Board of Directors of Verrado District 1 Community Facilities District (CFD) to take action on Resolution No. 04-25 approving release of the Standby Contribution Agreement relating to the District's G

2.A
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 11/18/25
AGENDA ITEM: 2.A. Resolution No. 04-
25 Verrado District 1 CFD Release of
Standby Contribution Agreement
Relating to District General Obligation
Refunding Bonds, Series 2017
DATE PREPARED: 11/17/25
DISTRICT NO.: Verrado District 1
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 Verrado District 1 Community Facilities District (CFD) to take action on Resolution
No. 04-25 approving release of the Standby Contribution Agreement relating to the District's General
Obligation Refunding Bonds, Series 2017.
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
The Board has previously issued its District General Obligation Refunding Bonds, Series 2017 (the "Prior
Bonds") and entered into a Standby Contribution Agreement (the "Standby Contribution Agreement")
with DMB White Tank, LLC (the "Developer") and Zions Bank, a Division of ZB, National Association, as
trustee, with respect to the Prior Bonds. The Board may release the Standby Contribution Agreement
upon its satisfaction that the conditions have been fulfilled as set forth in (i) the Indenture of Trust and
Security Agreement under which the Prior Bonds were issued and (ii) the Standby Contribution
Agreement. District staff, in consultation with Hilltop Securities, Inc. (the "Municipal Advisor") has
reviewed the calculations provided by the Developer in its letter to the Financial Advisor dated October 7,
2025, and has recommended the release of the Standby Contribution Agreement as of November 18,
2025. Please note that the calculation required to release the Standby Contribution Agreement as shown
in Exhibit A to Resolution No. 04-25 includes the tax rate based on net assessed full cash value,
whereas the net assessed limited property value is used for all other purposes, including the District's
annual levy calculations. 
BENEFITS:
The tax base of the taxable property within the District is projected to be sufficient to provide for the debt
service on the Prior Bonds at a tax rate of $3.00 or less per $100 of net assessed limited property value.
Releasing the Standby Agreement eliminates an additional administrative process for District staff.  
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 actions contemplated by Resolution No. 04-25.
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 to pay debt service on the Prior Bonds. The tax base of the taxable property within the
District is projected to be sufficient to provide for the debt service on the Prior Bonds at a tax rate of
$3.00 or less per $100 of net assessed limited property value.
BUDGETED:
Yes
FISCAL YEAR:
2025-2026
FUND/DEPARTMENT:
8001
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
Resolution No. 04-25 (Verrado District 1) CFD Final.pdf