Rolling Oaks

Community Development District

Agenda

April

11,

2019

'

A

GE

NDA

Rolling

Oaks

Community Development District

135 W. Central

Phone:

Blvd., Suite 320, Orlando, Florida 32801 407-841-5524- Fax: 407-839-1526

April 4, 2019

Board

of

Supervisors

Rolling Oaks Community
Development District

Dear

Board Members:

The	meeting	
will	be	held	
Center,	7715	
the meeting:	

of the Board of Supervisors of Rolling Oaks		
	Community Development District		
Thursday,  April  11, 2019 at 12:00 PM at the  Heritage  Crossing Community		
Heritage Crossing Way, Reunion, Florida.	Following is the advance agenda for		

1.

2.

3.

4.

5.

6.

Roll Call		
Public Comment Period		
Approval of Minutes of the February 21, 2019 Meeting	
Consideration of Resolution 2019-03	Approving the Proposed Budget for Fiscal Year	
2020 and Setting a Public Hearing		
Consideration of Proposals with AMTEC to Provide Arbitrage Rebate Calculation	
Services (2)		
Staff Reports		

7.

8.

9.

A.	Attorney

B.	Engineer

C.	District Manager's Report

i.		Approval of Check Register			
ii.		Balance Sheet and Income Statement		
					
iii.		Designation of November 14, 2019	as		
Supervisor's					
	Requests			
Next Meeting	Date			
Adjournment				

Landowners'

Meeting Date

The

second

order

of

business

of

the

Board

of

Supervisors

meeting

is

the

Public

Comment

Period

where the public has an opportunity to be heard reflected on the agenda, and any other items.

on

propositions

coming

before

the

Board as

The	third	order	of business	is	approval of the	minutes	of the	
Supervisors						
		meeting. The minutes are enclosed for your review.	

February

21,	2018	

Board

of

The fourth	order of business	is consideration of Resolution 2019-03 approving the proposed		
budget and	setting a	public	hearing.  Once approved, the budget will be transmitted to  the		
governing		at least 60	days prior to the final budget hearing. A copy of the Resolution		
authorities				
is				a copy of the proposed budget will be provided under separate		
enclosed for your review and			
cover.						

The fifth	order of	business is consideration		
				
rebate calculation services. The first proposal		
for series	2018 bonds. Copies of the proposals		

of	proposals with AMTEC to		
			
is for series 2016	bonds and the		
are enclosed for	your review.		

provide arbitrage second proposal is

The sixth order of business is Staff		
includes the check register	Reports. Section C is the District Manager's Report. Section 1		
	being submitted for approval and Section 2 is the balance sheet and		
income	statement for your	review. Section 3 is the designation of November 14, 2019 as the		
landowners'			
	meeting date. A copy of the instructions, sample agenda and landowners' proxy is		
enclosed for your review.			

The balance of the agenda will questions, please contact me.

be

discussed

at

the meeting.

In

the

meantime,

if

you

have

any

Sincerely,

r-- ~ ~

George S. Flint District Manager

'"---

CC:	Mark Straley, District Counsel Dave Schmitt, District Engineer Steve Sanford, Bond Counsel Jon Kessler, Underwriter Robert Smith, Trustee

Enclosures

M INUTES

MINUTES OF MEETING					
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT		
The  regular  meeting  of the  Board  of	Supervisors	of	the	Rolling  Oaks  Community		
						
Development District was held Thursday,		12	:00 p.m. at the Heritage Crossing		
February 21, 2019 at				
Community Center, 7715 Heritage Crossing Way, Reunion, Florida.			
Present and constituting a quorum were:						
John Chiste	Chairman					
Jared Bouskila	Vice Chairman by telephone		
Peter Brown	Assistant Secretary			
Samir Yajnik	Assistant Secretary			
Also present were:						
George Flint	District Manager			
Vivek Babbar	District Counsel by telephone		
Bruce Taylor	District Engineer by telephone		
FIRST ORDER OF BUSINESS	Roll Call					
Mr. Flint called the meeting to order and called the roll.				
SECOND ORDER OF BUSINESS	Public Comment Period		
There being none, the next item followed.					

TIDRD

ORDER

OF

BUSINESS

Approval of the 2018 Meeting

Minutes

of

the December 13,

On MOTION by Mr. Chiste seconded by the minutes of the December 13, 2018 presented.

Mr. Brown with all in favor meeting were approved, as

FOURTH

ORDER

OF BUSINESS

Ratification

of

Series 2016 Requisition No. 3

Mr. Flint draw the balance

stated next is ratification ofrequisition no. 3 from the 2016 Bonds and this should in the construction and acquisition account down to zero and it is in the amount

February 21, 2019	Rolling Oaks CDD		
			
of			
$132,674.32 and it was certified by the Engineer and signed by Mr. Chiste as Chairman and		
transmitted to the trustee.			

On MOTION by Mr. Brown seconded by Mr. Chiste requisition no. 3 from the Series 2016 Bonds in $132,674.32 was ratified.

with the

all in favor

amount  of

FIFTH

ORDER OF BUSINESS

Ratification

of

Series

2018

Requisition No. 1

Mr. Flint stated requisition no. 1 is for the series 2018 Bonds and totals $4,190,806.93 and		
this was certified by the Engineer and signed by the	Chairman on January 29	th	and was transmitted		

to the trustee and funded and we are asking the Board to ratify.				
On MOTION by Mr. Brown			favor		
seconded by Mr. Yajnik with all in			
requisition no.  1 from  the  Series  2018  Bonds  in the  amount  of		
$4,190,806.93 was ratified.					

SIXTH ORDER OF BUSINESS

A.	Attorney

Staff Reports

There being none, the next item followed.

B.	Engineer

There being none, the next item followed.

C.	Manager

i.

Approval

of

Check Register

On

the

MOTION by Mr. check register in

Chiste seconded by Mr. Brown with all in favor the amount of $58,562.55 was approved.

ii.	Balance Sheet and Income Statement

A copy

of

the balance sheet and income statement were included in the agenda package.

SEVENTH

ORDER

OF BUSINESS

Supervisor's Requests

There being none, the next item followed.

2

February 21, 2019

Rolling

Oaks

CDD

EIGHTH ORDER

OF

BUSINESS

Next Meeting Date

Mr. Flint stated the next meeting will be March 14, 2019 at 12:00 p.m.	Since this meeting

is a little later in February than normal, I will

touch base

with the Chairman and

if

we

don't

have

any business items that meeting may be canceled.

On

the

MOTION by Mr. Brown seconded by meeting adjourned at 12:05 p.m.

Mr.

Chiste with all in favor

Secretary/Assistant Secretary	Chairman/Vice Chairman	

3

SECTION

IV

		RESOLUTION 2019-03			
	A			OF SUPERVISORS OF THE ROLLING		
	RESOLUTION OF THE BOARD			
	OAKS  COMMUNITY  DEVELOPMENT  DISTRICT  APPROVING  A		
	PROPOSED	FOR	FISCAL YEAR 2019/2020	AND SETTING A		
	BUDGET					
	PUBLIC   HEARING   THEREON  PURSUANT   TO   FLORIDA   LAW;		
	ADDRESSING    TRANSMITTAL,   POSTING    AND    PUBLICATION		
	REQUIREMENTS;  ADDRESSING	SEVERABILITY;  AND  PROVIDING		
	AN EFFECTIVE DATE.				
						
	WHEREAS, the District	Manager has heretofore prepared and		
Supervisors				submitted to the Board of		
	("Board") of the Rolling Oaks				
			Community Development		
to June 15, 2019, a				District ("District") prior		
1,	proposed budget ("Proposed Budget") for the fiscal year beginning October		
	2019 and						
	ending September 30, 2020	("Fiscal Year 2019/2020");	and		

WHEREAS, the Board has public hearing thereon.

considered the Proposed Budget and desires to

set

the

required

NOW,   THEREFORE,   BE   IT   RESOLVED	
SUPERVISORS	OF	THEROLLING	
DEVELOPMENT DISTRICT:	

BY THE OAKS

BOARD OF COMMUNITY

1.	PROPOSED BUDGET		The Proposed		
	APPROVED.			
District Manager for Fiscal Year 2019/2020	attached hereto as Exhibit		
the basis for conducting a public hearing to adopt said Proposed Budget.		

Budget prepared by the A is hereby approved as

2.

Budget is

SETTING hereby declared

A PUBLIC HEARING. and set for the following

A	public date, hour

hearing on said approved Proposed and location:

DATE:	July 11, 2019

HOUR:	12:00 p.m.

LOCATION:	Heritage Crossing Community Center

7715 Heritage Crossing Way

Reunion, FL 34747

3.	TRANSMITTAL  OF  PROPOSED  BUDGET  TO  LOCAL	
PURPOSE		
	GOVERNMENT. The District Manager is	
		hereby directed to submit	
Proposed Budget to Osceola County at least 60 days prior to the hearing set above.	

