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CID amends bond authorization after counsel cites higher certified assessed values
Summary
The Spring Valley CID No. 1 board adopted Resolution 2025R06 to increase the authorized maximum principal amount for general obligation bonds after bond counsel explained March and September certified assessed values differ and the statute references the December 31 date.
The Spring Valley Community Infrastructure District No. 1 on Dec. 1 adopted Resolution 2025R06 to amend a prior bond authorization and increase the not-to-exceed principal amount tied to the district's statutory 9% limit. Bond counsel explained that two certified assessed-value figures exist—one earlier in the year and a higher September certification—leading the board to set a higher maximum while remaining within the 9% statutory cap.
"There's actually two different assessed values," the district's bond counsel said, explaining that the September figure in this case is about $2,000,000 higher than the March figure and that the statute references the December 31 date. The counsel said the board chose a higher not-to-exceed number (discussed in the meeting as up to $11,000,000) as a conservative measure while preserving statutory compliance.
Chair moved to adopt Resolution 2025R06, which amends Resolution 2025-R03 to increase the authorized maximum principal amount and make minor conforming amendments. The motion was seconded and the board voted to approve the resolution by voice vote.
The action amends the district's prior authorization for general obligation bonds previously considered in June 2025; bond counsel said the change reflects updated certified assessed values rather than a change to the district's statutory percentage limit. The board did not record individual roll-call votes in the transcript; earlier roll call showed Board Members Danielsberger, Plumbing and May present.
