FEASIBILITY REPORT Festival Ranch CFD GO 2025 ek 5-5-25.pdf

FEASIBILITY REPORT  
 
 
 
 
FOR THE ISSUANCE  
OF 
NOT TO EXCEED 
$6,000,000 PRINCIPAL AMOUNT OF 
FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT  
(CITY OF BUCKEYE, ARIZONA) 
GENERAL OBLIGATION BONDS, 
SERIES 2025 
                                       
 
         
 
Date of Public Hearing: May 20, 2025

TABLE OF CONTENTS 
SECTION 
Introduction; Purpose of Feasibility 
Report and General Description of District ........................................................................ ONE 
 
Description, Estimate of Cost and Timetable  
 
for Completion of Public Infrastructure ............................................................................. TWO 
 
Maps of the District  ............................................................................................................. THREE 
 
Plan of Finance and Preliminary Debt Service Schedule ....................................................... FOUR 
 
 
 
APPENDIX 
Legal Description of Festival Ranch Community Facilities District (City of Buckeye, Arizona) A

SECTION ONE 
 
INTRODUCTION; PURPOSE OF FEASIBILITY REPORT 
AND GENERAL DESCRIPTION OF DISTRICT

1-1 
 
INTRODUCTION 
 
This Feasibility Report (this “Report”) has been prepared for presentation to the District Board of the Festival 
Ranch Community Facilities District (City of Buckeye, Arizona) (the “District”) in connection with the proposed 
issuance by the District of its General Obligation Bonds, Series 2025 (the “Bonds”), in an aggregate principal amount 
not to exceed $6,000,000.  The Bonds will be issued pursuant to the Community Facilities District Act of 1988, Title 
48, Chapter 4, Article 6, Arizona Revised Statutes (the “Act”).  The District is authorized to issue not-to-exceed 
$175,000,000 in principal amount of general obligation bonds pursuant to an election held on May 25, 2005.  To date, 
the District has issued $800,000 aggregate principal amount of District General Obligation Bonds, Series 2006; 
$1,535,000 aggregate principal amount of District General Obligation Bonds, Series 2007; $7,600,000 aggregate 
principal amount of District General Obligation Bonds, Series 2009; $5,400,000 aggregate principal amount of 
District General Obligation Bonds, Series 2012; $1,800,000 aggregate principal amount of General Obligation Bonds, 
Series 2013;  $5,410,000 aggregate principal amount of General Obligation Bonds, Series 2016; $3,665,000 
aggregate principal amount of General Obligation Bonds, Series 2017; $2,940,000 aggregate principal amount of 
General Obligation Refunding Bonds, Series 2017; $3,335,000 aggregate principal amount of General Obligation 
Bonds, Series 2018; $5,715,000 aggregate principal amount of General Obligation Bonds, Series 2019; $3,885,000 
aggregate principal amount of General Obligation Refunding Bonds, Series 2019; $5,315,000 aggregate principal 
amount of General Obligation Bonds, Series 2020; $5,790,000 aggregate principal amount of General Obligation 
Bonds, Series 2021; $6,075,000 aggregate principal amount of General Obligation Bonds, Series 2022; $3,985,000 
aggregate principal amount of General Obligation Bonds, Series 2023, $10,075,000 aggregate principal amount of 
General Obligation Bonds, Series 2024 and $2,995,000 aggregate principal amount of General Obligation Refunding 
Bonds, Series 2024 for a total amount of $76,320,000 of general obligation bonds issued.  Proceeds from the sale of 
the Bonds will be used to acquire the public infrastructure listed in Section Two and to pay a portion of the costs of 
issuance of the Bonds. 
 
