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It can also can levy a water tax of 1.5 mills or less for fire protection, and collect sewer fees and other utility charges for other governmental agencies in areas where it provides water at retail. Currently, M.U.D. provides natural gas service to more than 241,000 customers and provides water service to more than 227,000 customers.
In 1923, EBMUD was founded due to the rapid population growth and severe drought in the area. The district constructed Pardee Dam (finished in 1929) on the Mokelumne River in the Sierra Nevada, and a large steel pipe Mokelumne Aqueduct to transport the water from Pardee Reservoir across the Central Valley to the San Pablo Reservoir located in the hills of the East Bay region.
This board was in charge of issuing bonds and financing their repayment by selling water to member agencies. In the early years, revenue from water sales was too low, so Metropolitan also collected taxes that ranged from 0.25 to 0.50 percent of assessed value. Ninety percent of the cost of the aqueduct has been paid for by the taxpayers.
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For example, assume an investor in the 38% tax bracket is offered a municipal bond that has a tax-exempt yield of 1.0%. Using the formula above, the municipal bond's taxable equivalent yield is 1.6% (0.01/(1-0.38) = 0.016) - a figure which can be fairly compared to yields on taxable investments such as corporate or U.S. Treasury bonds for ...
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The routine yearly increases district-wide, along with any increase in site value from the public and private investment, generate an increase in tax revenues. This is the "tax increment." Tax increment financing dedicates tax increments within a certain defined district to finance the debt that is issued to pay for the project.