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HomeMy WebLinkAboutItem No. 18 Annual Bond FY 2019-20City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 19-797 Agenda Date: 12/8/2020 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 18) Annual Bond Accountability Report for Fiscal Year 2019-20 Receive and file the Annual Bond Accountability Report for Fiscal Year 2019-20 pursuant to SB 165. The report was transmitted on December 8, 2020 to the City Clerk and City Council as required on or before December 31, 2020. Page 1 City of Lake Elsinore Printed on 12/3/2020 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: December 8, 2020 Subject: Annual Bond Accountability Report for Fiscal Year 2019-20 Recommendation Receive and file the Annual Bond Accountability Report for Fiscal Year 2019-20 pursuant to SB 165. The report was transmitted on December 8, 2020 to the City Clerk and City Council as required on or before December 31, 2020. 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. Annual Bond Accountability Report FY 2019-20 December 8, 2020 Page 2 of 2 This report was transmitted to the City Clerk and City Council prior to December 31, 2020. Fiscal Impact Not applicable. Exhibits A - Local Agency Special Tax and Bond Accountability Act Report for Fiscal Year ending June 30, 2020. CITY OF LAKE ELSINORE TM FISCAL YEAR ENDING .K JUNE 30, 2020 SENATE BILL 165 ANNUAL REPORT ON VOTER APPROVED DEBT SECTION 53411 SPICER CONSULTING G R O U P Table of Contents Sections 1. Introduction of Bond Accountability Act(Senate Bill 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) 10 8. Community Facilities District No. 2005-1 (Serenity) 12 9. Community Facilities District No. 2005-2 (Alberhill Ranch) 13 10. Community Facilities District No. 2005-5 (Wasson Canyon) 14 11. Community Facilities District No. 2005-6 (City Center Townhomes) 15 12. Community Facilities District No. 2006-1 (Summerly) 16 13. Community Facilities District No. 2006-2 (Viscaya) 20 14. Community Facilities District No. 2007-4 (Makenna Court) 21 15. Community Facilities District No. 2007-5 (Red Kite) 22 16. Community Facilities District No. 2015-5 (Trieste) 23 17. Community Facilities District No. 2016-2 (Canyon Hills) 24 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. Introduction Page 11 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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Community Facilities District No. 88-3 (West Lake Elsinore) Page 12 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, 2019 through June 30, 2020. escri tion Amount FY 2019-20 Revenues Special Taxes Levied $2,504,669 Less: Delinquency as of 9/21/2020 $17,715 Total Special Taxes Collected $2,486,954 2020 Expenditures Bond Interest—3/1/2020 $52,156 Bond Interest—9/1/2020 $52,156 Bond Principal—9/1/2020 $2,235,000 Administrative Expenses(') $90,217 Total Expenditures $2,429,529 Ending Special Tax Fund Balance $57,425 (')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. City of Lake Elsinore 4091111'. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Community Facilities District No. 90-2 (Tuscany Hills) Page 13 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 one series of bonds: Special Tax Parity Bonds 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, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $1,577,233 Less: Delinquency as of 9/21/2020 $18,705 Total Special Taxes Collected $1,558,528 2020 Expenditures Bond Interest—4/1/2020 $110,025 Bond Interest—10/1/2020 $110,025 Bond Principal—10/1/2020 $895,000 Authorized Improvements $356,615 Administrative Ex enses M $68,548 Total Expenditures $1,540,213 Ending Special Tax Fund Balance $18,315 O)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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICERCONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Community Facilities District No. 95-1 (City Center) Page 14 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, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $165,432 Less: Delinquency as of 9/21/2020 $0 Total Special Taxes Collected $165,432 2020 Expenditures Bond Interest—3/1/2020 $16,500 Bond Interest—9/1/2020 $16,500 Bond Principal—9/1/2020 $100,000 Administrative Expenses M $27,602 Total Expenditures $160,602 Ending Special Tax Fund Balance $4,830 MAmount 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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Community Facilities District No. 98-1 (Summerhill) Page 15 Community Facilities District No. 98-1 (Summerhill) Local Agency Revenue Bonds 2013 Series C Location Community Facilities District No. 98-1 (the "CFD No. 