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REDWOOD CITY Loans: Long-term debt financing can be a valuable tool to use for funding important projects and programs. It is not a source of new funding in and of itself, but rather allows an agency to leverage an ongoing revenue stream by borrowing money for immediate needs such as capital construction, which is then repaid over time. While GO bonds (discussed above) are a type of debt instrument that requires voter approval, other forms of long-term debt do not require voter approval such as certificates of participation (COPS) or loans from a state revolving fund (SRF). COPS are a type of municipal bond that usually has relatively low interest rates but is only secured by the agency's ability to repay and can have substantial administrative costs. 7.4 Assessments & Special Financing Districts Special financing districts are not the same as special districts, which are a form of governance with its own elected board and scope of services. Special financing districts are simply financial structures created by local governments for the purpose of levying taxes, fees, or assessments for specific improvements and/or services provided. These include benefit assessments, community facility districts, business improvement districts, and infrastructure financing districts. Most special financing districts require a balloting of affected property owners, but these are typically either a very small area (like a business district) or are applied to single land owner such as a developer in the process of a new development. Benefit Assessments: Benefit assessment districts can levy charges that correlate to special benefits conferred on property by virtue of improvements or services. These can range from landscaping, lighting, recreation facilities, parks, fire protection, mosquito abatement, and cemeteries. Most benefit assessment districts are governed by a statute, which can vary depending on the type of service or improvement. All benefit assessments must comply with Proposition 218, which limits assessments to the special benefits conferred, but cannot be levied based on any general benefit (such as to properties outside the district boundary or to the general public at large). The portion of the benefits that are general must be funded from sources other than the benefit assessments —such as a city's general fund. This general benefit factor can become prohibitive in some cases. RWC GREEN INFRASTRUCTURE PLAN GREEN INFRASTRUCTURE PLAN 36 JUNE 2019 ATTY/RESO.0075/CC RESO APPROVING THE GREEN INFRASTRUCTURE PLAN— EXHIBITA RESO. NO. 15780 REV: 06-20-19 PR MUFF NO. 802