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Item No. 09 Annual Disclosure Reports for FY Ending June 30, 2020
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: TMP 20-0025 Agenda Date: 1/26/2021 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 9) Annual Continuing Disclosure Reports for Fiscal Year Ending June 30, 2020 Receive and file the Annual Continuing Disclosure Reports pursuant to related bond covenants. These reports disseminated to the Electronic Municipal Market Access (EMMA), which is provided as a service by the Municipal Securities Rulemaking Board (MSRB) as required on or before February 15, 2021. Page 1 City of Lake Elsinore Printed on 1/21/2021 ` 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 26, 2021 Subject: Annual Continuing Disclosure Reports for Fiscal Year Ending June 30, 2020 Recommendation Receive and file the Annual Continuing Disclosure Reports pursuant to related bond covenants. These reports disseminated to the Electronic Municipal Market Access (EMMA), which is provided as a service by the Municipal Securities Rulemaking Board (MSRB) as required on or before February 15, 2021. Background and Discussion The Annual Continuing Disclosure Reports under related bond covenants for first-year reporting districts were filed and were disseminated to the Electronic Municipal Market Access (EMMA) which is provided as a service by the Municipal Securities Rulemaking Board (MSRB) as required on or before February 15, 2021. The reports listed in the Exhibits section of this report were disseminated to EMMA on or before February 15, 2021. Reports for each new issue are as follows: CFD No. 2007-4 (Makenna Court), Special Tax Bonds, Series 2018 CFD No. 2003-2 Improvement Area E (Canyon Hills), Special Tax Bonds, Series 2018 CFD No. 2007-5 (Red Kite), Special Tax Bonds, Series 2018 CFD No. 2003-2 Improvement Area B (Canyon Hills), Local Agency Revenue Bonds, Series 2017 CFD No. 2016-2 (Canyon Hills), Special Tax Bonds, Series 2018 CFD No. 2006-1 Improvement Area HH (Summerly), Special Tax Bonds, Series 2019 CFD No. 2006-1 Improvement Area JJ (Summerly), Special Tax Bonds, Series 2018 Fiscal Impact Not Applicable Annual Continuing Disclosure Reports January 26, 2021 Page 2 Exhibits A - CFD No. 2007-4 (Makenna Court) B - CFD No. 2003-2 Improvement Area E (Canyon Hills) C - CFD No. 2007-5 (Red Kite) D - CFD No. 2003-2 Improvement Area B (Canyon Hills) E - CFD No. 2016-2 (Canyon Hills) F - CFD No. 2006-1 Improvement Area HH (Summerly) G - CFD No. 2006-1 Improvement Area JJ (Summerly) CITY OF LAKE ELSINORE Annual Continuing Disclosure Report TM FISCAL YEAR 2019-20 COMMUNITY FACILITIES DISTRICT NO. 2007-4 (MAKENNA COURT) 2018 SPECIALTAX BONDS FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Special Taxes 2 3. Property Ownership 3 4. Payment History 4 5. Bond Funds 5 6. Significant Events 6 Tables Table 2-1 Special Tax Levy 2 Table 3-1 Estimated Assessed Value-to-Lien Ratios Allocated by Property Ownership (Table 2) 3 Table 4-1 Delinquency Summary 4 Table 5-1 Fund Balances as of September 2, 2020 5 Appendices Appendix A— Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore C50 Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P City of Lake Elsinore Community Facilities District No. 2007-4 Special Tax Bonds, Series 2018 (CUSIP 50963N) Maturity Date September 1 Principal Interest Rate CUSIP Suffix 2019 $10,000 2.000% PI-7 2020 $15,000 2.000% PM5 2021 $20,000 2.000% PN3 2022 $25,000 2.125% PP8 2023 $25,000 2.375% PQ6 2024 $30,000 2.625% PR4 2025 $35,000 2.750% PS2 2026 $40,000 3.000% PTO 2027 $40,000 3.000% PU7 2028 $45,000 3.000% PV5 2029 $50,000 3.125% PW3 2030 $55,000 3.375% PX1 2031 $60,000 3.500% PY9 2032 $65,000 3.625% PZ6 2033 $70,000 3.625% QAO 2034 $80,000 4.000% QB8 2035 $85,000 4.000% QC6 2036 $90,000 4.000% QD4 2037 $100,000 4.000% QE2 2038 $105,000 4.000% QF9 $665,000 4.000% Term Bonds Due September 1, 2043— Price: 96.332 CUSIP No. QG7 $935,000 4.125% Term Bonds Due September 1, 2048— Price: 97.233 CUSIP No. QH5 This Annual Continuing Disclosure Report("Report") for Community Facilities District No. 2007-4 Special Tax Bonds, Series 2018 of the City of Lake Elsinore (the "District" or"CFD No. 2007-4"), has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at(866) 504-2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 1 Community Facilities District No. 2007-4 (Makenna Court) Special Tax Bonds Series, 2018 Project Description 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. Location The District is located in the northern portion of Lake Elsinore. CFD No. 2007-4 is south of Lakeshore Drive and west of Machado Street. Series 2018 Special Tax Bonds(Section 4b(i)) The Community Facilities District No. 2007-4 Special Tax Bonds, Series 2018 (the "Bonds") in the amount of$2,645,000 were issued on November 7, 2018 to: (i) finance certain public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District; (ii) fund reserve account for the Bonds; (iii) the costs of issuance for the Bonds. With interest rates ranging from 2.000% to 4.125%, interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the Bonds is September 1, 2048. As of September 2, 2020, the Principal Amount of the CFD No. 2007-4 Bonds Outstanding was$2,620,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICERc6NSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Special Taxes Page 12 A Special Tax is levied each year to pay the principal and interest obligations on the Bonds of the District. The amount levied each year is determined by the Special Tax formula and can vary from year to year but shall not exceed the maximum authorized (or permitted) Special Tax rates. The amount levied for the 2020-21 tax year was$186,899.36. The Special Tax Levy applied for the 2020-21 tax year are: Table 2-1 Special Tax Levy Land Use Special Tax Assigned Maximum %of Maximum Category Parcels Levied Special Tax Special Tax Special Tax Developed Property 81 $186,899.36 $186,899.95 $209,246.66 89.32% City of Lake Elsinore 4091111'. Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Property Ownership _ar 3 Table 3-1 Estimated Assessed Value-to-Lien Ratios Allocated by Property Ownership (Table 2) (Section 4b (vi)) Property Owner Assessed %of Assessed Maximum %of Maximum FY 2020-21 %of Special Bonds Value-to- Classification Parcel Value' Value Special Tax Special Tax J Special Tax Levy Tax Levy Outstanding Lien Ratio Developed Propert Individual Owned 81 $32,608,164.00 100.00% $209,246.66 100.00% $186,899.36 100.00% $2,620,000.00 12.45:1 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. C�� City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Payment History Page 14 Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan. The delinquency summary table below provides an overview of delinquency rates on June 30 for previous years. Table 4-1 Delinquency Summary(Section 4b (v)) Fiscal Levied Delinquency as of June 30 Current Delin uenc Year Parcels Amount Parcels Amount Del.Rate Parcels Amount Del.Rate 2017-18 6 $10,499.96 0 $0.00 0.00% 0 $0.00 0.00% 2018-19 70 $155,182.80 0 $0.00 0.00% 0 $0.00 0.00% 2019-20 81 $183,234.44 2 $2,366.90 1.29% 2 $2,366.90 1.29% Total $348,917.20 $2,366.90 0.68% 2 $2,366.90 0.68% Foreclosure Covenant(Section 4b(vii)) The District will covenant in the Indenture for the benefit of the Owners of the Bonds and Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due; and (ii) commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. There are currently no foreclosure actions pending in the District. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Bond Funds Page 5 Table 5-1 Fund Balances as of September 2, 2020(Section 4b (ii)) Mccount Name Balances Special Tax Fund $0.00 Admin Expense Account $5.31 Reserve Account $208,045.02 Interest Account $0.00 Principal Account $0.00 Redemption Account $0.00 Cost of Issuance Account $0.00 Rebate Fund $0.00 Surplus Fund $0.00 Acquisition and Construction Fund $0.00 City Facilities Account $0.00 Water Facilities Account $0.00 Total $208,050.33 Series 2018 Reserve Account(Section 4b(ii)) The Reserve Fund must be maintained at the Reserve Requirement which is defined, as of any date of calculation equal to the lesser of: (i) 10% of the initial principal amount of the Bonds and Parity Bonds, if any; (ii) Maximum Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any; (iii) 125% of average Annual Debt Service on the then Outstanding Bonds and Parity Bonds; or (iv) $203,339.64, the initial Reserve Requirement. Provided, In the event that special tax revenue is insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve Fund will then be replenished by increasing the next year's special tax levy to the extent permitted by law. As of September 2, 2020,the balance in the Reserve Fund was$208,045.02 and the Reserve Requirement was$203,339.64. Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30, 2020 Comprehensive Annual Financial Report (CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA(Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICERc6NSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Significant Events 6 Pursuant to the provisions of this Section 5, the District shall give, or cause the Dissemination Agent to give, notice filed with the Repository of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) business days after the event: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final Not Applicable determinations of taxability or of a Notice of Proposed Issue(IRS Form 5701-TEB); 6. tender offers; Not Applicable 7. defeasances; Not Applicable 8. ratings changes; Not Applicable 9. bankruptcy, insolvency, receivership or similar proceedings; Not Applicable 10. unless described in paragraph 5 above, notices or determinations by the Internal Revenue Service Not Applicable with respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; 11. the consummation of a merger, consolidation or acquisition involving an obligated person or the sale of Not Applicable all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; 12. appointment of a successor or additional paying agent or the change of the name of a paying agent; Not Applicable 13. non-payment related defaults; Not Applicable 14. modifications to the rights of Owners of the Bonds; Not Applicable 15. bond calls; and Not Applicable 16. release, substitution or sale of property securing repayment of the Bonds. Not Applicable Upon the occurrence of a Listed Event under Section 5 above, the District shall as soon as possible determine if such event would be material under applicable federal securities laws. �� City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-4 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule 1$0� SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2007-4 (MAKENNA COURT) 4110 Special Tax Bonds Series 2018 Issued CITY OF 11/07/2018 LAKE ELSMORE Coupon Principal Semi-Annual Semi-Annual Annual Date Rate Principal Outstanding Interest Debt Service Debt Service 03/01/2019 $2,645,000.00 $41,448.39 $41,448.39 09/01/2019 2.000% $10,000.00 $2,635,000.00 $41,448.39 $51,448.39 $92,896.78 03/01/2020 $2,635,000.00 $50,653.13 $50,653.13 09/01/2020 2.000% $15,000.00 $2,620,000.00 $50,653.13 $65,653.13 $116,306.26 03/01/2021 $2,620,000.00 $50,503.13 $50,503.13 09/01/2021 2.000% $20,000.00 $2,600,000.00 $50,503.13 $70,503.13 $121,006.26 03/01/2022 $2,600,000.00 $50,303.13 $50,303.13 09/01/2022 2.125% $25,000.00 $2,575,000.00 $50,303.13 $75,303.13 $125,606.26 03/01/2023 $2,575,000.00 $50,037.50 $50,037.50 09/01/2023 2.375% $25,000.00 $2,550,000.00 $50,037.50 $75,037.50 $125,075.00 03/01/2024 $2,550,000.00 $49,740.63 $49,740.63 09/01/2024 2.625% $30,000.00 $2,520,000.00 $49,740.63 $79,740.63 $129,481.26 03/01/2025 $2,520,000.00 $49,346.88 $49,346.88 09/01/2025 2.750% $35,000.00 $2,485,000.00 $49,346.88 $84,346.88 $133,693.76 03/01/2026 $2,485,000.00 $48,865.63 $48,865.63 09/01/2026 3.000% $40,000.00 $2,445,000.00 $48,865.63 $88,865.63 $137,731.26 03/01/2027 $2,445,000.00 $48,265.63 $48,265.63 09/01/2027 3.000% $40,000.00 $2,405,000.00 $48,265.63 $88,265.63 $136,531.26 03/01/2028 $2,405,000.00 $47,665.63 $47,665.63 09/01/2028 3.000% $45,000.00 $2,360,000.00 $47,665.63 $92,665.63 $140,331.26 03/01/2029 $2,360,000.00 $46,990.63 $46,990.63 09/01/2029 3.125% $50,000.00 $2,310,000.00 $46,990.63 $96,990.63 $143,981.26 03/01/2030 $2,310,000.00 $46,209.38 $46,209.38 09/01/2030 3.375% $55,000.00 $2,255,000.00 $46,209.38 $101,209.38 $147,418.76 03/01/2031 $2,255,000.00 $45,281.25 $45,281.25 09/01/2031 3.500% $60,000.00 $2,195,000.00 $45,281.25 $105,281.25 $150,562.50 03/01/2032 $2,195,000.00 $44,231.25 $44,231.25 09/01/2032 3.625% $65,000.00 $2,130,000.00 $44,231.25 $109,231.25 $153,462.50 03/01/2033 $2,130,000.00 $43,053.13 $43,053.13 09/01/2033 3.625% $70,000.00 $2,060,000.00 $43,053.13 $113,053.13 $156,106.26 03/01/2034 $2,060,000.00 $41,784.38 $41,784.38 09/01/2034 4.000% $80,000.00 $1,980,000.00 $41,784.38 $121,784.38 $163,568.76 03/01/2035 $1,980,000.00 $40,184.38 $40,184.38 09/01/2035 4.000% $85,000.00 $1,895,000.00 $40,184.38 $125,184.38 $165,368.76 03/01/2036 $1,895,000.00 $38,484.38 $38,484.38 09/01/2036 4.000% $90,000.00 $1,805,000.00 $38,484.38 $128,484.38 $166,968.76 03/01/2037 $1,805,000.00 $36,684.38 $36,684.38 09/01/2037 4.000% $100,000.00 $1,705,000.00 $36,684.38 $136,684.38 $173,368.76 03/01/2038 $1,705,000.00 $34,684.38 $34,684.38 09/01/2038 4.000% $105,000.00 $1,600,000.00 $34,684.38 $139,684.38 $174,368.76 SCG-Spicer Consulting Group 1 11/19/2018 CITY OF LAKE ELSINORE CFD 2007-4 (MAKENNA COURT) f^ Special Tax Bonds Series 2018 Issued CITY OE 11/07/2018 LAKE ELSINORE Coupon Principal Semi-Annual Semi-Annual Annual Date Rate Principal Outstanding Interest Debt Service Debt Service 03/01/2039 $1,600,000.00 $32,584.38 $32,584.38 09/01/2039 4.000% $115,000.00 $1,485,000.00 $32,584.38 $147,584.38 $180,168.76 03/01/2040 $1,485,000.00 $30,284.38 $30,284.38 09/01/2040 4.000% $125,000.00 $1,360,000.00 $30,284.38 $155,284.38 $185,568.76 03/01/2041 $1,360,000.00 $27,784.38 $27,784.38 09/01/2041 4.000% $135,000.00 $1,225,000.00 $27,784.38 $162,784.38 $190,568.76 03/01/2042 $1,225,000.00 $25,084.38 $25,084.38 09/01/2042 4.000% $140,000.00 $1,085,000.00 $25,084.38 $165,084.38 $190,168.76 03/01/2043 $1,085,000.00 $22,284.38 $22,284.38 09/01/2043 4.000% $150,000.00 $935,000.00 $22,284.38 $172,284.38 $194,568.76 03/01/2044 $935,000.00 $19,284.38 $19,284.38 09/01/2044 4.125% $165,000.00 $770,000.00 $19,284.38 $184,284.38 $203,568.76 03/01/2045 $770,000.00 $15,881.25 $15,881.25 09/01/2045 4.125% $175,000.00 $595,000.00 $15,881.25 $190,881.25 $206,762.50 03/01/2046 $595,000.00 $12,271.88 $12,271.88 09/01/2046 4.125% $185,000.00 $410,000.00 $12,271.88 $197,271.88 $209,543.76 03/01/2047 $410,000.00 $8,456.25 $8,456.25 09/01/2047 4.125% $200,000.00 $210,000.00 $8,456.25 $208,456.25 $216,912.50 03/01/2048 $210,000.00 $4,331.25 $4,331.25 09/01/2048 4.125% $210,000.00 $0.00 $4,331.25 $214,331.25 $218,662.50 Total $2,645,000.00 $2,205,328.03 $4,850,328.03 $4,850,328.26 SCG-Spicer Consulting Group 2 11/19/2018 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:11:37PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-2333 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2007-4 B. Project Name Makenna Court C. Name/Title/Series of Bond Issue 2018 Special Tax Bonds D. Date of Bond Issue 10/23/2018 E. Original Principal Amount of Bonds $2,645,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $203,339.64 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $2,635,000.00 B. Bond Reserve Fund $208,039.69 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $32,608,164.