Rolling Oaks

Community Development District

Agenda

July

11,

2019

A

GE

NDA

Rolling Oaks

Community Development District

135

W.

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

July

5,

2019

Board

of

Supervisors

Rolling Oaks Community
Development District

Dear Board Members:					
The meeting of the Board of					
will		Supervisors of Rolling Oaks Community Development		
	be held Thursday, July 11, 2019	at 12:00 PM at the			
7715	Heritage	Crossing Way,  Reunion,  Florida.	Heritage Crossing Community		
			Following is	the  advance  agenda		
meeting:					

District

Center,

for  the

1.

2.
3.
4.

5.

6.

7.

8.
9.

10.

Roll Call					
Public Comment Period			
Approval of	Minutes of the April 11, 2019 Meeting		
				
Review and Acceptance of Fiscal Year 2018 Audit Report		
Public Hearing			
A.	Consideration of Resolution 2019-04	Adopting the Fiscal Year 2020 Budget		
				
B.	Relating to the Annual Appropriations		
	Consideration  of  Resolution  2019-05  Imposing  Special  Assessments		
	Certifying an Assessment Roll			
Consideration of Fiscal Year 2019/2020 Budget Funding Agreement		
Staff Reports					
A.	Attorney			
B.	Engineer			
C.	District Manager's Report			
						
	i.		Approval of Check Register			
	ii.					
			Balance Sheet and Income Statement		
					
	iii.  Presentation of			
	iv.		Number of Registered Voters - 229		
			Approval of Fiscal Year 2020 Meeting Schedule		
Supervisor's Requests			
Next Meeting Date			
Adjournment				

and and

The second order where the public

of business of the		
Board of Supervisors meeting is	
has an opportunity	to be heard on propositions	

the Public Comment Period coming before the Board as

reflected

on

the agenda,

and

any

other

items.

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

April 11,

2019

Board of Supervisors

The fifth order of copy of the report

business is is enclosed

the for

review and acceptance of the Fiscal Year 2018 your review.

Audit

Report. A

The fifth order of business opens the public hearing. Section A	is the consideration of Resolution	
2019-04	adopting the Fiscal Year 2020 budget and relating to the annual appropriations.  A copy	
of  the  Resolution  and  proposed  budget  are  enclosed  for	your  review.	Section  B is  the	
consideration of	Resolution 2019-05 imposing special assessments and	certifying an assessment	
roll.	A	copy of the Resolution is enclosed for your review	and the	assessment roll will be	
available at the meeting for reference.				

The sixth order of business is the consideration Agreement. A copy of the agreement is enclosed

of for

the Fiscal Year 2019 / 2020 your review.

Budget

Funding

The	seventh order of business  is Staff	Reports.  Section C  is  the	District Manager's Report.		
Section 1 includes the check						
							
					and Section 2 is the balance		
		register being submitted for approval			
sheet and income statement for	your review. Section 3 is the presentation of the number of		
registered voters	within the boundaries	of the District. A copy of the	letter from the Osceola		
County					
									
	Supervisor of Elections is	enclosed for your	review. Section 4 is the approval of the		
Fiscal Year 2020 meeting schedule. A sample notice 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,

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, April 11 , 2019 at 12:00 p.m. at the Heritage Crossing		
Community Center, 7715 Heritage Crossing Way, Reunion, Florida.			

Present and constituting a quorum were:

John Chiste

Jared Bouskila

Cora DiFiore
Peter Brown

Samir Yajnik

Also present were:

George Flint

Chairman

Vice Chairman by telephone

Assistant Secretary by telephone
Assistant Secretary

Assistant Secretary

District Manager

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 of the 2019 Meeting

Minutes

of

the February 21,

On MOTION by Mr. Chiste			
the	minutes	seconded by Mr. Brown with all in favor		
		of the February 21, 2019	meeting were approved, as		
					
presented.				

