City of Oakland Utility Underground Assessment District No. 2007-232 Piedmont Pines Phase I Continuing Disclosure Annual Report Fiscal Year Ended: June 30, 2014 Main Office 32605 Temecula Parkway, Suite 100 Temecula, CA 92592 Toll free: 800.676.7516 Fax: 951.296.1998 Regional Office 870 Market Street, Suite 1223 San Francisco, CA 94102 Toll free: 800.434.8349 Fax: 415.391.8439
City of Oakland $3,148,482.77 UTILITY UNDERGROUND ASSESSMENT DISTRICT NO. 2007-232 PIEDMONT PINES PHASE I 2010 LIMITED OBLIGATION IMPROVEMENT BONDS DATED: MARCH 9, 2010 CUSIP NOS. MATURITY CUSIP MATURITY CUSIP 2014 672343 AD2 2025 672343 AQ3 2015 672343 AE0 2026 672343 AR1 2016 672343 AF7 2027 672343 AS9 2017 672343 AG5 2028 672343 AT7 2018 672343 AH3 2029 672343 AU4 2019 672343 AJ9 2030 672343 AV2 2020 672343 AK6 2031 672343 AW0 2021 672343 AL4 2032 672343 AX8 2022 672343 AM2 2033 672343 AY6 2023 672343 AN0 2034 672343 AZ3 2024 672343 AP5 2035 672343 BA7 2039 672343 BB5
TABLE OF CONTENTS 1. INTRODUCTION 1-1 2. CONTENT OF ANNUAL REPORT 2-1 2.1. Audited Financial Statements... 2-1 2.2. Principal Amount of Bonds Outstanding... 2-1 2.3. Fund Balances... 2-1 2.4. Value-to Lien Ratio... 2-1 2.5. Delinquency Information... 2-1 3. SIGNIFICANT EVENTS 3-1 4. APPENDIX 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.
1. INTRODUCTION The purpose of this report is to provide information to Electronic Municipal Market Access (EMMA) in order to comply with the provisions contained in the Continuing Disclosure Certificate (the Disclosure Certificate ) for the City of Oakland (the City ), Utility Underground Assessment District No. 2007-232 (the District ), Piedmont Pines Phase I 2010 Limited Obligation Improvement Bonds (the Bonds ). The Disclosure Certificate was executed and delivered by the City 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 Piedmont Pines Undergrounding AD 1-1 Prepared by NBS Fiscal Year Ended June 30, 2014
2. CONTENT OF ANNUAL REPORT 2.1. Audited Financial Statements The Fiscal Year 2013/14 Audited Financial Statements of the City will be disseminated to EMMA under separate cover. THE CITY S ANNUAL FINANCIAL STATEMENT IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES EXCHANGE COMMISSION STAFF S INTERPRETATION OF RULE 15C2-12. NO GENERAL FUNDS OR ASSETS OF THE CITY ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE CITY IN EVALUATING WHETHER TO BUY, HOLD, OR SELL THE BONDS. 2.2. Principal Amount of Bonds Outstanding The principal amount of the Bonds outstanding as of June 30, 2014 was $2,945,00. 2.3. Fund Balances The following table shows the fund balances for the District as of June 30, 2014: Fund Balance Improvement Fund $1,963,757.74 Redemption Fund 151,960.88 Reserve Fund 230,515.79 2.4. Value-to Lien Ratio Assessed Value (1) Unbilled Principal (2) Value-to-Lien $122,186,222.00 $2,883,971.83 42.4:1 1) Includes land and structure value as of January 1, 2014. 2) As of June 30, 2014. 2.5. Delinquency Information Refer to the Appendix for delinquency information, including a list of all parcels delinquent in the payment of the assessment, amounts of delinquencies, and length of delinquencies. There are no parcels in foreclosure at this time. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 2-1 Prepared by NBS Fiscal Year Ended June 30, 2014