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $183,234.44 B.Total Amount of Unpaid Special Taxes Annually $2,366.90 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 2 B.Total Amount of Taxes Due on Delinquent Parcels: $2,366.90 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:11:37PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-2333 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P BROADWAI'A\7E O s lm m» - ,c Y L apt M - .' �f �O24L BOUNDARY MAP CITY OF ,K COMMUNITY FACILITIES DISTRICT NO. 2007-4 LAI-E8LSFh0 E SPICER CONSULTING MAKE N NA COURT . DREAM LXTREME G R 0 . P r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report TM FISCAL YEAR 2019-20 _ COMMUNITY FACIL.TIES DISTRICT NO. 2003-2 IMPROVEMENT AREA E (CANYON HILLS) SPECIAL TAX BONDS,SERIES 2018 FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Special Taxes 2 3. Property Ownership 3 4. Payment History 4 5. Bond Funds 5 6. Significant Events 6 Tables Table 2-1 Special Tax Levy 2 Table 3-1 Estimated Assessed Value-to-Lien Ratios (Table 2) 3 Table 4-1 Delinquency Summary 4 Table 5-1 Fund Balances as of September 2, 2020 5 Appendices Appendix A—Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P City of Lake Elsinore Community Facilities District No. 2003-2 IA E Special Tax Bonds, Series 2018 (CUSIP 50963N) Maturity Date September 1 Principal Interest Rate CUSIP Suffix 2019 $40,000 2.000% LR8 2020 $40,000 2.000% LS6 2021 $40,000 2.000% LT4 2022 $45,000 2.000% LU1 2023 $45,000 2.250% LV9 2024 $50,000 4.000% LW7 2025 $50,000 4.000% LX5 2026 $55,000 4.000% LY3 2027 $60,000 4.000% LZO 2028 $60,000 4.000% MA4 2029 $65,000 3.000% MB2 2030 $70,000 4.000% MCO 2031 $70,000 4.000% MD8 2032 $75,000 4.000% ME6 2033 $80,000 3.500% MF3 2034 $85,000 3.500% MG1 2035 $90,000 3.500% MH9 2036 $95,000 3.500% MJ5 2037 $100,000 3.625% MK2 2038 $105,000 3.625% MLO 2039 $105,000 3.625% MM8 $490,000 3.625% Term Bonds Due September 1, 2043— Price: 96.219 CUSIP No. MN6 $740,000 3.750% Term Bonds Due September 1, 2048— Price: 97.168 CUSIP No. MP1 This Annual Continuing Disclosure Report (the "Report")for Community Facilities District No. 2003-2 IA E (the "District" or"CFD No. 2003-2 IA E") Special Tax Bonds, Series 2018 of the City of Lake Elsinore, has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at(866)504-2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 1 Community Facilities District No. 2003-2 Improvement Area E (Canyon Hills) Special Tax Bonds, Series 2018 Project Description CFD No. 2003-2 IA E is authorized to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer,water, storm drain and park facilities, as well as the funding of certain City and Elsinore Valley Municipal Water District fees.CFD No. 2003-2 IA E will be comprised of 74 units within Tract 36682 that will consist of single family residences located in the City of Lake Elsinore on approximately 21.57 gross acres. Location CFD No.2003-2 IA E is comprised of a portion of Canyon Hills. It is generally located west of Murrieta Rd. Its boundaries include Holland Rd and Corson Ave,west of Anna Ln. Series 2018 Special Tax Bonds(Section 4b(i)) The Community Facilities District No. 2003-2 IA E Special Tax Bonds, Series 2018(the"CFD No. 2003-2 IA E Bonds"or"Bonds") in the amount of$2,655,000 were issued on April 17,2018 to: (i)finance certain public improvements needed with respect to the development of property located within Improvement Area E, including public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District; (ii) fund a reserve account for the Bonds; and (iii) pay cost of issuance for the Bonds. CFD No. 2003-2 IA E Bonds interest rates range from 2.00% to 4.00%. Interest is payable semi-annually on March 1 and September 1.The date for the final maturity of the CFD No. 2003-2 IA E Bonds is September 1, 2048.As of September 2, 2020, the Principal Amount of the CFD No. 2003-2 IA E Bonds Outstanding was$2,575,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICERc6NSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Special Taxes Page 12 A Special Tax is levied each year to pay the principal and interest obligations on the Bonds of the District. The amount levied each year is determined by the Special Tax formula and can vary from year to year but shall not exceed the maximum authorized (or permitted) Special Tax rates. The amount levied for the 2020-21 tax year was$177,419.98. The Special Tax Levy applied for the 2020-21 tax year are: Table 2-1 Special Tax Levy Land Use Special Tax Assigned %of Assigned Category Parcels Levied Special Tax Special Tax Developed Property 74 $177,419.98 $177,421.46 100.00% City of Lake Elsinore 4091111'. Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Property Ownership Page 3 Table 3-1 Estimated Assessed Value-to-Lien Ratios(Table 2) (Section 4b(vi)) Property Owner Assessed %of Assessed Assigned %of Assigned FY 2020-21 %of Special Bonds Value-to- Classification Parcels Value' Value Special Tax Special Tax Special Tax Lev Tax Lev Outstandin Lien Ratio Developed Property Individual Owned 1 74 $36,398,762.00 100.00% $177,421.46 100.00% $177,419.98 100.00% $2,575,000.00 14.14:1 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Payment History Page 14 Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provides an overview of delinquency rates on June 30 for previous years. Table 4-1 Delinquency Summary(Section 4b (y)) Fiscal Levied D linquency as of June 30 Current Delinquency Year Parcels Amount Parcels Amount Del.Rate Parcels Amount Del.Rate 2017-18 55 $127,367.94 1 $2,479.42 1.95% 0 $0.00 0.00% 2018-19 74 $173,923.84 2 $3,910.51 2.25% 1 $2,504.32 1.44% 2019-20 74 $175,663.16 1 $2,529.36 1.44% 1 $2,529.36 1.44% Total $476,954.94 $8,919.29 1.87% 1 $5,033.68 1.06% Foreclosure Covenant(Section 4b(vii)) The District will covenant in the Indenture for the benefit of the Owners of the Bonds and Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due;and(ii)commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by October 1 following the close of the Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing,the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. There are currently no foreclosure actions pending in the District. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Bond Funds Page 5 Table 5-1 Fund Balances as of September 2, 2020(Section 4b (ii)) tAccount Nameim an LE2O,O,3-2(CANYON HILLS IA-E)SPL TA $0.49 2(CANYON HILLS IA-E)INT AC $0.05 LE 2003-2 CANYON HILLS IA-E PRIN A $0.00 LE 2003-2 CANYON HILLS IA-E REDEMP $0.00 LE 2003-2 CANYON HILLS IA-E RESERV $167,695.89 LE 2003-2 CANYON HILLS IA-E ADM EX $1.85 LE 2003-2 CANYON HILLS IA-E REBATE $0.00 LE 2003-2 CANYON HILLS IA-E ALT PE $0.00 LE 2003-2 CANYON HILLS IA-E SURPLU $0.00 LE 2003-2 CANYON HILLS IA-E ACQ CO $0.00 LE 2003-2 CANYON HILLS IA-E CITY F $0.00 LE 2003-2 CANYON HILLS IA-E WATER $0.00 LE 2003-2 CANYON HILLS IA-E COI $0.00 Total $167,698.28 Series 2018 Reserve Account(Section 4b (ii)) The Reserve Fund must be maintained at the Reserve Requirement which is defined, as of any date of calculation, as an amount equal to the lesser of(i) 10% of the proceeds of the Bonds (within the meaning of section 148 of the Code), (ii) Maximum Annual Debt Service on the Outstanding Bonds, or (iii) 125% of average Annual Debt Service on the Outstanding Bonds and Parity Bonds. Provided, In the event that special tax revenue is insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve Fund will then be replenished by increasing the next year's special tax levy to the extent permitted by law. As of September 2, 2020,the balance in the Reserve Fund was$167,695.89 and the Reserve Requirement was$167,437.50. Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICERc6NSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Significant Events 6 Pursuant to the provisions of this Section 5, the District shall give, or cause the Dissemination Agent to give, notice filed with the Repository of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) business days after the event: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final Not Applicable determinations of taxability or of a Notice of Proposed Issue(IRS Form 5701-TEB); 6. tender offers; Not Applicable 7. defeasances; Not Applicable 8. ratings changes; and Not Applicable 9. bankruptcy, insolvency, receivership or similar proceedings; Not Applicable 10. unless described in paragraph 5 above, notices or determinations by the Internal Revenue Service Not Applicable with respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; 11. the consummation of a merger, consolidation or acquisition involving an obligated person or the sale of Not Applicable all or substantially all of the assets of the obligated person, other than in the ordinary course of business,the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; 12. appointment of a successor or additional paying agent or the change of the name of a paying agent; Not Applicable 13. non-payment related defaults; Not Applicable 14. modifications to the rights of Owners of the Bonds; Not Applicable 15. Notice of redemption; and Not Applicable 16. release, substitution or sale of property securing repayment of the Bonds. Not Applicable Cs City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA E SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule O SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2003-2 IA-E (CANYON HILLS) Special Tax Bonds 2018 CITY OF Issued LAKE EISINORE 04/17/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 09/01/2018 $2,655,000.00 $31,620.83 $31,620.83 $31,620.83 03/01/2019 $2,655,000.00 $47,431.26 $47,431.26 09/01/2019 2.000% $40,000.00 $2,615,000.00 $47,431.26 $87,431.26 $134,862.52 03/01/2020 $2,615,000.00 $47,031.26 $47,031.26 09/01/2020 2.000% $40,000.00 $2,575,000.00 $47,031.26 $87,031.26 $134,062.52 03/01/2021 $2,575,000.00 $46,631.26 $46,631.26 09/01/2021 2.000% $40,000.00 $2,535,000.00 $46,631.26 $86,631.26 $133,262.52 03/01/2022 $2,535,000.00 $46,231.26 $46,231.26 09/01/2022 2.000% $45,000.00 $2,490,000.00 $46,231.26 $91,231.26 $137,462.52 03/01/2023 $2,490,000.00 $45,781.26 $45,781.26 09/01/2023 2.250% $45,000.00 $2,445,000.00 $45,781.26 $90,781.26 $136,562.52 03/01/2024 $2,445,000.00 $45,275.01 $45,275.01 09/01/2024 4.000% $50,000.00 $2,395,000.00 $45,275.01 $95,275.01 $140,550.02 03/01/2025 $2,395,000.00 $44,275.01 $44,275.01 09/01/2025 4.000% $50,000.00 $2,345,000.00 $44,275.01 $94,275.01 $138,550.02 03/01/2026 $2,345,000.00 $43,275.01 $43,275.01 09/01/2026 4.000% $55,000.00 $2,290,000.00 $43,275.01 $98,275.01 $141,550.02 03/01/2027 $2,290,000.00 $42,175.01 $42,175.01 09/01/2027 4.000% $60,000.00 $2,230,000.00 $42,175.01 $102,175.01 $144,350.02 03/01/2028 $2,230,000.00 $40,975.01 $40,975.01 09/01/2028 4.000% $60,000.00 $2,170,000.00 $40,975.01 $100,975.01 $141,950.02 03/01/2029 $2,170,000.00 $39,775.01 $39,775.01 09/01/2029 3.000% $65,000.00 $2,105,000.00 $39,775.01 $104,775.01 $144,550.02 03/01/2030 $2,105,000.00 $38,800.01 $38,800.01 09/01/2030 4.000% $70,000.00 $2,035,000.00 $38,800.01 $108,800.01 $147,600.02 03/01/2031 $2,035,000.00 $37,400.01 $37,400.01 09/01/2031 4.000% $70,000.00 $1,965,000.00 $37,400.01 $107,400.01 $144,800.02 03/01/2032 $1,965,000.00 $36,000.01 $36,000.01 09/01/2032 4.000% $75,000.00 $1,890,000.00 $36,000.01 $111,000.01 $147,000.02 03/01/2033 $1,890,000.00 $34,500.01 $34,500.01 09/01/2033 3.500% $80,000.00 $1,810,000.00 $34,500.01 $114,500.01 $149,000.02 03/01/2034 $1,810,000.00 $33,100.01 $33,100.01 09/01/2034 3.500% $85,000.00 $1,725,000.00 $33,100.01 $118,100.01 $151,200.02 03/01/2035 $1,725,000.00 $31,612.51 $31,612.51 09/01/2035 3.500% $90,000.00 $1,635,000.00 $31,612.51 $121,612.51 $153,225.02 03/01/2036 $1,635,000.00 $30,037.51 $30,037.51 09/01/2036 3.500% $95,000.00 $1,540,000.00 $30,037.51 $125,037.51 $155,075.02 03/01/2037 $1,540,000.00 $28,375.01 $28,375.01 09/01/2037 3.625% $100,000.00 $1,440,000.00 $28,375.01 $128,375.01 $156,750.02 SCG-Spicer Consulting Group 1 9/11/2018 CITY OF LAKE ELSINORE CFD 2003-2 IA-E (CANYON HILLS) nff Special Tax Bonds 2018 CITY OF Issued LAKE ELSINORE 04/17/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 03/ $1,440,000.00 $26,562.51 $26,562.51 09/01/2038 3.625% $105,000.00 $1,335,000.00 $26,562.51 $131,562.51 $158,125.02 03/01/2039 $1,335,000.00 $24,659.38 $24,659.38 09/01/2039 3.625% $105,000.00 $1,230,000.00 $24,659.38 $129,659.38 $154,318.76 03/01/2040 $1,230,000.00 $22,756.25 $22,756.25 09/01/2040 3.625% $115,000.00 $1,115,000.00 $22,756.25 $137,756.25 $160,512.50 03/01/2041 $1,115,000.00 $20,671.88 $20,671.88 09/01/2041 3.625% $120,000.00 $995,000.00 $20,671.88 $140,671.88 $161,343.75 03/01/2042 $995,000.00 $18,496.88 $18,496.88 09/01/2042 3.625% $125,000.00 $870,000.00 $18,496.88 $143,496.88 $161,993.75 03/01/2043 $870,000.00 $16,231.25 $16,231.25 09/01/2043 3.625% $130,000.00 $740,000.00 $16,231.25 $146,231.25 $162,462.50 03/01/2044 $740,000.00 $13,875.00 $13,875.00 09/01/2044 3.750% $135,000.00 $605,000.00 $13,875.00 $148,875.00 $162,750.00 03/01/2045 $605,000.00 $11,343.75 $11,343.75 09/01/2045 3.750% $140,000.00 $465,000.00 $11,343.75 $151,343.75 $162,687.50 03/01/2046 $465,000.00 $8,718.75 $8,718.75 09/01/2046 3.750% $150,000.00 $315,000.00 $8,718.75 $158,718.75 $167,437.50 03/01/2047 $315,000.00 $5,906.25 $5,906.25 09/01/2047 3.750% $155,000.00 $160,000.00 $5,906.25 $160,906.25 $166,812.50 03/01/2048 $160,000.00 $3,000.00 $3,000.00 09/01/2048 3.750% $160,000.00 $0.00 $3,000.00 $163,000.00 $166,000.00 Total $2,655,000.00 $1,893,427.49 $4,548,427.49 $4,548,427.49 SCG-Spicer Consulting Group 2 9/11/2018 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 3:58:01 PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-0747 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2003-2 B. Project Name IA E Canyon Hills C. Name/Title/Series of Bond Issue 2018 Special Tax Bonds D. Date of Bond Issue 4/17/2018 E. Original Principal Amount of Bonds $2,655,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $167,437.50 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $2,615,000.00 B. Bond Reserve Fund $167,689.98 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $36,398,762.