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HomeMy WebLinkAboutAD 01-1 Annual Report #5 FY2005ANNUAL REPORT NO. 5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, 2005 ON X2,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT NO. Ol-1 (MING AT ALLEN/MOUNTAIN VISTA DRIVE/HAMPTON PLACE) LIMITED OBLIGATION IMPROVEMENT BONDS (Final Maturity September 2, 2021, CUSIP~'> No. 057510 TU3) FOR SUBMITTAL TO: NATIONALLY RECOGNIZED MUNICIPAL SECURITIES INFORMATION REPOSITORIES FEBRUARY 27, 2006 PREPARED FOR THE FINANCE DEPARTMENT OF THE CITY OF BAKERSFIELD BY WILSON & ASSOCIATES 7600 NORTH INGRAM AVENUE, SUITE 20 ~¢ FRESNO, CALIFORNIA 93711 ~~ ASSESSMENT ENGINEER FOR ASSESSMENT DISTRICT NO. Ol-1 (559) 436-6644 ~ ~` ~._.-o--~ , ...~.._. (1) Copyright 2005, AmericanBankers Association. CUSIP data herein is provided by Standard and Poor's CUSIP Service Bureau, a division of The McGraw- Hil1Companies, Inc, This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP services. The CUSIP number(s) above are provided for information only. Neither the City nor Wilson & Associates are responsible for the accuracy or completeness of .such numbers. `.) ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, 200, ON $2,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA, ASSESSMENT DISTRICT N0.01-1 (MING AT ALLEN/MOUNTAIN VISTA ~DRIVE/HAMPTON PLACE LIMITED OBLIGATION IMPROVEMENT BONDS TABLE OF CONTENTS DESCRIPTION PAGE INTRODUCTORY STATEMENT ................. .... .... ...:.. .... .... 1 CONTINUING DISCLOSURE OF INFO~TION ON THE ISSUER, THE BONDS AND THE ASSESSMENT DISTRICT FOR THE FISCAL YEAR ENDING JUNE 30,2005 ........................................... ....:............2 I. Summary and Current Status of Any Reported Significant Events or any Prior Failure to Comply V~ith Continuing Disclosure Certificate Covenants ........... . . 2 II. Annual Report Dissemination Agent .......... .................. . . . . . . . . .. 2 III. Issuer's Audited Financial Statement for the Fiscal Year Ended June 3 0, 2005 ....... 2 IV. Response to Items "{b}{i)" through "(b)(vi}" in Issuer's Continuing Disclosure Certificate "Section 4. Content of Annual Reports." . ........................ 2 (b)(i). Principal amount of Bonds outstanding, including principal amount and years of maturity of Bonds, if any, called for redemption in advance of maturity :... 3 (b}(ii). Balances in the Improvement, Redemption and Special Reserve Funds ....... 3 (b}(111). Identification of and information on parcels with any delinquent assessment. installments .. ........................:.............. 3 (b)(iv). A current statement of the status of completion or progress toward completion of the public improvements described in the Official Statement forthe Bonds (the "AD O l -10 S") under the subheading "THE AS SES SMENT DISTRICT AND THE IMPROVEMENTS - Description of the. Community Areas and the Improvements." ..............................:.... ......... 4 29460dCD5TOC -i- 2/27106 DESCRIPTION PAGE (b)(v). A current statement of the land-secured public financin information g summarized in the AD Ol-1 OS under the caption "THE BONDS - Priorit Y • » o Lien. ................... ................................10 (b}(vi). A current statement of the parcel information set forth in columns S through 9, inclusive, of Appendix E to the AD ~01-10 S, for both existing and .future parcels. ...................................... 12 V. Further information that the Issuer has determined may be necessary to make the specifically required statements herein, in the light of the circumstances under which they are made, .not misleading. ...... ............................. 15 MISCELLANEOUS ................................ ..................... 16 Report Appendices Appendix A Issuer's Continuing Disclosure Certificate for Assessment District No. 01-1 . Appendix B Issuer's .Audited Financial Report for Fiscal Year Ended June 3 0 2005 (Filed under separate cover) Appendix C Letters dated February 17, 2006, from Lennar Homes of California, Inc., Transmitting the Current Acquisition Schedule and Describing the Current Status of Completion of the Public Improvements for the Ming at Allen Area and the Mountain Vista .Drive Area Financed by Assessment District No. 01-1 Appendix D Letter dated February 21, 2006, from Hampton Place, L.P., Describin the Current g Status of Completion of the Public Improvements for the Hampton Place Area. Financed by Assessment District No. O 1- l Appendix E Current Assessment and Assessor's Value Data Appendix F Listing of Parcels with Delinquent Assessment Installment(s) as of June 30, 2005 Note: Appendix F table prepared by the Assessment Engineer using data provided by Issuer's .Finance Department Appendix G Current Debt Service Schedule for the Bonds Note: Data in Appendix G table provided by Issuer's Finance Department 29460dCD5TOC -ii- x/27/06 ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, 2005, ON $2,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA, ASSESSMENT DISTRICT N0.01-1 (MING AT ALLEN/MOUNTAIN VISTA DRIVE/HAIVIPTONPLRCE) LIMITED OBLIGATION IMPROVEMENT BONDS INTRODUCTORY STATEMENT This Continuing Disclosure Annual Report No. S (the "Annual Report No. ~") has been prepared pursuant to the covenants set forth in the "Continuing Disclosure Certificate" dated July 19, 2001 (the "Continuing Disclosure Certificate"), the form of which was filed .with the repositories identified by the Securities and .Exchange Commission as "Nationally Recognized Municipal Securities Information Repositories" (the "National Repositories") as Appendix A to Continuing Disclosure Annual Report No. 2 (the "Annual. Report No. 2").for City of Bakersfield Assessment District No . 01-1. The Continuing Disclosure Certificate is attached hereto as Appendix A and incorporated herein by reference to ensure that it is on file with all National Repositories in existence as of the submittal date shown on the cover of this Annual Report No. S. The Continuing Disclosure Certificate was executed .and delivered by the City of Bakersfield,. California (the "Issuer"), in connection with the issuance and sale by the Issuer of $2,460,000 aggregate principal amount of its City of Bakersfield Assessment District No. 01-1 (Ming at A11en/Mountain Vista. Drive/Hampton Place) Limited Obligation Improvement Bonds (the "Bonds"), for Assessment District No. 01-1 (Ming at AllenlMountain Vista DrivelHampton Place) ("AD 01-1 "). The Bonds were issued pursuant to the Improvement Bond Act of 1915, being Division 10 of the California Streets. and Highways Code (the "1915 Act"), the Charter and Municipal Code of the. Issuer, and Resolution No. 088-01 (the "Bond Resolution"), adopted by the City .Council of the Issuer (the "City Council") on June 13, 2001. This Annual Report No. 5 has been prepared for the Issuer's Finance Department by Edward. J. Wilson, a registered Civil Engineer certified by the State of California, doing business as Wilson & Associates, .Fresno, California, the duly appointed Assessment Engineer for AD 01-1 (the "Assessment Engineer"). This Annual Report No. 5 has been prepared pursuant to the requirements of "Section 4. Content of Annual Reports" of the Continuing Disclosure Certificate and contains the financial information and operating data relating to AD 01-1 and to the property in AD 01-1, which, except as otherwise noted herein, is effective as of the June 3 0, 2005 end of the Issuer's Fiscal Year 2004/2005 ("FY04/OS"} to which this Annual Report No. S applies. 29460dCD`SRPT -1- 2/27!06 CONTINUING DISCLOSURE OF INFORMATION ON THE ISSUER, THE BONDS, AND THE ASSESSMENT DISTRICT FOR THE FISCAL YEAR ENDING JUNE 30, 2005 I. Summary and Current Status of Any Reported Significant Events or Any .Prior Failure to Comply With Continuing Disclosure Certificate Covenants According. to the Issuer's Finance Department, no significant events occurred with respect to the Bonds during FY04I05, nor have there been any prior failures to comply with the Continuing Disclosure .Certificate covenants. Reference is made to the Continuing Disclosure Certificate "Section 5. Reporting of Significant Events" for a listing of significant events with respect to the Bonds. IL. Annual Report Dissemination Agent Pursuant to the Continuing Disclosure Certificate "Section 7. Dissemination Agent," the Issuer "may, from time. to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations- under" the Continuing Disclosure Certificate. However, the Issuer has not appointed or engaged a Dissemination Agent.. The Issuer will act as the Dissemination Agent for the distribution of this Annual Report No. S to-the National Repositories. III. Issuer's Audited Financial Statement for the Fiscal Year Ended June 3 0, 2005 A. The "City of Bakersfield Comprehensive Annual Financial Report for the .Fiscal Year Ended June 30, .2005 (Audited)" is filed under separate cover and incorporated herein by reference as "Appendix B -Issuer's Audited Financial Report for Fiscal Year Ended June 3 0, 2005," and is hereafter referred to as "Issuer's Audited Financial Report- FY04/0S." B. THE .ISSUER'S AUDITED FINANCIAL REPORT-FY04/05 IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES AND EXCHANGE COMMISSION STAFF' S INTERPRETATION OF RULE 15c2-12, NO FUNDS OR ASSETS OF THE CITY OF BAKERSFIELD (OTHER THAN THE ASSESSMENTS LEVIED IN THE ASSESSMENT DISTRICT) ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS FROM THE CITY TREASURY TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE CITY IN EVALUATING WHETHER TO BUY, HOLD, OR SELL THE BONDS. IV. Response to Items "(b)(i)" through "(b)(vi)" in Issuer's Continuing Disclosure Certificate "Section 4. Content of Annual Reports." The. following items "(b)(i)" through "(b)(vi)" present the information listed under the Continuing Disclosure Certificate "Section 4. Content of Annual Reports" as items "(b)(i)" through "(b)(vi)," which are the items that the Continuing Disclosure Annual Report shall 29460dCD5RPT -2- 2/7/06 .contain or incorporate by reference. The following items "(b)(i}" through "(b)(vi)" are presented in the same order as the above-referenced "(b)(i)" through ``(b)(vi)" items are presented in Section 4 of the Continuing Disclosure Certificate. Except as otherwise noted below, in each case the following information is "current" as of the June 30, 2005 ending of the Issuer's FY04/O5. (b)(i). Principal amount of Bonds outstanding, including, principal amount and years of maturity of Bonds, if any, called for redemption in advance of maturity: According to Issuer's Finance Department: A. The principal amount of the Bonds outstanding is $2,145,000.00 as of September 3, 2005, after payment by Issuer of the principal for the Bonds maturing on September 2, .2005. The principal amount and years of maturity of the Bonds outstanding are shown in Appendix G, attached hereto and incorporated herein by reference. B. No Bonds had been called for redemption. in advance of maturity. C. The Bonds have. not been defeased as of the date of this Annual Report No. 5. (b)(ii). Balances in the Improvement, Redemption and Special Reserve Funds: According to Issuer's Finance Department, as of June 30, 2005, the referenced Fund balances were as follows: A. The Improvement Fund: $830,748.28 B. The Redemption Fund: $146,528:08 C. The Special Reserve Fund: $215,672.50 Note: The original Special Reserve Fund .established by the Issuer from the Bonds proceeds, was in the amount of $215,672.50. (b)(111). Identification of and information on parcels with any delinquent assessment installments: A. The amount delinquent (exclusive of late charges and monthly penalties. for reinstatement); B. The date (December 10 or April 10) of the first delinquency; C. In the event a foreclosure complaint has been filed respecting such delinquent parcel and such complaint has not yet been dismissed, the date on which the complaint was filed in the Fern County Superior Court; D. In the event a foreclosure sale has occurred respecting such delinquent parcel, a summary of the results of such foreclosure sale.. 29460dCD5RPT -3- 2127/06 The Issuer's Finance Department, has provided the following information in response to Continuing Disclosure Certificate Section ~.(b)(iii): 1. -For the preceding items IV.(b)(iii).A and IV.(b)(iu).B: The table entitled "Continuing Disclosure Annual Report No. 5, City of Bakersfield Assessment District No. 01-1, Listing of Parcels with Delinquent Assessment Installment(s) as of June 30, 2005," attached hereto as Appendix F and incorporated herein by reference, presents the list of parcels in AD 01-1 that on June 3 0, 2005, had. delinquent assessment installments(s). Each parcel is identified by its assigned AD 01-1 Assessment Number and by its Kern County Assessor's Tax Number ("ATN"). Appendix F .shows the total amount of assessment principal, interest, and handling .charge delinquent (exclusive of any late charges or penalties for reinstatement) for each parcel and the date (December 10 or April 10) of the first delinquency. The Appendix F table has been prepared by the Assessment ,Engineer from data provided by the Issuer's Finance Department. 2. For the preceding items IV.(b)(iii).C and IV.(b)(iii).D: According to Issuer's Finance Department, as of June 3 0, 2005, no foreclosure complaint had been filed by the Issuer respecting the delinquent parcels shown in Appendix F. Pursuant to the Bond Resolution, the Issuer will, by no later than October l 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 uncured assessment delinquencies for the preceding~fiscal year exceeds five percent (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. Neither of these two conditions have been met .and, accordingly, a foreclosure complaint had not been filed as of the date of this Annual Report No. 5. Also, since no foreclosure complaint has been filed, no foreclosure sales have occurred through the date of this Annual Report No. 5. (b}(iv). A current statement of the status of completion or progress toward completion of the public improvements described in the Official Statement for the Bonds (the "AD 01-1 0 S"} under the subheading "THE ASSESSMENT DISTRICT AND THE IMPROVEMENTS - Description of the Community Areas and the Improvements." A. Appendix C, attached hereto and incorporated herein, includes copies of the letters dated February 17, 2006 (the "February 17 Letters"), addressed to the Issuer's Department of Public Works ("City Public. Works") and sent by Lennar Homes of California, Inc., the successor of Coleman Homes, Inc. ("Coleman ,Homes"}, Bakersfield, California, the .developer responsible for the design and construction administration of the AD 01-1 Ming at A11en Area and Mountain Vista Drive Area improvements financed by AD 01-1 that are to be constructed 29460dCD5RPT -4- 2127106 by Coleman Homes, and/or its subsidiaries Communities at River Oaks, LLC, and Campus Park, LLC, and any successors thereto (collectively "Lennar"), and acquired by the Issuer using proceeds from the sale of the Bonds. Lennar has prepared, or is preparing, the.. improvement constriction plans for the improvements financed by AD 01-1. Transmitted with the February 17 Letters from Lennar and also- included in Appendix C are tables entitled "Exhibit "A," Assessment District 01-1, Acquisition Schedule" (the "Lennar Current Acquisition Schedules"). The referenced February 17 Letters and Lennar Current .Acquisition Schedules summarize the current .status of all of the AD 01-1 public improvements for the Ming at Allen Area and the Mountain Vista Drive Area, described at pages 16 and 17 of the AD Ol-1 OS. The descriptions of the improvements contained in the ADO 1-1 0 S for the'ng at Allen. Area and the Mountain Vista Drive Area are restated below, followed in each case by a summary of their current status of completion, or progress toward completion, by reference to the information contained in Appendix C or as provided by City Public Works.. The term "Engineer's Report" used herein refers to the Engineer's Report for AD 01-1 prepared by the Assessment Engineer and on file with the Issuer. 1. Ming at Allen Area: The Ming at Allen Area boundaries encompass a 109.78-acre block of land that is planned for subdivision intro a combined total of 259 R-1 lots ... a~ storm drain sump,. and a school site pursuant to .Tentative Tract No. 5957, Tentative Tract No. 6032, and Tentative Tract No. 6034.... all of the Improvements for the Ming at .Allen Area are improvements related to the development of those subdivisions and are generally described as improvements in and along River Run Boulevard that are required, or expected ... to be required to be constructed, as conditions of approval for .those subdivisions. The general location and extent of the planned Improvements along River Run Boulevard include completion from the Assessment District easterly boundary to Ming Avenue of the entire street to its full design width complete with .street paving, curb and gutter, 6-foot wide meandering sidewalk on the north/northwest side of the street, 5.5-foot wide standard sidewalk on the south/ southeast side of the street, street lights, 6-foot high subdivision block .wall, 400 feet of road median at the southern end of River Run Boulevard, 12-inch diameter water main, and 30- and 36-inch diameter storm drain pipeline with catch. basins, manholes. and an outlet structure. Also included. in the scope of Ming at Allen Area Improvements are ...incidental costs for design engineering, construction .staking, soils analysis and testing, and general contractor supervision and overhead, all as itemized in the Engineer's Report. 29460dCD5RPT -5- 2/27/06 Reference to the February 17 Letter in Appendix C pertaining to the Ming at Allen Area improvements will show that the Ming at Allen Area improvements have been completed. An "Application and Certificate of Payment" for a portion of these improvements (along the River Run Boulevard frontage of Tract No. 5957 on both sides of the street) was filed by Lennar with City Public V~orks on April 28, 2004 (and updated on June 9, 2004). Information provided by Cit y Public Works confirms that the Tract No . 5 95 7 River Run Boulevard improvements have been completed and are in conformance with the scope of improvements described in the AD 01-105. The Lennar total cost to construct the Ming at Allen Area Tract No. 5957 River Run Boulevard improvements was $3 94, 674.00. The total acquisition amount funded by ADO 1-1 for all Ming at A11en Area River Run Boulevard improvements was $926,113.00, and the total acquisition price paid by the Issuer for the completed improvements was $394,674.00 ($531,439.00 ,below the $926,113.00 total funding authorized by AD 01-1 for the.. Ming at Allen Area Improvements). The $531,439.00 difference is reserved for payment of the River Run Boulevard improvements along the frontages of Tract No. 6032 and Tract No. 6034, on both sides of the street. An "Application and Certificate of Payment" for the remaining River Run Boulevard .improvements was filed by Lennar with City Public Works on July 9, 2004. However, as of the June 3 0, 2005 end of the Issuer's FY04105 to which this Annual Report No. 5 applies, City Public Works had not. finalized an acquisition payment for those Tract No. 6032 .and Tract No. 6034 River Run Boulevard improvements due to outstanding issues needed to be resolved by Lennar, and the total acquisition cost for those improvements is not included in this Annual. Report No. 5: 2. Mountain Vista Drive Area: .The Mountain Vista- Drive Area boundaries encompass a 26.76-acre block of land that is planned for subdivision into 123 R-1 lots pursuant to Tentative Tract Map No. 6008. all of the improvements in the Mountain Vista Drive Area are improvements related to the development of that subdivision and are generally described as improvements along the easterly (Mountain Vista Drive) .frontage and southerly, (Southern Pacific Railroad) boundary of the Mountain Vista Drive .Area and as on-site sanitary sewer and water improvements within the Mountain Vista Drive Area that are required, or are expected ... to be required to be constructed, as conditions of approval for this subdivision. The general location and extent of the planned Improvements