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, 2019 through June 30, 2020. Descri tion Amount FY 2019-20 Revenues Special Taxes Levied $1,150,553 Less: Delinquency as of 9/21/2020 $12,233 Total Special Taxes Collected $1,138,320 2020 Expenditures Bond Interest—3/1/2020 $261,941 Bond Interest—9/1/2020 $261,941 Bond Principal—9/1/2020 $555,000 Administrative Ex enses M $18,019 Total Expenditures $1,096,901 Ending Special Tax Fund Balance $41,419 M 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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Community Facilities District No. 2003-2 (Canyon Hills) Page 16 Community Facilities District No. 2003-2 (Canyon Hills) Improvement Area A, Local Agency Revenue Bonds 2014 Series B Improvement Area B, Local Agency Revenue Bonds 2015 Series and Local Agency Revenue Bonds Series 2017 Improvement Area C, Local Agency Revenue Bonds 2014 Series B and Local Agency Revenue Bonds 2012 Series C Improvement Area D, Local Agency Revenue Bonds 2014 Series A and Special Tax Bonds 2016A Improvement Area E, Special Tax Bonds Series 2018 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 (1-15). 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 two series of bonds: Local Agency Revenue Refunding Bonds, Series 2015, which refunded Series 2006 A bonds, and Series 2017. 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 2014 Series A and Special Tax Bonds, 2016 Series A. IA E has a single bond series: Special Tax Bonds Series 2018. 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, 2019 through June 30, 2020. Improvement Area A escription Amount FY 2019-20 Revenues Special Taxes Levied $911,957 Less: Delinquency as of 9/21/2020 $6,969 Total Special Taxes Collected $904,988 2020 Expenditures Bond Interest—3/1/2020 $209,131 Bond Interest—9/1/2020 $209,131 Bond Principal—9l1/2020 $420,000 Administrative Ex enses M $47,907 Total Expenditures $886,169 Ending Special Tax Fund Balance $18,819 (')Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Community Facilities District No. 2003-2 (Canyon Hills) Page 7 Improvement Area B DescriptiondIIIIIII101111 unt FY 2019-20 Revenues Special Taxes Levied $1,851,323 Less: Delinquency as of 9/21/2020 $14,416 Total Special Taxes Collected $1,836,907 2020 Expenditures Bond Interest-3/1/2020 $453,322 Bond Interest—9/1/2020 $453,322 Bond Principal—9/1/2020 $395,000 Authorized Improvements $435,182 Administrative Expenses(2) $56,100 Total Expenditures $1,792,926 Ending Special Tax Fund Balance $43,981 (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area C Description Amount FY 2019-20 Revenues Special Taxes Levied $798,773 Less: Delinquency as of 9/21/2020 $4,729 Total Special Taxes Collected $794,044 2020 Expenditures Bond Interest—3/1/2020 $292,591 Bond Interest-9/1/2020 $292,591 Bond Principal—9/1/2020 $140,000 Administrative Expenses(3) $39,409 Total Expenditures $764,591 Ending Special Tax Fund Balance $29,453 (3)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore 4091111. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Community Facilities District No. 2003-2 (Canyon Hills) Page 8 Improvement Area D DescriptionA1111111111111111111111111 unt FY 2019-20 Revenues Special Taxes Levied $1,821,658 Less: Delinquency as of 9/21/2020 $3,860 Total Special Taxes Collected $1,817,798 2020 Expenditures Bond Interest-3/1/2020 $498,409 Bond Interest—9/1/2020 $498,409 Bond Principal—9/1/2020 $210,000 Authorized Improvements $502,065 Administrative Expenses(4) $58,366 Total Expenditures $1,767,249 Ending Special Tax Fund Balance $50,549 (4)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area E Description bAmount FY 2019-20 Revenues Special Taxes Levied $175,663 Less: Delinquency as of 9/21/2020 $2,529 Total Special Taxes Collected $173,134 2020 Expenditures Bond Interest—3/1/2020 $47,031 Bond Interest—9/1/2020 $47,031 Bond Principal—9/1/2020 $40,000 Authorized Improvements $23,673 Administrative Expenses(5) $25,250 Total Expenditures $182,985 Ending Special Tax Fund Balance $9,851 (5)Amount allocated to Administrative Expenses and may not have been expended in its entirety. C sq City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Community Facilities District No. 2003-2 (Canyon Hills) Page 19 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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund AMount Bala Status CFD No. 2003-2 IA A 2014B(1) 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 B 2017 $7,101,732.80 $7,101,732.80 $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 2014B(6) N/A N/A N/A Completed CFD No.2003-2 IA D 2014A $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 CFD No.2003-2 IA E 2018 $2,242,784.42 $2,242,784.42 $0.00 Completed (6) 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 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 7. Community Facilities District No. 2004-3 (Rosetta Canyon) Page 110 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 '/2 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 No. 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, 2019 through June 30, 2020. Improvement Area 1 Descri tio 1MML Amount FY 2019-20 Revenues Special Taxes Levied $1,607,408 Less: Delinquency as of 9/21/2020 $16,107 Total Special Taxes Collected $1,591,301 2020 Expenditures Bond Interest—3/1/2020 $470,875 Bond Interest—9/1/2020 $470,875 Bond Principal—9/1/2020 $570,000 Administrative Ex enses M $60,724 Total Expenditures $1,572,474 Ending Special Tax Fund Balance $18,827 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 7. Community Facilities District No. 2004-3 (Rosetta Canyon) Page 11 Improvement Area 2 Descri do MM Amount FY 2019-20 Revenues Special Taxes Levied $1,783,756 Less: Delinquency as of 9/21/2020 $15,904 Total Special Taxes Collected $1,767,852 2020 Expenditures Bond Interest—3/1/2020 $538,625 Bond Interest—9/1/2020 $538,625 Bond Principal—9/1/2020 $425,000 Authorized Improvements $180,086 Administrative Expenses(2) $60,724 Total Expenditures $1,743,060 Ending Special Tax Fund Balance $24,792 (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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund Amount Balance 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 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 8. Community Facilities District No. 2005-1 (Serenity) Page 112 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 west of Interstate 15 freeway at Corydon Road. 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, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $685,190 Less: Delinquency as of 9/21/2020 $3,666 Total Special Taxes Collected $681,524 2020 Expenditures Bond Interest—3/1/2020 $175,125 Bond Interest—9/1/2020 $175,125 Bond Principal—9/1/2020 $275,000 Administrative ExpensesM $44,163 Total Expenditures $669,413 Ending Special Tax Fund Balance $12,111 O)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, 2020 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. Initial Deposit Amount to Expended June 30, 2020 Project District Series Improvement Fund Amount Balance Status CFD No.2005-1 2015 $1,465,351.72 $1,465,351.72 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICERCONSULTING Fiscal Year Ending June 30,2020 G R O U P 9. Community Facilities District No. 2005-2 (Alberhill Ranch) Page 113 Community Facilities District No. 2005-2 (Alberhill Ranch) Improvement Area A, Local Agency Revenue Refunding Bonds 2015 Improvement Area A, Local Agency Revenue Refunding Bonds 2019 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 '/z miles west 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 No. 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 two series of Bonds: Local Agency Refunding Revenue Bonds Series 2015,which refunded the Special Tax 2005 Series A Bonds,and the Local Agency Refunding Revenue Bonds Series 2019, which partially refunded 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. 2005-2 IA A from July 1, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $1,504,992 Less: Delinquency as of 9/21/2020 $3,379 Total Special Taxes Collected $1,501,613 2020 Expenditures Bond Interest—3/1/2020 $346,803 Bond Interest—9/1/2020 $408,029 Bond Principal—9/1/2020 $630,000 Administrative Ex enses 0) $60,724 Total Expenditures $1,445,556 Ending Special Tax Fund Balance $56,057 (')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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 10. Community Facilities District No. 2005-5 (Wasson Canyon) Page 114 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, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $281,560 Less: Delinquency as of 9/21/2020 $0 Total Special