TAUSSIG64.79.135.236/docs/CD.FY17-18.PFA 2014B (CFD 11 ZN 2 and 11 ZN … · TAUSSIG Public Finance...

DAVID

TAUSSIG

Public Finance

Public Private Partnerships Urban Economics

Newport Beach

Riverside

San Francisco

San Jose

Dallas

Associates, Inc. &

CONTINUING DISCLOSURE

ANNUAL REPORT

FISCAL YEAR 2017-2018

$10,065,000

POWAY UNIFIED SCHOOL DISTRICT

PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS

SERIES 2014B

January 31, 2019

CONTINUING DISCLOSURE

ANNUAL REPORT

FISCAL YEAR 2017-2018

$10,065,000


PUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS

SERIES 2014B

PREPARED FOR:


15250 Avenue of Science

San Diego, CA 92128

PREPARED BY:

DAVID TAUSSIG & ASSOCIATES, INC.

5000 Birch Street, Suite 6000

Newport Beach, CA 92660

January 31, 2019

i

Table of Contents

Section Page

INTRODUCTION ........................................................................................................................................... 1

A. AUTHORITY INFORMATION ................................................................................................................ 1

Audited Financial Statements of the Authority ............................................................................. 1

Principal Amount of Outstanding Bonds........................................................................................ 1

Bond Fund Balance ........................................................................................................................ 1

Surplus Fund Balance .................................................................................................................... 2

Reserve Fund Balance/Reserve Requirement ............................................................................. 2

B. DISTRICT INFORMATION ................................................................................................................... 2

Estimated Assessed Value-To-Lien Ratios By Land Use/Debt Service Schedules ..................... 2

Special Tax Levy .............................................................................................................................. 2

Foreclosure Proceedings ................................................................................................................ 3

Top Taxpayers (Greater Than 5% Of Total Special Tax Levy) ....................................................... 3

Special Tax Delinquencies.............................................................................................................. 3

Special Tax Delinquencies (Top Taxpayers) .................................................................................. 3

California Debt and Investment Advisory Commission Fiscal Status Reports ............................ 3

Changes to the Rates and Method of Apportionment .................................................................. 4

Additional Bond Information .......................................................................................................... 4

Exhibits

Exhibit A: Estimated Assessed Value-to-Lien Ratios

Exhibit B: Debt Service Schedules

Exhibit C: Special Tax Delinquencies

Exhibit D: California Debt and Investment Advisory Commission Fiscal Status Reports

Exhibit E: Additional Bond Information

Exhibit F: Fund and Account Balances – Local Obligations

Poway Unified School District Public Financing Authority Page 1

Fiscal Year 2017-2018 Annual Report, Series 2014B January 31, 2019

INTRODUCTION

This Continuing Disclosure Annual Report (“Annual Report”) has been prepared pursuant to Sections

3 and 4 of the Continuing Disclosure Agreement (the "Disclosure Agreement") executed in connection

with the issuance of the $10,065,000 Poway Unified School District Public Financing Authority (the

“Authority”) Special Tax Revenue Bonds, Series 2014B (the “Bonds"), which are secured by Authority

revenues supported by local obligation debt service payments made by Zone 2 and Zone 3 (each a

“Zone” and collectively “Zones”) of Community Facilities District No. 11 (the “District”) of the Poway

Unified School District (the “School District”). Unless otherwise defined above, all capitalized terms

used herein shall have the meanings set forth in the Disclosure Agreement.

The Authority has agreed under Sections 3 and 4 Disclosure Agreement and pursuant to Rule 15c2-

12 of the Securities and Exchange Commission to submit certain annual financial information and

operating data via the Electronic Municipal Market Access (“EMMA”) system of the Municipal

Securities Rulemaking Board (“MSRB”). The information contained in this Annual Report is for the

Fiscal Year ending June 30, 2018 (i.e., Fiscal Year 2017-2018), unless otherwise indicated.

CONTENTS OF ANNUAL REPORT

This Annual Report contains the information requested in Section 4 of the Disclosure Agreement.

A. With respect to the Authority, the Authority’s Annual Report shall provide the following

information:

i) Audited Financial Statements of the Authority prepared in accordance with generally

accepted accounting principles as promulgated to apply to government entities from time

to time by the Governmental Accounting Standards Board. If audited financial statements

are not available, at the time required for filing, unaudited financial statements shall be

submitted with the Annual Report, and audited financial statements shall be submitted

once available. For purposes of this section, the financial statements of the School District

shall be deemed to be the financial statements of the Authority.

The Authority does not prepare audited financial statements, however, the School

District’s audited financial statements for Fiscal Year 2017-2018 will be filed separately

via EMMA and are hereby incorporated by reference.

ii) The following information regarding the Bonds and any refunding bonds:

a) Principal amount of Bonds and any refunding bonds outstanding as of a date

within 60 days preceding the date of the Annual Report;

The principal amount of Bonds outstanding as of January 1, 2019 was

$9,460,000.

b) Balance in the Bond Fund as of a date within 60 days preceding the date of

the Annual Report;

Please refer to the table below for the balance in each account established

under the Bond Fund as of January 1, 2019.



Account Name Account Balance

Bond Fund $0

Interest Account $33

Principal Account $0

Redemption Account $0

c) Balance in the Authority Surplus Fund as of a date within 60 days preceding

the date of the Annual Report;

The balance in the Authority Surplus Fund as of January 1, 2019 was $62,192.

d) Balance in the Reserve Fund and statement of Reserve Requirement as of a

date within 60 days preceding the date of the Annual Report.

The Reserve Requirement as of January 1, 2019 was $918,918. The balance

in the Reserve Fund as of January 1, 2019 was $922,935.