FOURTH ORDER OF BUSINESS	Consideration

Approving  the

Year 2020 and

of	Resolution	2019-03		
				
Proposed  Budget	for  Fiscal		
Setting a Public Hearing		

Mr.

hearing for

Flint stated next is Resolution 2019-03 setting the Fiscal Year 2020 budget. Exhibit A to the

the date, place and time of the public resolution is the proposed budget and

April 11,2019

Rolling Oaks CDD

this proposed budget does not reflect the additional lots that are platted.  Once the County provides		
us with the assessment roll, we will update the		units that are going to be subject to the		
			number of			
$532 per year	assessment and make the necessary				
			adjustments.  The main thing is if you are going		
to keep the $532	per unit amount, which I				
			understand is the goal you have flexibility to adjust the		
revenue and expense line items				
			between now and the public hearing.  I talked with Peter and our		
hope is at the next Board	Meeting the developer will	be	conveying the underlying land for the		

areas that the CDD is obligated for landscape maintenance and pond maintenance and we will do		
those conveyances as well as approve contracts with the contractors and you will start seeing		
expenses				set up now is the platted lots are paying the		
against those line items.  The way we have it			
$532 per unit on the tax bill and there is a developer shortfall		
					agreement and the budget is balanced		
against that.  As long as the $532 per unit is				
			correct then we will just be balancing it against the		

developer contribution

if

the expense is incurred there may be a funding request and

if

it is not

incurred then the

developer

won't

be obligated.

On MOTION by Mr. Chiste	seconded by Ms.  Difiore with all in	
favor Resolution 2019-03 approving the proposed budget and setting	
the public		
hearing for July 11, 2019, at 12:00 p.m. at the Heritage	
Crossing Community Center, 7715 Heritage Crossing Way, Reunion,	
Florida, was approved.		

FIFTH ORDER

OF

BUSINESS

Consideration	of Proposals from	
Provide    Arbitrage    Rebate	
Services (2)		

AMTEC to Calculation

Mr. Flint stated next is proposals for arbitrage rebate calculations. Under the IRS code we are required to do an arbitrage rebate calculation to make sure the District is not earning more interest than it is paying and we have historically contracted with AMTEC. You have two bond issues, the series 2016 and 2018 bond issues that this would apply to. It is more than what you are traditionally seeing because we are doing multiple years. This year it is for two years and is $900 for the series 2016 bonds and $450 for the 2018 bonds.

On MOTION by Mr. Chiste seconded by Mr. Brown with all in favor the proposals from AMTEC to provide arbitrage rebate calculation services for five years for the Series 2016 bond issue and the Series 2018 bond issue for a total of $2,250 each were approved.

2

April

11

, 2019

Rolling

Oaks

CDD

SIXTH ORDER OF BUSINESS	Staff Reports	

A.	Attorney

Mr. Flint stated I talked to Vivek and his meeting before this one ran a little long and he

asked

if

there were any issues that came up, to get with him.	He is working with Peter on the

conveyances and we will be working with him also in drafting the contracts assigning your landscape and pond maintenance.

B.	Engineer

There being none, the next item followed.

C.

Manager

i.	Approval of Check Register

On MOTION by Mr. Chiste seconded by Mr. Yajnik with all in favor the check register was approved.

ii.	Balance Sheet and Income Statement

A copy

of

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

iii.

Designation

of

November 14, 2019

as

Landowners' Meeting Date

Mr.

Flint stated there will be a Landowners' meeting this year.	We are asking the Board

to designate November 14, 2019 as the Landowners' meeting date, that would be your regular	
meeting date in November if you continue to meet the same day of the month you are doing in this	
fiscal year.  In the event the Board doesn't meet we will need	
	representatives of the Landowner to	
conduct the Landowner meeting.		
On MOTION by Mr. Brown	
	seconded by Mr. Chiste with all in favor	
November  14, 2019 was  designated as the Landowners'  meeting	
date.		
SEVENTH ORDER OF BUSINESS	Supervisor's Requests	
Mr. Bouskila stated on the financial statements for March 31, page 3 on the debt service	

fund I see we have a $445,000 interest payment due by May

1.

Is that one where the developer

3

April 11, 2019	Rolling Oaks CDD		

needs to provide the money to the CDD by May 1 or is that when the payment is made to the		
bondholders?			
	st	is when the interest payment is made to the bondholders.  We		
	Mr. Flint responded May 1			
have		st		
	already direct billed and it looks like we have adequate funds to make that May 1  payment		
and in November you have a principal and interest payment.		

EIGHTH

ORDER OF BUSINESS

Next Meeting Date

Mr. Flint it sounds like we

On

the

stated the next meeting would be May 9, 2019 in are going to do some conveyances and things.

MOTION by Mr. Chiste seconded by Mr. Brown meeting adjourned at 12: 10 p.m.

the event we need to meet and

with all in favor

Secretary/Assistant Secretary	Chairman/Vice Chairman	

4

SECTION

IV

This

item

will

be

provided under

separate cover

SECTION

V

SECTION

A

RESOLUTION 2019-04

THE  ANNUAL  APPROPRIATION  RESOLUTION		
OAKS COMMUNITY DEVELOPMENT DISTRICT		
ANNUAL  APPROPRIATIONS  AND  ADOPTING		
THE	FISCAL  YEAR  BEGINNING  OCTOBER  1,		
			
SEPTEMBER 30, 2020.		

