Draw on Reserve or Default Report
Calexico CFD No 2005-1 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: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2023
Amount of Default: $746,426.25
Contact: Douglas Floyd, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
Unpaid principal in the amount of $485,000.00 + originally scheduled interest in
the amount of $261,426.25 (revenues received were used to pay interest on past
due principal). The City did not receive special tax revenues in a sufficient
amount to pay the September 1, 2023 principal payment due for the abovereferenced
Bond Issue. The City utilized the special tax revenues received to pay
past due interest payment on the Bonds. There are insufficient revenues to make
the interest payment due as of September 1, 2023.
Date Received: 9/10/2023
Date posted to this website:
Monday, November 27, 2023
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Draw
Date of Event: 3/24/2023
Amount of Draw: $120,043.00
Contact: Douglas Floyd, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
The Trustee has received a partial payment of $205,000 from the District on
March 6, 2023. The Trustee is electing to make a $120,043.00 withdrawal from
the Debt Service Reserve Fund to enable it to make a past due Interest Payment
on the Bonds.
Date Received: 3/30/2023
Date posted to this website:
Wednesday, April 12, 2023
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 3/1/2023
Amount of Default: $261,426.25
Contact: Douglas Floyd, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
There are insufficient revenues to make the Interest Payment due as of March 1,
2023.
Date Received: 3/30/2023
Date posted to this website:
Wednesday, April 12, 2023
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2022
Amount of Default: $460,000.00
Contact: Douglas Floyd, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
Unpaid principal in the amount of $460,000. Originally scheduled interest in the
amount of $273,501.25 as well as interest due on unpaid principal in the amount
of $51,542.50 was paid on schedule.
Date Received: 3/29/2023
Date posted to this website:
Wednesday, April 12, 2023
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Draw
Date of Event: 3/11/2020
Amount of Draw: $34,883.44
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
In order to make the late Interest Payment on March 11, 2020, the Trustee made
a partial withdrawal from the Debt Service Reserve Fund in the amount
$34,883.44. After this withdrawal from the Debt Service Reserve Fund, the
Trustee is currently holding $148, 798 .40 against a Reserve Requirement of
$1,011,437.50.
Date Received: 11/10/2020
Date posted to this website:
Friday, December 11, 2020
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2020
Amount of Default: $1,006,295.00
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
Principal amount unpaid $415,000.00
Interest amount unpaid $591,295.00
Date Received: 10/28/2020
Date posted to this website:
Friday, December 11, 2020
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2019
Amount of Default: $395,000.00
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
The full Interest Payment Due in the amount of $325,043.75 is being paid late on
September 9, 2019. After multiple requests to the Issuer, the Issuer finally
forwarded only $200,000 in tax revenues to the Trustee on September 6, 2019.Interest in the amount of $325,043.75 was paid as scheduled.
In order to make the late Interest Payment on September 9, 2019, the Trustee
made a pa1tial withdrawal from the Debt Service Reserve Fund in the amount
$67,533.62. After this withdrawal from the Debt Service Reserve Fund, the
Trustee is currently holding $182,311.27, against a Reserve Requirement of
$1,011,437.50.
Date Received: 10/28/2019
Date posted to this website:
Friday, January 17, 2020
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2018
Amount of Default: $380,000.00
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
The September 1, 2018 redemptions from Sinking Fund Payments scheduled in the principal amounts of $265,000 (Term Bonds maturing September 1, 2021) and $115,000 (Escrow Term Bonds maturing September 1, 2026) were not paid. Transfers of Special Taxes collected from CFD No. 2005-1 (Hearthstone), together with funds available in the Reserve Account, were insufficient to pay the total interest and principal amounts that were due on September 1, 2018. Interest in the amount of $325,043.75 was paid as scheduled.
Date Received: 9/4/2018
Date posted to this website:
Friday, December 28, 2018
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Draw on Reserve
Date of Event: 8/31/2017
Amount Withdrawn: $177,581.52
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
On August 31, 2017, an unscheduled draw was made on the reserve fund
established for the $14,710,000 2006 Special Tax Bonds of the Community
Facilities District No. 2005-1 (Hearthstone) of the City of Calexico. The draw was
made in order to pay a portion of the September 1, 2017 debt service
requirement. The Reserve Fund balance after the draw was $252,150.81,
against a Reserve Fund Requirement of $1,011,437.50.
Date Received: 9/8/2017
Date posted to this website:
Tuesday, October 3, 2017
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2017
Amount Withdrawn: $360,000.00
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
The September 1, 2017 redemptions from Sinking Fund Payments scheduled in
the principal amounts of $250,000 (Term Bonds maturing September 1, 2021)
and $110,000 (Escrow Term Bonds maturing September 1, 2026) were not paid.
Transfers of Special Taxes collected from CFD No. 2005-1 (Hearthstone),
together with funds available in the Reserve Account, were insufficient to pay the
total interest and principal amounts that were due on September 1, 2017.
Interest in the amount of $325,043.75 was paid as scheduled.
Date Received: 9/8/2017
Date posted to this website:
Tuesday, October 3, 2017
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Draw on Reserve
Date of Event: 8/26/2016
Amount Withdrawn: $224,663.29
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
On August 26, 2016, an unscheduled draw was made on the reserve fund established for the $14,710,000 2006 Special Tax Bonds of Community Facilities District No. 2005-1 (Hearthstone) of the City of Calexico, which lowered the balance to less than the required reserve fund minimum. The draw was made in order to pay the September 1, 2016 debt service payment. The reserve fund balance after the draw was $428,651.62, against a reserve fund requirement of $1,012,337.50.
Date Received: 10/24/2016
Date posted to this website:
Friday, March 24, 2017
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 9/1/2021
Amount of Default: $440,000.00
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
Principal due 9/1/2021 in the amount of $440,000 was not paid. Originally
scheduled interest due on 9/1/2021 in the amount of $284,898.75 as well as
interest due on unpaid principal in the amount of $40,145.00 was paid on
9/1/2021.
Date Received:
Date posted to this website:
Thursday, January 13, 2022
Issuer: Calexico CFD No 2005-1
County: Imperial
Project: Hearthstone
Original Sale Date: 6/28/2006
CDIAC Number: 2006-0807
Type of Event: Default
Date of Event: 3/1/2021
Amount of Default: $284,898.75
Contact: Scott Koppel, Koppel & Gruber Public Finance
Phone Number: (760) 510-0290
Comments:
Unpaid interest in the amount of $284,898.75. There are insufficient revenues to
make the Interest Payment due as of March 1, 2021.
Date Received:
Date posted to this website:
Wednesday, January 12, 2022