District Debt Assessments
The Series 2006B, Series 2013 and Series 2016 Bonds and associated interest are payable from and secured by non-ad valorem assessments levied against those lands within the District that benefit from the design, construction and/or acquisition of the improvements (“Debt Assessments”). The Series 2006B Bond matures on November 1, 2020 and the Series 2013 Bond matures on November 1, 2043. The Series 2016 Bonds were issued as two separate liens: the Series 2016A Bonds and the Series 2016B Bonds. The Series 2016A Bonds mature on November 1, 2046 and the Series 2016B Bonds mature on November 1, 2035. The Series 2006B Bond proceeds were utilized to fund a portion of the Series 2006 Project and the Series 2013 Bond proceeds were utilized to fund a portion of the Series 2013 Project, with both projects being a portion of the District’s total Capital Improvement Program. Together, the Series 2016 Bonds were utilized to fund a portion of the Series 2016 Project, also a portion of the District’s total Capital Improvement Program.
The District’s Debt Assessments and operation and maintenance assessments (discussed above) may appear on that portion of the annual real estate tax bill entitled “non-ad valorem assessments,” and will be collected by the Hillsborough County Tax Collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The District may also elect to collect the assessment directly.
The link below is to the chart which depicts the annual assessment amount of the Series 2006B, Series 2013 and Series 2016 Bonds. The annual assessments paid by each lot/unit type are used to repay their respective debt. It is important to know that the Debt Assessment is a fixed amount and will not change from year to year.
Bond Payoff Request
Debt Assessments may be prepaid in full or a one-time partial payment at any time by landowners, subject to the Trust Indenture. Actual pay off figures must be requested and verified in writing by the District Manager.