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HomeMy WebLinkAboutAD 12-01 Annual Report No. 2 FY 2013-14$21,030,000 CALIFORNIASTATEWIDECOMMUNITIESDEVELOPMENTAUTHORITY LIMITEDOBLIGATIONREVENUEBONDS (CITYOFBAKERSFIELDCONSOLIDATEDREASSESSMENTDISTRICTNO.12-1) SERIES2012 CONTINUINGDISCLOSUREANNUALREPORT OFTHE CALIFORNIASTATEWIDECOMMUNITIESDEVELOPMENTAUTHORITY ANDTHECITYOFBAKERSFIELD FORTHE FISCALYEARENDEDJUNE30,2014 ThisContinuingDisclosureAnnualReportisherebysubmittedunderSection3ofthe ContinuingDisclosureAgreement,datedDecember6,2012(“DisclosureAgreement”)asexecutedand deliveredbytheCaliforniaStatewideCommunitiesDevelopmentAuthority(the“Authority”),theCityof Bakersfield(the“City”)andWilmingtonTrust,NationalAssociation,astrustee(the“Trustee”)in connectionwiththeissuanceoftheabove-captionedbonds(the“Bonds”).TheBondswereissued pursuanttoaTrustAgreement,datedasofDecember1,2012(the“TrustIndenture”),betweenthe AuthorityandtheTrustee. TheCUSIPSoftheBondsforwhichthisContinuingDisclosureAnnualReportrelatesissetforthbelow: MaturityDate CUSIP September2,201513080TAC6 September2,201613080TAD4 September2,201713080TAE2 September2,202313080TAF9 September2,202413080TAG7 September2,202213080TAH5 ThisAnnualReportisprovidedsolelypursuanttotheDisclosureAgreement.Thefilingofthis AnnualReportdoesnotconstituteorimplyanyrepresentation(i)thatalloftheinformationprovidedis materialtoinvestors,(ii)regardinganyotherfinancial,operatingorotherinformationaboutthe AuthorityortheBonds,or(iii)thatnochanges,circumstancesoreventshaveoccurredsincetheendof thefiscalyeartowhichthisAnnualReportrelates(otherthanascontainedinthisAnnualReport),orany otherdatespecifiedwithrespecttoanyoftheinformationcontainedinthisAnnualReport,orthatno otherinformationexists,whichmayhaveabearingonthesecurityfortheBonds,oraninvestor’s decisiontobuy,sell,orholdtheBonds.TheinformationcontainedinthisAnnualReporthasbeen obtainedfromsourceswhicharebelievedtobereliable.NostatementinthisAnnualReportshouldbe construedasapredictionorrepresentationaboutfuturefinancialperformanceoftheAuthority. Dated:February25,2015 CALIFORNIASTATEWIDECOMMUNITIESDEVELOPMENTAUTHORITY ThefollowinginformationisbeingprovidedasrequiredunderSection4oftheDisclosure Agreement: (a)CityofBakersfield’sAuditedFinancialStatementsfortheyearendingJune30,2014. TheCityofBakersfield’sAuditedFinancialStatementshavebeenfiledwiththe MunicipalSecuritiesRulemakingBoardElectronicMunicipalMarketAccess. (b)Astatementoftheamountsondepositineachfundoraccountestablishedunderthe TrustAgreement(exceptfortheRebateFundandExpenseFund). BelowisalistofthefundsandaccountsestablishedundertheTrustAgreementand thebalanceasofSeptember2,2014,aftertheSeptember2,2014debtservice paymentontheBonds: ReserveFund:$2,103,389 RevenueFund:3 PrincipalFund:0 InterestFund:0 CoverageStabilizationFund:167,014 ProceedsFund:0 LocalObligationFund:0 RedemptionFund:0 (c)AtableshowingthemostrecentCountyassessmentvaluationandReassessment balanceforparcelswithintheReassessmentDistrict,similartothe“Summaryof AssessedValuesandValuetoLienRatio”tablepresentedintheOfficialStatement. SeeAppendixAhereto. (d)InformationconcerninganydelinquenciesinthepaymentofReassessment installmentssecuringtheLocalObligationsincluding(1)thetotalamountof delinquenciesintheReassessmentDistrict,bothasadollaramountandasa percentageofthetotallevyforthefiscalyearand(2)withrespecttoanydelinquency ofanownerwhichholdslandsubjecttomorethan5%oftheReassessmentliens securingtheLocalObligations,thefollowinginformation: (1)Assessor’sParcelNumber; (2)Recordowneroftheparcel; (3)Amountofdelinquency,includingseparatestatementofamounts representingprincipal,interest,administrativeexpensesoflevy, penaltiesandinterestondelinquency; (4)Duedateoffirstdelinquentinstallment;and (5)Statusofforeclosureaction,ifany. SeeAppendixBhereto. (e)AnypaymentdefaultoftheLocalObligations TherehasbeennopaymentdefaultoftheLocalObligations. APPENDIXA SummaryofAssessedValueandValuetoLienRatio FiscalYear2014-15 LandUse(1)Parcels LandStructureTotalReassessmentValue Value(1)Value(1)Value(1)Amount toDebt Residential7,603$555,353,922$1,661,517,139$2,216,871,061$14,862,881149.15:1 Commercial/Industrial96 61,437,898 185,280,374 246,718,272 1,862,641 132.46:1 Total7,699$616,791,820$1,589,468,724$2,463,589,333$16,725,522147.30:1 APPENDIXB DelinquencyInformation Fiscal Year Billed Amount Delinquent Amount Percentage Delinquent Numberof Parcels Billed Numberof Delinquent Parcels 2012/13 $3,290,174 $33,930 1.03%7,703 102 2013/14 $2,924,821 $24,583 0.84%7,705 83 2014/15 $2,899,683 N/A N/A 7,699 N/A DelinquentOwnerInformation Thefollowingownerholdinglandsubjecttomorethan5%oftheReassessmentlienssecuringtheLocalObligationswas delinquentwithrespecttothefollowingparcelsduringthefiscalyearended2013-14.Asofthedatehereof,Castle&CookeCalifornia, Inc.isnolongertheowneroftheparcelslistedbelowaccordingtorecordsprovidedbytheCounty. ParcelOwner:Castle&CookeCalifornia,Inc. APN Due Date Delinquent Amount Penalty Amount Late Interest Total Due 392-412-01-00 04/10/14 $71.30 $11.41 $0.00 $82.71 496-410-01-00 04/10/14 $124.01 $19.84 $0.00 $143.85