HomeMy WebLinkAbout2006-12-06 TRUCKEE DONNER PUBLIC UTILITY DISTRICT
FINANCING CORPORATION
Joseph R. Aguera
J. Ron Hemig
Patricia S. Sutton
Tim Taylor
William Thomason
General Manager
Peter L. Holzmeister
Special Meeting
7:00 PM, Wednesday, December 6, 2006
(or immediately after the regularly scheduled TDPUD Board meeting)
TDPUD Board Room
AGENDA
1. Call to order
2. Roll call
3. Public input- This is time set aside for the public to address the Board on any matter not on the
agenda. Testimony related to any agendized matter should be addressed at the time that item is
considered.
BUSINESS ITEM
4. Election of officers
5. Annual Reports and Financial Statements: December 2005
a) Staff report
b) Public input
c) Board discussion and action
ROUTINE BUSINESS
6. Approval of the minutes of December 15, 2004 and October 4, 2006
ADJOURNMENT
The agenda is available for review at the
TDPUD office and the Truckee branch of the Nevada County Library
Pos ed and mailed on December 1, 2006
( Oy)W �/OLA/
Barbara Cahill, Deputy District Clerk
.�j A copy of the agenda packet is available for public review at the district administrative office: 11570 Donner Pass Rd.
Public participation is encouraged. The meeting location is accessible to people with disabilities. Every reasonable effort will be made to
accommodate participation of the disabled in all of the District's public meetings. If particular accommodations for the disabled are needed
(i.e.,disability-related aids,or other services), please contract the Clerk of the Board at(530)582-3909,at least 24 hours in advance of the
meeting.
TDPUD FINANCING CORPORATION
Special Meeting
December 6, 2006
The special meeting of the Board of Directors of the Truckee Donner Public Utility District
Financing Corporation was called to order at 10:05 PM by Vice President Aguera.
ROLL CALL: Directors Joe Aguera, Patricia Sutton, Tim Taylor and William Thomason were present.
Director Ron Hemig was absent.
EMPLOYEES PRESENT: Mary Chapman, Jessica Wilson, Nancy Waters, Joe Horvath, Steve
Hollabaugh, Peter Holzmeister and Barbara Cahill
CONSULTANTS PRESENT: Steve Gross
OTHERS PRESENT: Christine Stanley, Frank and Juanita Schneider, and Patrick Flora
PUBLIC INPUT
There was no public input.
BUSINESS ITEM
ELECTION OF OFFICERS
Director Thomason moved, and Director Aguera seconded, that the Board approve Tim F. Taylor as
the President of the Financing Corporation.
Director Hemig, Absent; All other Directors, aye, by voice vote. SO MOVED.
Director Thomason moved, and Director Aguera seconded, that the Board approve Patricia Sutton as
the Vice President of the Financing Corporation.
Director Hemig, Absent; All other Directors, aye, by voice vote. SO MOVED.
Director Sutton moved, and Director Taylor seconded, that the Board approve Mary Chapman as the
Secretary/Treasurer of the Financing Corporation.
Director Hemig, Absent; All other Directors, aye, by voice vote. SO MOVED.
ANNUAL REPORT AND FINANCIAL STATEMENTS: DECEMBER 2005
Mary Chapman provided copies of the:
• Refunding Certificates of Participation Series 1996 report as of December 31, 2005
• Certificates of Participation Series 2003A and 2003B report as of December 31, 2005
• Community Facilities Districts: Old Greenwood and Grays Crossing—Fiscal year 2006/07
• Truckee Donner Public Utility District annual audited financial statements for 2005
Director Sutton moved, and Director Taylor seconded, that the Board accept the annual reports for
Refunding Certificates of Participation Series— 1996 Annual Report dated December 31, 2005, the
Certificates of Participation Series 2003A and 2003E Annual Report dated December 31, 2005 and
the 2005 audited Financial Statements.
Director Hemig, absent; All other Directors, aye, by voice vote. SO MOVED.
1 Finance Corp Minutes: Dec. 6, 2006
ROUTINE BUSINESS
APPROVAL OF THE MINUTES OF DECEMBER 15, 2004 AND OCTOBER 4, 2006
Director Taylor moved, and Director Aguera seconded, that the Board approve minutes of September
20, 2006.
ROLL CALL: All Directors, aye, by voice vote. SO MOVED.
ADJOURNMENT
There being no further business before the Board, the meeting was adjourned at 10:23 PM.
2 Finance Corp Minutes: Dec. 6, 2006
40*0
Agenda Item # Izo
Public Utility Disti-ict g,
Staff Report
To: Board of Directors
From: Mary Chapman, Secretary/Treasurer of TDPUD Financing Corporation
Date: December 1, 2006
SUBJECT: Annual Reports
WHY THIS ITEM IS BEFORE THE BOARD: Routine Business
HISTORY: Each year we hold an annual meeting of the Financing Corporation to conduct their
business which includes the election of new officers, review and adoption of minutes, receipt and
approval of the annual reports from staff on the certificates of participation and now the community
facilities districts. We also provide the financing corporation a copy of the annual audit of the
Truckee Donner Public Utility District. District staff follows the continuing disclosure requirements in
the COP documents. Muni Financial prepares the annual report for the Community Facility District's
which are much more onerous because the CFDs relate to special taxes on property.
NEW INFORMATION: Attached are:
Refunding Certificates of Participation Series 1996 report as of December 31, 2005
Certificates of Participation Series 2003A and 2003B report as of December 31, 2005
Community Facilities Districts: Old Greenwood and Grays Crossing— Fiscal year 2006/07
Truckee Donner Public Utility District annual audited financial statements for 2005
Recommendation: I recommend that the board approve the attached annual reports.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
REFUNDING CERTIFICATES OF PARTICIPATION SERIES-1996
ANNUAL REPORT 12/31/2005
ANNUAL REPORT
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Water Operations
Summary Statement of Historical Operating Results
and Debt Service Coverage
Years Ending December 31,2002 through 2005
2002 2003 2004 2005
Revenues 6,667,440 $7,624,998 $8,206,358 85758,637
Maintenance and Operation Costs 4,761,448 $5,293,442 $5,861,134 6,052,695
Net Revenues 1,905,992 $2,331,556 $2,345,224 2,705,942
Debt Service(3) 11109,025 $1,108,423 $19100,405 1,109,005
Debt Service Coverage 172% 210% 213% 244%
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Water Operations
Summary Statement of Projected Operating Results
and Debt Service Coverage
Years Ending December 31,2006 through 2009
2006 2007 2008 2009
Revenues(l) 8,244,412 $8,409,300 $8,577,486 8,749,036
Maintenance and Operation Costs (2) 6,207,160 $6,393,375 $6,585,176 6,782,731
Net Revenues 29037,252 $2,015,925 $1,9927310 1,966,305
Debt Service(3) 1,111,680 $1,113,305 $1,109,620 15109,620
Debt Service Coverage 183% 181% 180%177%
1) 2006 budget plus 2%annual increase thereafter
2) 2006 budget plus 3%annual increase thereafter
3) Includes the Series 1996 installment payments and Proposition 55 State loan repayments.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Water System Customers
Total Production Commercial Residential
Year Million Gallons) Accounts Accounts
2001 1,736 527 81798
2002 211198 555 101341
2003 21208 573 105632
2004 23424 588 10,915
2005 2,206 633 111284
The five largest water system customers in the District for the 12-month billing period
ended December 31, 2005 are set forth below. The five largest users in the District accounted for
3.49% of the Water System's gross revenues for 2005. The total amount of water sales in 2005
was $7,454,123.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
Five Largest Water System Customers
as of 12/31/05
of Total
Customer/Account Total Usaize/Gallons Total Sales Water Revenues
Tahoe Mountain Club—
Old Greenwood 11094935610 50,513 0.71%
Coyote Moon Golf Course 65061253 377736 0.65%
Tahoe Donner Association 349444,057 995153 1.62%
Truckee Tahoe Unified School District 195619,630 315704 0.45%
Coachland Mobile Home Park 13,225,000 24,673 0.45%
Rates and Charges
The District currently recovers the cost of the Water System operation, maintenance and
and replacement and capital expansion through a user fee system. The components of the user fees
currently imposed by the District are:
1 Water sales (charges which are divided into rates for residential and commercial property).
2 Stand-by water availability charges.
3 Connection charges and facilities fees.
4 Miscellaneous fees and charges.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CERTIFICATES OF PARTICIPATION SERIES 2003A AND 2003B
ANNUAL REPORT 12/31/2005
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
History
of
Electric
Service
Charges
February
January
January
March
March
2002
2003
2004
2005
2006
Domestic
Electric
Rates:
Permanent
Residents
Customer
Charge:
per
month
4.
00
4.
50
5.
00
5.
84
6.
13
Energy
Charge
per
kilowatt-
hour
0.
09963
0.
10869
0.
11400
0.
11400 $
0.
12000
Domestic
Electric
Rates:
Non-
Permanent
Residents
Customer
Charge:
per
month
4.
00
4.
50
5.
00
5.
84
6.
13
Energy
Charge
per
kilowatt-
hour
0.
11348
0.
12381
0.
13000
0.
13000 $
0.
13700
Small
Commercial
Rates:
Commercial
Customers
with
monthly
demand
less
than
50
kilowatts
Customer
Charge:
per
month
8.
00
8.
73
9.
70
11.
32
11.
89
Energy
Charge
per
kilowatt-
hour
0.
11973
0.
13062
0.
13700
0.
13700 $
0.
14400
Medium
Commercial
Rates:
Commercial
Customers
with
monthly
demand
less
than
50kW
and
less
than
200kW Customer
Charge`.
per
month
80.
00
87.
25
96.
85
113.
04
118.
69
Energy
Charge
per
kilowatt-
hour
0.
07176
0.
07729
0.
08110
0.
08110 $
0.
08520
Demand
Charge
per
kilowatt
of
demand
9.
77
10.
58
11.
11
11.
11
11.
67
Large
Commercial
Rates:
Commercial
Customers
with
monthly
demand
greater
than
200kW
Customer
Charge:
per
month
350.
00
382.
00
425.
00
495.
83
520.
62
Energy
Charge
per
kilowatt-
hour
0.
07291
0.
07954
0.
08350
0.
08350 $
0.
08770
Demand
Charge
per
kilowatt
of
demand
9.
27
10.
11
10.
62
10.
62
11.
15
i
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
Electric
System
Connection
Charges
and
Facilities
Fees
For
200
amp
Service
as
of
March
20,
2006
Connection
Facilities
Size
and
Type
of
Service
Charge
Fees
Three
Wire
Overhead
Temporary
Actual
Cost
Permanent
connection
to
structure
1,
212
1,
260
Temporary
connection
to
pole
and
transfer
to
structure
1,
489
Three
Wire
Underground (
overhead
transformer)
Permanent
connection
to
structure
1,
212
1,
260
Temporary
connection
to
pole
and
transfer
to
structure
1,
489
Three
Wire
Underground (
padmount
transformer)
Permanent
connection
to
structure
1,
212
1,
260
Temporary
connection
to
pole
and
transfer
to
structure
1,
489
i I6 t}T t
F
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
Electric
System
Customers,
Sales,
Revenues
and
Demand 2001
2002
2003
2004
2005
Number
of
Customers:
10,
238
10,
424
10,
691
10,
726
11,
082
Residential Commercial
and
Other
1,
203
1,
273
1,
392
1,
485
1,
6
Total
Customers
11,
441
111697
12,
083
12,
211
12,
684
Kilowatt-
Hour(
kWh)
Sales:
Residential
65,
014,
735
68,
041,
548
66,
271,
709
69,
818,
294
70,
072,
056
Commercial
and
Other
57,
467,
440
58,
837,
235
60,
307,
969
65,
434,
701
66,
266,
816
Total
kWh
Sales
122,
482,
175
126,
878,
783
126,
579,
678
135,
252,
995
136,
338,
872
Revenues
from
Sale
of
Energy:
Residential
5,
522,
632
7,
579,
083
8,
119,
198
9,
004,
185
9,
171,
600
Commercial
and
Other
4,
672,
587
6,
337,
757
7,
163,
712
8,
171,
764
8,
369,
493
Total
Revenues
from
Sale
of
Energy
10,
195,
219
13,
916,
840
15,
282,
910
17,
175,
949
17,
541,
093
Peak
Demand (
kW)
29,
040
30,
245
32,
291
32,
235
32,
179
E Ef jf[Y
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
Electric
System
Largest
Electric
Customers-
2005
12
Months
Customer
Type
of
Business
KWh
Sold
Electrical
Billings
District
Water
Department(
1)(
2)
Water
Utility
11,
070,
472
1,
375,
255
6,
512,
309
688,
153
Tahoe
Truckee
Sanitation
Agency(
2)
Sewer
Plant
472,
640
Tahoe
Forest
Hospital(
2)
Hospital
4,
244,
638
58,
062
3
168
862
Tahoe
Truckee
Unified
School
District(
2)
Education
2
3
8,
062
Safeway
Stores
Grocery
Store
2,
122,
200
748
1)
Represents
pumping
charges
incurred
by
District
water
system
2)
Denotes
customers
with
multiple
meters
and
service
locations.
The
kWh
sold
and
electrical
billings
are
a
sum
of
all
customer'
s
meter
locations
I
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
Electric
System-
Summary
of
Historical
Net
Revenues
and
Selected
Balance
Sheet
Information
2001
2002
2003
2004
2005
Revenues(
l)
9,
Sales
to
Customers
759,
286
12,
891,
095
14,
256,
511
15,
689,
878
16,
317,
900
Consumer
electric
refund (
2)
0
0
0
0
Interdivisional
Sales (
3)
923,
640
1,
420,
193
1,
566,
049
1,
412,
884
1,
329,
356
39,
333
24,
015
22,
827
24,
420
22,
540
Standby
Charges
481,
723
Facilities
Fees(
4)
77,
694
128,
329
509,
347
282,
829
172,
188
167,
242
206,
664
466,
841
426,
454
Other(
5)
266,
750
Income
from
Investments
158,
809
174,
472
75,
373
70,
471
11,
130,
950
14,
805,
346
16,
636,
771
17,
947,
323
18,
844,
732
Total
Revenues
0
2,
024,
OE2 (
13)
0
0
0
Rate
Stabilization
Fund
Transfer (
6)
844,
732
Total
Adjusted
Revenues
11,
130,
950
16,
829,
408 (
13) $
16,
636,
771
17,
947,
323
18,
Operations
and
Maintenance
Costs (
7)
Power
Purchases
3,
986,
550
11,
093,
289
7,
497,
730 (
14) $
8,
269,
483
8,
279,
662
1,
501,
714
1,
955,
759
1,
624,
574
1,
906,
348
2,
231,
024
Operations
and
Maintenance
Administrative
and
General
1,
612,
485
1,
946,
205
1,
540,
878
1,
693,
424
1,
937,
050
Consumer
Services (
s)
599,
315
485,
335
503,
452
586,
803
548,
978
35,
282
43,
142
36,
791
49,
065
56,
674
Interest
Expense (
9)
053,
388
Total
Operation
and
Maintenance
Costs
7,
735,
346
15,
523,
730
11,
203,
425
12,
505,
123
13,
Adjusted
Net
Revenues/
Funds
Available
for
Service
3,
395,
604
1,
305,
678
5,
433,
346
5,
442,
200
5,
791,
344
Debt
Sery
Debt
Service
is
266,
543
255,
225
1,
107,
682
2,
853,
354
3,
443,
550
1.
91
1.
68
Debt
Service
Coverage (
11)
12.
74
5.
12
4.
91
Selected
Balance
Sheet
Information
Fund
Balances(
December
31):
General
Fund
225,
829
2,
113,
904
3,
706,
328
5,
387,
507
6,
615,
006
2,
448,
281
424,
219
434,
013
440,
870
452,
512
Rate
Stabilization
Fund
Balance
067,
518
Total
Fund
Balances
2,
674,
110
2,
538,
123
4,
140,
341
5,
828,
377
7,
13,
288,
280
13,
843,
605
15,
726,
184
14,
923,
885
18,
099,
649
Net
Plant
in
Service
714,
371
Construction
Work
in
Progress
1,
844,
911
1,
660,
776
3,
555,
097
4,
933,
875
2,
Net
Electric
Utility
Plant(
12)
15,
133,
191
15,
504,
381
19,
281,
281
19,
857,
760
20,
814,
020
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
Electric
System-
Summary
of
Historical
Net
Revenues
and
Selected
Balance
Sheet
Information
1)
Excludes
Connection
Charges.
See"
Rates
and
Charges"
above.
2)
Represents
an
11%
credit
to
customers
that
was
discontinued
in
2000.
See
Rates
and
Charges"
above.
3)
Represents
pumping
charges
to
District
water
system
and
interdepartmental
rent
charged
to
the
water
department
for
use
of
the
District
Administrative
Building
which
was
financed
by
the
Electric
System.
4)
Facilities
Fees
are
charged
to
applicants
for
new
service
to
cover
the
costs
of
infrastructure
needed
to
meet
the
additional
system
demand.
See"
Rates
and
Charges"
above.
5)
Represents
service
transfer
charges,
late
payment
fees,
building
room
rentals
and
miscellaneous
receipts.
6)
The
Rate
Stabilization
Fund
is
used
to
mitigate
rate
increases.
Pursuant
to
the
Installment
Purchase
Agreement,
Adjusted
Revenues
for
coverage
purposes
include
the
amounts
the
District
has
authorized
to
be
deposited
in
the
Revenue
Fund
from
the
Rate
Stabilization
Fund
pay
Operation
and
Maintenance
Costs
and/
or
Debt
Service.
See"
SECURITY
AND
SOURCES
OF
PAYMENT
FOR
THE
2003
CERTIFICATES--
Defined
Terms "--
Rate--Rate
Covenant
herein.
7)
Excludes
depreciation
and
amortization.
8)
Includes
all
customer
service,
billing
activity
and
customer
information
expenses.
9)
Excludes
interest
on
the
2003A/
B
Certificates
which
are
shown
in
the
debt
service
below.
10)
Represents
Debt
Service
on
the
District'
s
2003
A/
B
Electric
Certificates
of
Participation
for
the
Purchased
Power
Contract
buy-
out
with
IDACORP
Energy
L.
P.
11)
Adjusted
Net
Revenues
divided
by
Debt
Service.
12)
Prior
to
2001
contributed
capital
was
applied
to
reduce
the
cost
of
the
assets
funded
and
booked
either
as
a
reduction
of
Plant
Serving
Customers
or
Funds
received
for
Construction
of
Facilities.
Beginning
in
2001
such
amounts
are
treated
as
revenues
and
new
plant
is
recorded
as
an
asset
in
the
amount
of
the
full
acquisition
cost.
13)
The
District
funded
a
portion
of
its
Electric
System
expenses
from
the
Rate
Stabilization
Fund
in
2002.
Additional
rate
increases
have
been
implemented
for
2003
and
2004.
See
Rates
and
Charges
above.
14)
Exclusive
of$
26
million
Settlement
Obligation
which
is
a
one-
time
expense
relating
to
the
termination
of
the
Prior
Agreements(
see"
THE
TRANSACTION"
herein)
which
was
accrued
as
of
December
31,
2002
but
will
be
funded
from
proceeds
of
the
2003
Certificates
in
the
Fiscal
Year
ended
December
31,
2003.
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TRUCKEE DONNER PUD
COMMUNITY FACILITIES DISTRICTS
FISCAL YEAR 2006/07
ANNUAL REPORT
OCTOBER 2006
MMuniFinancial
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 03.1 (Old Greenwood)
DISTRICT PARTICIPANTS
i i
A i a •
u.
Muni handal CFD 03-1 (Old Greenwood) Page 1 of 1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 03-1 (Old Greenwood)
DISTRICT OVERVIEW
FISCAL YEAR 2006/07 LEVY AMOUNTS
ParcelApplied to County Roll Handbilled/SBE
Dollar Parcel Dollar Total
Count Amount Count Amount
SBE parcels:are-State-assessed properties or State Board of Equalization parcels. SBE parcels are`novapplied,t(Y.--the
County Roll however;a form provided by the County was used to submit the charge to the State Board of Equalization.
ACCOUNT SUMMARY
BOND CALL SUMMARY
The following table summarizes bond calls performed during Fiscal Year 2005/06. The
outstanding bond amount as of September 3,2006 is $12,335,000.00.
Date of unt Source of •
w>..
DELINQUENCY SUMMARY
Delinquency Summary for All Years
DataRecent Fiscal Year With Delinquencies
of: 01 : of: li .
For a more comprehensive summary,please see the Delinquency Management tab of this report.
MuniFiCla Ctal CFD 03-1 (Old Greenwood) Page 1 of 1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 03-1 (Old Greenwood)
FRAMEWORK
SUMMARY
The following table shows formation proceeding information and applicable bond issue
information for the District:
Formation and Bond Issue Information
F
SYNTHESIS OF PROCEEDINGS
The Mello-Roos Community Facilities Act ("Act") of 1982 came about as a response to the
lack of adequate financing for public capital facilities and services in the post-Proposition 13
era. State Legislators Mello and Roos sponsored this Bill,which was enacted into law by the
California Legislature and is now Sections 53311 through 53363 of the California
Government Code. The Act authorizes a local governmental agency, such as a school district
or city, to form a Community Facilities District ("CFD") within a defined set of boundaries
for the purposes of providing public facilities and services. A CFD is formed for financing
purposes only, and is governed by the agency that formed it.
BOUNDARIES
The District consists of approximately 616.2 gross acres located south of Interstate 80 in the
eastern portion of the Town of Truckee, California. The District has an irregular shape with
mostly level topography. Please see the District Diagram tab for the specific boundaries of
the district.
SlYluniFinancial CFD 03-1 (Old Greenwood) Page 1 of 4
Fiscal Year 2006107 Annual Report
THE BONDS
The Bonds are subject to Mandatory Redemption prior to their stated maturities on any
Interest Payment Date from the proceeds of prepayments of Special Taxes, in whole or in
part (in integral multiples of $5,000), at a redemption price set forth below, together with
accrued interest thereon to the date fixed for redemption.
Redemption Dates Redemption Prices
The bonds are subject to Optional Redemption from sources of funds other than
prepayments of the Special Tax prior to their stated maturity as a whole, or in part (in
integral multiples of$5,000), in order of maturity selected by the District and by lot within a
maturity on any Interest Payment date, at the redemption price as set forth below.
Y
s
The Bonds maturing on September 1, 2022 are subject to mandatory sinking payment
redemption in part on September 1, 2021, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed,together
with accrued interest to the date fixed for redemption, without premium, from sinking fund
payments as follows:
Rederription Date (September 1)Principal Ai
Final Maturity
The Bonds maturing on September 1, 2028 are subject to mandatory sinking payments
redemption in part on September 1, 2023, and on each "September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, together
with accrued interest to the date fixed for redemption,without premium, from sinking fund
payments a follows.
Redemption Date (September 1)Principal Amount
Final Maturity
MuniFinwcial CFD 03-1 (Old Greenwood) Page 2 of 4
Fiscal Year 2006107 Annual Report
The Bonds maturing on September 1, 2033 are subject to mandatory sinking payments
redemption in part on September 1, 2029, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, together
with accrued interest to the date fixed for redemption,without premium, from sinking fund
payments a follows.
Redemption Date (September-11),Principal Amount
Final Maturity
The amounts in the foregoing table shall be reduced pro rata ny the principal amount of all
Term Bonds which are redeemed as a result of any prior partial redemption of Term Bonds.
COVENANT FOR JUDICIAL FORECLOSURE
The District has covenanted to commence judicial foreclosure proceedings against all parcels
where the aggregate delinquent Special Taxes on such parcels is greater than $7,500 by the
October 1 following the close of each Fiscal year in which such Special Taxes were due.
The District will commence judicial foreclosure proceedings against all parcels with
delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it
receives Special Taxes in an amount which is less than 95% of the total Special Tax levied
for such Fiscal year.
The District will diligently pursue such foreclosure proceedings until the delinquent special
taxes are paid. The District may elect to defer foreclosure proceedings on any parcel which
is owned by a delinquent property owner whose property is not, in the aggregate, delinquent
in the payment for a period of three years or more or in an amount in excess of$12,000 so
long as the amount in the Reserve Account of the Special Tax Fund is at lest equal to the
Reserve Requirement, and the District is not in default in the payment of the principal of or
interest on the Bonds.
FINANCED FACILITIES
The Facilities authorized to be acquired by the District with the proceeds of the Bonds
consist of various public improvements including water facilities, electrical facilities, fiber
which includes fiber optic cables and conduits,roadways,and storm drain facilities.
The facilities include certain real or other tangible property to serve the area located within
the CFD, including all furnishings, equipment and appurtenances related thereto Financed
facilities include acquisition or construction of the following public improvements: water
InMuniFinc-rlcial CFD 03-1 (Old Greenwood) Page 3 of 4
Fiscal Year 2006107 Annual Report
supply and distribution and fire suppression; electrical supply and distribution facilities;
public roadways including but not limited to medians, curbs, gutters, sidewalks, traffic
signals, street signage, street lighting,pavement striping and any associated landscaping and
erosion control; public access parks and trails; storm drains and flood control facilities;
telephone and telecommunications facilities; any other public improvements identified in
accordance with the Development Agreement between the Truckee Donner Public Utility
District and Old Greenwood, LLC pertaining to the Old Greenwood development project.
As well as any soft cost associated with the design and construction of the above described
improvements including but not limited to engineering, environmental review, inspection,
surveying and staking, and environmental mitigation.
MuniFinc-mcial CFD 03-1 (Old Greenwood) Page 4 of 4
Fiscal Year 2006107 Annual Report
g TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COMMUNITY FACILITIES DISTRICT NO. 03-1 (OLD GREENWOOD)
RATE AND METHOD OF APPORTIONMENT
MAXIMUM SPECIAL TAX
Single Family Detached Property
The Maximum Special Tax for Single Family Detached Property in Zone 1 for Fiscal Year 2004-
05 was $3,000 per SFD Lot. The Maximum Special Tax for Single Family Detached Property in
Zone 2 for Fiscal Year 2004-05 was $3,400 per SFD Lot. On July 1, 2005 and on each July 1
thereafter, these Maximum Special Tax rates shall be increased by an amount equal to two
percent (2%) of the amount in effect for the prior Fiscal Year.
Single Family Attached Property
The Maximum Special Tax for Single Family Attached Property in Zone 1 for Fiscal Year 2004-
05 was $3,000 per Unit. The Maximum Special Tax for Single Family Attached Property in
Zone 2 for Fiscal Year 2004-05 was $3,400 per Unit. On July 1, 2005 and on each July 1
thereafter, these Maximum Special Tax rates shall be increased by an amount equal to two
percent (2%) of the amount in effect for the prior Fiscal Year.
Taxable Other Property
The Maximum Special Tax for Taxable Other Property shall be the amount needed on a per-
acre basis to maintain the Maximum Special Tax that was assigned to the Parcel prior to the
Parcel becoming Taxable Other Property. After the Maximum Special Tax has been determined
for a Parcel of Taxable Other Property, the Maximum Special Tax shall be increased each Fiscal
Year thereafter by an amount equal to two percent (2%) of the amount in effect the prior Fiscal
Year.
Undeveloped Property
The Maximum Special Tax for Undeveloped Property for Fiscal Year 2004-05 was $11,325 per
Acre. On July 1, 2005 and on each July 1 thereafter, this Maximum Special Tax shall be
increased by an amount equal to two percent (2%) of the amount in effect for the prior Fiscal
Year.
Pursuant to Section 53321 (d) of the Act, the Special Tax levied against a Parcel used for private
residential purposes shall under no circumstances increase more than ten percent (10%) as a
consequence of delinquency or default by the owner of any other Parcel or Parcels and shall, in
no event, exceed the Maximum Special Tax in effect for the Fiscal Year in which the Special Tax
is being levied.
MuniFinanCial CFD 03-1 (Old Greenwood) Page 1 of 3
Fiscal Year 2006/07 Annual Report
1 BACK-UP FORMULA
The Maximum Special Taxes set forth above were calculated based on the Expected Land Uses
at CFD Formation. The Administrator shall review Tentative Map revisions and other changes
to the land uses proposed within the CFD and compare the revised land uses to the Expected
Land Uses to evaluate the impact on the Expected Maximum Special Tax Revenues. In
addition, the Administrator shall review Final Maps to ensure they reflect the number of
residential lots that was anticipated in the Tentative Map.
If, prior to the Final Bond Sale, a change to the Expected Land Uses is proposed that will result
in a reduction in the Expected Maximum Special Tax Revenues,no action will be needed as long
as the reduction in Expected Maximum Special Tax Revenues does not reduce debt service
coverage on outstanding Bonds below the amount committed to in the Bond documents. If a
Land Use/Entitlement Change is proposed after the Final Bond Sale, the following steps shall
be applied:
Step 1: By reference to Attachment 1, the Administrator shall identify the Expected
Maximum Special Tax Revenues for CFD No. 03-1;
Step 2: The Administrator shall calculate the Maximum Special Tax revenues that could be
collected from property in the CFD if Land Use/Entitlement Change is approved;
Step 3: If the amount determined in Step 2 is higher than that calculated in Step 1, the Land
Use/Entitlement Change may be approved without further action. If the revenues
calculated in Step 2 are less than those calculated in Step 1, and if.
a) The landowner does not withdraw the request for the Land Use/Entitlement
Change that was submitted to the Town; or
b) Before approval of the Land Use/Entitlement Change, the landowner
requesting the Land Use/Entitlement Change does not prepay a portion of
the Special Tax for the CFD in an amount that corresponds to the lost
Maximum Special Tax revenue, as determined by applying the steps set forth
in Section H below;or
c) The Land Use/Entitlement Change proposes that a Parcel of Single Family
Detached Property or Single Family Attached Property be developed as
another land use (other than Public Property), and the landowner requesting
the Change fails to submit a written request to the TDPUD to designate the
Parcel as Taxable Other Property, thereby maintaining the Expected
Maximum Special Tax Revenues for the Parcel;
then, the amount of the prepayment determined in Step 3.b shall be allocated on a
per-acre basis and included on the next property tax bill for all Assessor's Parcels
within the property affected by the Land Use/Entitlement Change. The amount
allocated to each Assessor's Parcel shall be added to and, until paid, shall be a part
of, the Maximum Special Tax for the Assessor's Parcel.
