TaxType: Mello-Roos Community Facilities District

Summary:
Community Facilities District No. 15, Impv Area B was established pursuant to the Mello-Roos Community Facilities Act of 1982. Qualified electors authorized the district in 2014 along with the issuance of up to $15,000,000.00 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 the acquisition and construction of certain infrastructure improvements of benefit to Improvement Area A, (ii) to deposit moneys into an Escrow Fund which may be released to finance, either directly or indirectly, the acquisition and construction of Infrastructure Improvements upon satisfaction of certain conditions, (iii) to pay capitalized interest on a portion of the 2014 Bonds through March 1, 2016; (iv) to pay the costs of issuing the 2014 Bonds and (v) to fund the deposit to the Reserve Fund to the Reserve Requirement applicable to the 2014 Bonds.


Services:
None


Calculation:
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.


Increases:
Each July 1, commencing July 1, 2013, the Assigned Annual Special Tax for each Assessor's Parcel of Developed Property shall be increased by two percent (2.00%) of the amount in effect the prior Fiscal Year..


How Long:
Annual Special Taxes shall be levied for a period of thirty-three (33) Fiscal Years after the last series of Bonds have been issued, provided that Annual Special Taxes shall not be levied after Fiscal Year 2055-2056.