HomeMy WebLinkAbout2024 11.19 SVCFD 1 Cityof Apache Junction Arizona City Council Chambers
300 E Superstition Blvd
Apache Junction,AZ
85119
Special Meeting Agenda
apachejunctionaz.gov
Superstition Vistas Community Ph:(480)982-8002
Facilities District No. 1
Doors are open to the public at least 15 minutes prior to the
posted meeting start time.
Tuesday, November 19,2024 6:00 PM City Council Chambers
A. Call to Order
B. Roll Call
C. Agenda Items
1. 24-919 Approval of minutes of special meeting of September 17, 2024.
Attachments: SVCFDIMIN 2024 09 17 MINUTES DRAFT
2. 24-90 Conduct a public hearing on the feasibility report for a proposed project
to be financed by the issuance of general obligation bonds of
Superstition Vistas Community Facilities District No.1.
Attachments: FEASI REPORT SVCFD 1 GO Srs 24 703206003,5 11.19.202
3. 24- 21 Presentation, discussion and consideration of Resolution No.
2024-011 SVCFD No. 1, a resolution of the district board of
Superstition Vistas Community Facilities District No. 1 approving the
prior notice of a public hearing with respect to a feasibility report
relating to the acquisition and financing of certain improvements
benefiting Superstition Vistas Community Facilities District No. 1;
approving the feasibility report; authorizing the issuance of the
District's General Obligation Bonds, Taxable Series 2024; prescribing
the terms of such bonds; delegating the determination of certain terms
to the Chairman, District Manager and District Treasurer; levying an ad
valorem tax on taxable property within the District; and authorizing the
taking of other actions securing the payment of and relating to the
bonds.
Attachments: RESOLUTION NO. 2024-011 SVCFD NO, 1
D. District Manager Report
E. District Director Report - Presentation and discussion of the following items:
F. District Treasurer Report - Presentation and discussion
City of Apache Junction,Arizona Page 1 Printed on 1111412024
Superstition Vistas Community Special Meeting Agenda November 19,2024
Facilities District No.1
G. Adjournment
Copies of this agenda and additional information on any of the items listed above may be obtained from
the office of the city clerk/district clerk, 300 E Superstition Blvd,Apache Junction,AZ 85119, Monday
through Thursday, 7:00a to 6:00p, excluding holidays.
The City of Apache Junction invites and welcomes people of all abilities to use our programs, sites and
facilities. Specific requests may be made by contacting the Human Resources Office at(480)474-2617
or TDD(480)983-0095. Members of this board will attend either in person or by telephone, video or
internet conferencing.
City of Apache Junction,Arizona Page 2 Printed on 1111412024
City of Apache Junction, Arizona 300 E Superstition
Boulevard
Agenda Item Cover Sheet Apache Junction,AZ
85119
Agenda Item No. 1.
File ID: 24-919
Sponsor: Agenda Date: 11/19/2024
Index: In Control: Superstition Vistas Community Facilit
Approval of minutes of special meeting of September 17, 2024.
City of Apache Junction,Arizona Pagel Printed on 1111412024
Cityof Apache Junction, Ari City Council Chambers
paczona 300 E Superstition Blvd
Apache Junction,AZ 85119
Special Meeting Minutes
apachejunctionaz.gov
Superstition Vistas Community Ph:(480)982-8002
Facilities District No. 1
Doors are open to the public at least 15 minutes prior to the
posted meeting start time.
Tuesday,September 17,2024 6:00 PM City Council Chambers
A. Call to Order
Chair Wilson called the meeting to order at 6:09 p.m.
B. Roll Call
Present 7- Chairperson Wilson
Vice Chair Schroeder
Boardmember Heck
Boardmember Johnson
Boardmember Nesser
Boardmember Cross
Boardmember Soller
Staff in Attendance:
Bryant Powell, District Manager
Matt Busby, Assistant District Manager
Jennifer Pena, District Clerk
Joel Stern, District Attorney
Evie McKinney, District Deputy Clerk
Angelie Hawley, District Treasurer
Mike Loggins, District Director
Charles Briggs, District Project Manager
Rita Vineyard, District Administrative Assistant
C. Agenda Items
1. 24-720 Approval of minutes of special meeting of August 20, 2024.
Chair Wilson called for a motion.Vice Chair Schroeder moved,seconded by Boardmember
Nesser that the minutes of the August 20,2024,Special Meeting be approved.
Yes 7- Chairperson Wilson,Vice Chair Schroeder,Boardmember Heck,Boardmember
Johnson,Board member Nesser,Boardmember Cross,andBoardmember Soller
No 0
2. 24-721 Presentation, discussion and public hearing on the final assessment for the
Superstition Vistas Community Facilities District No.1, Assessment Area No.
4.
Chair Wilson opened the public hearing at 6:15 p.m. Receiving no comments,Chair Wilson closed
the public hearing at 6:16 p.m.
City of Apache Junction,Arizona Pagel
Superstition Vistas Community Special Meeting Minutes September 17.2V24
Facilities District No. 1
Zach Sakas, Esq. of Greenberg Traurig, outside counsel for the Superstition Vistas Community
Facilities District presented to the Board that the District Engineer has reported all work related
to the project has been completed in accordance with the approved plans and specifications.
He also explained the two resolutions to be considered for a vote after the public hearing.
3' Presentation, discussion and consideration of Resolution No. 2O24-0OS
SV{}FD No. 1. a resolution of the district board of Superstition Vistas
Community Facilities District No. 1, approving the final assessment for
Assessment Area No. 4, determining that the work has been completed in
accordance with the approved plans and specifications, and ordering the
collection of assessment in Assessment Area No. 4.
Chair Wilson called for o motion. Boardmembmr Johnson moved,seconded byBoovdmember
Nmseer that Resolution No.%024'V09GVCFD No. 1heapproved.
Yes 7- Chairperson Wilson,Vice Chair Schroeder,Boardmember Heck,Boardmember
Johnson,Board member Neoeer.8ouvdmmmb*r Cross,andBoan1mmmbarGoUor
No O
4. Presentation, discussion and consideration nf Resolution No. 2024-010
SVCFD No. 1. a resolution of the district board of Superstition Vistas
Community Facilities District No. 1, authorizing the issuance of the district's
Assessment Area No 4. Special Assessment Bonda, Series 2024; approving
the form and authorizing the execution and delivery of related documents;
awarding the bonds to a purchaser; appointing a registrar, transfer agent and
paying agent for the bonds; and authorizing the taking of other actions
securing the payment of and relating tn the bonds.
Chair Wilson called for omotion. Boordmember Heck moved,seconded byBoardmemberNeoser
that Resolution No.2n24'V1D8VCFONo.1heapproved.
Yes 7- Chairperson Wilson,Vice Chair Schroeder,Boardmember Heck,Boardmember
Johnson,Board member Neoamr.8ouvdmmmb*r Cross,andBoan1mmmbarGoUor
No O
D. District Manager Report
E. District Director Report - Presentation and discussion of the following items:
F. District Treasurer Report - Presentation and discussion
G. Adjournment
Chair Wilson adjourned the meeting atG:19p.m.
City vr Apache Junction,Arizona Page
Superstition Vistas Community Special Meeting Minutes September 17.2V24
Facilities District No. 1
ACCEPTED THIS DAY O . 2O24. BY THE CHAIR
PERSON AND DISTRICT BOARD OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES
DISTRICT NO. 1. (CITY{}FAPACHE JUNCTION, /\R|ZONA).
SIGNED AND ATTESTED TO THIS DAY OF . 2024.
VVALTER^CH|P''VV|LS[}N
Chairperson
ATTEST:
JENN|FERPENA
District Clerk
City of Apache Junction, Arizona 300 E Superstition
Boulevard
Agenda Item Cover Sheet Apache Junction,AZ
85119
Agenda Item No.2.
File ID: 24-920
Sponsor: Agenda Date: 11/19/2024
Index: In Control: Superstition Vistas Community Facilit
Conduct a public hearing on the feasibility report for a proposed project to be financed by the
issuance of general obligation bonds of Superstition Vistas Community Facilities District No.1.
City of Apache Junction,Arizona Pagel Printed on 1111412024
DRAFT
11-6-24
FEASIBILITY REPORT
For The Issuance of
Not to Exceed
$120,000* Principal Amount
OF
SUPERSTITION VISTAS
COMMUNITY FACILITIES
DISTRICT NO. 1
GENERAL OBLIGATION BONDS,
TAXABLE SERIES 2024
Public Hearing Date: November 19, 2024
*Preliminary,subject to change.
TABLE OF CONTENTS
SECTION
Introduction; Purpose of Feasibility Report; General Description of District ONE
Description of Public Infrastructure TWO
Map of the District Showing Location of Public Infrastructure and Area to be
Benefited THREE
Estimate of Costs and Timetable for Acquisition of Public Infrastructure FOUR
Plan of Finance FIVE
APPENDIX
Legal Description for Superstition Vistas Community Facilities District No. 1 A
SECTION ONE
INTRODUCTION; PURPOSE OF FEASIBILITY
REPORT; GENERAL DESCRIPTION OF DISTRICT
INTRODUCTION
This Feasibility Report(this"Report")has been prepared for presentation to the Board of Directors
of the Superstition Vistas Community Facilities District No. 1 (the "District") in connection with the
proposed issuance by the District of its General Obligation Bonds, Taxable Series 2024 (the"Bonds") in a
principal amount of not to exceed $120,000*, pursuant to the Community Facilities District Act of 1988,
Title 48, Chapter 4,Article 6 of Arizona Revised Statutes ("A.R.S.").
PURPOSE OF FEASIBILITY REPORT
This Report has been prepared for consideration of the feasibility and benefits of the Public
Infrastructure(as defined in A.R.S.Section 48-701)to be financed by the Bonds(the"Public Infrastructure")
and of the plan for financing the Public Infrastructure in accordance with the provisions of A.R.S.Section 48-
715. Pursuant to A.R.S. Section 48-715, this Report includes (i) a description of the Public Infrastructure
to be financed— Section Two; (ii)maps showing, in general, the location of the Public Infrastructure and
the area to be benefited by the Public Infrastructure—Section Three; (iii)an estimate of the cost to acquire,
operate and maintain the Public Infrastructure and timetable for the acquisition of the Public Infrastructure
—Section Four; and(iv)a plan for financing the Public Infrastructure—Section Five.
This Report has been prepared for the consideration of the Board of Directors of the District only. It
is not intended or anticipated that this Report will be relied upon by other persons,including,but not limited
to,purchasers of the Bonds. This Report does not attempt to address the quality of the Bonds as investments
or the likelihood of repayment of the Bonds. In preparing this Report,financial advisors,appraisers,counsel,
engineers, District staff, City (as defined herein) staff and other experts have been consulted as deemed
appropriate.
GENERAL DESCRIPTION OF THE DISTRICT
Pursuant to the Community Facilities District Act of 1988,Title 48,Chapter 4,Article 6 A.R.S.,as
amended,upon the petition of D.R.Horton, Inc., a corporation organized and existing pursuant to the laws
of the State of Delaware(the "Developer"), the City Council of the City of Apache Junction, Arizona(the
"City"), adopted a resolution on October 5, 2021,which formed the District.
The real property within the District boundaries consists of approximately 1,375 acres of a larger
2,783-acre project within the City, where the Developer was the successful bidder at the public auction
conducted by Arizona State Land Department ("ASLD") and pursuant to the terns of the Certificate of
Purchase 53-120190 executed November 12, 2020, as thereafter amended (the "Certificate of Purchase").
