PRELIM Buckeye, C of GO Srs 25 hp 4-15-25.pdf
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* Subject to change.
PRELIMINARY OFFICIAL STATEMENT DATED MAY __, 2025
NEW ISSUE – BOOK-ENTRY-ONLY
RATINGS: See “RATINGS” herein.
In the opinion of Gust Rosenfeld P.L.C., Phoenix, Arizona, Bond Counsel, under existing laws, regulations, rulings and judicial
decisions, and assuming continuing compliance with certain restrictions, conditions and requirements by the City of Buckeye,
Arizona, as mentioned under “TAX EXEMPTION” herein, interest income on the Bonds is excluded from gross income for federal
income tax purposes. Interest income on the Bonds is not an item of tax preference to be included in computing the alternative
minimum tax; however, such interest is taken into account in determining the annual adjusted financial statement income of
applicable corporations (as defined in Section 59(k) of the Internal Revenue Code of 1986, as amended) for the purpose of computing
the alternative minimum tax imposed on corporations. In the opinion of Bond Counsel, interest income on the Bonds is exempt from
Arizona income taxes. See “TAX EXEMPTION -Original Issue Discount” and “TAX EXEMPTION – Amortizable Premium” herein.
$75,000,000*
CITY OF BUCKEYE, ARIZONA
GENERAL OBLIGATION BONDS, SERIES 2025
Dated: Date of Initial Authentication and Delivery
Due: July 1, as shown on the inside front cover page
The City of Buckeye, Arizona (the “City”), will issue its General Obligation Bonds, Series 2025 (the “Bonds”). The Bonds will
provide funds to (i) acquire land, design and construct certain public safety facilities, training facilities, fire stations and
equipment, (ii) construct and improve streets and highways, and (iii) pay the costs of issuance of the Bonds. The Bonds will
mature on the dates and in the principal amounts and will bear interest from their dated date at the rates set forth on the inside
front cover page hereof.
Interest on the Bonds will accrue from their date and be payable semiannually on January 1 and July 1 of each year,
commencing on January 1, 2026*, until maturity or prior redemption. Principal of the Bonds will be payable in accordance with
the maturity schedule set forth on the inside front cover page hereof. So long as the Bonds are in book-entry-only form,
principal of and interest on the Bonds will be paid to The Depository Trust Company, a registered securities depository
(“DTC”), for credit to the accounts of the DTC participants and, in turn, to the accounts of the owners of beneficial interests in
the Bonds. See APPENDIX F – “BOOK-ENTRY-ONLY SYSTEM.”
The Bonds are authorized pursuant to an election held on November 5, 2024, in and for the City and will be issued pursuant to a
resolution of the City Council of the City adopted on May 6, 2025.*
Certain of the Bonds will be subject to redemption prior to maturity*. See “THE BONDS – Redemption Provisions” herein.
Principal of and interest on the Bonds will be payable from a continuing, direct, annual, ad valorem tax levied against all
taxable property within the boundaries of the City unlimited as to rate or amount. See “SECURITY FOR AND SOURCES OF
PAYMENT FOR THE BONDS” herein.
The Bonds will be offered when, as and if issued by the City and received by the underwriter identified below (the
“Underwriter”), subject to the approving opinion of Gust Rosenfeld P.L.C., Phoenix, Arizona, Bond Counsel, as to validity and
tax exemption. Certain legal matters will also be passed upon for the Underwriter by Greenberg Traurig, LLP, Phoenix,
Arizona. It is expected that the Bonds will be delivered to DTC on or about June __, 2025*.
This cover page contains certain information for convenience of reference only. It is not a summary of material information
with respect to the Bonds. Investors must read this entire official statement and all appendices to obtain information essential to
the making of an informed investment decision with respect to the Bonds.
SEE MATURITY SCHEDULE ON INSIDE FRONT COVER PAGE
This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary
Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
DRAFT II
4-15-25
(i)
$75,000,000*
CITY OF BUCKEYE, ARIZONA
GENERAL OBLIGATION BONDS, SERIES 2025
MATURITY SCHEDULE*
* Subject to change.
(1) CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is
managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright© 2025
CGS. All rights reserved. CUSIP® data herein is provided by CGS. This data is not intended to create a
database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for
convenience of reference only. None of the City, Bond Counsel, the Financial Advisor, the Underwriter or their
agents or counsel assumes responsibility for the accuracy of such numbers.
Maturity
Date
Principal
Interest
(July 1)
Amount
Rate
Yield
2026
3,350,000
$
%
%
2027
4,255,000
2028
1,095,000
2029
1,580,000
2030
445,000
2031
820,000
2032
145,000
2033
545,000
2034
155,000
2035
490,000
2036
855,000
2037
1,275,000
2038
1,755,000
2039
2,290,000
2040
2,900,000
2041
4,315,000
2042
4,515,000
2043
4,715,000
2044
4,925,000
2045
5,145,000
2046
5,380,000
2047
5,620,000
2048
5,875,000
2049
6,140,000
2050
6,415,000
CUSIP®(1)
No. ______
(ii)
CITY OF BUCKEYE, ARIZONA
CITY COUNCIL
Eric Orsborn, Mayor
Craig Heustis, Vice Mayor
Tony Youngker, Councilmember
Jamaine Berry, Councilmember
Curtis Beard, Councilmember
Patrick HagEstad, Councilmember
Clay Goodman, Ph.D., Councilmember
CITY ADMINISTRATION
David Roderique, Acting City Manager
Doug Sandstrom, Deputy City Manager
Javier Setovich, Deputy City Manager
Mel Gibson, Assistant to the City Manager
William Kauppi, Chief Financial Officer
Larry Price, Special Districts and Debt Manager
Lucinda J. Aja, City Clerk
K. Scott McCoy, Esq., City Attorney
FINANCIAL ADVISOR
RBC Capital Markets, LLC
Phoenix, Arizona
BOND COUNSEL
Gust Rosenfeld P.L.C.
Phoenix, Arizona
REGISTRAR AND PAYING AGENT
[U.S. Bank Trust Company, National Association]
___, Arizona
(iii)
REGARDING THIS OFFICIAL STATEMENT
This Official Statement, which includes the cover page, the inside front cover page and the appendices hereto,
should be considered in its entirety, and no one subject should be considered less important than another by reason
of location in the text. Brief descriptions of the City of Buckeye, Arizona (the “City”), the City’s General Obligation
Bonds, Series 2025 (the “Bonds”), the hereinafter described Bond Resolution, the security for the Bonds, and other
information are included in this Official Statement. Such descriptions do not purport to be comprehensive or
definitive. All references herein to the Bonds, the Bond Resolution and any other documents are qualified in their
entirety by reference to such documents, copies of which may be obtained from Stifel, Nicolaus & Company,
Incorporated (the “Underwriter”), at 2801 East Camelback Road, Suite 300, Phoenix, Arizona 85016.
The information set forth herein has been obtained from the City and other sources believed to be reliable, but such
information is not guaranteed as to accuracy or completeness and is not to be construed as the promise or guarantee
of the Underwriter or RBC Capital Markets, LLC (the “Financial Advisor”). This Official Statement contains, in
part, estimates and matters of opinion which are not intended as statements of fact, and no representation is made as
to the correctness of such estimates and opinions or that they will be realized. The presentation of information,
including tables of ad valorem tax rates and bonded general obligation indebtedness, in this Official Statement is
intended to show recent historical information and, except as expressly stated otherwise, is not intended to indicate
future or continuing trends in the financial position or other affairs of the City. All information, estimates and
assumptions contained herein are based on past experience and on the latest information available and are believed
to be reliable, but no representations are made that such information, estimates and assumptions are correct, will
continue, will be realized or will be repeated in the future. To the extent that any statements made in this Official
Statement involve matters of opinion or estimates, whether or not expressly stated to be such, they are made as such
and not as representations of fact or certainty, and no representation is made that any of these statements have been
or will be realized. All forecasts, projections, opinions, assumptions or estimates are “forward looking statements”
that must be read with an abundance of caution and that may not be realized or may not occur in the future.
Information other than that obtained from official records of the City has been identified by source and has not been
independently confirmed or verified by the City, the Financial Advisor, the Underwriter, or any of their legal
counsel, including counsel to the Underwriter and Bond Counsel (as defined herein) and its accuracy cannot be
guaranteed. The information and expressions of opinion herein are subject to change without notice, and neither the
delivery of this Official Statement nor any sale made pursuant hereto will, under any circumstances, create any
implication that there has been no change in the affairs of the City or any of the other parties or matters described
herein since the date hereof.
The Underwriter has provided the following sentence for inclusion in this Official Statement: “The Underwriter has
reviewed the information in this Official Statement pursuant to its responsibilities to investors under the federal
securities laws, but the Underwriter does not guarantee the accuracy or completeness of such information.”
None of the City, the Financial Advisor, the Underwriter, Bond Counsel or counsel to the Underwriter are actuaries.
None of them have performed any actuarial or other analysis of the City’s share of the unfunded liabilities of the
Arizona State Retirement System, the Arizona Public Safety Personnel Retirement System, or the Elected Officials
Retirement Plan.
The Bonds will not be registered under the Securities Act of 1933, as amended, or any state securities law, and will
not be listed on any stock or other securities exchange. Neither the Securities and Exchange Commission nor any
other federal, state or other governmental entity or agency will have passed upon the accuracy or adequacy of this
Official Statement or approved the Bonds for sale.
References to website addresses presented herein are for information purposes only and may be in the form of a
hyperlink solely for the reader’s convenience. Unless specified otherwise, such websites and the information or
links contained therein are not incorporated into, and are not part of, this Official Statement for purposes of Rule
15c2-12 of the Securities and Exchange Commission.
The City will undertake to provide continuing disclosure as described in this Official Statement under the heading
“CONTINUING DISCLOSURE” and in APPENDIX D – “FORM OF CONTINUING DISCLOSURE
CERTIFICATE,”
all
pursuant
to
Rule
15c2-12
of
the
Securities
and
Exchange
Commission.
(iv)
A wide variety of information, including financial information, concerning the City is available from publications
and websites of the City and others. Any such information that is inconsistent with the information set forth in this
Official Statement should be disregarded. No such information is a part of, or incorporated into, this Official
Statement, except as expressly noted herein.
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY ALLOW CONCESSIONS OR
DISCOUNTS FROM THE INITIAL PUBLIC OFFERING PRICES TO DEALERS AND OTHERS.
(v)
TABLE OF CONTENTS
Page
INTRODUCTORY STATEMENT ............................................................................................................................. 1
THE BONDS ............................................................................................................................................................... 1
Authorization and Use of Funds ....................................................................................................................... 1
Terms of the Bonds – Generally ....................................................................................................................... 1
Redemption Provisions ..................................................................................................................................... 2
SECURITY FOR AND SOURCES OF PAYMENT FOR THE BONDS .................................................................. 3
Security for the Bonds ...................................................................................................................................... 3
Defeasance ........................................................................................................................................................ 4
ADDITIONAL GENERAL OBLIGATION BONDS ................................................................................................. 4
SOURCES AND USES OF FUNDS ........................................................................................................................... 4
ESTIMATED DEBT SERVICE REQUIREMENTS .................................................................................................. 5
LITIGATION .............................................................................................................................................................. 6
LEGAL MATTERS .................................................................................................................................................... 6
TAX EXEMPTION ..................................................................................................................................................... 7
Original Issue Discount .................................................................................................................................... 7
Amortizable Premium ....................................................................................................................................... 8
RATINGS .................................................................................................................................................................... 8
UNDERWRITING ...................................................................................................................................................... 9
RELATIONSHIP AMONG PARTIES ....................................................................................................................... 9
FINANCIAL ADVISOR ............................................................................................................................................. 9
CONTINUING DISCLOSURE ................................................................................................................................. 10
FINANCIAL STATEMENTS ................................................................................................................................... 10
CONCLUDING STATEMENT ................................................................................................................................ 11
APPENDIX A: CITY OF BUCKEYE, ARIZONA – GENERAL AND DEMOGRAPHIC INFORMATION
APPENDIX B: CITY OF BUCKEYE, ARIZONA – FINANCIAL INFORMATION
APPENDIX C:
FORM OF APPROVING LEGAL OPINION
APPENDIX D: FORM OF CONTINUING DISCLOSURE CERTIFICATE
APPENDIX E:
CITY OF BUCKEYE, ARIZONA – AUDITED ANNUAL FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024
APPENDIX F:
BOOK-ENTRY-ONLY SYSTEM
1
OFFICIAL STATEMENT
$75,000,000*
CITY OF BUCKEYE, ARIZONA
GENERAL OBLIGATION BONDS, SERIES 2025
INTRODUCTORY STATEMENT
This Official Statement, which includes the cover page, inside front cover page and appendices hereto, sets forth
information concerning the offering by the City of Buckeye, Arizona (the “City”) of its General Obligation Bonds,
Series 2025 in the aggregate principal amount of $75,000,000* (the “Bonds”). See APPENDIX A – “CITY OF
BUCKEYE, ARIZONA – GENERAL AND DEMOGRAPHIC INFORMATION,” APPENDIX B – “CITY OF
BUCKEYE, ARIZONA – FINANCIAL INFORMATION” and APPENDIX E – “CITY OF BUCKEYE,
ARIZONA – AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,
2024” for certain information regarding the City.
Reference to provisions of State of Arizona (the “State” or “Arizona”) law, whether codified in the Arizona Revised
Statutes or uncodified, or of the Arizona Constitution, are references to those current provisions. The provisions
may be amended, repealed or supplemented.
THE BONDS
Authorization and Use of Funds
The Bonds will be issued pursuant to Title 35, Chapter 3, Article 3, Arizona Revised Statutes, approval given by the
qualified electors of the City at an election held on November 5, 2024 (the “Election”), and a resolution authorizing
issuance of the Bonds adopted by the Mayor and Council of the City (the “City Council”) on May 6, 2025* (the
“Bond Resolution”). The Bonds are being issued to provide funds to (i) acquire land and design, construct and
equip certain public safety facilities, training facilities and fire stations, (ii) construct and improve streets and
highways (collectively, the “Project”), and (iii) pay the costs of issuance of the Bonds.
Set forth below is a listing of the projects expected to be funded by the Bonds and an estimate of their respective
costs.
Projects to be Funded
Estimated Cost *
Public Safety Improvements
$ 38,000,000
Street and Transportation Improvements
37,000,000
Total
$ 75,000,000
* See “ADDITIONAL GENERAL OBLIGATION BONDS” herein.
Terms of the Bonds – Generally
The Bonds will be dated as of the date of initial delivery and will bear interest from such date payable on January 1,
2026*, and semiannually thereafter on January 1 and July 1 of each year (each an “Interest Payment Date”) until
maturity or prior redemption. The City has chosen the 15th day of the month (other than a Saturday, Sunday or a
legal holiday or equivalent (other than a moratorium) for banking institutions generally) preceding each such Interest
Payment Date as the “Record Date” for the Bonds. The Bonds will mature on the dates and in the principal amounts
and will bear interest at the rates set forth on the inside front cover page of this Official Statement.
Initially, the Bonds will be administered under a book-entry-only system (the “Book-Entry-Only System”) by The
Depository Trust Company, a registered securities depository (“DTC”). Unless and until the Book-Entry-Only
System is discontinued, the Bonds will be registered in the name of Cede & Co., as nominee of DTC. Beneficial
interests in the Bonds will be offered for sale in amounts of $5,000 of principal due on a specific maturity date and
integral multiples thereof, and payments of principal of and interest on the Bonds will be made to DTC and, in turn,
through participants in the DTC system. See APPENDIX F – “BOOK-ENTRY-ONLY SYSTEM.”
