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Council declares 'ultimate loss' on 1992 assessment bonds, approves distribution to successor trustee
Summary
City staff briefed the council on decades-long defaults on 1992 assessment bonds tied to development projects; the council approved resolutions declaring an "ultimate loss," writing off outstanding principal and directing distribution of remaining proceeds to bondholders and the successor trustee.
The council on May 10 approved resolutions directing the successor trustee to allocate remaining funds tied to the Placerville Public Financing Authority’s 1992 Series A and C assessment bonds and to record an "ultimate loss" on outstanding principal.
City Manager Dave Warren gave a lengthy staff presentation laying out the bonds’ history: Series A and Series C bonds (issued in 1992 to finance public improvements for several subdivisions) experienced sustained delinquencies and reserve depletion,…
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