HomeMy WebLinkAbout2024 11.19 SVCDF 2 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. 2
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- 22 Approval of minutes of special meeting of October 15, 2024.
Attachments: SVCFD2MIN 2024 10 15 MINUTES DRAFT
2. 24-923 Conduct a public hearing on the feasibility report for a proposed project
to be financed by the issuance of general obligations bonds of
Superstition Vistas Community Facilities District No.2.
Attachments: Final Feasibilit Re ort SVCFD No.2 GO 2024
3. 24-924 Presentation, discussion, and consideration of Resolution No.
2024-008 SVCFD No. 2, a resolution of the district board of
Superstition Vistas Community Facilities District No. 2 approving the
prior notice of a public hearing with respect to a feasibility report
relating to the acquisition and financing of certain improvements
benefitting Superstition Vistas Community Facilities District No. 2;
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. 2024-008-SVCFD NO. 2
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.2
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: 24-922
Sponsor: Agenda Date: 11/19/2024
Index: In Control: Superstition Vistas Community Facilit
Approval of minutes of special meeting of October 15, 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
Special Meeting Minutes 85119
Superstition Vistas Communityapachejunctionaz.gov
p Ph:(480)982-8002
Facilities District No. 2
Doors are open to the public at least 15 minutes prior to the
posted meeting start time.
Tuesday,October 15,2024 6:30 PM City Council Chambers
A. Call to Order
Chair Wilson called the meeting to order at 6:30 p.m.
B. Roll Call
Present 7- Chairperson Wilson, Boardmember Schroeder, Boardmember Heck,
Boardmember Johnson, Boardmember Nesser, Boardmember Soller, and
Boardmember Cross
Staff in attendance:
Bryant Powell, District Manager
Evie McKinney, District Deputy Clerk
Angelie Hawley, District Treasurer
Connie Chow, District Controller
Mike Loggins, District Director
Rita Vineyard, District Administrative Assistant
Stacey Ramirez, District Billing Supervisor
Charles Briggs, District Project Manager
Kayla Fulmer, District Communications/Marketing Director
C. Agenda Items
1. 24-877 Approval of minutes of the Superstition Community Facilities District No. 2
special meeting of June 18, 2024.
Chair Wilson called for a motion. Boardmember Schroeder moved,seconded by Boardmember
Nesser that the minutes of the June 18,2024,special meeting be approved.
Yes: 7- Chairperson Wilson, Boardmember Schroeder, Boardmember Heck,
Boardmember Johnson, Boardmember Nesser, Boardmember Soller and
Boardmember Cross
No: 0
2. 24-878 Discussion and consideration of Resolution No. 2024-007, approving a
corrected legal description of district boundaries in Superstition Vistas
Community Facilities District No. 2, as set forth in an amended
intergovernmental and development agreement.
Chair Wilson called for a motion. Boardmember Heck moved,seconded by Boardmember Soller
that Resolution No.2024-007 SVCFD No.2 be approved.
City of Apache Junction,Arizona Pagel
Superstition Vistas Community Special Meeting Minutes October 15,2024
Facilities District No.2
Yes: 7- Chairperson Wilson, Boardmember Schroeder, Boardmember Heck,
Boardmember Johnson, Boardmember Nesser, Boardmember Soller and
Boardmember Cross
No: 0
Zach Sakas, Esq. of Greenberg Traurig, LLP, outside council for the Superstition Vistas
Community Facilities District No. 2 presented the background for Resolution No. 2024-007.
D. Public Hearing
E. District Manager Report
F. District Director Report - Presentation and discussion of the following items:
G. District Treasurer Report - Presentation and discussion
H. Adjournment
Chair Wilson adjourned the meeting at 6:38 p.m.
ACCEPTED THIS DAY OF 2024, BY THE CHAIR PERSON AND
DISTRICT BOARD OF THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO.
2 (CITY OF APACHE JUNCTION, ARIZONA).
SIGNED AND ATTESTED TO THIS DAY OF 2024.
WALTER"CHIP"WILSON
Chairperson
ATTEST:
JENNIFER PENA
District Clerk
City of Apache Junction,Arizona Page 2
City of Apache Junction, Arizona 300 E Superstition
Boulevard
Agenda Item Cover Sheet Apache Junction,AZ
85119
Agenda Item No.2.
File ID: 24-923
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 obligations bonds of Superstition Vistas Community Facilities District No.2.
City of Apache Junction,Arizona Pagel Printed on 1111412024
FEASIBILITY REPORT
For The Issuance of
Not to Exceed
$35,000* Principal Amount
OF
SUPERSTITION VISTAS
COMMUNITY FACILITIES
DISTRICT NO. 2
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. 2 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. 2 (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 $35,000%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 ("D.R. Horton"), the City Council of the City of Apache Junction, Arizona (the
"City"), adopted a resolution on October 5, 2021, which formed the District. Pursuant to the Purchase
Agreement and Partial Assignment and Delegation of Rights Under Participation Contract,dated March 1.4,
2022 (the `Brookfield Purchase Agreement"), by and between D.R. Horton and Brookfield Homes
Holdings LLC, a California limited liability company (`Brookfield Homes"), D.R. Horton agreed to sell
and Brookfield Homes agreed to purchase the real property within the boundaries of the District.Brookfield
Homes subsequently assigned to Brookfield ASLD 8500 LLC, a Delaware limited liability company (the
"Developer"), all of Brookfield Homes' right, title and interest to acquire and develop the real property
within the boundaries of the District pursuant to the Brookfield Purchase Agreement.
The real property within the District boundaries consists of approximately 1,312 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 terms of the Certificate of
Purchase 53-120190 executed November 12, 2020, as thereafter amended (the "Certificate of Purchase").
Pursuant to the Brookfield Purchase Agreement the Developer is now developing the mixed use, master
planned community known as Blossom Rock on approximately 1,312 acres (the"Project"). The Project is
located east of Ironwood Drive, west of South Dutchman Drive, south of Radiance Avenue and north of
Ray Road.Construction of the Project commenced in November 2021,and the first home closings occurred
Preliminary subject to change.
ONE- 1
in May 2024. As of November 1, 2024, approximately 132 single family residential units have been sold
within the District.
Single family residential units represent approximately 1,170 acres within the Project.Non-residential
development comprises approximately 142 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 1,170
Non-Residential(a) 142
Total 1,312
(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 Paid by Eligible for Funding
Estimated Engineer's Prior from Bonds and Completion
Acquisition Project Description Cost Cost Bonds(a)* Future Bonds(a)* Date(b)*
1. Blossom Rock Trail —
SVJOC-001.04W; $ 502,159 $ 502,159 $ 0 $502,159 January 2024
SVJOC-001.04R 1,710,623 1,710,623 1,440,835 269,788
Total $2,212,782 $2,212,782 $1,440,835 $771,947
(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 construction of approximately 3,639 linear feet of full street
surface improvements, including curb and detached sidewalk. The street improvements include two lanes
in each direction and tying into existing Ray Avenue to the South and extending to the North. These
improvements include 12-inch potable water and 8-inch water stubs, various sizes of storm drain, concrete
curb and gutter, sidewalk, paving, striping, signage, streetlights and street sleeves. All improvements are
shown on the plans sealed by Wood, Patel and Associates, on December 29, 2022, and approved by the
City, which may be amended from time to time to allow for additional property uses adjacent to Blossom
Rock Trail that are not yet known.
