WEBB CFD No. 1
Annual Report for Fiscal Year 2009-10
CFD No. 1
Prepared for
November 2009
A L B E R T
A.
WEBB A S S O C I A T E S
City of Chino City of Chino Table of Contents
Sections
Section 2
Bond Profile and Principal Amount of Bonds Outstanding Fiscal Year 2008-09 Delinquency Rate Information Concerning Delinquent Parcels Status of Foreclosure Actions Foreclosure Covenant
1 1 1 2 2
Table 1: District Special Tax Delinquency as of September 30, 2009
1
Tables Appendices Appendix A: Appendix B: Appendix C:
Section 5
Debt Service Schedule Rate and Method of Apportionment Boundary Map
The information herein for the City of Chino’s Community Facilities District No. 1, (the “District”) was prepared by Albert A. Webb Associates and the City of Chino, as Administrators. Except as otherwise noted all information is current as of June 30, 2009.
District Profile Community Facilities District No. 1 Refunding Special Tax Bonds, Series of 1999
Location:
Project Description:
The District is comprised of some 270 acres in an area of the City known as East Chino. The is bounded on the east by Fern Avenue, on the west by Mountain Avenue, on the south by Edison avenue and is just short of Riverside Drive on the north.
The District has a development capacity of approximately 1,100 dwelling units. To accommodate the potential build‐out the District was formed to construct water, sewer, drainage and transportation improvements within the area of CFD No. 1 – Phase I.
Bond Profile and Principal Amount of Bonds Outstanding The Refunding Special Tax Bonds, Series of 1999 in the amount of $2,850,000, with interest rates ranging from 3.600% to 5.500%, were issued October 26, 1999. Interest on the Bonds is payable semi‐annually on March 2 and September 2. The final maturity of the Bonds is September 2, 2011, but due to surplus funds available to the District all outstanding bonds have been redeemed. As a result, for Fiscal Year 2009‐10, there was no Special Tax Levy. The amount of Bonds outstanding as of June 30, 2009, is $0.00.
Delinquency Rate for Fiscal Year 2008‐09 There are 30 delinquent parcels within CFD No. 1 for Fiscal Year 2008‐09. The City will continue to monitor and pursue delinquencies in this District.
Information Concerning Delinquent Parcels
TABLE 1 District Special Tax Delinquency As of September 30, 2009
Fiscal Year 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 Total
Special Tax Levy $358,107.00 $354,333.88 $350,827.24 $353,859.40 $359,052.98 $281,273.04 $288,896.04 $293,930.68 $291,558.36 $$46,809.34 $2,978,647.96
Special Tax Collected $358,107.00 $354,333.88 $350,827.24 $353,859.40 $359,052.98 $281,273.04 $288,695.48 $293,286.31 $288,902.40 $45,917.10 $2,974,254.83
Delinquent Parcels 0 0 0 0 0 0 1 4 14 30 32
FY Delinquent Amount $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200.56 $644.37 $2,655.96 $892.24 $4,393.13
FY Delinquent Percent 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.22% 0.91% 1.91% 0.15%
City of Chino Community Facilities District No. 1 Page 1 Annual Report for Fiscal Year 2009‐10
Status of Foreclosure Actions There are no foreclosure actions pending in the District and there have been no foreclosure sales in the District.
Foreclosure Covenant Pursuant to Section 53356.1 of the Act, the City, for and on behalf of the District, has covenanted with and for the benefit of the Owners that it shall order, and cause to be commenced as provided in the Fiscal Agent Agreement, and thereafter diligently prosecute to judgment (unless such delinquency is theretofore brought current) an action in the superior court to foreclose the lien of any Special Tax or installment thereof not paid when due as provided in the following paragraph. In such an action, the real property subject to the unpaid amount may be sold at judicial foreclosure sale. Such a judicial foreclosure sale is not mandatory under the Act. However, pursuant to the Fiscal Agent Agreement, the City, for and on behalf of the District, has covenanted with and for the benefit of the Owners to do the following: On or about February 15 and June 15 of each Fiscal Year, the District will compare the amount of Special Taxes to be collected on the December 10 and April 10 installments of the secured property tax bills to the amount of Special Tax Revenues actually received by the District in said installments, and proceed as follows: if the District determines that any single parcel subject to the Special Tax in the District is delinquent in the payment of Special Taxes, then the District will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within forty‐five (45) days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by the District within ninety (90) days of such determination.
