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HomeMy WebLinkAboutDist Closeout Analysis Rpt AD 92-2CITY OF SANTA CLARITA District Closeout Analysis Report For: Assessment District No. 92-2 (Golden Valley Road) December 2024 Prepared by: '"Q*) N B S. helping communities fund tomorrow nbsgov.com Corporate Headquarters 32605 Temecula Parkway, Suite 100 Temecula, CA 92592 Toll free: 800.676.7516 TABLE OF CONTENTS 1. Executive Summary........................................................................................................1 2. Funds Analysis................................................................................................................2 3. Disposition of Funds....................................................................................................... 3 3.1 Redemption Fund....................................................................................................3 4. Notice of Completion......................................................................................................4 5. Final Debt Service Schedule............................................................................................5 1. EXECUTIVE SUMMARY The City of Santa Clarita (the "City") formed Assessment District No. 92-2 (Golden Valley Road) (the "District") in 1996 pursuant to the Municipal Improvement Act of 1913, Division 12 of the California Streets and Highways Code (the "Act"). Bonds were issued according to the Improvement Bond Act of 1915, Division 10 of the California Streets and Highways Code (the "Bond Law"). The City issued the $879,432 City of Santa Clarita Assessment District No. 92-2 Limited Obligation Improvement Bonds, Series 1996 (the "Bonds") to fund public road improvements (the "Improvements"), including to extend Golden Valley Road from its previous terminus at Green Mountain Road northwesterly along a revised alignment approximately 2,900 feet to Sierra Highway. The road was constructed as a divided four -lane street within a 100-foot right of way. Golden Valley Road is an essential link to California State Highway 14 from Sierra Highway and southeast Santa Clarita. In addition to the Improvements to the Golden Valley Road, the District also funded minor enhancements along Sierra Highway. These eligible improvements included storm drains, streetlights, utility extensions, and traffic signals at the intersection of Golden Valley Road and Sierra Highway, and park improvements. The City has confirmed that the Improvements have been completed, and on September 2, 2023, all remaining debt associated with the Bonds was retired. The City retained NBS to review and prepare a District Closeout Analysis Report (the "Closeout Report") for the District. This Closeout Report summarizes the recommendations for the disposition of the remaining funds in accordance with applicable laws and bond documents. Following a complete analysis of all funds associated with the District, the City has elected to transfer the District's Redemption Fund surplus for the following park improvements: Santa Clarita Sports Complex (SCSC) F3024 Buildout and Design. City of Santa Clarita NB5 Assessment District No. 92-2 (Golden Valley Road) District Closeout Analysis Report 2. FUNDS ANALYSIS The following table shows the fund analysis prepared for