HomeMy WebLinkAboutItem # 9 Annual Continuining Disclosure Reports - Exhibit C Canyon Hills CFD 2003-2 IA D 2014A and 2016ATable of Contents
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
Sections
1. District Profile 1
2. Special Taxes 2
3. Property Ownership 3
4. Development Status and Absorption 4
5. Payment History 5
6. Bond Funds 6
7. Listed Events 8
Tables
2
3
3
3
4
5
6
Table 2-1 Special Tax Levy
Table 3-1 Fiscal Year 2016-17 Largest Property Owners Subject to Special Tax
Table 3-2 Fiscal Year 2016-17 Assessed Value-to-Lien for Developed Property
Table 3-3 Fiscal Year 2016-17 Assessed Value-to-Lien for Approved Property
Table 4-1 Building Permit Status
Table 5-1 Delinquency Summary
Table 6-1 Fund Balances as of September 30, 2016
Appendices
Appendix A – Debt Service Schedule
Appendix B – California Debt and Investment Advisory Commission
Appendix C – Boundary Map
Appendix D – 2016 Series A Table 3 and Table 4
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
City of Lake Elsinore
Community Facilities District No. 2003-2 IA D
Local Agency Revenue Bonds, 2014 Series A
(CUSIP 509632)
Maturity Date
September 1 Principal Interest Rate CUSIP Suffix
2016 $10,000 2.250% JW6
2017 $20,000 2.500% JX4
2018 $30,000 3.250% JY2
2019 $40,000 3.500% JZ9
2020 $50,000 4.000% KA2
2021 $60,000 4.250% KB0
2022 $70,000 4.375% KC8
2023 $85,000 4.500% KD6
2024 $100,000 4.500% KE4
2025 $115,000 4.625% KF1
2026 $130,000 4.750% KG9
2027 $145,000 5.000% KH7
2028 $165,000 5.000% KJ3
2033 $1,140,000 5.500% KK0
2044 $5,345,000 5.750% KL8
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
City of Lake Elsinore
Community Facilities District No. 2003-2 IA D
Special Tax Bonds, 2016 Series A
(CUSIP 50963N)
Maturity Date
September 1 Principal Interest Rate CUSIP Suffix
2017 90,000 2.000% HD4
2018 125,000 2.000% HE2
2019 140,000 2.000% HF9
2020 160,000 2.000% HG7
2021 180,000 2.000% HH5
2022 200,000 2.000% HJ1
2023 215,000 2.000% HK8
2024 235,000 2.000% HL6
2025 255,000 2.000% HM4
2026 275,000 2.000% HN2
2027 300,000 2.250% HP7
2028 325,000 4.000% HQ5
2029 350,000 4.000% HR3
2030 385,000 4.000% HS1
2031 420,000 4.000% HT9
2032 455,000 3.000% HU6
2033 490,000 3.000% HV4
2034 520,000 3.000% HW2
2036 1,145,000 3.000% HX0
2046 10,230,000 4.000% HY8
This Annual Continuing Disclosure Report (“Report”) for Community Facilities District No. 2003-2 IA D Local Agency Revenue Bonds,
2014 Series A and Special Tax Bonds 2016 Series A of the City of Lake Elsinore (the “District” or “CFD No. 2003-2 IA D”), 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 CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
Community Facilities District No. 2003-2
Improvement Area D (Canyon Hills)
Local Agency Revenue Bonds 2014 Series A
Special Tax Bonds 2016 Series A
Project Description
On January 13, 2004, the City formed Community Facilities District No. 2003-2 (the "District"). The District originally consists of four
improvement areas (Improvement Areas A through D). Each Improvement Area has a separate Rate and Method of Apportionment of
Special Tax approved by the City and the qualified electors within each respective Improvement Area. The rate and method of
apportionment was amended in 2009. On April 12, 2016 the City annexed Improvement Area E, consisting of 74 detached single family
residential properties into the District.