B. With respect to the District, the District’s Annual Report shall provide the following information

with respect to such District, the applicable Zone(s) and its applicable CFD Bonds:

i) A table summarizing assessed value-to-lien ratios for the property in each applicable Zone

and by applicable Rate and Method of Apportionment of Special Taxes land use

categories. The assessed values in such table will be determined by reference to the value

of the parcels within the applicable Zone on which the Special Taxes are levied, as shown

on the assessment roll of the San Diego County Assessor last equalized prior to the

September 30 next preceding the Annual Report Date. The lien values in such table will

include all CFD Bonds and any parity bonds with respect to the applicable Zone(s), but

need not include other debt secured by a tax or assessments levied on parcels within a

Zone and estimated debt service on any bonds or parity bonds of the District for the

related bond year;

Please refer to “Estimated Assessed Value-to-Lien Ratios” in Exhibit A attached and “Debt

Service Schedules” in Exhibit B attached.

ii) Information regarding the annual Special Taxes levied with respect to the applicable

Zone(s), whether in the case of Developed Property the amounts are the maximum

available levy under the Rate and Method of Apportionment of Special Tax, the amount

collected, delinquent amounts and percent delinquent for the most recent Fiscal Year;

Please refer to “Special Tax Delinquencies” in Exhibit C attached. For Fiscal Year 2017-

2018, the Special Tax was levied at 100% of the Assigned Special Tax rates for Developed

Property.1

1 Technically, the Rate and Method of Apportionment of Special Tax states that the Maximum Special Tax for each parcel of

Developed Property shall be the greater of (i) the Assigned Special Tax or (ii) the Backup Special Tax. In this Annual Report,

all discussion of Maximum Special Tax rates for each parcel of Developed Property shall focus on the Assigned Special Tax.



iii) Status of foreclosure proceedings of parcels within the applicable Zone(s) and summary

of results of foreclosure sales, if available;

The District, on behalf of Zone 2 and Zone 3, does not have any active foreclosure

proceedings and is not currently required to commence foreclosure proceedings upon

delinquent properties based on the current level of delinquencies.

iv) A land ownership summary listing property owners, if any, responsible for more than 5%

of the Special Tax levy as shown on the assessment roll of the San Diego County Assessor

last equalized prior to the September 30 next preceding the Annual Report Date, a

summary of the Special Taxes levied on the property within the applicable Zone(s) owned

by such property owners, and the assessed value of such property, as shown on such

assessment roll;

There are no property owners responsible for more than 5% of the Fiscal Year 2018-2019

Special Tax levy for the District or the Improvement Area.

v) Concerning delinquent parcels as of the immediately preceding August 15;

a) Number of parcels in the applicable Zone(s) delinquent in payment of Special

Tax,

b) Total of such delinquency and percentage of delinquency in relation to total

Special Tax levy, and

c) Status of the actions taken by the District related to any foreclosure

proceedings upon delinquent properties within the applicable Zone(s);

Please refer to “Special Tax Delinquencies” in Exhibit C attached.

The District, on behalf of Zone 2 and Zone 3, does not have any active foreclosure

proceedings and is not currently required to commence foreclosure proceedings upon

delinquent properties based on the current level of delinquencies.

vi) Identity of any delinquent taxpayer obligated for greater than 5% of the annual Special

Tax levy as of the immediately preceding August 15, plus:

a) Assessed value of applicable properties, and

b) Summary of results of foreclosure sales, if available;

There is no delinquent taxpayer obligated for greater than 5% of the Fiscal Year 2017-

2018 Special Tax levy in either Zone.

vii) A copy of any report for or concerning the District with respect to the applicable Zone(s)

as of the immediately preceding October 31 required under State law;

Please refer to “California Debt and Investment Advisory Commission Fiscal Status

Reports” in Exhibit D attached. The following reports are included:



a) Marks-Roos Yearly Fiscal Status Reports

1. Authority Issue: Series 2014B

2. Local Obligors: Series 2014, Zone 2 of CFD No. 11

3. Local Obligors: Series 2014, Zone 3 of CFD No. 11

b) Mello-Roos Yearly Fiscal Status Reports

1. Series 2014, Zone 2 of CFD No. 11

2. Series 2014, Zone 3 of CFD No. 11

viii) Any changes to the Rate and Method of Apportionment of Special Tax with respect to the

applicable Zone(s) approved or submitted to the qualified electors of the applicable

Zone(s) for approval prior to the filing of the Annual Report;

There have been no changes made to the Rate and Method of Apportionment of Special

Tax approved or submitted to the qualified electors of the District for approval.

ix) With respect to each applicable Zone, the following information:

a) The amount of bonds authorized for the applicable Zone(s),

b) The amount of bonds issued,

c) The date of issuance of such bonds,

d) A description of the use of the proceeds of bonds issued, and

e) Balance as of a date within 60 days preceding the date of the Annual Report,

of any other fund not referenced above;

For items a) through d), please refer to “Additional Bond Information” in Exhibit E

attached.

For item e), please refer to “Fund and Account Balances – Local Obligations” in Exhibit F

attached.

EXHIBIT A

Estimated Assessed Value-to-Lien Ratios

David Taussig and Associates, Inc. 1/29/2019

POWAY UNIFIED SCHOOL DISTRICTPUBLIC FINANCING AUTHORITY

SPECIAL TAX REVENUE BONDS, SERIES 2014BESTIMATED ASSESSED VALUE-TO-LIEN RATIOS

ZONE 2 OF CFD NO. 11Poway USD Poway USD

CFD No. 11, CFD No. 11, EstimatedZone 2 Zone 2 Assessed

Number of FY 2018-2019 Bonds Assessed Value-to-LienTax Class / (Land Use) [1] Units/Acres Levy Outstanding [2] Value [3] Ratio [4]Tax Class 1 (Attached / Detached) 201 $564,577 $7,455,000 $259,963,323 34.87

[1] Classification pursuant to the Rate and Method of Apportionment of Special Tax.[2] As of September 2, 2018. Allocated based on Fiscal Year 2018-2019 levy.

[4] Calculated by dividing the Assessed Value column by the Poway USD CFD No. 11, Zone 2 Bonds Outstanding column.

[3] Fiscal Year 2018-2019 assessed value information as of January 1, 2018 provided by the San Diego County Assessor. Assessed valueis calculated as the sum of land value and improvement value.



SPECIAL TAX REVENUE BONDS, SERIES 2014BESTIMATED ASSESSED VALUE-TO-LIEN RATIOS

ZONE 3 OF CFD NO. 11Poway USD Poway USD

CFD No. 11, CFD No. 11, EstimatedZone 3 Zone 3 Assessed

Number of FY 2018-2019 Bonds Assessed Value-to-LienTax Class / (Land Use) [1] Units/Acres Levy Outstanding [2] Value [3] Ratio [4]Tax Class 1 (Attached / Detached) 324 $903,409 $10,675,000 $414,459,344 38.83

[1] Classification pursuant to the Rate and Method of Apportionment of Special Tax.[2] As of September 2, 2018. Allocated based on Fiscal Year 2018-2019 levy.