PURPOSE OF FEASIBILITY REPORT 
 
This Report has been prepared for consideration of the feasibility and benefits of certain public infrastructure 
(as defined in Section 48-701, Arizona Revised Statutes) (collectively, the “Public Infrastructure”), to be financed by 
the Bonds, if any are issued, and of the plan for financing the Public Infrastructure in accordance with the provisions 
of Section 48-715, Arizona Revised Statutes.  Pursuant to Section 48-715, Arizona Revised Statutes, this Report 
includes (i) a description of the Public Infrastructure, an estimate of cost and a timetable to acquire the Public 
Infrastructure (see Section Two); (ii) a map showing, in general, the location of the Public Infrastructure and area to 
be benefited by the Public Infrastructure (see Section Three); and (iii) a plan of finance for the Public Infrastructure 
(see Section Four). 
 
This Report has been prepared for consideration by the District Board.  It is not intended or anticipated that 
this Report will be relied upon by other persons, including, but not limited to, purchasers of the Bonds.  This Report 
does not attempt to address the quality of the Bonds as investments or the likelihood of repayment of the Bonds, if 
any are issued.  In preparing this Report, employees of Pulte Home Company LLC (“Pulte”), the master developer 
of the property within the District, the underwriter, the financial advisor, bond counsel, staff of the City of Buckeye, 
Arizona (the “City”) that provide services to the District, and other persons and experts have been consulted as 
deemed appropriate.

1-2 
 
GENERAL DESCRIPTION OF DISTRICT 
 
Formation of the District was approved by the City on April 19, 2005, on the request of all of the landowners 
within the District.  The District consists of approximately 4,015 acres within the approximately 10,354 acre master-
planned community called Festival Ranch (the “Project”).  The Project is located along the Sun Valley Parkway 
generally between 259th Avenue and the 291st Avenue alignments.  Single-family residential units are planned for 
approximately 3,190 acres within the Project.  As of March 31, 2024, Pulte has closed 4,342 residential homes at Sun 
City Festival (age restricted) and 1,274 homes at Festival Foothills (non-age restricted), for a total of 5,616 residential 
homes. 
 
In addition to residential development, several community amenities have been constructed within the 
District.  Currently, a 27-hole golf course is completed along with a 15,000 square foot golf clubhouse, a 30,000 
square foot recreation center, a 24,000 square foot recreation center, an 8,000 square foot arts and crafts building, a 
softball complex, a pet park, a pickleball complex and a community park.   
 
Total Project 
 
Approximate 
District 
Acres 
 
 
 
 
 
Single Family Residential Units 
 
3,190   
Two Golf Courses 
 
400   
Commercial 
 
350   
Recreation Centers 
 
75   
Total 
 
4,015   
 
The District was created to finance the construction or acquisition of Public Infrastructure within the District.  
See Section Two for a description of the Public Infrastructure.  A legal description of the District is included in 
Appendix A.  Maps of the District are included in Section Three.  The acquisition of the Public Infrastructure as 
defined in this Report is consistent with and in furtherance of the approved General Plan of the District.

SECTION TWO 
 
DESCRIPTION, ESTIMATE OF COST AND TIMETABLE FOR 
COMPLETION OF PUBLIC INFRASTRUCTURE

2-2 
DESCRIPTION OF PUBLIC INFRASTRUCTURE 
 
 
The Public Infrastructure, which has been publicly bid and constructed pursuant to State of Arizona (the 
“State”) statutes and the acquisition of which is to be financed by the Bonds, consists of the following:   
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future 
Bonds 
1. 
Festival Ranch Wastewater Infrastructure 
Trunk Sewer Lines - installation of approx. 
11,121 linear feet of sewer lines including 
engineering, survey, permits and fees, and other 
labor, tools, and equipment. 
 
$3,220,619 
$3,220,619 
$3,220,619 
$0 
$0 
2. 
Sun City Festival Phase I Roadways and 
Landscaping (Canyon Springs, Desert Oasis, 
Mountain Ridge & Sun Valley Parkway) - 
installation of approx. 4,874 linear feet of 
Arterial Roadway and ROW Landscaping and 
5,942 of Collector Roadway  and ROW 
Landscaping including concrete, paving, storm 
drainage, landscaping, engineering, survey, 
permits and fees, and other labor, tools, and 
equipment. 
 
