HomeMy WebLinkAboutPacket, Gladden Farms CFD Budget
GLADDEN FARMS COMMUNITY FACILITES DISTRICT
MEETING DATE:
July 5, 2005
AGENDA ITEM:
IX.A.l
TO: DISTRICT BOARD OF DIRECTORS
FROM: Roy Cuaron, District Treasurer
SUBJECT: GFCFD Resolution No. 2005-01: Relating to Gladden Farms
Community Facilities District; consideration and possible adoption of a tentative
budget for fiscal year 2005-2006; setting a public hearing date on said tentative
budget; filing certain statements and estimates, including with respect to amounts
to be provided for by the levy and collection of ad valorem taxes on the assessed
value of all the real and personal property in the district; and providing for notice
of filing the statements and estimates, and notice of a public hearing on the budget
and such statements and estimates.
DISCUSSION
On or before July 15th, the District Treasurer submits to the District Board a proposed budget for the new
fiscal year. The proposed budget includes statements and estimates of the operation and maintenance
expenses of the District, the costs of capital improvements to be financed by the voter authorized ad
valorem tax levy, and the amount of all other expenditures for public infrastructure and enhanced
municipal services proposed to be paid from the tax levy and the amount to be raised to pay the District's
general obligation bonds. The Treasurer has submitted the budget for FY 2005-2006 and has filed the
necessary statements and estimates.
If the District Board approves this tentative budget for FY 2005-2006, the attached notice will be
published giving notice of filing the required statements and estimates, and giving notice of a public
hearing on July 19, 2005 to receive comment on the tentative budget and, particularly, on the portions of
the statements and estimates not relating to debt service on general obligation bonds.
After the public hearing, the District Board may adopt a final budget by resolution and may order the
fixing, levying and assessment of required ad valorem taxes.
ATTACHMENTS
Proposed Budget, Summary Schedule of Estimated Revenues and Expenditures/Expenses and
Notice of Filing Statements and Estimates and Notice of Public Hearing.
RECOMMENDATION
Staff recommends adoption of GFCFD Resolution No. 2005-01, adopting the tentative budget
for fiscal 2006 in the amount of $3,427,440.
SUGGESTED MOTION
I move to adopt GFCFD Resolution No. 2005-01.
GFCFD RESOLUTION NO. 2005-01
GLADDEN FARMS COMMUNITY FACILITIES DISTRICT
RELATING TO GLADDEN FARMS COMMUNITY FACILITIES DISTRICT;
CONSIDERA TION AND POSSIBLE ADOPTION OF A TENT A TIVE BUDGET FOR
FISCAL YEAR 2005-2006; SETTING A PUBLIC HEARING DATE ON SAID TENTATIVE
BUDGET; FILING CERTAIN STATEMENTS AND ESTIMATES, INCLUDING WITH
RESPECT TO AMOUNTS TO BE PROVIDED FOR BY THE LEVY AND COLLECTION OF
AD VALOREM TAXES ON THE ASSESSED VALUE OF ALL THE REAL AND
PERSONAL PROPERTY IN THE DISTRICT; AND PROVIDING FOR NOTICE OF FILING
THE STATEMENTS AND ESTIMATES, AND NOTICE OF A PUBLIC HEARING ON THE
BUDGET AND SUCH STATEMENTS AND ESTIMATES.
