HomeMy WebLinkAbout150507EMCFDMPage 1 of 3 z:\council packets\2015\r150604\emcfd\150507emcfdm.docx
TOWN OF FOUNTAIN HILLS
SPECIAL SESSION OF THE
DISTRICT BOARD OF
THE EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT [EMCFD]
May 7, 2015
CALL TO ORDER AND ROLL CALL
District Chair Linda M. Kavanagh called the Special Session to order at 6:25 p.m. in the Fountain Hills Town
Hall Council Chambers.
ROLL CALL – Present for roll call were the following members of the District Board of the Eagle Mountain
Community Facilities District: Chair Linda M. Kavanagh, Vice Chair Dennis Brown, Boardmember Nick
DePorter, Boardmember Cecil Yates, Boardmember Cassie Hansen, Boardmember Alan Magazine, and
Boardmember Henry Leger. District Manager Ken Buchanan, District Board Attorney Andrew McGuire, and
District Clerk Bevelyn Bender were also present.
CALL TO THE PUBLIC
District Clerk Bender advised that there were no citizens wishing to speak at this time.
AGENDA ITEM #1 – CONSIDERATION OF APPROVING THE EAGLE MOUNTAIN COMMUNITY
FACILITIES DISTRICT BOARD MEETING MINUTES OF JUNE 19, 2014.
Boardmember Hansen MOVED and Boardmember Yates SECONDED a motion to approve the meeting
minutes of the June 19, 2014 Eagle Mountain Community Facilities District Board meeting.
Ms. Bender advised that there were no citizens wishing to speak at this time.
The motion CARRIED UNANIMOUSLY by those members present (7-0).
AGENDA ITEM #2 – PUBLIC HEARING REGARDING RESOLUTION EMCFD 2015-01, APPROVING
THE TENTATIVE BUDGET OF THE DISTRICT FOR THE FISCAL YEAR BEGINNING JULY 1 2015,
AND ENDING JUNE 30, 2016, SETTING A HEARING DATE FOR THE BUDGET AND ANNUAL
ASSESSMENTS.
Mayor Kavanagh opened the public hearing at 6:26 PM.
District Manager Ken Buchanan addressed the Board stating that the District was formed by the Town Council in
FY 1996 for the purpose of constructing infrastructure in the Eagle Mountain Subdivision for which the Town
Council serves as the governing Board. He noted that the annual expenditures for the District are for repayment
of the bonds that were issued to pay for the subdivision infrastructure and that the annual cost is repaid through ad
valorem taxes collected from the property owners within the district. He stated that the levy is estimated to be
$1.60333/$100 of assessed valuation. He indicated that staff would be happy to answer any questions.
In response to a question from the Chair, Ms. Bender advised that there were no citizens wishing to speak at this
time. There were no comments or questions from the Board.
Mayor Kavanagh closed the public hearing at 6:27 PM.
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AGENDA ITEM #3 – CONSIDERATION OF RESOLUTION EMCFD 2015-01, APPROVING THE
TENTATIVE BUDGET OF THE DISTRICT FOR THE FISCAL YEAR BEGINNING JULY 1 2015,
AND ENDING JUNE 30, 2016, SETTING A HEARING DATE FOR THE BUDGET AND ANNUAL
ASSESSMENTS.
Boardmember Hansen MOVED and Boardmember Magazine SECONDED a motion to approve Resolution
EMCFD 2015-01, which CARRIED UNANIMOUSLY by those members present (7-0).
AGENDA ITEM #4 - CONSIDERATION OF RESOLUTION EMCFD 2015-04, AUTHORIZING THE
ISSUANCE AND SALE OF EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT GENERAL
OBLIGATION REFUNDING BONDS, SERIES 2015; DELEGATING THE AUTHORITY TO
APPROVE CERTAIN MATTERS WITH RESPECT TO THE BONDS AND THE BONDS BEING
REFUNDED; PROVIDING FOR THE ANNUAL LEVY OF A TAX FOR THE PAYMENT OF THE
BONDS; APPROVING THE FORM OF THE BONDS CERTAIN DOCUMENTS AND AUTHORIZING
COMPLETION, EXECUTION AND DELIVERY THEREOF; AND RATIFYING ALL ACTIONS
TAKEN OR TO BE TAKEN TO FURTHER THIS RESOLUTION.
District Manager Ken Buchanan addressed the Board regarding this item stating that the District issued General
Obligation Refunding Bonds in 2005 in the amount of $4,555,000 to refund certain previously issued bonds. The
District now desires to refund $2,495,000 of those 2005 Bonds, which constitutes all of the outstanding 2005
Bonds, with interest rates ranging from 4.000% to 4.125%; with new refunding bonds total approximately
$2,295,000 and an anticipated interest rate of 2.10% or lower, thereby resulting in estimated net present value
savings, after costs of issuance, of at least $74,000, over the term of the bonds. The final maturity date for the
new bonds will remain the same at July 1, 2021.
Mr. Buchanan stated it was staff’s recommendation to refinance the bonds to a lower interest rate and that
representatives from the Town’s financial advisor and bond counsel were present should the Council have
questions regarding the details of this.
Boardmember Hansen MOVED and Boardmember DePorter SECONDED a motion to approve Resolution
EMCFD 2015-04.
Ms. Bender advised that there were no citizens wishing to speak at this time. There were no comments or
questions from the board members.
The motion CARRIED UNANIMOUSLY by those members present (7-0).
AGENDA ITEM #5 – ADJOURNMENT.
Boardmember Yates MOVED that the Board adjourn the meeting at 6:30 p.m. and Vice Chair Brown
SECONDED the motion, which CARRIED UNANIMOUSLY by those members present (7-0).
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TOWN OF FOUNTAIN HILLS/EMCFD BOARD
By
Linda M. Kavanagh, District Chairman
ATTEST AND
PREPARED BY:
Bevelyn J. Bender, District Clerk
CERTIFICATION
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the Special Session of
the Eagle Mountain Community Facilities District (EMCFD) held on the 7th day of May 2015, in the Fountain
Hills Town Hall Council Chambers. I further certify that the meeting was duly called and that a quorum was
present.
DATED this 4th day of June, 2015.
Bevelyn J. Bender, District Clerk