California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Merced 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:  Merced CFD No 2005-1
County:  Merced
Project:  Bellevue Ranch West IA No 1
Original Sale Date:  7/12/2006
CDIAC Number:  2006-0358
Type of Event:  Draw on Reserve
Date of Event:  9/1/2010
Amount Withdrawn:  $107,000.00
Contact:  Eric Frederick, Goodwin Consulting Group
Phone Number:  (916) 561-0890

Comments:  
Revised - The draw was made to cover part of the debt service payment due on September 1, 2010 due to 46% of special tax delinquency in the district. The September 1, 2010 interest payment due on the Bonds was timely made.

Date Received:   9/3/2010
Date posted to this website:   Monday, September 20, 2010


Issuer:  Merced CFD No 2005-1
County:  Merced
Project:  Bellevue Ranch West IA No 1
Original Sale Date:  7/12/2006
CDIAC Number:  2006-0358
Type of Event:  Draw on Reserve
Date of Event:  3/1/2010
Amount Withdrawn:  $8,000.00
Contact:  Eric Frederick, Goodwin Consulting Group
Phone Number:  (916) 561-0890

Comments:  

Date Received:   3/2/2010
Date posted to this website:   Wednesday, March 03, 2010


Issuer:  Merced CFD No 2005-1
County:  Merced
Project:  Bellevue Ranch West IA No 1
Original Sale Date:  7/12/2006
CDIAC Number:  2006-0358
Type of Event:  Draw on Reserve
Date of Event:  9/1/2009
Amount Withdrawn:  $116,000.00
Contact:  Satwant Pegany, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
A $116,000.00 draw from the Reserve Fund was made to cover part of the debt service due on 9-1-2009 due to 35.62% delinquency of the fiscal year 2008-2009 Special Tax Levy in the district.

Date Received:   9/10/2009
Date posted to this website:   Friday, September 11, 2009


Issuer:  Merced CFD No 2005-1
County:  Merced
Project:  Bellevue Ranch West IA No 1
Original Sale Date:  7/12/2006
CDIAC Number:  2006-0358
Type of Event:  Draw on Reserve
Date of Event:  3/2/2009
Amount Withdrawn:  $30,162.32
Contact:  Satwant Pegany, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
The draw was made to cover part of the debt service payment due March 1, 2009. The interest payment due on the Bonds was timely made.

Date Received:   3/9/2009
Date posted to this website:   Monday, March 09, 2009


Issuer:  Merced CFD No 2005-1
County:  Merced
Project:  Bellevue Ranch West IA No 1
Original Sale Date:  7/12/2006
CDIAC Number:  2006-0358
Type of Event:  Draw on Reserves
Date of Event:  10/29/2007
Amount Withdrawn:  
Contact:  Isaac Hellman-Stevens
Phone Number:  (800) 755-6864

Comments:  
The Draw to cover Delinquent Special Taxes for FY 2006/07 was due to a delayed payment from a single property owner. The delay was caused by a processing error on the County Tax Bill for FY 2006/07. Payment of the delinquent taxes was received by the Agency and transferred back into the Reserve Fund on November 2, 2007. There is no impact to any future Debt Service Obligation.

Date Received:   11/28/2007
Date posted to this website:   Friday, December 07, 2007