Draw on Reserve or Default Report
Mt Diablo Unified School District CFD No 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: Mt Diablo Unified School District CFD No 1
County: Contra Costa
Project: Series C
Original Sale Date: 6/8/2016
CDIAC Number: 2016-1108
Type of Event: Default
Date of Event: 2/1/2017
Amount of Default: $0.00
Contact: Chase Adams, Dale Scott & Co Inc
Phone Number: (415) 956-1030
Comments:
On February 1, 2017, the District failed to pay the interest on the Bonds due on such date in accordance with the terms of the Fiscal Agent Agreement and the Bonds due to an administrative oversight on the part of the District and the Fiscal Agent. The administrative oversight resulted in certain non-payment defaults under the terms of the Fiscal Agent Agreement. As a result, on February 7, 2017, the Fiscal Agent made an unscheduled withdrawal on the Municipal Bond Debt Service Reserve Insurance Policy issued by Build America Mutual Assurance Company with respect to the Bonds in an amount sufficient to make the February 1, 2017 interest payment on the Bonds. The unscheduled draw on the Municipal Bond Debt Service Reserve Insurance Policy is not a result of financial difficulties of the District or the CFD.
Date Received: 5/2/2017
Date posted to this website:
Thursday, May 18, 2017
Issuer: Mt Diablo Unified School District CFD No 1
County: Contra Costa
Project: Series C
Original Sale Date: 6/8/2016
CDIAC Number: 2016-1108
Type of Event: Draw on Reserve
Date of Event: 2/7/2017
Amount Withdrawn: $329,072.08
Contact: Nance M Juner, Mt Diabo USD
Phone Number: (925) 682-8000
Comments:
The failure to pay the interest on the Bonds due on February 1, 2017 was due to an administrative oversight by the Fiscal Agent and the District that caused an unscheduled withdrawal on February 7, 2017 on the Municipal Bond Debt Service Reserve Insurance Policy. The unscheduled draw on the Municipal Bond Debt Service Insurance Policy is not a result of financial difficulties of the District or the CFD.
Date Received: 3/2/2017
Date posted to this website:
Friday, March 24, 2017