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HomeMy WebLinkAboutAD 12-01 Annual Report No. 5 FY 2016-17$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, 2017 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, 2022 13080TAH5 September 2, 2023 13080TAF9 September 2, 2024 13080TAG7 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: February 26, 2018 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, 2017. 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, 2017, after the September 2, 2017 debt service payment on the Bonds: Reserve Fund: $2,038,209 Revenue Fund: 1 Principal Fund: 0 Interest Fund: 0 Coverage Stabilization Fund: 167,058 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 2017-18 Land Use (1) Parcels Land Structure Total Reassessment Value Value (1) Value (1) Value (1) Amount to Debt Residential 6,865 $570,731,478 $1,714,066,461 $2,284,797,939 $7,737,412 295:1 Commercial/Industrial 93 70,659,051 246,910,573 317,569,624 795,730 399:1 Total 6,958 $641,390,529 $1,960,977,034 $2,602,367,563 $8,533,142 305:1 APPENDIX B Delinquency Information Fiscal Year Number of Parcels Billed Billed Amount Delinquent Amount Percentage Delinquent Number of Delinquent Parcels Total Delinquent Amount as of June 30, 2017 Total Number of Delinquent Parcels as of June 30, 2017 2016/17 7,397 $2,780,700 $7,945 0.29% 20 $19,631 24 2017/18 6,958 $2,708,951 N/A N/A N/A N/A N/A Delinquent Owner Information No delinquent owner holds land subject to more than 5% of the Reassessment liens securing the Local Obligations.