California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Ramona Unified School District CFD No 92-1 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:  Ramona Unified School District CFD No 92-1
County:  San Diego
Project:   Woodson
Original Sale Date:  11/29/1995
CDIAC Number:  1995-1349
Type of Event:  Draw on Reserves
Date of Event:  9/14/2007
Amount Withdrawn:  
Contact:  Alan Chichakly
Phone Number:  (949) 250-8300

The amount delinquent was primarily driven by unpaid special taxes of Mt. Woodson Golf Partner, LLC (Golf Course Owners). In August 2007, Dolinka Group learned that the County of San Diego received payment of special taxes from the Golf Course Owners on August 29, 2007, in the amount of $50,603.03. However, due to processing delays, these funds were not able to be immediately transferred to the Fiscal Agent in time to meet the September 1 interest and principal payments on the outstanding bonds. As a result, the CFD withdrew $38,124.04 from the Reserve Fund in order to meet itís debt service requirement. Foreclosure proceedings were not pursued by CFD No. 92-1 due to the current delinquency rate of 2.56%. As of September 21, 2007, the special taxes have been transferred to the Fiscal Agent and subsequently, the Reserve Fund has been replenished.

Date Received:   11/2/2007
Date posted to this website:   Friday, November 9, 2007