RES_09-26_-_Festival_Ranch_CFD_SARB_Sr.pdf

8010266.3 
1 
RESOLUTION NO. 09-26 (Festival Ranch) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FESTIVAL RANCH 
COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA) 
APPROVING THE ASSESSMENT AND THE PROCEEDINGS HERETOFORE 
HAD AND TAKEN FOR THE FESTIVAL RANCH COMMUNITY FACILITIES 
DISTRICT (CITY OF BUCKEYE, ARIZONA); DETERMINING THE WORK HAS 
BEEN 
COMPLETED 
IN 
ACCORDANCE 
WITH 
THE 
PLANS 
AND 
SPECIFICATIONS; AND ORDERING THE COLLECTION OF THE AMOUNT 
ASSESSED. 
 
 
WHEREAS, the Board of Directors (the “Board of Directors”) of the Festival Ranch 
Community Facilities District (City of Buckeye, Arizona) (the “District”), (i) initiated the 
establishment of Assessment District No. 15 within the boundaries of the District (the 
“Assessment District”), (ii) initiated the acquisition of certain public infrastructure improvements 
and purposes within the Assessment District (the “Project”) as described in Resolution No. 06-
26 (Festival Ranch) (the “Resolution of Intention”) adopted by the Board of Directors on May 5, 
2026, (iii) initiated the financing of said Project and necessary Incidental Expenses (as defined 
in the Resolution of Intention) with the District’s special assessment revenue bonds, and (iv) 
ordered, pursuant to Resolution No. 07-26 (Festival Ranch), the acquisition of such Project as 
contemplated by the Resolution of Intention; and 
 
 
WHEREAS, pursuant to the Waiver Agreement (as defined in the Resolution of 
Intention), the owners of all of the real property within the Assessment District consented to the 
inclusion of all of the real property in the Assessment District, subject to later deletions of real 
property relating to undevelopable and publicly-owned land and other modifications, and 
acknowledged the levy of an assessment, as provided by law, in an amount not to exceed 
$2,730,000 for the purpose of financing the Project and Incidental Expenses; and 
 
 
WHEREAS, an assessment in the amount of $2,730,000 (the “Assessment”) was 
prepared, which will result in a total assessment certified to bond in the amount of $2,730,000, 
and a warrant has been prepared as provided by law and the District’s Assessment District No. 
15, Special Assessment Revenue Bonds, Series 2026, in the amount of $2,730,000, have been 
or shall be issued and sold; and 
 
 
WHEREAS, the District Engineer (as defined in the Resolution of Intention) has reported 
to this Board of Directors that all work relating to the Project has been completed in accordance 
with the approved plans and specifications; and 
 
 
WHEREAS, a hearing was set for the consideration of the Assessment and notice of 
such hearing on the Assessment has been given to all persons owning real property in the 
Assessment District as the names appear upon the tax roll and such hearing has been held; 
and 
 
 
WHEREAS, no objections to the District Engineer’s determination that all work relating 
to the Project has been completed in accordance with the plans and specifications have been 
filed or presented at the hearing; and 
 
 
WHEREAS, the District Engineer has caused to be prepared an estimate of all costs 
anticipated to be incurred in connection with the acquisition of the Project, including the costs of 
certain Incidental Expenses related thereto.

8010266.3 
2 
 
 
BE IT RESOLVED by the Board of Directors of the Festival Ranch Community Facilities 
District (City of Buckeye, Arizona), as follows: 
 
Section 1. 
The work relating to the Project as described in the Resolution of 
Intention has been completed in accordance with the approved plans and specifications and is 
hereby accepted as complete. 
Section 2. 
Any and all objections to the Assessment, the legality of the Assessment 
and the legality of all proceedings related to the Assessment District are hereby overruled.  The 
Assessment in the amount of $2,730,000 as so made is hereby fully and finally confirmed and 
approved. 
 
Section 3. 
All acts of the District Clerk, the Superintendent of Streets (as each term 
is defined in the Resolution of Intention) and any person acting for such officials in setting the 
date for the hearing on the Assessment and causing notice thereof to be mailed is hereby 
ratified and confirmed. 
 
Section 4. 
The Superintendent of Streets is hereby directed to request the Treasurer 
of the District to collect the Assessment that has been levied against the real property in the 
Assessment District for an amount not greater than the grand total of costs set forth in the 
Assessment. 
 
Section 5. 
With respect to any Assessment that bonds are issued against, the 
Treasurer of the District shall cause the Assessment to be billed and collected in installment 
payments sufficient to pay the amounts due on any bonds that are secured by such 
Assessment.  The Assessment shall be collected and, if necessary, foreclosed in accordance 
with Arizona Revised Statutes Sections 48-601 through 48-607, inclusive, as amended, and in 
accordance with the Waiver Agreement. 
 
Section 6. 
All acts of the District Clerk, the Treasurer of the District, the District 
Manager, the District Engineer and the Superintendent of Streets, and any person acting for 
such officials in furtherance of this resolution or in the collection of the Assessment are hereby 
approved, ratified and confirmed. 
 
 
 
[Signatures on following page.]

8010266 
 
PASSED, ADOPTED AND APPROVED by the Board of Directors of the Festival Ranch 
Community Facilities District (City of Buckeye, Arizona) this 19th day of May, 2026. 
FESTIVAL RANCH COMMUNITY FACILITIES 
DISTRICT (CITY OF BUCKEYE, ARIZONA) 
Eric W. Orsborn, District Chairman 
ATTEST: 
Lucinda J. Aja, District Clerk 
APPROVED AS TO FORM: 
Gust Rosenfeld P.L.C. 
District Bond Counsel 
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. 09-26 (Festival Ranch) was duly passed by the Board of Directors of the 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