The City of Palm Desert Community Facilities District No. 2021-1 (University Park) Special Tax Bonds, Series 2024 (the “Bonds”) are being issued by the City of Palm Desert Community Facilities District No. 2021-1 (University Park) (the “District”) to: (i) finance the acquisition of certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City of Palm Desert (the "City") and water and sewer facilities to be owned and operated by the Coachella Valley Water District ("CVWD"); (ii) fund a reserve account for the Bonds; and (iii) pay costs of issuance for the Bonds; and (iv) fund capitalized interest to pay debt service on the Bonds through and including September 1, 2024. Interest rates vary from 3.00% to 4.00% with interest payable semi-annually on March 1 and September 1, with principal maturing annually on September 1.
| Year Ending June 30, | Principal | Interest | Total |
|---|---|---|---|
| 2026 | $ 50,000 | $ 569,975 | $ 619,975 |
| 2027 | 65,000 | 567,850 | 632,850 |
| 2028 | 80,000 | 565,088 | 645,088 |
| 2029 | 95,000 | 561,688 | 656,688 |
| 2030 | 120,000 | 557,650 | 677,650 |
| 2031-2035 | 875,000 | 2,696,875 | 3,571,875 |
| 2036-2040 | 1,510,000 | 2,432,500 | 3,942,500 |
| 2041-2045 | 2,390,000 | 1,972,500 | 4,362,500 |
| 2046-2050 | 3,540,000 | 1,266,000 | 4,806,000 |
| 2051-2053 | 2,835,000 | 290,250 | 3,125,250 |
| Total | $ 11,560,000 | $ 11,480,376 | $ 23,040,376 |
At June 30, 2025, the fund balance reserve requirements and actual reserve balances were as follows:
| Requirement | Actual | |
|---|---|---|
| 2003 Financing Authority Revenue Bonds | $ 151,566 | $ 151,566 |
| CFD 2021-1 Special Tax Bonds, Series 2021 | 868,775 | 868,775 |
| CFD 2005-1 Special Tax Bonds, Series 2021A | 461,800 | 461,800 |
| Section 29 Assessment District 2004-02 | ||
| Limited Obligation Bonds Series 2021 | 1,267,900 | 1,267,900 |
| Special Tax Bonds, Series 2024 | 1,007,164 | 1,007,164 |