Taxes Collected $281,560 2020 Expenditures Bond Interest—3/1/2020 $75,531 Bond Interest—9/1/2020 $75,531 Bond Principal—9/1/2020 $80,000 Administrative Expenses M $32,340 Total Expenditures $263,402 Ending Special Tax Fund Balance $18,158 MAmount 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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 11. Community Facilities District No. 2005-6 (City Center Townhomes) Page 115 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, 2019 through June 30, 2020. Descri tion Amount FY 2019-20 Revenues Special Taxes Levied $250,712 Less: Delinquency as of 9/21/2020 $9,536 Total Special Taxes Collected $241,176 2020 Expenditures Bond Interest—3/1/2020 $64,125 Bond Interest—9/1/2020 $64,125 Bond Principal—9/1/2020 $70,000 Administrative Ex enses 0) $38,643 Total Expenditures $236,893 Ending Special Tax Fund Balance $4,283 (')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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 12. Community Facilities District No. 2006-1 (Summerly) Page 116 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, Special Tax Bonds Series 2016A Improvement Area EE, Special Tax Bonds Series 2017A Improvement Area FF, Special Tax Bonds Series 2016B Improvement Area HH, Special Tax Bonds Series 2019 Improvement Area JJ, Special Tax Bonds Series 2018 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 1-15 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"IX); 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.The resolution for dissolving existing improvement areas and designating new ones was adopted in the spring of 2017. 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 Series A. IA CC has one series of bonds: Special Tax Bonds Series 2016A. IA EE has one series of bonds: Special Tax Bonds 2017A. IA FF has one series of bonds: Special Tax Bonds Series 2016B. IA HH has one series of bonds: Special Tax Bonds Series 2019. IA JJ has one series of bonds: Special Tax Bonds Series 2018. 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, 2019 through June 30, 2020. Improvement Area A escri tion Amount FY 2019-20 Revenues Special Taxes Levied $241,257 Less: Delinquency as of 9/21/2020 $2,041 Total Special Taxes Collected $239,216 2020 Expenditures Bond Interest—3/1/2020 $83,288 Bond Interest—9/1/2020 $83,288 Bond Principal—9/1/2020 $40,000 Administrative Ex enses M $16,892 Total Expenditures $223,468 Ending Special Tax Fund Balance $15,748 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. C S City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 12. Community Facilities District No. 2006-1 (Summerly) Page 17 Improvement Area B DescriptiondIIIIIII101111 unt FY 2019-20 Revenues Special Taxes Levied $178,728 Less: Delinquency as of 9/21/2020 $235 Total Special Taxes Collected $178,493 2020 Expenditures Bond Interest-3/1/2020 $51,984 Bond Interest—9/1/2020 $51,984 Bond Principal—9/1/2020 $45,000 Administrative Expenses(2) $22,082 Total Expenditures $171,050 Ending Special Tax Fund Balance $7,443 (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area CC escri tion FY 2019-20 Revenues Special Taxes Levied $176,859 Less: Delinquency as of 9/21/2020 $2,719 Total Special Taxes Collected $174,140 2020 Expenditures Bond Interest—3/1/2020 $42,550 Bond Interest—9/1/2020 $42,550 Bond Principal—9/1/2020 $40,000 Authorized Improvements $25,395 Administrative Expenses(3) $21,649 Total Expenditures $172,143 Ending Special Tax Fund Balance $1,997 (3)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore 4091111. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 12. Community Facilities District No. 2006-1 (Summerly) Page 18 Improvement Area EE Descri tio IWAmount FY 2019-20 Revenues Special Taxes Levied $276,960 Less: Delinquency as of 9/21/2020 $3,107 Total Special Taxes Collected $273,853 2020 Expenditures Bond Interest-3/1/2020 $90,238 Bond Interest—9/1/2020 $90,238 Bond Principal—9/1/2020 $50,000 Authorized Improvements $17,534 Administrative Expenses(4) $20,400 Total Expenditures $268,410 Ending Special Tax Fund Balance $5,443 (4)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area FF Description Amount FY 2019-20 Revenues Special Taxes Levied $216,518 Less: Delinquency as of 9/21/2020 $478 Total Special Taxes Collected $216,040 2020 Expenditures Bond Interest-3/1/2020 $67,984 Bond Interest—9/1/2020 $67,984 Bond Principal—9/1/2020 $35,000 Authorized Improvements $18,376 