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HomeMy WebLinkAboutItem No. 25 - Annual Bond Accountability Report FY 2020-21City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 21-445 Agenda Date: 12/14/2021 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 25) Annual Bond Accountability Report for Fiscal Year 2020-21 Receive and file the Annual Bond Accountability Report for Fiscal Year 2020-21 pursuant to SB 165, which was transmitted on November 4, 2021 to the City Clerk and City Council as required on or before December 31, 2021. Page 1 City of Lake Elsinore Printed on 12/14/2021 REPORT TO CITY COUNCIL To: Honorable Mayor and Members of the City Council From: Jason Simpson, City Manager Prepared by: Shannon Buckley, Director of Administrative Services Date: December 14, 2021 Subject: Annual Bond Accountability Report for Fiscal Year 2020-21 Recommendation Receive and file the Annual Bond Accountability Report for Fiscal Year 2020-21 under SB 165. The report was transmitted on November 4, 2021, to the City Clerk and City Council as required on or before December 31, 2021. Background and Discussion Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001, per Sections 50075.1 and 53410 of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410. This report was transmitted to the City Clerk and City Council before December 31, 2021. Fiscal Impact Not applicable. Exhibits A - Local Agency Special Tax and Bond Accountability Act Report for Fiscal Year ending June 30, 2021. CITY OF LAKE ELSINORE TM FISCAL YEAR ENDING .K JUNE 30, 2021 SENATE BILL 165 ANNUAL REPORT ON VOTER APPROVED DEBT SECTION 53411 SPICER CONSULTING G R O U P Table of Contents Sections 1. Introduction of Bond Accountability Act(Senate Bill 165) 1 2. Community Facilities District No. 90-2 (Tuscany Hills) 2 3. Community Facilities District No. 95-1 (City Center) 3 4. Community Facilities District No. 98-1 (Summerhill) 4 5. Community Facilities District No. 2003-2 (Canyon Hills) 5 6. Community Facilities District No. 2004-3 (Rosetta Canyon) 9 7. Community Facilities District No. 2005-1 (Serenity) 11 8. Community Facilities District No. 2005-2 (Alberhill Ranch) 12 9. Community Facilities District No. 2005-5 (Wasson Canyon) 13 10. Community Facilities District No. 2005-6 (City Center Townhomes) 14 11. Community Facilities District No. 2006-1 (Summerly) 15 12. Community Facilities District No. 2006-2 (Viscaya) 21 13. Community Facilities District No. 2007-4 (Makenna Court) 22 14. Community Facilities District No. 2007-5 (Red Kite) 23 15. Community Facilities District No. 2015-5 (Trieste) 24 16. Community Facilities District No. 2016-2 (Canyon Hills) 25 17. Community Facilities District NO. 2019-1 (Westlake) 26 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 1. Introduction Page 11 Bond Accountability Act(Senate Bill 165) Senate Bill 165(SB 165)shall be cited as the Local Agency Special Tax and Bond Accountability Act(the"Act").This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax,require that the proceeds of the special tax be applied to those purposes,require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a)of Section 50075.1 and Section 53410. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 2. Community Facilities District No. 90-2 (Tuscany Hills) Page 12 Community Facilities District No. 90-2 (Tuscany Hills) Special Tax Parity Bonds, 2007 Series A Location Community Facilities District No. 90-2 (the "CFD No. 90-2") is located within the Rancho Laguna Redevelopment Project Area No. II in the City. It is generally located adjacent to the northeastern limits of the City. Summerhill Drive serves as the main access from the southwest. The development is bounded on the north by Greenwald Street. Greenwald Street intersects with Highway 74, approximately two miles north of the site, providing access to the cities of Perris and Riverside. Authorized Facilities and Bonds CFD No. 90-2 was formed to finance certain improvements within and in the vicinity of CFD No. 90-2 including grading for public streets, public access roads, and public building pads; street improvements consisting of curbs, gutters, sidewalks, lawns, street lights, storm drains, and utilities in the public streets; the domestic water system consisting of three reservoirs, booster pumping stations, pressure reducing stations, and the distribution mains and appurtenances in the public streets; and a sanitary sewer system consisting of gravity sewer, manholes, lift stations, force mains, and appurtenances in public streets and public easements. CFD No. 90-2 has one series of bonds: the Special Tax Parity Bonds, 2007 Series A. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 90-2 from July 1, 2020 through June 30, 2021. Description Amount FY 2020-21 Revenues Special Taxes Levied $1,507,875 Less: Delinquency as of 7/5/2021 $16,059 Total Special Taxes Collected $1,491,816 2021 Expenditures Bond Interest—4/1/2021 $89,888 Bond Interest—10/1/2021 $89,888 Bond Principal—10/1/2021 $935,000 Authorized Improvements $288,525 Administrative Expenses(1) $69,919 Total Expenditures $1,473,220 Ending Special Tax Fund Balance $18,596 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 90-2. All improvements funded by these bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 90-2. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 90-2. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 3. Community Facilities District No. 95-1 (City Center) Page 13 Community Facilities District No. 95-1 (City Center) Local Agency Revenue Refunding Bonds, Series 2015 Location Community Facilities District No. 95-1 (the "CFD No. 95-1") is part of the Lake Elsinore City Center (the "Shopping Center") located at the northwest quadrant of Grape Street and Railroad Canyon Road adjacent to Interstate Highway 15. Authorized Facilities and Bonds CFD No. 95-1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Lake Elsinore as a result of development within the boundaries of CFD No. 95-1,which is part of the Lake Elsinore City Center, a community shopping center. The public facilities financed by CFD No. 95-1 include street improvements, sanitary sewer, domestic water, and storm drain. CFD No. 95-1 currently has one series of bonds: the Local Agency Revenue Refunding Bonds, Series 2015, which refunded the 2011 Series B Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 95-1 from July 1, 2020 through June 30, 2021. escription Amount FY 2020-21 Revenues Special Taxes Levied $165,432 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $165,432 2021 Expenditures Bond Interest—3/1/2021 $14,000 Bond Interest—9/1/2021 $14,000 Bond Principal—9/1/2021 $100,000 Administrative Expenses(1) $27,602 Total Expenditures $155,602 Ending Special Tax Fund Balance $9,830 O)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 95-1. All improvements funded by these Bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 95-1. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 95-1. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICERc6NSULTING Fiscal Year Ending June 30,2021 G R O U P 4. Community Facilities District No. 98-1 (Summerhill) Page 14 Community Facilities District No. 98-1 (Summerhill) 2021 Special Tax Refunding Bonds Location Community Facilities District No. 98-1 (the "CFD No. 98-1") is located to the northeast of the intersection of Railroad Canyon Road with Interstate 15. Summerhill Drive, which intersects with Railroad Canyon Road, provides the primary access to the area within CFD No. 98-1. Authorized Facilities and Bonds CFD No. 98-1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Lake Elsinore as a result of development within the boundaries of CFD No. 98-1 and include grading, street improvements, domestic water, sanitary sewer,and parks and recreation facilities. Prior to 2004, CFD No. 98-1 was designated CFD No. 91-2.CFD No.98-1 currently has a single bond series:the 2021 Special Tax Refunding Bonds,which refunded the 2013 Series C Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 98-1 from July 1, 2020 through June 30, 2021. Description Amount FY 2020-21 Revenues Special Taxes Levied $1,150,553 Less: Delinquency as of 7/5/2021 $5,280 Total Special Taxes Collected $1,145,273 2021 Expenditures Bond Interest—3/1/2021 $252,228 Bond Interest—9/1/2021 $252,228 Bond Principal—9/1/2021 $575,000 Administrative Expenses(1) $18,379 Total Expenditures $1,097,835 Ending Special Tax Fund Balance $47,438 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. Initial Deposit Amount to Expended June 30, 2021 Project District Series Improvement Fund Amount Balance Status CFD No. 98-1 2021 $1,707,950.21 $0.00 $1,707,950.21 In Process City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 5. Community Facilities District No. 2003-2 (Canyon Hills) Page 15 Community Facilities District No. 2003-2 (Canyon Hills) Improvement Area A, Local Agency Revenue Bonds, 2014 Series B Improvement Area B, Local Agency Revenue Bonds, 2015 Series and Local Agency Revenue Bonds, Series 2017 Improvement Area C, Local Agency Revenue Bonds, 2014 Series B and 2021 Special Tax Refunding Bonds Improvement Area D, Special Tax Bonds, 2016 Series A and 2021 Special Tax Refunding Bonds Improvement Area E, Special Tax Bonds, Series 2018 Location Community Facilities District No. 2003-2 (the "CFD No. 2003-2") is comprised of Canyon Hills, a planned residential community in the western portion of Riverside County covering approximately 2,040 acres. Canyon Hills is located in the southeast portion of the City to the south of the City of Canyon Lake. Pardee Homes is the master developer of the Canyon Hills project that is bifurcated by Canyon Hills Road and is approximately 2-1/2 miles east of the Corona Freeway (1-15). The proposed development is planned to include approximately 3,458 single-family residential properties, 305 multi-family residential properties, and approximately 33 acres of non- residential property at build-out. Authorized Facilities and Bonds CFD No. 2003-2 was formed in January, 2004 to finance the planning, designing, permitting, acquisition and construction of public infrastructure consisting primarily of street,sewer,water,storm drain, park facilities,fire station,certain City and Elsinore Valley Municipal Water District fees, to fund interest on the bonds, and to pay the expenses of CFD No. 2003-2. CFD No. 2003-2 consists of five Improvement Areas(the"IA"), labeled A—E. IA A has a single bond series:the Local Agency Revenue Bonds, 2014 Series B. IA B has two series of bonds: the Local Agency Revenue Refunding Bonds, Series 2015, which refunded Series 2006 A Bonds, and the Local Agency Revenue Bonds, Series 2017. IA C has two series of bonds: the Local Agency Revenue Bonds, 2014 Series B and the 2021 Special Tax Refunding Bonds, which refunded the 2012 Series C Bonds. IA D has two series of bonds: the Special Tax Bonds, 2016 Series A and the 2021 Special Tax Refunding Bonds,which refunded the 2014 Series Bonds. IA E has a single bond series:the Special Tax Bonds, Series 2018. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2003-2 from July 1, 2020 through June 30, 2021. Improvement Area A Description Amount FY 2020-21 Revenues Special Taxes Levied $930,195 Less: Delinquency as of 7/5/2021 $8,684 Total Special Taxes Collected $921,511 2021 Expenditures Bond Interest—3/1/2021 $200,731 Bond Interest—9/1/2021 $200,731 Bond Principal—9/1/2021 $450,000 Administrative Expenses 0) $48,865 Total Expenditures $900,327 Ending Special Tax Fund Balance $21,184 O)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report ER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 5. Community Facilities District No. 2003-2 (Canyon Hills) Page 6 Improvement Area B DescriptionA1111111111111111111111111 unt FY 2020-21 Revenues Special Taxes Levied $1,888,343 Less: Delinquency as of 7/5/2021 $10,906 Total Special Taxes Collected $1,877,437 2021 Expenditures Bond Interest-3/1/2021 $445,472 Bond Interest—9/1/2021 $445,472 Bond Principal—9/1/2021 $435,000 Authorized Improvements $445,259 Administrative Expenses(2) $60,724 Total Expenditures $1,831,927 Ending Special Tax Fund Balance $45,510 (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area C Description 70 Amount FY 2020-21 Revenues S ecial Taxes Levied $818,744 Less. Delinquency as of 7/5/2021 $723 Total Special Taxes Collected $818,021 2021 Expenditures Bond Interest—3/1/2021 $289,866 Bond Interest—9/1/2021 $289,866 Bond Principal—9/1/2021 $160,000 Administrative Expenses(3) $40,197 Total Expenditures $779,929 Ending Special Tax Fund Balance $38,092 (3)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore C� Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 5. Community Facilities District No. 2003-2 (Canyon Hills) Page 7 Improvement Area D ELOescription Amou FY 2020-21 Revenues Special Taxes Levied $1,858,092 Less: Delinquency as of 7/5/2021 $7,901 Total Special Taxes Collected $1,850,191 2021 Expenditures Bond Interest-3/1/2021 $495,809 Bond Interest—9/1/2021 $495,809 Bond Principal—9/1/2021 $240,000 Authorized Improvements $511,903 Administrative Expenses(4) $59,534 Total Expenditures $1,803,055 Ending Special Tax Fund Balance $47,136 (4)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area E Descri tion Amount FY 2020-21 Revenues _ Special Taxes Levied $177,419 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $177,419 2021 Expenditures Bond Interest—3/1/2021 $46,631 Bond Interest—9/1/2021 $46,631 Bond Principal—9/1/2021 $40,000 Authorized Improvements $18,907 Administrative Expenses(') $25,250 Total Expenditures $177,419 Ending Special Tax Fund Balance $0 (5)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report 9-1. SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 5. Community Facilities District No. 2003-2 (Canyon Hills) Page 18 Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. Initial Deposit Amount to Expended June 30,2021 Project District Series Improvement Fund AMount Bala Status CFD No. 2003-2 IA A 2014B(6) N/A N/A N/A Completed CFD No.2003-2 IA B 2015 $9,265,303.49 $9,265,303.49 $0.00 Completed CFD No.2003-2 IA B 2017 $7,101,732.80 $7,101,732.80 $0.00 Completed CFD No. 2003-2 IA C 2014B(6) N/A N/A N/A Completed CFD No.2003-2 IA C 2021 $1,234,604.01 $0.00 $1,234,604.01 In Process CFD No.2003-2 IA D 2016A $15,846,431.43 $15,846,431.43 $0.00 Completed CFD No.2003-2 IA D 2021 $1,737,229.34 $0.00 $1,737,229.34 In Process CFD No.2003-2 IA E 2018 $2,242,784.42 $2,242,784.42 $0.00 Completed (6)There were no Improvement/Construction Funds associated with the refunding of the bonds in these districts. The amount levied pays the administrative expenses, debt service(principal and interest),and remaining facilities eligible to be financed for each district City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 6. Community Facilities District No. 2004-3 (Rosetta Canyon) Page 19 Community Facilities District No. 2004-3 (Rosetta Canyon) Improvement Area 1, Local Agency Revenue Refunding Bonds, Series 2015 Improvement Area 2, Local Agency Revenue Refunding Bonds, Series 2015 Location The boundaries of Community Facilities District No. 2004-3 (the "CFD No. 2004-3") coincide with the development generally known as Rosetta Canyon.CFD No.2004-3 is located 1 '/2 miles east of interstate 15 freeway and south of Highway 74. Rosetta Canyon is planned for a total of 1,012 single family homes on 180.6 acres. Development within Improvement Area No. 1 is planned for 509 single family homes on approximately 94.9 gross acres. Development within Improvement Area No. 2 is planned for 503 single family homes on approximately 153.31 gross acres. Authorized Facilities and Bonds In March of 2005 the City formed CFD No. 2004-3 Improvement Area 1 and Improvement Area 2 to finance public infrastructure facilities including but not limited to streets, streetscape, storm drain, water and sewer facilities, fire station, fire equipment, city fees and fees of the Elsinore Valley Municipal Water District, and related costs including designs, inspections, professional fees, annexation fees, connections fees, and acquisition costs, and for the purpose of paying principal and interest on bonds issued with respect to each improvement area. Both Improvement Area bonds were refunded by the Local Agency Refunding Revenue Bonds, Series 2015. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2004-3 from July 1, 2020 through June 30, 2021. Improvement Area 1 Descri tio d1W Amount AM FY 2020-21 Revenues Special Taxes Levied $1,644,995 Less: Delinquency as of 7/5/2021 $12,397 Total Special Taxes Collected $1,632,598 2021 Expenditures Bond Interest—3/1/2021 $456,625 Bond Interest—9/1/2021 $456,625 Bond Principal—9/1/2021 $635,000 Administrative Ex enses 0) $60,724 Total Expenditures $1,608,974 Ending Special Tax Fund Balance $23,624 O)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICERCONSULTING Fiscal Year Ending June 30,2021 G R O U P 6. Community Facilities District No. 2004-3 (Rosetta Canyon) Page 10 Improvement Area 2 Descri do MM Amount FY 2020-21 Revenues Special Taxes Levied $1,819,431 Less: Delinquency as of 7/5/2021 $22,807 Total Special Taxes Collected $1,796,624 2021 Expenditures Bond Interest—3/1/2021 $528,000 Bond Interest—9/1/2021 $528,000 Bond Principal—9/1/2021 $475,000 Authorized Improvements $185,598 Administrative Expenses(2) $60,724 Total Expenditures $1,777,322 Ending Special Tax Fund Balance $19,302 (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. Initial Deposit Amount to Expended June 30,2021 dwroject District Series Improvement Fund Amount Balance Wtatus CFD No.2004-3 IA 1 2015 $1,992,981.25 $1,992,981.25 $0.00 Completed CFD No. 2004-3 IA 2 1 2015 $4,650,214.69 $4,650,214.69 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report 9e. SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 7. Community Facilities District No. 2005-1 (Serenity) Page 111 Community Facilities District No. 2005-1 (Serenity) Local Agency Revenue Refunding Bonds Series 2015 Location The boundaries of Community Facilities District No. 2005-1 (the "CFD No. 2005-1") coincide with the development generally known as Serenity. CFD No. 2005-1 is located in the southern portion of the City, 3 miles west of Interstate 15 freeway at Corydon Road. The Serenity residential community is planned for a total of 233 detached single family homes on approximately 77.6 acres. Authorized Facilities and Bonds In January of 2005 the City formed CFD No.2005-1.CFD No.2005-1 is authorized to issue bonds to fund the planning,design, permitting and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District Fees. CFD No. 2005-1 currently has one series of bonds: the Local Agency Refunding Revenue Bonds, Series 2015, which refunded the 2006 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-1 from July 1, 2020 through June 30, 2021. escription Amount FY 2020-21 Revenues Special Taxes Levied $685,190 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $685,190 2021 Expenditures Bond Interest—3/1/2021 $168,250 Bond Interest—9/1/2021 $168,250 Bond Principal—9/1/2021 $285,000 Administrative Expenses(1) $44,163 Total Expenditures $665,663 Ending Special Tax Fund Balance $19,527 0)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2005-1. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2005-1. Initial Deposit Amount to Expended June 30, 2021 Project District Series Improvement Fund Amount Balance Status CFD No.2005-1 2015 $1,465,351.72 $1,465,351.72 $0.00 Completed City of Lake Elsinore 4(9e. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 8. Community Facilities District No. 2005-2 (Alberhill Ranch) Page 112 Community Facilities District No. 2005-2 (Alberhill Ranch) Improvement Area A, Local Agency Revenue Refunding Bonds, Series 2015 Improvement Area A, Local Agency Revenue Refunding Bonds, Series 2019 Location The boundaries of Community Facilities District No. 2005-2 Improvement Area A (the "CFD No. 2005-2 IA A") coincide with the development generally known as Alberhill Ranch. CFD No. 2005-2 IA A is located in the northern portion of the City, 1 'h miles west of the Interstate 15 freeway and south Lake Street. Alberhill Ranch is planned for a total of 1,181 single family homes and approximately 389 multifamily units on approximately 489 gross acres. Authorized Facilities and Bonds In September of 2005 the City formed CFD No. 2005-2 IA A. CFD No. 2005-2 IA A is authorized to issue bonds to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer,water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. CFD No. 2005-2 IA A currently has two series of bonds: the Local Agency Refunding Revenue Bonds, Series 2015, which refunded the 2005 Series A Bonds and the Local Agency Refunding Revenue Bonds, Series 2019,which partially refunded the Series 2015 Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No.2005-2 IA A from July 1, 2020 through June 30, 2021. Description Amount FY 2020-21 Revenues Special Taxes Levied $1,512,996 Less: Delinquency as of 7/5/2021 $8,205 Total Special Taxes Collected $1,504,791 2021 Expenditures Bond Interest—3/1/2021 $395,911 Bond Interest—9/1/2021 $395,911 Bond Principal—9/1/2021 $610,000 Administrative Expenses(1) $60,724 Total Expenditures $1,462,546 Ending Special Tax Fund Balance $42,245 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2005-2 IA A. All improvements funded by these bond series are complete.There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No.2005- 2 IA A. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2005-2 IA A. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 9. Community Facilities District No. 2005-5 (Wasson Canyon) Page 113 Community Facilities District No. 2005-5 (Wasson Canyon) 2021 Special Tax Refunding Bonds Location Community Facilities District No. 2005-5 (the "CFD No. 2005-5") is located in an area known as Rosetta Hills, which is southeast of Highway 74 and northeast of Interstate 15, and generally encompasses the residential community known as the "Villages at Wasson Canyon". Authorized Facilities and Bonds CFD No.2005-5 was formed in August,2005 for the purpose of acquiring or constructing public improvements needed to meet increased demand upon the City as a result of development within the boundaries of CFD No. 2005-5, including streets, streetscape, storm drains, City fees, and fees of the Elsinore Valley Municipal Water District. The development includes 190 residential units at build-out. CFD No. 2005-5 currently has one series of bonds:the 2021 Special Tax Refunding Bonds, which refunded the 2012 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-5 from July 1, 2020 through June 30, 2021. escription Amount FY 2020-21 Revenues Special Taxes Levied $287,190 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $287,190 2021 Expenditures Bond Interest—3/1/2021 $74,081 Bond Interest—9/1/2021 $74,081 Bond Principal—9/1/2021 $85,000 Administrative Expenses(1) $32,340 Total Expenditures $265,502 Ending Special Tax Fund Balance $21,688 MAmount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2005-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2005-5. Initial Deposit Amount to Expended June 30, 2021 Project District Series Improvement Fund Amount Balance Status CFD No.2005-5 2021 $575,823.22 $0.00 $575,823.22 In Process City of Lake Elsinore 4(9e. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 10. Community Facilities District No. 2005-6 (City Center Townhomes) Page 114 Community Facilities District No. 2005-6 (City Center Townhomes) Local Agency Refunding Revenue Bonds 2015 Series Location Community Facilities District No. 2005-6 (the "CFD No. 2005-6") is generally located adjacent to and east of Grape Street near the intersection of Grape Street and Railroad Canyon. The development within CFD No. 2005-6 is planned for 144 attached single family housing units in condominium ownership on approximately 14.2 gross acres. Authorized Facilities and Bonds In September of 2005 the City formed CFD No. 2005-6. CFD No. 2005-6 is authorized to issue bonds to fund the planning, design, permitting and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. CFD No. 2005-6 currently has one series of bonds: the Local Agency Refunding Revenue Bonds, Series 2015, which refunded the 2006 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2005-6 from July 1, 2020 through June 30, 2021. Description Amount FY 2020-21 Revenues Special Taxes Levied $255,726 Less: Delinquency as of 7/5/2021 $5,450 Total Special Taxes Collected $250,276 2021 Expenditures Bond Interest—3/1/2021 $62,375 Bond Interest—9/1/2021 $62,375 Bond Principal—9/1/2021 $70,000 Administrative Expenses(1) $38,643 Total Expenditures $233,393 Ending Special Tax Fund Balance $16,883 (')Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2005-6. All improvements funded by these bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2005-6. The amounts levied pay the administrative expenses, debt service(principal and interest), and remaining facilities eligible to be financed for CFD No. 2005-6. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 15 Community Facilities District No. 2006-1 (Summerly) Improvement Area A, 2021 Special Tax Refunding Bonds Improvement Area B, Local Agency Revenue Bonds, 2015 Series A Improvement Area CC, Special Tax Bonds, Series 2016A Improvement Area EE, Special Tax Bonds, Series 2017A Improvement Area FF, Special Tax Bonds, Series 2016B Improvement Area HH, Special Tax Bonds, Series 2019 Improvement Area II, Special Tax Bonds, Series 2020 Improvement Area JJ, Special Tax Bonds, Series 2018 Improvement Area KK, Special Tax Bonds, Series 2021 Location The boundaries of Community Facilities District No.2006-1 (the"CFD No.2006-1")are included within the development generally known as Summerly. The primary entrance to CFD No. 2006-1 is located at the intersection of Village Parkway with Diamond Drive approximately 0.8 miles from the 1-15 freeway. Although not in CFD No. 2006-1 the Links at Summerly, a par 72 golf course, is part of the greater Summerly development. The Lake Elsinore Diamond Stadium is located adjacent to the Summerly development across Diamond Drive. In total the Summerly development is expected to include 1,482 homes. Authorized Facilities and Bonds CFD No.2006-1 was formed in 2006 and initially consisted of three Improvement Areas(the"IA"); in 2011,the City reconfigured the CFD No. 2006-1 into six Improvement Areas (A, B, CC through FF), and one remainder Improvement Area (Improvement Area 1), which consisted of nine existing homes which prepaid its special taxes.The resolution for dissolving existing improvement areas and designating new ones was adopted in the spring of 2017. IA A has one series of bonds:the 2021 Special Tax Refunding Bonds,which refunded the 2013 Series A Bonds. IA B has one series of bonds:the Local Agency Revenue Refunding Bonds,2015 Series A. IA CC has one series of bonds: Special Tax Bonds, Series 2016A. IA EE has one series of bonds:the Special Tax Bonds, Series 2017A. IA FF has one series of bonds:the Special Tax Bonds,Series 2016B. IA HH has one series of bonds:the Special Tax Bonds, Series 2019. IA 11 has one series of bonds:the Special Tax Bonds, Series 2020. IA JJ has one series of bonds:the Special Tax Bonds, Series 2018. IA KK has one series of bonds:the Special Tax Bonds, Series 2021. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2006-1 from July 1, 2020 through June 30, 2021. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 16 Improvement Area A Description DescriptionAmd unt FY 2020-21 Revenues Special Taxes Levied $246,082 Less: Delinquency as of 7/5/2021 $2,832 Total Special Taxes Collected $243,250 2021 Expenditures Bond Interest-3/1/2021 $82,638 Bond Interest—9/1/2021 $82,638 Bond Principal—9/1/2021 $45,000 Authorized Improvements $9,555 Administrative Expenses(1) $17,230 Total Expenditures $237,061 Ending Special Tax Fund Balance $6,189 MAmount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area B Descriptionim Amount FY 2020-21 Revenues Special Taxes Levied $182,302 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $182,302 2021 Expenditures Bond Interest—3/1/2021 $51,534 Bond Interest-9/1/2021 $51,534 Bond Principal—9/1/2021 $50,000 Administrative Expenses(2) $22,523 Total Expenditures $175,591 Ending Special Tax Fund Balance $6,711 (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 17 Improvement Area CC Descri tio IWAmount FY 2020-21 Revenues Special Taxes Levied $180,396 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $180,396 2021 Expenditures Bond Interest-3/1/2021 $42,150 Bond Interest—9/1/2021 $42,150 Bond Principal—9/1/2021 $45,000 Authorized Improvements $24,052 Administrative Expenses(3) $22,082 Total Expenditures $175,434 Ending Special Tax Fund Balance $4,962 (3)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area EE Description Amount FY 2020-21 Revenues S ecial Taxes Levied $282,499 Less. Delinquency as of 7/5/2021 $731 Total Special Taxes Collected $281,768 2021 Expenditures Bond Interest—3/1/2021 $89,738 Bond Interest—9/1/2021 $89,738 Bond Principal—9/1/2021 $55,000 Authorized Improvements $18,618 Administrative Expenses(4) $21,224 Total Expenditures $274,318 Ending Special Tax Fund Balance $7,450 (4)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 18 Improvement Area FF Descri tio IWAmount FY 2020-21 Revenues Special Taxes Levied $220,849 Less: Delinquency as of 7/5/2021 $1,097 Total Special Taxes Collected $219,752 2021 Expenditures Bond Interest-3/1/2021 $67,634 Bond Interest—9/1/2021 $67,634 Bond Principal—9/1/2021 $40,000 Authorized Improvements $17,987 Administrative Expenses(5) $21,224 Total Expenditures $214,479 Ending Special Tax Fund Balance $5,273 (5)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area HH Description Amount FY 2020-21 Revenues S ecial Taxes Levied $319,862 Less: Delinquency as of 7/5/2021 $3,657 Total Special Taxes Collected $316,205 2021 Expenditures Bond Interest—3/1/2021 $126,950 Bond Interest—9/1/2021 $126,950 Bond Principal—9/1/2021 $15,000 Authorized Improvements $26,905 Administrative Expenses(6) $20,400 Total Expenditures $316,205 Ending Special Tax Fund Balance $0 (6)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 19 Improvement Area II Description DescriptionAmd unt FY 2020-21 Revenues Special Taxes Levied $188,323 Capitalized Interest(7) $64,339 Less: Delinquency as of 7/5/2021 $861 Total Special Taxes Collected $251,801 2021 Expenditures Bond Interest—3/1/2021 $59,992 Bond Interest—9/1/2021 $156,500 Bond Principal—9/1/2021 $0 Authorized Improvements $0 Administrative Expenses(8) $12,847 Total Expenditures $229,339 Ending Special Tax Fund Balance $22,462 (7)The proceeds of the 2020 Bonds funded the capitalized interest on a portion of the 2020 Bonds through September 1,2021. (8)Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area JJ Description Amou FY 2020-21 Revenues Special Taxes Levied $319,654 Less: Delinquency as of 7/5/2021 $700 Total Special Taxes Collected $318,954 2021 Expenditures Bond Interest—3/1/2021 $114,400 Bond Interest—9/1/2021 $114,400 Bond Principal—9l1/2021 $35,000 Authorized Improvements $34,346 Administrative Expenses(9) $20,808 Total Expenditures $318,954 Ending Special Tax Fund Balance $0 (9)Amount allocated to Administrative Expenses and may not have been expended in its entirety. City of Lake Elsinore / Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 11. Community Facilities District No. 2006-1 (Summerly) Page 20 Improvement Area KK Descri tio IWAmount FY 2020-21 Revenues Special Taxes Levied $37,541 Capitalized Interest(1o) $46,933 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $84,474 2021 Expenditures Bond Interest—3/1/2021 $0 Bond Interest—9/1/2021 $62,865 Bond Principal—9/1/2021 $0 Authorized Improvements $0 Administrative Expenses(11) $12,905 Total Expenditures $75,770 Ending Special Tax Fund Balance $8,704 M)The proceeds of the 2021 Bonds funded the capitalized interest on a portion of the 2021 Bonds through September 1,2021. (")Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. Initial Deposit Amount to Expended June 30,2021 Project District Rance Improve ent Fund Amount Balance Status CFD No.2006-1 IAA 2021 $585,582.93 $0.00 $585,582.93 In Process CFD No. 2006-1 IA B 2015A(12) $2,617,345.52 $2,617,345.52 $0.00 Completed CFD No.2006-1 IA CC 2016A $2,483,234.03 $2,483,234.03 $0.00 Com leted CFD No.2006-1 IA EE 2017A $4,301,125.34 $4,301,125.34 $0.00 Completed CFD No. 2006-1 IA FF 2016B(13) $3,119,295.49 $3,119,295.49 $0.00 Completed CFD No.2006-1 IA HH 2O19 $5,375,396.99 $5,375,396.99 $0.00 Completed CFD No.2006-1 IA II 2020 $7,431,025.83 $7,431,025.83 $0.00 Completed CFD No.2006-1 IA JJ 2018 $4,706,937.84 $4,706,937.84 $0.00 Completed CFD No.2006-1 IA KK 2021 $5,167,760.54 $5,167,760.54 $0.00 Completed (12)The Special Tax Bonds,2015 Series A were refunded by the Local Agency Revenue Refunding Bonds,Series 2021 B in August 2021. (93)The Special Tax Bonds,Series 2016B were refunded by the Local Agency Revenue Refunding Bonds,Series 2021 B in August 2021. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 12. Community Facilities District No. 2006-2 (Viscaya) Page 121 Community Facilities District No. 2006-2 (Viscaya) Local Agency Revenue Bonds Series 2015 Location Community Facilities District No. 2006-2 (the "CFD No. 2006-2") is generally located approximately 2 miles southwest of Interstate 15 freeway near the southwest corner of Lakeshore Drive and Riverside Drive. The development within CFD No. 2006-2 is planned for 168 detached residential units on approximately 15.6 net acres. Authorized Facilities and Bonds In April of 2006 the City formed CFD No.2006-2.CFD No.2006-2 is authorized to issue the bonds to fund the planning,design,permitting, acquisition and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities as well as the funding of certain City and Elsinore Valley Municipal Water District fees. CFD No. 2006-2 currently has one series of bonds: the Local Agency Refunding Revenue Bonds, Series 2015, which refunded the 2006 Series A Bonds. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2006-2 from July 1, 2020 through June 30, 2021. escription Amount FY 2020-21 Revenues Special Taxes Levied $494,518 Less: Delinquency as of 7/5/2021 $1,592 Total Special Taxes Collected $492,926 2021 Expenditures Bond Interest—3/1/2021 $130,375 Bond Interest—9/1/2021 $130,375 Bond Principal—9/1/2021 $150,000 Authorized Improvements $35,894 Administrative Expenses 0) $38,643 Total Expenditures $485,287 Ending Special Tax Fund Balance $7,639 MAmount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2006-2. All improvements funded by these bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2006-2. The amounts levied pay the administrative expenses, debt service(principal and interest), and remaining facilities eligible to be financed for CFD No. 2006-2. City of Lake Elsinore 40911111'. Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 13. Community Facilities District No. 2007-4 (Makenna Court) Page 122 Community Facilities District No. 2007-4 (Makenna Court) Special Tax Bonds, Series 2018 Location Community Facilities District No. 2007-4 (the "CFD No. 2007-4") is located in the northern portion of Lake Elsinore. CFD No. 2007-4 is south of Lakeshore Drive and west of Machado Street. Authorized Facilities and Bonds CFD No.2007-4 was formed to finance the acquisition and-or construction of road improvements, City improvements, City fees,fees and improvements of the Elsinore Valley Municipal Water District and fees of the Lake Elsinore Unified School District. CFD No. 2007-4 encompasses approximately 23.46 gross acres of land, of this acreage, 15.81 acres are expected to be developed for residential uses. CFD No. 2007-4 currently has one series of bonds: the Special Tax Bonds, Series 2018. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2007-4 from July 1, 2020 through June 30, 2021. Descri do Amount FY 2020-21 Revenues Special Taxes Levied $186,899 Less: Delinquency as of 7/5/2021 $2,356 Total Special Taxes Collected $184,543 2021 Expenditures Bond Interest—3/1/2021 $50,503 Bond Interest—9/1/2021 $50,503 Bond Principal—9/1/2021 $20,000 Authorized Improvements $35,048 Administrative Ex enses 0) $25,000 Total Expenditures $181,054 Ending Special Tax Fund Balance $3,489 M Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2007-4. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2007-4. Initial Deposit Amount to Expended June 30,2021 Project District wEL Series Improvement Fund Amount Balance Status CFD No. 2007-4 2018(2) $2,150,460.50 $2,150,460.50 $0.00 Completed (2) The Special Tax Bonds,Series 2018 were refunded by the Local Agency Revenue Refunding Bonds,Series 2021 B in August 2021. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 14. Community Facilities District No. 2007-5 (Red Kite) Page 123 Community Facilities District No. 2007-5 (Red Kite) Special Tax Bonds, Series 2018 Location Community Facilities District No. 2007-5 (the "CFD No. 2007-5") is located in the western portion of Lake Elsinore. CFD No. 2007-5 is west of Riverside Drive, east of Grand Avenue and just south of Machado Street. Authorized Facilities and Bonds CFD No. 2007-5 was formed to finance the costs of construction of City facilities, including certain storm drain and street improvements, and the costs of certain water and sewer system improvements to be owned and operated by the Elsinore Valley Municipal Water District. CFD No. 2007-5 encompasses approximately 10.29 gross acres of land, of this acreage, 6.54 acres are expected to be developed for residential uses. CFD No. 2007-5 currently has one series of bonds: the Special Tax Bonds, Series 2018. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2007-5 from July 1, 2020 through June 30, 2021. Descri do Amount FY 2020-21 Revenues Special Taxes Levied $134,592 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $134,592 2021 Expenditures Bond Interest—3/1/2021 $30,197 Bond Interest—9/1/2021 $30,197 Bond Principal—9/1/2021 $35,000 Authorized Improvements $9,809 Administrative Ex enses 0l $25,000 Total Expenditures $130,203 Ending Special Tax Fund Balance $4,389 (')Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2007-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2007-5. Initial Deposit Amount to Expended June 30,2021 Project District Series Improvement Fund Amount Balance Status CFD No. 2007-5 2018 $1,395,971.85 $1,395,971.59 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 15. Community Facilities District No. 2015-5 (Trieste) Page 124 Community Facilities District No. 2015-5 (Trieste) Special Tax Bonds, Series 2017 Location Community Facilities District No.2015-5(the"CFD No.2015-5")is located at the southern corner of the Highway 74 and Rosetta Canyon Drive intersection, and north of Arden Way. CFD No. 2015-5 will develop 75 units within Tract 36624 that will consist of single family residential properties located in the City of Lake Elsinore on approximately 12.97 gross acres. Authorized Facilities and Bonds In July of 2016 the City formed CFD No. 2015-5. CFD No. 2015-5 is authorized to issue the bonds to fund the purchase, construction, modification,expansion, improvement or rehabilitation of certain real or other tangible property. CFD No.2015-5 currently has one series of bonds:the Special Tax Bonds, Series 2017. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2015-5 from July 1, 2020 through June 30, 2021. Descri do Amount FY 2020-21 Revenues Special Taxes Levied $165,653 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $165,653 2021 Expenditures(') Bond Interest—3/1/2021 $35,872 Bond Interest—9/1/2021 $35,872 Bond Principal—9/1/2021 $45,000 Authorized Improvements $9,455 Administrative Expenses(') $37,142 Total Expenditures $163,341 Ending Special Tax Fund Balance $2,312 ')Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2015-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2015-5. Initial Deposit Amount to Expended June 30, 2021 Project District eries Im rovement Fund Amount Balance Status CFD No. 2015-5 2017(2) $1,799,937.25 $1,799,937.25 $0.00 Completed (2) The Special Tax Bonds,Series 2017 were refunded by the Local Agency Revenue Refunding Bonds,Series 2021 B in August 2021. City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 16. Community Facilities District No. 2016-2 (Canyon Hills) Page 125 Community Facilities District No. 2016-2 (Canyon Hills) Special Tax Bonds, Series 2018 Location Community Facilities District No. 2016-2 (the "CFD No. 2016-2") is located southwest of the intersection of Railroad Canyon Road and Canyon Hills Road. The southern boundary of CFD No. 2016-2 is adjacent to Railroad Canyon Road and is approximately 2-1/2 miles east of the interstate 15 Freeway. Authorized Facilities and Bonds CFD No. 2016-2 was formed to finance city facilities (storm drains, sewer and water, roads and traffic signals), city fees, and Elsinore Valley Municipal Water Districts. CFD No. 2016-2 encompasses the eighth phase of the 1,169-acre master planned community known as Canyon Hills being developed by Pardee Homes. CFD No. 2016-2 currently has one series of bonds: the Special Tax Bonds, Series 2018. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2016-2 from July 1, 2020 through June 30, 2021. escription Amount FY 2020-21 Revenues Special Taxes Levied $1,114,180 Less: Delinquency as of 7/5/2021 $3,251 Total Special Taxes Collected $1,110,929 2021 Expenditures Bond Interest-3/1/2021 $459,141 Bond Interest—9/1/2021 $459,141 Bond Principal—9/1/2021 $115,000 Authorized Improvements $4,611 Administrative Ex enses0) $31,212 Total Expenditures $1,069,105 Ending Special Tax Fund Balance $41,824 MAmount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2016-2. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2016-2. Initial Deposit Amount to Expended June 30, 2021 Project District Series Improvement Fund Amount Balance Status CFD No.2016-2 2018 $7,726,894.48 $7,726,894.48 $0.00 Completed City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 17. Community Facilities District No. 2019-1 (Westlake) Page 126 Community Facilities District No. 2019-1 (Westlake) Special Tax Bonds, Series 2021 Location Community Facilities District No. 2019-1 (the"CFD No. 2019-1") is comprised of approximately 19.47 gross acres.A tentative Tract Map 33267 includes 163 proposed detached condominium residential properties. The properties are located north of the intersection of Riverside Drive and Grand Avenue. Authorized Facilities and Bonds CFD No.2019-1 was formed to finance city facilities such as drainage,library, park, roadway,traffic,administration and community center facilities, marina and animal shelter facilities, and other public facilities of the City, including the foregoing public facilities which are included in the City's fee programs with respect to such facilities and authorized to be financed under the Mello-Roos Community Facilities Act of 1982, as amended (the"City Facilities")and (ii)water and sewer facilities including the acquisition of capacity in the sewer system and/or water system of the Elsinore Valley Municipal Water District which are included in Elsinore Valley Municipal Water District's water and sewer capacity and connection fee programs(the"Water District Facilities"and together,with the City Facilities,the"Facilities"),and all appurtenances and appurtenant work in connection with the foregoing Facilities, including the cost of engineering, planning,designing, materials testing, coordination, construction staking, construction management and supervision for such Facilities. CFD No. 2019-1 has one series of bonds: the Special Tax Bonds, Series 2021. Funds Collected and Expended The table below shows the amount of special taxes collected and the expenditures made to fund the authorized facilities and incidental expenses of CFD No. 2019-1 from July 1, 2020 through June 30, 2021. Description Amount FY 2020-21 Revenues Special Taxes Levied $49,625 Capitalized Interest(1) $84,046 Less: Delinquency as of 7/5/2021 $0 Total Special Taxes Collected $133,671 2021 Expenditures Bond Interest—3/1/2021 $0 Bond Interest—9/1/2021 $84,046 Bond Principal—9/1/2021 $0 Authorized Improvements $19,625 Administrative Expenses(2) $30,000 Total Expenditures $133,671 Ending Special Tax Fund Balance $0 (1)The proceeds of the 2021 Bonds funded the capitalized interest on a portion of the 2021 Bonds through September 1,2022. (2)Amount allocated to Administrative Expenses and may not have been expended in its entirety. \C a City of Lake Elsinore / Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P 17. Community Facilities District No. 2019-1 (Westlake) Page 127 Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2019-1. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2021 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2019-1. Initial Deposit Amount to Expended June 30,2021 Project District Series Improvement Fund Amount Balance Status CFD No. 2019-1 2021 $6,272,815.36 $859,878.90 $5,412,936.46 In Process City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report SPICER CONSULTING Fiscal Year Ending June 30,2021 G R O U P r- TM SPICER CONSULTING G R O U P