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 Amended and Restated District
Development,Financing Participation,Waiver and Intergovernmental Agreement,recorded on October 11,
2022,at Fee No.2022-1.06816 in the records of Pinal.County,Arizona(the"County"),as thereafter amended
by the First Amendment to Amended and Restated District Development,Financing Participation, Waiver
and Intergovernmental Agreement, recorded on October 29, 2024, at Fee No. 2024-082869 in the records
of the County (collectively, the "District Development Agreement"), 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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CFD NO.
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AVENUE
THREE- 1
The Public Infrastructure in Context of the District
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WARNER AVENUE
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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
Blossom Rock Trail— January 2024 December 2024
SVJOC-001.04W; $502,159
SVJOC-001.04R; 1,710,623
Total $2,212,782
(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 D.R. Horton, as the then owner of land within the District, the
City Council formed the District on October 5,2021. On February 2,2022,D.R.Horton,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$399,965,000* 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* $35,000.00
Total $35,000.00
USES*:
Cost of Public Infrastructure $28,500.00
Estimated Costs of Issuance 6,500.00
Total $35,000.00
Preliminary subject to change.
FIVE- 1
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.
(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 $100 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 $125 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 $4.15 per $100 of net assessed limited
property valuation on all taxable property within the boundaries of the District. This tax rate
includes a $3.85 levy for debt service and a $0.30 levy for the O&M Tax. This amount is a
"target" tax rate. Any general obligations bonds are, by law, to be paid from a property tax
which is unlimited as to rate or amount.
At the $4.15 tax rate level, assuming the approximate average parcel full cash valuation of
$340,000 and an approximate net assessed limited property valuation of$15,000, the District
portion of a tax bill for a homeowner will be approximately $50 per month or $600 annually.
For purposes of the estimates in the foregoing sentence,certain information regarding full cash
valuation and limited property valuation was only available on a bulk vacant acreage basis from
the Pina1 County Assessor, and therefore tax year 2024 tax bills for single family residential
units within the District were reviewed as well as full cash valuation and limited property
valuation data for comparable single family residential units within the adjacent Superstition
Vistas Community Facilities District No. 1. The estimates and assumptions of value in the first
sentence of this paragraph are subject to change. 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
FIVE-2
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 on the following pages 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- 3
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 in the table below.
Net Limited Estimated
Fiscal Assessed Net Full Cash
Year Property Value Value (a)(b)
2024/25 $494,957 $21,626,321
(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 Appro)dmate 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 3,772,91.7,916 $ 51,445,000 0.07 $ 5,598 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 4,832 3.6895
Superstition Fire&Medical District 563,075,279 1,338,000 0.49 976 3.8050
City of Apache Junction 214,344,520 None 1.27 None 0.0000
Superstition Vistas Community Facilities District No.2(e) 410,526 35,000* 100.00 35,000* 4.1500
$ 46,405*
(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-4
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) $399,965,000*
(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 1.4 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$0.091.3 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
*Preliminary, subject to change.
FIVE- 5
net assessed limited property value for the CAWCD reflects the assessed valuation located within
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 $ 35,000 $ 1,343 $ 36,343
$ 35,000
(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- 6
BROOtIzW.'%
SLD 8500 LLC, a Delaware
limited mpany
By:
Name: G J.'T"vras
Title: vewsmcmv
By: ��Z -
Name: W. flea Me ybo#z4
Title: L
[Feasibility Report Signature Page- Superstition Vistas CFD No.2
General Obligation Bonds, Taxable Series 2024]
APPENDIX A
LEGAL DESCRIPTION FOR
SUPERSTITION VISTAS COMMUNITY
FACILITIES DISTRICT NO. 2
LEGAL DESCRIPTION
CFD DESCRIPTION
THAT PORTION OF SECTION 17, SECTION 20, THE SOUTH HALF OF SECTION 18 AND THE NORTH HALF OF
SECTION 19, TOWNSHIP 1 SOUTH, RANGE 8 EAST OF THE GILA AND SALT RIVER MERIDIAN, PINAL
COUNTY; ARIZONA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A PINAL COUNTY PUBLIC WORKS DEPARTMENT BRASS CAP IN HAND HOLE MARKING THE
WEST QUARTER CORNER OF SAID SECTION 20, FROM WHICH A PINAL COUNTY PUBLIC WORKS
DEPARTMENT BRASS CAP IN HAND HOLE MARKING THE NORTHWEST CORNER THEREOF BEARS
NORTH 0°17'35" WEST, A DISTANCE OF 264112 FEET;
THENCE NORTH 0°17'35 WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF SAID
SECTION 20, A DISTANCE OF 2641.12 FEET TO SAID NORTHWEST CORNER;
THENCE SOUTH 89°46'31" WEST, ALONG THE SOUTH LINE OF SECTION 18, A DISTANCE OF 500.00 FEET
TO THE BEGINNING OF A CURVE TO THE LEFT HAVING A RADIUS OF 2500.00 FEET, A CENTRAL ANGLE
OF 22°55'06", AND A CHORD THAT BEARS SOUTH 78°18'58" WEST, 993.35 FEET;
ry THENCE ALONG SAID CURVE, A DISTANCE OF 1000.00 FEET;
THENCE SOUTH 66'51'25" WEST, A DISTANCE OF 540.51 FEET TO THE BEGINNING OF A CURVE TO THE
ry RIGHT HAVING A RADIUS OF 3000.00 FEET, A CENTRAL ANGLE OF 30`39'58", AND A CHORD THAT
BEARS SOUTH 82°11'24" WEST, 1586.58 FEET;
THENCE ALONG SAID CURVE, A DISTANCE OF 160568 FEET;
THENCE NORTH 82°28'36" WEST, A DISTANCE OF 583.29 FEET;
E THENCE NORTH 53°29'13" EAST, A DISTANCE OF 910.07 FEET TO A POINT ON THE SOUTH LINE OF SAID
B SECTION 18
w THENCE NORTH 53°29'26" EAST; A DISTANCE OF 4200.33 FEET TO A POINT ON THE WEST LINE OF THE
SOUTHWEST QUARTER OF SECTION 17;
THENCE NORTH 0°17'10" WEST, ALONG SAID WEST LINE; A DISTANCE OF 155.64 FEET TO THE WEST
QUARTER CORNER OF SAID SECTION 17
A THENCE NORTH 0'13'51" WEST, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF SAID SECTION
17, A DISTANCE OF 2639.88 FEET TO NORTHWEST CORNER THEREOF;
y
a THENCE NORTH 89'45'04" EAST, ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID
SECTION 17, A DISTANCE OF 2642.33 FEET TO THE NORTH QUARTER CORNER THEREOF;
THENCE SOUTH 0°16'32" EAST, A DISTANCE OF 854.89 FEET; onrc s
° THENCE NORTH 53°27'53" EAST, A DISTANCE OF 1443.33 FEET f'
TO A POINT ON THE NORTH LINE OF THE NORTHEAST QUARTER 388E
RONcvic E.