The District is comprised of a portion of Canyon Hills, a planned residential community in the western portion of Riverside County (the
"County") covering approximately 2,050 gross acres. The District includes the development of 50 planning areas containing a total of
approximately 1,022 net acres. The areas designated for single family dwelling units contain approximately 780 acres. The area
designated for multi-family dwelling units including detached condominiums contains approximately 93 acres. The area designated for
commercial uses consists of approximately 31 acres.
Improvement Area D includes Planning Areas 25, 28, 31, 32, and 37 of the Canyon Hills Specific Plan. Development activities have
occurred or are currently occurring in Planning Areas 25, 28, and 32.
Location
Canyon Hills is located in the southeast portion of the City, to the south of the City of Canyon Lake. Improvement Area D is located south
and southeast of Canyon Hills Road. The intersection of Canyon Hills Road and Railroad Canyon Road is approximately 2-1/2 miles east
of the Corona Freeway (I-15).
2014 Series A Bonds (14A Section 4a)
The 2014 Series A Bonds (the “2014A Bonds” or “14A”) in the amount of $7,505,000 were issued January 30, 2014, with interest rates
ranging from 2.25% to 5.75%. Interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the 2014A
Bonds is September 1, 2044. The principal amount of the 2014A Bonds Outstanding as of September 30, 2016 is $7,495,000.
2016 Series A Bonds (16A Section 4b)
The Special Tax Bonds 2016 Series A (the “2016A Bonds” or “16A”) in the amount of $16,495,000 were issued to finance certain public
facilities eligible to be financed by the District for Improvement Area D. The 2016A Bonds in the amount of $16,495,000 were issued
August 18, 2016, with interest rates ranging from 2.00% to 4.00%. Interest is payable semi-annually on March 1 and September 1. The
date for the final maturity of the 2016A Bonds is September 1, 2046. As of September 30, 2016, the Principal Amount of the 2016A Bonds
Outstanding was $16,495,000.
There are no remaining unissued Bonds authorized for the District.
Rate and Method of Apportionment (16A Section 4b)
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. Special Taxes Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
A Special Tax is levied each year to pay the principal and interest obligations on the Bonds of the District. The amount levied each year
is determined by the Special Tax formula and can vary from year to year, but shall not exceed the maximum authorized (or permitted)
Special Tax rates. The amount levied for the Fiscal Year 2016-17 tax year was $1,688,887.38.
The Special Tax rates applied for the 2016-17 tax year are:
Table 2-1
Special Tax Levy (14A Section 4h)(16A Section 4b)
Land Use Category Parcels
Special Tax Levied
FY 2016-17
Maximum Special
Tax FY 2016-17
% of Maximum
Special Tax
Developed 638 $1,688,887.38 $2,398,153.11 36.88%
Approved 17 $0.00 $62,623.20 0.96%
Undeveloped 3 $0.00 $4,041,356.18 62.15%
Total 658 $1,688,887.38 $6,502,132.49 100.00%
3. Property Ownership Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
The following tables present certain property ownership data and the development status of the District.
Please see Appendix D for updated Table 3 and Table 4. (16A Section 4b)
Table 3-1
Fiscal Year 2016-17 Largest Property Owners Subject to Special Taxes (14A Section 4g)
Owner Status Parcels
Total Special
Tax FY 16-17
% of Total
Special Tax
Total Assessed
Value FY 16-17
% of Total
Assessed Value
Pardee Homes Developed 146 $382,134.18 22.63% $19,099,357.00 9.97%
There have been no significant amendments to the District granted land use entitlements, no changes in the Conditions of Approval for
undeveloped property within the District, and no significant Legislative Administration or Judicial change for the prior Fiscal Year.