$7,416,732 
$7,416,732 
$7,416,732 
$0 
$0 
3. 
Sun City Festival Phase I Infrastructure 
Water (Parcel A1, B1, C1 & V1) - installation 
of approx. 25,600 linear feet of water lines 
including engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$1,841,756 
$1,841,756 
$1,841,756 
$0 
$0 
4. 
Festival Ranch Water Reclamation Facility - 
installation of a 1 MG Water Reclamation 
Facility including engineering, survey, permits 
and fees, and other labor, tools, and equipment. 
 
$8,966,703 
$8,966,703 
$8,966,703 
$0 
$0 
5. 
Sun City Festival Phase 1 Offsite Sewer 
(Alignment through Parcels D1, E1, S1 & 
T1) - installation of approximately 8,663 linear 
feet of sewer lines including engineering, 
survey, permits and fees, and other labor, tools, 
and equipment. 
 
$997,203 
$997,203 
$997,203 
$0 
$0 
6. 
Sun City Festival Water Plant #1, Well #1, 
Well #2 - installation of 1.2 MG storage tank 
and booster pumps at Water Plant #1, and the 
drilling and equipping of Well #1 and Well #2 
producing 6,150 GPM, including the eligible 
costs for engineering, survey, permit fees, and 
other required labor, tools, and equipment. 
 
$6,754,018 
$6,754,018 
$6,754,018 
$0 
$0 
7. 
Festival 
Foothills 
Phase 
I 
Water 
Infrastructure Desert Vista Boulevard and 
Beardsley Parkway 
(East of CSB) - installation of approximately 
5,400 linear feet of water lines including 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$418,657 
$418,657 
$418,657 
$0 
$0

2-3 
 
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future 
Bonds 
8. 
Festival Foothills Phase I Roadways 
Desert Vista Blvd & Beardsley Parkway 
(East of the CSB) -installation of 
approximately 1,340 linear feet of Arterial 
Roadway and 4,050 linear feet of  
Collector Roadway including grading, 
concrete, 
paving, 
storm 
drainage, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment.    
 
$2,383,180 
$2,383,180 
$2,383,180 
$0 
$0 
9. 
Sun 
City 
Festival 
Phase 
II 
Infrastructure Water, Sewer (Phase 1), 
Storm Drain and reclaimed Waterline 
Phase I- installation of approximately 
7,782 linear feet of waterlines, 1,596 linear 
feet of sewer, 15,892 linear feet of 
reclaimed waterline and 1,361 linear feet 
of storm drain for Mountain Ridge 
Boulevard, Desert Oasis Boulevard and 
Canyon 
Spring 
Boulevard 
including 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
 
$2,325,837 
$2,325,837 
$2,325,837 
$0 
$0 
10. 
Sun City Festival Phase II Concrete and 
Paving Infrastructure to serve Desert 
Oasis Boulevard and Mountain Ridge 
Boulevard to serve Parcels D 1-H 1 - 
installation of approximately 3,640 linear 
feet of arterial roadway and 2,100 of 
collector 
roadway 
including 
paving, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$2,537,569 
$2,537,569 
$2,537,569 
$0 
$0 
11. 
Sun City Festival Phase 2 Offsite Sewer 
– installation of approximately 6,082 
linear feet of 15 inch sewer including 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$ 781,133 
$ 781,133 
$781,133 
$0 
$0 
12. 
Desert 
Vista 
Boulevard 
Water 
Transmission Main – installation of 
approximately 3,083 linear feet of water 
transmission main including engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$845,216 
$ 845,216 
$845,216 
$0 
$0 
13. 
Sun City Festival Well # 3 –  
equipping of Well #3 including the eligible 
costs for engineering, survey, permit fees, 
and other required labor, tools, and 
equipment. 
 