the District. The analysis reflects the September 30, 2023, Redemption Fund balance associated with the District and the most recent balance in the other funds associated with the Bonds: Pursuant to Section 10427 of the Code Improvement Fund Balance as of 10/31/2024 $0.00 Ending Balance $0.00 Cost of Issuance Fund Balance as of 10/31/2024 $0.00 Ending Balance $0.00 Pursuant to Section 8885 of the Code Reserve Fund Balance as of 10/31/2024 $0.00 Ending Balance $0.00 Pursuant to Section 8784 of the Code Redemption Fund Balance as of 09/30/2023 $253,355.38 Revenues: Interest $5,032.33 Unrealized Gain 7,909.91 Transfers In From Golden Valley Assessment District Debt Service 285.63 Expenditures: Los Angeles County Registrar Record Documents December 2023 (20.00) US Bank Administration Fees 08/01/2023 - 10/31/2023 (756.25) Norton Rose Bond Council Fee for Services Rendered to July 31, 2024 (1,395.50) F3024 Santa Clarita Sports Complex (SCSC) Buildout and Design (237,525.28) Reimbursement of General Fund (16,386.22) NBS Fee for District Close (10,500.00) Final Redemption Fund Balance $0.00 City of Santa Clarita NB5 Assessment District No. 92-2 (Golden Valley Road) District Closeout Analysis Report 2 3. DISPOSITION OF FUNDS 3.1 Redemption Fund Pursuant to the Reserve Fund Section of the Fiscal Agent Agreement of the Bonds, whenever the balance in the Reserve Fund is sufficient to retire all remaining outstanding Bonds, whether by advance retirement or otherwise, collection of the principal and interest on the assessments shall be discontinued and the Reserve Fund will be liquidated in retirement of the Bonds. In July 2023, the balance in the Reserve Fund was transferred to the Redemption Fund to be used in the final redemption of the Bonds. Pursuant to Section 8784 of the Streets and Highway Code, the remainder of the Redemption Fund balance may be proportionately credited upon the final installments due upon the assessments securing the bonds and repaid to those people whose assessments have been previously paid or may be transferred to the general fund. In accordance with the above -stated Government Code sections and certain sections of the Fiscal Agent Agreement of the Bonds, the District elected to transfer the remaining balance of the Redemption for park improvements: Santa Clarita Sports Complex (SCSC) Buildout and Design. The funds established for the District should be closed upon the final payment of administrative expenses. City of Santa Clarita NB5 Assessment District No. 92-2 (Golden Valley Road) District Closeout Analysis Report 4. NOTICE OF COMPLETION The following page contains the Notice of Completion of Public Improvements signed by the Director of Public Works. N BS City manta rita Assessment ment District No. 92-2 (Golden Valley Road) District Closeout Analysis Report NOTICE OF COMPLETION OF PUBLIC IMPROVEMENTS City of Santa Clarita Assessment District No. 92-2 (Golden Valley Road) The City of Santa Clarita (the "City") is hereby given notice that the public road improvements financed by Assessment District No. 92-2 (Golden Valley Road) (the "District") as fully described in the Engineer's Report for said District has been completed. Per the Engineer's Report of the District, the following describes the original project improvements: • Extending Golden Valley