4 MunlFinancial CFD 03-1 (Old Greenwood) Page 2 of 3
Fiscal Year 2006107 Annual Report
If multiple Land Use/Entitlement Changes are proposed at one time (which may include
approval of multiple Final Maps at one time), the Administrator may consider the combined
effect of all the Changes to determine if there is a reduction in Expected Maximum Special Tax
Revenues that necessitates implementation of Step 3.b or 3.c. If, based on this analysis, the
Administrator determines that there is a reduction in Expected Maximum Special Tax Revenue,
and all of the Land Use/Entitlement Changes are being proposed by the same land owner, the
Administrator shall determine the required prepayment (pursuant to Step 3.b) by analyzing the
combined impact of all of the proposed Land Use/Entitlement Changes. If the Administrator
analyzes the combined impact, and the Town subsequently does not approve one or more of the
Land Use/Entitlement Changes that was proposed, the Administrator shall once again apply the
three steps set forth above to determine the combined impact of those Land Use/Entitlement
Changes that were approved simultaneously by the Town.
If, based on the comprehensive analysis, the Administrator determines that there is a reduction
in Expected Maximum Special Tax Revenue, and the Land Use/Entitlement Changes are not all
being proposed by the same land owner, the Administrator shall consider the proposed Land
Use/Entitlement Changes individually to determine the required prepayment from each owner.
METHOD OF LEVY OF THE SPECIAL TAX
Each Fiscal Year, the Administrator shall determine the Special Tax Requirement to be collected
in that Fiscal Year,and the Special Tax shall be levied according to the steps outlined below.
Step 1: The Special Tax shall be levied Proportionately on each Parcel of Developed
Property within the CFD up to 100% of the Maximum Special Tax for each Parcel
for such Fiscal Year until the amount levied on Developed Property is equal to the
Special Tax Requirement prior to applying any Capitalized Interest that is available
in the CFD accounts.
Step 2: If additional revenue is needed after Step 1, and after applying Capitalized Interest
to the Special Tax Requirement, the Special Tax shall be levied Proportionately on
each Assessor's Parcel of Undeveloped Property within the CFD, up to 100% of
the Maximum Special Tax for Undeveloped Property for such Fiscal Year
determined pursuant to Section C;
Step 3: If additional revenue is needed after applying the first two steps, the Special Tax
shall be levied Proportionately on each Parcel of Association Property within the
CFD, up to 100% of the Maximum Special Tax for Undeveloped Property for such
Fiscal Year determined pursuant to Section C;
Step 4: If additional revenue is needed after applying the first three steps, the Special Tax
shall be levied Proportionately on each Assessor's Parcel of Excess Public Property,
exclusive of property exempt from the Special Tax pursuant to Section G below,up
to 100% of the Maximum Special Tax for Undeveloped Property for such Fiscal
Year determined pursuant to Section C.
MittliFinnCial CFD 03-1 (Old Greenwood) Page 3 of 3
Truckee Donner PUD
Community Facilities District No.03-1 (Old Greenwood)
ORIGINAL DEBT SERVICE SCHEDULE
Dated Date: 12/22/2003
First Coupon: 3/1/2004
First Maturity: 9/1/2005
Payment Interest
B. •CalledPrincipal Due Interest Due Total Annual
Payment
Due Rate Amount
3/1/2004 0.00 0.00
9/1/2004 2.25000% 0.00 0.00 0.00 0.00
3/1/2005 0.00 0.00
9/1/2005 2.25000% 10,000.00 0.00 10,000.00 10,000.00
3/1/2006 0.00 0.00
9/1/2006 2.50000% 25,000.00 0.00 25,000.00 25,000.00
3/1/2007 360,233.75 360,233.75
9/1/2007 2.80000% 40,000.00 360,233.75 400,233.75 760,467.50
3/1/2008 359,673.75 359,673.75
9/1/2008 3.10000% 55,000.00 359,673.75 414,673.75 774,347.50
3/1/2009 358,821.25 358,821.25
9/1/2009 3,45000% 70,000.00 358,821.25 428,821.25 .787,642.50
3/1/2010 357,613.75 357,613.75
9/1/2010 3.80000% 90,000.00 357,613.75 447,613.75 805,227.50
3/1/2011 355,903.75 355,903.75
9/1/2011 4.15000% 110,000.00 355,903.75 465,903.75 821,807.50
3/1/2012 353,621.25 353,621.25
9/1/2012 4.50000% 130,000.00 353,621.25 483,621.25 837,242.50
3/1/2013 350,696.25 350,696.25
9/1/2013 4.80000% 155,000.00 350,696.25 505,696.25 856,392.50
3/1/2014 346,976.25 346,976.25
9/1/2014 5.00000% 180,000.00 346,976.25 526,976.25 873,952.50
3/1/2015 342,476.25 342,476.25
9/1/2015 5.10000% 205,000.00 342,476.25 547,476.25 889,952.50
3/1/2016 337,248.75 337,248.75
9/1/2016 5.20000% 235,000.00 337,248.75 572,248.75 909,497.50
3/1/2017 331,138.75 331,138.75
9/1/2017 5.30000% 265,000.00 331,138.75 596,138.75 927,277.50
3/1/2018 324,116.25 324,116.25
9/1/2018 5.45000% 295,000.00 324,116.25 619,116.25 943,232.50
3/1/2019 316,077.50 316,077.50
9/1/2019 5.60000% 330,000.00 316,077.50 646,077.50 962,155.00
3/1/2020 306,837.50 306,837.50
9/1/2020 5.70000% 5,000.00 365,000.00 306,837.50 671,837.50 978,675.00
3/1/2021 296,435.00 296,435.00
9/1/2021 5.90000% 5,000.00 405,000.00 296,435.00 701,435.00 997,870.00
3/1/2022 284,487.50 284,487.50
9/1/2022 5.90000% 5,000.00 450,000.00 284,487.50 734,487.50 1,018,975.00
3/1/2023 271,212.50 271,212.50
9/1/2023 6.00000% 5,000.00 500,000.00 271,212.50 771,212.50 1,042,425.00
3/1/2024 256,212.50 256,212.50
9/1/2024 6.00000% 5,000.00 550,000.00 256,212.50 806,212.50 1,062,425.00
3/1/2025 239,712.50 239,712.50
9/1/2025 6.00000% 5,000.00 605,000.00 239,712.50 844,712.50 1,084,425.00
3/1/2026 221,562.50 221,562.50
9/1/2026 6.00000% 5,000.00 660,000.00 221,562.50 881,562.50 1,103,125.00
3/1/2027 201,762.50 201,762.50
9/1/2027 6.00000% 5,000.00 725,000.00 201,762.50 926,762.50 1,128,525.00
3/1/2028 180,012.50 180,012.50
9/1/2028 6.00000% 5,000.00 790,000.00 180,012.50 970,012.50 1,150,025.00
3/1/2029 156,312.50 156,312.50
9/1/2029 6.10000% 5,000.00 860,000.00 156,312.50 1,016,312.50 1,172,625.00
3/1/2030 130,082.50 130,082.50
9/1/2030 6.10000% 5,000.00 940,000.00 130,082.50 1,070,082.50 1,200,165.00
3/1/2031 101,412.50 101,412.50
9/1/2031 6.10000% 5,000.00 1,020,000.00 101,412.50 1,121,412.50 1,222,825.00
3/1/2032 70,302.50 70,302.50
9/1/2032 6.10000% 5,000.00 1,110,000.00 70,302.50 1,180,302.50 1,250,605.00
3/1/2033 36,447.50 36,447.50
9/1/2033 6.10000% 10,000.00 1,195,000.00 36,447.50 1,231,447.50 1,267,895.00
t l{ I t l i 4 t l{E I f E{ t i f I f
outstanding Principal 12,335,000.0
Matured Principal 35,000.0
Called Principal 75,000.0
Total Bond issue 12,445,000.0
MuniFinancial Fiscal Year 2006/07 Annual Report Page 1 of 1
Fiscal Year 2006107 Annual Report
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SIMuniFinancial CFD 03-1 (Old Greenwood) Page 1 of 1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 03-1 (Old Greenwood)
DELINQUENCY MANAGEMENT SUMMARY
MuniFinancial has performed the following Delinquency Monitoring Actions since July 1,
2005.
Action Date Performedt •Parcels
h
NOTES:
REMINDER LETTER
u
Reminds property owner that the special assessment has not been paid, and should be
redeemed with the County.
DEMAND LETTER
Allows property owner to redeem the delinquent amount with the County. However, this
letter informs the property owner that the Agency will be stripping the delinquent amount
from the County Secured Property Tax Roll, and will pursue Foreclosure actions, if the
amount is not paid.
HANDBILL INVOICE
Reminds property owner that the special assessment has not been paid, and should be
redeemed with the Agency.
PAYMENT PLAN
Repayment schedule negotiated by MuniFinancial on behalf of the Agency to cure the
delinquency and avoid initiation of judicial foreclosure on installments removed from the
Tax Roll.
MuniFir mcia! CFD 03-1 (Old Greenwood) Page 1 of 2
Fiscal Year 2006107 Annual Report
SB 1471
Represents a document recorded at the County Recorder's Office which provides
constructive notice to interested parties that a delinquency may exist in a specific Agency's
District for specific parcel(s),in specific tax year(s), that the Agency intends to remove from
the Tax Roll for collection by the Agency, or by one of its agents; either by direct billing, or
through the judicial foreclosure process.
STRIP REQUEST
The delinquent amount requested to be removed from the County Secured Property Tax
Roll.
STRIP CONFIRMATION
The delinquent amount is confirmed removed from the County Secured Property Tax Roll.
FORECLOSURE COMPLETE
Foreclosure satisfied and subsequent foreclosure fee invoiced to agency.
FORECLOSURE LETTER
Informs the property owner that if the delinquent amount is not paid directly to the Agency
within 21 days of receipt of the letter, Foreclosure Actions will be pursued.
FORECLOSURE REQUEST
All remaining delinquent parcels are forwarded to a Foreclosure Attorney.
Please note that Delinquency Actions are performed on an installment basis and not
on a per parcel basis.
ZMuniFinwcial CFD 03-1 (Old Greenwood) Page 2 of 2
DELINQUENCY
SUMMARY
BY
DISTRICT
Truckee
Donner
PUD
Community
Facilities
District
No.
03-
1 (
Old
Greenwood)
r
DOLLARS
r •
DOLLARS
PARCELS
PARCELS
DATA
ri
LEVIED
DELINQUENT
DELINQUENT
LEVIED
DELINQUENT
ri
TE
2005/
06-
1
387,
609.
17
3,
060.
00
0.
79%
1411
2
05/
15/
2006
2005/
06-
2
387,
609.
17
3,
060.
00
0.
79%
148
2
05/
15/
2006
TOTAL
775,
218.
34
6,
120.
00
0.
79%
Calculations
performed
on
9/
14/
2006
10:
51:
OOPM
Covenant
for
Judicial
Foreclosure
The
District
has
covenanted
to
commence
judicial
foreclosure
proceedings
against
all
parcels
where
the
aggregate
delinquent
Special
Taxes
on
sucl
parcels
is
greater
than$
7,
500
by
the
October
1
following
the
close
of
each
Fiscal
year
in
which
such
Special
Taxes
were
due.
The
District
will
commence
judicial
foreclosure
proceedings
against
all
parcels
with
delinquent
Special
Taxes
by
the
October
1
following
the
close
o
each
Fiscal
Year
in
which
it
receives
Special
Taxes
in
an
amount
which
is
less
than
95%
of
the
total
Special
Tax
levied
for
such
Fiscal
year.
The
District
will
diligently
pursue
such
foreclosure
proceedings
until
the
delinquent
special
taxes
are
paid.
The
District
may
elect
to
defer
foreclosur.
proceedings
on
any
parcel
which
is
owned
by
a
delinquent
property
owner
whose
property
is
not,
in
the
aggregate,
delinquent
in
the
payment
for
period
of
three
years
or
more
or
in
an
amount
in
excess
of $
12,
000
so
long
as
the
amount
in
the
Reserve
Account
of
the
Special
Tax
Fund
is
at
lest
equa
to
the
Reserve
Requirement,
and
the
District
is
not
in
default
in
the
payment
of
the
principal
of
or
interest
on
the
Bonds.
i i 4
E
Z
urniFinancial
Printed
on:
September
15,
2006
at
2:
06
pm
Page
1
of
1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 03.1 (Old Greenwood)
SPECIAL TAX RATES
SPECIAL TAX SPREAD
The following table summarizes the number of parcels in each land use category according
to its' square footage as well as the applied special tax rate for each category.
FY 11 . t 7 FY 2006/07
Land Use ClassificationApplied Dollars
MAXIMUM AND APPLIED SPECIAL TAX RATES
The following table summarizes the percent of the Applied Special Tax Rate to the
Maximum Special Tax Rate.
FY 11 ./ 1 11 . i
Land Use ClassificationApplied- •
Rate Rate/Parcel
APPLIED SPECIAL TAX PROGRESSION
The following table summarizes the percent change of Fiscal Year 2006/07 Applied Special
Tax Rate as compared to Fiscal Year 2005/06 Applied Special Tax Rate.
FY 11 . 1 11 1 . Percent
Rate/ParcelLandUseClassificationAppliedTaxAppliedTaxChangeFrom
li i .
MuniFinancial CFD 03-1 (Old Greenwood) Page 1 of 1
Truckee Donner PUD
2006/07 Budget Worksheet
Community Facilities District No.03-1 (Old Greenwood)
Fund Number 608
Levy Components 0i 0. 2006107
PRINCIPAL
Principal 25,000.00 40,000.00
Interest 725,597.50 720,467.50
TOTAL 750,597.50 760,467.50
ADMINISTRATION COSTS
Agency Administration 0.00 0.00
Finance Manager 0.00 0.00
Accounting Staff 4,000.00 5,000.00
Engineering Staff 0.00 0.00
City Manager Staff 0.00 0.00
Other Staff 0.00 0.00
Agency Auditor Fees 1,500.00 1,500.00
Attorney Fees 0.00 0.00
Office Expenses,Paid by Agency 30.00 30.00
Other Expenses, Paid by Agency 0.00 0.00
Total Agency Staff and Expenses 5,530.00 6,530.00
County Auditor and Assessor Fees 162.16 162.16
Registrar/Transfer/Paying Agent Fees 3,000.00 3,175.00
Consulting Services(1) 8,600.00 10,350.00
Consulting Expenses 1,000.00 500.00
y
TOTAL 18,292.16 20,717.16
Total Principal,Interest and Admin Costs 768,889.66 781,184.66
ADJUSTMENTS APPLIED TO LEVY
Reserve Fund Credit 0.00 0.00
Special Tax Fund Credit 17,171.31) 41,100.00)
Replenishment/(Credit) 0.00 0.00
Reserve For Future DQs 23,500.00 23,000.00
Capitalized Interest Credit 0.00 0.00
Miscellaneous/Adjustment Credit 0.00 0.00
TOTAL 6,328.69 18,100.00)
TOTAL
Total Charge 775,218.35 763,084.66
Applied Charge 775,218.34 763,084.62
Difference(due to rounding)(2) 0.01 0.04
ADDITIONAL i- i
Number of Active Parcels 159 0
Number of Parcels Levied 148 179
Admin Costs as a percent of Annual Levy 2.36% 2.71%
1) Consulting services include,but are not limited to:District Administration Fees,Arbitrage
Rebate Calculation Fees and Municipal Disclosure Fees.
2) The Difference is used to ensure that each parcel's levy amount is divisible by two, as
required by the County Auditor-Controller.
Truckee
Donner
PUD
Community
Facilities
District
No.
03-
1 (
Old
Greenwood)
Charge
Detail
Report (
Sorted
by
Assessor'
s
Parcel
Number;
19-
720-
07-
000
OLD
GREENWOOD
LLC
N/
A
55,
813.
00
415,
024.
00
470,
837.
00 $
3,
121.
20
3,
121.
20
19-
720-
08-
000
OLD
GREENWOOD
LLC
N/
A
64,
342.
00
320,
168.
00
384,
510.
00
3,
121.
20
3,
121.
20
19-
720-
09-
000
OLD
GREENWOOD
LLC
N/
A
51,
493.
00
274,
067.
00
325,
560.
00
3,
121.
20
3,
121.
20
19-
720-
10-
000
OLD
GREENWOOD
LLC
N/
A
49,
388.
00
415,
024.
00
464,
412.
00
3,
121.
20
3,
121.
20
N/
A
99,
412.
00
0.
00
99,
412.
00
24,
761.
52
24,
761.
52
19-
730-
06-
000
OLD
GREENWOOD
LLC
N/
A
79,
401.
00
1,
326,
000.
00
1,
405,
401.
00
3,
537.
36
3,
537.
36
19-
730-
10-
000
OLD
GREENWOOD
LLC
ETAL
19-
730-
11-
000
ROGINA
DAVID
J&
CAROLYN
TRSTES
ETAL
N/
A
364,
201.
00
1,
105,
949.
00
1,
0,
1
3,
537.
36
3,
537.
36
19-
730-
12-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
356,
028.
00
1,
244,
163.
00
1,
600,
191.
00
1.
00
3,
537.
36
3,
537.
36
19-
730-
13-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
371,
760.
00
1,
130,
242.
00
1,
502,
002.
00
3,
537.
36
3,
537.
36
19-
730-
14-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
358,
504.
00
1,
254,
422.
00
1,
612,
926.
00
3,
537.
36
3,
537.
36
19-
730-
15-
000
WHITE
WILLIAM
ETAL
N/
A
373,
200.
00
1,
132,
218.
00
1,
505,
418.
00
3,
537.
36
3,
537.
36
19-
730-
16-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
322,
536.
00
1,
051,
198.
00
1,
373,
734.
00
3,
537.
36
3,
537.
36
19-
730-
17-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
355,
538.
00
1,
113,
577.
00
1,
469,
115.
00
3,
537.
36
3,
537.
36
19-
730-
18-
000
CONKLIN
DOUGLAS&
LINDA
TRSTES
ETAL
N/
A
372,
011.
00
1,
120,
202.
00
1,
492,
213.
00
3,
537.
36
3,
537.
36
N/
A
378,
272.
00
1,
141,
033.
00
1,
519,
305.
00
3,
537.
36
3,
537.
36
19-
730-
19-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
377,
013.
00
1,
353,
285.
00
1,
730,
298.
00
3,
537.
36
3,
537.
36
19-
730-
20-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
380,
987.
00
1,
146,
730.
00
1,
527,
717.
00
3,
537.
36
3,
537.
36
19-
730-
21-
000
OLD
GREENWOOD
LLC
ETAL
19-
730-
22-
000
OLD
GREENWOOD
LLC
ETAL
NIA
363,
771.
00
1,
134,
148.
00
1,
497,
919.
00
3,
537.
36
3,
537.
36
19-
730-
23-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
429,
863.
00
1,
345,
803.
00
1,
775,
666.
00
3,
537.
36
3,
537.
36
19-
730-
24-
000
MARSHALL
GEORGE
F&
MILAGROS
D
ETAL
N/
A
362,
401.
00
1,
090,
042.
00
1,
452,
443.
00
3,
537.
36
3,
537.
36
19-
730-
27-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
342,
559.
00
1,
134,
662.
00
1,
477,
221.
00
3,
537.
36
3,
537.
36
19-
730-
28-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
9,
651.
00
1,
300,
000.
00
1,
309,
651.
00
3,
537.
36
3,
537.
36
19-
730-
29-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
12,
155.
00
1,
300,
000.
00
1,
312,
155.
00
3,
537.
36
3,
537.
36
19-
730-
30-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
322,
697.
00
1,
292,
831.
00
1,
615,
528.
00
3,
537.
36
3,
537.
36
19-
730-
31-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
7,
693.
00
441,
073.
00
448,
766.
00
3,
537.
36
3,
537.
36
19-
730-
33-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
12,
220.
00
441,
073.
00
453,
293.
00
3,
537.
36
3,
537.
36
19-
730-
34-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
11,
319.
00
441t073.
00
452,
392.
00
3,
537.
36
3,
537.
36
19-
730-
35-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
11,
769.
00
441,
073.
00
452,
842.
00
3,
537.
36
3,
537.
36
19-
730-
36-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
11,
319.
00
441,
073.
00
452,
392.
00
3,
537.
36
3,
537.
36
19-
730-
37-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
15,
845.
00
441,
073.
00
456,
918.
00
3,
537.
36
3,
537.
36
N/
A
19-
740-
02-
000
OLD
GREENWOOD
LLC
187,
451.
00
0.
00
187,
451.
00
61,
740.
46
23,
441.
58
19-
740-
05-
000
OLD
GREENWOOD
LLC
N/
A
234,
629.
00
0.
00
234,
629.
00
77,
175.
57
29,
301.
96
19-
740-
06-
000
MORRISON
JAMES
W&
KATHERINE
S
N/
A
323,
044.
00
1,
600,
000.
00
1,
923,
044.
00
3,
121.
20
3,
121.
20
19-
740-
07-
000
GREENBERGER
J
PETER&
BRIGIT
M
N/
A
400,
554.
00
0.
00
567.
00
3,
121.
20
3,
121.
20
278
19-
740-
08-
000
SANDY
STEVEN
H&
MARTHA
TRSTES
N/
A
278,
567.
00
0.
00
278,
567.
00
3,
121.
20
3,
121.
20
19-
740-
09-
000
IFLAND
GARY
R&
CHERENE
K
N/
A
278,
567.
00
1,
490,
000.
00
1,
768,
567.
00
3,
121.
20
3,
121.
20
19-
740-
10-
000
CSP
INC
N/
A
430,
000.
00
1,
770,
000.
00
2,
200,
000.
00
3,
121.
20
3,
121.
20
19-
740-
11-
000
WARD
DENNIS
J&
PATRICIA
A
N/
A
260,
880.
00
0.
00
260,
880.
00
3,
121.
20
3,
121.
20
19-
740-
12-
000
ERBES
MICHAEL
R
TRSTE
ETAL
N/
A
260,
880.
00
0.
00
260,
880.
00
3,
121.
20
3,
121.
20
19-
740-
13-
000
LONG
VICTORIA
A
ETAL
N/
A
429,
913.
00
0.
00
429,
913.
00
3,
121.
20
3,
121.
20
19-
740-
14-
000
ELDER
DESMOND&
ALISON
M
TRSTES
N/
A
281,
688.
00
0.
00
281,
688.
00
3,
121.
20
3,
121.
20
19-
740-
15-
000
BOCKO
CONSTRUCTION
INC
N/
A
306,
918.
00
490,
000.
00
796,
918.
00
3,
121.
20
3,
121,
20
19-
740-
16-
000
KHANNA
NITIN
TRSTE
N/
A
291,
572.
00
0.
00
291,
572.
00
3,
121.
20
3,
121.
20
19-
740-
17-
000
THOMASON
JANE
M
N/
A
281,
688.
00
0.
00
281,
688.
00
3,
121.
20
3,
121.
20
19-
740-
18-
000
ORMOND
WILLIAM
E&
KAREN
K
N/
A
281,
688.
00
0.
00
281,
688.
00
3,
121.
20
3,
121.
20
19-
740-
19-
000
REINIS
MITCHELL
N&
TONI
L
TRSTES
N/
A
281,
688.
00
0.
00
281,
688.
00
3,
121.
20
3,
121.
20
19-
740-
20-
000
WOLFF
ROBERT
S
TRSTE
ETAL
N/
A
281,
688.
00
0.
00
281,
688.
00
3,
121.
20
3,
121.
20
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
1
of
4
Truckee
Donner
PUD
a
Community
Facilities
District
No.
03-
1 (
Old
Greenwood)
0
n3
Wre-
Y
Charge
Detail
Report (
Sorted
by
Assessor'
s
Parcel
Number!,
i
19-
740-
21-
000
STRAW
EZEKIEL
A&
SUSAN
K
TRSTES
N/
A
262,
140.
00
0.
00
252,
140.
00
3,
121.
20
3,
121.
20
19-
740-
22-
000
BLUMENKRANZ
MARK&
RECIA
K
N/
A
381,
826.
00
0.
00
381,
826.
00
3,
121.
20
3,
121.
20
19-
740-
23-
000
GUNTER
DARREN
S&
JENNIFER
L
TRSTES
N/
A
313,
940.
00
0.
00
313,
940.
00
3,
121.
20
3,
121.
20
19-
740-
24-
000
WALLSTROM
SCOTT
M&
CAROL
A
N/
A
291,
832.
00
225,
000.
00
516,
832.
00
3,
121.
20
3,
121.
20
19-
740-
25-
000
BIRLEM
GARY
W&
JANICE
E
N/
A
484,
500.
00
2,
150,
000.
00
2,
634,
500.
00
3,
121.
20
3,
121.
20
19-
740-
26-
000
GAMEL
JANICE
E
TRSTE
N/
A
380,
266.
00
0.
00
380,
266.
00
3,
121.
20
3,
121.
20
19-
740-
27-
000
LEWIS
STEVEN
R&
SHARON
R
ETAL
N/
A
535,
000.
00
0.
00
535,
000.
00
3,
121.
20
3,
121.
20
19-
740-
28-
000
MENARD
ROGER
B
ETAL
N/
A
591,
600.
00
0.
00
591,
600.
00
3,
121.
20
3,
121.
20
19-
740-
29-
000
SHURMAN
WILLIAM
A&
JENNIFER
A
N/
A
590,
000.
00
0.
00
590,
000.
00
3,
121.
20
3,
121.
20
19-
740-
30-
000
BORCICH
JOHN
M&
DAGNY
TRSTES
N/
A
437,
748.
00
1,
700,
000.
00
2,
137,
748.
00
3,
121.
20
3,
121.
20
19-
740-
31-
000
KRIEG
JAMES
C&
MARY
E
TRSTES
N/
A
635,
000.
00
0.
00
635,
000.
00
3,
121.
20
3,
121.
20
19-
740-
32-
000
WELLS
WILLIAM
S&
ELKE
H
N/
A
550,
000.
00
0.
00
550,
000.
00
3,
121.
20
3,
121.
20
19-
740-
33-
000
SUMARAGA
DOUGLAS
L&
ELEANOR
M
N/
A
494,
190.
00
0.
00
494,
190.
00
3,
121.
20
3,
121.
20
19-
740-
34-
000
HOUSE
JAMES
B
TRSTE (
50%)
N/
A
460,
189.
00
0.
00
460,
189.
00
3,
121.
20
3,
121.
20
19-
740-
35-
000
ROGERS
MIKE
N/
A
479,
364.
00
0.
00
479,
364.
00
3,
121.
20
3,
121.
20
19-
740-
36-
000
SENNETT
GLENN&
ROBIN
TRSTES
N/
A
550,
000.
00
0.
00
550,
000.
00
3,
121.
20
3,
121.
20
19-
740-
37-
000
CUTTS
JOSEPH
R&
LYNN
M
TRSTES
N/
A
510,
316.
00
0.
00
510,
316.
00
3,
121.
20
3,
121.
20
19-
740-
38-
000
O'
CONNELL
JOHN
P&
MARY
L
TRSTES
N/
A
389,
109.
00
1,
583,
040.
00
1,
972,
149.
00
3,
121.
20
3,
121.
20
19-
740-
39-
000
SEELIG
FRANK
M&
FRANCES
B
ETAL
N/
A
393,
531.
00
0.
00
393,
531.
00
3,
121.
20
3,
121.
20
19-
740-
40-
000
SEELIG
FRANK
M&
FRANCES
R
ETAL
N/
A
411,
218.
00
0.
00
411,
218.
00
3,
121.
20
3,
121.
20
19-
740-
41-
000
THORNTON
JAMES
R&
SHERRY
A
TRSTES
N/
A
569,
000.
00
0.
00
569,
000.
00
3,
121.
20
3,
121.
20
19-
740-
42-
000
LESSMAN
ROGER
W
N/
A
683,
910.
00
301.
920.
00
985,
830.
00
3,
121.
20
3,
121.
20
19-
740-
43-
000
GIANULIAS
JAMES
C
TRSTE
N/
A
658,
833.
00
0.
00
658,
833.
00
3,
121.
20
3,
121.
20
19-
740-
44-
000
PLUNKETT
JAMES
W&
GERALDINE
N/
A
767,
040.
00
0.
00
767,
040.
00
3,
121.
20
3,
121.
20
19-
740-
45-
000
KARPEN
EDITH
N/
A
795,
000.
00
0.
00
795,
000.
00
3,
121.
20
3,
121.
20
19-
740-
46-
000
CSP
INC
N/
A
697,
588.
00
0.
00
697,
588.
00
3,
121.
20
3,
121.
20
19-
740-
47-
000
CSP
INC
N/
A
697,
588.
00
0.
00
697,
588.
00
3,
121.
20
3,
121.
20
19-
740-
48-
000
HOFMANN
K
H
TRSTE
N/
A
624,
240.
00
0.
00
624,
240.
00
3,
121.
20
3,
121.
20
19-
740-
49-
000
STEVENS
KENNETH
V&
DEBORAH
A
N/
A
702,
932.
00
0.
00
702,
932.
00
3,
121.
20
3,
121.
20
19-
740-
50-
000
BOECK
P
K&
KATHRYN
M
TRSTES
N/
A
683,
910.
00
0.
00
683,
910.
00
3,
121.
20
3,
121.
20
19-
740-
51-
000
REISER
MICHAEL
J
ETAL
N/
A
574,
093.
00
227,
000.
00
801,
093.
00
31121.
20
3,
121.
20
19-
740-
52-
000
DUNDON
THOMAS
N/
A
700,
000.
00
0.
00
700,
000.
00
3,
121.
20
3,
121.
20
19-
740-
53-
000
DUNDON
THOMAS
N/
A
700,
000.
00
0.
00
700,
000.
00
3,
121.
20
3,
121.
20
19
740-
54-
000
OLD
GREENWOOD
LLC
N/
A
305,
928.
00
0.
00
305,
928.
00
94,
142.
41
35,
743.
94 72
19-
740-
55-
000
OLD
GREENWOOD
LLC
N/
A
17,
011.
00
0.
00
19,
7
4.
00
0,
612.
08
0,
612.
08
19-
740-
56-
000
OLD
GREENWOOD
LLC
N/
A
19,
784.
00
2,
200,
000.
00
2,
219,
784.
00
10,
612.
08
17,
074.
72
19-
740-
57-
000
OLD
GREENWOOD
LLC
N/
A
17,
011.
00
1,
600,
000.
00
1,
617,
011.
00
7,
074.
72
7,
074.
72
19-
740-
58-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
438,
924.
00
1,
881,
030.
00
2,
319,
954.
00
10,
612.
08
10,
612.
08
19-
740-
59-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
190,
257.
00
1,
092,
076.
00
1,
282,
333.
00
7,
074.
72
7,
074.
72
19-
740-
60-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
379,
773.
00
1,
454,
614.
00
1,
834,
387.
00
7,
074.
72
7,
074.
72
19-
740-
61-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
354,
017.
00
1,
255,
541.
00
1,
609,
558.
00
7,
074.
72
7,
074.
72
19-
740-
62-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
706,
576.
00
2,
415,
013.
00
3,
121,
589.
00
10,
612.
08
10,
612.
08
19-
740-
63-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
515,
646.
00
1,
631,
571.
00
2,
147,
217.
00
7,
074.
72
7,
074.
72
19-
740-
64-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
20,
793.
00
0.
00
20,
793.
00
10,
612.
08
10,
612.
08
19-
740-
65-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
14,
489.
00
370,
000.
00
384,
489.
00
7,
074.
72
7,
074.
72
19-
740-
66-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
16,
757.
00
295,
000.
00
311,
757.
00
10,
612.
08
10,
612.
08
19-
740-
67-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
22,
053.
00
0.
00
22,
053.
00
10,
612.
08
10,
612.
08
Page
2
of
4
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Truckee
Donner
PUDs
E
Community
Facilities
District
No.
03-
1 (
Old
Greenwood)
n
Charge
Detail
Report (
Sorted
by
Assessor'
s
Parcel
Number
19-
760-
11-
000
VIETS
SHEPHEN
H&
REGINA
L
ETAL
N/
A
260,
880.
00
0.
00
260,
880.
00
3,
121.
20
3,
121.
20
19-
760-
12-
000
MACFARLANE
DIANA
J
N/
A
464,
100.
00
0.
00
464,
100.
00
3,
121.
20
3,
121.
20
19-
760-
13-
000
MACFARLANE
DIANA
J
N/
A
469,
200.
00
0.
00
469,
200.
00
3,
121.
20
3,
121.
20
19-
760-
14-
000
BEATY
WILLIAM
C&
JUDITH
A
N/
A
306,
397.
00
0.
00
306,
397.
00
3,
121.
20
3,
121.
20
19-
760-
15-
000
MARSHALL
DON
A&
KATHLEEN
D
N/
A
265,
302.
00
0.
00
265,
302.
00
3,
121.
20
3,
121.
20
19-
760-
16-
000
KOSAKOWSKI
CHRIS&
LINDA
TRSTES
N/
A
377,
400.
00
0.
00
377,
400.
00
3,
121.
20
3,
121.
20
19-
760-
17-
000
ORZALLI
RICHARD
L&
BETTY
L
TRSTES
N/
A
418,
200.
00
0.
00
418,
200.
00
3,
121.
20
3,
121.
20
19-
760-
18-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
20,
824.
00
441,
073.
00
461,
897.
00
3,
537.
36
3,
537.
36
19-
760-
19-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
16,
298.
00
441,
073.
00
457,
371.
00
3,
537.
36
3,
537.
36
19-
760-
20-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
15,
391.
00
441,
073.
00
456,
464.
00
3,
537.
36
3,
537.
36
19-
760-
21-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
15,
391.
00
441,
073.
00
456,
464.
00
3,
537.
36
3,
537.
36
19-
760-
22-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
10,
863.
00
441,
073.
00
451,
936.
00
3,
537.
36
3,
537.
36
19-
760-
24-
000
OLD
GREENWOOD
LLC
ETAL
N/
A
19,
014.
00
441,
073.
00
460,
087.
00
3,
537.
36
3,
537.
36
19-
760-
25-
000
OLD
GREENWOOD
LLC
N/
A
35,
227.
00
75,
558.
00
110,
785.
00
3,
537.
36
3,
537.
36
19-
760-
26-
000
OLD
GREENWOOD
LLC
N/
A
32,
058.
00
75,
558.
00
107,
616.
00
3,
537.
36
3,
537,
36
19-
760-
27-
000
OLD
GREENWOOD
LLC
N/
A
33,
869.
00
75,
558.
00
109,
427.
00
3,
537.
36
3,
537.
36
19-
760-
28-
000
OLD
GREENWOOD
LLC
N/
A
39,
757.
00
75,
558.
00
115,
315.
00
3,
537.
36
3,
537.
36
19-
760-
29-
000
OLD
GREENWOOD
LLC
N/
A
38,
398.
00
75,
558.
00
113,
956.
00
3,
537.
36
3,
537.
36
19-
760-
30-
000
OLD
GREENWOOD
LLC
N/
A
36,
133.
00
75,
558.
00
111,
691.
00
3,
537.
36
3,
537.
36
19-
760-
31-
000
OLD
GREENWOOD
LLC
N/
A
34,
322.
00
75,
558.
00
109,
880.
00
3,
537.
36
3,
537.
36
19-
760-
32-
000
OLD
GREENWOOD
LLC
N/
A
39,
757.
00
75,
558.
00
115,
315.
00
3,
537.
36
3,
537.
36
19-
760-
33-
000
OLD
GREENWOOD
LLC
N/
A
32,
058.
00
75,
558.
00
107,
616.
00
3,
537.
36
3,
537.
36
19-
940-
02-
000
OLD
GREENWOOD
LLC
N/
A
28,
875.
00
0.
00
28,
875.
00
25,
214.
61
9,
573.
46
19-
940-
04-
000
OLD
GREENWOOD
LLC
N/
A
52,
290.
00
236,
730.
00
289,
020.
00
3,
537.
36
3,
537.
36
19-
940-
05-
000
OLD
GREENWOOD
LLC
N/
A
52,
122.
00
236,
730.
00
288,
852.
00
3,
537.
36
3,
537.
36
19-
940-
06-
000
OLD
GREENWOOD
LLC
N/
A
48,
268.
00
236,
730.
00
284,
998.
00
3,
537.
36
3,
537.
36
19-
940-
07-
000
OLD
GREENWOOD
LLC
N/
A
44,
687.
00
236,
730.
00
281,
417.
00
3,
537.
36
3,
537.
36
19-
940-
08-
000
OLD
GREENWOOD
LLC
N/
A
52,
290.
00
236,
730.
00
289,
020.
00
3,
537.
36
3,
537.
36
19-
940-
09-
000
OLD
GREENWOOD
LLC
N/
A
42,
170.
00
236,
730.
00
278,
900.
00
3,
537.
36
3,
537.
36
19-
940-
10-
000
OLD
GREENWOOD
LLC
N/
A
51,
447.
00
236,
730.
00
288,
177.
00
3,
537.
36
3,
537.
36
19-
940-
11-
000
OLD
GREENWOOD
LLC
N/
A
51,
112.
00
236,
730.
00
287,
842.
00
3,
537.
36
3,
537.
36
19-
940-
12-
000
OLD
GREENWOOD
LLC
N/
A
51,
200.
00
236,
730.
00
287,
930.
00
3,
537.
36
3,
537.
36
19-
940-
13-
000
OLD
GREENWOOD
LLC
N/
A
52,
290.
00
236,
730.
00
289,
020.
00
3,
537.
36
3,
537.
36
19-
940-
14-
000
OLD
GREENWOOD
LLC
N/
A
55,
664.
00
236,
750.
00
292,
414.
00
3,
537.
36
3,
537.
36
19-
940-
15-
000
OLD
GREENWOOD
LLC
N/
A
49,
761.
00
236,
750.
00
286,
511.
00
3,
537.
36
3,
537.
36
19-
940-
16-
000
OLD
GREENWOOD
LLC
N/
A
46,
387.
00
236,
730.
00
283,
117.
00
3,
537.
36
3,
537.
36
19-
940-
17-
000
OLD
GREENWOOD
LLC
N/
A
43,
017.
00
236,
730.
00
279,
747.
00
3,
537.
36
3,
537.
36
19-
940-
18-
000
OLD
GREENWOOD
LLC
N/
A
43,
017.
00
236,
730.
00
279,
747.
00
3,
537.
36
3,
537.
36
Total:
52,
014,
731.
00 $
70,
345,
576.
00 $
122,
360,
307.
00 ;
923,
296.
73 ;
763,
084.
62 179
Parcel
Count:Handbilled
parcels
are
included
in
this
Report.
See
Handbilled
Tab
for
detailed
Information.
Parcels
with
an"
N"
as
a
prefix
indicate
newly
created
parcels,
for
which
secured
roll
information
may
not
yet
be
available.
I
MunlFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
4
of
4
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 04-1 (Gray's Crossing)
DISTRICT PARTICIPANTS
y5:
MuniFiinancial CFD 04-1 (Gray's Crossing) Page 1 of 1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 04-1 (Gray's Crossing)
DISTRICT OVERVIEW
FISCAL YEAR 2006/07 LEVY AMOUNTS
Applied to county Roll Handbilled/SB
Parcel Dollar Dollar r
Countl Levy
Amount Count Amount
SBE parcels are State-assessed properties or State Board of Equalization parcels. SBE parcels are not applied to the
County Roll however;a form provided by the County was used to submit the charge to the State Board of Equalization.
ACCOUNT SUMMARY
s -
0 now01
Reserve
t
Amounts
x
4
MurtiFinCial CFD 04-1 (Grays Crossing) Page 1 of 2
Fiscal Year 2006107 Annual Report
3 BOND CALL SUMMARY
The following table summarizes bond calls performed during Fiscal Year 2005/06. The
outstanding bond amount as of September 3,2006 is $34,530,000.00.
Outstanding Bond Amount
Series as of • 1 1 •
Date of Call Amount Source of Funds
DELINQUENCY SUMMARY
If H
s
For a more comprehensive summary,please see the Delinquency Management tab of this report.
mmMaUf11Fii'1 '1Ci11 CFD 04-1 (Grays Crossing) Page 2 of 2
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 04-1 (Gray's Crossing)
FRAMEWORK
SUMMARY
The following table shows formation proceeding information and applicable bond issue
information for the District:
Formation and Bond Issue Information
SYNTHESIS OF PROCEEDINGS
The Mello-Roos Community Facilities Act ("Act") of 1982 came about as a response to the
lack of adequate financing for public capital facilities and services in the post-Proposition 13
era. State Legislators Mello and Roos sponsored this Bill,which was enacted into law by the
California Legislature and is now Sections 53311 through 53363 of the California
Government Code.The Act authorizes a local governmental agency, such as a school district
or city, to form a Community Facilities District ("CFD") within a defined set of boundaries
for the purposes of providing public facilities and services. A CFD is formed for financing
purposes only,and is governed by the agency that formed it.
MUn1Fit"1,"dt"IClal CFD 04-1 (Gray's Crossing) Page 1 of 5
Fiscal Year 2006107 Annual Report
BOUNDARIES
The District consists of approximately 757.2 gross acres located south of Interstate 80 in the
eastern portion of the Town of Truckee, California on both the east and west sides of State
Highway 89. The District has an irregular shape with mostly level topography with some
gently sloping and undulating areas. Please see the District Diagram tab for the specific
boundaries of the district.
THE BONDS
Series 2004 Bond
The Bonds are subject to Redemption prior to their stated maturities on any Interest
Payment Date from the proceeds of prepayments of Special Taxes, in whole or in part (in
integral multiples of $5,000), at a redemption price set forth below, together with accrued
interest thereon to the date fixed for redemption.
r
r
fi
The bonds are subject to Optional Redemption from sources of funds other than
prepayments of the Special Tax prior to their stated maturity as a whole, or in part (in
integral multiples of$5,000),in order of maturity selected by the Distract and by lot within a
maturity on any Interest Payment date,at the redemption price as set forth below.
Redemption
r Prices
OEM
The Bonds maturing on September 1, 2029 are subject to mandatory sinking payments
redemption in part on September 1, 2023, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, together
with accrued interest to the date fixed for redemption,without premium, from sinking fund
payments a follows.
MMuniFinancial CFD 04-1 (Grays Crossing) Page 2 of 5
Fiscal Year 2006107 Annual Report
Principal AmountRedemptionf (September
Final Maturity
The Bonds maturing on September 1, 2033 are subject to mandatory sinking payments
redemption in part on September 1, 2029, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, together
with accrued interest to the date fixed for redemption,without premium, from sinking fund
payments a follows.
f
Final Maturity
The amounts in the foregoing table shall be reduced pro rata by the principal amount of all
Term Bonds which are redeemed as a result of any prior partial redemption of Term Bonds.
Series 2005 Bond
The Bonds are subject to Redemption prior to their stated maturities on any Interest
Payment Date from the proceeds of prepayments of Special Taxes, in whole or in part (in
integral multiples of $5,000), at a redemption price set forth below, together with accrued
interest thereon to the date fixed for redemption.
Redemption Dates Redemption
slip
aMuniFinc-mW CFD 04-1 (Gray's Crossing) Page 3 of 5
Fiscal Year 2006107 Annual Report
The bonds are subject to Optional Redemption from sources of funds other than
prepayments of the Special Tax prior to their stated maturity as a whole, or in part (in
integral multiples of$5,000),in order of maturity selected by the District and by lot within a
maturity on any Interest Payment date,at the redemption price as set forth below.
redeniption Dates Redemption
WL
The Bonds maturing on September 1, 2025 are subject to mandatory sinking payments
redemption in part on September 1, 2021, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, togetherwithaccruedinteresttothedatefixedforredemption,without premium, from sinking fund
payments a follows.
MENEM=
Final Maturity
The Bonds maturing on September 1, 2030 are subject to mandatory sinking payments
redemption in part on September 1, 2026, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, togetherfixedforredemption,without premium, from sinkingwithaccruedinteresttothedatenking fund
payments a follows.
r a •
Final Maturity
The Bonds maturing on September 1, 2030 are subject to mandatory sinking payments
redemption in part on September 1, 2031, and on each September 1 thereafter to maturity,
by lot, at a redemption price equal to the principal amount thereof to be redeemed, togetherwithaccruedinteresttothedatefixedforredemption, without premium, from sinking fund
payments a follows.
WMuniFinwcial CFD 04-1 (Gray's Crossing) Page 4 of 5
Fiscal Year 2006107 Annual Report
September
sA
Final Maturity
The amounts in the foregoing table shall be reduced pro rata by the principal amount of all
Term Bonds which are redeemed as a result of any prior partial redemption of Term Bonds.
COVENANT FOR JUDICIAL FORECLOSURE
The District has covenanted to commence judicial foreclosure proceedings against all parcels
where the aggregate delinquent Special Taxes on such parcels is greater than $7,500 by the
October 1 following the close of each Fiscal year in which such Special Taxes were due.
The District will commence judicial foreclosure proceedings against all parcels with
delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it
receives Special Taxes in an amount which is less than 95% of the total Special Tax levied
for such Fiscal year.
The District will diligently pursue such foreclosure proceedings until the delinquent special
taxes are paid. The District may elect to defer foreclosure proceedings on any parcel which
is owned by a delinquent property owner whose property is not,in the aggregate, delinquent
in the payment for a period of three years or more or in an amount in excess of$12,000 so
long as the amount in the Reserve Account of the Special Tax Fund is at lest equal to the
Reserve Requirement, and the District is not in default in the payment of the principal of or
interest on the Bonds.
FINANCED FACILITIES
The Facilities authorized to be acquired by the District with the proceeds of the Bonds
consist of various public improvements including water facilities, electrical facilities, sewer,
roads, storm drains, natural gas facilities, power line relocation, highway improvements and
fiber infrastructure which includes fiber optic cables and conduits.
MuniFinancial CFD 04-1 (Grays Crossing) Page 5 of 5
Fiscal Year 2006107 Annual Report
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
COMMUNITY FACILITIES DISTRICT NO. 04-1
GRAYS CROSSING)
RATE AND METHOD OF APPORTIONMENT
MAXIMUM SPECIAL TAX
Single Family Detached Property
The Maximum Special Tax for Single Family Detached Property in Zone 1 for Fiscal Year 2004-
05 is shown in the table below.
r
On July 1, 2005 and on each July 1 thereafter, the Maximum Special Taxes shown in the table above
shall be increased by an amount equal to 2%of the amount in effect for the prior fiscal Year.
The square footage of SFD Lots shall be determined by reference to County Assessor's Parcel
Maps or, to the extent such Maps do not reflect square footage of the SFD Lots, by reference to
the lot size summary provided by the engineering firm that produced the Final Map.
Single Family Attached Property
The Maximum Special Tax for Single Family Attached Property in Zone 1 for Fiscal Year 2004-
05 was $1,200 per Unit. The Maximum Special Tax for Single Family Attached Property in
Zone 2 for Fiscal Year 2004-05 was $3,400 per Unit. On July 1, 2005 and on each July 1
thereafter, these Maximum Special Tax rates shall be increased by an amount equal to two
percent (20/6) of the amount in effect for the prior Fiscal Year.
MurlinanCial CFD 04-1 (Gray's Crossing) Page 1 of 4
Fiscal Year 2006107 Annual Report
Loft Units
The Maximum Special Tax for Loft Units for Fiscal Year 2004-05 was $1,200 per Unit. On July
1, 2005 and on each July 1 thereafter,this Maximum Special Tax shall be increased by an amount
equal to two percent(20/6) of the amount in effect for the prior Fiscal Year.
Non-Residential Property
The Maximum Special Tax for Non- Residential Property for Fiscal Year 2004-05 was $2.50 per
square foot of Building Square Footage. On July 1, 2005 and on each July 1 thereafter, this
Maximum Special Tax shall be increased by an amount equal to two percent (2%) of the amount
in effect for the prior Fiscal Year.
SACK-UP FORMULA
The Maximum Special Taxes set forth in Section C above were calculated based on the
Expected Land Uses at CFD Formation. The Administrator shall review Tentative Map
revisions and other changes to the land uses proposed within the CFD and compare the revised
land uses to the Expected Land Uses to evaluate the impact on the Expected Maximum Special
Tax Revenues. In addition, the Administrator shall review Final Maps to ensure they reflect the
number of residential lots that was anticipated in the Tentative Map.
If, prior to the Final Bond Sale, a change to the Expected Land Uses (a "Land Use/Entitlement
Change") is proposed that will result in a reduction in the Expected Maximum Special Tax
Revenues, no action will be needed pursuant to this Section D as long as the reduction in
Expected Maximum Special Tax Revenues does not reduce debt service coverage on
outstanding Bonds below the amount committed to in the Bond documents. Upon approval of
the Land Use/Entitlement Change, the Administrator shall update Attachment 1 to show the
reduced Expected Maximum Special Tax Revenues, and the reduced Expected Maximum
Special Tax Revenues shall be the amount used to determine the amount of the Final Bond Sale.
If a Land Use/Entitlement Change is proposed after the Final Bond Sale, the following steps
shall be applied:
Step 1: By reference to Attachment 1 (which will be updated by the Administrator each
time a Land Use/Entitlement Change has been processed according to this
Section D), the Administrator shall identify the Expected Maximum Special Tax
Revenues for CFD No. 04-1.
Step 2: The Administrator shall calculate the Maximum Special Tax revenues that could
be collected from property in the CFD if the Land Use/Entitlement Change is
approved.
ZMuniFinancial CFD 04-1 (Gray`s Crossing) Page 2 of 4
Fiscal Year 2006107 Annual Report
Step 3: If the amount determined in Step 2 is higher than that calculated in Step 1, the
Land Use/Entitlement Change may be approved without further action. If the
revenues calculated in Step 2 are less than those calculated in Step 1, and if:
a) The landowner does not withdraw the request for the Land Use/Entitlement
Change that was submitted to the Town;or
b) Before approval of the Land Use/Entitlement Change, the landowner requesting
the Land Use/Entitlement Change does not prepay a portion of the Special Tax
for the CFD in an amount that corresponds to the lost Maximum Special Tax
revenue,as determined by applying the steps set forth in Section H below;or
The Land Use/Entitlement Change proposes that a Parcel of Single Family Detached Property
or Single Family Attached Property be developed as another land use (other than Public
Property), and the landowner requesting the Land Use/Entitlement Change fails to submit a
written request to the TDPUD to designate the Parcel as Taxable Other Property, thereby
maintaining the Expected Maximum Special Tax Revenues for the Parcel; then, the amount of
the prepayment determined in Step 3.b shall be allocated on a per-acre basis and included on the
next property tax bill for all Assessor's Parcels within the property affected by the Land
Use/Entitlement Change. The amount allocated to each Assessors Parcel shall be added to and,
until paid, shall be a part of, the Maximum Special Tax for the Assessor'sinclude approval
ple
of
Land Use/Entitlement Changes are proposed at one time (which may ppmeal
multiple Final Maps), the Administrator may consider the combined effect of all the Land
Use/Entitlement Changes to determine if there is a reduction in Expected Maximum Special
Tax Revenues that necessitates implementation of Step 3.b or 3.c. If, based on this analysis, the
Administrator determines that there is a reduction in Expected Maximum Special Tax Revenue,
and all of the Land Use/Entitlement Changes are being proposed by the same land owner, the
Administrator shall determine the required prepayment (pursuant to Step 3.b) by analyzing the
combined impact of all of the proposed Land Use/Entitlement Changes. Notwithstanding the
foregoing, if the Administrator analyzes the combined impacts of
or
multiple of the
and
Use/Entitlement Changes, and the Town subsequently does not approve one
Land Use/Entitlement Changes that was proposed, the Administrator shall once again apply the
three steps set forth above to determine the combined impact of those Land Use/Entitlement
Changes that were approved simultaneously by the Town.
If, based on the comprehensive analysis, the Administrator determines that there is a reduction
in Expected Maximum Special Tax Revenue, and the Land Use/Entitlement Changes are not all
being proposed by the same land owner, the Administrator shall consider the proposed Land
Use/Entitlement Changes individually to determine the required prepayment from each owner.
METHOD OF LEVY OF THE SPECIAL TAX
Each Fiscal Year, the Administrator shall determine the Special Tax Requirement to be collected
in that Fiscal Year,and the Special Tax shall be levied according to the steps outlined below.
Step 1: The Special Tax shall be levied Proportionately on each Parcel of Developed Property
within the CFD that is Single Family Detached Property, Single Family Attached
Property, or a Loft Unit up to 100% of the Maximum Special Tax for each Parcel for
km MuniFinancial CFD 04-1 (Grays Crossing) Page 3 of 4
Fiscal Year 2006107 Annual Report
such Fiscal Year until the amount levied on such Developed Property is equal to the
Special Tax Requirement prior to applying any Capitalized Interest that is available in
the CFD accounts
Step 2: If additional revenue is needed after Step 1, and after applying Capitalized Interest to
the Special Tax Requirement, the Special Tax shall be levied Proportionately on each
Parcel of Developed Property within the CFD that is Non-Residential Property up to
100% of the Maximum Special Tax for such Developed Property for such Fiscal Year
determined pursuant to Section C.
Step 3: If additional revenue is needed after Step 2, the Special Tax shall be levied
Proportionately on each Parcel of Developed Property within the CFD that is .Golf
Course Property up to 100% of the Maximum Special Tax for such Developed
Property for such Fiscal Year determined pursuant to Section C.
Step 4: If additional revenue is needed after Step 3, the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Undeveloped Property within the CFD,
up to 100% of the Maximum Special Tax for Undeveloped Property for such Fiscal
Year determined pursuant to Section C.
Step 5: If additional revenue is needed after Step 4, the Special Tax shall be levied
Proportionately on each Parcel of Association Property within the CFD, up to 100%
of the Maximum Special Tax for Undeveloped Property for such Fiscal Year
determined pursuant to Section C.
Step 6: If additional revenue is needed after Step 5, the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Excess Public Property, exclusive of
property exempt from the Special Tax pursuant to Section G below, up to 100% of
the Maximum Special Tax for Undeveloped Property for such Fiscal Year determined
pursuant to Section C.