* Subject to change.
2
SO LONG AS CEDE & CO., AS NOMINEE FOR DTC, IS THE REGISTERED OWNER OF THE BONDS,
REFERENCES IN THIS OFFICIAL STATEMENT TO THE OWNERS OR REGISTERED OWNERS OF THE
BONDS (OTHER THAN UNDER THE HEADING “TAX EXEMPTION”) WILL MEAN CEDE & CO. AND
WILL NOT MEAN THE BENEFICIAL OWNERS OF THE BONDS.
If the Book-Entry-Only System is discontinued, interest on the Bonds will be payable by check drawn on the Paying
Agent (as defined herein), and mailed on or prior to each Interest Payment Date to the registered owners of the
Bonds at the addresses shown on the books (the “Bond Register”) of the Registrar (as defined herein) on the Record
Date. Principal of the Bonds will then be payable at maturity or upon redemption prior to maturity upon presentation
and surrender of the Bonds to the designated corporate trust office of the Paying Agent. Additionally, if the Book-
Entry-Only System is discontinued, payment of interest may also be made by wire transfer upon 20 days’ prior,
written request delivered to the Paying Agent specifying a wire transfer address in the continental United States by
any owner of at least $1,000,000 aggregate principal amount of the Bonds. Interest will be computed on the basis of
a year comprised of 360 days consisting of 12 months of 30 days each.
Registrar and Paying Agent
[U.S. Bank Trust Company, National Association] will serve as bond registrar and paying agent with respect to the
Bonds (along with any successor thereto, the “Registrar” and the “Paying Agent”). If the Book-Entry-Only System
is discontinued, the Registrar will administer registration and transfer of the Bonds and the Bonds will be
transferable only upon the Bond Register to be maintained by the Registrar upon surrender to the Registrar. The
Registrar may be changed without notice to any owner or beneficial owner of the Bonds.
Redemption Provisions*
Optional Redemption. The Bonds maturing before or on July 1, 20[ ], will not be subject to redemption prior to their
maturity. The Bonds maturing on or after July 1, 20[ ], will be subject to redemption prior to maturity, at the option
of the City, in whole or in part from maturities selected by the City on July 1, 20[ ], or on any date thereafter, by the
payment of a redemption price equal to the principal amount of each Bond redeemed, plus interest accrued to the
date fixed for redemption, but without a premium.
Mandatory Redemption. The Bonds maturing on July 1 of the following years will be redeemed from funds of the
City prior to maturity on the following redemption dates and in the following amounts, upon payment of the
redemption price which consists of the principal amount of the Bonds so redeemed plus accrued interest, if any, on
the Bonds so redeemed from the most recent Interest Payment Date to the redemption date, but without premium:
Year
Principal Amount
Whenever Bonds are redeemed (other than pursuant to mandatory redemption) or are delivered to the Registrar and
Paying Agent for cancellation, the principal amount of the Bonds of such maturity so retired shall satisfy and be
credited against the mandatory redemption requirements for such Bonds for such years as the City may direct;
provided, however, that each remaining mandatory payment shall be in an amount of at least $5,000 of principal.
Notice of Redemption. So long as the Bonds are held under the Book-Entry-Only System, notices of redemption
will be sent to DTC, in the manner required by DTC. If the Book-Entry-Only System is discontinued, notice of
redemption of any Bond will be mailed to the registered owner of the Bond or Bonds being redeemed at the address
shown on the Bond Register maintained by the Registrar not more than 60 nor less than 30 days prior to the date set
for redemption. Failure to properly give notice of redemption shall not affect the redemption of any Bond for which
notice was properly given. Notice of redemption may be sent to any securities depository by mail, facsimile
transmission, wire transmission or any other means of transmission of the notice generally accepted by the
* Subject to change.
3
respective securities depository. Notice of any redemption will also be sent to the Municipal Securities Rulemaking
Board (the “MSRB”), currently through the MSRB’s Electronic Municipal Market Access system (“EMMA”), in
the manner required by the MSRB, but no defect in said further notice or record nor any failure to give all or a
portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is
given as prescribed above.
If monies for the payment of the redemption price and accrued interest are not held in separate accounts by the City
or by a Paying Agent prior to sending the notice of redemption, such redemption shall be conditional on such
monies being so held on or prior to the date set for redemption and if not so held by such date the redemption shall
be cancelled and be of no force and effect. The notice of redemption shall describe the conditional nature of the
redemption.
Effect of Call for Redemption. Notice of redemption having been given in the manner described above, the Bonds or
portions thereof called for redemption will become due and payable on the redemption date and if an amount of
money sufficient to redeem all the Bonds or portions thereof called for redemption is held in separate accounts by
the City or by a Paying Agent, then the Bonds or portions thereof called for redemption will cease to bear interest
from and after such redemption date.
Redemption of Less Than All of a Bond. The City may redeem an amount that is included in a Bond in the
denomination in excess of, but divisible by, $5,000. In that event, if the Book-Entry-Only System is discontinued,
the registered owner shall submit the Bond for partial redemption, the Registrar shall make such partial redemption,
and the Registrar shall cause a new Bond in a principal amount that reflects the redemption so made to be
authenticated, issued and delivered to the registered owner thereof.
SECURITY FOR AND SOURCES OF PAYMENT FOR THE BONDS
Security for the Bonds
The Bonds will be payable as to both principal and interest from a continuing, direct, annual ad valorem tax levied
against all taxable property located within the boundaries of the City, without limit as to rate or amount.
Following collection and deposit of monies into the debt service fund for payment of the Bonds, the City may invest
such monies in investments comprised of, with certain restrictions: federally insured savings accounts or certificates
of deposit from eligible depositories; collateralized repurchase agreements; obligations issued or guaranteed by the
United States or any agency or instrumentality thereof; obligations of the State or any Arizona city (including the
City), town or school district; bonds of any county, municipal or municipal utility improvement district payable
from property assessments; the local government investment pool established by the State; commercial paper of
prime quality that is rated “P1” by Moody’s Investors Service, Inc. (“Moody’s”) or rated “A+” or better by S&P
Global Ratings, a division of Standard & Poor’s Financial Services, LLC (“S&P”) or their successors (all
commercial paper must be issued by corporations organized and doing business in the United States); and fixed
income securities of corporations organized and doing business in the United States rated “A” or better by Moody’s
and S&P. THE PROCEEDS OF THE BONDS ARE NOT PLEDGED TO, NOR DO THEY SECURE, PAYMENT
OF THE BONDS. A record of property taxes levied and collected by the City for the current and most recent five
fiscal years is set forth in TABLE B-2 in APPENDIX B – “CITY OF BUCKEYE, ARIZONA – FINANCIAL
INFORMATION.”
Currently and from time to time, there are legislative proposals (and interpretations of such proposals by courts of
law and other entities and individuals) which, if enacted, could alter or amend the property tax system of the State
and numerous matters, both financial and non-financial, impacting the operations of political subdivisions of the
State that could have a material impact on the City and could adversely affect the secondary market value of the
Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it
would apply to obligations (such as the Bonds) issued prior to enactment.
4
Defeasance
Pursuant to the Bond Resolution, payment of all or any part of the Bonds may be provided for by the irrevocable
deposit, in trust, of monies or obligations issued or guaranteed by the United States of America (“Defeasance
Obligations”) or both, which, with the maturing principal of and interest on such Defeasance Obligations, if any,
will be sufficient, as evidenced by a certificate or report of an accountant, to pay when due the principal or
redemption price of and interest on such Bonds. Any Bonds so provided for will no longer be outstanding under the
Bond Resolution or payable from ad valorem taxes on taxable property in the City, and the owners of such Bonds
shall thereafter be entitled to payment only from the monies and Defeasance Obligations deposited in trust.
ADDITIONAL GENERAL OBLIGATION BONDS
The City expects to issue additional general obligation bonds in the future pursuant to existing and future voted bond
authorizations. Such bonds will be payable from the same levy of ad valorem taxes as the Bonds and all then-
outstanding general obligation bonds. After issuance of the Bonds, the City will be authorized to issue
$207,000,000* of general obligation bonds, pursuant to remaining voter approval from the Election. The purposes
and amounts of such authorized but unissued bonds are set forth in the following table.
Purpose of General Obligation Bond Authorization
Total General
Obligation Bonds
Authorized but
Unissued (a)
Public Safety Improvements
$ 99,000,000*
Street and Transporatation Improvements
108,000,000*
Total
$ 207,000,000*
(a)
Table reflects reduction in authorization from the Election in connection with the issuance of the Bonds.
SOURCES AND USES OF FUNDS
Sources of Funds
Principal Amount
$75,000,000.00*
[Net] Original Issue Premium (a)
Total Sources of Funds
Uses of Funds
Cost of Project
Payment of Costs of Issuance (b)
Total Uses of Funds
(a)
[Net] original issue premium consists of original issue premium on the Bonds, less original issue discount on
the Bonds.
(b)
Will include compensation and costs of the Underwriter (as defined herein) with respect to the Bonds.
* Subject to change.
5
ESTIMATED DEBT SERVICE REQUIREMENTS
The following table illustrates the estimated annual debt service on the Bonds.
TABLE 1
Schedule of Estimated Annual Debt Service Requirements (a)
City of Buckeye
* Subject to change.
(a)
Prepared by Stifel, Nicolaus & Company, Incorporated (the “Underwriter” or “Stifel”).
(b)
Interest on the Bonds is estimated.
(c)
The first interest payment on the Bonds will be due on January 1, 2026*. Thereafter, interest payments will
be made semiannually on each July 1 and January 1 until maturity or prior redemption.
Total
Estimated
The Bonds*
Annual
Fiscal
Debt Service
Year
Principal
Interest (b)
2025/26
3,350,000
$
3,412,500
$
6,762,500
$
2026/27
4,255,000
3,224,250
7,479,250
2027/28
1,095,000
3,032,775
4,127,775
2028/29
1,580,000
2,983,500
4,563,500
2029/30
445,000
2,912,400
3,357,400
2030/31
820,000
2,892,375
3,712,375
2031/32
145,000
2,855,475
3,000,475
2032/33
545,000
2,848,950
3,393,950
2033/34
155,000
2,824,425
2,979,425
2034/35
490,000
2,817,450
3,307,450
2035/36
855,000
2,795,400
3,650,400
2036/37
1,275,000
2,756,925
4,031,925
2037/38
1,755,000
2,699,550
4,454,550
2038/39
2,290,000
2,620,575
4,910,575
2039/40
2,900,000
2,517,525
5,417,525
2040/41
4,315,000
2,387,025
6,702,025
2041/42
4,515,000
2,192,850
6,707,850
2042/43
4,715,000
1,989,675
6,704,675
2043/44
4,925,000
1,777,500
6,702,500
2044/45
5,145,000
1,555,875
6,700,875
2045/46
5,380,000
1,324,350
6,704,350
2046/47
5,620,000
1,082,250
6,702,250
2047/48
5,875,000
829,350
6,704,350
2048/49
6,140,000
564,975
6,704,975
2049/50
6,415,000
288,675
6,703,675
75,000,000
$
Requirements*
(c)
6
LITIGATION
To the knowledge of the City, no litigation or administrative action or proceeding is pending, restraining or
enjoining, or seeking to restrain or enjoin, the issuance or delivery of the Bonds or the levy, collection or receipt of
ad valorem property taxes to pay the debt service on the Bonds, contesting or questioning the proceedings and
authority under which the Bonds have been authorized and are to be issued, sold, executed or delivered, or the
validity of the Bonds. An authorized City representative will deliver a certificate to the same effect at the time of
the original delivery of the Bonds.
LEGAL MATTERS
The Bonds are sold with the understanding that the City will furnish the Underwriter with the approving opinion of
Gust Rosenfeld P.L.C., Phoenix, Arizona (“Bond Counsel”) addressing legal matters relating to the validity of the
Bonds under Arizona law, and with regard to the tax-exempt status of the interest income thereon (see “TAX
EXEMPTION”). The signed legal opinion of Bond Counsel is dated and premised on the law in effect only as of the
date of original delivery of the Bonds and will be delivered to the City at the time of original issuance. The fees of
Bond Counsel and counsel to the Underwriter are expected to be paid from the proceeds of the sale of the Bonds and
are contingent upon delivery of the Bonds.
The proposed text of the legal opinion is set forth as APPENDIX C – “FORM OF APPROVING LEGAL
OPINION.” The legal opinion to be delivered may vary from the text of APPENDIX C – “FORM OF APPROVING
LEGAL OPINION” if necessary to reflect the facts and law on the date of delivery. The opinion will speak only as
of its date, and subsequent distribution, by recirculation of this Official Statement or otherwise, should not be
construed as a representation that Bond Counsel has reviewed or expressed any opinion concerning any matters
relating to the Bonds subsequent to the original delivery of the Bonds.
Bond Counsel has reviewed the information in the tax caption on the cover page as well as the information under the
headings “THE BONDS,” “SECURITY FOR AND SOURCES OF PAYMENT FOR THE BONDS,” “TAX
EXEMPTION – Original Issue Discount,” “TAX EXEMPTION – Amortizable Bond Premium,” “RELATIONSHIP
AMONG PARTIES” (but only as it applies to Bond Counsel) and “CONTINUING DISCLOSURE” (except as it
relates to the City’s compliance with prior continuing disclosure undertakings as to which Bond Counsel expresses
no opinion) and in APPENDICES C – “FORM OF APPROVING LEGAL OPINION” and D – “FORM OF
CONTINUING DISCLOSURE CERTIFICATE” but otherwise has not participated in the preparation of this
Official Statement and will not pass upon its accuracy, completeness or sufficiency. Bond Counsel has neither
examined nor attempted to examine nor verify any of the financial or statistical statements or data contained in this
Official Statement and will express no opinion with respect thereto.
Certain legal matters will be passed upon for the Underwriter by Greenberg Traurig, LLP, Phoenix, Arizona,
counsel to the Underwriter.
From time to time, there are legislative proposals which, if enacted, could alter or amend the property tax system of
the State and numerous matters, both financial and non-financial, impacting the operations of municipalities that
could have a material impact on the City and could adversely affect the secondary market value and marketability
(liquidity) of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or
whether, if enacted, it would apply to obligations (such as the Bonds) issued prior to enactment. The various legal
opinions to be delivered concurrently with the delivery of the Bonds express the professional judgment of the
attorneys rendering the opinions as to the legal issues explicitly addressed therein. By rendering a legal opinion, the
opinion giver does not become an insurer or guarantor of that expression of professional judgment, of the transaction
opined upon, or of the future performance of the parties to the transaction. The rendering of an opinion also does not
guarantee the outcome of any legal dispute that may arise out of the transaction.
7
TAX EXEMPTION
In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, and assuming
continuing compliance with certain restrictions, conditions and requirements by the City as described below, interest
income on the Bonds is excluded from gross income for federal income tax purposes and is exempt from State
income taxes. The opinion of Bond Counsel will be dated as of the date of initial delivery of the Bonds. The form of
such opinion is included as APPENDIX C – “FORM OF APPROVING LEGAL OPINION” attached hereto.