[4] Calculated by dividing the Assessed Value column by the Poway USD CFD No. 11, Zone 3 Bonds Outstanding column.

[3] Fiscal Year 2018-2019 assessed value information as of January 1, 2018 provided by the San Diego County Assessor. Assessed valueis calculated as the sum of land value and improvement value.

EXHIBIT B

Debt Service Schedules

DEBT SERVICE SCHEDULECALIFORNIA OFFICE - LOS ANGELES

c:9- 0 I _s Effective: 11130/2018

Issuer: POWAY USD CFD 11 ZONE 2 SPECIAL TAX 3873Pay# Date Interest Principal Balance

03/01/2013 7,595.00 0.00 1,870,000.002 09/01/2013 44,100.00 0.00 1,870,000.003 03/01/2014 44,100.00 0.00 1,870,000.004 09/01/2014 44,100.00 5,000.00 1,865,000.005 03/01/2015 44,050.00 0.00 1,865,000.006 09/01/2015 44,050.00 5,000.00 1,860,000.007 03/01/2016 44,000.00 0.00 1,860,000.008 09/01/2016 44,000.00 15,000.00 1,845,000.009 03/01/2017 43,775.00 0.00 1,845,000.0010 09/01/2017 43,775.00 25,000.00 1,820,000.0011 03/01/2018 43,400.00 0.00 1,820,000.0012 09/01/2018 43,400.00 40,150.00 elM 1,780,000.0013 03/01/2019 42,750.00 0.00 1,780,000.0014 09/01/2019 42,750.00 40,000.00 1,740,000.0015 03/01/2020 42,150.00 0.00 1,740,000.0016 09/01/2020 42,150.00 50,000.00 1,690,000.0017 03/01/2021 41,150.00 0.00 1,690,000.0018 09/01/2021 41,150.00 60,000.00 1,630,000.0019 03/01/2022 39,950.00 0.00 1,630,000.0020 09/01/2022 39,950.00 75,000.00 1,555,000.0021 03/01/2023 38,450.00 0.00 1,555,000.0022 09/01/2023 38,450.00 85,000.00 1,470,000.0023 03/01/2024 36,750.00 0.00 1,470,000.0024 09/01/2024 36,750.00 100,000.00 1,370,000.0025 03/01/2025 34,250.00 0.00 1,370,000.0026 09/01/2025 34,250.00 110,000.00 1,260,000.0027 03/01/2026 31,500.00 0.00 1,260,000.00

28 09/01/2026 31,500.00 130,000.00 1,130,000.00

29 03/01/2027 28,250.00 0.00 1,130,000.00

30 09/01/2027 28,250.00 145,000.00 985,000.00

31 03/01/2028 24,625.00 0.00 985,000.00

32 09/01/2028 24,625.00 160,000.00 825,000.00

33 03/01/2029 20,625.00 0.00 825,000.00

34 09/01/2029 20,625.00 175,000.00 650,000.00

35 03/01/2030 16,250.00 0.00 650,000.00

36 09/01/2030 16,250.00 195,000.00 455,000.00

37 03/01/2031 11,375.00 0.00 455,000.00

38 09/01/2031 11,375.00 220,000.00 C 235,000.0039 03/01/2032 5,875.00 0.00 235,000.00

40 09/01/2032 5,875.00 235,000.00 0.00

Total 1,318,245.00 1,870,150.00

Generated by ROSA MUNOZOn 11130/18 at 2:21PM MST

1


:>-olVj Effective: 11130/2018

Issuer: POWAY USD CFD 11 ZONE 2 SPECIAL 4312Pay# Date Interest Principal Balance

09/01/2014 8,275.00 0.00 2,565,000.002 03/01/2015 62,062.50 0.00 2,565,000.003 09/01/2015 62,062.50 0.00 2,565,000.004 03/01/2016 62,062.50 0.00 2,565,000.005 09/01/2016 62,062.50 41,050.00 CIM 2,525,000.006 03/01/2017 61,137.50 0.00 2,525,000.007 09/01/2017 61,137.50 87,400.00 CIM 2,440,000.008 03/01/2018 59,062.50 10,300.00 C 2,430,000.009 09/01/2018 58,812.50 15,300.00 CIM 2,415,000.0010 03/01/2019 58,487.50 0.00 2,415,000.0011 09/01/2019 58,487.50 10,000.00 2,405,000.0012 03/01/2020 58,287.50 0.00 2,405,000.0013 09/01/2020 58,287.50 15,000.00 2,390,000.0014 03/01/2021 57,987.50 0.00 2,390,000.0015 09/01/2021 57,987.50 15,000.00 2,375,000.0016 03/01/2022 57,687.50 0.00 2,375,000.0017 09/01/2022 57,687.50 15,000.00 2,360,000.0018 03/01/2023 57,387.50 0.00 2,360,000.0019 09/01/2023 57,387.50 20,000.00 2,340,000.0020 03/01/2024 56,987.50 0.00 2,340,000.0021 09/01/2024 56,987.50 20,000.00 2,320,000.0022 03/01/2025 56,587.50 0.00 2,320,000.0023 09/01/2025 56,587.50 25,000.00 2,295,000.0024 03/01/2026 56,150.00 0.00 2,295,000.0025 09/01/2026 56,150.00 25,000.00 2,270,000.0026 03/01/2027 55,681.25 0.00 2,270,000.0027 09/01/2027 55,681.25 30,000.00 2,240,000.0028 03/01/2028 55,081.25 0.00 2,240,000.0029 09/01/2028 55,081.25 35,000.00 2,205,000.00

30 03/01/2029 54,381.25 0.00 2,205,000.0031 09/01/2029 54,381.25 40,000.00 2,165,000.0032 03/01/2030 53,581.25 0.00 2,165,000.00

