County of El Dorado CFD Series 2015 Special Tax Bonds. Continuing Disclosure Annual Report. Fiscal Year Ending: June 30, 2015

Transcription

1 County of El Dorado CFD Series 2015 Special Tax Bonds Continuing Disclosure Annual Report Fiscal Year Ending: June 30, 2015 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 COUNTY OF EL DORADO $16,175,000 COMMUNITY FACILITIES DISTRICT (PROMONTORY SPECIFIC PLAN) 2015 SERIES A SENIOR LIEN SPECIAL TAX BONDS DATED: August 20, 2015 CUSIP NOS. MATURITY CUSIP MATURITY CUSIP EM EV EN EW EP EX EQ EY ER EZ ES FA ET FB EU FD5 and $9,380,000 COMMUNITY FACILITIES DISTRICT (PROMONOTORY SPECIFIC PLAN) 2015 SERIES B JUNIOR LIEN SPECIAL TAX BONDS DATED: August 20, 2015 CUSIP NOS. MATURITY CUSIP MATURITY CUSIP FE FP FF FQ FG FR FH FS FJ FT FK FU FL FV FM FW FN FX FY9

3 TABLE OF CONTENTS 1. INTRODUCTION CONTENT OF ANNUAL REPORT Audited Financial Statements Reserve Fund Balance Delinquency Information Foreclosure Proceedings Delinquent Tax Payers Representing more than 5% Significant Amendments to Land Use Entitlements Litigation Status Assessed Valuation Land Owners Representing more than 10% Special Taxes Building Permits Summary Report CDIAC Report SB SIGNIFICANT EVENTS Significant Events APPENDICES 4-1 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 1. INTRODUCTION The purpose of this report is to provide information to the Electronic Municipal Market Access (EMMA) in order to comply with the provisions contained in the Continuing Disclosure Certificate (the Disclosure Certificate ) executed by the County of El Dorado (the County ) in connection with the issuance of $25,555,000 aggregate principal amount of County of El Dorado Community Facilities District No Special Tax Bonds, 2015 Series A Senior Lien and Series B Junior Lien Bonds (the Bonds ). The Disclosure Certificate was executed and delivered by the County for the benefit of the holders and beneficial owners of the Bonds and in order to assist the Participating Underwriters in complying with S.E.C. Rule 15c2-12(b)(5). Continuing Disclosure Annual Report County of El Dorado CFD Prepared by NBS Fiscal Year Ending June 30, 2015

5 2. CONTENT OF ANNUAL REPORT 2.1. Audited Financial Statements The Audited Financial Statements for Fiscal Year ending June 30, 2015, are not available at the time of writing this report. The Audited Financial Statements will be provided to EMMA as soon as they become available. NOTE: The County has not obligated itself to incur any liability in the event the special taxes are not adequate to pay principal and interest on the 2015 Series A Senior Lien and Series B Junior Lien Bonds. Further, the County will under no circumstances, advance any of its funds (other than the special taxes and funds and accounts established under the Fiscal Agent Agreement) to the payment of principal or interest on the 2015 Series A Senior Lien and Series B Junior Lien Bonds. Therefore, the County believes its audited financial statements are not material to the 2015 Series A Senior Lien and Series B Junior Lien Bonds and for that reason they were not included in the Official Statement for the 2015 Series A Senior Lien and Series B Junior Lien Bonds. They are being submitted as part of the continuing disclosure, solely due to an interpretation of Rule 15c2-12 by the staff of the Securities and Exchange Commission that is required under the Rule. Investors and others should not infer from the inclusion of the County s financial statements in any continuing disclosure that the County considers its financial statements to be material to the 2015 Series A Senior Lien and Series B Junior Lien Bonds, or that the County will, under any circumstances, advance any of its funds (other than the special taxes and funds and accounts established under the Fiscal Agent Agreement) for the payment of principal and interest on the 2015 Series A Senior Lien and Series B Junior Lien Bonds Reserve Fund Balance As of September 30, 2015 the Junior Lien Reserve Fund was $646,450. The Senior Lien reserves will be satisfied by the purchase of a reserve insurance policy Delinquency Information The Special Tax delinquency rate as of September 30, 2015 is 0.05%. A table detailing the Special Tax delinquencies as of September 30, 2015 can be found in Appendix A of this report Foreclosure Proceedings There have been no foreclosure proceedings or foreclosure sales initiated by the County Delinquent Tax Payers Representing more than 5% There are no delinquent taxpayers that represent more than 5% of the levy. Continuing Disclosure Annual Report County of El Dorado CFD Prepared by NBS Fiscal Year Ending June 30, 2015

