(Mello Roos) Districts
The City has three Community Facilities Districts, also known as Mello-Roos Districts, within its city limits. A Community Facilities District is an area where a special property tax, in addition to the normal property tax, is levied on property owners within a Community Facilities District. The districts finance certain public improvements and services through the sale of bonds. These services may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection to newly developing areas. The taxes collected from the property owners are used to make the payments of principal and interest on the bonds.
The Local Agency Special Tax and Bond Accountability Act (SB 165) requires that a report be filed annually with the governing board of any agency levying special taxes for Community Facilities Districts. The report must be filed no later than December 31st of any given year. View the most recent reports: 2010 SB165 Report – Oceanside Community Facilities Districts (25.5 KB)
The Community Facilities Districts in Oceanside are the CFD 2000-1 Ocean Ranch Corporate Centre, CFD 2001-1 Morro Hills Development and the CFD 2006-1 Pacific Coast Business Park. The CFD 2001-1 Morro Hills Development is a residential area, while the remaining two are commercial areas. Also unique to the CFD 2001-1 Morro Hills Development was the issuance of separate improvement area bonds (CFD 2001-1 Morro Hills Development Improvement Area No. 1) to provide funds to build an elementary school within the District.
The 2001-1 Morro Hills Development and 2006-1 Pacific Coast Business Park District bonds can be paid off, partially or in full, if the property owner so chooses. For payoff information, please contact the City’s special tax consultant, David Taussig and Associates at (949) 955-1500.
|Date of Bond Issuance ||Series 2002-12/30/2002 |
|Series 2002-11/14/2002 |
|2/5/2004 ||5/20/2008 |
|Original Issue Amount ||Series 2002-$12,265,000 |
|Series 2002-$9,915,000 |
|$11,000,000 ||$8,880,000 |
|Current Outstanding Principal ||Series 2002-$11,915,000 |
|Series 2002-$8,640,000 |
|$9,590,000 ||$8,880,000 |
|Bond Maturity Date ||Series 2002-9/1/2032 |
|Series 2002-9/1/2032 |
|9/1/2033 ||9/1/2038 |
|Infrastructure Financed ||Water and Sewer Improvements, Storm Drain Improvements, Thoroughfare Improvements ||Public Park, Water and Sewer Installation and Improvements, Flood Control Detention Basin Improvements, Thoroughfare improvements, Utilities Undergrounding ||Elementary School Facility ||Water and Sewer Improvements, Storm Drain Improvements, Brine Line Improvements Thoroughfare improvements |
|Prepayment Option ||No ||Yes ||Yes ||Yes || |