On March 11, 1998 the Community Facilities District (CFD) No. 95-1 of the Brea Olinda Unified School District issued $6,665,000 of its Special Tax Bonds. The bonds were issued to provide funds to pay the cost and expense of acquisition and construction of certain public school facilities, to fund authorized capitalized interest for the bonds, to establish a reserve fund for the bonds, and to pay the costs of issuing the bonds. The bonds are authorized pursuant to the Mello-Roos Community Facilities Act of 1982. The bonds are payable from the proceeds of the special tax to be levied with the CFD according to the rate and method of apportionment of the special taxes approved by the qualified electors of the CFD.
During June, 2005, the CFD No. 95-1 issued $6,440,000 in Special Tax Refunding Bonds, Series 2005A. The proceeds associated with the refunding were deposited into an escrow account for future payment of the remaining debt and as such are considered fully defeased. The outstanding debt to be paid by the escrow agent has been fully redeemed.
During June, 2005 the CFD No. 95-1 issued $2,300,000 in Special Tax Bonds, Series 2005B. The bonds were issued to provide additional funds for the construction of certain school facilities, to fund authorized capitalized interest for the bonds, to establish a reserve fund for the bonds, and to pay the costs of issuing the bonds.
Required annual audit disclosures related to CFD No. 95-1 are included in the District's Annual Audit Reports which can be accessed HERE