City of Chino Community Facilities District No. 1 Page 2 Annual Report for Fiscal Year 2009‐10
Appendix A
Debt Service Schedule
A L B E R T
A.
WEBB A S S O C I A T E S
DEBT SERVICE SCHEDULE CURRENT Payment Date
Coupon
9/2/1999
3.6000%
Principal $100,000.00
3/2/2000
CITY OF CHINO
CQ08SP01 fundNum COMMUNITY FACILITIES DISTRICT 1
Principal Outstanding
Interest
Semi-Annual Debt Service
$2,750,000.00
$84,984.00
$184,984.00
$2,750,000.00
$69,020.00
$69,020.00
Annual Call Debt Service Premium $184,984.00
3.0000% 3.0000%
9/2/2000 3/2/2001
4.3000%
$180,000.00
$2,570,000.00 $2,570,000.00
$69,020.00 $65,150.00
$249,020.00 $65,150.00
$318,040.00
3.0000% 3.0000%
9/2/2001
4.5000%
$185,000.00
$2,385,000.00
$65,150.00
$250,150.00
$315,300.00
2.0000%
$2,385,000.00
$60,987.50
$60,987.50
3/2/2002
2.0000%
9/2/2002 3/2/2003
4.6000%
$190,000.00
$2,195,000.00 $2,195,000.00
$60,987.50 $56,617.50
$250,987.50 $56,617.50
$311,975.00
1.0000% 1.0000%
9/2/2003
4.7000%
$200,000.00
$1,995,000.00
$56,617.50
$256,617.50
$313,235.00
0.0000%
$215,000.00
$1,995,000.00 $1,780,000.00
$51,917.50 $51,917.50
$51,917.50 $266,917.50
$370,000.00
$1,410,000.00
$0.00
$370,000.00
$1,410,000.00
$36,998.75
$36,998.75
3/2/2004 9/2/2004
4.8500%
9/2/2004 * 3/2/2005
0.0000% 0.0000% $688,835.00
0.0000% 0.0000%
9/2/2005 3/2/2006
4.9500%
$170,000.00
$1,240,000.00 $1,240,000.00
$36,998.75 $32,791.25
$206,998.75 $32,791.25
$243,997.50
0.0000% 0.0000%
9/2/2006
5.0000%
$180,000.00
$1,060,000.00
$32,791.25
$212,791.25
$245,582.50
0.0000%
5.1500%
$195,000.00
$1,060,000.00 $865,000.00
$28,291.25 $28,291.25
$28,291.25 $223,291.25
$251,582.50
0.0000% 0.0000%
$865,000.00
$23,270.00
$23,270.00
9/2/2008
5.2500%
$200,000.00
$665,000.00
$23,270.00
$223,270.00
$246,540.00
0.0000%
3/2/2009 * 9/2/2009
5.3500%
$665,000.00 $0.00
$0.00 $0.00
$18,020.00 $0.00
$683,020.00 $0.00
$683,020.00
0.0000% 0.0000%
$0.00
$0.00
$0.00
9/2/2010 3/2/2011
5.4000%
$0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00
0.0000% 0.0000%
9/2/2011
5.5000%
$0.00
$0.00
$0.00
$0.00
$0.00
0.0000%
$953,091.50
$3,803,091.50
$3,803,091.50
3/2/2007 9/2/2007 3/2/2008
3/2/2010
Totals Bond Issue Date
$2,850,000.00
0.0000%
0.0000%
1/26/1999
Original Bond Principal
$2,850,000.00
Bond Calls
$1,035,000.00
* Denotes Bond Calls
Albert A. Webb Associates
Page 1 of 1
Wednesday, December 02, 2009
Appendix B
Rate and Method of Apportionment
A L B E R T
A.
WEBB A S S O C I A T E S
Appendix C
Boundary Map
A L B E R T
A.
WEBB A S S O C I A T E S
A L B E R T
A.
WEBB A S S O C I A T E S
CFD No. 1
Prepared for
November 2009
A L B E R T
A.