OF SAID SECTION 17;
DORS
fe8 f 25f 2424f
- THENCE NORTH 89°47'06" EAST; ALONG SAID NORTH LINE,
A DISTANCE OF 1480.06 FEET TO THE NORTHEAST CORNER Rlz N fj
OF SAID SECTION 17; es
THENCE SOUTH RTER7" EAST„ ALONG THE EAST LINE OF SAID
NORTHEAST QUARTER, A DISTANCE OF 2641.2E FEET TO THE.EAST QUARTER CORNER OF SAID SECTION 17; 4DSUNRISE
ENGINEERING
2045 SOUTH VINEYARD,SUITE 101
MESA,ARIZONA 85210
TEL 480.758.8600 SHEET 1 OF 5
www.sti�nrts�etsgcom
APPENDIX A- 1
CFD DESCRIPTION
THENCE SOUTH 0'17'38" EAST, ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION
17, A DISTANCE OF 2641.38 FEET TO THE SOUTHEAST CORNER THEREOF;
THENCE SOUTH 0`1625" EAST,;:ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SECTION 20, A
DISTANCE OF 2640.89 FEET TO THE EAST QUARTER CORNER THEREOF;
THENCE SOUTH 0`15'30" EAST, ALONG THE EAST LINE OF THE SOUTHEAST QUARTER OF SAID SECTION
20, A DISTANCE OF 2641.53 FEET TO THE SOUTHEAST CORNER OF SAID SECTION 20;
THENCE SOUTH 89'46'59" WEST, ALONG THE SOUTH LINE OF SAID SOUTHEAST QUARTER, A DISTANCE OF
2643.37 FEET TO THE SOUTH QUARTER CORNER OF SAID SECTION 20;
THENCE SOUTH 89'48'18" WEST, ALONG THE SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION
20; A DISTANCE OF 2643.78 FEET TO THE SOUTHWEST CORNER THEREOF;
THENCE NORTH 0'17'01 WEST, ALONG THE WEST LINE OF SAID SOUTHWEST QUARTER, A DISTANCE OF
2640.28 FEET TO THE POINT OF BEGINNING.
N EXCEPT PARCEL "A" OF THE FINAL PLAT FOR PHASE 5 COMMERCIAL, RECORDED' ON FEE NUMBER
2024-061060, PINAL COUNTY RECORDS;
EXCEPT PARCEL "A" OF THE FINAL PLAT FOR PHASE 3 COMMERCIAL, RECORDED' ON FEE NUMBER
2024-061061, FINAL COUNTY RECORDS;
AND EXCEPT PARCEL "11, 12, 13 & 14" OF THE FINAL PLAT FOR BLOSSOM ROCK PHASE 1, RECORDED
ON FEE NUMBER 2022-084918, PINAL COUNTY RECORDS.
CONTAINS 57137910 SQUARE FEET OR 1311,7059 ACRES OF LAND, MORE OR LESS.
SEE ATTACHED EXHIBIT "A" BY REFERENCE MADE A PART HERETO. S°
38862
RQIIKJiE i-; tf{f
DORS
\ nod
E
SUNRISE
ENGINEERING
2045 SOUTH VINEYARD,..SUITE:101
MESA,ARIZONA 85210
TEL 4a0.768:8600 SHEET 2 OF 5
www.sunrise-engcom
APPENDIX A-2
EXHIBIT"A"
SEA.---
NORTHEAST CORNER f cry ca= o,
SEC 17 T1S, R8E G&SRM a 8 2
FOUND 3" BRASS CAP FLUSH RONN�E E. }
L
STAMPED "LS 35306" DOR`
zs 3oza;
NORTHWEST CORNER: �a��.f�
SEC 17 T1S, R8E G&SRM NORTHEAST CORNER
FOUND PINAL COUNTY SEC 17 T1S, R8E G&SRM —
HIGHWAY DEPARTMENT
FOUND GLO 1914 BRASS CAP—
BRASS CAP _ L8 L11
ELLIOT AVENUE {,, EAST 1 f4 CORNER
(ALIGNMENT) SEC 17
T1 S, R8E G&SRM
J WEST QUARTER CORNER FOUND 2" GLO 1914
SEC 17 T1S, R8E G&SRM BRASS CAP FLUSH
FOUND BRASS CAP IN HAND HOLE
SEC 18 T1S R8E L6 .. SEC 17 T1S R8E SOUTHEAST CORNER
SOUTHWEST CORNER SEC 17 SEC 17
SOUTHEAST CORNER SEC 18 NORTHEAST CORNER
NORTHWEST CORNER SEC 20 "2 SEC 20'
T1S, R8E G&SRM —' T1S, R8E G&SRM
FOUND PINAL COUNTY PWQ FOUND GLO 1914
BRASS CAP IN HAND HOLE j BRASS CAP FLUSH
L4� C� L1 WARNER ROAD W
E3 C2 N (ALIGNMENT) Z EAST 1 f4 CORNER
SEC 20
m o C14 J T1S, R8E G&SRM
FOUND GLO 1914
D BRASS CAP FLUSH
s ..... SEC 19 T1S R8E SEC 20 T1S R8E 4
T POB
w SOUTHEAST CORNER
WEST QUARTER CORNER z
SEC 20 T1S, R8E G&SRM O 0 J SEC 20
FOUND PINAL COUNTY PWD = T1S, R8E G&SRM
FOUND GLO 1914
BRASS CAP IN HAND HOLE
BRASS CAP FLUSH
M RAY AVENUE L17 L16
4 SOUTH 1/4 CORNER
SOUTHWEST CORNER SEC 20
SEC 20 T1S, R8E G&SRM T1S, R8E G&SRM
FOUND PINAL COUNTY HIGHWAY
DEPARTMENT BRASS CAP IN HAND HOLE FOUND' 2 1/2 GLO BRASS CAP
SUNRISE
ENGINEERING
NOT TO SCALE. 2045 SOUTH VINEYARD,SUITE.101
MESA,ARIZONA 85210
TEL 480,768,8600 SHEET 3 OF 5
www.nnrige-eng.com
APPENDIX A-3
EXHIBIT "A"
L8 Lll
LLIOT AVENUE
(ALIGNMENT)
SEC 18 TlS R8E SEC 17 TlS R8E
L6
—Z
L4 Cl Ll WARNER RdPb W
L3 C2 m (ALIGNMENT)
z
C) r -j
In 0 Q
0 W
>
Of s
.............. SEC 19 TlS R8E Z SEC 20 Tl S R8E a
0
0
L2 0
RAY AVENUE L17 L16
EXCEPTION
PARCEL "A", PHASE 5 COMMERCIAL LIAND fo�l
FEE 2024-061060, PCR to
31811162
EXCEPTION RoNt�JE E. NOT TO SCALE
t\'Q PARCEL "A", PHASE 3 COMMERCIAL DORS
FEE 2024-061061, PCR
25 2024,
EXCEPTION d.
