TaxType: Mello-Roos Community Facilities District

Summary:
Community Facilities District No. 2, Improvement Area 1 was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 2009 with the issuance of up to $5,000,000.00 in bonded indebtedness to pay for certain facilities and/or services that benefit the district. A special tax is levied on properties in the district to pay the cost of facilities and/or services as well as administrative expenses.


Facilities:
Proceeds from the sale of Bonds and the special taxes collected will be used to finance the acquisition, planning, construction, expansion and/or financing of those school facilities, including classrooms, multi-purpose, administration, and auxiliary space at each school, central support and administrative facilities, interim housing, transportation and special education facilities, together with furniture, equipment, and technology, including school buses, on-site office space at a school, central support and administrative facilities, interim housing, transportation and special education facilities, together with furniture, equipment and technology, needed by District in order to serve directly or indirectly the student population to be generated as a result of the development of the property within Improvement Area No. 1.


Services:
None


Calculation:
Each fiscal year, the School District calculates the special tax to be levied against taxable property within IA 1 of CFD No. 2 based on the provisions of the Rate and Method of Apportionment adopted during the formation of IA 1 of CFD No. 2. 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 land use (e.g. Residential Property and Commercial/Industrial Property). Additionally, Residential Property is divided into three (3) separate rate classifications that vary with unit type (e.g. Detached Unit/Attached Unit, Affordable Unit, or a Senior Citizen Unit).


Increases:
Each July 1, commencing July 1, 2010 the Initial Assigned Annual Special Tax on each Assessor's Parcel of Developed Property shall be increased by the Inflator (the greater of Marshall & Swift Western Cities Class B CCI or two percent (2.00%). For Fiscal Years following the Fiscal Year in which the Initial Assigned Annual Special Tax was applied to an Assessor's Parcel, the Assigned Annual Special Tax shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year..


How Long:
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.