GENERAL a copy of the

4.	POSTING OF PROPOSED BUDGET.	In	accordance with Section  189.016,		
Florida					
					
Statutes, the District's Secretary is				
	further directed to post the approved Proposed Budget		
on the District's website at least two days before the budget hearing date as set forth in Section 2,		
and shall remain on the				
	website for at least 45 days.				

5.	PUBLICATION OF NOTICE.		
			
in the manner prescribed in Florida law.		

Notice

of

this public hearing shall be published

6.	SEVERABILITY.	The	invalidity  or  unenforceability		
					
provisions of this				
				
	Resolution shall not affect the		
of this			validity or enforceability of		
Resolution, or any part thereof.			

of the

any one or more remaining portions

7.

adoption.

EFFECTIVE	DATE.

This	Resolution	shall	take	effect	immediately	upon

PASSED AND ADOPTED THIS

11

th

DAY OF APRIL, 2019.

ATTEST:

ROLLING OAKS COMMUNITY

DEVELOPMENT DISTRICT

Secretary

By:	----		
				
Its:		----------		
	----		
		----------		

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Rolling

Oaks

Community

De

v

elopment

District

Proposed

Budget

FY 2020

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1

2-4

5

6-7

8

9-10

Table of Contents

General Fund

General Fund Narrative

Series 2016 Debt Service Fund

Series 2016 Amortization Schedule

Series 2018 Debt Service Fund

Series 2018 Amortization Schedule

Description

Revenues

Assessments

Developer Contributions

Total Revenues

Expenditures

Administrative

	Rolling Oaks					
Community Development District				
	Fiscal Year 2020					
		General Fund					
Adopted	Actuals	Projected	Total	Proposed		
Budget	Thru	Next	Thru	Budget		
FY2019	3/31/19	6 Months				
			9/30/19	FY2020		
$131 ,000	$84,541	$46,459	$131,000	$131,000		
$225	,000	$19,110	$19,889	$38,999	$225,000		
							
$356,000	$103,651	$66,348	$169,999	$356,000		

Supervisor Fees

FICA Expense

Engineering

Attorney

Arbitrage

Dissemination

Assessment Administration

Annual Audit

Trustee Fees

Management Fees

Information Technology

Telephone

Postage

Insurance

Printing & Binding

Legal Advertising

Other Current Charges

Office Supplies

Property Appraiser Fee

Property Taxes

Dues, Licenses & Subscriptions

Administrative Expenses

field Operations

Landscape/Lake Maintenance Utilities

Contingency

Field Operations Expenses

Total Expenditures

Excess Revenues/(Expenditures)

$12,000	$2,600	
$918	$199	
$12,000		$0	
$25	,000	$1,361	
$600		$0	
$3,500	$2,625	
$10	,000	$10,000	
$5,000		$0	
$4,000	$3,500	
$35,000	$17,500	
$600	$300	
$300		$33	
$1,212	$282	
$6,350	$5	,750	
$1,200	$156	
$2,000	$208	
$500		$0	
$300		$71	
	$0	$328	
	$0	$1,040	
$175	$175	
$120,655	$46,128	
$175,000		$0	
$50,000		$0	
$10,345		$0	
$235,345		$0	
$356,000	$46,128	
	$0	$57,522	

$6,000	$8,600	$12,000		
$459	$658	$918		
$6,000				
	$6,000	$12,000		
$0	$1	,361	$25,000		
$900					
	$900	$900		
$3,500				
	$6	,125	$7,000		
$0					
	$10,000	$10,000		
$2,975				
	$2,975	$3,800		
$0	$3	,500	$7,000		
$17,500					
	$35,000	$35,000		
$2,800	$3,100	$600		
$67	$100	$300		
$930				
	$1,212	$1,212		
$0	$5	,750	$6,350		
$1,044					
	$1,200	$1,200		
$1 ,792	$2,000	$2,000		
$2,500				
	$2,500	$500		
$79	$150	$300		
$0				
	$328	$150		
$0				
	$1,040	$1,100		
$0				
	$175	$175		
				
$46,546	$92,674	$127,505		
$0		$0	$168,495		
$0					
		$0	$50,000		
$0					
		$0	$10,000		
					
$0		$0	$228,495		
					
$46,546	$92,674	$356,000		
$19,802	$77,324	$0		
	Net Assessments	illQ2Q		
		$131,000		
Add: Discounts & Collections	$8,384		
	Gross Assessments	$139,384		
	Units	262		
	Per Unit Assessment	$532		

Rolling Oaks

Community Development District

GENERAL

FUND

BUDGET

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

Develop

er

Contributions

The District will enter into a Funding Agreement with the Developer to fund the General Fund expenditures for the Fiscal Year.

EXPENDITURES:				
Administrative:				
Supervisor Fees				
Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting,		
not to exceed $4,800 per year paid to each Supervisor for the time devoted to District		
business  and	meetings.  The  District anticipates	12	meetings  per year,  with  all  Board		
					
members receiving payment for their attendance at each meeting.		

FICA

Expense

Represents the Employer'sshare of Social Security and Medicare taxes withheld from Board		
of Supervisor checks.					
Engineering					
The District'sengineer will be providing general engineering services to the District, e.g.		
attendance and preparation for monthly board meetings, review invoices, etc.		
Attorney					
The District'slegal counsel,	Straley, Robin & Vericker, will be		
			providing general legal services		
to the District, e.g. attendance and preparation for monthly meetings, preparation and review		
of agreements, resolutions, etc.				
Arbitrage					
The District will contract with an independent certified public accountant to annually calculate		
the  District's		the			
Arbitrage  Rebate  Liability  on		Series  2016  &  Series  2018  Special		
Assessment Bonds.					
					
Dissemination					
The District will be required by the Security and Exchange Commission to comply with Rule		
15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues.		
Governmental Management Services-CF, LLC has been retained to serve as the District's		
dissemination agent.					

2

Rolling Oaks

Community Development District

GENERAL

FUND

BUDGET

Assessment Administration

The District will contract to on all assessable property

levy and administer the collection of non-ad valorem assessment within the District.

Annual Audit

The District is required

records on an annual
Gaines & Frank.

by Florida Statutes to arrange for an independent audit of its financial basis. The District'scurrent auditing firm is Berger, Toombs, Elam,

Trustee Fees			
The  District will  pay annual  trustee  fees for the  Series  2016  & Series  2018  Special	
Assessment Bonds held at Regions Bank.	
Management Fees		
The District has contracted with Governmental Management Services-CF, LLC to provide	
Management,	Accounting and	Recording Secretary	
		Services for the District. The services	
include, but are not limited to, recording and transcription of board meetings, administrative	
services, budget preparation, all financial reporting, annual audits, etc.	
Information Technology		

Represents costs related to the District'saccounting and	
website creation and	maintenance, electronic compliance	
electronic date requirements.	

information with Florida

systems, District's Statutes and other

Telephone

Telephone and fax machine.

Postage

Mailing

of

Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District'sgeneral liability, provided by Florida Insurance governmental agencies.

public officials liability and property Alliance (FIA). FIA specializes in

insurance coverage is providing insurance to

Printing

&

Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising

The District hearings, etc

is in

required to advertise various notices for monthly Board meetings, public a newspaper of general circulation.

3

Rolling Oaks

Community Development District

GENERAL

FUND

BUDGET

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office

Su

pp

lies

Miscellaneous office supplies.

Property Appraiser Fee

Represents a fee charged by Osceola County Property Appraiser'soffice for assessment administration services

Property Taxes

Represents the non-ad valorem District.

assessment from Osceola County that will

be

charged

to

the

Dues, Licenses

&

Subscriptions

The District is	required to pay an	annual fee  to the	Florida  Department of Economic		
					
Opportunity for $175. This is the only expense under this category for the District.		
Field Operations				
Landscape/Lake Maintenance				
The District will incur monthly landscape expenses, which include mowing, edging, and		
string-trimming.  The District will also provide monthly aquatic management services for		
inspection and	treatment of lakes throughout the District.			
				
