CALIFORNIA TAX HAZARDS

NHDIRECT PRODUCT DESCRIPTIONS

The full descriptions of all elements delivered in the California Tax Hazards disclosure portion of the optional NHDirect product package are listed below the product samples.

NHDIRECT PRODUCT SAMPLES

Required & Supplemental

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Tax

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Environmental

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CALIFORNIA TAX HAZARDS

Mello-Roos

A Mello-Roos Community Facilities District, known as a CFD, is a special tax district formed by a local government (a city, county, special district, etc…) in order to finance certain designated facilities and/or services which benefit the properties within the CFD. Often, a CFD will include the ability to issue municipal bonds to finance facilities and the debt is paid over time from the levy of the special tax. The levy of the special tax may also be used to directly finance facilities and/or services.

1915 Act Bond Assessment District

A 1915 Act Assessment District is a special assessment district created pursuant to the Improvement Act of 1911 (Streets and Highways Code Section 5000 et seq.) or the Municipal Improvement Act of 1913 (Streets and Highways Code Section 10000 et seq.) upon majority approval of the property owners during an assessment balloting procedure. A 1915 Act Assessment District may be formed by a local government (a city, county, special district, etc…) in order to finance certain designated facilities that benefit the properties within the district. A 1915 Act Assessment District will include the ability to issue municipal bonds to finance facilities pursuant to the Improvement Bond Act of 1915 (Streets and Highways Code Section 8500 et seq.) and the debt is paid over time from the levy of the special assessments.

OTHER NHDIRECT PRODUCTS

REQUIRED

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SUPPLEMENTAL

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ENVIRONMENTAL

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