| ITEM #: 2. DATE: 04/27/2026 AI #:3274 |
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COMMUNITY FACILITIES DISTRICT REPORT
| SUBJECT: | PUBLIC HEARING FOR THE FEASIBILITY REPORT RELATING TO THE ISSUANCE OF GENERAL OBLIGATION BONDS WITHIN THE ESTRELLA MOUNTAIN RANCH COMMUNITY FACILITIES DISTRICT (EMRCFD) |
| STAFF PRESENTER(S): | Michael Shoemaker, Interim Finance Director |
SUMMARY
The EMRCFD Board will hold a public hearing regarding the Feasibility Report. The District Engineer has determined the public infrastructure, as detailed in the report, benefits the EMRCFD and is complete. Following the public hearing, the EMRCFD Board will consider the resolution approving the feasibility report.
RECOMMENDATION
Public Hearing for the feasibility report relating to the issuance of general obligation bonds within the EMRCFD. No EMRCFD Board action is required for this item. (Michael Shoemaker, Interim Finance Director)
FISCAL IMPACT
There is no direct fiscal impact of this action. However, it is a required step for the EMRCFD to potentially issue general obligation (GO) bonds in the principal amount of up to $5,250,000. These GO bonds will acquire the infrastructure, pay for bond insurance, and pay for the costs of issuance of the bonds. The annual debt service will be collected by the Maricopa County Treasurer through a property tax levy on all properties within the EMRCFD.
BACKGROUND AND PREVIOUS ACTIONS
The District previously issued GO Bonds in 2001, 2005, 2007, and 2023 to fund public infrastructure improvements. It is now considering acquiring additional completed infrastructure within the EMRCFD. To support this effort, the EMRCFD Board commissioned a feasibility report evaluating the project’s benefits and financial viability. The report outlines the infrastructure to be acquired, estimated acquisition and maintenance costs, the project schedule, the area benefiting from the improvements, and the proposed financing plan.
STAFF ANALYSIS
EMRCFD staff has reviewed the Feasibility Report, included here as Attachment A, regarding the infrastructure and has determined that it is proper for the EMRCFD Board to hold a hearing on the issuance of GO bonds. In accordance with state statutes, the District Clerk has published a Notice of the Public Hearing, included here as Attachment B.