Road from its previous terminus at Green Mountain Road northwesterly along a revised alignment approximately 2,900 feet to Sierra Highway • Storm drains • Streetlights • Backbone utility extensions • Traffic signals at the intersection of Golden Valley Road and Sierra Highway • Park improvements • Clearing, grubbing, grading and concrete paving • And acquisition of necessary rights -of -way Reference is made to the Engineer's Report for said District for a complete description of the improvements constructed. The Director of Public Works certifies that the above recitals are true and correct. /Mike Hennaway Director of Public Works Date City of Santa Clarita 5. FINAL DEBT SERVICE SCHEDULE The following page contains the Final Debt Service Schedule. N BS City Santa rita Assessment ment District No. 92-2 (Golden Valley Road) District Closeout Analysis Report City of Santa Clarita A.D. No. 92-2 Golden Valley Road Current Debt Service Schedule Bonds Dated:07/24/1996 Bonds Issued: $879,432.00 Payment Interest Payment Annual Call Date CUSIP Rate Balance Principal Interest Total Total Premium Status 03/02/1997 4.3000% $879,432.00 $0.00 $34,928.80 $34,928.80 $0.00 3.0000% Paid 03/02/1997 0.0000 879,432.00 10,000.00 .00 10,000.00 .00 0.0000 Bond Call 09/02/1997 80168LAA1 4.3000 869,432.00 4,432.00 28,500.29 32,932.29 77,861.09 3.0000 Paid 03/02/1998 4.8000 865,000.00 .00 28,405.00 28,405.00 .00 3.0000 Paid 09/02/1998 80168LAB9 4.8000 865,000.00 15,000.00 28,405.00 43,405.00 71,810.00 3.0000 Paid 03/02/1999 5.1000 850,000.00 .00 28,045.00 28,045.00 .00 3.0000 Paid 09/02/1999 80168LAC7 5.1000 850,000.00 15,000.00 28,045.00 43,045.00 71,090.00 3.0000 Paid 03/02/2000 5.3000 835,000.00 .00 27,662.50 27,662.50 .00 3.0000 Paid 03/02/2000 0.0000 835,000.00 5,000.00 .00 5,000.00 .00 0.0000 Bond Call 09/02/2000 80168LAD5 5.3000 830,000.00 15,000.00 27,491.25 42,491.25 .00 3.0000 Paid 09/02/2000 0.0000 815,000.00 5,000.00 .00 5,000.00 80,153.75 0.0000 Bond Call 03/02/2001 5.5000 810,000.00 .00 26,922.50 26,922.50 .00 3.0000 Paid 09/02/2001 80168LAE3 5.5000 810,000.00 15,000.00 26,922.50 41,922.50 .00 3.0000 Paid 09/02/2001 0.0000 795,000.00 50,000.00 .00 50,000.00 118,845.00 0.0000 Bond Call 03/02/2002 5.6500 745,000.00 .00 24,797.50 24,797.50 .00 3.0000 Paid 09/02/2002 80168LAFO 5.6500 745,000.00 15,000.00 24,797.50 39,797.50 .00 3.0000 Paid 09/02/2002 0.0000 730,000.00 5,000.00 .00 5,000.00 69,595.00 0.0000 Bond Call 03/02/2003 5.8000 725,000.00 .00 24,202.50 24,202.50 .00 3.0000 Paid 03/02/2003 0.0000 725,000.00 30,000.00 .00 30,000.00 .00 0.0000 Bond Call 09/02/2003 80168LAG8 5.8000 695,000.00 15,000.00 23,175.00 38,175.00 92,377.50 3.0000 Paid 03/02/2004 5.9000 680,000.00 .00 22,740.00 22,740.00 .00 3.0000 Paid 03/02/2004 0.0000 680,000.00 20,000.00 .00 20,000.00 .00 0.0000 Bond Call 09/02/2004 80168LAH6 5.9000 660,000.00 15,000.00 22,065.00 37,065.00 79,805.00 3.0000 Paid 03/02/2005 6.0000 645,000.00 .00 21,622.50 21,622.50 .00 2.0000 Paid 03/02/2005 0.0000 645,000.00 10,000.00 .00 10,000.00 .00 0.0000 Bond Call 09/02/2005 80168LAJ2 6.0000 635,000.00 20,000.00 21,285.00 41,285.00 72,907.50 2.0000 Paid 03/02/2006 6.1000 615,000.00 .00 20,685.00 20,685.00 .00 1.0000 Paid 09/02/2006 80168LAK9 6.1000 615,000.00 20,000.00 20,685.00 40,685.00 61,370.00 1.0000 Paid 03/02/2007 6.2000 