Mut1Fnancial CFD 04-1 (Gray's Crossing) Page 4 of 4
Truckee Donner PUD
Community Facilities District No.04-1 (Gray's Crossing)Series 2004
ORIGINAL DEBT SERVICE SCHEDULE
Dated Date: 9/14/2004
First Coupon: 3/1/2005
First Maturity: 9/1/2007
Payment Interest
r
Called TotalPaymentAnnual
Due Rate Amount
3/1/2005
403,724.82 403,724.82
9/1/2005 3.25000% 0.00 435,152.50 435,152.50 838,877.32
3/1/2006
435,152.50 435,152.50
9/1/2006 3.25000% 0.00 435,152.50 435,152.50 870,305.00
3/1/2007
435,152.50 435,152.50
9/1/2007 3.25000% 15,000.00 435,152.50 450,152.50 885,305.00
3/1/2008
434,908.75 434,908.75
9/112008 3.50000% 35,000.00 434,908.75 469,908.75 904,817.50
3/1/2009
434,296.25 434,296.25
9/1/2009 3.90000% 50,000.00 434,296.25 484,296.25 918,592.50
3/1/2010
433,321.25 433,321.25
9/1/2010 4.15000% 70,000.00 433,321.25 503,321.25 936,642.50
311/2011
431,868.75 431,868.75
9/1/2011 4.35000% 95,000.00 431,868.75 526,868.75 958,737.50
3/1/2012
429,802.50 429,802.50
9/1/2012 4.65000% 115,000.00 429,802.50 544,802.50 974,605.00
3/1/2013
427,128.75 427,128.75
9/1/2013 4.75000% 140,000.00 427,128.75 567,128.75 994,257.50
3/1/2014
423,803.75 423,803.75
9/1/2014 4.90000% 170,000.00 423,803.75 593,803.75 1,017,607.50
3/1/2015
419,638.75 419,638.75
9/1/2015 5.00000% 200,000.00 419,638.75 619,638.75 1,039,277.50
3/1/2016
414,638.75 414,638.75
9/1/2016 5.10000% 230,000.00 414,638.75 644,638.75 1,059,277.50
3/1/2017
408,773.75 408,773.75
9/1/2017 5.20000% 260,000.00 408,773.75 668,773.75 1,077,547.50
3/1/2018
402,013.75 402,013.75
9/1/2018 5.30000% 295,000.00 402,013.75 697,013.75 1,099,027.50
311/2019
394,196.25 394,196.25
9/1/2019 5.40000% 335,000.00 394,196.25 729,196.25 1,123,392.50
3/1/2020
385,151.25 385,151.25
1/2020 5.50000% 375,000.00 385,151.25 760,151.25 1,145,302.50
9/
1/2021
374,838.75 374,838.75
2021 5.60000% 420,000.00 374,838.75 794,838.75 1,169,677.50
9/1/
2022
363,078.75 363,078.75
3/11/2022 5.70000% 465,000.00 363,078.75 828,078.75 1,191,157.50
3/1/2023
349,826.25 349,826.25
9/1/2023 5.75000% 515,000.00 349,826.25 864,826.25 1,214,652.50
3/1/2024
335,020.00 335,020.00
9/1/2024 5.75000% 570,000.00 335,020.00 905,020.00 1,240,040.00
3/1/2025
318,632.50 318,632.50
9/1/2025 5.75000% 625,000.00 318,632.50 943,632.50 1,262,265.00
3/1/2026
300,663.75 300,663.75
9/1/2026 5.75000% 690,000.00 300,663.75 990,663.75 1,291,327.50
3/1/2027
280,826.25 280,826.25
9/1/2027 5.75000% 755,000.00 280,826.25 1,035,826.25 1,316,652.50
3/1/2028
259,120.00 259,120.00
911/2028 5.75000% 825,000.00 259,120.00 1,084,120.00 1,343,240.00
3/1/2029
235,401.25 235,401.25
9/1/2029 5.75000% 895,000.00 235,401.25 1,130,401.25 1,365,802.50
3/1/2030
209,670.00 209,670.00
9/1/2030 5.80000% 975,000.00 209,670.00 1,184,670.00 1,394,340.00
311/2031
181,395.00 181,395.00
9/1/2031 5.80000% 1,060,000.00 181,395.00 1,241,395.00 1,422,790.00
3/1/2032
150,655.00 150,655.00
9/1/2032 5.80000% 1,150,000.00 150,655.00 1,300,655.00 1,451,310.00
3/1/2033
117,305.00 117,305.00
9/1/2033 5.80000% 1,245,000.00 117,305.00 1,362,305.00 1,479,610.00
3/1/2034
81,200.00 81,200.00
9/1/2034 5.80000% 1,345,000.00 81,200.00 1,426,200.00 1,507,400.00
3/1/2035
42,195.00 42,195.00
9/1/2035 5.80000% 1,455,000.00 42,195.00 1,497,195.00 1,539,390.00
O utstanding Principal 15,375,000.00
Principal 0.00
nci al 0.00
d Issue 15,375,000.00
MuniFinancial
Fiscal Year 2006/07 Annual Report Page 1 of 2
Truckee Donner PUD
Community Facilities District No.04-1 (Gray's Crossing)Series 2005
ORIGINAL DEBT SERVICE SCHEDULE
Dated Date: 7/13/2005
First Coupon: 9/1/2005
First Maturity: 9/1/2007
Payment Interest
Bond Call CalledPrincipal Due Interest Due Payment
Total Annual
Due Rate
9/1/2005 3.50000% 0.00 131,191.33 131,191.33 131,191.33
3/1/2006
491,967.50 491,967.50
9/1/2006 3.50000% 0.00 491,967.50 491,967.50 983,935.00
3/1/2007
491,967.50 491,967.50
9/1/2007 3.50000% 50,000.00 491,967.50 541,967.50 1,033,935.00
3/1/2008
491,092.50 491,092.50
9/1/2008 3.62500% 70,000.00 491,092.50 561,092.50 1,052,185.00
3/1/2009
489,823.75 489,823.75
9/1/2009 3.75000%100,000.00 489,823.75 589,823.75 1,079,647.50
3/1/2010
487,948.75 487,948.75
9/1/2010 4.00000%125,000.00 487,948.75 612,948.75 1,100,897.50
3/1/2011
485,448.75 485,448.75
9/1/2011 4.00000%150,000.00 485,448.75 635,448.75 1,120,897.50
3/1/2012
482,448.75 482,448.75
9/1/2012 4.12500%180,000.00 482,448.75 662,448.75 1,144,897.50
3/1/2013
478,736.25 478,736.25
9/1/2013 4.25000%210,000.00 478,736.25 688,736.25 1,167,472.50
3/1/2014
474,273.75 474,273.75
9/1/2014 4.37500%240,000.00 474,273.75 714,273.75 1,188,547.50
3/1/2015
469,023.75 469,023.75
9/1/2015 4.50000%275,000.00 469,023.75 744,023.75 1,213,047.50
3/1/2016
462,836.25 462,836.25
9/1/2016 4.62500%310,000.00 462,836.25 772,836.25 1,235,672.50
3/1/2017
455,667.50 455,667.50
9/1/2017 4.75000%355,000.00 455,667.50 810,667.50 1,266,335.00
3/1/2018
447,236.25 447,236.25
9/1/2018 4.75000%395,000.00 447,236.25 842,236.25 1,289,472.50
3/1/2019
437,855.00 437,855.00
9/1/2019 4.87500%440,000.00 437,855.00 877,855.00 1,315,710.00
3/1/2020
427,130.00 427,130.00
9/1/2020 5.00000°485,000.00 427,130.00 912,130.00 1,339,260.00
3/1/2021
415,005.00 415,005.00
9/1/2021 5.20000%535,000.00 415,005.00 950,005.00 1,365,010.00
3/1/2022
401,095.00 401,095.00
9/1/2022 5.20000%595,000.00 401,095.00 996,095.00 1,397,190.00
3/1/2023
385,625.00 385,625.00
9/1/2023 5.20000%650,000.00 385,625.00 1,035,625.00 1,421,250.00
3/1/2024
368,725.00 368,725.00
9/1/2024 5.20000%715,000.00 368,725.00 1,083,725.00 1,452,450.00
3/1/2025
350,135.00 350,135.00
9/1/2025 5.20000%780,000.00 350,135.00 1,130,135.00 1,480.270.00
3/1/2026
329,855.00 329,855.00
9/1/2026 5.25000%850,000.00 329,855.00 1,179,855.00 1,509,710.00
3/1/2027
307,542.50 307,542.50
9/1/2027 5.25000%925,000.00 307,542.50 1,232,542.50 1,540,085.00
3/112028
283,261.25 283,261.25
9/1/2028 5.25000% 1,005,000.00 283,261.25 1,288,261.25 1,571,522.50
3/1/2029
256,880.00 256,880.00
9/1/2029 5.25000% 1,090,000.00 256,880.00 1,346,880.00 1,603,760.00
3/1/2030
228,267.50 228,267.50
911/2030 5.25000% 1,180,000.00 228,267.50 1,408,267.50 1,636,535.00
3/1/2031
197,292.50 197,292.50
9/1/2031 5.30000% 1,275,000.00 197,292.50 1,472,292.50 1,669,585.00
3/1/2032
163,505.00 163,505.00
9/1/2032 5.30000% 1,375,000.00 163,505.00 1,538,505.00 1,702,010.00
3/1/2033
127,067.50 127,067.50
9/1/2033 5.30000% 1,480,000.00 127,067.50 1,607,067.50 1,734,135.00
3/1(2034
87,847.50 87,847.50
9/1/2034 5.30000% 1,600,000.00 87,847.50 1,687,847.50 1,775,695.00
3/1/2035
45,447.50 45,447.50
9/1/2035 5.30000% 1,715,000.00 45,447.50 1,760,447.50FAIIOTW1,805,895.00
1 1 t it 111 11 1. TI i.
E
Prnci al 19,155,000-001
Outstantured i al 0.0 0
al 0.00
Total Bond Issue 19,155,000.0
MuniFinancial
Fiscal Year 2006/07 Annual Report Page 2 of 2
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Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 04-1 (Gray's Crossing)
DELINQUENCY MANAGEMENT SUMMARY
MuniFinancial has performed the following Delinquency Monitoring Actions since July 1,
2005.
Action Date Performed Number of Parcels
NOTES:
REMINDER LETTER
Reminds property owner that the special assessment has not been paid, and should be
redeemed with the County.
DEMAND LETTER
Allows property owner to redeem the delinquent amount with the County. However, this
letter informs the property owner that the Agency will be stripping the delinquent amount
from the County Secured Property Tax Roll, and will pursue Foreclosure actions, if the
amount is not paid.
HANDBILL INVOICE
Reminds property owner that the special assessment has not been paid, and should be
redeemed with the Agency.
PAYMENT PLAIN
Repayment schedule negotiated by MuniFinancial on behalf of the Agency to cure the
delinquency and avoid initiation of judicial foreclosure on installments removed from the
Tax Roll.
SB 1471
Represents a document recorded at the County Recorder's Office which provides
constructive notice to interested parties that a delinquency may exist in a specific Agency's
District for specific parcel(s), in specific tax year(s), that the Agency intends to remove from
ElYluniFinc-mcial CFD 04-1 (Gray's Crossing) Page 1 of 2
Fiscal Year 2006107 Annual Report
the Tax Roll for collection by the Agency, or by one of its agents; either by direct billing, or
through the judicial foreclosure process.
STRIP REQUEST
The delinquent amount requested to be removed from the County Secured Property Tax
Roll.
STRIP CONFIRMATION
The delinquent amount is confirmed removed from the County Secured Property Tax Roll.
FORECLOSURE COMPLETE
Foreclosure satisfied and subsequent foreclosure fee invoiced to agency.
FORECLOSURE LETTER
Informs the property owner that if the delinquent amount is not paid directly to the Agency
within 21 days of receipt of the letter, Foreclosure Actions will be pursued.
FORECLOSURE REQUEST
All remaining delinquent parcels are forwarded to a Foreclosure Attorney.
Please note that Delinquency Actions are performed on an installment basis and not
on a per parcel basis.
MUniFinc-mCial CFD 04-1 ( rays Crossing) Page 2 of 2
DELINQUENCY
SUMMARY
BY
DISTRICT
Truckee
Donner
PUD
CommunityDistrict
No.
04
DUE
DOLLARS
DOLLARS
DOLLARS
PARCELS
PARCELS
DATA
DATE
LEVIED
DELINQUENT
DELINQUENT
t
DELINQUENT
DATE
2005/
06-
1
406,
596.
50
1,
581.
00
0.
39%
114
1
05/
15/
2006
2005/
06-
2
406,
596.
50
1,
530.
00
0.
38%
114
1
05/
15/
2006
TOTAL
813,
193.
00
3,
111.
00
0.
38%
Calculations
performed
on
9/
14/
2006
10:
51:
OOPM
Cover
ant
for
Judicial
Foreclosure
The
District
has
covenanted
to
commence
judicial
foreclosure
proceedings
against
all
parcels
where
the
aggregate
delinquent
Special
Taxes
on
sucl
parcels
is
greater
than$
7,
500
by
the
October
1
following
the
close
of
each
Fiscal
year
in
which
such
Special
Taxes
were
due.
The
District
will
commence
judicial
foreclosure
proceedings
against
all
parcels
with
delinquent
Special
Taxes
by
the
October
1
following
the
close
o
each
Fiscal
Year
in
which
it
receives
Special
Taxes
in
an
amount
which
is
less
than
95%
of
the
total
Special
Tax
levied
for
such
Fiscal
year.
The
District
will
diligently
pursue
such
foreclosure
proceedings
until
the
delinquent
special
taxes
are
paid.
The
District
may
elect
to
defer
foreclosur.
proceedings
on
any
parcel
which
is
owned
by
a
delinquent
property
owner
whose
property
is
not,
in
the
aggregate,
delinquent
in
the
payment
for
period
of
three
years
or
more
or
in
an
amount
in
excess
of $
12,
000
so
long
as
the
amount
in
the
Reserve
Account
of
the
Special
Tax
Fund
is
at
lest
equa
to
the
Reserve
Requirement,
and
the
District
is
not
in
default
in
the
payment
of
the
principal
of
or
interest
on
the
Bonds.
am
go Ivi
u
m'
Financial
Printed
on:
September
15,
2006
at
2:
06
pm
Page
1
of
1
Fiscal Year 2006107 Annual Report
Truckee Donner PUD
Community Facilities District No. 04-1 (Gray's Crossing)
SPECIAL TAX RATES
SPECIAL TAX SPREAD
The following table summarizes the number of parcels in each land use category according
to its' square footage as well as the applied special tax rate for each category.
FY 0f . 0 00. 0LandUse
Parcels rApplied
tion
Rate/Parcel Levied
14
MAXIMUM AND APPLIED SPECIAL TAX RATES
The following table summarizes the percent of the Applied Special Tax Rate to the
Maximum Special Tax Rate.
Mlrti naCtCial CFD 04-1 (Gray's Crossing) Page 1 of 2
Land Use
FY 2006/07 FY 2006/07
percent of
Classification Maximum Tax Applied Tax
MaximumRateRate/Parcel
r^'
a ` I + ate,a,a `
x r -#'• a `"'a'-- q,..3-,.`€
E k,' .r § '
s
r ram• a i r,
3 "' S xas". ?'"s., s. c -'-v
s :Znl
a$
PRO
r xyx xtl`-'{..-•
w,£ ,g rd' s,h„ _,y Arr h k a 3'd e a ,7x
MOP
3 1
A t3 ..
x
a rt. t s " h"w- s:: n
i
be e . t r. -
u` '.
a
x,,''
f k„a-,
r' 2*k-".'., a
TZ ':" ,. ..•
z'.,*.ate;".
n rz2„y,,.'k..
w
3
DonnerTruckee
2006/07 Budget Worksheet
Community Facilities District No.04-1 (Gray's Crossing)
Fund Number 617
PRINCIPALLevy
Components 2005106 2006/07
r INTEREST
Principal-Series 2004 0.00 15,000.00
Interest-Series 2004 870,305.00 870,305.00
Principal-Series 2005 50,000.00
Interest-Series 2005 983,935.00
TOTAL 870,305.00 $1,919,240.00
ADMINISTRATION COSTS
Agency Administration 0.00 0.00
Finance Manager 0.00 0.00
Accounting Staff 4,000.00 5,500.00
Engineering Staff 0.00 0.00
City Manager Staff 0.00 0.00
Other Staff 0.00 0.00
Agency Auditor Fees 1,500.00 1,500.00
Attorney Fees 0.00 0.00
Office Expenses, Paid by Agency 30.00 30.00
Other Expenses, Paid by Agency 0.00 0.00
Total Agency Staff and Expenses 5,530.00 7,030.00
County Auditor and Assessor Fees 147.88 147.88
Registrar/Transfer/Paying Agent Fees 6,000.00 3,175.00
Consulting Services(1) 8,600.00 10,350.00
Consulting Expenses 1,000.00 500.00
Delinquency Management Allowance 0.00 277.50
TOTAL 21,277.88 21,480.38
Total Principal,Interest and Admin Costs 891,582.88 $1,940,720.38
ADJUSTMENTS r TO LEVY
Reserve Fund Credit 103,389.89)0.00
Special Tax Fund Credit 0.00 124,000.00)
Replenishment/(Credit) 0.00 0.00
Capitalized Interest Credit 0.00 0.00
Reserve for future Delinquencies 25,000.00 56,000.00
TOTAL 78,389.89)68,000.00)
TOTAL
Total Charge 813,192.99 $1,872,720.38
Applied Charge 813,193.00 $1,872,720.28
Difference(due to rounding)(2) 0.01 0.10
ADDITIONAL INFORMATION
Number of Active Parcels 144 0
Number of Parcels Levied 114 304
Admin Costs as a percent of Annual Levy 2.62%1.15%
2006
1) Consulting services include, but are not limited to:District Administration Fees,Arbitrage
Rebate Calculation Fees and Municipal Disclosure Fees.
2) The Difference is used to ensure that each parcel's levy amount is divisible by two, as
required by the County Auditor-Controller.
Truckee
Donner
PUD
Community
Facilities
District
No.
04-
1 (
Grays
Crossing)
Charge
Detail
Report(
Sorted
by
Assessors
Parcel
dumber)
i
s
it
s
19-
370-
24-
000
GRAY'
S
STATION
LLC
11495
PROSSER
DAM
RD
1,
088,
304.
00
0.
00
1,
088,
304.
00 $
914,
719.
68 $
104,
010.
00
19-
370-
25-
000
GRAY'
S
STATION
LLC
11100
PROSSER
DAM
RD
1,
012,
774.
00
0.
00
1,
012,
774.
00
851,
541.
39
96,
826.
18
19-
370-
26-
000
GRAY'
S
STATION
LLC
10510
SAN
FRANCISCO
COURT
1,
105,
064.
00
0.
00
1,
105,
064,
00
928,
739.
07
105,
604.
10
19-
370-
32-
000
GRAY'
S
STATION
LLC
N/
A
354,
938.
00
0.
00
354,
938.
00
971,
525.
52
110,
469.
22
19-
370-
41-
000
GRAY'
S
STATION
LLC
N/
A
76,
089.
00
0.
00
76,
089.
00
1,
132,
657.
47
128,
791.
06
19-
410-
33-
000
VILLAGE
AT
GRAY'
S
CROSSING
LP
THE
N/
A
3,
358,
860.
00
0.
00
3,
358,
860.
00
371,
969.
01
42,
295.
46
19-
410-
34-
000
GRAY'
S
STATION
LLC
N/
A
1,
909,
188.
00
0.
00
1,
909,
188.
00
1,
586,
740.
05
180,
423.
40
19-
770-
02-
000
GRAY'
S
STATION
LLC
N/
A
975,
206.
00
0.
00
975,
206.
00
268,
735.
32
30,
557.
06
19-
770-
03-
000
MARSHALL
BRAD
F
ETAL
N/
A
160,
308.
00
0.
00
160,
308.
00
3,
121.
20
3,
121.
20
19-
770-
04-
000
ENGEL
KURT
W&
JOAN
TRSTES
N/
A
152,
505.
00
0.
00
152,
505.
00
3,
017.
16
3,
017.
16
19-
770-
05-
000
IFLAND
GARY
R&
CHERENE
TRSTES
ETAL
N/
A
152,
505,
00
265,
000.
00
417,
505.
00
3,
017.
16
3,
017.
16
19-
770-
06-
000
MANCUSO
JULIA
M
N/
A
160,
308.
00
0.
00
160,
308.
00
3,
017.
16
3,
017.
16
19-
770-
07-
000
BISCHOFF
JOHN&
STACY
ETAL
N/
A
175,
047.
00
0.
00
175,
047.
00
3,
017.
16
3,
017.
16
19-
770-
08-
000
FRANCES
JOHN
K&
LINDA
R
TRSTES
N/
A
175,
047.
00
0.
00
175,
047.
00
3,
017.
16
3,
017.
16
19-
770-
09-
000
MARSHALL
DON
A
ETAL
N/
A
169,
845.
00
0.
00
169,
845.
00
3,
017.
16
3,
017.
16
19-
770-
10-
000
BROWN
WILLIAM
A&
ELISABETH
H
N/
A
169,
845.
00
0.
00
169,
845.
00
3,
017.
16
3,
017.
16
19-
770-
11-
000
KOSAKOWSKI
CHRIS&
LINDA
B
TRSTES
N/
A
184,
584.
00
0.
00
184,
584.
00
3,
017.
16
3,
017.
16
19-
770-
12-
000
AINGE
DONALD&
PAMELA
N/
A
229,
398.
00
0.
00
229,
398.
00
3,
017.
16
3,
017.
16
19-
770-
13-
000
SEELIG
FRANK
M&
FRANCES
B
N/
A
194,
988.
00
0.
00
194,
988.
00
3,
017,
16
3,
017.
16
19-
770-
14-
000
FRIEDRICHSEN
PETE&
AMANDA
N/
A
295,
800.
00
0,
00
295,
800,
00
3,
017.
16
3,
017.
16
19-
770-
15-
000
ARDELL
JOHN
E
III&
SUSAN
R
TRSTES
N/
A
169,
845.
00
0,
00
169,
845.
00
3,
017.
16
3,
017.
16
19-
770-
16-
000
HEIDENREICH
GARY&
KATHLELEN
N/
A
155,
106.
00
0.
00
155,
106.
00
2,
913.
12
2,
913.
12
19-
770-
17-
000
ROSEN
AARON
D
N/
A
285,
600.
00
0.
00
285,
600.
00
2,
913.
12
2,
913.
12
19-
770-
18-
000
SHIPIRO
A
HORTON&
ELIZABETH
TRSTES
N/
A
155,
106.
00
0.
00
155,
106.
00
2,
913.
12
2,
913.
12
19-
770-
19-
000
WALLSTRUM
CASSANDRA
ETAL
N/
A
157.
707.
00
0.
00
157,
707.
00
2,
913.
12
2,
913.
12
19-
780-
01-
000
LU
HOT
N/
A
204,
525.
00
0.
00
204,
525.
00
3,
121.
20
3,
121.
20
19-
780-
02-
000
KERN
DOUGLAS&
JANIS
M
K
N/
A
204,
525.
00
0.
00
204,
525.
00
3,
121.
20
3,
121.
20
19-
780-
03-
000
SUMARAGA
DOUGLAS
L&
ELEANOR
M
ETAL
N/
A
204,
525.
00
0,
00
204,
525.
00
3,
121.
20
3,
121.
20
19-
780-
04-
000
JONES
HOWARD
C&
DIANNE
ETAL
N/
A
240,
618.
00
0.
00
240,
618.
00
3,
121.
20
3,
121.
20
19-
780-
05-
000
CCI
MILLER
LP
N/
A
316,
200.
00
0.
00
316,
200,
00
3,
329.
28
3,
329.
28
19-
780-
06-
000
BARSTEN
JANA
L&
GREGORY
S
TRSTES
N/
A
234,
003.
00
0.
00
234,
003.
00
3,
121.
20
3,
121.
20
19-
780-
07-
000
DORSEY
ROBERT
L&
JOYCE
E
N/
A
264,
348.
00
0.
00
264,
348.
00
3,
433.
32
3,
433.
32
19-
780-
08-
000
SANBAR
PROPERTIES
LLC
N/
A
253,
944.
00
0.
00
253,
944.
00
3,
225.
24
3,
225.
24
19-
780-
09-
000
ERBES
MICHAEL
R
ETAL
N/
A
273,
885.
00
0.
00
273,
885.
00
3,
121.
20
3,
121.
20
19-
780-
10-
000
MARICH
INVESTMENTS
LLC
N/
A
268,
683.
00
0,
00
268,
683.
00
3,
225.
24
3,
225.
24
19-
780-
11-
000
TWO
BLACK
DOGS
LLC
N/
A
253,
944.
00
0.
00
253,
944.
00
3,
017.
16
3,
017.
16
19-
780-
12-
000
STEVENS
KENNETH
V&
DEBORAH
A
N/
A
253,
944.
00
0.
00
253,
944.
00
3,
121.
20
3,
121.
20
19-
780-
13-
000
ZACHARY
DAVID
K
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
121.
20
3,
121.
20
19-
780-
14-
000
COWIE
PAUL
J&
NANCY
J
ETAL
N/
A
304,
878.
00
0.
00
304,
878.
00
3,
121.
20
3,
121.
20
19-
780-
15-
000
NOUROT
ALEX
J&
CHRISTINE
M
N/
A
331,
500.
00
0.
00
331,
500.
00
3,
225.
24
3,
225.
24
19-
780-
16-
000
KRAMER
KEVIN
ETAL
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
121.
20
3,
121.
20
19-
780-
17-
000
2000
N
VILLAGE
HOLDINGS
LLC
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
225.
24
3,
225.
24
19-
780-
18-
000
RPR
FAMILY
INVESTMENTS
ETAL
N/
A
263,
481.
00
0.
00
263,
481.
00
3,
225,
24
3,
225.
24
19-
780-
19-
000
PACE
WILLIAM
B&
BETSY
R
TRSTES
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
121.
20
3,
121.
20
19-
780-
20-
000
DELARROZ
MANUEL&
JUANITA
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
225.
24
3,
225.
24
19-
780-
21-
000
SELTZ
THOMAS
E&
NORMA
J
TRSTES
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
121.
20
3,
121.
20
19-
780-
22-
000
TOWERY
REID
A
TRSTE
ETAL
N/
A
199,
323.
00
0.
00
199,
323,
00
3,
017.
16
3,
017.
16
19-
780-
23-
000
SCHLENKER
GARY
E&
KAREN
I
TRSTES
N/
A
198,
390.
00
0.
00
198,
390.
00
3,
017A6
3,
017.
16
19-
780-
24-
000
LAPOINT
ERIKA
N/
A
204,
525.
00
0.
00
204,
525.
00
3,
017.
16
3,
017.
16
19-
780-
25-
000
LOZOVATSKIY
YAKOV&
LARISA
N/
A
266,
000.
00
0.
00
266,
000.
00
3,
017.
16
3,
01T16
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
1
of
7
Truckee
Donner
PUD
Community
Facilities
District
No.
04-
1 (
Grays
Crossing)
Charge
Detail
Report(
Sorted
by
Assessor'
s
Parcel
Number)
a
o
19-
780-
26-
000
BARRAS
ARNE
ETAL
N/
A
194,
988.
00
0.
00
194,
988.
00
3,
017.
16
3,
017.
16
19-
780-
27-
000
ROGERS
BRIAN&
KATHERINE
N/
A
290,
000.
00
0.
00
290,
000.
00
3,
017.
16
3,
017.
16
19-
780-
28-
000
NETHERSOLE
MICHAEL
C
ETAL
N/
A
223,
278.
00
165,
000.
00
388,
278.
00
3,
017.
16
3,
017.
16
19-
780-
29-
000
BROWN
JEFFREY
W&
LAURA
A
ETAL
N/
A
194,
988.
00
0.
00
194,
988.
00
3,
121.
20
3,
121.
20
19-
790-
02-
000
TAYLOR
MILO
C&
GINGER
A
TRSTES
N/
A
293,
826.
00
0.
00
293,
826,
00
3,
017.
16
3,
017.
16
19-
790-
03-
000
BARRIELLE
SYLVAIN
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
12120
3.
121.
20
19-
790-
04-
000
POWERPLAY
PROPERTIES
LLC
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
121.
20
3,
121.
20
19-
790-
05-
000
TRUCKEE
RIVER
PARTNERS
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
017.
16
3,
017.
16
19-
790-
06-
000
VAILLE
DAVID
A&
DESIREE
A
N/
A
316,
098.
00
0.
00
316,
098.
00
3,
017.
16
3,
017.
16
19-
790-
07-
000
JENKINS
ROBERT
T&
VIRGIN[
A
T
TRSTES
N/
A
268,
683.
00
0.
00
268,
683.
00
3,
017.
16
3,
017.
16
19-
790-
08-
000
UPSHAW
EUGENE
JR&
THERESA
N/
A
268,
683.
00
0.
00
268,
683.
00
3,
329.
28
3,
329.
28
19-
790-
09-
000
TAHOE
BASIN
PARTNERS
LP
N/
A
268,
683.
00
0.
00
268,
683.
00
3,
017.
16
3,
017.
16
19-
790-
10-
000
BRUZZONE
DAVID&
CORINNE
TRSTES
ETAL
N/
A
278,
220.
00
0.
00
278,
220.
00
3,
017.
16
3,
017.
16
19-
790-
11-
000
LEVINS
ALAN
S&
SHARON
TRSTES
ETAL
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
225.
24
3,
225.
24
19-
790-
12-
000
DAVIS
THOMAS
D&
JUDITH
J
TRSTES
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
225.
24
3,
225.
24
19-
790-
13-
000
GRAY'
S
BLUFF
LLC
N/
A
334,
000.
00
303,
000.
00
637,
000.
00
3,
017.
16
3,
017.
16
19-
790-
14-
000
NETHERSOLE
MICHAEL
C
ETAL
N/
A
333,
438.
00
0.
00
333,
438.
00
3,
017.
16
3,
017.
16
19-
790-
15-
000
RICCIO
RESORT
PROPERTIES
LLC
N/
A
268,
683.
00
0.
00
268,
683.
00
3,
121.
20
3,
121.
20
19-
790-
16-
000
73
GRAY'
S
CROSSING
LLC
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
017.
16
3,
017.
16
19-
790-
17-
000
ROSEN
AARON
ETAL
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
017.
16
3,
017.
16
19-
790-
18-
000
KHANNA
NITIN
TRSTE
ETAL
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
017.
16
3,
017.
16
19-
790-
19-
000
GEE
JAMES&
FRANCES
Q
N/
A
259,
146.
00
0.
00
259,
146.
00
3,
433.
32
3,
433.
32
19-
790-
20-
000
MARICH
INVESTMENTS
LLC
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
017.
16
3,
017.
16
19-
790-
21-
000
MESKIMEN
KAREN
L&
JAMES
L
N/
A
248,
742.
00
0.
00
248,
742.
00
3,
017.
16
3,
017.
16
19-
790-
22-
000
PACKARD
AMY
P&
EDWARD
A
N/
A
295,
800,
00
0.
00
295,
800.
00
3,
225.
24
3,
225.
24
19-
790-
23-
000
GRAY'
S
STATION
LLC
N/
A
272,
000.
00
0.
00
272,
000,
00
3,
225.
24
3,
225.
24
19-
790-
24-
000
DICKERMAN
DANIEL
T&
PAMELA
J
N/
A
219,
264.
00
0.
00
219,
264.
00
3,
121.
20
3,
121.
20
19-
790-
25-
000
TAHOE
BUILDER
LLC
N/
A
198,
390.
00
0.
00
198,
390.
00
3,
121.
20
3,
121.
20
19-
790-
26-
000
MEINYER
DENNIS
R&
ERIN
K
N/
A
194,
121.
00
0.
00
194,
121.
00
2,
913.
12
2,
913.
12
19-
790-
27-
000
POPHAM
BETH
ETAL
N/
A
194,
988.
00
0.
00
194,
988.
00
3,
121.
20
3,
121.
20
19-
800-
01-
000
FORNI
JAMES
J
N/
A
288,
624.
00
0.
00
288,
624.
00
3,
225.
24
3,
225.
24
19-
800-
02-
000
HORN
MICHAEL
P&
SANDRA
J
N/
A
293,
825.
00
0.
00
293,
825.
00
3,
017.
16
3,
017.
16
19-
800-
03-
000
ALDER
CREEK
INVESTMENTS
LLC
N/
A
291,
225.
00
0.
00
291,
225.
00
3,
017.
16
3,
017.
16
19-
800-
04-
000
JOHNSON
ROBERT&
ELAINE
TRSTES
ETAL
N/
A
286,
023.
00
265,
000.
00
551,
023.
00
3,
121.
20
3,
121.
20
19-
800-
05-
000
STEVENS
KENNETH
V&
DEBORAH
A
N/
A
273,
885.
00
0.
00
273,
885.
00
2,
913.
12
2,
913.
12
19-
800-
06-
000
FOUTS
LANDSCAPE
N/
A
293,
826.
00
0.
00
293,
826.
00
2,
913.
12
2,
913.
12
19-
800-
07-
000
BROOKS
JONI
J
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
017.
16
3,
017.
16
19-
800-
08-
000
REVERE
JOHN
A&
MARTHA
B
N/
A
280,
622.
00
0.
00
280,
622.
00
3,
121.
20
3,
121.
20
19-
800-
09-
000
BRENT
A
MASON
JR
N/
A
308,
565.
00
0.