Table 3-2
Fiscal Year 2016-17 Assessed Value-to-Lien Ratio
For Developed Property (14A Section 4d)
Value-to-Lien Category Parcels Assessed Value1
Lake Elsinore
2014 Series A
(CFD 2003-2 IA
D)2
All Other
Outstanding
Debt
Total Overlapping
Debt
Value-to-Lien
Ratio
Less than 2:1 63 $731,339.00 $744,735.20 $2,031,949.24 $2,776,684.44 0.26:1
Between 2 - 3.99:1 36 $4,230,541.00 $391,826.83 $1,077,971.10 $1,469,797.93 2.88:1
Between 4 - 5.99:1 57 $23,603,086.00 $1,187,777.01 $3,044,130.39 $4,231,907.41 5.58:1
Between 6 - 7.99:1 152 $48,453,621.00 $1,799,995.86 $4,957,980.44 $6,757,976.30 7.17:1
Between 8 - 9.99:1 314 $107,238,018.00 $3,222,435.00 $8,987,061.73 $12,209,496.73 8.78:1
Greater than 10:1 16 $5,858,638.00 $148,230.10 $420,248.68 $568,478.78 10.31:1
Total 638 $190,115,243.00 $7,495,000.00 $20,519,341.58 $28,014,341.58 6.79:1
Table 3-3
Fiscal Year 2016-17 Assessed Value-to-Lien Ratio
For Approved Property
Category Parcels Assessed Value
Lake Elsinore
2014 Series A
(CFD 2003-2 IA D)
All Other
Outstanding
Debt
Total Overlapping
Debt
Value-to-Lien
Ratio
Less than 1:1 4 $11,264.00 $0.00 $20,107.34 $20,107.34 0.00:1
Between 1 - 1.99:1 12 $54,645.00 $0.00 $41,540.48 $41,540.48 1.32:1
Between 2 - 2.99:1 0 $0.00 $0.00 $0.00 $0.00 0.00:1
Between 3 - 1000:1 1 $207,512.00 $0.00 $10,053.67 $10,053.67 20.64:1
Total 17 $273,421.00 $0.00 $71,701.49 $71,701.49 3.81:1
Assessed Value (16A Section 4b)
The Total Assessed Value for all Taxable Property for Fiscal Year 2016-17 is $ 191,593,395.
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 Principal Amount of Bonds Outstanding is calculated in proportion to the Assigned Special Tax for FY 2016-17.
4. Development Status and Absorption Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
Building Permit Status
Developed property means all residential property and non-residential property which, as of March 1 preceding the fiscal year for which
the Special Tax is being levied, has been subject to the issuance of a building permit which allows residential dwelling units or non-
residential buildings to be constructed.
Table 4-1
Building Permit Status (14A Section 4i)
As of
November 1
Homes with
Final Inspection
Homes with Outstanding
Building Permits
2013 157 62
2014 177 292
2015 406 251
2016 638 17
5. Payment History Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
Table 5-1
Delinquency Summary (14A Section 4e)(16A Section 4b)
Fiscal
Year
Levied Fiscal Year Delinquency Current Delinquency
Parcels Amount Parcels Amount Del. Rate Parcels Amount Del. Rate
2014-15 177 $391,132.70 0 $0.00 0.00% 0 $0.00 0.00%
2015-16 406 $1,075,252.50 1 $1,242.30 0.12% 1 $1,242.30 0.12%
Total $1,466,385.20 1 $1,242.30 0.08% 1 $1,242.30 0.08%
Foreclosure Covenant
The District covenants with and for the benefit of the Owners of the Bonds that it will review the public records of the County of Riverside
not later than July 31 each year and commence appropriate judicial foreclosure proceedings against parcels with total Special Tax
delinquencies in excess of $10,000; parcels delinquent in the payment of three consecutive installments of Special Tax; parcels with
Special Taxes that represent more than 5% of the aggregate Special Taxes levied with the District; or if there has been a draw on the
funds on deposit in the Reserve Account and if the delinquency remains uncured.
