 |
California Law (Last Updated: March 4, 2014) |
 |
Government Code - GOV |
|
Title 5. LOCAL AGENCIES |
|
Division 2. CITIES, COUNTIES, AND OTHER AGENCIES |
|
Part 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES |
|
Chapter 2.5. The Mello-Roos Community Facilities Act of 1982 |
|
ARTICLE 5. Bonds |
Section 53359.5.
-
(a) The legislative body shall, no later than 30 days prior to the sale of any bonds pursuant to this article, give written notice of the proposed sale to the California Debt and Investment Advisory Commission by mail, postage prepaid, or by any other method approved by the California Debt and Investment Advisory Commission, as required by Chapter 11.5 (commencing with Section 8855) of Division 1 of Title 2.
(b) On and after January 1, 1993, each year after the sale of any bonds, including refunding bonds, pursuant to this article, and until the final maturity of the bonds, the legislative body shall, not later than October 30 of each year, supply the following information to the California Debt and Investment Advisory Commission by mail, postage prepaid, or by any other method approved by the California Debt and Investment Advisory Commission:
(1) Issuer name.
(2) Community facilities district 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) Reserve fund minimum balance required.
(7) The principal amount of bonds outstanding.
(8) The balance in the bond reserve fund.
(9) The balance in the capitalized interest fund, if any.
(10) The number of parcels that are delinquent with respect to their special tax payments, the amount that each parcel is delinquent, the total amount of special taxes due on the delinquent parcels, the length of time that each has been delinquent, when foreclosure was commenced for each delinquent parcel, the total number of foreclosure parcels for each date specified, and the total amount of tax due on the foreclosure parcels for each date specified.
(11) The balance in any construction funds.
(12) The assessed value of all parcels subject to special tax to repay the bonds as shown on the most recent equalized roll, the date of assessed value reported, and the source of the information.
(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 (Chapter 6.6 (commencing with Section 54773)).
(14) The reason and the date, if applicable, that the issue was retired.
(15) Contact information for the party providing the information.
(c) In addition, with respect to any bonds sold pursuant to this article, regardless when sold, and until the final maturity of the bonds, the legislative body shall notify the California Debt and Investment Advisory Commission by mail, postage prepaid, or by any other method approved by the California Debt and Investment Advisory Commission, within 10 days if any of the following events occur:
(1) The local agency or its trustee fails to pay principal and interest due on any scheduled payment date.
(2) Funds are withdrawn from a reserve fund to pay principal and interest on the bonds that reduce the reserve fund to less than the reserve requirement.
(d) Neither the legislative body nor the California Debt and Investment Advisory Commission shall be liable for any inadvertent error in reporting the information required by this section.