HomeMy WebLinkAbout150618EMCFDMPage 1 of 3 z:\council packets\2016\r160505\emcfd\150618emcfdm.docx
TOWN OF FOUNTAIN HILLS
SPECIAL SESSION OF THE
DISTRICT BOARD OF
THE EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT [EMCFD]
June 18, 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 Cecil Yates,
Boardmember Nick DePorter, Boardmember Cassie Hansen, and Boardmember Henry Leger.
Boardmember Alan Magazine arrived at 6:26 PM.
Acting District Manager Grady Miller, 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 4, 2015.
Boardmember Yates MOVED and Vice Chair Brown SECONDED a motion to approve the meeting minutes of
the June 4, 2015 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 – CONSIDERATION OF RESOLUTION EMCFD 2015-05, APPROVING
ADOPTION OF ISSUANCE AND POST-ISSUANCE COMPLIANCE PROCEDURES RELATING TO
TAX-EXEMPT BONDS FOR THE EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT.
Acting District Manager Grady Miller stated that the District has issued tax exempt bonds and that Federal tax law
encourages the District to develop issuance and post-issuance compliance procedures related to the bonds. He
explained that these written procedures ensure the District's compliance with the conditions, restrictions, and
requirements to preserve the tax-exempt status of the bonds and preserve the federal subsidy associated with the
conditions to offset the interest expense on the bonds.
Boardmember Leger MOVED and Boardmember Yates SECONDED a motion to approve Resolution EMCFD
2015-05, which CARRIED UNANIMOUSLY by those members present (7-0).
AGENDA ITEM #3 – CONSIDERATION OF RESOLUTION EMCFD 2015-03, LEVYING UPON THE
ASSESSED VALUATION OF THE PROPERTY WITHIN THE DISTRICT SUBJECT TO AD
VALOREM TAXATION A CERTAIN SUM UPON EACH ONE HUNDRED DOLLARS ($100.00) OF
VALUATION SUFFICIENT TO RAISE THE AMOUNTS ESTIMATED TO BE REQUIRED IN THE
ANNUAL BUDGET5, SPECIFICALLY FOR THE PURPOSE OF PAYING PRINCIPAL AND
INTEREST UPON BONDED INDEBTEDNESS; ALL FOR FISCAL YEAR ENDING ON JUNE 30, 2016.
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Acting District Manager Miller stated that the Eagle Mountain Community Facilities District (CFD) issued
bonds in 1996 to repay the costs associated with infrastructure improvements and are repaid annually from ad
valorem taxes collected from the residents of the community and that the 2015 assessed value for Eagle
Mountain Community Facilities District is estimated to be $26,489,718 and the FY 2015-16 budget is $416,686;
therefore, a tax levy of approximately $1.6033 will provide sufficient revenue for the annual debt payment and
administrative costs. The bonds will be retired in FY 2020-21.
Boardmember Yates MOVED and Vice Chair Brown SECONDED a motion to approve Resolution EMCFD
2015-03, which CARRIED UNANIMOUSLY by those members present (7-0).
AGENDA ITEM #4 - ADJOURNMENT.
Boardmember Leger MOVED to adjourn the meeting at 6:28 p.m. and Boardmember Magazine SECONDED
the motion, which CARRIED UNANIMOUSLY by those members present (7-0).
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) Board held on the 18th day of June 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 5th day of May, 2016.
Bevelyn J. Bender, District Clerk