The Internal Revenue Code of 1986, as amended (the “Code”), imposes various restrictions, conditions and
requirements relating to the continued exclusion of interest income on the Bonds from gross income for federal
income tax purposes, including a requirement that the City rebate to the federal government certain of its investment
earnings with respect to the Bonds. The City has covenanted to comply with the provisions of the Code relating to
such matters and the opinion of Bond Counsel assumes continuing compliance with such covenants. Failure to
comply with such restrictions, conditions and requirements could result in the interest income on the Bonds being
included as gross income for federal income tax purposes, under certain circumstances, from the date of initial
issuance. The Bonds do not provide for an adjustment in the interest rate or yield in the event of taxability and an
event of taxability does not cause an acceleration of the principal on the Bonds.
The Code also imposes an “alternative minimum tax.” A taxpayer’s “alternative minimum taxable income”
(“AMTI”) is its taxable income with certain adjustments. Interest income on the Bonds is not an item of tax
preference to be included in the AMTI. Notwithstanding the preceding sentence, such interest is taken into account
in determining the annual adjusted financial statement income of applicable corporations (as defined in Section
59(k) of the Code) for the purpose of computing the alternative minimum tax imposed on corporations.
Although Bond Counsel will render an opinion that, as of the delivery date of the Bonds, interest income on the
Bonds is excluded from gross income for federal income tax purposes, the accrual or receipt of interest on the Bonds
may otherwise affect a Beneficial Owner’s (as defined in APPENDIX F – “BOOK-ENTRY-ONLY SYSTEM”)
federal tax liability. Certain taxpayers may experience other tax consequences. Taxpayers who become Beneficial
Owners of the Bonds, including without limitation, corporations subject to the branch profits tax, financial
institutions, certain insurance companies, certain subchapter S corporations, individuals who receive Social Security
or Railroad Retirement benefits and taxpayers who have or are deemed to have incurred indebtedness to purchase or
carry tax exempt obligations, should consult their tax advisors as to the applicability of such tax consequences to the
respective Beneficial Owner. The nature and extent of these other tax consequences will depend upon the Beneficial
Owner’s particular tax status and the Beneficial Owner’s other items of income or deduction. Bond Counsel
expresses no
opinion regarding any such other tax consequences.
The Bonds are not “private activity bonds” within the meaning of Section 141 of the Code.
From time to time, there are legislative proposals in Congress, which, if enacted or made effective, could alter or
amend the federal tax matters referred to above or adversely affect the market value and marketability (liquidity) of
the Bonds. Any such change that occurs before initial delivery of the Bonds could cause Bond Counsel to deliver an
opinion substantially different from the opinion shown in APPENDIX C – “FORM OF APPROVING LEGAL
OPINION.” The extent of change in Bond Counsel’s opinion cannot be determined at this time. It cannot be
predicted whether, when or in what form any such proposal or proposals might be enacted or whether, if enacted,
such proposal or proposals would apply to obligations (such as the Bonds) issued prior to the enactment or effective
date. Prospective purchasers should consult with their own tax advisors regarding any other pending or proposed
federal income tax legislation.
Original Issue Discount
The initial public offering prices of the Bonds maturing on July 1, 20__ through and including July 1, 20__
(collectively, the “Discount Bonds”), are less than the respective amounts payable at maturity. As a result, the
Discount Bonds will be considered to be issued with original issue discount. The difference between the initial
public offering price (assuming it is the first price at which a substantial amount of that maturity of Discount Bonds
was sold (the “OID Issue Price”)) of the Discount Bonds and the amount payable at maturity of the Discount Bonds
8
will be treated as “original issue discount.” With respect to a Beneficial Owner who purchases a Discount
Obligation in the initial public offering at the OID Issue Price and who holds the Discount Obligation to maturity,
the full amount of original issue discount will constitute interest income which is not includible in the gross income
of the Beneficial Owner of the Discount Obligation for federal income tax purposes and Arizona income tax
purposes and that Beneficial Owner will not, under present federal income tax law and present Arizona income tax
law, realize a taxable capital gain upon payment of the Discount Obligation at maturity.
The original issue discount on each of the Discount Bonds is treated for federal income tax purposes and Arizona
income tax purposes as accreting daily over the term of such Discount Obligation on the basis of a constant interest
rate compounded at the end of each six-month period (or shorter period from the date of original issue) ending on
January 1 and July 1 (with straight-line interpolation between compounding dates).
The amount of original issue discount accreting each period will be added to the Beneficial Owner’s tax basis for the
Discount Obligation. The adjusted tax basis will be used to determine taxable gain or loss upon disposition of the
Discount Obligation. An initial Beneficial Owner of a Discount Obligation who disposes of the Discount
Obligation prior to maturity should consult his or her tax advisor as to the amount of the original issue discount
accrued over the period held and the amount of taxable gain or loss upon the sale or disposition of the Discount
Obligation prior to maturity.
The Code contains certain provisions relating to the accretion of original issue discount in the case of subsequent
Beneficial Owners of the Discount Bonds. Beneficial Owners who do not purchase the Discount Bonds in the initial
offering at the OID Issue Price should consult their own tax advisors with respect to the tax consequences of the
ownership of Discount Bonds.
A portion of the original issue discount that accretes in each year to a Beneficial Owner of a Discount Obligation
may result in certain collateral federal income tax consequences as described in “TAX EXEMPTION” herein.
Beneficial Owners of Discount Bonds in states other than Arizona should consult their own tax advisors with
respect to the state and local tax consequences of owning Discount Bonds.
Amortizable Premium
The initial public offering prices of the Bonds maturing on July 1, 20__ through and including July 1, 20__
(collectively, the “Premium Bonds”) are greater than the amount payable on such Premium Bonds at maturity.
An amount equal to the difference between the initial public offering price of a Premium Bond (assuming that a
substantial amount of the Premium Bonds of that maturity are sold to the public at such price) and the amount
payable at maturity constitutes premium to the initial Beneficial Owner of such Premium Bonds. The basis for
federal income tax purposes of a Premium Bond in the hands of such initial Beneficial Owner must be reduced each
year by the amortizable obligation premium, although no federal income tax deduction is allowed as a result of such
reduction in basis for amortizable obligation premium. Such reduction in basis will increase the amount of any gain
(or decrease the amount of any loss) to be recognized for federal income tax purposes upon a sale or other taxable
disposition of a Premium Bond. The amount of premium which is amortizable each year by an initial Beneficial
Owner is determined by using such Beneficial Owner’s yield to maturity. Beneficial Owners of the Premium Bonds
should consult with their own tax advisors with respect to the determination of amortizable obligation premium with
respect to the Premium Bonds for federal income tax purposes and with respect to the state and local tax
consequences of owning Premium Bonds.
RATINGS
Fitch Ratings, Inc. (“Fitch”) and S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC
(“S&P”), have assigned ratings of “____” and “____,” respectively, to the Bonds. Such ratings reflect only the views
of such organizations, respectively, and any desired explanation of the significance of such ratings should be
obtained from the rating agency furnishing the same, at the following addresses: Fitch at One State Street Plaza,
New York, New York 10004; and S&P at One California Street, 31st Floor, San Francisco, CA 94111. Such ratings
9
may be revised or withdrawn entirely at any time by Fitch or S&P if, in their judgment, circumstances so warrant.
Any downward revision or withdrawal of such ratings may have an adverse effect on the market price or
marketability of the Bonds. The City will covenant in its continuing disclosure certificate with respect to the Bonds
that it will file notice of any formal change in any ratings relating to the Bonds. See “CONTINUING
DISCLOSURE” and APPENDIX D – “FORM OF CONTINUING DISCLOSURE CERTIFICATE” herein.
UNDERWRITING
The Bonds will be purchased by the Underwriter at an aggregate purchase price of $_____________ pursuant to a
bond purchase agreement between the City and the Underwriter. The aggregate purchase price reflects
compensation to the Underwriter of $____________. The Bonds may be offered and sold to certain dealers
(including the Underwriter and other dealers depositing Bonds into investment trusts) at prices lower than the public
offering prices stated on the inside front cover page hereof, and such public offering prices may be changed, from
time to time, by the Underwriter. The Underwriter’s obligations are subject to certain conditions precedent, and the
Underwriter will be obligated to purchase all of the Bonds if any Bonds are purchased.
Stifel and its affiliates comprise a full service financial institution engaged in activities which may include sales and
trading, commercial and investment banking, advisory, investment management, investment research, principal
investment, hedging, market making, brokerage and other financial and non-financial activities and services. Stifel
and its affiliates may have provided, and may in the future provide, a variety of these services to the City and to
persons and entities with relationships with the City, for which they received or will receive customary fees and
expenses.
In the ordinary course of these business activities, Stifel and its affiliates may purchase, sell or hold a broad array of
investments and actively trade securities, derivatives, loans and other financial instruments for their own account
and for the accounts of their customers, and such investment and trading activities may involve or relate to assets,
securities and/or instruments of the City (directly, as collateral securing other obligations or otherwise) and/or
persons and entities with relationships with the City.
Stifel and its affiliates may also communicate independent investment recommendations, market color or trading
ideas and/or publish or express independent research views in respect of such assets, securities or instruments and
may at any time hold, or recommend to clients that they should acquire such assets, securities and instruments. Such
investment and securities activities may involve securities and instruments of the City.
RELATIONSHIP AMONG PARTIES
Bond Counsel has previously represented the Underwriter with respect to other financings and has acted or is acting
as bond counsel with respect to other bonds underwritten by the Underwriter and may do so in the future. Bond
Counsel also serves and has served as bond counsel for one or more of the political subdivisions that the City
territorially overlaps. Counsel to the Underwriter has previously acted as bond counsel with respect to other bonds
underwritten by the Underwriter and may continue to do so in the future if requested.
FINANCIAL ADVISOR
RBC Capital Markets, LLC (the “Financial Advisor”) is employed as the Financial Advisor to the City in connection
with the issuance of the Bonds. The Financial Advisor’s fee for services rendered with respect to the sale of the
Bonds is contingent upon the issuance and delivery of the Bonds. The Financial Advisor is not obligated to
undertake, and has not undertaken to make, an independent verification or to assume responsibility for the accuracy,
completeness, or fairness of the information in this Official Statement.
10
CONTINUING DISCLOSURE
The City will covenant for the benefit of the owners of the Bonds to provide certain financial information and
operating data relating to the City by not later than February 1 in each year commencing February 1, 2026 (the
“Annual Reports”), and to provide notices of the occurrence of certain listed events (the “Notices”). Such covenants
will be made in order to assist the Underwriter in complying with Rule 15c2-12 of the Securities and Exchange
Commission (the “Rule”). The Annual Reports, Notices and other information required to be filed by such
covenants will be filed by the City with the MSRB, currently through EMMA as described in APPENDIX D –
“FORM OF CONTINUING DISCLOSURE CERTIFICATE.” The form of the undertaking that describes the
content of the Annual Reports and the Notices and the method of their dissemination is included as APPENDIX E
hereto. A failure by the City to comply with these covenants must be reported in accordance with the Rule and must
be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the
Bonds in the secondary market. Absence of continuing disclosure could adversely affect the Bonds and specifically
their market price and transferability.
The City did not timely file (i) the annual reports for the fiscal years ended June 30, 2022 through June 30, 2024,
with respect to one series of bonds, and (ii) notices of certain rating changes with respect to certain of the City’s
outstanding obligations, in each case as required by the terms of the City’s existing continuing disclosure
undertakings (the “Prior Undertakings”). Remedial filings addressing the foregoing have been completed. The City
has implemented procedures to facilitate compliance with the Prior Undertakings, the continuing disclosure
undertaking related to the Bonds and future similar continuing disclosure undertakings in all material respects.
FINANCIAL STATEMENTS
The financial statements of the City as of June 30, 2024, and for its fiscal year then ended, which are included as
APPENDIX E of this Official Statement, have been audited by Heinfeld, Meech & Co., P.C., as stated in its opinion
which appears in APPENDIX E – “CITY OF BUCKEYE, ARIZONA – AUDITED ANNUAL FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024.” The City neither requested nor obtained the
consent of Heinfeld, Meech & Co., P.C. to include its report and Heinfeld, Meech & Co., P.C. has performed no
procedures subsequent to rendering its opinion on the financial statements.
11
CONCLUDING STATEMENT
To the extent that any statements made in this Official Statement involve matters of opinion or estimates, whether or
not expressly stated to be such, they are made as such and not as representations of fact or certainty and no
representation is made that any of these statements have been or will be realized. Information set forth in this
Official Statement has been derived from the records of the City and from certain other sources, as referenced, and is
believed by the City to be accurate and reliable. Information other than that obtained from official records of the
City has not been independently confirmed or verified by the City and its accuracy is not guaranteed.
Neither this Official Statement nor any statements that may have been or that may be made orally or in writing are to
be construed as a part of a contract with the original purchasers or subsequent owners of the Bonds.
CITY OF BUCKEYE, ARIZONA
By:
Mayor
A-1
APPENDIX A
CITY OF BUCKEYE, ARIZONA –
GENERAL AND DEMOGRAPHIC INFORMATION
General
The City is located approximately 30 miles from downtown Phoenix, Arizona (“Phoenix”). The original City site was
located approximately four miles south of Interstate 10 on State Route 85 where the Gila and Hassayampa Rivers
converge. The City was founded in 1888 and incorporated in 1929. The City’s municipal boundaries encompass 640
square miles, and the City sits at an elevation above sea level of 888 feet. Not all property within the perimeter
boundaries of the City has been annexed into the City. However, over 390 square miles have been annexed into the
City.
TABLE A-1
POPULATION STATISTICS
City of
Maricopa
State of
Buckeye
County
Arizona
2024 Estimate (a)
113,349
4,726,247
7,621,703
2020 Census
91,502
4,420,568
7,151,502
2010 Census
50,876
3,817,117
6,392,017
2000 Census
8,497
3,072,149
5,130,632
1990 Census
4,436
2,122,101
3,665,339
(a)
Estimate as of July 2024 (data released in December 2024).
Source: Arizona Office of Economic Opportunity and the U.S. Census Bureau.
Municipal Government and Organization
The City operates under a Council-Manager form of government. The City Council is comprised of the Mayor and six
Councilmembers. The Mayor is elected at large every four years. Councilmembers each represent a district and are
elected to staggered four-year terms. The City Council appoints a Manager who has full responsibility for carrying out
City Council policies and administering operations.
The City provides a portion of its residents with water and sewer services; electricity is provided by Arizona Public
Service Company; natural gas is provided by Southwest Gas Company; and telephone service is provided by
CenturyLink Communications Inc. In some areas of the City, water and/or sewer services are provided by private
utility companies.
A-2
Economy
Employment for the City’s residents is provided by agricultural activities, services, education, government and the
nearby Palo Verde Nuclear Plant. The Palo Verde Nuclear Plant is located outside the boundaries of the City
approximately 20 miles west. The close proximity of the City to the greater Phoenix metropolitan area also provides
employment.
The following is a partial list of major employers in the City.
TABLE A-2
MAJOR EMPLOYERS
City of Buckeye, Arizona
Approximate
Number of
Employer
Description
Employees
Walmart
Retail/Grocery
1,590
State of Arizona
Government
1,300
City of Buckeye
Government
740
Litchfield Elementary School District No. 79
Education
490
Buckeye Elementary School District No. 33
Education
460
Fry’s Food Stores
Retail/Grocery
420
Clayton Homes
Construction
300
Funko
Distribution
300
The Odyssey Preparatory Academy
Education
190
Liberty Elementary School District No. 25
Education
160
Source:
2023 Arizona COG/MPO Employer Database, Maricopa Association of Governments. Data accessed
March 2025.
The following table illustrates the unemployment rate averages for the City, Maricopa County, the State and the United
States of America.