Administrative Expenses(5) $20,808 Total Expenditures $210,152 Ending Special Tax Fund Balance $5,888 (5)Amount allocated to Administrative Expenses and may not have been expended in its entirety City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 12. Community Facilities District No. 2006-1 (Summerly) Page 19 Improvement Area HH Descri tio IWAmount FY 2019-20 Revenues Special Taxes Levied $133,043 Less: Delinquency as of 9/21/2020 $0 Total Special Taxes Collected $133,043 2020 Expenditures Bond Interest-3/1/2020 $50,780 Bond Interest—9/1/2020 $126,950 Bond Principal—9/1/2020 $0 Administrative Expenses(6) $20,000 Total Expenditures $197,730 Ending Special Tax Fund Balance $64,687 (6)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area JJ Description Amount FY 2019-20 Revenues Special Taxes Levied $310,099 Less: Delinquency as of 9/21/2020 $769 Total Special Taxes Collected $309,330 2020 Expenditures Bond Interest—3/1/2020 $115,000 Bond Interest—9/1/2020 $115,000 Bond Principal—9/1/2020 $30,000 Administrative Expenses(') $20,400 Total Expenditures $280,400 Ending Special Tax Fund Balance $28,930 (7)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 12. Community Facilities District No. 2006-' (Summerly) Page 119 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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Serie m rovernent Fund Amount BalarIGL. Status CFD No.2006-1 IAA 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 EE 2017A $4,301,125.34 $4,301,125.34 $0.00 Completed CFD No.2006-1 IA FF 2016B $3,119,295.49 $3,119,295.49 $0.00 Completed CFD No.2006-1 IA HH 2O19 $5,375,396.99 $5,375,396.99 $0.00 Completed CFD No.2006-1 IA JJ 2018 $4,706,937.84 $4,706,937.84 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report 9e. SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 13. Community Facilities District No. 2006-2 (Viscaya) Page 120 Community Facilities District No. 2006-2 (Viscaya) Local Agency Revenue Bonds Series 2015 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, 2019 through June 30, 2020. Description Amount FY 2019-20 Revenues Special Taxes Levied $479,042 Less: Delinquency as of 9/21/2020 $15,093 Total Special Taxes Collected $463,949 2020 Expenditures Bond Interest—3/1/2020 $133,625 Bond Interest—9/1/2020 $133,625 Bond Principal—9/1/2020 $130,000 Authorized Improvements $34,564 Administrative Ex enses M $38,643 Total Expenditures $470,457 Ending Special Tax Fund Balance $6,508 MAmount 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. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 14. Community Facilities District No. 2007-4 (Makenna Court) Page 121 Community Facilities District No. 2007-4 (Makenna Court) Special Tax Bonds Series 2018 Location Community Facilities District No. 2007-4 (the "CFD No. 2007-4") is located in the northern portion of Lake Elsinore. CFD No. 2007-4 is south of Lakeshore Drive and west of Machado Street. Authorized Facilities and Bonds CFD No.2007-4 was formed to finance the acquisition and-or construction of road improvements, City improvements, City fees,fees and improvements of the Elsinore Valley Municipal Water District and fees of the Lake Elsinore Unified School District. CFD No. 2007-4 encompasses approximately 23.46 gross acres of land, of this acreage, 15.81 acres are expected to be developed for residential uses. 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. 2007-4 from July 1, 2019 through June 30, 2020. escri tion Amount FY 2019-20 Revenues Special Taxes Levied $183,234 Less: Delinquency as of 9/21/2020 $2,367 Total Special Taxes Collected $180,867 2020 Expenditures Bond Interest—3/1/2020 $50,653 Bond Interest—9/1/2020 $50,653 Bond Principal—9/1/2020 $15,000 Authorized Improvements $37,311 Administrative Expenses(') $25,000 Total Expenditures $178,617 Ending Special Tax Fund Balance $2,250 MAmount 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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund Amount Balance Status CFD No.2007-4 2018 $2,150,460.50 $2,150,460.50 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 15. Community Facilities District No. 2007-5 (Red Kite) Page 122 Community Facilities District No. 2007-5 (Red Kite) Special Tax Bonds Series 2018 Location Community Facilities District No. 2007-5 (the "CFD No. 2007-5") is located in the western portion of Lake Elsinore. CFD No. 2007-5 is west of Riverside Drive, east of Grand Avenue and just south of Machado Street. Authorized Facilities and Bonds CFD No. 2007-5 was formed to finance the costs of construction of City facilities, including certain storm drain and street improvements, and the costs of certain water and sewer system improvements to be owned and operated by the Elsinore Valley Municipal Water District. CFD No. 2007-5 encompasses approximately 10.29 gross acres of land, of this acreage, 6.54 acres are expected to be developed for residential uses. 