HomeMy WebLinkAboutItem # 9 Annual Continuining Disclosure Reports - Exhibit A Canyon Hills AD 93-1 2012BTable of Contents
City of Lake Elsinore
Annual Continuing Disclosure Report AD No. 93-1
Fiscal Year Ending June 30, 2016
Sections
1. District Profile 1
2. Property Ownership 2
3. Payment History 3
4. Bond Funds 4
5. Listed Events 5
Tables
Table 2-1 Fiscal Year 2016-17 Value-to-Lien Ratio Based on Assessed Values 2
Table 3-1 Delinquency Summary 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 AD No. 93-1
Fiscal Year Ending June 30, 2016
City of Lake Elsinore
Assessment District No. 93-1
Local Agency Revenue Refunding Bonds, 2012 Series B
(CUSIP 509632)
Maturity Date
September 1 Principal Interest Rate CUSIP Suffix
2014 $615,000 2.000% GL3
2015 $630,000 2.000% GM1
2016 $655,000 2.000% GN9
2017 $675,000 2.500% GP4
2018 $705,000 2.750% GQ2
2019 $735,000 3.000% GR0
2020 $770,000 3.250% GS8
2022 $1,655,000 4.375% GU3
2030 $8,905,000 5.125% GV1
This Annual Continuing Disclosure Report (“Report”) for Assessment District No. 93-1 Local Agency Revenue Refunding Bonds, 2012
Series B of the City of Lake Elsinore (the “District” or “AD No. 93-1”), has been prepared by Spicer Consulting Group, LLC. using data as
of June 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 AD No. 93-1
Fiscal Year Ending June 30, 2016
Assessment District No. 93-1
(Canyon Hills)
Local Agency Revenue Bonds, 2012 Series B
Project Description
The District was formed to finance the acquisition of a portion of the improvements constructed for Railroad Canyon Road (the “Public
Improvement”). By the adoption of Ordinance No. 870 on November 14, 1989, the City established Area of Benefit No. 89-1 for the
improvement of Railroad Canyon Road. Only the costs identified in area 3 of the Benefit Reimbursement Fee (the “Public Improvement
Costs”) were determined to be the District’s fair and equitable portion of the Railroad Canyon Road improvement. Pursuant to the 1913
Act, the assessments were assessed against properties in the District for the Public Improvement Cost.
Location
The District is comprised of Canyon Hills, a planned residential community in the western portion of Riverside County covering
approximately 1,969 acres. Canyon Hills is located in the southeast portion of the City to the south of the City of Canyon Lake. The
intersection of Canyon Hills Road and Railroad Canyon Road, at the entrance of Canyon Hills, is approximately 2 ½ miles east of the
Corona Freeway (I-15).
2012 Series B Bonds (Section 4a)
The Local Agency Revenue Refunding Bonds, 2012 Series B Bonds (the “Authority Bonds”) in the amount of $15,345,000 were issued
November 29, 2012, with interest rates ranging from 2.000% to 5.125%. Interest is payable semi-annually on March 2 and September 2.
The date for the final maturity of the Authority Bonds is September 2, 2030. The principal amount of the Authority Bonds Outstanding as
of September 30, 2016 is $13,445,000. The Authority Bonds were issued to finance the refunding of certain prior bonded indebtedness
relating to the City of Lake Elsinore Assessment District No. 93-1.
2012 Series B Local Obligation Bonds
The Limited Obligation 2012 Series B Bonds (the “District Bonds”) in the amount of $15,345,000 were issued November 29, 2012, with
interest rates ranging from 3.000% to 6.125%. Interest is payable semi-annually on March 2 and September 2. The date for the final
maturity of the Local Bonds is September 2, 2030. The principal amount of the Local Bonds Outstanding as of September 30, 2016 is
$13,445,000. The Local Bonds were issued to finance the refunding of certain prior bonded indebtedness relating to the City of Lake
Elsinore Assessment District No. 93-1. The District Bonds were issued with an increased interest rate from the Authority Bonds in order
to create debt service coverage for the Authority Bonds.
2. Property Ownership Page
City of Lake Elsinore
Annual Continuing Disclosure Report AD No. 93-1
Fiscal Year Ending June 30, 2016
The following tables present certain property ownership data along with value-to-lien ratios and overlapping debt in the District as of
September 30, 2016.
