Each of the Districts incurred substantial debt related to the developer's installation of water and wastewater infrastructure; this debt was paid for by each District with its tax revenues. This debt was assumed by the City upon full purpose annexation; however, this type of debt is not typically paid by the City for other residential developments within the City and is not be serviced under the City's uniform tax rate. In order to service this assumed debt for each District, the City imposes a Utility Debt Service Fee to residents of Twin Creeks and Bella Vista for a term not to exceed 15 years. The fee is assessed monthly on their water bill. The fee is based on each Districts' individual debt level (see Exhibit A).
Exhibit A: Monthly Fee Based on Individual District Debt
|District||Monthly Fee (Per Residential Unit or Equivalent)||Annual Total (Monthly Fee × 12) Term Not to Exceed 15 Years|
|Twin Creeks 1F||$22||$264|
|Twin Creeks 1G||$44||$528|