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HomeMy WebLinkAboutItem No. 12 - Annual Bond Accountability Report Page 1 of 2 REPORT TO CITY COUNCIL To:Honorable Mayor or Members of the City Council From:Jason Simpson, City Manager Prepared by:Shannon Buckley, Assistant City Manager Date:December 13, 2022 Subject: Annual Bond Accountability Report for Fiscal Year 2021-22 Recommendation Receive and file the Annual Bond Accountability Report for Fiscal Year 2021-22 pursuant to SB 165 which was transmitted on November 18, 2022 to the City Clerk and to City Council on or before December 31, 2022 as required. Background 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. Discussion 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: Annual Bond Accountability Report Page 2 of 2 The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410. This report was transmitted to the City Clerk and City Council prior to December 31, 2022. Fiscal Impact Not applicable. Attachments Attachment 1 - Local Agency Special Tax and Bond Accountability Act Report CITY OF LAKE ELSINORE FISCAL YEAR ENDING JUNE 30, 2022 SENATE BILL 165 ANNUAL REPORT ON VOTER APPROVED DEBT SECTION 53411 Table of Contents City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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 N0. 2019-1 (Westlake) 26 1. Introduction Page | 1 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Bond Accountability Act (Senate Bill 165) Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code. Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states: The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following: (a) The amount of funds collected and expended. (b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410. 2. Community Facilities District No. 90-2 (Tuscany Hills) Page | 2 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $1,392,364 Less: Delinquency as of 6/30/2022 $19,222 Total Special Taxes Collected $1,373,142 2022 Expenditures Bond Interest – 4/1/2022 $68,850 Bond Interest – 10/1/2022 $68,850 Bond Principal – 10/1/2022 $975,000 Authorized Improvements $176,232 Administrative Expenses (1) $71,318 Total Expenditures $1,360,250 Ending Special Tax Fund Balance $12,892 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of 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. 3. Community Facilities District No. 95-1 (City Center) Page | 3 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $165,432 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $165,432 2022 Expenditures Bond Interest – 3/1/2022 $11,500 Bond Interest – 9/1/2022 $11,500 Bond Principal – 9/1/2022 $105,000 Administrative Expenses (1) $28,717 Total Expenditures $156,717 Ending Special Tax Fund Balance $8,715 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of 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. 4. Community Facilities District No. 98-1 (Summerhill) Page | 4 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $1,110,392 Less: Delinquency as of 6/30/2022 $7,472 Total Special Taxes Collected $1,102,920 2022 Expenditures Bond Interest – 3/1/2022 $90,508 Bond Interest – 9/1/2022 $90,508 Bond Principal – 9/1/2022 $860,000 Administrative Expenses (1) $51,000 Total Expenditures $1,092,016 Ending Special Tax Fund Balance $10,904 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of the following Improvement Areas. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 98-1 2021 $1,707,950.21 $1,707,950.21 $0.00 Completed 5. Community Facilities District No. 2003-2 (Canyon Hills) Page | 5 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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 (I-15). The proposed development is planned to include approximately 3,458 single-family residential properties, 305 multi-family residential properties, and approximately 33 acres of non- residential property at build-out. Authorized Facilities and Bonds CFD No. 2003-2 was formed in January, 2004 to finance the planning, designing, permitting, acquisition and construction of public infrastructure consisting primarily of street, sewer, water, storm drain, park facilities, fire station, certain City and Elsinore Valley Municipal Water District fees, to fund interest on the bonds, and to pay the expenses of 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, 2021 through June 30, 2022. Improvement Area A Description Amount FY 2021-22 Revenues Special Taxes Levied $948,800 Less: Delinquency as of 6/30/2022 $7,601 Total Special Taxes Collected $941,199 2022 Expenditures Bond Interest – 3/1/2022 $189,481 Bond Interest – 9/1/2022 $189,481 Bond Principal – 9/1/2022 $490,000 Administrative