Tax Bill Name:
POWAY UNIFIED CFD #16 IMP AREA A
Community Facilities District No. 16, Impv Area A
Documents on File: 13
TaxType: Mello-Roos Community Facilities District
Community Facilities District No. 16, IA A 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 $25,500,000.00 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 the acquisition, planning, construction, expansion, improvement, rehabilitation, 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 needed by the School District in order to serve directly or indirectly the student population to be generated as a result of the development of the property within CFD No. 16.
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, 2015, the Assigned Annual Special Tax shall be increased by the Inflator until the first Fiscal Year in which such Assessor's Parcel is classified as Developed Property. "Index" means the Marshall & Swift eight (8) California Cities Class B Construction Cost Index, or if the Marshall & Swift eight (8) California Cities Class B Construction Cost Index ceases to be used by the State Allocation Board, a reasonably comparable index used by the State Allocation Board to estimate changes in school construction costs, or in the absence of such an Index, the Engineering News Record, Construction Cost Index (Los Angeles Area) published by McGraw-Hill, Inc.
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 Special Taxes shall not be levied after Fiscal Year 2057-2058.