RES 05-25 - Festival Ranch CFD GO Bonds Ser 2025 - Resolution of Intention (005)(5.5.25) (6491886.5).docx

6491886.5
1
RESOLUTION NO. 05-25 (Festival Ranch)
A RESOLUTION OF THE BOARD OF DIRECTORS OF FESTIVAL 
RANCH COMMUNITY FACILITIES DISTRICT (CITY OF BUCKEYE, 
ARIZONA), ACCEPTING AND APPROVING THE FEASIBILITY 
REPORT RELATING TO THE ACQUISITION AND FINANCING OF 
CERTAIN IMPROVEMENTS BENEFITING THE DISTRICT; AND 
DECLARING ITS PRELIMINARY INTENTION TO ISSUE NOT TO 
EXCEED $6,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION 
BONDS 
TO 
FINANCE 
THE 
ACQUISITION 
OF 
CERTAIN 
IMPROVEMENTS AS DESCRIBED IN THE FEASIBILITY REPORT 
RELATING TO SUCH IMPROVEMENTS PURSUANT TO THE 
PROVISIONS OF TITLE 48, CHAPTER 4, ARTICLE 6, ARIZONA 
REVISED STATUTES, AND ALL AMENDMENTS THERETO.
WHEREAS, pursuant to Arizona Revised Statutes (“A.R.S.”) § 48-715, as amended, the 
Board of Directors of Festival Ranch Community Facilities District (City of Buckeye, Arizona) 
has caused a Report to be prepared, which Report is a study of the feasibility and benefits of the 
Project (as such terms and all other initially capitalized terms are defined hereinafter) relating to 
certain public infrastructure (as defined in the Act) provided for in the General Plan of the District 
to be financed with the proceeds of the sale of general obligation bonds of the District, which 
Report includes, among other things, a description of certain public infrastructure to be acquired
and all other information useful to understand the Project, an estimate of the cost to acquire, operate 
and maintain the Project, information concerning the completion of the Project, a map or 
description of the area to be benefited by the Project and a plan for financing the Project, a copy 
of which is on file with the District Clerk; and
WHEREAS, pursuant to A.R.S. § 48-715, as amended, a public hearing on the Report was 
held on the date hereof, after provision for publication and mailing of notice thereof as provided 
by law.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Festival Ranch
Community Facilities District (City of Buckeye, Arizona) as follows:
Section 1.
Definitions.  In this resolution, the following terms shall have the following 
meanings:
“Act” shall mean A.R.S. Title 48, Chapter 4, Article 6, as amended.
“Board” shall mean the Board of Directors of the District.
“Bonds” shall mean the District’s General Obligation Bonds, Series 2025.
“District” shall mean Festival Ranch Community Facilities District (City of Buckeye, 
Arizona).

6491886.5
2
“District Clerk” shall mean the Clerk of the District.
“Project” shall mean the acquisition of public infrastructure (as such term is defined in the 
Act) described in the Report, including particularly the acquisition by the District of the 
improvements described on Exhibit A hereto.
“Report” shall mean the Feasibility Report dated May 20, 2025, pertaining to the Project 
on file with the District Clerk prior to the date and time hereof, discussing the matters required by 
A.R.S. § 48-715, as amended, as such matters relate to the Project.
Section 2.
Approval of Feasibility Report.  Published notice of the public hearing on 
the Report has been provided by the District Clerk not less than 10 days in advance of the date of 
the public hearing on the Report and such publication is hereby ratified and approved.  The District 
Clerk has provided the Report and notice of public hearing on the Report to the governing body of 
the City of Buckeye, Arizona (the “City”), not less than 10 days in advance of the date of the public 
hearing.  Based on the review by the Board and the presentation of the Report at the public hearing 
on May 20, 2025, the Report is hereby accepted, adopted and approved in the form submitted to 
the Board.
Section 3.
Resolution of Intent.  Pursuant to A.R.S. § 48-715, as amended, the Board 
hereby identifies the public infrastructure of the Project, the areas benefited, the expected method 
of financing and the system of providing revenues to operate and maintain the Project, all as 
identified and provided for in the Report, for any and all purposes of the Act.  Any portion of the 
costs of the Project not financed by the proceeds of the Bonds shall remain eligible to be financed 
through the sale of future bonds of the District.
Section 4.
Preliminary Intent to Issue and Sell Bonds.  The Board hereby declares 
its intent to proceed with the financing of the Project in substantially the manner presented in the 
Report, and if such financing is consummated, to acquire the Project.  Nothing contained in this 
Resolution shall be construed to limit the Board’s sole, unfettered discretion in making its final 
decision to issue bonds to finance the Project. 
[Signatures on following page]

6491886.1
PASSED AND ADOPTED by the Board of Directors of the Festival Ranch Community 
Facilities District (City of Buckeye, Arizona), on May 20, 2025.
FESTIVAL RANCH COMMUNITY 
FACILITIES DISTRICT
(CITY OF BUCKEYE, ARIZONA)
District Chair
ATTEST:
District Clerk
APPROVED AS TO FORM:
Gust Rosenfeld P.L.C.
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. 05-25 (Festival Ranch), was duly passed by the Board of Directors of Festival 
Ranch Community Facilities District (City of Buckeye, Arizona), at a regular meeting held on 
May 20, 2025, and the vote was ____ aye’s, ____ nay’s, ____ abstained and ____ were absent, 
and that the Chair and ___ Board Members were present thereat.
DATED:  May 20, 2025.
Lucinda J. Aja, District Clerk

6491886.5
A-1
EXHIBIT A
TO
RESOLUTION 05-25
[Description of Public Infrastructure]
See following pages.

6491886.5
A-2
DESCRIPTION OF PUBLIC INFRASTRUCTURE
The Public Infrastructure, which has been publicly bid and constructed pursuant to 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

6491886.5
A-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

6491886.5
A-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]

6491886.5
A-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 
approximately6,500 linearfeetof 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 
approximately5,400 linearfeetof 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

6491886.5
A-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]

6491886.5
A-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 FestivalRanch 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
$2,809,434
$2,524,056
$285,378
$0

6491886.5
A-8
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*
$70,691,344*
$67,564,713
$5,300,000*
$ to be 
determined*
Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion of 
the Public Infrastructure upon acceptance by the District and the City of such Public Infrastructure pursuant 
to the terms of the various development agreements among the City, the District and the Developer, and 
the terms and provisions of all applicable laws, ordinances, codes and rules. All interests in such Public 
Infrastructure financed by the District will be dedicated or otherwise transferred to the City after acceptance. 
Additional portions of public infrastructure, as contemplated by the District’s formational documents, may 
be constructed and will be subject to administrative approval by the District before such additional public 
infrastructure is eligible for funding from future bonds, if any.
*
Subject to change.
(a)
Pending certification.