Review of Applicability of Property Tax Limit
2020 Board Review of MWD Act Section 124.5 Applicability for FYs 2020/21 and 2021/22 Property Tax Rates
The Metropolitan Water District Act at Section 124.5 limits property taxes to pay (1) principal and interest on Metropolitan's general obligation bonded indebtedness and (2) Metropolitan's portion of principal and interest on bonds issued pursuant to the California Water Resources Development Bond Act as of the effective date of Section 124.5 (Burns-Porter Act bonds) and used to finance construction of facilities for the benefit of Metropolitan. The restrictions in Section 124.5 "do not apply if the board of directors of the district, following a hearing held to consider that issue, finds that a tax in excess of these restrictions is essential to the fiscal integrity of the district, and written notice of the hearing is filed with the offices of the Speaker of the Assembly and the President pro Tempore of the Senate at least 10 days prior to that date of the hearing." On March 10, 2020, the Board will hold such a hearing for public comment, and on April 10, 2020 the Board will consider the applicability of Section 124.5 in advance of setting the tax rates for FY 2020/21 in August 2020 and FY 2021/22 in August 2021.
124.5 Notices to Legislature for March 2020 Public Hearing
Board Materials and Presentations
February 10, 2020 Board Letter 8-1
Set Public Hearing for Water Rates and Charges for CYs 2021 and 2022 and Applicability of MWD Act Section 124.5 on AV Valorem Property Tax for FYs 2020/21 and 2021/22, 8-1 Presentation (F&I Committee, Feb. 10, 2020)
Review of MWD Act Section 124.5 Ad Valorem Property Tax Limitation for Fiscal Years 2020/21 and 2021/22 Presentation (F&I Committee, March 9, 2020)
F&I Commitee Meeting Video (March 9, 2020)
March 10, 2020 Board Letter 9-2
Board Meeting Video (March 10, 2020)
Proposed Biennial Budget for FYs 2020/21 and 2021/22, Water Rates and Charges for CYs 2021 and 2022, Ten-Year Forecast and Applicability of §124.5 AV Tax Limit for FYs 2020/21 and 2021/22 Presentation (F&I Committee, April 13, 2020)
F&I Committee Meeting Video (April 13, 2020)
April 14, 2020 Board Letter 8-1
Board Meeting Video (April 14, 2020)
Past Board Determinations
2018 Board Determination
2016 Board Determination
2015 Board Determination
2014 Board Determination
2013 Board Determination
State Water Contract Documents
Consolidated Contract through Amendment No. 28
Original Contract with Attached Amendments through No. 28
DWR SWP Statements of Charges (2010-2018)
DWR SWP Statements of Charges (2018-2020)
Estimated Power Rates for Planned SWP Receipts
Finance and Disclosure Documents
Revenue Bond Official Statement
Subordinate Revenue and Refunding Bonds Preliminary Official Statement
General Obligation Refunding Bond Official Statement
2018 Annual Financial Report
2019 Annual Financial Report
Proposed Biennial Budget Fiscal Years 2020/21 and 2021/22, with CIP
Biennial Budget Fiscal Years 2018/19 and 2019/20
Background Materials for Proposed (1) FYs 2020/21 and 2021/2022 Budget and (2) CYs 2021 and 2022 Charges and Rates
Rating Agency Reports
Moody’s Report Credit Review (December 2018)
