California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Merced CFD No 2006-1 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 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  9/4/2012
Amount Withdrawn:  $132,000.00
Contact:  Victor Iryk, Goodwin Consulting Group Inc
Phone Number:  (916) 561-0890

Comments:  
On August 21, 2012, the City requested a draw of $132,000.00 from the Reserve Fund to fund a portion of the debt service payment due September 1, 2012. The draw was due to an approximately 50% tax delinquency rate for the fiscal year 2011-12 District tax levy. The draw on Reserve Fund was made on September 4, 2012 and the interest payment due on the Bonds was made on time.

Date Received:   9/6/2012
Date posted to this website:   Tuesday, October 16, 2012


Issuer:  Merced CFD No 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  3/1/2012
Amount Withdrawn:  $73,000.00
Contact:  Eric Frederick, Goodwin Consulting Group Inc
Phone Number:  (916) 561-0890

Comments:  
On March 16, 2012, the City requested a draw of $73,000.00 from the Reserve Fund to fund a portion of the debt service payment due March 1, 2012. The draw was due to an approximately 50% tax delinquency rate for the fiscal year 2011-12 District tax levy. The draw on Reserve Fund was made on March 1, 2012 and the interest payment due on the Bonds was made on time.

Date Received:   3/6/2012
Date posted to this website:   Thursday, April 19, 2012


Issuer:  Merced CFD No 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  9/1/2011
Amount Withdrawn:  $94,000.00
Contact:  Eric Frederick, Goodwin Consulting Group Inc
Phone Number:  (916) 561-0890

Comments:  
On August 17, 2011, the City requested a draw of $94,000.00 from the Reserve Fund to fund a portion of the debt service payment due September 1, 2011.

Date Received:   9/20/2011
Date posted to this website:   Wednesday, September 28, 2011


Issuer:  Merced CFD No 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  9/1/2010
Amount Withdrawn:  $17,000.00
Contact:  Eric Frederick, Goodwin Consulting Group
Phone Number:  (916) 561-0890

Comments:  
The draw was made to cover part of the debt service payment due on September 1, 2010 due to 27.43% 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 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  9/1/2009
Amount Withdrawn:  $241,000.00
Contact:  Satwant Pegany, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
A $241,000.00 draw from the Reserve Fund was made to cover part of the debt service due on 9-1-2009 due to 96.63% 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 2006-1
County:   Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  3/2/2009
Amount Withdrawn:  $66,107.70
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 on March 1, 2009 due to 96.63% of special tax delinquency in the district. The March 1, 2009 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 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Material Event Notice for the $5,840,000
Date of Event:  9/1/2008
Amount Replenished:  $9,122.06
Contact:  Satwant Pegany, Willdan Financial Services
Phone Number:  (916) 563-1677

Comments:  
Notice is hereby given by the City of Merced CFD No 2006-1 (Moraga of Merced) for the replenishment of the reserve fund related to the bonds listed above. There was a draw on the Reserve Fund on September 2, 2008 that qualified as a material event and the District filed the required notice with the Nationally Recognized Municipal Securities Information Repositories (“NRMSIRs”) in connection with such financing. On November 17, 2008, a wire transfer in the amount of $6,253.69 was made to the Reserve Fund, bringing its balance to $382,040.00. The reserve Fund is now fulfilling its Reserve Requirement.

Date Received:   10/16/2008
Date Updated:  12/16/2008:
Date posted to this website:   Wednesday, January 14, 2009


Issuer:  Merced CFD No 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserve
Date of Event:  9/1/2008
Amount Withdrawn:  $9,122.06
Contact:  Marc Grijalva, Willdan Financial Services
Phone Number:  (800) 755-6864

Comments:  
On August 25th, 2008, a request was made to draw $9,122.06 from the Reserve Funds to cover part of the debt service due on September 1, 2008.

Date Received:   10/16/2008
Date posted to this website:   Friday, October 17, 2008


Issuer:  Merced CFD No 2006-1
County:  Merced
Project:  Moraga Development
Original Sale Date:  12/14/2006
CDIAC Number:  2006-1344
Type of Event:  Draw on Reserves
Date of Event:  3/3/2008
Amount Withdrawn:  
Contact:  Jenifer Storsteen, MuniFinancial Services Inc.
Phone Number:  (800) 755-6864

Comments:  
$105,000 was drawn from the Reserve Fund to pay a portion of March 1, 2008 interest payment.

Date Received:   3/17/2008
Date posted to this website:   Wednesday, March 19, 2008