HomeMy WebLinkAboutManos text 20241203_145745_Email 12:57
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CFD90-2 is Paid in Full -City staff is
removing the current Tax Levy from
the Rolls
November 21,2024 9:31 AM
Jason Simpson
to 5 recipients
Good morning, Mayor Manos and City Council
Members -
T
Details
The City pulled the Community Facilities District (CFD)
90-2 (Tuscany Hills) tax levies from residents' property
tax bills.
The original CFD90-2 levy covered 1,021 parcels,
assessed per Category V of the Rate and Method of
Apportionment (RMA), specifying a 25 -year maturity
period starting from the issuance of building permits
for the parcels. The bonds were paid off last month and
there was sufficient funds to pay debt service.
Initially, the bonds were issued ata 9.25% interest rate,
later refunded at 4.50%, allowing for accelerated debt
repayment (shorter duration). The rate and method of
apportionment (RMA) indicated that the levy would
extend through FY2031-32 for at least one remaining
property owner. However, the last debt service
payment was made about a month ago. The early
payoff provides relief ahead of schedule. The table
below shows the number of parcels with remaining
years under the RMA that have benefited from the bond
refunding and early redemptions.
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