OF THE ROLLING RELATING TO THE THE BUDGET FOR 2019, AND ENDING

WHEREAS,		the District Manager has, prior to the fifteenth (15	th	)  day in June, 2019,		
																
submitted to the Board of Supervisors (the "Board")	a	proposed budget for the next ensuing		
budget year (the	"Proposed Budget"), along with an						
		explanatory and complete financial plan for		
each fund					
	of the Rolling Oaks Community Development District (the "District"), pursuant to the		
provisions	of Section	190.008(2)(a), Florida Statutes; and							
											
WHEREAS,		at least sixty (60) days prior to the adoption of the Proposed Budget, the		
District  filed  a	copy  of the	Proposed  Budget  with  the  local  governing  authorities  having		
jurisdiction  over  the  area  included  in  the  District	pursuant  to  the  provisions  of	Section		
190.008(2)(b), Florida Statutes; and						
											
WHEREAS,	the Board set July 11, 2019 as the date for a public hearing thereon and		
caused  notice  of  such  public  hearing  to  be  given  by	publication	pursuant  to	Section		
190.008(2)(a), Florida Statutes; and										
											
WHEREAS,	the District Manager posted the	Proposed Budget on the District's website		
at least two days before the public hearing; and			
										
WHEREAS,	Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1, of		
each year, the District Board by passage of the Annual	Appropriation Resolution shall adopt a		
budget for the ensuing fiscal  year and						
	appropriate such sums of money as the Board deems		
necessary to defray all				
												
				expenditures of the District during the ensuing fiscal year; and			

WHEREAS, the District Manager has prepared a Proposed Budget, shall project the cash receipts and disbursements anticipated during a including reserves for contingencies for emergency or other unanticipated the fiscal year.

whereby the budget given time period, expenditures during

NOW,   THEREFORE,	BE	IT	RESOLVED	BY   THE	BOARD   OF	
SUPERVISORS	OF	THE	ROLLING	OAKS	COMMUNITY	
DEVELOPMENT DISTRICT:					

Section

1.

Budget

a.

That the  Board	of Supervisors has  reviewed the	
Budget, a copy	of which is on file with the office	
the District's Records Office, and hereby approves	
shown in Section 2 below.	

District Manager's Proposed of the District Manager and at certain amendments thereto, as

{0007070 l .DOC/}

Page

1

of3

b.

c.

d.

Section 2.

That the Proposed Budget,	attached hereto as Exhibit "A," as amended by the		
Board,	is				
		hereby  adopted  in	accordance  with  the  provisions	of  Section		
								
190.008(2)(a), Florida Statutes, and incorporated herein by reference; provided,		
however, that the comparative figures	contained in the adopted budget may be		
								
subsequently  revised  as  deemed  necessary  by  the  District  Manager  to  reflect		
actual  revenues  and  expenditures  for  fiscal  year  2018/2019  and/or  revised		
projections for fiscal year 2019/2020.					
That the adopted budget,  as	amended,  shall be maintained in the office of the		
						
District Manager and at the District's Records Office and identified as the Budget		
for  the  Rolling  Oaks  Community  Development  District  for  the  Fiscal  Year		
Beginning October 1, 2019, and Ending	September 30, 2020, as adopted by the		
Board of Supervisors on July 11, 2019.				
					
The final adopted budget shall be posted by the District Manager on the District's		
official website within thirty (30) days after adoption.			
Appropriations								

There  is  hereby  appropriated  out  of the  revenues	of the  Rolling  Oaks  Community		
Development District, for the fiscal year beginning	October	1, 2019, and ending September 30,		
2020, the sum of $	2,024,867					
		to be raised by the levy of assessments and otherwise, which		
sum is deemed by	the Board of Supervisors to be necessary to defray all expenditures of the		
District during said budget year, to be divided and appropriated in the following fashion:		

TOTAL GENERAL FUND

$

__

=23...;;;;8....	_,8	

68"'--_

TOTAL DEBT SERVICE FUNDS

$_---"1""",9

1....	,0,..,.25...	_1	

_

TOTAL ALL FUNDS

$

__2

,0_2_4,

86__7__

*Not inclusive

of

any collection costs.

