Estrella Mountain Ranch CFD

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 CFD

 Map for Estrella Mountain Ranch CFD

The Estrella Mountain Ranch Community Facilities District (EMRCFD) is a special purpose district created specifically to acquire or construct public infrastructure within specific areas of the City of Goodyear, Arizona, and is authorized under state law to collect for operations and maintenance (O&M), issue general obligation (GO) or revenue bonds to be repaid by property (ad valorem) taxes levied on property within the district (for GO debt), or by specific revenues generated within the district (revenue bonds).  The EMRCFD was created by petition to the City Council by property owners within the area to be covered by the district, and debt may be issued only after approval of the voters within the EMRCFD.

The EMRCFD, a component unit of the City of Goodyear, Arizona (City), was established November 22, 1999, and is a political subdivision of the State of Arizona as well as a municipal corporation by Arizona Law.  The City Council serves as the Board of Directors.  All transactions of the EMRCFD are included in the City’s financial statements.  However, the City has no liability for the debt.

The EMRCFD will appear on your property tax statement from Maricopa County as "CFD - ESTRELLA MTN RANCH".  The GO debt and O&M is paid for through the normal property tax process with the county.  Payment of the debt service and O&M is through collections of an ad valorem property tax levy on properties within the district based upon the assessed valuation.  The Maricopa County Assessor determines the assessed value of the property and the Maricopa County Treasurer collects the property tax.

On March 23 2017, the District issued $14,050,000 of General Obligation Refunding Bonds with an average interest rate of 4.01 percent to refund $13,900,000 of outstanding 2005 and 2007 Series General Obligation Bonds with an average interest rate of 6.06 percent. The net proceeds of $14,251,861, which includes bond premium of $745,144 (after payment of $543,284 in underwriting fees and other issuance costs) were used to purchase U.S. government securities.  Those securities were deposited in an irrevocable trust with an escrow agent, to provide for all future debt service payments of the refunded general obligation bonds. As a result, the 2005 and 2007 Series General Obligation Bonds are considered to be defeased and the liability for those bonds has been removed from the financial statements. Although the refunding resulted in the recognition of a deferred loss on refunding of $346,614 for the fiscal year ended June 30, 2017, the District in effect reduced its aggregate debt service payments by $2,760,706 over the next 15 years and obtained an economic gain (difference between the present values of the old and new debt service payments) of $2,171,095.  The savings are realized by lower debt service payments on the District's general obligation bonds.

There are also currently five Special Assessment Lien areas within the EMRCFD:

Desert Village - Special Assessment

Golf Village - Special Assessment

Golf Village #2 - Special Assessment

Montecito - Special Assessment

Montecito #2 - Special Assessment

Lucero #1 - Special Assessment

The special assessments are paid in addition to the Estrella Mtn Ranch CFD.

 

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