The District will incur cost for electric, street lighting, water and sewer.		
Contingency					

To record the cost of any maintenance expenses not properly classified accounts.

in

any of the other

4

Description

Revenues

Rolling Oaks			
Community Development District		
	Fiscal Year 2020			
Debt Service Fund			
	Series 2016			
Adopted	Actuals	Projected		
Budget	Thru	Next		
FY2019	3/31/19	6 Months		

Total	Proposed	
Thru	Budget	
9/30/19	FY2020	

Assessments - Tax Roll	
Assessments - Direct		
Interest		
Transfer In - COi		
Carry Forward Surplus	
Total Revenues		
Expenditures		
Interest - 11/01		
Principal - 11/01		
Interest- 05/01		
Transfer Out - Construction	
Total Expenditures		
Excess Revenues/(Expe nditures)	
l unitT~ee	Units	
Vacation Rental Homes	262	
Less: Discount/Collection	(6%}	
! Net Annual Assessment		

	$589,501		$380,374	$209,127	$589,501		$589,501		
	$534,800		$401 ,100	$133,700					
					$534,800		$534 ,800		
	$2,500		$13,036	$6,964					
					$20,000			$10,000		
	$0		$43	$0	$43			$0		
$688,463		$700,537	$0	$700,537		$719,701		
$1,815,264		$1,495,090	$349,791	$1,844,881		$1	,854,002		
										
$450,378		$450,378	$0	$450,378		$445,428		
$220,000		$220,000	$0	$220,000		$230,000		
$445,428		$0	$445,428	$445,428		$440,253		
	$0		$9,373	$0	$9,373			$0		
$1	,115,806		$679,751	$445,428	$1,125,179		$1,115,681		
									
$699,458		$815,339	($95,637}	$719,701		$738;321		
Gross Per Unit	Total		Principal 11/1/20	$		240 ,000		
$	2,393.62	$	627,128.44							
					Interest 11/1/20	$		440,253		
										
		$	(37,627.71)							
					Total	$		680,253		
		$	589,500.73 1							

5

	Rolling Oaks Community Development District		
	Series 2016, Special Assessment Bonds		
		(Term Bonds Combined)			
		Amortization Schedule			
Date	Balance	Principal	Interest	Annual	

11/1/19	
5/1/20	
11/1/20	
5/1/21	
11/1/21	
5/1/22	
11/1/22	
5/1/23	
11/1/23	
5/1/24	
11/1/24	
5/1/25	
11/1/25	
5/1/26	
11/1/26	
5/1/27	
11/1/27	
5/1/28	
11/1/28	
5/1/29	
11/1/29	
5/1/30	
11/1/30	
5/1/31	
11/1/31	
5/1/32	
11/1/32	
5/1/33	
11/1/33	
5/1/34	
11/1/34	
5/1/35	
11/1/35	
5/1/36	
11	/1	/36	
5/1/37	
11/1/37	
5/1/38	
11/1/38	

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

15,420,000

15,190,000

15,190,000

14,950,000

14,950,000

14,695,000

14,430,000

14,430,000

14,430,000

14,155,000

14,155,000

13,865,000

13,865,000

13,560,000

13,560,000

13,240,000

12,545,000

12,545,000

12,545,000

12,545,000

12,545,000

12,170,000

12,170,000

11,775,000

11,775,000

11,355,000

11,355,000

10,910,000

10,910,000

10,440,000

10,440,000

9,940,000

9,940,000

9,410,000

9,410,000

8,850,000

8,260,000

8,260,000

8,260,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

230,000

240,000

255,000

265,000

275,000

290,000

305,000

320,000

340,000

355,000

375,000

395,000

420,000

445,000

470,000

500,000

530,000

560,000

590,000

625,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

445,428

440,253

440,253

434,853

434,853

429,116

429,116

423,153

423,153

415,934

415,934

408,322

408,322

400,316

400,316

391,916

391,916

382,991

382,991

373,672

373,672

362,656

362,656

351,053

351,053

338,716

338,716

325,644

325,644

311,838

311,838

297,150

297,150

281,581

281,581

265,131

265,131

247,800

247,800

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

1,120,856

1,120,506

1,124,706

1,123,231

1,121,306

1,121,869

1,121,644

1,120,631

1,123,831

1,120,981

1,122,344

1,120,313

1,122,106

1,122,431

1,121,288

1,123,675

1,124,300

1,123,163

1,120,263

1,120,600

6

	Rolling Oaks Community Development District	
	Series 2016, Special Assessment Bonds	
		(Term Bonds Combined)		
		Amortization Schedule		
Date	Balance	Principal	Interest	

Annual

5/1/39	
11/1/39	
5/1/40	
11/1/40	
5/1/41	
11/1	/41	
5/1/42	
11/1/42	
5/1/43	
11/1/43	
5/1/44	
11/1/44	
5/1/45	
11/1/45	
5/1/46	
11/1/46	
5/1/47	
11/1/47	
Totals	

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

7,635,000

7,635,000

6,970,000

6,970,000

6,265,000

6,265,000

5,520,000

5,520,000

4,730,000

4,730,000

3,890,000

3,890,000

3,000,000

3,000,000

2,060,000

2,060,000

1,060,000

1,060,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

665,000

705,000

745,000

790,000

840,000

890,000

940,000

1,000,000

1,060,000

15,420,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

229,050

229,050

209,100

209,100

187,950

187,950

165,600

165,600

141,900

141,900

116,700

116,700

90,000

90,000

61,800

61,800

31,800

31,800

16,677,416

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

1,123,100		
1,123,200		
1,120,900		
1,121,200		
1,123,800		
1,123,400		
1,120,000		
1,123,600		
1,123,600		
32,542,844	1	

7

Description

Revenues

Rolling Oaks		
Community Development District	
	Fiscal Year 2020		
Debt Service Fund		
	Series 2018		
Proposed	Actuals	Projected	
Budget	Thru	Next	
FY2019	3/31/19	6 Months	

Total	Proposed	
Thru	Budget	
9/30/19	FY2020	

l

Assessments		
Bond Proceeds		
Interest		
Carry Forward Surplus		
Total Revenues		
Ex pe nditures		
lnterest-11/01		
Principal - 11 /01		
Interest - 05/01		
Total Expenditures		
Excess Revenues/(Expendltures)	
unitT:z:e2	Units	
Vacation Rental Homes	400	
Less: OlscounUCollection (6	%	
Net Annual Assessment		

		$0		$0		$0	$0	$	900,000		
	$1	,587,814		$1,587,814							
						$0	$1 ,587,814		$0		
											
		$0		$10,899	$4	,101	$15,000		$5,000		
		$0		$0							
						$0	$0		$365,812		
	$1,587,814		$1,598,713	$4,101	$1,602,814		$1,270,812		
		$0		$0		$0	$0		$350,813		
		$0		$0							
						$0	$0		$0		
	$337,170		$0	$337,170					
					$337,170		$350,813		
											
	$337,170		$0	$337,170	$337,170		$701,625		
	$1,250,644		$1,598,713	($333,069)	$1 ,265,644		$569,187		
Gross Per Unit	Total			Principal 11/1/20	$	195,000		
$		2,393 .62	$	957,447.00							
							Interest 11/1/20	$	350 ,813		
			$	(57,446 .82)							
							Total	$	545,813		
			$	900,000.18							

8

	Rolling Oaks Community Development District	
	Series 2018, Special Assessment Bonds	
		(Term Bonds Combined)		
		Amortization Schedule		
Date	Balance	Principal	Interest	

Annual

5/1/19	
11/1/19	
5/1/20	
11/1/20	
5/1/21	
11/1/21	
5/1/22	
11/1/22	
5/1/23	
11/1/23	
5/1/24	
11/1/24	
5/1/25	
11/1/25	
5/1/26	
11/1/26	
5/1/27	
11/1/27	
5/1/28	
11/1/28	
5/1/29	
11/1/29	
5/1/30	
11/1/30	
5/1/31	
11	/1/31	
5/1/32	
11/1/32	
5/1/33	
11/1/33	
5/1/34	
11/1/34	
5/1/35	
11/1/35	
5/1/36	
11/1/36	
5/1/37	
11/1/37	
5/1/38	
11/1/38	
5/1/39	
11/1/39	
5/1/40	
11/1/40	

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

13,160,000

13,160,000

13,160,000

13,160,000

12,965,000

12,965,000

12,760,000

12,760,000

12,545,000

12,545,000

12,320,000

12,320,000

12,090,000

12,090,000

11,845,000

11,845,000

11,590,000

11,590,000

11,320,000

11,320,000

11,040,000

11,040,000

10,745,000

10,745,000

10,435,000

10,435,000

10,110,000

10,110,000

9,765,000

9,765,000

9,400,000

9,400,000

9,015,000

9,015,000

8,610,000

8,610,000

8,185,000

8,185,000

7,735,000

7,735,000

7,260,000

7,260,000

6,760,000

6,760,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

195,000

205,000

215,000

225,000

230,000

245,000

255,000

270,000

280,000

295,000

310,000

325,000

345,000

365,000

385,000

405,000

425,000

450,000

475,000

500,000

525,000

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

337,170

350,813

350,813

350,813

346,547

346,547

342,063

342,063

337,359

337,359

332,438

332,438

326,831

326,831

320,859

320,859

314,644

314,644

308,063

308,063

301,238

301,238

293,309

293,309

284,978

284,978

276,244

276,244

266,972

266,972

257,163

257,163

246,816

246,816

235,931

235,931

224,509

224,509

212,416

212,416

199,650

199,650

185,900

185,900

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

687,982

896,625

898,094

899,125

899,719

894,875

898,663

896,719

899,288

896,125

897,475

896,619

894,956

897,488

898,944

899,325

898,631

896,863

899,019

899,831

899,300

896,800

9

	Rolling Oaks Community Development District	
	Series 2018, Special Assessment Bonds	
		(Term Bonds Combined)		
		Amortization Schedule		
Date	Balance	Principal	Interest	