Section 3.	Budget Amendments	
Pursuant to Section 189.016, Florida Statutes, the District at any time within the fiscal	
year or within 60 days	
	following the end of the fiscal year may amend its budget for that fiscal	
year as follows:	

a.	The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the
fund do not increase.

b.	The District Manager or Treasurer item appropriations within a fund

may authorize an increase if the total appropriations

or of

decrease in line the fund do not

{0007070

I

.DOC/}

Page

2

of3

c.

d.

increase and if the	aggregate change in the original appropriation item does not		
			
exceed $10,000 or 10% of the original appropriation.		
By  resolution,  the  Board may  increase  any  appropriation  item  and/or fund  to		
reflect receipt of any additional		
	unbudgeted monies and make the corresponding		
change to appropriations or the unappropriated balance.		
Any other budget amendments shall be adopted by resolution and consistent with		
Florida law.			

The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section 189.016 of the Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget(s) under subparagraphs c. and d. above are posted on the District's website within 5 days after adoption.

Section adoption.

4.

Effective  Date.	This  Resolution  shall	take  effect  immediately  upon

PASSED AND ADOPTED THIS

Attest:

George Flint

Secretary

11	th	DAY OF JULY, 2019		
				
		Rolling Oaks		
		Community Development District		
		ChairNice-Chair of the Board of Supervisors		

Exhibit

A:

2019/2020 Fiscal Year Budget

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Page 3

of3

C'e
·:

.....	
,	e'1'•	
• •	•	

Rolling Oaks

Community

Development

District

Proposed

Budget

FY

2020

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	6/30/19	3 Months	9/30/19	FY2020	
$131,000	$134,096	$0	$134,096	$224,536	
$225,000	$19,110	$0	$19,110	$131,464	
$356,000	$153,206	$0	$153,206	$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

$12,000	$3,600	$3,000	
$918	$275	$230	
$12,000	$0	$3,000	
$25,000	$1,566	$4,434	
$600	$0	$900	
$3,500	$4,375	$3,500	
$10,000	$10,000	$0	
$5,000	$0	$2,975	
$4,000	$3,500	$0	
$35,000	$26,250	$8,750	
$600	$450	$2,650	
$300	$137	$88	
$1,212	$371	$179	
$6,350	$5,750	$0	
$1,200	$192	$58	
$2,000	$208	$1,792	
$500	$0	$125	
$300	$89	$36	
$0	$328	$0	
$0	$1,040	$0	
$175	$175	$0	
$120,655	$58,307	$31,716	

$6,600

$505

$3,000

$6,000

$900

$7,875

$10,000

$2,975

$3,500

$35,000

$3,100

$225

$550

$5,750

$250

$2,000

$125

$125

$328

$1,040

$175

$90,024

$12,000

$918

$12,000

$25,000

$900

$7,000

$10,000

$3,800

$7,000

$35,000

$600

$300

$1,212

$6,350

$1,200

$2,000

$500

$300

$150

$1,100

$175

$127,505

Landscape/Lake Maintenance Utilities
Contingency

Field Operations Expenses

Total Expenditures

Excess Revenues/(Expendltures)

$175,000	$0	
$50,000	$0	
$10,345	$0	
$235,345	$0	
$356,000	$58,307	
$0	$94,899	

$0	$0	
$0	$0	
$0	$0	
$0	$0	
$31,716	$901024	
($31,716)	$63,182	
	Net Assessments	
Add: Discounts & Collections	
	Gross Assessments	
	Units	
Per Unit Assessment	

$168,495

$50,000

$10,000

$228,495

$356,000 ($0)

WQ2Q
$224,536

$14,332

$238,868

449

$532.00

Rolling Oaks

Community Development District

GENERAL

RJND

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 Supervisor checks.

of

Social Security and Medicare taxes withheld from Board

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 Arbitrage  Rebate  Liability  on  the  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

RJND

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

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

Technolo

gy

Represents costs related to the District's accountingand information systems, District's website creation and maintenance, electronic compliance with Florida Statutes and other electronic date requirements.

Telephone

Telephone and fax machine.

Postage

Mailing

of

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

Insurance

The District'sgeneral liability, public officials liability and property	
provided by Florida	Insurance Alliance (FIA).	FIA specializes in	
governmental agencies.		

insurance coverage is providing insurance to

Printing

&

Binding

Printing and Binding agenda packages for board meetings, stationary, envelopes etc.

printing ·

of

computerized checks,

Leg

al

Advertising

The District is hearings, etc 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 Supplies

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 assessment from Osceola County that will District.