TABLE A-3
UNEMPLOYMENT RATE AVERAGES (a)
United
Calendar
City of
Maricopa
State of
States of
Year
Buckeye
County
Arizona
America
2024 (b)
4.2%
3.2%
3.6%
4.0%
2023
4.6
3.4
3.9
3.6
2022
4.5
3.3
3.8
3.6
2021
6.1
4.6
5.1
5.3
2020
8.1
7.3
7.8
8.1
2019
5.1
4.2
4.9
3.7
(a)
Each year, historical estimates from the Local Area Unemployment Statistics (LAUS) program are revised to
reflect new population controls from the Census Bureau, updated input data, and re-estimation. The data for
model-based areas also incorporate new seasonal adjustment, and the unadjusted estimates are controlled to
new census division and U.S. totals. Sub-state area data subsequently are revised to incorporate updated
inputs, re-estimation, and controlling to new statewide totals.
(b)
Data through November 2024.
Source:
Arizona Office of Economic Opportunity, in collaboration with the U.S. Census Bureau.
A-3
Cybersecurity Risks
The City, like other public and private entities, relies on computer and other digital networks and systems to conduct its
operations. As a recipient and provider of personal, private or other electronic sensitive information, the City may be
the subject of cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and
other sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized remote access to
the City’s systems for the purposes of misappropriating assets or information or causing operational disruption or
damage, or demanding ransom for restored access to files or information. In April of 2024, the City experienced an
external disruption to its computer network that affected the operability of City computer systems and various City
services. The City resolved the system disruption within a short period and was able to restore the City’s system and
services fully from offsite backups. As part of the restoration effort, the City implemented new Endpoint Detection and
Confirmed Multi-Factor Authentication amongst other processes to further enhance security within City systems. No
assurance can be given that the City’s current efforts to manage cyber threats and security, including policies,
procedures, and training will, in all cases, be successful. The City cannot predict what future cyber security events may
occur and what impact said events could have on its operations or finances.
The City’s Water Portfolio
The City has traditionally relied upon groundwater within its service area as its primary source for water. To meet
future demands, the City is working to find water from sources other than groundwater. Currently, the City’s water
supply comes from approximately 30 wells located across its municipal service area. In addition, the City has an annual
allocation through the Central Arizona Project (“CAP”) of Colorado River water, a renewable supply, of approximately
2,786 acre-feet per year. However, all but 68 acre-feet of the City’s allocation of Colorado River water is from the
“Non-Indian Agricultural (NIA)” tier of allocable CAP water which is the most junior tier in the CAP system and may
be subject to frequent shortages or unavailability. The City also recharges or reuses approximately 2,500 acre-feet per
year of reclaimed water (also known as effluent) with plans to double the amount of effluent recharged to 5,000 acre-
feet per year in fiscal year 2024.
In 1980, the Arizona Groundwater Management Act (“GMA”) was placed into law and the Assured Water Supply
program was established. The Assured Water Supply program requires landowners/developers of residential
subdivisions to demonstrate that there is enough water to support the development and that the water will be
“physically, legally and continuously available for the next 100 years.” The GMA also requires that the water required
to meet demand be primarily a renewable supply rather than groundwater. A renewable supply of water includes water
that comes from a source such as rivers and streams, including Colorado River water, or reclaimed water.
On June 1, 2023, Governor Katie Hobbs released the Phoenix Active Management Area Groundwater Model (which
includes the area underlying the City) and ADWR’s (as defined herein) latest study of groundwater conditions across
the Phoenix metropolitan area. The results of the groundwater model estimate that over a period of 100 years,
approximately 4% of the demand for groundwater in the Phoenix Active Management Area (“AMA”) will not be met
without further action to achieve the AMA management goal of “safe yield.” The release of this study effectively
suspends the issuance of new Certificates of Assured Water Supply (“CAWS”) for landowners/developers reliant on
groundwater by ADWR. Notably, while still “groundwater,” water from the Harquahala Water Project (as defined
herein) will be eligible to still be taken into account by the City with respect to the 100 year supply requirement since
the real property included in the Harquahala Water Project is not located in the AMA.
The City currently has existing water resources available to sustain its existing customers and the projected growth for
which CAWS have been issued by ADWR. The development projects that currently possess CAWS will support
approximately 20,000 permitted lots, which is another 20 to 25 years of growth within the City.
Drought Related Issues
As has been widely reported in the media, the southwestern and western regions of the United States, including
Arizona, have been in a significant and prolonged period of drought. Such reporting has called into question the
availability of water supplies for jurisdictions in Arizona, including the City. Local governments in the Phoenix region
obtain water from varied resources, including renewable water supplies from the Salt, Verde and Colorado rivers,
A-4
groundwater, and stored water credits that are earned through water recharge programs. Runoff from the Salt/Verde
River watershed is stored in a series of lakes located in central Arizona that are operated by the Salt River Project
(“SRP”). Runoff from the Colorado River watershed is stored in Lake Powell and Lake Mead on the Colorado River,
and in Lake Pleasant located in the broader Phoenix metropolitan area and delivered to the major metropolitan and other
areas of Arizona through the CAP’s canal system.
The Colorado River system, which provides Arizona with approximately 40% of its water supply, has experienced
severe drought conditions since 2000. As a result, water levels in Lake Mead, the primary storage reservoir for the
Lower Basin states - Arizona, California and Nevada – as well as the entire Colorado River System of reservoirs have
been declining. In August 2021, the Bureau of Reclamation declared the first ever Colorado River Tier 1 Shortage for
calendar year 2022, which reduced Arizona’s Colorado River apportionment by 512,000 acre-feet of water. In August
2022, the U.S. Interior Department announced a Level 2a Shortage Condition in calendar year 2023, which reduced
Arizona’s Colorado River apportionment by 592,000 acre-feet of water. This reduction was approximately 80,000 acre-
feet more than the Tier 1 condition announced in 2022 and, in total, represented approximately 21% of the State’s total
Colorado River water supply, and 9% of the State’s total water use. 2023 was the second year of additional shortage
declarations by the Interior Department. Under Tier 2a shortage conditions, water apportionment was reduced mainly
for central Arizona agricultural users and other entities, including the City, with allocations in the NIA tier. The amount
and frequency of such reductions cannot be accurately predicted.
Based on the combination of favorable basin-wide hydrology and conservation efforts across the Basin states, reservoir
contents have improved to the point that in August 2023, the U.S. Interior Department announced a Tier 1 shortage
reduction for 2024, reinstating the previous 80,000 acre-feet allocation that was reduced in 2022. In August 2024, the
U.S. Interior Department announced a continuation of the Tier 1 shortage reduction for 2025. This will continue the
reduction of Arizona’s Colorado River apportionment by approximately 512,000 acre-feet of water.
The federal government has recently taken actions designed to address certain of the effects of drought in the western
half of the United States. These steps include (i) allocation of historic funding amounts to the U.S. Bureau of
Reclamation for the rebuilding of critical water infrastructure and water conservation programs in the West, and (ii)
efforts to resolve issues among the Basin states regarding current and future allocations of available Colorado River
water. In April 2023, the Bureau of Reclamation issued a Draft Supplemental Environmental Impact Statement (Draft
SEIS) relating to proposed federal actions to reduce Colorado River allotments in the event that California, Arizona,
and Nevada were unable to reach an agreement by May 30, 2023. To avoid federal government action, California,
Arizona, and Nevada created a “Lower Basin Plan” (the “Plan”), which included tier-based water use reductions among
the states. The states’ agreed-upon reduction, when combined with cuts tied to federal payments, was designed to
amount to a 13% reduction of the states’ total water use in the Lower Colorado River Basin. Given the majority of the
City’s CAP water is the most junior NIA tier, the City is not currently a party to any water reduction agreement as part
of the Plan.
In March 2024 California, Arizona, and Nevada submitted a plan (the “Lower Basin Alternative”) designed to provide
for the sustainable management of the Colorado River system upon the expiration of existing guidelines in 2026. In
November 2024, the Department of the Interior released five proposed alternatives that will be analyzed as part of the
post-2026 operations for the Colorado River.
The City is pursuing the acquisition of the “Harquahala Water Project.” The Harquahala Water Project consists of the
proposed purchase of certain real property with groundwater rights allocated to such real property located in the
Harquahala Valley in Maricopa County, Arizona. The groundwater rights proposed to be acquired as part of the
Harquahala Water Project consist of 592,592 acre-feet of ground water to be withdrawn at the maximum rate of 5,926
acre-feet per year over a period of no less than 100 years from the date of closing of the acquisition of the groundwater
rights. An acre-foot of water equals 325,851 gallons of water. The Arizona Department of Water Resources (“ADWR”)
estimates that an acre-foot of water is typically enough water to supply three residential homes for a year. The
Harquahala Water Project will add to the City’s existing water portfolio. The City has not yet determined how the water
from the Harquahala Water Project will be transported from its current location to the City, but there are several
potential alternatives to consider. If the City is able to acquire the Harquahala Water Project, then it will issue
approximately $80,000,000 of Excise Tax Obligations secured by Excise Taxes and State Shared Revenues. If
acquired, the additional water resources supplied from the Harquahala Water Project will supply the City with options
A-5
to support further growth within the City. These options include making commitments to serve landowners applying for
additional CAWS or utilizing the water as a resource to support the City receiving a Designation of Assured Water
Supply (“DAWS”). A DAWS would allow the City to determine how water can be utilized locally, rather than forcing
future developers to seek a CAWS from ADWR.
The City has adopted a Drought Management Plan to help relieve any stress caused by water shortages. This plan is
broken down in four phases, all with different levels of cutbacks, and based on the level of water demand versus the
level of water production. Water reductions are tiered from 5% to 40%, with the City Manager having authority to
declare or rescind the Drought Management Plan. Currently, the City has not implemented any part of the Drought
Management Plan.
It is not possible for the City to make any representation regarding the extent to which further drought or water supply
issues could cause reduced economic activity within the boundaries of the City.
B-1
APPENDIX B
CITY OF BUCKEYE, ARIZONA –
FINANCIAL INFORMATION
PROPERTY TAXES
As described under the heading “SECURITY FOR AND SOURCES OF PAYMENT FOR THE BONDS,” the City
will be required by law to levy or to cause to be levied on all the taxable property in the City a continuing, direct,
annual, ad valorem property tax sufficient to pay all principal, interest, and costs of administration for the Bonds as
the same become due. The State’s ad valorem property tax levy and collection procedures are summarized under
this heading “PROPERTY TAXES.”
Taxable Property
Real property and improvements and personal property are either valued by the Assessor of the County or the
Arizona Department of Revenue (the “Department of Revenue”). Property valued by the Assessor of the County is
referred to as “locally assessed” property and generally encompasses residential, agricultural and traditional
commercial and industrial property. Property valued by the Department of Revenue is referred to as “centrally
valued” property and generally includes large mine and utility entities.
Locally assessed property is assigned two values: Full Cash Value and Limited Property Value (both as defined
herein). Centrally valued property is assigned one value: Full Cash Value.
Full Cash Value
In the context of a specific property parcel, full cash value (“Full Cash Value”) is statutorily defined to mean “the
value determined as prescribed by statute” or if a statutory method is not prescribed it is “synonymous with market
value which means the estimate of value that is derived annually by using standard appraisal methods and
techniques,” which generally include the market approach, the cost approach and the income approach. In valuing
locally assessed property, the Assessor of the County generally uses a cost approach to value commercial/industrial
property and a market approach to value residential property. In valuing centrally valued property, the Department
of Revenue begins generally with information provided by taxpayers and then applies procedures provided by State
law. State law allows taxpayers to appeal such Full Cash Values by providing evidence of a lower value, which may
be based upon another valuation approach. Full Cash Value is used as the ceiling for determining Limited Property
Value. Unlike Limited Property Value, increases in Full Cash Value are not limited.
Limited Property Value
In the context of a specific property parcel, limited property value (“Limited Property Value”) is a property value
determined pursuant to the Arizona Constitution and the Arizona Revised Statutes. Except as described in the next
sentence, for locally assessed property in existence in the prior year, Limited Property Value is limited to the lesser
of Full Cash Value or an amount 5% greater than Limited Property Value determined for the prior year for such
specific property parcel. In the following circumstances, Limited Property Value is established at a level or
percentage of Full Cash Value that is comparable to that of other properties of the same or a similar use or
classification: property that was erroneously totally or partially omitted from the property tax rolls in the preceding
tax year, except as a result of the matters described in this sentence; property for which a change in use has occurred
since the preceding tax year and property that has been modified by construction, destruction, or demolition since
the preceding valuation year such that the total value of the modification is equal to or greater than fifteen percent of
the Full Cash Value. (Limited Property Value of property that has been split, subdivided or consolidated varies
depending on when the change occurred.) A separate Limited Property Value is not provided for centrally valued
property.
B-2
Full Cash Value and Limited Property Value for Taxing Jurisdictions
The Full Cash Value in the context of a taxing jurisdiction is the sum of the Full Cash Value associated with each
parcel of property in the jurisdiction. Full Cash Value of the jurisdiction is the basis for determining constitutional
and statutory debt limits for certain political subdivisions in Arizona, including the City.
The Limited Property Value in the context of a taxing jurisdiction is the sum of the Limited Property Value
associated with each parcel of locally assessed property within the jurisdiction plus the sum of the Full Cash Value
associated with each parcel of centrally valued property within the jurisdiction. Limited Property Value of the
jurisdiction is used as the basis for levying both primary and secondary taxes. See “Primary Taxes” and “Secondary
Taxes” below.
Property Classification and Assessment Ratios
All property, both real and personal, is assigned a classification (defined by property use) and related assessment
ratio that is multiplied by the Limited Property Value or Full Cash Value of the property, as applicable, to obtain the
“Limited Assessed Property Value” and the “Full Cash Assessed Value,” respectively.
The assessment ratios for each property classification are set forth by tax year in the following table.
TABLE B-1
Property Tax Assessment Ratios (Tax Year)
Property Classification (a)
2021
2022
2023
2024
2025
Mining, utilities, commercial and industrial (b)
18%
17.5%
17%
16.5%
16%
Agricultural and vacant land
15
15
15
15
15
Owner occupied residential
10
10
10
10
10
Leased or rented residential
10
10
10
10
10
Railroad, private car company and airline
flight property (c)
15
15
14
14
13
(a)
Additional classes of property exist, but seldom amount to a significant portion of a municipal body’s total
valuation.
(b)
The assessment ratio for this property classification will decrease to 15.5% for tax year 2026 and 15% for
each tax year thereafter.
(c)
This percentage is determined annually pursuant to Section 42-15005, Arizona Revised Statutes.
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue; 2025 Final Property
Class Summary, Arizona Department of Revenue.
Primary Taxes
Per State statute, taxes levied for the maintenance and operation of counties, cities, towns, school districts,
community college districts and the State are “primary taxes.” Primary taxes are levied against Net Limited
Assessed Property Value (as defined herein). “Net Limited Assessed Property Value” is determined by excluding
the value of property exempt from taxation from Limited Assessed Property Value of locally assessed property and
from Full Cash Assessed Value of centrally valued property and combining the resulting two amounts.
The primary taxes levied by each county, city, town and community college district are constitutionally limited to a
maximum increase of 2% over the maximum allowable prior year’s levy limit plus any taxes on property not subject
to taxation in the preceding year (e.g., new construction and property brought into the jurisdiction because of
annexation). The 2% limitation does not apply to primary taxes levied on behalf of school districts.