WEBB A S S O C I A T E S
City of Chino City of Chino Table of Contents
Sections
Section 2
Bond Profile and Principal Amount of Bonds Outstanding Fiscal Year 2008-09 Delinquency Rate Information Concerning Delinquent Parcels Status of Foreclosure Actions Foreclosure Covenant
1 1 1 2 2
Table 1: District Special Tax Delinquency as of September 30, 2009
1
Tables Appendices Appendix A: Appendix B: Appendix C:
Section 5
Debt Service Schedule Rate and Method of Apportionment Boundary Map
The information herein for the City of Chino’s Community Facilities District No. 1, (the “District”) was prepared by Albert A. Webb Associates and the City of Chino, as Administrators. Except as otherwise noted all information is current as of June 30, 2009.
District Profile Community Facilities District No. 1 Refunding Special Tax Bonds, Series of 1999
Location:
Project Description:
The District is comprised of some 270 acres in an area of the City known as East Chino. The is bounded on the east by Fern Avenue, on the west by Mountain Avenue, on the south by Edison avenue and is just short of Riverside Drive on the north.
The District has a development capacity of approximately 1,100 dwelling units. To accommodate the potential build‐out the District was formed to construct water, sewer, drainage and transportation improvements within the area of CFD No. 1 – Phase I.
Bond Profile and Principal Amount of Bonds Outstanding The Refunding Special Tax Bonds, Series of 1999 in the amount of $2,850,000, with interest rates ranging from 3.600% to 5.500%, were issued October 26, 1999. Interest on the Bonds is payable semi‐annually on March 2 and September 2. The final maturity of the Bonds is September 2, 2011, but due to surplus funds available to the District all outstanding bonds have been redeemed. As a result, for Fiscal Year 2009‐10, there was no Special Tax Levy. The amount of Bonds outstanding as of June 30, 2009, is $0.00.
Delinquency Rate for Fiscal Year 2008‐09 There are 30 delinquent parcels within CFD No. 1 for Fiscal Year 2008‐09. The City will continue to monitor and pursue delinquencies in this District.
Information Concerning Delinquent Parcels
TABLE 1 District Special Tax Delinquency As of September 30, 2009
Fiscal Year 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 Total
Special Tax Levy $358,107.00 $354,333.88 $350,827.24 $353,859.40 $359,052.98 $281,273.04 $288,896.04 $293,930.68 $291,558.36 $$46,809.34 $2,978,647.96
Special Tax Collected $358,107.00 $354,333.88 $350,827.24 $353,859.40 $359,052.98 $281,273.04 $288,695.48 $293,286.31 $288,902.40 $45,917.10 $2,974,254.83
Delinquent Parcels 0 0 0 0 0 0 1 4 14 30 32
FY Delinquent Amount $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $200.56 $644.37 $2,655.96 $892.24 $4,393.13
FY Delinquent Percent 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.22% 0.91% 1.91% 0.15%
City of Chino Community Facilities District No. 1 Page 1 Annual Report for Fiscal Year 2009‐10
Status of Foreclosure Actions There are no foreclosure actions pending in the District and there have been no foreclosure sales in the District.
Foreclosure Covenant Pursuant to Section 53356.1 of the Act, the City, for and on behalf of the District, has covenanted with and for the benefit of the Owners that it shall order, and cause to be commenced as provided in the Fiscal Agent Agreement, and thereafter diligently prosecute to judgment (unless such delinquency is theretofore brought current) an action in the superior court to foreclose the lien of any Special Tax or installment thereof not paid when due as provided in the following paragraph. In such an action, the real property subject to the unpaid amount may be sold at judicial foreclosure sale. Such a judicial foreclosure sale is not mandatory under the Act. However, pursuant to the Fiscal Agent Agreement, the City, for and on behalf of the District, has covenanted with and for the benefit of the Owners to do the following: On or about February 15 and June 15 of each Fiscal Year, the District will compare the amount of Special Taxes to be collected on the December 10 and April 10 installments of the secured property tax bills to the amount of Special Tax Revenues actually received by the District in said installments, and proceed as follows: if the District determines that any single parcel subject to the Special Tax in the District is delinquent in the payment of Special Taxes, then the District will send or cause to be sent a notice of delinquency (and a demand for immediate payment thereof) to the property owner within forty‐five (45) days of such determination, and (if the delinquency remains uncured) foreclosure proceedings will be commenced by the District within ninety (90) days of such determination.