along the Mountain Vista Drive .frontage of the .Mountain Vista Drive Area include completion from ,the northern to the southern Tentative Tract No. 6008 boundary (except for the school site. parcel frontage) of the southbound half of the street (west half of the street) to its full design width, complete with street paving, curb and gutter, 5.5-foot wide standard sidewalk, 29460dCD5RPT -6- 2/Z7/06 and subdivision block wall. The general location and extent of the planned Improvements along the Southern Pacific Railroad frontage of the Mountain Vista Drive Area include completion of a 6-foot high subdivision block wall along the southerly boundary of said Tentative Tract No. 6008. The scope of the Mountain Vista Drive Area on-site Improvements include the installation of the 6- and fl- inch diameter sewer mains in all streets in Tentative Tract No. 6008, and approximately 1,750 feet of 12-inch diameter water main in Tentative Tract No. 6008 "Phase 1" in Anacostia way and Bluestone Drive. Also included in the scope of Mountain Vista Drive Area Improvements are ...incidental costs for design engineering, construction staking, soils analysis and testing, ~ and general contractor supervision and overhead, all as itemized in the Engineer's Report. Reference to the February 17 Letter in Appendix C pertaining to the Mountain Vista Drive Area improvements will show that the Mountain Vista Drive Area improvements have been completed. An "Application and Certificate of Payment" for these improvements was filed by Lennar with City Public works on December 13, 2002 (and updated on July 24, 2003). Information provided by City Public works confirms that the Mountain Vista Drive Area Improvements have been. completed and, except for the modifications described below, are in conformance with the scope of improvements described in the AD 01-1 O.S. The Lennar total cost to construct the Mountain Vista Drive Area Improvements was $355,378.25. The total acquisition amount funded by AD 01-1 is $328,987,00 and the total acquisition price paid by the Issuer for the improvements was $328,987.00. The $26,391.25 portion of the total, cost above the acquisition price paid by the Issuer is the Lennar contribution toward the AD O 1-1 acquisition of those improvements. Therefore, pursuant to the information presented above, all of the Mountain Vista Drive Area improvements have been completed by Lennar and acquired by the Issuer. within the limits of available AD 01-1 funds. The above-referenced modifications to the scope of improvements described in the AD O 1-1 OS are. summarized as follows: after confirmation of the AD O 1-1 assessment it was determined that the. block .wall along the Mountain Vista Drive Area Tract No. 6008 southern boundary is not eligible for acquisition by the Issuer since it is confirmed that it is not located in the public right-of-way and that it will not b e maintained by the Issuer. As requested by Lennar and as approved by the Issuer, additional quantities of the items, approved in the scope of work shown in the ADO 1-1 Engineer's Report have been added to the total acquisition amount shown in said December 13, 2002 application and were approved for payment by the Issuer (up to the total amount of the actually constructed improvements). 29460dCD5RPT -7- 2/27106 B. Appendix D, attached hereto and incorporated herein, includes a copy of the letter dated February Z 1, 2006 (the "February 21 Letter"), addressed to City Public .works and sent by Hampton .Place, L.P., Bakersfield, California ("Hampton Place"), the developer responsible for the design and construction administration of the AD 01-1 Hampton Place Area improvements financed by AD 01-1 that are to be constructed by Hampton Place, and acquired by the Issuer using proceeds from the sale of the Bonds. The referenced February 21 Letter summarizes the current status of all of the AD 01-1 public improvements for the Hampton Place Area, described at page 17 of the AD O l -10 S . The description of the improvements contained in the AD 01-10 S for the Hampton Place Area is restated below, followed by a summary of the current status of completion, or progress toward completion, by reference to the information contained in Appendix D or as provided by City Public Works. Hampton Place Area: The Hampton Place Area boundaries encompass a 67.3 7-acre block of land that is planned for subdivision into a combined total of 15,4 R-1 lots, a storm. drain sump, and a Water well site pursuant to .Tentative Tract No. 6007 and Tentative Tract No. 6033 .... all of the Improvements for the Hampton Place Area are improvements related to the development of those subdivisions and are generally described as improvements along. the easterly (Allen Road) frontage, northerly (Palm Avenue) frontage, and westerly (Jenkins Road) frontage of the Hampton Place Area that are required, or are expected ... to be required to be constructed, as conditions of approval for those .subdivisions. The general. location and extent of the planned Improvements along the Allen Road frontage of the Hampton Place Area include the construction from the Tentative Tract No. 6007 southerly boundary and extending northerly therefrom to Palm Avenue of the southbound half of Allen Road (west half of the street) to its full design width complete with street excavation, paving, curb and gutter, 5.5-foot wide standard sidewalk, street lights, street signs, 6-foot high subdivision block wall, and 12-inch diameter water main with appurtenances from atie-into the existing water line at Overton Street to Old Town Road in Tentative Tract No. 6007. The general location and extent of the planned Improvements along the Palm ' Avenue frontage of Tentative Tract No. 6007 in the Hampton Place Area include construction from Allen Road on the east to the Tentative Tract No. 6007 westerly boundary on the west of the eastbound half of Palm Avenue (south half of the street) to its full design width complete with street excavation, paving, curb and gutter, 5.5-foot wide standard sidewalk, street lights, street signs, and a 6-foot high subdivision block wall. The general location and extent of the planned Improvements along the Palm Avenue frontage and 29460dCD5RPT -S- 2/7/06 along the Jenkins Road frontage of Tentative Tract No. 6033 in the Hampton Place Area include construction of a 6-foot high subdivision block wall (with 1- to 2-foot retaining wall where necessary}. Also included in the scope of Hampton Place Area Improvements are City of Bakersfield Water Inspection Fees and ...incidental costs for design engineering, construction staking, soils analysis and testing, and general contractor supervision and overhead, all as itemized in the Engineer's Report. Reference to the February 21 Letter in Appendix D will show that a portion of the Hampton Place Area improvements, referred to in the February 21 Letter as the "Allen Rd. improvements" (and as the "Allen Road Improvements" in the Engineer's Report), have .been completed. An "Application and Certificate of Payment" for these improvements. was filed by Hampton Place with City Public Works on January 29, 2002. Information provided by City Public Works confirms that the Allen Road improvements have been completed and are in conformance with the scope of improvements described inthe AD Ol-1 OS. The Hampton Place total cost to construct the Hampton Place .Area Allen Road improvements was $324,465.00. The total ,acquisition amount funded by AD 01-1 is $3 22, 03 6.00 and the total acquisition price paid by the Issuer for the improvements was $322,036.00. The $2,429.00 portion of the total cost above the acquisition price p-aid by the Issuer is the Hampton Place contribution toward the AD O 1-1 acquisition of those improvements. Therefore, pursuant to the .information presented above, all of the Allen Road Hampton Place Area .improvements have been completed by Hampton Place and acquired by the Issuer within the limits of available AD 01-1 funds. Reference to the February .21 Letter in Appendix D will also show that a portion of the Hampton Place Area improvements, referred to in the February 21 Letter as the "Palm Ave. improvements in phase 3 of tract 6007" (and as the "Palm Avenue Improvements (Tract No. 6007 Frontage)" in the Engineer's Report), have been completed. An "Application and. Certificate of Payment" for these improvements Was filed by Hampton Place with City Public Works on April 5, 2004. Information provided by City Public Works confirms that said Palm Avenue improvements have been. completed and are in conformance with the scope of improvements described in the AD 0 l -10 S . The Hampton Place total cost to construct the Hampton Place Area Palm Avenue (Tract No. 6007 Frontage) improvements was $355,642.97. The total acquisition amount funded by AD 01-1 is $284, 505.00 and the total acquisition price paid by the Issuer for the improvements was $284, 505.00. The $71,137.97 portion of the total cost above the acquisition price paid by the Issuer is the Hampton Place contribution toward the AD O 1-1 acquisition of those improvements. Therefore, pursuant to the information presented above, all of -the Palm Avenue (Tract No. 6007 Frontage) Hampton Place Area improvements have been completed by Hampton .Place and acquired by the Issuer within the. limits of available AD 01-1 funds. Reference to the February 21 Letter will also show that portions of the Hampton Place Area improvements, referred to in the 29460dCD5RPT -9- x/27/06 February 21 Letter as the "Palm Ave. and Jenkins Rd. (Tract 603 3 )" (and as the "Palm Avenue and Jenkins Road Improvements (Tract No. 6033 Frontage)" in the Engineer's Report), have been completed. An "Application and Certificate of Payment" .for these improvements was filed by Hampton .Place with City Public Works on June 16, 2005. Information. provided by City Public Works confirms that said Palm Avenue and Jenkins Road improvements have been completed and are in conformance. with the scope of improvements described in the ADO 1-105. The Hampton Place total cost to construct the Hampton Place Area Palm Avenue and Jenkins Road (Tract