TaxType: General Obligation Bond

Summary:
The Poway Unified School District (the 'District') received authorization at an election held on November 5, 2002, at which more than fifty-five percent of the persons voted to authorize the issuance and sale of not to exceed $198,000,000 and to levy ad valorem taxes for repayment of the Bonds and interest thereon upon all property within the District subject to taxation by the District (except certain personal property which is taxable at limited rates) without limitation of rate or amount. The Authorization is for purposes including construction of new facilities, such as multipurpose rooms, and renovation and improvement at existing schools and to fund a portion of the cost of the construction of a new elementary school.


Facilities:
Proceeds of the Bonds will be used to finance the construction of new facilities, such as multipurpose rooms, and renovation and improvement at existing schools and to fund a portion of the cost of the construction of a new elementary school.


Services:
Proceeds from the sale of bonds may not be used to pay for ongoing costs associated with maintaining or servicing the facilities constructed under this Authorization.


Calculation:
The annual tax charge is generally computed by multiplying the assessed value of your property by an annually calculated tax rate. The tax rate is determined by dividing the debt service (principal and interest due to bondholders for the current tax year) by the total assessed value of the applicable property located within the jurisdiction of the local government agency that has authorized and issued the debt.


Increases:
The annual debt service required to repay principal and interest to bondholders will normally be structured in a way to insure the annual tax amounts charged to individual property does not vary greatly from year to year. This is done intentionally to maintain positive community relations and to reduce customer service related phone calls due to dramatic tax increases from year to year. To the extent that the annual principal and interest payments on the bonds are not level, the annual tax amount may increase or decrease accordingly. The annual tax amounts can increase significantly when additional bonds that have been previously authorized are sold OR if property changes value as a result of improvements to the property OR as a result of a property sale and a reassessment under the constitutional provisions of Prop 13..


How Long:
The bonds for this district are estimated to be paid off in the year 2031. This date may be extended if additional bonds are issued or existing bonds are refunded.