$1,680,547 
$1,680,547  
$1,680,547 
$0 
$0

2-4 
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future  
Bonds  
14. 
Sun City Festival Revised Abraham 
Lane Water Line (Portion within Parcel 
N1) – installation of approximately 2,898 
linear feet of 12 inch water including the 
eligible costs for engineering, survey, 
permit fees, and other required labor, tools 
and equipment.  
 
$212,935 
$212,935 
$212,935 
$0 
$0 
15. 
Sun City Festival Phase 2 Infrastructure 
Phase 3 Water Line and Desert Vista 
Boulevard Water Line -  installation of 
approximately 4,048 linear feet 16 inch 
water and approximately 770 linear feet of 
12 inch water including the eligible costs 
for engineering, survey, permit fees, and 
other required labor, tools and equipment. 
 
$402,514 
$402,514 
$402,514 
$0 
$0 
16. 
Desert 
Vista 
Boulevard, 
Wagner 
Complex 
Drive 
and 
Phase 
II 
Infrastructure 
Phase 
3 
Roadway 
Concrete, 
Paving 
and 
Landscape 
Improvements 
– 
installation 
of 
approximately 4,209 linear feet of arterial 
roadway and 3,000 linear feet of collector 
roadway including concrete, paving and 
right of way landscaping including the 
eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$4,941,129 
$4,941,129 
$4,941,129 
$0 
$0 
17. 
Sun City Festival – Phase 3 Offsite 
Sewer – installation of approximately 
3,700 linear feet of 15” ES VCP truck 
sewer including the eligible costs for 
design, engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$678,358 
$678,358 
$678,358 
$0 
$0 
18. 
City of Buckeye Firehouse # 705 – 
construction of fire station including the 
eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$3,351,485 
$3,351,485  
$3,351,485 
$0 
$0 
19. 
Sun City Festival Water Plant #1 
Expansion – installation of 1.2 MG 
storage tank and booster pumps at Water 
Plant #1, including the eligible costs for 
engineering, survey, permit fees, and other 
required labor, tools, and equipment. 
 
$2,654,932 
$2,654,932 
$2,654,932 
$0 
$0 
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. 
 
$5,000,000 
[to be 
determined] 
$0 
$0 
[to be 
determined]

2-5 
 
 
 
 
 
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future  
Bonds  
 
 
 
 
 
 
 
 
21. 
Festival Ranch Water Reclamation 
Facility Expansion - the installation of a 
0.5 MGD Water Reclamation Facility 
Expansion, including the eligible costs for 
engineering, survey, permit fees, and other 
required labor, tools, and equipment. 
 
$31,000,000 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
22. 
Festival 
Ranch 
Arsenic 
Treatment 
Facility - the installation of a Water 
Treatment Facility, including the eligible 
costs for transmission mains, engineering, 
survey, permit fees, and other required 
labor, tools, and equipment. 
 
$14,000,000 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
23. 
Sun City Festival Ranch Planning Area 
2 Canyon Springs Blvd and Parcel A2  
Concrete and Paving  Improvements – 
installation of approximately 4,400 linear 
feet of arterial roadway and parcel 
roadways including concrete and  paving 
including the eligible costs for design, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$2,180,613 
$2,180,613 
$2,180,613 
$0 
$0 
24. 
Sun City Festival Ranch Planning Area 
2 Parcel D2  Concrete and Paving 
Improvements– 
installation 
of 
approximately 6,500 linear feet of roadway 
including concrete and  paving including 
the eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$1,316,658 
$1,316,658 
$1,316,658 
$0 
$0 
25. 
Sun City Festival Ranch Planning Area 
2 Parcel C2 Concrete and Paving 
Improvements 
– 
installation 
of 
approximately 5,400 linear feet of roadway 
including concrete and  paving including 
the eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$1,048,802 
$1,048,802 
$1,048,802 
$0 
$0 
26. 
Festival Ranch Sun City Festival - Parcel 
S1 16 inch Waterline – installation of 
approximately 
1,600 
linear 
feet 
of 
waterline including the eligible costs for 
design, engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$300,728 
$ 300,728  
$300,728 
$0 
$0

2-6 
 
 
 
 
Project Descriptions 
 
Total 
Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future  
Bonds  
27. 
Festival Ranch Sun City Festival - 
Parcel 
HH1-1 
& 
HH1-2 
Water 
Transmission Mains – installation of 
approximately 2,500 linear feet of water 
transmission main including the eligible 
costs for design, engineering, survey, 
permits and fees, and other labor, tools, 
and equipment. 
 
