Tax Bill Name:
POWAY UNIF CFD 11 #2
Community Facilities District No. 11, Zone 2
Documents on File: 98
TaxType: Mello-Roos Community Facilities District
Community Facilities District No. 11, Zone 2 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 $60,000,000.00 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 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.
Each July 1, commencing July 1, 2005, the Assigned Annual Special Tax applicable to an Assessor's Parcel of Developed Property in each Zone shall be increased by 2.00% of the amount in effect in the prior Fiscal Year.
The special tax shall be levied for a period of thirty (30) fiscal years after issuance of bonds, but in any case not after fiscal year 2050-51.