HomeMy WebLinkAboutItem # 9 Annual Continuining Disclosure Reports -Exhibit H Summerly CFD 2006-1 IA B 2015ATable of Contents
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2006-1 IA B
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 Property Breakdown by Development Status 2
Table 3-1 Delinquency Summary 3
Table 4-1 Fund Balances 4
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. 2006-1 IA B
Fiscal Year Ending June 30, 2016
City of Lake Elsinore
Community Facilities District No. 2006-1 IA B
Local Agency Revenue Bonds, 2015 Series A
(CUSIP 509632)
Maturity Date
September 1 Principal Interest Rate CUSIP Suffix
2016 30,000 2.000 LL7
2017 35,000 2.000 LM5
2018 40,000 2.000 LN3
2019 40,000 2.000 LP8
2020 45,000 2.000 LQ6
2021 50,000 2.125 LR4
2022 55,000 2.250 LS2
2023 60,000 2.500 LT0
2024 65,000 3.000 LU7
2025 70,000 3.000 LV5
2026 75,000 3.000 LW3
2027 80,000 3.125 LX1
2028 85,000 3.125 LY9
2029 90,000 3.250 LZ6
2030 100,000 3.250 MA0
2031 105,000 3.375 MB8
2032 110,000 3.375 MC6
2033 120,000 3.500 MD4
2034 125,000 3.500 ME2
2035 135,000 3.500 MF9
2044 1,685,000 3.625 MG7
This Annual Continuing Disclosure Report (“Report”) for Community Facilities District No. 2006-1 IA B Local Agency Revenue Bonds,
2015 Series A of the City of Lake Elsinore (the “District” or “CFD No. 2006-1 IA B”), 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. 2006-1 IA B
Fiscal Year Ending June 30, 2016
Community Facilities District No. 2006-1
Improvement Area B (Summerly)
Local Agency Revenue Bonds 2015 Series A
Project Description
The District was formed in 2006 and initially consisted of three Improvement Areas (Improvement Area Nos. 1 through 3); in 2011, the
City reconfigured the District into six Improvement Areas (Improvement Areas A, B, CC through FF), and one remainder Improvement
Area (Improvement Area 1). The net proceedings of the Bonds, along with other available funds will be used to finance a portion of
certain public facilities eligible to be financed by Improvement Area B, to pay the cost of issuing the bonds, to fund capitalized interest on
the Bonds through September 1, 2015, and to fund the Reserve Account established under the Indenture.
Location
The boundaries of the District are included within the development generally known as Summerly. The primary entrance to the District
is located at the intersection of Village Parkway with Diamond Drive approximately 0.8 miles from the I-15 freeway. Although not in the
District, the Links at Summerly, a par 72 golf course, is part of the greater Summerly development. The Lake Elsinore Diamond
Stadium is located adjacent to the Summerly development across Diamond Drive.
2015 Series A Bonds (Section 4a)
The 2015 Series A Bonds (the “Bonds”) in the amount of $3,200,000 were issued February 18, 2015, with interest rates ranging from
2.000% to 3.625%. Interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the Bonds is
September 1, 2044. The principal amount of the Bonds Outstanding as of September 30, 2016 was $3,170,000.
Debt Service Schedule (Section 4f)
A current Debt Service Schedule is included with this Report see Appendix A.
Rate and Method of Apportionment
There were no changes to the Rate and Method of Apportionment during Fiscal Year 2015-16.
2. Property Ownership Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2006-1 IA B
Fiscal Year Ending June 30, 2016
The following table presents certain property data and the development status of the District.
Table 2-1
Property Breakdown by Development Status (Section 4e)
Development
Status Parcels
Total Special
Tax FY 2016-17
% of Total
Special Tax Land Value Structure Value
Total Assessed
Value % of Total AV
Developed 182 $165,971.42 100.00% $13,735,804.00 $43,189,566.00 $56,925,370.00 100.00%
Total 182 $165,971.42 100.00% $13,735,804.00 $43,189,566.00 $56,925,370.00 100.00%
As of September 30, 2016 CFD No. 2006-1 IA B is completely developed.