The District is may permit, in its sole and absolute discretion, property with delinquent Special Taxes to be sold for less than the amount
specified in Section 53356.5 of the Mello-Roos Communities Facilities Act of 1982 (the "Act"), but not for less than the amount of
delinquent scheduled principal and interest with written consent of the Bond Owners, if it determines that such sale is in the interest of
the bond Owners.
The District is authorized under the Fiscal Agent Agreement to use amounts in the Special Tax Fund to pay costs of foreclosure of
delinquent Special Taxes.
The District may forgive all or any portion of the Special Taxes levied on any parcel in the District so long as the District determines that
such forgiveness is not expected to adversely affect its obligation to pay principal and interest on the District Bonds.
No assurances can be given that the property subject to foreclosure and sale at a judicial foreclosure sale will be sold, or, if sold, that the
proceeds of such sale will be sufficient to pay any delinquent Special Tax installment.
The property in the District is subject to several overlapping liens. A default in the payment of Special Taxes in the District is also likely
to result in a default in the payment of other overlapping liens. Since the overlapping liens are on a parity with the Special Taxes, the
foreclosure of the lien of the Special Taxes will extinguish the lien of the other overlapping special districts.
As a result of the foregoing, in the event of a delinquency or nonpayment of one or more Special Tax installments there can be no
assurance that there would be available to the District sufficient funds to pay the principal and interest on the District Bonds.
Collection and Foreclosure Actions (14A Section 4f)(16A Section 4b)
The Act provides that delinquent property may not be sold at a judicial foreclosure sale for less than the amount of the judgment plus
past judgment interest and authorized costs without the consent of the owners of 75% by value of the Outstanding Bonds.
In the event of a failed sale, the property owner retains title to the Property. The judgment remains, however, and will be updated from
time to time. When the CFD Administrator believes that there is a reasonable possibility that the foreclosure sale might be a successful
sale, the property can be re-noticed for sale. In the event a buyer comes forward prior to that time with a bona fide offer at a price below
the current requirements of the law, the County will evaluate the possibility of taking that offer to the bondholders for approval.
There are no foreclosure actions pending at this time
Prepayments (14A Section 4i)
There have been no prepayments of the Special Tax for the prior Fiscal Year.
6. Bond Funds Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
Fiscal Year Ending June 30, 2016
Fund Information (14A Section 4c)(16A Section 4b)
The fund balances as of September 30, 2016 are shown below. Some funds are held at the District level and some are held at the Public
Finance Authority (PFA) level.
Table 6-1
Fund Balances as of September 30, 2016
Level Fund Name Requirement
Balance as of
September 30, 2016
PFA Reserve Account (2014 Series) $705,010.82 $705,049.34
PFA Reserve Account (2016 Series) $1,245,369.27 $1,245,397.35
PFA Cash Flow Management Fund $111,830.63 $112,141.95
PFA Bond Purchase Fund N/A $0.00
PFA Cost of Issuance Fund N/A $0.00
District Delinquency Management Fund $111,830.63 $119,786.69
District Administrative Expense Fund N/A $0.28
District Improvement Fund N/A $11.86
District Cost of Issuance Fund N/A $4,251.22
District Bond Fund Interest Account N/A $1.30
District City Held Funds N/A $0.00
Totals $2,186,639.99
2014 Series A Reserve Account (14A 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 in the Closing Date. 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 $705,049.34 and the Reserve Requirement was $705,010.82.
2016 Series A Reserve Account
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. 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 $1,245,397.35 and the Reserve Requirement was $1,245,369.27.
Financial Statements: (14A Section 4)(16A Section 4)
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.