WHEREAS, on, February 17, 2004 the Mayor and Council of the Town of Marana
("Town") adopted Resolution No. 2004-23 creating within Sections 33 and 34, RilE, TIIS,
G&SRB&M of the Town the Gladden Farms Community Facilities District ("GFCFD"), a
community facilities district in accordance with ARS 948-701 et seq. (see Exhibit "A" attached
hereto and expressly made a part hereof); and
WHEREAS, GFCFD is a special purpose district for purposes of Article IX, Section 19,
Constitution of Arizona, a tax-levying public improvement district for the purposes of Article
XIII, Section 7, Constitution of Arizona, and a municipal corporation for all purposes of Title 35,
Chapter 3, Articles 3, 3.1., 3.2, 4 and 5, Arizona Revised Statutes, as amended, and [except as
otherwise provided in 948-708(B), as amended] is considered to be a municipal corporation and
political subdivision of the State of Arizona, separate and apart from the Town; and
WHEREAS, a primary purpose for creating GFCFD was to finance construction and
maintenance of certain public improvements needed for the Gladden Farms development through
assessment of ad valorem taxes on all real and personal property within the development; and
WHEREAS, in accordance with ARS 9948-719 and 48-723, a special election was held
on May 18, 2004 wherein the qualified electors of GFCFD voted to issue general obligation
bonds in the maximum amount of sixty nine million dollars ($69,000,000) to cover costs of
constructing required public improvements, and to levy and collect an annual ad valorem tax at a
rate not to exceed thirty cents (30~) per one hundred dollars ($100) of assessed valuation for
GFCFD operation and maintenance expenses; and
WHEREAS, by Resolution GFCFD No. 2004-03 (dated July 6, 2004) the GFCFD Board
authorized the sale of up to two million three hundred thousand dollars ($2,300,000) aggregate
principal amount of general obligation bonds, Series 2004 ("2004 Bonds") to fund initial public
improvements for the development; and
WHEREAS, GFCFD also entered into a standby contribution agreement with Gladden
Forrest L.L.e., a limited liability company of Arizona ("Gladden Forrest") with respect to the
2004 Bonds whereby Gladden Forrest shall make annual payments to GFCFD in order to
maintain the tax rate at no more than two dollars fifty cents ($2.50) per one hundred dollars
($100) of secondary assessed valuation for debt service, given the tax base of GFCFD in each tax
year; and
WHEREAS, in accordance with ARS 9948-716 and 48-723, the GFCFD Treasurer has
submitted to the GFCFD Board a proposed budget for Fiscal Year 2005-2006 which includes
statements and estimates of the operation and maintenance expenses of GFCFD, the costs of
capital improvements to be financed by the authorized ad valorem tax levy, and the amount of all
other expenditures for public infrastructure and enhanced municipal services proposed to be paid
from the tax levy and of the amount to be raised to pay GFCFD general obligation bonds, all of
which shall be provided for by the levy and collection of ad valorem taxes on the assessed value
of all the real and personal property within GFCFD; and
WHEREAS, the GFCFD Board desires now to approve said tentative budget for Fiscal
Year 2005-2006 to publish notice of having filed the required statements and estimates, and to
set a date (and publish a notice thereof) for a public hearing to receive comment on the tentative
budget and, particularly, on the portions of the statements and estimates not relating to debt
service on general obligation bonds; and
WHEREAS, after said public hearing (and on or before October 1), the GFCFD Board
expects to adopt a final budget by resolution; and
WHEREAS, on or before the third Monday in August, the GFCFD Board also expects to
order the fixing, levying and assessment of required ad valorem taxes and to cause certified
copies of the order to be delivered to the Pima County Board of Supervisors and the Arizona
Department of Revenue;
NOW, THEREFORE, BE IT RESOLVED BY THE DISTRICT BOARD OF THE
GLADDEN FARMS COMMUNITY FACILITIES DISTRICT, AS FOLLOWS:
1. That that certain proposed budget prepared by the GFCFD Treasurer for Fiscal
Year 2005-2006, attached hereto and expressly made a part hereof as Exhibit "B", is hereby
tentatively approved.
2. That the statements and estimates of the operation and maintenance expenses of
GFCFD, the costs of capital improvements to be financed by the approved ad valorem tax levy,
and the amount of all other expenditures for public infrastructure and enhanced municipal
services proposed to be paid from the tax levy and of the amount to be raised to pay GFCFD
general obligation bonds in Fiscal Year 2005-2006 are hereby filed on forms of the Auditor
General in accordance with ARS 9942-17101(3) and 48-723(C), and are attached hereto and
expressly made a part hereof as Exhibit "C".
3. That a public hearing date of Tuesday, July 19,2005, beginning at or after 7:00
p.m. in the council chambers of the Town of Marana Civic Center located at 11555 W. Civic
Center Drive, Town of Marana, Arizona, is hereby set to consider said tentative budget
2
(including, but expressly not limited to, consideration of those portions of the statements and
estimates not relating to debt service on GFCFD general obligation bonds), and said notice
(attached hereto and expressly made a part hereof as Exhibit "D") shall be published once in The
Daily Territorial no later than ten (10) days prior to said hearing date.
4. That if any provision in this Resolution is held invalid by a Court of competent
jurisdiction, the remaining provisions shall not be affected but shall continue in full force and
effect.
5. That this Resolution shall be effective after its passage and approval according to
law.
RESOLVED by the District Board of the Gladden Farms Community Facilities District
this 5th day of July 2005.