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. 2007-5 from July 1, 2019 through June 30, 2020. Descri tion Amount FY 2019-20 Revenues Special Taxes Levied $134,592 Less: Delinquency as of 9/21/2020 $0 Total Special Taxes Collected $134,592 2020 Expenditures Bond Interest—3/1/2020 $30,547 Bond Interest—9/1/2020 $30,547 Bond Principal—9/1/2020 $35,000 Authorized Improvements $9,460 Administrative Expenses(') $25,000 Total Expenditures $130,554 Ending Special Tax Fund Balance $4,038 (')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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund Amount Balance Status CFD No. 2007-5 2018 $1,395,971.85 $1,395,971.59 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 16. Community Facilities District No. 2015-5 (Trieste) Page 123 Community Facilities District No. 2015-5 (Trieste) Special Tax Bonds Series 2017 Location Community Facilities District No.2015-5(the"CFD No.2015-5")is located at the southern corner of the Highway 74 and Rosetta Canyon Drive intersection, and north of Arden Way. CFD No. 2015-5 will develop 75 units within Tract 36624 that will consist of single family residential properties located in the City of Lake Elsinore on approximately 12.97 gross acres. Authorized Facilities and Bonds In July of 2016 the City formed CFD No. 2015-5. The District is authorized to issue the Bonds to fund the purchase, construction, modification, expansion, improvement or rehabilitation of certain real or other tangible property. The District currently has one series of bonds: Special Tax Bonds, Series 2017. 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. 2015-5 from July 1, 2019 through June 30, 2020. Descri tion Amount FY 2019-20 Revenues Special Taxes Levied $164,013 Less: Delinquency as of 9/21/2020 $0 Total Special Taxes Collected $164,013 2020 Expenditures Bond Interest—3/1/2020 $36,272 Bond Interest—9/1/2020 $36,272 Bond Principal—9/1/2020 $40,000 Authorized Improvements $9,455 Administrative Ex enses M $36,414 Total Expenditures $158,413 Ending Special Tax Fund Balance $5,600 M 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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund Amount Balance Status CFD No. 2015-5 2017 $1,799,937.25 $1,799,937.25 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 17. Community Facilities District No. 2016-2 (Canyon Hills) Page 124 Community Facilities District No. 2016-2 (Canyon Hills) Special Tax Bonds Series 2018 Location Community Facilities District No. 2016-2 (the "CFD No. 2016-2") is located southwest of the intersection of Railroad Canyon Road and Canyon Hills Road. The southern boundary of CFD No. 2016-2 is adjacent to Railroad Canyon Road and is approximately 2-1/2 miles east of the interstate 15 Freeway. Authorized Facilities and Bonds CFD No. 2016-2 was formed to finance city facilities (storm drains, sewer and water, roads and traffic signals), city fees, and Elsinore Valley Municipal Water Districts. CFD No. 2016-2 encompasses the eighth phase of the 1,169-acre master planned community known as Canyon Hills being developed by Pardee Homes. 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. 2016-2 from July 1, 2019 through June 30, 2020. Descri tion Amount FY 2019-20 Revenues Special Taxes Levied $1,092,332 Less: Delinquency as of 9/21/2020 $25,689 Total Special Taxes Collected $1,066,643 2020 Expenditures Bond Interest—3/1/2020 $460,491 Bond Interest—9/1/2020 $460,491 Bond Principal—9/1/2020 $90,000 Authorized Improvements $4,640 Administrative Expenses(') $30,000 Total Expenditures $1,045,622 Ending Special Tax Fund Balance $21,021 (')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, 2020 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. Initial Deposit Amount to Expended June 30,2020 Project District Series Improvement Fund Amount Balance Status CFD No. 2016-2 2018 $7,726,894.48 $7,726,894.48 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P r- TM SPICER CONSULTING G R O U P