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Apache Junction CFD board approves up to $2.5M in bonds to reimburse Meridian Road sewer work
Summary
The Superstition Vistas Community Facilities District No. 2 voted unanimously Dec. 2 to approve a feasibility report and authorize up to $2.5 million in general-obligation bonds to reimburse developer-funded sewer improvements along Meridian Road; the bonds are property-tax backed and carry a 'not to exceed' 8% interest parameter.
The Superstition Vistas Community Facilities District No. 2 voted unanimously Dec. 2 to approve a feasibility report and authorize the issuance of general-obligation bonds to reimburse sewer infrastructure work along the Meridian Road alignment.
Zach, the meeting presenter, told the board the bonds (Series 2025) "are proposed to finance ... large sewer improvements" and said the district engineer determined the work "provide[s] a broad and general benefit to all residents." He said the "not to exceed amount is 2 and a half million" and the "not to exceed interest rate would be 8%," adding that actual interest rates are expected…
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