The Developer is now developing the mixed use, master planned community known as Radiance at
Superstition Vistas, on approximately 1,375 acres (the "Project'). The Project is located east of Meridian
Road, west of Ironwood Drive, south of Radiance Avenue and north of Ray Avenue. Construction of the
Project commenced in November 2021, and the first home closings occurred in June 2023. As of
November 1, 2024, the Developer has sold approximately 740 single family residential units within the
District.
* Preliminary, subject to change.
ONE- 1
Single family residential units represent approximately 700 acres within the Project.Non-residential
development comprises approximately 675 acres within the Project and includes churches, government,
police and fire stations, schools, civic and commercial uses and common area, and neighborhood open
space. The following table characterizes the approximate acreage within the District.
Approximate
Total District District Acres
Single Family Residential 700
Non-Residential(a) 675
Total 1,375
(a) Includes churches,police and fire stations, schools, civic and commercial uses and common
area,and neighborhood open space.
The District was created to assist with financing the acquisition of public infrastructure and public
infrastructure purposes,including the Public Infrastructure,principally benefitting the real property within the
boundaries of the District. See Section Two for a description of the Public Infrastructure to be financed with a
portion of the proceeds of the Bonds. Maps of the District including the location, in general, of the Public
Infrastructure, are included in Section Three. A legal description of the District is included as Appendix A.
The proposed acquisition of the Public Infrastructure as defined in this Report is consistent with the
approved General Plan for the District.
ONE-2
SECTION TWO
DESCRIPTION OF PUBLIC
INFRASTRUCTURE
DESCRIPTION OF PUBLIC INFRASTRUCTURE
The Public Infrastructure subject to this Report has been publicly bid pursuant to State statutes and
District guidelines and will be financed by the Bonds and/or subsequent bond issues and other sources, if
necessary.It is expected that the Public Infrastructure listed below will be acquired from the Developer with
estimated cost and construction timing as noted.
Total Certified Eligible for Funding
Acquisition Project Estimated Engineer's Paid by Prior from Bonds and Completion
Description Cost Cost Bonds(')* Future Bonds(a)* Date(b)
Radiance Avenue
1. Phase I (SVR $2,201,330 $2,201,330 April 2024
W003, TR003,
LS003)
2. Phase I (SVR 4,192,822 4,192,822 April 2024
NP001,
TR003B,
LS003B)
Total(c) $6,394,152 $6,394,152 $1,291,699 $5,102,453
(a) Includes acquisition costs from the District's prior special assessment bonds.
(b) Completion represents the date by which the Public Infrastructure was constructed,which may differ by the
date that it was accepted by the City or other governmental entities,as applicable.
(c) Totals may not add due to rounding.
The Public Infrastructure consists of a roadway within the District known as Radiance Avenue, and
includes construction of approximately 2,300 lineal feet within Phase I and 4,200 lineal feet within Phase
1B including eighty-three feet (83') of right-of-way street improvements with four and one-half inches
(41/2") of asphaltic concrete over an asphalt base course subgrade of eight inches (8"), and vertical curb,
storm drain, storm drain manholes, catch basins, water fire hydrants, water valves, non-potable water, six
foot (6') detached concrete sidewalks, concrete ramps, pavement, pavement striping, traffic signage, dry
utilities, street lighting, and landscaping. All improvements are shown on the plans sealed by the engineer
or the landscape architect and approved by the City, which may be amended from time to time to allow for
additional property uses adjacent to Radiance Avenue that are not yet known. The completion date for the
Public Infrastructure was April 2024 and was accepted by the City in April 2024.
Proceeds of the Bonds are reasonably expected to be used to finance the acquisition of all or a portion
of the Public Infrastructure upon acceptance by the District and the City, or other governmental entities, as
applicable, of such Public Infrastructure pursuant to the terms of the District Development, Financing
Participation,Waiver and Intergovernmental Agreement(the"District Development Agreement"),recorded
on February 23,2022, at Fee No. 2022-021689 in the records of Pinal County,Arizona(the"County"),and
the terms and provisions of all applicable laws, ordinances, codes and rules. All interests in such Public
Infrastructure financed by the District will be dedicated or otherwise transferred to the City or other
governmental entities, as applicable, after acceptance. Additional portions of public infrastructure, as
contemplated by the District's formational documents, may be constructed and will be subject to
administrative approval by the District before such additional public infrastructure is eligible for funding
from future bonds,if any.
* Preliminary, subject to change.
TWO- 1
SECTION THREE
MAP OF THE DISTRICT SHOWING LOCATION OF
PUBLIC INFRASTRUCTURE AND AREA TO BE
BENEFITED
The District
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THREE- 1
The Public Infrastructure in Context of the District
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THREE-2
SECTION FOUR
ESTIMATE OF COSTS AND TIMETABLE FOR
ACQUISITION OF PUBLIC INFRASTRUCTURE
ESTIMATE OF COSTS AND TIMETABLE FOR ACQUISITION OF PUBLIC
INFRASTRUCTURE
The table in Section Two outlines the cost estimate and completion dates for the construction of the
Public Infrastructure.Proceeds of the Bonds,after payment of the costs of issuance,will be used to finance
the acquisition of all or a portion of the Public Infrastructure projects listed in Section Two.
Listed below is an estimated draw schedule of the proceeds of the Bonds for acquisition of the
Public Infrastructure.
Estimated
Acquisition
Public Infrastructure Price Completion Date(a) Funds Draw Date
Radiance Avenue Phase $6,394,152 April 2024 December 2024
1 A and Phase 1 B
Total $6,394,152
(a) Represents the date by which the Public Infrastructure was constructed,which may differ from
the date that it was accepted by the City, or other governmental entities, as applicable.
FOUR- 1
SECTION FIVE
PLAN OF FINANCE
PLAN OF FINANCE
Below is a financing plan that describes the process for financing a portion of the Public Infrastructure
benefiting the property within the District. This Plan of Finance is subject to modificationto accommodate
market conditions at the time of the actual sale of the Bonds and to the extent necessary to comply with federal
and State law.
(i) Formation and Authorization.
In response to a petition from the Developer, the City Council formed the District on October 5,
2021. On February 2, 2022, the Developer, acting in accordance with its rights under the
Certificate of Purchase, was the sole voter and authorized at an election (the `Election") general
obligation bonded indebtedness of the District in an amount not to exceed$400,000,000, and the
District will have an estimated$399,880,000*of such authorized amount remaining after issuance
of the Bonds. Such amount is subject to reduction based on the use of net premium on the general
obligation bonds of the District. The District has not previously issued general obligation bonds,
and,therefore,the entire$400,000,000 is authorized but unissued as of the date of this Report. In
addition to the above-described voter authorization, the Bonds will be issued in accordance with
the provisions of the District Development Agreement.
(ii) Proposed Bond Sale.
The estimated debt service schedule for the Bonds is attached in this section as Table One. It is
anticipated that the Bonds will be sold and delivered in December 2024. The amount shown on
the cover of this Report is a not-to-exceed amount; the actual aggregate principal amount of the
Bonds issued may be lower. It is currently estimated that the Bonds will have a final maturity of
July 15,2025 and be structured to achieve generally level annual debt service. The Bonds will not
be rated by any rating agency.
(iii) Estimated Sources and Uses of Funds.
The proceeds of the Bonds will be applied by the District to finance the acquisition of all or a
portion of the Public Infrastructure listed in Section Two of this Report. The estimated sources and
uses of funds related to the sale of the Bonds is:
SOURCES:
Principal Amount of Bonds* $120,000.00
Total $120,000.00
USES*:
Cost of Public Infrastructure $113,500.00
Estimated Costs of Issuance 6,500.00
Total $120,000.00
ESTIMATED COSTS OF ISSUANCE*
Bond Counsel $2,500.00
Financial Advisor 2,500.00
Publication/CUSIP/Misc. 1,500.00
Total $6,500.00
* Preliminary, subject to change.
FIVE- 1
(iv) District Tax Rate and Operation and Maintenance of Public Infrastructure.
All Public Infrastructure that may be acquired by the District with any proceeds of the Bonds will
be dedicated to and accepted by the City, or other governmental entities, as applicable. The
obligations pertaining to the operation and maintenance of the Public Infrastructure have been
negotiated between the City (or other governmental entities, as applicable), the District and the
Developer and are set forth in the various development agreements among the parties. The
administrative costs of the District and those costs associated with the operation and maintenance
of the Public Infrastructure which are not the obligation of the City will be provided by several
sources of funds: the levy of a $0.30 per $1.00 of net assessed limited property valuation ad
valorem tax in the District (the "O&M Tax"), Homeowner's Association ("HOA") fees and
Developer contributions,if any.
The HOA is responsible for the operation and maintenance costs of landscaping for the roadways,
trails and open space within the District. All homeowners are required to participate in the HOA.
Monthly fees for the HOA are currently approximately$90 per single family residence.
In addition to the O&M Tax,the District will levy an ad valorem property tax to provide for debt
service on the bonds issued by the District,including the Bonds. Beginning in Fiscal Year 2024-
25, the District will cause to be levied a combined ad valorem property tax rate for each year the
Bonds are outstanding in the amount of up to $3.60 per $100 of net assessed limited property
valuation on all taxable property within the boundaries of the District. This tax rate includes a
$3.30 levy for debt service and a$0.30 levy for the O&M Tax. This amount is a"target"tax rate.
Any general obligation bonds are,by law,to be paid from a property tax which is unlimited as to
rate or amount.
At the $3.60 tax rate level, assuming the approximate average parcel full cash valuation of
$336,000 and net assessed limited property valuation of$15,000,the District portion of a tax bill
for a homeowner will be approximately$45 per month or$540 annually.A.R.S. Section 32-2181
et seq. requires the disclosure of all property taxes to be paid by a homeowner in the Arizona
Department of Real Estate Subdivision Public Report(the "Public Report"). Prior to each initial
home sale by a homebuilder, each homeowner must be supplied the Public Report, and the
homebuyer must acknowledge by signature that they have read and accepted the Public Report.
In addition,each homebuyer will receive a form detailing the existence of the District,the tax rate
and its financial impact. Receipt of this form will be acknowledged in writing by the homebuyer,
and a signed copy will be kept on file with the District Clerk.
(v) Other District Information.
Shown in the tables below is the District's overlapping general obligation bonded indebtedness
including a breakdown of each overlapping jurisdiction's applicable general obligation bonded
indebtedness, the portion of such indebtedness applicable to the District, a comparison of net
assessed limited property values and tax rates per$100 of net assessed limited property value.
FIVE-2
SUMMARY OF FULL CASH AND NET LIMITED PROPERTY VALUES
The net limited assessed property values and estimated net full cash value for the District is listed below.
Net Limited Estimated
Fiscal Assessed Net Full Cash
Year Property Value Value(a)(b)
2024/25 $2,731,381 $58,364,274
(a) Estimated Net Full Cash Value is the total estimated market value of the property within the
District as determined by the Arizona Department of Revenue, Division of Property and Special
Taxes,less the estimated exempt property within the District.
(b) Certain data from the County was not available for Fiscal Year 2023/24,provided that real property
had been patented by the Developer from ASLD and portions of the real property was subject to
property taxes in Fiscal Year 2023/24.
