Improvement districts are formed within specific boundaries with 51% of property owners. The Special Assessment bonds are issued by the City on behalf of improvement districts created by property owners for a specific purpose, such as to finance a local street, water or sewer improvements, pay for the energy costs of streetlights, or to acquire an existing water or sewer operation.
Districts have the authority to impose assessments on the benefited properties to fund the costs of the improvement or cost of energy for street lights. Property owners in the designated districts agree to be assessed for the principal and interest costs of repaying the bonds. As trustee for improvement districts, the City is responsible for collecting the assessments levied against the owners of property within the improvement districts and for disbursing these amounts to retire the bonds issued to finance the improvements. These bonds are secured by a lien on the property and improvements of all parcels within each district. In the event of default by the property owner, the City may enforce auction sale to satisfy the debt service requirements of the improvement bonds. Municipal improvement districts are formed in accordance with Arizona Revised Statutes Title 48-4.
This Special Assessment information as of September 1, 2016 is summary and does not include additional interest and administrative fees in a detailed payoff calculation.