50-3115. DISCLOSURE. (1) The district board shall record with the county clerk in each county in which the district is located, upon the records of each parcel of real property within the district that will be encumbered with any future general obligation bond or special assessment bond repayment liability, a notice setting forth:

(a) The current obligation of a property owner within the district with respect to any bond repayment liability;

(b) That the obligation to retire the bonds will be the responsibility of any property owner in the district through the payment of real property taxes and special assessments collected by the county treasurer in addition to all other property tax payments;

(c) The estimated maximum tax or special assessment rate upon the parcel for bond repayment;

(d) Whether the tax or special assessment rate is to be maintained at any level by means of any developer agreement with the district; and

(e) That in the event of the failure to maintain the tax rate, the tax rate on a parcel will increase, as needed, to provide for bond repayment.

(2) Such notice may be separately recorded or included in a recorded district development agreement. The governing body, in its resolution approving formation of the district, shall require that a form disclosure, consistent with the foregoing, be signed and acknowledged by any purchaser of land within the district prior to purchase. The form disclosure shall be entitled "CID TAX AND SPECIAL ASSESSMENT DISCLOSURE NOTICE" and shall specifically and conspicuously set forth "YOU ARE PURCHASING REAL PROPERTY THAT IS INCLUDED WITHIN THE BOUNDARIES OF A COMMUNITY INFRASTRUCTURE DISTRICT." Further, the notice shall set forth such other notifications as determined appropriate by the district board that shall fully and fairly disclose the property owner’s general obligation bond and special assessment repayment liability with examples provided.

History:

[50-3115, added 2008, ch. 410, sec. 1, p. 1158.]