30, 2012 fund balances: Special Tax Fund Reserve Account $412, $345,75 The August 1, 2012 scheduled debt service payment is $294, The June 30, 2012 Reserve Account balance met the current Required Bond Reserve of $345,75. The Required Bond Reserve is defined as the lesser of: (i) 10% of the original principal amount of Bonds (less original issue discount, if any, plus original issue premium, if any), (ii) maximum annual debt service for the Bonds, or (iii) 125% of average annual debt service on the Bonds. Delinquency Information The following table shows the Community Facilities District No. 4 ( District ) delinquency information as of June 30, 2012: 2011/12 special tax Due Date Amount Levied Amount Delinquent Percent Delinquent Parcels Levied Parcels Delinquent Percent Delinquent 12/10/11 $189, $2, % % 04/10/12 189, , % % Totals: $379, $6, % % The have been no judicial foreclosure complaints initiated for any of the parcels within the District as of June 30, See Appendix B for a detailed listing of special tax delinquencies in the District. Continuing Disclosure Annual Report City of Folsom Prepared by NBS Fiscal Year Ended June 30,

6 Assessed Value The total assessed value for all parcels subject to the special tax is $211,503,308. The assessed value is based on the 2012/13 Sacramento County secured roll information as of January 1, Assessed Value to Outstanding Bonds The total assessed value to the total amount of Bonds outstanding for the District is :1. Building Permits The City did not issue any building permits for the District during Fiscal Year 2011/12. Top Property Owners Appendix C provides a list of the top property owners based on the current fiscal year special tax levy. Continuing Disclosure Annual Report City of Folsom Prepared by NBS Fiscal Year Ended June 30,

7 SIGNIFICANT EVENTS Rating Changes A financing guaranty policy issued by MBIA Insurance Corporation ( MBIA ) insures the Bonds. During fiscal year ended June 30, 2012 the following rating change required the filing of a material event notice: Moody s Investors Service recently downgraded MBIA s senior debt rating from Ba3 to B2 on December 19, In addition, MBIA s subsidiary, National Public Finance Guarantee Corp, was also downgraded from Baa1 to Baa2. Reporting of Significant Events There were no other significant events that occurred during fiscal year ended June 30, According to the Disclosure Certificate for the Bond Issue, significant events are as follows: 1. Principal and interest payment delinquencies. 2. Non-payment related defaults. 3. Modifications to rights of Bondholders. 4. Optional, contingent or unscheduled bond calls. 5. Defeasances. 6. Rating changes. 7. Adverse tax opinions or events adversely affecting the tax-exempt status of the Bonds. 8. Unscheduled draws on the Bond Reserve Account reflecting financial difficulties. 9. Unscheduled draws on credit enhancements reflecting financial difficulties. 10. Substitution of the credit or liquidity providers or their failure to perform. 11. Release, substitution, or sale of property securing repayment of the Bonds. 12. Initiation of bankruptcy proceedings by the City or by or on behalf of any person owning property representing more than five percent of the unpaid special tax. Notice for listed events described in (4) and (5) above need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds pursuant to the Indenture. Continuing Disclosure Annual Report City of Folsom Prepared by NBS Fiscal Year Ended June 30,

8 APPENDICES MATURITY SCHEDULE DELINQUENCY INFORMATION TOP PROPERTY OWNERS A B C Continuing Disclosure Annual Report City of Folsom Prepared by NBS Fiscal Year Ended June 30,

9 MATURITY SCHEDULE The following page provides a maturity schedule for the outstanding Bonds.

10

11 DELINQUENCY INFORMATION The following page provides a detailed listing of special tax delinquencies for the District.

12 City of Folsom Community Facilities District No Refunding Delinquency Detail Report Late Charges Calculated Through 06/30/2012 Account ID Owner Due Date Amount Penalty Interest Fees (1) Total Delinquency Mgmt (2) Misc (3) /10/ /10/ /10/ /10/ /10/ Account Subtotal: $1, $ $ $ $1, /10/ /10/ Account Subtotal: $ $47.64 $ $ $ /10/ Account Subtotal: $ $18.91 $ $ $ /10/2010 2, , /10/2011 2, , /10/2011 2, , /10/2012 2, , Account Subtotal: $10, $1, $ $ $13, District Totals: 4 Accounts $12, $1, $1, $ $15, Report Totals: 4 Accounts $12, $1, $1, $ $15, (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management Codes: RL=Reminder Sent; DL=Demand Letter Sent; SR=Tax Roll Removal Requested; SC=Tax Roll Removal Confirmed; FL=Foreclosure Letter Sent; OL=Other Letter Sent; FI=Judicial Foreclosure Initiated; CP=County Payment Plan; FH=Judicial Foreclosure on Hold/Special Case; FC=Foreclosure Complete; LIT=Litigation Guarantee; LGL=Legal Fees and Costs; O=Other Fees; SO=Tax Roll Removal County Fee; PP = Payment Plan. (3) Miscellaneous Codes: DB=Direct Bill Sent ; BK=Declared Bankruptcy; PM=Partial Payment made, remainder delinquent. Copyright NBS Page 1 of 1 12/12/2012 3:21:51PM

13 TOP PROPERTY OWNERS The following page provides a listing of the top property owners of the special tax based on the current fiscal year special tax levy.

14 City of Folsom Community Facilities District No. 4 Top 10 Property Owners Based on 2012/13 Special Tax Levy Property Values Based on 2012/13 Sacramento County Secured Roll Information as of January 1, /13 Billed Billed Owner Land Value Structure Value Total Value Amount Amount % Count Count % 98 FOLSOM PARTNERS LLC $1,741, $5,991, $7,732, $33, % % FOLSOM HEALTH & LLC WELLNESS CENTER 1,200,00 5,350,00 6,550,00 9, WALGREEN CO 2,179, ,263, ,442, , CLARKSVILLE ROAD LLC 1,553, ,723, ,277, , MICHAEL W SMITH REVOCABLE TRUST 1,087, ,024, ,112,63 4, TARANTINO FAMILY REVOCABLE TRUST 500,00 1,550,00 2,050,00 3, ENVISION REAL ESTATE SERVICES LLC 351,90 892,50 1,244,40 2, JACQUZZI DANIEL 256, ,053, ,310, , CJA LLC 433, ,342, ,776, , ANTONIUS PAULSEN TESTAMENTARY TRUS 477, ,574,19 2,051, , All Others 54,089, ,865, ,955, , Total: $63,871, $147,631, $211,503, $378, % %