00
308,
565.
00
3,
121.
20
3,
121.
20
19-
800-
10-
000
BLEFARI
EUGENE
A
TRSTE
N/
A
308,
565.
00
0.
00
308,
565.
00
3,
017.
16
3,
017.
16
19-
800-
11-
000
KSC
INVESTMENT
GROUP
LLC
N/
A
323,
304.
00
0.
00
323,
304.
00
3,
017.
16
3,
017.
16
19-
800-
12-
000
POWERPLAY
PROPERTIES
LLC
N/
A
328,
506.
00
0.
00
328,
506.
00
3,
329.
28
3,
329.
28
19-
800-
13-
000
FERRERA
EDWARD
J&
JOAN
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
121.
20
3,
121.
20
19-
800-
14-
000
FOUTS
LANDSCAPE
N/
A
298,
161.
00
0.
00
298,
161.
00
3,
01
T
16
3,
017.
16
19-
800-
15-
000
SUMARAGA
DOUGLAS
L&
ELEANOR
M
ETAL
N/
A
308,
565.
00
0.
00
308,
565.
00
3,
225.
24
3,
225.
24
19-
800-
16-
000
IFLAND
GARY
R
TRSTE
ETAL
N/
A
312,
900.
00
0.
00
312,
900.
00
3,
121.
20
3,
121.
20
19-
800-
17-
000
LAMBIOTTE
JAY&
ANNA
N/
A
304,
286.
00
217,
000.
00
521,
286,
00
3,
121.
20
3,
121.
20
19-
800-
18-
000
47
GRAY'
S
CROSSING
LLC
N/
A
330,
240.
00
0.
00
330,
240,
00
3,
121.
20
3,
121,
20
19-
800-
19-
000
LESLIE
RUSSELL
E&
LAURA
A
TRSTES
N/
A
438,
600.
00
0.
00
438,
600.
00
3,
433.
32
3,
433.
32
19-
800-
20-
000
GOINES
MARK
R
TRSTE
ETAL
N/
A
343,
245.
00
0.
00
343,
245.
00
3,
225.
24
3,
225.
24
MuniFinancial
Fiscal
Year
2006107
Annual
Report
Page
2
of
7
I
M
Truckee
Donner
PUD
x ,
Community
Facilities
District
No.
04-
1 (
Gray
s
Crossing)
Charge
Detail
Report(
Sorted
by
Assessor'
s
Parcel
plumber)
a
19-
800-
21-
000
CSP
INC
N/
A
340,
644.
00
0.
00
340,
644.
00
3,
121.
20
3,
121.
20
19-
800-
22-
000
CSP
INC
N/
A
332,
841.
00
0.
00
332,
841,
00
3,
017.
16
3,
017.
16
19-
800-
23-
000
HJ
HOLDINGS
LLC
N/
A
326,
364.
00
0.
00
326,
364.
00
3,
017.
16
3,
017.
16
19-
800-
24-
000
MANLEY
GERARD&
TAMI
N/
A
349,
080.
00
0.
00
349,
080.
00
3,
017.
16
3,
017.
16
19-
800-
25-
000
DELARROZ
MANUEL&
JUANITA
N/
A
312,
900.
00
0.
00
312,
900.
00
3,
225.
24
3,
225.
24
19-
800-
26-
000
BRANDT
RYAN
D&
MARI
T
N/
A
283,
422.
00
0.
00
283,
422.
00
3,
121.
20
3,
121.
20
19-
800-
27-
000
BENTHAM
JACK
E
ETAL
N/
A
283,
422.
00
0.
00
283,
422.
00
3,
121.
20
3,
121.
20
19-
800-
28-
000
COMMENDATORE
JIM&
CAROL
N/
A
288,
624.
00
0.
00
288,
624.
00
3,
121.
20
3,
121.
20
19-
800-
29-
000
LACY
DEAN
R&
KAREN
N/
A
268,
683.
00
0.
00
268,
683.
00
3,
121.
20
3,
121.
20
19-
840-
01-
000
STUART
CHRISTOPHER
ETAL
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
901.
50
3,
901.
50
19-
840-
02-
000
GARIBALDI
ALBERT
D&
DEANNA
C
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
901.
50
3,
901.
50
19-
840-
03-
000
HAGAN
KRISTINA
M
ETAL
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
771.
45
3,
771.
44
19-
840-
04-
000
DANA
MICHELLE
D
ETAL
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
901.
50
3,
901.
50
19-
840-
05-
000
DAVOUDI
SHAHLA
TRSTE
N/
A
308,
750.
00
0.
00
308,
750.
00
3,
641.
40
3,
641.
40
19-
840-
06-
000
BLAKE
MICHAEL
A&
KELLEY
D
N/
A
83,
466.
00
0.
00
83,
466.
00
3,
771.
45
3,
771.
44
19-
840-
07-
000
MCGIVERN
JAMES
W
SR&
ELAINE
N/
A
285,
000.
00
0.
00
285,
000.
00
3,
771.
45
3,
771.
44
19-
840-
08-
000
APIP
179
LLC
N/
A
73,
192.
00
0.
00
73,
192.
00
3,
901.
50
3,
901.
50
19-
840-
09-
000
GRAY'
S
STATION
LLC
N/
A
102,
729.
00
0.
00
102,
729.
00
3,
901.
50
3,
901.
50
19-
840-
10-
000
GRAY'
S
STATION
LLC
N/
A
102,
729.
00
0.
00
102,
729.
00
3,
901.
50
3,
901.
50
1"
40-
11-
000
GRAY'
S
STATION
LLC
N/
A
109,
150.
00
0.
00
109,
150.
00
3,
901.
50
3,
901.
50
19-
840-
12-
000
GRAY'
S
STATION
LLC
N/
A
109,
150.
00
0.
00
109,
150.
00
4,
031,
55
4,
031.
54
19-
840-
13-
000
GRAY'
S
STATION
LLC
N/
A
109,
150.
00
0.
00
109,
150.
00
4,
031.
55
4,
031.
54
19-
840-
14-
000
GRAY'
S
STATION
LLC
N/
A
109,
150.
00
0.
00
109,
150.
00
4,
031.
55
4,
031.
54
19-
840-
15-
000
GRAY'
S
STATION
LLC
N/
A
109,
150,
00
0.
00
109,
150.
00
3,
771.
45
3,
771A4
19-
840-
16-
000
RYE
BRIAN
J&
DAWN
C
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
771.
45
3,
771.
44
19-
840-
17-
000
CGL
ENTERPRISES
LLC
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
771.
45
3,
771.
44
19-
840-
18-
000
GRAY'
S
STATION
LLC
N/
A
115,
570.
00
0.
00
115,
570.
00
3,
771.
45
3,
771.
44
19-
840-
19-
000
GRAY'
S
STATION
LLC
N/
A
115,
570.
00
0.
00
115,
570.
00
3,
771.
45
3,
771.
44
19-
840-
20-
000
BORRIS
JONAH
N/
A
115,
570.
00
0.
00
115,
570.
00
3,
771.
45
3,
771.
44
19-
840-
21-
000
GRAY'
S
STATION
LLC
N/
A
115,
570.
00
0.
00
115,
570.
00
3,
771.
45
3,
771.
44
19-
840-
22-
000
POPE
BRIAN
J&
VICTORIA
L
TRSTES
N/
A
427,
500.
00
0.
00
427,
500.
00
3,
771.
45
3,
771.
44
19-
840-
23-
000
FRIEDRICHSEN
PETE&
AMANDA
ETAL
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
840-
24-
000
RIDGEWOOD
ENTERPRISES
LLC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
840-
25-
000
CADY
CHRISTOPHER
B&
TAMI
Z
TRSTES
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
840-
26-
000
ARDELL
JOHN
III&
SUSAN
TRSTES
ETAL
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
840-
27-
000
RIDGEWOOD
ENTERPRISES
LLC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
840-
28-
000
PETERSON
ERIC
O&
PAMELA
J
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
840-
29-
000
OMALEKI
SAMUEL
L
ETAL
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771,
44
19-
840-
30-
000
GRUNDMEIER
DAVID
A&
DEBBIE
L
N/
A
356,
250.
00
0.
00
356,
250.
00
4,
031.
55
4,
031.
54
19-
850-
02-
000
GRAY'
S
STATION
LLC
N/
A
130,
980.
00
0.
00
130,
980.
00
3,
901.
50
3,
901.
50
19-
850-
03-
000
CARR
DONNELL
B
TRSTE
N/
A
488,
750.
00
0.
00
488,
750.
00
3,
901.
50
3,
901.
50
19-
850-
04-
000
ZACHARY
DAVID
K
N/
A
488,
750,
00
0.
00
488,
750.
00
3,
901.
50
3,
901.
50
19-
850-
05-
000
GRAY'
S
STATION
LLC
N/
A
125,
522.
00
0,
00
125,
522.
00
3,
901.
50
3,
901.
50
19-
850-
06-
000
PALLI
ULFRIED
ETAL
N/
A
141,
767.
00
0.
00
141,
767.
00
3,
901.
50
3,
901.
50
19-
850-
07-
000
GRAY'
S
STATION
LLC
N/
A
154,
094.
00
0.
00
154,
094.
00
3,
901.
50
3,
901.
50
19-
850-
08-
000
GRAY'
S
STATION
LLC
N/
A
92,
776.
00
0.
00
92,
776.
00
3,
901.
50
3,
901.
50
19-
850-
09-
000
TOMASINI
STEVEN&
MICHELLE
N/
A
103,
692.
00
0.
00
103,
692.
00
3,
771.
45
3,
771.
44
19-
850-
10-
000
MORAN
TIMOTHY
D
ETAL
N/
A
427,
500.
00
0.
00
427,
500.
00
3,
771.
45
3,
771,
44
19-
850-
11-
000
ROCKY
RIDGE
PROPERTIES
LLC
N/
A
386,
750.
00
0,
00
386,
750.
00
3,
771.
45
3,
771.
44
19-
850-
12-
000
GANN
SEAN&
LYNDA
ETAL
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
771.
45
3,
771.
44
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
3
of
7
Truckee
Donner
PUD
Community
Facilities
District
No.
04-
1 (
Gray'
s
Crossing)
s _
Charge
Detail
Report(
Sorted
by
Assessors
Parcel
Number)
i
rz-.
INF4
19-
850-
13-
000
TELFORD
ALAN
D&
CHRISTINE
M
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
901.
50
3,
901.
50
19-
850-
14-
000
H
J
HOLDINGS
LLC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
850-
15-
000
H
J
HOLDINGS
LLC
N/
A
318,
750.
00
0,
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
850-
16-
000
COOPER
JEFFERY
J&
KATHRYN
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
850-
17-
000
NARVICK
GREG
R&
DANIELLE
M
N/
A
318,
750.
00
0.
00
318,
750.
00
4,
161.
60
4,
161.
60
19-
850-
18-
000
RIDGEWOOD
ENTERPRISES
LLC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901,
50
19-
850-
19-
000
SULLIVAN
PATRICK
E&
CECELIA
M
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771A5
3,
771.
44
19-
850-
20-
000
KELLY
WILLIAM
R
ETAL
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
850-
21-
000
LONG
VICTORIA
ETAL
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
850-
22-
000
PACWEST
REAL
ESTATE
INVESTMENTS
LLC
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
850-
23-
000
HARRIS
KEN&
PAMELA
S
TRSTES
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
850-
24-
000
STEVENS
KENNETH&
DEBORAH
TRSTE
ETAL
N/
A
297,
500.
00
0.
00
297.
500.
00
3,
771.
45
3,
771.
44
19-
850-
25-
000
SELTZ
THOMAS
E&
NORMA
J
ETAL
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771
A4
19-
850-
26-
000
JOHNSON
ROBERT
A&
ELAINE
D
TRSTES
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
850-
27-
000
DELARROZ
MANUEL
M&
JUANIT.
A
L
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
901.
50
3,
901.
50
19-
860-
02-
000
POLAND
WILLIAM
F&
LYNN
E
TRSTES
N/
A
570,
000.
00
0.
00
570,
000.
00
4,
031.
55
4,
031.
54
19-
860-
03-
000
GRAY'
S
STATION
LLC
N/
A
166,
936.
00
0.
00
166,
936.
00
4,
161.
60
4,
161,
60
19-
860-
04-
000
MOODY
MARLENE&
DOUGLAS
W
N/
A
531,
250.
00
0.
00
531,
250.
00
4,
161.
60
4,
161.
60
19-
860-
05-
000
RPR
FAMILY
INVESTMENTS
ETAL
N/
A
531,
250.
00
0.
00
531,
250.
00
4,
031.
55
4,
031.
54
19-
860-
06-
000
WHITEHEAD
WILLIAM&
DARLA
TRSTE
ETAL
N/
A
510,
000,
00
0.
00
510,
000.
00
3,
901.
50
3,
901.
50
19-
860-
07-
000
SCHERER
RICHARD&
MELANIE
ETAL
N/
A
510,
000.
00
0.
00
510,
000.
00
3,
901.
50
3,
901.
50
19-
860-
08-
000
DUNDON
THOMAS&
VERUSCHKA
N/
A
531,
250.
00
0.
00
531,
250.
00
4,
031.
55
4,
031.
54
19-
860-
09-
000
SEB
LAND
HOLDINGS
LLC
N/
A
552,
500.
00
0.
00
552,
500.
00
4,
031.
55
4,
031.
54
19-
860-
10-
000
GRAY'
S
STATION
LLC
N/
A
115,
570.
00
0.
00
115,
570.
00
3,
771.
45
3,
771,
44
19-
860-
11-
000
HENRY
JEANNINE
A&
WILLIAM
M
N/
A
427,
500.
00
0.
00
427,
500.
00
3,
771.
45
3,
771.
44
19-
860-
12-
000
NJO
MICHAEL
A&
TIFFANY
M
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
771.
45
3,
771.
44
19-
860-
13-
000
MCGAUGHEY
SANDRA
M
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
771.
45
3,
771.
44
19-
860-
14-
000
POWERPLAY
PROPERTIES
LLC
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
771.
45
3,
771.
44
19-
860-
15-
000
KERN
DOUG&
JANIS
M
K
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
771.
45
3,
771.
44
19-
860-
16-
000
RIDGEWOOD
ENTERPRISES
LLC
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
771.
45
3,
771.
44
19-
860-
17-
000
GRAY'
S
STATION
LLC
N/
A
92,
776.
00
0.
00
92,
776.
00
3,
901.
50
3,
901.
50
19-
860-
18-
000
WATSON
MATTHEW
K
ETAL
N/
A
361,
250.
00
0.
00
361,
250.
00
3,
901,
50
3,
901.
50
19-
860-
19-
000
DRYSEN
HELEN
P
TRSTE
ETAL
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
901.
50
3,
901.
50
19-
860-
20-
000
CASSANI
JOHN
J&
STARIA
A
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
901.
50
3,
901.
50
19-
870-
02-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
488,
750.
00
0.
00
488,
750.
00
4,
031,
55
4,
031.
54
19-
870-
03-
000
ROCKY
RIDGE
PROPERTIES
LLC
N/
A
523,
250.
00
0.
00
523,
250.
00
4,
031.
55
4,
031.
54
19-
870-
04-
000
ROCKY
RIDGE
PROPERTIES
LLC
N/
A
523,
250.
00
0.
00
523,
250.
00
4,
161.
60
4,
161.
60
19-
870-
05-
000
GRAY'
S
STATION
LLC
N/
A
154,
094.
00
0.
00
154,
094.
00
4,
291.
65
4,
291,
64
19-
870-
06-
000
GRAY'
S
STATION
LLC
N/
A
154,
094.
00
0.
00
154,
094.
00
4,
291.
65
4,
291.
64
19-
870-
07-
000
GRAY'
S
STATION
LLC
N/
A
154,
094.
00
0.
00
154,
094.
00
4,
161.
60
4,
161.
60
19-
870-
08-
000
GRAY'
S
STATION
LLC
N/
A
96,
308,
00
0.
00
96,
308.
00
3,
901,
50
3,
901.
50
19-
870-
09-
000
GRAY'
S
STATION
LLC
N/
A
96,
308.
00
0.
00
96,
308.
00
3,
901.
50
3,
901.
50
19-
870-
10-
000
DERAKSHANDEH
DARYOUSH&
ELIKA
ETAL
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
771.
45
3,
771.
44
19-
870-
11-
000
KELLY
JULIAN
A
SR&
SANDRA
D
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
771.
45
3,
771.
44
19-
870-
12-
000
CIVJAN
NEAL
N/
A
332,
500.
00
0,
00
332,
500.
00
3,
901.
50
3,
901.
50
19-
870-
13-
000
KELLY
JULIAN
A
SR
ETAL
N/
A
332,
500.
00
0.
00
332,
500.
00
3.
771.
45
3,
771.
44
19-
870-
14-
000
BLOOM
JEFFREY
M&
CHRISTINA
L
N/
A
85,
392.
00
0.
00
85,
392.
00
3,
771.
45
3,
771.
44
19-
870-
15-
000
WEISBROD
JAY&
BARBARA
N/
A
89,
887.
00
0.
00
89,
887.
00
3,
901.
50
3,
901.
50
19-
870-
16-
000
DISBROW
TODD
C
N/
A
89,
887.
00
0.
00
89,
887.
00
3,
771.
45
3,
771.
44
19-
870-
17-
000
JACKSON
ELI
H
N/
A
318,
750.
00
0.
00
318,
750.
00
41161.
60
4,
161.
60
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
4
of
7
Truckee
Donner
PUD
w
s
Community
Facilities
District
No.
04-
1
Gra '
s
Crossing)
a
Charge
Detail
Report(
Sorted
by
Assessor'
s
Parcel
Number)
a
r
19-
870-
18-
000
SUMMERS
ALAN
P&
MICHELLE
R
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
771.
45
3,
771.
44
19-
870-
19-
000
BOCKIUS
BLAKE
H&
MARY
L
TRSTES
N/
A
332,
500.
00
0.
00'
332,
500.
00
3,
771.
45
3,
771.
44
19-
870-
20-
000
GRAY'
S
STATION
LLC
N/
A
76,
404.
00
0.
00
76,
404.
00
3,
771.
45
3,
771.
44
19-
870-
21-
000
GRAY'
S
STATION
LLC
N/
A
81,
861.
00
0.
00
81,
861.
00
3,
901.
50
3,
901.
50
19-
870-
22-
000
HUGHES
ROGER
M&
ROBERTA
K
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
870-
23-
000
PRUETT
BRADLEY
A&
DIANA
L
V
ETAL
N/
A
380,
000.
00
0.
00
380,
000.
00
3,
771.
45
3,
771.
44
19-
870-
24-
000
PERILLI
RICHARD
A&
GRETCHEN
L
N/
A
380,
000.
00
0.
00
380,
000.
00
3,
901.
50
3,
901,
50
19-
870-
25-
000
PRUETTING
CHRISTOPHER
J
TRSTE
ETAL
N/
A
380,
000.
00
0.
00
380,
000.
00
3,
901.
50
3,
901.
50
19-
870-
26-
000
GREGOIRE
MICHAEL
P&
HOLLY
L
TRSTES
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19
870-
27-
000
FOUTS
DONALD
L
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
870-
28-
000
CRUMP
CHRISTOPHER&
EVANGELITA
TRSTE
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
F
19-
870-
29-
000
GILMOUR
STEVE&
DIANE
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
E
19-
870-
30-
000
KRAMER
KEVIN
R
ETAL
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
901.
50
3,
901.
50
I
19-
870-
31-
000
WTB
PROPERTIES
LLC
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
901.
50
3,
901.
50
19-
870-
32-
000
HEIDENREICH
GARY
N/
A
297,
500.
00
0.
00
297,
500,
00
3,
901,
50
3,
901.
50
19-
870-
33-
000
HEIDENREICH
GARY
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
901.
50
3,
901.
50
19-
870-
34-
000
MULLINS
LORETTA
ETAL
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
870-
35-
000
BHOLA
MARGARET
A&
RAVI
TRSTES
ETAL
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
870-
36-
000
CSP
INC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
870-
37-
000
FOUTS
DONALD
L
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
870-
38-
000
HARRIS
KEN&
PAMELA
S
TRSTES
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
870-
39-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
771.
45
3,
771.
44
19-
880-
01-
000
GRAY'
S
STATION
LLC
N/
A
186,
199.
00
0.
00
186,
199.
00
4,
161.
60
4,
161.
60
19-
880-
02-
000
GRAY'
S
STATION
LLC
N/
A
186,
199.
00
0.
00
186,
199.
00
4,
291.
65
4,
291.
64
19-
880-
03-
000
GRAY'
S
STATION
LLC
N/
A
173,
356.
00
0.
00
173,
356.
00
4,
161.
60
4,
161.
60
19-
880-
04-
000
GRAY'
S
STATION
LLC
N/
A
173,
357.
00
0.
00
173,
357.
00
4,
161.
60
4,
161.
60
19-
880-
05-
000
JONES
JEFFREY&
SHANNON
ETAL
N/
A
658,
750.
00
0.
00
658,
750.
00
4,
291.
65
4,
291.
64
19-
880-
06-
000
DREXEL
CAPITAL
PARTNERS
LLC
N/
A
736,
250.
00
0.
00
736,
250.
00
4,
031.
55
4,
031.
54
19-
880-
07-
000
CHERNEFF
STEVEN
ETAL
N/
A
320,
000.
00
0.
00
320,
000.
00
3,
901.
50
3,
901.
50
19-
880-
08-
000
GRAY'
S
STATION
LLC
N/
A
128,
412.
00
0.
00
128,
412.
00
3,
771.
45
3,
771,
44
19-
880-
09-
000
MARR
ROBERT
A&
SANDI
G
TRSTES
N/
A
425,
000.
00
0.
00
425,
000.
00
3,
901.
50
3,
901.
50
19-
880-
10-
000
JENNY
RONALD
L&
JANE
E
TRSTES
N/
A
425,
000.
00
0.
00
425,
000.
00
3,
901.
50
3,
901.
50
19-
880-
11-
000
LACOTTI
LAWRENCE
M&
DARLENE
TRSTES
N/
A
498,
750.
00
0.
00
498,
750.
00
3,
901.
50
3,
901.
50
19-
880-
12-
000
WALKER
DAVID
E&
LOIS
L
TRSTES
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
880-
13-
000
LO
LINDY
N/
A
340,
000.
00
0.
00
340,
000.
00
4,
031.
55
4,
031.
54
19-
880-
14-
000
MCHUGH
JOHN
D
II&
CHARISE
H
N/
A
403,
750.
00
0.
00
403,
750.
00
4,
031.
55
4,
031.
54
19-
880-
15-
000
SUTTER
DOUGLAS
N/
A
109,
791.
00
0.
00
109,
791.
00
4,
161.
60
4,
161.
60
19-
880-
16-
000
POWERPLAY
PROPERTIES
LLC
N/
A
382,
500.
00
0.
00
382,
500.
00
3,
901.
50
3,
901.
50
19-
880-
17-
000
ERICH
ROBERT
W
N/
A
382,
500.
00
0.
00
382,
500.
00
3,
901.
50
3,
901.
50
19-
880-
18-
000
LEWIS
ALBERT
M&
THERESA
A
N/
A
380,
000.
00
0.
00
380,
000.
00
4,
031.
55
4,
031.
54
19-
890-
01-
000
GRAY'
S
STATION
LLC
N/
A
154,
095.
00
0.
00
154,
095.
00
4,
031.
55
4,
031.
54
19-
890-
02-
000
DELUCCHI
RON&
AMY
ETAL
N/
A
425,
000.
00
0.
00
425,
000.
00
3,
901.
50
3,
901.
50
19-
890-
03-
000
HUGHES
ROGER
M&
ROBERTA
K
N/
A
475,
000.
00
0.
00
475,
000.
00
3,
901.
50
3,
901.
50
19-
890-
04-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
425,
000.
00
0.
00
425,
000.
00
3,
901.
50
3,
901.
50
19-
890-
05-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
425,
000.
00
0.
00
425,
000.
00
4,
031.
55
4,
031.
54
19-
890-
06-
000
DELARROZ
MANNY
M&
JUANITA
L
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
901.
50
3,
901.
50
19-
890-
07-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
403,
750.
00
0.
00
403,
750.
00
3,
901.
50
3,
901.
50
19-
890-
08-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
403,
750.
00
0.
00
403,
750.
00
4,
161.
60
4,
161.
60
19-
890-
09-
000
MARREN
JOHN&
LYNDA
N/
A
255,
000.
00
0.
00
255,
000.
00
3,
901.
50
3,
901.
50
19-
890-
10-
000
GRAY'
S
STATION
LLC
N/
A
79,
294.
00
0.
00
79,
294.
00
3,
901.
50
3,
901.
50
Ff
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
5
of
7
e
Truckee
Donner
PUD
Community
Facilities
District
No.
04-
1 (
Grays
Crossing)
G ..
Charge
Detail
Report(
Sorted
by
Assessor'
s
Parcel
Number)
AAMEN
MR
a
t
1"
90-
11-
000
CAPRINI
MARIO&
EVA
N/
A
308,
750.
00
0.
00
308,
750.
00
3,
771.
45
3,
771.
44
19-
890-
12-
000
MOFFITT
STEPHEN
A&
TERESA
L
N/
A
308,
750,
00
0.
00
308,
750.
00
3,
771.
45
3,
771.
44
19-
890-
13-
000
RUPPERT
NATHAN
M
ETAL
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
890-
14-
000
TRUCKEE
SERENITY
PARTNERS
I
N/
A
340,
000,
00
0.
00
340,
000.
00
4,
161.
60
4,
161.
60
19-
890-
15-
000
MUSCAT
KENNETH&
DIANE
ETAL
N/
A
331,
250.
00
0.
00
331,
250.
00
3,
771.
45
3,
771.
44
19-
890-
16-
000
RABY
KENNETH
S&
LINDA
S
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
890-
17-
000
HALL
LISA
E
N/
A
332,
500.
00
0.
00
332,
500.
00
3,
901.
50
3,
901.
50
19-
890-
18-
000
RIDGEWOOD
ENTERPRISES
LLC
N/
A
297,
500.
00
0.
00
297,
500.
00
3,
771.
45
3,
771.
44
19-
900-
02-
000
JACKSON
ELI
H
N/
A
318,
750.
00
0.
00
318,
750.
00
4,
031.
55
4,
031.
54
19-
900-
03-
000
DALAL
ALEXANDER
R&
THU
V
T
TRSTES
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
901.
50
3,
901.
50
19-
900-
04-
000
LU
HOT
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
901.
50
3,
901.
50
19-
900-
05-
000
SODERQUIST
CHRISTIAN&
KAREN
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
900-
06-
000
SANBAR
PROPERTIES
LLC
N/
A
318,
750.
00
0.
00
318,
750.
00
3,
901.
50
3,
901.
50
19-
900-
07-
000
CAPRINI
ANTHONY
A
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
901.
50
3,
901.
50
19-
900-
08-
000
LOPICCOLO
VINCENT
F
N/
A
91,
492.
00
0.
00
91,
492.
00
3,
771.
45
3,
771.
44
19-
900-
09-
000
KADOYA
RICHARD
S&
SALLY
TRSTES
ETAL
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
19-
900-
10-
000
GRAY'
S
STATION
LLC
N/
A
147,
353.
00
0.
00
147,
353.
00
3,
901.
50
3,
901.
50
19-
900-
11-
000
DUNDON
THOMAS&
VERUSCHKA
N/
A
595,
000.
00
0.
00
595,
000.
00
3,
901.
50
3,
901.
50
19-
900-
12-
000
GRAY'
S
STATION
LLC
N/
A
192,
620.
00
0.
00
192,
620.
00
4,
291.
65
4,
291.
64
19-
900-
13-
000
DUNDON
THOMAS&
VERUSCHKA
N/
A
595,
000.
00
0.
00
595,
000.
00
4,
291.
65
4,
291.
64
19-
900-
14-
000
VAILLE
CONSTRUCTION
INC
ETAL
N/
A
595,
000.
00
0.
00
595,
000.
00
4,
031.
55
4,
031.
54
19-
900-
15-
000
GRAY'
S
STATION
LLC
N/
A
152,
811.
00
0.
00
152,
811.
00
4,
291.
65
4,
291.
64
19-
900-
16-
000
GRAY'
S
STATION
LLC
N/
A
152,
811,
00
0.
00
152,
811.
00
4,
291.
65
4,
291.
64
19-
900-
17-
000
BAYVEN
CAPITAL
INC
MONEY
P
P
TRUST
N/
A
340,
000.
00
0.
00
340,
000.
00
3,
641.
40
3,
641.
40
19-
900-
18-
000
GRAY'
S
STATION
LLC
N/
A
87,
320.
00
0.
00
87,
320.
00
3,
771.
45
3,
771.
44
19-
900-
19-
000
CRENSHAW
JERRY
R
JR&
LORI
L
N/
A
295,
000.
00
0.
00
295,
000.
00
4,
161.
60
4,
161.
60
19-
900-
20-
000
ENGEL
KURT
W&
JOAN
TRSTES
N/
A
318,
750.
00
0.
00
318,
750.
00
4,
161.
60
4,
161.
60
19-
900-
21-
000
TENEYCK
SCOTT
ETAL
N/
A
340,
000.
00
0.
00
340,
000.
00
3,
901.
50
3,
90L50
19-
900-
22-
000
SCHNOBRICH
ALAN
J&
BEVERLY
J
N/
A
340,
000.
00
0.
00
340,
000.
00
4,
291.
65
4,
291.
64
19-
900-
23-
000
44
THE
RIDGE
LLC
N/
A
510,
000.
