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HomeMy WebLinkAboutAD 12-01 Annual Report No. 1 FY 2012-13$21,030,000 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY LIMITED OBLIGATION REVENUE BONDS (CITY OF BAKERSFIELD CONSOLIDATED REASSESSMENT DISTRICT NO. 12-1) SERIES 2012 CONTINUING DISCLOSURE ANNUAL REPORT OF THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY AND THE CITY OF BAKERSFIELD FOR THE FISCAL YEAR ENDED JUNE 30, 2013 This Continuing Disclosure Annual Report is hereby submitted under Section 3 of the Continuing Disclosure Agreement, dated December 6, 2012 ("Disclosure Agreement") as executed and delivered by the California Statewide Communities Development Authority (the "Authority"), the City of Bakersfield (the "City") and Wilmington Trust, National Association, as trustee (the "Trustee") in connection with the issuance of the above-captioned bonds (the "Bonds"). The Bonds were issued pursuant to a Trust Agreement, dated as of December 1, 2012 (the "Trust Indenture"), between the Authority and the Trustee. The CUSIPS of the Bonds for which this Continuing Disclosure Annual Report relates is set forth below: Maturity Date CUSIP September 2, 2013 13080TAA0 September 2, 2014 13080TAB8 September 2, 2015 13080TAC6 September 2, 2016 13080TAD4 September 2, 20 17 13080TAE2 September 2, 2023 13080TAF9 September 2, 2024 13080TAG7 September 2, 2022 13080TAH5 This Annual Report is provided solely pursuant to the Disclosure Agreement. The filing of this Annual Report does not constitute or imply any representation (i) that all of the information provided is material to investors, (ii) regarding any other financial, operating or other information about the Authority or the Bonds, or (iii) that no changes, circumstances or events have occurred since the end of the fiscal year to which this Annual Report relates (other than as contained in this Annual Report), or any other date specified with respect to any of the information contained in this Annual Report, or that no other information exists, which may have a bearing on the security for the Bonds, or an investor's decision to buy, sell, or hold the Bonds. The information contained in this Annual Report has been obtained from sources which are believed to be reliable. No statement in this Annual Report should be construed as a prediction or representation about future financial performance of the Authority. Dated: January 21, 2014 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY The following information is being provided as required under Section 4 of the Disclosure Agreement: (a) City of Bakersfield's Audited Financial Statements for the year ending June 30, 2013. The City of Bakersfield's Audited Financial Statements have been filed with the Municipal Securities Rulemaking Board Electronic Municipal Market Access. (b) A statement of the amounts on deposit in each fund or account established under the Trust Agreement (except for the Rebate Fund and Expense Fund). Below is a list of the funds and accounts established under the Trust Agreement and the balance as of September 2, 2013, after the September 2, 2013 debt service payment on the Bonds: Reserve Fund: $2,103,164 Revenue Fund: 2 Principal Fund: 0 Interest Fund: 0 Coverage Stabilization Fund: 0 Proceeds Fund: 0 Local Obligation Fund: 0 Redemption Fund: 0 (c) A table showing the most recent County assessment valuation and Reassessment balance for parcels within the Reassessment District, similar to the "Summary of Assessed Values and Value to Lien Ratio" table presented in the Official Statement. See Appendix A hereto. (d) Information concerning any delinquencies in the payment of Reassessment installments securing the Local Obligations including (1) the total amount of delinquencies in the Reassessment District, both as a dollar amount and as a percentage of the total levy for the fiscal year and (2) with respect to any delinquency of an owner which holds land subject to more than 5% of the Reassessment liens securing the Local Obligations, the following information: (1) Assessor's Parcel Number; (2) Record owner of the parcel; (3) Amount of delinquency, including separate statement of amounts representing principal, interest, administrative expenses of levy, penalties and interest on delinquency; (4) Due date of first delinquent installment; and (5) Status of foreclosure action, if any. See Appendix B hereto. (e) Any payment default of the Local Obligations There has been no payment default of the Local Obligations. APPENDIX A Summary of Assessed Value and Value to Lien Ratio Fiscal Year 2012-13 Land Structure Total Reassessment Value Land Use 1 Parcels Value Value (11 Value 11j Amount to Debt Residential 7,612 $472,501,398 $1,417,447,936 $1,889,949,334 $18,599,727 101.61;1 Commercial/Industrial _21 59,717,448 172 020 78$ 231,738,236 2 430 277 95.35:1 Total 7,703 5532,218,846 51,589,468,724 52,121,687,570 521,030,003 100.89:1 Fiscal Year 2013-14 Land Structure Total Reassessment Value Land Use (1)Parcels Value Value Value 111 Amount to Debt Residential 7,612 $512,206,866 $1,498,512,361 $2,010,719,227 $16,544,636 121.53:1 Commercial/Industrial 93 62.014.917 182.727,554 241,294.533 2.125.358 115.15:1 Total 7,705 5574,221,783 51,681,239,915 $2,255,461,698 518,669,994 120.81:1 APPENDIX B Delinquency Information Number of Number of Fiscal Billed Delinquent Percentage Parcels Delinquent Year Amount Amount Delinquent Billed Parcels 2012/13 $3,290,174 $33,930 1.03% 7,703 102 2013/14 $2,924,821 N/A N/A 7.705 N/A Delinquent Owner Information The following owner holding land subject to more than 5% of the Reassessment liens securing the Local Obligations was delinquent with respect to the following parcel during the fiscal year ended 2012-13: APN: 500-511-17-00-0 Parcel Owner: Castle & Cooke California, Inc. Due Delinquent Penalty Late Total Date Amount Amount Interest Due 12/10/12 $221.25 $22.13 $13.28 $256.66 04/10/13 $221.25 $22.13 $13.28 $256.66 SubmissionID:EA488490 01/24/201410:58:14 CONTINUINGDISCLOSURE(SUBMISSIONSTATUS:PUBLISHED) FINANCIAL/OPERATINGFILING(CUSIP-9BASED) Rule15c2-12Disclosure AnnualFinancialInformationandOperatingDatafortheyearended06/30/2013 DOCUMENTS FinancialOperatingFiling CSCDA(Bakersfield)-FY2013ContinuingDisclosureAnnualReport.pdfposted01/24/2014 THEFOLLOWINGISSUERSAREASSOCIATEDWITHTHISCONTINUINGDISCLOSURE SUBMISSION: CUSIP-6StateIssuerName 13080TCACALIFORNIASTATEWIDECMNTYSDEVAUTHLTDOBLIGREV THEFOLLOWING8SECURITIESHAVEBEENPUBLISHEDWITHTHISCONTINUINGDISCLOSURE SUBMISSION: CUSIP-9MaturityDate 13080TAA009/02/2013 13080TAB809/02/2014 13080TAC609/02/2015 13080TAD409/02/2016 13080TAE209/02/2017 13080TAF909/02/2023 13080TAG709/02/2024 13080TAH509/02/2022 Page 1 of 2SubmissionPreviewPrint 1/24/2014http://dataport.emma.msrb.org/Submission/SubmissionPreviewPrint.aspx?submissionId=E... Company: Name: Address: City,StateZip: PhoneNumber: Email: Submitter'sContactInformation BLXGroupLLC. JEFFHIGGINS 777S.FIGUEROAST.,SUITE3200 LOSANGELES,CA90017 2136122209 jhiggins@bondlogistix.com ©2009MunicipalSecuritiesRulemakingBoard(MSRB) Page 2 of 2SubmissionPreviewPrint 1/24/2014http://dataport.emma.msrb.org/Submission/SubmissionPreviewPrint.aspx?submissionId=E...