Council authorizes up to $11.5 million in special-tax bonds for Ranch CFD improvement area

The council approved a resolution authorizing the issuance and sale of special-tax bonds for Improvement Area No. 4 of the Ranch Community Facilities District (CFD 2021-1) in an amount not to exceed $11,500,000.

Michelle Mengeh, assistant administrative services director in finance, told the council the CFD was formed in 2021 to fund infrastructure and related impact costs and that the financing resolution approves bond sale documents and a fiscal agent agreement. "It is important to note that this is not a levy imposed on the city's general fund. It is collected through special taxes located within that district," Mengeh said. After no public comment, a council member moved adoption and the resolution passed on a roll-call vote.

The measure authorizes staff to finalize the preliminary official statement and associated documents and to proceed with sale under the terms approved by the council.