No. 6033 Frontage} improvements was $13 6, 656, 00. The total acquisition amount funded. by AD 01-1 is $131,841.00 and .the total acquisition price. paid by the Issuer for the improvements was $131,841.00. The $4,815.00 portion of the total cost above the acquisition price paid by the Issuer is the Hampton Place contribution toward the AD 01-1 acquisition of those improvements. Therefore, pursuant to the information presented above, all of the Palm Avenue and Jenkins Road (Tract No. 6033 Frontage) Hampton Place Area improvements have been completed by Hampton Place and acquired by the Issuer within the limits of available AD 01-1 funds. With the completion and acquisition of the Palm Avenue and Jenkins Road (Tract No. 6033 Frontage) improvements, all of the Hampton Place Area improvements have been completed by Hampton Place and acquired by the Issuer within the limits of available AD 01-1 funds, and those completed and acquired improvements are in conformance with the scope of work described in the AD 01-105. (b)(v). A current statement of the land-secured public financing information summarized in the ADO 1-1 OS under the subheading "THE BONDS -Priority of Lien." A. The land-secured public financing information summarized on page 10 of the ADO 1-10 S under the subheading "THE B OND S - Priority of Lien," is restated below: Each assessment (and any zeassessment) and each installment thereof, and any interest and penalties thereon, constitutes a lien against the .parcel of land on which it was imposed until the same is paid. Such a lien is subordinate to all fixed special assessment liens .previously imposed upon the same property, but has priority over all private liens and over all fixed special assessment liens that may thereafter be created against the property. Such a lien is co-equal to and independent of the lien for general property taxes and special taxes, including, without limitation, special taxes .created pursuant to the Mello-Roos Act, whenever created against the property: None of the property in the Assessment District is presently subject to any other special assessment lien created under the 1913 Act. The property within the Hampton Place Area is, however, subject to an 29460dCD5RPT -10- 2!27/06 existing special tax lien created by CFD No. 92-1 under the Mello-Roos Act. Although the. property within the Assessment District is also located within AD 96-2, the outstanding assessment lien imposed by AD 96-2 has been fully paid. In addition, a portion of the property within the Ming at Allen Area is located within the existing AD 99-1. Pursuant to AD 99-1 Assessment and Diagram Amendment No. 14, however, such portion of the Ming at Allen Area was not. allocated a share of the AD 99-1 assessment amount. Therefore, there are no prior special assessment liens against the parcels in the Assessment District that secure payment of the Bonds. As described above, the property within the Hampton Place Area is subject to an existing special tax lien, created by Community Facilities District No. 92-1 of the RNR School Financing Authority. ("CFD No. 92-1") under the Mello-Roos Community Facilities Act of 1982, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the "Mello-Roos Act"). CFD No. 92-1 includes territory from the Rosedale Union School District, the Norris School District, and the Rio Bravo-Greeley Union School District. CFD No. 92-1 special taxes will be used to finance, or used as security for bonds issued to finance, the construction of elementary, middle, and other authorized school facilities within CFD No. 92-1. The CFD No. 92-1 special taxes are payable, .however, regardless of whether any bonds are issued. No other AD 01-1 property other than the Hampton Place Area is currently subj ect to the CFD No. 92-1 special taxes. The amount of special taxes, if any, to which property in CFD No. 92-1 is subject varies based upon the zoning, the entitlements, and the type and level of development of such property. For the fiscal year ending June 30, 2006, the properties in the Hampton Place Area of AD 01-1 are subject to the following CFD No. 92-1 special taxes : No special taxes are collected from property for which no final tract map. had been recorded. Upon recordation of a final tract map and if no building permit has been issued for a subdivision lot prior to March 1, 2005, an annual special tax of $126.82 (which may be increased by 2% each fiscal year) per subdivision lot net acre of subject property is payable. Upon the issuance of a residential building ,permit for a lot, or parcel prior to March 1, 2005, cone-time charge of $1.25 (which may be increased each fiscal year based upon the percentage change in a designated construction cost index) per building square foot is payable, and such parcel is subject to an annual special tax payment of $497.18 (which may be increased by 2% each fiscal year). In the alternative, at the time of issuance of such residential building permit, the owner of such parcel may prepay a specified amount, in which case the one-time charge and annual special tax described above will not be levied on such parcel. The prepayment amount is currently $9,254.15 (which may be increased each fiscal year based upon the percentage change in a .designated construction cost index}. All Hampton Place Area assessed properties have single-family residential land use designation. 29460dCD5RPT -11- 2/27/06 Therefore, there are no ADO 1-1 properties that are subject to the multi-family residential, commercial, or industrial land use designation CFD No. 92-1 special tax rates. Accordingly, the CFD No. 92-1 multi-family residential, commercial, or industrial land use designation parcel. special tax rates are not. presented in this Annual Report No. 5. The .Hampton Place Area of AD 01-1 is fully subdivided ,into residential lots, and all of the. existing subdivision lots or parcels are subject to the levy of the CFD No. 92-1 special taxes at the rates as described above, unless the special tax obligation for each new lot or parcel is prepaid at the time a building permit for the lot or parcel is issued. B. The Issuer has reported that as of the date of this Annual .Report No. S, there are no other special tax or assessment liens against the parcels in AD 01- l . Therefore, none of the assessments against property in AD O 1-1 that secure the Bonds is subordinate to any other f xed special assessment liens. However, the CFD No. 92-1 special tax lien on property in the ADO 1-1 Hampton Place Area ranks on a parity with the assessments that secure payment of the Bonds. (b)(vi). A current statement of the parcel information set forth in columns 5 through 9, inclusive, of Appendix E to the AD 01-1 OS, for, both existing and future parcels. The table entitled "Annual Report No. 5, City of Bakersfield Assessment District No. 01-1, Current Assessment and Assessor's Value Data," attached hereto as Appendix E and incorporated herein by reference (the "Current Appendix E"), presents the current valuation and assessment data, for every AD 01-1 parcel of record (as of June. 30, 2005). in the five (S) columns of the table that are grouped under the heading "Parcel Current Assessment and Assessor's Value Data for Fiscal Year Ending 06/30/O5." This group of five columns (the "Current Data Group") presents -the information required by the Continuing Disclosure Certificate to be included in this and successive Annual Reports for AD 01-1. Reference is made to the. Current Data Group in the Current Appendix E -table and to the notes and references thereon for further details on the current "Total Values (Assessor's Land + Improvement} (5}," "Remaining Assessment Balance (6}," and "Assessor's Value/Lien (7)".ratio for every AD 01-1 .parcel with a still remaining .assessment lien principal balance amount. A summary of the current parcel information contained in the Current Appendix E table is presented below: A. As generally described in Note (3) of the Current Appendix E, the parcel .assessment amounts listed in "Column 3" of the AD 01-1 0 S Appendix E, entitled. "AD 01-1 Assessment Amount (3}," are the originally confirmed parcel assessment amounts totalling $2,500,000.00. Since all of the AD 01-1 property owners submitted written waivers of the 30-day assessment cash payment period, no assessments were paid in full, or in part, prior to issuance of the Bonds. The Issuer's Finance Department has recalculated the originally confirmed 29460dCD5RPT ~ -12- x/27106 assessment amounts because of the fact that the $2,460,000.00 total amount of the Bonds sold on July 12, 2001, vas $40,000.00 less than the $2,500,000.00 total amount of the unpaid parcel assessment liens. That $40,000.00 share of the original total unpaid assessment lien amount that was not used to secure the Bonds has been apportioned among the AD 01-1 parcels as an original unpaid assessment reduction credit, in direct proportion to each parcel's share of the total original unpaid .assessment lien amount.. The apportioned credit was deducted from each parcel's original unpaid total assessment, and those lower "adjusted" parcel assessment amounts are also. the amounts shown in Column 3 of the attached Current Appendix E entitled "AD 01-1 Assessment Amount (3}." The .lower "adjusted" parcel assessment amounts were used to calculate each parcel's "Appraised Value/Lien (4)" ratio that is shown on Current Appendix E, Column 4. Therefore, the Current Appendix E parcel "Appraised Value/Lien (4)" ratio is higher for each parcel than the "Appraised Value/Lien" ratio for the same parcel that is shown on Appendix E of the AD 0l -1 0 S . Each parcel's .Original Appraised Value/Lien ratio, as shown in the Current Appendix E, will not change in future annual reports submitted for AD 01-1. B. As described in Note (6) of the Current Appendix E, the remaining assessment amounts shown for each AD 01-1 parcel in Column 8 "Remaining Assessment .Balance (6)"were calculated by Issuer's Finance Department and, except for the parcels shown in Appendix F to this Annual Report No. 5, are equal to each parcel's remaining assessment principal amount effective January 