33 09/01/2030 53,581.25 40,000.00 2,125,000.00

34 03/01/2031 52,781.25 0.00 2,125,000.00

35 09/01/2031 52,781.25 40,000.00 2,085,000.00

36 03/01/2032 51,956.25 0.00 2,085,000.00

37 09/01/2032 51,956.25 45,000.00 2,040,000.0038 03/01/2033 51,000.00 0.00 2.040,000.0039 09/01/2033 51,000.00 0.00 2,040,000.00

40 03/01/2034 51,000.00 0.00 2,040,000.00

41 09/01/2034 51,000.00 5,000.00 C 2,035,000.0042 03/01/2035 50,875.00 0.00 2,035,000.0043 09/01/2035 50,875.00 5,000.00 C 2,030,000.0044 03/01/2036 50,750.00 0.00 2,030,000.0045 09/01/2036 50,750.00 15,000.00 C 2,015,000.0046 03/01/2037 50,375.00 0.00 2,015,000.0047 09/01/2037 50,375.00 20,000.00 C 1,995,000.00

48 03/01/2038 49,875.00 0.00 1,995,000.0049 09/01/2038 49,875.00 15,000.00 1,980,000.00

50 03/01/2039 49,500.00 0.00 1,980,000.0051 09/01/2039 49,500.00 45,000.00 C 1,935,000.00

52 03/01/2040 48,375.00 0.00 1,935,000.0053 09/01/2040 48,375.00 610,000.00 C 1,325,000.0054 03/01/2041 33,125.00 0.00 1,325,000.0055 09/01/2041 33,125.00 660,000.00 C 665,000.0056 03/01/2042 16,625.00 0.00 665,000.0057 09/01/2042 16,625.00 665,000.00 0.00

Generated by ROSA MUNOZ 1On 11/30/18 at 2:23PM MST


Effective: 11/30/2018

Pay# Date Interest Principal BalanceIssuer: POWAY USD CFD 11 ZONE 2 SPECIAL 4312

Total 2,965,725.00 2,569,050.00


2


Effective: 11130/2018

Issuer: POWAY USD CFD #11 ZONE 2 SPEC REF 2017 5784Pay# Date Interest Principal Balance

09/01/2017 70,765.93 110,000.00 3,295,000.002 03/01/2018 61,648.13 0.00 3,295,000.003 09/01/2018 61,648.13 35,450.00 e/M 3,260,000.004 03/01/2019 61,061.25 0.00 3,260,000.005 09/01/2019 61,061.25 20,000.00 3,240,000.006 03/01/2020 60,761.25 0.00 3,240,000.007 09/01/2020 60,761.25 20,000.00 3,220,000.008 03/01/2021 60,461.25 0.00 3,220,000.009 09/01/2021 60,461.25 20,000.00 3,200,000.0010 03/01/2022 60,061.25 0.00 3,200,000.0011 09/01/2022 60,061.25 25,000.00 3,175,000.0012 03/01/2023 59,561.25 0.00 3,175,000.0013 09/01/2023 59,561.25 25,000.00 3,150,000.0014 03/01/2024 59,061.25 0.00 3,150,000.0015 09/01/2024 59,061.25 25,000.00 3,125,000.0016 03/01/2025 58,561.25 0.00 3,125,000.0017 09/01/2025 58,561.25 25,000.00 3,100,000.0018 03/01/2026 58,061.25 0.00 3,100,000.0019 09/01/2026 58,061.25 25,000.00 3,075,000.0020 03/01/2027 57,561.25 0.00 3,075,000.0021 09/01/2027 57,561.25 30,000.00 3,045,000.0022 03/01/2028 56,961.25 0.00 3,045,000.0023 09/01/2028 56,961.25 30,000.00 3,015,000.0024 03/01/2029 56,455.00 0.00 3,015,000.0025 09/01/2029 56,455.00 30,000.00 2,985,000.0026 03/01/2030 55,930.00 0.00 2,985,000.0027 09/01/2030 55,930.00 30,000.00 2,955,000.0028 03/01/2031 55,386.25 0.00 2,955,000.0029 09/01/2031 55,386.25 35,000.00 2,920,000.0030 03/01/2032 54,730.00 0.00 2,920,000.0031 09/01/2032 54,730.00 35,000.00 2,885,000.0032 03/01/2033 54,117.50 0.00 2,885,000.0033 09/01/2033 54,117.50 350,000.00 2,535,000.0034 03/01/2034 47,817.50 0.00 2,535,000.00

35 09/01/2034 47,817.50 370,000.00 2,165,000.00

36 03/01/2035 41,111.25 0.00 2,165,000.00

37 09/01/2035 41,111.25 395,000.00 1,770,000.0038 03/01/2036 33,705.00 0.00 1,770,000.00

39 09/01/2036 33,705.00 415,000.00 1,355,000.0040 03/01/2037 25,923.75 0.00 1,355,000.0041 09/01/2037 25,923.75 435,000.00 920,000.0042 03/01/2038 17,767.50 0.00 920,000.0043 09/01/2038 17,767.50 460,000.00 460,000.0044 03/01/2039 8,912.50 0.00 460,000.0045 09/01/2039 8,912.50 460,000.00 0.00

Total 2,281,999.69 3,405,450.00


1




11 03/01/2018 32,225.00 0.00 1,350,000.0012 09/01/2018 32,225.00 25,000.00 1,325,000.0013 03/01/2019 31,850.00 0.00 1,325,000.0014 09/01/2019 31,850.00 30,000.00 1,295,000.0015 03/01/2020 31,400.00 0.00 1,295,000.0016 09/01/2020 31,400.00 35,000.00 1,260,000.0017 03/01/2021 30,700.00 0.00 1,260,000.0018 09/01/2021 30,700.00 45,000.00 1,215,000.0019 03/01/2022 29,800.00 0.00 1,215,000.0020 09/01/2022 29,800.00 55,000.00 1,160,000.0021 03/01/2023 28,700.00 0.00 1,160,000.0022 09/01/2023 28,700.00 60,000.00 1,100,000.0023 03/01/2024 27,500.00 0.00 1,100,000.0024 09/01/2024 27,500.00 70,000.00 1,030,000.0025 03/01/2025 25,750.00 0.00 1,030,000.0026 09/01/2025 25,750.00 85,000.00 945,000.0027 03/01/2026 23,625.00 0.00 945,000.0028 09/01/2026 23,625.00 95,000.00 850,000.0029 03/01/2027 21,250.00 0.00 850,000.0030 09/01/2027 21,250.00 110,000.00 740,000.0031 03/01/2028 18,500.00 0.00 740,000.0032 09/01/2028 18,500.00 120,000.00 620,000.0033 03/01/2029 15,500.00 0.00 620,000.0034 09/01/2029 15,500.00 130,000.00 490,000.0035 03/01/2030 12,250.00 0.00 490,000.0036 09/01/2030 12,250.00 150,000.00 340,000.0037 03/01/2031 8,500.00 0.00 340,000.0038 09/01/2031 8,500.00 160,000.00 C 180,000.0039 03/01/2032 4,500.00 0.00 180,000.0040 09/01/2032 4,500.00 180,000.00 0.00

