7.1.4 Mello-Roos Community Facilities District Reports

7.1.4 Mello-Roos Community Facilities District Reports

California Government Code Section 53359.5, which is a part of the Mello-Roos Community Facilities Act of 1982, requires all issuers selling community facilities district (CFD) bonds after January 1, 1993 to report certain information about the bond issues through the completion of the following two reports:

  1. Yearly Fiscal Status Report

  2. Draw on the Reserve Fund or Default Report

Issuers are required to file a Yearly Fiscal Status Report if they have sold bonds on or before June 30 of each year and each year thereafter until the bonds are no longer outstanding.117 The report is due to CDIAC by October 30. Information reported to CDIAC as part of the Yearly Fiscal Status Report,118 includes, but is not limited to the following:

  1. Issuer name

  2. CFD number or name

  3. Name, title, and series of the bond issue

  4. Credit rating and name of the rating agency

  5. Date of the bond issue and the original principal amount

  6. Principal amount of bonds outstanding

  7. Reserve fund minimum balance required

  8. Balance in the bond reserve fund

  9. Balance in the capitalized interest fund, if any

  10. Number of parcels and the total dollar amount of delinquent taxes that are delinquent with respect to their special tax payments, the amount that each parcel is delinquent, parcel number and the length of time that each has been delinquent, and when foreclosure was commenced for the delinquent parcels

  11. Balance in any construction funds

  12. Assessed value of all parcels subject to special tax to repay the bonds as shown on the most recent equalized roll

  13. The total amount of special taxes due, the total amount of unpaid special taxes, and whether or not the special taxes are paid under the county’s Teeter Plan

  14. The reason and the date, if applicable, that the issue was retired

All issuers of CFD bonds, regardless of when bonds are sold, are required to report to CDIAC within 10 days any draw on reserve or default that occurs throughout the calendar year. Issuers of CFD bonds can also voluntarily file Replenishment of Draw on Reserves Reporting with CDIAC.119 Instructions on filing a Yearly Fiscal Report, Draw on Reserves/Default Report/Replenishment Report are available on CDIAC’s website.