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HomeMy WebLinkAboutItem No. 05 Annual Bond SB165Text File City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 17-465 Agenda Date: 1/9/2018 Status: Consent AgendaVersion: 1 File Type: AgreementIn Control: City Council / Successor Agency Agenda Number: 5) Page 1 City of Lake Elsinore Printed on 1/4/2018 Report to City Council To:Honorable Mayor and Members of the City Council From:Grant Yates, City Manager Prepared by: Jason Simpson, Assistant City Manager Date:January 9, 2018 Subject:Annual Bond Accountability Report (SB165) for Fiscal Year 2016-17 Recommendation Receive and file the Annual Bond Accountability Report for Fiscal Year 2016-17 pursuant to SB 165. The report was transmitted on December 12, 2017 to the City Clerk and City Council as required on or before December 31, 2017. Background and Discussion Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a)The amount of funds collected and expended. (b)The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410. This report was transmitted to the City Clerk and City Council prior to December 31, 2017. Fiscal Impact Not applicable. Exhibits A. Local Agency Special Tax and Bond Accountability Act Report for Fiscal Year ending June 30, 2017. Table of Contents City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Sections 1. Introduction of Bond Accountability Act (SB 165) 1 2. Community Facilities District No. 88-3 (West Lake Elsinore) 2 3. Community Facilities District No. 90-2 (Tuscany Hills) 3 4. Community Facilities District No. 95-1 (City Center) 4 5. Community Facilities District No. 98-1 (Summerhill) 5 6. Community Facilities District No. 2003-2 (Canyon Hills) 6 7. Community Facilities District No. 2004-3 (Rosetta Canyon) 9 8. Community Facilities District No. 2005-1 (Serenity) 11 9. Community Facilities District No. 2005-2 (Alberhill Ranch) 12 10. Community Facilities District No. 2005-5 (Wasson Canyon) 13 11. Community Facilities District No. 2005-6 (City Center Townhomes) 14 12. Community Facilities District No. 2006-1 (Summerly) 15 13. Community Facilities District No. 2006-2 (Viscaya) 18 1. Introduction Page | 1 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Bond Accountability Act (Senate Bill 165) Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410. 2. Community Facilities District No. 88-3 (West Lake Elsinore) Page | 2 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 88-3 (West Lake Elsinore) Local Agency Revenue Bonds 2013 Series B Local Agency Revenue Refunding Bonds 2015 Series B Location Community Facilities District No. 88-3 (the “CFD No. 88-3”) is generally located northwest of Highway 74 and south of Interstate 15. CFD No. 88-3 comprises over 610 acres and its boundaries are Machado Street to the east, Lakeshore Drive and Mountain Avenue to the north, Alvarado Street to the south and the City boundaries to the west. Authorized Facilities and Bonds CFD No. 88-3 was formed to finance major public improvements which include street improvements along Grand Avenue, Lincoln Avenue, and Le Gay Street, storm drain improvements, sanitary improvements, water system improvements, and public improvements for McVicker Canyon Park and Lincoln Street Fire Station. The District currently has two series of bonds: The Subordinate Bonds, 2013 Series B, and the Local Agency Revenue Refunding Bonds, 2015 Series B. The Senior Bonds, 2008 Series A, were refunded by the 2015 Series B Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 88-3 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $2,504,690 Less: Delinquency as of 6/30/2017 $14,597 Total Special Taxes Collected $2,490,093 2017 Expenditures Bond Interest – 3/1/2017 $167,281 Bond Interest – 9/1/2017 $167,281 Bond Principal – 9/1/2017 $2,030,000 Administrative Expenses (1) $66,354 Total Expenditures $2,430,916 Ending Special Tax Fund Balance $59,177 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 3 . Community Facilities District No. 90-2 (Tuscany Hills) Page | 3 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 90-2 (Tuscany Hills) Special Tax Parity Bonds, 2007 Series A Location Community Facilities District No. 90-2 (the “CFD No. 90-2”) is located within the Rancho Laguna Redevelopment Project Area No. II in 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. Authorized Facilities and Bonds CFD No. 90-2 was formed to finance certain improvements within and in the vicinity of the District including grading for public streets, public access roads, and public building pads; street improvements consisting of curbs, gutters, sidewalks, lawns, street lights, storm drains, and utilities in the public streets; the domestic water system consisting of three reservoirs, booster pumping stations, pressure reducing stations, and the distribution mains and appurtenances in the public streets; and a sanitary sewer system consisting of gravity sewer, manholes, lift stations, force mains, and appurtenances in public streets and public easements. The District has two series of bonds: Special Tax Parity Bonds 2002 Series A and 2007 Series A. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 90-2 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $1,709,290 Less: Delinquency as of 6/30/2017 $26,435 Total Special Taxes Collected $1,682,855 2017 Expenditures Bond Interest – 3/1/2017 $165,150 Bond Interest – 9/1/2017 $165,150 Bond Principal – 9/1/2017 $780,000 Authorized Improvements $510,961 Administrative Expenses (1) $53,040 Total Expenditures $1,674,301 Ending Special Tax Fund Balance $8,554 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 4 .Community Facilities District No. 95-1 (City Center) Page | 4 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 95-1 (City Center) Local Agency Revenue Refunding Bonds Series 2015 Location Community Facilities District No. 95-1 (the “CFD No. 95-1”) is part of the Lake Elsinore City Center (the “Shopping Center”) located at the northwest quadrant of Grape Street and Railroad Canyon Road adjacent to Interstate Highway 15. Authorized Facilities and Bonds CFD No. 95-1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Lake Elsinore as a result of development within the boundaries of the District, which is part of the Lake Elsinore City Center, a community shopping center. The public facilities financed by the District include street improvements, sanitary sewer, domestic water, and storm drain. The District currently has one series of bonds: The Local Agency Revenue Refunding Bonds, Series 2015, which refunded the 2011 Series B, Local Agency Revenue Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 95-1 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $157,432 Less: Delinquency as of 6/30/2017 $0 Total Special Taxes Collected $157,432 2017 Expenditures Bond Interest – 3/1/2017 $21,650 Bond Interest – 9/1/2017 $21,650 Bond Principal – 9/1/2017 $90,000 Administrative Expenses (1) $24,132 Total Expenditures $157,432 Ending Special Tax Fund Balance $0 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 5 .Community Facilities District No. 98-1 (Summerhill) Page | 5 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 98-1 (Summerhill) Local Agency Revenue Bonds 2013 Series C Location Community Facilities District No. 98-1 (the “CFD 98-1”) is located to the northeast of the intersection of Railroad Canyon Road with Interstate 15. Summerhill Drive, which intersects with Railroad Canyon Road, provides the primary access to the area within the District. Authorized Facilities and Bonds CFD No. 98-1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Lake Elsinore as a result of development within the boundaries of CFD No. 98-1 and include grading, street improvements, domestic water, sanitary sewer, and parks and recreation facilities. Prior to 2004, CFD No. 98-1 was designated CFD No. 91-2. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 98-1 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $1,139,166 Less: Delinquency as of 6/30/2017 $13,603 Total Special Taxes Collected $1,125,563 2017 Expenditures Bond Interest – 3/1/2017 $286,503 Bond Interest – 9/1/2017 $286,503 Bond Principal – 9/1/2017 $505,000 Administrative Expenses (1) $31,164 Total Expenditures $1,109,170 Ending Special Tax Fund Balance $16,393 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 6 .Community Facilities District No. 2003-2 (Canyon Hills) Page | 6 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2003-2 (Canyon Hills) Improvement Areas A, Local Agency Revenue Bonds 2014 Series B Improvement Areas B, Local Agency Revenue Bonds 2015 Series Improvement Areas C, Local Agency Revenue Bonds 2014 Series B and Local Agency Revenue Bonds 2012 Series C Improvement Areas D, Local Agency Revenue Bonds 2014 Series A Location Community Facilities District No. 2003-2 (the “CFD No. 2003-2”) is comprised of Canyon Hills, a planned residential community in the western portion of Riverside County covering approximately 2,040 acres. Canyon Hills is located in the southeast portion of the City to the south of the City of Canyon Lake. Pardee Homes is the master developer of the