7. Listed Events Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2003-2 IA D
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. (14A Section 5)(16A 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 Owner, 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 / Tender Offers;
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 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
SCG - Spicer Consulting Group 1 9/23/2016
CITY OF LAKE ELSINORE
CFD 2003-2 IA D (CANYON HILLS)
LARB Series 2016 A
Issued
08/18/2016
Date
Coupon
Rate Principal
Principal
Outstanding
Semi-Annual
Interest
Semi-Annual
Debt Service
Annual
Debt Service
03/01/2017 $ 16,495,000.00 $ 380,752.78 $ 380,752.78
09/01/2017 2.000% $ 50,000.00 $ 16,495,000.00 $ 366,500.00 $ 416,500.00 $ 797,252.78
03/01/2018 $ 16,445,000.00 $ 366,000.00 $ 366,000.00
09/01/2018 2.000% $ 80,000.00 $ 16,365,000.00 $ 366,000.00 $ 446,000.00 $ 812,000.00
03/01/2019 $ 16,365,000.00 $ 365,200.00 $ 365,200.00
09/01/2019 2.000% $ 100,000.00 $ 16,265,000.00 $ 365,200.00 $ 465,200.00 $ 830,400.00
03/01/2020 $ 16,265,000.00 $ 364,200.00 $ 364,200.00
09/01/2020 2.000% $ 115,000.00 $ 16,150,000.00 $ 364,200.00 $ 479,200.00 $ 843,400.00
03/01/2021 $ 16,150,000.00 $ 363,050.00 $ 363,050.00
09/01/2021 2.000% $ 135,000.00 $ 16,015,000.00 $ 363,050.00 $ 498,050.00 $ 861,100.00
03/01/2022 $ 16,015,000.00 $ 361,700.00 $ 361,700.00
09/01/2022 2.125% $ 160,000.00 $ 15,855,000.00 $ 361,700.00 $ 521,700.00 $ 883,400.00
03/01/2023 $ 15,855,000.00 $ 360,000.00 $ 360,000.00
09/01/2023 2.250% $ 180,000.00 $ 15,675,000.00 $ 360,000.00 $ 540,000.00 $ 900,000.00
03/01/2024 $ 15,675,000.00 $ 357,975.00 $ 357,975.00
09/01/2024 2.375% $ 200,000.00 $ 15,475,000.00 $ 357,975.00 $ 557,975.00 $ 915,950.00
03/01/2025 $ 15,475,000.00 $ 355,600.00 $ 355,600.00
09/01/2025 2.500% $ 220,000.00 $ 15,255,000.00 $ 355,600.00 $ 575,600.00 $ 931,200.00
03/01/2026 $ 15,255,000.00 $ 352,850.00 $ 352,850.00
09/01/2026 2.500% $ 245,000.00 $ 15,010,000.00 $ 352,850.00 $ 597,850.00 $ 950,700.00
03/01/2027 $ 15,010,000.00 $ 349,787.50 $ 349,787.50
09/01/2027 2.750% $ 270,000.00 $ 14,740,000.00 $ 349,787.50 $ 619,787.50 $ 969,575.00
03/01/2028 $ 14,740,000.00 $ 346,075.00 $ 346,075.00
09/01/2028 2.750% $ 295,000.00 $ 14,445,000.00 $ 346,075.00 $ 641,075.00 $ 987,150.00
03/01/2029 $ 14,445,000.00 $ 342,018.75 $ 342,018.75
09/01/2029 2.875% $ 325,000.00 $ 14,120,000.00 $ 342,018.75 $ 667,018.75 $ 1,009,037.50
03/01/2030 $ 14,120,000.00 $ 337,346.88 $ 337,346.88
09/01/2030 3.000% $ 355,000.00 $ 13,765,000.00 $ 337,346.88 $ 692,346.88 $ 1,029,693.75
03/01/2031 $ 13,765,000.00 $ 332,021.88 $ 332,021.88
