Tax Bill Name:
POWAY UNIFIED CFD#11 IA B
Community Facilities District No. 11, Impv Area B
Documents on File: 31
TaxType: Mello-Roos Community Facilities District
Community Facilities District No. 11, Improvement Area B was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 2004 along with the issuance of up to $10,900,000.00 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.
Proceeds from the sale of Bonds and the special taxes collected will be used to finance acquisiton and construction of certain City Facilities, including, road, signals, water, sewer, park and other public improvements.
Each parcel is assigned a maximum special tax, which is typically based on development status, property use, and/or size of improvements. The actual annual special tax is based on the interest and principal due on the bonds for the current fiscal year, services costs, if any, and administrative expenses. However, the actual annual special tax cannot exceed the applicable maximum special tax.
The maximum special tax 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.
Annual Special Taxes of IA B of CFD No. 11 shall be levied for a period of thirty (30) Fiscal Years after the last series of Bonds have been issued, provided that Annual Special Taxes shall not be levied after Fiscal Year 2050-51.