Canyon Hills project that is bifurcated by Canyon Hills Road and is approximately 2-1/2 miles east of the Corona Freeway (I-15). The proposed development is planned to include approximately 3,458 single-family residential properties, 305 multi-family residential properties, and approximately 33 acres of non- residential property at build-out. Authorized Facilities and Bonds CFD No. 2003-2 was formed in January, 2004 to finance the planning, designing, permitting, acquisition and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities, fire station, certain City and Elsinore Valley Municipal Water District fees, to fund interest on the Bonds, and to pay the expenses of the District. The District consists of five Improvement Areas (the “IA”), labeled A – E. IA A has a single bond series: Local Agency Revenue Bonds 2014 Series B. IA B has a single series of bonds: Local Agency Revenue Refunding Bonds, Series 2015, which refunded Series 2006 A bonds. IA C has two series of bonds: Local Agency Revenue Bonds 2012 Series C and 2014 Series B. IA D has two series of bonds: Local Agency Revenue Bonds Series A and Special Tax Bonds, 2016 Series A. The IA D bonds were issued August 18, 2016, after the reporting date. No bonds have been issued for Improvement Area E. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2003-2 from July 1, 2016 through June 30, 2017. Improvement Area A Description Amount FY 2016-17 Revenues Special Taxes Levied $856,072 Less: Delinquency as of 6/30/2017 $1,999 Total Special Taxes Collected $854,073 2017 Expenditures Bond Interest – 3/1/2017 $228,818 Bond Interest – 9/1/2017 $228,818 Bond Principal – 9/1/2017 $330,000 Administrative Expenses (1) $43,442 Total Expenditures $831,078 Ending Special Tax Fund Balance $22,995 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 6 .Community Facilities District No. 2003-2 (Canyon Hills) Page | 7 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Improvement Area B Description Amount FY 2016-17 Revenues Special Taxes Levied $1,744,542 Less: Delinquency as of 6/30/2017 $17,158 Total Special Taxes Collected $1,727,384 2017 Expenditures Bond Interest – 3/1/2017 $624,925 Bond Interest – 9/1/2017 $624,925 Bond Principal – 9/1/2017 $285,000 Administrative Expenses (2) $56,832 Total Expenditures $1,591,682 Ending Special Tax Fund Balance $135,702 (2) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area C Description Amount FY 2016-17 Revenues Special Taxes Levied $742,380 Less: Delinquency as of 6/30/2017 $5,469 Total Special Taxes Collected $736,911 2017 Expenditures Bond Interest – 3/1/2017 $298,006 Bond Interest – 9/1/2017 $298,006 Bond Principal – 9/1/2017 $85,000 Administrative Expenses (3) $41,370 Total Expenditures $722,382 Ending Special Tax Fund Balance $14,529 (3) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 6 .Community Facilities District No. 2003-2 (Canyon Hills) Page | 8 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Improvement Area D Description Amount FY 2016-17 Revenues Special Taxes Levied $1,688,887 Less: Delinquency as of 6/30/2017 $6,340 Total Special Taxes Collected $1,682,547 2017 Expenditures Bond Interest – 3/1/2017 $524,736 Bond Interest – 9/1/2017 $503,396 Bond Principal – 9/1/2017 $110,000 Authorized Improvements $467,472 Administrative Expenses (4) $53,281 Total Expenditures $1,658,885 Ending Special Tax Fund Balance $23,662 (4) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2017 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2017 Balance Project Status CFD No. 2003-2 IA A 2014B (5) N/A N/A N/A Completed CFD No. 2003-2 IA B 2015 $9,265,303.49 $9,265,303.49 $0.00 Completed CFD No. 2003-2 IA C 2012C $4,547,080.39 $4,547,080.39 $0.00 Completed CFD No. 2003-2 IA C 2014 (5) N/A N/A N/A Completed CFD No. 2003-2 IA D 2014 $5,709,425.45 $5,709,425.45 $0.00 Completed CFD No. 2003-2 IA D 2016A $15,846,431.43 $15,846,431.43 $0.00 Completed (5) There were no Improvement/Construction Funds associated with the refunding of the bonds in these Districts. The amount levied pays the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each District. 