CUSIP 057510C72
- ISIN: US057510C722
- Entity Name: City of Bakersfield
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Unscheduled Draw
- News: On September 2, 2016, an unscheduled draw on the Special Reserve Fund for $473,385 .50 was made to pay a portion of the September 2, 2016 debt service payment on the Bonds. As of the date of this notice, following the draw, the balance on deposit in the Special Reserve Fund is $556,614.50, which is $621 ,413.00 less than the current Reserve Requirement of $1, 178,027.50. The unscheduled draw on the Special Reserve Fund was necessitated by the failure of certain landowners within the District to pay when due the Special Assessments applicable to such landowners` District property. Pursuant to the Bond Resolution, the City has covenanted that it will, by not later than October 1 in any year, file an action in the Superior Court of Kern County to foreclose the lien on each delinquent assessment if (1) the sum of the uncured assessment delinquencies for the preceding fiscal year exceeds 5% of the assessment installments posted to the tax roll for the fiscal year, and (2) the amount of the Special Reserve Fund is less than the Reserve Requirement. As has been disclosed in previous Annual Reports prepared with respect to the Bonds, several foreclosure complaints have been filed by the City respecting the delinquent parcels with the District, which delinquent parcels are listed in Appendix B to such Annual Reports. As has been previously reported, foreclosure sales have been held for certain delinquent parcels on July 16, 2013, and for certain delinquent parcels on September 10, 2013 . However, neither foreclosure sale generated any bids or offers to purchase the delinquent parcels being offered for sale. For Bond Document please visit www.BondPDF.com
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US057510C722