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $175,663.16 B.Total Amount of Unpaid Special Taxes Annually $2,529.36 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 1 B.Total Amount of Taxes Due on Delinquent Parcels: $5,033.68 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 3:58:01 PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-0747 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P A • ,ter. � _ - �3-�'' ... � c bra' �� se= A t- :r •_ _ti'�--�^, ia...s3rr.:.�S� ���rt'w: alp +� ... �. 01 BOUNDARY MAP CITY OF COMMUNITY FACILITIES DISTRICT NO. 2003-2 LAKE LSINOKE SPICER CONSULTING IMPROVEMENT AREA E (CANYON HILLS) DREAM EXTREME G R O U P r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report TM FISCAL YEAR 2019-20 _ COMMUNITY FACILITIES DISTRICT NO. 2007-5 (RED KITE) 2018 SPECIAL TAX BONDS FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Special Taxes 2 3. Property Ownership 3 4. Payment History 4 5. Bond Funds 5 6. Significant Events 6 Tables Table 2-1 Special Tax Levy 2 Table 3-1 Estimated Assessed Value-to-Lien Ratio 3 Table 4-1 Delinquency Summary 4 Table 5-1 Fund Balances as of September 2, 2020 5 Appendices Appendix A—Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P City of Lake Elsinore Community Facilities District No. 2007-5 Special Tax Bonds, Series 2018 (CUSIP 50963N) Maturity Date (September 1) Principal Interest Rate CUSIP Suffix 2019 $20,000 2.000% MQ9 2020 $35,000 2.000% MR7 2021 $35,000 2.000% MS5 2022 $35,000 4.000% MT3 2023 $40,000 4.000% MUO 2024 $40,000 4.000% MV8 2025 $40,000 4.000% MW6 2026 $45,000 4.000% MX4 2027 $45,000 3.000% MY2 2028 $45,000 3.000% MZ9 2029 $50,000 3.000% NA3 2030 $50,000 3.125% NB1 2031 $50,000 3.125% NC9 2032 $55,000 3.250% ND7 2033 $55,000 3.375% NE5 2034 $55,000 3.500% NF2 2035 $60,000 3.500% NGO 2036 $60,000 3.625% NH8 2037 $65,000 3.625% NJ4 2038 $65,000 3.625% NK1 $360,000 3.750% Term Bonds Due September 1, 2043— Price 96.662 CUSIP NI-9 $435,000 3.750% Term Bonds Due September 1, 2048— Price 95.462 CUSIP NM7 This Annual Continuing Disclosure Report("Report") for Community Facilities District No. 2007-5 Special Tax Bonds, Series 2018 of the City of Lake Elsinore,has been prepared by Spicer Consulting Group, LLC. using data as of June 30,2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at(866)504-2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 1 Community Facilities District No. 2007-5 (Red Kite) Special Tax Bonds, Series 2018 Project Description Community Facilities District No. 2007-5(the"CFD No.2007-5"or"District")was formed to finance the City fees and fees of 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. Location 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. Series 2018 Bonds(Section 4b (i)) The Community Facility District No. 2007-5 Special Tax Bonds, Series 2018 (the"Bonds") in the amount of$1,740,000 were issued on May 31, 2018 to: (i)finance certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District; (ii)fund a reserve account for the Bonds; and (iii) pay cost of issuance for the Bonds. CFD No. 2007-5 Bonds interest rates range from 2.00%to 4.00%. Interest on the CFD No. 2007-5 Bonds is payable semi-annually on March 1 and September 1. The final maturity of the CFD No. 2007-5 Bonds is September 1, 2048. The amount of CFD No. 2007-5 Bonds outstanding as of September 2, 2020, is$1,685,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Special Taxes Page 12 A Special Tax is levied each year to pay the principal and interest obligations on the Bonds of the District. The amount levied each year is determined by the Special Tax formula and can vary from year to year but shall not exceed the maximum authorized (or permitted) Special Tax rates. The amount levied for the 2020-21 tax year was$134,592.00. The Special Tax Levy applied for the 2020-21 tax year are: Table 2-1 Special Tax Levy(Section 4b) Special Tax Assigned Maximum %of Maximum Land Use Category Parcels Levied Special Tax Special Tax Special Tax Developed Property 46 $134,592.00 $134,592.00 $152,055.59 88.51% CFD No. 2007-5 is completely developed and there are no undeveloped properties being levied. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Property Ownership lar 3 Table 3-1 Estimated Assessed Value-to-Lien Ratio(Table 2) (Section 4b(vi)) Property Owner Assessed %of Assessed Maximum %of Maximum FY 2020-21 %of Special Bonds Value-to- Classification' Parcels Value2 Value Special Tax Special Tax Special Tax Lev Tax Levy Outstanding Lien Ratio Developed Property Individual Owned 1 46 $17,015,622.00 100.00% $152,055.59 100.00% $134,592.00 100.00% $1,685,000.00 10.10:1 All properties within CFD 2007-5 are Individually Owned. z Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Payment History Page 14 Table 4-1 Delinquency Summary(Section 4b (v)) Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provides an overview of delinquency on June 30 for previous years. Levied Delinquency as of June 30 Current Delinquency Fiscal Year Parcels Special Tax Parcels Amount Del.Rate Parcels Amount Del.Rate 2015-16 5 $15,019.00 0 $0.00 0.00% 0 $0.00 0.00% 2016-17 5 $15,019.00 0 $0.00 0.00% 0 $0.00 0.00% 2017-18 5 $15,019.00 0 $0.00 0.00% 0 $0.00 0.00% 2018-19 46 $134,592.00 0 $0.00 0.00% 0 $0.00 0.00% 2019-20 46 $134,592.00 0 $0.00 0.00% 0 $0.00 0.00% Total $314,241.00 0 $0.00 0.00% 0 $0.00 0.00% Foreclosure Covenant(Section 4b(vii)) The District will covenant in the Indenture for the benefit of the owners of the Bonds and Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due;and(ii)commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. The District may, but is not obligated to, advance funds from any source of legally available funds in order to maintain the Reserve Account. The District may treat any delinquent Special Tax sold to an independent third-party or to the City for at least 100% of the delinquent amount as having been paid. Proceeds of any such sale up to 100% of the delinquent amount will be deposited in the Special Tax Fund. There are currently no foreclosure actions pending in the District. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICERc6NSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Bond Funds Page 5 Table 5-1 Fund Balances as of September 2, 2020(Section 4b (ii)) Fund Name Balanc �j LE 2007-5(RED KITE)2018 SPL TAX $0.38 LE 2007-5(RED KITE)2018 INTEREST $0.03 LE 2007-5 RED KITE 2018 PRINCIPAL $0.00 LE 2007-5 RED KITE 2018 ADM EXP $1.75 LE 2007-5 RED KITE 2018 REDEPMT $0.00 LE 2007-5 RED KITE 2018 RESERVE $102,657.06 LE 2007-5 RED KITE 2018 REBATE $0.00 LE 2007-5 RED KITE 2018 ALT PENALT $0.00 LE 2007-5 RED KITE 2018 ACQ CONSTR $0.00 LE 2007-5 RED KITE 2018 CITY FAC $0.00 LE 2007-5 RED KITE 2018 WATER FAC $0.00 LE 2007-5 RED KITE 2018 SURPLUS $0.00 LE 2007-5 RED KITE 2018 COI $0.00 Total $102,659.22 Series 2018 Reserve Account(Section 4b (ii)) The Reserve Fund must be maintained at the Reserve Requirement which is defined in the Indenture to mean, as of any date of calculation, the lesser of: (i) 10% of the initial principle amount of the Bonds and Parity Bonds; (ii)the Maximum Annual Debt Service on the Outstanding Bonds and Parity Bonds; or (ii!) 125% of average Annual Debt Service on the Outstanding Bonds and Parity Bonds. Provided, In the event that special tax revenue is insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve Fund will then be replenished by increasing the next year's special tax levy to the extent permitted by law.As of September 2,2020,the balance in the Reserve Fund was$102,657.06 and the Reserve Requirement was $99,525.00. Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore 40— Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Significant Events 6 Pursuant to the provisions of this Section 5, the District shall give, or cause the Dissemination Agent to give, notice filed with the Repository of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) business days after the event: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on the debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations Not Applicable of taxability or of a Notice of Proposed Issue (IRS Form 5701-TEB); 6. tender offers; Not Applicable 7. defeasances; Not Applicable 8. ratings changes; Not Applicable 9. bankruptcy, insolvency, receivership or similar proceedings; Not Applicable 10. unless described in paragraph 5 above, notices or determinations by the Internal Revenue Service with Not Applicable respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; 11. the consummation of a merger, consolidation or acquisition involving an obligated person or the sale of Not Applicable all or substantially all of the assets of the obligated person, other than in the ordinary course of business,the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; 12. appointment of a successor or additional paying agent or the change of the name of a paying agent; Not Applicable 13. non-payment related defaults; Not Applicable 14. modifications to the rights of Owners of the Bonds; Not Applicable 15. notice of redemption; and Not Applicable 16. release, substitution or sale of property securing repayment of the Bonds; Not Applicable Upon the occurrence of a Listed Event under Section 5 above,the District shall as soon as possible determine if such event would be material under applicable federal securities laws. <1Ss City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2007-5 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule O SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2007-5 (Red Kite) Special Tax Bonds 2018 CITY OF Issued LAKE EISINORE 05/15/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 03/01/2019 $1,740,000.00 $38,519.00 $38,519.00 09/01/2019 2.000% $20,000.00 $1,720,000.00 $38,519.01 $58,519.01 $97,038.01 03/01/2020 $1,720,000.00 $30,546.88 $30,546.88 09/01/2020 2.000% $35,000.00 $1,685,000.00 $30,546.88 $65,546.88 $96,093.76 03/01/2021 $1,685,000.00 $30,196.88 $30,196.88 09/01/2021 2.000% $35,000.00 $1,650,000.00 $30,196.88 $65,196.88 $95,393.76 03/01/2022 $1,650,000.00 $29,846.88 $29,846.88 09/01/2022 4.000% $35,000.00 $1,615,000.00 $29,846.88 $64,846.88 $94,693.76 03/01/2023 $1,615,000.00 $29,146.88 $29,146.88 09/01/2023 4.000% $40,000.00 $1,575,000.00 $29,146.88 $69,146.88 $98,293.76 03/01/2024 $1,575,000.00 $28,346.88 $28,346.88 09/01/2024 4.000% $40,000.00 $1,535,000.00 $28,346.88 $68,346.88 $96,693.76 03/01/2025 $1,535,000.00 $27,546.88 $27,546.88 09/01/2025 4.000% $40,000.00 $1,495,000.00 $27,546.88 $67,546.88 $95,093.76 03/01/2026 $1,495,000.00 $26,746.88 $26,746.88 09/01/2026 4.000% $45,000.00 $1,450,000.00 $26,746.88 $71,746.88 $98,493.76 03/01/2027 $1,450,000.00 $25,846.88 $25,846.88 09/01/2027 3.000% $45,000.00 $1,405,000.00 $25,846.88 $70,846.88 $96,693.76 03/01/2028 $1,405,000.00 $25,171.88 $25,171.88 09/01/2028 3.000% $45,000.00 $1,360,000.00 $25,171.88 $70,171.88 $95,343.76 03/01/2029 $1,360,000.00 $24,496.88 $24,496.88 09/01/2029 3.000% $50,000.00 $1,310,000.00 $24,496.88 $74,496.88 $98,993.76 03/01/2030 $1,310,000.00 $23,746.88 $23,746.88 09/01/2030 3.125% $50,000.00 $1,260,000.00 $23,746.88 $73,746.88 $97,493.76 03/01/2031 $1,260,000.00 $22,965.63 $22,965.63 09/01/2031 3.125% $50,000.00 $1,210,000.00 $22,965.63 $72,965.63 $95,931.26 03/01/2032 $1,210,000.00 $22,184.38 $22,184.38 09/01/2032 3.250% $55,000.00 $1,155,000.00 $22,184.38 $77,184.38 $99,368.76 03/01/2033 $1,155,000.00 $21,290.63 $21,290.63 09/01/2033 3.375% $55,000.00 $1,100,000.00 $21,290.63 $76,290.63 $97,581.26 03/01/2034 $1,100,000.00 $20,362.50 $20,362.50 09/01/2034 3.500% $55,000.00 $1,045,000.00 $20,362.50 $75,362.50 $95,725.00 03/01/2035 $1,045,000.00 $19,400.00 $19,400.00 09/01/2035 3.500% $60,000.00 $985,000.00 $19,400.00 $79,400.00 $98,800.00 03/01/2036 $985,000.00 $18,350.00 $18,350.00 09/01/2036 3.625% $60,000.00 $925,000.00 $18,350.00 $78,350.00 $96,700.00 03/01/2037 $925,000.00 $17,262.50 $17,262.50 09/01/2037 3.625% $65,000.00 $860,000.00 $17,262.50 $82,262.50 $99,525.00 03/01/2038 $860,000.00 $16,084.38 $16,084.38 SCG-Spicer Consulting Group 1 9/19/2018 CITY OF LAKE ELSINORE CFD 2007-5 (Red Kite) nff Special Tax Bonds 2018 CITY OF Issued LAKE ELSINORE 05/15/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 09/ 3.625% $65,000.00 $795,000.00 $16,084.38 $81,084.38 $97,168.76 03/01/2039 $795,000.00 $14,906.25 $14,906.25 09/01/2039 3.750% $65,000.00 $730,000.00 $14,906.25 $79,906.25 $94,812.50 03/01/2040 $730,000.00 $13,687.50 $13,687.50 09/01/2040 3.750% $70,000.00 $660,000.00 $13,687.50 $83,687.50 $97,375.00 03/01/2041 $660,000.00 $12,375.00 $12,375.00 09/01/2041 3.750% $70,000.00 $590,000.00 $12,375.00 $82,375.00 $94,750.00 03/01/2042 $590,000.00 $11,062.50 $11,062.50 09/01/2042 3.750% $75,000.00 $515,000.00 $11,062.50 $86,062.50 $97,125.00 03/01/2043 $515,000.00 $9,656.25 $9,656.25 09/01/2043 3.750% $80,000.00 $435,000.00 $9,656.25 $89,656.25 $99,312.50 03/01/2044 $435,000.00 $8,156.25 $8,156.25 09/01/2044 3.750% $80,000.00 $355,000.00 $8,156.25 $88,156.25 $96,312.50 03/01/2045 $355,000.00 $6,656.25 $6,656.25 09/01/2045 3.750% $85,000.00 $270,000.00 $6,656.25 $91,656.25 $98,312.50 03/01/2046 $270,000.00 $5,062.50 $5,062.50 09/01/2046 3.750% $85,000.00 $185,000.00 $5,062.50 $90,062.50 $95,125.00 03/01/2047 $185,000.00 $3,468.75 $3,468.75 09/01/2047 3.750% $90,000.00 $95,000.00 $3,468.75 $93,468.75 $96,937.50 03/01/2048 $95,000.00 $1,781.25 $1,781.25 09/01/2048 3.750% $95,000.00 $0.00 $1,781.25 $96,781.25 $98,562.50 Total $1,740,000.00 $1,169,744.41 $2,909,744.41 $2,909,744.41 SCG-Spicer Consulting Group 2 9/19/2018 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:02:24PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-0977 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2007-5 B. Project Name Red Kite C. Name/Title/Series of Bond Issue 2018 Special Tax Bonds D. Date of Bond Issue 5/15/2018 E. Original Principal Amount of Bonds $1,740,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $99,525.00 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $1,720,000.00 B. Bond Reserve Fund $102,653.46 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $17,015,622.