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Home My WebLink AboutItwm # 9 Annual Continuining Disclosure Reports - Exhibit J Tuscany Hills CFD 90-2 2007ATable of Contents City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 Sections 1. District Profile 1 2. Assessed Value and Development Status 2 3. Payment History 3 4. Reserve Fund 4 5. Significant Events 5 Tables Table 2-1 Fiscal Year 2016-17 Assessed Value Breakdown by Development 2 Table 3-1 Special Tax Delinquency Table 3 Appendices Appendix A – Debt Service Schedule Appendix B – California Debt and Investment Advisory Commission Appendix C – Boundary Map City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 City of Lake Elsinore Community Facilities District No. 90-2 Special Tax Parity Bonds, 2007 Series A (CUSIP 509634) Maturity Date September 1 Principal Interest Rate CUSIP Suffix 2024 $7,340,000 4.500% AR2 This Annual Continuing Disclosure Report (“Report”) for Community Facilities District No. 90-2 Special Tax Parity Bonds, 2007 Series A of the City of Lake Elsinore (the “District” or “CFD No. 90-2”), has been prepared by Spicer Consulting Group, LLC. using data as of October 30, 2016 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City’s Special Tax Consultant, Spicer Consulting Group at (866) 504-2067. 1. District Profile Page City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 Community Facilities District No. 90-2 (Tuscany Hills Public Improvements) Special Tax Parity Bonds, 2007 Series A Project Description The following is a general description of the major public improvements approved to be financed: Grading: The grading for the public streets, public access roads and public building pads within and in the vicinity of the District. Street Improvements: The street improvements consist of the curb, gutter, sidewalk, lawn, street lights, storm drain and utilities in the public streets within and in the vicinity of the District. Domestic Water: The domestic water system consists of three reservoirs, booster pumping stations, pressure reducing stations and the distribution mains and appurtenances in the public streets within and in the vicinity of the District. Sanitary Sewer: The sewer system consists of gravity sewer, manholes, lift stations, force mains and appurtenances in public streets and public easements within and in the vicinity of the District. Location The District is located within the Rancho Laguna Redevelopment Project Area No. II in the City of Lake Elsinore (the “City”). It is generally located adjacent to the northeastern limits of the City. Summerhill Drive serves as the main access from the southwest. The development is bounded on the north by Greenwald Street. Greenwald Street intersects with Highway 74, approximately two miles north of the site, providing access to the cities of Perris and Riverside. 2002 Series A Bonds Local Agency Revenue Bonds 2002 Series A (the “2002 Series A”) in the amount of $14,470,000, with interest rates ranging from 2.000% to 3.875% were issued October 9, 2002, to finance the public facilities by the District. Interest is payable semi-annually on April 1 and October 1. The date for the final maturity of the Bonds is October 1, 2016. The Principal Amount of the Bonds Outstanding as of October 30, 2016 is $0.00. The Bonds have matured as of October 1, 2016. 2007 Series A Bonds (Section 4) The Special Tax Parity Bonds, 2007 Series A (the “2007 Series A”) in the amount of $7,340,000 were issued March 22, 2007 by the Redevelopment Agency of the City of Lake Elsinore. Interest is payable semi-annually on April 1 and October 1. The date for the final maturity of the Bonds is October 1, 2024. The Principal Amount of the Bonds Outstanding as of September 30, 2016 is $7,340,000. There are no remaining unissued Bonds authorized for the District. Rate and Method of Apportionment There were no changes to the Rate and Method of Apportionment during Fiscal Year 2015-16. Additional Bonds No Additional Bonds or Local Obligation Parity Bonds have been issued by the Authority or by any of the Districts. 2. Assessed Value and Development Status Page City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 The following tables present certain assessed value and development status information of the District. Table 2-1 Fiscal Year 2016-17 Assessed Value1 Breakdown by Development (Section 4) Development Status Parcels Total Special Tax FY 2016-17 % of Total Special Tax Land Value Structure Value Total AV for FY 2016-17 Developed 900 $1,709,290.80 100.00% $71,053,986.00 $212,285,500.00 $283,339,486.00 Matured2 127 $0.00 0.00% $9,189,305.00 $26,400,730.00 $35,590,035.00 Undeveloped 16 $0.00 0.00% $5,463,289.00 $0.00 $5,463,289.00 Total 1,043 $1,709,290.80 100.00% $85,706,580.00 $238,686,230.00 $324,392,810.00 1 Assessed Valuation (AV) is based on information provided in the Riverside County Assessor’s records as of January 1, 2016 and may or may not accurately reflect true market value. 