Ed Honea, Chairman
District Board
Gladden Farms Community Facilities District
ATTEST:
Jocelyn C. Bronson, District Clerk
Gladden Fanus Community Facilities District
APPROVED AS TO FORM:
Frank Cassidy, Legal Counsel
Gladden Fanus Community Facilities District
3
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
TO BE INCLUDED IN THE DISTRICT
ALL OF GLADDEN FARMS BLOCKS 1 THRU 25 AND A THRU F, EXCEPT BLOCK D, AS
SHOWN ON THE PLAT RECORDED IN BOOK 55 OF MAPS AND PLATS AT PAGE 60,
RECORDS OF THE PIMA COUNTY RECORDER, PIMA COUNTY, ARIZONA, BEING
PORTIONS OF SECTIONS 33 AND 34 OF TOWNSHIP 11 SOUTH, RANGE 11 EAST,
GILA AND SALT RIVER MERIDIAN, PIMA COUNTY, ARIZONA, FURTHER DESCRIBED
AS FOLLOWS:
COMMENCING AT A ~" IRON PIN (NO TAG) AT THE NORTHEAST CORNER OF SAID
SECTION 34;
THENCE SOUTH 0030'09" EAST 322.00 FEET UPON THE EAST LINE OF THE
NORTHEAST QUARTER OF SAID SECTION 34 TO THE POINT OF BEGINNING;
THENCE CONTINUE SOUTH 0030'09" EAST 2322.59 FEET UPON SAID EAST
LINE AND UPON THE EAST LINE OF SAID GLADDEN FARMS TO A ~" ALUMINUM
CAPPED PIN, LS 7599, AT THE EAST QUARTER CORNER OF SAID SECTION 34;
THENCE SOUTH 0030'03" EAST 2644.34 FEET UPON THE EAST LINE OF THE
SOUTHEAST QUARTER OF SAID SECTION 34 AND UPON SAID EAST LINE OF
GLADDEN FARMS TO A ~" IRON PIN, NO TAG, AT THE SOUTHEAST CORNER OF
SAID SECTION 34;
THENCE SOUTH 89022' 30" WEST 187.66 FEET UPON THE SOUTH LINE OF
SAID SOUTHEAST QUARTER AND UPON THE SOUTH LINE OF SAID GLADDEN FARMS
TO THE SOUTHEAST CORNER OF CMID WELL SITE NO. 18 AS SHOWN ON SAID
PLAT;
THENCE NORTH 0037'30" WEST 100.00 FEET UPON THE EAST LINE OF SAID
WELL SITE TO THE NORTHEAST CORNER THEREOF;
THENCE SOUTH 89022'30" WEST 75.00 FEET UPON THE NORTH LINE OF
SAID WELL SITE TO THE NORTHWEST CORNER THEREOF;
THENCE SOUTH 0037'30" EAST 100.00 FEET UPON THE WEST LINE OF SAID
WELL SITE TO THE SOUTHWEST CORNER THEREOF BEING ON SAID SOUTH LINE OF
THE SOUTHEAST QUARTER;
THENCE SOUTH 89022'30" WEST 3885.00 FEET CONTINUING UPON THE
SOUTH LINE OF SAID SOUTHEAST QUARTER AND UPON THE SOUTH LINE OF THE
SOUTHWEST QUARTER OF SAID SECTION 34, BEING THE SOUTH LINE OF SAID
GLADDEN FARMS, TO THE SOUTHWEST CORNER OF BLOCK B OF GLADDEN FARMS AS
SHOWN ON SAID PLAT, BEING ON THE NORTHEASTERLY RIGHT OF WAY LINE OF
SANDARIO ROAD AND A POINT ON THE ARC OF A NON-TANGENT CURVE CONCAVE
SOUTHWESTERLY, THE RADIUS POINT OF SAID CURVE BEARS SOUTH 68020'49"
WEST, FOR REFERENCE, AN ALUMINUM CAPPED PIN, RLS 7599, AT THE
SOUTHWEST CORNER OF SAID SECTION 34 BEARS SOUTH 89022' 30" WEST AT A
DISTANCE OF 1124.04 FEET;
THENCE THE FOLLOWING THREE COURSES UPON SAID RIGHT OF WAY LINE
AND UPON SAID SOUTHWEST LINE OF BLOCK B:
1) NORTHWESTERLY UPON SAID ARC, TO THE LEFT, HAVING A RADIUS OF 746.20
FEET AND A CENTRAL ANGLE OF 48017' 38", FOR AN ARC DISTANCE OF 628.96
FEET TO A TANGENT LINE;
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2) NORTH 69056'49" WEST 593.45 FEET TO A POINT ON THE ARC OF A TANGENT
CURVE CONCAVE NORTHEASTERLY;
3) NORTHWESTERLY UPON SAID ARC, TO THE RIGHT, HAVING A RADIUS OF
160.99 FEET AND A CENTRAL ANGLE OF 69026'33", FOR AN ARC DISTANCE OF
195.12 FEET TO A THE TANGENT EAST RIGHT OF WAY LINE OF SAID SANDARIO
ROAD BEING THE WEST LINE OF SAID GLADDEN FARMS;
THENCE NORTH 0030' 16" WEST 1862.79 FEET UPON SAID EAST RIGHT OF
WAY LINE AND UPON SAID WEST LINE TO AN ANGLE POINT;
THENCE SOUTH 89029'44" WEST 30.04 FEET UPON SAID WEST LINE TO A
~" IRON PIN, NO TAG, AT THE WEST QUARTER CORNER OF SAID SECTION 34,
BEING ALSO THE EAST QUARTER CORNER OF SAID SECTION 33;
THENCE SOUTH 89017'57" WEST 1321.01 FEET UPON SAID WEST LINE AND
UPON THE SOUTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 33 TO AN
ANGLE POINT;
THENCE NORTH 0034'17" WEST 2610.03 FEET UPON SAID WEST LINE TO
THE NORTHWEST CORNER OF SAID GLADDEN FARMS, BEING A POINT ON THE SOUTH
RIGHT OF WAY LINE OF MOORE ROAD PRIOR TO THE DEDICATION OF ADDITIONAL
RIGHT OF WAY AS SHOWN ON SAID PLAT, BEING A LINE 30.00 FEET SOUTHERLY
OF AND PARALLEL WITH THE NORTH LINE OF SAID NORTHEAST QUARTER OF
SECTION 33;
THENCE NORTH 89020' 24" EAST 1320.79 FEET UPON THE NORTH LINE OF
SAID GLADDEN FARMS, UPON SAID PRIOR RIGHT OF WAY LINE AND UPON SAID
PARALLEL LINE TO AN ANGLE POINT;
THENCE NORTH 89025'03" EAST 2634.98 FEET UPON SAID NORTH LINE,
UPON SAID PRIOR RIGHT OF WAY LINE AND UPON A LINE PARALLEL WITH AND
30.00 FEET SOUTHERLY OF THE NORTH LINE OF THE NORTHWEST QUARTER OF
SAID SECTION 34 TO AN ANGLE POINT;
THENCE NORTH 89025'03" EAST 2283.27 FEET UPON SAID NORTH LINE,
UPON SAID PRIOR RIGHT OF WAY LINE AND UPON A LINE PARALLEL WITH AND
30.00 FEET SOUTHERLY OF THE NORTH LINE OF THE NORTHEAST QUARTER OF
SAID SECTION 34;
THENCE SOUTH 0030'13" EAST 292.00 FEET;
THENCE NORTH 89025'03" EAST 357.00 FEET TO THE POINT OF
BEGINNING.
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EXHIBIT B
GLADDEN FARMS COMMUNITY FACILITIES DISTRICT (GFCFD)
PROPOSED BUDGET
FISCAL 2005-2006
REVENUES
Property Tax - General (Operating)
Property Tax- Secondary (Debt Service)
Developer Contributions
Total Revenues
Budget
Amount
$6,840
$56,985
$1,068,615
$1,132,440
EXPENDITURES
CFD Administration
Costs of Issuance
AccountinglAuditing
Public Notification Expenses
Consultant Services
Outside Legal Counsel
Debt Service
Trustee Fees
Capital Improvements Acquisition
Replacement Reserve
Total Expenditures
$25,000
$90,000
$5,000
$2,000
$10,000
$10,000
$363,440
$2,000
$2,910,000
$10,000
$3,427,440
Excess (Deficiency) of Revenues
Over (Under) Expenditures
($2,295,000)
Other Financing Sources (Uses)
General Obligation Bonds
$3,000,000
Total Other Financing Sources
$3,000,000
Excess (Deficiency) of Revenues and
Other Financing Sources Over (Under)
Expenditures and Other Financing Uses
$705,000
BEGINNING FUND BALANCE
$594,350
ENDING FUND BALANCE
$1,299,350
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GLADDEN FARMS COMMUNITY FACILITIES DISCTRICT
Summary of Tax Levy and Tax Rate Information
Fiscal Year 2005-06
2004-05 2005-06
FISCAL YEAR FISCAL YEAR
1. Maximum allowable primary property tax levy.
A.R.S. ~42-17051(A). $ $
2. Amount received from primary property taxation in
the 2004-05 fiscal year in excess of the sum of that
year's maximum allowable primary property tax levy.
