California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Cathedral City CFD No 2000-1 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:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Replenishment
Date of Event:  9/1/2016
Amount Replenished:  $245,518.46
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On September 1, 2016, a Draw on the Reserve Fund for $570,857.51 was required to pay the September 1, 2016 Debt Service Payment on the Bonds. Also on September 1, 2016 the Reserve Fund was partially replenished with the funds from the Holding Account in the amount of $245,518.46, therefore the Reserve Fund was $324,857.61 below the Reserve Requirement.

Date Received:   9/14/2016
Date posted to this website:   Friday, October 07, 2016


Issuer:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Draw on Reserve
Date of Event:  9/1/2016
Amount of Default:  $570,857.51
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On September 1, 2016, a Draw on the Reserve Fund for $570,857.51 was required to pay the September 1, 2016 Debt Service Payment on the Bonds. Also on September 1, 2016 the Reserve Fund was partially replenished with the funds from the Holding Account in the amount of $245,518.46, therefore the Reserve Fund was $324,857.61 below the Reserve Requirement.

Date Received:   9/14/2016
Date posted to this website:   Friday, October 07, 2016


Issuer:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Replenishment
Date of Event:  9/1/2015
Amount Replenished:  $801,976.00
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On September 1, 2015 $801,976.00 was transferred into the Reserve Fund to bring the amount back to the Reserve Requirement of $1,223,000.00. These funds came from the major property owners responsible for the special tax greater than 5% of the special tax levy curing their delinquent installments.

Date Received:   9/18/2015
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Draw on Reserve
Date of Event:  2/27/2015
Amount Withdrawn:  $197,646.17
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On March 1, 2015, a third draw on the Reserve Fund for $197,646.17 was required to pay the March 1, 2015 Debt Service Payment on the Bonds. The District had insufficient funds to make the full payment on the Bonds in the amount of $364,400.63. The remaining amount in the Reserve Fund was $421,024.00 Therefore, the Reserve Fund is $801,976.00 below the Reserve Requirement of $1,223,000.00.

Date Received:   3/10/2015
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Draw on Reserve
Date of Event:  9/2/2014
Amount Withdrawn:  $435,962.81
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On September 1, 2014, a second draw on the Reserve Fund for $435,962.81 was required to pay the September 1, 2014 Debt Service Payment on the Bonds. The District had insufficient funds to make the full payment on the Bonds in the amount of $611,720.63. The remaining amount in the Reserve Fund is $618,670.17. Therefore, the Reserve Fund is $604,329.83 below the Reserve Requirement of $1,223,000.00.

Date Received:   9/9/2014
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Cathedral City CFD No 2000-1
County:  Riverside
Project:  Rio Vista Village
Original Sale Date:  11/16/2000
CDIAC Number:  2000-1603
Type of Event:  Draw on Reserve
Date of Event:  3/3/2014
Amount Withdrawn:  $168,367.02
Contact:  Mark Dana, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On March 3, 2014, a draw on the Reserve Fund for $168,367.02 was required to pay the March 3, 2014 Debt Service Payment on the Bonds. The District had insufficient funds to make the full debt service on the Bonds in the amount of $371,720.63. Therefore, the Reserve Fund is $168,367.02 below the Reserve requirement of $1,223,000.00. The remaining amount in the Reserve Fund is $1,054,632.98. The unscheduled draw is due to a higher than anticipated delinquency rate in the District because the major property owners have not been paying taxed for several years resulting in an approximately 73% delinquency rate. The taxes have been delinquent for several years and are owing in an amount of $2,710,847.29 not including interest and penalties

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