Total 684,100.00 ],350,000.00

Generated by ROSA MUNOZOn 3/15/18 at 8:48AM MST

1




8 03/01/2018 168,859.38 72,100.00 C 7,090,000.00

9 09/01/2018 167,109.38 45,000.00 7,045,000.00

10 03/01/2019 166,434.38 0.00 7,045,000.00

11 09/01/2019 166,434.38 55,000.00 6,990,000.00

12 03/01/2020 165,334.38 0.00 6,990,000.0013 09/01/2020 165,334.38 65,000.00 6,925,000.0014 03/01/2021 164,034.38 0.00 6,925,000.0015 09/01/2021 164,034.38 75,000.00 6,850,000.0016 03/01/2022 162,534.38 0.00 6,850,000.0017 09/01/2022 162,534.38 80,000.00 6,770,000.0018 03/01/2023 160,934.38 0.00 6,770,000.0019 09/01/2023 160,934.38 95,000.00 6,675,000.0020 03/01/2024 159,034.38 0.00 6,675,000.0021 09/01/2024 159,034.38 105,000.00 6,570,000.0022 03/01/2025 156,934.38 0.00 6,570,000.0023 09/01/2025 156,934.38 115,000.00 6,455,000.0024 03/01/2026 154,921.88 0.00 6,455,000.0025 09/01/2026 154,921.88 130,000.00 6,325,000.0026 03/01/2027 152,484.38 0.00 6,325,000.0027 09/01/2027 152,484.38 140,000.00 6,185,000.0028 03/01/2028 149,684.38 0.00 6,185,000.0029 09/01/2028 149,684.38 155,000.00 6,030,000.0030 03/01/2029 146,584.38 0.00 6,030,000.0031 09/01/2029 146,584.38 170,000.00 5,860,000.0032 03/01/2030 143,184.38 0.00 5,860,000.0033 09/01/2030 143,184.38 180,000.00 5,680,000.0034 03/01/2031 139,584.38 0.00 5,680,000.0035 09/01/2031 139,584.38 205,000.00 5,475,000.0036 03/01/2032 135,356.25 0.00 5,475,000.0037 09/01/2032 135,356.25 215,000.00 5,260,000.0038 03/01/2033 130,787.50 0.00 5,260,000.0039 09/01/2033 130,787.50 190,000.00 5,070,000.0040 03/01/2034 126,750.00 0.00 5,070,000.0041 09/01/2034 126,750.00 210,000.00 C 4,860,000.00

42 03/01/2035 121,500.00 0.00 4,860,000.0043 09/01/2035 121,500.00 230,000.00 C 4,630,000.00

44 03/01/2036 115,750.00 0.00 4,630,000.004.' 09/01/2036 115,750.00 260,000.00 C 4,~70,OOO.OO

46 03/01/2037 109,250.00 0.00 4,370,000.0047 09/01/2037 109,250.00 270,000.00 C 4,100,000.00

48 03/01/2038 102,500.00 0.00 4,100,000.00

49 09/01/2038 102,500.00 320,000.00 3,780,000.00

50 03/01/2039 94,500.00 0.00 3,780,000.0051 09/01/2039 94,500.00 360,000.00 C 3,420,000.00

52 03/01/2040 85,500.00 0.00 3,420,000.00

53 09/01/2040 85,500.00 780,000.00 C 2,640,000.0054 03/01/2041 66,000.00 0.00 2,640,000.00

55 09/01/2041 66,000.00 835,000.00 C 1,805,000.00

56 03/01/2042 45,125.00 0.00 1,805,000.0057 09/01/2042 45,125.00 880,000.00 C 925,000.00

58 03/01/2043 23,125.00 0.00 925,000.0059 09/01/2043 23,125.00 925,000.00 0.00

Total 6,691,625.14 7,162,100.00

Generated by ROSA MUNOZOn 3/14/18 at 3:07PM MST

1



Issuer: POW A Y USD CFD #11 ZONE 3 SPEC REF 2017 5785Pay# Date Interest Principal Balance

2 03/01/2018 43,770.64 0.00 2,360,000.003 09/01/2018 43,770.64 55,000.00 2,305,000.004 03/01/2019 42,945.64 0.00 2,305,000.005 09/01/2019 42,945.64 55,000.00 2,250,000.006 03/01/2020 42,120.64 0.00 2,250,000.007 09/01/2020 42,120.64 60,000.00 2,190,000.008 03/01/2021 41,220.64 0.00 2,190,000.009 09/01/2021 41,220.64 60,000.00 2,130,000.0010 03/01/2022 40,020.64 0.00 2,130,000.0011 09/01/2022 40,020.64 60,000.00 2,070,000.0012 03/01/2023 38,820.64 0.00 2,070,000.0013 09/01/2023 38,820.64 65,000.00 2,005,000.0014 03/01/2024 37,520.64 0.00 2,005,000.0015 09/01/2024 37,520.64 65,000.00 1,940,000.0016 03/01/2025 36,220.64 0.00 1,940,000.0017 09/01/2025 36,220.64 70,000.00 1,870,000.0018 03/01/2026 34,820.64 0.00 1,870,000.0019 09/01/2026 34,820.64 75,000.00 1,795,000.0020 03/01/2027 33,320.64 0.00 1,795,000.0021 09/01/2027 33,320.64 75,000.00 1,720,000.0022 03/01/2028 31,820.64 0.00 1,720,000.0023 09/01/2028 31,820.64 80,000.00 1,640,000.0024 03/01/2029 30,470.64 0.00 1,640,000.0025 09/01/2029 30,470.64 80,000.00 1,560,000.0026 03/01/2030 29,070.64 0.00 1,560,000.0027 09/01/2030 29,070.64 85,000.00 1,475,000.0028 03/01/2031 27,530.01 0.00 1,475,000.0029 09/01/2031 27,530.01 85,000.00 1,390,000.0030 03/01/2032 25,936.26 0.00 1,390,000.0031 09/01/2032 25,936.26 90,000.00 1,300,000.0032 03/01/2033 24,361.26 0.00 1,300,000.0033 09/01/2033 24,361.26 165,000.00 1,135,000.0034 03/01/2034 21,391.26 0.00 1,135,000.0035 09/01/2034 21,391.26 175,000.00 960,000.0036 03/01/2035 18,219.38 0.00 960,000.0037 09/01/2035 18,219.38 180,000.00 780,000.0038 03/01/2036 14,844.38 0.00 780,000.0039 09/01/2036 14,844.38 190,000.00 590,000.00

