Board of Directors of the Festival Ranch Community Facilities District (CFD) to take action on Resolution No. 05-26 authorizing the issuance, sale and delivery of its General Obligation Bonds, Series

4.A
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/19/26
AGENDA ITEM: 4.A. FIN - Resolution
No. 05-26 Festival Ranch CFD General
Obligation Bonds, Series 2026
DATE PREPARED: 05/14/26
DISTRICT NO.: Festival
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: Consent Agenda
Items / New Business
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of the Festival Ranch Community Facilities District (CFD) to take action on Resolution
No. 05-26 authorizing the issuance, sale and delivery of its General Obligation Bonds, Series 2026;
delegating the authority to approve certain matters with respect to the bonds including determining the
method of sale of the bonds; authorizing the acceptance of a proposal for the purchase of the bonds and
awarding the bonds to the purchaser thereof; providing for the annual levy of a tax for the payment of the
bonds; authorizing the appointment of a municipal advisor and a bond registrar, transfer agent and
paying agent, if necessary; providing for the disposition of the proceeds of such bonds; approving the
form of the bonds and certain documents relating to and securing the payment of the bonds, and
authorizing completion, execution and delivery thereof; delegating the authority to approve and deem
final a form of Preliminary Official Statement, if applicable; and ratifying all actions taken or to be taken to
further this Resolution.
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
The Board held a public hearing and adopted Resolution No. 04-26 whereby it approved a feasibility
report and declared its preliminary intention to issue bonds and acquire the public infrastructure
described in the feasibility report. The Board is being asked to proceed with the financing of the public
infrastructure by authorizing the issuance of not to exceed $8,000,000 of the District's General Obligation
Bonds, Series 2026.
BENEFITS:
The proceeds of the proposed general obligation bonds would be used to acquire the public
infrastructure described in the feasibility report. This public infrastructure will encourage residential and
commercial development which will, in turn, potentially increase the City's property tax base. There is no
cost to the City. Should bonds be issued, they will be an obligation of the District and not of the City. The
bonds will be payable solely from ad valorem taxes levied against the taxable property of the District.
FUTURE ACTION:
The District Clerk and the officers of the District shall take all action necessary or reasonably required to
carry out, give effect to and consummate the transaction contemplated by Resolution No. 05-26 and the

bond documents described therein, including, without limitation, the execution and delivery of the closing
and other documents required to be delivered in connection with the sale and delivery of the bonds.
FINANCIAL IMPACT STATEMENT:
The District shall annually levy and cause an ad valorem tax to be collected, at the same time and in the
same manner as other taxes are levied and collected on all taxable property in the boundaries of the
District, sufficient, together with the moneys from the sources described in Resolution No. 05-26, to pay
debt service on the bonds.
The board will authorize any future bond issuances. The cost of issuance for the bonds will be paid by
the developer. The administrative cost of servicing the bonds will be paid from the Board's operating and
maintenance budget derived from the $0.30 per $100 NAV property tax.
BUDGETED:
Yes
FISCAL YEAR:
FY2027
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
RES_05-26_Festival_Ranch_CFD_GO_Bonds_2026_-_Authorizing_Resolution.pdf