1, 2005,. at the . beginning of the 2005/2006 property tax year. The amounts shown in Column 8 of the Current Appendix E for the thirteen parcels shown in Appendix F to this Annual .Report No. 5 include each of those parcel's total ~ delinquent bond principal share effective June 3 0, 2005. Therefore, the grand total amount for Column- 8 that is shown in the last row on page 10 of the Current Appendix E table, .entitled "Assessment District Totals/Overall," of $2,146, 073.02 is higher by the $1,073.02 combined total. amount of delinquent principal installments included in the Appendix F delinquent installment amounts than the $2,145,000.00 total remaining principal amount for all unpaid assessments (the "Total Unpaid Principal"). The Total Unpaid Principal amount is equal to the $2,145,000.00 .total principal amount of the Bonds outstanding after the September 2, 2005 regular principal payment on the Bonds. C. The "Assessor's Tax Number (ATN) or Description" and "Owner's Name (5)" information presented in the .attached Current Appendix E table are the ATN's and. owner names for AD 01-1 parcels as they were shown on the records of the Assessor of the County of Kern, California (the "Assessor") for the Assessor's Ownership Roll for the 2005/2006 Tax Year (the "Assessor's Roll"). D. For FY04105, to which this Annual Report No. 5 applies, one (1} new land division of assessed parcels in AD 01-1 was recorded. For each land division 29460dCD5RPT -13- 2/27/06 recorded within AD 01-1 since the AD 01-1 original assessment was ,approved, the Assessment Diagram showing the "as existing" parcel configuration has been amended to show the configurations of the new parcels created by the land division and to assign a new, amended Assessment Number to each new parcel. In addition, the adjusted assessment lien for each subdivided "as existing" parcel has been segregated and apportioned to the new lots or parcels created by the land division, and a separate lien is recorded on each new lot or parcel in the amount of its apportioned share of the total remaining assessment principal balance for. the "as existing" parcels. The subdivided "as existing" parcels are identified on the Current Appendix E table by a note in the "Assessor's Tax Number (ATN) or Description" and "Owner's Name (5}" columns, which states "Deleted from the Roll by Amendment No. --See Note L~}." If the subdivided "as existing" parcel was an originally assessed parcel that existed at the time the Notice of Assessment for AD 01-1 was recorded, then the assessment and valuation data for the subdivided "as existing" parcel is shown in the Current Appendix E under the "Original Value/Lien Data as of 07/2001 (Not Updated to Current Year Values)" column group (the "Original Data Group"). However, for each originally assessed parcel that has been subdivided, the abbreviation "NIA-2" is entered into its corresponding five columns of the .Current Data Group shown on the Current Appendix E table. Conversely, if the subdivided "as existing" parcel was created by a prior land division and is not an originally assessed parcel, then the abbreviation, "NlA-4" is entered in each of the parcel's Original Data Group columns in the Current Appendix E table, indicating that the parcel did not exist at the time the Notice of Assessment for AD 01-1 was recorded. The same "NIA-4" note is also entered for those parcels in each of their Current Data Group columns, because the "as existing" parcel's "Remaining Assessment Balance" has been apportioned to the new lots created by the subdivision of the "as existing" parcel. The new lots created by the subdivision of an "as existing" parcel also have the abbreviation "NIA-4" in their Original Data Group columns indicating the new lot did not exist at the time the original assessment lien was recorded, while their Current Data Group columns show each new lot's apportioned share of the "as existing" parcel's Remaining Assessment Balance and either the new lot's current Assessor's valuation data or the Note "NIA-3" .indicating no Assessor's data for the lot was available at the time this Annual Report No. S was prepared. The Note ``N/A-1" in the Current Appendix E table refers tonon-benefited and non-assessed parcels and to parcels paid off after the original assessments were confirmed but before June 30, 2005. The Notes and References on the Current Appendix E pages 11 and 12 describe all of the abbreviations contained in that table. E. The four columns on the attached Current Appendix E table that are grouped ...under the Original Data Group present the parcel data available at the time the Bonds were sold. The data shown in the "Assessor's Land Value (1)" column of the Original Data Group is each parcel's Assessor's Land Value as shown on the 29460dCD~RPT --14- 2/7/06 Assessor's Roll that was used to prepare the 2001/2002 regular property taxes. The Assessor's Land Values shown in the Appendix E table of the AD 01-105 were not used to calculate the "Appraised Value/Lien" ratios shown in "Column 4" of that original Appendix E table, but were provided ~ only for reference as baseline Assessor's Land Values at the time the Bonds were sold. Parcels for which no Assessor's Land Values were available at the time the AD 01-1 0S was prepared have the, note "It wasn't available" in the "Assessor's Land Value (1)" column of the Current Appendix E. F. Each parcel's Assessor's Value to Assessment Lien Ratio for FY04105 is shown on the Current Appendix E table in the Current Data Group in the "Assessor's Value/Lien (7}" column. That ratio has been calculated as the ratio of the parcel's "Total Values. (Assessor's Land + Improvement) (S)" amount to its "Remaining Assessment Balance (b)" amount. Reference should be made to the Original Data Group "Assessor's Land Value (1)" and to the, Current Data Group "Total .Values (Assessor's Land. + Improvement) (5)" columns on the Current Appendix E table for a comparison of original and current parcel Assessor's valuations, where applicable. This Annual Report No. S makes no representation with regard to current retail valuations for the AD 01-1 properties. G. As stated in Annual Report .No. Z, beginning with that annual report and continuing .for all -future annual reports, the AD 01-1 parcels will be listed in Current Appendix E by sequential Assessment Number.. Also beginning with Annual Report No. 2, a new column has been added to the Current Appendix E ,between the "Owner's Name (5)" and "Assessor's Land Value (1)" columns, entitled "Dist. Area Code (8)." A code abbreviation for each of .the three AD 01-1 District .Areas has been added to the data listed for each parcel to identify theDistrict Area (Ming at Allen as "MAL," Mountain Vista Drive as "MVD," and Hampton Place. as "HP") in which each parcel is located. This Annual Report No. 5 shows, and all future versions of Current Appendix E will show, the District Area Subtotal amounts for the Original Data Group and Current Data Group columns on -the table's last data page, along with subtotals of data for the "Communities at River Oaks, LLC (and successors) Owned" ATN's, "Campus Park, LLC (and successors) Owned" ATN's, "Hampton Place, LLC Owned" ATN's, and the "Owned by Others" group of ATN's. V. Further information that the Issuer has determined may be necessary to make the. specifically required statements herein, in the light of the circumstances under which they are made; not misleading. No information .beyond that provided in this Annual Report No. S is necessary to make the statements and information provided herein, in the light of the circumstances under which they are made, not misleading. 29460dCD5RPT -15- 2/27/06 MISCELLANEOUS The foregoing information on the current status of AD 01-1 and .all references to other materials not purporting to be quoted in full are only brief outlines of some of the provisions thereof and do not purport to summarize or describe all of the provisions thereof, and reference is made. to said documents for .full and complete statements of their provisions. The appendices hereto are p-art of this Annual Report No. 5, whether attached in their entirety or attached by reference to the document already on file with the National Repositories. Any statement in this Annual Report No. S involving matters of opinion, whether or not expressly so stated, are intended as such and not as representations of fact. This Annual Report No. 5 is not to be construed as a contract or agreement between the Issuer and the .owners of any of the Bonds. The execution and delivery of this Annual Report No. S has been duly authorized by the Issuer City of Bakersfield By Nelson K, Smith, Finance Director 29460dCD5RPT -16- 2127/06 ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING. JUNE 30, 2005 ON $2,460,000 PRINCIPAL AMOUNT OF .CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.01-1 (MING AT ALLEN/MOUNTAIN VISTA DRIVE/HAMPTON PLACE) LIMITED OBLIGATION IMPROVEMENT BONDS APPENDIX A ISSUER'S CONTINUING DISCLOSURE CERTIFICATE FOR ASSESSMENT DISTRICT NO. Ol-1 1 $2,460,000 CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.01-1 (MING AT .ALLEN/MOUNTAIN VISTA DRIVE/HAMPTON PLACE} _ LIMITED OBLIGATION IMPROVEMENT BONDS CITY CONTINUING DISCLOSURE CERTIFICATE This Continuing Disclosure Certificate (the "Disclosure Certificate"} is executed and delivered by the City of Bakersfield (the "City"} in connection with the issuance by the City of $2,460,000 in ..aggregate principal amount of the above-referenced bonds (the "Bonds") for Assessment Distract No: 01- 1 (Ming at AllenlMountain Vista Drive/Hampton Place} (the '`Assessment District"). The Bonds are being issued pursuant to a resolution authorizing issuance. of the Bonds, being Resolution. No. 088-01 (the "Resolution"), adopted by the City Council. of the.City on June 1.3, 2001. The City covenants and .agrees as follows: Section 1. Purpose of the Disclosure Certificate, This Disclosure Certificate is being executed and delivered by the City for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participafing Underwriter in complying with Securities and Exchange Commission Rule 