By Mike Allen
May 28, 2019 (Santee) -- Santee’s City Council approved the final phase May 22 on about $9 million in bonds that will be issued next month to pay for improvements and city services to the controversial Weston residential development, formerly called Castlerock.
The special tax bonds are completely supported from property taxes paid by the residents of Weston, which is located just west of Santee Lakes and off Mast Boulevard.
No city funding will be used to repay the bonds, which are being issued through two separate community facilities districts via a mechanism commonly used by many cities in California called Mello-Roos.
The actual amount of issued debt won’t be known until the debt is priced and sold in early June, but likely will come in at about $8.9 million although the special financing districts controlled by the city of Santee has the power to issue up to $9.5 million in debt.