City of Cathedral City Community Facilities District No. 2000-1
CUSIP 14917JAU5
- Issue Currency: United States of America Dollars
- Announcement Date: 14-Sep-2016
- News: This Notice of Occurrence of Listed Event (the Notice) has been prepared to satisfy the obligations of the City of Cathedral City (the City), pursuant to Section 5 of that certain Continuing Disclosure Agreement dated November 1, 2000 (the Disclosure Agreement) executed by the City and Willdan Financial Services as the successor Dissemination Agent, in connection with the execution and delivery of the City of Cathedral City $12,230,000 Special Tax Bonds and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. On September 1, 2016 a draw on the Reserve Fund for $570,857.51 was required to pay the September 1, 2016 Debt Service Payment on the Bonds. Also on September 1, 2016 the Reserve Fund was partially replenished with funds from the Holding Account in the amount of $245,518.46, therefore the Reserve Fund was $324,857.61 below the Reserve Requirement. The unscheduled draw on reserves is due to the delinquencies in the District. There are major property owners responsible for the special tax greater than 5% of the special tax levy that are delinquent in payment of the special taxes for Fiscal Year 2015/2016.
- Issue Currency: United States of America Dollars
- Announcement Date: 14-Sep-2016
- News: This Notice of Occurrence of Listed Event (the Notice) has been prepared to satisfy the obligations of the City of Cathedral City (the City), pursuant to Section 5 of that certain Continuing Disclosure Agreement dated November 1, 2000 (the Disclosure Agreement) executed by the City and Willdan Financial Services as the successor Dissemination Agent, in connection with the execution and delivery of the City of Cathedral City $12,230,000 Special Tax Bonds and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. On September 1, 2016 a draw on the Reserve Fund for $570,857.51 was required to pay the September 1, 2016 Debt Service Payment on the Bonds. Also on September 1, 2016 the Reserve Fund was partially replenished with funds from the Holding Account in the amount of $245,518.46, therefore the Reserve Fund was $324,857.61 below the Reserve Requirement. The unscheduled draw on reserves is due to the delinquencies in the District. There are major property owners responsible for the special tax greater than 5% of the special tax levy that are delinquent in payment of the special taxes for Fiscal Year 2015/2016.
- Issue Currency: United States of America Dollars
- Announcement Date: 14-Sep-2016
- News: This Notice of Occurrence of Listed Event (the Notice) has been prepared to satisfy the obligations of the City of Cathedral City (the City), pursuant to Section 5 of that certain Continuing Disclosure Agreement dated November 1, 2000 (the Disclosure Agreement) executed by the City and Willdan Financial Services as the successor Dissemination Agent, in connection with the execution and delivery of the City of Cathedral City $12,230,000 Special Tax Bonds and the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. On September 1, 2016 a draw on the Reserve Fund for $570,857.51 was required to pay the September 1, 2016 Debt Service Payment on the Bonds. Also on September 1, 2016 the Reserve Fund was partially replenished with funds from the Holding Account in the amount of $245,518.46, therefore the Reserve Fund was $324,857.61 below the Reserve Requirement. The unscheduled draw on reserves is due to the delinquencies in the District. There are major property owners responsible for the special tax greater than 5% of the special tax levy that are delinquent in payment of the special taxes for Fiscal Year 2015/2016.