00
0.
00
510,
000.
00
4,
291.
65
4,
291.
64
19-
900-
24-
000
JOST
DAVID
R&
ERIN
T
N/
A
570,
000.
00
0.
00
570,
000.
00
4,
161.
60
4,
161.
60
19-
900-
25-
000
GRAY'
S
STATION
LLC
N/
A
147,
675.
00
0.
00
147,
675.
00
4,
031.
55
4,
031.
54
19-
900-
26-
000
GRAY'
S
STATION
LLC
N/
A
141,
254.
00
0.
00
141,
254.
00
3,
901.
50
3,
901.
50
i
19-
910-
01-
000
PUGEDA
ISMAEL
G&
CHRISTINA
R
N/
A
356,
250.
00
0.
00
356,
250.
00
3,
771.
45
3,
771.
44
p
19-
910-
02-
000
IFLAND
GARY
R&
CHERENE
TRSTES
ETAL
N/
A
340,
000.
00
0.
00
340,
000.
00
4,
161.
60
4,
161.
60
t
19-
910-
03-
000
TRAN
DAVID
M&
IVIE
L
ETAL
N/
A
403,
750.
00
0.
00
403,
750.
00
4,
161.
60
4,
161.
60
19-
910-
04-
000
NGUYEN
KIMBERLY&
KEVIN
ETAL
N/
A
380,
000.
00
0.
00
380,
000.
00
3,
641.
40
3,
641.
40
19-
910-
05-
000
GRAY'
S
STATION
LLC
N/
A
102,
730.
00
0.
00
102,
730.
00
3,
771.
45
3,
771.
44
19-
910-
06-
000
ALANO
FLORIETO
G
N/
A
97,
592.
00
0.
00
97,
592.
00
3,
771.
45
3,
771.
44
19-
910-
07-
000
GRAY'
S
STATION
LLC
N/
A
141,
254.
00
0.
00
141,
254.
00
4,
031.
55
4,
031.
54
19-
910-
08-
000
CLAWSON
JOHN
R&
CAROLE
S
ETAL
N/
A
467,
500.
00
0.
00
467,
500.
00
3,
771
A5
3,
771.
44
19-
910-
09-
000
VERZOSA
JOHN&
MARIGOLD
N
ETAL
N/
A
467,
500.
00
0.
00
467,
500.
00
3,
771.
45
3,
771.
44
19-
910-
10-
000
OLIN
BILL
N/
A
522,
500.
00
0.
00
522,
500.
00
3,
641.
40
3,
641.
40
19-
910-
11-
000
SPERBECK
JEFFREY&
ANNE
TRSTES
ETAL
N/
A
522,
500.
00
0.
00
522,
500.
00
3,
641.
40
3,
641.
40
19-
910-
12-
000
SPAULDING
BRIAN
ETAL
N/
A
467,
500.
00
0.
00
467,
500.
00
3,
771.
45
3,
771.
44
19-
910-
13-
000
GRAY'
S
STATION
LLC
N/
A
141,
254.
00
0.
00
141,
254.
00
3,
641.
40
3,
641.
40
19-
910-
14-
000
OTTENWELLER
CHRISTOPHER
R
ETAL
N/
A
522,
500.
00
0.
00
522,
500.
00
3,
641.
40
3,
641.
40
19-
910-
15-
000
CIVJAN
NEAL
N/
A
641,
250.
00
0.
00
641,
250.
00
4,
031.
55
4,
031.
54
19-
910-
16-
000
DELARROZ
MANNY
M&
JUANITA
L
N/
A
425,
000.
00
0.
00
425,
000.
00
4,
031.
55
4,
031.
54
19-
910-
17-
000
DELARROZ
MANUEL
M&
JUANITA
L
N/
A
425,
000.
00
0.
00
425,
000.
00
3,
771.
45
3,
771.
44
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
6
of
7
Truckee
Donner
PUD
fwk&
Community
Facilities
District
No.
04-
1 (
Grays
Crossing)
W-
2
Charge
Detail
Report(
Sorted
by
Assessor'
s
Parcel
Number)
19-
910-
18-
000
GRAYS
STATION
LLC
N/
A
147,
675.
00
0.
00
147,
675.
00
3,
901.
50
3,
901.
50
19-
910-
19-
000
GRAY'
S
STATION
LLC
N/
A
141,
254.
00
0.
00
141,
254.
00
4,
161.
60
4,
161.
60
19-
910-
20-
000
DICKERMAN
DANIEL
T&
PAMELA
J
N/
A
255,
000.
00
0.
00
255,
000,
00
3,
771.
45
3,
771.
44
19-
910-
21-
000
NARVICK
GREG
R&
DANIELLE
M
N/
A
255,
000.
00
0.
00
255,
000.
00
3,
771.
45
3,
771.
44
Total:
96,
874,
627.
00
1,
215,
000.
00 $
98,
089,
627.
00 $
8,
100,
372.
33 $
1,
872,
720.
28 304
Parcel
Count:Handbilled
parcels
are
included
in
this
Report.
See
Handbilled
Tab
for
detailed
Information.
Parcels
with
an"
N"
as
a
prefix
indicate
newly
created
parcels,
for
which
secured
roll
information
may
not
yet
be
available.
i i
MuniFinancial
Fiscal
Year
2006/
07
Annual
Report
Page
7
of
7
TRUCKEE DONNER PUBLIC
UTILITY DISTRICT
FINANCIAL STATEMENTS
December 31, 2005 and 2004
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
TABLE OF CONTENTS
December 31, 2005 and 2004
Independent Auditors' Report 1 — 2
Management's Discussion and Analysis 3 - 9
Consolidated Balance Sheets 10 — 11
Consolidated Statements of Revenues, Expenses, and Changes in Net Assets 12
Consolidated Statements of Cash Flows 13 — 14
Notes to Financial Statements 15 — 41
Supplemental Information
Consolidating Balance Sheets — 2005 42 — 43
Consolidating Statements of Revenues, Expenses, and Changes in Net Assets 44
Consolidating Statements of Cash Flows 45 —46
VirchowKrause
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Truckee Donner Public Utility District
Truckee, California
We have audited the accompanying balance sheet of the Truckee Donner Public Utility District
as of December 31, 2005, and the related statements of revenues, expenses, and changes in net
assets and cash flows for the year then ended, as noted in the table of contents. These financial
statements are the responsibility of the Truckee Donner Public Utility District's management. Our
responsibility is to express an opinion on these financial statements based on our audit. The
financial statements of the Truckee Donner Public Utility District as of and for the year ended
December 31, 2004 were audited by other auditors whose report, dated April 8, 2005, expressed
an unqualified opinion on those financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Governmental
Auditing Standards issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Truckee Donner Public Utility District at December 31, 2005, and the
results of its operations and its cash flows for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
April 7, 2006 on our consideration of the Truckee Donner Public Utility District's internal control
over financial reporting and on our tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements and other matters. The purpose of that report is to
describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing and not to provide an opinion on the internal control of financial
reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards and should be considered in assessing the results of our
audit.
Page 1
Virchow, Krause &Company, LLP
Certified Public Accountants&Consultants•An Independent Member of Baker Tilly International
The Board of Directors
Truckee Donner Public Utility District
The management's discussion and analysis on pages 3 through 9 is not a required part of the
basic financial statements, but is supplementary information required by accounting principles
generally accepted in the United States of America. We have applied certain limited procedures,
which consisted principally of inquiries of management regarding the methods of measurement
and presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the financial statements taken
as a whole. The consolidating statements included in the back of this report are presented for
purposes of additional analysis and is not a required part of the financial statements. The
consolidating statements have been subjected to the auditing procedures applied in the audit of
the financial statements and, in our opinion, are fairly stated, in all material respects, in relation
to the financial statements taken as a whole.
Madison, Wisconsin
April 7, 2006
Page 2
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
As financial management of the Truckee Donner Public Utility District, we offer readers of these
financial statements this narrative overview and analysis of the financial activities of the District
for the years ended December 31, 2005 and 2004. This discussion and analysis is designed to
assist the reader in focusing on the significant financial issues, provide an overview of the
District's financial activity and identify changes in the District's financial position.
We encourage readers to consider the information presented here in conjunction with that
presented within the basic financial statements. The reader should take time to read and
evaluate all sections of this report, including the footnotes and other supplementary information
that is provided, in addition to this MD&A.
FINANCIAL HIGHLIGHTS
The District's capital assets, net, increased $4.0 million (or 5.7%) from $66.6 million at
December 31, 2004 to $70.6 million at December 31, 2005, primarily due to the
infrastructure constructed for a new development within the Truckee Donner Public Utility
District's service area.
The District's total net assets increased by $1.1 million (or 5.2%) from $19.4 million at
December 31, 2004 to $20.5 million at December 31, 2005. The increase is due to
additional billing revenues, partially offset by additional operating expenses, along with
higher tax revenues and income from investments.
Operating revenues increased $0.5 million (or 2.1%) from $24.1 million for the year ended
December 31, 2004 to $24.7 million for the year ended December 31, 2005, primarily due
to electric and water rate increases and customer growth. Net non-operating
revenues/expenses decreased $1.3 million from 2004, primarily from increases in income
from investments, additional tax revenues from the Gray's Crossing Community Facilities
District and the sale of capital assets.
Operating expenses of the District increased by $787,000 (or 4.0%) from $19.3 million
during 2004 to $20.1 million during 2005, due primarily to increased operation and
administration costs.
During 2004, the District entered into long term financing with the California State
Revolving Fund in the amount of $9.0 million for the financing of the replacement of the
Donner Lake water system. An additional $2.9 million was drawn down on this loan in 2005
and an additional $1.0 in 2006. In 2004 the District also issued $15.4 million in Mello Roos
bonds to finance infrastructure for a new development within the Truckee Donner Public
Utility District's service area (Gray's Crossing). During 2005, the District issued another
19.2 million in Mello Roos bonds to finance the second phase of the Gray's Crossing
Project. The Mello Roos bonds represent a land secured financing and are not payable
from or secured by any District assets. The Mello Roos bond proceeds are used to finance
public agency infrastructure, to fund reserve and prepaid interest funds and to pay closing
costs.
Page 3
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
OVERVIEW OF THE FINANCIAL STATEMENTS
This report includes Management's Discussion and Analysis, the Independent Auditors' Report,
the Basic Financial Statements, (which includes the notes to the financial statements), and
Supplementary Information.
REQUIRED FINANCIAL STATEMENTS
The financial statements of the District are designed to provide readers with a broad overview of
the District's finances similar to a private-sector business. They have been prepared using the
accrual basis of accounting in accordance with accounting principles generally accepted in the
United States of America (GAAP). Under this basis of accounting, revenues are recognized in
the period in which they are earned and expenses are recognized in the period in which they are
incurred, regardless of the timing of related cash flows. These statements offer short- and long-
term financial information about the District's activities.
The reporting entity consists of the primary government, which has two departments (electric
operations and water operations), and the blended component units. Further details about the
component units are provided in Note 1.
The Balance Sheet presents information on all of the District's assets and liabilities and
provides information about the nature and amounts of investments in resources (assets) and the
obligations to District creditors (liabilities). It also provides the basis for computing rate of return,
evaluating the capital structure of the District and assessing the liquidity and financial flexibility
of the District.
All of the current year's revenues and expenses are accounted for in the Statement of
Revenues, Expenses, and Changes in Net Assets. This statement provides a measurement of
the District's operations over the past year and can be used to determine whether the District
has successfully recovered all its costs through its rates and other charges and to also analyze
profitability and credit worthiness.
The Statement of Cash Flows provides relevant information about the District's cash receipts
and cash payments during the reporting period. This statement reports cash receipts and cash
payments resulting from operating, non-capital financing, capital and related financing and
investing activities. When used with related disclosures and information in the other financial
statements, the statement of cash flows should provide insight into (a) the District's ability to
generate future net cash flows, (b) the District's ability to meet its obligations as they come due,
c) the District's needs for external financing, (d) the reasons for differences between operating
income and associated cash receipts and payments and (e) the effects on the District's financial
position of both its cash and its noncash investing, capital and financing transactions during the
period. The changes in cash balances are an important indicator of the District's liquidity and
financial condition.
Notes to the financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the basic financial statements. This includes but is
not limited to, significant accounting policies, significant financial statement balances and
activities, material risks, commitments and obligations and subsequent events, as applicable.
Page 4
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
DISTRICT HIGHLIGHTS
The condensed financial statements are presented below.
Condensed Balance Sheet
Increase
Decrease) %Change
ASSETS 2005 2004 2003 2005-2004 2005-2004
Current assets 16,392,557 $ 14,787,030 $24,379,444 $ 1,605,527 10.9%
Non-current assets:
Capital assets, net 70,649,606 66,573,669 61,269,615 4,075,937 6.1%
Restricted assets 28,604,486 14,738,978 6,383,989 13,865,508 94.1%
Other long-term assets 12,928,415 13,450,587 3,378,430 522,172) 3.9)%
TOTAL ASSETS 128,575,064 $109,550,264 $95,411,478 $ 19,024,800 17.4%
LIABILITIES AND NET ASSETS
Current liabilities 7,604,771 $ 8,922,223 $15,789,052 $ (1,317,452) (14.8)%
Non-current Liabilities
Long-term debt, net of current
portion 93,346,770 74,894,133 53,589,753 18,452,637 24.6%
Deferred revenue 7,103,767 6,311,569 5,537,062 792,198 12.6%
Total Liabilities 108,055,308 90,127,925 74,915,867 17,927,383 19.9%
Net Assets
Invested in capital assets, net
of related debt 14,486,509 24,870,432 26,304,401 (10,383,923) (41.8)%
Restricted for debt service 14,808,782 16,659,153 16,049,371 (1,850,371) (11.1)%
Unrestricted 8,775,535) (22,107,246) (21,858,161) 13,331,711 60.3)%
Total Net Assets 20,519,756 19,422,339 20,495,611 1,097,417 5.7%
TOTAL LIABILITIES
AND NET ASSETS $128,575,064 $109,550,264 $95,411,478 $ 19,024,800 17.4%
The increase in restricted assets at December 31, 2005 is due primarily to the funds held for the
construction of the Gray's Crossing Mello Roos community facilities project. The increase in
restricted assets at December 31, 2004 from December 31, 2003 is due primarily to the reserve
funds restricted for the Mello Roos community facilities district bonds.
Page 5
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
DISTRICT HIGHLIGHTS (cont.)
The overall increase of $18.6 million in 2005 from 2004 in bonds and notes payable, including
current maturities, is due primarily to the issuance of $19.1 million of additional Mello Roos
financing. The overall increase of $22.3 million in 2004 from 2003 in bonds and notes payable,
including current maturities, is due primarily to the issuance of $15.4 million in Mello Roos
community facilities district bonds, secured by land and used to finance capital infrastructure for
a new development within the District's service area and $9.0 million borrowed from the state
revolving fund to finance improvements to the District's water service. The new debt was partially
offset by the principal portion of debt service payments on revenue bonds and principal
payments on various notes payable during the year. Current liabilities (not including current debt
maturities) stayed stable from 2004 to 2005, while current liabilities decreased in 2004 from 2003
with the payment of the purchased power contract settlement.
Net assets invested in capital assets, net of related debt, consist of capital assets, net of
accumulated depreciation, reduced by the amount of outstanding indebtedness attributable to the
acquisition, construction or improvement of those assets. When there are significant unspent
bond proceeds, the portion of related debt is not to be included in the calculation of this item.
Instead, that portion of the debt is included in the net assets restricted for capital projects
component as an offset to the related unspent bond proceeds.
Net assets restricted for debt service represents amounts restricted for payments related to
outstanding revenue bonds.
The District had income before capital contributions of $3.9, $2.3, and $9.3 million for the years
ended December 31, 2005, 2004 and 2003, respectively. Changes in the District's net assets can
be determined by reviewing the following Condensed Revenues, Expenses, and Changes in Net
Assets for the year.
Page 6
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
DISTRICT HIGHLIGHTS (cont.)
Condensed Revenues, Expenses, and Changes in Net Assets
Increase
Decrease)
2005 2004 2003 2005-2004
Sales to consumers 23,881,041 $ 22,778,873 $ 20,765,148 $ 1,102,168
Other operating revenues 805,544 1,392,155 1,224,277 586,611)
Total Operating Revenues 24,686,585 24,171,028 21,989,425 515,557
Operating expenses 20,121,360 19,334,790 16,674,456 786,570
Operating Income(Loss) 4,565,225 4,836,238 5,314,969 271,013)
Non-operating revenues (expenses) 676,877)2,008,275) 3,937,941 1,331,398
Income(loss)before
capital contributions 3,888,348 2,827,963 9,252,910 1,060,385
Capital contributions, net 2,790,931)3,901,235) 974,408) 1,110,304
Change in net assets 1,097,417 1,073,272) 8,278,502 2,170,689
NET ASSETS, Beginning of Year 19,422,339 20,495,611 12,217,109 1,073,272)
NET ASSETS, END OF YEAR 20,519,756 $ 19,422,339 $ 20,495,611 $ 1,097,417
Sales to consumers were $23.9 million in 2005 and $22.8 million in 2004. The overall increase of
1.1 million (or 4.8%) is primarily due to electric and water rate increases to pay for increased
operating costs and growth in customers. Sales to consumers were $20.8 million in 2003. The
overall increase from 2003 to 2004 is primarily due to electric and water rate increases to pay for
increased operating costs and growth in customers
Total operating expenses were $20.1 million in 2005 and $19.3 million in 2004. The overall
increase of $787,000 in operating expenses is due primarily to residual effects of changing
benefit plans in 2004. Total operating expenses were $16.7 million in 2003. The overall increase
of $2.7 million in operating expenses in 2004 from 2003 is due primarily to increased purchased
power costs due to growth, as well as increased operating costs and depreciation expense. Non-
operating revenues/expenses decreased $1.3 million in 2005 primarily due to an increase in
interest on investments and a gain on sale of surplus property. Non-operating revenues
decreased $5.9 million in 2004 from 2003 primarily due to the sale of capital assets for $5.3
million in 2003, and an increase in interest expense related to new borrowings in 2004.
Page 7
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
DISTRICT HIGHLIGHTS (cont.)
Capital contributions decreased from a net outflow of $3.9 million in 2004 to a net outflow of
2.8 million in 2005, primarily due to the completion of the Donner Lake project in 2005 and the
capital projects completed and contributed out from Gray's Crossing and Old Greenwood
Community Facilities Districts in 2004. Capital contributions increased from a net outflow
1.0 million in 2003 to a net outflow of $3.9 million in 2004 primarily due to contributions
received in 2003 related to construction at the Donner Lake Assessment District and Glenshire
water systems and the capital projects completed and contributed out from Gray's Crossing and
Old Greenwood Community Facilities Districts in 2004.
CAPITAL ASSETS
As of December 31, 2005, 2004 and 2003, the District had $70.6, $66.6, and $61.7 million,
respectively, invested in a variety of capital assets, net of accumulated depreciation. A summary
of capital assets is reflected in the following schedule.
2005 2004 2003
Electric distribution 20,884,302 $ 19,660,201 $ 19,506,360
Water distribution 57,086,129 46,313,905 42,811,920
General plant 9,969,072 8,929,095 8,939,989
Sub-totals 87,939,503 74,903,201 71,258,269
Less: Accumulated depreciation 22,702,608) 20,852,855) 18,187,169)
65,236,895 54,050,346 53,071,100
Construction work in progress 4,982,613 12,093,223 8,198,515
Land held for future use 430,100 430,100 430,100
TOTALS 70,649,608 $ 66,573,669 $ 61,699,715
Net capital assets (additions, less retirements and depreciation) at December 31, 2005 increased
4.1 million (or 6.2%) from December 31, 2004 and net capital assets at December 31, 2004
increased $4.9 million (or 8.0%) from December 31, 2003. The increases in both years have
been due primarily to the electric and water plant additions for new development within the
District's service area.
LONG-TERM DEBT
Long-term debt includes revenue bonds and notes payable. At December 31, 2005, 2004 and
2003, the District had $97.0 million, $78.4 million and $56.1 million, respectively, in long-term
debt outstanding, including current maturities.
Page 8
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT'S DISCUSSION AND ANALYSIS
December 31, 2005 and 2004
LONG-TERM DEBT (cont.)
In July 2005, the Gray's Crossing Community Facilities District issued the second in a series of
two bondings for $19.2 million in special tax bonds, the proceeds of which are to be used to
acquire certain infrastructure assets,within a new development within the District's service area.
In October 2004, the Gray's Crossing Community Facilities District issued $15.4 million in special
tax bonds, the proceeds of which were used to acquire certain infrastructure assets within a new
development within the District's service area.
In April 2004, the District obtained $9.0 million in financing from a State Revolving Fund Loan,
the proceeds of which are being used in the replacement of the Donner Lake Water System. An
additional $2.9 million was drawn on this loan in 2005 and an additional $1.0 million in 2006.
CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT
The financial report is designed to provide readers with a general overview of the District's
finances and to demonstrate the District's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact Truckee Donner
Public Utility District, Attn: Finance Department, P.O. Box 309, Truckee, CA 96160.
Page 9
Consolidating Balance Sheets — 2005 Follows
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED BALANCE SHEETS
December 31, 2005 and 2004
ASSETS
2005 2004
CURRENT ASSETS
Funds
Operating 5,505,857 $ 5,378,547
Designated 1,423,687 1,295,728
Restricted 3,103,567 3,032,286
Total Funds 10,033,111 9,706,561
Accounts receivable, net 3,385,655 2,628,116
Unbilled revenues 1,747,644 1,506,002
Accrued interest receivable 221,996 145,019
Materials, supplies and fuel inventory 793,263 548,081
Prepaid expenses 201,196 246,134
Other 9,692 7,117
Total Current Assets 16,392,557 14,787,030
NON-CURRENT ASSETS
Restricted funds 28,604,486 14,738,978
Special assessments receivable 10,125,905 10,591,683
Deferred charges
Unamortized debt expense 1,716,014 1,693,308
Other 1,086,496 1,165,596
Total Non-Current Assets 41,532,901 28,189,565
CAPITAL ASSETS
Utility plant 87,840,290 72,159,526
Accumulated depreciation 22,702,610) (20,852,859)
Construction work in progress 5,081,826 14,836,902
Land held for future use 430,100 430,100
Total Utility Plant 70,649,606 66,573,669
TOTAL ASSETS 128,575,064 $ 109,550,264
Page 10
LIABILITIES AND NET ASSETS
2005 2004
CURRENT LIABILITIES
Other Liabilities
Accounts payable 1,687,186 $ 3,505,718
Customer deposits 190,333 196,031
Other 554,358 496,256
Total Other Liabilities 2,431,877 4,198,005
Current Liabilities Payable From Restricted Assets
Current portion of long-term debt 3,651,400 3,499,570
Accrued interest payable 1,521,494 1,224,648
Total Current Liabilities Payable from Restricted Assets 5,172,894 4,724,218
Total Current Liabilities 7,604,771 8,922,223
NON-CURRENT LIABILITIES
Long-term debt, net of discounts and premiums 89,643,950 70,615,319
Installment loans 3,702,820 4,278,814
Deferred revenues 7,103,767 6,311,569
Total Non-Current Liabilities 100,450,537 81,205,702
Total Liabilities 108,055,308 90,127,925
NET ASSETS
Invested in capital assets, net of related debt 14,486,509 24,870,432
Restricted for debt service 14,808,782 16,659,153
Unrestricted (Deficit) 8,775,535) (22,107,246)
Total Net Assets 20,519,756 19,422,339
TOTAL LIABILITIES AND NET ASSETS 128,575,064 $ 109,550,264
See accompanying notes to financial statements.
Page 11
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
Years Ended December 31, 2005 and 2004
2005 2004
OPERATING REVENUES
Sales to customers 23,881,041 $ 22,778,873
Construction fees 572,846
Standby fees 205,659 221,500
Other 599,885 597,809
Total Operating Revenues 24,686,585 24,171,028
OPERATING EXPENSES
Purchased power 8,279,662 8,269,483
Operations and maintenance 5,130,152 4,649,682
Consumer services 846,494 877,303
Administration and general 3,219,632 2,835,750
Depreciation 2,645,420 2,702,572
Total Operating Expenses 20,121,360 19,334,790
Operating Income 4,565,225 4,836,238
NON-OPERATING REVENUE (EXPENSES)
Special tax revenue 1,128,475 354,706
Investment income 1,224,482 627,316
Interest expense 3,170,288) (2,887,732)
Amortization 143,715) (102,906)
Gain on disposition of assets 411,370 341
Loss on early retirement of assets 127,201)
Total Non-Operating Expenses 676,877) (2,008,275)
Income Before Contributions 3,888,348 2,827,963
CAPITAL CONTRIBUTIONS 2,790,931) (3,901,235)
CHANGE IN NET ASSETS 1,097,417 (1,073,272)
NET ASSETS- Beginning of Year 19,422,339 20,495,611
NET ASSETS-END OF YEAR 20,519,756 $ 19,422,339
See accompanying notes to financial statements.
Page 12
Consolidating Statements of Cash Flows
Follows
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2005 and 2004
CASH FLOWS FROM OPERATING ACTIVITIES
2005 2004
Received from customers 24,566,515 $ 22,210,386
Paid to suppliers for goods and services 15,816,638) (8,829,639)
Paid to employees for services 3,840,157) (4,098)633)
Net Cash Flows from Operating Activities 4,909,720 9,282,114
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Principal payments on long-term debt 2,320,000) (1,695,000)
Interest payments on long-term debt 1,123,550) (1,1211310)
Net Cash Flows from Noncapital Financing Activities 3,443,550) (2,816,310)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital expenditures for utility plant 4,854,375) (11,837,064)
Cost of disposal of property 44,608)
Proceeds from sale of land 411,370 180,242
Capital contributions, connection and facility fees 3,656,655 755,199
Special assessments receipts 517,063 474,999
Capital contributed to developers 6,778,828) 374,451)
Special tax receipts 687,431
Debt issuance costs 465,834)
Proceeds from issuance of new debt 22,400,841 25,012,223
Principal payments on long-term debt 1,179,570) (10,916,200)
Interest payments on long-term debt 2,769,192) (1,6551265)
Cash Flows From Capital and Related Financing Activities 11,580,953 1,639,683
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 1,144,935 627,317
Cash Flows from Investing Activities 1,144,935 627,317
Net Change in Cash and Cash Equivalents 14,192,058 8,732,804
CASH AND CASH EQUIVALENTS—Beginning of Year 23,637,069 14,904,265
CASH AND CASH EQUIVALENTS—END OF YEAR 37,829,127 $ 23,637,069
NONCASH CAPITAL AND INVESTING ACTIVITIES
Developer and customer added capital assets 1,702,889 $ 2,627,306
Broadband lease 154,860
Capital assets constructed for others 7,283,740)
Page 13
2005 2004
RECONCILIATION OF OPERATING INCOME TO NET CASH
FLOWS FROM OPERATING ACTIVITIES
Operating income 4,565,225 $ 4,836,238
Noncash Items Included in Operating Income
Depreciation and amortization 2,645,420 2,781,672
Depreciation charged to other accounts 179,432
Changes in assets and liabilities
Accounts receivable and unbilled revenues 114,372) 520,376)
Materials, supplies and fuel inventory 245,182) 3,589
Prepaid expenses and other current assets 124,038 129,745
Accounts payable 2,297,244)1,747,134
Deferred revenue 419,801
Customer deposits 5,698) 43,653)
Accrued payroll 58,101 72,036)
NET CASH FLOWS FROM OPERATING ACTIVITIES 4,909,720 $ 9,282,114
RECONCILIATION OF CASH AND CASH EQUIVALENTS TC
THE BALANCE SHEET
Operating 5,505,857 $ 5,378,547
Designated 1,423,687 1,295,728
Restricted bond funds-current 3,103,567 3,032,286
Restricted bond funds-non-current 28,604,486 14,738,978
Total Cash and Investments 38,637,597 24,445,539
Less: Long-term Investments 808,470) 808,470)
TOTAL CASH AND CASH EQUIVALENTS 37,829,127 $ 23,637,069
See accompanying notes to financial statements.
Page 14
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
The Truckee Donner Public Utility District (the District) was formed and operates under the State
of California Public Utility District Act. The District is governed by a board of directors which
consists of five elected members. The District provides electric and water service to portions of
Nevada and Placer counties described as Truckee and Donner Lake. The electric and water
service operations are separately maintained and operated. These financial statements reflect
the combined electric and water operations of the District. All significant transactions between
electric and water operations have been eliminated. These eliminations include power purchases
and rent for shared facilities.
The District's blended component units consist of organizations whose respective governing
Boards are comprised entirely of the members of the District's Board of Directors. These
organizations are reported as if they are a part of the District's operations. The entities are
legally separate, however in the case of the Truckee Donner Public Utility District Financing
Corporation, financial support has been pledged and financial and operational policies may be
significantly influenced by the District. Following is a description of the District's blended
component units:
Truckee Donner Public Utility District Financing Corporation: legal entity created to issue and
administer Certificates of Participation on behalf of the District. See note 5.
Truckee Donner Public Utility District Community Facilities District No. 03-1 (Old Greenwood):
legal entity created to issue special tax bonds to finance various public improvements needed to
develop property located within Old Greenwood. See note 7.
Truckee Donner Public Utility District Community Facilities District No. 04-01 (Gray's Crossing):
legal entity created to issue special tax bonds to finance various public improvements needed to
develop property located within Gray's Crossing. See note 7.