$214,263 
$214,263 
$214,263 
$0 
$0 
28. 
Sun City Festival Ranch Planning Area 
2 Parcel B2  Concrete and Paving  
Improvements 
– 
installation 
of 
approximately 4,600 linear feet of minor 
collector roadway and parcel roadways 
including concrete and  paving including 
the eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$1,271,807 
$1,271,807 
$1,271,807 
$0 
$0 
29. 
Sun City Festival Ranch Planning Area 
1 Parcel Q1 Phase 1 and Phase 2  
Concrete and Paving Improvements– 
installation of approximately 8,400 linear 
feet of major collector and parcel 
roadways including concrete and  paving 
including the eligible costs for design, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$2,212,211 
$2,212,211 
$1,527,000 
$685,211 
$0 
30. 
Sun City Festival Ranch Planning Area 
1 Parcel T1  Concrete and Paving 
Improvements 
– 
installation 
of 
approximately 5,900 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. 
 
$1,817,706 (a) 
[to be 
determined] 
Completed 
Project Binder 
not yet prepared 
$0 
$1,817,706 (a) 
[to be 
determined] 
31. 
Festival Ranch Sun City Festival - 
Parcel T1 16 inch Waterline – 
installation of approximately 2,700 linear 
feet of waterline including the eligible 
costs for design, engineering, survey, 
permits and fees, and other labor, tools, 
and equipment. 
 
 
$524,078 
[to be 
determined] 
Completed 
Project Binder 
not yet prepared 
$0 
$0 
[to be 
determined] 
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 
[to be 
determined] 
Completed 
Project Binder 
not yet prepared 
$0 
$0 
[to be 
determined]

2-7 
 
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future  
Bonds  
33. 
Festival Ranch Groundwater Recharge 
Facility - the installation of a Groundwater 
Recharge Facility, including the eligible 
costs for pump station, transmission mains, 
engineering, survey, permit fees, and other 
required labor, tools, and equipment. 
 
$3,500,000 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
34. 
Sun City Festival Ranch Planning Area 
2 Parcel E2 Infrastructure Sewer 
Improvements 
– 
installation 
of 
approximately 2,599 linear feet of  sewer 
line including the eligible costs for design, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$488,885 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
35. 
Sun City Festival Ranch Planning Area 
2 Parcel F2 Concrete and Paving 
Improvements 
– 
installation 
of 
approximately 6,960 linear feet of  arterial, 
collector and parcel roadway concrete and  
paving including the eligible costs for 
design, engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$3,256,663 
$3,256,663 
$3,256,663 
$0 
$0 
36. 
Sun City Festival Ranch Planning Area 
1 Parcel HH1-3 Infrastructure Water 
and Well Supply Line Improvements – 
installation of approximately 4,800 linear 
feet of  water and well lines including the 
eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$424,000 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
37. 
Sun City Festival Ranch Planning Area 
2 Parcel K2/N2  Concrete and Paving 
Improvements – installation parcel 
roadway concrete and  paving including 
the eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$1,246,825 
$1,246,825 
$1,132,405 
$114,420 
$0 
38. 
Sun City Festival Ranch Planning Area 
2 Parcel H2 Phase 1 and 2  Concrete 
and Paving Improvements – installation 
parcel roadway concrete and  paving 
including the eligible costs for design, 
engineering, survey, permits and fees, and 
other labor, tools, and equipment. 
 