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

Rolling Oaks

Community Development District

Fiscal Year 2020

Debt Service Fund

Series 2016

Adopted	Actuals	Projected

Budget	Thru	Next

FY2019	6/30/19	3Months

Total

Thru

9/30/19

Proposed

Budget

FY2020

Revenues		
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/(Expenditures)	
l unn~e2	Units	
Vacation Rental Homes	449	
Less: Discount/Collection	(6%)	
INet Annual Assessment		

	$589,501		$603,337	$0	$603,337	$	1,010,251		
	$534,800		$534,800	$0	$534,800		$114,750		
	$2,500		$23,588	$6,412	$30,000		$10,000		
	$0		$43	$0	$43		$0		
	$688,463		$700,537	$0	$700,537		$734,165		
	$1,815,264		$1,862,305	$6,412	$1,868,717		$1,869,166		
	$450,378		$450,378	$0	$450,378		$445,428		
	$220,000		$220,000	$0	$220,000		$230,000		
	$445,428		$445,428	$0	$445,428		$440,253		
	$0		$18,746	$0	$18,746		$0		
	$1,115,806		$1,134,552	$0	$1,134,552		$11115,681		
	$699,458		$727,753	$6,412	$734,165		$753,485		
Gross Per Unit	Total		Prlnclpal 11/1/20	$	240,0D0		
$	2,393.62	$	1,074,735.38						
					lntare&t 11/1/20	$	440,253		
		$	(64,484.12)						
					Total	$	680,253		
			1,010,251.261						
		$							

5

Date

Rolling Oaks Community Development District		
Series 2016, Special Assessment Bonds		
	(Term Bonds Combined)			
	Amortization Schedule			
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	$	445,428	
	$	440,253	
240,000	$	440,253	
	$	434,853	
255,000	$	434,853	
	$	429,116	
265,000	$	429,116	
	$	423,153	
275,000	$	423,153	
	$	415,934	
290,000	$	415,934	
	$	408,322	
305,000	$	408,322	
	$	400,316	
320,000	$	400,316	
	$	391,916	
340,000	$	391,916	
	$	382,991	
355,000	$	382,991	
	$	373,672	
375,000	$	373,672	
	$	362,656	
395,000	$	362,656	
	$	351,053	
420,000	$	351,053	
	$	338,716	
445,000	$	338,716	
	$	325,644	
470,000	$	325,644	
	$	311,838	
500,000	$	311,838	
	$	297,150	
530,000	$	297,150	
	$	281,581	
560,000	$	281,581	
	$	265,131	
590,000	$	265,131	
	$	247,800	
625,000	$	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			
Dale	Balance	Principal	Interest		

Annual

5/1/39

11/1/39

5/1/4-0

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	]	

7

l

Descrletion		
Revenues		
Assessments		
Bond Proceeds		
Interest		
Carry Forward Surplus		
Total Revenues		
Expenditures		
Interest- 11/01		
Principal - 11/01		
Interest- 05/01		
Total Expenditures		
Excess Revenues/(Expenditures)	
unitT;i:ll,2	Units	
Vacation Raital Homes	400	
Less: Discount/Collection (6%)		
Net Annual Assessment		

	Rolling Oaks					
	Community Development	District					
	Fiscal Year 2020						
	Debt Service Fund						
		Series 2018						
	Proposed		Actuals	Projected	Total		Proposed		
	Budget		Thru	Next					
					Thru		Budget		
	FY2019		6130/19	3Months	9/30/19		FY2020		
	$0		$0	$0	$0	$	900,000		
	$1,587,814		$1,587,814	$0	$1,587,814		$0		
	$0		$19,513	$2,987	$22,500		$5,000		
	$0		$0	$0	$0		$373,312		
	$1,587,814		$1,607,326	$2,987	$1,610,313		$1,278,313		
	$0		$0	$0	$0		$350,813		
	$0		$0	$0	$0		$0		
	$337,170		$337,170	$0	$337,170		$350,813		
	$337,170		$337,170	$0	$337,170		$701,625		
	$1,250,644		$1,270,157	$2,987	$1,273,144		$576,688		
Gross Per Unit	Total		Prlnclpal 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

Date

Rolling Oaks Community Development District			
Series 2018, Special Assessment Bonds			
	(Term Bonds Combined)				
	Amortization Schedule				
Ba1ance	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

Date

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

$		$	171,463	$		
$	555,000	$	171,463	$		
$		$	156,200	$		
$	585,000	$	156,200	$		
						
$		$	140,113	$		
$	615,000	$	140,113	$		
$		$	123,200	$		
$	650,000	$	123,200	$		
$		$	105,325	$		
						
