RES 04-26 Festival Ranch CFD GO Bonds 2026 - Resolution of Intention Approving Feasibility Report.docx

7996903.4 
1 
RESOLUTION NO. 04-26 (Festival Ranch) 
 
A RESOLUTION OF THE BOARD OF DIRECTORS OF FESTIVAL 
RANCH COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, 
ARIZONA), ACCEPTING AND APPROVING THE FEASIBILITY 
REPORT RELATING TO THE ACQUISITION AND FINANCING OF 
CERTAIN IMPROVEMENTS BENEFITING THE DISTRICT; AND 
DECLARING ITS PRELIMINARY INTENTION TO ISSUE NOT TO 
EXCEED $8,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION 
BONDS 
TO 
FINANCE 
THE 
ACQUISITION 
OF 
CERTAIN 
IMPROVEMENTS AS DESCRIBED IN THE FEASIBILITY REPORT 
RELATING TO SUCH IMPROVEMENTS PURSUANT TO THE 
PROVISIONS OF TITLE 48, CHAPTER 4, ARTICLE 6, ARIZONA 
REVISED STATUTES, AND ALL AMENDMENTS THERETO. 
 
 
WHEREAS, pursuant to Arizona Revised Statutes (“A.R.S.”) § 48-715, as amended, the 
Board of Directors of Festival Ranch Community Facilities District (City of Buckeye, Arizona) 
has caused a Report to be prepared, which Report is a study of the feasibility and benefits of the 
Project (as such terms and all other initially capitalized terms are defined hereinafter) relating to 
certain public infrastructure (as defined in the Act) provided for in the General Plan of the District 
to be financed with the proceeds of the sale of general obligation bonds of the District, which 
Report includes, among other things, a description of certain public infrastructure to be acquired 
and all other information useful to understand the Project, an estimate of the cost to acquire, operate 
and maintain the Project, information concerning the completion of the Project, a map or 
description of the area to be benefited by the Project and a plan for financing the Project, a copy 
of which is on file with the District Clerk; and 
 
 
WHEREAS, pursuant to A.R.S. § 48-715, as amended, a public hearing on the Report was 
held on the date hereof, after provision for publication and mailing of notice thereof as provided 
by law. 
 
 
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Festival Ranch 
Community Facilities District (City of Buckeye, Arizona) as follows: 
 
 
Section 1. 
Definitions.  In this resolution, the following terms shall have the following 
meanings: 
 
 
“Act” shall mean A.R.S. Title 48, Chapter 4, Article 6, as amended. 
 
 
“Board” shall mean the Board of Directors of the District. 
 
 
“Bonds” shall mean the District’s General Obligation Bonds, Series 2026. 
 
 
“District” shall mean Festival Ranch Community Facilities District (City of Buckeye, 
Arizona).

7996903.4 
2 
 
“District Clerk” shall mean the Clerk of the District. 
 
 
“Project” shall mean the acquisition of public infrastructure (as such term is defined in the 
Act) described in the Report, including particularly the acquisition by the District of the 
improvements described on Exhibit A hereto. 
 
 
“Report” shall mean the Feasibility Report dated May 19, 2026, pertaining to the Project 
on file with the District Clerk prior to the date and time hereof, discussing the matters required by 
A.R.S. § 48-715, as amended, as such matters relate to the Project. 
 
 
Section 2. 
Approval of Feasibility Report.  Published notice of the public hearing on 
the Report has been provided by the District Clerk not less than 10 days in advance of the date of 
the public hearing on the Report and such publication is hereby ratified and approved.  The District 
Clerk has provided the Report and notice of public hearing on the Report to the governing body of 
the City of Buckeye, Arizona (the “City”), not less than 10 days in advance of the date of the public 
hearing.  Based on the review by the Board and the presentation of the Report at the public hearing 
on May 19, 2026, the Report is hereby accepted, adopted and approved in the form submitted to 
the Board. 
 
 
Section 3. 
Resolution of Intent.  Pursuant to A.R.S. § 48-715, as amended, the Board 
hereby identifies the public infrastructure of the Project, the areas benefited, the expected method 
of financing and the system of providing revenues to operate and maintain the Project, all as 
identified and provided for in the Report, for any and all purposes of the Act.  Any portion of the 
costs of the Project not financed by the proceeds of the Bonds shall remain eligible to be financed 
through the sale of future bonds of the District. 
 
 
Section 4. 
Preliminary Intent to Issue and Sell Bonds.  The Board hereby declares 
its intent to proceed with the financing of the Project in substantially the manner presented in the 
Report, and if such financing is consummated, to acquire the Project.  Nothing contained in this 
Resolution shall be construed to limit the Board’s sole, unfettered discretion in making its final 
decision to issue bonds to finance the Project.  
 