SUNRISE
PARCEL 11, 12, 13 & 14 i W
r-e V
BLOSSOM ROCK PHASE 1 5 3 ENGINEERING
FEE 2022-084918, PCR 2045 SOUTH VINEYARD,SUITE 101
MESA ARIZONA 85210
TEL 1�80.768;8600 SHEET 4 OF 5
wwwsunrise-eng.com—
APPENDIX A-4
EXHIBIT"A"
CURVE TABLE
CURVE DELTA RADIUS LENGTH CHORD BEARING CHORD DIST
Cl 22'55'06 2500,00 1000.00' S78'18'58"W 993.35'
C2 30'39'58" 3000.00 1605.68' S82'11'24"W 1586.58'
LINE TABLE
LINE # DIRECTION LENGTH LEGEND
L1 S89'46'31''W 500.00' SUBJECT BOUNDARY
N — PLSS SECTION LINE
L2 S66'51'25"W 540.51' PLSS SUB SECTION LINE
L3 N82'28'36"W 583.29'
L4 N53'29'13"E 910.07'
L5 N53'29'26"E 4200.33' ABBREVIATIONS
L6 NO'17'10"W 155.64' APN ASSESSOR PARCEL NUMBER
E EAST
L7 NO'13'51"W 2639.88' GLO GENERAL LAND OFFICE
G&SRM GILA & SALT RIVER MERIDIAN
L8 N89°45'04"E 2642.33' LS LAND SURVEYOR
N NORTH
L9 SO°16'32nE 854.89' PCR PINAL COUNTY RECORDS
PLSS PUBLIC LAND SURVEY SYSTEM
T L10 N5327'53"E 1443.33' POB POINT OF BEGINNING
L11 N8947'06"E 1480.06' POC POINT OF COMMENCEMENT
PWD PUBLIC WORKS DEPARTMENT
L12 S0°17'17"E 2641.26' R RANGE
S SOUTH
T TOWNSHIP tp�°L
L13 SO'17'38"E 2641.38' /�� ✓��F�eAr �,A
W WEST j G4g �o
4 L14 SO'16'25"E 2640.89' 38862
RONNIE E.
L15 SO'15'30"E 2641,53' i DORs t
nd1
L16 S89°46'59''W 2643.37' �Af�/
L17 S89'48'18"W 2643.78'
L18 NQ'17'01"W 1 2640.28' �'� SUNRISE
iE
{� EN�GJ'INEERIING
2045 SOUTH.VINEYARD,..SUITE.101
MESA,ARIZONA 85210
TEL 480.768,8600 SHEET 5 OF 5
Www.nnrige-eng.com
APPENDIX A- 5
City of Apache Junction, Arizona 300 E Superstition
Boulevard
Agenda Item Cover Sheet Apache Junction,AZ
85119
Agenda Item No. 3.
File ID: 24-924
Sponsor: Agenda Date: 11/19/2024
Index: In Control: Superstition Vistas Community Facilit
Presentation, discussion, and consideration of Resolution No. 2024-008 SVCFD No. 2, a
resolution of the district board of Superstition Vistas Community Facilities District No. 2
approving the prior notice of a public hearing with respect to a feasibility report relating to the
acquisition and financing of certain improvements benefitting Superstition Vistas Community
Facilities District No. 2; 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. 2024-008 SVCFD NO. 2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SOPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 2
RATIFYING THE GIVING OF NOTICE OF A PUBLIC HEARING WITH
RESPECT TO A FEASIBILITY REPORT RELATING TO THE
ACQUISITION AND FINANCING OF CERTAIN IMPROVEMENTS
BENEFITTING 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 PROPERTY
IN THE DISTRICT; AND AUTHORIZING THE TAKING OF OTHER
ACTIONS SECURING THE PAYMENT OF AND RELATING TO THE
BONDS,
BE IT RESOLVED BY mE, BOARD OF DIRECTORS OF THE SUPERSTITION
VISTAS COMMUNITY FACILITIES DI,3TRICT NO. 2, AS FOLLOWS:
SECTION I FINDINGS
A. Pursuant to Title 48, Chapter 4, Article 6, Arizona
Revised Statutes, as amended (the "Enabling Act") , and a resolution
adopted by the District Board, an eiection 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, 2022
(the "Election") the question of authorizing the District Board to
,issue general obligation bonds of the District to provide moneys
Tsar certain public infrastructure purposes consistent wit-h 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 Enabling Act, the District Board has
caused the preparation of a feasibility report dated November 19,
2024 (the "Feasibility Rej-)ort:") , of the feasibility and benefits
of one or more projects relating to certain public infrastruct",ure
and public infrastructure purposes (each as defined in the Enabling
Act ) provided for in the Genel-al Plan of the District and to be
financed with proceeds of the sale of a portion of the Distric:t' s
general. obligation bonds as described in Exhibit A attached hereto
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 1 OF 19
(collectively, the "Projec-t") , such Feasibility Report having been
prepared by or on behalf of the District and including as
description of certain public infrastructure and public
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 Project, an
estimate of the cost to acquire, operate and maintain the Project,
as map or description of the area to be benefited by the Project,
and as plan and expected method for financing the Project, including
the nature and timing of the issuance 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 "Rep)ort Hearing") , after publication of- notice not less than
ten (10) days in advance of the date of tl-ie Report Hearing a--is
provided by law (hereinafter referred to as the "Notic-e") . 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
"City") .
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, the
expected method of financing, it the nature and timing of
the issuance of the Bonds, and the system 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 tf"ie costs of the Project not financed
by the proceeds of the Bonds shall remain eligible to be financed
through the sale of future bon(Js of the District should this
District Board choose in its sole and absolute discretion to issue
any future bonds . As applicable, this resolution constitutes as
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 Bonds, Taxable Series 2024 ( the
"Bonds") , to provide funds for all or a portion of the ptiblic
infrastructure and public infrastructure purposes provided for in
the Enabling Act, the Amended and Restated District Development,
Financing Participation, Waiver and Intergovernmental Agreement
for Superstition Vistas Communit,y Facilities District No. 2, by
and among the City, the District , Brookfield Homes Holdings LLC
("Brookfield Horner""), a n cl Brookfield ASLD 8500 LLC (the
"'Developer") dated as of October 10, 2022 the "A eras
Development Agreement,"j as amended by the First Amendirient to
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 2 OF 19
Amended and Restated District Development, Financing
Participation, Waiver and Intergovernmental Agreement by and among
the City, the District, Brookfield Paz es and the Developer, dcited
as of January 25, 2024 (the "First Amendment" and the Amended
Development Agreement, as amended by the First Ainendment, is
hereinafter referred to as the "Development Agreement") , and the
Feasibility Report, to the extent authorized in the Election.
Fl. 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 vaiorem tax to be
collected, at the same time and in the same manTier as other taxes
are levied and collected on all t�:,axable property in the boundaries
of the District sufficient, together with moneys frorn the sources
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 servc> as
the bond registrar, paying agent and transfer agent for the Bonds,
or may enter into an agreement with a financiai institution to
serve as the bond registrar, paying agent and transfer agent for
the Bonds (in either case of the District or a financial
institution serving in such capacity, referred to herein as the
"Registrar" arid the "Paying, Agent" as the case may be) . The .farm
of the agreement with a financial institution (the "Paying
Agent lRegistrar Contract") will include customary 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 .