B-3
The combined taxes on owner occupied residential property only, for purposes other than voter-approved bond
indebtedness and overrides and certain special district assessments, are constitutionally limited to 1% of the Limited
Property Value of such property. This constitutional limitation on the combined tax levies for owner occupied
residential property is implemented by reducing the school district’s taxes. To offset the effects of reduced school
district property taxes, the State compensates the school district by providing additional State aid.
Secondary Taxes
Per State statute, taxes levied for payment of bonds like the Bonds, voter-approved budget overrides, the
maintenance and operation of special purpose districts such as sanitary, fire, road improvement, water conservation
and career technical education districts, and taxes levied by school districts for qualified desegregation expenditures
are “secondary taxes.” Like primary taxes, secondary taxes are also levied against Net Limited Assessed Property
Value. There is no constitutional or statutory limitation on annual levies for voter-approved bond indebtedness and
overrides and certain special district assessments.
Calculating Debt Limitations
Net Full Cash Assessed Value is determined by excluding the value of property exempt from taxation from Full
Cash Assessed Value of both locally assessed and centrally valued property and combining the resulting two
amounts. Net Full Cash Assessed Value is the basis for determining bonded debt limitations for certain political
subdivisions in Arizona, including the City.
Tax Procedures
The State tax year has been defined as the calendar year, notwithstanding the fact that tax procedures begin prior to
January 1 of the tax year and continue through May of the succeeding calendar year.
On or before the third Monday in August each year the Board of Supervisors of the County prepares the tax roll
setting forth certain valuations by taxing district of all property in the County subject to taxation. The tax roll is then
forwarded to the treasurer of the County (the “Treasurer”). (The Assessor of the County is required to have
completed the assessment roll by December 15th of the year prior to the levy. This roll identifies the valuation and
classification of each parcel located within the County for the tax year.)
Property owners may file an appeal with the Assessor of the County to request a review of the Assessor of the
County’s determination of the Full Cash Value and legal classification of their property. Once the appeals process is
complete, the Assessor of the County, if necessary, corrects the tax roll based upon the appeal decisions and sends
the corrected values to each taxing jurisdiction (cities, including the City, school districts, community colleges and
special districts such as fire and health).
With the various budgetary procedures having been completed by the governmental entities, the appropriate tax rate
for each jurisdiction is then levied upon each non-exempt parcel of property in order to determine the total tax owed
by each property owner. Any subsequent decrease in the value of the tax roll due to appeals through the process
described above or other reasons reduces the amount of taxes received by each jurisdiction.
In 2021, the Arizona Court of Appeals ruled in Qasimyar v. Maricopa County that certain transitions between
property classifications qualified as a “change in use” requiring recalculation of the limited property value of the
affected properties. On April 5, 2024, the Treasurer released estimated financial impacts to the various taxing
jurisdictions. The Treasurer also indicated that the refund process will begin in July 2024 and is expected to
conclude in June 2025. The refunds will result in a reduction in cash from property tax revenue (excluding
secondary property tax revenue collected for bond debt service) for the taxing jurisdictions, including the City. The
City’s estimated reduction in cash from property tax revenues as of June 2024 is approximately [$_____] (excluding
additional interest at the current rate of 8%) per the Treasurer.
The property tax lien on real property attaches on January 1 of the year the tax is levied. Such lien is prior and
superior to all other liens and encumbrances on the property subject to such tax except liens or encumbrances held
by the State or liens for taxes accruing in any other years. Set forth below is a record of property taxes levied and
collected in the City for a portion of the current fiscal year and all of the previous five fiscal years.
B-4
TABLE B-2
Property Taxes Levied and Collected (a)
City of Buckeye, Arizona
(a)
Taxes are collected by the Treasurer. Taxes are levied by the Board of Supervisors of the County as required
by Arizona Revised Statutes. Delinquent taxes are subject to an interest and penalty charge of 16% per
annum, which is prorated at a monthly rate of 1.33%. Interest and penalty collections for delinquent taxes
are not included in the collection figures above, but are deposited in the County’s General Fund. Interest
and penalties with respect to the first half tax collections (delinquent November 1) are waived if the full
year’s taxes are paid by December 31.
(b)
2024/25 taxes in course of collection:
First installment due 10-01-24, delinquent 11-01-24;
Second installment due 03-01-25, delinquent 05-01-25.
Source:
Office of Budget and Finance of the County.
SRP In Lieu Contribution
SPECIAL NOTE: The assessed value of property owned by the Salt River Project Agricultural Improvement and
Power District (“SRP”) is not included in the assessed value of the City in the prior table or in any other valuation
information set forth in this Official Statement. Because of SRP’s quasi-governmental nature, property owned by
SRP is exempt from property taxation.
However, SRP may elect each year to make voluntary contributions in lieu of property taxes with respect to certain
of its electrical facilities (the “SRP Electric Plant”). If SRP elects to make the in lieu contribution for the year, the
Full Cash Value of the portion of the SRP Electric Plant located within the City and the in lieu contribution amount
is determined in the same manner as the Full Cash Value and property taxes owed is determined for similar non-
governmental public utility property, with certain special deductions.
If SRP elected not to make such contributions, the City would be required to contribute funds from other sources or
levy an increased tax rate on all other taxable property to provide sufficient amounts to pay debt service on the
Bonds. If after electing to make the in lieu contribution, SRP then failed to make the in lieu contribution when due,
the Treasurer and the City have no recourse against the property of SRP and there may be a delay in the payment of
that portion of the debt service on the Bonds that would have been paid by SRP’s in lieu contribution.
Since 1964, when the in lieu contribution was originally authorized by the Arizona Revised Statutes, SRP has always
elected to make the in lieu contribution. The fiscal year 2024/25 Net Limited Assessed Property Value equivalent of
SRP within the City is $1,669,727, which represents approximately 0.17% of the combined fiscal year 2024/25 Net
Limited Assessed Property Value in the City. The estimated fiscal year 2025/26 Net Limited Assessed Property
Value equivalent of SRP within the City is $1,743,000, which represents approximately 0.17% of the combined fiscal
year 2025/26 Net Limited Assessed Property Valuation in the City.
Adjusted
Collected to June 30th
Adjusted
Adopted
City
of Initial Fiscal Year
City Tax
Fiscal
City
City
Tax Levy as
% of Adj.
Levy as of
Year
Tax Rate
Tax Levy
of June 30th
Amount
Levy
2/28/2025
Amount
2024/25
1.6077
$
15,058,062
$
(b)
(b)
(b)
14,844,956
$
8,773,939
$
59.10
2023/24
1.6513
13,348,031
13,256,876
$
13,084,605
$
98.70
13,121,979
13,108,537
99.90
2022/23
1.7048
12,165,126
12,109,691
11,965,529
98.81
11,946,367
11,944,822
99.99
2021/22
1.7671
10,939,843
10,851,207
10,734,001
98.92
10,711,924
10,710,771
99.99
2020/21
1.7890
9,985,420
9,879,978
9,739,538
98.58
9,764,151
9,763,327
99.99
2019/20
1.8000
8,756,709
8,730,155
8,604,797
98.56
8,636,168
8,636,553
100.00
Levy
Cumulative Collections
to February 28, 2025
% of Adj.
%
%
B-5
Delinquent Tax Procedures
The property taxes due the City are billed, along with State and other taxes, each September and are due and payable
in two installments on October 1 and March 1 and become delinquent on November 1 and May 1, respectively.
Delinquent taxes are subject to an interest penalty of 16% per annum prorated monthly as of the first day of each
subsequent month. (Delinquent interest is waived if a taxpayer, delinquent as to the November 1 payment, pays the
entire year’s tax bill by December 31.) After the close of the tax collection period, the Treasurer prepares a
delinquent property tax list and the property so listed is subject to a tax lien sale in February of the succeeding year.
In the event that there is no purchaser for the tax lien at the sale, the tax lien is assigned to the State, and the property
is reoffered for sale from time to time until such time as it is sold, subject to redemption, for an amount sufficient to
cover all delinquent taxes.
After three years from the sale of the tax lien, the tax lien certificate holder may bring an action in a court of
competent jurisdiction to foreclose the right of redemption and, if the delinquent taxes plus accrued interest are not
paid by the owner of record or any entity having a right to redeem, a judgment is entered ordering the Treasurer to
deliver a treasurer’s deed to the certificate holder as prescribed by law.
Chapter 176, Laws of Arizona 2024 (commonly referred to by its original bill number as “SB 1431”) revises the
redemption and foreclosure process for tax lien certificate holders whereby a delinquent taxpayer may request an
entry of judgment directing the sale of the property for excess proceeds. If a delinquent taxpayer requests an excess
proceeds sale, and an entry of judgment is granted to direct such excess proceeds sale, a tax lien certificate holder’s
potential financial return on the subject tax lien eligible for foreclosure may decrease relative to the tax lien
certificate holder’s potential financial return on such tax lien prior to the enactment of SB 1431. Therefore, in
connection with the new excess proceeds sale process instituted by SB 1431, it is reasonable to conclude that “tax
sale investors” may be less willing to purchase tax liens. The effective date of SB 1431 was September 14, 2024.
None of the City, the Financial Advisor, the Underwriter or the counsel or agents of either of them, including Bond
Counsel, are able to determine or predict what impact, if any, SB 1431 will have on property tax collections in the
City.
In the event of bankruptcy of a taxpayer pursuant to the United States Bankruptcy Code (the “Bankruptcy Code”),
the law is currently unsettled as to whether a lien can attach against the taxpayer’s property for property taxes levied
during the pendency of bankruptcy. Such taxes might constitute an unsecured and possibly non-interest bearing
administrative expense payable only to the extent that the secured creditors of a taxpayer are oversecured, and then
possibly only on the prorated basis with other allowed administrative claims. It cannot be determined, therefore,
what adverse impact bankruptcy might have on the ability to collect ad valorem taxes on property of a taxpayer
within the City. Proceeds to pay such taxes come only from the taxpayer or from a sale of the tax lien on delinquent
property.
When an owner of land or property within the City (a “debtor”) files or is forced into bankruptcy, any act to obtain
possession of the debtor’s estate, any act to create or perfect any lien against the property of the debtor or any act to
collect, assess or recover a claim against the debtor that arose before the commencement of the bankruptcy is stayed
pursuant to the Bankruptcy Code. While the automatic stay of a bankruptcy court may not prevent the sale of tax
liens against the real property of a bankrupt taxpayer, the judicial or administrative foreclosure of a tax lien against
the real property of a debtor would be subject to the stay of bankruptcy court. It is reasonable to conclude that “tax
sale investors” may be reluctant to purchase tax liens under such circumstances, and, therefore, the timeliness of the
payment of post-bankruptcy petition tax collections becomes uncertain.
It cannot be determined what impact any deterioration of the financial conditions of any taxpayer, whether or not
protection under the Bankruptcy Code is sought, may have on payment of or the secondary market for the Bonds.
None of the City, the Financial Advisor, the Underwriter or their respective agents or consultants has undertaken any
independent investigation of the operations and financial condition of any taxpayer, nor have they assumed
responsibility for the same.
In the event the County is expressly enjoined or prohibited by law from collecting taxes due from any taxpayer, such
as may result from the bankruptcy of a taxpayer, any resulting deficiency could be collected in subsequent tax years
by adjusting the City’s tax rate charged to non-bankrupt taxpayers during such subsequent tax years.
B-6
ASSESSED VALUATIONS AND TAX RATES
TABLE B-3
Direct and Overlapping Net Limited Assessed Property Values and Tax Rates (a)
Per $100 Net Limited Assessed Property Value
(a)
The following overlapping jurisdictions are taxed as follows:
2024/25
Total Tax
2024/25
Rate Per $100
Net Limited
Net Limited
Assessed
Assessed
Overlapping Jurisdiction
Property Value
Property Value
State of Arizona
88,425,611,337
$
$0.0000
Maricopa County
58,328,686,358
1.1591
Maricopa County Community College District
58,328,686,358
1.1047
Maricopa County Fire District Assistance Tax
58,328,686,358
0.0080
Maricopa County Special Health Care District
58,328,686,358
0.2665
Maricopa County Library District
58,328,686,358
0.0470
Maricopa County Flood Control District (b)
53,876,587,196
0.1470
Central Arizona Water Conservation District (c)
58,328,686,358
0.1400
Festival Ranch Community Facilities District
136,959,496
3.1959
Sundance Community Facilities District
96,513,689
2.1906
Tartesso West Community Facilities District
54,790,386
3.3041
Verrado District No. 1 Community Facilities District
215,384,054
3.3036
Verrado Western Overlay Community Facilities District
27,992,418
5.0328
WestPark Community Facilities District
18,374,004
3.1325
Buckeye Valley Fire District
240,596,027
4.0668
Wickenburg Unified School District No. 9
295,989,533
3.4042
Liberty Elementary School District No. 25
473,488,465
3.7615
Buckeye Elementary School District No. 33
408,052,990
4.6382
Arlington Elementary School District No. 47
295,419,205
1.2080
Palo Verde Elementary School District No. 49
35,467,290
3.3570
Morristown Elementary School District No. 75
25,296,628
3.9206
Litchfield Elementary School District No. 79
1,677,502,051
2.9955
Saddle Mountain Unified School District No. 90
905,688,786
3.1334
Buckeye Union High School District No. 201
1,212,427,951
2.9662
Agua Fria Union High School District No. 216
2,450,770,067
3.2529
West Maricopa Education Center District No. 402
22,530,901,798
0.1825
City of Buckeye
953,508,266
1.6077
B-7
Overlapping Jurisdiction
Tax Rate
Buckeye Water Conservation District
$15.0400/acre
Roosevelt Irrigation District
37.3600/acre
(b)
The assessed value of the Maricopa County Flood Control District does not include the personal property
assessed valuation of the County.
(c)
Value shown for the Central Arizona Water Conservation District covers only the County portion of such
District. (See footnote (b) to TABLE 16.)
Source:
Property Tax Rates and Assessed Values, Arizona Tax Research Association and Office of Budget and
Finance of the County.
TABLE B-4
Net Limited Assessed Property Value by Property Classification (a)
City of Buckeye, Arizona
(a)
Totals may not add up due to rounding.
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue.
Class
2024/25
2023/24
2022/23
2021/22
2020/21
Commercial, Industrial, Utilities & Mines
210,228,674
$
148,797,598
$
134,607,003
$
112,228,096
$
107,958,361
$
Agricultural and Vacant
49,890,765
49,815,462
41,246,386
41,035,888
45,396,204
Residential (owner occupied)
512,957,911
453,612,847
408,105,476
351,229,833
301,060,339
Residential (rental)
176,684,575
154,775,373
133,852,358
112,314,290
102,995,980
Railroad
1,157,832
1,042,308
806,637
441,023
438,182
Historical Property
2,563,970
1,836,865
-
-
-
Property Improvements
24,539
370
180,918
172,302
164,099
Totals (a)
953,508,266
$
809,880,823
$
718,798,778
$
617,421,432
$
558,013,165
$
B-8
TABLE B-5
Net Limited Assessed Property Value of Major Taxpayers
City of Buckeye, Arizona
(a)
Some of such taxpayers or their parent corporations are subject to the informational requirements of the
Securities Exchange Act of 1934, as amended, and in accordance therewith file reports, proxy statements and
other information with the Securities and Exchange Commission (the “Commission”). Such reports, proxy
statements and other information (collectively, the “Filings”) may be inspected, copied and obtained at
prescribed rates at the Commission’s public reference facilities at 100 F Street, N.E., Washington, D.C.
