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Moreno Valley Unified board authorizes up to $16.5 million in special tax bonds for two KB Homes developments
Summary
The Board of Education, sitting as the legislative body for CFD No. 2022-1, unanimously approved a resolution authorizing issuance of Series 2025 special tax bonds in a principal amount not to exceed $16,500,000 to finance infrastructure for two KB Homes developments near Palm Middle School and at Moreno Beach & Cottonwood.
The Moreno Valley Unified School District Board of Education, acting as the legislative body for Community Facilities District No. 2022-1, voted unanimously to authorize the issuance of Series 2025 special tax bonds in a principal amount not to exceed $16,500,000 to finance public improvements for two residential developments built by KB Homes.
District staff presenter Susanna Lopez told the board the CFD covers two areas: development behind Palm Middle School and a project at the corner of Moreno Beach and Cottonwood. "This is a CFD that we are ready to issue bonds for," Lopez said, summarizing the package of documents the board was being asked to approve, including the bond resolution, the fiscal agreement, the bond purchase agreement and the preliminary official statement.
Lopez said the CFD is a joint arrangement with the Eastern Municipal Water District and the City of Moreno Valley. The bonds would be special tax bonds issued by the CFD; details in the preliminary official statement would be finalized as issuance proceeds.
The board took no substantive questions on the item and approved the resolution by roll call vote, recorded as five ayes and no no votes. The motion carried, authorizing staff to move forward with the issuance and related documents.
Next steps: with board authorization, district staff will complete documents and proceed toward bond sale and closing; the preliminary official statement and purchase agreement will be finalized as part of that process.
