MINUTES OF MEETING

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

The  regular	meeting  of the  Board  of Supervisors  of the  Rolling		
			
Development District was held Thursday, June 14,	2018 at 12:00 p.m.	at the		
					
Community Center, 7715 Heritage Crossing Way, Reunion, Florida.			

Oaks Community Heritage Crossing

Present and constituting

John Chiste

Jared Bouskila

Peter Brown

Cora DiFiore

Samir Yajnik

Also present were:

George Flint

Vivek Babbar

Dave Schmitt

a quorum were:

Chairman

Vice Chairman

Assistant Secretary

Assistant Secretary by phone

Assistant Secretary by phone

District Manager

District Counsel by phone

District Engineer by phone

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.

THIRD

ORDER

OF

BUSINESS

Approval

Meeting

of

the Minutes

of

the May 10, 2017

Mr. Babbar stated waterways.

on

page 2 under my report it should say right

of

ways  instead

of

On MOTION by favor the minutes amended.

Mr. of

Chiste	seconded	by Mr. Bouskila with all in		
				
the May 10, 2018 meeting were approved as		

June

14, 2018

Rolling

Oaks

COD

FOURTH

ORDER

OF

BUSINESS

Consideration	of	Resolution	2018-04	
Approving  the  Proposed  Fiscal  Year  2019	
Budget and Setting a Public Hearing		

	Mr.		Flint stated next is Resolution 2018-04 approving a proposed budget and setting the		
							
date, place and	time	of the public	hearing for its final consideration.   Each year the Board is		

required to approve a proposed budget by	June	15	th	and you are								

																	considering the resolution today		
to be able to meet that requirement.	I handed out Exhibit A to the resolution. The proposed budget		
is not binding on the Board but the one thing to	keep in mind is	if								
																	assessments are being imposed		
or increased there is some additional noticing that has to be done.  For	purposes of giving the Board		
flexibility going into your													
	August 16	th	hearing, we	prepared a proposed budget that contemplates		

																	
the 262 platted lots would be assessed $500 per unit and that would be reflected on the November		
1, tax bill for the																			
						platted lots.  We are setting that as a ceiling basically for you	between now and		
																									
the	August public hearing.   Once we are better able to refine our operating and maintenance		
			
expenses that could be	adjusted downward	if												
													necessary, but it couldn't be increased.  The balance		
of the budget																				
					that is not funded through the per unit assessment on those lots is contemplated to		
be funded through a developer funding agreement for any shortfall. We have structured the budget		
that way and we just	estimated some ballpark							We					
													maintenance numbers.		need to spend a little		
																							
more time	refining those and as long as those are basically being funded through the developer		
					
funding agreement any shortfall could be adjusted to where they need to be.	Peter and I met on		
																								
Tuesday and he is following-up on some additional information and	once we	get that we can refine		
																					
it and hopefully, at your August meeting have some more solid numbers.					
	Mr.		Babbar stated	once the Board approves this resolution we would like a motion from		
											
the	Board essentially adopting the methodology we adopted for the master indebtedness, it needs		
			
to be the	EAU factor and that will enable us to go ahead and collect everything on roll as George		
				
mentioned for the current 262 units and as future units get platted and developed we will collect,		
that way we	adopt the methodology conforming to what George represented.  Initially not to		
							
exceed $500 and going forward we can fluctuate that	based on the same					
																				methodology for the debt		
assessments but having it direct collected or through the budget funding agreement until those		
units are platted and developed.																

2

June

14,2018

Rolling

Oaks

CDD

Mr.  Flint stated the master debt service methodology contemplates that the residential

single-family units are 2 EAUs and the condo or timeshare are both

1

EAU.

A single-family based

on this would be $500 and a condo or timeshare would

are all single-family so the $500 would apply to those.

Mr. Chiste asked assuming there are 900 single

be $250.	All the

-family homes in

platted lots to this point

total in this budget that

the max

of

the

O&M

would be $450,000 a year?

