Community Facilities District 9
CFDs are established pursuant to the provisions of the California Government Code Section 53311 et seq. (commonly known as the “Mello-Roos”) and raise money through special taxes that must be approved by 2/3 of the voters within a CFD. The City Council is the legislative body of any CFD the City forms. Most often, CFDs are formed by the landowner (developer) prior to subdivision.
CFDs can be formed to finance a wide list of improvements, which include roads, water facilities, sewers, and schools. They are also used to finance ongoing maintenance services of the facilities or for services such as landscaping, streets, lighting, and drainage facilities. The taxes are secured by a continuing lien and are levied against properties within the CFD on an annual basis.
Although the City of Oxnard forms the CFD, the debt issuances are not obligations of the City, but rather obligations of CFD 9. Therefore, the formation of the CFD does not obligate the City to make any expenditure or proceed with the project or obligate the City or the CFD to issue any bonds. Finally, the finances and bonds of the CFD are unrelated to, do not rely upon, and do not impact the credit rating of the City.
None at this time.