Prepayments (Section 4h)
No property prepaid their Special Tax Obligation for the District for the preceding Fiscal Year.
3. Payment History Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2006-1 IA B
Fiscal Year Ending June 30, 2016
Delinquencies are calculated through October 2016. The delinquency summary tables below provide an overview of delinquency rates
for previous years.
Table 3-1
Delinquency Summary (Section 4c)
Fiscal
Year
Levied Delinquent
Parcels Special Tax Parcels Amount Del. Rate
2015-16 182 $157,055.10 0 $0.00 0.00%
Foreclosure Covenant (Section 4d)
The District will review the public records of the County in connection with the collection of the Special Tax not later than July 31 of each
year to determine the amount of Special Tax collected in the prior Fiscal Year; and with respect to individual delinquencies, the District
will send or cause to be sent a notice of delinquency and a demand for immediate payment thereof to the property owner within 45 days
of such determination, and if the District determines that any single property owner subject to the Special Tax is delinquent in the payment
of Special Taxes in the aggregate of $10,000 or more or delinquent in the payment of three consecutive installments of Special Tax or
that the delinquent Special Taxes represent more than 5% of the aggregate Special Taxes levied within Improvement Area B of the
District or if there have been a draw on the Funds on deposit in the Reserve Account established under the Indenture and if the
delinquency remains uncured, the District will cause judicial foreclosure proceedings to be filed in the superior court against all properties
for which the Special Taxes remain delinquent. Prior to commencement of any judicial foreclosure proceedings, the District shall continue
with its efforts to collect the delinquent Special Taxes by sending subsequent notice of delinquency and a demand for immediate payment
thereof. The District may treat any delinquent Special Tax sold to an independent third-party or to any funds of the City for at least 100%
of the delinquent amount as having been paid. Proceeds of any such sale up to 100% of the delinquent amount shall be deposited in the
Special Tax Fund.
There are no foreclosure actions at this time.
5. Bond Funds Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2006-1 IA B
Fiscal Year Ending June 30, 2016
Reserve Account (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 proceeds of the Bonds, (b) 125% of average Annual Debt Service on the Outstanding Bonds, or (c) Maximum
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
$230,160.37 and the Reserve Requirement was $230,147.83
Cash Flow Management Fund (Section 4b)
The Cash Flow Management Fund Requirement is, as of any calculation date, an amount equal to 15% of the Maximum Annual Debt
Service.
Delinquency Management Fund (Section 4b)
The Delinquency Management Fund Requirement is, as of any calculation date, an amount equal to 15% of the maximum Annual Debt
Service. On the Closing Date, there will not be any amounts deposited in or on deposit in the Delinquency Management Fund. On
September 2 of each year, commencing September 2, 2015, the Fiscal Agent will transfer any amounts remaining in the Special Tax
Fund following disbursement to the Interest Account and the Principal Account to the Delinquency Management Fund.
Table 4-1
Fund Balances
Account Requirement
September 30, 2016
Balance
Reserve Fund $230,147.83 $230,160.37
Cash Flow Management Fund $36,527.81 $38,234.39
Delinquency Management Fund $36,527.81 $1,300.22
Total $269,694.98
As of September 30, 2016 the balance in the Delinquency Management Fund was under the requirement.
Financial Statements (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.
6. Listed Events Page
City of Lake Elsinore
Annual Continuing Disclosure Report CFD No. 2006-1 IA B
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 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;
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
Appendix B
California Debt and Investment Advisory Commission
Appendix C
Boundary Map
BOUNDARY MAPCOMMUNITY FACILITIES DISTRICT NO. 2006-1 IMPROVEMENT AREA B (SUMMERLY)