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HomeMy WebLinkAboutRelease #36 TEMECULA PUBLIC FINANCING AUTHORITY RELEASE NO. 36 Dated: December 22, 2009 Relating to $51,250,000 Temecula Public Financing Authority Community Facilities District No. 03-02 (Roripaugh Ranch), 2006 Special Tax Bonds (the “Bonds”) Maturity (September 1) CUSIP No. Maturity (September 1) CUSIP No. Maturity (September 1) CUSIP No. 2010 87972Y BY1 2013 87972Y CB0 2016 87972Y CE4 2011 87972Y BZ8 2014 87972Y CC8 2026 87972Y CM6 2012 87972Y CA2 2015 87972Y CD6 2036 87972Y CN4 The Temecula Public Financing Authority (the “Authority”) has previously issued its Releases Nos. 1 through 35. In addition, on February 25, 2009, the Authority issued its Annual Continuing Disclosure Report (the “Report”). This Release No. 36 does not purport to include every item that may be important to owners of the Bonds, nor does it purport to present “full and fair disclosure” with respect to the Bonds within the meaning of applicable federal and state securities laws. Capitalized terms used but not defined in this Release No. 36 have have the meanings given those terms in the official statement dated April 13, 2006 relating to the Bonds (the “Official Statement”). FDIC Seizure of AmTrust Bank’s Assets On December 4, 2009, the Office of Thrift Supervision (“OTS”) closed AmTrust Bank and appointed the Federal Deposit Insurance Corporation (the “FDIC”) the receiver of AmTrust Bank’s assets. The FDIC transferred to New York Community Bancorp Inc. (“NYCBI”) approximately $11 billion of AmTrust Bank’s assets and NYCBI assumed approximately $11 billion of AmTrust Bank’s liabilities. NYCBI did not acquire any of AmTrust Bank’s nonperforming loans. AmTrust Bank and Ashby USA, LLC are parties to the Loan Agreement pursuant to which AmTrust Bank has advanced funds to Ashby USA, LLC to finance the project, including the payment of several of Ashby USA, LLC’s past installments of Special Taxes. The Authority believes that it is likely that the FDIC did not transfer the Loan Agreement to the NYCBI although the Authority has not directly confirmed this with the FDIC. The Authority is unable to determine how the OTS’s closing of AmTrust Bank may impact the project. The FDIC has policies that determine when it pays property taxes on properties for which it serves as a receiver. The Authority is unable to determine whether those policies provide for the FDIC to pay Special Taxes levied on parcels that Ashby USA, LLC owns. If the FDIC determines that its policies would not provide for it to pay those Special Taxes if the FDIC acquires the parcels, then, until the parcels are no longer subject to the FDIC’s receivership of AmTrust Bank, the Authority may not foreclose on those parcels for nonpayment of the Special Taxes and the Authority may have no effective right or remedy to require the FDIC or Ashby USA, LLC to pay those Special Taxes. In such case, the Authority may be required to use amounts on deposit in the Reserve Fund or in the Letter of Credit Reserve Fund Account to pay scheduled debt service on the Bonds. Balances in the Funds and Accounts of the Fiscal Agent Agreement As of November 30, 2009, the balances in the following funds and accounts under the Fiscal Agent Agreement were as follows: Fund or Account Balance Administrative Expense Fund $ 41,205.93 Special Tax Fund 130,068.54 Roripaugh Ranch Program Fund 789,021.10† Reserve Fund 3,589,275.51 Letter of Credit Reserve Fund Account 2,841,523.06 City Account of the Improvement Fund 805,428.73 EMWD Account of the Improvement Fund 1,558,912.30 Public Works Administration Account of the Improvement Fund 475,089.12 Acquisition Account of the Improvement Fund $29,141,075.23 _______________________ † Amounts in this fund represent penalties collected with payments of delinquent Special Taxes. Amounts in this fund may be used to pay costs related to the Community Facilities District. Steps by Beneficial Owners to Augment Transmission of Notices Owners of the Bonds should be aware of steps that they can take to augment the transmission of notices with respect to the Bonds. In order to be assured of receiving notice, beneficial owners of the Bonds may wish to ascertain that the nominee who holds the Bonds for their benefit has agreed to obtain and transmit notices to the beneficial owners, or in the alternative, beneficial owners may wish to provide their names and addresses to the Authority and request that copies of future notices be provided directly to them. Such requests should be sent to: Temecula Public Financing Authority c/o Richards, Watson & Gershon 355 South Grand Avenue, 40th Floor Los Angeles, California 90071 Attn: Peter Thorson or may be sent by e-mail to pthorson@rwglaw.com. Any requests to receive any prior Releases by the Authority should be made to the same address or e-mail. Concluding Matters. ANY SUBSEQUENT STATEMENTS REGARDING THE BONDS, OTHER THAN A STATEMENT MADE BY THE AUTHORITY IN AN OFFICIAL RELEASE OR SUBSEQUENT NOTICE AND FILED WITH THE MUNICIPAL SECURITIES RULEMAKING BOARD, ARE NOT AUTHORIZED BY THE AUTHORITY. THE AUTHORITY SHALL NOT BE RESPONSIBLE FOR THE ACCURACY, COMPLETENESS OR FAIRNESS OF ANY SUCH UNAUTHORIZED STATEMENT. THIS OFFICIAL RELEASE MAY CONTAIN INFORMATION MATERIAL TO BONDOWNERS AND DOES NOT PURPORT TO CONTAIN ALL MATERIAL INFORMATION WITH RESPECT TO THE BONDS OR THE FINANCIAL CONDITION OF THE COMMUNITY FACILITIES DISTRICT. THE INFORMATION CONTAINED IN THIS OFFICIAL RELEASE IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS.