Title
On behalf of the County of El Dorado Assessment & Community Facilities District Screening Committee (Bond Screening Committee), Auditor-Controller recommending the Board adopt and authorize the Chair to sign the following Resolutions that are on file in the Board Clerk's Office related to the formation of El Dorado County Community Facilities District No. 2025-1 (Promontory South):
1) Resolution of Intention 096-2025, to which are attached three exhibits as follows:
A) Exhibit A-List of Authorized Facilities;
B) Exhibit B -Rate and Method of Apportionment; and
C) Exhibit C-Form of Notice of Hearing for August 26, 2025; and
2) Resolution 097-2025 Declaring Intention to Incur Bonded Indebtedness.
FUNDING: N/A
Body
DISCUSSION / BACKGROUND
In accordance with the County's Development Agreement with Lennar Homes of California, LLC (the Developer), the County is required to assist the Developer in obtaining community facilities district (CFD) financing for infrastructure needed for the Promontory South subdivision.
The intention to form the CFD is set forth in the Resolution of Intention and the intention to issue bonds in an amount not to exceed $35 million is set forth in the Resolution Declaring Intention to Incur Bonded Indebtedness. Both resolutions express the current intent of the County at this point in time and further resolutions are required to be presented in the future to complete the formation and authorization to issue bonds. In the event that bonds are eventually sold by the County, the debt service payments will be exclusively the responsibility of the property owners in the proposed CFD. The only foreseeable circumstance that would make the County partially responsible for debt service payments or damages to bond investors would be if an error or omission is made by the County in the formation of the district, in the preparation of the offering statement, in the ongoing SEC required disclosures, or in the administration of the community fa...
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