6 2.6. Significant Amendments to Land Use Entitlements There have been no significant amendments to land use entitlements Litigation Status All property is in the Developed Parcel category in the Rate and Method of Apportionment, therefore there are no pending challenges to the development of the property in the District. In addition, there are no challenges to the validity or levy of the Special Tax Assessed Valuation A table detailing the assessed value in the District as of January 1, 2015 can be found in Appendix B of this report Land Owners Representing more than 10% Special Taxes Toll land XXIII A CA, is the only owner is the District that represents more than 10% of the Special taxes Building Permits There were 20 building permits issued by the County for properties within the CFD between 07/01/14-06/30/15, (decks, offices, repairs, retaining walls, etc. are not included.) Summary Report A copy of the Summary Report prepared by El Dorado County can be found in Appendix C of this report CDIAC Report A copy of the California Debt and Investment Advisory Commission (CDIAC) filings for both Series 2002 and 2005 Bonds can be found in Appendix D of this report SB 165 A copy of the report required by SB 165 can be found in Appendix E of this report. Continuing Disclosure Annual Report County of El Dorado CFD Prepared by NBS Fiscal Year Ending June 30, 2015

7 3. SIGNIFICANT EVENTS 3.1. Significant Events As of June 30, 2015 there have been no significant events. However, bonds were refinanced in FY15/16, and a bond call notice was filed due to the refunding. According to the Continuing Disclosure Certificate for the Bond Issues, significant events are as follows: (1) Principal and interest payment delinquencies. (2) Non-payment related defaults, if material. (3) Unscheduled draws on debt service reserves reflecting financial difficulties. (4) Unscheduled draws on credit enhancements reflecting financial difficulties. (5) Substitution of credit or liquidity providers, or their failure to perform. (6) Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form5701-TEB) or other material notices or determinations with respect to the tax status ofthe Bonds, or other material events affecting the tax status of the Bonds. (7) Modifications to rights of security holders, if material. (8) Bond calls, if material, and tender offers. (9) Defeasances. (10) Release, substitution, or sale of property securing repayment of the securities, if material. (11) Rating changes. (12) Bankruptcy, insolvency, receivership or similar event of the County. (13) The consummation of a merger, consolidation, or acquisition involving the County, or the sale of all or substantially all of the assets of the County (other than in the ordinary course of business), the entry into a definitive agreement to undertake such an action, or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. (14) Appointment of a successor or additional Fiscal Agent or the change of name of the Fiscal Agent, if material. Notice for listed events described in subsections (5) of the Continuing Disclosure Certificate need not be given under this subsection any earlier than when the notice (if any) of the underlying event is given to Holders of affected Series 2015 Bonds pursuant to the Fiscal Agent Agreement. Continuing Disclosure Annual Report County of El Dorado CFD Prepared by NBS Fiscal Year Ending June 30, 2015

8 4. APPENDICES The following pages show the referenced Appendices listed in the Content of the Annual Report for Fiscal Year ending June 30, Continuing Disclosure Annual Report County of El Dorado CFD Prepared by NBS Fiscal Year Ending June 30, 2015

9 APPENDIX A: DELINQUENCY REPORT

10 El Dorado County Delinquency Summary Report As of: 9/30/2015 District Due Date Billed Amount Paid Amount Delinquent Amount Delinquent Amount % Billed Installments Paid Installments Delinquent Installments Delinquent Installments % Prom /01/2001 Billing: 12/10/2001 $389, $389, /10/2002 $389, $389, Subtotal: $778, $778, /01/2002 Billing: 12/10/2002 $397, $397, /10/2003 $397, $397, Subtotal: $794, $794, /01/2003 Billing: 12/10/2003 $404, $404, /10/2004 $404, $404, Subtotal: $808, $808, /01/2004 Billing: 12/10/2004 $412, $412, /10/2005 $412, $412, Subtotal: $824, $824, /01/2005 Billing: 12/10/2005 $696, $696, /10/2006 $696, $696, Subtotal: $1,393, $1,393, ,072 1, /01/2006 Billing: 12/10/2006 $716, $716, /10/2007 $716, $716, Subtotal: $1,433, $1,433, ,230 1, /01/2007 Billing: 12/10/2007 $724, $724, /10/2008 $724, $724, Subtotal: $1,448, $1,448, ,424 1,424 0 Copyright 2012 by NBS Page 1 of 3 10/30/ :08:25PM

