Tax Bill Name:
POWAY UNIFIED CFD#14 IA A
Community Facilities District No. 14, Impv Area A
Documents on File: 28
TaxType: Mello-Roos Community Facilities District
Community Facilities District No. 14, Improvement Area A was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 2006, along with the issuance of up to $75,000,000.00 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.
Proceeds from the sale of Bonds and the special taxes collected will be used to finance road, water, sewer, drainage, fire station, park, public library, additional school facilities and other public facilities (the "Infrastructure 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.
Each July 1, commencing July 1, 2007, the Assigned Annual Special Tax for each Assessor's Parcel of Developed Property in the first Fiscal Year in which such Assessor's Parcel is classified as Developed Property shall be increased by the greater of (i) 2.00% or (ii) the percentage change in the Marshall & Swift eight (8) California Cities Class B Construction Cost Index. Each July 1, commencing the July 1 immediately following the Fiscal Year in which the Assessor's Parcel was first classified as Developed Property, the Assigned Annual Special Tax applicable to such Assessor's Parcel shall be increased by two percent (2.00%) of the amount in effect the prior Fiscal Year.
Annual Special Taxes shall be levied for a period of thirty-five (35) Fiscal Years after the last series of Bonds have been issued, provided that Annual Special Taxes shall not be levied after Fiscal Year 2050-2051.