Expenses (1) $49,842 Total Expenditures $918,804 Ending Special Tax Fund Balance $22,395 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 5. Community Facilities District No. 2003-2 (Canyon Hills) Page | 6 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area B Description Amount FY 2021-22 Revenues Special Taxes Levied $1,926,109 Less: Delinquency as of 6/30/2022 $10,092 Total Special Taxes Collected $1,916,017 2022 Expenditures Bond Interest – 3/1/2022 $436,697 Bond Interest – 9/1/2022 $436,697 Bond Principal – 9/1/2022 $470,000 Authorized Improvements $463,344 Administrative Expenses (2) $59,534 Total Expenditures $1,866,272 Ending Special Tax Fund Balance $49,745 (2) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area C Description Amount FY 2021-22 Revenues Special Taxes Levied $814,934 Less: Delinquency as of 6/30/2022 $1,153 Total Special Taxes Collected $813,781 2022 Expenditures Bond Interest – 3/1/2022 $241,445 Bond Interest – 9/1/2022 $241,445 Bond Principal – 9/1/2022 $250,000 Authorized Improvements $7,486 Administrative Expenses (3) $51,000 Total Expenditures $791,376 Ending Special Tax Fund Balance $22,405 (3) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 5. Community Facilities District No. 2003-2 (Canyon Hills) Page | 7 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area D Description Amount FY 2021-22 Revenues Special Taxes Levied $1,865,563 Less: Delinquency as of 6/30/2022 $10,962 Total Special Taxes Collected $1,854,601 2022 Expenditures Bond Interest – 3/1/2022 $410,390 Bond Interest – 9/1/2022 $410,390 Bond Principal – 9/1/2022 $405,000 Authorized Improvements $523,651 Administrative Expenses (4) $61,939 Total Expenditures $1,811,370 Ending Special Tax Fund Balance $43,231 (4) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area E Description Amount FY 2021-22 Revenues Special Taxes Levied $179,195 Less: Delinquency as of 6/30/2022 $1,291 Total Special Taxes Collected $177,904 2022 Expenditures Bond Interest – 3/1/2022 $46,231 Bond Interest – 9/1/2022 $46,231 Bond Principal – 9/1/2022 $45,000 Authorized Improvements $14,939 Administrative Expenses (5) $25,503 Total Expenditures $177,904 Ending Special Tax Fund Balance $0 (5) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 5. Community Facilities District No. 2003-2 (Canyon Hills) Page | 8 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project 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 $1,234,604.01 $0.00 Completed CFD No. 2003-2 IA D 2016A $15,846,431.43 $15,846,431.43 $0.00 Completed CFD No. 2003-2 IA D 2021 $1,737,229.34 $1,737,229.34 $0.00 Completed CFD No. 2003-2 IA E 2018 $2,242,784.42 $2,242,784.42 $0.00 Completed (6) There were no Improvement/Construction Funds associated with the refunding of the bonds in these districts. The amount levied pays the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each district 6. Community Facilities District No. 2004-3 (Rosetta Canyon) Page | 9 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Community Facilities District No. 2004-3 (Rosetta Canyon) Improvement Area 1, Local Agency Revenue Refunding Bonds, Series 2015 Improvement Area 2, Local Agency Revenue Refunding Bonds, Series 2015 Location The boundaries of Community Facilities District No. 2004-3 (the “CFD No. 2004-3”) coincide with the development generally known as Rosetta Canyon. CFD No. 2004-3 is located 1 ½ miles east of interstate 15 freeway and south of Highway 74. Rosetta Canyon is planned for a total of 1,012 single family homes on 180.6 acres. Development within Improvement Area No. 1 is planned for 509 single family homes on approximately 94.9 gross acres. Development within Improvement Area No. 2 is planned for 503 single family homes on approximately 153.31 gross acres. Authorized Facilities and Bonds In March of 2005 the City formed CFD 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, 2021 through June 30, 2022. Improvement Area 1 Description Amount FY 2021-22 Revenues Special Taxes Levied $1,677,892 Less: Delinquency as of 6/30/2022 $19,605 Total Special Taxes Collected $1,658,287 2022 Expenditures Bond Interest – 3/1/2022 $440,750 Bond Interest – 9/1/2022 $440,750 Bond Principal – 9/1/2022 $695,000 Administrative Expenses (1) $63,178 Total Expenditures $1,639,678 Ending Special Tax Fund Balance $18,609 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 6. Community Facilities District No. 2004-3 (Rosetta Canyon) Page | 10 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area 2 Description Amount FY 2021-22 Revenues Special Taxes Levied $1,855,820 Less: Delinquency as of 6/30/2022 $20,220 Total Special Taxes Collected $1,835,600 2022 Expenditures Bond Interest – 3/1/2022 $516,125 Bond Interest – 9/1/2022 $516,125 Bond Principal – 9/1/2022 $530,000 Authorized Improvements $189,431 Administrative Expenses (2) $63,178 Total Expenditures $1,814,859 Ending Special Tax Fund Balance $20,741 (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, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2004-3 IA 1 2015 $1,992,981.25 $1,992,981.25 $0.00 Completed CFD No. 2004-3 IA 2 2015 $4,650,214.69 $4,650,214.69 $0.00 Completed 7. Community Facilities District No. 2005-1 (Serenity) Page | 11 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $685,190 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $685,190 2022 Expenditures Bond Interest – 3/1/2022 $161,125 Bond Interest – 9/1/2022 $161,125 Bond Principal – 9/1/2022 $295,000 Administrative Expenses (1) $45,947 Total Expenditures $663,197 Ending Special Tax Fund Balance $21,993 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2005-1. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2005-1 2015 $1,465,351.72 $1,465,351.72 $0.00 Completed 8. Community Facilities District No. 2005-2 (Alberhill Ranch) Page | 12 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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 ½ 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $1,550,821 Less: Delinquency as of 6/30/2022 $3,039 Total Special Taxes Collected $1,547,782 2022 Expenditures Bond Interest – 3/1/2022 $383,612 Bond Interest – 9/1/2022 $383,612 Bond Principal – 9/1/2022 $670,000 Administrative Expenses (1) $63,178 Total Expenditures $1,500,402 Ending Special Tax Fund Balance $47,380 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of 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. 9. Community Facilities District No. 2005-5 (Wasson Canyon) Page | 13 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $278,929 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $278,929 2022 Expenditures Bond Interest – 3/1/2022 $35,432 Bond Interest – 9/1/2022 $35,432 Bond Principal – 9/1/2022 $155,000 Administrative Expenses (1) $51,000 Total Expenditures $276,864 Ending Special Tax Fund Balance $2,065 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2005-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2005-5 2021 $575,823.22 $575,823.22 $0.00 Completed 10. Community Facilities District No. 2005-6 (City Center Townhomes) Page | 14 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $260,840 Less: Delinquency as of 6/30/2022 $5,110 Total Special Taxes Collected $255,730 2022 Expenditures Bond Interest – 3/1/2022 $60,625 Bond Interest – 9/1/2022 $60,625 Bond Principal – 9/1/2022 $80,000 Administrative Expenses (1) $40,204 Total Expenditures $241,454 Ending Special Tax Fund Balance $14,276 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of 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. 11. Community Facilities District No. 2006-1 (Summerly) Page | 15 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Community Facilities District No. 2006-1 (Summerly) Improvement Area A, 2021 Special Tax Refunding Bonds Improvement Area B, Local Agency Revenue Refunding Bonds, Series 2021B Improvement Area CC, Special Tax Bonds, Series 2016A Improvement Area EE, Special Tax Bonds, Series 2017A Improvement Area FF, Local Agency Revenue Refunding Bonds, Series 2021B 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 I-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, Series 2021B, which refunded 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 Local Agency Revenue Refunding Bonds, Series 2021B, which refunded the Special Tax Bonds, Series 2016B. IA HH has one series of bonds: the Special Tax Bonds, Series 2019. IA II 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, 2021 through June 30, 2022. 11. Community Facilities District No. 2006-1 (Summerly) Page | 16 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area A Description Amount FY 2021-22 Revenues Special Taxes Levied $240,286 Less: Delinquency as of 6/30/2022 $2,545 Total Special Taxes Collected $237,741 2022 Expenditures Bond Interest – 3/1/2022 $51,519 Bond Interest – 9/1/2022 $51,519 Bond Principal – 9/1/2022 $100,000 Authorized Improvements $4,868 Administrative Expenses (1) $25,500 Total Expenditures $233,406 Ending Special Tax Fund Balance $4,335 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area B Description Amount FY 2021-22 Revenues Special Taxes Levied $185,949 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $185,949 2022 Expenditures Bond Interest – 3/1/2022 $61,571 Bond Interest – 9/1/2022 $53,800 Bond Principal – 9/1/2022 $35,000 Administrative