$990,000 Calaveras County Water District

Transcription

1 $990,000 Calaveras County Water District DaLee/Cassidy Water System District Series 2010 Limited Obligation Improvement Bonds Calaveras County, California Dated: September 9, 2010 CUSIP + : Via Industria Suite 110 Temecula, CA T F /2012 ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT AS OF JANUARY 23, Copyright, American Banker s Association. CUSIP data is provided by Standard and Poor s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 Calaveras County Water District DaLee/Cassidy Water System District LIST OF PARTICIPANTS AGENCY Jeffrey Meyer Director of Financial Planning Calaveras County Water District P.O. Box 846 San Andreas, CA (209) Lynn Gentry Director of Support Services Calaveras County Water District P.O. Box 846 San Andreas, CA (209) BOND COUNSEL AND DISCLOSURE COUNSEL The Weist Law Firm Cameron A. Weist Scotts Valley, CA (831) DISTRICT ADMINISTRATOR DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services* Temecula, CA (951) TRUSTEE Sonia Flores Deutsche Bank National Trust Company San Francisco, CA (415) UNDERWRITER Nollenberger Capital Partners Inc. San Francisco, CA * In its role as Disclosure Consultant, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 I. INTRODUCTION Pursuant to an Official Statement dated August 26, 2010, the Calaveras County Water District ( Water District ) issued $990,000 principal amount of DaLee/Cassidy Water System District Series 2010 Limited Obligation Improvement Bonds ( Bonds ). The proceeds of the Bonds were used to (i) provide funds to finance the construction costs of certain public water system improvements serving property within DaLee/Cassidy Water System District ( District ), (ii) fund a reserve fund with respect to the Bonds and (iii) pay certain costs incurred in connection with the execution and delivery of the Bonds. The Water District was formed on November 5, 1946 and has operated continuously since 1947 under the laws of the State of California as a county water district for the primary purpose of providing water and sewer service to the residents of Calaveras County. The Water District boundaries span 1,080 square miles (645,210 acres). The Water District is a political subdivision of the State of California and is not part of, or under the control of, Calaveras County; however, the Water District jurisdictional boundaries include all of Calaveras County, which is located in the central Sierra Nevada foothills, in the northeastern part of California. The Bonds are limited obligation bonds secured solely by the s and the amounts pledged under the Agreement. The Bonds are not secured by a legal or equitable pledge of, or charge or lien upon, any property of the Water District or any of its income or receipts. The full faith and credit of Neither the Water District, the County nor the State of California is pledged for the payment of the principal of or interest or premium, if any, on the Bonds. The payment of the principal of or interest or premium, if any, on the Bonds does not constitute a debt, liability or obligation of the Water District, the County or the State of California for which any such entity is obligated to levy or pledge any form of taxation or for which any such entity has levied or pledged any form of taxation. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the District for the benefit of the holders of the Bonds and includes the information specified in the Continuing Disclosure Certificate. For further information and a more complete description of the Water District, the District and the Bonds, reference is made to the Official Statement. The information set forth herein has been furnished by the Water District and by sources, which are believed to be accurate and reliable, but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement which involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice. The delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the Water District, District or any other parties described herein. 2011/2012 CCWD, DaLee/Cassidy Water System District Page 1 of 6