$2,809,434 
$2,524,056 
$2,524,056 
$285,378 
$0

2-8 
 
The Public Infrastructure described above was completed from 2006 to the date of this Report.  Proceeds of the Bonds 
will be used to finance the acquisition of a portion of the Public Infrastructure.  Additional portions of public 
infrastructure have been completed but are awaiting administrative approval by the District before such public 
infrastructure is eligible for funding from future bonds.  Additional public infrastructure as contemplated by the 
District’s formational documents will be constructed in the future.   
 
 
 
* 
Subject to change. 
 
(a) 
Pending certification.
Project Descriptions 
 
Total Estimated 
Costs 
Certified 
Engineer’s 
Costs 
 
 
Paid by Prior 
Bonds 
To be Paid by 
Series 2025 
Bonds 
Eligible for 
funding from 
Future  
Bonds  
39. 
Sun City Festival Ranch Planning Area 
2 Parcel G2/I2  Concrete and Paving 
Improvements 
– 
installation 
parcel 
roadway concrete and  paving including the 
eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$1,686,178 
$1,686,178 
$381,195 
$1,304,983 
$0 
40. 
Sun City Festival Ranch Planning Area 
2 Parcel J2  Concrete and Paving 
Improvements 
– 
installation 
parcel 
roadway concrete and  paving including the 
eligible costs for design, engineering, 
survey, permits and fees, and other labor, 
tools, and equipment. 
 
$736,639 
$736,639 
$0 
$736,639 
$0 
41. 
Sun City Festival Ranch Parcel HH1-5  
Concrete and Paving Improvements – 
installation parcel roadway concrete and  
paving including the eligible costs for 
design, engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$1,144,847 (a) 
[to be 
determined] 
$0 
$355,663 (a) 
[to be 
determined] 
42. 
Festival Ranch Water Plant No. 1 
Expansion Booster Pump # 4  - 
installation of additional Booster Pump 
including the elegiable costs for design, 
engineering, survey, permits, fees, and 
other labor, tools and equipment.   
 
$2,016,559 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
43. 
Festival Ranch Sun City Festival – 
Planning Area 2 Kerry Lane and Offsite 
Water Line Waterline – installation of 
approximately 
5,000 
linear 
feet 
of 
waterline including the eligible costs for 
design, engineering, survey, permits and 
fees, and other labor, tools, and equipment. 
 
$1,072,792 
[to be 
determined] 
$0 
$0 
[to be 
determined] 
 
 
 
$132,209,965* 
$73,215,400* 
$67,564,713 
$5,300,000* 
$ to be 
determined*

SECTION THREE 
 
MAPS OF THE DISTRICT

3-1 
 
 
Location Map

3-2 
 
 
Aerial Photograph of the District

SECTION FOUR 
 
PLAN OF FINANCE AND PRELIMINARY  
DEBT SERVICE SCHEDULE

4-1 
PLAN OF FINANCE 
 
This Plan of Finance is subject to modification to accommodate market conditions at the time of the 
actual sale of the Bonds and to the extent necessary to comply with federal and State law.  
 
(i) 
Formation and Authorization: 
 
 
In response to a petition from the owners of 100% of the property within the District, the City Council 
formed the District on April 19, 2005.  The District is authorized to issue not-to-exceed $175,000,000 
in principal amount of general obligation bonds pursuant to an election held on May 25, 2005.  The 
remaining authorization prior to the issuance of the Bonds is $106,397,622. 
 
 
The District has previously issued the following series of general obligation bonds: 
 
$800,000, District General Obligation Bonds, Series 2006; 
 
$1,535,000, District General Obligation Bonds, Series 2007; 
 
$7,600,000, District General Obligation Bonds, Series 2009; 
 
$5,400,000, District General Obligation Bonds, Series 2012; 
 
$1,800,000, General Obligation Bonds, Series 2013; 
 
$5,410,000, General Obligation Bonds, Series 2016; 
 
$3,665,000, General Obligation Bonds, Series 2017; 
 
$2,940,000, General Obligation Refunding Bonds, Series 2017;  
 