$	685,000	$	105,325	$		
$		$	86,488	$		
$	725,000	$	86,488	$		
$		$	66,550	$		
$	765,000	$	66,550	$		
$		$	45,513	$		
$	805,000	$	45,513	$		
						
$		$	23,375	$		
$	850,000	$	23,375	$		
						
$13,160,000	$	14,453,914	$		

897,925

897,400

895,225

896,400

895,650

897,975

898,100

896,025

896,750

21,613,914

I

10

SECTION

8

	RESOLUTION 2019-05			
A  RESOLUTION   OF   THE  BOARD   OF  SUPERVISORS   OF  THE		
ROLLING	OAKSCOMMUNITY	DEVELOPMENT	DISTRICT		
ADOPTING A METHODOLOGY; IMPOSING SPECIAL ASSESSMENTS;		
PROVIDING FOR COLLECTION AND			
ASSESSMENTS;  ADOPTING   AND	ENFORCEMENT OF SPECIAL		
	CERTIFYING  AN  ASSESSMENT		
ROLL; PROVIDING FOR AMENDMENT OF THE ASSESSMENT ROLL;		
PROVIDING FOR A BUDGET FUNDING			
SEVERABILITY CLAUSE; AND	AGREEMENT; PROVIDING A		
	PROVIDING AN EFFECTIVE DATE.		
WHEREAS,	the Rolling Oaks				
	Community Development	"District") is a local		
unit of special-purpose	District (the			
	government established pursuant to Chapter 190, Florida Statutes for the		
purpose of providing,				
	operating and maintaining infrastructure improvements, facilities and services		
to the lands within the District; and				

WHEREAS,

the District is

located

in Osceola County, Florida (the

"County");

and

	WHEREAS,  the	District  owns  and  operates  various  infrastructure  improvements  and	
provides certain services in accordance with Chapter 190, Florida Statutes; and			
	WHEREAS, the Board of Supervisors (the "Board") of the	District hereby determines to	
undertake various operations and maintenance activities described in the District's budget for fiscal	
year	2019/2020  ("Operations  and  Maintenance  Budget"),  attached  hereto  as	Exhibit A	and	
incorporated as a material part of this				
		Resolution by this reference; and			

WHEREAS,

maintenance  services

Maintenance Budget;

the District must obtain sufficient funds  to provide for the operations  and

and  facilities  provided by the District as  described  in the Operations  and
and

WHEREAS,	the provision of such	services, facilities, and operations		
within the District; and			
			
WHEREAS,	Chapter 190, Florida Statutes, provides that the District		
assessments on benefitted lands within the District; and		

is a benefit to lands

may impose special

WHEREAS,	the	Board  previously  adopted	a  methodology  for  special  assessments  to		
finance the construction of certain			
		capital improvements financed		
			through the issuance of bonds as		
described in the Amended Master Assessment Methodology		
with the	"Methodology")	Report dated October 13, 2016 on file		
District (the				
		incorporated by reference herein;		
WHEREAS,	the Board			
		previously expressed a desire to utilize the same Methodology for		
purposes of allocating the special			
		assessments, per product type to be developed within the District,		
to fund the Operations and			
		Maintenance Budget for all platted lots within the District;		
WHEREAS,	the Board			
		recognizes that platted lots receive a direct and indisputable benefit		
and unplatted and undeveloped lots only receive an ancillary benefit from the District's operations;		

{00070702.DOC/}

Page

1

of

4

WHEREAS, as additional lands get platted and developed the Methodology will be applied to them for future budget years;

WHEREAS, special assessments Collector ("Uniform

Chapter 197, Florida Statutes, provides a	mechanism pursuant to	which such	
may  be  placed  on the  County  Tax Roll  and  collected by the  County  Tax	
Method"); and			

WHEREAS, intention to utilize the

the	District has,	by	resolution and  public	notice,  previously evidenced  its		
						
Uniform Method; and			

WHEREAS, the Appraiser (the "Property provide for the collection

District has approved an agreement with the Osceola County Property Appraiser") and Osceola County Tax Collector (the "Tax Collector") to of special assessments under the Uniform Method; and

WHEREAS, it is in the best interests	of the District to proceed with the imposition of the		
special assessments using the Methodology on all assessable lands for operations and maintenance		
in the amount contained in the Operations and Maintenance Budget; and			
WHEREAS, the District	desires to  levy and collect special assessments reflecting each		
parcel's portion of the			
					