City of Chino Community Facilities District No. 1 Page 2 Annual Report for Fiscal Year 2009‐10
Appendix A
Debt Service Schedule
A L B E R T
A.
WEBB A S S O C I A T E S
DEBT SERVICE SCHEDULE CURRENT Payment Date
Coupon
9/2/1999
3.6000%
Principal $100,000.00
3/2/2000
CITY OF CHINO
CQ08SP01 fundNum COMMUNITY FACILITIES DISTRICT 1
Principal Outstanding
Interest
Semi-Annual Debt Service
$2,750,000.00
$84,984.00
$184,984.00
$2,750,000.00
$69,020.00
$69,020.00
Annual Call Debt Service Premium $184,984.00
3.0000% 3.0000%
9/2/2000 3/2/2001
4.3000%
$180,000.00
$2,570,000.00 $2,570,000.00
$69,020.00 $65,150.00
$249,020.00 $65,150.00
$318,040.00
3.0000% 3.0000%
9/2/2001
4.5000%
$185,000.00
$2,385,000.00
$65,150.00
$250,150.00
$315,300.00
2.0000%
$2,385,000.00
$60,987.50
$60,987.50
3/2/2002
2.0000%
9/2/2002 3/2/2003
4.6000%
$190,000.00
$2,195,000.00 $2,195,000.00
$60,987.50 $56,617.50
$250,987.50 $56,617.50
$311,975.00
1.0000% 1.0000%
9/2/2003
4.7000%
$200,000.00
$1,995,000.00
$56,617.50
$256,617.50
$313,235.00
0.0000%
$215,000.00
$1,995,000.00 $1,780,000.00
$51,917.50 $51,917.50
$51,917.50 $266,917.50
$370,000.00
$1,410,000.00
$0.00
$370,000.00
$1,410,000.00
$36,998.75
$36,998.75
3/2/2004 9/2/2004
4.8500%
9/2/2004 * 3/2/2005
0.0000% 0.0000% $688,835.00
0.0000% 0.0000%
9/2/2005 3/2/2006
4.9500%
$170,000.00
$1,240,000.00 $1,240,000.00
$36,998.75 $32,791.25
$206,998.75 $32,791.25
$243,997.50
0.0000% 0.0000%
9/2/2006
5.0000%
$180,000.00
$1,060,000.00
$32,791.25
$212,791.25
$245,582.50
0.0000%
5.1500%
$195,000.00
$1,060,000.00 $865,000.00
$28,291.25 $28,291.25
$28,291.25 $223,291.25
$251,582.50
0.0000% 0.0000%
$865,000.00
$23,270.00
$23,270.00
9/2/2008
5.2500%
$200,000.00
$665,000.00
$23,270.00
$223,270.00
$246,540.00
0.0000%
3/2/2009 * 9/2/2009
5.3500%
$665,000.00 $0.00
$0.00 $0.00
$18,020.00 $0.00
$683,020.00 $0.00
$683,020.00
0.0000% 0.0000%
$0.00
$0.00
$0.00
9/2/2010 3/2/2011
5.4000%
$0.00
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
$0.00
0.0000% 0.0000%
9/2/2011
5.5000%
$0.00
$0.00
$0.00
$0.00
$0.00
0.0000%
$953,091.50
$3,803,091.50
$3,803,091.50
3/2/2007 9/2/2007 3/2/2008
3/2/2010
Totals Bond Issue Date
$2,850,000.00
0.0000%
0.0000%
1/26/1999
Original Bond Principal
$2,850,000.00
Bond Calls
$1,035,000.00
* Denotes Bond Calls
Albert A. Webb Associates
Page 1 of 1
Wednesday, December 02, 2009
Appendix B
Rate and Method of Apportionment
A L B E R T
A.
WEBB A S S O C I A T E S
Appendix C
Boundary Map
A L B E R T
A.
WEBB A S S O C I A T E S
A L B E R T
A.
WEBB A S S O C I A T E S