$3,335,000, General Obligation Bonds, Series 2018; 
 
$5,715,000, General Obligation Bonds, Series 2019;  
 
$3,885,000, General Obligation Refunding Bonds, Series 2019; 
 
$5,315,000, General Obligation Bonds, Series 2020;  
 
$5,790,000, General Obligation Bonds, Series 2021;  
 
$6,075,000, General Obligation Bonds, Series 2022; 
 
$3,985,000, General Obligation Bonds, Series 2023; 
 
$10,075,000, General Obligation Bonds, Series 2024; and 
 
$2,995,000, General Obligation Refunding Bonds, Series 2024. 
 
(ii) 
Proposed Debt Issuance: 
 
The Bonds are anticipated to be issued in September 2025.  As indicated in Table One herein, it is 
currently estimated that the Bonds will have a final maturity of approximately 20-years with principal 
amortized such that when combined with the debt service on the previous issues referenced above, the 
result will be aggregate level debt service along with a targeted secondary tax rate of not to exceed 
$3.00 per $100 of net assessed limited property value (not including the tax of $0.30 per $100 of net 
assessed limited property value levied to pay a portion of operation and maintenance expenses of the 
District and of the public infrastructure financed by the District (the “Operation and Maintenance 
Tax”)).

4-2 
(iii) 
Sources and Uses of Funds: 
 
The estimated sources and uses of funds associated with the sale of the Bonds is as follows: 
 
 
Sources of Funds: 
Bonds 
Principal Amount of Bonds (a) 
$ 5,340,000.00 
Pulte Contribution (b) 
 
204,080.00 
 
$ 5,544,080.00 
Uses of Funds: 
 
Cost of Public Infrastructure 
$ 5,300,000.00 
Costs of Issuance  
 
140,000.00 
Bond Insurance 
37,173.47 
Underwriting Fee  
 
64,080.00 
Deposit to the Debt Service Fund 
 
2,826.53 
 
$   5,544,080.00 
 
(a) Final par amount of the Bonds is subject to change based on market conditions. 
(b) All costs of issuance and underwriter fees will be paid by Pulte. 
 
(iv) 
Disclosure of Taxes and Assessments: 
 
 
Section 32-2181 et seq., Arizona Revised Statutes requires the disclosure of all property taxes and 
assessments to be paid by a homeowner in the Arizona Department of Real Estate Subdivision Public 
Report (the “Public Report”).  Each homebuyer must be supplied a Public Report and, prior to any 
home sale, the homebuyer must acknowledge by signature that they have read and accepted the Public 
Report. 
  
In addition, Pulte requires the homebuyer to sign an additional form that highlights and discloses the 
additional taxes as a result of the District financing.  
 
(v) 
Operation and Maintenance Estimated Revenues and Expenditures: 
 
The Public Infrastructure that may be acquired by the District has been dedicated to the City.   
 
 
Some or all of the public infrastructure heretofore or hereafter constructed may be, and may continue 
to be, supported by City monies (after acceptance of any such public infrastructure by the City), the 
Operation and Maintenance Tax, Home Owner’s Association (“HOA”) fees, developer contributions, 
or some combination of one or more of such revenue sources.  Pursuant to a development agreement 
among the Project property owners and the City, the master HOA is responsible for the operation and 
maintenance costs of landscaping for the roadways, trails, and open space within the District.  All 
homeowners are required to participate in the HOA.  Monthly fees for the HOA are approximately 
$168 per home in Sun City Festival and $95 per home in Festival Foothills. 
 
 
Pursuant to a development agreement among the Project property owners and the City, Pulte is 
required to provide a warranty for all infrastructure comprised of streets, parkways and alleys and all 
appurtenances thereto at its expense for a period of two years from the date the City accepts the 
infrastructure. Such warranty requires repair actions reasonably necessary to correct defects according 
to customary engineering industry standards for each item of the Public Infrastructure.

