CUSIP 958324DR3

  • ISIN: US958324DR38
  • Entity Name: Western Hills Water District
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Unscheduled Draw
  • News: NOTICE IS HEREBY GIVEN by the Western Hills Water District Diablo Grande Community Facilities District No. 1 (the District) of a draw on the reserve fund (the Reserve Fund) related to the $38,505,000 Special Tax Refunding Bonds, Series 2014 and the $7,260,000 Special Tax Refunding Bonds, Series 2015 (the Bonds). On September 4, 2018, the District requested a draw of $2,208,682.45 from the Reserve Fund to fund a portion of the debt service payment due September 4, 2018. The draw was necessary due to delinquencies in payment of the special tax. Approximately 62% of the special tax levy for fiscal year 2017-18 was delinquent. World International, the developer, is responsible for approximately 98% of the fiscal year 2017-18 special tax delinquencies. The draw on the Reserve Fund was made on September 4, 2018 and the interest and principal payments due on the Bonds were made on time. The California Debt and Investment Advisory Commission was notified of the draw on the Reserve Fund on September 7, 2018. This draw on the Reserve Fund qualifies as a Material Event pursuant to the Bonds Continuing Disclosure Agreement signed by the District. The District is required to file this notice with the Municipal Securities Rulemaking Boards Electronic Municipal Market Access (EMMA) service in connection with the Bonds. The foregoing is intended to satisfy the Districts disclosure requirements under Rule 15c2-12 of the Securities and Exchange Commission with respect to the Bonds. Should you have further questions, please contact Goodwin Consulting Group, Inc. at (916) 561-0890.
  • Description: *****
  • Bond Document:
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