OVERLAPPING GENERAL OBLIGATION BONDED INDEBTEDNESS & OVERLAPPING NET
ASSESSED LIMITED PROPERTY VALUES
Portion Applicable to the District(a) Total Tax
2024/25 General Proportion Applicable Rates Per$100
Net Assessed Obligation to the District(a) Net Assessed
Limited Bonded Approximate Net Debt Limited Property
Overlapping Jurisdiction Property Value Debt(b) Percent Amount Property Value(c)
State of Arizona $ 88,425,611,337 None 0.00% None None
Pinal County 3,772,917,916 None 0.07 None 3.7628 (d)
Pinal County Community College District 3,772,917,916 $ 51,445,000 0.07 $ 37,243 1.8128
Central Arizona Water Conservation District 3,772,917,916 None 0.07 None 0.1400 (d)
East Valley Institute of Technology 937,089,484 None 0.29 None 0.0500
Apache Junction Unified School District No.43 579,814,797 6,825,000 0.47 32,151 3.6895
Superstition Fire&Medical District 563,075,279 1,338,000 0.49 6,490 3.8050
City of Apache Junction 214,344,520 None 1.27 None 0.0000
Superstition Vistas Community Facilities District No.1(e) 2,731,381 120,000* 100.00 120,000* 3.6000
$ 195,885*
(a) For Tax Year 2024,portions of the land within the boundaries of the District were still owned by
ASLD and therefore not subject to property taxes and assessed values were not assigned to such
portions of the District. If the assessed value within the District increases at a faster rate than the
overlapping jurisdictions,the amount of overlapping debt allocated for payment within the District
will increase.
(b) Includes total stated principal amount of general obligation bonds outstanding. Does not include
outstanding principal amounts of certificates of participation or revenue obligations outstanding for
the jurisdictions listed above. Also does not include outstanding principal amounts of bonds of
various assessment districts or areas as the obligations of these districts or areas are presently being
paid from special assessments against property within the various districts or areas.Does not include
authorized but unissued general obligation bonds of such jurisdictions which may be issued in the
future.
* Preliminary, subject to change.
FIVE-3
The following includes the District and jurisdictions which overlap the District and have the
indicated authorized but unissued general obligation bonded debt available for future issuance:
General Obligation Bonds
Overlapping Jurisdiction Authorized but Unissued
Apache Junction Unified School.District No. 43 None(1)
The District(f) $399,880,000*
(1) On May 28,2024,the Governing Board of Apache Junction Unified School District No.43 voted to
call a special bond election to be held on November 5,2024,to authorize the sale and issuance of
$20,000,000 of general obligation bonds of the district.
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 U.S. Department of the Interior. In
April of 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 have been 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. The obligation is evidenced by a master contract between
CAWCD and the Department of the Interior. CAWCD 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' portion 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 Report,the tax levy is limited to 14 cents per$100 of Net Assessed
Limited Property value,of which 14 cents is currently being levied. (See Arizona Revised Statutes,
Sections 48-3715 and 48-3715.02) 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) The combined tax rate includes the tax rate for debt service payments and the tax rate for all other
purposes such as maintenance and operation and capital outlay.
(d) The County's tax rate includes the$0.1693 tax rate of the Pinal County Flood Control District, the
$0.0913 tax rate of the Pinal County Free Library, the $0.0522 tax rate for the contribution to the
Pinal County Fire District Assistance and the $3.45 tax rate of the County. The State does not
currently levy ad valorem taxes. The net assessed limited property value of the County Flood
Control District does not include the personal property assessed valuation within the County. The
net assessed limited property value for the CAWCD reflects the assessed valuation located within
* Preliminary, subject to change.
FIVE-4
the County only. The County is mandated to levy a tax annually in support of fire districts in the
County. All levies for library districts, hospital districts, fire districts, technology districts, water
conservation districts and flood control districts are levied on the net full cash assessed value.
(e) Includes the Bonds. Does not include previously issued special assessment bonds or general
obligation bonds expected to be issued by the District in the future. The District levied the O&M
Tax and property taxes to pay anticipated general obligation bond debt service and to collect
revenues from the portion of the land within the District boundaries patented by the Developer and
no longer owned by ASLD.
(f) Reflects reduction in authorization approved at Election caused by issuance of the Bonds.
Source: Pinal. County Assessor Department,the various entities,the Pinal County Finance Department
and Property Tax Rates and Assessed Values, Arizona Tax Research Association.
TABLE ONE
ESTIMATED DEBT SERVICE SCHEDULE*
Total
Annual.
Period Ending Debt Service
(July 15) Principal Interest(b) Requirements
2025 $ 120,000 $ 4,458 $ 124,458
$ 120,000
(a) Interest column reflects total interest payments for each fiscal year; interest will be paid on July 15,2025*.
Interest is estimated at 6.25%.
* Preliminary, subject to change.
FIVE-5
Reviewed and accepted by:
DEVELOPER:
D.R.HORTON,INC.,a
Delaware corporation
By:
Name: Brent Davis
Its: Division President—Phoenix East
[Feasibility Report Signature Page—Superstition Vistas CFD No. 1
General Obligation Bonds,Taxable Series 2024]
APPENDIX A
LEGAL DESCRIPTION FOR
SUPERSTITION VISTAS COMMUNITY
FACILITIES DISTRICT NO. I
LEGAL DESCRIPTION
Wood,Patel&Associates, Inc. Revised March 9, 2021
480,8343300 January 8, 2021
,m,%Nv.woodpatel.corn *,NP,#205166-01
Page 1 of 4
See Exhibit'A"
LEGAL DESCRIPTION
Superstition Vistas
D.R. Horton Parcel
General Land Office (GLO) Lots 1, 2, 3, 4, 5, 6 7, 8, 9, 10" 11, a portion of GLO Lot 1,'',',,Ind a
portion of the east half of Section 18 and GLO Lots 3,4x 5,6.7,8,9, 1 O, 11, 12,a portion of GLO
Lots I and 2 and a portion of the east half of Section 19, and a portion of the north half of Section
30, Township I South, Range 8 East, of the Gila and Salt River Meridian, Final County, Arizona,
more particularly described as follows.
BEGINNING at the northeast corner of said Section 18, a 3-inch Pinal County brass cap in
handhole,fPorn%Oiieh the,east quarter cnrner of said Section 18,a 3-inch Final County brass(Ap
in handhole,bears South 00'13'51" East(basis of bearing),a distance-,of 2639,88 feet,
THENCE along the east line of said Section 18,South 001351"East,A distance of 269m feet,
to said east quarter comer-,
THENCE South 00'17'10" East, a distance of 155,64 feet, to the northerly line of that certain
Maricopa County Flood Control District Easement, recorded in Document 2011-062136, Final
County Records(PCR);
THENCE leaving said east line, airing said northerly line. South 53429'26" West, a distance of
4200,321 feet,to the south line of said Section 16..
THENCE leaving said south line, South 53'29'13"West, a distance of 9 10.07 feet,
THENCE leaving said northerly line, Scuth 82428'36' East, a distance of 583,29 feet, to the
beginninq o cu f a rve;
THENCE,easterly along said curve to the left,having a radius of 3000,00 feet,concave northerly,
through a central angle of 30'39'58".a distance of 1605.68 feet, to the curves end:
THENCE North 66'51'25"East,a distance,of 540,61 feet, to the beginning of a Curve;
THENCE easterly along said curve to the right, having a radials of 2500.00 feet, concave
southerly,through a central angle of 22*55'06",a distance of 1000,00 feet,to the north line of said
Section 19 and the curves end;
THENCE along said north line, Nofth 89"46'31" East, a distance of 500,00 feet, to the northeast
corner of said Section 19;
THE leaving said north line, along the east line of said Section 19, South 001715" East,a
distance of 264 1.12 feet,to the east quarter corner of said Section 19;
THENCE South 00'17'01"East,a distance of 2640.28feet,to the southeast Corner of said Section
19.
THENCE leaving said east line, along the south line of said Section 19, South 89044'56"West a
distance of 702,14 feet',to the beginning of a curve-,
THENCE leaving said south line,westerly along said curve to the left,having a radius of 10000,00
feet, concave southerly, through a central angle of 11'1639", a distance of 1968,29 feat, to the
beginning of a reverse ourve
APPENDIX A- 1
Legal Desc6ption Revised March rch 9. 2021
Superstition Vistas January 8, 2021
t
Horton ParcelWP#291 .91
Page 2of4
See Exhibit'
THENCE westertyalong said reverse curve to vie right,having rr radius r of 10000,00 feet nc ve
northerly,through n central angle le of t 1"56030. a distanceof 20,82,89 fe*t, to the curves end',
THENCE North 99"3 "4 "West, a dir>tance of 1421,7 feet, to the southeast corner of Section
24,Township 1 South, Barre 7 East,of the Gila and Salt River Meridian.
THENCE along tf*east line of said Section 24,North *3 '97"West,a distance of 2 3&59 feet,
to the east quarter croner of 'ird Secbon 24.
THENCENorth tl" 7" ' West, a distant off 2633,61 feet, to the southeast comer of Section
13, Tawnship t South, Range 7 East,of the Gila and Salt River Meridian:
THENCE leaving east line, along the east lima of said Section 13, North 03 39`4 4 West. a
distance of 2637.45 feet, to the east quartet,comer of said ct n 12ffi
THENCE North 99r3 S8"West, a distance of 2637,66 feet, to the southeast ner of Section
12,Township t South. Range 7 East,of the Gila and Salt RiverMeridian',
THENCE leaving said rarest line, rrlrarrr3 the east litre of said S_ tson 12, forth 5 '3W 9'West, rr
distance of 75.99 feet.
THENCE leaving said east brae, South 9"37' S„ Ernst, a drotame of 1403,2 teat, to a point of
intersection t nth a nor tangent otrrve.
THENCE oorrthedy along said non-tangent curve to the left« hawing radius of 113573 feet,
concave ea tert7,%ahose radius bears South 7'3 'td,"Fist,through n central angle of 4'03' "
n diotranoe,of 76.02 font,to a p6rtt of intemsection voith a non-tangent carve;
THENCEeasterly along said non-tangent agent curve to the loft, havirrg a radius of 100DO.00 foot;,
concave northerly,whose radars bears North 2 "22`43"°East,through a central angle of 2" "
a distance of 2123,45 feet, to the beginning of a °aver e orrnaew
THENCE easterly along said reverse curve to the right,having a radius of 10000.00 feet, concave
southerly,through a central angle of f '33'02".rr di t irce of 2015. feet,to the north lime of said
Section IS and the curves encl...
THENCE along said north lime. North 99"45`45"East,r distance of 70103 feet.to the POINT OF
BEOINNING,
Containing 59,882,032 square feet or 1,374,702:3 a ores,more or less.
Subject to existing right-of-ways and easements,
This parcef description is based ad on client provided information and to loueed within an area
surveyed by Wood., Patel & Associates, Inc, during the month of December, 2020.; An
monumentafi*n mited in this parcel description is within acceptable tolerance ias d fine l i
Arizona Boundary survey Minimum Standards dated 92 t4f2 2f of orrid positions based on said
ur"e
A-01FW M,4,01,�4 Ax'sQ&
U6
r� Fin1
APPENDIX A-2
NORTHEAST CORNER
SECTION 18,TIS,R8E
ELLIOT ROAD 3-P iNAL COON I Y
C5 C7 L18 P06
L 16 C6
777
LGT'7
LOT
T I
SE-0 IV,-'
II RME
LO T
L 0 T:5
4
SEC 17
LOT TIS,R8E
LOT iLOT
FAST 1,14 CORNER
SECTICN 18, Tl$,,R8E
3'PINAL COUNTY BCH
LOT WT'll LOT 12
W RNER ROAD-
L4 13
A
w.LO'
LOT I
I OT2
Al'
LOT 04
4 LOT 5 tun'r 6
SE 0,
R8E SEG 20 r
LOT
TIS,R8E
q Lo
t,OT
I LOT I I LOT 12
C3 L10
RAY ROAD
Lll Ckk A
EXHIBIT
SUPERSTITION VISTAS
D R, HORTON PARCEL
0,1109021
Wp#20516el'o I
Ma 3 OF 4
NGT TO SCALE
I.S130-2-3 Z�'�,2020'k2O5l66,�Sun�ey�Leqar,6lf36-LOI R01,dwg
APPENDIX A-3
LINE TASt.E CURVE TABLE
w.
LINE I BEARING � DISTANCE CURVEDELTA RADIUS � ARC
w. L
2'°2 '3 " 3 3 9' c5 4*3 '4€' 73' 3 2
Lf i 54 0 5 V 1200" ? t 30.3 " 2123 4 " ;
N E 2 2s" 000 0 ' 231 .9
L3 317'31" 22
4
3 30'37WA 2633 3 1' ...
I
7 "9037P ' � ... 433 2 '
1 _ N3.4 `451 �73 3'
SUPERSTITICA VISTAS
X " WP#205166
r " PAGE 4 OF 4
NOT TO SCALE
APPENDIX A—4
City of Apache Junction, Arizona 300 E Superstition
Boulevard
Agenda Item Cover Sheet Apache Junction,AZ
85119
Agenda Item No. 3.
File ID: 24-921
Sponsor: Agenda Date: 11/19/2024
Index: In Control: Superstition Vistas Community Facilit
Presentation, discussion and consideration of Resolution No. 2024-011 SVCFD No. 1, a
resolution of the district board of Superstition Vistas Community Facilities District No. 1
approving the prior notice of a public hearing with respect to a feasibility report relating to the
acquisition and financing of certain improvements benefiting Superstition Vistas Community
Facilities District No. 1; approving the feasibility report; authorizing the issuance of the District's
General Obligation Bonds, Taxable Series 2024; prescribing the terms of such bonds;
delegating the determination of certain terms to the Chairman, District Manager and District
Treasurer; levying an ad valorem tax on taxable property within the District; and authorizing the
taking of other actions securing the payment of and relating to the bonds.
City of Apache Junction,Arizona Pagel Printed on 1111412024
RESOLUTION NO. 2024-011 SVCFD NO. 1
A RESOLUTION OF' THE BOARD OF DIRECTORS OF THE
SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1
RATIFYING THE GIVING OF NOTICE OF A PUBLIC HEARING WITH
RESPECT TO A FEASIBILITY REPORT RELA'.FING TO THE
ACQUISITION AND FINANCING OF CERTAIN IMPROVEMENTS
BENEFIT TING 'THE DISTRICT; APPROVING THE FEASIBILITY
REPORT; AUTHORIZING THE ISSUANCE OF ITS GENERAL
OBLIGATION BONDS, TAXABLE SERIES 2024; PRESCRIBING
CERTAIN TERMS AND CONDITIONS OF' SUCH BONDS INCLUDING
MAKING CERTAIN FINDINGS, CERTIFICATIONS AND COVENANTS
WITH RESPECT TO SUCH BONDS; AWARDING SUCH BONDS TO THE
PURCHASER THEREOF; DELEGATING THE DETERMINATION OF
CERTAIN TERMS OF SUCH BONDS AND MATTERS RELATED THERETO
TO EACH OF THE CHAIRMAN, DISTRICT MANAGER AND DISTRICT
TREASURER; LEVYING AN AD VALOREM TAX ON TAXABLE PROPER,ry
IN THE DISTRICT; AND AUTHORIZING THE TAKING OF OTHER
ACTIONS SECURING THE PAYMENT OF AND RELATING m rHE
BONDS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1 AS
FOLLOWS:
SECTION I FINDINGS
A. Pursuant to Title 48, Chapter 4, Article 6, Arizona
Revised Statutes, as amended he "Enabling Act ') , and a resolution
adopted by the District Board, an election was ordered and called
to submit to the qualified electors of the District or to those
persons who were otherwise qualified to vote on February 2, 42022
(the "Election") the question of authorizing the District Board to
issue general obligation bonds of the District to provide moneys
for certain public infrastructure purposes consistent with the
General Plan of the District .
B. The District Board canvassed the Election and resolved
that such general obligation bonds were authorized to be issued.
C. Pursuant to the Enablinq Act, the District Board has
caused the preparation of a feasibility report dated November 19,
2024 (the "Feasibility Re-j-)ort") , of the feasibility and benefits
of one or more projects relating to certain public infrastructure
and public infrastructure purposes (each as defined in the Enabling
Act) provided for in the General Plan of the District and to be
financed with proceeds of the sale of a portion of the District' s
RESOLUTION NO. 2024-011 SVCF'D NO. 1
PAGE 1 OF 19
general obligation bonds as described in E'xhibit A attached hereto
(collectively, the "Project."') , such Feasibility Report having been
prepared by oi- on behalf of the District and including a
description of certain public infrastructure and P1.11)I i C
infrastructure purposes to be acquired and other information
useful to understand the Project, a map showing, in general, the
location of the Project, the costs of constructing the P_r,,oJect, an
estimate of the cost to acquire, operate and maintain the Pr'oject,
a map or description of' the area to be benefited by the Project,
and a plan and expected method for financing the Project, including
the nature and timing of the iissuance of bonds, if any. A public
hearing on the Feasibility Report was held on the date of adoption
of this resolution, but prior thereto (hereinafter referred to as
the ",Report Hearing") , after publication of notice not less than
ten (10) days in advance cry the date of the Report Hearing as
provided by I aw (hereinaf ter referred to as the "Notice,"') . In
accordance with A.R.S, § 48-715, the Clerk of the District (the
"District Clerk"') provided the Feasibility Report and the Notice
to the governing body of the City of Apache Junction, Arizona (the
Ci t�") .
D. Pursuant to A. R. S . § 48-715, as amended, this District
Board hereby identifies the public infrastructure and public
infrastructure purposes of the Project, the areas benefited, +k-.I,).e
expected method of financing, inciud.ing the nature and timing of
the issuance of the Bonds, and the systern of providing revenues to
operate and maintain the Project, all as identified and provided
for in the Feasibility Report, for any and all purposes of the
Enabling Act . Any portion of the costs of the Project riot financed
by the proceeds of the Bonds shall. remain eligible to be financed
through the sale of future bonds of the District should this
District Board choose in its sole and abs olute discretion to issue
any future bonds . As applicable, this resolution constitutes a
resolution of intent as described in A.R. S. § 48-701 . 14 .
E. The District Board has determined, exercising its sole
and absolute discretion, to authorize the issuance of the
District' s General Obligation Borads, Taxable Series 2024 (the
"Bonds") , to provide funds for all or a portion of the public
infrastructure and public infrastructure purposes provided for in
the Enabling Act, the Dist�"Irict Development, Financing
Participation, Waiver arid Intergovernmental Agreement fo r
Superstition Vistas Community Facilities District No. 1. by arid
among the City, the District, and D.R. Horton, Inc. (the
"Company") , as the then landowner of all land within the boundaries
of the District, dated as of February 22, 2022 (the "Development
RESOLUTION NO. <2024-011 SVCFD NO. I
PAGE 2 OF 19
Agreement") , and the Feasibility Report , to the extent authorized
in the Election.
F. Upon issuance of the Bonds, the District Board shall
(1 ) enter in its minutes a record of the Bonds sold and their
numbers and dates and (2) levy and cause an ad valorem tax to be
collected, at the same time arid in the sarne manner as other taxes
are levied and collected on all taxable property in the boundaries
of the District sufficient, together with moneys from the ,aources
described herein, to pay Debt Service (as such term is defined in
the Enabling Act) when due.
G. Pursuant to the Enabling Act, the District may serve as
the bond registrar, paying agent and transfer agent for the Bonds,
or may enter into an agreerr�ent with a financial institution to
serve as the bond registrar, paying agent and transfer agent f-or
the Bonds (in either case of the District or a financial
institution serving in such capacity, referred to herein as the
"Registrar"' and the "Pa.ying Agent," as the case may be) . The form
of the agreement with as financial institution (the "Paying
AgentlRegistrar Contract"') will include custontary terms pertaining
to the issuance, registration, transfer and payment of the Bonds
and be similar to agreements for such services previously entered
into by the District in connection with other bond transactions .
The District Board has determined by this resolution to authorize
the issuance of the Bonds and, in order to provide terms for, to
secure, and to provide for authentication and delivery of the Bonds
by the Registrar, for, the District to serve as Registrar or,
alternatively, to authorize the execution and delivery of the
Registrar/Paying Agent Contract .
H. rhe Bonds may be sold directly to the Company, or
alternatively the Bonds may be sold to a financial, institution or
other investors . Piper Sandler & Co. ( the "Financial Advisor")
shall assist-, the District to determine the best method of sale of
the Bonds. To the extent the Bonds are not sold to the Company,
the District may enter into a placement agent agreement or bond
PUrchase agreement similar to what the District has entered into
previous.1y, with customary terms pertaining to the purchase of the
Bonds . The District may require the Company or any other purchaser
of the Bonds to execute and deliver to the District a purchaser
letter or investor letter customary for a direct sale or placement
transaction. Documents entered into by the District in connection
with the issuance and sale of the Bonds are referred to herein as
the "Bond Documents. "
RESOLUTION NO. 2024-011 SVC�'D NO. I
PAGE 3 OF 19
I . The District Board hereby finds and determines that
(1) the amount of indebtedness evidenced by the Bonds does not
exceed the estimated cost of the public infrastructure
improvements Plus all c,0 St S connected with the public
infrastructure purposes and issuance and sale of the Boncis to be
financed therewith as indicated in the Feasibility Report and
(2) the total aggregate outstanding amount of the general
obligation bonds of the District, including the Bonds, does not
exceed sixty percent (60%) of the aggregate of the estimated market
value of the real property and improvements in the District after
the public infrastructure of the District is completed plus the
value of the public infrastructure owned or to be acquired by the
District with the proceeds of the Bonds, all as provided in the
Enabling Act .
SECTION 1I APPROVAL OF NOTICE AND-ZEASIBILITY REPORT
A 'he form of the Notice attached hereto and marked as the
Exhibit B is hereby ratified in all respects as well as the
publication of the Notice and mailing of the Feasibility Report to
the governing body of 'the City.
B. The preparation of the Feasibility Report is hereby
ratified and confirmed. (Upon completion of a draft of the
Feasibility Report, the Feasibility Report, marked in a
conspicuous fashion "DRAFT, " was submitted to the District Board
and the Company for their review and comment. )
C. After review of the Feasibility Report and based on the
Report Hearing and the mailing of the Feasibility Report to the
governing body of the City, the Feasibility Report is hereby
approved in the form submitted to the District Board, as required
by A.R.S. § 48-715, and subject to the provisions set forth in the
Feasibility Report and the Development Agreement, all, reasonable
actions shall be taken as may be necessary to cause the results
contemplated by and set forth in the Feasibility Report, including
particularly the acquisition of the Project for the benefit of the
areas described in the Feasibility Report and the consummation of
the expected method of financing, and an appropriate system of
providing revenues in the Feasibility Report . The PrOject will.
result in a beneficial use to land within the geographical limits
of the District . Such use is priricipally to 3LIch land and, in any
case, at a mini-mum, is proportional . (Based on review of the
Feasibility Report and the Repor't Hearing, the District hereby
conclusively estab-lishes that the Project will result in such use. )
RESOLUTION NO. 2024-011 SVCF'D NO. I
PAGE 4 OF 19
SECTION III APPROVAL OF ISSUANCE AND SALE OF BONDS
A. The District Board hereby declares its intent to proceed
with the financing of the Project in substantially the manner,
presented in the Feasibility Report. The Bonds are hereby
authorized to be issued as a series of general obligation bonds Of
the District to be designated "Sur)e.rstition Vistas Community
Facilit-'ies District No. 1 General Obligation Bond.-,-, Taxable Series
2024" in an aggregate principal, amount of not to exceed $120, 000.