Annual

5/1/41

11/1/41

5/1/42

11/1/42

5/1/43

11/1/43

5/1/44

11/1/44

5/1/45

11/1/45

5/1/46

11/1/46

5/1/47

11/1/47

5/1/48

11/1/48

5/1/49

11/1/49

Totals

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

6,235,000

6,235,000

5,680,000

5,680,000

5,095,000

5,095,000

4,480,000

4,480,000

3,830,000

3,830,000

3,145,000

3,145,000

2,420,000

2,420,000

1,655,000

1,655,000

850,000

850,000

$		
$	555,000	
$		
$	585,000	
$		
$	615,000	
$		
$	650,000	
$		
$	685,000	
$		
$	725,000	
$		
$	765,000	
$		
$	805,000	
$		
$	850,000	
$	13,160,000	

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

171,463

171,463

156,200

156,200

140,113

140,113

123,200

123,200

105,325

105,325

86,488

86,488

66,550

66,550

45,513

45,513

23,375

23,375

14,453,914

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

897,925

897,400

895,225

896,400

895,650

897,975

898,100

896,025

896,750

27,613,914

!

10

SECTION

V

Arbitrage Rebate

Proposal

Computation
For

Rolling Oaks

Community Development District

(Osceola County, Florida)

$15,640,000 Special Assessment Bonds

Series 2016

-i•■■■

i..

AMTEC

	IA\AMTEC		
i■■■i	American Municipal Tax-Exempt Complianee		
-	-				
	February 26, 2019		
	Ms. Teresa Viscarra		
	Government Management Seivices- CF, LLC		
	9145	Narcoossee Road		
	SuiteA206		
	Orlando, FL 32827		

90 Avon Meadow Lane
Avon, CT  06001
(T) 860-321-7521
(F} 860-321-7581

www.amteccorp.com

Re:	$15,640,000 Rolling Oaks Community	Development District (Osceola County, Florida),		
				
	Special Assessment Bonds, Series 2016			
							
Dear Ms. Viscarra:						
AMTEC is an independent consulting firm that					
ability	to	complete  rebate  computations	specializes in arbitrage rebate calculations. We have the		
			for	the	above-	Oaks  Community		
					referenced  Rolling			
Development District (the "District") Series 2016 bond issue (the "Bonds").  We do not sell investments		
or seek an undeiwriting role.  As a result of our specialization, we offer veiy competitive pricing for		
rebate	computations.  Our typical fee averages less than $1,000 per year, per issue and includes up to		
five years	of annual rebate liability reporting.						

Firm

History

AMTEC was incorporated in 1990 and maintains a prominent client base of colleges and universities,	
school	districts,	hospitals, cities, state agencies	and small-town bond issuers throughout the United	
States.	We currently compute rebate for more than 5,900 bond issues and have	delivered thousands of	
rebate reports. The IRS has never challenged our findings.		
Southeast Client Base				
We provide arbitrage rebate services to over 350	bond issues aggregating more than $9.1 billion oftax-	
exempt debt in the	southeastern United States.	We have recently performed computations for the	
Magnolia West,	East Park, Palm Coast Park, Rolling Oaks and Town Center at Palm Coast Park	
Community	Development Districts.  Additionally, we are exclusive rebate consultant to the Cities of	
Cape Coral and Palm Beach in	Florida. Nationally, we are rebate consultants for	the County of Orange	
(CA),	the City of Tulsa (OK),	the City of Cmpus Christi (TX) and the States	of Connecticut., New	
Jersey, Montana, Mississippi and Alaska.			

We have	prepared	
established a "bond	
Bonds in	December	

a Proposal	for the	computation	of		
		th	, based		
year end" of December 15			
2016.						

arbitrage for the District's upon the anniversary of the

Bonds.	We have

closing date of the

Proposal

We

are

proposing rebate

computation

services

based

on

the

following:

•

•

•

$15,640,000 Series 2016 Bonds;
Fixed Rate Issue; and

Acquisition and Construction, Reserve,

Capitalized Interest,

Expense

&

Debt

Service

Accounts.

Should the Tax Agreement require rebate computations extended to include those accounts at no additional cost to

for the

any other accounts, District.

computations

will

be

Our guaranteed fee for rebate computations for the Series 2016 Bonds is $450 per year	and will		
encompass all activity from December 15, 2016, the date of the closing, through December 15,	2021,	the		
th	Bond Year and initial Computation Date.	The fee is based upon the size as well as	the		
end of the 5						
complexity.		Our fee is payable upon your acceptance	of our rebate reports, which will be	delivered		
shortly after	the report dates specified in the following table.				

AMTEC's

Professional Fee -

$15,640,000

Series

2016

Bonds

Report Date

March 15, 2019

November30,2019

November30,2020

December 15, 2021

Type of Reoort

Rebate and Opinion

Rebate and Opinion

Rebate and Opinion

Rebate and Opinion

	Period Covered	
Closing- December 31,	2018	
(2 Bond Years of Activity)	
Closing -November 30,	2019	
Closing -	November 30,	2020	
Closing -	December 15,	2021	
		Total	

Fee

$900

450

450

450

$2,250

In

order

to

begin,

we

are requesting copies of the following documentation:

1.

2.

3.

4.

Arbitrage Certificate or Tax Regulatory Agreement.
IRS Form 8038-G.
Closing Memorandum.
Regions Bank statements for all accounts from December
through each report date.

15,

2016,

the

date

of

the

closing,

AMTEC's

Scope

of

Services

Our

standard engagement includes the

following

services:

•

•

Review of all bond documents and account statements for possible rebate exceptions;		
Computation of the rebate liability and/or the yield restricted amount,  in accordance	with	
Section 148 of the Internal Revenue Code, commencing with the date of the closing through	
required reporting date of the Bonds;		

•

•

Independent	calculation of the yield on	the Bonds	to ensure the	correct basis	for	any	rebate	
liability. This effort provides the basis for our unqualified opinion;					
Reconciliation of the sources and uses of	funds from	the bond documentation;				

3

•

•

Calculation and analysis	of the yield on all	
computation period;		
Production of rebate reports, indicating the	
AMTEC Opinion;		

investments,

above stated

subject to the Regulations, for each

information, and the issuance of the

•

•

•

•

•

Recommendations for proactive rebate management;				
Commingled funds,	transferred proceeds and yield				
	restriction analyses, if necessary;			
Preparation of IRS	Form  8038-T and any accompanying	documentation,  should	a rebate		
payment be required;				
				
We will discuss the	results of our Reports with you, your auditors, and our continued support in		
the event of an IRS inquny; and				
We guarantee the completeness and accuracy of our work.				

The District agrees to furnish under the scope of services. transactions, investments and

AMTEC with The District disbursements

the required documentation will make available staff of bond proceeds.

necessary to fulfill its knowledgeable about

obligation the bond

The District agrees under the Proposal,

to pay AMTEC its has been fulfilled.

fee

after

it

has

been satisfied that the

scope

of

services,

as

outlined

AMTEC agrees that its fee is all-inclusive connected with this engagement.

and

that

it

will

not charge the

District

for

any

expenses

The

parties

have

executed

this

Agreement

on

___

____

~

2019.

Rolling Oaks Community

Deve-lo_p_m_entDistri··ct___________

Consultant: American Municipal Tax-Exempt ~~

By:

Rolling Oaks Development

Community

District

By:

Michael J. Scarfo

Senior Vice President

4

Arbitrage Rebate

Proposal

Computation
For

Rolling Oaks
Community Development District

(Osceola County, Florida)

$13,160,000 Special Assessment Bonds

Series 2018

-i•■■■

i
...

AMTEC

	AAMTEC		
-...-	merkru:i Munldpal Tax - Exempl   ompUance		
!	!			

