California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Calexico CFD No 2005-1 Mello-Roos Community Facilities Districts

This report is based on unaudited information reported to the California Debt and Investment Advisory Commission pursuant to Government Code Section 53359.5(c) from sources considered to be reliable. The Commission is not liable for inadvertent errors or omissions that are reported as part of these reports.

Issuer:  Calexico CFD No 2005-1
County:  Imperial
Project:  Hearthstone
Original Sale Date:  6/28/2006
CDIAC Number:  2006-0807
Type of Event:  Draw on Reserve
Date of Event:  8/31/2017
Amount Withdrawn:  $177,581.52
Contact:  Scott Koppel, Koppel & Gruber Public Finance
Phone Number:  (760) 510-0290

Comments:  
On August 31, 2017, an unscheduled draw was made on the reserve fund established for the $14,710,000 2006 Special Tax Bonds of the Community Facilities District No. 2005-1 (Hearthstone) of the City of Calexico. The draw was made in order to pay a portion of the September 1, 2017 debt service requirement. The Reserve Fund balance after the draw was $252,150.81, against a Reserve Fund Requirement of $1,011,437.50.

Date Received:   9/8/2017
Date posted to this website:   Tuesday, October 03, 2017


Issuer:  Calexico CFD No 2005-1
County:  Imperial
Project:  Hearthstone
Original Sale Date:  6/28/2006
CDIAC Number:  2006-0807
Type of Event:  Default
Date of Event:  9/1/2017
Amount Withdrawn:  $360,000.00
Contact:  Scott Koppel, Koppel & Gruber Public Finance
Phone Number:  (760) 510-0290

Comments:  
The September 1, 2017 redemptions from Sinking Fund Payments scheduled in the principal amounts of $250,000 (Term Bonds maturing September 1, 2021) and $110,000 (Escrow Term Bonds maturing September 1, 2026) were not paid. Transfers of Special Taxes collected from CFD No. 2005-1 (Hearthstone), together with funds available in the Reserve Account, were insufficient to pay the total interest and principal amounts that were due on September 1, 2017. Interest in the amount of $325,043.75 was paid as scheduled.

Date Received:   9/8/2017
Date posted to this website:   Tuesday, October 03, 2017


Issuer:  Calexico CFD No 2005-1
County:  Imperial
Project:  Hearthstone
Original Sale Date:  6/28/2006
CDIAC Number:  2006-0807
Type of Event:  Draw on Reserve
Date of Event:  8/26/2016
Amount Withdrawn:  $224,663.29
Contact:  Scott Koppel, Koppel & Gruber Public Finance
Phone Number:  (760) 510-0290

Comments:  
On August 26, 2016, an unscheduled draw was made on the reserve fund established for the $14,710,000 2006 Special Tax Bonds of Community Facilities District No. 2005-1 (Hearthstone) of the City of Calexico, which lowered the balance to less than the required reserve fund minimum. The draw was made in order to pay the September 1, 2016 debt service payment. The reserve fund balance after the draw was $428,651.62, against a reserve fund requirement of $1,012,337.50.

Date Received:   10/24/2016
Date posted to this website:   Friday, March 24, 2017