4 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING Bond Issue As of September 3, 2012 DaLee/Cassidy Water System District $895,000 Series 2010 Limited Obligation Improvement Bonds B. FUND INFORMATION Fund Balance As of November 30, 2012 Improvement Fund (1) $0 Redemption Fund $11,994 Prepayment Account $0 Reserve Fund $72,716 Reserve Requirement $68,494 (1) Construction of improvements was completed on October 22, Improvement Fund Surplus was used for September 2, 2011 bond call and closed out per Water District. III. FINANCIAL STATEMENT The audited financial statements for the District for the Fiscal Year Ended June 30, 2012 will be separately filed through the MSRB s Electronic Municipal Market Access system ( EMMA ) and are hereby incorporated by reference into this Annual Continuing Disclosure Information Statement. IV. OPERATING INFORMATION A. DELINQUENCY SUMMARY The following table sets forth current delinquencies by fiscal year for property located within the District. Fiscal Year 2010/2011 was the first year the District was levied. There are no delinquencies prior to FY 2011/2012. of Parcels of Parcels Delinquent Annual Collected Fiscal Year Annual Delinquent (1) 2011/ $76, $73, $2, % (1) Amount Delinquent as of October 17, 2012 and does not include statutory penalties and interests. Source: Calaveras County, as compiled by Willdan Financial Services. Percent Delinquent 2011/2012 CCWD, DaLee/Cassidy Water System District Page 2 of 6

5 B. STATUS OF FORECLOSURE PROCEEDINGS There are no property owners in the District against whom judicial foreclosure proceedings have been commenced. C. FORECLOSURE COVENANT The District has covenanted with Bond Owners that it will review the public records of the County, in connection with the collection of the Installments no later than August 1 of each year to determine the amount of Installments collected in prior Fiscal Year. If the District determines that any parcel or parcels are delinquent in the payment of Installments, then the District will cause judicial foreclosure proceedings to be filed in the superior court no later than December 1 of each year and prosecute diligently such foreclosure proceeding to judgment and judicial foreclosure sale; provided, however, the commencement of any foreclosure action may be deferred in the sole discretion of the District if, and only so long as, the amount in the Reserve Fund is not less than seventy percent (70%) of the Reserve Requirement. D. STATUS OF TEETER PLAN The District is currently on a Teeter Plan, using the accrual method of accounting under the Teeter Plan, counties allocate property tax revenues based on the total amount of property taxes billed, but not yet collected. The Teeter Plan allows counties to finance property tax receipts for local agencies by borrowing money to advance cash to each taxing jurisdiction in an amount equal to the current year's delinquent property taxes. In exchange, the counties receive the penalties and interest on the delinquent taxes when collected. E. PARCEL VALUATIONS AND VALUE TO LIEN RATIO The following table sets forth the ratio of Assessed Values to Remaining for each parcel in the District. Assessor's 2012/2013 Assessed Values (1) Remaining Value Parcel Land Structure Total to Ratio $25, $111, $136, $16, : , , , , : , , , , : , , , , : , , , , : , , , , : , , , : , , , , : , , , , : , , , , : , , , , : , , , :1 2011/2012 CCWD, DaLee/Cassidy Water System District Page 3 of 6

6 Assessor's 2012/2013 Assessed Values (1) Remaining Value Parcel Land Structure Total to Ratio , , , , : , , , , : , , , , : , , , , : , , , : , , , , : , , , , : , , , , : , , , : , , , , : , , , , : , , , , : , , , , : , , , , : , , , : , , , : , , , : , , , : , , , : , , , , : , , , , : , , , , : , , , : , , , : , , , : , , , , : , , , , : , , , , : , , , , : , , , : , , , , : , , , : , , , : , , , , :1 Totals $1,137, $4,625, $5,763, $939, :1 (1) As compared to the prior year s Annual Continuing Disclosure Information Statement, the reduction in total assessed value in the District is due to the annual review of the Calaveras County Assessor to reflect taxable values accurately in consideration of recent market declines. Under Proposition 13, real property is reappraised only when a change-in-ownership occurs, or when new construction takes place. Generally, a change in ownership is a sale or transfer of property, while new construction is any improvement to property which is not considered normal maintenance. Except for these two instances, property assessments cannot be increased by more than 2% annually. Revenue and Taxation Code Section 51 requires the assessor to enroll the lower of either the property's Factored-Base-Year Value (established under Proposition 13) or its market value as of the lien date (January 1). This reduction is temporary and the assessor is required to review the market value of the property each lien date after the reduction until such time as the Factored-Base-Year Value is less than or equal to the market value. When the Factored-Base-Year Value is again enrolled, the property is no longer subject to the annual review, and will receive indexing not to exceed 2% per year. Source: Calaveras County 2012/2013 Secured Roll, as compiled by Willdan Financial Services. 2011/2012 CCWD, DaLee/Cassidy Water System District Page 4 of 6

