California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Lathrop CFD No 2006-1 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:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2017
Amount of Default:  $2,040,863.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and interest payable on September 1, 2017 on the special tax bonds has not been paid.

Date Received:   9/7/2017
Date posted to this website:   Tuesday, October 03, 2017


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2017
Amount of Default:  $1,245,863.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The interest payable on March 1, 2017 has not been paid in accordance with previously executed supplemental indentures, which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   1/8/2017
Date posted to this website:   Friday, March 24, 2017


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2016
Amount of Default:  $1,942,197.06
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
No payments of principal or interest on the bonds have been made since March 1, 2010. The Trustee was directed by holders of a majority of the outstanding Bonds, to disburse funds from the Debt Service Reserve Fund in the amount of $1,167,582.82, was disbursed on September 2, 2016. $1,958,238.75 was subtracted from the partial interest payment for the 9-1-2016 maturity of $16,041.69 equals $1,942,197.06

Date Received:   9/24/2016
Date posted to this website:   Friday, March 24, 2017


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Draw on Reserve
Date of Event:  9/1/2016
Amount Withdrawn:  $1,167,582.82
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on September 1, 2016 special tax bonds has not been paid. The Trustee was directed by holders of a majority of the outstanding Bonds, the balance of funds remaining in the Debt Service Reserve Fund in the amount of $1,167,582.82, was disbursed on September 2, 2016, to beneficial owners of the outstanding Bonds to be applied to the payment of past-due interest on the Bonds on a pro rata basis based on the total amount currently due and owing each beneficial owner

Date Received:   9/24/2016
Date posted to this website:   Friday, March 24, 2017


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/2/2016
Amount of Default:  $1,263,238.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The interest payable on March 1, 2016 on the Bonds has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   3/8/2016
Date posted to this website:   Tuesday, March 15, 2016


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2015
Amount of Default:  $1,878,238.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on September 1, 2015 on the Bonds has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   9/8/2015
Date posted to this website:   Thursday, January 07, 2016


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2015
Amount of Default:  $1,278,238.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on March 1, 2015 on the Bonds has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

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


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2014
Amount of Default:  $1,805,727.50
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on September 1, 2014 on the Bonds has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

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


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2014
Amount of Default:  $1,290,727.50
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The interest payable on March 1, 2014 on the bonds has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   3/6/2014
Date posted to this website:   Monday, April 14, 2014


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2013
Amount of Default:  $1,736,058.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on September 1, 2013 on the Bonds have not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   9/6/2013
Date posted to this website:   Friday, September 27, 2013


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2013
Amount of Default:  $1,301,058.75
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The interest payable on March 1, 2013 has not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   3/8/2013
Date posted to this website:   Wednesday, March 27, 2013


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2012
Amount of Default:  $1,664,401.25
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The principal maturing and the interest payable on September 1, 2012 on the above-named special tax bonds have not been paid in accordance with previously executed supplemental indentures which were requested, directed and consented to by beneficial owners of a majority of the outstanding Bonds.

Date Received:   9/1/2012
Date posted to this website:   Tuesday, October 16, 2012


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2012
Amount Not Paid:  $1,309,401.25
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The interest due and payable on March 1, 2012 on the above-named special tax bonds has not been paid.

Date Received:   3/13/2012
Date posted to this website:   Tuesday, April 10, 2012


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2011
Amount of Default:  $1,600,956.25
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
Pursuant to the First Supplemental Indenture, dated as of August 24, 2010, by and between Union Bank, N.A., as Trustee, and the City of Lathrop, acting for and on behalf of its Community Facilities District No. 2006-1 (Central Lathrop Specific Plan Phase 1 Infrastructure), the balance retained in the Reserve Account will not be used to fund payments of principal or interest on the Bonds (including payments of approximately $1,315,956.25 in interest and $285,000 in maturity principal scheduled for September 1, 2011), subject to subsequent amendment or direction pursuant to the terms of the Indenture. Amounts retained in the Reserve Account may be used as provided in the First Supplemental Indenture for costs and expenses of the Trustee or the City and their respective agents, counsel or other advisors involved with actions affecting the security for the Bonds until the Bonds are brought back into compliance with their terms and the terms of the Indenture.