40 03/01/2037 11,281.88 0.00 590,000.0041 09/01/2037 11,281.88 200,000.00 390,000.0042 03/01/2038 7,531.88 0.00 390,000.00

43 09/01/2038 7,531.88 195,000.00 195,000.0044 03/01/2039 3,778.13 0.00 195,000.00

45 09/01/2039 3,778.13 195,000.00 000

Total 1,274,035.52 2,360,000.00

Generated by ROSA MUNOZOn 3/8/18 at 10:13AM MST

1

EXHIBIT C

Special Tax Delinquencies



SPECIAL TAX REVENUE BONDS, SERIES 2014BSPECIAL TAX DELINQUENCIES

ZONE 2 OF CFD NO. 11Number ofDelinquent Fiscal Year Fiscal Year Fiscal Year

Total Tax Parcels at Amount Amount DelinquencyFiscal Year Levy FY End [1] Collected [1] Delinquent [1] Rate [1]2017-2018 $556,260 3 $552,129 $4,131 0.74%

[1] Pursuant to Section 4(b)(v) of the Disclosure Agreement, the table above should reflectdelinquencies as of August 15, 2018. The closest data available, as shown above, is as of July 6,2018 provided by the County of San Diego.



SPECIAL TAX REVENUE BONDS, SERIES 2014BSPECIAL TAX DELINQUENCIES

ZONE 3 OF CFD NO. 11Number ofDelinquent Fiscal Year Fiscal Year Fiscal Year

Total Tax Parcels at Amount Amount DelinquencyFiscal Year Levy FY End [1] Collected [1] Delinquent [1] Rate [1]2017-2018 $891,167 4 $882,966 $8,201 0.92%

[1] Pursuant to Section 4(b)(v) of the Disclosure Agreement, the table above should reflectdelinquencies as of August 15, 2018. The closest data available, as shown above, is as of July 6,2018 provided by the County of San Diego.

EXHIBIT D

California Debt and Investment Advisory Commission Fiscal Status Reports

STATE OF CALIFORNIA

MARKS-ROOS YEARLY FISCAL STATUS REPORT

FOR AUTHORITY ISSUE

California Debt and Investment Advisory Commission

915 Capitol Mall, Room 400, Sacramento, CA 95814

P.O. Box 942809, Sacramento, CA 94209-0001

(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

11:44:59AM

Tuesday, October 30, 2018

CDIAC #: 2014-1231

I. GENERAL INFORMATION

A. Authority Issuer

C.Project Name

B. Name/ Title/ Series of Bond Issue

D. Date of Bond Issue

E. Original Principal Amount of Bonds

F. Reserve Fund Minimum Balance Required

II. FUND BALANCE FISCAL STATUS

Balances Reported as of:

A. Principal Amount of Bonds Outstanding

B. Total Bond Reserve Fund

C. Capitalized Interest Fund

1. Issuer/Borrower2. Bond Purchase (BP)

or Loan (L)

3. Original Amount of

Purchase/Loan (from

Authority Issue)

Poway Unified School District Public Financing Authority

2014 Spec Tax Rev Bonds

7/16/2014

$10,065,000.00

6/30/2018

$9,520,000.00

$925,483.64

$0.00

CFD No 11 StoneBridge Estates Zones 2 & 3 Series B

Yes X NoAmount

Senior Issue Subordinate IssueYes YesNo No

Bond Reserve Surety Bond

G. Total Issuance Costs

(Report Issuance Costs only at initial filing)

III. AUTHORITY FINANCIAL INFORMATION

A. Fees Paid for Professional Services (Annual Totals)

1. Type of Services 2. Amount of Fees

(Attach additional sheets if necessary.)

4. Administration Fee

(Charged to LOB) this FY

Zone 2 of Community Facilities District No. 11

Zone 3 of Community Facilities District No. 11

BP

BP

$$2,565,000.00

$7,500,000.00

$$0.00

$0.00

B. Local Obligor

California Government Code Section 6599.1 requires that all issuers selling Marks-Roos bonds, which is part of the Marks-Roos Local

Bond Pooling Act of 1985, after January 1, 1996 are required to report specific information to the Commission by October 30th of the

current year and each year thereafter, until maturity.

X X

$904,353.37

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Bond Reserve Cash $925,483.64

STATE OF CALIFORNIA


FOR AUTHORITY ISSUE




(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

11:44:59AM


CDIAC #: 2014-1231

VI. COMMENTS:

Phone Number

E-Mail

City/ State/ Zip

Address

Firm/ Agency

Title

Name

V. NAME OF PARTY COMPLETING THIS FORM

If Other:

and redemption date:

If Redeemed Entirely, state refunding bond title & CDIAC #:

Redeemed EntirelyMatured

If Matured, indicate final maturity date:

This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements.