Ii. The Bonds may be soil directly to the Developer, or
alternatively the Bonds may be sold to at financial institution or
other investors. Piper Sandler & Co. (the "Financial Advisor")
shail, assist the District to deteratine the best method of sale of
the Bonds. To the extent the Bonds are not sold to the Developer,
the District may enter into a placement agent agreement or bond
purchase agreement similar to what the District has entered into
previously, with customary terms pertaining to the purchase of the
Bonds. The District may require the Developer or any other
purchaser of the Bonds to execute and deliver to the District a
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 3 OF 19
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. "
I . The District Board hereby fiT-ids and determines that
(1) the amount of indebtedness evidenced by the Bonds does not
exceed the estimated cost of the public infrastructure
improvements plus a11. costs connected with the public
infrastructure purposes and issuance and sale of the Bonds 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 II APPROVAL OF' NOTICE AND . FEASIBILITY REPORT
A. The 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 confirined. (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 Developer 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 subje(.-t. 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
RESOLUT'ION NO, 2024-008 SVCI.,'D 'NO. 2
PAGE 4 01:, 1.9
of the District . Such use is principally to such and and, in any
case, at a minimum, is proportional . (Based on review of the
Feasibility Report and the Report Hearing, the District hereby
conclusively establishes that the Project will result in such use. )
SEC;` IONAPPROVAL 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 "Sul-wear stition Vistas Community
Facilities District No. 2 General Obligation Bonds, Taxable Series
2024" in. an aggregate principal amount of not to exceed $35, 000 .
The series designation of the Bonds may change if I.-he Bonds are
sold in a later calendar year. Te n h h Bods sall 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 maturity of the
Bonds, payable semiannually on each January 15 and July 15 (each
such date shall be referred to as an "Interest Payinent Date")
during the term of the Bonds, commencing July 15, 2025# The
interest rate on the Bonds shall not exceed eight percent (8 . 00%) ,
and the final maturity of t t r he Bonds shall be no lae than July 15,
2025 (or such later date as that is not greater than twenty-five
(25) years frorn the issuance date of the Bonds) .
B. The principal of and premium, if any, on the Bonds shall
be payable upon surrender thereof cat the principal corporate trust
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 ciose 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 loc,:,Ited
(a "'Business Day") ) next preceding the applicable Interest Payment
Date, or, if such day is not a Business Day, the previous Business
Day (the "Record Date"") .
C. In the event that interest is not paid on an interest
Payment Date, the Registrar shall establish a specia.], record date
for the payment of such interest, if and when funds for the payment
RESOLUTION NO. 2024-008 SVCFD O. 2
PAGE 5 OF 19
of such interest have been re(:-eived. Notice of the speciai 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
D. The Bonds shall have such additionai terms sand
provisions as are set forth in the form of Bond attached hereto as
E,xhibit C, which is attached hereto and made a part of this
resolution .
E. Neither the full faith and credit nor the generai taxing
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 .
Fl. The District Manager and the District Treasurer are each
hereby authorized to determine the method of saie of the Bonds to
the Purchaser, and may consult with the Financial Advisor in
connection with such determination.
SECTION IV PRIOR REDEMPTION
A 2ptjL,)na1_Rede-mption the B(,--)nds shall not be scab ec°tw to
call for redemption prior to their stated maturity dates.
B. Mandatory Redemption The Bonds shall not, be subject to
mandatory redemption prior to their stated maturity dates .
SECTION V FORM OF-BONDS
The Bonds shall. be in substantially the or of Exhibit C, attached
hereto and incorporated by reference herein, with such necessary
and appropriate omissions, 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, securities exchange, rule or usage. Each Bond shall be dat-ed
the date of its authentication and registration.
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 6 OF 19
SEC,rION 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 manual or facsimile signatures. If the
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 . If an
officer whose signature is on a Bond no longer holds that office
at the time the and is authenticated and registered, the Bond
shall nevertheless be valid. A Bond shall riot be valid or binding
until authenticated by the Trtanual signature of an authorized
officer of the Registrar (which may be the signature of the
District TreaSUrer, or tier designee, if the District is r-he
Registrar) . The signature shall. be conclusive evidence that the
Bond has been authenticated and issued under this resolution.
B. Other Documents The District Board hereby approves the
form and orders and directs the execution of the Bond Documents,
each in substantially the fc')rm 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 ornissions,
insertions and variations as are perinitted 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 C."Ierk
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 siibstitution 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 District ward, as
applicable, the Registrar, in connection therewith arid, in the
case of the Bond destroyed or lost, filing with the District and,
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 7 OF' 19
as af,)plicable, 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 arid, as
applicable, the Registrar', with a sufficient indemnity bond
pursuant to A.R. S. § 47-8405, as amended.
SECTION VIII ACCEPTANCE OF PROPOSAL
The Bonds are hereby ordered to be sold to the Purchas(,,:>r. 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 execiftion and delivery of the Bonds by the
Chairman, or Vice Chairman of the District and and attested by
the District Clerk.
The District Treasurer is hereby autf°iorized and directed to catise
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 shall create the following funds
and accounts which shall be held separate and apart and used only
as provided herein:
(i) Borid Fund, which shall include:
(a) Principal Account;
(b) Interest Account; and
(C) Redemption Account .
(ii) Acquisition Fund.
(iii) Issuance and Expenses Fund.
B. The money deposited to the various funds and aci-ou 'it
s
created hereby, together wd-th a 11 investments thereof and
investment income therefrom, shall, be held in trust by the District
and applied solely as herein provided.
RESOLUTION NO. 2024-008 SVCF'D NO. 2
PAGE 8 OF 19
SECTION X DEPOSITS TO AND APPLICATION OF BOND FUND
A. The District shall. deposil: or all cause, at the
applicable times set forth below, to be immediately deposited from
the tax levy described. in Section DIX hereof to the Bond Fund to
the credit of the applicable accounts :
(i) to the F.'rincipal and Interest Accounts, as
applicable, on each January 1.4 and July 14 or, if either such data
is not a Business Da.y, then the first Business Day irrffnediately
preceding such date, all camounts collected by or remitted to the
District from the collections of taxes levied pursuant, to this
resolution;
(ii) to the Principal and Interest Accounts,
amounts transferred froin the Acquisition Fund and the Issuance arid
Expenses and to the extent hereinafter provided; arid
(iii) such other funds as the District shaii, from
tirne 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 with respect to the Bonds, respectively.
SECTION XI ACQUISITION FUND
The District shall deposit to the A(:-quisitiori Fund Bond proceeds
in the amount as determined by the District Treasurer to be
availabie for eligible Project costs at the time of issuance of
the Bonds. Amounts on deposit in the Acquisition Fund shall be
applied by it'he District in the amounts and to the persons approved
by the District to pay all items oE expense directly or indirectly
relating to the cost of the Project and as described in the
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
remaining in the Acquisition Fund after six (6) months from the
issuanc:e 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.
RESOLUTION NO. 2024-008 SVCF'D NO. 2
PAGE 9 OF 19
SECTION XII ISSUANCE AND EXPENSES FUND
The money deposited to the Issuance and Expenses Fund, together
with all investments thereof arid investment income< therefrom,
shall be held in trust by the District . The District shail 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
of the issuance and sale of the Bonds 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 from the
issuance date of the Bonds, the Distri(st shall, -transfer any moneys
in the Issuance and Expenses Fund to the Principal and Interest
Accounts of the Bond Fund and apply such transferred 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 District is not serving as the Registrar,
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 payment . Tile
District may appoint one or more co-registrars or one or more
additional, paying agents . 'I'he Registrar and the Paying Agent may
make reasonable rules and set reasonable requirements for -their
respective functions wil:.h 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 the
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
benefit of the Owners of such Bonds entitled to such principal or
interest, as the case may be. Amounts held by the District or the
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 10 OF 19
Paying Agent for the payment of the principal of (and premium, if
any) or interest on the Bonds need not be segregated from rather
funds, except to the extent, required by law.
