California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Scotts Valley 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:  Scotts Valley Public Financing Authority
County:  Santa Cruz
Project:  Multiple Capital Improvements,1993 Revenue Bonds
Original Sale Date:  9/30/1993
CDIAC Number:  93-1562
Type of Event:  Draw on Reserve
Date of Event:  9/4/2001
Amount Withdrawn:  $563,953.50
Contact:  Stephen Ando
Phone Number:  (831) 440-5610

Comments:  
Scotts Valley Public Financing Authority did not make the full principal payment on September 4, 2001. Of the scheduled $1,705,000 principal payment, $737,924 was actually paid. The entire interest payment of $403,122.50 was paid in full. The defaulted principal from September 2000 of $745,068 was paid in full on September 4, 2001. There are no funds remaining in the reserve account.

The Yuba City local obligation bonds continue to have significant delinquencies. These delinquencies relate primarily to three parcels (comprising approximately 34.2% of the land in the district). As of July 2001, total delinquencies, not including penalties, interest, and fees, totaled $3,829,128

Date Received:   11/9/2001
Date posted to this website:   Thursday, January 03, 2002


Issuer:  Scotts Valley Public Financing Authority
County:  Santa Cruz
Project:  Multiple Capital Improvements, 1993 Revenue Bonds
Original Sale Date:  9/30/1993
CDIAC Number:  93-1562
Type of Event:  Draw on Reserve
Date of Event:  9/2/2000
Amount Withdrawn:  $1,283,111.69
Contact:  Stephen Ando
Phone Number:  (831) 444-5610

Comments:  
Scotts Valley Public Financing Authority drew down the entire $1,283,111.69 in its reserve fund on September 2, 2000. There are no funds remaining in the reserve account. The reserve requirement is $1,359,750. Furthermore, the Authority did not make the full principal payment on September 2, 2000. Of the scheduled $1,740,000 principal payment, $994,932 was actually paid. The entire interest payment of $403,122.50 was paid in full.

In accordance with the Trust Indenture for the above described issue, the sources of revenue to make payments consist of amounts received as payments on one limited obligation refunding improvement bond issue of the City of Yuba City and nine limited obligation refunding improvement bond issues of the City of Scotts Valley, amounts in the funds held pursuant to the Trust Indenture (including the reserve fund described above), and investment earnings on such funds.

The Yuba City local obligation bonds continue to have significant delinquencies. These delinquencies relate primarily to three parcels (comprising approximately 34.2% of the land in the district). As of July 31, 2000, total delinquencies not including penalties, interest and fees, totaled $3,018,586.60

Date Received:   11/30/2000
Date posted to this website:   Friday, January 05, 2001


Issuer:  Scotts Valley Public Financing Authority
County:  Santa Cruz
Project:  Multiple Capital Improvements,1993 Revenue Bonds
Original Sale Date:  9/30/1993
CDIAC Number:  93-1562
Type of Event:  Draw on Reserve
Date of Event:  3/2/2000
Amount Withdrawn:  $598,348
Contact:  Jack Dilles
Phone Number:  (831) 438-2324

Comments:  
Scotts Valley Public Financing Authority drew down the $1,359,750 reserve fund which is the reserve requirement, leaving a balance of $761,401.64 on March 2, 2000 following the scheduled debt service payment. As a result, there was $598,348.36 less than the reserve requirement following the debt service payment.

Date Received:   3/3/2000
Date posted to this website:   Tuesday, October 19, 2004