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $134,592.00 B.Total Amount of Unpaid Special Taxes Annually $0.00 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 0 B.Total Amount of Taxes Due on Delinquent Parcels: $0.00 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:02:24PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-0977 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P ve. . ir 46 lb, jo L as . , • r , ff 0 INK A i zl� {� «� -�,j •. •• � ♦ is l�T�l 1U1�• �� '�• t.•• yr: 1• . �'�•'.� lk ^ � � C: •-yam � � � to r 1 vv - ` a�•` ` ,� • r • ~ •v ry 1 46 BOUNDARY MAP COMMUNITY FACILITIES DISTRICT NO. 2007-5 LAKE LSIlYOKE SPICER CONSULTING DREAM EXTREME G R 0 u P r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report i C�I'm C?, TM FISCAL YEAR 2019-20 _ COMMUNITY FACILITIES DISTRICT NO. 2003-2 IMPROVEMENT AREA B (CANYON HILLS) LOCAL AGENCY REVENUE BONDS, SERIES 2017 FEBRUARY2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Special Taxes 2 3. Payment History 3 4. Bond Funds 4 5. Significant Events 5 Tables Table 2-1 Special Tax Levy 2 Table 2-2 Value-to-Lien Ratio Series 2017 Bonds Principal Outstanding 2 Table 2-3 Value-to-Lien Ratio of All Outstanding District Debt 2 Table 3-1 Delinquency Summary 3 Table 4-1 CFD No. 2003-2 IA-B Local Fund Balances as of September 2, 2020 4 Table 4-2 CFD No. 2003-2 IA B Bonds Fund Balances as of September 2, 2020 4 Appendices Appendix A—Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P City of Lake Elsinore Community Facilities District No. 2003-2 IA B Local Agency Revenue Bonds, Series 2017 (CUSIP 50962C) Maturity Date (September 1) Principal Interest Rate CUSIP Suffix 2018 $105,000 2.000% AA2 2019 $210,000 2.000% ABO 2020 $215,000 2.000% AC8 2021 $220,000 2.000% AD6 2022 $225,000 2.000% AE4 2023 $230,000 2.250% AF1 2024 $235,000 2.375% AG9 2025 $240,000 2.500% AH7 2026 $245,000 2.625% AJ3 2027 $250,000 2.750% AKO 2028 $260,000 3.000% AL8 2029 $265,000 3.000% AM6 2030 $275,000 3.125% AN4 2031 $285,000 3.250% AP9 2032 $290,000 3.250% AQ7 2033 $300,000 3.375% AR5 2034 $310,000 3.375% AS3 2035 $320,000 3.500% AT1 2036 $335,000 3.500% AU8 2037 $345,000 3.500% AV6 $2,815,000 4.000% Term Bonds Due 2044—Yield 3.700%, Price 102.420 CUSIP No. 50962C AW4 This Annual Continuing Disclosure Report (the "Report") for Community Facilities District No. 2003-2 Improvement Area B Local Agency Revenue Bonds,Series 2017 of the City of Lake Elsinore(the"2017 Bonds"), has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the 2017 Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at (866) 504- 2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 11 Community Facilities District No. 2003-2 Improvement Area B (Canyon Hills) Local Agency Revenue Bonds Series 2017 Project Description On January 13, 2004, the City of Lake Elsinore (the "City") formed Community Facilities District No. 2003-2 Improvement Area B (the "District" or"CFD No. 2003-2 IA B"). The bond authorization amount approved for the District was $37,000,000. CFD No. 2003-2 IA B encompasses the 426.46-acre third phase of the 1,969-acre master planned community known as Canyon Hills. The proceeds of the 2017 Bonds were used to finance the planning, designing, permitting, acquisition and construction of public infrastructure consisting primarily of street,sewer,water,storm drain, park facilities,certain City and Elsinore Valley Municipal Water District fees(the"Facilities"), to fund interest on the 2017 Bonds, to pay the expenses of CFD No. 2003-2 IA B and the master developer in connection with the issuance of the 2017 Bonds, and to make a deposit to the Reserve Account. Location The majority of CFD No. 2003-2 IA B is located near the intersection of Hillside Drive and Canyon Hills Road, one mile southeast of Railroad Canyon Road. The balance of CFD No. 2003-2 IA B is located adjacent to Railroad Canyon Road northwest of the intersection of Canyon Hills Road.The intersection of Canyon Hills Road and Railroad Canyon Road is approximately 2-1/2 miles east of the Corona Freeway(1-15). Series 2017 Bonds(Section 4b(i)) The 2017 Bonds in the amount of$7,975,000 were issued on December 21, 2017, with interest rates ranging from 2.00% to 4.00%. Interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the 2017 Bonds is September 1,2044. The principal amount of the 2017 Bonds outstanding as of September 2, 2020, is$4,600,000. Rate and Method of Apportionment(Section 4b (iii)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. <651!>� City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Special Taxes Page 12 A Special Tax is levied each year to pay the principal and interest obligations on the 2017 Bonds of the District. The amount levied each year is determined by the Special Tax formula and can vary from year to year but shall not exceed the maximum authorized(or permitted) special tax rates. The amount levied for the 2020-21 tax year was$1,888,343.46. The Special Tax Levy applied for the 2020-21 tax year are: Table 2-1 Special Tax Levy(Sections 4b (y) and(vii)) Special Tax Assigned Maximum %of Maximum Zones Parcels Levied Special Tax Special Tax Special Tax Zone 577 $1,388,369.74 $1,388,381.37 $1,619,913.90 85.71% Zone 3 229 $499,973.72 $499,977.20 $599,218.13 83.44% Total 806 $1,888,343.46 $1,888,358.58 $2,219,132.03 85.09% Table 2-2 Value-to-Lien Ratio Series 2017 Bonds Principal Outstanding(Section 4b(iv)) Special Tax Series 2017 Assessed Value-to- Zones Parcels Levied Bonds Outstanding' Value2 Lien Ratio Zone 2 577 $1,388,369.74 $3,382,065.25 $199,583,709.00 59.01:1 Zone 3 229 $499,973.72 $1,217,934.75 $83,777,629.00 68.79:1 Total 806 $1,888,343.46 $4,600,000.00 $283,361,338.00 61.60:1 Table 2-3 Value-to-Lien Ratio of All Outstanding District Debt(Section 4b(viii)) Special Tax Series 2017 Bonds Series 2015 Bonds Total of All Assessed Value-to- Zones Parcels Levied OutstandingOutstandingOutstandingDebt Value Lien Ratio Zone 2 577 $1,388,369.74 $3,382,065.25 $10,833,637.29 $14,215,702.54 $199,583,709.00 14.04:1 Zone 3 229 $499,973.72 $1,217,934.75 $3,901,362.71 $5,119,297.46 $83,777,629.00 16.37:1 Total 806 $1,888,343.46 $4,600,000.00 $14,735,000.00 $19,335,000.00 $283,361,338.00 14.66:1 Principal Amount of Bonds Outstanding for Lake Elsinore Facilities Financing Authority,Local Agency Revenue Bonds,Series 2017 is calculated in proportion to the FY 2020-21 Special Tax Levy.Bonds Outstanding are as of September 2,2020. 2 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. e City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Payment History Page 13 Prepayments(Section 4b(iii)) There have been no prepayments of the Special Tax for the prior Fiscal Year in Zone 2 and Zone 3. Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provide an overview of delinquency rates for previous years Table 3-1 Delinquency Summary(Section 4b (vii)) Fiscal Levied Delinquent Year Parcels Special Taxes Parcels Amount Del.Rate 2015-16 806 $1,709,859.26 1 $948.32 0.06% 2016-17 806 I $1,744,542.54 2 $3,676.06 0.21% 2017-18 939 I $2,070,344.94 2 $3,676.72 0.18% 2018-19 806 I $1,815,025.18 3 $7,462.82 0.41% 2019-20 806 $1,851,323.76 7 $14,415.56 0.78% Total $9,191,095.68 10 $30,179.48 0.33% Foreclosure Covenant(Section 4b(vi)) The District covenants for the benefit of the Owners of the Local Obligations (which is the Authority), the 2015 Bonds and any Local Obligation Parity Bonds that it: (i)will commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due, and (ii)will commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by October 1 following the close of the Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied and the amount on deposit in the Reserve Fund and in the reserve account established for the 2015 Bonds under the 2015 PFA Indenture is less than its Proportionate Share of the applicable Reserve Requirement, and (iii)will diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Fund and in the reserve account established for the 2015 Bonds under the 2015 PFA Indenture is at least equal to the Reserve Requirement. The District may, but is not obligated to,advance funds from any source of legally available funds in order to maintain the Reserve Fund. The District may treat any delinquent Special Tax sold to an independent third-party or to a City for at least 100% of the delinquent amount as having been paid. Proceeds of any such sale up to 100%of the delinquent amount will be deposited in the Special Tax Fund. There are currently no foreclosure actions pending in the District. <<CbS]* City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Bond Funds Page 4 Table 4-1 CFD No. 2003-21A-B Local Fund Balances as of September 2, 2020(Section 4b(ii)) Account Name 7W Balances LE 2003-2 CYN HILL IAB 2017 $0.00 LE 2003-2 CYN HILL IAB 2017 CITY FAC $0.00 LE 2003-2 CYN HILL IAB 2017 WTR FAC $0.00 LE 2003-2 CYN HILL IAB 2017 REBATE $0.00 Total Table 4-2 CFD No. 2003-2 IA B 2017 Bonds Fund Balances as of September 2, 2020(Section 4b (ii)) Account Name Balances LAKE ELSINORE FFA 2017 REVENUE FD $0.00 LAKE ELSINORE FFA 2017 INTEREST $0.00 LAKE ELSINORE FFA 2017 PRINCIPAL $0.00 LAKE ELSINORE FFA 2017 RESERVE $297,965.27 LAKE ELSINORE FFA 2017 REDEMPTION $0.00 LAKE ELSINORE FFA 2017 IMPROVEMENT $0.00 LAKE ELSINORE FFA 2017 SURPLUS $0.00 LAKE ELSINORE FFA 2017 ADM EXP FD $0.00 LAKE ELSINORE FFA 2017 COI $2.01 LAKE ELSINORE FFA 2017 PURCHASE FD $0.00 Total 1 $297,967.28 Series 2017 Reserve Account(Section 4b(ii)) The Reserve Fund must be maintained at the Reserve Requirement which is defined in the Indenture to mean, as an amount equal to the lowest of: (i) 10% of the initial principle amount of the Bonds and Parity Bonds; (ii) the Maximum Annual Debt Service on the Outstanding Bonds and Parity Bonds; or (iii) 125% of average Annual Debt Service on the Outstanding Bonds and Parity Bonds. Notwithstanding the foregoing, in no event shall the Reserve Requirement exceed the initial deposit thereto. The Reserve Requirement will initially be deposited into the Reserve Fund in the amount of$472,200. Provided, In the event that special tax revenue is insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve Fund will then be replenished by increasing the next year's special tax levy to the extent permitted by law. As of September 2, 2020, the balance in the Reserve Fund was$297,965.27 and the Reserve Requirement was$295,331.26. Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Significant Events Page 15 The District shall give, or cause to be given, notice of the occurrence of any of the following Listed Events with respect to the Bonds: (Section 5) 1. Principal and interest payment delinquencies. Not Applicable 2. Non-payment related defaults, if material. Not Applicable 3. Unscheduled draws on the debt service reserves reflecting financial difficulties. Not Applicable 4. Unscheduled draws on credit enhancements reflecting financial difficulties. Not Applicable 5. Substitution of credit or liquidity providers, or their failure to perform. Not Applicable 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final Not Applicable determinations of taxability, Notice of Proposed Issue(IRS Form 5701-TEB)or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security. 7. Modifications to the rights of security holders, if material. Not Applicable 8. Bond calls, if material, and tender offers. Not Applicable 9. Defeasances. Not Applicable 10. Release, substitution or sale of property securing repayment of the securities, if material. Not Applicable 11. Rating changes. Not Applicable 12. Bankruptcy, insolvency, receivership or similar event of the District or the Issuer or other obligated Not Applicable person. 13. The consummation of a merger, consolidation or acquisition involving District or the Issuer or an Not Applicable obligated person, (other than in the ordinary course of business)the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material. 14. Appointment of a successor or additional trustee or the change of name of a trustee, if material. Not Applicable City of Lake Elsinore \I � Annual Continuing Disclosure Report CFD No.2003-2 IA B SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule O SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2003-2 IA B (CANYON HILLS) LARB Series 2017 r`V CITY O F LAKE ELSINORE Issued 12/21/2017 Coupon Principal Semi-Annual Semi-Annual Annual Date Rate Principal Outstanding Interest Debt Service Debt Service 09/01/2018* $3,005,000.00 $3,005,000.00 09/01/2018 2.000% $105,000.00 $4,865,000.00 $181,098.10 $286,098.10 $3,291,098.10 03/01/2019 $4,865,000.00 $79,746.87 $79,746.87 09/01/2019 2.000% $130,000.00 $4,735,000.00 $79,746.87 $209,746.87 $289,493.76 03/01/2020 $4,735,000.00 $78,446.87 $78,446.87 09/01/2020 2.000% $135,000.00 $4,600,000.00 $78,446.87 $213,446.87 $291,893.76 03/01/2021 $4,600,000.00 $77,096.87 $77,096.87 09/01/2021 2.000% $140,000.00 $4,460,000.00 $77,096.87 $217,096.87 $294,193.76 03/01/2022 $4,460,000.00 $75,696.87 $75,696.87 09/01/2022 2.000% $140,000.00 $4,320,000.00 $75,696.87 $215,696.87 $291,393.76 03/01/2023 $4,320,000.00 $74,296.87 $74,296.87 09/01/2023 2.250% $145,000.00 $4,175,000.00 $74,296.87 $219,296.87 $293,593.76 03/01/2024 $4,175,000.00 $72,665.62 $72,665.62 09/01/2024 2.375% $150,000.00 $4,025,000.00 $72,665.62 $222,665.62 $295,331.26 03/01/2025 $4,025,000.00 $70,884.37 $70,884.37 09/01/2025 2.500% $150,000.00 $3,875,000.00 $70,884.37 $220,884.37 $291,768.76 03/01/2026 $3,875,000.00 $69,009.37 $69,009.37 09/01/2026 2.625% $155,000.00 $3,720,000.00 $69,009.37 $224,009.37 $293,018.76 03/01/2027 $3,720,000.00 $66,975.00 $66,975.00 09/01/2027 2.750% $155,000.00 $3,565,000.00 $66,975.00 $221,975.00 $288,950.00 03/01/2028 $3,565,000.00 $64,843.75 $64,843.75 09/01/2028 3.000% $165,000.00 $3,400,000.00 $64,843.75 $229,843.75 $294,687.50 03/01/2029 $3,400,000.00 $62,368.75 $62,368.75 09/01/2029 3.000% $165,000.00 $3,235,000.00 $62,368.75 $227,368.75 $289,737.50 03/01/2030 $3,235,000.00 $59,893.75 $59,893.75 09/01/2030 3.125% $170,000.00 $3,065,000.00 $59,893.75 $229,893.75 $289,787.50 03/01/2031 $3,065,000.00 $57,237.50 $57,237.50 09/01/2031 3.250% $180,000.00 $2,885,000.00 $57,237.50 $237,237.50 $294,475.00 03/01/2032 $2,885,000.00 $54,312.50 $54,312.50 09/01/2032 3.250% $180,000.00 $2,705,000.00 $54,312.50 $234,312.50 $288,625.00 03/01/2033 $2,705,000.00 $51,387.50 $51,387.50 09/01/2033 3.375% $190,000.00 $2,515,000.00 $51,387.50 $241,387.50 $292,775.00 03/01/2034 $2,515,000.00 $48,181.25 $48,181.25 09/01/2034 3.375% $190,000.00 $2,325,000.00 $48,181.25 $238,181.25 $286,362.50 03/01/2035 $2,325,000.00 $44,975.00 $44,975.00 09/01/2035 3.500% $195,000.00 $2,130,000.00 $44,975.00 $239,975.00 $284,950.00 03/01/2036 $2,130,000.00 $41,562.50 $41,562.50 09/01/2036 3.500% $205,000.00 $1,925,000.00 $41,562.50 $246,562.50 $288,125.00 03/01/2037 $1,925,000.00 $37,975.00 $37,975.00 SCG-Spicer Consulting Group 1 8/16/2018 CITY OF LAKE ELSINORE CFD 2003-2 IA B (CANYON HILLS) LARB Series 2017 CITY OF LAKE ELSINORE Issued 12/21/2017 Coupon Principal Semi-Annual Semi-Annual Annual Date Rate Principal Outstanding Interest Debt Service Debt Service 09/ 3.500% $210,000.00 $1,715,000.00 $37,975.00 $247,975.00 $285,950.00 03/01/2038 $1,715,000.00 $34,300.00 $34,300.00 09/01/2038 4.000% $215,000.00 $1,500,000.00 $34,300.00 $249,300.00 $283,600.00 03/01/2039 $1,500,000.00 $30,000.00 $30,000.00 09/01/2039 4.000% $225,000.00 $1,275,000.00 $30,000.00 $255,000.00 $285,000.00 03/01/2040 $1,275,000.00 $25,500.00 $25,500.00 09/01/2040 4.000% $235,000.00 $1,040,000.00 $25,500.00 $260,500.00 $286,000.00 03/01/2041 $1,040,000.00 $20,800.00 $20,800.00 09/01/2041 4.000% $245,000.00 $795,000.00 $20,800.00 $265,800.00 $286,600.00 03/01/2042 $795,000.00 $15,900.00 $15,900.00 09/01/2042 4.000% $255,000.00 $540,000.00 $15,900.00 $270,900.00 $286,800.00 03/01/2043 $540,000.00 $10,800.00 $10,800.00 09/01/2043 4.000% $265,000.00 $275,000.00 $10,800.00 $275,800.00 $286,600.00 03/01/2044 $275,000.00 $5,500.00 $5,500.00 09/01/2044 4.000% $275,000.00 $0.00 $5,500.00 $280,500.00 $286,000.00 Total $7,975,000.00 $2,841,810.52 $7,811,810.52 $10,816,810.68 SCG-Spicer Consulting Group 2 8/16/2018 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 3:53:12PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2017-2918 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2003-2 B. Project Name IA B Canyon Hills C. Name/Title/Series of Bond Issue 2017 Special Tax Bonds D. Date of Bond Issue 12/4/2017 E. Original Principal Amount of Bonds $7,975,000.00 F. Reserve Fund Minimum Balance Required Yes ❑ Amount $0.00 No �X II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $4,735,000.00 B. Bond Reserve Fund $0.00 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $283,361,338.