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Galt council authorizes $14.295 million Liberty Ranch CFD bonds to reimburse developer infrastructure costs
Summary
The council approved issuing additional Community Facilities District bonds for Liberty Ranch Improvement Area 1 to reimburse public improvements; presentation outlined limits including a 4:1 value‑to‑lien policy and a 1.9% special‑tax cap.
The Galt City Council voted unanimously on July 15 to authorize the issuance of an additional series of special‑tax parity bonds (estimated par amount $14,295,000) for the Liberty Ranch Community Facilities District Improvement Area 1 to reimburse public infrastructure installed by the developer.
The move follows a presentation by municipal advisor Eric Skriven of NHA Advisors, who described the district, the security for the bonds and the limits applied by city policy and the district's rate and method of apportionment. Liberty Ranch encompasses planned development that the advisor said includes roughly 696 single‑family homes and 250 multifamily units; the district previously issued about $11 million in 2023 for public infrastructure.
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