Community Facilities District 2003-1 (CFD 2003-1) is located in an unincorporated area of the County of San Bernardino known as the "Doughnut Hole," near the intersection of the Interstate 10 Freeway and Interstate 210 Freeway. The boundaries of the District are coterminous with the land within a 120-acre retail/commercial development known as "Citrus Plaza/Mountain Grove".
CFD 2003-1 was formed March 25, 2003 and Series 2003 Special Tax Bonds were issued to finance public infrastructure, such as roadway, sewer, storm drain and traffic mitigation improvements. In 2014, Series 2014 Special Tax Refunding Bonds were issued to finance the payoff the Series 2003 Special Tax Bonds. The refinancing of the bonds at a lower interest rate reduced the annual debt service and special tax requirement.
An annual special tax is placed on the parcels within the boundaries of CFD 2003-1 for payment of the debt service on the bonds issued and the administrative costs.
The bonds will mature in September 2033.