RES 14-25 - Floreo CFD SARB Sr. 2025 - Approving Assessment and Ordering Collection (002)(6.9.25) (6565586.2)(6565586.2).docx

6565586.2 
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RESOLUTION NO. 14-25 (Floreo at Teravalis) 
 
RESOLUTION OF THE BOARD OF DIRECTORS OF THE FLOREO AT 
TERAVALIS COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, 
ARIZONA) APPROVING THE ASSESSMENT AND THE PROCEEDINGS 
HERETOFORE HAD AND TAKEN FOR THE FLOREO AT TERAVALIS 
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 “District Board”) of the Floreo at Teravalis 
Community Facilities District (City of Buckeye, Arizona) (the “District”), (i) initiated the 
establishment of Special Assessment District No. 1 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. 09-25 
(Floreo at Teravalis) (the “Resolution of Intention”) adopted by the District Board on June 17, 
2025, (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. 10-25 (Floreo at Teravalis), 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 $10,970,000 for the purpose 
of financing the Project and Incidental Expenses; and 
 
 
WHEREAS, an assessment in the amount of $10,970,000 (the “Assessment”) was 
prepared, which will result in a total assessment certified to bond in the amount of $10,970,000, 
and a warrant has been prepared as provided by law and the District’s Special Assessment 
District No. 1 Special Assessment Revenue Bonds, Series 2025, in the amount of $10,970,000, 
have been or shall be issued and sold; and 
 
 
WHEREAS, the District Engineer (as defined in the Resolution of Intention) has reported 
to this District Board 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.

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NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Floreo at 
Teravalis 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 $10,970,000 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.]

6565586.2 
 
 
PASSED, ADOPTED AND APPROVED by the Board of Directors of the Floreo at 
Teravalis Community Facilities District (City of Buckeye, Arizona) on July 1, 2025. 
 
FLOREO 
AT 
TERAVALIS 
COMMUNITY 
FACILITIES DISTRICT (CITY OF BUCKEYE, 
ARIZONA) 
 
 
 
 
District Chair 
 
ATTEST: 
 
 
 
 
District Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 
Gust Rosenfeld P.L.C. 
District Attorney/Bond Counsel 
 
 
CERTIFICATE 
 
I, Lucinda J. Aja, the duly appointed District Clerk of the Floreo at Teravalis Community 
Facilities District (City of Buckeye, Arizona), do hereby certify that the above and foregoing 
Resolution No. 14-25 (Floreo at Teravalis) was duly passed by the Board of Directors of the Floreo 
at Teravalis Community Facilities District (City of Buckeye, Arizona), at a regular meeting held on 
July 1, 2025, and the vote was ____ aye s, ____ nay s, ____ abstained and ____ were absent, 
and that the Chair and ___ Board Members were present thereat. 
 
DATED: July 1, 2025. 
 
 
 
 
  
 
 
 
 
 
Lucinda J. Aja, District Clerk