595,000.00 .00 20,075.00 20,075.00 .00 0.0000 Paid 09/02/2007 80168LAL7 6.2000 595,000.00 20,000.00 20,075.00 40,075.00 60,150.00 0.0000 Paid 03/02/2008 6.3000 575,000.00 .00 19,455.00 19,455.00 .00 0.0000 Paid 09/02/2008 80168LAM5 6.3000 575,000.00 20,000.00 19,455.00 39,455.00 58,910.00 0.0000 Paid 03/02/2009 6.4000 555,000.00 .00 18,825.00 18,825.00 .00 0.0000 Paid 09/02/2009 80168LAN3 6.4000 555,000.00 25,000.00 18,825.00 43,825.00 62,650.00 0.0000 Paid 03/02/2010 6.7500 530,000.00 .00 18,025.00 18,025.00 .00 0.0000 Paid 09/02/2010 6.7500 530,000.00 25,000.00 18,025.00 43,025.00 61,050.00 0.0000 Paid 03/02/2011 6.7500 505,000.00 .00 17,181.25 17,181.25 .00 0.0000 Paid 03/02/2011 0.0000 505,000.00 50,000.00 .00 50,000.00 .00 0.0000 Bond Call 09/02/2011 6.7500 455,000.00 20,000.00 15,468.75 35,468.75 102,650.00 0.0000 Paid 03/02/2012 6.7500 435,000.00 .00 14,793.75 14,793.75 .00 0.0000 Paid 09/02/2012 6.7500 435,000.00 25,000.00 14,793.75 39,793.75 54,587.50 0.0000 Paid Copyright © 2012 by NBS Page 1 of 2 12/18/2024 01:58:01PM City of Santa Clarita A.D. No. 92-2 Golden Valley Road Current Debt Service Schedule Bonds Dated:07/24/1996 Bonds Issued: $879,432.00 Payment Interest Payment Annual Call Date CUSIP Rate Balance Principal Interest Total Total Premium Status 03/02/2013 6.7500 410,000.00 .00 13,950.00 13,950.00 .00 0.0000 Paid 09/02/2013 6.7500 410,000.00 25,000.00 13,950.00 38,950.00 52,900.00 0.0000 Paid 03/02/2014 6.7500 385,000.00 .00 13,106.25 13,106.25 .00 0.0000 Paid 09/02/2014 6.7500 385,000.00 25,000.00 13,106.25 38,106.25 51,212.50 0.0000 Paid 03/02/2015 6.7500 360,000.00 .00 12,262.50 12,262.50 .00 0.0000 Paid 09/02/2015 6.7500 360,000.00 30,000.00 12,262.50 42,262.50 54,525.00 0.0000 Paid 03/02/2016 6.7500 330,000.00 .00 11,250.00 11,250.00 .00 0.0000 Paid 09/02/2016 6.7500 330,000.00 30,000.00 11,250.00 41,250.00 52,500.00 0.0000 Paid 03/02/2017 6.7500 300,000.00 .00 10,237.50 10,237.50 .00 0.0000 Paid 09/02/2017 6.7500 300,000.00 40,000.00 10,237.50 50,237.50 60,475.00 0.0000 Paid 03/02/2018 6.7500 260,000.00 .00 8,887.50 8,887.50 .00 0.0000 Paid 09/02/2018 80168LAQ6 6.7500 260,000.00 35,000.00 8,887.50 43,887.50 52,775.00 0.0000 Paid 03/02/2019 6.8500 225,000.00 .00 7,706.25 7,706.25 .00 0.0000 Paid 09/02/2019 6.8500 225,000.00 35,000.00 7,706.25 42,706.25 50,412.50 0.0000 Paid 03/02/2020 6.8500 190,000.00 .00 6,507.50 6,507.50 .00 0.0000 Paid 09/02/2020 6.8500 190,000.00 35,000.00 6,507.50 41,507.50 48,015.00 0.0000 Paid 03/02/2021 6.8500 155,000.00 .00 5,308.75 5,308.75 .00 0.0000 Paid 09/02/2021 6.8500 155,000.00 40,000.00 5,308.75 45,308.75 50,617.50 0.0000 Paid 03/02/2022 6.8500 115,000.00 .00 3,938.75 3,938.75 .00 0.0000 Paid 09/02/2022 6.8500 115,000.00 45,000.00 3,938.75 48,938.75 52,877.50 0.0000 Paid 03/02/2023 6.8500 70,000.00 .00 2,397.50 2,397.50 .00 0.0000 Paid 09/02/2023 6.8500 70,000.00 45,000.00 2,397.50 47,397.50 .00 0.0000 Paid 09/02/2023 0.0000 25,000.00 25,000.00 .00 25,000.00 74,795.00 0.0000 Bond Call 03/02/2024 6.8500 .00 .00 .00 .00 .00 0.0000 Paid 09/02/2024 6.8500 .00 .00 .00 .00 .00 0.0000 Paid 03/02/2025 6.8500 .00 .00 .00 .00 .00 0.0000 Paid 09/02/2025 80168LAR4 6.8500 .00 .00 .00 .00 .00 0.0000 Paid Grand Total: $879,432.00 $917,485.34 $1,796,917.34 $1,796,917.34 Copyright © 2012 by NBS Page 2 of 2 12/18/2024 01:58:01PM