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $1,851,323.76 B.Total Amount of Unpaid Special Taxes Annually $14,415.56 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 10 B.Total Amount of Taxes Due on Delinquent Parcels: $30,179.48 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 3:53:12PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2017-2918 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Bond Reserve Fund held at the Authority Level. Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. Submitted: STATE OF CALIFORNIA For Office Use Only Thursday,October 29,2020 MARKS-ROOS YEARLY FISCAL STATUS REPORT 11:58:49AM FOR LOCAL OBLIGORS Fiscal Year CDIAC#:2017-2918 California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 Tel:(916)653-3269 Fax(916)654-7440 California Government Code Section 6599.1 requires that all issuers selling Marks-Roos bonds,which is part of the Marks-Roos Local Bond Pooling Act of 1985,after January 1, 1996 are required to report specific information to the Commission by October 30th of the current vear and each vear thereafter, until maturitv. I. GENERAL INFORMATION A. Local Obligor Issuer Lake Elsinore CFD No 2003-2 B. Name/Title/Series of Bond Issue 2017 Special Tax Bonds C. Project Name IA B Canyon Hills D. Date of Bond Issue/Loan 12/4/2017 E. Original Principal Amount of Bonds/Loan $7,975,000.00 No ❑X F. Reserve Fund Minimum Balance Required Yes HAmount: $0.00 Part of Authority Reserve Fund Yes Percent of Reserve fund: 0.00% No ❑X G. Name of Authority that purchased debt Lake Elsinore Facilities Financing Authority H. Date of Authority Bond(s) Issuance 12/4/2017 II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds/Loan Outstanding $4,735,000.00 B. Bond Reserve Fund $0.00 C. Capitalized Interest Fund $0.00 D.Administrative Fee Charged by Authority $0.00 III. DELINQUENT REPORTING INFORMATION Have delinquent Taxes been reported: Yes © No ❑ Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A. Delinquency Rate 0.78% B. Does this Agency participate in the County's Teeter Plan: Yes ❑ No ❑X C.Taxes Due $1,851,323.76 D.Taxes Unpaid $14,415.56 IV. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed/Repaid Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed/Repaid Entirely,state refunding bond title/Loan,and CDIAC#: and redemption/repayment date: If Other: and date: V. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 E-Mail contact@spicercg.com Date of Report 10/29/2020 Submitted: STATE OF CALIFORNIA For Office Use Only Thursday,October 29,2020 MARKS-ROOS YEARLY FISCAL STATUS REPORT 11:58:49AM FOR LOCAL OBLIGORS Fiscal Year CDIAC#:2017-2918 California Debt and Investment Advisory Commission 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 Tel:(916)653-3269 Fax(916)654-7440 VI.COMMENTS: STATE OF CALIFORNIA Submitted: MARKS-ROOS YEARLY FISCAL STATUS REPORT For Office Use Only Wednesday,October 28,2020 FOR AUTHORITY ISSUE 5:59:52PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2017-2917 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 California Government Code Section 6599.1 requires that all issuers selling Marks-Roos bonds,which is part of the Marks-Roos Local Bond Pooling Act of 1985,after January 1, 1996 are required to report specific information to the Commission by October 30th of the current year and each year thereafter, until maturity. I. GENERAL INFORMATION A.Authority Issuer Lake Elsinore Facilities Financing Authority B. Name/Title/Series of Bond Issue 2017 Local Agency Revenue Bonds Senior Issue Yes No Z Subordinate Issue Yes No �X C.Project Name CFD No 2003-2 IA B D. Date of Bond Issue 12/4/2017 E. Original Principal Amount of Bonds $7,975,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $295,331.26 No G.Total Issuance Costs $0.00 (Report Issuance Costs only at initial filing) II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $4,735,000.00 B.Total Bond Reserve Fund $297,959.53 Bond Reserve Cash $297,959.53 Bond Reserve Surety Bond $0.00 C. Capitalized Interest Fund $0.00 III.AUTHORITY FINANCIAL INFORMATION A. Fees Paid for Professional Services(Annual Totals) 1.Type of Services 2.Amount of Fees $0.00 $0.00 $0.00 $0.00 $0.00 (Attach additional sheets if necessary.) Total Professional Fees $0.00 B. Local Obligor 1. Issuer/Borrower 2. Bond Purchase(BP), 3.Original Amount of 4.Administration Fee 5.CDIAC Loan(L)or Purchase, Loan or (Charged to LOB) Number Other(0) Other this FY (from Authoritv Issue) CFD 2003-2 IA B BP $7,975,000.00 $20,000.00 2017-2918 STATE OF CALIFORNIA Submitted: MARKS-ROOS YEARLY FISCAL STATUS REPORT For Office Use Only Wednesday,October 28,2020 FOR AUTHORITY ISSUE 5:59:52PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2017-2917 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 C. Investment Contracts 1. Terms of Investment Contracts a. Final Maturity of the Investment Contract b. Other(see Guidelines for explanation) 2. Commission/Fee for Contract Total $0.00 3. Interest Earnings on Contract Current $0.00 D. Does this Agency participate in the County's Teeter Plan? Yes ❑ No ❑X IV. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: V. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com VI.COMMENTS: STATE OF CALIFORNIA Submitted: MARKS-ROOS YEARLY FISCAL STATUS REPORT For Office Use Only Wednesday,October 28,2020 FOR AUTHORITY ISSUE 5:59:52PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2017-2917 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 Local Obligor(continued) 1. Issuer/Borrower 2. Bond Purchase(BP), 3.Original Amount of 4.Administration Fee 5.CDIAC Loan(L)or Purchase, Loan or (Charged to LOB) Number Other(0) Other this FY (from Authority Issue) APPENDIX C Boundary Map O SPICER CONSULTING G R O U P •,'mil = ,�s - v' @-�• ��, i ':� - _ - M t' . �aT dr L pry, ;_ ,�- ,�-• w.� �. . �; .� - +� r.. - - +ate ■.: �. s' - - - _� y�,. I}eser•1 Rosa_ . , 1 m Way, 511ncresi i]r. st L �• 'i„ ��� •aa• 'iP�.ih -'� :...-:�- - .,,' tti `--•• si.�^i7�rr iFP:T. a� f+ � �r �,� � �.; _ .n� an�] 'T _ "Fyn •i, R E ♦ M 1� H� a�gr .'.-_j yMY •a�►�LyN�R1.f f�� r 7e�• -• - +r _ .� � � r .,:.- �,.- d'Ij,1 �ya.Niie4.w►wj� - � -�-..�ti' =��]-nr�._.�T r�� �� � 4c r �FY2iJYai�:J�RY�IFi�d�.i�:..I:i• � _ r� .�• ,�, . . �#' .r,� �R _.r;�`�kFr '�'� �'Yueca�5t 1'-�r . � r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report i C�I'm C?, TM FISCAL YEAR 2019-20 COMMUNITY FACILITIES DISTRICT NO. 2016-2 (CANYON HILLS) SPECIAL TAX BONDS, SERIES 2018 FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Special Taxes 2 3. Property Ownership 3 4. Payment History 4 5. Bond Funds 5 6. Significant Events 6 Tables Table 2-1 Special Tax Levy 2 Table 3-1 Assessed Value-to-Lien Ratios 3 Table 4-1 Delinquency Summary 4 Table 5-1 Fund Balances as of September 2, 2020 5 Appendices Appendix A—Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P City of Lake Elsinore Community Facilities District No. 2016-2 Special Tax Bonds, Series 2018 (CUSIP 50963N) Maturity Date (September 1) Principal Interest Rate CUSIP Suffix 2019 $55,000 3.000% NN5 2020 $90,000 3.000% NPO 2021 $115,000 3.000% NQ8 2022 $135,000 3.000% NR6 2023 $160,000 3.000% NS4 2024 $190,000 4.000% NT2 2025 $215,000 4.000% NU9 2026 $250,000 5.000% NV7 2027 $285,000 3.000% NW5 2028 $315,000 3.000% NX3 2029 $350,000 5.000% NY1 2030 $390,000 5.000% NZ8 2031 $435,000 5.000% PA1 2032 $480,000 5.000% PB9 2033 $530,000 3.375% PC7 2034 $575,000 3.500% PD5 2035 $620,000 3.500% PE3 2036 $670,000 5.000% PFO 2037 $730,000 5.000% PG8 2038 $795,000 3.625% PH6 $5,045,000 5.000% Term Bonds Due September 1, 2043— Price 110.878 CUSIP PJ2 $7,315,000 5.000% Term Bonds Due September 1, 2048— Price 110. 678 CUSIP PK9 This Annual Continuing Disclosure Report("Report")for Community Facilities District No. 2016-2 Special Tax Bonds, Series 2018 of the City of Lake Elsinore, has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at(866)504-2067. C City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 11 Community Facilities District No. 2016-2 (Canyon Hills) Special Tax Bonds, Series 2018 Project Description The Community Facilities District No. 2016-2 (the "District" or "CFD No. 2016-2") was formed to finance certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District. The District contains approximately 166 gross acres and approximately 72 net taxable acres and is located in the southeastern portion of the City of Lake Elsinore, north of Railroad Canyon Road and to the west of Canyon Lake. The property within the District is being developed by Pardee Homes into a neighborhood known as"Westridge."Westridge constitutes the eighth phase of the master-planned community in the City known as "Canyon Hills." The property within the District is planned for 456 residential units, a commercial site, and community parks and other open space. Location The District is northwest of Railroad Canyon Road and east of Interstate 15. The District's boundaries are Railroad Canyon Road and Longhorn Drive(Old Newport Road).The main entrance into the District is located at the south end of Tassel Way off of Railroad Canyon Road. Series 2018 Bonds(Section 4b(i)) The Community Facility District No. 2016-2 Special Tax Bonds, Series 2018 (the"CFD No. 2016-2 Bonds"or"Bonds") in the amount of $19,745,000 were issued on August 1, 2018, to: (i) finance certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District; (ii) prepay the special tax obligation of Improvement Area B of the Lake Elsinore Community Facilities District No.2003-2(Canyon Hills)with respect to the District in accordance with the Act; (iii)fund a reserve account for the Bonds; (iv) fund capitalized interest on a portion of the Bonds due on March 1, 2019; and (v) pay costs of issuance for the Bonds. With interest rates ranging from 3.00% to 5.00%, interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the CFD No.2016-2 Bonds is September 1, 2048.As of September 2,2020,the principal amount of the CFD No. 2016-2 Bonds outstanding was$19,600,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Special Taxes Pace 12 A Special Tax is levied each year to pay the principal and interest obligations on the Bonds of the District. The amount levied each year is determined by the Special Tax formula and can vary from year to year but shall not exceed the maximum authorized (or permitted) Special Tax rates. The amount levied for the 2020-21 tax year was$1,114,180.30. The Special Tax Levy applied for the 2020-21 tax year are: Table 2-1 Special Tax Levy Special Tax Assigned Maximum %of Maximum and Use Category Parcels Levied ecial T E Special Tax Special Tax IUDeveloped Pro ert 456 $1,114,180.30 $1,114,184.70 $1,221,570.54 89.36% Undeveloped 1 $0.00 $0.00 $145,461.31 10.64% Total 457 1 $1,114,180.30 $1,114,184.70 $1,367,031.85 100.00% City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Property Ownership Page 3 Table 3-1 Assessed Value-to-Lien Ratios(Table 2) (Section 4b (vi)) of %of FY 2020-21 %of Value- 7Developed7perty wner Assessed Assessed Maximum Maximum Special Tax Special Bonds to-Lien tion Parcels 1 V cial Tax S ecial Tax Lev T OutstandingR Individual Owned 450 $181,139,133.00 98.91% $1,205,376.17 88.17% $1,098,751.10 98.62% $19,328,578.65 9.37:1 Pardee Construction Co 6 $1,432,775.00 0.78% $16,194.37 1.18% $15,429.20 1.38% $271,421.35 5.28:1 Subtotal 456 $182,571,908.00 99.69% $1,221,570.54 89.36% $1,114,180.30 100.00% $19,600,000.00 9.31:1 Approved Properties Pardee Construction Co 1 $563,309.00 0.31% $145,461.31 10.64% $0.00 0.00% $0.00 0.00:1 Total 457 $183,135,217.00 100.00% $1,367,031.85 100.00% $1,114,180.30 100.00% $19,600,000.00 9.34:1 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Payment History 4 Table 4-1 Delinquency Summary(Section 4b (v)) Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provides an overview of delinquency on June 30 for previous years. Levied Delin uency as of June 30 Current Delinquenc Fiscal Year lhearcelsAL Special Tax Parcels Amount Del.Rate dML Parcels Amount Del.Rate 2016-17 49 $44,623.74 0 $0.00 0.00% 0 $0.00 0.00% 2017-18 187 $188,637.48 1 $918.94 0.49% 0 $0.00 0.00% 2018-19 373 $1,122,770.48 3 $6,741.44 0.60% 2 $3,125.10 0.28% 2019-20 456 $1,092,332.74 13 $25,689.49 2.35% 13 $25,689.49 2.35% Total $2,448,364.44 $33,349.87 1.36% 14 $28,814.59 1.18% Foreclosure Covenant(Section 4b(vii)) The District covenants for the benefit of the Owners of the Bonds and any Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year in which such Special Taxes are due; and (ii) commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Taxes levied; (iii)diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement.The District may, but not obligated to, advance funds from any source of legally available funds in order to maintain the Reserve Account.The District may treat any delinquent Special Tax sold to an independent third-party or to the City for at least 100% of the delinquent amount as having been paid. Proceeds of any such sale up to 100% of delinquent amount will be deposited in Special Tax Fund. There are currently no foreclosure actions pending in the District. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Bond Funds Page 5 Table 5-1 Fund Balances as of September 2, 2020(Section 4b (ii)) Account Name '0Balance LE 2016-2(CANYON HILLS)2018 SPL TAX $3.14 LE 2016-2(CANYON HILLS)2018 INTEREST $0.52 LE 2016-2(CANYON HILLS)2018 PRINCIPLE $0.00 LE 2016-2(CANYON HILLS)2018 ADM EXP $4.55 LE 2016-2(CANYON HILLS)2018 RESERVE $1,721,406.49 LE 2016-2(CANYON HILLS)2018 CITY FUND $0.00 LE 2016-2(CANYON HILLS)2018 WATER $0.00 LE 2016-2(CANYON HILLS)2018 SURPLUS $0.00 LE 2016-2(CANYON HILLS)2018 COI $0.00 LE 2016-2(CANYON HILLS)2018 PROJ FUND $0.00 Total $1,721,414.70 Series 2018 Reserve Account(Section 4b(ii)) The Reserve Fund must be maintained at the Reserve Requirement which is defined, as of any date of calculation, as an amount equal to the lesser of (i) 10% of the initial principle amount of the Bonds and Parity Bonds, if any; (ii) Maximum Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any;or(iii) 125%of average Annual Debt Service on the then Outstanding Bonds and Parity Bonds. The Reserve Requirement may be satisfied in whole or in part by cash, a Reserve Policy (as defined in the Indenture), or a combination thereof. Provided, In the event that special tax revenue is insufficient to pay debt service, money may be transferred from this Fund to the appropriate account of the Bond Fund. The Reserve Fund will then be replenished by increasing the next year's special tax levy to the extent permitted by law. As of September 2, 2020, the balance in the Reserve Fund was $1,721,406.49 and the Reserve Requirement was$1,705,472.11. Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 6. Significant Events Page 16 Pursuant to the provisions of this Section 5,the District shall give,or cause the Dissemination Agent to give,notice filed with the Repository of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) business days after the event: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determination; Not Applicable of taxability or of a Notice of Proposed Issue (IRS Form 5701-TEB); 6. tender offers; Not Applicable 7. defeasances; Not Applicable 8. ratings changes; and Not Applicable 9. bankruptcy, insolvency, receivership or similar proceedings. Not Applicable 10. unless described in paragraph 5 above, notices or determinations by the Internal Revenue Service with Not Applicable respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; 11. the consummation of a merger, consolidation or acquisition involving an obligated person or the sale of Not Applicable all or substantially all of the assets of the obligated persons, other than in the ordinary course of business,the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms; 12. appointment of a successor or additional paying agent or the change of the name of a paying agent; Not Applicable 13. nonpayment related defaults; Not Applicable 14. modifications to the rights of Owners of the Bonds; Not Applicable 15. bond calls; and Not Applicable 16. release, substitution or sale of property securing repayment of the Bonds; Not Applicable City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2016-2 SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule 1$0� SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2016-2 (CANYON HILLS) Special Tax Bonds 2018 CITY OF Issued LAKE EISINORE 08/01/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 03/01/2019 $19,745,000.00 $538,201.56 $538,201.56 09/01/2019 3.000% $55,000.00 $19,690,000.00 $461,315.63 $516,315.63 $1,054,517.19 03/01/2020 $19,690,000.00 $460,490.63 $460,490.63 09/01/2020 3.000% $90,000.00 $19,600,000.00 $460,490.63 $550,490.63 $1,010,981.26 03/01/2021 $19,600,000.00 $459,140.63 $459,140.63 09/01/2021 3.000% $115,000.00 $19,485,000.00 $459,140.63 $574,140.63 $1,033,281.26 03/01/2022 $19,485,000.00 $457,415.63 $457,415.63 09/01/2022 3.000% $135,000.00 $19,350,000.00 $457,415.63 $592,415.63 $1,049,831.26 03/01/2023 $19,350,000.00 $455,390.63 $455,390.63 09/01/2023 3.000% $160,000.00 $19,190,000.00 $455,390.63 $615,390.63 $1,070,781.26 03/01/2024 $19,190,000.00 $452,990.63 $452,990.63 09/01/2024 4.000% $190,000.00 $19,000,000.00 $452,990.63 $642,990.63 $1,095,981.26 03/01/2025 $19,000,000.00 $449,190.63 $449,190.63 09/01/2025 4.000% $215,000.00 $18,785,000.00 $449,190.63 $664,190.63 $1,113,381.26 03/01/2026 $18,785,000.00 $444,890.63 $444,890.63 09/01/2026 5.000% $250,000.00 $18,535,000.00 $444,890.63 $694,890.63 $1,139,781.26 03/01/2027 $18,535,000.00 $438,640.63 $438,640.63 09/01/2027 3.000% $285,000.00 $18,250,000.00 $438,640.63 $723,640.63 $1,162,281.26 03/01/2028 $18,250,000.00 $434,365.63 $434,365.63 09/01/2028 3.000% $315,000.00 $17,935,000.00 $434,365.63 $749,365.63 $1,183,731.26 03/01/2029 $17,935,000.00 $429,640.63 $429,640.63 09/01/2029 5.000% $350,000.00 $17,585,000.00 $429,640.63 $779,640.63 $1,209,281.26 03/01/2030 $17,585,000.00 $420,890.63 $420,890.63 09/01/2030 5.000% $390,000.00 $17,195,000.00 $420,890.63 $810,890.63 $1,231,781.26 03/01/2031 $17,195,000.00 $411,140.63 $411,140.63 09/01/2031 5.000% $435,000.00 $16,760,000.00 $411,140.63 $846,140.63 $1,257,281.26 03/01/2032 $16,760,000.00 $400,265.63 $400,265.63 09/01/2032 5.000% $480,000.00 $16,280,000.00 $400,265.63 $880,265.63 $1,280,531.26 03/01/2033 $16,280,000.00 $388,265.63 $388,26S.63 09/01/2033 3.375% $530,000.00 $15,750,000.00 $388,265.63 $918,265.63 $1,306,531.26 03/01/2034 $15,750,000.00 $379,321.88 $379,321.88 09/01/2034 3.500% $575,000.00 $15,175,000.00 $379,321.88 $954,321.88 $1,333,643.76 03/01/2035 $15,175,000.00 $369,259.38 $369,259.38 09/01/2035 3.500% $620,000.00 $14,555,000.00 $369,259.38 $989,259.38 $1,358,518.76 03/01/2036 $14,555,000.00 $358,409.38 $358,409.38 09/01/2036 5.000% $670,000.00 $13,885,000.00 $358,409.38 $1,028,409.38 $1,386,818.76 03/01/2037 $13,885,000.00 $341,659.38 $341,659.38 09/01/2037 5.000% $730,000.00 $13,155,000.00 $341,659.38 $1,071,659.38 $1,413,318.76 03/01/2038 $13,155,000.00 $323,409.38 $323,409.38 SCG-Spicer Consulting Group 1 8/16/2018 CITY OF LAKE ELSINORE CFD 2016-2 (CANYON HILLS) nff Special Tax Bonds 2018 CITY OF Issued LAKE ELSINORE 08/01/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 09/ 3.625% $795,000.00 $12,360,000.00 $323,409.38 $1,118,409.38 $1,441,818.76 03/01/2039 $12,360,000.00 $309,000.00 $309,000.00 09/01/2039 5.000% $855,000.00 $11,505,000.00 $309,000.00 $1,164,000.00 $1,473,000.00 03/01/2040 $11,505,000.00 $287,625.00 $287,625.00 09/01/2040 5.000% $930,000.00 $10,575,000.00 $287,625.00 $1,217,625.00 $1,505,250.00 03/01/2041 $10,575,000.00 $264,375.00 $264,375.00 09/01/2041 5.000% $1,005,000.00 $9,570,000.00 $264,375.00 $1,269,375.00 $1,533,750.00 03/01/2042 $9,570,000.00 $239,250.00 $239,250.00 09/01/2042 5.000% $1,085,000.00 $8,485,000.00 $239,250.00 $1,324,250.00 $1,563,500.00 03/01/2043 $8,485,000.00 $212,125.00 $212,125.00 09/01/2043 5.000% $1,170,000.00 $7,315,000.00 $212,125.00 $1,382,125.00 $1,594,250.00 03/01/2044 $7,315,000.00 $182,875.00 $182,875.00 09/01/2044 5.000% $1,260,000.00 $6,055,000.00 $182,875.00 $1,442,875.00 $1,625,750.00 03/01/2045 $6,055,000.00 $151,375.00 $151,375.00 09/01/2045 5.000% $1,355,000.00 $4,700,000.00 $151,375.00 $1,506,375.00 $1,657,750.00 03/01/2046 $4,700,000.00 $117,500.00 $117,500.00 09/01/2046 5.000% $1,460,000.00 $3,240,000.00 $117,500.00 $1,577,500.00 $1,695,000.00 03/01/2047 $3,240,000.00 $81,000.00 $81,000.00 09/01/2047 5.000% $1,565,000.00 $1,675,000.00 $81,000.00 $1,646,000.00 $1,727,000.00 03/01/2048 $1,675,000.00 $41,875.00 $41,875.00 09/01/2048 5.000% $1,675,000.00 $0.00 $41,875.00 $1,716,875.00 $1,758,750.00 Total $19,745,000.00 $20,523,073.63 $40,268,073.63 $40,268,073.63 SCG-Spicer Consulting Group 2 8/16/2018 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:06:50PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-1171 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2016-2 B. Project Name Canyon Hills IA B C. Name/Title/Series of Bond Issue 2018 Special Tax Bonds D. Date of Bond Issue 7/18/2018 E. Original Principal Amount of Bonds $19,745,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $1,690,239.50 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $19,690,000.00 B. Bond Reserve Fund $1,721,348.02 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $183,135,217.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $1,092,332.74 B.Total Amount of Unpaid Special Taxes Annually $25,689.49 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 14 B.Total Amount of Taxes Due on Delinquent Parcels: $28,814.59 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:06:50PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-1171 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P j .. �rq 4 I 1 � F+ ♦ .•t. /� .� •+�¢' r+ .r,� 'kfiv Eli. � 3 �,: r,. MME XI Wpm r BOUNDARY MAP CITY OF �h� COMMUNITY FACILITIES DISTRICT NO. 2016-2 LAI-E LSIlYO-PE SPICERCCNSULTING (CANYON HILLS) 14 DREAM tXTREME G a O u f. r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report ('C�I'm C?, TM FISCAL YEAR 2019-20 COMMUNITY FACILITIES DISTRICT NO. 2006-1 IMPROVEMENT AREA HH (SUMMERLY) SPECIAL TAX BONDS, SERIES 2019 FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Property Ownership 2 3. Payment History 3 4. Bond Funds 4 5. Significant Events 5 Tables Table 2-1 Property Breakdown by Development Status 2 Table 2-2 Assessed Value-to-Lien Ratios by Property Owner 2 Table 3-1 Delinquency Summary 3 Table 4-1 Fund Balances 4 Appendices Appendix A— Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore C 50 Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P $5,395,000 City of Lake Elsinore Community Facilities District No. 2006-1 IA HH Special Tax Bonds, Series 2019 (CUSIP 50963N) Maturity Date September 1 Principal Interest Rate CUSIP Suffix 2021 $15,000 3.000% RH4 2022 $20,000 4.000% RJO 2023 $30,000 4.000% RK7 2024 $35,000 4.000% RL5 2025 $40,000 4.000% RM3 2026 $50,000 5.000% RN1 2027 $60,000 5.000% RP6 2028 $65,000 5.000% RQ4 2029 $75,000 5.000% RR2 2030 $85,000 5.000% RSO 2031 $95,000 5.000% RT8 2032 $110,000 5.000% RU5 2033 $120,000 5.000% RV3 2034 $135,000 5.000% RW1 2035 $150,000 4.000% RX9 2036 $160,000 4.000% RY7 2037 $175,000 3.000% RZ4 2038 $185,000 3.000% SA8 2039 $200,000 3.000% S66 $1,275,000 5.000% Term Bonds Due September 1, 2044—Yield 2.710% CUSIP SC4 $2,315,000 5.000% Term Bonds Due September 1, 2050—Yield 2.770% CUSIP SD2 This Annual Continuing Disclosure Report("Report")for Community Facilities District No. 2006-1 Improvement Area HH Special Tax Bonds, Series 2019 of the City of Lake Elsinore (the "District" or"CFD No. 2006-1 IA HH"), has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at (866) 504- 2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 1 Community Facilities District No. 2006-1 Improvement Area HH (Summerly) Special Tax Bonds, Series 2019 Project Description Community Facilities District No. 2006-1 (the"CFD No. 2006-1")was formed in 2006 and initially consisted of three Improvement Areas. In 2011, the City of Lake Elsinore (the "City") reconfigured the CFD No. 2006-1 into six Improvement Areas (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 (including Improvement Area HH) was adopted February 25, 2014. In total, the Summerly Community Facilities District No. 2006-1 IA HH development is expected to include 180 homes. The net proceeds of the Bonds will be used to finance certain public improvements to be owned by the City and water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District,to pay the cost of issuing the Bonds, to fund capitalized interest on the Bonds through September 1, 2020, and to fund the Reserve Account established under the Indenture. Location The CFD No.2006-1 IA HH is located within Summerly and is bordered to the north by Sunset Park and land planned for future Summerly neighborhoods, to the east by Diamond Drive, and to the south and west by vacant lands. Series 2019 Bonds(Section 4b(i)) The Special Tax Bonds,Series 2019(the"2019 Bonds")in the amount of$5,395,000 were issued December 19,2019,with interest rates ranging from 3.000% to 5.000%. Interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the 2019 Bonds is September 1, 2050. The principal amount of the Bonds Outstanding as of September 2, 2020 was$5,395,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Property Ownership Page 2 The following tables present certain property data and the development and ownership status of the District. Table 2-1 Property Breakdown by Development Status' (Sections 4b (iii) and(vii)) Total Special %of Total Land Structure Total %of Development Status Parcels Tax FY 2020.21 Special Tax Values Values Assessed Values2 Total AV Developed Property 180 $319,862.16 100.00% $15,952,783.00 $33,755,243.00 $49,708,026.00 100.00% Table 2-2 Assessed Value-to-Lien Ratios by Property Owner' (Table 2) (Section 4b (viii)) Total % Maximum Special %of Maximum Total Special %of Total Bonds ��, alue-to- Property Owner Parcels Assessed Values2 Totaof Tax FY 2020-21 Special Tax Tax FY 2020-21 Special Tax Outstandin sen Rati Developed Property Individual) Owned 68 $27,627,966.00 55.58% $174,597.42 36.54% $117,693.08 36.79% $1,985,086.85 13.92:1 Beazer 49 $9,409,189.00 18.93% $144,730.49 30.29% $94,380.22 29.51% $1,591,877.22 5.91:1 Richmond American 33 $6,965,877.00 14.01% $83,298.66 17.43% $61,437.12 19.21% $1,036,237.80 6.72:1 D.R. Horton 30 $5,704,994.00 11.48% $75,207.32 15.74% $46,351.74 14.49% $781,798.13 7.30:1 Total 180 $49,708,026.00 100.00% $477,833.88 100.00% $319,862.16 100.00% $5,395,000.00 9.21:1 All Properties within CFD No.2006-1 IA HH are Developed. 2 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. 3 District Bonds Outstanding is based off the September 2,2020 Principal Outstanding. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA HH ER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Payment History Page 13 Prepayments There have been no prepayments of the Special Tax for the prior Fiscal Year. Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provides an overview of delinquency rates on June 30 for previous years. Table 3-1 Delinquency Summary(Section 4b (v)) Fiscal Levied Delinquency as of June 30 Current Delin uenc Year Parcels Amount Parcels Amount Del.Rate Parcels Amount Del.Rate 2019-20 79 $133,043.12 0 $0.00 0.00% 0 $0.00 0.00% Total $133,043.12 $0.00 0.00% 0 $0.00 0.00% Foreclosure Covenant(Section 4b(vi)) Pursuant to Section 53356.1 of the Act, in the event of any delinquency in the payment of any Special Tax or receipt by the District of Special Taxes in an amount which is less than the Special Taxes levied,the City Council,as the legislative body of the District, may order that Special Taxes be collected by a Superior Court action to foreclose the lien within specified time limits. In such an action, the real property subject to the unpaid amount may be sold at a judicial foreclosure sale. Under the Act,the commencement of judicial foreclosure following the nonpayment of a Special Tax is not mandatory. However, the District has covenanted for the benefit of the owners of the Bonds and any Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels in the CFD No.2006-1 IA HH with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year of the District ending June 30 (each, a "Fiscal Year") in which such Special Taxes were due; (ii) commence judicial foreclosure proceedings against all parcels in the CFD No. 2006-1 IA HH with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95%of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. There are no foreclosure actions at this time. City of Lake Elsinore 46* Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Bond Funds Page 4 Reserve Account The Reserve Fund must be maintained at the Reserve Requirement which is defined, as of any date of calculation, as an amount equal to the least of(a) 10%of the proceeds of the Bonds, (b) 125% of average Annual Debt Service on the Outstanding Bonds, (c) Maximum Annual Debt Service on the Outstanding Bonds, and (d) $453,411.24, the initial Reserve Requirement. As of September 2, 2020, the balance in the Reserve Fund was $453,840.76 and the Reserve Requirement was$453,411.24. Table 4-1 Fund Balances(Section 4b(ii)) September 2,2020 Account Balance Special Tax Fund $0.00 Interest Account $0.54 Principal Account I $0.00 Reserve Account $453,840.76 City Facilities Account $0.00 Surplus Fund $0.00 Cost of Issuance Account I $0.00 Water Account I $0.00 Beazer Account I $0.00 Richmond Account $0.00 Total $453,841.30 Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Significant Events 5 Pursuant to the provisions of this Section 5,the District shall give, or cause the Dissemination Agent to give, notice to EMMA in a timely manner not in excess of ten (10) business days after the occurrence of any of the following events with respect to the Bonds: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations Not Applicable of taxability, Notices of Proposed Issue(IRS Form 5701-TEB)or other material notices or determinations with respect to the tax status of the Bonds; 6. defeasances; Not Applicable 7. tender offers; Not Applicable 8. bankruptcy, insolvency, receivership, or similar proceedings; Not Applicable 9. ratings changes; and Not Applicable 10. default, event of acceleration, termination event, modification of terms, or other similar events under Not Applicable the terms of a Financial obligation of the obligated person, any of which reflect financial difficulties. Additionally,the District shall give or cause the Dissemination Agent to give notice to EMMA in a timely manner not in excess of ten (10) business days after the occurrence of any of the following events with respect to the Bonds, if material: 1. mergers, consolidations, acquisitions, the sale of all or substantially all of the assets of the obligated Not Applicable persons or their termination; 2. appointment of a successor or additional fiscal agent or the change of the name of a fiscal agent; Not Applicable 3. nonpayment related defaults; Not Applicable 4. modifications to the rights of Bondholders; Not Applicable 5. bond calls; Not Applicable 6. release, substitution or sale of property securing repayment of the Bonds; and Not Applicable 7. Incurrence of a Financial Obligation of the obligated person, or agreement to covenants, events of Not Applicable default, remedies, priority rights,or other similar terms of a Financial Obligation of the obligated person, any of which affect security holders. City of Lake Elsinore 46* Annual Continuing Disclosure Report CFD No.2006-1 IA HH SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule 1$0� SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2006-1 IA HH (SUMMERLY) Special Tax Bonds, Series 2019 CITY OF Issued LAKE EISINORE 12/19/2019 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 03/01/2020 $5,395,000.00 $50,780.00 $50,780.00 09/01/2020 $0.00 $5,395,000.00 $126,950.00 $126,950.00 $177,730.00 03/01/2021 $5,395,000.00 $126,950.00 $126,950.00 09/01/2021 3.000% $15,000.00 $5,380,000.00 $126,950.00 $141,950.00 $268,900.00 03/01/2022 $5,380,000.00 $126,725.00 $126,725.00 09/01/2022 4.000% $20,000.00 $5,360,000.00 $126,725.00 $146,725.00 $273,450.00 03/01/2023 $5,360,000.00 $126,325.00 $126,325.00 09/01/2023 4.000% $30,000.00 $5,330,000.00 $126,325.00 $156,325.00 $282,650.00 03/01/2024 $5,330,000.00 $125,725.00 $125,725.00 09/01/2024 4.000% $35,000.00 $5,295,000.00 $125,725.00 $160,725.00 $286,450.00 03/01/2025 $5,295,000.00 $125,025.00 $125,025.00 09/01/2025 4.000% $40,000.00 $5,255,000.00 $125,025.00 $165,025.00 $290,050.00 03/01/2026 $5,255,000.00 $124,225.00 $124,225.00 09/01/2026 5.000% $50,000.00 $5,205,000.00 $124,225.00 $174,225.00 $298,450.00 03/01/2027 $5,205,000.00 $122,975.00 $122,975.00 09/01/2027 5.000% $60,000.00 $5,145,000.00 $122,975.00 $182,975.00 $305,950.00 03/01/2028 $5,145,000.00 $121,475.00 $121,475.00 09/01/2028 5.000% $65,000.00 $5,080,000.00 $121,475.00 $186,475.00 $307,950.00 03/01/2029 $5,080,000.00 $119,850.00 $119,850.00 09/01/2029 5.000% $75,000.00 $5,005,000.00 $119,850.00 $194,850.00 $314,700.00 03/01/2030 $5,005,000.00 $117,975.00 $117,975.00 09/01/2030 5.000% $85,000.00 $4,920,000.00 $117,975.00 $202,975.00 $320,950.00 03/01/2031 $4,920,000.00 $115,850.00 $115,850.00 09/01/2031 5.000% $95,000.00 $4,825,000.00 $115,850.00 $210,850.00 $326,700.00 03/01/2032 $4,825,000.00 $113,475.00 $113,475.00 09/01/2032 5.000% $110,000.00 $4,715,000.00 $113,475.00 $223,475.00 $336,950.00 03/01/2033 $4,715,000.00 $110,725.00 $110,725.00 09/01/2033 5.000% $120,000.00 $4,595,000.00 $110,725.00 $230,725.00 $341,450.00 03/01/2034 $4,595,000.00 $107,725.00 $107,725.00 09/01/2034 5.000% $135,000.00 $4,460,000.00 $107,725.00 $242,725.00 $350,450.00 03/01/2035 $4,460,000.00 $104,350.00 $104,350.00 09/01/2035 4.000% $150,000.00 $4,310,000.00 $104,350.00 $254,350.00 $358,700.00 03/01/2036 $4,310,000.00 $101,350.00 $101,350.00 09/01/2036 4.000% $160,000.00 $4,150,000.00 $101,350.00 $261,350.00 $362,700.00 03/01/2037 $4,150,000.00 $98,150.00 $98,150.00 09/01/2037 3.000% $175,000.00 $3,975,000.00 $98,150.00 $273,150.00 $371,300.00 03/01/2038 $3,975,000.00 $95,525.00 $95,525.00 09/01/2038 3.000% $185,000.00 $3,790,000.00 $95,525.00 $280,525.00 $376,050.00 03/01/2039 $3,790,000.00 $92,750.00 $92,750.00 SCG-Spicer Consulting Group 1 3/16/2020 CITY OF LAKE ELSINORE CFD 2006-1 IA HH (SUMMERLY) nff Special Tax Bonds, Series 2019 CITY OF Issued LAKE ELSINORE 12/19/2019 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 09/ 3.000% $200,000.00 $3,590,000.00 $92,750.00 $292,750.00 $385,500.00 03/01/2040 $3,590,000.00 $89,750.00 $89,750.00 09/01/2040 5.000% $215,000.00 $3,375,000.00 $89,750.00 $304,750.00 $394,500.00 03/01/2041 $3,375,000.00 $84,375.00 $84,375.00 09/01/2041 5.000% $235,000.00 $3,140,000.00 $84,375.00 $319,375.00 $403,750.00 03/01/2042 $3,140,000.00 $78,500.00 $78,500.00 09/01/2042 5.000% $255,000.00 $2,885,000.00 $78,500.00 $333,500.00 $412,000.00 03/01/2043 $2,885,000.00 $72,125.00 $72,125.00 09/01/2043 5.000% $275,000.00 $2,610,000.00 $72,125.00 $347,125.00 $419,250.00 03/01/2044 $2,610,000.00 $65,250.00 $65,250.00 09/01/2044 5.000% $295,000.00 $2,315,000.00 $65,250.00 $360,250.00 $425,500.00 03/01/2045 $2,315,000.00 $57,875.00 $57,875.00 09/01/2045 5.000% $320,000.00 $1,995,000.00 $57,875.00 $377,875.00 $435,750.00 03/01/2046 $1,995,000.00 $49,875.00 $49,875.00 09/01/2046 5.000% $345,000.00 $1,650,000.00 $49,875.00 $394,875.00 $444,750.00 03/01/2047 $1,650,000.00 $41,250.00 $41,250.00 09/01/2047 5.000% $370,000.00 $1,280,000.00 $41,250.00 $411,250.00 $452,500.00 03/01/2048 $1,280,000.00 $32,000.00 $32,000.00 09/01/2048 5.000% $400,000.00 $880,000.00 $32,000.00 $432,000.00 $464,000.00 03/01/2049 $880,000.00 $22,000.00 $22,000.00 09/01/2049 5.000% $425,000.00 $455,000.00 $22,000.00 $447,000.00 $469,000.00 03/01/2050 $455,000.00 $11,375.00 $11,375.00 09/01/2050 5.000% $455,000.00 $0.00 $11,375.00 $466,375.00 $477,750.00 Total $5,395,000.00 $5,740,780.00 $11,135,780.00 $11,135,780.00 SCG-Spicer Consulting Group 2 3/16/2020 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:20:31 PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2019-1869 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2006-1 B. Project Name IA HH Summerly C. Name/Title/Series of Bond Issue 2019 Special Tax Bonds D. Date of Bond Issue 12/11/2019 E. Original Principal Amount of Bonds $5,395,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $449,023.39 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $5,395,000.00 B. Bond Reserve Fund $453,825.60 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $49,708,026.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $133,043.12 B.Total Amount of Unpaid Special Taxes Annually $0.00 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 0 B.Total Amount of Taxes Due on Delinquent Parcels: $0.00 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:20:31 PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2019-1869 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P WOE OF �'� � � -Q4 Caw �". ; i•. � A-i - r BOUNDARY MAP CITY OF h COMMUNITY FACILITIES DISTRICT NO. 2006-1 LAIJE�LSFH0_ E SPICERCCNSULTING IMPROVEMENT AREA HH �- DREAM LXTREME G a O u 0 r- TM SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE Annual Continuing Disclosure Report ('C�I'm C?, TM �. FISCAL YEAR 2019-20 COMMUNITY FACILITIES DISTRICT NO. 2006-1 IMPROVEMENT AREA JJ (SUMMERLY) SPECIAL TAX BONDS, SERIES 2018 FEBRUARY 2021 SPICER CONSULTING G R O U P Table of Contents Sections 1. District Profile 1 2. Property Ownership 2 3. Payment History 3 4. Bond Funds 4 5. Significant Events 5 Tables Table 2-1 Property Breakdown by Development Status 2 Table 2-2 Assessed Value-to-Lien Ratios by Property Owner 2 Table 3-1 Delinquency Summary 3 Table 4-1 Fund Balances 4 Appendices Appendix A— Debt Service Schedule Appendix B—California Debt and Investment Advisory Commission Appendix C— Boundary Map City of Lake Elsinore C 50 Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P $5,370,000 City of Lake Elsinore Community Facilities District No. 2006-1 IA JJ Special Tax Bonds, Series 2018 (CUSIP 50963N) Maturity Date September 1 Principal Interest Rate CUSIP Suffix 2020 $30,000 4.000% QJ 1 2021 $35,000 4.000% QK8 2022 $40,000 3.000% QL6 2023 $50,000 4.000% QM4 2024 $55,000 3.000% QN2 2025 $60,000 2.625% QP7 2026 $70,000 5.000% QQ5 2027 $80,000 5.000% QR3 2028 $90,000 5.000% QS1 2029 $100,000 5.000% QT9 2030 $110,000 5.000% QU6 2033 $150,000 5.000% QXO 2034 $165,000 3.750% QY8 2035 $175,000 4.000% QZ5 2036 $190,000 4.000% RA9 2037 $205,000 4.000% RB7 2038 $220,000 4.000% RC5 2039 $235,000 4.000% QV4 2040 $255,000 4.000% RF8 2041 $270,000 4.125% RG6 $260,000 5.000% Term Bonds Due September 1, 2032—Yield 3.530% CUSIP QW2 $605,000 5.000% Term Bonds Due September 1, 2043—Yield 4.100% CUSIP RD3 $1,920,000 4.125% Term Bonds Due September 1, 2048—Yield 4.350% CUSIP RE1 This Annual Continuing Disclosure Report ("Report") for Community Facilities District No. 2006-1 Improvement Area JJ Special Tax Bonds, Series 2018 of the City of Lake Elsinore (the "District" or"CFD No. 2006-1 IA JJ"), has been prepared by Spicer Consulting Group, LLC. using data as of June 30, 2020 unless noted otherwise. The information referenced by parenthesis complies with the various sections required from the Form of Continuing Disclosure Agreement for the Bonds. If you have any questions regarding the information provided in this report, please contact the City's Special Tax Consultant, Spicer Consulting Group, LLC., at (866) 504- 2067. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 1. District Profile Page 1 Community Facilities District No. 2006-1 Improvement Area JJ (Summerly) Special Tax Bonds, Series 2018 Project Description Community Facilities District No. 2006-1 (the"CFD No. 2006-1")was formed in 2006 and initially consisted of three Improvement Areas. In 2011, the City of Lake Elsinore (the "City") reconfigured the CFD No. 2006-1 into six Improvement Areas (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(including Improvement Area JJ)was adopted in the Spring of 2017. In total,the Summerly Community Facilities District No. 2006-1 IA JJ development is expected to include 211 homes.The net proceeds of the Bonds will be used to finance certain public improvements to be owned by the City, to pay the cost of issuing the Bonds, to fund capitalized interest on the Bonds through March 1, 2019, and to fund the Reserve Account established under the Indenture. Location The CFD No. 2006-1 IA JJ is located in the southeastern portion of the development generally known as Summerly, at the intersection of Summerly Place and Diamond Drive,approximately 0.8 miles from the 1-15 freeway. Improvement Area JJ is bordered to the north by the "Summer House," a fully complete recreational facility serving the Summerly community, to the east by existing Summerly neighborhoods,to the south by vacant lands and the Lake Elsinore Motorsports park,and to the west by land planned for future Summerly neighborhoods. Series 2018 Bonds(Section 4b(i)) The Special Tax Bonds Series 2018(the"2018 Bonds")in the amount of$5,370,000 were issued December 20,2018,with interest rates ranging from 2.625% to 5.000%. Interest is payable semi-annually on March 1 and September 1. The date for the final maturity of the 2018 Bonds is September 1, 2048. The principal amount of the Bonds Outstanding as of September 2, 2020 was$5,340,000. Rate and Method of Apportionment(Section 4b(iv)) There were no changes to the Rate and Method of Apportionment during Fiscal Year 2019-20. City of Lake Elsinore 46* Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 2. Property Ownership Page 2 The following tables present certain property data and the development and ownership status of the District. Table 2-1 Property Breakdown by Development Status' (Sections 4b (iii)and(vii)) Total Special %of Total Land Structure Total %of Development Status Parcels Tax FY 2020-21 Special Tax Values Values Assessed Values2 Total AV Developed Property 211 $319,654.82 100.00% $15,991,171.00 $69,691,866.00 $85,683,037.00 100.00% Table 2-2 Assessed Value-to-Lien Ratios by Property Owner3(Table 2) (Section 4b (viii)) Total %of Maximum Special %of Maximum Total Special %of Total Bonds Value-to- Property Owner Parcels Assessed Values2 Total AV Tax FY 2020-21 Special Tax Tax FY 2020-21 Special Tax Outstandin 4 Lien Ratio Developed Property Individually Owned 211 $85,683,037.00 100.00% $382,020.01 100.00% $319,654.82 100.00% $5,340,000.00 16.05:1 Total 211 $85,683,037.00 100.00% $382,020.01 100.00% $319,654.82 100.00% $5,340,000.00 16.05:1 All Properties within CFD No.2006-1 IA JJ are Developed. 