Table 2-1
Fiscal Year 2016-17 Value-to-Lien Ratio Based on Assessed Values1 (Section 4c)
Value-to-Lien Parcels
Total
Assessed Value
Lake Elsinore
2012 Series B
(AD 93-1)
All Other
Outstanding
Debt2
Total
Bonded Debt
Value-to-
Lien
Less than 10:1 1,874 $534,324,123.00 $9,103,817.14 $62,906,604.54 $72,010,421.68 7.42:1
Between 10 - 19.99:1 464 $142,040,456.00 $1,886,904.91 $9,955,970.73 $11,842,875.64 11.99:1
Between 20 - 29.99:1 1 $207,512.00 $10,053.67 $0.00 $10,053.67 20.64:1
Between 30 - 39.99:1 1 $151,950.00 $4,812.05 $0.00 $4,812.05 31.58:1
Between 40 - 49.99:1 14 $3,075,217.00 $65,764.66 $0.00 $65,764.66 46.76:1
Between 50 - 59.99:1 58 $12,816,972.00 $229,374.30 $0.00 $229,374.30 55.88:1
Between 60 - 69.99:1 113 $29,103,747.00 $439,500.41 $0.00 $439,500.41 66.22:1
Between 70 - 79.99:1 124 $37,600,796.00 $498,849.01 $0.00 $498,849.01 75.38:1
Greater than 80:1 312 $134,610,664.00 $1,205,923.85 $0.00 $1,205,923.85 111.62:1
Total 2,961 $893,931,437.00 $13,445,000.00 $72,862,575.27 $86,307,575.27 10.36:1
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 All other Outstanding Debt includes Riverside Flood Control AD BZ-3, Perris Union HS CFD 92-1, Lake Elsinore CFD 2003-2 IA A 2014 Series B, Lake Elsinore CFD 2003-2 IA B 2015
Series, Lake Elsinore CFD 2003-2 IA C 2014 Series B, Lake Elsinore CFD 2003-2 IA C 2012 Series C, Lake Elsinore CFD 2003-2 IA D 2014 Series A, and Lake Elsinore CFD 2003-2 IA
D 2016 Series A Bonds.
3. Payment History Page
City of Lake Elsinore
Annual Continuing Disclosure Report AD No. 93-1
Fiscal Year Ending June 30, 2016
Delinquencies and delinquency charges are calculated through October 2016. The delinquency summary table below provides an
overview of delinquency rates for previous years.
There are no individual property owners within the District whose delinquent taxes constitute 5% or more of the total annual levy amount.
Table 3-1
Delinquency Summary (Section 4d)
Fiscal Year
Special Assessments Delinquent
Parcels Levied Parcels Amount % Del.
2010-11 2,142 $1,338,538.26 0 $0.00 0.00%
2011-12 2,290 $1,637,548.88 0 $0.00 0.00%
2012-13 2,291 $1,618,799.52 1 $459.52 0.03%
2013-14 2,363 $1,505,170.62 2 $669.33 0.04%
2014-15 2,776 $1,431,795.30 3 $1,245.90 0.09%
2015-16 2,961 $1,507,912.94 18 $6,417.37 0.43%
Total $9,039,765.52 18 $8,792.12 0.10%
Prepayments (Section 4g)
There have been no prepayments of the Reassessment for the prior Fiscal Year.
Foreclosure Covenant
The District bonds issued under the 1984 Act are subject to the provisions of the 1915 Act with respect to foreclosure remedies. The
1915 Act provides that, in the event of any installment of an assessment is not paid when due, the City may order the collection of the
installment by the institution of a court action to foreclose the lien of such assessment. In such an action, the real property subject to the
unpaid assessment may be sold at a judicial foreclosure sale. Pursuant to the Fiscal Agent Agreement, the City has covenanted for the
benefit of the registered owners of the District Bonds to annually reconcile Reassessment levies and Reassessment collections and to
initiate judicial foreclosure proceedings within ninety (90) days following the end of a fiscal year in which there is any delinquency in the
payment of a Reassessment. The City has also covenanted to diligently prosecute the completion such foreclosure proceedings as may
be necessary to collect the delinquent amounts.
Collection and Foreclosure Actions (Section 4e)
There are no foreclosure actions at this time.
4. Bond Funds Page
City of Lake Elsinore
Annual Continuing Disclosure Report AD No. 93-1
Fiscal Year Ending June 30, 2016
Reserve Fund (Section 4b)
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. Provided, however, the Reserve Requirement on any calculation
date shall not be greater than the Reserve Requirement amount on closing date, $1,429,700.00. In the event that special tax revenue is
insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve
Fund will then be replenished by increasing the next year’s special tax levy to the extent permitted by law. As of September 30, 2016
the balance in the Reserve Fund was $1,429,778.16 and the Reserve Requirement was $1,429,700.00.
Financial Statements (Section 4f)
PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending 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.
5. Listed Events Page
City of Lake Elsinore
Annual Continuing Disclosure Report AD No. 93-1
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 or interest payment delinquencies; Not Applicable
2. non-payment related defaults, if material; Not Applicable
3. modifications to the rights of the Bond Owners, if material; Not Applicable
4. optional, contingent or unscheduled calls, if material, and tender offers; Not Applicable
5. defeasances; Not Applicable
6. rating changes; Not Applicable
7. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices
or determinations with respect to the tax status of the Bonds or other material events affecting the tax
status of the Bonds;
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 the credit or liquidity providers or their failure to perform; Not Applicable
11. release, substitution or sale of property securing repayment of the Bonds, if material; 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 8 and 9 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 MAPASSESSMENT DISTRICT NO. 93-1(CANYON HILLS)