 The Municipal Improvement Act of 1913 is the most frequently utilized regulation for assessment proceedings in California. It is ordinarily used in combination with the Improvement Bond Act of 1915 to allow bond financing of the levied assessment. The improvements authorized for construction by the 1913 Act include virtually any public infrastructure improvement with a life of more than five years. However, as a result of their general benefit orientation, services such as school and fire are more difficult to fund.
Under 1913 Act assessment proceedings, the improvement costs are levied against each of the individual properties within the benefit area on the basis of the benefit each parcel receives from those improvements. The property owner may pay the assessment amount in cash or allow a lien to be placed on the property in the amount of the benefit assessment. Then the property owner may make payments over a specified period typically varying between 10 and 25 years to retire the debt issued to pay for the improvements. Through the issuance of tax-exempt bonds payable over a period of years, the property owners are provided the advantages of a lien at a favorable interest rate for the improvements.
MuniFinancial, along with engineering assistance from Willdan, an affiliated firm, acts as the assessment engineer in the assessment district proceedings. |
