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of its anticipated delivery requirements for each of the five following fiscal years. Charges for water delivered are billed monthly and payable by the end of the second month following delivery. MWD Revenues. MWD revenues are primarily derived from water sales. Water rates are established by majority vote of the MWD Board and are not subject to regulation by the California Public Utilities Commission or by any other local, State of California or federal agency. Rates must be uniform for any class of service, and no water may be provided free of charge. Under the Metropolitan Water District Act, California Statutes 1969, Chapter 209, as amended (the "MWD Act"), MWD is required, so far as practicable, to fix such rate or rates for water as will result in revenue which, together with revenue from any water standby or availability charge or assessment, will pay the operating expenses of MWD, provide for repairs and maintenance, provide for payment of the purchase price or other charges for property or services or other rights acquired by MWD and provide for the payment of the interest and principal of the bonded debt of MWD, subject to the applicable provisions of the MWD Act authorizing the issuance and retirement of such bonds. The same water rate is charged for water provided from the Colorado River and the State Water Project. MWD is also empowered to impose an annual water standby or availability service charge, to be allocated among MWD's member agencies as determined by the MWD Board based on, among other factors: historical water deliveries by MWD; contracted or projected water service demands by member agencies; service connection capacity; acreage; property parcels; population; and assessed valuation. The charge may be collected from the member agencies or from individual parcels or may be converted into a benefit assessment. MWD imposes a water standby charge ranging from $1.65 to $14.20 for each acre or parcel less than an acre within MWD's service area, subject to specific exempt categories. Standby charges are assessments under the terms of Proposition 218. A majority of the MWD Board can approve a higher rate. Different rates may be established for parcels situated within different member agencies. The following table sets forth MWD's rates for treated and untreated water from January 1, 2020 to January 1, 2024. TABLE 4 City of Santa Ana THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA Summary of Water Rates in Dollars per Acre Foot Full Service Domestic Rates Effective Beginning Treated Untreated January 1, 2020 Tier 1 $1,078 $ 755 January 1, 2020 Tier 2 1,165 842 January 1, 2021 Tier 1 1,104 777 January 1, 2021 Tier 2 1,146 819 January 1, 2022 Tier 1 1,143 799 January 1, 2022 Tier 2 1,185 841 January 1, 2023 Tier 1 1,209 855 January 1, 2023 Tier 2 1,418 1,064 January 1, 2024 Tier 1 1,256 903 January 1, 2024 Tier 2 1,455 1,102 Source: The City. MWD levies ad valorem taxes upon all of the property that is taxable for MWD purposes in the MWD service area, including the District's service area. Between July 1, 1990 and June 30, 2013, in accordance with the MWD Act, MWD has limited its tax levy to the amount that is needed to pay: (i) the general obligation bond debt service of MWD; and (ii) that portion of MWD's payment obligation under its water supply contract with the State of California attributable to debt service on certain State of California general obligation water bonds. The MWD tax levy amount has remained at the Fiscal Year 2013 level since Fiscal Year 2013. Taxes will cease to be levied when the general obligation bonds of MWD and the State of California general obligation water bonds 23