Board of Directors of Festival Ranch Community Facilities District (CFD) to take action on Resolution No. 06-25 authorizing the issuance of its General Obligation Bonds, Series 2025; delegating the au

3.B
CITY OF BUCKEYE
Joint Meeting of the Community Facilities Districts
BOARD ACTION REPORT
MEETING DATE: 05/20/25
AGENDA ITEM: 3.B. Resolution No. 06-
25 Festival Ranch CFD General
Obligation Bonds, Series 2025
DATE PREPARED: 05/20/25
DISTRICT NO.: Festival Ranch
STAFF LIAISON: Larry Price, Special Districts Manager, lprice@buckeyeaz.gov,
(623) 349-6164
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: Public Hearing
and Non Consent - New Business Items
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Board of Directors of Festival Ranch Community Facilities District (CFD) to take action on Resolution No.
06-25 authorizing the issuance of its General Obligation Bonds, Series 2025; delegating the authority to
approve certain matters with respect to the bonds; providing for the annual levy of a tax for the payment
of the bonds; authorizing the appointment of a financial advisor, and a bond registrar, transfer agent and
paying agent; authorizing the acceptance of a proposal for the purchase of the bonds; approving the
form of the bonds and certain documents relating to and securing the payment of the bonds, and
authorizing completion, execution and delivery thereof; awarding the bonds to the purchaser thereof;
delegating the authority to approve the method of sale and to approve and deem final a form of
preliminary official statement, if applicable; and ratifying all actions taken or to be taken to further this
Resolution. 
RELEVANT GOALS: 
GOAL 1: Fiscal Wellness and Financial Flexibility and Accountability
SUMMARY
PROJECT DESCRIPTION:
Described in the Feasibility Report is the developer's FY 25-26 Budget request for an issue of new
General Obligations (GO) Bonds in an amount not to exceed $6,000,000.  The GO Bonds will be a 20
year maturity; the interest rate will be 5%; the proceeds will be to partially reimburse the developer for
concrete and paving improvements in the District.  The estimated annual debt service tax rate will be
$2.9970, an increase of $0.1011 from FY 24-25 of $2.8959; an increase of 3.5%.  The total combined FY
25-26 tax rate is estimated to be $3.2970; the FY 24-25 combined tax rate was $3.1959.  The combined
FY 25-26 tax rate is an increase of 3.2% over the FY 24-25 combined tax rate. 
The Board held a public hearing and adopted Resolution 05-25 whereby it approved a feasibility report
and declared its preliminary intention to issue bonds and acquire the public infrastructure described in
the feasibility report. The Board is being asked to proceed with the financing of the public infrastructure
by authorizing the issuance of not to exceed $6,000,000 of the District's General Obligation Bonds,
Series 2025.
BENEFITS:
The proceeds of the proposed general obligation bonds would be used to acquire the public
infrastructure described in the feasibility report. This public infrastructure will encourage residential and
commercial development which will, in turn, potentially increase the City's property tax base. There is no

cost to the City. Should bonds be issued, they will be an obligation of the District and not of the City. The
bonds will be payable solely from ad valorem taxes levied against the taxable property of the District. 
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 transaction contemplated by Resolution No. 06-25 and the
bond documents described therein, including, without limitation, the execution and delivery of the closing
and other documents required to be delivered in connection with the sale and delivery of the bonds. 
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, together with the moneys from the sources described in Resolution No. 06-25, to pay
debt service on the bonds. 
BUDGETED:
Yes
FISCAL YEAR:
20
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
RES 06-25 - Festival Ranch CFD GO Bonds Ser 2025 - Authorizing Resolution (007)(GR 5.2.25)
(6491890.7).docx
AGR - Festival Ranch CFD GO Bonds Ser 2025 - Registrar Contract (002)(4.18.25)(6491898.2).docx
Festival Ranch CFD GO 2025 - Bond Purchase Agreement(708706120.1)(6518146.1).docx
Festival Ranch CFD GO 2025 - Continuing Disclosure Undertaking(708706338.1)(6518140.1).docx
PRELIM Festival Ranch CFD (Buckeye AZ) GO, Srs 25 v2 5-5-25(6531568.2).pdf