District Debt Assessments
The Series 2011, Series 2014 & 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 District improvements (“Debt Assessments”). The Series 2011 Bond proceeds were utilized to fund the acquisition of a substantially-completed facility and other real property located within the District for public recreational use and mature on November 1, 2024. The Series 2014 Bonds were bifurcated into two separate Bonds, funding two separate projects. The Series 2014 Bond (Parcel O-1 Project) proceeds were utilized to fund a portion of the Parcel O-1 Project, and the Series 2014 Bond (Parcel Q) proceeds were utilized to fund a portion of the Parcel Q Project, both maturing on November 1, 2044. The Series 2016 Bond proceeds were utilized to refund the Series 2005 Bonds which were originally issued to fund the a portion of the construction and/or acquisition of the Series 2005 Improvements and mature on May 1, 2036.
The District’s Debt Assessments and operation and maintenance assessments (discussed below) 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 2011, Series 2014 and Series 2016 Bonds. The annual assessments for each lot/unit type are used to repay their respective debt. Together, the Series 2011, Series 2014 and Series 2016 Bonds encumber 599 lots/units within the District. 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.