TaxType: Mello-Roos Community Facilities District

Summary:
Community Facilities District No. 10 was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 2001 along with the issuance of up to $45,000,000.00 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. 10 based on the provisions of the Rate and Method of Apportionment adopted during the formation of CFD No. 10. 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).


Increases:
The maximum special tax for New Developed Property increases by the greater of the annual percentage change in the Marshall & Swift Western Region Class D Wood Frame Index or two percent (2%) each fiscal year. The maximum special tax for Existing Developed 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 Annual Special Tax shall be levied for a term of thirty-one (31) Fiscal Years after the last series of Bonds is issued, but in no event shall the Annual Special Tax be levied later than Fiscal Year 2045-46.