Page 16 - Moreno Valley Citizen's Guide to the Budget

tax refunding bonds
towngate improvement area 1

description
CFD 87-1 Improvement Area No. 1 Special Tax Refunding Bonds
were issued in November 2007 to refund the 1993 Towngate CFD
87-1 Improvement Area 1 Special Tax Bonds.

Original Issue Amount
$4,075,000 2007
Issuance Date

11/29/2007
Repayment Sources
The bonds are payable from a special tax levy against certain affected
parcels within the District. Under an arrangement (a Cooperation and
Reimbursement Agreement) involving the District, the City and the
Successor Agency of the former RDA, the required tax levy may be
reduced in part by a reimbursable tax increment from the Agency to a
maximum of 70.3% of required debt service. Tax increment payable
from the Redevelopment Property Tax Trust Fund (RPTTF) is subject
to approval on the Recognized Obligation Payment Schedule (ROPS)
by the California Department of Finance. community facilities district 7
Maturity Date

10/01/2023 improvement area 1 (CFD 7 IA 1)
Outstanding Balance
at June 30, 2023: $345,000.

description

The CFD 7 IA-1 bonds funded the construction of flood-control
improvements needed to develop property located within the CFD 7. (For
a map of the district, please refer to the Investor Relations webpage on
the City’s website).
2016
Original Issue Amount
$3,265,000

Issuance Date
09/15/2016
Repayment Sources
Special Taxes levied on the affected parcels within the district.
Maturity Date

09/01/2047
Outstanding Balance
at June 30, 2023: $2,880,000.