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Community Facilities District boards set tentative CFD budgets; Festival Ranch OKs feasibility report for up to $6 million GO bonds
Summary
The joint CFD boards approved tentative budgets for multiple community facilities districts, and the Festival Ranch CFD accepted a feasibility report and declared a preliminary intention to issue up to $6 million in general obligation bonds to reimburse developer roadway work; board actions were unanimous.
At a May 20 joint meeting of the City of Buckeye and its Community Facilities District (CFD) boards, directors approved tentative budgets for 11 CFDs and accepted a feasibility report from Festival Ranch that preliminarily authorizes issuance of general obligation bonds not to exceed $6,000,000.
"Pulte Homes and the developer is requesting that the board issue, to exceed $6,000,000 of general obligation bonds to partially reimburse for about 11,000 linear feet of roadway concrete improvements," said Larry Price, staff member who presented the feasibility report, adding the bonds were estimated to carry a 20‑year term with…
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