Draw on Reserve or Default Report
Oroville 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: Oroville Public Financing Authority
County: Butte
Project: Series 1992 B
Original Sale Date: 12/22/1992
CDIAC Number: 92-1583
Type of Event: Default
Date of Event: 3/1/2002
Amount Withdrawn/Not Paid: 0
Contact: Sandra Sato, City of Oroville
Phone Number: (530) 538-2429
Comments:
This is a continuing default update.
The payments due in March of 2002 as well as September of 2001 have been missed.
The Series 1992 Bonds were originally sold for $2,500,000 on June 29, 1992. The Series 1992B Bonds were originally sold for $1,140,000 on December 2, 1992. Draws on the Reserve Funds for the Bonds were made on September 15, 1996 and March 15, 1997.
An event of default was declared by the Trustee on September 16, 1997. Since then no principal payments have been made as it is the Trustee's position that until it can be determined if there will be an ultimate loss, all bondholders must be treated equally.
The first default distribution of interest due on September 15, 1997, was made by the Trustee, U.S. Bank, on October 15, 1997. Another default distribution was made on September 15, 1999. The source of the distributions were a mix of assessments collected by the City and the Reserve Funds. Based upon the payment history of the property owners who are not delinquent, it was not expected that between the Reserve Funds and the tax payments that sufficient monies would be on hand to make future payments, unless one or more of the delinquent properties are foreclosed upon and sold for a sufficient amount of money to make full payment.
The latest default distribution was made on September 13, 2001. Default distributions may continue to be made occasionally as funds received from assessments paid by non-delinquent property owners accumulate and the Trustee determines that this is in the best interests of the bondholders.
The Bonds are secured by City of Oroville Assessment District No. 93-1 $3,280,000 limited obligation improvement bond (the "Assessment Bond"). Full payment was not made on the Assessment Bond because of defaults in assessment installment payments. The defaults are concentrated in two properties, the Buttes Subdivision Remainder Units, II, III and IV and the Deer Creek Subdivision.
The City of Oroville has obtained foreclosure judgments against all property owners who are in default. A County Sheriff's foreclosure sale was held on October 30, 1997 for the Buttes Subdivision Remainder, Units II, III and IV. A second sale was held on August 22, 2000. The first foreclosure sale for the Deer Creek Subdivision was also held on August 22, 2000, a second sale was held on January 30, 2002. Unfortunately, there were no bidders at any of the sales. A bondholders meeting was held in January of 1998. An informal committee composed of bondholders was formed to advise the Trustee. At the direction of the bondholders, the City and the Trustee are working to find a potential buyer for the property and to take all necessary steps to solve the underlying problems with this issue.
As part of this work out effort an RFP was issued by the City in November of 2001. The City received only one response from Tower Investments which did not meet the requirements of the RFP. However the City is working with Tower Investments on their alternative proposal for the 72 finished lots in the Deer Creek Subdivision which is the bulk of the delinquencies. A sale is planned pending an agreement with Tower Investments sometime in the next sixty days
Date Received: 6/18/2002
Date posted to this website:
Monday, August 26, 2002
Issuer: Oroville Public Financing Authority
County: Butte
Project: Multiple Capital Improvements, Series 1992
Original Sale Date: 6/29/1992
CDIAC Number: 92-0391
Type of Event: Default
Date of Event: 9/15/2000
Amount Withdrawn/Not Paid: $62,411.60
Contact: Sandra Sato
Phone Number: (530) 583-2410
Comments:
This is a continuing default situation. Payments due in March of 2000 as well as September of 2000 have been missed. The Bonds are secured by Oroville Assessment District 93-1. Full payment was not made on the Assessment Bond because of defaults in assessment installment payments. The defaults are concentrated in two properties, the Buttes Subdivision Remainder Units II, III and IV and the Deer Creek Subdivision. Oroville has obtained foreclosure judgements against all property owners who are in default. A County Sheriff’s foreclosure sale was held on October 30, 1997. A second sale was held on August 22, 2000. Unfortunately, there were no bidders at either of the two sales.
Date Received: 9/29/2000
Date posted to this website:
Tuesday, October 19, 2004
Issuer: Oroville Public Financing Authority
County: Butte
Project: Multiple Capital Improvements, Series 1992B
Original Sale Date: 12/2/1992
CDIAC Number: 92-1583
Type of Event: Default
Date of Event: 9/15/2000
Amount Withdrawn/Not Paid: See 92-0391 (Parity Bonds)
Contact: Sandra Sato
Phone Number: (530) 583-2410
Comments:
This is a continuing default situation. Payments due in March of 2000 as well as September of 2000 have been missed. The Bonds are secured by Oroville Assessment District 93-1. Full payment was not made on the Assessment Bond because of defaults in assessment installment payments. The defaults are concentrated in two properties, the Buttes Subdivision Remainder Units II, III and IV and the Deer Creek Subdivision. Oroville has obtained foreclosure judgements against all property owners who are in default. A County Sheriff’s foreclosure sale was held on October 30, 1997. A second sale was held on August 22, 2000. Unfortunately, there were no bidders at either of the two sales. These bonds are parity bonds.
Date Received: 9/29/2000
Date posted to this website:
Tuesday, October 19, 2004
Issuer: Oroville Public Financing Authority
County: Butte
Project: Series 1992 B
Original Sale Date: 12/22/1992
CDIAC Number: 92-1583
Type of Event: Default
Date of Event: 3/15/2004
Amount Withdrawn/Not Paid: $0
Contact: Sandra Sato
Phone Number: (530) 538-2429
Comments:
This is a continuing default update.
Date Received:
Date posted to this website:
Wednesday, May 26, 2004
Issuer: Oroville Public Financing Authority
County: Butte
Project: Series 1992
Original Sale Date: 6/29/1992
CDIAC Number: 92-391
Type of Event: Default
Date of Event: 3/15/2004
Amount Withdrawn/Not Paid: $0
Contact: Sandra Sato
Phone Number: (530) 538-2429
Comments:
The Series 1992 Bonds were originally sold on June 29, 1992. The Series 1992B Bonds were originally sold on December 2, 1992. Draws on the Reserve Funds for the Bonds were made on September 15, 1996 and March 15, 1997.
Date Received:
Date posted to this website:
Wednesday, May 26, 2004
Issuer: Oroville Public Financing Authority
County: Butte
Project: Series 1992
Original Sale Date: 6/29/1992
CDIAC Number: 92-391
Type of Event: Default
Date of Event: 3/1/2002
Amount Withdrawn/Not Paid: 0
Contact:
Phone Number:
Comments:
Date Received:
Date posted to this website:
Monday, August 26, 2002