[Signatures on following page]

7996903 
 
 
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), on May 19, 2026. 
 
FESTIVAL RANCH COMMUNITY 
FACILITIES DISTRICT 
(CITY OF BUCKEYE, ARIZONA) 
 
 
 
 
Chair, Board of Directors 
 
ATTEST: 
 
 
 
 
District Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 
Gust Rosenfeld P.L.C. 
Bond Counsel 
 
Attachment 
Exhibit A: 
Description of Public Infrastructure  
 
 
CERTIFICATE 
 
 
I, Lucinda J. Aja, the duly appointed District Clerk of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), do hereby certify that the above and foregoing 
Resolution No. 04-26 (Festival Ranch), was duly passed by the Board of Directors of Festival 
Ranch Community Facilities District (City of Buckeye, Arizona), at a regular meeting held on May 
19, 2026, and the vote was ____ aye’s, ____ nay’s, ____ abstained and ____ were absent, and that 
the Chair and ___ Board Members were present thereat. 
 
 
DATED:  May 19, 2026. 
 
 
 
Lucinda J. Aja, District Clerk

7996903.4 
 
EXHIBIT A 
 
Description of Public Infrastructure 
 
(consisting of 2 pages)

7996903.4 
A-1 
DESCRIPTION OF PUBLIC INFRASTRUCTURE 
 
The Public Infrastructure, which has been publicly procured and constructed pursuant to 
State law and the acquisition of which has been financed by prior bonds or is to be financed by the 
Bonds and/or subsequent bond issues and other sources, if necessary, consists of the following: 
 
Project Descriptions 
Total 
Estimated 
Costs* (i) 
Certified 
Engineer’s 
Costs* (ii) 
Paid by 
Prior  
Bonds (iii) 
To be Paid 
by the 
Bonds* (iv) 
Eligible for 
Funding 
from Future 
Bonds* 
Completion 
Date (v) 
20. 
Sun City Festival Water Well 
#4 – the drilling, installation and 
equipping of Well #4 producing 
an 
estimated 
2,500 
GPM, 
including the eligible costs for 
engineering, survey, permit fees, 
and other required labor, tools, 
and equipment. 
 
$5,300,000  
 
$5,300,000  
 
$0 
$4,470,246  
 
$829,754 
July* 2026 
32. 
Sun 
City 
Festival 
Ranch 
Planning Area 2 Parcel L2  
Concrete 
and 
Paving 
Improvements – installation of 
approximately 1,000 linear feet 
of  parcel roadway including 
concrete and  paving including 
the eligible costs for design, 
engineering, survey, permits and 
fees, and other labor, tools, and 
equipment. 
 
$  529,754  
 
$  529,754 
 
$0 
$  529,754 
 
$0 
August 
2023 
42. 
Sun City Festival Water Plant 
#1 Booster Pump 4 – installation 
of  booster pump and hydrotank 
at Water Plant #1, including the 
eligible costs for engineering, 
survey, permit fees, and other 
required 
labor, 
tools, 
and 
equipment. 
$3,000,000  
 
$3,000,000  
 
$0 
$3,000,000 
$0 
December 
2023 
 
Total 
$8,829,754 $8,829,754 $0 
$8,000,000 
$829,754 
 
(i) 
Represents the total estimated costs, which may differ once the District Engineer certifies eligible construction costs.  
(ii)  
Pending certification. 
(iii) 
Includes acquisition costs from the District’s prior general obligation bonds and/or special assessment revenue bonds. 
(iv) 
Represents estimated costs to be paid by the Bonds, which may differ once the District certifies eligible construction 
costs. 
(v) 
Represents the date by which the Public Infrastructure was constructed, which may differ from the date that it was 
accepted as finally completed by the District/City.  
 
* Subject to change.

7996903.4 
A-2 
                                                                                                                                                             
 
 
For additional information and descriptions for the public infrastructure projects paid by prior bonds or 
public infrastructure projects eligible for funding from future bonds and descriptions, see the Report. 
 
Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion of the 
Public Infrastructure upon acceptance by the District and the City of such Public Infrastructure pursuant to 
the terms of the various development agreements among the City, the District and the Pulte Home Company, 
LLC, and the terms and provisions of all applicable laws, ordinances, codes and rules. All interests in such 
Public Infrastructure financed by the District will be dedicated or otherwise transferred to the City after 
acceptance. Additional portions of public infrastructure, as contemplated by the District’s formational 
documents, may be constructed and will be subject to administrative approval by the District before such 
additional public infrastructure is eligible for funding from future bonds, if any.