90 Avon Meadow Lane

Avon, CT  06001
(T) 860-321-7521
<F, 860-321-7581

www.amteccorp.com

February 26, 2019

Ms. Teresa Viscarra

Government Management Services -

9145 Narcoossee Road

SuiteA206

Orlando, FL 32827

CF,

LLC

Re:

$13,160,000 Rolling Oaks Community Development District (Osceola County, Florida), Special Assessment Bonds, Series 2018

Dear Ms. Viscarra:			
AMTEC is an independent consulting finn that specializes in arbitrage rebate calculations. We have the	
ability  to	complete  rebate  computations	for	the  above-	
Development District (the		referenced  Rolling  Oaks  Community	
		"District") Series 2018 bond issue (the "Bonds").  We do not sell investments	
or seek an underwriting role.  As a result of our specialization, we offer very competitive pricing for	
rebate	computations.  Our typical fee averages less than $1,000 per year, per issue and includes up to	
five years	of annual rebate liability reporting.			

Firm

History

AMTEC was incorporated in 1990 and maintains a prominent client base of colleges and universities, school districts, hospitals, cities, state agencies and small-town bond issuers throughout the United States. We currently compute rebate for more than 5,900 bond issues and have delivered thousands of

rebate reports. The IRS has never challenged our

:findings.

Southeast

Client

Base

We provide arbitrage rebate services to	over 350 bond issues aggregating more than $9.1 billion of	tax.-	
exempt debt in the	southeastern United States.  We have recently performed computations for	the	
Magnolia West, East Park, Palm Coast Park, Rolling Oaks and Town Center at Palm Coast Park	
Community	Development Districts.  Additionally, we are exclusive rebate consultant to the Cities of	
Cape Coral and Palm Beach in Florida	Nationally, we are rebate consultants for the County of Orange	
(CA), the City of Tulsa (OK), the City of Corpus Christi (TX) and the States of Connecticut, New	
Jersey, Montana, Mississippi and Alaska.		

We have prepared established a ''bond Bonds in November

a Proposal	for	the computation	of arbitrage for the District's		
year end"		th	, based upon the anniversary of the		
	of November 8			
2018.						

Bonds. closing

We have date of the

Proposal

We

are

proposing rebate

computation services

based on

the

following

:

•

•

•

$13,160,000 Series 2018 Bonds; Fixed Rate Issue; and

Acquisition and Construction, Reserve,

Capitalized Interest,

Expense

&

Debt Service Accounts.

Should the extended to

Tax Agreement require rebate computations include those accounts at no additional cost to

for	any other	
	accounts, computations will be	
the District.	

Our guaranteed fee for rebate computations for the Series 2018 Bonds is $450 per year and	will		
encompass all activity from November 8, 2018, the date of	the closing, through November 8, 2023,	the		
th		the		
end of the 5  Bond Year and initial Computation Date.  The fee is based upon the size as well as			
complexity.  Our fee is payable upon your acceptance of	our rebate			
shortly after the report dates specified in the following table.	reports, which will be delivered		

AMTEC's

Professional

Fee

-

$13,160,000

Series

2018

Bonds

Report Date	
October 31,	2019	
October 31,	2020	
October 31,	2021	
October 31,	2022	
November 8, 2023	

Type of Report Rebate and Opinion Rebate and Opinion Rebate and Opinion Rebate and Opinion Rebate and Opinion

	Period Covered	
Closing -	October 31,	2019	
Closing -	October 31,	2020	
Closing -	October 31,	2021	
Closing -	October 31,	2022	
Closing -	November 8, 2023	

Total

Fee	
$	450	
	450	
	450	
	450	
	450	
$2,250	

In

order to

begin,

we

are

requesting copies of the following

documentation:

1.

2.

3.

4.

Arbitrage Certificate or Tax Regulatory Agreement.		
IRS Form 8038-G.				
Closing Memorandum.				
Regions Bank	statements for	all accounts	from November		
					
through each report date.				

8,

2018,

the

date

of

the

closing,

AMTEC's

Scope

of

Services

Our standard engagement includes

the

following

services:

•	Review

of

all

bond

documents and account statements

for

possible rebate exceptions;

•

Computation of the rebate liability Section 148 of the Internal Revenue required reporting date of the Bonds;

and/or Code,

the yield restricted amount, commencing with the date of

in accordance with the closing through

•

•

Independent	calculation of the yield on the Bonds	to ensure the correct basis	for	any	rebate	
liability. This effort provides the basis for our unqualified opinion;				
Reconciliation of the sources and uses of funds from	the bond documentation;				

3

•

•

Calculation and analysis	of the yield on all	
computation period;		
Production of rebate reports, indicating the	
AMTEC Opinion;		

investments,

above stated

subject to the Regulations, for each

information, and the issuance of the

•

•

•

Recommendations for proactive rebate management;					
Commingled funds,	transferred proceeds and yield restriction analyses, if necessaiy;				
Preparation of IRS	Form  8038-T and any  accompanying	documentation,  should	a	rebate		
payment be required;					

•

•

We will discuss the results of our Reports with you, the event of an IRS inquizy; and

We guarantee the completeness and accuracy of our

your auditors, and our continued support in

work.

The District agrees to furnish AMTEC with the required documentation				
under the scope of services.  The	necessary to fulfill its obligation		
	District will make available staff knowledgeable about the bond		
transactions, investments and	disbursements of bond proceeds.				
					
The District agrees to pay AMTEC	its fee after it has been satisfied that the scope of services, as outlined		
under the Proposal, has been fulfilled.				
AMTEC agrees that its fee	is all-		the	District for any expenses		
	inclusive and that it will not charge				
connected with this engagement.					

The parties have executed this Agreement on _

______

__,

2019.

Rolling Oaks Community

Development District

By:	Rolling Oaks Community

Development District

Consultant: American Municipal Tax-Exempt		
Compliance Corporation		
By:	~		
	Michael J. Scarfo		
	Senior Vice President		

4

SECTION

VI

SECTION

C

SECTION

1

I

General

Fund

Fund

Rolling Oaks	
Community Development District	
Summary of Check Re gister	
March 1,	2019	to March 31,	2019	
Date			CheckNo.'s	
3/5/19			151-152	
3/7/19			153	
3/12/19			154	
3/20/19			155	

$
$

$

$

$

$

Amount		
342.95		
3,590.80		
208.17		
60,379.65		
64,521.57		
64,s21.s7	I	

AP300R *** CHECK

DATES

03/01/2019

-

YEAR-TO-DATE 03/31/2019 ***

ACCOUNTS  PAYABLE  PREPAID/COMPUTER	
ROLLING	OAKS  GENERAL	FUND	
BANK  A	GENERAL  FUND		

CHECK

REGISTER

RUN

4/04/19

PAGE

1

CHECK	VEND#	
DATE		
3/05/19	00006	
3/05/19	00003	
3/07/19	00001	

3/12/19	00004	
3/20/19	00013	

.•••• INVOICE ..••.•• •EXPENSED  TO . ..	SUBCLASS	VENDOR  NAME				
DATE	INVOICE	YRMO	DPT  ACCT#  SUB						
2/19/19	6-466-22	201902	310-51300-42000							
	DELIVERY  02/14/19							
			FEDEX						
2/26/19	16792	201901	310-51300-31500							
	QTRLY  REPORT/PAYMENT  REQ.							
			STRALEY	ROBIN  VERICKER				
3/01/1957	201903	310-51300-34000							
	MANAGEMENT  FEES-MAR19							
3/01/1957	201903	310-51300-35100							
	INFORMATION  TECH-MAR19							
3/01/1957	201903	310-51300-31300							
	DISSEMINATION-MAR19							
3/01/1957	201903	310-51300-51000							
	OFFICE	SUPPLIES								
3/01/1957	201903	310-51300-42000							
	POSTAGE									
										
3/01/1957	201903	310-51300-42500							
	COPIES									
----			GOVERNMENTAL	MANAGEMENT	SERVICES		
	----	----					
			-------							
2/11/19	46094200	201902	310-51300-48000							
	NOT.OF  MEETING	02/21/19							
			ORLANDO	SENTINEL				
3/19/19	03192019	201903	300-20700-10300							
	FY19  DEBT  SERVICE  SER2016							
			ROLLING	OAKS	CDD  C/0  REGIONS	BANK		

STATUS						AMOUNT			.••. CHECK •....		
										AMOUNT	#		
*						66.30							
														
-	-	-	-	-	-	- - -	-	-		-	66.30	000151		
											- - -			
*						276.65							
														
-	-	-	-	-	-	- - -	-	-	-	276.65	000152		
										- - -			
*					2,916.67								
														
*						50.00								
														
*						583.33								
														
*						17.62								
														
*						4.13								
														
*						19.05								
														
-	-	-	-	-	-	----	-	3,590.80	000153		
									-	- - -			
*						208.17								
														
-	-	-	-	-	-	- - -	-	-		208.17	000154		
										-	- - -			
*				60,379.65								
														
								60,379.65	000155		

TOTAL	FOR	BANK	A

TOTAL	FOR	REGISTER

64,521.57

64,521.57

ROAK

ROLLING

OAKS

TVISCARRA

SECTION

2

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•

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•

•
•
•

Rolling Oaks

Community

Development District

Unaudited Financial Reporting

March 31, 2019

•	•

•

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•

	Table of Contents	
1	Ba la nee Sheet	
2	General Fund Income Statement	
3	Series 2016 Debt Service Income Statement	
4	Series 2018 Debt Service Income Statement	
5	Series 2016 Capital Projects Income Statement	
6	Series 2018 Capital Projects Income Statement	
7	Month to Month	
8	Developer Contributions Schedule	
9	Long Term Debt Summary	
10	Assessment Receipt Schedule	
11-12	Series 2016 Construction Schedule	