09/01/2031 3.000% $ 390,000.00 $ 13,375,000.00 $ 332,021.88 $ 722,021.88 $ 1,054,043.75
03/01/2032 $ 13,375,000.00 $ 326,171.88 $ 326,171.88
09/01/2032 3.125% $ 420,000.00 $ 12,955,000.00 $ 326,171.88 $ 746,171.88 $ 1,072,343.75
03/01/2033 $ 12,955,000.00 $ 319,609.38 $ 319,609.38
09/01/2033 3.125% $ 455,000.00 $ 12,500,000.00 $ 319,609.38 $ 774,609.38 $ 1,094,218.75
03/01/2034 $ 12,500,000.00 $ 312,500.00 $ 312,500.00
09/01/2034 5.000% $ 490,000.00 $ 12,010,000.00 $ 312,500.00 $ 802,500.00 $ 1,115,000.00
03/01/2035 $ 12,010,000.00 $ 300,250.00 $ 300,250.00
09/01/2035 5.000% $ 535,000.00 $ 11,475,000.00 $ 300,250.00 $ 835,250.00 $ 1,135,500.00
03/01/2036 $ 11,475,000.00 $ 286,875.00 $ 286,875.00
09/01/2036 5.000% $ 585,000.00 $ 10,890,000.00 $ 286,875.00 $ 871,875.00 $ 1,158,750.00
SCG - Spicer Consulting Group 2 9/23/2016
CITY OF LAKE ELSINORE
CFD 2003-2 IA D (CANYON HILLS)
LARB Series 2016 A
Issued
08/18/2016
Date
Coupon
Rate Principal
Principal
Outstanding
Semi-Annual
Interest
Semi-Annual
Debt Service
Annual
Debt Service
03/01/2037 $ 10,890,000.00 $ 272,250.00 $ 272,250.00
09/01/2037 5.000% $ 640,000.00 $ 10,250,000.00 $ 272,250.00 $ 912,250.00 $ 1,184,500.00
03/01/2038 $ 10,250,000.00 $ 256,250.00 $ 256,250.00
09/01/2038 5.000% $ 695,000.00 $ 9,555,000.00 $ 256,250.00 $ 951,250.00 $ 1,207,500.00
03/01/2039 $ 9,555,000.00 $ 238,875.00 $ 238,875.00
09/01/2039 5.000% $ 750,000.00 $ 8,805,000.00 $ 238,875.00 $ 988,875.00 $ 1,227,750.00
03/01/2040 $ 8,805,000.00 $ 220,125.00 $ 220,125.00
09/01/2040 5.000% $ 815,000.00 $ 7,990,000.00 $ 220,125.00 $ 1,035,125.00 $ 1,255,250.00
03/01/2041 $ 7,990,000.00 $ 199,750.00 $ 199,750.00
09/01/2041 5.000% $ 885,000.00 $ 7,105,000.00 $ 199,750.00 $ 1,084,750.00 $ 1,284,500.00
03/01/2042 $ 7,105,000.00 $ 177,625.00 $ 177,625.00
09/01/2042 5.000% $ 950,000.00 $ 6,155,000.00 $ 177,625.00 $ 1,127,625.00 $ 1,305,250.00
03/01/2043 $ 6,155,000.00 $ 153,875.00 $ 153,875.00
09/01/2043 5.000% $ 1,025,000.00 $ 5,130,000.00 $ 153,875.00 $ 1,178,875.00 $ 1,332,750.00
03/01/2044 $ 5,130,000.00 $ 128,250.00 $ 128,250.00
09/01/2044 5.000% $ 1,100,000.00 $ 4,030,000.00 $ 128,250.00 $ 1,228,250.00 $ 1,356,500.00
03/01/2045 $ 4,030,000.00 $ 100,750.00 $ 100,750.00
09/01/2045 5.000% $ 1,945,000.00 $ 2,085,000.00 $ 100,750.00 $ 2,045,750.00 $ 2,146,500.00
03/01/2046 $ 2,085,000.00 $ 52,125.00 $ 52,125.00
09/01/2046 5.000% $ 2,085,000.00 $ 0.00 $ 52,125.00 $ 2,137,125.00 $ 2,189,250.00
Total $ 16,495,000.00 $ 17,345,465.28 $ 33,840,465.28 $ 33,840,465.28
Appendix B
California Debt and Investment Advisory Commission
Appendix C
Boundary Map
BOUNDARY MAPCOMMUNITY FACILITIES DISTRICT NO. 2003-2IMPROVEMENT AREA D (CANYON HILLS)