Separate standalone financial statements are not available for the blended component units
described above. Unless noted, disclosures relating to the component units are the same as for
the District.
B. ACCOUNTING POLICIES
The financial statements of Truckee Donner Public Utility District (District) have been prepared in
conformity with accounting principles generally accepted in the United States of America. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
The financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized
when earned and expenses are recorded when the liability is incurred or economic asset used.
Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and
exchange-like transactions are recognized when the exchange takes place.
The district follows all pronouncements of the Governmental Accounting Standards Board, and
has elected not to follow Financial Accounting Standards Board pronouncements issued after
November 30, 1989.
Page 15
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
C. USE OF ESTIMATES
Preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates.
D. DESIGNATED ASSETS
The board has designated certain resources for future capital projects, replacements and
operational needs.
E. RESTRICTED ASSETS
Restricted assets are assets restricted by the covenants of long-term financial arrangements or
other third party legal restrictions. Restricted assets are used in accordance with their
requirements and where both restricted and unrestricted resources are available for use,
restricted resources are used first and then unrestricted as they are needed.
F. ACCOUNTS RECEIVABLE
Accounts receivable are reported net of allowances of $30,521 and $50,584 for 2005 and 2004,
respectively.
G. MATERIALS AND SUPPLIES
Materials and supplies are recorded at average cost.
H. UNAMORTIZED FINANCING COSTS
Certain costs related to borrowing funds are amortized over the term of the related borrowings.
1. SPECIAL ASSESSMENT RECEIVABLE
Special assessments represent amounts due from property owners within the Donner Lake
Assessment District for improvements made by the District pursuant to an agreement with the
property owners to improve their water quality as discussed in Note 8.
Page 16
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
J. CAPITAL ASSETS
Capital assets are generally defined by the district based on assembly units and having an
estimated useful life in excess of one year.
Capital assets of the District are stated at the lower of cost or the fair market value at the time of
contribution to the District. Major outlays for plant are capitalized as projects are constructed.
Depreciation on capital assets is calculated using the straight-line method over the estimated
useful lives of the assets, which are as follows:
Distribution Plant
Water 20-40 years
Electric 23-35 years
Computer software and hardware 4-5 years
Buildings and improvements 20-33 years
Equipment and furniture 10 years
It is the District's policy to capitalize interest paid on debt incurred for significant construction
projects while those projects are under construction, less any interest earned on related unspent
debt proceeds. In 2005 and 2004, interest was capitalized in connection with the Gray's Crossing
Community Facility District.
K. COMPENSATED ABSENCES
Under terms of employment, employees are granted sick leave and vacations in varying
amounts. Only benefits considered to be vested are disclosed in these statements. Vested
vacation and sick leave pay is accrued when earned in the financial statements. The liability is
liquidated from general operating revenues of the utility.
L. REVENUE RECOGNITION
Revenues are recorded as meters are read on a cycle basis throughout each month for electric
and commercial water. Other water customers are billed on a flat-rate basis, and revenues are
recorded as billed. Also, the District records estimated revenues earned but not billed to
customers as of the end of the year. Revenues from connection fees are recognized upon
completion of the connection. Income that the District has earned through investing its excess
cash is reflected within income from investments when earned.
M. REVENUE AND EXPENSE CLASSIFICATION
The District distinguishes operating revenues and expenses from non-operating items in the
preparation of its financial statements. Operating revenues and expenses generally result from
providing water and electric services in connection with the District's principal ongoing
operations. The principal operating revenues are sales to customers. The District's operating
expenses include power purchases, labor, materials, services, and other expenses related to the
delivery of water and electric services. All revenues and expenses not meeting this definition are
reported as non-operating revenues and expenses, or capital contributions.
Page 17
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
N. POWER PURCHASES AND TRANSMISSION
On March 7, 2003, the District entered into a power purchase agreement with Constellation
Power Source, Inc. (CPS), under which CPS will supply the District's power needs through 2007.
This power supply replaces the interim power being provided to the District by IDACORP Energy
L.P. under the terms of the related settlement agreement. The agreement with CPS provides for
a block purchase of power at $49.95 per megawatt hour designed to cover the District's
projected monthly power requirements. In addition, the agreement contains call and put options
to provide the District with the flexibility to buy additional power or sell excess power, depending
upon the District's actual monthly load requirements.
Beginning January 1, 2005, the District entered into a membership agreement with the Western
Area Power Administration (WAPA). In accordance with this agreement, the District is entitled to
an allocation of power generated by the WAPA system. Because delivery of this power to the
District is difficult, the District has assigned this power to its third party power scheduler. The
scheduler then uses the value of this "banked" power to offset period peak power purchases
above the CPS allotment.
In 1999, the District entered into an agreement with Sierra Pacific Power Company (SPPC),
whereby SPPC will provide transmission services to the District through December 31, 2027. In
addition, the District purchases scheduling and dispatch services from Northern California Power
Agency. These purchases of services represented 9.1% and. 10.3% of total purchased power
costs in 2005 and 2004, respectively.
In December of 2005 the District entered into an agreement with the Utah Associated Municipal
Power System (UAMPS) under which UAMPS will supply the District with a fixed amount of
power capacity and energy each month for the period January 1, 2008 through March 24, 2009
to replace energy contracts expiring with CPS.
O. INCOME TAXES
As a government agency, the District is exempt from payment of federal and state income taxes.
P. TAX REVENUES
Beginning in 2004, the District levies ad valorem property tax on all the taxable property within
the Old Greenwood Community Facility District in an amount sufficient to pay the yearly principal
and interest on the Special Assessment District Tax Bonds (see note 5). The District had
revenues of$724,835 in 2005 and $354,706 in 2004.
Beginning in 2005, the District levies ad valorem property tax on all taxable property within the
Gray's Crossing Community Facility District in an amount sufficient to pay the yearly principal
and interest on the Special Assessment District Tax Bonds(see note 5). The District had
revenues of$403,640 in 2005.
Taxes are assessed based on the county tax year ending June 30, resulting in deferred revenue
for each of the community facility districts.
Page 18
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 1 —ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Q. CONTRIBUTED CAPITAL ASSETS
A portion of the District's capital assets have been obtained through amounts charged to
developers for plant constructed by the District; direct contributions of capital assets from
developers and other parties; as well as assessments of local property owners. These items are
recognized within capital assets as construction is completed for plant constructed by the District
based on the cost of the items, when received for contributed capital assets based on the actual
or estimated fair value of the contributed items, or upon completion of the related project for
development agreements. The District records amounts received within capital contributions
when a legally enforceable claim is established. Until the District meets the criteria to record the
amounts described above as capital contributions, any amounts received are recorded within
deferred revenue on the balance sheet.
During 2005 and 2004, the Gray's Crossing Community Facility District contributed $7,412,132
and $6,917,740 to the District and other government entities. The contribution out from Gray's
Crossing Community Facility District has been netted with capital contributions on the
accompanying statement of revenues, expenses, and changes in net assets.
During 2005 and 2004, the Old Greenwood Community Facility District contributed $385,645 and
366,000, respectively, to the District and other government entities. The contribution out from
the Old Greenwood Community Facility District has been netted with capital contributions on the
accompanying statement of revenues, expenses, and changes in net assets.
R. ACCOUNTING PRONOUNCEMENTS NOT YET IMPLEMENTED
In July 2004, the GASB issued Statement No. 45, Accounting and Financial Reporting by
Employers for Postemployment Benefits Other Than Pensions. Statement No. 45 establishes
standards for the measurement, recognition, and display of other postemployment benefits
OPEB) expense/expenditures and related liabilities and/or assets, note disclosures, and, if
applicable, required supplementary information in the financial reports of state and local
governmental employers. OPEB includes postemployment healthcare, as well as other forms of
postemployment benefits (for example, life insurance) when provided separately from a pension
plan. The adoption of Statement No. 45 is effective for the District beginning fiscal year 2008.
The District is evaluating the impact that Statement No. 45 will have on the financial position and
operations of the District as a result of implementing this standard.
S. COMPARATIVE DATA
Certain amounts presented in the prior year data have been reclassified in order to be consistent
with the current year's financial presentation.
Page 19
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS
Cash and investments are recorded in accounts as either restricted or unrestricted as required
by the District's certificates of participation indentures or other third-party legal restrictions.
Restricted assets represent funds that are restricted by certificates of participation covenants or
third party contractual agreements. Assets that are allocated by resolution of the board of
directors are considered to be board designated assets. Board designated assets are a
component of unrestricted assets as their use may be redirected at any time by approval of the
Board. Upon Board approval, assets from designated accounts may be used to fund capital
projects. These designated accounts are replenished with lost earnings accordingly. Such
accounts have been designated by the board of directors for the following purposes:
Building Fund
In compliance with Board rules, the District maintains a building fund to pay for capital
improvements to the District office complex.
Storm Damage Fund
The District maintains a designated fund to provide for storm damages that may occur in the
future.
Electric Rate Reserve
In compliance with Board rules, the District has created an electric rate stabilization fund in
anticipation of future costs. During both 2005 and 2004, there was no utilization of these
funds to offset increased power costs in lieu of raising electric rates.
Reserve for Future Meters
Prior to 1992, connection fees charged to applicants for water service included an amount,
which was maintained in a designated fund, to offset the cost of future metering. As meters
are installed, these funds are used to pay for related costs.
Prepaid Connection Fees
In compliance with Board rules, the District has set aside prepaid connection fees to cover
installation costs of water services within specified subdivisions.
Land Sale Trust Fund
The District's Board has set aside certain funds from the sale of surplus properties to pay for
future capital improvement projects.
Page 20
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS (cont.)
As of December 31, board designated accounts consisted of the following:
2005 2004
Building fund 268,076 $ 274,202
Storm damage fund 331,581 323,052
Electric rate reserve 452,512 440,870
Reserve for future meters 270,210 184,739
Prepaid connection fees 73,755 72,865
Land sale trust fund 27,553
Totals 1,423,687 $ 1,295,728
Certain assets have been restricted by certificates of participation covenants or third party
contractual agreements for the following purposes:
Certificates of Participation: Electric
The terms of the Electric Division's Certificates of Participation require a reserve fund as
security for each principal and interest payment as they come due. A reserve fund is set
aside for the highest annual principal and interest payment over the life of the borrowed
amount. All of these reserve funds are held by BNY Western Trust Company.
Certificates of Participation: Water
The terms of the Water Division's Certificates of Participation require a restricted fund to
provide for payment of principal and interest as they come due. The Water Division's
Certificates of Participation debt funds are held by BNY Western Trust Company.
Facilities Fees
The District charges facilities fees to applicants for new service to cover the costs of
infrastructure needed to meet their systems demand. The use of such funds is restricted by
California state law.
Department of Water Resources (DWR) Prop 55 Reserve Fund
Regulations relating to the Department of Water Resources loan require the accumulation of
a reserve fund as security for each principal and interest payment as they come due. The
total reserve fund equals two semi-annual payments. These funds will be set aside for the life
of the borrowed amount. All of the reserve funds are invested in the State of California Local
Agency Investment Fund.
Page 21
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS (cont.)
Glenshire Escrow Accounts
As described in more detail in note 10, the District received cash as part of its acquisition of
the Glenshire water system and from a monthly surcharge paid by residents. The terms of the
acquisition agreement specify that the cash be utilized for the construction of improvements
to the Glenshire water system. The funds are being used to pay the debt service costs
related to improvements.
Donner Lake Special Assessment District Improvement Fund
The District established the Donner Lake Special Assessment District Improvement Fund to
account for all funds received from the Special Assessment Receivable, which will be used to
pay the debt service costs related to the Donner Lake Water System project.
Old Greenwood Construction Fund
During 2003, the Old Greenwood Community Facilities District issued $12,445,000 of Special
Tax bonds to finance various property improvements within Old Greenwood. The District
established the Old Greenwood Construction Fund to account for the unspent bond proceeds.
The District is allowed to draw upon such funds as valid construction costs are incurred.
Gray's Crossing Project Fund
During 2004, the Gray's Crossing Community Facilities District issued $15,375,000 of Special
Tax bonds to finance various property improvements with Gray's Crossing. Additional bonds
of $19,155,000 were issued in 2005. The District established the Gray's Crossing Project
Fund to account for the unspent bond proceeds. The District is allowed to draw upon such
funds as valid construction costs are incurred.
Equipment Loans Escrow Accounts
During 2005 and 2004, the District obtained loans to purchase various capital equipment. As
the District receives loan funds, the proceeds are held in escrow until qualified purchases are
made. The District intends to use funds remaining in escrow for future purchases of capital
equipment.
Other (Area Improvement Funds)
The District receives funds from the County of Nevada, which are to be used only for
improvements to specific areas within the District's boundaries in Nevada County. These
areas include various Nevada County assessment districts.
When both restricted and unrestricted resources are available for use, it is the district's policy
to use restricted resources first, then unrestricted resources as they are needed.
Page 22
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS (cont.)
As of December 31, restricted cash and cash equivalents and investments consisted of the
following:
2005 2004
Certificates of participation 9,298,300 $ 7,158,078
Facilities fees 3,410,386 2,447,104
DWR-Prop 55 reserve fund 305,918 275,358
Glenshire escrow accounts 98,054 81,361
Donner Lake Special Assessment District
Improvement Fund 2,896,845 1,201,328
Old Greenwood Construction fund 1,264 384,642
Gray's Crossing Project Fund 15,377,777 5,677,129
Equipment loans escrow accounts 156,193 387,154
Other(area improvement funds) 163,316 159,110
Total Restricted Cash and Cash
Equivalents and Investments 31,708,053 $ 17,771,264
Cash and investments are comprised of the following cash and cash equivalents and investments
as of December 31:
2005 2004
Cash and cash equivalents 37,829,127 $ 23,637,068
Investments—repurchase agreement 808,470 808,470
Totals 38,637,597 $ 24,445,538
Cash and cash equivalents of $37,829,127 and $23,637,068 at December 31, 2005 and 2004,
respectively, consist primarily of investments in the state pooled fund and US Treasury notes.
For purposes of the statements of cash flows, the District considers all highly liquid instruments
with original maturities of three months or less to be cash equivalents.
The District follows GASB No. 31, Accounting and Financial Reporting for Certain Investments
and for External Investment Pools. This statement establishes fair value standards for recording
investments. The recorded amount for the District's investments approximated their fair values
as of December 31, 2005 and 2004.
Page 23
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS (cont.)
INVESTMENTS AUTHORIZED BY THE DISTRICT'S INVESTMENT POLICY
The District's investment policy only authorizes investment in the local government investment
pool administered by the State of California ("LAIF"). The District's investment policy does not
contain any specific provisions intended to limit the District's exposure to interest rate risk, credit
risk, and concentration of credit risk. At December 31, 2005 the District's deposits and
investments were held as follows:
Deposits 550,579
LAIF 15,064,201
Money Market Mutual Funds 22,214,347
Repurchase Agreement 808,470
Total 38,637,597
DISCLOSURES RELATING TO INTEREST RATE RISK
Interest rate risk is the risk that changes in the market interest rates will adversely affect the fair
value of an investment. Generally, the longer the maturity of an investment, the greater the
sensitivity of its fair value to changes in market interest rates. As of year end, the weighted
average maturity of the investments contained in investment pools and money market mutual
funds is as follows:
LAI F 138 days
Fidelity Tax Exempt Daily MMF 28 days
Federated U.S. Treasury Cash Reserve 43 days
The district also has one repurchase agreement at year end for $808,470, at 6.31%, due on
11/15/2021 and backed by U.S. Agency securities.
DISCLOSURES RELATING TO CREDIT RISK
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the
holder of the investment. This is measured by the assignment of a rating by a nationally
recognized statistical rating organization. LAIF does not have a rating provided by a nationally
recognized statistical rating organization. The Fidelity Tax Exempt Daily MMF is also not rated.
The Federated U.S. Treasury Cash Reserve is rated AAAm by S&P and Aaa by Moody's. The
U.S. Agency securities pledged as security for the repurchase agreement are not rated but are
implicitly backed by the U.S government.
Page 24
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 2—CASH AND INVESTMENTS (cont.)
CUSTODIAL CREDIT RISK
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository
financial institution, a government will not be able to recover its deposits or will not be able to
recover collateral securities that are in the possession of an outside party. The California
Government Code and the District's investment policy do not contain legal or policy requirements
that would limit the exposure to custodial credit risk for deposits, other than the following for
deposits: The California Government Code requires that a financial institution secure deposits
made by state or local governmental units by pledging securities in an undivided collateral pool
held by a depository regulated under state law (unless waived by the government unit). The
market value of pledged securities in the collateral pool must equal at least 110% of the total
amount deposited by the public agencies.
As of December 31, 2005 and 2004 all deposits were fully insured or collateralized.
The custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty (e.g., broker/dealer) to a transaction, a government will not be able to recover the
value of its investment or collateral securities that are in the possession of another party. The
California Government Code and the District's investment policy do not contain legal or policy
requirements that would limit the exposure to custodial credit risk for investments. With respect
to investments, custodial credit risk generally applies only to direct investments in marketable
securities. Custodial credit risk does not apply to a local government's indirect investment in
securities through the use of money market mutual funds or governmental investment pools
such as LAIF. The securities underlying the repurchase agreement are held by the counterparty
in the district's name.
INVESTMENT IN STATE INVESTMENT POOL
The District is a voluntary participant in the Local Agency Investment Fund (LAIF) that is
regulated by the California Government Code under the oversight of the Treasurer of the State of
California. The fair value of the District's investment in this pool is reported in the accompanying
financial statements at amounts based upon the District's pro-rata share of the fair value
provided by the LAIF for the entire LAIF portfolio (in relation to the amortized cost of the
portfolio). The balance available for withdrawal is based on the accounting records maintained
by the LAIF, which are recorded on an amortized cost basis.
Page 25
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 3—CAPITAL ASSETS
Capital assets consist of the following at December 31, 2005 and 2004:
January 1, December 31,
2005 Additions Reductions 2005
Electric distribution facilities 19,660,201 $ 1,400,692 $ (176,591) $ 20,884,302
Water distribution facilities 43,570,230 13,731,447 314,761) 56,986,916
General plant 8,929,095 1,055,928 15,951) 9,969,072
72,159,526 16,188,067 507,303) 87,840,290
Less:Accumulated depreciation 20,852,859)2,843,784) 994,033 22,702,610)
Construction work in progress 14,836,902 4,808,149 14,563,225) 5,081,826
Land held for future use 430,100 430,100
Totals 66,573,669 $ 18,152,432 $ (14,076,495) $ 70,649,606
January 1, December 31,
2004 Additions Reductions 2004
Electric distribution facilities 19,506,360 $ 209,218 $ (55,377) $ 19,660,201
Water distribution facilities 42,811,920 761,357 3,047) 43,570,230
General plant 8,939,989 79,584 90,478) 8,929,095
71,258,269 1,050,159 148,902) 72,159,526
Less:Accumulated depreciation 18,187,169)2,814,592) 148,902 20,852,859)
Construction work in progress 8,198,515 10,211,394 3,573,007) 14,836,902
Land held for future use 430,100 430,100
Totals 61,699,715 $ 8,446,961 $ (3,573,007) $ 66,573,669
As of December 31, 2005 and 2004, the plant in service included $1,917,852 and $1,726,146 of
land, respectively, which is not being depreciated.
A portion of the plant has been contributed to the District. When replacement is needed, the
District replaces the contributed plant with District-financed plant.
During 2005 and 2004, the District capitalized $887,758 and 395,897 respectively of interest in
connection with the Gray's Crossing Community Facility District and Donner Lake system
improvements.
Page 26
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 4—TELECOMMUNICATION SERVICES
During 1999, the District initiated a project to expand their basic service offerings to include
internet access, cable television and voice delivered over fiber optic networks (the broadband
project). The District has completed the broadband design project and obtained the necessary
regulatory approvals, franchises and contractors needed to construct and launch the broadband
project. The District has also contracted with Eagle Broadband for the purchase of video and
data content, to be sold and delivered to District customers upon completion of the fiber optic
network. Expenses incurred by the District to date on the broadband project total $2,419,024 of
which $553,534 is included in capital assets on the accompanying balance sheet. During 2005
and 2004, expenditures for this project, mainly related to legal, financing, and charges for District
labor and overhead were $421,398 and $610,715, respectively, none of which were capitalized.
Cebridge Connections (Cebridge), a local telecommunications service provider, filed an objection
in September 2004 with the Local Agency Formation Commission (LAFCO), the entity
responsible for providing regulatory approval for the broadband project. The permit authority
denied the request for reconsideration, resulting in Cebridge filing a lawsuit against LAFCO. The
District was not named in the lawsuit. A ruling on the lawsuit was received in January 2006.
LAFCO prevailed on all portions of Cebridge's claim. Since that time Cebridge has filed an
appeal. The District's Board may still consider moving forward with financing and construction of
the project.
Page 27
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 5—LONG-TERM DEBT
Long-term debt consisted of the following at December 31, 2005 and 2004:
January 1, December 31, Due within
2005 Additions Reductions 2005 one year
Certificates of Participation—
Electric,2.5%to 5.75%,
due serially to 2013(net of
unamortized premiums of
366,962). 25,026,422 $ 2,409,460) $ 22,616,962 $ 2,385,000
State Revolving Fund Loan—
Water,2.34%,due semi-annually
beginning in 2006 to 2026. 8,939,961 2,883,483 11,823,444 251,450
Special Tax Bonds—Mello
Roos,2.25%to 5.7%,due
serially to 2013(net of
unamortized discounts of
145,620). 12,292,478 3,099) 12,289,379 25,000
Special Tax Bonds—Mello
Roos,3.25%to 5.7%,due
due serially to 2035(net of
uamortized discounts of
330,872). 15,014,422 29,706 15,044,128
Special Tax Bonds—Mello
Roos, 3.50%to 5.50%,due
due serially to 2035(net of
uamortized discounts of
247,196). 18,907,803 18,907,803
Certificates of Participation—
Water,5.25%to 5.4%,
due serially to 2021 (net of
umamortized discounts of
30,172). 8,761,583 3,246 330,000)8,434,829 350,000
Department of Water Resources,
3.18%,due semiannually to
2021,secured by real
and personal property. 3,912,009 183,673)3,728,336 189,482
Installment loans,5.4%to 6.23%,
various payment terms and
due dates,secured by
equipment. 4,446,828 362,357 655,896)4,153,289 450,467
Totals 78,393,703 $ 22,186,595 $ (3,582,128) $ 96,998,170 $ 3,651,400
Page 28
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 5— LONG-TERM DEBT (cont.)
January 1, December 31, Due within
2004 Additions Reductions 2004 one year
Certificates of Participation—
Electric,2.5%to 5.75%,
due serially to 2013(net
unamortized premiums of
456,422). 26,816,606 $ 1,790,184) $ 25,026,422 $ 2,320,000
State Revolving Fund Loan—
Water,2.34%,due semi-annually
beginning in 2006 to 2026. 8,939,961 8,939,961
Special Tax Bonds—Mello
Roos,2.25%to 5.7%,due
serially to 2013(net
unamortized discounts of
152,522). 12,287,705 4,773 12,292,478 10,000
Special Tax Bonds—Mello
Roos,3.25%to 5.7%,due
serially to 2035(net
unamortized discounts of
360,578). 15,014,422 15,014,422
Certificates of Participation—
Water, 5.25%to 5.4%,
due serially to 2021 (net
umamortized discounts of
33,417). 9,073,223 3,360 315,000)8,761,583 330,000
Department of Water Resources,
3.18%,due semiannually to
2021,secured by real
and personal property. 4,089,803 177,794)3,912,009 183,603
Installment loans,5.4%to 6.23%,
various payment terms and
due dates,secured by
equipment. 3,832,394 1,057,840 443,406)4,446,828 655,967
Totals 56,099,731 $ 25,020,356 $(2,726,384) $ 78,393,703 $ 3,499,570
On April3, 2003, the District issued $26,265,000 of Certificates of Participation, the net
proceeds of which were utilized to pay the amounts due to IDACORP for the purchase power
contract settlement fees, as well as to cover the associated costs of issuance. The terms of the
new Certificates call for debt service payments to be made only from the net revenues of the
Electric Division. These revenues are required to be a least equal to 120% of the debt service for
each year.
Page 29
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 5—LONG-TERM DEBT (cont.)
During April 2004, the District obtained financing in the form of a State Revolving Fund Loan, the
proceeds of which are to be utilized in the replacement of the Donner Lake water system. The
District may submit expenditures to the State for reimbursement up to $12,732,965. The semi-
annual principal and interest payments will be $400,426 and commence in 2006. The District is
also required to fund a reserve account by making semi-annual reserve payments in the amount
of $40,043 for a 10-year period. The outstanding balance of$11,823,444 was largely used to pay
off the temporary lines of credit obtained in 2001 and 2002 to fund the Donner Lake project.
During December 2003, the Old Greenwood Community Facilities District issued $12,445,000 of
Special Tax Bonds, the net proceeds of which were utilized to finance various public
improvements for property within Old Greenwood. The terms of the Special Tax Bonds call for
debt service payments to be provided solely by taxes levied on and collected from the owners of
the taxable land within Old Greenwood. The bonds are secured by land located within Old
Greenwood.
During 2004 and 2005 respectively, the Gray's Crossing Community Facilities District issued
15,375,000 and $19,155,000 of Special Tax Bonds, the net proceeds of which were utilized to
finance various public improvements for property within Gray's Crossing (see note 8). The terms
of the Special Tax Bonds call for debt service payments to be provided solely by taxes levied on
and collected from the owners of the taxable land within Gray's Crossing. The bonds are secured
by land located within Gray's Crossing.
During 1996, Truckee Donner Public Utility District Financing Corporation issued $10,905,000 of
Certificates of Participation to refund 100% of the outstanding balance of Certificates issued in
1991. The 1991 Certificates were used to finance the repair and construction of various water
system improvements for the District. The terms of the new Certificates call for payments to be
made only from the net revenues of the Water Division and the debt is secured by this revenue.
These revenues are required to be at least equal to 110% of the debt service for each year.
Under the Safe Drinking Water Bond Law of 1986, the Department of Water Resources provided
a $5,000,000 loan to the District in 1993. The loan was to finance capital improvements to the
public water supply and to reduce water quality hazards. The terms of the loan call for payments
to be made only from the net revenues of the Water Division, which are required to be sufficient
to pay the debt service for each year. The loan is secured by the net revenues of the Water
Division.
As a normal part of its operations, the District finances the acquisition of certain assets through
the use of installment loans. These loans have been used to finance the purchase of vehicles,
equipment and certain water system improvements.
Page 30
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 5—LONG-TERM DEBT (cont.)
Scheduled payments on debt are:
Principal Interest Total
2006 3,651,400 $ 4,541,016 $ 8,192,416
2007 4,110,187 4,533,156 8,643,343
2008 4,277,039 4,364,905 8,641,944
2009 4,412,022 4,183,300 8,595,322
2010 4,629,120 3,990,266 8,619,386
2011-2015 19,953,192 16,597,887 36,551,079
2016-2020 13,615,784 13,242,149 26,857,933
2021-2025 12,501,324 10,274,868 22,776,192
2026-2030 13,190,000 7,173,085 20,363,085
2031-2035 17,045,000 2,806,890 19,851,890
97,385,068 $ 71,707,522 $ 169,092,590
Plus: Unamortized premiums 366,962
Less: Unamortized discounts 753,860)
Total Payments on Debt 96,998,170
NOTE 6—DEFERRED REVENUE
For transactions that have not yet met revenue recognition requirements, revenues are deferred
and reflected in the accompanying balance sheets. As of December 31, 2005 and 2004, deferred
revenues consist of unearned special assessment revenues (see Note 9), development
agreement deposits, connection fees and other deposits as follows:
2005 2004
Unearned tax revenues 794,206 $ 354,706
Development agreement deposits 3,944,461 4,452,308
Connection fees and other deposits 2,365,100 1,504,555
Totals 7,103,767 $ 6,311,569
Page 31
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 7—COMMUNITY FACILITIES DISTRICTS
In order to finance various public improvements needed to develop property within the Town of
Truckee, California, the District formed Community Facilities Districts, which issued Special Tax
Bonds pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. Accordingly,
the Bonds are special obligations of the respective Community Facilities Districts and are
payable solely from revenues derived from taxes levied on and collected from the owners of the
taxable land within the respective Community Facilities Districts. These Special Tax Bonds are
not general or special obligations of the District. The Board of Directors of the District is the
legislative body of the Communities Facilities Districts and as such they approve the rates and
method of apportionment of the special taxes. As improvements are completed, the infrastructure
is donated, in the form of a capital contribution to the Town of Truckee, the Truckee Sanitary
District, Southwest Gas and the District.
In September 2004, the Community Facilities District No. 04-01 (Gray's Crossing) was formed
and issued $15,375,000 in Special Tax Bonds (the 04-1 Bonds). In 2005 an additional
19,155,000 (2005 Series) in Special Tax Bonds was issued for the Gray's Crossing CFD.
During 2005 and 2004 respectively, Gray's Crossing contributed infrastructure valued at
7,412,132 and $6,917,740, of which $1,295,688 and $945,000 was donated to the District.
During 2005 taxes of $813,193 were levied by Gray's Crossing. Of this amount, $406,597
relates to 2005 and accordingly, is included in tax revenues in the accompanying statement of
revenues, expenses and changes in net assets. The remaining amount will be recognized in
2006 and is included in deferred revenue on the accompanying balance sheets.