The District may at any time direct any Paying Agent to pay to the
District all money held by such Paying Agent, such amounts to be
held by the District upon the same trusts as those> upon which such
money was held by such Paying Agent, and, upon such payment by any
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
authentic",ate Bonds whenever the Registrar may do so. Each reference
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 stated in
Section VI, to the extent the District is the Registrar, the
District Treasurer shall act as the authenticating agent and may
authenticate 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 payment 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 not register the transfer of a Bond
which has been selected for redemption and need not register the
transfer of any Bond 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, any notice of redemption which has been
given to the transferor will be binding upon the transferee and a
copy of the notice of redemption will be delivered to the
transferee along with the Bond or Bonds.
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 11 OF 29
If the District, del-ermines to have restrictions on purchase or
transfer of the Bonds, such restr ict ions 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.
The Registrar shall authenticate Bonds for original issue up to
$35, 000 in aggregate principal amount upon the written request of
the District Treasurer. The aggregate principal amount of Bonds
outstanding 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 DISCHARGE
OF RESOLUTION
WHENEVER:
A. all, Bonds theretofore authenticated and delivered have
been canceled by the Registrar or delivered to the Registrar for
cancellation, excluding, however:
(i) Bonds for the payment of which money has
theretofore been deposited in trust with the Paying Agent as
provided in Section XIV;
(i i) 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 not been determined adversely against
such Owner by a court of competent jurisdiction;
(iii.) Bonds, other than those referred to in the
foregoing clauses, for the payment or redemption (under
arrangements satisfactory to the Registrar for the giving of notice
of redemption by tie Registrar in the name 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 irrunediately available for payment, except in the case of
Bonds excepted from the foregoing clause (ii) prior to the tirne
the ownership and enforceability of such Bonds has been
established) sufficient to L)ay a ri d discharge the e n ti r e
RESOLUTION NO. 2024-008 SVCFD NO. 2'
PAGE 12 OF 19
indebtedness on the Bonds for, principal (and premium, if any) and
interest to the date of maturity, thereof; and
(iv) Bonds deemed no longer outstanding as a reSLII.t
of the deposit or escrow of money or Governmental Obligations or
both as described in Section XVI; and
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 excharige 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 than 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 tar its services rendered under the
Registrar Paying Agent Contract shall survive.
For purposes of this section, "Governmental Obligations" mearis
(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 103 (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
avaiiable to satisfy any other claim, including any claim of the
Paying Agent or escrow agent, or any clairn 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. ("Moody'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 obligations of the Resolution Funding
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 13 OF 19
Corporation, the payment of such interest, if other, revenues are
insufficient, is required to be paid from the Uni,ted States
Treasury, which interest obligations are stripped by the Federal
Reserve Bank of New York. Governmental Obligations also incit-ides
for purposes other than Secti(:)n XVI, a "no load, " open-end
managentent investment company or trust (mutual fund) , registered
with the federal Securities and Exchange Commission ("SEC") ,
meeting the requirements of Rule 2a-7 and the Investment Company
Act of 1940, and which money market fund invests in short term
United States Treasury obligations, 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- gip AA,Am; or
1%1km or better and a rating by Moody' s of "VMIG-1" or better .
SECTION XVI DEFEASANCE
Any Bond shall be deemed to be paid, defeased and no longer
outstanding and shall have no clairn on ad valorem taxes levier-i 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
by depositing for such payment from funds of the District under
the terms provided in this Section ( 1) money sufficient to make
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 satisfaction 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
national,ly-chartered bank with a minimum combined capital. and
surplus of $50, 000, 000, as escrow agent, with irrevocabie
instructions to transfer the arriounts so deposited and investment
income therefrom to the Paying Agent or an escrow trust-lee 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
maturity thereof and of such interest or the stated matuLity, as
RESOLUTION NO. 2024-008 SVCFF) NO. 2
PAGE 14 OF 19
the case may be. In the Event such deposit is made with respect
to sorne, 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 faerein to the contrary however, no such
deposit shall have the effect hereinabove described ( 1. ) if made
during the existence of default hereunder of which the Paying 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 the Flaying Agent or an escrow trustee 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 Borid
(provided, however, that the District intends to issue the and
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 trustee in as 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 sha'Ll be invested or reinvested unless in
Governmental Obligations and unless such money not invested, such
Governmental Obiigations 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 as and 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 from such money or Governmental Oblig)ations .
SECTION XVII APPLICATION 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 Obligations 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) and
RESOLUTION NO. 2024-008 SVCFD NO, 2
PAGE 15 OF 19
interest for the payinent of which such money has been deposited
with the Paying Agent or an escrow trustee.
SECTION XVIII OTHER ACTIONS NECESSARY
The Chairman (or any of member oi the District Board in the
event the Chairman is absent or unable to timely take the desired
action) , the District Manager, the District Treasurer, the
District Clerk and the officers of the District shall take all
action necessary or reasonably required to carry out, give effect
to and consummate the transactions contemplated by the Bond
Documents, including but without limitation, the execution and
delivery of the closing and other documents required to be
delivered in connection with the sale and delivery of the Bonds.
SECTION XIX TAX LEVY
A. For each year while an.y Bond is outstanding, the District
Board shall annually levy and thereafter forward to Pinal County,
Arizona (the "County") , for collection an ad valorem tax, at "Ehe
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 for in
this Section when collected and allocated to the Bonds constitute
funds to pay Debt Service and shall, be deposited in the Bond Ftend
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 and 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
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 16 OF 19
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 no the general taxing power of
the City, the State, or any politi(,,,al subdivision thereof (ether
than the District) is pledged to the payment of the Bonds . The
Bonds will be obligations of the District only. None of the C.,ity,
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 RATIFICATION 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 kofficers 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 be necessary to carry out the terms and
intent of this resolution.
SECTION XXII RESERVED
SECTION XXIII RE.SERVED
SECTION XXIV RESOLUTION A CONTRACT
This resolution shall const-litute a contract between the Distri,ct
and the registered Owners of the Bonds and shall riot be repealed
or amended in any manner which would impair, impede or lessen the
rights of the registered. Owners of the Bonds then outstanding.
SECTION XXV SEVERABILITY AND WAIVER
If any section, paragraph, clause 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 .he< 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
RESOLUTION NO. 2024-008 SV('FD NO. 2
PAGE 17 OF 19
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.
SECTION XXVI CANCELLATION OF' AGREEMENT
As applicable, the District hereby gives notice to the Registrar,
the Paying Agent and the Purchaser that A.R. S. § 38-511, as
amended, provides that, within three (3) years after execution of
any agreement, the District may cancel such agreement without
penalty or further obligation if any person significantly involved
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 agreement or any extension of
the agreement is in effect an employee or, agent of the Registrar,
the Paying Agent or the Purchaser in any capacity or a consuitant
to the Registrar, the Paying Agent or the Purchaser with respect
to the subject matter of the agreement .
SECTION XXVII EFFECTIVE DATE
This resolution shalt be effective irninediatelY.
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 18 OF 19
PASSED AND ADOPTED BY THE BOARD OF DIRECTORS OF THE
SUPERSTITION VISTAS COMMUNITY FACFLITIES DISTRICT NO. 2, THIS
DAY OF NOVEMBER, 2024 .
SIGNED AND ATTESTED TO THIS DAY OF NOV EMBER, 2024 .