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
TABLE ONE
Currently Outstanding
$5,340,000
General Obligation Bond
General Obligation Bonds, Series 2025
Debt Service
Dated: 10/1/25 (a)
Net Limited
Total 
Projected
Fiscal
Assessed
New Bond
Aggregate
Bond
Year
Valuation (b)
Principal
Interest
Debt Service
Principal
Interest (c)
Debt Service
Debt Service
Tax Rate (d)
2024/25
$136,959,496
$1,995,000
$1,969,611
$3,964,611
$3,964,611
$2.8959
2025/26
147,128,666
2,005,000
2,098,681
4,103,681
$95,000
$210,633
$305,633
4,409,315
2.9969
2026/27
147,128,666
2,090,000
2,014,331
4,104,331
0
262,250
262,250
4,366,581
2.9679
2027/28
147,128,666
1,975,000
1,926,331
3,901,331
45,000
262,250
307,250
4,208,581
2.8605
2028/29
147,128,666
2,055,000
1,844,731
3,899,731
50,000
260,000
310,000
4,209,731
2.8613
2029/30
147,128,666
2,140,000
1,759,631
3,899,631
55,000
257,500
312,500
4,212,131
2.8629
2030/31
147,128,666
2,225,000
1,677,781
3,902,781
55,000
254,750
309,750
4,212,531
2.8632
2031/32
147,128,666
2,305,000
1,593,131
3,898,131
60,000
252,000
312,000
4,210,131
2.8615
2032/33
147,128,666
2,400,000
1,498,563
3,898,563
65,000
249,000
314,000
4,212,563
2.8632
2033/34
147,128,666
2,505,000
1,394,463
3,899,463
65,000
245,750
310,750
4,210,213
2.8616
2034/35
147,128,666
2,610,000
1,290,863
3,900,863
65,000
242,500
307,500
4,208,363
2.8603
2035/36
147,128,666
2,715,000
1,183,013
3,898,013
75,000
239,250
314,250
4,212,263
2.8630
2036/37
147,128,666
2,830,000
1,072,163
3,902,163
75,000
235,500
310,500
4,212,663
2.8633
2037/38
147,128,666
2,960,000
941,788
3,901,788
75,000
231,750
306,750
4,208,538
2.8604
2038/39
147,128,666
3,095,000
805,200
3,900,200
80,000
228,000
308,000
4,208,200
2.8602
2039/40
147,128,666
3,200,000
699,513
3,899,513
85,000
224,000
309,000
4,208,513
2.8604
2040/41
147,128,666
3,325,000
572,713
3,897,713
90,000
219,750
309,750
4,207,463
2.8597
2041/42
147,128,666
3,415,000
483,463
3,898,463
95,000
215,250
310,250
4,208,713
2.8606
2042/43
147,128,666
3,585,000
316,988
3,901,988
95,000
210,500
305,500
4,207,488
2.8597
2043/44
147,128,666
3,750,000
150,000
3,900,000
105,000
205,750
310,750
4,210,750
2.8620
2044/45
147,128,666
4,010,000
200,500
4,210,500
4,210,500
2.8618
$53,180,000
$5,340,000
$4,706,883
$10,046,883
(a) Closing date subject to change.
(c) Interest rate is estimated at 5.0%.  Rates are subject to change based on a variety of economic and market factors.
(b) Fiscal year 2024/25 is actual and represents 12.2% growth. Fiscal Year 2025/26 is estimated and represents 7.42% growth. Subsequent years assume no growth.  
(d) Fiscal year 2024/25 represents the actual secondary tax rate for debt service only.  
The interest rate and rating assumptions assumed in this presentation are based on current market conditions and similar credits.  
The Issuer's actual results may differ, and Stifel makes no commitment to underwrite at these levels.
Prepared by Stifel - 4/17/2025
Page 1 of 1

APPENDIX A 
 
LEGAL DESCRIPTION OF FESTIVAL RANCH COMMUNITY 
FACILITIES DISTRICT (CITY OF BUCKEYE, ARIZONA)