California Debt and Investment Advisory Commission

Draw on Reserve or Default Report

Sulphur Springs Union School District CFD No 2002-1 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:  Sulphur Springs Union School District CFD No 2002-1
County:  Los Angeles
Project:  Fair Oaks Ranch
Original Sale Date:  9/19/2002
CDIAC Number:  2002-1539
Type of Event:  Draw on Reserves
Date of Event:  9/2/2008
Amount Withdrawn:  $304,541.57
Contact:  Daniel C Tjahjadi, Dolinka Group
Phone Number:  (949) 250-8300

U.S. Bank, the Fiscal Agent for CFD No. 2002-1, drew on the Reserve Fund in the amount of $304,541.57 in order to meet its September 1, 2008 debt service obligation as a result of an administrative issue in transferring the special taxes collected between the School District and the Fiscal Agent. Sufficient Special Tax Funds were collected by the County of Los Angeles to meet the CFD's debt service obligation. However, the School District did not transfer the special taxes on the belief that sufficient funds were already with the Fiscal Agent. The School District has since transferred the remainder of the collected Special Tax Funds in the amount of $660,600.00 to the Fiscal Agent which exceeds the amount required to replenish the Reserve Fund.

Date Received:   9/11/2008
Date posted to this website:   Thursday, September 11, 2008