The series designation of the Bonds may change if the Bonds are
sold in a later calendar year. The Bonds shall be issued as a
single bond and registered in the name of the entity with which
the Bonds are placed (hereinafter referred to as the "PUrchaser")
and shall bear interest from their date to the inaturity of the
Bonds, payable semiannually on each January 15 and July 15 (each
such date shall be referred to as an ""lnterest 'a mint Date")
during the term of the Bonds, commencing July 1-5, 202 The
interest rate on the Bonds steal not exceed eight percent (8 . Cog'>�',',) ,
and the final maturity of the Bonds shall be no later than July
15, 2025 (or such later date as that is not greater than twenty-
five (25) years from the issuance date of the Bonds) .
B he principal of arid premium, if any, on the Bonds shall
be payable upon surrender thereof at the principal corporate t.rust,
office of the Paying Agent (to the extent the District is the
Paying Agent, the Bonds shall be payable upon surrender at the
offices of the District) . Interest due on the Bonds on each
Interest Payment Date shall. be payable by check mailed, when due,
to the persons (the "Owners") in whose names the Bonds are
registered by the Registrar at the close of business on the last
day of the calendar month (other than a Saturday, a Sunday, or a
legal holiday or equivalent (other than a moratorium) for banking
institutions generally in the place of payment or in the city where
the principal corporate trust office of the Paying Agent is located
(a "Business Day" ) ) next preceding the applicable Interest Payment
Date, or, if such day is not a Bi,,isiness Day, the previous Business
Day (the "Record Date"") .
C� In the event that interest is not paid on an Interest
Payment (rate, the RegisLrar shall establish a special record date
for the payment of such interest, if and when funds for the payment
of such interest have been received. Notice of the special record
date and of the scheduled payment date of the past due interest
will be sent at least ten (10) days prior to the special, record
date, to the address of each Owner appearing on the Register (as
defined herein) .
RESOLUTION NO. 2024-01.1. SVCFD NO. 1
PAGE 5 OF 19
D. The Bonds shail have such additional terms, and
provisions as are set forth in the form of' Bond attached hereto as
Exhibit C, which is attached hereto and made a part of this
resoliation.
E# Neither the full, faith and credit nor the general raving
power of the City, the State of Arizona or any political
subdivision thereof (other than the District) is pledged to the
payment of the Bonds. The Bonds will be obligations of the
District only. None of the City, the State of Arizona, or any
political subdivision thereof (other than the District) will have
any obligation with respect to Debt Service (as defined in the
Enabling Act) for the Bonds.
F. The District Manager and the District Treasurer are each
hereby authorized to determine the method of sale of the Bonds to
the Purchaser, and may consult with the Financial Advisor in
connection with such del ermiri at;ion,
SECTION IV PRIOR REDEMPTION
A. 2ptia�L, l Redema ptLc The B<)nds shall not be subject t'o
call for redemption prior to their stated maturity dates .
B. Mandator: Redemption' the Bonds shall, not be subject, to
mandatory T�df-i�ption pi-Tor t7o their stated maturity dates.
SECTION V FORM OF BONDS
The Bonds shall be in substantially the form of Exhibit C, attached
hereto and incorporated by reference herein, with such necessary
and appropriate ornissions, insertions and variations as are
permitted or required hereby and are approved by those officers
executing the Bonds and execution thereof by such officers shall,
constitute conclusive evidence of such approval .
The Bonds may have notations, legends or endorsements required by
law, se curit.ies exchange rule or usage. Each Bond shall be dat.ed
the date of its authentication and registration.
SECTION VI EXECUTION OF BONDS AND OTHER DOCUMENTS
A. Execution of Bonds The Bonds shall., be executed for and
on behalf of the District by its Chairman and attested by the
District Clerk by their markiial or facsimile signatures . if the
RESOLUTION NO. 2024-011 SVCFD NO. 1
PAGE 6 OF 19
signatures are affixed or imprinted by facsimile, the Chairman and
District Clerk shall execute a certificate adopting as their
signatures the facsimile signatures appearing on, the Bonds. I f an
officer whose signature is on a Bond no longer holds that office
at the time the Bond is authenticated and registered, the Bond
shall nevertheless be valid. A Bond shall not be valid or binding
until authenticated by the manual signature of an authorized
officer of the Registrar (which may be the signature of the
District T-reasurer, or her designee, if the District is the
Registrar) . The signature shall be conclusive evidence that the
Bond has been authenticated and issued tinder this resolution.
B. Other Documents The District Board hereby approves the
form and order: an—d —dir—ects the execution of the Bond Documents,
each in substantially the form presented to the District Board.
The Chairman, any member of the District Board, the District
Manager or the District Treasurer are each hereby authorized and
directed to determine and approve the actual dated date, maturity
dates and amounts, interest rates, redemption provisions, and the
purchase price to be paid by the Purchaser, and to execute and
deliver the Bond Documents in substantially the form presented to
the District Board with such necessary and appropriate omissions,
insertions and variations as are permitted or required hereby and
are approved by those officers executing such agreements on behalf
of the District . Execution of the Bond Documents by such officers
shall be conclusive evidence of such approval . The District Clerk
is authorized and directed to attest such signatures . Where
applicable, any of the foregoing officers may affix their
signatures by manual, mechanical or photographic means.
SECTION -VII MUTILATED, LOST OR DESTROYED BONDS
In case any Bond becomes mutilated or destroyed or lost, the
Registrar shall cause to be executed and delivered a new Bond of
like date and tenor in exchange and substitution for and upon the
cancellation of such mutilated Bond or in lieu of and in
substitution for such Bond destroyed or lost, upon the Owner' s
paying the reasonable expenses and charges of the DistricL and, as
applicable, the Registrar, in connection therewith arid, in the
case of the Bond destroyed or lost, filing with the District and,
as applicable, the Registrar, by the Owner evidence satisfactory
to the District and, as applicable, the Registrar, that such Bond
was destroyed or lost, and furnishing the District and, as
applicable, the Registrar, with a sufficient indemnity bond
pursuant to A. R. S. § 47-8405, as amended.
RESOLUTION NO. 2024-011 SVCF'D NO. 1
PAGE 7 OF 19
SECTION VII ACCEPTANCE OF"' PROPOSAL
The Bonds are hereby ordered to be sold to the Purchaser. The
actual terms of the Bonds shall be reviewed and approved by the
Chairman, any member of the District Board, the District Manager
or the District Treasurer (which approval shall be deemed
conclusive by the execution and delivery of the Bonds by the
Chairman, or Vice Chairman of the District Board and attested by
the District Clerk.
The District Treasurer is hereby authorized and directed to cause
the Bonds to be delivered to or upon the order of the Purchaser
upon receipt of payment therefor and satisfaction of the other
conditions for delivery thereof in accordance with the terms of
the sale (and to direct, how such proceeds shall be deposited among
the funds described in Section IX) .
SECTION IX FUNDS AND ACCOUNTS
A The District. Treasurer seta create the following funds
and accounts which shall be held separate and apart and used only
as provided herein:
(i ) one Fund, which shall include:
(a) Principal Account;
(b) Interest Account; and
(C) Redemption Account .
(ii) Acquisition Fund.
(iii) Issuance and Expenses Fund.
B 'he money deposited to the various funds and accounts
created hereby, together with all investments thereof and
investment income therefrom, shall be he in trust by the District
and applied solely as herein provided.
SECTION X DEPOSITS TO AND APPLICATION OF BOND FUND
A. The District shall deposit or shall cause, at the
applicable times set forth below, to be immediately deposited from
the tax levy described in Section SIX hereof to the Bond Fund to
the credit of the applicable accounts:
RESOLUTION N . 2024-011 SVCFD 110. 1
PAGE 8 OF' 19
(i) to the Principal and Interest Accounts, as
applicable, on each January 14 and July 14 or, if either such date
is not a us mess% Day, then the first Business as immediately
preceding such date, ali artiounts collected by or remitted to the
District from the collections of taxes levied pursuant to this
resolutiOT-1;
(i i) to the Principal and Interest Accounts,
amounts transferred from the Acquisition Fund and the Issuance and
Expenses Fund to the extent hereinafter provided; and
(iii) such other frauds as the District shall, from
time to time, at its option deem advisable.
B. The Principal, Interest and Redemption Accounts of the
Bond Fund shall be applied solely to pay principal, of, interest on
and the redemption price witl,i respect to the Bonds, respectively.
SECTION XI ACQUISITION FUND
The District shall deposit to the Acquisition Fund Bond proceeds
in the amount as determined by the District Treasurer to be
available for elig.ible Project (".,,osts at the time of issuance of
the Bonds . Amounts on deposit in the Acquisition Fund shall be
applied by the District in the amounts and to the persons approved
by the District to pay all items of expense directly or indirectly
relating tl'o the cost of the Project and as described in he
Feasibility Report upon acceptance of the Project by the District
or the City pursuant to Article IV of the Development Agreement .
Notwithstanding anything contained in this Section XI, any amounts
remainirig in the Acquisition Fund after six (6) inonths from the
issuance date of the Bonds shall. be transferred to the Principal
and Interest Accounts of the Bond Fund and applied to pay the next
scheduled Debt Service payment on the Bonds.
SECTION XII ISSUANCE AND EXPENSES FUND
The money deposited to the Issuance and Expenses Fund, together
with all investments thereof and investment income therefrom,
shall be held in trust by the District . The District shall deposit
to the Issuance and Expenses Fund Bond proceeds in the amount
determined by the District Treasurer at the time of iSSUance of
the Bonds. Upon a request for disbursement, amounts on deposit in
the Issuance and Expenses Fund shall be applied to pay all costs
RESOLUTION NO. 2024-011 SVCFD NO. 1,
PAGE 9 OF 19
of the issuance and sale of the Borids identified in a request
signed by any of the Chairman of the District Board, the District
Manager or the District Treasurer. After six (6) months front the
issuance date of the Bonds, the District shall transfer any moneys
in the Issuance and Expenses Fund to the Principal and Interest
Accounts of the Bond Fund and apply such t'ransferred moneys to pay
the next scheduled Debt Service payment on the Bonds.
SECTION -XIII. INVESTMENT OF AND SECURITY FOR FUNDS
Money held for the credit of any fund or account herein created
shall be invested pursuant. 'to A.R. S. § 35-323 .
SECTION XIV REGISTRAR AND PAYING AGENT
As applicable if the Dist,:rict is not serving as the Registral ,
pursuant to the Registrar/Paying Agent Contract, the Registrar
will maintain an office or agency where Bonds may be presented for
registration of transfer and the Paying Agent will maintain an
office or agency where Bonds may be presented for paymenr— The
District may appoint one or more co-registrars or one or more
additional paying agents. The Registrar and the Paying Agent may
make reasonable rules and set reasonable requirements for their
respective functions with respect to the Owners of the Bonds .
The District may change the Registrar or the Paying Agent without
notice to or consent of the Owners of the Bonds and the District
may act in any such capacity.
Each Paying Agent will. be required to agree in writing that rhe
amounts which are segregated by the District or deposited with the
Paying Agent to pay the principal. of or interest on any Bonds
becoming due on any due date shall be held in trust for the benefit
of the Owners of such Bonds . Amounts so segregated or deposited
and held in trust shall constitute a separate trust fund for the
beriefit of the Owners of such Bonds entitled to such principal or
interest, as the case may be. Amounts held by the District or the
Paying Agent for the payment of the principal of (and premium, if
any) or interest on the Bonds need riot be segregated from other
Curds, except to the extent required by Law.