Operations and Maintenance Budget; and			
WHEREAS, it is in the best interests	of the District to adopt the Assessment Roll of the		
District (the "Assessment Roll")	attached to this Resolution as Exhibit B	and incorporated as a		
material part of this Resolution by this				
	reference, and to certify a	the Assessment Roll in		
Exhibit B to the Tax Collector		portion of			
pursuant to the Uniform Method; and			

WHEREAS, it is in the best interests of		
the Assessment Roll adopted herein, including		
Resolution, as the	Property Appraiser updates		
			
authorized by Florida law;		

the District to permit the the property certified to the property roll for the

District Manager to amend the Tax Collector by this County, for such time as

WHEREAS, the	Rolling Oaks Splendid,		
			
"Developer")  presently  owns  a  majority  of the		
District,  which  property will  benefit  from  the		
District's facilities, activities and services and from		

LLC, a Florida limited unplatted developable future construction and the continued operations

liability company (the property within the acquisition of future of the District; and

WHEREAS, to the extent the	District needs additional funds	
and services during the Fiscal Year 2019/2020 the Developer desires	
necessary to the District to proceed with its operations for the Fiscal	

to provide for the operations to provide such funds as are Year 2019/2020.

NOW,	THEREFORE,	BE	IT		
					
SUPERVISORS	OF	THE		
DEVELOPMENT DISTRICT:			

RESOLVED ROLLING

BY	THE	BOARD	OF

OAKS	COMMUNITY

Section 1.	Methodology. The Board hereby adopts the	
purposes of allocating benefit per	product type, used for its debt	
special assessments to fund the Operations and Maintenance Budget.	

same Methodology, solely for assessments to be used for its

{00070702.DOC/}

Page

2

of

4

Section 2.	Benefit. The provision of the		
in the Operations	and	services, facilities and operations		
		Maintenance Budget confer a special and peculiar benefit		
within the District, which benefits		
		exceed or equal the costs of the assessments.  The		
the costs to the specially benefited lands is		
		shown in Exhibits A and B.		

as described to the lands allocation of

Section 3.	Assessment Imposition. Pursuant to Chapter 190	of the Florida Statutes, and		
using procedures authorized by Florida law for the levy and	collection of special assessments, a		
special assessment for				
					
	operations and maintenance is hereby				
within the District in accordance with	imposed and levied on benefited lands		
	The lien of	the special assessments for		
	Exhibits A and B.				
operations and maintenance imposed and levied by this Resolution shall be effective upon passage		

of

this Resolution.

Section 4.

a.

Collection and Due Date.	
Uniform Method	Assessments.  The collection of the	
service assessments and the operations and maintenance	
the platted lots and developed lands are anticipated to be	
the same manner as	
	County taxes in accordance with the	
forth in Exhibits A and B"	

previously levied debt special assessments on at the same time and in Uniform Method, as set

b.

Direct Bill Assessments.  The annual installment for the previously levied debt		
service assessments, and the annual operations and							
a										maintenance assessments, on		
portion of the undeveloped and	unplatted lands may be collected directly by the		
District in accordance with Florida law.	Assessments directly collected	by	the		
District are due in full on December 1,					
	2019;	provided, however, that, to the		
extent permitted by law, the assessments due may  be paid in several partial,		
deferred payments and according to the following	schedule:  50% due	no later		
than		1,	2019, 25% due no later than February 1, 2020 and 25% due no		
December				
later than May	1,	2020.  In the event that an assessment payment	is not made in		
accordance with the schedule stated above, the whole		including	any		
										assessment -				
remaining partial, deferred payments for Fiscal Year	2019/2020,	as well as	any		
future	installments	of  special	assessments								
					securing  debt  service	-	shall		
									
immediately  become  due  and  payable;  shall  accrue  interest,  penalties  in the		
amount	of  one  percent  (1 %)	per  month,  and  all  costs  of  collection  and		
enforcement; and shall either be enforced pursuant to a foreclosure action, or, at		
the District's sole discretion,  collected pursuant to the  Uniform Method on a		
future  tax  bill,	which  amount	may  include  penalties,  interest,  and  costs	of		
collection and enforcement.  Any prejudgment interest on delinquent assessments		
shall					of any												
accrue at the applicable rate		bonds or other debt instruments secured		
by  the	special	assessments,  or,  in  the  case		of	operations  and  maintenance		
							
assessments, at the applicable statutory prejudgment interest rate.  In the event an		
assessment subject to direct collection by the District shall be delinquent, the		
District  Manager  and  District  Counsel,  without  further  authorization  by  the		
Board,  may  initiate  foreclosure  proceedings	pursuant  to  Chapter  170		of	the		
Florida  Statutes  or  other  applicable  law  to  collect  and  enforce  the  whole		
assessment, as set forth herein.													