7 F. VALUE TO LIEN BY CATEGORY The following table sets forth the ratio of Assessed Values to Remaining by category for the District. Category of Parcels 2012/2013 Assessed Values Land Structure Total (1) Remaining Value to Percent of Remaining 10:1 to 19.99:1 6 $203, $979, $1,183, $86, % 5:1 to 9.99: , ,542, ,159, , % 1:1 to 4.99: , , , , % Less than 1:1 4 42, , , % Totals 46 $1,137, $4,625, $5,763, $939, % (1) As compared to the prior year s Annual Continuing Disclosure Information Statement, the reduction in total assessed value in the District is due to the annual review of the Calaveras County Assessor to reflect taxable values accurately in consideration of recent market declines. Under Proposition 13, real property is reappraised only when a changein-ownership occurs, or when new construction takes place. Generally, a change in ownership is a sale or transfer of property, while new construction is any improvement to property which is not considered normal maintenance. Except for these two instances, property assessments cannot be increased by more than 2% annually. Revenue and Taxation Code Section 51 requires the assessor to enroll the lower of either the property's Factored-Base-Year Value (established under Proposition 13) or its market value as of the lien date (January 1). This reduction is temporary and the assessor is required to review the market value of the property each lien date after the reduction until such time as the Factored-Base-Year Value is less than or equal to the market value. When the Factored-Base-Year Value is again enrolled, the property is no longer subject to the annual review, and will receive indexing not to exceed 2% per year. Source: Calaveras County 2012/2013 Secured Roll, as compiled by Willdan Financial 2011/2012 CCWD, DaLee/Cassidy Water System District Page 5 of 6

8 G. PRINCIPAL PROPERTY OWNERS The following table sets forth information regarding Principal Property Owners in the District with respect to their Remaining s s and includes Assessed Values. Current property owners that are responsible for three percent (3%) or more of the Remaining s are listed separately while owners that are responsible for less than three percent (3%) of the Remaining s have been collectively listed as All Other Property Owners. Property Owner of Parcels 2012/2013 Assessed Values Remaining Land Structure Total (1) Percent of Remaining Gaspers Gerald M and Dana M 2 $50, $151, $201, $43, % Murillo Benjamin Jr and Deborah E 2 50, , , , % Soo Hoo Mae Leun Fong Trustee 2 19, , , % Subtotal 6 $119, $333, $452, $119, % All Other Property Owners 40 1,017, ,292, ,310, , % Totals 46 $1,137, $4,625, $5,763, $939, % (1) As compared to the prior year s Annual Continuing Disclosure Information Statement, the reduction in total assessed value in the District is due to the annual review of the Calaveras County Assessor to reflect taxable values accurately in consideration of recent market declines. Under Proposition 13, real property is reappraised only when a changein-ownership occurs, or when new construction takes place. Generally, a change in ownership is a sale or transfer of property, while new construction is any improvement to property which is not considered normal maintenance. Except for these two instances, property assessments cannot be increased by more than 2% annually. Revenue and Taxation Code Section 51 requires the assessor to enroll the lower of either the property's Factored-Base-Year Value (established under Proposition 13) or its market value as of the lien date (January 1). This reduction is temporary and the assessor is required to review the market value of the property each lien date after the reduction until such time as the Factored-Base-Year Value is less than or equal to the market value. When the Factored-Base-Year Value is again enrolled, the property is no longer subject to the annual review, and will receive indexing not to exceed 2% per year. Source: Calaveras County 2012/2013 Secured Roll, as compiled by Willdan Financial Services. 2011/2012 CCWD, DaLee/Cassidy Water System District Page 6 of 6