Assessment District and Community Facility District Refinances 2012

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As part of an annual due diligence effort, the City Finance Department reviews current interest rates on all debt held by local assessment districts. If borrowing rates fall below current bond coupon interest rates, a saving analysis is performed to determine if refinancing is feasible. On May 16, 2012, the City Council gave approval to refinance five assessment districts. The final gross savings for residents within these five districts totals almost $4 million in principal and interest payments over the remaining term of the bonds. Residents in these districts will see the savings beginning on their 13/14 property tax bills. Below is a list of the affected districts. Click on the district name below for a map of that district.

District Name	Number of Parcels	Savings over the Bond Term	Remaining Bond Term	Per Parcel Avg. Savings over Remaining Term	Per Parcel Annual Estimated Savings
Indian Palms AD 99-1	371	$761,380.13	15 Years	$2,052.24	$136.82
Indian Palm AD 2001-1	315	$937,547.67	15 Years	$2,976.34	$198.42
Las Brisas AD 2001-1	130	$386,924.78	15 Years	$2,976.34	$198.42
Villa Montego I AD 2002-1	370	$861,904.06	15 Years	$2,329.47	$155.30
Indian Palms AD 2002-2	267	$238,657.37	15 Years	$893.85	$59.59
Las Brisas Norte AD 2002-3	189	$411,482.88	15 Years	$2,177.16	$145.14
Shadow Hills Villa Estates AD 2002-3	100	$217,716.00	15 Years	$2,177.16	$145.14
Monticello AD 2002-3	66	$143,692.56	15 Years	$2,177.16	$145.14
Total Gross Savings Realized	1,808	$3,959,305.45

Notes

Actual amount of savings by parcel may vary due to possible advance debt payoffs.
Residents should refer to their property tax bills to district.
Riverside County property taxes are usually paid in two installments; November 1st and February 1st.

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