TaxType: Mello-Roos Community Facilities District

Summary:
Community Facilities District No. 3 was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 1997 along with the issuance of up to $13,000,000.00 in bonded indebtedness. Bonds were issued to pay for certain public facilities and/or services that benefit the district. A special tax is levied on properties in the district to pay the interest and principal on the bonds as well as administrative expenses.


Facilities:
Proceeds from the sale of Bonds and the special taxes collected will be used to finance elementary school, middle school and high school facilities along with central administrative/support facilities and interim student housing of benefit to the properties within its boundaries.


Services:
None


Calculation:
Each fiscal year, the School District calculates the special tax to be levied against taxable property within CFD No. 3 based on the provisions of the Rate and Method of Apportionment adopted during the formation of CFD No. 3. The Rate and Method of Apportionment defines two (2) categories of taxable property, "Developed Property" and "Undeveloped Property". Developed Property is in turn divided into two (2) separate rate classifications which vary with unit type (e.g., Detached Unit and Attached Units). In addition the developer prepaid a portion of the Special Tax obligation of 187 Detached Units, creating a third rate classification for Developed Property.


Increases:
The maximum special tax for Developed Property increases by the greater of the annual percentage change in the Lee Saylor Class D Construction Index or two percent (2%) . The maximum special tax for Undeveloped Property for the district increases two percent (2%) each fiscal year, while the actual annual special tax may vary with the needs of the district provided that the amount does not exceed the maximum special tax..


How Long:
The special tax will be levied on all taxable property within CFD No. 3 for a term of twenty-five (25) fiscal years after the last series of CFD bonds are issued by CFD No. 3, but in no event shall the special tax be levied after fiscal year 2045-46.