In December 2003, the Community Facilities District No. 03-1 (Old Greenwood) was formed and
issued $12,445,000 in Special Tax Bonds (the 03-1 Bonds). During 2004, Old Greenwood
contributed infrastructure valued at $366,000 all of which was donated to the District. During
2005 and 2004 respectively, taxes of $775,218 and $709,412 were levied by Old Greenwood. Of
these amounts, $387,609 and $354,706 relate to 2005 and 2004 and accordingly, are included in
tax revenues in the accompanying statement of revenues, expenses and changes in net assets.
The remaining amount will be recognized in 2006 and 2005 and are included in deferred revenue
on the accompanying balance sheets.
NOTE 8—DONNER LAKE WATER COMPANY PURCHASE
In 2001, the District took ownership of Donner Lake Water Company by initiating an eminent
domain lawsuit. As a part of the takeover, the District agreed to replace the entire water system,
which is estimated to cost approximately $15,232,000 and be completed in 2006. The District
agreed to initially finance the replacement through obtaining third party financing and the Donner
Lake property owners have agreed to reimburse the District for the full costs of the replacement.
Therefore an assessment has been placed on each Donner Lake homeowner's property for a
pro-rata share of the $13,000,000 payable immediately, or, for those not paying the assessment
in full, over 20 years at approximately a 3.5% interest rate. One twentieth of the assessment,
plus interest, is added to each property owner's annual property tax bill, if they have not
previously paid the assessment in full, and is collected by Nevada and Placer Counties on behalf
of the District. The Donner Lake homeowner's property values secure the $13,000,000
assessment.
Page 32
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 8—DONNER LAKE WATER COMPANY PURCHASE (cont.)
Project costs incurred in excess of the assessment will be collected through surcharges to each
property owner's bill until all costs are recovered. As of December 31, 2005 and 2004, the
amount outstanding from the property owners was $10,125,905 and $10,591,683 respectively, of
which $499,113 and $482,091 is due in the next year. These amounts are shown as Special
Assessments Receivable in the Balance Sheet. Per Board resolution, all funds received from
property owners are set aside in the Donner Lake Special Assessment District Improvement
Fund until such time as the funds will be used to fund the debt service on the District's initial
third party debt. During April 2004, the District obtained financing in the form of a State
Revolving Fund Loan for $12,732,965 at a rate of 2.34%. The semi-annual principal and interest
payments will be $400,426. The District is also required to fund a reserve account by making
semi-annual reserve payments in the amount of $40,043 for a 10-year period. Prior to obtaining
the State Revolving Fund Loan, the District had third party bridge financing in the form of two
lines of credit totaling $10,000,000. Both lines of credit were extinguished with funds received
through the State Revolving Fund Loan.
NOTE 9—GLENSHIRE WATER SYSTEM ACQUISITION
Prior to 2002, the residents of the Glenshire water service area in the eastern portion of the
Town of Truckee were served by the Glenshire Mutual Water Company (GMWC), an independent
nonprofit entity originally created by the Glenshire residents. The Glenshire area had been
experiencing problems with water quality, and thus the GMWC, on behalf of the residents,
requested that the District assume responsibility for the improvement of the Glenshire water
system, and for its ongoing operations. In early 2002 the District agreed to accept the donation
of the Glenshire water system assets from the GMWC, in exchange for bringing the system up to
the District's existing standards. The donated assets were recorded as cash and capital assets in
the accompanying balance sheet and as contributed capital in the statement of revenues,
expenses and changes in net assets. The improvements have been in process since 2002, and
were completed in 2004 for a total cost of$3,129,413.
NOTE 10—EMPLOYEE BENEFIT PLANS
A. 401(A) PLANS
The District sponsored a 401(a) defined contribution plan (401(a) Plan) for District management
effective August 1, 2000) and bargaining unit employees (effective January 1, 2000). During
2004, the District merged the 401(a) Plan, as well as the existing pension plan into and became
part of the Public Agency portion of the California Public Employees' Retirement System
CaIPERS). As a result of the merger, plan assets of $875,595 were transferred to CalPERS to
fund future benefits for active participants. The District has no further obligation under the 401(a)
Plan.
Page 33
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 10— EMPLOYEE BENEFIT PLANS (cont.)
B. TRUCKEE DONNER PUBLIC UTILITY DISTRICT DEFINED BENEFIT PLAN
Prior to 2004, the District sponsored a single employer defined benefit plan for all District
bargaining unit employees who have at least one year of service. During 2004, the District
merged the existing pension plan as well as the 401(a) Plan into and became a part of CalPERS.
As a result of the merger, $185,000 of the pension plan's assets were distributed out to existing
retirees or beneficiaries, which satisfied the District's obligation for future benefit payments to
such retirees and beneficiaries. The remaining plan assets of $1,070,252 were transferred to
CaIPERS to fund future benefits for active participants. There are no further obligations under
the prior pension plan.
C. CALPERS PLAN
During 2004, the District and bargaining unit employees elected to terminate their existing
pension plan and 401(a) plan and become a part of the Public Agency portion of CalPERS,
effective August 21, 2004. The CaIPERS plan is an agent multiple-employer plan administered
by CaIPERS, which acts as a common investment and administrative agent for participating
public employers within the state of California. State statutes within the Public Employees'
Retirement Law establish a menu of benefit provisions, as well as other requirements. The
District selects optional benefit provisions from the benefit menu by contract with CalPERS and
adopts those benefits through local ordinance or resolution. The CalPERS plan also provides for
death and disability benefits. CalPERS issues a separate comprehensive annual financial report.
Copies of the CaIPERS' annual financial report may be obtained from the CaIPERS Executive
Office — 400 P Street— Sacramento, California, 95814.
Active plan participants are required to contribute 7% of their annual covered salary, of which the
District on the participants' behalf pays 4%. The District is required to contribute the actuarially
determined remaining amounts necessary to fund the benefits for its participants. The required
employer contribution rate for fiscal year ending June 30, 2005 is 18.006% of eligible participant
payroll. The contribution requirements of the plan participants are established by State statute
and the employer contributions rate is established and may be amended by CalPERS.
The District's annual pension cost for the years ended December 31, 2005 and 2004,
respectively, was $907,711 and $284,937 and was equal to the District's required and actual
contributions as determined by the May 31, 2004 initial actuarial valuation using the entry age
normal actuarial cost method with the contributions determined as a percent of payroll. The
actuarial methods and assumptions used are those adopted by the CalPERS Board of
Administration. Significant actuarial assumptions include:
Actuarial Cost Method Entry Age Normal Cost Method
Inflation Rate 3.00%compounded annually
Investment Return 7.75%compounded annually
Salary Increases 3.25%
The plan's unfunded actuarial accrued liability is being amortized as a level percentage of
projected payrolls on a closed basis. The remaining amortization period ends in 2017 for prior
service.
Page 34
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 10— EMPLOYEE BENEFIT PLANS (cont.)
C. CALPERS PLAN(cont.)
Schedule of Funding Progress (Unaudited, Required Supplementary Information)
The following is a funding schedule for the CaIPERS Plan:
Actuarial Unfunded
Actuarial accrued Annual AAL as a
Actuarial value liability Unfunded Funded covered percentage
valuation date of assets AAL) AAL ratio payroll of payroll
May 31,2004 1,945,846 $6,453,157 $4,507,311 30%3,615,996 125%
The District's contribution rate and AAL will be reevaluated by CalPERS as of June 30, 2006 and
any adjustments to that rate determined at that time.
D. DEFERRED COMPENSATION PLAN
The District maintains a deferred compensation plan (the Plan) for certain employees. The
District has no liability for losses under the Plan but does have the duty of due care that would
be required of an ordinary prudent investor. The District has not reflected the Plan's assets and
corresponding liabilities (if any) on the accompanying balance sheets.
E. POST EMPLOYMENT HEALTH CARE
The District began providing Post Employment Health Care on January 1, 2000 to all employees,
and their qualified dependents that retire from the District on or after attaining age 60 with
service of at least 20 years. The board of directors of the District retains full authority to set the
provisions and contribution obligations related to this benefit. For years worked which are less
than 20, the benefit is reduced by 5% for each year. For retirement prior to age 60, the benefit is
reduced by 2% for each year. Currently six individuals meet those eligibility requirements. The
District pays insurance premiums for medical, dental, and prescription drugs. Expenditures for
post employment health care benefits are recognized when premiums are paid. The cost of post
employment health care was $47,508 and $41,810 for 2005 and 2004, respectively, net of retiree
contributions.
NOTE 11 —SELF FUNDED INSURANCE
The district has a self-funded vision insurance program as well as a very small amount of self
insurance with respect to the supplemental cost of certain mail order prescriptions that is not
covered by the commercial health insurance. For both, claims are processed by and on behalf of
the district. The district does not maintain a claim liability rather claims are expensed as paid.
The amount of claims paid for each of the past three years have not been material.
Page 35
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 12—SEGMENT DISCLOSURE
The District has issued revenue bonds to finance water and electric distribution facilities. During
2005 and 2004, the District also issued special tax bonds secured by tax revenues. Each project
has an external requirement to be accounted for separately, and investors in the revenue and
special tax bonds rely solely on the revenue generated by the individual projects for repayment.
Summary financial information as of and for the years ending December 31, 2005 and 2004 for
each project is presented below.
Balance Sheets
2005
Gary's Old
ASSETS Electric Water Crossing Greenwood
Current assets 12,816,533 $ 846,886 $ 1,907,384 $ 821,754
Noncurrent Assets
Capital assets, net 20,814,021 49,835,585
Restricted assets 1,760,396 7,004,214 18,602,298 1,237,578
Other assets 1,594,662 10,588,045 503,179 242,529
Total Noncurrent Assets 24,169,079 67,427,844 19,105,477 1,480,107
Total Assets 36,985,612 $ 68,274,730 $ 21,012,861 $ 2,301,861
LIABILITIES AND NET ASSETS(DEFICIT)
Current liabilities 5,208,058 $ 1,511,765 $ 643,081 $ 241,867
Noncurrent Liabilities
Long-term debt, net of current
portion 21,117,207 26,013,251 33,926,932 12,289,380
Other liabilities 4,595,913 1,713,648 406,597 387,609
Total Liabilities 30,921,178 29,238,664 34,976,610 12,918,856
Net Assets(Deficit)
Invested in capital assets, net of
related debt 20,749,962 23,854,374 18,070,976) (12,046,851)
Restricted for debt service 4,172,258 7,034,373 2,606,440 995,711
Unrestricted 18,857,786) 8,147,319 1,500,787 434,145
Total Net Assets(Deficit)6,064,434 39,036,066 13,963,749) (10,616,995)
Total Liabilities
and Net Assets 36,985,612 $ 68,274,730 $ 21,012,861 $ 2,301,861
Page 36
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 12—SEGMENT DISCLOSURE (cont.)
Balance Sheets(cont.)
2004
Gary's Old
ASSETS Electric Water Crossing Greenwood
Current assets 11,272,149 $ 1,837,388 $ 917,161 $ 761,640
Noncurrent Assets
Capital assets,net 19,857,760 46,715,909
Restricted assets 1,641,488 4,345,547 7,132,427 1,619,516
Other assets 1,797,650 11,103,548 295,311 254,078
Total Noncurrent Assets 23,296,898 62,165,004 7,427,738 1,873,594
Total Assets 34,569,047 $ 64,002,392 $ 8,344,899 $ 2,635,234
LIABILITIES AND NET ASSETS(DEFICIT)
Current liabilities 5,177,036 $ 3,245,675 $ 248,216 $ 252,604
Noncurrent Liabilities
Long-term debt,net of current
portion 23,593,295 24,003,936 15,014,423 12,282,479
Other liabilities 4,351,090 1,605,773 354,706
Total Liabilities 33,121,421 28,855,384 15,262,639 12,889,789
Net Assets(Deficit)
Invested in capital assets, net of
related debt 18,926,908 22,994,210 6,669,524) (10,381,162)
Restricted for debt service 2,291,448 13,998,493 369,212
Unrestricted 19,770,730) 1,845,695) 248,216) 242,605)
Total Net Assets(Deficit) 1,447,626 35,147,008 6,917,740) (10,254,555)
Total Liabilities
and Net Assets 34,569,047 $ 64,002,392 $ 8,344,899 $ 2,635,234
Page 37
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 12—SEGMENT DISCLOSURE (cont.)
Statements of Revenues, Expenses,and Changes in Net Assets
2005
Gray's Old
Electric Water Crossing Greenwood
OPERATING REVENUES
Sales to customers 16,317,909 $ 7,563,132 $
Other operating revenues 1,778,349 600,663
Operating expenses 12,996,713) 6,052,695)
Depreciation 865,603) 1,779,817)
Nonoperating revenues(expenses) 907,044) 159,161) 366,123 23,205
Income(loss) before
capital contributions 3,326,898 172,122 366,123 23,205
Capital contributions 1,289,910 3,716,936 7,412,132) 385,645)
Change in net assets 4,616,808 3,889,058 7,046,009) 362,440)
TOTAL NET ASSETS
DEFICIT)—Beginning
of Year 1,447,626 35,147,008 6,917,740) 10,254,555)
TOTAL NET ASSETS
DEFICIT)—END OF
YEAR 6,064,434 $ 39,036,066 $ (13,963,749) $ (10,616,995)
Page 38
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 12—SEGMENT DISCLOSURE (cont.)
Statements of Revenues, Expenses,and Changes in Net Assets(coot.)
2004
G ray's Old
Electric Water Crossing Greenwood
OPERATING REVENUES
Sales to customers 15,689,876 $ 7,088,997 $
Other operating revenues 2,134,412 942,717
Operating expenses 12,456,058) 5,861,134)
Depreciation 891,202) 1,811,370)
Nonoperating revenues (expenses)1,170,353) 449,367) 388,555)
Income(loss)before
capital contributions 3,306,675 90,157) 388,555)
Capital contributions 381,704 801 6,917,740) 366,000)
Change in net assets 3,688,379 89,356) 6,917,740) 754,555)
TOTAL NET ASSETS
DEFICIT)—Beginning
of Year 2,240,753)32,236,364 9,500,000)
TOTAL NET ASSETS
DEFICIT)—END OF
YEAR 1,447,626 $ 32,147,008 $ (6,917,740) $ (10,254,555)
Page 39
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 12—SEGMENT DISCLOSURE (cont.)
Statements of Cash Flows
2005
Old Gray's
Electric Water Greenwood Crossing
NET CASH PROVIDED BY(USED IN)
Operating activities 4,731,277 $ 178,443 $
Noncapital financing activities 3,443,550)
Capital and related financing
activities 92,031) 781,107 434,037) 11,325,914
Investing activities 218,323 563,720 41,907 320,985
Net increase(decrease) in cash
and cash equivalents 1,414,019 1,523,270 392,130) 11,646,899
Beginning Cash and Cash
equivalents 9,935,073 3,980,664 1,671,744 8,049,588
ENDING CASH AND CASH
EQUIVALENTS 11,349,092 $ 5,503,934 $ 1,279,614 $ 19,696,487
Statements of Cash Flows
2004
Old Gray's
Electric Water Greenwood Crossing
NET CASH PROVIDED BY(USED IN)
Operating activities 6,080,642 $ 3,201,472 $
Noncapital financing activities 2,816,310)
Capital and related financing
activities 569,771)4,860,491) 956,316) 8,026,261
Investing activities 70,471 518,225 15,293 23,327
Net increase(decrease) in cash
and cash equivalents 2,765,032 1,140,794) 941,023) 8,049,588
Beginning cash and cash
equivalents 7,170,040 5,121,458 2,612,767
ENDING CASH AND CASH
EQUIVALENTS 9,935,072 $ 3,980,664 $ 1,671,744 $ 8,049,588
Page 40
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
NOTES TO FINANCIAL STATEMENTS
December 31, 2005 and 2004
NOTE 13—CONTINGENCIES
The District is one of a group of approximately 50 utilities involved in a matter relating to the disposal of
PCB wastes at two sites. The clean up of the two sites falls under the federal EPA Superfund Program.
The District believes it has resolved this matter with the EPA, with the District funding its portion of the
cleanup expenses, as long as expenses do not exceed $60,000,000. If cleanup expenses exceed
60,000,000, the District will be liable for their portion (.163%) of the additional cost. The District's
management believes that it will not incur any additional liability.
NOTE 14—CLAIMS AND JUDGMENTS
From time to time, the utility is party to various pending claims and legal proceedings. Although the
outcome of such matters cannot be forecasted with certainty, it is the opinion of management and the
utility's legal counsel that the likelihood is remote that any such claims or proceedings will have a
material adverse effect on the utility's financial position or results of operations
NOTE 15—RISK MANAGEMENT
The utility is exposed to various risks of loss related to torts; theft of, damage to, or destruction of
assets; errors and omissions; workers compensation; and health care of its employees. These risks are
covered through the purchase of commercial insurance, with minimal deductibles. Settled claims have
not exceeded the commercial liability in any of the past three years. There were no significant
reductions in coverage compared to the prior year.
Page 41
SUPPLEMENTAL INFORMATION
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
BALANCE
SHEETS
December
31,
2005
Component
Units
Electric
Water
Operations
Operations
Gray'
s
Cross
Old
Greenwood
Eliminations
Totals
ASSETS
CURRENT
ASSETS
Funds Operating
5,
562,
836 $ (
1,
193,
204) $
1,
094,
189 $
42,
036 $
5,
505,
857
Designated
1,
052,
169
371,
518
1,
423,
687
Restricted
2,
973,
691
129,
876
3,
103,
567
Total
Funds
9,
588,
696
691,
810)
1,
094,
189
42,
036
10,
033,
111
Accounts
receivable,
net
1,
124,
573
668,
169
813,
195
779,
718
3,
385,
655
Unbilled
revenues
1,
293,
164
454,
480
1,
747,
644
Accrued
interest
receivable
68,
501
153,
495
221,
996
Materials,
supplies,
and
fuel
inventory
629,
013
164,
250
793,
263
Prepaid
expenses
112,
586
88,
610
201,
196
Other
9,
692
9,
692
Total
Current
Assets
12,
816,
533
846,
886
1,
907,
384
821,
754
16,
392,
557
F
NON-
CURRENT
ASSETS
Restricted
funds
1,
760,
396
7,
004,
214
18,
602,
298
1,
237,
578
28,
604,
486
Special
assessments
receivable
10,
125,
905
10,
125,
905
Deferred
charges Unamortized
debt
expense
508,
166
462,
140
503,
179
242,
529
1,
716,
014
Other
1,
086,
496
1,
086,
496
Total
Non-
Current
Assets
3,
355,
058
17,
592,
259
19,
105,
477
1,
480,
107
41,
532,
901
CAPITAL
ASSETS
Utility
plant
28,
640,
511
59,
199,
779
87,
840,
290
Accumulated
depreciation
10,
577,
086) (
12,
125,
524)
22,
702,
610)
Construction
work
in
progress
2,
750,
596
2,
331,
230
5,
081,
826
Land
held
for
future
use
430,
100
430,
100
Total
Utility
Plant
20,
814,
021
49,
835,
585
70,
649,
606
i
TOTAL
ASSETS
36,
985,
612 $
68,
274,
730 $
21,
012,
861 $
2,
301,
861 $
128,
575,
064 Page
42
Component
Units
Electric
Water
Operations
Operations
Gray'
s
Cross
Old
Greenwood
Eliminations
Totals
LIABILITIES
AND
NET
ASSETS
CURRENT
LIABILITIES
Other
liabilities Accounts
payable
1,
576,
688 $
110,
498 $
1,
687,
186
Customer
deposits
152,
063
38,
270
190,
333
Other
327,
215
227,
143
554,
358
Total
other
liabilities
2,
055,
966
375,
911
2,
431,
877
Current
liabilities
payable
from
restricted
assets:
Current
portion
of
long-
term
debt
2,
590,
263
1,
036,
137
25,
000
3,
651,
400
Accrued
interest
payable
561,
829
99,
717
618,
081
241,
867
1,
521,
494
Total
Current
Liabilities
Payable
from
Restricted
AssE
3,
152,
092
1,
135,
854
643,
081
241,
867
5,
172,
894
I
Total
Current
Liabilities
5,
208,
058
1,
511,
765
643,
081
241,
867
7,
604,
771
NON-
CURRENT
LIABILITIES
Long-
term
debt,
net
of
discounts
and
premiums
20,
231,
962
23,
195,
676
33,
926,
932
12,
289,
380
89,
643,
950
Installment
loans
885,
245
2,
817,
575
3,
702,
820
Deferred
revenues
4,
595,
913
1,
713,
648
406,
597
387,
609
7,
103,
767
Total
non-
current
liabilities
25,
713,
120
27,
726,
899
34,
333,
529
12,
676,
989
100,
450,
537
Total
Liabilities
30,
921,
178
29,
238,
664
34,
976,
610
12,
918,
856
108,
055,
308
NET
ASSETS Invested
in
capital
assets,
net
of
related
debt
20,
749,
962
23,
854,
374 (
18,
070,
976) (
12,
046,
851)
14,
486,
509
Restricted
for
debt
service
4,
172,
258
7,
034,
373
2,
606,
440
995,
711
14,
808,
782
Unrestricted(
deficit)
18,
857,
786)
8,
147,
319
1,
500,
787
434,
145
8,
775,
535)
6,
064,
434
39,
036,
066 (
13,
963,
749) (
10,
616,
995)
20,
519,
756
Total
Net
Assets
TOTAL
LIABILITIES
AND
NET
ASSETS
36,
985,
612 $
68,
274,
730 $
21,
012,
861 $
2,
301,
861 $
128,
575,
064
I
Page
43
fIr
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
STATEMENTS
OF
REVENUES,
EXPENSES
AND
CHANGES
IN
NET
ASSETS
Year
Ended
December
31,
2005
Component
Units
Electric
Water
Old
Operations
Operations
Gray'
s
Cross
Greenwood
Eliminations
Totals
OPERATING
REVENUES
Sales
to
customers
16,
317,
909 $
7,
563,
132 $
23,
881,
041
Interdepartmental
sales
1,
329,
355
1,
209
1,
330,
564)
Standby
fees
22,
540
183,
119
205,
659
Other
426,
454
416,
335
242,
904)
599,
885
Total
Operating
Revenues
18,
096,
258
8,
163,
795
1,
573,
468)
24,
686,
585
OPERATING
EXPENSES
Purchased
power
8,
279,
662
8,
279,
662
Operations
and
maintenance
2,
231,
024
4,
229,
692
1,
330,
564)
5,
130,
152
Consumer
services
548,
977
297,
517
846,
494
Administration
and
general
1,
937,
050
1,
525,
486
242,
904)
3,
219,
632
Depreciation
865,
603
1,
779,
817
2,
645,
420
Total
Operating
Expenses
13,
862,
316
7,
832,
512
1,
573,
468)
20,
121,
360
Operating
Income
4,
233,
942
331,
283
4,
565,
225
NON-
OPERATING
REVENUE(
EXPENSES)
Special
tax
revenue
403,
640
724,
835
1,
128,
475
Investment
income
266,
750
594,
842
320,
984
41,
906
1,
224,
482
Interest
expense
1,
145,
413)
978,
806)
320,
984)
725,
085)
3,
170,
288)
Amortization
34,
777)
52,
970)
37,
517)
18,
451)
143,
715)
Gain
on
disposition
of
assets
6,
396
404,
974
411,
370
Loss
on
early
retirement
of
assets
127,
201)
127,
201)
Total
Non-
Operating
Expenses
907,
044)
159,
161)
366,
123
23,
205
676,
877)
Income
Before
Contributions
3,
326,
898
172,
122
366,
123
23,
205
3,
888,
348
CAPITAL
CONTRIBUTIONS,
net
1,
289,
910
3,
716,
936 (
7,
412,
132)
385,
645)
2,
790,
931)
CHANGE
IN
NET
ASSETS
4,
616,
808
3,
889,
058 (
7,
046,
009)
362,
440)
1,
097,
417
I
NET
ASSETS(
Deficit)-
Beginning
of
Year
1,
447,
626
35,
147,
008 (
6,
917,
740) (
10,
254,
555)
19,
422,
339
r
NET
ASSETS(
Deficit)-
END
OF
YEAR
6,
064,
434 $
39,
036,
066 $ (
13,
963,
749) $ (
10,
616,
995) $
20,
519,
756 Page
44
iEf
TRUCKEE
DONNER
PUBLIC
UTILITY
DISTRICT
STATEMENTS
OF
CASH
FLOWS
Year
Ended
December
31,
2005
Component
Units
Electric
Water
Old
Operations
Operations
Gray'
s
Cross
Greenwood
Eliminations
Totals
CASH
FLOWFROISPERATING
ACTIVITIES
Received
from
customers
18,
087,
374 $
8,
052,
609 $
1,
573,
468) $
24,
566,
515
15,
816,
638)
Paid
to
suppliers
for
goods
and
services
10,
976,
470) (
6,
413,
636)
1,
573,
468
Paid
to
employees
for
services
2,
379,
627) (
1,
460,
530)
3,
840,
157)
Net
Cash
Flows
from
Operating
Activities
4,
731,
277
178,
443
4,
909,
720
CASH
FLOWFROMONCAPITAL
FINANCING
ACTIVITIES
Principal
payments
on
long-
term
debt
2,
320,
000)
2,
320,
000)
Interest
payments
on
long-
term
debt
1,
123,
550)
1,
123,
550)
Net
Cash
Flows
from
Noncapital
Financing
Activities
3,
443,
550)
3,
443,
550)
CASH
FLOWFROIZAPITAL
AND
RELATED
FINANCING
ACTIVITIES
Capital
expenditures
for
utility
plant
1,
002,
953) (
3,
851,
422)
4,
854,
375)
Cost
of
disposal
of
property
42,
611)
1,
997)
44,
608)
Proceeds
from
sale
of
land
6,
396
404,
974
411,
370
Capital
contributions,
connection
and
facility
fees
1,
094,
098
2,
562,
557
3,
656,
655
Special
assessments
receipts
517,
063
517,
063
Capital
contributed
to
developers
6,
393,
183) (
385,
645)
6,
778,
828)
Special
tax
receipts
687,
431
687,
431
Debt
issuance
costs
465,
834)
465,
834)
Proceeds
from
issuance
of
new
debt
225,
171
3,
020,
670
19,
155,
000
22,
400,
841
Principal
payments
on
long-
term
debt
326,
632) (
842,
938)
10,
000)
1,
179,
570)
Interest
payments
on
long-
term
debt
45,
500) (
1,
027,
800) (
970,
069) (
725,
823)
2,
769,
192)
Cash
Flows
From
Capital
and
Related
Financing
Activities
92,
031)
781,
107
11,
325,
914 (
434,
037)
11,
580,
953
CASH
FLOWFRONNVESTING
ACTIVITIES
t
Interest
received
218,
323
563,
720
320,
985
41,
907
1,
144,
935
Cash
Flows
from
Investing
Activities
218,
323
563,
720
320,
985
41,
907
1,
144,
935
Net
Ch9
in
CracCl£
ipnts
1,
414,
019
1,
523,
270
11,
646,
899 (
392,
130)
14,
192,
058
CASH
AND
CASH
EQUIVALENTS—
Beginning
of
Year
9,
935,
073
3,
980,
664
8,
049,
588
1,
671,
744
23,
637,
069
CASH
AND
CASH
EQIVALENTS-
END
OF
YEAR
11,
349,
092 $
5,
503,
934 $
19,
696,
487 $
1,
279,
614 $
37,
829,
127
c
NONCASH
INVESTING
ACTIVITIES
During
2005$
1,
262,
254
and$
440,
635
of
capital
assets
were
contributed
to
the
water
and
electric
utilities,
respectively,
by
customers
and
developers.
Page
45
i
a
Component
Units
Electric
Water
Old
Operations
Operations
Gray'
s
Cross
Greenwood
Eliminations
Totals
RECONCILIATION
OF
OPERATING
INCOME
TO
NET
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
4,
565,
225
Operating
income
4,
233,
942 $
331,
283 $
Noncash
Items
Included
in
Operating
Income
2,
645,
420
Depreciation
and
amortization
865,
603
1,
779,
817
179,
432
Depreciation
charged
to
other
accounts
94,
564
84,
868
Changes
in
assets
and
liabilities
114,
372)
Accounts
receivable
and
unbilled
revenues
4,
309) (
110,
063)
245,
182)
Materials,
supplies
and
fuel
inventory
234,
430)
10,
752)
124,
038
Prepaid
expenses
and
other
current
assets
116,
993
7,
045
Accounts
payable
353,
685) (
1,
943,
559)
2,
297,
244)
Deferred
revenue
5,
698)
Customer
deposits
4,
575)
1,
123)
Accrued
payroll
17,
174
40,
927
58,
101
NET
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
4,
731,
277 $
178,
443 $
4,
909,
720
q
RECONCILIATION
OF
CASH
AND
CASH
EQUIVALENTS
Tl
THE
BALANCE
SHEET
Operating
5,
562,
836 $ (
1,
193,
204) $
1,
094,
189 $
42,
036 $
5,
505,
857
1,
052,
169
371,
518
1,
423,
687
Designated
2,
973,
691
129,
876
3,
103,
567
Restricted
bond
funds-
current
28,
604,
486
Restricted
bond
funds-
non-
current
1,
760,
396
7,
004,
214
18,
602,
298
1,
279,
614
597
Total
Cash
and
Investments
11,
349,
092
6,
312,
404
19,
696,
487
1,
279,
614
38(
808,
470
Less:
Long-
Term
Investments
808,
470)
808,
470)
TOTAL
CASH
AND
CASH
EQUIVALENTS
11,
349,
092 $
5,
503,
934 $
19,
696,
487 $
1,
279,
614 $
37,
829,
127
7 f
6
Page
46
i