Appendix D
2016 Series A Table 3 and Table 4
Table 3 City of Lake Elsinore Community Facilities District No. 2003-2 Improvement Area D (Canyon Hills) Fiscal Year 16-17 Assessed Value-to-Lien Ratios Allocated by Property OwnerProperty Owner No. of Parcels Assessed Value% of Assessed ValueMaximum Special Tax % of Maximum Special TaxSpecial Tax Levy FY 2016-17 % of Special Tax Levy FY 2016-17 All Other Overlapping DebtCFD 2003-2 IA D 2016 Bonds TotalOutstanding DebtValue-to-LienRatioDeveloped Property Individually Owned 492 $171,015,886.00 89.26% $1,854,309.52 28.52% $1,306,753.20 77.37% $8,906,018.86 $12,762,777.61 $21,668,796.47 7.89:1 Pardee Owned 146 $19,099,357.00 9.97% $543,843.58 8.36% $382,134.18 22.63% $2,613,322.72 $3,732,222.39 $6,345,545.11 3.01:1 Subtotal 638 $190,115,243.00 99.23% $2,398,153.11 36.88% $1,688,887.38 100.00% $11,519,341.58 $16,495,000.00 $28,014,341.58 6.79:1 Approved Property Pardee Owned 17 $273,421.00 0.14% $62,623.20 0.96% $0.00 0.00% $71,701.49 $0.00 $71,701.49 3.81:1 Undeveloped Property Pardee Owned 3 $1,204,731.00 0.63% $4,041,356.18 62.15% $0.00 0.00% $628,354.36 $0.00 $628,354.36 1.92:1 Subtotal 20 $1,478,152.00 0.77% $4,103,979.39 63.12% $0.00 0.00% $700,055.85 0.00% $700,055.85 2.11:1Total 658 $191,593,395.00 100.00% $6,502,132.49 100.00% $1,688,887.38 100.00% $12,219,397.43 $16,495,000.00 $28,714,397.43 6.67:1 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.
Table 4 City of Lake Elsinore Community Facilities District No. 2003-2 Improvement Area D (Canyon Hills) Fiscal Year 2016-17 Assessed Value-to-Lien Stratification for Developed Property Category No. of ParcelsAssessedValue% of AssessedValueFY 2016-17 Levy% of FY 2016-17 LevyAll Other Overlapping DebtCFD 2003-2 IA D 2016 Bonds Total Outstanding Debt% of 2016 Bonds Value-to-LienLess than 2:1 63 $731,339.00 0.38% $167,815.06 9.94% $1,137,670.82 $1,639,013.62 $2,776,684.44 9.94% .26:1 Between 2 - 3.99:1 36 $4,230,541.00 2.23% $88,292.38 5.23% $607,465.23 $862,332.70 $1,469,797.93 5.23% 2.88:1 Between 4 - 5.99:1 57 $23,603,086.00 12.42% $267,647.98 15.85% $1,617,847.12 $2,614,060.29 $4,231,907.41 15.85% 5.58:1 Between 6 - 7.99:1 152 $48,453,621.00 25.49% $405,602.44 24.02% $2,796,544.45 $3,961,431.84 $6,757,976.30 24.02% 7.17:1 Between 8 - 9.99:1 314 $107,238,018.00 56.41% $726,128.06 42.99% $5,117,560.06 $7,091,936.67 $12,209,496.73 42.99% 8.78:1 Greater than 10:1 16 $5,858,638.00 3.08% $33,401.46 1.98% $242,253.90 $326,224.88 $568,478.78 1.98% 10.31:1 Total 638 $190,115,243.00 100.00% $1,688,887.38 100.00% $11,519,341.58 $16,495,000.00 $28,014,341.58 100.00% 6.79:1 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.