2 Matured parcels are those classified as Category V that have been levied for 25 years and are no longer subject to the Special Tax. 3. Payment History Page City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 The District’s delinquency information as of October 2016 is illustrated in the table below: Table 3-1 Fiscal Year 2015-16 Special Tax Delinquency Table (Section 4) APN FY 2013-14 Del. Amount FY 2014-15 Del. Amount FY 2015-16 Del. Amount Total Delinquency Date Foreclosure Complaint Filed Results of Foreclosure Sale 363361016-3 $0.00 $0.00 $1,077.90 $1,077.90 N/A N/A 363361032-7 $2,106.18 $2,152.84 $2,155.80 $6,414.82 N/A N/A 363364001-8 $0.00 $0.00 $2,179.84 $2,179.84 N/A N/A 363365038-5 $0.00 $0.00 $2,179.84 $2,179.84 N/A N/A 363381008-8 $0.00 $0.00 $1,880.18 $1,880.18 N/A N/A 363381073-6 $0.00 $0.00 $893.19 $893.19 N/A N/A 363383012-7 $0.00 $0.00 $2,059.12 $2,059.12 N/A N/A 363433007-7 $0.00 $0.00 $1,967.24 $1,967.24 N/A N/A 363442001-9 $0.00 $0.00 $1,104.11 $1,104.11 N/A N/A Total $2,106.18 $2,152.84 $15,497.22 $19,756.24 N/A N/A Foreclosure Covenant The District covenants with and for the benefit of the Bond Owners that it will commence appropriate judicial foreclosure proceedings against parcels with unpaid Special Tax delinquencies within 150 days of the date they are due. There are no foreclosure actions pending at this time. Financial Statements (Section 4) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ended June 30, 2016 Comprehensive Annual Financial Report (CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. 4. Reserve Fund Page City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 2007 Series A Reserve Account (Section 4) The Reserve Fund must be maintained at the Reserve Requirement which is defined as of any date of calculation as an amount equal to the least of (a) 10% of the total original principal amount of the Bonds, (b) Maximum Annual Debt Service on the Outstanding Bonds, or (c) 125% of average Annual Debt Service on the Outstanding Bonds. The Reserve Requirement for the 2007 Series A will be satisfied at closing by a Debt Service Reserve Insurance Policy issued by Financial Security Assurance Inc. 5. Significant Events Page City of Lake Elsinore Annual Continuing Disclosure Report CFD No. 90-2 Fiscal Year Ending June 30, 2016 The following events as set forth in Rule 15c2-12 promulgated by the Securities and Exchange Commission are considered material by the District. (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. non-payment related defaults; Not Applicable 3. modifications to rights of the Bondholders, Not Applicable 4. optional, contingent or unscheduled calls, Not Applicable 5. defeasances; Not Applicable 6. rating changes; Not Applicable 7. adverse tax opinions or events Not Applicable 8. unscheduled draws on the debt service reserves reflecting financial difficulties; Not Applicable 9. unscheduled draws on the credit enhancements reflecting financial difficulties; Not Applicable 10. substitution of credit or liquidity providers, or their failure to perform; and Not Applicable 11. release, substitution or sale of property securing repayment of the Bonds, Not Applicable 12. bankruptcy, insolvency, receivership or similar proceedings of the Authority, which shall occur as described below; Not Applicable 13. appointment of a successor or additional trustee or the change of name of a trustee, if material, or; Not Applicable 14. the consummation of a merger, consolidation, or acquisition involving the Authority or the sale of all or substantially all of the assets of the Authority 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. Not Applicable Notice for events described in Section 5(a), subsections 4 and 5 of the Disclosure Certificate need not be given under this sub-section any earlier than the notice (if any) of the underlying event given to holders of affected Bonds pursuant to the Fiscal Agent Agreement. Appendix A Debt Service Schedule Appendix B California Debt and Investment Advisory Commission Appendix C Boundary Map BOUNDARY MAPCOMMUNITY FACILITIES DISTRICT NO. 90-2(TUSCANY HILLS PUBLIC IMPROVEMENTS)