The District Community Facilities District No. 91-1 was formed by the city in 1991 pursuant to the Mello-Roos Community Facilities Act of 1982, following a public hearing and a landowner election at which the qualified electors of the district, by more than a two-thirds majority vote, authorized the district to incur bonded indebtedness in the amount of $6,000,000 and approved the levy of special taxes. The bonds are being issued for the purpose of providing funds to refund the City of Hanford Community Facilities District No. 91-1 (Hanford Mall Public Improvements) Special Tax Bonds, Series 1992, (the “Prior Bonds”); for funding a reserve fund for the bonds; and for paying certain costs associated with the issuance of the Bonds.
The maximum annual special tax, beginning July 1, 1992, shall be $22,200 per acre, plus a services portion, which shall be $300 per acre. The services tax shall be increased annually after the first fiscal year by 4.5 percent.
Government properties, right-of-way or utility easement properties, and parcels assigned a zero value by the county assessor are exempt.