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Council approves first bond sale for Lagoon Valley CFD improvement area 1 to reimburse developer for backbone work
Summary
Vacaville City Council on May 13 authorized issuance and sale of special tax bonds to reimburse the developer for public improvements in Lagoon Valley Improvement Area 1. The par amount is estimated at $13.75 million (not to exceed $16.25 million); taxes to pay debt will be levied only within the CFD area.
Vacaville City Council voted May 13 to authorize the first series of special tax bonds for Community Facilities District (CFD) No. 13, Lower Lagoon Valley — Improvement Area No. 1.
City staff and the municipal finance team said the bonds will reimburse the developer for backbone public improvements the city has already accepted, including a booster pump station, water storage reservoir and a sanitary sewer lift station. The estimated par amount for the initial series is $13,750,000 with a not‑to‑exceed authorization of $16,250,000; final sizing will be determined at…
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