15c2-12(b}(5), as amended. Section 2. Definitions, In addition to the definitions set forth above and in the Resolution, which apply to any capitalized term used in this Disclosure Certificate, unless otherwise defined in this section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean .any Annual Report provided by the City pursuant to, and as . .described in, Sections 3 and 4 of this Disclosure Certificate. "Beneficial Owner" shall mean any person who has the power, directly or indirectly, to vote or consent with respect to, .or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories, or other intermediaries). ``Dissemination Agent" shall mean the City, or any successor Dissemination Agent designated in writing by the City and which. has filed with the, City a written acceptance of such designation. "Fiscal Year" shall mean the 12-month period beginning on July 1 and ending on the next following .June 30, unless and until changed by the City. ``Holder" shall mean either the registered owner of any Bond, or, if the Bonds are registered in the name of DTC or another recognized depository, any Beneficial Owner or applicable participant in its depository system. . ~ ``Listed Events" shall mean any of the events listed in Section 5(a) of this Disclosure Certificate. '`National Repository" shall mean any Nationally Recognized Municipal, Securities Information Repository for purposes of the Rule. As of the date of this .Disclosure Certificate, the following are National Repositories: . ?0325165 I.DOC 1 Bloomberg i1~Iunicipal Repositories P.O. Box 840 . Princeton, NJ 48542-0840 Phone; (b09) 219-3225 Fax: (609} 279-5962 Email: Munis@Bloomberg.com DPC Data Inc. One Executive Drive Fort Lee, NJ 07024 .Phone: X201) 346-0701 Fax: (201) 941-0.107 Email: nrmsir@dpcdata,com Interactive Data . Attn: R . epository . 100 Williams Street New York, NY 1003 8 Phone: {212} 771-6899 Fax: {212) 771-13 90 . Email: NRMSIR@interactivedata.com . Standard & Poor's J.J. Kenny Repository ~ ~ water Street 45th Floor New York, NY 10041 Phone: (2.12) 438-4595 Fax: (212) 438-3975 Email: iumsir repository@sandp.com "Official Statement" shall mean the final Official Statement, dated July 12, 2001, pertaining to the Bonds. . "Participating Underwriter" shall mean Sutro & Co. Incorporated, and any other. on final g underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds, '`Repository" shall mean each National Repository and each State Repository. "Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. `'State Repository" shall mean any public or private repository or entity designated by the State of California as a state repository .for the purpose of the Rule and recognized as ,such by the Securities and Exchange Commission. As of the date of this Disclosure Certificate, there is no `State Repository. Section 3. Provision of Annual Reports. {a) The City shall, or shall cause the Dissemination Agent to, not later than nine (9) months after the end of the City's Fiscal Year (i.e., currently not later than April 1 of each year), commencing with the re ort for e 20 0 th 0 /2001 Fi c p sal Year, provide to each Repository an Annual Report which is . consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may. be 203ZSt65_I.DOC 2 submitted as a single document or as separate documents comprising a package, and may include by reference other. information as provided in Section 4 of this Disclosure Certificate: rovided that the p audited financial statements of the -City may be submitted separately from the balance of the Annual Report, and later than the date required above for the filing of the Annual Report if not available by that date. If the City's Fiscal Year changes, it shall give notice of such change in the same manner as for a Listed Event under Section ~(c). (b} Not later than fifteen (1 ~} Business Days prior to the date required in subsection (a), the City shall provide the Annual Report to the Dissemination. Agent (if other than the City).. If the Ci is unable to provide to each Repository an Annual Report by the date required in subsection (a), the City shall send to each Repository a notice in substantially the form attached hereto as E~chibit A. (c} The. Dissemination Agent shall: (i) determine each year, prior to the date for providing the Annual Report, the name and address of each Repository, and file the Annual Report with each Repository, and- (ii) if the Dissemination Agent is other than the City, file a report with the City certifying that the Annual Report -has been provided pursuant to this Disclosure Certificate, stating the date it was provided and. listing. all the Repositories to which it was provided. Section 4. Content of Annual Reports. The City's Annual Report shall contain or incorporate by reference the following; {a) The audited .financial .statements of the City for the prior Fiscal Year, prepared in accordance with generally accepted accounting .principles as promulgated to apply to governmental entities .from time to time by the Governmental Accounting Standards Board. If the City's audited financial statements. are not available by the time the Annual Report is required to be filed pursuant to Section 3(a), the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. Notwithstanding the foregoing, each Annual Report or other filing containing the City's financial statements may include the following or other similar statement: THE .FOLLOWING FINANCIAL STATEMENTS ARE PROVIDED SOLELY TO COMPLY Vf~ITH THE SECURITIES AND EXCHANGE COMMISSION STAFF'S INTERPRETATION OF RULE 1~c2-12. NO FUNDS OR ASSETS OF T'I-IE CITY OF BAKERSFiELD (OTHER. THAN THE ASSESSMENTS LEVIED IN THE ASSESSMENT DISTRICT) ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON TIC BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS FROM THE CITY TREASURY TO .COVER ANY DELINQUENCIES. II~~IVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF 'THE CITY IN EVALUATING WI-IETHER TO BUY, HOLD, OR SELL THE BONDS. (b) .The following information with respect to the City for the Fiscal Year to which the Annual Report. relates, which information may be provided by its inclusion in the audited. financial statements of the City for the prior Fiscal Year described in subsection (a) above; (i) The principal amount of Bonds outstanding, including principal amounts and . years of maturity of Bonds, if anv, called for redemption in advance of maturity. 20325 l65 I.DOC 3 (ii) The. balances as of the end of such Fiscal Year in each of the follo~vin funds established pursuant to the Resolution: (A the Im rovement Fu g p rid, (B) the Redemption Fund, and (C) the Reserve Fund. (iii) Identification of each parcel for ~vhich any installment of the unpaid assessment is delinquent, together with the following information respecting each such parcel: (A} the amount delinquent (exclusive of late charges and monthly penalties for reinstatement); (B the date Decem or A .~ ( ber 10 pn1.10} of the first delinquency; (C) in the event a foreclosure complaint has. been filed res ectm such delinquent parcel and such com hint has not et been dismi p g . p y ssed, the date on wl~ch the complaint was filed in the Kern County Superior Court; and (D) in the event a .foreclosure sale has occurred respecting such delinquent parcel, a summary of the results of such foreclosure sale. (iv) A current statement of the status of completion or progress toward completion of the public improvements described in the Official Statement under the subheading "'fHE ASSESSMENT DISTRICT AND THE IMPROVEMENTS -Description of the Community Areas and the Improvements." (v) A current statement of the land-secured public financing information ~arized in the Official Statement under the subheading "THE BONDS - Priority of Lien." (vi) A current statement of the parcel information set .forth in Columns 5 through 9, inclusive, of APPENDIX E to the Official Statement, for both existing and future parcels. (c) In addition to any of the. information expressly required to be rovided under ara hs p P ~p (a) and (b} of this Section, the City shall provide such further information, if any, as may be necessary to make the specifically required statements, in the light of the circumstances .under .which they are made, not misleading. Any or all of the items listed above may be included by specific reference- to other documents, including official statements of debt issues of the City or related public entities, which have been submitted to each of the Repositories or~ the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from- the Munici a1 Securities P Rulemaking Board. The .City shall clearly identify each such other document so included by reference. Section 5. R ortin~ of Si~nif cant Events. • (a) Pursuant to the provisions of this ,Section 5, the City shall give, or cause to be given, notice of the. occurrence of any of the following events (each, a "Listed Event") with respect to the Bonds, if material: (i) principal and interest payment delinquencies; .. (u) non-payment related. defaults; viii) modifications to rights of Bond Holders,- (iv} optional, contingent, or unscheduled Bond calls; (v) defeasances; (vi) rating changes; 1U32~16~_I.DOC 4 (vii) adverse tax opinions or events adversely affectin the ta.Y-e~em t Sta g P tus of the Bonds; (viii) unscheduled draws on the debt service reserves reflectin financi ' g al ,difficulties, _ (ix} unscheduled draws on credit enhancements reflectin financial ' g di~culties, (x) substitution of credit or liquidity roviders, or their failure t P o perform, or (xi} release, substitution, or sale of property securin r a ent of the Bond g eP Ym s. (b) whene ver the City obtains knowledge of the occurrence of a Listed Event ' the C lty shall as soon as possible determine if such event would be matenal under applicable Federal securities law, (c) If the. City determines that knowledge of the occurrence of a Listed Event would be material under applicable Federal securities law, the City shall prom tl file a notice of such occurren P Y ce with either (i} the Municipal Securities Rulemaking Board and the State Repository or (ii) the Repositories. Notwithstanding