2 Assessed Valuation(AV)is based on information provided in the Riverside County Assessor's records as of January 1,2020 and may or may not accurately reflect true market value. 3 All Properties within CFD No.2006-1 IA JJ are Individually Owned. 4 District Bonds Outstanding is based off the September 2,2020 Principal Outstanding. City of Lake Elsinore Annual Continuing Disclosure Report CFD No.2006-1 IA JJ ER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 3. Payment History Page 13 Prepayments There have been no prepayments of the Special Tax for the prior Fiscal Year. Delinquencies are calculated through September 2020 and may reflect parcels that may already be on a payment plan.The delinquency summary table below provides an overview of delinquency rates on June 30 for previous years. Table 3-1 Delinquency Summary(Section 4b (v)) Fiscal Levied Delin uency as of June 30 Current Delin uenc Year Parcels Amount Parcels Amount Del.Rate Parcels Amount Del.Rate 2017-18 4 $10,499.96 0 $0.00 0.00% 0 $0.00 0.00% 2018-19 135 $190,138.20 2 $2,274.60 1.20% 1 $9.92 0.01% 2019-20 209 $310,099.46 2 $769.36 0.25% 2 $769.36 0.25% Total $510,737.62 $3,043.96 0.60% 2 $779.28 0.15% Foreclosure Covenant(Section 4b(vi)) Pursuant to Section 53356.1 of the Act, in the event of any delinquency in the payment of any Special Tax or receipt by the District of Special Taxes in an amount which is less than the Special Taxes levied,the City Council,as the legislative body of the District, may order that Special Taxes be collected by a Superior Court action to foreclose the lien within specified time limits. In such an action, the real property subject to the unpaid amount may be sold at a judicial foreclosure sale. Under the Act,the commencement of judicial foreclosure following the nonpayment of a Special Tax is not mandatory. However, the District has covenanted for the benefit of the owners of the Bonds and any Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels in the CFD No.2006-1 IA JJ with delinquent Special Taxes in excess of$5,000 by the October 1 following the close of each Fiscal Year of the District ending June 30 (each, a "Fiscal Year") in which such Special Taxes were due; (ii) commence judicial foreclosure proceedings against all parcels in the CFD No. 2006-1 IA JJ with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95%of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. There are no foreclosure actions at this time. City of Lake Elsinore 46* Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 4. Bond Funds Page 4 Reserve Account The Reserve Fund must be maintained at the Reserve Requirement which is defined, as of any date of calculation, as an amount equal to the least of(a) 10%of the proceeds of the Bonds, (b) 125% of average Annual Debt Service on the Outstanding Bonds, (c) Maximum Annual Debt Service on the Outstanding Bonds, and (d) $429,120.73, the initial Reserve Requirement. As of September 2, 2020, the balance in the Reserve Fund was $437,414.53 and the Reserve Requirement was$429,120.73. Table 4-1 Fund Balances(Section 4b(ii)) September 2,2020 Accoun Balance Acquisition and Construction Fund $0.00 Administrative Expense Account $0.00 City Facilities Account $0.00 Cost of Issuance Account $0.00 Interest Account $0.13 Principal Account $0.00 Rebate Fund $0.00 Redemption Account $0.00 Reserve Account $437,414.53 Special Tax Fund $0.83 Surplus Fund $0.00 Total $437,415.49 Financial Statements(Section 4a) PLEASE NOTE: The City of Lake Elsinore Fiscal Year ending June 30,2020 Comprehensive Annual Financial Report(CAFR) is submitted to the Municipal Securities Rulemaking Board using EMMA (Electronic Municipal Market Access) under separate cover and is incorporated herein by reference. City of Lake Elsinore 46-0� Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P 5. Significant Events 5 Pursuant to the provisions of this Section 5,the District shall give, or cause the Dissemination Agent to give, notice to EMMA in a timely manner not in excess of ten (10) business days after the occurrence of any of the following events with respect to the Bonds: (Section 5) 1. principal and interest payment delinquencies; Not Applicable 2. unscheduled draws on debt service reserves reflecting financial difficulties; Not Applicable 3. unscheduled draws on credit enhancements reflecting financial difficulties; Not Applicable 4. substitution of credit or liquidity providers, or their failure to perform; Not Applicable 5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations Not Applicable of taxability, Notices of Proposed Issue(IRS Form 5701-TEB)or other material notices or determinations with respect to the tax status of the Bonds; 6. defeasances; Not Applicable 7. tender offers; Not Applicable 8. bankruptcy, insolvency, receivership, or similar proceedings; and Not Applicable 9. ratings changes. Not Applicable Additionally, the District shall give or cause the Dissemination Agent to give notice to EMMA in a timely manner not in excess of ten (10) business days after the occurrence of any of the following events with respect to the Bonds, if material: 1. mergers, consolidations, acquisitions, the sale of all or substantially all of the assets of the obligated Not Applicable persons or their termination; 2. appointment of a successor or additional fiscal agent or the change of the name of a fiscal agent; Not Applicable 3. nonpayment related defaults; Not Applicable 4. modifications to the rights of Bondholders; Not Applicable 5. bond calls; and Not Applicable 6. release, substitution or sale of property securing repayment of the Bonds. Not Applicable City of Lake Elsinore 46* Annual Continuing Disclosure Report CFD No.2006-1 IA JJ SPICER CONSULTING Fiscal Year Ending June 30,2020 G R O U P APPENDIX A Debt Service Schedule 1$0� SPICER CONSULTING G R O U P CITY OF LAKE ELSINORE CFD 2006-1 IA]J (SUMMERLY) Special Tax Bonds, Series 2018 CITY Or Issued LAKE ELSMORL 12/20/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 03/01/2019 $5,370,000.00 $45,361.11 $45,361.11 09/01/2019 4.000% $0.00 $5,370,000.00 $115,000.00 $115,000.00 $160,361.11 03/01/2020 $5,370,000.00 $115,000.00 $115,000.00 09/01/2020 4.000% $30,000.00 $5,340,000.00 $115,000.00 $145,000.00 $260,000.00 03/01/2021 $5,340,000.00 $114,400.00 $114,400.00 09/01/2021 4.000% $35,000.00 $5,305,000.00 $114,400.00 $149,400.00 $263,800.00 03/01/2022 $5,305,000.00 $113,700.00 $113,700.00 09/01/2022 3.000% $40,000.00 $5,265,000.00 $113,700.00 $153,700.00 $267,400.00 03/01/2023 $5,265,000.00 $113,100.00 $113,100.00 09/01/2023 4.000% $50,000.00 $5,215,000.00 $113,100.00 $163,100.00 $276,200.00 03/01/2024 $5,215,000.00 $112,100.00 $112,100.00 09/01/2024 3.000% $55,000.00 $5,160,000.00 $112,100.00 $167,100.00 $279,200.00 03/01/2025 $5,160,000.00 $111,275.00 $111,275.00 09/01/2025 2.625% $60,000.00 $5,100,000.00 $111,275.00 $171,275.00 $282,550.00 03/01/2026 $5,100,000.00 $110,487.50 $110,487.50 09/01/2026 5.000% $70,000.00 $5,030,000.00 $110,487.50 $180,487.50 $290,975.00 03/01/2027 $5,030,000.00 $108,737.50 $108,737.50 09/01/2027 5.000% $80,000.00 $4,950,000.00 $108,737.50 $188,737.50 $297,475.00 03/01/2028 $4,950,000.00 $106,737.50 $106,737.50 09/01/2028 5.000% $90,000.00 $4,860,000.00 $106,737.50 $196,737.50 $303,475.00 03/01/2029 $4,860,000.00 $104,487.50 $104,487.50 09/01/2029 5.000% $100,000.00 $4,760,000.00 $104,487.50 $204,487.50 $308,975.00 03/01/2030 $4,760,000.00 $101,987.50 $101,987.50 09/01/2030 5.000% $110,000.00 $4,650,000.00 $101,987.50 $211,987.50 $313,975.00 03/01/2031 $4,650,000.00 $99,237.50 $99,237.50 09/01/2031 5.000% $125,000.00 $4,525,000.00 $99,237.50 $224,237.50 $323,475.00 03/01/2032 $4,525,000.00 $96,112.50 $96,112.50 09/01/2032 5.000% $135,000.00 $4,390,000.00 $96,112.50 $231,112.50 $327,225.00 03/01/2033 $4,390,000.00 $92,737.50 $92,737.50 09/01/2033 5.000% $150,000.00 $4,240,000.00 $92,737.50 $242,737.50 $335,475.00 03/01/2034 $4,240,000.00 $88,987.50 $88,987.50 09/01/2034 3.750% $165,000.00 $4,075,000.00 $88,987.50 $253,987.50 $342,975.00 03/01/2035 $4,075,000.00 $85,893.75 $85,893.75 09/01/2035 4.000% $175,000.00 $3,900,000.00 $85,893.75 $260,893.75 $346,787.50 03/01/2036 $3,900,000.00 $82,393.75 $82,393.75 09/01/2036 4.000% $190,000.00 $3,710,000.00 $82,393.75 $272,393.75 $354,787.50 03/01/2037 $3,710,000.00 $78,593.75 $78,593.75 09/01/2037 4.000% $205,000.00 $3,505,000.00 $78,593.75 $283,593.75 $362,187.50 03/01/2038 $3,505,000.00 $74,493.75 $74,493.75 SCG-Spicer Consulting Group 1 2/26/2019 CITY OF LAKE ELSINORE CFD 2006-1 IA]J (SUMMERLY) Special Tax Bonds, Series 2018 CITY OF Issued LAKE ELSINORE 12/20/2018 Coupon Principal Semi-Annual Annual Date Rate Principal Outstanding Semi-Annual Interest Debt Service Debt Service 09/ 4.000% $220,000.00 $3,285,000.00 $74,493.75 $294,493.75 $368,987.50 03/01/2039 $3,285,000.00 $70,093.75 $70,093.75 09/01/2039 4.000% $235,000.00 $3,050,000.00 $70,093.75 $305,093.75 $375,187.50 03/01/2040 $3,050,000.00 $65,393.75 $65,393.75 09/01/2040 4.000% $255,000.00 $2,795,000.00 $65,393.75 $320,393.75 $385,787.50 03/01/2041 $2,795,000.00 $60,293.75 $60,293.75 09/01/2041 4.125% $270,000.00 $2,525,000.00 $60,293.75 $330,293.75 $390,587.50 03/01/2042 $2,525,000.00 $54,725.00 $54,725.00 09/01/2042 5.000% $290,000.00 $2,235,000.00 $54,725.00 $344,725.00 $399,450.00 03/01/2043 $2,235,000.00 $47,475.00 $47,475.00 09/01/2043 5.000% $315,000.00 $1,920,000.00 $47,475.00 $362,475.00 $409,950.00 03/01/2044 $1,920,000.00 $39,600.00 $39,600.00 09/01/2044 4.125% $335,000.00 $1,585,000.00 $39,600.00 $374,600.00 $414,200.00 03/01/2045 $1,585,000.00 $32,690.63 $32,690.63 09/01/2045 4.125% $360,000.00 $1,225,000.00 $32,690.63 $392,690.63 $425,381.26 03/01/2046 $1,225,000.00 $25,265.63 $25,265.63 09/01/2046 4.125% $385,000.00 $840,000.00 $25,265.63 $410,265.63 $435,531.26 03/01/2047 $840,000.00 $17,325.00 $17,325.00 09/01/2047 4.125% $405,000.00 $435,000.00 $17,325.00 $422,325.00 $439,650.00 03/01/2048 $435,000.00 $8,971.88 $8,971.88 09/01/2048 4.125% $435,000.00 $0.00 $8,971.88 $443,971.88 $452,943.76 Total $5,370,000.00 $4,824,954.89 $10,194,954.89 $10,194,954.89 SCG-Spicer Consulting Group 2 2/26/2019 APPENDIX B California Debt and Investment Advisory Commission O SPICER CONSULTING G R O U P STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:16:18PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-2502 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 I. GENERAL INFORMATION A. Issuer Lake Elsinore CFD No 2006-1 B. Project Name IA JJ Summerly C. Name/Title/Series of Bond Issue 2018 Special Tax Bonds D. Date of Bond Issue 12/11/2018 E. Original Principal Amount of Bonds $5,370,000.00 F. Reserve Fund Minimum Balance Required Yes Amount $429,120.73 No II. FUND BALANCE FISCAL STATUS Balances Reported as of: 6/30/2020 A. Principal Amount of Bonds Outstanding $5,370,000.00 B. Bond Reserve Fund $437,399.63 C. Capitalized Interest Fund $0.00 D. Construction Fund(s) $0.00 III.ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX A.Assessed or Appraised Value Reported as of: 1/1/2020 Z From Equalized Tax Roll From Appriasal of Property (Use only in first year or before annual tax roll billing commences) B.Total Assessed Value of All Parcels $85,683,037.00 IV.TAX COLLECTION INFORMATION A.Total Amount of Special Taxes Due Annually $310,099.46 B.Total Amount of Unpaid Special Taxes Annually $769.36 C. Does this agency participiate in the County's Teeter Plan? N V. DELINQUENT REPORTING INFORMATION Delinquent Parcel Information Reported as of Equalized Tax Roll of: 9/21/2020 A.Total Number of Delinquent Parcels: 3 B.Total Amount of Taxes Due on Delinquent Parcels: $779.28 (Do not include penalties, penalty interest,etc.) VI. FORECLOSURE INFORMATION FOR FISCAL YEAR (Aggregate totals,if foreclosure commenced on same date) (Attach additional sheets if necessary.) Total Number of Foreclosure Total Amount of Tax Due on Date Foreclosure Commenced Parcels Foreclosure Parcels $0.00 $0.00 $0.00 $0.00 $0.00 STATE OF CALIFORNIA Submitted: MELLO-ROOS COMMUNITY FACILITIES DISTRICT(CFD) For Office Use Only Wednesday,October 28,2020 YEARLY FISCAL STATUS REPORT 4:16:18PM Fiscal Year California Debt and Investment Advisory Commission CDIAC#:2018-2502 915 Capitol Mall, Room 400, Sacramento,CA 95814 P.O. Box 942809,Sacramento,CA 94209-0001 (916)653-3269 Fax(916)654-7440 VII. ISSUE RETIRED This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement) Matured ❑ Redeemed Entirely ❑ Other ❑ If Matured, indicate final maturity date: If Redeemed Entirely, state refunding bond title&CDIAC#: and redemption date: If Other: and date: VIII. NAME OF PARTY COMPLETING THIS FORM Name Melissa Bellitire Title Managing Director Firm/Agency Spicer Consulting Group, LLC Address 41619 Margarita Road, Suite 101 City/State/Zip Temecula, CA 92591 Phone Number (866)504-2067 Date of Report 10/28/2020 E-Mail contact@spicercg.com IX.ADDITIONAL COMMENTS: Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with California State law.Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities bonds after January 1,1993 to report specific information to the Commission by October 30th of each year. APPENDIX C Boundary Map O SPICER CONSULTING G R O U P F �• r• T .C" Lit-/� J� ' ��, � � 1 •jCl� � � �j ,. t � ��n',' +� .� '1 � yi•� t �i �f �` � I" -•jam' � s_ )}� ��. -17 :- •''NCR ' �... jjrrrr 11 �' �� � ✓•!r � � � �i�" , A � � O qb 4 BOUNDARY MAP CITV OF :� COMMUNITY FACILITIES DISTRICT NO. 2006-1 LAKEfj-', LSiN0 E SPICER CONSULTING IMPROVEMENT AREA A �- REAM LXTREME G a O . 0 r- TM SPICER CONSULTING G R O U P