3. SIGNIFICANT EVENTS No significant events occurred during the Fiscal Year ended June 30, 2014. Disclosure Certificate, significant events are as follows: According to the (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) principal and interest payment delinquencies. non-payment related defaults. modifications to rights of Bondholders. optional, contingent or unscheduled bond calls. defeasances. rating changes. adverse tax opinions or events affecting the tax-exempt status of the Bonds. unscheduled draws on the Reserve Fund reflecting financial difficulties. unscheduled draws on the credit enhancements reflecting financial difficulties. substitution of the credit or liquidity providers, or their failure to perform. release, substitution, or sale of property securing repayment of the Bonds. initiation of bankruptcy proceedings by the City or by or on behalf of any person owning property representing more than five percent (5%) of the unpaid reassessments. Notice for listed events described in items (iv) and (v) above need not be given any earlier than the notice (if any) of the underlying event is given to holders of affected Bonds pursuant to the Fiscal Agent Agreement. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 3-1 Prepared by NBS Fiscal Year Ended June 30, 2014
4. APPENDIX The following pages show delinquency information, including a list of all parcels delinquent in the payment of the assessment, amounts of delinquencies, and length of delinquencies. Continuing Disclosure Annual Report Piedmont Pines Undergrounding AD 4-1 Prepared by NBS Fiscal Year Ended June 30, 2014
City of Oakland PIEDMONT PINES UNDERGROUND AD NO. 2007-232 Delinquency Detail Report Late Charges Calculated Through: 06/30/2014 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) 048D-7255-008-04 SYDNEY & CO LLC 3317 KEMPTON AVE #301 12/10/2013 560.03 Account Subtotal: $1,120.06 $112.00 $ $1,232.06 048D-7255-013-01 ELKIND NANCY L 5968 ASCOT DR Account Subtotal: $560.03 $ $ $ 048D-7255-013-04 BROWNLOW RYAN 5972 ASCOT DR 12/10/2010 553.33 354.13 04/10/2011 553.33 354.13 12/10/2011 562.49 258.75 821.24 04/10/2012 562.49 258.75 821.24 Account Subtotal: $2,231.64 $1,225.76 $ $3,457.40 048D-7273-026-00 DAVIS RICHARD F & DOROTHEA E 6470 ASCOT DR 12/10/2010 553.33 354.13 04/10/2011 553.33 354.13 Account Subtotal: $1,106.66 $708.26 $ $1,814.92 048D-7288-034-03 SPEARS KEITH M & WEBB DORIAN K C/O: HAMILTON LANE 200 CALIFORNIA ST #400 SAN FRANCISCO, CA 94111 12/10/2010 553.33 354.13 DB 04/10/2011 553.33 354.13 DB Account Subtotal: $1,106.66 $708.26 $ $1,814.92 048D-7289-004-00 FARRELL NICHOLAS J & COATES CORINNE D 6608 ASCOT DR Account Subtotal: $560.03 $ $ $ 048D-7292-027-04 GOLDIE EDWARD B ETAL 9130 SKYLINE BLVD 12/10/2013 560.03 (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): 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 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 10/28/2014 01:19:49PM
City of Oakland PIEDMONT PINES UNDERGROUND AD NO. 2007-232 Delinquency Detail Report Late Charges Calculated Through: 06/30/2014 Account ID Owner Due Date Amount Penalties Fees (1) Total Delinquency Mgmt (2) Misc (3) Account Subtotal: $1,120.06 $112.00 $ $1,232.06 048D-7292-027-08 NTFVA LLC 9120 SKYLINE BLVD 04/10/2012 554.77 255.19 809.96 12/10/2013 560.03 Account Subtotal: $1,674.83 $367.19 $ $2,042.02 048D-7293-003-00 SIMONS WILLIAM G TR 6846 WILTON DR 04/10/2013 551.95 154.55 706.50 Account Subtotal: $551.95 $154.55 $ $706.50 District Totals: 9 Accounts $10,031.92 $3,500.02 $ $13,531.94 Report Totals: 9 Accounts $10,031.92 $3,500.02 $ $13,531.94 (1) Fees: This amount excludes Delinquency Management fees that were or will be collected in a subsequent billing. (2) Delinquency Management (DM): 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 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 10/28/2014 01:19:49PM