Draw on Reserve or Default Report
California Desert Public Financing Authority Marks-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: California Desert Public Financing Authority
County: Multiple
Project: Shadowrock Destination Resort
Original Sale Date: 3/3/1997
CDIAC Number: 97- 128
Type of Event: Default
Date of Event: 8/15/2001
Amount of Default: $519,250
Contact: W. Terrence Bates
Phone Number: (760) 416-1188
Comments:
The Developer has entered into a letter of intent with a major public company to acquire the project. The due diligence period is expected to conclude September 9, 2001. The closing of this transaction is expected to happen in the month of September. If successful, this transaction will enable the Developer to bring all outstanding bond principal and interest payment current.
Date Received: 8/29/2001
Date posted to this website:
Tuesday, October 19, 2004
Issuer: California Desert Public Financing Authority
County: Multiple
Project: Shadowrock Destination Resort
Original Sale Date: 3/3/1997
CDIAC Number: 97-128
Type of Event: Default
Date of Event: 8/15/2001
Amount of Default: $519,250
Contact: W. Terrence Bates
Phone Number: (760) 416-1188
Comments:
The Developer has entered into a letter of intent with a major public company to acquire the project. The due diligence period is expected to conclude September 9, 2001. The closing of this transaction is expected to happen in the month of September. If successful, this transaction will enable the Developer to bring all outstanding bond principal and interest payment current
Date Received: 8/29/2001
Date posted to this website:
Tuesday, September 18, 2001
Issuer: California Desert Public Financing Authority
County: Multiple
Project: Shadowrock Destination Resort
Original Sale Date: 3/3/1997
CDIAC Number: 97-128
Type of Event: Default
Date of Event: 2/15/2001
Amount of Default: $829,000
Contact: W. Terrence Bates
Phone Number: (760) 416-1188
Comments:
The Developer has not made, and is presently unable to make, the principal and interest payments due February 15, 2001. The principal payment due is $300,000 and the interest payment due is $529,000, for a total payment of $829,000.
The Developer has received a letter of intent for a $15,000,000 construction loan to build the Shadowrock golf course subject to additional equity investment. Developer is presently seeking new equity investors for this purpose.
In December 2000 the California Desert Public Finance Authority changed its name to the Tuscany Hills Public Finance Authority and the Tuscany Hills Mutual Water Company joined the Authority.
The Authority has authorized $40,000,000 in Bond debt under a new offering. The Developer is seeking a local agency with appropriate jurisdiction to join the JPA. The proposed uses of funds for the new offering include: repayment of the existing 1997 Series A debt, construction of the public golf course improvements, and to pay interest reserve and a reserve fund.
Date Received: 3/5/2001
Date posted to this website:
Thursday, April 12, 2001