7 .Community Facilities District No. 2004-3 (Rosetta Canyon) Page | 9 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2004-3 (Rosetta Canyon) Improvement Area 1, Local Agency Revenue Refunding Bonds Series 2015 Improvement Area 2, Local Agency Revenue Refunding Bonds Series 2015 Location The boundaries of Community Facilities District No. 2004-3 (the “CFD No. 2004-3”) coincide with the development generally known as Rosetta Canyon. CFD No. 2004-3 is located 1 ½ miles east of interstate 15 freeway and south of Highway 74. Rosetta Canyon is planned for a total of 1,012 single family homes on 180.6 acres. Development within Improvement Area No. 1 is planned for 509 single family homes on approximately 94.9 gross acres. Development within Improvement Area No. 2 is planned for 503 single family homes on approximately 153.31 gross acres. Authorized Facilities and Bonds In March of 2005 the City formed CFD 2004-3 Improvement Area 1 and Improvement Area 2 to finance public infrastructure facilities including but not limited to, streets, streetscape, storm drain, water and sewer facilities, fire station, fire equipment, city fees and fees of the Elsinore Valley Municipal Water District, and related costs including designs, inspections, professional fees, annexation fees, connections fees, and acquisition costs, and for the purpose of paying principal and interest on bonds issued with respect to each improvement area. Both Improvement Area bonds were refunded by the Local Agency Refunding Revenue Bonds, Series 2015. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2004-3 from July 1, 2016 through June 30, 2017. Improvement Area 1 Description Amount FY 2016-17 Revenues Special Taxes Levied $1,506,633 Less: Delinquency as of 6/30/2017 $9,071 Total Special Taxes Collected $1,497,562 2017 Expenditures Bond Interest – 3/1/2017 $497,050 Bond Interest – 9/1/2017 $497,050 Bond Principal – 9/1/2017 $425,000 Administrative Expenses (1) $42,538 Total Expenditures $1,461,638 Ending Special Tax Fund Balance $35,924 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 7 .Community Facilities District No. 2004-3 (Rosetta Canyon) Page | 10 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Improvement Area 2 Description Amount FY 2016-17 Revenues Special Taxes Levied $1,680,873 Less: Delinquency as of 6/30/2017 $10,887 Total Special Taxes Collected $1,669,986 2017 Expenditures Bond Interest – 3/1/2017 $557,350 Bond Interest – 9/1/2017 $557,350 Bond Principal – 9/1/2017 $295,000 Authorized Improvements $180,041 Administrative Expenses (2) $46,138 Total Expenditures $1,635,879 Ending Special Tax Fund Balance $34,107 (2) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2017 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2017 Balance Project Status CFD No. 2004-3 IA 1 2015 $1,992,981.25 $1,992,981.25 $0.00 Completed CFD No. 2004-3 IA 2 2015 $4,650,214.69 $4,650,214.69 $0.00 Completed 8 .Community Facilities District No. 2005-1 (Serenity) Page | 11 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2005-1 (Serenity) Local Agency Revenue Refunding Bonds Series 2015 Location The boundaries of Community Facilities District No. 2005-1 (the “CFD No. 2005-1”) coincide with the development generally known as Serenity. CFD No. 2005-1 is located in the southern portion of the City, 3 miles east of Interstate 15 freeway at Baxter Street. The Serenity residential community is planned for a total of 233 detached single family homes on approximately 77.6 acres. Authorized Facilities and Bonds In January of 2005 the City formed CFD No. 2005-1. The District is authorized to issue bonds to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District Fees. The District currently has one series of bonds: Local Agency Refunding Revenue Bonds, Series 2015, which refunded the Special Tax Bonds 2006 Series A. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-1 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $664,407 Less: Delinquency as of 6/30/2017 $10,008 Total Special Taxes Collected $654,399 2017 Expenditures Bond Interest – 3/1/2017 $188,775 Bond Interest – 9/1/2017 $188,775 Bond Principal – 9/1/2017 $230,000 Administrative Expenses (1) $36,859 Total Expenditures $644,409 Ending Special Tax Fund Balance $9,990 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following District. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2017 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2017 Balance Project Status CFD No. 2005-1 2015 $1,465,351.72 $1,160,466.54 $304,885.18 Ongoing 9 .Community Facilities District No. 2005-2 (Alberhill Ranch) Page | 12 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2005-2 (Alberhill Ranch) Improvement Area A, Local Agency Revenue Refunding Bonds 2015 Location The boundaries of Community Facilities District No. 2005-2 Improvement Area A (the “CFD No. 2005-2 IA A”) coincide with the development generally known as Alberhill Ranch. CFD No. 2005-2 IA A is located in the northern portion of the City, 1 ½ miles east of the Interstate 15 freeway and south Lake Street. Alberhill Ranch is planned for a total of 1,181 single family homes and approximately 389 multifamily units on approximately 489 gross acres. Authorized Facilities and Bonds In September of 2005 the City formed CFD 2005-2 IA A. The District is authorized to issue bonds to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. The District currently has one series of Bonds: Local Agency Refunding Revenue Bonds Series 2015, which refunded the Special Tax 2005 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-2 IA A from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $1,390,645 Less: Delinquency as of 6/30/2017 $12,900 Total Special Taxes Collected $1,377,745 2017 Expenditures Bond Interest – 3/1/2017 $469,625 Bond Interest – 9/1/2017 $469,625 Bond Principal – 9/1/2017 $365,000 Administrative Expenses (1) $46,398 Total Expenditures $1,350,648 Ending Special Tax Fund Balance $27,097 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 10.Community Facilities District No. 2005-5 (Wasson Canyon) Page | 13 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2005-5 (Wasson Canyon) Local Agency Revenue Bonds 2012 Series A Location Community Facilities District No. 2005-5 (the “CFD No. 2005-5”) is located in an area known as Rosetta Hills, which is southeast of Highway 74 and northeast of Interstate 15, and generally encompasses the residential community known as the “Villages at Wasson Canyon”. Authorized Facilities and Bonds CFD No. 2005-5 was formed in August, 2005 for the purpose of acquiring or constructing public improvements needed to meet increased demand upon the City as a result of development within the boundaries of the District, including streets, streetscape, storm drains, City fees, and fees of the Elsinore Valley Municipal Water District. The development includes 190 residential units at build-out. The District currently has one series of Bonds: Local Agency Revenue Bonds 2012 Series A. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-5 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $262,174 Less: Delinquency as of 6/30/2017 $719 Total Special Taxes Collected $261,455 2017 Expenditures Bond Interest – 3/1/2017 $78,596 Bond Interest – 9/1/2017 $78,596 Bond Principal – 9/1/2017 $60,000 Administrative Expenses (1) $34,982 Total Expenditures $252,174 Ending Special Tax Fund Balance $9,281 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 11.Community Facilities District No. 2005-6 (City Center Townhomes) Page | 14 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2005-6 (City Center Townhomes) Local Agency Refunding Revenue Bonds 2015 Series Location Community Facilities District No. 2005-6 (the “CFD No. 2005-6”) is generally located adjacent to and east of Grape Street near the intersection of Grape Street and Railroad Canyon. The development within CFD No. 2005-6 is planned for 144 attached single family housing units in condominium ownership on approximately 14.2 gross acres. Authorized Facilities and Bonds In September of 2005 the City formed CFD No. 2005-6. The District is authorized to issue bonds to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. The District currently has one series of Bonds: Local Agency Refunding Revenue Bonds Series 2015, which refunded the Special Tax 2006 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-6 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $227,564 Less: Delinquency as of 6/30/2017 $9,699 Total Special Taxes Collected $217,865 2017 Expenditures Bond Interest – 3/1/2017 $67,000 Bond Interest – 9/1/2017 $67,000 Bond Principal – 9/1/2017 $45,000 Administrative Expenses (1) $32,566 Total Expenditures $211,566 Ending Special Tax Fund Balance $6,299 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District. 11.Community Facilities District No. 2006-1 (Summerly) Page | 15 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2006-1 (Summerly) Improvement Area A, Local Agency Revenue Bonds 2013 Series A Improvement Area B, Local Agency Revenue Bonds 2015 Series A Improvement Area CC, Local Agency Revenue Bonds 2016 Series A Location The boundaries of Community Facilities District No. 2006-1 (the “CFD No. 2006-1”) 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. In total the Summerly development is expected to include 1,482 homes. Authorized Facilities and Bonds CFD No. 2006-1 was formed in 2006 and initially consisted of three Improvement Areas (the “IA”); in 2011, the City reconfigured the CFD No. 2006-1 into six Improvement Areas (A, B, CC through FF), and one remainder Improvement Area (Improvement Area 1), which consisted of nine existing homes which prepaid its special taxes. IA A has a single bond series: Local Agency Revenue Bonds 2013 Series A. IA B has a single series of bonds: Local Agency Revenue Bonds 2015 A. IA CC has one series of bonds: Local Agency Revenue Bonds 2016 Series A. IA FF has one series of bonds. Special Tax Bonds Series 2016 B, after the reporting date. No bonds have been issued for the other Improvement Areas. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2006-1 from July 1, 2016 through June 30, 2017. Improvement Area A Description Amount FY 2016-17 Revenues Special Taxes Levied $225,875 Less: Delinquency as of 6/30/2017 $4,510 Total Special Taxes Collected $221,365 2017 Expenditures Bond Interest – 3/1/2017 $84,484 Bond Interest – 9/1/2017 $84,484 Bond Principal – 9/1/2017 $25,000 Administrative Expenses (1) $25,409 Total Expenditures $219,377 Ending Special Tax Fund Balance $1,988 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11.Community Facilities District No. 2006-1 (Summerly) Page | 16 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Improvement Area B Description Amount FY 2016-17 Revenues Special Taxes Levied $165,971 Less: Delinquency as of 6/30/2017 $1,105 Total Special Taxes Collected $164,866 2017 Expenditures Bond Interest – 3/1/2017 $53,134 Bond Interest – 9/1/2017 $53,134 Bond Principal – 9/1/2017 $35,000 Administrative Expenses (2) $20,204 Total Expenditures $161,472 Ending Special Tax Fund Balance $3,394 (2) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area CC Description Amount FY 2016-17 Revenues Special Taxes Levied $137,387 Less: Delinquency as of 6/30/2017 $0 Total Special Taxes Collected $137,387 2017 Expenditures Bond Interest – 3/1/2017 $43,600 Bond Interest – 9/1/2017 $43,600 Bond Principal – 9/1/2017 $30,000 Administrative Expenses (3) $20,187 Total Expenditures $137,387 Ending Special Tax Fund Balance $0 (3) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11.Community Facilities District No. 2006-1 (Summerly) Page | 17 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Improvement Area FF Description Amount FY 2016-17 Revenues Special Taxes Levied $44,623 Capitalized Interest $88,843 Less: Delinquency as of 6/30/2017 $0 Total Special Taxes Collected $133,466 2017 Expenditures Bond Interest – 3/1/2017 $37,748 Bond Interest – 9/1/2017 $68,634 Bond Principal – 9/1/2017 $0 Administrative Expenses (3) $8,649 Total Expenditures $115,031 Ending Special Tax Fund Balance $18,435 Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2017 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2017 Balance Project Status CFD No. 2006-1 IA A 2013A $2,785,178.85 $2,785,178.85 $0.00 Completed CFD No. 2006-1 IA B 2015A $2,617,345.52 $2,617,345.52 $0.00 Completed CFD No. 2006-1 IA CC 2016A $2,483,234.03 $2,483,234.03 $0.00 Completed CFD No. 2006-1 IA FF 2016B $3,119,295.49 $3,119,295.49 $0.00 Completed 11.Community Facilities District No. 2006-2 (Viscaya) Page | 18 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2017 Community Facilities District No. 2006-2 (Viscaya) Local Agency Revenue Bonds 2012 Series A Location Community Facilities District No. 2006-2 (the “CFD No. 2006-2”) is generally located approximately 2 miles southwest of Interstate 15 freeway near the southwest corner of Lakeshore Drive and Riverside Drive. The development within CFD No. 2006-2 is planned for 168 detached residential units on approximately 15.6 net acres. Authorized Facilities and Bonds In April of 2006 the City formed CFD No. 2006-2. The District is authorized to issue the Bonds to fund the planning, design, permitting, acquisition and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. The District currently has one series of Bonds: Local Agency Refunding Revenue Bonds Series 2015, which refunded the Special Tax 2006 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2006-2 from July 1, 2016 through June 30, 2017. Description Amount FY 2016-17 Revenues Special Taxes Levied $444,842 Less: Delinquency as of 6/30/2017 $23,323 Total Special Taxes Collected $421,519 2017 Expenditures Bond Interest – 3/1/2017 $139,275 Bond Interest – 9/1/2017 $139,275 Bond Principal – 9/1/2017 $90,000 Administrative Expenses (1) $31,293 Total Expenditures $399,843 Ending Special Tax Fund Balance $21,676 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of the District. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in the District. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for the District.