20549-2736. In addition, the Filings may also be inspected at the offices of the New York Stock Exchange at
20 Broad Street, New York, New York 10005. The Filings may also be obtained through the Internet on the
Commission’s EDGAR data base at http://www.sec.gov. No representative of the City, the Financial
Advisor, the Underwriter, Bond Counsel or counsel to the Underwriter has examined the information set
forth in the Filings for accuracy or completeness, nor does any such representative assume responsibility for
the same.
Source:
The Assessor of the County.
2024/25
2024/25
Net Limited
Net Limited
Assessed
Assessed
Major Taxpayer (a)
Property Value
Property Value
Arizona Public Service
54,036,655
$
5.67
Ross Dress For Less Inc
18,570,490
1.95
Buckeye 77 Owner LLC
10,144,157
1.06
10 West Commerce Park AZ Owner LLC
8,849,755
0.93
Wal-Mart Stores East LP
8,450,836
0.89
Buckeye Phase I Owner LLC
7,029,309
0.74
Cardinal IG Company
5,128,189
0.54
Watson Property LLC
4,776,319
0.50
Smiths Food & Drug Centers Inc
4,460,870
0.47
Buckeye 21 Owner LLC
3,160,342
0.33
124,606,920
$
13.07
As % of
%
%
B-9
TABLE B-6
Comparative Net Limited Assessed Property Values
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue and Property Tax
Rates & Assessed Values, Arizona Tax Research Association.
TABLE B-7
Estimated Net Full Cash Value History
City of Buckeye, Arizona
(a)
Estimated Net Full Cash Value is the total market value of the property within the City less the estimated Full
Cash Value of property exempt from taxation within the City.
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue.
Fiscal
City of
Maricopa
State of
Year
Buckeye
County
Arizona
2024/25
953,508,266
$
58,328,686,358
$
88,425,611,337
$
2023/24
809,880,823
54,722,310,149
83,026,514,349
2022/23
718,798,778
51,575,018,185
78,415,651,030
2021/22
617,421,432
48,724,126,672
74,200,360,570
2020/21
558,013,165
45,704,969,813
69,914,763,468
Estimated
Fiscal
Net Full Cash
Year
Value (a)
2024/25
17,359,696,851
$
2023/24
12,577,156,121
2022/23
9,276,092,393
2021/22
7,719,367,315
2020/21
6,854,554,415
B-10
DIRECT AND OVERLAPPING BONDED INDEBTEDNESS
TABLE B-8
Current Year Statistics (For Fiscal Year 2024/25)
City of Buckeye, Arizona
Net Limited Assessed Property Value
$ 953,508,266*
Net Full Cash Assessed Value
1,971,106,447
Estimated Net Full Cash Value
17,359,696,851
Total General Obligation Bonds Outstanding and to be Outstanding
$ 75,000,000*(a)
Total Excise Tax Revenue and State Shared Revenue-Secured Obligations
Outstanding
100,220,000*(b)
Water and Sewer Revenue Obligations Outstanding
90,467,184
Improvement District Obligations Outstanding
2,649,000
The City’s preliminary fiscal year 2025/26 Net Full Cash Assessed Value is estimated at $1,977,908,769, an
increase of approximately 0.35% from the fiscal year 2024/25 Net Full Cash Assessed Value. The City’s preliminary
fiscal year 2025/26 Net Limited Assessed Property Value is estimated at $1,042,176,827, an increase of
approximately 9.30% from the fiscal year 2024/25 Net Limited Assessed Property Value. The City’s preliminary
fiscal year 2025/26 Estimated Net Full Cash Value is estimated at $17,493,242,335, an increase of approximately
0.77% from the fiscal year 2024/25 Estimated Net Full Cash Value. The values are subject to positive or negative
adjustments until approved by the Board of Supervisors of the County on or before August 18, 2025.
* Subject to change.
(a)
Includes the Bonds. See footnotes (b) and (c) to TABLE B-10 for a description of the treatment of certain
proceeds of the Bonds and other general obligation bonds of the City for State debt limit purposes.
(b)
The City has adopted authorizing resolutions for the execution and delivery of approximately $118,550,000
of Excise Tax Revenue Obligations for the purpose of acquiring water rights and to refund approximately
$38,550,000 of outstanding Excise Tax Revenue Obligations for debt service savings.
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue and Office of Budget
and Finance of the County.
B-11
TABLE B-9A
Direct General Obligation Bonded Debt Outstanding and to be Outstanding
City of Buckeye, Arizona
* Subject to change.
(a)
See footnotes (b) and (c) to TABLE 15 for a description of the treatment of certain proceeds of the Bonds and
other general obligation bonds of the City for State debt limit purposes.
TABLE B-9B
Excise Tax Revenue and State Shared Revenue Obligations Outstanding and to be Outstanding
City of Buckeye, Arizona
* Subject to change.
(a)
The City has adopted authorizing resolution for the issuance of approximately $80,000,000 of Excise Tax
Revenue and State Shared Revenue-Secured Obligations for the purpose of acquiring water rights and to
refund approximately $38,550,000 of outstanding Excise Tax Revenue and State Shared Revenue-Secured
Obligations for debt service savings.
Final
Balance
Maturity
Outstanding
Issue
Original
Date
and to be
Series
Amount
Purpose
(July 1)
Outstanding*
No General Obligation Debt Currently Outstanding
Total General Obligation Bonded Debt Outstanding
-
$
Plus: The Bonds
75,000,000
Total General Obligation Bonded Debt Outstanding and to be Outstanding
75,000,000
$
*
*
Final
Balance
Maturity
Outstanding
Issue
Original
Date
and to be
Series
Amount
Purpose
(July 1)
Outstanding (a)
2015
51,260,000
$
Water system acquisition and improvements
2045
46,580,000
$
2016 Ref
12,620,000
Refunding
2036
8,410,000
2024A
45,230,000
Water system acquisition and improvements
2044
45,230,000
Total Excise Tax Revenue and State Shared Revenue Debt Outstanding
100,220,000
$
*
B-12
Direct Bonded Debt, Legal Limitation and Unused Borrowing Capacity
City of Buckeye, Arizona
Under the provisions of the Arizona Constitution, outstanding general obligation bonded debt for combined water,
sewer, light, parks and open space, transportation and public safety purposes may not exceed 20% of a city’s Net
Full Cash Assessed Value, nor may outstanding general obligation bonded debt for all other purposes exceed 6% of
a city’s Net Full Cash Assessed Value.
TABLE B-10
* Subject to change.
(a)
Includes the Bonds.
(b)
This amount reduces in equal amount the borrowing capacity of the City under State statutes and the Arizona
Constitution. The principal amount authorized at the Election will be reduced by a total of $[_____] (as
described under the heading “THE BONDS – Authorization and Use of Funds”)*. The City’s borrowing
capacity, but not authorization, will be recaptured as premium is amortized.
Total 6% General Obligation
Bonding Capacity
118,266,386
$
Total 20% General Obligation
Bonding Capacity
394,221,289
$
Less: 6% General Obligation
Bonds Outstanding
-
(a)
Less: 20% General Obligation
Bonds Outstanding
(75,000,000)
(a)
Less: Original Issue Premium for the Bonds
-
(b)
Less: Original Issue Premium for the Bonds
-
(b)
Net 6% General Obligation
Bonding Capacity
118,266,386
$
Net 20% General Obligation
Bonding Capacity
319,221,289
$
Total Capacity
437,487,675
$
General Municipal Purpose Bonds
Water, Light, Sewer, Open Space, Public Safety, Law Enforcement,
Fire and Emergency Services, Park, Street and Transportation
Facilities Bonds
*
*
*
*
*
B-13
TABLE B-11
Direct and Overlapping General Obligation Bonded Debt
City of Buckeye, Arizona
* Subject to change.
(a)
Proportion applicable to the City is computed on the ratio of Net Limited Assessed Property Value for
2024/25.
(b)
Includes total stated principal amount of general obligation bonds outstanding. Does not include
outstanding principal amount of certificates of participation, revenue obligations or loan obligations
outstanding for the jurisdictions listed above. Does not include outstanding principal amounts of various
County improvement districts, as the bonds of these districts are presently being paid from special
assessments against property within the various improvement districts.
Does not include presently authorized but unissued general obligation bonds of such jurisdictions which may
be issued in the future as indicated in the following table. Additional bonds may also be authorized by voters
within overlapping jurisdictions pursuant to future elections.
General
Proportion Applicable
Obligation
to the District (a)
Bonded
Approximate
Net Debt
Overlapping Jurisdiction
Debt (b)
Percent
Amount
State of Arizona
None
1.08
None
Maricopa County
None
1.63
None
Maricopa County Community College District
57,615,000
$
1.63
941,842
$
Maricopa County Special Health Care District
544,135,000
1.63
8,895,061
Festival Ranch Community Facilities District
53,180,000
100.00
53,180,000
Sundance Community Facilities District
15,465,000
100.00
15,465,000
Tartesso West Community Facilities District
24,230,000
100.00
24,230,000
Verrado District No. 1 Community Facilities District
64,770,000
100.00
64,770,000
Verrado Western Overlay Community Facilities District
4,000,000
100.00
4,000,000
WestPark Community Facilities District
3,380,000
100.00
3,380,000
Wickenburg Unified School District No. 9
3,600,000
49.78
1,792,098
Liberty Elementary School District No. 25
48,555,000
24.27
11,783,461
Buckeye Elementary School District No. 33
61,955,000
89.63
55,531,711
Litchfield Elementary School District No. 79
69,030,000
13.78
9,513,252
Saddle Mountain Unified School District No. 90
42,135,000
9.52
4,009,725
Buckeye Union High School District No. 201
52,380,000
40.31
21,116,942
Agua Fria Union High School District No. 216
238,675,000
9.43
22,514,305
Western Maricopa Education Center District No. 402
91,835,000
4.23
3,886,446
City of Buckeye (c)
75,000,000
100.00
75,000,000
Net Direct and Overlapping General Obligation Bonded Debt
380,009,841
$
%
*
*
B-14
General Obligation Bonds
Overlapping Jurisdiction
Authorized but Unissued
Festival Ranch Community Facilities District
$106,397,622
Sundance Community Facilities District
17,790,000
Tartesso West Community Facilities District
144,369,000
Verrado Western Overlay Community Facilities District
60,000,000
Buckeye Elementary School District No. 33
14,250,000
Litchfield Elementary School District No. 79
50,000,000
Agua Fria Union High School District No. 216
52,000,000
City of Buckeye (d)
207,000,000*
Also does not include the obligation of the Central Arizona Water Conservation District (“CAWCD”) to the
United States Department of the Interior (the “Department of the Interior”), for repayment of certain capital
costs for construction of the Central Arizona Project (“CAP”), a major reclamation project that has been
substantially completed by the Department of the Interior. The obligation is evidenced by a master contract
between CAWCD and the Department of the Interior. In April 2003, the United States and CAWCD agreed
to settle litigation over the amount of the construction cost repayment obligation, the amount of the respective
obligations for payment of the operation, maintenance and replacement costs and the application of certain
revenues and credits against such obligations and costs. Under the agreement, CAWCD’s obligation for
substantially all of the CAP features that have been constructed so far will be set at $1.646 billion, which
amount assumes (but does not mandate) that the United States will acquire a total of 667,724 acre feet of
CAP water for federal purposes. The United States will complete unfinished CAP construction work related
to the water supply system and regulatory storage stages of CAP at no additional cost to CAWCD. Of the
$1.646 billion repayment obligation, 73% will be interest bearing and the remaining 27% will be non-interest
bearing. These percentages will be fixed for the entire 50-year repayment period, which commenced October
1, 1993. CAWCD is a multi-county water conservation district having boundaries coterminous with the
exterior boundaries of Arizona’s Maricopa, Pima and Pinal Counties. It was formed for the express purpose
of paying administrative costs and expenses of the CAP and to assist in the repayment to the United States of
the CAP capital costs. Repayment will be made from a combination of power revenues, subcontract revenues
(i.e., agreements with municipal, industrial and agricultural water users for delivery of CAP water) and a tax
levy against all taxable property within CAWCD’s boundaries. At the date of this Official Statement, the tax
levy is limited to 14 cents per $100 of Net Limited Assessed Property Value, of which 14 cents is being levied.
(See Sections 48-3715 and 48-3715.02, Arizona Revised Statutes.) There can be no assurance that such levy
limit will not be increased or removed at any time during the life of the contract.
(c)
Includes the Bonds.
(d)
Reflects reduction in authorization from the Election in connection with the issuance of the Bonds.
Source:
The various entities, State and County Abstract of the Assessment Roll, Arizona Department of Revenue
and the Assessor of the County.
* Subject to change.
B-15
TABLE B-12
Direct and Overlapping General Obligation Bonded Debt Ratios
City of Buckeye, Arizona
As % of
As % of
Per Capita
City’s
City’s
Bonded Debt
2024/25
2024/25
Population
Net Limited
Estimated
Estimated
Assessed
Net Full
@ 113,349
Property Value
Cash Value
Net Direct General Obligation Bonded Debt*(a)
$661.67
7.87%
0.43%
Net Direct and Overlapping General
Obligation Debt*(a)
3,352.56
39.85
2.19
* Subject to change.
(a)
Includes the Bonds.
Source:
State and County Abstract of the Assessment Roll, Arizona Department of Revenue, the Arizona Office
of Economic Opportunity, and the City.
B-16
RETIREMENT SYSTEM
Pension and Retirement Plans
The City contributes to the cost-sharing Arizona State Retirement System (“ASRS”) and the multiple-employer
Public Safety Personnel Retirement System (“PSPRS”). Benefits are established by State statute and, depending on
the plan, provide retirement, death, long-term disability, survivor and health insurance premium benefits. Both the
City and each covered employee contribute in the case of each plan. The City also participates in the City of
Buckeye Firefighters’ Relief and Pension Fund discussed in “Firefighters’ Relief and Pension Fund” below.
ASRS and PSPRS have reported increases in their unfunded liabilities. The increases in unfunded liabilities
is expected to result in increased future annual contributions by the City and its employees; however the
specific impact on the City’s and its employees’ future contributions cannot be determined at this time.
GASB adopted Statement Number 68, Accounting and Financial Reporting for Pensions, which requires that cost-
sharing employers report their “proportionate share” of a plan’s net pension liability in their government-wide
financial statements and that the cost-sharing employer’s pension expense component include its proportionate share
of the system’s pension expense, the net effect of annual changes in the employer’s proportionate share and the
annual differences between the employer’s actual contributions and its proportionate share. GASB’s Statement No.
67, Financial Reporting for Pensions, is designed to improve financial reporting by state and local governmental
pension plans.
See Note 12 in APPENDIX E – “CITY OF BUCKEYE, ARIZONA – AUDITED ANNUAL FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024” for information about the plans based on
GASB’s Statements Nos. 67 and 68. Please refer to APPENDIX E for more specific information about the plans. In
the case of any difference between what is here versus what is in APPENDIX E, the latter supersedes the former.
The Arizona State Retirement System. ASRS is a multiple-employer defined benefit pension plan, a multiple-
employer defined benefit health insurance premium benefit plan, and a multiple-employer defined benefit long-term
disability plan for approximately 650,000 Arizona public employees including qualified employees of the State,
municipal governments, counties and K-12 education agencies. As of June 30, 2024, the unfunded liability for
ASRS was $18.73 billion with a funding ratio of 74.0 and an assumed earning rate of 7.0%. As of June 30, 2024, the
City reported a liability of $43,914,823 for its proportionate share of the net pension liability under ASRS. Pursuant
to State statute, the contribution rate for the employer (the City) and active members of ASRS are equal. For fiscal
year 2025/26, the actuarially determined contribution rate for the City and active members of ASRS is 12.00%
(11.86% for retirement and health insurance and 0.14% for long-term disability).