Mr. Flint stated					
	then you have the				
		timeshare and condos.				
Mr. Chiste					
	stated the others let's				
		assume there are 600 units at $250 that would be another		
$1,300 or so, we are maxed out at $500.				
Mr. Babbar stated that would only be for the current	is not a			
		budget, that		maximum for the		
						
future.  The Board adopts a budget each year.				
Mr. Flint	for the next fiscal				
	stated that is just					
		year and it can be adjusted every year.		
Mr. Chiste stated when you are fully built out it is whatever the costs are divided by the		
EAUs.						
Mr. Babbar stated exactly.					
Mr.	Flint stated right now nothing has been turned over to the District.  We know that is		
			
going to be occurring fairly soon but as stuff gets turned over and the budget is adopted annually		
those assessments can be adjusted.  This				
		$500 cap is just for the next fiscal year.			

On MOTION by Mr. Chiste seconded by Mr. Bouskila favor Resolution 2018-04 approving the proposed Fiscal budget and setting a public hearing for August 16, 2018 at in the same location was approved.

with all in

Year 2019

12: 00 p.m.

On	MOTION by Mr. Chiste seconded by Mr.	
favor the Methodology utilized for debt service	
was adopted for the O&M and $500 was the	
occurring this year.	

Bouskila with all in using the EAU factor cap for the closings

FIFTH ORDER OF BUSINESS

Appointment
Chairman

of

Audit	Committee	and

ease

Mr.		
Flint stated we recommend the Board appoint themselves as the Audit Committee for	
of		
administration.  The	
	main purpose of the	
	Audit Committee is to	
	approve the form of the	

3

June 14, 2018		Rolling Oaks CDD		
				
notice, the RFP for the service and review and rank the responses once				
they are received and make		
a recommendation to the Board on the number one ranked firm.				
On MOTION by Mr. Chiste seconded by Mr. Bouskila	with	all in		
favor  the  Board Members  were  appointed to  serve  as  the  Audit		
Committee and Mr. Bouskila was appointed Chair.				

Mr.

Flint stated immediately after this meeting we will have

an

Audit

Committee meeting

to approve the RFP and selection criteria.		
SIXTH ORDER OF BUSINESS	Staff Reports	
A.	Attorney		
There being none, the next item followed.	
B.	Engineer		
There being none, the next item followed.	
C.	Manager		

i.

Balance Sheet and Income Statement

A

copy

of

the balance sheet and income statement were included

in

the agenda package.

ii.

Consideration

of

Funding Request no. 8

On MOTION by Mr. Chiste seconded by Mr.

favor funding request no. 8 was approved.

Bouskila with

all

in

iii.

Presentation

of Number

of

Registered Voters -	0	

A	copy	of the letter from the		
				
voters residing within the District was		

Supervisor included in

of Elections indicating	there are no registered		
			
the agenda package.			

SEVENTH ORDER OF BUSINESS	Supervisor's Requests	
Mr. Chiste asked is there information on the bond anticipation notes?	

4

June 14, 2018				Rolling Oaks CDD		
							
Mr. Brown stated	I had a conversation with John	he said		
				Kessler and			
					rather than doing		
bond anticipation notes						
	maybe we will be				
			looking at pursuing another	path on the remaining lots		
							
that have not						
	been bonded but do bonds rather than bond			
				anticipation notes.  I'm working now on		
what costs beyond what we have recovered already,	able to		
				what we would be			
					recover from what		
we have							
already spent and what we will spend over the next 12 months.		
Mr.	Chiste asked didn't the				
			original indenture say			
				something had to occur at X amount of		
lots before	we						
	incur additional debt?				
Mr. Flint						
	stated I don't remember offhand but I can take a look at it.		
Mr.	Brown stated he went back and looked at it and thought we	were alright.		
				
Mr. Flint stated it is an additional bonds test.			
EIGHTH ORDER OF BUSINESS	Next Meeting Date			
Mr. Flint stated the next meeting date would be the			
				second Thursday in July if we need to		
	th	is the public hearing for the			
meet, otherwise August 16					
				budget adoption.  If		
					there is anything that		
needs to be	done as far as the next bond issue you could handle that in July if you needed to and if		
not we have the public hearing on August 16	•			
			th				

On MOTION by Mr. Chiste seconded by Mr.

favor the meeting adjourned at 12:14 p.m.

Bouskila

with

all

in

Secretary/ AJsistant Secretary

5