IV. ISSUE RETIRED

Date of Report

Nehal Thumar

Vice President

David Taussig & Associates

5000 Birch St, Suite 6000


(949) 955-150010/30/2018

[email protected]

Other

(Indicate reason for retirement)

C. Investment Contracts

1. Terms of Investment Contracts

a. Final Maturity

b. Other (see Guidelines for explanation)

2. Commission/Fee for Contract Total

3. Interest Earnings on Contract Current

D. Does this Agency participate in the County's Teeter Plan? Yes No

1/1/1900

0

$0.00

$0.00

X

and date:

STATE OF CALIFORNIA


FOR AUTHORITY ISSUE




(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

11:44:59AM


CDIAC #: 2014-1231

1. Issuer/Borrower2. Bond Purchase (BP)

or Loan (L)

3. Original Amount of

Purchase/Loan (from

Authority Issue)

4. Administration Fee

(Charged to LOB) this FY

Local Obligor (continued)




Tel: (916) 653-3269 Fax (916) 654-7440

STATE OF CALIFORNIA


FOR LOCAL OBLIGORSTuesday, October 30, 2018

Submitted:

11:48:15AM

For Office Use Only

Fiscal Year

CDIAC #: 2014-1232

B. Does this Agency participate in the County’s Teeter Plan:

A. Delinquency Rate

Delinquent Parcel Information Reported as of Equalized Tax Roll of:

III. DELINQUENT REPORTING INFORMATION


B. Bond Reserve Fund

A. Principal Amount of Bonds/Loan Outstanding

Balances Reported as of :


Part of Authority Reserve Fund


E. Original Principal Amount of Bonds/Loan

D. Date of Bond Issue/Loan


A. Local Obligor Issuer


Poway Unified School District CFD No 11


7/16/2014

$2,565,000.00

YesNo X

$0.00Amount:

Percent of Reserve fund:Yes NoX 25.48%

G. Name of Authority that purchased debt

H. Date of Authority Bond(s) Issuance


7/16/2014

6/30/2018

$2,430,000.00

$0.00

$0.00

10/18/2018

0.74%

Yes No X


Phone Number

E-Mail

City/ State/ Zip

Address

Firm/ Agency

Title

Name

Date of Report

Nehal Thumar

Vice President




(949) 955-1500

10/30/[email protected]

This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement)

If Other:

and redemption/repayment date:

If Redeemed/Repaid Entirely, state refunding bond title/ Loan, and CDIAC#:

Redeemed/Repaid EntirelyMatured


IV. ISSUE RETIRED

Other

C. Taxes Due

D. Taxes Unpaid

$559,013.28

$4,130.64




D. Administrative Fee Charged by Authority $0.00

C. Project Name StoneBridge Estates Zone 2

and date:

Have delinquent Taxes been reported: Yes NoX




Tel: (916) 653-3269 Fax (916) 654-7440

STATE OF CALIFORNIA



Submitted:

11:48:15AM

For Office Use Only

Fiscal Year

CDIAC #: 2014-1232

VI. COMMENTS:




Tel: (916) 653-3269 Fax (916) 654-7440

STATE OF CALIFORNIA



Submitted:

11:52:45AM

For Office Use Only

Fiscal Year

CDIAC #: 2014-1233

B. Does this Agency participate in the County’s Teeter Plan:

A. Delinquency Rate


III. DELINQUENT REPORTING INFORMATION



A. Principal Amount of Bonds/Loan Outstanding

Balances Reported as of :


Part of Authority Reserve Fund


E. Original Principal Amount of Bonds/Loan

D. Date of Bond Issue/Loan


A. Local Obligor Issuer




7/16/2014

$7,500,000.00

YesNo X

$0.00Amount:

Percent of Reserve fund:Yes NoX 74.52%

G. Name of Authority that purchased debt

H. Date of Authority Bond(s) Issuance


7/16/2014

6/30/2018

$7,090,000.00

$0.00

$0.00

10/18/2018

0.91%

Yes No X


Phone Number

E-Mail

City/ State/ Zip

Address

Firm/ Agency

Title

Name

Date of Report

Nehal Thumar

Vice President




(949) 955-1500

10/30/[email protected]

This issue is retired and no longer subject to the Yearly Fiscal Status report filing requirements. (Indicate reason for retirement)

If Other:

and redemption/repayment date:

If Redeemed/Repaid Entirely, state refunding bond title/ Loan, and CDIAC#:

Redeemed/Repaid EntirelyMatured


IV. ISSUE RETIRED

Other

C. Taxes Due

D. Taxes Unpaid

$896,633.92

$8,200.92




D. Administrative Fee Charged by Authority $0.00

C. Project Name StoneBridge Estates Zone 3

and date:

Have delinquent Taxes been reported: Yes NoX




Tel: (916) 653-3269 Fax (916) 654-7440

STATE OF CALIFORNIA



Submitted:

11:52:45AM

For Office Use Only

Fiscal Year

CDIAC #: 2014-1233

VI. COMMENTS:

STATE OF CALIFORNIA

MELLO-ROOS COMMUNITY FACILITIES DISTRICT (CFD)

YEARLY FISCAL STATUS REPORT




(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

3:10:01PM

Monday, October 29, 2018

CDIAC #: 2014-1232


A. Issuer

B. Project Name

C. Name/ Title/ Series of Bond Issue









D. Construction Fund(s)

III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX

A. Assessed or Appraised Value Reported as of:

B. Total Assessed Value of All Parcels

IV. TAX COLLECTION INFORMATION

A. Total Amount of Special Taxes Due Annually

B. Total Amount of Unpaid Special Taxes Annually

C. Does this agency participiate in the County's Teeter Plan?

V. DELINQUENT REPORTING INFORMATION


A. Total Number of Delinquent Parcels:

B. Total Amount of Taxes Due on Delinquent Parcels:

VI. FORECLOSURE INFORMATION FOR FISCAL YEAR

(Aggregate totals, if foreclosure commenced on same date)

Date Foreclosure CommencedTotal Number of Foreclosure

Parcels

Total Amount of Tax Due on

Foreclosure Parcels

(Use only in first year or before annual tax roll billing commences)

(Do not include penalties, penalty interest, etc.)