the foregoing, notice of Listed Events described in subsections a iv and ( )( ) (v) need not be given under this subsection any earlier than the notice (if any) of the underlying event is given to Holders of affected Bonds pursuant to the Resolution. . Section 6. Termination of Reportins? Obligation. .The City's obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redem tion or a ent in full P ~ P ym of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the Cit shall ive Y g notice of such termination in the same manner as for a Listed Event under Section ~(c). Section 7. Dissemination Agent. The City. may, from time to time, a oint or en e a PP 8~ Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, ~ and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination A ent. g Section 8, Amendment; waiver. Notwithstanding any other provision of this Disclosure Certificate, the City may amend- this .Disclosure Certificate, and any provision of this Disclosure Certif cate maybe waived, provided that the following conditions are satisfied: (a) if the amendment or waiver relates to the provisions of Section 3(a), ~, or 5(a), it may only be made in connection with a change in circumstances that arises from a change. in legal .requirements, change in law, of change in the identity, nature, or status of an obli ated erson with 8 P respect to the Bonds, or type of business conducted; (b) ,the undertakings herein, as proposed to be amended or waived, would, in the v inion of P nationally recognized bond counsel, have complied with the requirements of the Rule at the. time of the . pnmary offering of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) the proposed amendment or wasver either (i) is approved by Holders of the Bonds in the ' manner provided in the Resolution for amendments to the Resolution with the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Holders or Beneficial Owners of the Bonds. If the annual financial information or operating data to be provided in the Annual Report is amended pursuant to the provisions hereof, the first annual financial information filed pursuant hereto 2fJ325 t6S_t.DOC S containing the amended operating data or financial information shall explain, in narrative form,. the reasons for the .amendment and the impact of the change in the type of operating data or financial information being provided. In the event of any amendment or ~vaiver of a provision of this Disclosure A reement the Cit shall describe such amendment in the ne~ct ~ y Annual Report, .and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the t e or in the case of a ~ , change of accounting principles, on the presentation) of financial information or operating data being presented by the City, If an amendment is made to the undertaking specifying the accounting princi les P to be followed in preparing financial statements, the annual financial information for the year in which the change is made shall present a comparison between the financial statements or information .prepared on the basis of the new accounting principles and those prepared on the basis of the former accountin g principles. The comparison shall include a qualitative discussion of the differences in the accounting principles and the impact of the change. in the accounting principles on the presentation of the financial information, in order to provide information to investors toenable them to evaluate the ability of the Ci tY to meet its obligations. To the extent reasonably feasible, the comparison shall be quantitative. A notice of the change in the accounting principles shall be sent to the Repositories in the same manner as for a Listed Event under Section 5(c). Section 9. Additional Information.: Nothing in this Disclosure Certificate shall be deemed to prevent the City from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication,. or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the City chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is .specifically required by this .Disclosure Certificate, the City shall have no obligation under this, Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event. Section 10. Default. In the event of a failure of the City to comply with .any provision of this Disclosure Certificate any Holder or Beneficial Owner of the Bonds may take such. actions as may be necessary and appropriate, incuuding seeking mandate or specific performance by court order, to cause the City to comply with its obligations- under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Resolution, and the sole remedy under this Disclosure Certificate in the event ~of any failure olr' the City to .comply with this Disclosure Certificate shall be an action to compel performance. Section 11. Duties, Immunities, and Liabilities of Dissemination Agent. The Dissemination Agent shall have-only such duties as are specifically set forth in this Disclosure Certificate, and the City. agrees to indemnify and save the Dissemination Agent, its officers, directors, employees, and agents, harmless against any losses, expenses, and liabilities which it may incur arising out of or in the exercise or performance of its powers- and duties .hereunder, including the costs .and expenses (including attorneys fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent's negligence or willful misconduct. The obligations of the City under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. 20325165 I.DOC Section l2. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the Dissemination Agent, the Participating Underwriter, and- Holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or -entity. Date: f my 19, 2001 CITY OF BAKERSFIELD By: roan r or 2U32~1b5 I.DOC 7 EXHIBIT A NOTICE OF FAILURE. TO FILE ANNUAL REPORT Name of Issuer:. City of Bakersfield, California Name of Bond Issue: Assessment Distract No. Ol-1 (Ming at AllenlMountain Vista Drive/Hampton Place) Limited Obligation Improvement, Bonds Date of Issuance: [Closing Date) NOTICE IS HEREBY GIVEN that the City of Bakersfield, California (the "City}, has not provided an Annual Report with respect to the above-named. Bonds as required Section 4(a) of the Continuing Disclosure Certificate executed by the City on July l9, 2001. The City anticipates that the Annual Report will be filed by . Dated: CITY OF BAKERSFIELD Bv: Finance Director 2U32~16~ l.DOC .~•! ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, X005 ON 52,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.01-1 (MINE AT ALLEN~IVIOUNTAIN VISTA DRIVE/HAMPTON PLACE) LIMITED OBLIGATION IMPROVEMENT. BONDS APPENDIX B ISSUER'S AUDITED FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2005 (Filed under separate cover) THE ISSUER'S AUDITED FINANCIAL REPORT-FY04I05 IS PROVIDED SOLELY TO COMPLY WITH THE SECURITIES AND EXCHANGE COMMISSION STAFF'S INTERPRETATION OF RULE 15c2-12. NO FUNDS OR ASSETS OF THE CITY OF BAKERSFIELD .(OTHER THAN THE ASSESSMENTS LEVIED IN THE ASSESSMENT DISTRICT) ARE REQUIRED TO BE USED TO PAY DEBT SERVICE ON THE BONDS, AND THE CITY IS NOT OBLIGATED TO ADVANCE AVAILABLE FUNDS FROM THE CITY TREASURY TO COVER ANY DELINQUENCIES. INVESTORS SHOULD NOT RELY ON THE FINANCIAL CONDITION OF THE CITY IN EVALUATING WHETHER TO BUY, HOLD, OR SELL. THE BONDS. ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, 2005 ON $2,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.01-1 (MING ATALLEN/MOUNTAIN VISTA DRNE/HAMPTON PLACE) LIMITED OBLIGATION IMPROVEMENT BONDS APPENDIX C LETTERS DATED FEBRUARY 17, 2006, FROM LENNAR HOMES OF CALIFORNIA, INC., TRANSMITTING THE CURRENT ACQUISITION SCHEDULE AND DESCRIBING THE CURRENT STATUS OF COMPLETION OF THE PUBLIC IMPROVEMENTS FOR THE MING AT ALLEN AREA AND THE MOUNTAIN VISTA DRIVE AREA FINANCED BY ASSESSMENT DISTRICT NO. Ol-1 February 1 ~, 2006 Job Stinson Cl#y of Bakkets~eld, Depe~t of Public watt 1301 Tn~tun Avcnue Ba~e~eld, CA 93301 Re: , A~ ~i-t ~-1~J[i~g at Aoest Arm i~apravet~nts Mt. Stinson . Assessnun# Dis~ct 01~I s f~ fir the P~ a-f financing tote cost of ar, ~ui~~on. aacUor constru~cm by the Ci~~fBal~ersfie~d of st'€ee#, water, san%inry sewer andmis~ellaneous un~roven~ts. Asse~tt 13istrict Ol-1 is a collection ofd s~:~~ cv~ai#y yeas in west and southwest Bak~rs~ield. The area that is available far billing at this tinge is i~fi~ as: 1 • ~g at Aiteia graneta~y bounded by the Raarn Rivet levee on the nom, Allen ~ cap the west, Ating Avenue aid t~ ~e~n River on saw and Parcels A and ~ of Lot ,Line Ad~ustt~ntl~v. P!~-~6~3 can tie east. At this ti~a~, all i~oveit~nts vn tl~e Mmg at Allen Aria have been completed.. I,ennar ~iarr~es of California, Inc. will be requesting t0 be revm~ursed for all cost incxur~d during the time of the. ovements an the ' MEing at Alien Area... Subnnttal #1 far ~394,674tQ4 was rea~nbursed by ~ City. Sulnruttal ~2 for $55~,0S5.o0 bas also. been submitted to tl~ City +~ .6130104, but bas no# beenpaid as ofyet -due to Qutst~ding issues. to be resolvcd by Lr. Attiached you will find an Exhibrt A shawtng the s~~ry of the acquisition. schedule. 'you have ~Y que.~ions, please dQ not hesitate to contact our main office at b61 351141. ~ ~ Respectfully submitted, . i~i~lN'iYAR~IC~~ CAF CALIFORNIA, II~C. ~. ~~ Grlcfrria A. t~iacon . Cost Accountant cc; Dean F~tvic • wiII ~ Associates Tom ~ Ansbelina Garcia 521 Q~ce -Park Dm-e, She 200 ~akers~d, CA 9~3Q9 Main: X661} 3251141 • l=ax: {6fi1) X26-1139'. ~ lenr~amiiycom cN 40$~,1U~ d ~Ci ~~ ~~°~~~ , m ~~ rt~Nt~''ON~ A M~ ~ ~ o '" N d' • V' tp .~ ~ ~ i~} #13 ii} t!3 Ili i1! il! ~ Y! M~ °o,a~~o°,o°°, o ,~ o. ~°~~~~a ~ ~ ~ ~ cat co ~ ~ rt o ~ ~ ~ .~ oo°,~~v°,~~ ~ ~ ~~ e~ ~, +o °~.°r+~•~~ ~~rlt~it~~ ~ ~ RYW ' ~ tV to tr M N A. e- ~ ! ~ Q . ~ iQ .~ ~ • a d!dltrlY~HM NMMfII +' ©C3~OCi~ RQi,C'i00 Q ~ ~ ~ •' V ~ ~D tV tV . ~1~t~rlu3~iV i~ !Q ~ ~NNf~1D ~h~ N •~ O A '~ : ~ ~ ~ NMh ~ ~ C ~ ~ ~ M ~~ • ~ G ~~ ~~ ~ C W lDc~ ~ ~ • ~ ~ C ~ ~ ~r3 ~ iA 1R M~ ~Yf X11 y! ~! ~ p. ~ e °' "` ~~ i ~ c .~ ' a a .~ i ~» '~ E ~ 0 ~ a ~ ~ c '~ a ~ ~ ~ o ~ ~ ~ ~ ~~ '~ ~ ~ m~ ~ ,~ • >~~ ~ E ~~ m ~ ~ Ec t .~ - ~ . ~ ~ r~ a ~Q~o~. ~~ ~ Q~ ~ ~~~ ~c z ~~ ~ E E L sr ~ ~ • ~ ~ ~ rs ~ "' ~r ~ ~'~ m Q i.