13	Series 2018 Construction Schedule

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

BALANCE SHEET

March 31, 2019

ASSETS:

CASH

INVESTMENTS

SERIES 2016

RESERVE

REVENUE

INTEREST

SINKING FUND

CONSTRUCTION

SERIES 2018

General

Fund

$66,474

Debt Service

Fund

$1	,136,604	
$803,365	
	$51	
	$25	

Capital Projects

Fund

$33

Totals

$66,474

$1,136,604

$803,365

$51

$25

$33

RESERVE

REVENUE

CAPITALIZED INTEREST

CONSTRUCTION

COSTS OF ISSUANCE

TOTAL ASSETS

LIABILITIES:

ACCOUNTS PAYABLE

FUND EQUITY:

FUND BALANCES:

$906,008

$692,705

$66,474	$3,538,757	
$81		

$6,975,957

$5,100

$6,981,090

$906,008

$0

$692,705

$6,975,957

$5,100

$10,586,322

$81

RESTRICTED FOR DEBT 2016

RESTRICTED FOR DEBT 2018

RESTRICTED FOR CAP PROJECTS 2016

RESTRICTED FOR CAP PROJECTS 2018

UNASSIGNED		
TOTAL	LIABILmES & FUND EQUITY		

	$1,940,045		
	$1,598,713		
		$33	
		$6,981,057	
$66,394			
$66,474	$3,538,757	$6,981,090	

$1,940,045

$1,598,713

$33

$6,981,057

$66,394

$10,586,322

REVENUES:

ASSESSMENTS

DEVELOPER CONTRIBUTIONS

TOTAL REVENUES

EXPENDITURES:

ADMINISTRATIVE:

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND

Statement of Revenues & Expenditures

For The Period Ending March 31, 2019

ADOPTED	PRORATED BUDGET

BUDGET	3/31/19

$131,000	$84,541

$225,000	$112,500

$356,000	$197,041

ACTUAL		
3/31/19	VARIANCE	
$84,541	$0	
$19,110	($93,390)	
$103,651	($93,390)	

SUPERVISORS FEES	
FICA EXPENSE			
ENGINEERING			
ATTORNEY			
ARBITRAGE			
DISSEMINATION		
ASSESSMENT ADMINISTRATION	
ANNUAL AUDIT			
TRUSTEE FEES			
MANAGEMENT	FEES	
INFORMATION	TECHNOLOGY	
TELEPHONE			
POSTAGE			
INSURANCE			
PRINTING & Bl NOi NG	
LEGAL ADVERTISING	
OTHER CURRENT CHARGES	
PROPERTY APPRAISER FEE	
PROPERTY TAXES		
OFFICE SUPPLIES		
DUES, LICENSES	& SUBSCRIPTIONS	
TOTAL ADMINISTRATIVE	
MAINTENANCE:			
LANDSCAPE/LAKE MAINTENANCE	
UTILITIES			
CONTINGENCY			
TOTAL MAINTENANCE	
TOTAL EXPENDITURES	
EXCESS REVENUES (EXPENDITURES)	
FUND BALANCE·	Beginning	
FUND BALANCE·	Ending	

$12,000

$918

$12,000

$25,000

$600

$3,500

$10,000

$5,000

$4,000

$35,000

$600

$300

$1,212

$6,350

$1,200

$2,000

$500

$0

$0

$300

$175

$120,655

$175,000

$50,000

$10,345

$235,345

$356,000

$0

$0

$0

$6,000

$459

$6,000

$12,500

$0

$1,750

$10,000

$0

$4,000

$17,500

$300

$150

$606

$6,350

$600

$1,000

$250

$0

$0

$150

$175

$67,790

$87,500

$25,000

$5,173

$117,673

$185,463

$2,600	$3	,400	
$199	$260	
$0	$6,000	
$1,361	$11	,139	
$0			$0	
$2,62S	($875)	
$10,000			$0	
$0			$0	
$3,500	$500	
$17,500			($0)	
$300			$0	
$33	$117	
$282	$324	
$5,750	$600	
$156	$444	
$208	$792	
$0	$250	
$328	($328)	
$1,040	($1	,040)	
$71			$79	
$175			$0	
$46,128	$21,	662	
$0	$87,500	
$0	$25,000	
$0	$5,173	
$0	$117,673	
$46,128	$139,334	
$57,522				
$8,871				
$66,394				

2

REVENUES:

ASSESSMENTS-TAX ROLL ASSESSMENTS- DIRECT INTEREST

TOTAL REVENUES

EXPENDITURES:

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

DEBT SERVICE FUND

SERIES 2016

Statement of Revenues & Expenditures

For The Period Ending March 31, 2019

ADOPTED	PRORATED BUDGET

BUDGET	3/31/19

$589,501	$380,374

$534,800	$401,100

$2,500	$1,250

$1,126,801	$782,724

ACTUAL		
3/31/19	VARIANCE	
$380,374	$0	
$401,100	$0	
$13,036	$11,786	
$794,510	$11,786	

INTEREST-11/01

PRINCIPAL - 11/01

INTEREST - 05/01

TRANSFER OUT (IN)

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE - Beginning

FUND BALANCE- Endi~

$450,378

$220,000

$445,428

$0

$1,115,806

$10,995

$688,463

$699,458

$450,378

$220,000

$0

$0

$670,378

$450,378

$220,000

$0

$9,330

$679,708

$114,802

$1,825,243

$1,940,045

($0)

$0

$0

($9,330)

($9,330)

3

REVENUES:

BOND PROCEEDS

INTEREST

TOTAL REVENUES

EXPENDITURES:

INTEREST - 05/01

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE- Beginning

FUND BALANCE- Ending

ROLLING OAKS	
COMMUNITY DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
	SERIES 2018		
Statement of Revenues &	Expenditures	
For The Period Ending March 31, 2019	
ADOPT.ED	PRORATED BUDGET	
BUDGET		3/31/19	
	$0	$0	
	$0	$0	
	$0	$0	
	$0	$0	
	$0	$0	
	$0		
	$0		
	$0		

ACTUAL		
3/31/19	VARIANCE	
$1,587,814	$1,587,814	
$10,899	$10,899	
$1,598,713	$1,598,713	
$0	$0	
$0	$0	
$1,598,713		
$0		
$1,598,713		

4

REVENUES:

INTEREST

TOTAL REVENUES

EXPENDITURES:

CAPITAL OUTLAY- CONSTRUCTION TRANSFEROUT(IN)

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE - Beginning

FUND BALANCE - Ending

ROLLING OAKS	
COMMUNITY DEVELOPMENT DISTRICT	
CAPITAL PROJECTS	FUND	
	SERIES 2016		
Statement of Revenues &	Expenditures	
For The Period Ending Man:h 31, 2019	
ADOPTED	PRORATED BUDGET	
BUDGET		3/31/19	
	$0	$0	
	$0	$0	
	$0	$0	
	$0	$0	
	$0	$0	
	$0		
	$0		
	$0		

ACTUAL			
3/31/19		VARIANCE	
$1,163	$1,163	
$1	,163	$1,163	
$132,674	($132,674)	
($9,330)	$9,330	
$123,344	($123,344)	
($122,181)		
$122,215		
	$33		

5

REVENUES:

BOND PROCEEDS

INTEREST

TOTAL REVENUES

EXPENDITURES:

CAPITAL OUTLAY-CONSTRUCTION

CAPITAL OUTLAY-COST OF ISSUANCE

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE-Beginning

FUND BALANCE - Ending

ROLLING OAKS	
COMMUNITY	DEVELOPMENT DISTRICT	
CAPITAL PROJECTS	FUND	
SERIES 2018		
Statement of	Revenues &	Expenditures	
For The Period Ending March 31, 2019	
ADOPTED	PRORATED BUDGET	
BUDGET	3/31/19	
$0		$0	
$0		$0	
$0		$0	
$0		$0	
$0		$0	
$0		$0	
$0			
$0			
$0			

ACTUAL

3/31/19

$11,572,186

$69,878

$11,642,064

$4,190,807

$470,200

$4,661,007

$6,981,057

$0

$6,981,057

VARIANCE

$11,572,186

$69,878

$11,642,064

($4,190,807)

