Eagle Mountain Community Facilities District to dissolve
The Eagle Mountain Community Facilities District is about to dissolve.
Members of the Fountain Hills Town Council met as the EMCFD board of directors on May 4 to approve a tentative budget for the district. Its last one totaled just $1,000 for administrative costs, with $240 in revenue from interest income.
The district was formed in 1996 as a vehicle for a developer to sell bonds for infrastructure in the Eagle Mountain subdivision. The district will make its final bond payment effective June 30 this year.
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Eagle Mountain Community Facilities District to dissolve
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The Eagle Mountain Community Facilities District is about to dissolve.
Members of the Fountain Hills Town Council met as the EMCFD board of directors on May 4 to approve a tentative budget for the district. Its last one totaled just $1,000 for administrative costs, with $240 in revenue from interest income.
The district was formed in 1996 as a vehicle for a developer to sell bonds for infrastructure in the Eagle Mountain subdivision. The district will make its final bond payment effective June 30 this year.
Residents in the subdivision had paid a property tax levy to pay the debt service.
Craig Rudolphy, representing the Eagle Mountain homeowner’s association, told the council there are expected to be excess funds in the account and asked that those funds be turned over to the HOA.
Council will consider that request with final approval to take place on June 1.
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