~ ~~~~'~~'o ~ ~~'o~o c~ at~t~~~~F p ~~ __~ a ~t~toot~o~uu. adaavo ~ ~ ~c ~ .~ a ~. • ~ h ,~ ~ d ~ 1 ~ ~ ~ Jabb Stinson o'f Bal~ersc~ T~epar~t of FubSc werks 15QI T~ Avenue Bak~rsf~ld, ~A 933Q1 Re: ~D of-l-Moan visa eve Area I rovemeats Mir. ~~~ess~esrt District. ~#-~ was famed for the p~~ose of fang the Est of atx~uisi~~ audlar . co~stcuctioxt by the qty of Ba~~ecs~eldof cein ~I, vv~ater, s~ sewer ariscei~evus vvrts. - Assessme~tt `ct a~-I is a coiiectios~ of #htee ~;~~ co~unf~y areas is west and southwest Bak~stieid The area tit has been complete & bi3led fQr i~ identified aS: 1. Moatnt ~ eve A~~ surra-unds the ~a~a~a~a-Buena Visa ~nian ~ah4ol Distract; F~rr~ Warren Junior High Scbvol parr~~ a# Mountain Vista Drive and is hounded by the right-of-way four the. ~uthern Pa~~f c hrc~ad an the sau~ a~td M©untam ~'is#a Drive on the east. At tom, ali i~rov~tents ~ the ~~uatairt Vista Drive Area have ~ c feted. Letmar Homes of ~alifcmnia, Inc. has beet paid in foil f~ ail improvernen#S an the Mou~ntam VistaDrive . Arm for $328,98?.ti4 ~~ August 2443}. Attached you will end the ~~i# A showing a ~~ of the acquisition sychedul~. If you have any gbestio~, please do not ~~te to contact cur main office at 661 326»1 14#. (a Respec~fuily su~tted, ~EN~~AR HC~1!~LSS EIF ~ALIFO~NIA, INC. ~.~ Glaris A. ~lf~ host Acc~t~tant cc: Deja~d Pawn ~Vflsouu & Aasocia~s Tam ~ . A~e~ Crania 5251 t~ce Park Or~ve, Sine ~ • ~alcersd, C~ 9339 ~ Main: X661}326-141 • Pax: (Sbi~ 326.1139 • IeRn~fami~.c~ ~, 4 ~ °'~ c~~ rev ~~ a or. v ++ ~~r ~M a~ r~ i,o ~m o ~w ~~ ~o ~ ~i~ ~ ~ ~ ~ ~ tR tll to 1~3 !A ~fl V! tR !A ~!'! tf! Y/ M 1t! 11} o~© c~~ ~ gi '~~ Q° ~ ~~ ~ ~ ~ ~~ ~ ~ p: ~~ t~I~ ' ~};} q ~ ' *;~ ~~7 ~~ O ~ ~~ h• of ~ ~ ~~ !M ~£! t+! ~ ~ `~L Doti ~~ ~- a ~ ~ ,~' t~ N !x! ...~ i as ~ ~~~~~ ~ofl°o~o~ ~~'~°a ~pp M ©pp~ ~1f ~t ~f C~d'~3~''~ ~Dm~?~~ C7 ~ t[~ ~ tD e- 1A N Ca 1~ ~~~~~ ~Ol~ ~ + ~L m o _~... u? *n m r- ~ NtM! ~~- , ..._~. ~~ goo r- ao oa N or ~! o N ht+lh~''~'~ a ~ ~ N C r p~ ~ ~ ~ ~ ~ i11~ il! ilk !1? ~!! ill ifl i!f ilt t!! 1l! Ml Y! fl! ~ O ~ ~ ~ ~ }.~~,~ C _ ~Q C ~ ~ 1i ~ X !U 1i~1 M '~ C N~~ ~ ° C ti a c E ~ "~ ~ c ~ ~ ~ ~' m :~ ~~ ~ a ~~ ~ ~ V ~ C ~ ~ ~ ~ ~ O '~ ~ E~ ~ ~~~~e ~~ ~ U '~ c~~ w `a, > >° v~ t~ ~ ~ ~ ~ ~~~~~ a~' ~ m ~~ E~~T,~o ~~~~~~~ ~E~~o ~m d T~ ~ C ~ ~ ~ ~ ~ ~ ~ c a o a~._ov4 ;~u~~t? cw '"' ' W a ' ...flv4 p~p Q ~~~v~N ~ ~US~- ~ ~ 3 "a~~a~ ~ ~ amc~~aw~ a4mvc~ ~ °' ~ ~ ~- o ~ m m ,, ~ ? ~ $~ ~ L 0 c r ~ F ~ . ~ ~- ~~~~ ~LA~Li~ ~.~. ~$5~ MC~iv~,t~ ~.~ ~tll#~ $ ~~e~~da ~A ~~~~~ ~ehru~ 21, ~0~~ pity Qf Baker~~eld ~blic 'Forks 1541 ~'acu~~a Ave, Ba~kersl~el~, GA ~3~4~ At~entian; ~~ariafl Shaw Reference: ~sessment ~is~rict Of -1 ~antin -using T?lsclas Dear' Meriaz! the Allen Rd. ~npr~~ were t~~pleted in Zia l •~nd ~am~ton place, LLB s 'd, In 24a?,, ~322,~~~ wlhiel~ was the atnouat appra~red ~n the engineers repast. palm l~ Av+e. i~nprove~nts in phase 3 of tract X00? were co~np~ted in 2D04 and Hampt~a P~;e, LLC ~'as paid X2$4,545. the balm Ave. and y~ Rd. (Tract +~033~ were canaple~ed in 2045 and ~anapta~a Place w~ paid $131, 841. AlI improvements ~- die ~toa pl~uce area of AID ~~-1 haws bc~ completed and • acguire~ by the C~ of ~akers~ld • ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, 2005 ON $2,460,000 PRINCIPAL AMOUNT OF ,CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.01-1 (MING AT ALLEN~IVIOUNTAIN VISTA DRIVE/HAMPTON PLACE) LIMITED OBLIGATION IMPROVEMENT BONDS APPENDIX E CURRENT ASSESSMENT AND ASSESSOR'S VALUE DATA ~ Q i O Q 0 0 Z W V ' H N ~ OC ~p 0 WZZ N W )C ~ ~ Q O Zw~ Z W a~Q I- Q~OJ W ~W ~ LL ~ ~ W M~ a. W LL Z O w ~~ ~~ ~ O ~ - ~~ o~ NtAOrcO ~ Nthrf~ QoDl~f~O (p00NOlA COIC~I~Or r~~-~tt r(p~MN 0f~00MtF etcONN(O ON~G1~i~ ~ONOrtn d'f~~ON Mtpf~N(O ~'~h~d;O Od'Nrr ~o00DM0 e-oONInM NO~FtCO) <OI~~ONtO (~000sI;In OOQIe=1~C0 IOrMON. 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OZ~ ~0 N~ O~ J02 JYO ~N~ 00 r•0 ~m ~~~ ~Z z ~m~" worn ~ ~o~ WWM ~N th _ ~WFN- NWj aZW Q~~ _~~ =Z2 ~Ow ~'~c~o o~~ ~zM ~~a ~°~ Zp ~~Z wno Wig JOw WM~ w~OQ w°~~ OZp 00~ al-t- a~O r~iQW NQ° Z ao~U New OO~t Op4 ZZZ ZZW ~0~ ~'0 WF-Z WI-Q Np~ NOC~ NCO ~~U Oz NUw N~N c~w~ cnw0 a~a a~z N (~ ~ ~ ~ ~ W~ 2w wp WW a~ OZ Z~ F" 0 WU 0~ WY ~w a= ~~ ~w 00 aW O~ z0 aw z~ ~Z N~ W cn W as a 0~ ~a. Z ~a ~~ ~ u- a0 r' O ~N oY DO a0 ~m~ ~Z~ J~2 0°oj ENO z~'i w ~- ~- ~~~ ~ ~ uwi Q H QZW W0~ ~0~ ~~~ o N ~a ~~O w wMZ SOW W~~ Ooa c~zW 3UQ ~~~ ~ ~- U 00~ ZZZ ~0~ wQW ~°~o w~w ~W~ a~a fi =W ZW ~ ~ ~ ~ ~o wo QW ~W ~~ z~ o~ ~~ Z aZ Z~ ~ ZO ~O ~~ Q~ ZY OY ~_ Zi a I- a I- QO z0 w CCU ~U OW W~ 00 NO ZW QW I- ~ 0 ~- zz ~z ~- ~tN QN wW N~ ~~ ~a Qa as p~- ~Q ~'~ out Z ~- O a a ~~ ~~ ~~- ~0 O a~ ~~ `~ Y ~ 0 °~ Zm Q~ Wz Z ~- OMM Nom t~.ON WON O NN -J N S 2 0N~ aN~ ~~~ =W~ zm2 ~m2 w ~- ~ ~ ~- ~WO ~~~ >w a~ wz~ OcnF. NZW ZZZ wW~ ~~~ =WCn wMCn =w pew w 0~"N WZ~ ~~a ~~o O~W MUW w~.p ~a0 W ~ W Z ~ w woQ aoa f~ZW NSW haw ~Qa ~~~ ~~~ U ~ U O~• O~oo Zz0 Zw0 I-OZ ~~Z W WIZ WIZ aw w N~o Iwo woW w~W ~W~ ~a~ a~Q Qaoa N ~ ~ ~ ~ ~ 0 N I_ a 0 N w 0 0 o~i N i APPENDIX F CONTINUING DISCLOSURE ANNUAL REPORT N0.5 CITY OF BAKERSFIELD ASSESSMENT DISTRICT N0.01-1 LISTING OF PARCELS WITH DELINQUENT ASSESSMENT INSTALLMENT(S) AS OF JUNE 30, 2005 AD 01-1 ASSESSMENT NUMBER ASSESSOR'S TAX NUMBER (ATN) OR DESCRIPTION DELINQUENT AMOUNT (1) DATE FIRST DELINQUENT 40 522-392-06-00-1 $214.07 04/10/2005 78 394-312-03-00-5 $143.21 04/1012004 105 394-314-12-00-5 $148.65 04/1012005 106 394-314-13-00-8 $283.96 12/10/2002 1.16 394-314-23-00-7 $283.96 12/10/2002 152 495-312-09-00-9 $256.63 04/10/2004 282 522-572-20-00-3 $166.09. 04/10/2005 367 495-323-08-00-6 $256.64 04/10/2004 415 522-593-06-00-6 $332.18 12110/2fl04 452 522-601-05-00-1 $166.09 04/10/2005 454 522-601-07-00-7 $166..09 04/10/2005. 497 522-602-06-00-1 $166.09. 04/10/2005 500 495-360-02-00-9 $262.82. .04110/2005 Totals: 13 ATNs $2,846.48 (1) Source: Delinquent Amount includes assessment principal and interest, exclusive of any late charges or penalties for reinstatement Appendix F data provided by Issuer's Finance Department 29460D-F.WK4 1 02/1612006 ANNUAL REPORT N0.5 PROVIDING CONTINUING DISCLOSURE FOR THE FISCAL YEAR ENDING JUNE 30, X005 ON $2,460,000 PRINCIPAL AMOUNT OF CITY OF BAKERSFIELD, CALIFORNIA ASSESSMENT DISTRICT N0.01-1 (MING AT ALLEN/MOUNTAIN VISTA DR,IVE/IIAMPTON PLACE } LIMITED OBLIGATION IMPROVEMENT BONDS APPENDIX G CURRENT DEBT SERVICE SCHEDULE FOR THE BONDS Note: Data in Appendix G table provided. by Issuer's Finance Department City of 8ake~Sfie~d 01-1- ~11N~ AT ALLEN1I~t~UNTAIN VISTAiHAMPT4~ PLACE Current Debt Service Schedule Bonds Dated: 7f191244~ Bonds issued: $2,4~0,O~O.DO Payment Interest Payment Annual Ca41 Date ~Uglp Rate Balance Principal Interest ~ Tota! Total Prem. Status 49/0212001 4.0000% $2,460,400.00 $0.00 $16,662.20 $1&,662,20 $16,662.24 3:0000% Paid 03/02/2002 4.0000 $2,460,000.00 0.00 69,745.75 69,748.75 4.00 3.0000 Paid 09/02/2002 4.0000 $2,460,000.00 75,000.00. 69,748.75 144,748.75 214,497.5fl 3;0000 Paid 03102/2043 4.2500 $2,385,400.04 0.00 68,248.75 68,248.75 0.00 3.0000 Paid 4.910212003 4.2500 $2,385,000.00 75,000.00 68,248.75 143,248:75 211,457.50 3.0000 Paid 03/0212044 4.5000 $2,310,000.44 0.00 66,655.00 66,655.00 0.00 3.4000 Paid 49/0212044 4.5004 $2,310,000.00 84,000.00 66,655.00 146,655.00 213,310.00 3.0004 Paid 03/0212045 .4.7504 $2,230,004.00 0.00. 64,855.00 64,855.04 0,00 3.0000 Paid .0910212005 4,7500 $2,230,000.04 85,000.00 64,855.00 149,855.00 214,710.00 3.0000 Paid 0310?12446 5.0400 $2,145,000.04 0.00 52,835.25 62,836.25 0.00 3.0000 Unpaid 09/4212006 5.0000 $2,145,000.00 94 049.0_ ,,........J .. .. _ 62 836.25 , 152,836.25 21.5,572.50 3,Ooo0 Unpaid 03102/2407 5.1440 .$2,055,0~{~,00 4.00 60,586.25 50,586.25 4.40 3.0000 . Unpaid 0914212007 5.1000 $2,055,000.04 90,040.00 60,586.25 154,586.25 2'41,172.50 3.0404 Unpaid 03/02/2008 5.2000 $1,965,000.00 0.04 58,291.25 58,291.25 4.00 3.0000 Unpaid 49102/2048 5.2000 $1,965,000.00 95,000.00 58,291.25 153,291.25 211,582.50 3.0000 Unpaid 03142/2009 5.3400 $1,$74,000.40 4.00 55,821.25 55,821.25 0.04 3.0004 Unpaid 09/42/2049 5.3000 $1,874,000.40 100,000.00 55,821.25 155,821.25 211,642.50 3.0000 Unpaid 03/02/2010 5.4000 $1,770,000.40 ..'0.00 53,179.25 53,171.25 0.00 3.0000. Unpaid 09142120/0 5.4000. $1,770,000.40 105,040.00 53,171.25 158,171.25 211,342.50 3,0000 Unpaid 0310212411 5:5040 $9,565,040.00 0.00 50,336,25 50,336.25 0.00 3,aoa4 Unpaid 09/0212011 5.5000 $1,665,000.00 115,040.00 50,336.25 165,336.25 215,672.50 3.0000 Unpaid 03/02/2012 5.6504 $1,550,004.00 0.40 ~ 47,173.75 47,173.75 0.00 2.0000 Unpaid 09!0212012 5.6500 $1,550,004.00 920,000.00 47,473.75 967,173.75 2'44,347.so 2.4004 unpaid 03/0212413 5.7500. $1,434,400.00 0.00 43,783.75 43,783.75 0.04 1.0000 Unpaid 09/02/2013 5.7540 $9,434,400.00 425,000.00. 43,783.75 168,783.75 212,567.50 1.0000 Unpaid 03102/2014 ~ 5.8500 $1,305,440.00 0.00 40,190.00 44,190.00 0.00 0.0000 Unpaid 0910212014 5.8504 $4,305,000.00. 130,004.00 40,194.40 170,190.00 210,380.00 0:0040. Unpaid 03102/2015 5.9540 $1,175,400.00 .0.00 36,387.50 36,387.54 0.00 .0.0040 Unpaid 0910212015 5:9544 $1,175,000,00 144,000.00 36,387.50 176,387.50 ~ 212,775.04 0.0000 Unpaid 03/02/2016 6.0500 $1,035,440.00 0.00 32,222.50 32,222.50 0.00 0.0000 Unpaid 0910212016 fi.0500 $1,035,040.00 150,000.40 32,222.50 182,222.50 214,445.00 0.0000 Unpaid 03142/2017 6.1500 $885,040.00. 0.00 27,685.00 27,685A0 0.40 0.0040 Unpaid 09!02/2417 6.1504 $885,040.90 155,004.00 27,fi85.00 182,685.40 210,370.40 0:0000 Unpaid 0310212418 6.2004 .$734,444.00 0.00 22,918.75 22,918.75 0.00 0.0000 ,Unpaid 0910212018 6.2004 $730,000.00 155,000.00 22,918,75 187,918.75 210,837.50 0.0000 Unpaid 03/4212419 6.2500 $565,400.00 4,40 17,843.75 17,843.75 0.00 4,0000 Unpaid 49/02/2019 6.2500 $565,000.00 175,000.00 17,803.75 192,803.75 210,607.54 0.0000 Unpaid 03/02/2020 6.3000 $390,000,00 0.00 12,335.00 12,335.00 0.00 0.0004 Unpaid, 09/0212020 6.3000 $390,000.00 190,040.04 12,335.00 242,335.04 214,670.00 0.4004 Unpaid 03102!2021 6.3500 $20~Q,040.00 0.04 6,350.40 6,350.00 0.40. 4.4004 Unpaid 09102/2421 6.3544 $204,OO0.00 204,000.44 6,354.44 206,350.00 212,700.00 4.4044 Unpaid Grand Total: $2,450,000.00 $1,811,462.20 $4,271,462.20 $4,271,482.20 Page 1 of 1 Copyright 01999-2005 iVBS 113012046 2:5'i :4~ Pfd