($470,200)

($4,661,007)

6

~

ASSESSMENTS

DEVELOPER CONTRIBUTIONS

TOTAL REVENUES

EXPENDITURES·

ADMINISIBAUVE;

I

	Oct	
	$0	
$19	,110	
$19,110	

Nov

$0

$0

$0

Dec

$45,666

$0

$45,666

	ROLLING OAKS			
Community Development District			
Jan	Feb	Mar	Aer		
					
$513	$24,942	$13,420	$0		
$0	$0	$0	$0		
$513	$24,942	$13,420	$0		

Mal

$0

$0

$0

Jun

$0

$0

$0

Jul

$0

$0

$0

AU§

$0

$0

so

Se p	Total		
$0	$84,541		
$0	$19,110		
$0	s103,651	I	

SUPERVISOR FEES	
FICA EXPENSE	
ENGINEERING	
ATTORNEY	
ARBITRAGE	
DISSEMINATION	
ASSESSMENT ADMINISTRATION	
ANNUAL	AUDIT	
TRUSTEE	FEES	
MANAGEMENT FEES	
INFORMATION TECHNOLOGY	
TELEPHONE	
POSTAGE		
INSURANCE	
PRINTING & BINDING	
LEGAL ADVERTISING	
OTHER CURRENT CHARGES	
PROPERTY APPRAISER FEE	
PROPERTY TAXES	
OFFICE SUPPLIES	
CUES, LICENSES & SUBSCRIPTIONS	
TOTAL ADMINISTRATIVE	
MAINTENANCE:	
LANDSCAPE/LAKE MAINTENANCE	
UTILITIES		
CONTINGENCY	
TOTAL MAINTENANCE	
TOTAL EXPENDITURES	
EXCESS REVENUES (EXPENDITURES)	

I

I

I

I

$0	$800	
$0	$61	
so	$0	
$30	$344	
$0	$0	
$292	$292	
$10,000	so	
$0	so	
$0	$0	
S2,917	$2,917	
$50	sso	
$0	$27	
$8	$126	
$S,750	$0	
S75	$0	
$0	$0	
$0	$0	
$0	$0	
$0	$0	
$18	$0	
$175	$0	
S19,315	$4,616	
so	$0	
$0	so	
$0	$0	
~	$0	
$19,315	$4,616	
!Si05)	($4,616)	

$1,000

$77

$0

$630

$0

$292

$0

$0

$0

$2,917

$50

$0

$68

$0

$33

$0

$0

$0

$1,040

S18

$0

$6,123

$0

$0

$0

$0

$6,123

$39,543

$0	$800	
$0	$61	
so	$0	
$277	$81	
$0	$0	
$583	$583	
so	$0	
$0	$0	
$0	$3,500	
$2,917	S2,917	
$SO	$50	
so	$6	
S9	$68	
$0	$0	
$15	$15	
$0	$208	
$0	$0	
S328	$0	
$0	$0	
$18	$0	
$0	$0	
$4,195	$8,289	
$0	$0	
$0	$0	
$0	$0	
_$0_	$0	
$4,195	$8,289	
(S3,682!	$16,653	

$0

$0

$0

$0

$0

$583

$0

$0

$0

S2,917

$50

$0

$4

$0

$19

$0

$0

so

$0

$18

$0

S3,591

$0

so

$0

$0

$3,591

$9,829

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

so

$0

so

$0

$0

so

$0

$0

$0

$0

$0

$0
so

$0

$0

so

$0

$0

$0

$0

$0

$0

$0

$0

$0

so

$0

$0

$0

$0

$0

$0

$0

so

so

$0

$0

$0

$0

so

$0
_$0__

$0

so

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

so

$0

$0

$0

$0

$0

so

so

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
so

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
so

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

so

$0

$0

$0

$0

$0

so

so

~

$0

so

$0	$2,600		
$0	$199		
$0	so		
$0	$1,361		
$0	$0		
$0	$2,625		
$0	$10,000		
so	$0		
$0	$3,500		
$0	$17,500		
$0	$300		
$0	S33		
$0	S282		
$0	$5,750		
$0	$156		
$0	$208		
$0	$0		
$0	S328		
$0	$1,040		
$0	$71		
so	$175		
$0	$46,128	i	
$0	$0		
$0	so		
$0	$0		
$0_	so	I	
$0	$46,128 1	
$0	$57,522	1	

7

Funding

Request

#

Prepared

Date

Payment

Received

Date

ROLLING OAKS

Community Development District

Developer Contributions/Due from Developer

Check	Total

Amount	Funding

Request

General

Fund

Portion (18)

General

Fund

Portion (19)

Overand

(short)

Balance Due

11

12

1

8/27/18

9/27/18

10/4/18

9/24/18

10/25/18

10/25/18

$	13,368.23	$	13,368.23	$	7,618.23	$	5,750.00	$	
$	14,474.80	$	14,474.80	$	4,474.80	$	10,000.00	$	
$	6,510.03	$	6,510.03	$	3,150.39	$	3,359.64	$	

IDue from Developer

Total Developer Contributions FY19

*FY18 column does not include Funding

Requests

#1-10.

$

34,353.06	$	

-
$

34,353.06

19,109.64

$

15,243.42

$

19,109.64

$

8

ROLLING

OAKS

COMMUNITY

DEVELOPMENT

DISTRICT

LONG

TERM

DEBT

REPORT

SERIES

2016,

SPECIAL

ASSESSMENT

BONDS

INTEREST RATES:

MATURITY DATE:

RESERVE FUND DEFINITION

RESERVE FUND REQUIREMENT

RESERVE FUND BALANCE

BONDS OUTSTANDING-12/15/16

LESS : PRINCIPAL PAYMENT 11/1/18

CURRENT BONDS OUTSTANDING

4.500%, 5.250%, 5.875%, 6.000%

11/1/2047

MAXIMUM ANNUAL DEBT SERVICE

$1,124,706

$1,136,604

$15,640,000

($220,000)

$15,420,000

SERIES

2018,

SPEC

AL

ASSESSMENT

BONDS

INTEREST RATES:

MATURITY DATE:

RESERVE FUND DEFINITION

RESERVE FUND REQUIREMENT

RESERVE FUND BALANCE

BONDS OUTSTANDING-11/8/18

CURRENT BONDS OUTSTANDING

4.375%, 4.875%, 5.375%, 5.500%

11/1/2049

MAXIMUM ANNUAL DEBT SERVICE

$899,831

$906,008

$13,160,000

$13,160,000

9

Date

Received

Oleck

No.

Gross Assessments

Received

	ROLLING OAKS						
COMMUNITY DEVELOPMENT DISTRICT					
	SPECIAL ASSESSMENT RECEIPTS • FY2019					
	TAX	COLLECTOR						
		Gross Assessments	$	766,512	$	139,384		
		Net	$	720,522	$	131,021		
		Assessments						
Discounts/	C.Ommisslons	Interest	Net Amount	General Fund		
Penalties						
	Paid	Income	Received		18.18%		

$	627,128	
$	589,501	
	2016	
Debt Svc Fund	
	81.82%	

Total

100%

12/3/18

12/10/18

12/21/18

1/11/19

1/11/19

2/13/19

3/11/19

Totals

33069	$	160,909.10	$	6,436.65	$	3,089.45	$		$	151,383.00	$	27,527.76	$	123,855.24	$	151,383.00		
ACH																		
	$	38,033.06	$	1,521.39	$	730.23	$		$	35,781.44	$	6,506.56	$	29,274.88	$	35,781.44		
ACH																		
	$	67,289.26	$	2,018.63	$	1,305.42	$		$	63,965.21	$	11,631.55	$	52,333.66	$	63,965.21		
ACH																		
	$	2,925.62	$	87.77	$	56.75	$		$	2,781.10								
											$	505.72	$	2,275.38	$	2,781.10		
ACH																		
	$		$		$		$	42.57	$	42.57	$	7.74	$	34.83	$	42.57		
ACH	$																	
		143,355.38	$	3,393.62	$	2,799.24	$		$	137,162.52	$	24,941.88	$	112,220.64	$	137,162.52		
ACH																		
	$	76,066.12	$	760.53	$	1,506.11	$		$	73,799.48								
											$	13,419.83	$	60,379.65	$	73,799.48		
	$		$		$		$		$		$		$		$			
	$																	
			$		$		$		$		$							
													$		$			
	$		$		$		$		$		$		$		$			
	$		$		$		$		$		$		$		$			
	$		$		$		$		$		$		$		$			
	$																	
			$		$		$		$		$		$		$			
																		