The table below shows recent actuarially determined contribution rates that the active ASRS members and the City
are/were required to contribute, the plan’s funded status and the pension contributions under ASRS for the current
and past four fiscal years.
Fiscal
year ended
Retirement and
Health
Insurance
Premiums
Long-term
Disability
Total
Contribution
Rate
Funded Status
Pension
Contributions
June 30, 2026
11.86%
0.14%
12.00%
unavailable
unavailable
June 30, 2025
12.12
0.15
12.27
unavailable
unavailable
June 30, 2024
12.14
0.15
12.29
74.0%
$5,441,609
June 30, 2023
12.03
0.14
12.17
73.1
4,336,617
June 30, 2022
12.22
0.19
12.41
72.7
3,673,218
B-17
The Public Safety Personnel Retirement System. PSPRS is an agent multiple-employer defined benefit pension
plan and an agent multiple employer defined benefit health insurance premium benefit plan that covers public safety
personnel who are regularly assigned to hazardous duties for which the Arizona State Legislature establishes active
plan members’ contribution rates and member benefits. This is not a “pooled” system – a separate account exists for
the police and fire employees of each participating political subdivision. In total, there are 265 individual plans in
PSPRS. Each plan has its own financial condition, funding status, etc. which varies greatly across the system.
A 2016 amendment to the State constitution (“Prop 124”) created an exception to the prohibition in the Constitution
against diminishing or impairing public retirement system benefits by allowing for certain adjustments to PSPRS
and preserved the State’s legislature ability to modify public retirement benefits. Prop 124 allowed for, among other
things, the replacement of permanent benefit increases then required by law with COLA (defined below) provisions
tied to the regional consumer price indexes.
PSPRS active membership is comprised of three separate “tiers” based on date of hire which are shown in the
following table.
“Tier 1” Members
“Tier 2” Members
“Tier 3” Members
Hired into PSPRS position before
January 1, 2012
Hired into PSPRS position on or
after January 1, 2012 and
before July 1, 2017
Hired into PSPRS position on or
after July 1, 2017
The different tiers have different types of plans. Tier 1 members have a defined benefit plan, Tier 2 members have a
defined benefit or defined benefit hybrid plan and Tier 3 members have a defined contribution, defined benefit or
define benefit hybrid plan. (The hybrid plan is a pension with an additional defined contribution tax-deferred
retirement savings account for Tier 2 and Tier 3 members who do not contribute to Social Security). For Tier 1 and
Tier 2 members, the type of plan is determined automatically. For Tier 3 members the type of plan is an irrevocable
career choice with a default to a defined benefit plan after 90 days. The actuarially determined employer
contribution rate varies among the different tiers and the different types of plans as shown in the tables below.
Fire
Fiscal Year Ended
6/30/2026
6/30/2025
6/30/2024
6/30/2023
6/30/2022
Contribution Rates*
Tier 1 Defined Benefit Employer
22.26%
22.85%
20.58%
19.84%
23.16%
Tier 1 Defined Benefit Employee
7.65%
7.65%
7.65%
7.65%
7.65%
Tier 2 Defined Benefit Employer (a)
22.26%
22.85%
20.58%
19.84%
23.16%
Tier 2 Defined Benefit Employee (a)(b)
11.65%
11.65%
11.65%
11.65%
11.65%
Tier 3 Defined Benefit Employer (a)(c)
13.47%
14.23%
12.85%
14.18%
17.26%
Tier 3 Defined Benefit Employee (a)
8.69%
8.89%
9.56%
9.94%
9.94%
Tier 3 Defined Contribution Employer (c)
15.52%
16.07%
13.89%
15.09%
17.20%
Tier 3 Defined Contribution Employee
10.74%
10.73%
10.60%
10.85%
9.88%
Pension Funded Status
N/A
N/A
91.1%
90.0%
93.6%
Health Funded Status
N/A
N/A
128.0%
120.5%
119.9%
Total City (Employer) Pension
and Health Contribution
N/A
N/A
N/A
$2,788,286
$3,110,839
B-18
Police
Fiscal Year Ended
6/30/2026
6/30/2025
6/30/2024
6/30/2023
6/30/2022
Contribution Rates*
Tier 1 Defined Benefit Employer
27.04%
28.23%
30.09%
31.39%
31.58%
Tier 1 Defined Benefit Employee
7.65%
7.65%
7.65%
7.65%
7.65%
Tier 2 Defined Benefit Employer (a)
27.04%
28.23%
30.09%
31.39%
31.58%
Tier 2 Defined Benefit Employee (a)(b)
11.65%
11.65%
11.65%
11.65%
11.65%
Tier 3 Defined Benefit Employer (a)(c)
20.75%
22.47%
24.94%
26.75%
27.33%
Tier 3 Defined Benefit Employee (a)
8.69%
8.89%
9.56%
9.94%
9.94%
Tier 3 Defined Contribution Employer (c)
22.80%
24.31%
25.98%
27.66%
27.27%
Tier 3 Defined Contribution Employee
10.74%
10.73%
10.60%
10.85%
9.88%
Pension Funded Status
N/A
N/A
77.4%
74.3%
71.9%
Health Funded Status
N/A
N/A
134.3%
132.5%
123.2%
Total City (Employer) Pension
and Health Contribution
N/A
N/A
N/A
$4,076,430
$2,775,259
* Sum of the Pension and Health insurance premium benefit contribution rates.
(a) Does not include additional contribution percentage of 3% associated with defined benefit members
additionally participating in the defined contribution plan. Employer rate is 4% for Tier 2 members for a
period of time depending on the individual’s membership date.
(b) Tier 2 employees contribute a maximum of 11.65%, but statutory requirements dictate only 7.65% is applied
toward employer costs.
(c) The amortization of unfunded liabilities for Tier 1 and Tier 2 is applied to the payroll for employees in all tiers,
including Tier 3, on a level percent basis.
Statutory Changes and Court Decisions Regarding PSPRS. PSPRS is operated under the umbrella of the Public
Safety Personnel Retirement System and the Public Safety Personnel Retirement System Board of Trustees. Since
2011 there have been various retirement program modifications designed to mitigate the increasing unfunded
liabilities in the program. Some of these modifications were enacted by the Arizona Legislature and other changes
(like Prop 124) were implemented by voter approved amendments to the State Constitution. Additionally, in some
instances, modifications enacted by the Arizona Legislature were reversed based on the outcome of successful court
challenges. Substantively, the modifications have included changes to contribution rates, retirement criteria, funding
horizons, retirement benefits and post-retirement benefit increase calculations.
Potential Future State Legislation Affecting ASRS and PSPRS. Bills are frequently introduced at sessions of the
State Legislature that, if enacted, could impact the administration of the ASRS and PSPRS and the eligibility, timing
and payment of benefits from such plans. The City is unable to determine whether any such bills will be enacted
into legislation or in what form such legislation may be enacted and what the impact of any such legislation may be.
Other Post-Employment Retirement Benefits. During the year ended June 30, 2018, the City implemented the
provisions of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions (“GASB 75”). The City is required to report the actuarially accrued cost of post-employment
benefits, other than pension benefits (“OPEB”), such as health and life insurance for current and future retirees.
GASB 75 addresses reporting by governments that provide OPEB by measuring and recognizing net assets or
liabilities, deferred outflows of resources, deferred inflows of resources, and expenses/expenditures related to OPEB
provided through defined benefit OPEB plan. Please refer to APPENDIX E of the Official Statement which includes
the City’s audited financial statements and specifically “Note 1. Summary of Significant Accounting Policies.”
B-19
The City’s employees, their spouses and survivors may be eligible for certain retiree health care benefits under
health care programs provided by the State. Employees on long-term disability and their spouses also may qualify
for retiree health care benefits through the State. Such individuals may obtain the health care benefits offered by the
State by paying 100% of the applicable health care insurance premium, net of any subsidy provided by the State.
The benefits are available to all retired participants in the State’s health care program. The City does not make
payments for OPEB costs for such retirees.
Please see Note 12 in APPENDIX E of the Official Statement for further discussion of the City and its OPEB.
Firefighters' Relief and Pension Fund. The City of Buckeye Volunteer Firefighters' Relief and Pension Fund is a
defined contribution pension plan administered by the City and a board of trustees for the City's volunteer
firefighters.
A defined contribution pension plan provides pension benefits in return for services rendered, provides an individual
account for each participant, and specifies how contributions to the individual's account are to be determined instead
of specifying the amount of benefits the individual is to receive. According to state statute, a volunteer firefighter
who has served for 25 years or more or has reached 60 years of age and has served 20 years or more shall be eligible
to receive a monthly retirement not to exceed $150 per month, as determined by the board of trustees. Such pension,
if paid, may be increased or decreased in amount, or discontinued at the discretion of the board of trustees. Pension
and relief benefits may only be paid from the income of the trust fund.
However, a firefighter who leaves the service without being eligible for retirement benefits is entitled to all previous
deductions from his salary plus interest at a rate determined by the board of trustees. As established by state statute,
in lieu of another acceptable pension plan, all volunteer firefighters must participate in the pension plan from the
date they enter service.
The State of Arizona is required by statute to contribute a portion of the annual tax received on fire insurance
premiums. During the fiscal year ended June 30, 2023, there were no contributions made.
No pension provision changes occurred during the year that affected the required contributions made by the City or
its volunteer firefighters. The Firefighters' Relief and Pension Fund held no securities of the City or other related
parties during the fiscal years or as of the close of the fiscal year.
Governmental Accounting Standards Board
GASB adopted Governmental Accounting Standards Board Statement Number 68, Accounting and Financial
Reporting for Pensions (“GASB 68”), which, beginning with fiscal years starting after June 15, 2014, requires cost-
sharing employers to report their “proportionate share” of the plan’s net pension liability in their government-wide
financial statements. GASB 68 also requires that the cost-sharing employer’s pension expense component include its
proportionate share of the system’s pension expense, the net effect of annual changes in the employer’s
proportionate share and the annual differences between the employer’s actual contributions and its proportionate
share. See Note 12 in APPENDIX E – “CITY OF BUCKEYE, ARIZONA – AUDITED ANNUAL FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024” for further discussion of the City and its
pension liability.
New Reporting Requirements. GASB Statement No. 67, Financial Reporting for Pension Plans, An Amendment of
GASB Statement No. 25, is designed to improve financial reporting by state and local governmental pension plans.
This statement replaces the requirements of Statements No. 25, Financial Reporting for Defined Benefit Pension
Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as they relate to
pension plans that are administered through trusts or equivalent arrangements that meet certain criteria.
B-20
GENERAL FUND
Below are the City general fund revenues, expenditures and changes in fund balance for the audited fiscal years
2019/20 through and including 2023/24 and budgeted fiscal year 2024/25. See “SECURITY FOR AND
SOURCES OF PAYMENT FOR THE BONDS” for a description of the source of payment for the Bonds.
This information is not intended to indicate that the Bonds will be payable from any source other than
described under such heading or to indicate future or continuing trends of the financial affairs of the City.
The following should be read in conjunction with the audited financial statements of the City for the fiscal year
ended June 30, 2024, included in APPENDIX E. Such audited financial statements are current as of their date only
and may not represent the current financial condition of the City. The City has not requested the consent of the
Auditor to include its report and the Auditor has performed no procedures subsequent to rendering its report on the
financial statements.
TABLE B-13
* Subject to change.
(a)
Budgeted figures for fiscal year 2024/25 are “forward-looking” statements, subject to change upon audit
and should be considered with an abundance of caution.
(b)
With respect to “transfers in” and “transfers out’ under “Other Financing Sources (uses)” above, “transfers
in” and “transfers out” are interfund transfers, meaning the money is moving between different funds of the
City. For example, transfers from the General Fund to the Capital Projects Fund to fund a new building
project would be recorded as a “transfer out” of the General Fund and a “transfer in” in the Capital
Projects Fund. The budgeted transfer out from the General Fund of $98,000,000 largely represents amounts
that may be transferred from the General Fund to the Capital Fund for previously approved and funded
projects.
Audited
Budgeted
2019/20
2020/21
2021/22
2022/23
2023/24
2024/25 (a)
REVENUES
Taxes:
Sales taxes
41,085,190
$
53,733,428
$
62,610,325
$
73,362,148
$
85,629,774
$
94,000,000
$
Property taxes
8,616,105
9,772,512
10,931,379
12,123,020
13,213,273
15,443,900
Franchise fees
3,403,456
3,855,829
4,311,563
4,540,244
5,092,379
5,029,500
Intergovernmental
20,501,125
33,821,220
38,404,532
39,221,090
48,827,409
44,600,300
Fines and forfeitures
745,026
833,398
739,208
1,088,807
1,116,885
836,000
Licenses and permits
13,970,428
21,252,799
19,437,671
17,539,972
18,222,065
18,819,000
Charges for services
2,532,999
2,395,428
3,779,177
4,598,409
6,876,955
6,735,500
Investment earnings
2,336,080
(330,681)
(5,466,323)
2,858,649
11,095,524
2,234,000
Other
731,767
250,438
1,693,598
379,425
830,093
999,500
TOTAL REVENUES
93,922,176
$
125,584,371
$
136,441,130
$
155,711,764
$
190,904,357
$
188,697,700
$
EXPENDITURES
Current:
General government
14,965,844
$
15,384,420
$
22,075,870
$
24,107,485
$
35,247,663
$
40,740,900
$
Public safety
34,606,611
36,827,164
42,333,064
49,228,100
55,659,726
67,898,200
Culture and recreation
4,596,985
4,499,922
6,098,297
7,525,419
10,783,465
15,277,200
Public works
3,312,640
3,846,971
4,671,457
6,441,821
8,179,668
20,186,300
Development Services
4,436,942
5,433,221
6,656,235
6,709,548
11,354,072
14,008,600
Engineering
2,748,197
3,379,335
4,897,151
6,851,891
4,215,233
4,409,200
Debt service:
Principal retirements
701,000
732,000
1,910,400
698,800
721,000
3,560,000
Interest and fiscal charges
524,067
493,306
426,915
371,339
349,203
3,316,500
Leases
-
-
-
-
375,755
-
Capital outlay
2,754,159
1,846,422
5,233,233
9,173,886
38,761,528
51,477,900
TOTAL EXPENDITURES
68,646,445
$
72,442,761
$
94,302,622
$
111,108,289
$
165,647,313
$
220,874,800
$
Excess of revenues over
(under) expenditures
25,275,731
$
53,141,610
$
42,138,508
$
44,603,475
$
25,257,044
$
(32,177,100)
$
Other financing sources (uses):
Transfers in
730,990
$
1,812,713
$
-
$
1,129,191
$
3,572,557
$
8,000,000
$
Transfers out (b)
(8,693,627)
(11,375,146)
(30,196,864)
(28,971,771)
(17,307,889)
(98,841,400)
Issuance of Leases
-
-
-
-
13,406,669
-
Total Other financing sources (uses)
(7,962,637)
$
(9,562,433)
$
(30,196,864)
$
(27,842,580)
$
(328,663)
$
(90,841,400)
$
Fund balance at beginning of year
36,439,069
$
53,752,163
$
97,331,340
$
109,272,984
$
126,072,234
$
150,941,409
$
Fund balance at end of year
53,752,163
$
97,331,340
$
109,272,984
$
126,033,879
$
151,000,615
$
27,922,909
$
C-1
APPENDIX C
FORM OF APPROVING LEGAL OPINION
[to be provided by Bond Counsel]
D-1
APPENDIX D
$75,000,000*
CITY OF BUCKEYE, ARIZONA
GENERAL OBLIGATION BONDS, SERIES 2025
(CUSIP Base No. ______)
______________________________________________
CONTINUING DISCLOSURE CERTIFICATE
______________________________________________
[to be updated/provided by Bond Counsel]
This Continuing Disclosure Certificate (this “Disclosure Certificate”) is undertaken by the City of Buckeye,
Arizona (the “City”) in connection with the execution and delivery of $75,000,000* in aggregate principal amount of
General Obligation Bonds, Series 2025 (the “Bonds”). [The Bonds are being executed and delivered pursuant to a Trust
Agreement, dated as of June 1, 2026* (the “Trust Agreement”), by and between the City and May 1, 2025*, as trustee
(the “Trustee”). In consideration of the initial execution and delivery of the Bonds, the City covenants and agrees as
follows:]
Section 1.
Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and
delivered by the City for the benefit of the Beneficial Owners (as defined herein) and in order to assist the Participating
Underwriter (as defined herein) in complying with the Rule (as defined herein).
Section 2.
Definitions. Any capitalized term used herein shall have the following meanings, unless
otherwise defined herein:
“Agreement” means the Agreement, dated as of May 1, 2025*, by and between the City and the Trustee.
“Annual Report” shall mean the annual report provided by the City pursuant to, and as described in, Sections 3
and 4 of this Disclosure Certificate.
“Audited Financial Statements” shall mean the City’s annual financial statements, which are currently
prepared in accordance with generally accepted accounting principles (GAAP) for governmental units as prescribed by
the Governmental Accounting Standards Board (GASB) and which the City intends to continue to prepare in
substantially the same form.
“Beneficial Owner” shall mean any person which (a) has the power, directly or indirectly, to vote or consent
with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees,
depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.
“Dissemination Agent” shall mean the City, or any person designated in writing by the City as the
Dissemination Agent.
“EMMA” shall mean the Electronic Municipal Market Access system of MSRB, or any successor thereto
approved by the Securities and Exchange Commission, as a repository for municipal continuing disclosure information
pursuant to the Rule.
“Financial Obligation” shall mean (a) a debt obligation; (b) a derivative instrument entered into in connection
with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (c) a guarantee of (a)
or (b), except that “Financial Obligation” does not include municipal securities as to which a final official statement has
been provided to the MSRB consistent with the Rule.
* Subject to change.
D-2
“Listed Events” shall mean any of the events listed in Section 5 of this Disclosure Obligation.
“MSRB” shall mean the Municipal Securities Rulemaking Board, or any successor thereto.
“Official Statement” shall mean the final official statement dated [______], 2025, relating to the Bonds.
“Participating Underwriter” shall mean any of the original underwriters of the Bonds required to comply with
the Rule in connection with the offering of the Bonds.
“Rule” shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as the same may be amended from time to time.
“Bond Counsel” shall mean Gust Rosenfeld P.L.C. or such other nationally recognized securities law counsel
as may be selected by the City.
Section 3.
Provision of Annual Reports.
(a)
Commencing February 1, 2026, and by no later than February 1 of each year thereafter (the
“Filing Date”), the City shall, either directly or by directing the Dissemination Agent to do so, provide an Annual
Report to MSRB. The Annual Report shall be provided electronically and in a format prescribed by MSRB. The
Annual Report shall be consistent with the requirements of Section 4 of this Disclosure Certificate and shall include
information from the fiscal year ending on the preceding June 30. All documents provided to MSRB shall be
accompanied by identifying information prescribed by MSRB. Currently, filings are required to be made with EMMA.
Not later than 15 business days prior to such Filing Date, the City shall provide the Annual Report to the Dissemination
Agent (if other than the City).
(b)
If the City is unable or for any reason fails to provide electronically to EMMA an Annual
Report or any part thereof by the Filing Date required in subsection (a) above, the City shall, in a timely manner, send a
notice to EMMA in substantially the form attached as Exhibit A not later than the Filing Date.
(c)
If the City’s Audited Financial Statements are not submitted with the Annual Report and the
City fails to provide to EMMA a copy of its Audited Financial Statements within 30 days of receipt thereof by the City,
then the City shall, in a timely manner, send a notice to EMMA in substantially the form attached as Exhibit B.
(d)
The Dissemination Agent shall:
(i)
Determine the proper electronic filing address of EMMA each year prior to the
date(s) for providing the Annual Report and Audited Financial Statements; and
(ii)
If the Dissemination Agent is other than the City, file a report or reports with the
City certifying that the Annual Report and Audited Financial Statements, if applicable, have been provided pursuant to
this Disclosure Certificate, stating the date such information was provided and listing where it was provided.
Section 4.
Content of Annual Reports.
(a)
The Annual Report may be submitted as a single document or as separate
documents comprising an electronic package, and may incorporate by reference other information as
provided in this Section, including the Audited Financial Statements of the City; provided, however, that
if the Audited Financial Statements of the City are not available at the time of the filing of the Annual
Report, the City shall file unaudited financial statements of the City with the Annual Report and, when
the Audited Financial Statements of the City are available, the same shall be submitted to EMMA within
30 days of receipt thereof by the City.
(b)
The City’s Annual Report shall contain or incorporate by reference the
following:
(i)
Type of Financial and Operating Data to be Provided:
D-3
(A)
Subject to the provisions of Sections 3 and 4(a) hereof, Audited Financial
Statements for the City.
(B)
Annually updated financial information and operating data of the type
contained in the Official Statement in [TABLES TO BE DISCUSSED]
(C)
In the event of an amendment pursuant to Section 8 of this Disclosure
Certificate not previously described in an Annual Report, an explanation, in narrative form, of the reasons for the
amendment and the impact of the change in the type of operating data or financial information being provided and, if
the amendment is made to the accounting principles to be followed, a comparison between the financial statements or
information prepared on the basis of the new accounting principles and those prepared on the basis of the former
accounting principles, including a qualitative discussion of the differences, and the impact on the presentation and, to
the extent feasible, a quantitative comparison.
(ii)
Accounting Principles Pursuant to Which Audited Financial Statements Shall Be
Prepared: The Audited Financial Statements shall be prepared in accordance with generally accepted accounting
principles and state law requirements as are in effect from time to time.
Notice of amendment to the accounting principles shall be sent within 30 days to EMMA.
(c)
Any or all of the items listed above may be incorporated by reference from other documents,
including official statements of debt issues of the City or related public entities, which have been submitted to EMMA
or the Securities and Exchange Commission. If the document incorporated by reference is a final official statement, it
must be available from EMMA. The City shall clearly identify each such other document so incorporated by reference.
Section 5.
Reporting of Listed Events.
(a)
This Section shall govern the giving of notices by the City, either directly or by directing the
Dissemination Agent to do so, of the occurrence of any of the following events with respect to the Bonds. The City shall
in a timely manner, not in excess of 10 business days after the occurrence of the event, provide notice of the following
events with EMMA:
(i)
Principal and interest payment delinquencies;
(ii)
Non-payment related defaults, if material;
(iii)
Unscheduled draws on debt service reserves reflecting financial difficulties;
(iv)
Unscheduled draws on credit enhancements reflecting financial difficulties;
(v)
Substitution of credit or liquidity providers, or their failure to perform;
(vi)
Adverse tax opinions, the issuance by the Internal Revenue Service (the “IRS”) of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form
5701-TEB) or other material notices or determinations with respect to the tax status
of the Bonds, or other material events affecting the tax status of the Bonds;
(vii)
Modifications to rights of Beneficial Owners, if material;
(viii)
Obligation calls, if material, and tender offers;
(ix)
Defeasances;
(x)
Release, substitution, or sale of property securing repayment of the Bonds, if
material;
(xi)
Rating changes;
(xii)
Bankruptcy, insolvency, receivership or similar event of the City;
(xiii)
The consummation of a merger, consolidation, or acquisition involving the City or
the sale of all or substantially all of the assets of the City, other than in the ordinary
course of business, the entry into a definitive agreement to undertake such an action
or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material;
(xiv)
Appointment of a successor or additional trustee or the change of name of a trustee,
if material;
(xv)
The incurrence of a Financial Obligation of the City, if material, or agreement to
covenants, events of default, remedies, priority rights, or other similar terms of a
D-4
Financial Obligation of the City, any of which affect Beneficial Owner, if material;
and
(xvi)
A default, event of acceleration, termination event, modification of terms, or other
similar events under the terms of a Financial Obligation of the City, any of which
reflect financial difficulties.
(b)
“Materiality” will be determined in accordance with the applicable federal securities laws.
Note to Section 5(a)(xii): For the purposes of the event identified in subsection (a)(xii) above, the
event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar
officer for the City in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal
law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business
of the City, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in
possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order
confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision
or jurisdiction over substantially all of the assets or business of the City.
Section 6.
Termination of Reporting Obligation. The City’s obligations under this Disclosure
Certificate shall terminate (a) if the City shall no longer have liability for any obligation on or relating to repayment of
the Bonds under the Trust Agreement, or (b) upon the termination of the continuing disclosure requirements of the Rule
by legislative, judicial or administrative action. If termination pursuant to (a) occurs prior to the final payment date of
the Bonds, the City shall give notice of such termination in the same manner as for a Listed Event under Section 5(a).
Section 7.
Dissemination Agent. The City may, from time to time, appoint or engage a Dissemination
Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such
Dissemination Agent, with or without appointing a successor Dissemination Agent.
Section 8.
Amendment. Notwithstanding any other provision of this Disclosure Certificate, the City
may amend this Disclosure Certificate if:
(a)
The amendment is made in connection with a change in circumstances that arises from a
change in legal requirements, change in law, or change in identity, nature or status of the City, or the type of business
conducted;
(b)
This Disclosure Certificate, as amended, would, in the opinion of Bond Counsel, have
complied with the requirements of the Rule at the time of the primary offering of the Bonds, after taking into account
any amendments or interpretations of the Rule, as well as any change in circumstances; and
(c)
The amendment does not materially impair the interests of Beneficial Owner, as determined
by Bond Counsel.
Section 9.
Filing with EMMA. The City shall, or shall cause the Dissemination Agent to,
electronically file all items required to be filed with EMMA.
Section 10.
Additional Information. The City may, at the City’s election, include any information in
any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this
Disclosure Certificate. If the City chooses to include such information, the City shall have no obligation under this
Disclosure Certificate to update such information or include it in any future Annual Report or notice of occurrence of a
Listed Event.
Section 11.
Default. In the event of a failure of the City to comply with any provision of this Disclosure
Certificate any Beneficial Owner may seek specific performance by court order to cause the City to comply with its
obligations under this Disclosure Certificate. The sole remedy under this Disclosure Certificate in the event of any
failure of the City to comply with this Disclosure Certificate shall be an action to compel performance and such failure
shall not constitute a default under the Bonds or the resolution authorizing the Bonds.
D-5
Section 12.
Compliance by City. The City hereby covenants to comply with the terms of this
Disclosure Certificate. The City expressly acknowledges and agrees that compliance with the undertaking contained in
this Disclosure Certificate is its sole responsibility and the responsibility of the Dissemination Agent, if any, and that
such compliance, or monitoring thereof, is not the responsibility of, and no duty is present with respect thereto for, the
Participating Underwriter or Bond Counsel.
Section 13.
Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the City, the
Dissemination Agent, the Participating Underwriter and the Beneficial Owner, and shall create no rights in any other
person or entity.
Section 14.
Governing Law and Interpretation of Terms. This Disclosure Certificate shall be
governed by the law of the State of Arizona and any action to enforce this Disclosure Certificate must be brought in an
Arizona state court. The terms and provisions of this Disclosure Certificate shall be interpreted in a manner consistent
with the interpretation of such terms and provisions under the Rule and the federal securities law.
[Signature on following page]
D-6
Date:
[______], 2025.
CITY OF BUCKEYE, ARIZONA
By ________________________________________
Chief Financial Officer
[Signature page to Continuing Disclosure Certificate]
D-7
EXHIBIT A
NOTICE OF FAILURE TO FILE ANNUAL REPORT
Name of Issuer:
City of Buckeye, Arizona
Name of Issue:
$75,000,000* General Obligation Bonds, Series 2025
Dated Date of Bonds:
[______], 2025
Base CUSIP: ______
NOTICE IS HEREBY GIVEN that the City has not provided an Annual Report with respect to the above-named
Bonds as required by Section 3(a) of the Continuing Disclosure Certificate dated [______], 2025. The City
anticipates that the Annual Report for fiscal year ended June 30, _____ will be filed by ______________________.
Dated: ______________
CITY OF BUCKEYE, ARIZONA
By________________________________________
Its ________________________________________
--------------------------------------------------------------------------------------------------------------------------------------------
EXHIBIT B
NOTICE OF FAILURE TO FILE AUDITED FINANCIAL STATEMENTS
Name of Issuer:
City of Buckeye, Arizona
Name of Issue:
$75,000,000* General Obligation Bonds, Series 2025
Dated Date of Bonds:
[______], 2025
Base CUSIP: ______
NOTICE IS HEREBY GIVEN that the City failed to provide its Audited Financial Statements with its Annual
Report or, if not available, within 30 days of receipt as required by Section 4(a) of the Continuing Disclosure
Certificate dated [______], 2025 with respect to the above-named Bonds. The City anticipates that the Audited
Financial Statements for the fiscal year ended June 30, ____ will be filed by ______________________.
Dated: ______________
CITY OF BUCKEYE, ARIZONA
By________________________________________
Its ________________________________________
[Exhibits to Continuing Disclosure Certificate]
*
Subject to change.
APPENDIX E
CITY OF BUCKEYE, ARIZONA –
AUDITED ANNUAL FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024
F-1
APPENDIX F
BOOK-ENTRY-ONLY SYSTEM
The Depository Trust Company (“DTC”), will act as securities depository for the Bonds. The Bonds will be issued
as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name
as may be requested by an authorized representative of DTC. One fully-registered Bond will be issued for each
maturity of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York
Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code,
and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues,
corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s
participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct
Participants of sales and other securities transactions in deposited securities, through electronic computerized book-
entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement
of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks,
trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities
Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC
is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both
U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear
through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect
Participants” and together with the Direct Participants, the “Participants”). DTC has Standard & Poor’s rating of:
“AA+.” The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission.
More information about DTC can be found at www.dtcc.com.
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a
credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial
Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive
written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written
confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting
on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership
interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of
DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of
DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee
do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the
Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited,
which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for
keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect
Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.
Beneficial Owners of the Bonds may wish to take certain steps to augment the transmission to them of notices of
significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the
Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the
Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial
F-2
Owners may wish to provide their names and addresses to the Bond Registrar and Paying Agent and request that
copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC’s
practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless
authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC
mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede &
Co.’s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record
date (identified in a listing attached to the Omnibus Proxy).
Payment of principal of and interest on the Bonds and the redemption price of any Bond will be made to Cede &
Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit
Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or the
Bond Registrar and Paying Agent, on payable date in accordance with their respective holdings shown on DTC’s
records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary
practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street
name,” and will be the responsibility of such Participant and not of DTC, the Bond Registrar and Paying Agent or
the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of
principal of and interest on the Bonds and the redemption price of any Bonds will be made to Cede & Co. (or such
other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or Bond
Registrar and Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC,
and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect
Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving
reasonable notice to the City or the Bond Registrar and Paying Agent. Under such circumstances, in the event that a
successor depository is not obtained, certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor
securities depository). In that event, certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that
the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.