Date Received:   9/20/2011
Date posted to this website:   Wednesday, September 28, 2011


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  3/1/2011
Amount of Default:  $1,315,956.25
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The Indenture Trustee hereby notifies you that the City has indicated that it did not receive the interest payment due on the Bonds on March 1, 2011 in the amount of $1,320,851.26.

Date Received:   3/7/2011
Date posted to this website:   Tuesday, March 15, 2011


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Draw on Reserve
Date of Event:  8/24/2010
Amount Withdrawn:  $2,063,195.40
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The Dissemination Agent has been informed of the execution and delivery of a First Supplemental Indenture, dated as of August 24, 2010, by and between Union Bank, N.A., as Trustee, and the City of Lathrop, acting for and on behalf of its Community Facilities District No. 2006-1 (Central Lathrop Specific Plan Phase 1 Infrastructure). Pursuant to the First Supplemental Indenture, the balance retained in the Reserve Account will not be used to fund payments of principal or interest on the Bonds (including payments of approximately $1,320,851.26 in interest and $220,000 in maturity principal scheduled for September 1, 2010), subject to subsequent amendment or direction pursuant to the terms of the Indenture. Amounts retained in the Reserve Account may be used as provided in the First Supplemental Indenture for costs and expenses of the Trustee or the City and their respective agents, counsel or other advisors involved with actions affecting the security for the Bonds until the Bonds are brought back into compliance with their terms and the terms of the Indenture. These actions have been requested, directed and consented to by Holders asserting beneficial ownership of in excess of 90% of the Outstanding Bonds.

Date Received:   9/2/2010
Date posted to this website:   Monday, September 20, 2010


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Default
Date of Event:  9/1/2010
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
The Dissemination Agent has been informed of the execution and delivery of a First Supplemental Indenture, dated as of August 24, 2010, by and between Union Bank, N.A., as Trustee, and the City of Lathrop, acting for and on behalf of its Community Facilities District No. 2006-1 (Central Lathrop Specific Plan Phase 1 Infrastructure). Pursuant to the First Supplemental Indenture, the balance retained in the Reserve Account will not be used to fund payments of principal or interest on the Bonds (including payments of approximately $1,320,851.26 in interest and $220,000 in maturity principal scheduled for September 1, 2010), subject to subsequent amendment or direction pursuant to the terms of the Indenture. Amounts retained in the Reserve Account may be used as provided in the First Supplemental Indenture for costs and expenses of the Trustee or the City and their respective agents, counsel or other advisors involved with actions affecting the security for the Bonds until the Bonds are brought back into compliance with their terms and the terms of the Indenture. These actions have been requested, directed and consented to by Holders asserting beneficial ownership of in excess of 90% of the Outstanding Bonds.

Date Received:   9/2/2010
Date posted to this website:   Monday, September 20, 2010


Issuer:  Lathrop CFD No 2006-1
County:  San Joaquin
Project:  Central Specific Plan Phase 1
Original Sale Date:  8/24/2006
CDIAC Number:  2006-0772
Type of Event:  Draw on Reserve
Date of Event:  3/1/2010
Amount Withdrawn:  $1,320,851.26
Contact:  Kristin Harvey, NBS
Phone Number:  (951) 296-1997

Comments:  
On March 1, 2010 the amount of $1,320,851.26 was transferred from the reserve fund in order to fund the scheduled debt service payment in the amount of $1,320,851.26. As a result, the remaining reserve fund balance is $3,229,587.44, which is less than the current reserve requirement of $4,550,438.70.

Date Received:   3/2/2010
Date posted to this website:   Wednesday, March 03, 2010