WALTER "CHIP"' WILSON
Chairman, Board of Directors
ATTEST:
JENNIFER PENA
District Clerk
APPROVED AS TO FORM:
RIHART JOEL STERN
District Counsel
RESOLUTION NO. 2024-008 SVCFD NO. 2
PAGE 19 OF 19
EXHIBIT A
DESCRIPTION OF PROJECT
The Bonds will finance the acquisition iti on of all or a portion of
the Project consisting of public infrastructure and public
infrastructure purposes (as such germs are delfined in the Act )
described in the Report, including particularly the acquisition by
the District of the following:
DESCRIPTIM ESTIMATED OST O LETION7
Blossom Rock Trail january 2024
c,,VJOf.r_»s 0 s w t~14..F't. 1,710, 623
TOTAL: $2,212,7 2
Completion ion T.'E?present.,.. t 1h d.;x§.;;( t, a7II d C_& the e Developer EIXP ..Y:ed the public
is
infrastructure to be constructed, which may differ from the date Hat it. was
or i,. accepted b, the City or o?'h+K.r governmental entities, as applicable.
The roje : consists s of construction of approximately 3, 639
linear feet of full street surface -improvements, including curia
and detached sidewalk. The street improvements include two lane
in each direction and tying into existing Ray Avenue to the South
and extending to the North. Mose improvements include i - nc'l`
potable water and 8-inch water stubs, various i Of StOrin drain,
n
concrete curb and utter, sidewalk, paving, striping, signage,
streetlights and street sic=>et;es. All improvements are shown on the
plans sealed by Wood, Patel and Associates, can December 29, 202
and approved by the City, which may be amended from time to time
to allow for additional property uses adjacent to Blossom Rock
Trail that are not yet known.
RESOLUTION ION NO. 2024-008 SVCF a NO. 2
EXHIBIT
EXHXBXT B
NOTICE OF PUBLIC HEARING
TO THE GENERAL PUBLIC AND THE bWI-MERS OF THE BOARD OF DIRECTORS OF
THE SUPERSTITION VISTAS COMMUNITY FACILITIES DISTRICT NO. 2 :
NOTICE IS HEREBY GIVEN that the Board of Directors of
the Superstition Vistas Community Facilities District No. 2 will
meet on November 19, 2024, at 6: 00 p.m. , in the City Council
Chambers, City of Apache Junction, 300 East Superstition
Boulevard, Apache Junction, Arizona 85119, to conduct a public
hearing on, and to consider and review a feasibility report
relative to, a proposed project to be financed by the issuance of
general obligation bonds of the, District . A copy of the
feasibility report may be reviewed at the office of the City Cierk,
300 East Superstition Boulevard, Apache Junction, Arizona 85119.
Publish ori(--e in the Arizona Business Gazette no later than
2024.
RESOLI-JTION NO. 2024-008 SVCFD NO. 2
EXHIBIT B
EXHIBIT C
(INSERT TRANSFER RESTRICTIONS, INCLUDING THAT BONDS ARE NOT
WITHOUTSUBJECT TO TRANSFER PRIOR WRITTENCONSENT
DISTRICT]
UNITED STATES " AMERIC t
STATE OF ARIZONA
SUPERSTITION VISTAS COMMUNITY C; DISTRICT 'a
GENERAL OBLIGATION BOND
TAXABLE SERIES 2024
Interest Maturity Original. Dated
Rate Date Date
July 15, 2024
[20251
REGISTERED OWNER:
PRINCIPAL AMOUN,r: AND N01100
DOLLARSi� )
Superstition Vistas Community Facilities District No . 2
(the "'District") , a community facilities district formed by the
City of Apache Junc:teion Arizona,, and duly organized and validly
existing, pursuant to the Laws of the State of Arizona, for value
received, hereby promises to pay or cause the; Paying Agent to pray
to the "'Registered Owner"' specified above or registeredassigns
(the "Owner") , can the "Maturity Date" specified above unless
earlier redeemed as provided herein the "Principal Amount"
specified above and to pay interest (calculated on the basis of
"i 7_day year of twelve 2 -day months) on the unpaid portion thereof
from the "Original Dated Rate,, specified above, or from the most
recent "Interest Payment Date"' (as defined herein,) to which
interest has been paid or duly provided for, until. such Principal
Amount, is paid or the payment thereof is duly provided for at or
in advance nce of the Maturity Date, semiannually on each January' 1
and Duly 15 commencing [July] 12, 20 [25] (each an "'Interest Payment
Date"') , at the per annur "Interest Rate*' specified above.
Principal, interest and any premium are ptayab. e in lawful money of
the united States of America.
RESOLUTION NO. 202 -tit VC;" 'D NO. 2
EXHIBIT
PAGE 1 OF 7
Initially the District 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 not-lice
to, or consent of, the Owner.
The "Record [)are" for this bond will be the close of
business on rhe last day of the caiendar 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 Registrar is It (a"business day") ) in the month
preceding the applicable Interest Payment Date, or if such day is
not a business day, the previous business day.
If the specified date for any such payment shall be a
Saturday, a Sunday, or a Legal holiday or equivalent tother 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 sarne force and effect as
if made on the specified date for such payment, except thaIL" in the
event of a moratorium for banking institutions generally at the
place of payment or in the city wh�sre 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 continue Lo accrue interest until such payment
is made or duly provided for.
This Bond is one of an issue of bonds of the District
duly authorized to be issued by a resolution of the District" .9
Board of Directors adopted on November 2024 (the "Bond
Resolution") , and having the designat' lon specified therein (the
"Bonds") , issued and to be issued in one series under, and all
equally and ratably secured, with the limitations described
herein, by the Bond Resolution, to which Bond Resolution reference
is hereby made for a description of the amounts thereby pledged
and a,,,,3signed, the nature and extent of the lien and security, the
respective rights thereunfler of the Owners of the Bonds, the Paying
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 Bond
Resolution and in strict conformity with Title 48, Chapter, 4,
Article 6, Arizona Revised Statutes, as amended (the "Enabling
Act"') .
RESOLUTION NO. 2024-008 SVCFD NO. 2
EXHIBIT C
PAGE 2 OF' 7
The Bonds are payable, equally and ratably with such
other obligations of thie District payable from such sources as may
be outstanding from time tO tiTne and to the extent provided in the
and Resolution, from the proceeds of an ad valorem tax, unlimited
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 Boric! may be defeased by the deposit of money
and/or certain direct or indirect Governmental Obligations
sufficient for such purpose as described in the Bond Resolution.
The Bonds are issuable as fully-registered bonds only in
the denominations of $5, 000 of principal each and integral
multiples of $5, 000 in excess th(,_ reof .
Optional Redemption. The Bonds are not subject to
maturity prior to their stated maturity dates.
Mandatory Redemption. The Bonds are not subject to
mandatory redemption prior to their stated maturity dates .
The Owner of this Bond has no rigtit to enforce the
provisions of the Bond Resolution, or, to institute action 'to
enforce the pledge,> assignment 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 Resolution with respect to all. or
any portion of the Bonds may be discharged at or prior to the
maturity or redemption of the Bonds upon the making of provision
for the payment thereof an the terms and conditions set, forth in
the Bond Resolution.
