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HomeMy WebLinkAboutAD 05-1 significant event Jan 201581013560 NOTICE OF SIGNIFICANT EVENT OF CITY OF BAKERSFIELD, CALIFORNIA Dated: January 29, 2015 Providing Continuing Disclosure Relating to the $15,595,000 City of Bakersfield Assessment District No. 05-1 (City in the Hills) Limited Obligation Improvement Bonds Contact Information: City of Bakersfield 1600 Truxtun Avenue Bakersfield California 93301 Attention: Nelson K. Smith, Finance Director Telephone: (661) 326-3740 Fax: (661) 852-2040 E-mail: nsmith@bakersfieldcity.us INTRODUCTORY STATEMENT This Notice of Significant Event (th-e "Notice'') is being provided by the C ity of Bakersfield, California (the "City"), pursuant to the City Continuing Disclosure Certificate, dated December 21, 2005 (the "Continuing Disclosure Certificate"), executed by the City, relating to the bonds referenced on the cover page hereof (the "Bonds"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Continuing Disclosure Certificate or the Official Statement, dated December 7, 2005, relating to the Bonds. CUSIP NUMBERS The following CUSJP numbers have been assigned to the outstanding Bonds by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies. Inc., and are provided for convenience of reference only. The City does not assume any responsibility for the accuracy of these CUSIP data. 81013560 Maturity Date (September 2) 2015 2016 2017 2018 2019 CUSIP (II No. 057510C31 057510 C49 057510 C56 057510 C64 057510 C72 Maturity Date (September 2) 2020 2021 2022 2025 CUSIP (II No. 057510 C80 057510 C98 057510 022 057510 D55 (I) CUSIP® is a registered trademark of the Amencan Bankers Association CopyriJ;htO 1999-2015 American Bankers Association. All rights reserved. CUSIP® data are provided by CUSIP Global Services. managed by Standard & Poor"s Fmancial Services LLC 0111 behalf of the American Bankers Association. These data are not intended to create a database and do not serve in any way as a substitute for CUSIP Global Services. CUSIP® numbers are provided for convenience of reference only. The City takes no responsibility for the accuracy of such mnnbers [Remainder of Page Intentionally Left Blank.] REPORTING OF SIGNIFICANT EVENT In accordance with Section 5(a) of the Continuing Disclosure Certificate, the City hereby provides notice of the following with respect to the Bonds: Pursuant to the Bond Resolution, the City has covenanted that it will, by no later than October I in any year, file an action in the Superior Court of Kern County to foreclose the lien on each delinquent assessment if (I) the sum of uncured assessment delinquencies for the preceding fiscal year exceeds 5% of the assessment installments posted to the tax roll for that fiscal year. and (2) the amount of the Special Reserve Fund is less than the Reserve Requirement. As has been disclosed in previous Annual Reports prepared with respect to the Bonds, several foreclosure complaints have been filed by the City respecting the delinquent parcels within the D istrict, which delinquent parcels are listed in Appendix B to such Annual Reports. As has been previously reported, foreclosure sales have been held for certain delinquent parcels on July 16, 2013, and for certain other delinquent parcels on September I 0, 2013. However, neither foreclosure sale generated any bids or offers to purchase the delinquent parcels being offered for sale. On January 2 7, 2015, the City held a second foreclosure sale for the parcels that were previously offered for sale on July 16. 2013. All of such parcels are owned by a single landowner within the District (Regent Land Investment Co. LLC). Again, however, such foreclosure sale did not generate any bids or offers to purchase the delinquent parcels being offered for sale. The City may hold additional foreclosure sales for the same parcels in the future, to the extent such parcels remain delinquent. As has been previously reported, on September 2, 2014, an unscheduled draw on the Special Reserve Fund for $I 04,014.49 was made to pay a portion of the September 2, 2014, debt service payment on the Bonds. As of the date of this notice, the amount of such draw from the Special Reserve Fund has been replenished using a portion of the first installment of Special Assessments paid in fiscal year 2014-I 5. Following such replenishment, the balance on deposit in the Special Reserve Fund is $I ,309,495 .00, which is equal to the current Reserve Requirement. The City anticipates, however, that, if the Special Assessment delinquencies are not cured prior to the September 2, 2015, Bond principal payment date, the City may be required to make an unscheduled draw on the Special Reserve Fund to pay a portion of the debt service payable with respect to the Bonds on such date. At this time, the City cannot determine the amount of such draw, if required. This Notice is being filed with the Electronic Municipal Market Access ("EMMA") filing service maintained by the Municipal Securities Rulemaking Board. Dated: January 29, 2015 81013560 2 CITY OF BAKERSFIELD, CALIFORNIA By: Nelson K. Smith Finance Director Submission ID:EA570599 01/29/2015 13:28:04 CONTINUING DISCLOSURE (SUBMISSION STATUS: PUBLISHED) EVENT FILING (CUSIP-9 BASED) Rule 15c2-12 Disclosure Unscheduled Draw on Debt Service Reserve: Replenishment of Reserve Fund and anticipated future draw, dated 01/29/2015 DOCUMENTS Event Filing dated 01/29/2015 Bakersfield AD 05-1 significant event Jan 2015.pdf posted 01/29/2015 THE FOLLOWING ISSUERS ARE ASSOCIATED WITH THIS CONTINUING DISCLOSURE SUBMISSION: CUSIP-6 State Issuer Name 057510 CA BAKERSFIELD CALIF IMPT BD ACT 1915 THE FOLLOWING 17 SECURITIES HAVE BEEN PUBLISHED WITH THIS CONTINUING DISCLOSURE SUBMISSION: CUSIP-9 Maturity Date 057510B32 09/02/2007 057510B40 09/02/2008 057510B57 09/02/2009 057510B65 09/02/2010 057510B73 09/02/2011 057510B81 09/02/2012 057510B99 09/02/2013 057510C23 09/02/2014 Submission Preview Print http://dataport.emma.msrb.org/Submission/SubmissionPr... 1 of 2 1/29/15, 10:28 AM Company: Name: Address: City, State Zip: Phone Number: Email: Submitter's Contact Information Goodwin Procter LLP GEOFFREY GEDDES 601 S. FIGUEROA ST. LOS ANGELES, CA 90017 2134262555 ggeddes@goodwinprocter.com 057510C31 09/02/2015 057510C49 09/02/2016 057510C56 09/02/2017 057510C64 09/02/2018 057510C72 09/02/2019 057510C80 09/02/2020 057510C98 09/02/2021 057510D22 09/02/2022 057510D55 09/02/2025 © 2009 Municipal Securities Rulemaking Board (MSRB) Submission Preview Print http://dataport.emma.msrb.org/Submission/SubmissionPr... 2 of 2 1/29/15, 10:28 AM