In a recent report about Mello-Roos Community Facility Districts (CFD’s) the California Debt and Investment Advisory Commission (CDIAC) stated:
Despite the potential impacts of evolving mortgage conditions, CFD’s have not reported higher default rates, at least through 2007-2008, but have reported a recent rise in the number of their draws on reserves.
(Mello-Roos bonds are post-proposition 13 [...]

California, municipal bond default, special district

It’s not news that consumer spending is off, but in municipal bond country this also means sales taxes are coming in lower.  Some communities, such as those that depend on major shopping malls may see a double whammy from their major taxpayer, who will be looking to lower their assessed valuation (or worst case, miss [...]

General Growth Properties, Missouri, special district

Municipal bond defaults over the last two years occur in sectors that tie into the financial crisis: real estate.  Multi-family housing and land development projects that never took off are at the front line.  Special entities – usually a district of some kind, depending on the state – sell tax-exempt bonds to finance infrastructure for [...]

community development district, Florida, municipal bond default, municipal bonds, special district

Insured 2007 bonds were sold to finance road construction for the Avery Ranch master planned community north of Austin, Texas.  Download the report.

bond insurance, special district

A sample report on this district’s fiscal condition, 2005 bonds insured by AMBAC, no underlying rating, is available for your review.

bond insurance, special district