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Board approves Festival Ranch and Tartesso West bond actions; consent agenda passes unanimously
Summary
At the May 19 joint meeting the board approved an assessment/bond package for Festival Ranch Community Facilities District (District 15) and a Tartesso West general-obligation bond; the broader consent agenda (16 items) passed unanimously.
At the joint meeting on May 19, finance staff presented several public-finance items and the board took votes on the Festival Ranch and Tartesso West financing authorizations.
Larry Price summarized Special Assessment District No. 15 (Festival Ranch): roughly 191 acres with about 546 lots, an assessment of approximately $5,000 per lot, and infrastructure work that includes paving and concrete. The board opened a public hearing and received no speaker cards; following staff presentation, a board member moved to approve the feasibility report and declared the preliminary intention to issue up to $8,000,000 in general obligation bonds to finance district improvements. The motion passed unanimously.
The board then heard a presentation on Tartesso West's proposed general-obligation authorization for water, off-site sewer, storm-drain and paving improvements, with a 20-year, estimated 5% rate. The board opened and closed the public hearing with no speakers and approved the authorization; staff noted the estimated impact on the debt-service tax rate for 2027 was provided in the materials.
Staff previewed the consent agenda, which included 11 tentative budget adoptions and multiple CFD and bond items; the board moved to approve consent items A through O (16 items total) and the consent agenda passed unanimously.
No detailed roll-call tallies for individual members were read into the record in the transcript excerpt; meeting minutes and the official resolutions list the formal vote records and the final ordinance/resolution numbers.
