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Description:
Romoland, Ca
Amount:
15m
Coupon:
5.25
Maturity:
09/01/28
Yield:
6.20
Price:
89.101
Details:
Improvement Area 2 located in Riverside County, near the City of Perris. 2 miles east of 215 freeway and 1 mile south of Highway 74 in the Menifee Valley
It is the 2nd phase of a 4-phase residential development known as “Heritage Lakes”.
Improvement Area 2 consist of 171 acres is planned for 493 residential units.
The Master Developer is Menifee Development, with members including Standard Pacific and Alameda Property Investments.
Bond proceeds will be used to finance the acquisition and construction of school, street, and water and sewer facilities.
Bonds are secured by Special Taxes on all parcels within the Improvement Area 2.
The Developer will maintain a letter of credit equal to one year’s of Special Taxes until 70% of residential lots are sold.
Reserve Fund of $1,043,057.50 was established at bond issuance.
Special Escrow Fund of $5,358,318.76 was also established to keep value to ratio at least 4 times.
Appraised value as of 9/1/2005 is $52,400,000 with a value to lien ratio of 4.11x coverage.
Bridgeport is one of the Developments in Heritage Lakes. Bridgeport is planned to have 102 homes and as of 3/17/08, 4 models were completed, 71 homes have closed escrow to individual homeowners, 15 lots under construction, and 12 lots were in finished lot condition.
Webpage: http://www.liveheritagelake.com/interactive-map.html
Dated date: 12/15/2005
Issue size: $18,115,000
***please refer to the official statement for details and accuracy.***
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