The District may at any time direct any Paying Agent to pay to ti-te
District all money held by such Paying Agent, such amounts to be
held by the District upon the same trusts as those upon which su<,.-h
money was held by such Paying Agent, and, upon such payment by any
RESOLUTION NO. 2024-011 SVCFD NO. 1
PAGE 10 OF 1-9
Paying Agent to the District, such Paying Agent shall be released
from all further liability with respect to such money.
The Registrar may appoint an authenticating agent acceptable to
the District to authenticate Bonds. An authenticating agent may
authenticate Bonds whenever the Registrar may do so. Each refer�--tnce
herein to authentication by the Registrar includes authentication
by an authenticating agent acting on behalf and in the name of the
Registrar and subject to the Registrar' s direction. As state(-J in
Section VI, to the extent the District is the Registrar, 1-1he
District Treasurer shall act as the authenticating agent and may
as the Bonds.
The Registrar shall keep a register of the Bonds (the "Register-") ,
the registered Owners of the Bonds and transfer of the Bonds . When
Bonds are presented to the Registrar or a co-registrar with a
request to register transfer, the Registrar will, register the
transfer on the Register if its requirements for transfer are met
and will authenticate and deliver one or more Bonds registered in
the name of the transferee of the same principal amount, maturity
and rate of interest as the surrendered Bonds. Bonds presented to
the Registrar for 'transfer after the close of business on the
Record Date and before the close of business on the next subsequent
Interest Payment Date will, be registered in the name of the
transferee but the interest paynient will be made to the registered
Owners of the Bonds shown on the Register as of the close of
business on the Record Date.
The Registrar may but need riot register the transfer of a Bond
which has been selected for redemption and need not register the
transfer of any and for a period of fifteen (15) days before a
selection of Bonds to be redeemed; if the transfer of any Bond
which has been called or selected for call for redemption in whole
or in part is registered, aril' 'notice of redemption which has been
given to the transferor will be bind in( upon the transferee and a
copy of the notice of redemption will be delivered to the
transferee along with the Bond or Bonds .
If the District determines to have restrictions on, purchase or
transfer of the Bonds, such restrictions may be eliminated after
the Bonds receive certain ratings from rating agencies . Such
restrictions and the elimination Of such restrictions, if any,
shall be in the final form of the- Registrar/Paying Agent Contract
and the Bonds.
RESOLUTION NO. 2024-011 SVCFD NO. I
PAGE 12, OF 19
The Registrar shall authenticate Bonds for original issue up to
$120, 00( in aggregate principal amount upon the written request of
the District Treasurer. The aggregate principal amount of Bonds
OUt3tanding at any time may not exceed that amount except for
replacement Bonds as to which the requirements of the Registrar
and the District are met ,
SECTION XV PAYMENT OF INDEBTEDNESS; SATISFACTION AND DISC'HARCj
OF RESOLUTION
WHENEVER:
A. ail Bonds theretofore authenticated and delivered have
been canceled by the Registrcar or delivered to the Registrar for
cancellation, excluding, however:
W Bonds for the payment of which money has
theretofore been deposited in trust with the Paying Agent as
provided in Section XIV;
(ii) Bonds alleged to have been destroyed, lost, or
stolen which have been replaced or paid as provided in Section VII ,
except for any such Bond which, prior to the satisfaction and
discharge of this resolution, has been presented to the Registrar
with a claim of ownership and enforceability by the Owner thereof
and where enforceability has riot been determined adverse-Ly against
such Owner by a court of competent jurisdiction;
( iii) Bonds, other than those referred to in tlie
foregoing clauses, for the payment or redemption (under
arrangements satisfactory to the Registrar for the giving of notice
of redemption by the Registrar in the narne and at the expense of
the District) of which the District has deposited or caused to be
deposited with the Paying Agent in trust for such purpose an amount
(to be irTmed.i.ately available for payment, except in the case of
Bonds excepted from the foregoing clause (it_) prior to the time
the ownership and enf orceabi-I-ity of, such Bonds has been
established) sufficient to pay and discharge the entire
indebtedness on the Bonds for principal (arid premium, if any) and
interest to the date of maturity thereof; and
(iv) Bonds deeME�d 1'10 longer outstanding as a result
of the deposit or escrow of money or Governmental Obligations or
both as described in Section XVI; and
RESOLUTION NO. 2024-01.1 SVCF'D NO. I
PAGE 12 OF 19
B. the District has paid or caused to be paid all, other
sums payable hereunder by the District, then this resolution and
the lien, rights, and interests created hereby shall cease,
determine, and become null and void (except as to any surviving
rights of transfer or exchange of Bonds herein or therein provided
for) , and the Paying Agent and each co-paying agent and separate
paying agent, if any, then acting as such shall pay, assign,
transfer, and deliver to the District all cash, securities, and
other personal property then held by it .
Notwithstanding the satisfaction and discharge of this resolution,
the obligations of the District to pay the Registrar and the Paying
Agent reasonable compensation for its services rendered under the
Registrar/Paying Agent Contract shall survive.
For purposes of this section, "Governmental Obligations,` means
( 1) direct obligations of, or obligations the timely payment of
principal of is fully and unconditionally guaranteed by, the United
States of America or (2) obligations described in Section 1.03 (a)
of the Internal Revenue Code of 1986, as amended (the "Code") ,
provision for the payment of the principal of and premium, if any,
and interest on which shall have been made by the irrevocable
deposit with a bank or trust" company acting as a trustee or escrow
agent for holders of such obligations of securities described in
clause (1) the maturing principal of and interest on which, when
due and payable, will provide sufficient moneys to pay when due
the principal, of and premium, if any, and interest on such
obligations, and which securities described in clause (1 ) are not
available to satisfy any other claim, including any claim of the
Paying Agent or escrow agent, or any claim of one to whom the
Paying Agent or escrow agent may be obligated which, at the time
of deposit pursuant. to Section XVI, have been assigned ratings in
the highest rating categories of S&P Global Ratings, a division of
Standard and Poor' s Financial Services LLC ("S&P") and Moody' s
Investors Service, Inc. ("Mood'y's") , but in the case of both clause
(1 ) and clause (2) of this paragraph, for purposes of Section XVI,
only if such obligations are non-callable prior to the maturity of
the Bonds or (3) REFCORP STRIPS, which are defined as obligations,
representing interest on obligat,ions of the Resolution Funding
Corporation, the payment of such interest, if other revenues are
insufficient, is required to be paid froin the United States
,rreasury, which interest obligations are stripped by the Federal
Reserve Bank of New York, Governmental Obligations also includes
for purposes other than Section XVI, a "no load, " open-end
management investment company or trust (mutual fund) , registered
with the federal Securities and Exchange Coast ission ("SEC") ,
RESOLUTION NO. 2024-011, SVCFD NO. 1
PAGE 13 OF 19
meeting the requirements of Ruie 2a-'7 under the Investment Company
Act of 1940, and which money market fund invests in short term
United States Treasury obl,ig,,it ions, agencies guaranteed by the
United States, and repurchase agreements secured by the same and
which money market fund has a rating by S&P of AAAm-G; AAArrt; or
AAm or better and a rating by Moody' s of "VMIG-l" or, better.
SECTION XVI DEFEASANCE
Any Bond shall. be deemed to be paid, defeased and no longer
outstanding and shall have no claim on ad valorem taxes levied on
taxable property in the District when payment of the principal, of
such Bond, plus interest thereon to the maturity thereof (whether
such maturity be by reason of the stated maturity thereof or call
for redemption, if notice of such call has been given or waived or
irrevocable arrangements therefor satisfactory to the Paying Agent
or an escrow trustee have been made) shall have been provided >for
Lay depositing for such payment from funds of the District under
the terms provided in this Section (1) one sufficient to as
such payment or (2) money and Governmental Obligations certified
by an independent accountant of national reputation to mature as
to principal and interest in such amounts and at such times as
shall, without further investment or reinvestment of either, the
principal amount thereof or the interest earnings therefrom be
sufficient to make such payment, provided that all necessary and
proper fees, compensation, and expenses of the Paying Agent or an
escrow trustee pertaining to the Bonds with respect to which such
deposit is made shall have been paid or the payment thereof
provided for to the sat isfac,,tion of the Paying Agent or an escrow
trustee . Any such deposit shall be made either with the Paying
Agent or an escrow trustee or, if notice of such deposit is given
to the Paying Agent or an escrow trustee, with a state or
nationaliy-chartered bank with a minimum combined capitai and
surplus of $50, 000, egg, as escrow agent, with irrevocable
instructions to transfer the arnounts so deposited and investment
income therefrom to the Paying Agent or an escrow trustee in the
amounts and at the times required to pay principal of and interest
on the Bonds with respect to which such deposit is made at the
inaturity thereof and of such interest or the stated maturity, as
the case may be. In the event such deposit is made with respect
to some but not all of the Bonds then outstanding, the outstanding
Bonds shall be selected in the same manner as provided in
Section XIV for the selection of Bonds to be redeemed.
Notwithstanding anything herein to the contrary however, no such
deposit shall have the effect hereinabove described (1 ) if made
RESOLUTION NO. 2024-011 SVCFD NO. 1
PAGE 14 OF 19
during the existence of default hereunder of which the Payin( Agent
or an escrow trustee has received written notice unless made with
respect to all of the Bonds then outstanding and (2) unless there
shall be delivered to Lhe Paying Agent or an escrow trLIStee an
opinion of a firm of attorneys of national reputation, acceptable
to the District and experienced in the field of municipal bonds
whose opinions are generally accepted by purchasers of municipal
bonds to the effect that such deposit shall not adversely affect
any exemption from federal income taxation of interest on any and
(provided, however, that the District intends to issue the Bonds
on a taxable basis and therefore such opinion may not be required) .
Any money and Governmental Obligations deposited with the Paying
Agent or an escrow trustee for such purpose shall be held by the
Paying Agent or an escrow tri-istee in a segregated account in trust
for the Owners of the Bonds with respect to which such deposit is
made and together with any investment income therefrom, shall be
disbursed solely to pay the principal of and interest on the Bonds
when due. No money or Governmental Obligations so deposited
pursuant to this Section shall be invested or reirivested unless in
Governmentai Obligations and unless such money not invested, such
Governmental Obligations not reinvested, and such new investments
are together certified by an independent accountant of national
reputation to be of such amounts, maturities, and interest payment
dates and to bear such interest, as will, without further investment
or reinvestment of either the principal amount thereof or the
interest earnings therefrom, be sufficient to make such payment.
At such times as a Bond shall be deemed to be paid hereunder, as
aforesaid, it shall no longer be secured by or entitled to the
benefits of this resolution, except for purposes of any such
payment froin such money or Governmental Obligations.
SECTION XVII APPLICATIO14 OF DEPOSITED MONEY
Money or Governmental Obligations deposited with the Paying Agent
or an escrow trustee pursuant to Section XVI shall constitute a
separate trust fund for the benefit of the persons entitled
thereto. Such money or Governmental Ohl'Lgations shall be applied
by the Paying Agent or an escrow trustee to the payment to the
Owners entitled thereto of the principal and premium, if any arid
interest for the payment, of which such inoney has been deposited
with the Paying Agent or an escrow trustee.
SECTION XVIII OTHER ACTIONS NECESSARY
The Chairman or any other member of the District Board in the
event the Chairman is absent or unable to timely take the desired
RESOLUTION NO. 2024-011 SVCFD NO. 1
PAGE 15 OF 19
action) , the District Manager, the District Treasurerf the
District Clerk and the officers of the District shall take all
action necessary or reasonably required to carry out, give effect
to and consurnmate the transactions contemplated by the Bond
Documents, including but without limitation, the execution and
delivery of the closing arid other documents required to be
delivered in connection with the sale and delivery of the Bonds.
