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.