A.R.S. ~42-17102(A)(18). $
3. Property tax levy amounts
A. Primary property taxes $ $
B. Secondary properly taxes 63,825
C. Total property tax levy amounts $ $ 63,825
4. Property taxes collected'
A. Primary property taxes
(1) 2004-05 year's levy $
(2) Prior years' levies
(3) Total primary property taxes $
B. Secondary property taxes
(1) 2004-05 year's levy $
(2) Prior years' levies
(3) Total secondary property taxes $
C. Total property taxes collected $
5. Property tax rates
A. DISTRICT tax rate
(1) Primary property tax rate
(2) Secondary property tax rate 2.8000 2.8000
(3) Total city/town tax rate 2.8000 2.8000
B. Special assessment district tax rates
Secondary property tax rates - As of the date the proposed budget was prepared, the
DISTRICT was operating NO special assessment districts for which secondary
property taxes are levied.
, Includes actual property taxes collected as of the date the proposed budget was prepared, plus
estimated property tax collections for the remainder of the fiscal year.
4/05
SCHEDULE B
EXHIBIT "D"
GFCFD Published Notice
GLADDEN FARMS COMMUNITY FACILITIES DISTRICT
NOTICE OF FILING STATEMENTS AND ESTIMATES
AND
NOTICE OF PUBLIC HEARING
NOTICE OF FILING STATEMENTS AND ESTIMATES OF THE OPERATION AND
MAINTENANCE EXPENSES OF THE GLADDEN FARMS COMMUNITY FACILITIES
DISTRICT, THE COSTS OF CAPITAL IMPROVEMENTS TO BE FINANCED BY THE AD
VALOREM TAX LEVY, AND THE AMOUNT OF ALL OTHER EXPENDITURES FOR
PUBLIC INFRASTRUCTURE AND ENHANCED MUNICIPAL SERVICES PROPOSED TO
BE PAID FROM THE TAX LEVY AND OF THE AMOUNT TO BE RAISED TO PAY
GENERAL OBLIGATION BONDS OF THE DISTRICT; AND NOTICE OF A PUBLIC
HEARING ON THE PROPOSED FISCAL YEAR 2005-2006 BUDGET OF THE DISTRICT,
INCLUDING A HEARING ON THOSE PORTIONS OF THE STATEMENTS AND
ESTIMATES NOT RELATING TO DEBT SERVICE ON GENERAL OBLIGATION BONDS.
Notice is hereby given that statements and estimates have been filed in the Office of the District
Clerk of the Gladden Farms Community Facilities District of the operation and maintenance
expenses of the District, the costs of capital improvements to be financed by the voter-approved
ad valorem tax levy, and the amount of all other expenditures for public infrastructure and
enhanced municipal services proposed to be paid from the tax levy and of the amount to be
raised to pay general obligation bonds of the District, all of which shall be provided for by the
levy and collection of ad valorem taxes on the assessed value of all the real and personal
property in the District. Notice is further given of a public hearing on the proposed Fiscal Year
2005-2006 budget of the District, including (but not limited to) a hearing on those portions ofthe
statements and estimates not relating to debt service on general obligation bonds, all pursuant to
Arizona Revised Statutes ~ ~48- 7 I 6 and 48-723. Such hearing will be held by the District Board
on Tuesday, July 19, 2005, at or after 7:00 p.m. in the council chambers of the Town of Marana
Civic Center, 11555 W. Civic Center Drive, Marana, Arizona. Copies of the budget are
available from the Office of the District Treasurer, 11555 W. Civic Center Drive, Town of
Marana, Arizona 85653, telephone number: (520) 382-1930.
Dated this 6th day of July 2005
/s/ Michael A. Reuwsaat
District Manager
Gladden Farms Community Facilities District
Published: July 8, 2005
7