7/16/2014

$2,565,000.00

$0.00

6/30/2018

$2,430,000.00

$0.00

$0.00

$0.00

1/1/2018

$559,013.28

$4,130.64

N

10/18/2018

3

$4,130.64

$0.00

$0.00

$0.00

$0.00

$0.00

From Equalized Tax Roll

From Appriasal of Property

X

StoneBridge Estates Zone 2

AmountYes No X

$274,753,323.00

STATE OF CALIFORNIA






(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

3:10:01PM


CDIAC #: 2014-1232

IX. ADDITIONAL COMMENTS:

Phone Number

E-Mail

City/ State/ Zip

Address

Firm/ Agency

Title

Name

VIII. NAME OF PARTY COMPLETING THIS FORM

If Other:






VII. ISSUE RETIRED

Date of Report

Nehal Thumar

Vice President

David Taussig & Associates, Inc.



(949) 955-1500 10/29/2018

[email protected]

Other


and date:

Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with

California State law. Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities

bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.

STATE OF CALIFORNIA






(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

3:55:25PM


CDIAC #: 2014-1233


A. Issuer

B. Project Name

C. Name/ Title/ Series of Bond Issue









D. Construction Fund(s)

III. ASSESSED VALUE OF ALL PARCELS IN CFD SUBJECT TO SPECIAL TAX

A. Assessed or Appraised Value Reported as of:

B. Total Assessed Value of All Parcels

IV. TAX COLLECTION INFORMATION

A. Total Amount of Special Taxes Due Annually

B. Total Amount of Unpaid Special Taxes Annually

C. Does this agency participiate in the County's Teeter Plan?

V. DELINQUENT REPORTING INFORMATION


A. Total Number of Delinquent Parcels:

B. Total Amount of Taxes Due on Delinquent Parcels:

VI. FORECLOSURE INFORMATION FOR FISCAL YEAR

(Aggregate totals, if foreclosure commenced on same date)

Date Foreclosure CommencedTotal Number of Foreclosure

Parcels

Total Amount of Tax Due on

Foreclosure Parcels

(Use only in first year or before annual tax roll billing commences)

(Do not include penalties, penalty interest, etc.)




7/16/2014

$7,500,000.00

$0.00

6/30/2018

$7,090,000.00

$0.00

$0.00

$0.00

1/1/2018

$414,459,344.00

$896,633.92

$8,200.92

N

10/18/2018

4

$8,200.92

$0.00

$0.00

$0.00

$0.00

$0.00

From Equalized Tax Roll

From Appriasal of Property

X

StoneBridge Estates Zone 3

AmountYes No X

STATE OF CALIFORNIA






(916) 653-3269 Fax (916) 654-7440

For Office Use Only

Fiscal Year

Submitted:

3:55:25PM


CDIAC #: 2014-1233

IX. ADDITIONAL COMMENTS:

Phone Number

E-Mail

City/ State/ Zip

Address

Firm/ Agency

Title

Name

VIII. NAME OF PARTY COMPLETING THIS FORM

If Other:






VII. ISSUE RETIRED

Date of Report

Nehal Thumar

Vice President

David Taussig & Associates, Inc.



(949) 955-1500 10/29/2018

[email protected]

Other


and date:

Completion and submittal of this form to the California Debt and Investment Advisory Commission will assure your compliance with

California State law. Section 53359.5 of the California Government Code requires that all agencies issuing Mello-Roos Community Facilities

bonds after January 1, 1993 to report specific information to the Commission by October 30th of each year.

EXHIBIT E

Additional Bond Information



SPECIAL TAX REVENUE BONDS, SERIES 2014BADDITIONAL BOND INFORMATION

Bond Issuance Issuance Date Use of Proceeds

Special Tax Bonds, Series 2004 4/1/2004

Special Tax Bonds, Series 2013 2/14/2013

Special Tax Bonds, Series 2009 [2] 7/2/2009

Special Tax Bonds, Series 2014 8/7/2014Special Tax Refunding Bonds, Series 2013 2/14/2013 Partially refunded the outstanding 2009 Special Tax BondsSpecial Tax Refunding Bonds, Series 2017 2/8/2017 Fully refunded the outstanding 2009 Special Tax Bonds

Special Tax Bonds, Series 2009 [2] 7/2/2009

Special Tax Bonds, Series 2014 8/7/2014Special Tax Refunding Bonds, Series 2013 2/14/2013 Partially refunded the outstanding 2009 Special Tax BondsSpecial Tax Refunding Bonds, Series 2017 2/8/2017 Fully refunded the outstanding 2009 Special Tax Bonds

$0

$2,410,000 $2,305,000$15,145,000 $10,675,000

$12,990,000 $7,455,000

$1,390,000 $1,325,000

$0

$7,045,000

$1,870,000 $1,780,000$3,405,000 $3,260,000

Zone 3 of CFD No. 11

AmountAuthorized

$9,000,000

$2,390,000


Amount AmountIssued Outstanding [1]


($60,000,000)

$3,845,000 $3,845,000

$0$7,715,000

$11,390,000

$0

$9,180,000

Original Bond Authorization

Zone 2 Subtotal

Zone 1 Subtotal

$5,150,000

$0

$2,565,000$2,415,000

[2] Refunded by the Special Tax Refunding Bonds, Series 2013 & 2017.

$5,150,000

Construction of elementary school seats at Morning Creek ElementarySchool, construction of middle school seats at Meadowbrook Middle School,and construction and improvements of high school seats at Mt. Carmel HighSchool.


($29,550,000)

$0$0

$11,345,000

$7,500,000

Total Amount/(Remaining Authorization)Zone 3 Subtotal

$7,500,000

$10,310,000 $9,180,000

$9,000,000

$19,310,000

$2,565,000


[1] As of September 2, 2018.

$47,445,000 $27,310,000

EXHIBIT F

Fund and Account Balances – Local Obligations



SPECIAL TAX REVENUE BONDS, SERIES 2014BFUND AND ACCOUNT BALANCES - LOCAL OBLIGATIONS

Fund or Account

Special Tax FundInterest AccountPrincipal AccountAdministrative Expense FundRedemption FundCustodial Account

Special Tax FundInterest AccountPrincipal AccountAdministrative Expense FundRedemption FundCustodial Account

$258,790

Balanceas of 1/1/2019

Zone 2 of CFD No. 11$173,303

$0$0

$56,580$8,104

$1,072,317Zone 3 of CFD No. 11

$0$0

$26,747$1,451

$632,886

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