11 El Dorado County Delinquency Summary Report As of: 9/30/2015 District Due Date Billed Amount Paid Amount Delinquent Amount Delinquent Amount % Billed Installments Paid Installments Delinquent Installments Delinquent Installments % Prom /01/2008 Billing: 12/10/2008 $724, $724, /10/2009 $724, $724, Subtotal: $1,448, $1,448, ,442 1, /01/2009 Billing: 12/10/2009 $767, $767, /10/2010 $767, $767, Subtotal: $1,535, $1,535, ,426 1, /01/2010 Billing: 12/10/2010 $783, $783, /10/2011 $783, $783, Subtotal: $1,566, $1,566, ,426 1, /01/2011 Billing: 12/10/2011 $798, $798, /10/2012 $798, $798, Subtotal: $1,597, $1,597, ,426 1, /01/2012 Billing: 12/10/2012 $717, $717, /10/2013 $717, $717, Subtotal: $1,434, $1,434, ,426 1, /01/2013 Billing: 12/10/2013 $733, $733, /10/2014 $733, $733, Subtotal: $1,467, $1,467, ,426 1, /01/2014 Billing: 12/10/2014 $743, $740, $2, % % 04/10/2015 $743, $736, $6, % % Subtotal: $1,486, $1,477, $9, % 1,482 1, % Prom2002 Total: $18,016, $18,007, $9, % 15,854 15, % Copyright 2012 by NBS Page 2 of 3 10/30/ :08:25PM

12 El Dorado County Delinquency Summary Report As of: 9/30/2015 District Due Date Billed Amount Paid Amount Delinquent Amount Delinquent Amount % Billed Installments Paid Installments Delinquent Installments Delinquent Installments % Agency Grand Total: $18,016, $18,007, $9, % 15,854 15, % Copyright 2012 by NBS Page 3 of 3 10/30/ :08:25PM

13 El Dorado County CFD No , (Promontory) Delinquency Detail Report Late Charges Calculated Through: 10/30/2015 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) SEYEDIN VAHID & JAVADZADEH ROOZITA 04/10/ VENEZIA DR EL DORADO HILLS, CA Account Subtotal: $ $ $ STUDEBAKER JOE D & MERISSA J 12/10/ THALIA DR 04/10/ EL DORADO HILLS, CA Account Subtotal: $1, $ $1, ABDULRASOOL AKRAM A 12/10/ CLAB LN 04/10/ SACRAMENTO, CA Account Subtotal: $1, $ $1, JAVANJAVIDAN SHIRIN 1550 IRON POINT RD #1823 FOLSOM, CA /10/ Account Subtotal: $ $ $ JIMENEZ ALFONSO M & HERLINDA 12/10/ FITZPATRICK CIR 04/10/ STOCKTON, CA Account Subtotal: $1, $ $1, GEANEY CAROL M & HOULIHAN JOHN W 04/10/ BERGAMO DR EL DORADO HILLS, CA Account Subtotal: $ $ $ ATCHISON LARRY & CECILIA GACHET 04/10/ , MEDICI WAY EL DORADO HILLS, CA Account Subtotal: $ $ $1, (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): RL=Reminder Letter 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 Forecloseure 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 2013 by NBS Page 1 of 2 10/30/ :13:08PM

14 El Dorado County CFD No , (Promontory) Delinquency Detail Report Late Charges Calculated Through: 10/30/2015 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) NAZARENO REUBEN SAUL & CHRISTINA CHU 04/10/ , GIORNO WAY EL DORADO HILLS, CA Account Subtotal: $ $ $1, District Totals: 8 Accounts $9, $1, $10, Report Totals: 8 Accounts $9, $1, $10, (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): RL=Reminder Letter 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 Forecloseure 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 2013 by NBS Page 2 of 2 10/30/ :13:08PM

15 APPENDIX B: ASSESSED VALUATION A table detailing the assessed value in the District as of January 1, 2015 can be found in Appendix B of this report.

