ESTRELLA MOUNTAIN RANCH COMMUNITY FACILITIES DISTRICT BOARD TO CONSIDER ADOPTION OF RESOLUTIONS EMRCFD RES 14-093, 14-094, AND 14-095 RECOMMENDATION: 1. The Estrella Mountain Ranch Community Facilities District Board (the “Board”) conduct a Public Hearing for the Feasibility Report submitted in connection with the proposed issuance of not to exceed $6,000,000 of Special Assessment Revenue Bonds (Montecito Assessment District No. 2), Series 2014. a. Open Public Hearing b. Staff Presentation c. Receive Public Comment d. Close Public Hearing 2. ADOPT RESOLUTION EMRCFD RES 14-093 APPROVING THE FEASIBILITY REPORT RELATING TO THE ACQUISITION, CONSTRUCTION AND FINANCING OF CERTAIN IMPROVEMENTS BENEFITTING THE DISTRICT; PROVIDING THAT THE PROPOSED IMPROVEMENTS WILL BE PERFORMED AND SPECIAL ASSESSMENT REVENUE BONDS (MONTECITO ASSESSMENT DISTRICT NO. 2), SERIES 2014, WILL BE ISSUED UNDER THE PROVISIONS OF TITLE 48, CHAPTER 4, ARTICLE 6, ARIZONA REVISED STATUTES, AND ALL AMENDMENTS THERETO. 3. ADOPT RESOLUTION EMRCFD RES 14-094 DECLARING ITS INTENTION TO ACQUIRE AND/OR CONSTRUCT CERTAIN INFRASTRUCTURE IMPROVEMENTS; FORMING MONTECITO ASSESSMENT DISTRICT NO. 2; DETERMINING THAT SPECIAL ASSESSMENT REVENUE BONDS WILL BE ISSUED TO FINANCE THE COSTS AND EXPENSES THEREOF AND DECLARING THE IMPROVEMENTS TO BE OF MORE THAN LOCAL OR ORDINARY PUBLIC BENEFIT AND THAT THE COSTS OF SAID IMPROVEMENTS WILL BE ASSESSED UPON THE ASSESSMENT DISTRICT; PROVIDING THAT THE PROPOSED IMPROVEMENTS WILL BE PERFORMED AND DISTRICT ASSESSMENT REVENUE BONDS ISSUED UNDER THE PROVISIONS OF TITLE 48, CHAPTER 4, ARTICLE 6, ARIZONA REVISED STATUTES, AND ALL AMENDMENTS THERETO. 4. ADOPT RESOLUTION EMRCFD RES 14-095 ORDERING THE PUBLIC INFRASTRUCTURE PROJECT PERFORMED AS DESCRIBED IN EMRCFD RES 14-094. PURPOSE: The Board will consider Resolution Nos. EMRCFD RES 14-093, 14-094, and 14-095 which approve the Feasibility Report, declare the CFD’s intention to acquire and/or construct certain infrastructure improvements within Montecito Assessment District No. 2, approve an Assessment Diagram assessing the costs of such improvements among the lots within Montecito Assessment District No. 2 and order the public infrastructure Project be performed. (Larry Lange, District Treasurer)

Committee

Community Facilities District

Introduced

October 22, 2014

On agenda

November 10, 2014