Expenses (2) $25,500 Total Expenditures $175,871 Ending Special Tax Fund Balance $10,078 (2) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11. Community Facilities District No. 2006-1 (Summerly) Page | 17 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area CC Description Amount FY 2021-22 Revenues Special Taxes Levied $184,004 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $184,004 2022 Expenditures Bond Interest – 3/1/2022 $41,700 Bond Interest – 9/1/2022 $41,700 Bond Principal – 9/1/2022 $50,000 Authorized Improvements $23,221 Administrative Expenses (3) $22,523 Total Expenditures $179,144 Ending Special Tax Fund Balance $4,860 (3) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area EE Description Amount FY 2021-22 Revenues Special Taxes Levied $288,147 Less: Delinquency as of 6/30/2022 $2,245 Total Special Taxes Collected $285,902 2022 Expenditures Bond Interest – 3/1/2022 $89,188 Bond Interest – 9/1/2022 $89,188 Bond Principal – 9/1/2022 $60,000 Authorized Improvements $20,034 Administrative Expenses (4) $21,649 Total Expenditures $280,059 Ending Special Tax Fund Balance $5,843 (4) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11. Community Facilities District No. 2006-1 (Summerly) Page | 18 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area FF Description Amount FY 2021-22 Revenues Special Taxes Levied $225,267 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $225,267 2022 Expenditures Bond Interest – 3/1/2022 $78,280 Bond Interest – 9/1/2022 $68,400 Bond Principal – 9/1/2022 $25,000 Authorized Improvements $17,909 Administrative Expenses (5) $25,500 Total Expenditures $215,089 Ending Special Tax Fund Balance $10,178 (5) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area HH Description Amount FY 2021-22 Revenues Special Taxes Levied $326,260 Less: Delinquency as of 6/30/2022 $1,866 Total Special Taxes Collected $324,394 2022 Expenditures Bond Interest – 3/1/2022 $126,725 Bond Interest – 9/1/2022 $126,725 Bond Principal – 9/1/2022 $20,000 Authorized Improvements $22,406 Administrative Expenses (6) $20,808 Total Expenditures $316,664 Ending Special Tax Fund Balance $7,730 (6) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11. Community Facilities District No. 2006-1 (Summerly) Page | 19 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area II Description Amount FY 2021-22 Revenues Special Taxes Levied $383,396 Less: Delinquency as of 6/30/2022 $4,303 Total Special Taxes Collected $379,093 2022 Expenditures Bond Interest – 3/1/2022 $156,500 Bond Interest – 9/1/2022 $156,500 Bond Principal – 9/1/2022 $50,000 Authorized Improvements $0 Administrative Expenses (7) $20,400 Total Expenditures $383,400 Ending Special Tax Fund Balance ($4,307) (7) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Improvement Area JJ Description Amount FY 2021-22 Revenues Special Taxes Levied $326,048 Less: Delinquency as of 6/30/2022 $1,428 Total Special Taxes Collected $324,620 2022 Expenditures Bond Interest – 3/1/2022 $113,700 Bond Interest – 9/1/2022 $113,700 Bond Principal – 9/1/2022 $40,000 Authorized Improvements $27,836 Administrative Expenses (8) $21,224 Total Expenditures $316,460 Ending Special Tax Fund Balance $8,160 (8) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 11. Community Facilities District No. 2006-1 (Summerly) Page | 20 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Improvement Area KK Description Amount FY 2021-22 Revenues Special Taxes Levied $284,482 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $284,482 2022 Expenditures Bond Interest – 3/1/2022 $104,775 Bond Interest – 9/1/2022 $104,775 Bond Principal – 9/1/2022 $30,000 Authorized Improvements $24,495 Administrative Expenses (9) $20,400 Total Expenditures $284,445 Ending Special Tax Fund Balance $37 (9) 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, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for each Improvement Area. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2006-1 IA A 2021 $585,582.93 $585,582.93 $0.00 Completed CFD No. 2006-1 IA B 2021B $315,597.82 $315,597.82 $0.00 Completed CFD No. 2006-1 IA CC 2016A $2,483,234.03 $2,483,234.03 $0.00 Completed CFD No. 2006-1 IA EE 2017A $4,301,125.34 $4,301,125.34 $0.00 Completed CFD No. 2006-1 IA FF 2021B $455,921.81 $455,921.81 $0.00 Completed CFD No. 2006-1 IA HH 2019 $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. Community Facilities District No. 2006-2 (Viscaya) Page | 21 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $506,881 Less: Delinquency as of 6/30/2022 $3,265 Total Special Taxes Collected $503,616 2022 Expenditures Bond Interest – 3/1/2022 $126,625 Bond Interest – 9/1/2022 $126,625 Bond Principal – 9/1/2022 $165,000 Authorized Improvements $40,179 Administrative Expenses (1) $40,204 Total Expenditures $498,633 Ending Special Tax Fund Balance $4,983 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement/Construction Funds of 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. 