SECTION XI TAX LEVY
A. For each year while any Bond is outstanding, the District
Board shall- annually levy and thereafter forward to Pinal County,
Arizona (the "Count_y"') , for collection an ad valorem tax, at the
same time and in the same manner as other taxes are levied and
collected on all taxable property in the District, sufficient,
together, with any moneys from any sources authorized in the
Enabling Act and provided for, under the Bond Documents, to pay
Debt Service when due.
B Moneys derived from the levy of the tax provided fo.r- in
this Section when collected and allocated to the Bonds constitute
funds to pay Debt Service and shall be deposited in the Bond Fund
for the Bonds and shall be kept separately from other funds of the
District.
C. The District Board shall make annual statements and
estimates of the amount to be raised to pay Debt Service on the
Bonds and such other costs of the District as are permitted under
"public infrastructure purposes" as provided in the Enabling Act .
The District Board shall file the annual statements and estimates
with the Clerk of the City arid shall publish a notice of the filing
of the estimate. The District Board, on or before the date set by
law for certifying the annual budget of the District, shall fix,
levy and assess the amounts to be raised by ad valorem taxes of
the District and shall cause certified copies of the order, to be
delivered to the County Board of Supervisors and to the Department
of Revenue of the State of Arizona (the "State,") . All statutes
relating to the levy and collection of State and County 'taxes,
including the collection of delinquent taxes and sale of property
for nonpayment of taxes, apply to the taxes provided for by this
Section .
SECTION XX NO OBLIGATION OF CITY
Neither the full faith and credit nor the general taxing power of
the City, the State, or any political subdivision thereof (other
RESOLUTION NO, 2024-011 SVCFD NO. 1
PAGE 16 OF 19
than the District) is pledged to the payment of the Bonds . The
Bonds will be obligations of the District only. None of the City,
the State, or any political, subdivision thereof (other than the
District) will have any obligation with respect to Debt Service
for the Bonds.
SECTION XXI RATIFICA,rION OF ACTIONS
All actions of the officers and agents of the District which
conform to the purposes and intent hereof and which further the
issuance and sale of the Bonds as contemplated hereby whether
heretofore or hereafter taken shall be and are hereby ratified,
confirmed and approved. The proper officers and agents of the
District are hereby authorized and directed to (do all such acts
and things and to execute and deliver all such documents on behalf
of the District as may bfe- necessary to carry out the terms and
intent of this resolution.
SECTION XXII RESERVED
SECTION XXIII RESERVED
SECTION XXIV RESOLUTION A CONTRACT
This resolution shall constitute a contract between the District
and the registered Owners of the Bonds and shall not be repealed
or amended in any manner which would impair, impede Or IaSsen the
rights of the registered Owners of the Bonds then outstanding .
SECTION XXV SEVERABILITY AND WAIVER
If any section, paragraph, c1duse or provision of this resolution
shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability of such section, paragraph, clause
or provision shall not affect any of the remaining provisions of
this resolution. The District Board hereby declares that it would
have adopted this resolution and each and every other section,
paragraph, subdivision, sentence, clause or phrase hereof and
authorized the sale, issuance and delivery of the Bonds pursuant
hereto irrespective of the fact that any one or more sections,
paragraphs, subdivisions, sentences, clauses or phrases of this
resolution may be held illegal, invalid or unenforceable. All
ordinances, resolutions or parts thereof inconsistent herewith are
hereby waived to the extent only of such inconsistency, This
waiver shall not be construed as reviving any ordinance or
resolution or any part thereof.
RESOLUTION NO. 2024-011, SVCFD NO. 1
PAGE 17 OF 19
SECTION XXVI CANCELLATION OF AGREEMENT
As applicable, the District hereby gives notice 1-10 the Registrar,
the Paying Agent arid the Purchaser that A.R. S. § 38-511, as
amended, provides that, within three (3) year: after execution of
any agreement, the District may cancel such agreement. without
penalty or further obligation if any person significantly ir�lvolved
in initiating, negotiating, securing, drafting or creating the
agreement on behalf of the District or any of its departments or
agencies is at any time while the aqreecent or any extension of
the agreement is in effect an employee or agent of the Registrar,
the Paying Agent or the Purchaser in any capaci tv or a consuitant
to the Registrar, the Paying Agent or the Purchaser with respect
to the subject matter of the agreement.
SEC,rION XXVII EFFECTIVE DATE
This resolution shall be effective inunediately.
RESOLUTION NO. 2024-011 SVCFD NO. I
PAGE 18 OF' 19
PASSED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE
SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 1, THIS
DAY OF NOVEMBER, 2024 .
SIGNED AND ATTESTED TO THIS DAY OF NOVEMBER, 2024 .
WALTER "CHIP"' WILSON
Chairman, Board of Directors
ATTEST:
JENNIFER PENA
District Clerk
APPROVED AS TO FORM:
RICHARD JOEL STERN
District Counsel
RESOLUTION NO. 2024-011 SVCFD NO. 1
PAGE 1.9 OF 19
EXHIBXT A
DESCRIPTION OF PROJECT
The Bonds will finance the acquisition of all or a portion of
the Project consisting of public infrastructure and public
infrastructure purposes (as such terms are defined in the Act)
described in the Report, including particularly the acquisition by
the District of the following:
DESCRIPTION ESTIMATED COST CCHPLETION]
Radiance Avenue, The work includes April 2024
approximately 2, 300 lineal feet Within
Mase 1A and approximately 4,200 lineal feet
within Phase 1B including eighty-three feet
{839 of right-of-way street improvaments
with four and one-half inc lac;s of
asphaltic concrete over zui aspialt base
course subgrade of eight inches (8") . anc!
vertical curb, storm drairy storm drain
manholes, catch basins, water fWs
hydrants, water valves, non-potable watez,
6' detached concrete sidewalks, concrete
ramps, pavement, pavement striping,
traffic, dry utilities, street lighting,
and landscaping.
Phase 1A (SVR W003, TR003, LS003) $2,201, 330
Phase 1B (SVR NP001, TRO03B, 1.,S003B) 4, 192, 822
TOTAL: $6,394,152
Completion represents thf,, date by wKWh the Developer expe(ned d" public
infrastructure to be constructed, which may differ from the date that it was
or is accepted by the City or of governmental entities, as applicable.
RESOLUTION NO. 2024-011 Sty CFD NO. 1
EXHIBIT A
EXHIBIT B
NOTICE OF PUBLIC HEARING
TO THE GENERAL PUBLIC AND THE E OF THE BOARD OF DIRECTORS OF
THE SUPERSTITION VISTASITS FACILITIES DISTRICT NO.
DYKE IS HEREBY GIVEN that the Board of Directors o
the Superstition Vistas Community Facilities District No. 1 will
meet can November 19, 2024, at, 6: 00 p.m. , in the City Council
Chambers, City of Apache Junction, 300 East Superstition
Boulevard, Apache nct ionArizona 51- , to conduct a public
hearing can, and to consider and review a feasibility report
relative to, a proposed project to be financed by the issuance of
general obligation bends of the District. A copy of t-he
feasibility epor"t. may be reviewed at the office of the Cite Clerk
300 East Superstition Boulevard, Apache Junction, Arizona 85119.,
Publish oric<e in the Arizona Business Gazette no later than
2024.
EXHIBIT B
EXHIBIT C
[INSERT TRANSFER RESTRICTIONS, INCLUDING THAT BONDS ARE NOT
WITHOUTSUBJECT TO TRANSFER ITT CONSENT OF THE
UNITED STATES t AM R CA
STATE OF AR f ONA
SUPERSTITION VISTAS CObQ4UNITY FACILITIES DISTRICT NO.1
GENERAL OBLIGATION BOND
TAXABLE SERIES 2024
Interest Maturity Original Date
Rate Date Date
July 15, 2024
L J i 2 )REGISTERED OWNER:
PRINCIPAL AMOUNT:4 AND /1.t 0
Superstition Vistas Community Facilities District No. 1
(the "District") , a community facilities d:i s trice l c rrrried by the
City of Apache Junction, Arizona, area duly organized and validly
existing,ing, ur uant to the laws of the State of Arizona, for oral rre
received, hereby promises to pay or cause the Raying Agent to pay
to the "Registered Owner" spec. f l ei. above or registered assigns
(the "Owner") on the " Maturity Date" specified above un'le
earlier redeemed as provided herein the "Principal Amount"'
specified above and to pray interest (calculated on the basis of
3 0-da y year of twelve 3 -gay months) on the unpaid portion thereof
from the "'Original Dated Date" specified abve, or from the most
recent "'Interest Payment Date"> )ors defined herein) to which
interest has been paid or., duly provided for, until such Px.incipal
Amount is paid or the payment thereof is duly provided for r t t.-)
in advance of the Maturity Date, semiannuaiiy oneach January 1.5
and July 15 commencing [,July) 15, 2 g f (each an "Interest Payment
Rate"') , at the per tannum "Interest Rate" specified above.
Principal, interest rand any arem urrr are payable in lawful money of
the Uniterd States of America
EXHIBIT`
PAGE 1. OF 7
Initially the I'')istrict shall. serve as the Registrar, and
the Paying Agent; provided, however, that the District may select
a different Registrar or Paying Agent at any time without notice
to, or consent of, the Owner.
The "Record Date" for this bonc-1 will be the close of
business on the last day of the calendar month (other than a
Saturday, a Sunday, or a legal holiday or equivalent (other than
a moratorium) for banking institutioms generally in the place of
payment or in the city wh(.-,are the principal corporate trust, office
of the Registrar is located to "business day") ) in the month
preceding the applicable Interest Payment Date, or if such day iS
riot a business day, the previous business day.
If the specified date for any such payment shall be a
Saturday, at Sunday, or a legal holiday or equivalent (other than
a moratorium) for banking institutions generally in the place of
payment or, in the city where the designated corporate trust office
of the Paying Agent is located then such payment may be made on
the next succeeding day which is not one of the foregoing days
without additional interest and with the same force and effect. as
if made on the specified date for such payment, except that in
event of a moratorium for banking institutions generally at the
place of payment or in the city where the principal corporate trust
office of the Paying Agent is located, such payment may be made on
such next succeeding day except that the Bonds on which such
payment is due shall cc.,)ntinue to accruie interest until such payinent
is made or duly provided for,
]"his Bond is one of an Issue of bonds of the District
duly authorized to be issu�:�d by a resolution of the District' s
Board of Directors adopted on November If 2024 (the "Bond
Resolution") , and having the designation specified therein ithe
"Bonds") , issued and to be issued in one series under, and all
equally and ratably secured, with the limitations described
herein, by the and Resolution, to which Bond Resolution reference
is hereby made for a description of the amounts thereby pledged
and assigned, the nature and extent of the lien and security, the
respective rights thereunder of the Owners of the Bonds, the Pay,ing
Agent, and the District, and the terms upon which the Bonds are,
and are to be, authenticated and delivered and by this reference
to the terms of which each Owner of this Bond hereby consents.
The Bonds are issued for the purposes described in the Brand,
Resolution and in strict conforinity with Title 48, Chapter, 4,
Article 6, Arizona Revised Statutes, as amended (the "Enabling
Act") ,
RESOLUTION NO. 2024-011 SVCFD NO. I
EXHIBrr c
PAGE 2 OF 7
The Bonds are payable, equally and ratably with such
other obligations of th(,,a Dist.rict payable from such sources as may
be outstanding from time to time and to the extent provided, in the
Bond Resolution, from the proceeds of an ad valorem to urilimited
as to rate or amount, to be levied and collected at the same time
and in the same manner as other taxes are levied and collected on
all taxable property within the boundaries of the District
sufficient together with any other, moneys from sources available
pursuant to the Enabling Act to pay Debt Service (as defined in
the Enabling Act) on the Bonds when (due.