16 El Dorado County CFD No (Promontory) History of Aggregate Assessed Valuations Fiscal Year Total % Change $ 207,728, ,325,853 55% ,073,688 36% ,622,648 9% ,025,138-12% ,535,273-12% ,949,290-2% ,550,879-1% ,879,000 3% ,571,362 12% ,586,381 7% Source: NBS

17 APPENDIX C: SUMMARY REPORT The following page shows the Appendix referenced above which was prepared by the County pursuant to Section 7.06 of the Fiscal Agent Agreement and as listed in the Content of the Annual Report for Fiscal Year ending June 30, 2015.

18 Community Facilities District No (Promontory) Summary Report as of 6/30/15 Requisition Number Acquisition Project Payment Amount Date Paid 12(B) Beatty Drive Construction $372, /25/2014 4(B) Water/sewer fees $155, /25/2014 To the best of the issuers knowledge, all of the existing facilities are in good condition. As of June 30, 2015, there remains $22.78 in the Acquisition Fund (Bond Proceeds) and $100, in the Facilities Fund, totaling $100,

19 APPENDIX D: CDIAC REPORT

20 Submitted: Wednesday, October 28, :12:26PM CDIAC #: I. GENERAL INFORMATION A. Issuer B.Project Name C. Name/ Title/ Series of Bond Issue D. Date of Bond Issue E. Original Principal Amount of Bonds F. Reserve Fund Minimum Balance Required STATE OF CALIFORNIA MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) YEARLY FISCAL STATUS REPORT California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA P.O. Box , Sacramento, CA (916) Fax (916) El Dorado County CFD No Promontory Specific Plan Special Tax Bonds Series /16/2002 $10,940, For Office Use Only Fiscal Year Yes X Amount $1,495, No II. FUND BALANCE FISCAL STATUS Balances Reported as of: A. Principal Amount of Bonds Outstanding B. Bond Reserve Fund C. Capitalized Interest Fund D. Construction Fund(s) 6/30/2015 $9,370, $1,496, $100, III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A. Assessed or Appraised Value Reported as of: 1/1/2015 X From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B. Total Assessed Value of All Parcels $444,586, IV. TAX COLLECTION INFORMATION A. Total Amount of Special Taxes Due Annually B. Total Amount of Unpaid Special Taxes Annually C. Taxes are Paid Under the County s Teeter Plan? $1,486, $11, N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 6/30/2015 A. Total Number of Delinquent Parcels: 11 B. Total Amount of Taxes Due on Delinquent Parcels: (Do not include penalties, penalty interest, etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals, if foreclosure commenced on same date) $11, (Attach additional sheets if necessary.) Date Foreclosure Commenced Total Number of Foreclosure Parcels Total Amount of Tax Due on Foreclosure Parcels

21 Submitted: Wednesday, October 28, :12:26PM CDIAC #: STATE OF CALIFORNIA MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD) YEARLY FISCAL STATUS REPORT California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento, CA P.O. Box , Sacramento, CA (916) Fax (916) For Office Use Only Fiscal Year VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured Redeemed Entirely Other If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title & CDIAC #: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Title Firm/ Agency Address City/ State/ Zip Phone Number Danielle Wood Associate Director NBS Temecula Parkway Suite 100 Temecula, CA (951) Date of Report 10/28/2015 IX. ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law. Section of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.

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24 APPENDIX E: SB 165

25 SB 165 Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act. This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Section of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This Report intends to comply with Section of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, 2002, and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section The requirements of the Act apply to the Improvement Funds of the following District: District Date Bonds Issued Initial Amount Deposited To Improvement Funds 6/30/15 Combined Balance* Expended Amount Project Status CFD No (Series 2002 and 2005) 4/30/ /28/2005 $16,003, $100, $20,100, Ongoing *The balance consists of $22.78 in the Acquisition fund and $100, in the Facilities fund for a total of $100,