MELLO-ROOS
A form of financing utilized by cities, counties, and special districts to finance large-scale products in that district such as major improvements and services. To use this type of financing, voters in that district must approve forming a Mello-Ross district by vote (⅔ must be in favor of this decision). Once the district has agreed to become a Mello-Roos district, the amount spent to fund one of the projects is repaid by the voters through taxes. It is formally called Community Facilities District Act, but is commonly known as Mello-Roos because the said Act was named after Senator Henry Mello and Assemblyman Mike Roos, who co-authored the Act.
POPULAR TERMS
Affirmative Covenant
A kind of contract or promise that requires a party to conduct some action. For example, a bond covenant which provides that the issuer must delive ...
Pure Risk
A risk where loss is the only potential outcome; there is no positive result. A pure risk is related to events that are out of control of the risk- ...
Efficiency
Performance level describing a process which uses the lowest amount of inputs to come up with the greatest amount of inputs. It is relative to usin ...
Tax Free
Goods and/or financial products that are not taxable. Having the tax free status allows an entity to save money and encourages additional spending ...
Reprice
A situation that is most often allowed for company executives or high-level employees. It permits them to trade in their options that out of the mo ...
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