Notwithstanding any provisions hereof or of the Bond
Resolution, however, the obligation of the District to make money
available to pay this Bond may be defeased by the deposit of money
and/or certain direct or indirect Governmental Obligatioris
sufficient for such purpose as des(:ribed in the Bond Resolution,
The Bonds are issuable as ally registeredbonds only in
the denominations of $5, 000 of' principal each and integral
multiples of $5, 000 in excess thereof .
Optional Redemption. The Bonds are not", subject to
maturity prior to their stated maturity dates .
Mandatory Redemption. The Bonds are riot. subject to
mandatory redemption prior to their stated maturity dates.
The Owner of this Bond has no right to =enfcorce the
provisions of the Bond Resolution, or to institute action to
enforce the pledge, assiqriment or covenants made therein or to
take any action with respect to an event of default described in
the Bond Resolution or to institute, appear in, or defend any suit,
action or other proceeding at law or in equity with respect
thereto, except as provided in the Bond Resolution.
The liability of the District and obligations of the
District pursuant. to the Bond ReSOlUtfor with respect to all or
an o y portion f tlie Bonds may be discharged at or prior to the
maturity or redemption of the Bonds upon the making of provisiorr
for the payment thereof on the terms anid conditions set forth in
the Bond Resolution.
No covenant or agreement contained in the Bonds or .-L'.n
the Bond Resolution shall be deemed to be the covenant or act ref,,TI(-nt
of any elected or appointed offi(�,ial, officer, agent, servant- or
employee of the District in his or her individual capacity or, of
any officer, director, agent, servant or, employee of the Paying
RESOLUTION NO. 2024-021 SVCFD NO. 1,
EXHIBIT C
PAGE 3 OF 'I
Agent or Owner in his or her individual capacity, and neither, the
members of the governing body of the District nor, any official
executing the Bonds, including any officer or employee of the
Paying Agent, shall be liable personally on the Bonds or be subject
to any personal liability or accouritability by reason of the
issuance thereof.
Terms used, but not defined, herein have the meanings
set forth in the Bond Resoiution. Copies of the Bond Resolution
are on file at the designated office of the Paying Agent, and
reference is made to those instruments for the provisions relating,
among other things, to the terms and source of payment and security
for the Bonds, the limited liability of the District, the custody
and application of the proceeds of the Bonds, the rights and
remedies of the Owners of the Bonds, amendments, and the rights,
duties and obligations of the District and the Paying Agent, to
all of which the Owner, hereof, by acceptance of this Bond, assents.
The District, the Paying Agent, and any agent of' either
of them may treat the person in whose name this Bond is registered
as the owner hereof for the purpose of receivi-ng payment as herein
provided and for all other purposes, whether or riot this Bond be
overdue, and none of the District, the Paying Agent, and any such.
agent shall be affected by notice to the contrary.
NOTHING CONTAINED IN THE BOND RESOLUTION, THE BOND
DOCUMENTS OR ANY OTHER INSTRUMENT SHALL BE CONSTRUED AS OBLIGATING
THE CT TY OF APACHE JUNCTION, ARIZONA, OR T14E STATE OF ARIZONA OR
ANY POLITICAL SUBDIVISION OF EITHER (OTHER THAN THE DISTRICT) OR
AS INCURRING A CHARGE UPON THE GENERAL CREDIT OF THE CITY OR THE
STATE NOR SHALL THE BREACH OF ANY AGREEMENT CONTAINED IN THE BOND
RESOLUTION, THE BOND DOCUMEN,rs OR ANY OTHER INSTRUMENT OR DOCUMENTS
EXECUTED IN CONNECTION THEREWITH IMPOSE: ANY CHARGE UPON THE GENERAL
CREDIT OF THE CITY OR THE STATE.
Unless the Certificate of Authentication hereon has been
executed by the Registrar, by manual signature, thi3 Bond shall,
not be entitled to any benefit under the Bond Resolution or be
valid or obligatory for any purpose.
It is hereby certified, covenanted, and represented that
all acts, conditions and things required to be performed, exist,
and be done precedent to or in the issuance of this Bond in order
to render the same a legal, valid, and biriding general obligation
of the District have been performed, exist and have been done, in
regular and due time, form, and manner, as required by law, and
that issuance of the Bonds does not exceed any constitutional or
RESOLU,riON NO. 2024-011 SVCFD NO. 1
EXHIBIT C
PAGE 4 OF 7
statutory limitation. In case any pr°ovision in this Bond or any
application thereof shall. be invalid, illegal, or unenforceable,
the validity, legality, arid enforceability of the remaining
provisions and applications shall not in any way be affected or
impaired thereby. This Boriel shall be construed in accordance with
and governed by the laws of the State of Arizona and the federal
laws of the United States of America.
IN WITNESS WHEREOF, the District has caused this Bond to
be duly executed by the Chairman of its Board of DirectorS dod
attested by its District Clerk, which signatures may be manual. or
by facsimile signatures.
SUPERSTITION VISTAS COMMUNITY
f,,'1ACILI'rIES DISTRIcr NO. I
By:
Chairman, Board of
Directors
ATI'EST:
Dated: 2024
RESOLUTION NO. 2024-011 SVCF'D NO. 1
EXHIBIT C
PAGE 5 OF 7
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Superstition Vistas CCoInmmuni ty
Facilities District No. l General Obligation Bonds, Taxable Series 2024,
described in the Band Re30lUtion mentioned herein
Superstition Vistas Conmunity
Facilities District No. 1, as
Registrar
y
District Treasurer
Date: , 2024.,
The following abbreviations, when used in the inscription on the face
of the within bind, shall be construed as though they were written out
in full according to applicable laws or regulations:
E'EN COM _- as tenants in common C.fNIFGIFT/TRANS MIN ACT
TEN ENT `- as tenants
fay the entiretiaas. ,,,,raa (C usi:, ...._.
f`I" ,rEN - Paz; joint. tenants with right, of Custodian fox (Minor)
survivorship and not as tenants in cores ors
tftaeteaa• tlnzicattr C,aftslt`x<ansfaax , to liaaa>rs ?°cP, �nl:
Additional onal bbr viations may also be used though not in the above list.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto (Print or typewrite name, address, and sip code of
transferee: )
(Print or typewrite Social. Security or other identifying number
of
transferee. the within Bond and all rights thereunder, and;
hereby irrevocably constitutes and. appoints '(Print°, or typewrite name of
attorney) _� attorney, to transfer the within Bond on the
barks kept for registration thereof, with full power of substitution in
the premises.
EXHIBIT y
PAGE 6 OF 7
DATED
--.. _.:
Signature guarantee e should be made by a NOTICE., the si,gt ature(s) on this assignment must
guarantor Institution participating in the f..,'srrr-spond with the: name(s) of the Registo ed rYcsner(sl
Securities Transfer: items Medallion Z>sr,.gram appearing on the face of the within ton,,t i,n every
or in such other guarantee pro m 3ak`t.alatah'lea paxt.iesu}.ar,
to the Registrar,
ALL FEES AND TRANSFER COSTS SHA.LL BE PAID BY THE TRANSFEROR
EXHIBIT
AGE 7 OF 7
SUPERSTITION VISTAS FD NO 1 .
ROLL CALL
DATE: - 2 � TIME; 1 'W)
YES EXCUSED NO
CHAIRPERSON WILSON t
VICE CHAIRPERSON SCHROEDER
BOARDMEMBER CROSS
BOARDMEMBER HECK
BOARDMEMBER OH ISON
BOARDMEMBER NESSER
BOARDMEMBER SOLLER
District Manager Bryant Powell
Assistant District Manager Matt Busby
Deputy District Clerk Evie McKinney "°
District Attorney Joel Stern
District Director Mike Leggins ,r
District Controller Connie Chow
District Administrative Assistant Rita Vineyard t
District Billing Supervisor Stacey Ramirez
District Treasurer Angelie Hawley
Utility Director Ted Wolff
District Project Manager Charles Brigs
District Comm/Mrtg.Director Kayla Fulmer
S.\Templates&Forims\Roll Call SVCFD NO 1 and 2-Attendance.doc
VOTE - ROLL CAFE.
NOTES t '
ITEM # MEETING OF
MOTION BY: SECONDED BY
YES NO ABSTAINED
BOARD MEMBERS:
BOARDMEMBER SOLLER
VICE CHAIRPERSON
SCHROEDER
BOARDMEMBER NESSER
BOARDMEMBER CROSS
BOARDMEMBER HECK
BOARDMEMBER JOHNSON
CHAIRPERSON WILSON
TOTAL
UNANIMOUS IN FAVOR OPPOSED ABSTAINED
TOTAL
Vote sheet
s\templates&formslvote call-svcfd no s.docx
SUPERSTION VISTAS CFD NO 1.
VOTE - ROLL CALL
NOTES:
,2,9
12
ITEM # MEETING OF
MOTION BY: SECONDED BY:
YES NO ABSTAINED
BOARD MEMBERS:
BOARDMEMBER NESSER
BOARDMEMBER JOHNSON
BOARDMEMBER CROSS
BOARDMEMBER
BOARDMEMBER SOLLER
VICE CHAIRPERSON SCHROEDER
CHAIRPERSON WILSON
TOTAL
UNANIMOUS IN FAVOR OPPOSED ABSTAINED
TOTAL
Vote sheet 2
s:\templates&forms\vote call-svcfd no i.docx
CITY OF APACHE JUNCTION
SUPERSTITION VISTAS
zo
COMMUNITY FACILITIES DISTRICT NO. 1
Tuesday, November 19, 2024
A. CALL TO ORDER
I would like to call the Superstition Vistas Community Facilities District No. 1 Meeting of
November 19, 2024, to order and ask everyone to put their cell phones on silent.
B. ROLL CALL
C. AGENDA
1. Consideration of approval of the minutes of the special meeting of September 17,
2024.
Do I have a motion? wait for the motion and the 2nd.
Roll Call
2. PUBLIC HEARING on the feasibility report for Superstition Vistas Community Facilities
District No. 1 Call on Zach Sakas, CFI Counsel
I will now open the public hearing.
public core speak for 5 miry.
Would anyone like to speak on these items?
Any discussion among the Board?
I will now close the public hearing. There is no motion on this item.
3. Presentation, discussion and consideration of Resolution No. 2024-011 S V C F D No. 2
Call on Zah
Any discussion among the board? Board can discuss.
Do I have a motion? Wait for the motion and second.
Roll Call
D. DISTRICT MANAGER REPORT—(none)
E. DISTRICT DIRECTOR REPORT- (none)
F.-DISTRICT TREASURER REPORT—(none)
G. ADJOURNMENT
Meeting Adjourned.
11/19/2024 MOTIONS
ITEM NO. 1 APPROVAL OF MINUTES
1 MOVE THAT the minutes of the September 17, 2024, Special Meeting BE:
(APPROVED) or(DENIED).
ITEM NO. 3 - PUBLIC HEARING
I MOVE THAT RESOLUTION No. 024-011 SVCFD No. 1 a RESOLUTION of
the district heard of Superstition Vistas Community Facilities District No. 1
approving the prier notice of a public hearing with respect to a feasibility report
relating to the acquisition and financing of certain improvements benefiting
Superstition Vistas Community Facilities District No. 1; approving the feasibility
report, authorizing the issuance of the District's General Obligation Bonds;
Taxable Series 2024; prescribing the terms of such bonds; delegating the
determination of certain terms to the Chairman, District Manager and District
Treasurer; levying an ad valorem tax on taxable property within the District; and
authorizing the taking of other actions securing the payment of and relating to
the bonds BE '(APPROVED)/or(DENIED).