Draw on Reserve or Default Report
Borrego Water District CFD No 2007-1 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: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 8/1/2016
Amount of Default: $4,889,080.47
Contact: Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Since no funds were available to pay debt service on August 1, 2016, the amounts below as of September 12, 2016, remain outstanding (in order of priority):
(i) default interest in the amount of $696,238.74, as calculated by US Bank, the District’s trustee,
(ii) $184,479.23 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $240,206.25 of unpaid regularly scheduled interest due August 3, 2015,
(xi) $232,300.00 of unpaid regularly scheduled interest due February 1, 2016,
(xii) $232,300.00 of unpaid regularly scheduled interest due August 1, 2016,
(xiii) $220,000.00 of unpaid principal due August 1, 2011,
(xiv) $235,000.00 of unpaid principal due August 1, 2012,
(xv) $250,000.00 of unpaid principal due August 1, 2013,
(xvi) $260,000.00 of unpaid principal due August 1, 2014.
(xvii) $275,000.00 of unpaid principal due August 3, 2015, and
(xviii) $295,000.00 of unpaid principal due August 1, 2016.
Date Received: 9/13/2016
Date posted to this website:
Friday, October 7, 2016
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/1/2017
Amount of Default: $5,031,116.63
Contact: Nehal Thumar, David Taussig & Associates Inc
Phone Number: (949) 955-1500
Comments:
A partial interest payment in the amount of $52,786.45 was made on February 1, 2017 which was applied to the outstanding interest originally due August 1, 2011. The amounts below remain outstanding (in order of priority):
(i) default interest in the amount of $667,242.60, as calculated by US Bank, the District’s trustee,
(ii) $184,479.23 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $240,206.25 of unpaid regularly scheduled interest due August 3, 2015,
(xi) $232,300.00 of unpaid regularly scheduled interest due February 1, 2016,
(xii) $232,300.00 of unpaid regularly scheduled interest due August 1, 2016,
(xiii) $223,818,75 of unpaid regularly scheduled interest due February 1, 2017,
(xiiv) $220,000.00 of unpaid principal due August 1, 2011,
(xv) $235,000.00 of unpaid principal due August 1, 2012,
(xvi) $250,000.00 of unpaid principal due August 1, 2013,
(xvi) $260,000.00 of unpaid principal due August 1, 2014,
(xviii) $275,000.00 of unpaid principal due August 3, 2015, and
(xix) $295,000.00 of unpaid principal due August 1, 2016.
Date Received: 7/24/2016
Date posted to this website:
Friday, March 24, 2017
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/1/2016
Amount of Default: $4,196,632.61
Contact: Andrea Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
A partial interest payment in the amount of $51,355.08 was made on February 16, 2016, which was applied to the outstanding interest originally due August 1, 2011. As of February 16, 2016, the following amounts remain outstanding (in order of priority):
(i) default interest in the amount of $531,090.88, as calculated by US Bank, the District's trustee,
(ii) $184,479.23 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $240,206.25 of unpaid regularly scheduled interest due August 3, 2015,
(xi) $232,300.00 of unpaid regularly scheduled interest due February 1, 2016,
(xii) $220,000.00 of unpaid principal due August 1, 2011,
(xiii) $235,000.00 of unpaid principal due August 1, 2012,
(xiv) $250,000.00 of unpaid principal due August 1, 2013,
(xv) $260,000.00 of unpaid principal due August 1, 2014, and
(xvi) $275,000.00 of unpaid principal due August 3, 2015.
Date Received: 3/23/2016
Date posted to this website:
Monday, April 11, 2016
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/2/2015
Amount of Default: $3,275,144.91
Contact: Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Principal and interest payment delinquencies.
$16,391.06 was available to pay a portion of the debt service due on February 2,
2015. The amounts below remain outstanding (in order of priority):
(i) Default interest in the amount of $305,754.35, as calculated by US Bank,
the District’s trustee,
(ii) $235,834.31 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $220,000.00 of unpaid principal due August 1, 2011,
(xi) $235,000.00 of unpaid principal due August 1, 2012,
(xii) $250,000.00 of unpaid principal due August 1, 2013, and
(xiii) $260,000.00 of unpaid principal due August 1, 2014.
Therefore, as of February 2, 2015, a total of $2,310,144.91 in interest and
$965,000.00 in principal remains unpaid.
Date Received: 1/4/2016
Date posted to this website:
Wednesday, January 27, 2016
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 8/3/2015
Amount of Default: $3,880,537.22
Contact: Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Principal and interest payment delinquencies.
Since no funds were available to pay debt service on August 3, 2015, the
amounts below remain outstanding (in order of priority):
(i) Default interest in the amount of $395,940.41, as calculated by US Bank,
the District's trustee,
(ii) $235,834.31 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $240,206.25 of unpaid regularly scheduled interest due August 3, 2015,
(xi) $220,000.00 ofunpaid principal due August 1, 2011,
(xii) $235,000.00 ofunpaid principal due August 1, 2012,
(xiii) $250,000.00 ofunpaid principal due August 1, 2013,
(xiv) $260,000.00 ofunpaid principal due August 1, 2014 and
(xv) $275,000.00 ofunpaid principal due August 3, 2015.
