California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Camarillo CFD No 2 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:  Camarillo CFD No 2
County:   Ventura
Project:  Springville Interchange
Original Sale Date:  12/9/2009
CDIAC Number:  2009-1417
Type of Event:  Replenishment
Date of Event:  12/17/2014
Amount Replenished:  $2,340,000.00
Contact:  Ronnie Campbell, City of Camarillo
Phone Number:  (805) 388-5320

Comments:  
The bonds were paid in full on 12/17/2014.

Date Received:   1/7/2015
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Camarillo CFD No 2
County:  Ventura
Project:  Springville Interchange
Original Sale Date:  12/9/2009
CDIAC Number:  2009-1417
Type of Event:  Default
Date of Event:  10/1/2014
Amount of Default:  $2,340,000.00
Contact:  Ronnie Campbell, City of Camarillo
Phone Number:  (805) 388-5320

Comments:  
Property owner is attempting to refinance debt to payoff the bonds. The single bondholder is also a member of property owner entity and supports efforts to refinance prior to the city initiating a foreclosure action. Default in the amount of $2,340,000.00.

Date Received:   10/10/2014
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Camarillo CFD No 2
County:  Ventura
Project:  Springville Interchange
Original Sale Date:  12/9/2009
CDIAC Number:  2009-1417
Type of Event:  Default
Date of Event:  4/1/2014
Amount Not Paid:  
Contact:  Ronnie Campbell, City of Camarillo
Phone Number:  (805) 388-5320

Comments:  
CFD No. 2 has only one Bondholder and only one Property owner. The City, Bondholder and Property owner had a Forebearance/Tolling Agreement that was established and extended, which has now expired. At the present, the City is continuing actions that would bring payment of past due amounts, and if payment is not made, the City will initiate steps to begin foreclosure on properties in the District. Default amount $85,000.00.

Date Received:   4/21/2014
Date posted to this website:   Thursday, May 08, 2014


Issuer:  Camarillo CFD No 2
County:  Ventura
Project:  Springville Interchange
Original Sale Date:  12/9/2009
CDIAC Number:  2009-1417
Type of Event:  Default
Date of Event:  10/1/2013
Amount Not Paid:  
Contact:  Ronnie Campbell, City of Camarillo
Phone Number:  (805) 388-5320

Comments:  
The City of Camarillo is working on a Forbearance/Tolling Agreement between the Bondholder and Property Owner in order to resolve this Issue. CFD No 2 has one Bondholder and one Property Owner. Default amount $85,000.00.

Date Received:   4/10/2014
Date posted to this website:   Thursday, May 08, 2014


Issuer:  Camarillo CFD No 2
County:  Ventura
Project:  Springville Interchange
Original Sale Date:  12/9/2009
CDIAC Number:  2009-1417
Type of Event:  Default
Date of Event:  4/1/2013
Amount Not Paid:  $0
Contact:  Ronnie Campbell, City of Camarillo
Phone Number:  (805) 388-5320

Comments:  
The City of Camarillo is working on a Forbearance/Tolling Agreement between the Bondholder and Property Owner in order to resolve this Issue. CFD No 2 has one Bondholder and one Property Owner.

Date Received:   4/9/2013
Date posted to this website:   Monday, April 14, 2014