	$		$		$		$		$		$		$		$			
	$		$		$		$		$		$		$		$			
																		
	$		$		$		$		$		$							
													$		$			
	$		$		$		$		$		$		$		$			
																		
	$		$		$		$		$									
											$		$		$			

	$	488,578.54	$	14,218.59	$	9,487.20	$	42.57	$	464,915.32	$	84,541.04	$	380,374.28	$	464,915.32		

ROLLING OAKS SPLENDID LLC	
DATE	DUE	
RECEIVED	DATE	
2/7/19	12/1/18	
3/25/19	2/1/19	
	5/1/19	

DIRECT	BILLED ASSESSMENTS						
		$534,800.00			$534,B00.00		
CHECK		NET		AMOUNT	DEBT SERVICE		
NO.		ASSESSED		RECEIVED		2016		
6135	$	267,400.00	$	267,400.00	$	267,400.00		
								
6641	$	133,700.00	$	133,700.00	$	133,700.00		
	$	133,700.00	$	.	$	-		
								
	$	534,BO0.OO	$	401,100.00	$	401,100.00		

10

Rolling Oaks

Community Development District

Special Assessment Bonds, Series 2016

Date	Requisition#	
Fiscal Year 2017		
7/11/17	1	
Fiscal Year 2017		
12/1/16	Interest	
1/1/17	Interest	
2/1/17	Interest	
3/1/17	Interest	
4/1/17	Interest	
5/1/17	Interest	
6/1/17	Interest	
7/1/17	Interest	
8/1/17	Interest	
9/1/17	Interest	

Contractor	Description

GMS-CF, LLC	lnvoice#29 - FY2017	Construction Accounting	
TOTAL			

TOTAL

Acquisition/Construction Funcl at 12/15/16

Interest Earned thru 9/30/17

Requisitions Paid thru 9/30/17

Remaining Acquisition/Construction Fund

$

$

$

$
$

$

$
$
$
$
$

$

$

$
$
$

$

Requisitions

3,500.00

3,500.00

2,331.71

4,531.59

5,678.82

6,488.93

7,085.26

8,081.42

9,586.41

9,956.28

53,740.42

13,240,079.92

53,740.42

(3,500.00)

13,290,320.34

Date		
Fiscal Year	2018	

Re9uisition

#

Contractor

Description

R~uisitions

11/10/17	2	

Rolling Oaks Splendid, LLC	Completion of Roadway, Drainage, and Utility	$	13,193,249.89		
	Infrastructure				

Fiscal Year 2018

10/1/17

11/1/17

12/1/17

1/1/18

2/1/18

3/1/18

4/1/18

5/1/18

5/1/18

6/1/18

7/1/18

8/1/18

9/1/18

TOTAL

Interest

Interest

Interest

Interest

Interest

Interest

Interest

Interest

Excess Reserve Transfer In

Interest

Interest

interest

Interest

TOTAL

Acquisition/Construction Fund at 09/30/2017

Interest Earned and Transfer In thru 6/30/18

Requisitions Paid thru 6/30/18

Remaining Acquisition/Construction Fund

$	13,193,249.89	
$		10,212.06	
$		3,048.46	
$		85.93	
$		100.50	
$		112.15	
$		105.23	
$		129.82	
$		140.72	
$		10,455.68	
$		166.54	
$		171.28	
$		185.62	
$		187.53	
$		25,101.52	
$		13,290,320.34	
$		25,101.52	
$	(13,193,249.89)	
$		122,171.97	

11

Rolling

Oaks

Community Development District

Special

Assessment

Bonds,

Series

2016

Date

Fiscal Year 2019

2/5/19

Re quisition #	Contractor

3	Rolling Oaks Splendid LLC

Descrl ~ lon	Requisitions

Completed Public Facilities, Drainage & Utility Infrastructure	$	132,674.32

Fiscal Year 2019

10/1/18

10/1/18

11/1/18

12/1/18

1/2/19

2/1/19

3/1/19

TOTAL

Interest

Transfer In (Out)

Interest

Interest

Interest

Interest

Interest

TOTAL

Acquisition/Construction Fund at 09/30/2018

Interest Earned and Transfer In thru 3/31/19

Requisitions Paid thru 3/31/19

Remaining Acquisition/Construction Fund

$	132,674.32	

$	188.06	
$	9,373.03	
$	215.20	
$	226.41	
$	243.68	
$	255.97	
$	33.26	
$	10,535.61	
$	122,171.97	
$	10,535.61	
$	(132,674.32)	
$	33.26	

12

Rolling Oaks

Community Development District

Special Assessment Bonds, Series 2018

Date		
Fiscal Year	2019	
2/5/19	

Requisition

5

#

Contractor	Description

Rolling Oaks Splendid LLC	Public Facility Roadway, Drainage & Utility lnfrastructue

Requisitions

$	4,190,806.93

TOTAL

$

4,190,806.93

Fiscal Year 2019

12/3/18

1/2/19

2/1/19

3/1/19

Interest

Interest

Interest

Interest

TOTAL

Acquisition/Construction Fund at 11/8/2018	
Interest Earned 3/31/19		
Requisitions Paid thru 3/31/19		
Remaining Acquisition/Construction	Fund	

$	14,627.38	
$	20,485.37	
$	21,517.15	
$	13,247.68	
$	69,877.58	
$	11,096,886.45	
$	69,877.58	
$	(4,190,806.93)	
$	6,975,957.10	

13

SECTION

3

INSTRUCTIONS

At the Board meeting, when the

how landowners may participate
provided.

landowners' election in the election, along

is	announced,	instructions on		
				
with a	sample	proxy, shall be		

At a landowners'	meeting, landowners	shall organize by electing a Chair who shall		
conduct the meeting.  The Chair may be	any person present at the meeting.  If the Chair		
is a	proxy holder of a landowner, he or she may nominate candidates and		
landowner or			

make

and

second

motions.

Nominations are made from the After all nominations are made,

floor.

a ballot is

distributed

and

votes

are

cast

Each

landowner

is entitled to

one vote for

each acre

he

owns

or

portion

of

an

acre.

1.

2.

SAMPLE AGENDA

Determination of Number of Voting Units Represented

Call to Order

3.

4.

Election of a Chairman for the Purpose of Conducting the Landowners' Meeting Nominations for the Position of Supervisor

5.

Casting

of Ballots

6.

Ballot Tabulation

7.

Landowners

Questions

and

Comments

8.

Adjournment

LANDOWNER PROXY

LANDOWNERS MEETING - November 14, 2019

ROLLING

OAKS

COMMUNITY DEVELOPMENT DISTRICT

OSCEOLA COUNTY, FLORIDA

NOW ALL MEN BY THESE PRESENTS, that the undersigned, described herein, hereby constitutes and appoints:

Proxy Holder

for and on behalf of the undersigned, to vote as proxy at the meeting of the

the fee simple owner of the lands

landowners of the Rolling Oaks

Community Development  District to  be  held  at  the  Heritage  Crossing  Community  Center,  7715		
Heritage Crossing Way, Reunion, FL 34747 on November 14, 2019 at 12:00 PM, and at any continuances		
or adjournments thereof,	of acres			
according to the number				
undersigned	ofunplatted land and/or platted lots owned by the		
landowner which the undersigned would be entitled to vote if then personally present, upon any		
question, proposition, or resolution or any other matter or thing which may be considered at said meeting		
including, but not limited to, the				
election of members of the Board of		
vote in accordance with their discretion on all matters not known or	Supervisors.  Said Proxy Holder may		
	determined at the time of solicitation of		
this proxy, which may legally be considered at said meeting.			
Any proxy heretofore given by the undersigned for said meeting is hereby revoked.  This proxy is		
to continue in full force and effect from the date hereof until the			
	conclusion of the annual meeting and any		
adjournment or adjournments thereof, but may be			
	revoked at any time by written notice of such revocation		
presented at the annual meeting prior to the Proxy Holder exercising the voting rights conferred herein.		

Printed Name of ( or, if applicable,

Landowner

unauthorized representative

of

Landowner)

Signature of Landowner or Landowner Representative

Parcel Description

[Legal Description on Following Pages]

Date

Acreage	Authorized Votes*

Total

Number

of

Authorized Votes:

*Pursuant to section I 90.006(2)(b), Florida Statutes (2008), a fraction entitling the landowner to one vote with respect thereto.

of

an acre is treated as

one

(I)

acre

Please note that a particular real property is		
acre ofland or fraction	entitled to only one vote for each eligible		
thereof; two (2) or more persons who own real property in		
common that is one acre or less are together		
	entitled to one vote for that real property .		
If the fee simple landowner is not an individual, and is		
	instead a corporation, limited		
liability company, limited partnership or other entity, evidence that the individual		
signing on behalf of the			
entity has the authority to do so should be attached hereto.		
(e.g., bylaws, corporate	If more than one		
resolution, etc.)			
or described.	parcel, each must be listed