Therefore, as of August 3, 2015, a total of $2,640,537.22 in interest and
$1,240,000.00 in principal remains unpaid.
Date Received: 8/31/2015
Date posted to this website:
Thursday, January 14, 2016
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 8/1/2014
Amount of Default: $2,969,237.14
Contact: Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Principal and interest payment delinquencies.
Since no funds were available to pay debt service on August 1, 2014, the
amounts below remain outstanding (in order of priority):
(i) Default interest in the amount of $223,661.77, as calculated by US Bank,
the District’s trustee,
(ii) $252,225.37 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $220,000.00 of unpaid principal due August 1, 2011,
(x) $235,000.00 of unpaid principal due August 1, 2012,
(xi) $250,000.00 of unpaid principal due August 1, 2013, and
(xii) $260,000.00 of unpaid principal due August 1, 2014.
Therefore, as of August 1, 2014, a total of $2,004,237.14 in interest and
$965,000.00 in principal remains unpaid.
Date Received: 10/29/2014
Date posted to this website:
Thursday, January 14, 2016
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/1/2012
Amount Not Paid: $261,625.00
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Since limited funds were available to pay debt service, the interest payment of $261,625.00 due on February 1, 2012 was not paid. In addition, $252,225.37 in interest from August 1, 2011 and $220,000 in principal from August 1, 2011 remain unpaid.
Date Received: 3/5/2012
Date posted to this website:
Thursday, April 19, 2012
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 8/1/2011
Amount of Default: $487,950.00
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Since no funds were available to pay debt service, the interest payment of $267,950 and the principal payment of $220,000 due on August 1, 2011 were not paid.
Date Received: 9/21/2011
Date posted to this website:
Tuesday, October 11, 2011
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/1/2011
Amount of Default: $267,950.50
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1590
Comments:
Since no funds are available to pay debt service, the interest payment due on 2/1/2011 in the amount of $267,950 was not paid. At the request of the bond holder in February 2011, the entire balance in the Reserve Fund of $59,414.58 was transferred to the Admin Expense Account pursuant to Section 2 of Amendment No 2 to the Bond Indenture.
Date Received: 2/10/2011
Date posted to this website:
Thursday, February 24, 2011
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Draw
Date of Event: 2/1/2011
Amount Withdrawn: $59,414.58
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1590
Comments:
Since no funds are available to pay debt service, the interest payment due on 2/1/2011 in the amount of $267,950 was not paid. At the request of the bond holder in February 2011, the entire balance in the Reserve Fund of $59,414.58 was transferred to the Admin Expense Account pursuant to Section 2 of Amendment No 2 to the Bond Indenture.
Date Received: 2/10/2011
Date posted to this website:
Thursday, February 24, 2011
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Draw on Reserve
Date of Event: 8/1/2010
Amount Withdrawn: $483,987.50
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1590
Comments:
A withdrawal in the amount of $483,987.50 was made from the Reserve Fund for the August 1, 2010 debt service payment. The balance in the Reserve Fund following the withdrawal was $59,413.98. The Reserve Requirement is equal to $759,812.50.
Date Received: 8/24/2010
Date posted to this website:
Wednesday, August 25, 2010
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Draw on Reserve
Date of Event: 2/1/2010
Amount Withdrawn: $216,411.02
Contact: Andrea Roess, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Date Received: 2/5/2010
Date posted to this website:
Monday, February 8, 2010
Issuer: Borrego Water District CFD No 2007-1
County: San Diego
Project: Montesoro ID No 1
Original Sale Date: 6/14/2007
CDIAC Number: 2007-0630
Type of Event: Default
Date of Event: 2/2/2015
Amount of Default: $3,275,144.91
Contact: Nehal Thumar, David Taussig & Associates Inc.
Phone Number: (949) 955-1500
Comments:
Principal and interest payment delinquencies.
$16,391.06 was available to pay a portion of the debt service due on February 2,
2015. The amounts below remain outstanding (in order of priority):
(i) Default interest in the amount of $305,754.35, as calculated by US Bank,
the District’s trustee,
(ii) $235,834.31 of unpaid regularly scheduled interest due August 1, 2011,
(iii) $261,625.00 of unpaid regularly scheduled interest due February 1, 2012,
(iv) $261,625.00 of unpaid regularly scheduled interest due August 1, 2012,
(v) $254,868.75 of unpaid regularly scheduled interest due February 1, 2013,
(vi) $254,868.75 of unpaid regularly scheduled interest due August 1, 2013,
(vii) $247,681.25 of unpaid regularly scheduled interest due February 1, 2014,
(viii) $247,681.25 of unpaid regularly scheduled interest due August 1, 2014,
(ix) $240,206.25 of unpaid regularly scheduled interest due February 2, 2015,
(x) $220,000.00 of unpaid principal due August 1, 2011,
(xi) $235,000.00 of unpaid principal due August 1, 2012,
(xii) $250,000.00 of unpaid principal due August 1, 2013, and
(xiii) $260,000.00 of unpaid principal due August 1, 2014.
Therefore, as of February 2, 2015, a total of $2,310,144.91 in interest and
$965,000.00 in principal remains unpaid.
Date Received:
Date posted to this website:
Thursday, January 14, 2016