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HomeMy WebLinkAboutAD 05-1 Notice of Listed Event (filed 09-04-1583582907 NOTICE OF LISTED EVENT OF CITY OF BAKERSFIELD, CALIFORNIA Dated: September 4, 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 Listed Event (the "Notice") is being provided by the City of Bakersfield, California (the "City"), pursuant to th e 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 CUSTP 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 CUSlP data. 83582907 Maturity Date (September 2) 2016 201 7 2018 201 9 CUSIP <1> No. 057510 C49 057510 C56 057510 C64 057510 en Maturity Date (September 2) 2020 2021 2022 2025 CUSIP <1> No. 05751 0 C80 057510 C98 057510 0 22 0575 10 0 55 (I) CUSJP(;) is a regtstered trademark of the Amencan Bankers Association. Copyright() 1999-2015 Amen can Bankers Associatton. All ngbts reserved. CUSI!'II) data are provided by CUSIP Global Services, managed by Standard & Poor's Financial Services LLC on behalf of the Amen can 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 numbers [Remainder of Page Intentionally Left Blank.] 1 REPORTING OF LISTED EVENT In accordance with Section S(a)(viii) of the Continuing Disclosure Certificate, the City hereby provides notice of the occurrence of the following Listed Event with respect to the Bonds: On September 2, 2015, an unscheduled draw on the Special Reserve Fund for $447,800.06 was made to pay a portion of the September 2, 2015, debt service payment on the Bonds. As of the date ofthis notice, following such draw, the balance on deposit in the Special Reserve Fund is $861,694.94, which is 447,800.06 less than the current Reserve Requirement of $1,309,495.00. The unscheduled draw on the Special Reserve Fund was necessitated by the failure of certain landowners within the District to pay when due th e Special Assessments applicable to such landowners' District property. 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 (1) the sum of the uncured assessment delinquencies for the preceding fi scal 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 ins 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 District, 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 10, 2013. However, neither foreclosure sale generated any bids-or offers to purchase the delinquent parcels being offered for sale. On January 27, 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 si ngle 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. This Notice is being filed with the Electronic Municipal Market Access ("EMMA") filing service maintained by the Municipal Securities Rulemaking Board. Dated: September 4, 20 IS 83582907 2 CITY OF BAKERSFIELD, CALIFORNIA By:_~~~~~~-"'- Nelson K. Smith Finance Director Submission ID:EP692493 09/04/2015 12:36:12 CONTINUING DISCLOSURE (SUBMISSION STATUS: PUBLISHED) EVENT FILING (CUSIP-9 BASED) Rule 15c2-12 Disclosure Unscheduled Draw on Debt Service Reserve: Unscheduled draw on Special Reserve Fund on 09-02-15, dated 09/04/2015 Documents Event Filing dated 09/04/2015 AD 05-1 Notice of Listed Event.pdf posted 09/04/2015 The following Issuers are associated with this Continuing Disclosure submission: CUSIP-6StateIssuer Name 057510 CA BAKERSFIELD CALIF IMPT BD ACT 1915 The following 17 securities have been published with this Continuing Disclosure submission: CUSIP-9Maturity Date 057510B3209/02/2007 057510B4009/02/2008 057510B5709/02/2009 057510B6509/02/2010 057510B7309/02/2011 057510B8109/02/2012 057510B9909/02/2013 057510C2309/02/2014 057510C3109/02/2015 Page 1of 2Submission Preview Print 9/4/2015http://dataport.emma.msrb.org/Submission/SubmissionPreviewPrint.aspx?submissionId=EP... 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 057510C4909/02/2016 057510C5609/02/2017 057510C6409/02/2018 057510C7209/02/2019 057510C8009/02/2020 057510C9809/02/2021 057510D2209/02/2022 057510D5509/02/2025 © 2015 Municipal Securities Rulemaking Board (MSRB) Page 2of 2Submission Preview Print 9/4/2015http://dataport.emma.msrb.org/Submission/SubmissionPreviewPrint.aspx?submissionId=EP...