No covenant or agreement contained in the Bonds or in
the Bond Resolution shall be deemed to be the covenant or agreement
of any elected or appointed official, officer, agent, servant or
employee of the District in his or tier individual capacity or of
any officer, director, agent, servant or employee of the Paying
RESOLUTION NO. 2024-008 SVCFD NO. 2
EXHIBIT' C
PAGE 3 OF' 7
Agent or Owner in his or her individual capacity, and neither the
members of the governing body of the District no 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 accountability by reason of the
issuance thereof.
Terms used, but riot defined, herein have the meanings
set forth in the Bond Resolution. 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 right's 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 wliich the Owner, hereof, by acceptance of this Bond, assents .
The District, the Paying Agent, and any agent of eit,her
of them may treat the person in who name this Bond is registered
as the owner hereof for the purpose of receiving payment as herein
provided and for all other purposes, whether or not 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 CITY OF APACHE JUNCTION, ARIZONA, OR THE STATE OF ARTZONA OR
ANY POLTTICAL SUBDIVISION OF' EITHER (OTHER THA14 THE DISTRICT) OR
AS INCURRING A CHARGE UPON THE GENERAL CREDIT OF THE CITY OR THE
STATE OR SHALL THE BREACH OF ANY AGREEMENT CONTAINED IN THE BOND
RESOLUTION, THE BOND DOCUMENTS 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, this Bond shall
not be entitled to any benefit under the Bond Resolution or, be
valid or obligatory for any purpose.
It is hereby certifi(,�d, covenanted, and represented that
all acts, conditions and tl-iings required to be performed, exist,
and be done precedent to <:,)r, in the issuance of this Bond in or
to render the same a legal-, valid, and binding general obligation
of the District have been perforined, exist and have been done, in
regular and due time, form, and manner, as required by law, and
that issuance of the Bonds (Joel not exceed any constitutional or
RESOLUTION NO. 2024-008 SVCFD NO, 2
EXHIBIT C
PAGE 4 OF' 7
statutory limitation. In case any provision in this Bond or any
application thereof shall be invalid, illegal, or unenforceable,
the validity, legality, and enforceability of the remaining
provisions and applications shall not: in any way be affected or
impaired thereby. This on 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 Nas caused this Boriel to
be duly executed by the Chairman of its Board of Directors arid
attested by its Distri(ft Clerk, is signatures may be manual or
by facsimile signatures.
SUPERSTITION VISTAS COMMUNITY
FACILITIES DISTRICT NO. 2
By:
Chairman, Board of
Directors
ATTEST:
-6�lt r I�ct—C 1 e-r—k -
Dated: 2024 .
RESOLUTION O. 2024-008 SVCFD NO. 2
EXHIBIT C
PAGE 5 OF 7
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Superstition Vistas Camnmiunity
Facilities District No. 2 General Obligation Bonds, Taxable Series 2024,
described in the Bond Resolution mentioned herein.
Superstition Vistas Community
Facilities District N . 2, as
Registrar
By____
District Treasurer
Data: p 2024
The following abbreviations, when used in the inscription on the face
of the within bond, shall, be construed as though they were written out
Sri full according to applicable laws or regulations:
TEN COM as tenants in common UN1F' GIrr/TRANS MIN ACT
TEN ENT as tenants by the eat reties (Cust
JT TEN as joint tenants with right, c,f Custodian for Minor)
survivorship and not as tenants in c,,,xmTion Under Uniform Gifts/Transfers to Witior,; Acn,; cif
(State)
Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned tiereby sells, assigns, and
transfers unto (Print or typewrite name, address, and zip 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
books kept for registration thereof, with full power of substitution in
the premises,
RESOI,UTION NO. 2024-008 SVCF'D NO. 2
EXHIBrr c
PAGE 6 OF 7
DATED _
SialnaL r. guarantee should be made by a Nt,rtla.E he signature(s) on this assignment must-
guarantor insts.ttvtion participating in the correspond with the rtaame(s) of the:. Registered OarneL(s)
Secl,arities Transfer Agents Medallion Prograana appearing on the face of the within Bond in every
or in such other guarantee prograin acceptable particular.
to tile Registrar.
ALL FEES AND-TRANSFER COSTS SHALL BE PAID BY TEE TRANSFEROR
RESOLUTION NO. 2 24-00 3 SVCFD NO.
EXHIBIT . .
PAGE 7 Off'
'SUPERSTITION VISTAS CFD NO 2.
ROLL CALL
7� ?- Zt ,7 0
DATE: TIME:
YES EXCl1SED I N 0
CHAIRPERSON WILSON V
VICE CHAIRPERSON SCHROEDER V/—
BOARDMEMBER CROSS
BOARDMEMBER HECK V/
BOARDMEMBERJOHNSON
BOARDMEMBER NESSER
BOARDMEMBER SOLLER
District Manager Bryant Powell
Assistant District Manager Matt Busby
Dist6c- ef pert.
Deputy District Clerk Evie McKinney
District Attorney Joel Stern
District Director Mike Loggins
District Controller Connie Chow
District Administrative Assistant Rita Vineyard
District Billing Supervisor Stacey Ramirez
District Treasurer Angelie Hawley
Utility Director Ted Wolff
District Project Manager Charles Briggs
District Comm/Mrktg.Director Kayla Fulmer
Ei
S:\Templates&Forms\Roll Call-SVCFD NO I and 2-Attendance.doc
SUPERSTION VISTAS CFD NO 2,
VOTE ® ROLL CALL
NOTES.
ITEM # MEETING OF
MOTION BY: [4L4tA, ' 7 ) 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 1
s:\templates&forms\vote call-svcfd no 2.docx
SUPERSTION VISTAS CFD NO 2.
VOTE - ROLL CALL
NOTES: 3 A-12
,
ITEM MEETING OF ze;Z,
MOTION BY: SECONDED BY:
YES NO ABSTAINED
BOARD MEMBERS:
BOARDMEMBER NESSER L//
BOARDMEMBER JOHNSON
BOARDMEMBER CROSS
BOARDMEMBER HECK
BOARDMEMBER SOLLER
VICE CHAIRPERSON SCHROEDER
CHAIRPERSON WILSON
TOTAL
UNANIMOUS IN FAVOR OPPOSED ABSTAINED
TOTAL
Vote sheet 2
s:\templates&forms\vote call-svcfd no 2.docx
CITY OF APACIE JUNCTION
SUPERSTITION VISTAS
COMMUNITY FACILITIES DISTRICT NO. 2
Tuesday, November 19, 2024
A. CALL_TO ORDER
I would like to call the Superstition Vistas Community Facilities District No. 2 Special 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 October 1:5, 2024.
Do I have a motion? wait for the motion and the end.
Roll Call
2. PUBLIC IC HEARING on the feasibility report for Superstition Vistas Community Facilities
District No. 2 Call on Zach Sakas, CFD Counsel
I will now open the public hearing.
public can speak for 5 min.
Would anyone like to speak on these item
Any discussion among the Board? -
I will now close the public hearing. There is no motion can this item.
3. Presentation, discussion and consideration of Resolution No. 2424-008 S V C F D No. 2.
Call can Za h
Any discussion among the beard? 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. °I APPROVAL OF MINUTES
I MOVE THAT the minutes of OCTOBER 15, 2024, special meeting BE: (approved)
OR (denied).
ITEM NO. 3
1 MOVE THAT RESOLUTION NO. 2 24-0 8 SVCFD NO. 2. A RESOLUTION OF THE
district board of Superstition Vistas Community Facilities District No.. 2 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. 2; 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).