13. Community Facilities District No. 2007-4 (Makenna Court) Page | 22 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Community Facilities District No. 2007-4 (Makenna Court) Local Agency Revenue Refunding Bonds, Series 2021B 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 Local Agency Revenue Refunding Bonds, Series 2021B, which refunded 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $190,636 Less: Delinquency as of 6/30/2022 $4,812 Total Special Taxes Collected $185,824 2022 Expenditures Bond Interest – 3/1/2022 $54,704 Bond Interest – 9/1/2022 $47,800 Bond Principal – 9/1/2022 $15,000 Authorized Improvements $33,956 Administrative Expenses (1) $25,500 Total Expenditures $176,960 Ending Special Tax Fund Balance $8,864 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2007-4. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2007-4 2021B $266,190.73 $266,190.73 $0.00 Completed 14. Community Facilities District No. 2007-5 (Red Kite) Page | 23 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $134,592 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $134,592 2022 Expenditures Bond Interest – 3/1/2022 $29,847 Bond Interest – 9/1/2022 $29,847 Bond Principal – 9/1/2022 $35,000 Authorized Improvements $10,399 Administrative Expenses (1) $25,000 Total Expenditures $130,093 Ending Special Tax Fund Balance $4,499 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2007-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2007-5 2018 $1,395,971.85 $1,395,971.59 $0.00 Completed 15. Community Facilities District No. 2015-5 (Trieste) Page | 24 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 Community Facilities District No. 2015-5 (Trieste) Local Agency Revenue Refunding Bonds, Series 2021B 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 Local Agency Revenue Refunding Bonds, Series 2021B, which refunded 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $167,309 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $167,309 2022 Expenditures(1) Bond Interest – 3/1/2022 $43,603 Bond Interest – 9/1/2022 $38,100 Bond Principal – 9/1/2022 $30,000 Authorized Improvements $7,853 Administrative Expenses (1) $35,700 Total Expenditures $155,256 Ending Special Tax Fund Balance $12,053 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2015-5. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2015-5 2021B $170,078.17 $170,078.17 $0.00 Completed 16. Community Facilities District No. 2016-2 (Canyon Hills) Page | 25 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $1,136,464 Less: Delinquency as of 6/30/2022 $4,386 Total Special Taxes Collected $1,132,078 2022 Expenditures Bond Interest – 3/1/2022 $457,416 Bond Interest – 9/1/2022 $457,416 Bond Principal – 9/1/2022 $135,000 Authorized Improvements $21,375 Administrative Expenses (1) $31,836 Total Expenditures $1,103,043 Ending Special Tax Fund Balance $29,035 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. Project Status The requirements of the Act apply to the Improvement Fund of CFD No. 2016-2. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2016-2 2018 $7,726,894.48 $7,726,894.48 $0.00 Completed 17. Community Facilities District No. 2019-1 (Westlake) Page | 26 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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 2022. 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, 2021 through June 30, 2022. Description Amount FY 2021-22 Revenues Special Taxes Levied $328,700 Less: Delinquency as of 6/30/2022 $0 Total Special Taxes Collected $328,700 2022 Expenditures Bond Interest – 3/1/2022 $131,550 Bond Interest – 9/1/2022 $131,550 Bond Principal – 9/1/2022 $35,000 Authorized Improvements $0 Administrative Expenses (1) $30,600 Total Expenditures $328,700 Ending Special Tax Fund Balance $0 (1) Amount allocated to Administrative Expenses and may not have been expended in its entirety. 17. Community Facilities District No. 2019-1 (Westlake) Page | 27 City of Lake Elsinore Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022 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, 2022 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. District Series Initial Deposit Amount to Improvement Fund Expended Amount June 30, 2022 Balance Project Status CFD No. 2019-1 2021 $6,272,815.36 $6,272,815.36 $0.00 Completed