As part of an annual due diligence effort, the City Finance Department reviews current interest rates on all debt held by local community facility districts and assessment districts. If borrowing rates fall below current bond coupon interest rates, a saving analysis is performed to determine if refinancing is feasible. On June 18, 2014, and July 16, 2014, the City Council gave approval to refinance three community facility districts and five assessment districts. The final gross savings for residents within these eight districts totals almost $8.3 million in principal and interest payments over the remaining term of the bonds. Residents in these districts will see the savings beginning on their 14/15 property tax bills. Below is a list of the affected districts. Click on the district name below for a map of that district.

Notes

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

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