{00070702.DOC/}

Page 3

of

4

c.

Future Collection Methods.  The decision to collect special		
particular method -	e.g., on the tax roll or by direct bill -		assessments by any		
		does not mean that such		
					
method  will  be  used  to  collect	special  assessments				
		in	future  years,  and  the		
								
District reserves the right in its sole discretion to select				
				
given year,	regardless	of past practices.		collection methods in any		
			All assessments collected by the Tax		
Collector					

shall be due and payable as						
				provided in Chapter 197, Florida Statutes.		

Section 5.	Funding	Agreement.	To the extent necessary, and	after the collection of		
							
revenues from the levy	of											
																
the District the monies		special assessments, the Developer agrees to make available to		
	necessary for the operation	of the	District for the Fiscal Year		
									
2019/2020  as  called  for  in  the  Fiscal  Year  2019/2020  Budget  Funding  Agreement		
between the District and the Developer attached	hereto as Exhibit C.	The funds shall be		
														
placed in the District's depository as determined by the District.						
								
Section 6.	Assessment	Roll. The District's Assessment Roll, attached to this Resolution		
as	B, is hereby			
																		
Exhibit		certified and adopted.												
																	
Section 7.	Assessment Roll Amendment. The District Manager shall	keep apprised of		
all updates				
	made to the Osceola County property roll by the County Property Appraiser		
			
after the date of this	Resolution,	and  shall amend the District's	Assessment Roll in		
accordance with any						
	such updates, for such time as authorized by Florida law.  After any		
amendment of the				
	Assessment Roll, the District Manager shall file the updates to the tax		
roll in the District records.																
Section 8.	Severability.  The	invalidity	or	unenforceability	of	any  one  or	more		
.	of this														

provisions		Resolution	shall  not	affect  the	validity  or	enforceability	of the		
									
remaining portions of	this	Resolution, or any part thereof.						

Section 9.	Effective  Date.  This  Resolution  shall  take  effect  upon  the  passage  and		
			
adoption of this Resolution by the Board of Supervisors of the Rolling	Oaks Community		
Development District.																

PASSED AND ADOPTED THIS

Attest:

11

th

DAY OF JULY, 2019.

Rolling Oaks

Community Development District

George Flint	ChairNice-Chair	
Secretary			
Exhibit A -	Fiscal Year 2019/2020 Budget		
Exhibit B -	Assessment Roll		
Exhibit C -	Fiscal Year 2019/2020 Budget Funding Agreement	

of

the

Board

of

Supervisors

{00070702.DOC/}

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SECTION

VI

Rolling Oaks Community Development District

Fiscal Year 2019/2020 Budget Funding Agreement

This Fiscal  Year 2019/2020 Budget		
entered  into  this  11th  day	of July,  2019,		
Development	District (the	"District"),  and		
				
liability company			
	(hereinafter "Developer").		

Funding

by  and
Rolling

Agreement	("Agreement')	is made and		
between the				
	Rolling  Oaks	Community		
Oaks					
	Splendid, LLC	a	Florida limited		

					Recitals						
WHEREAS,	the	District	is  a  local  unit	of	special-		government  established		
pursuant to Chapter 190, Florida		Statues for the purpose	purpose			
			of		financing, constructing,		
operating and/or maintaining certain infrastructure; and		planning,			
						
WHEREAS,	the District,	pursuant to Chapter 190, Florida Statutes, is authorized to levy		
such taxes, special					
							as may be necessary in furtherance of the		
assessments, fees and other charges			
District's activities and services; and								
WHEREAS,	Developer										
within  the  District	(the	presently owns certain unplatted but developable real property		
		"Property"),	which	property	will	benefit  from  future  public		
infrastructure and future							
	operation and	maintenance					
			of the District's facilities,  activities  and		
services and from the continued										
		operations of the District; and				

WHEREAS, the District 2019/2020 (the "Budget"), which September 30, 2020; and

is	adopting  its  general  fund		
			
year  commences  on October		

budget for the 1, 2019, and

Fiscal Year concludes on

WHEREAS,	this	Budget, which both parties recognize may be amended from time to		
time in the sole discretion of the	District, is on file with the District Manager; and		
					
WHEREAS,	the District has the option of levying non-ad	valorem assessments on all		
lands that will benefit from the activities, operations and services set forth in the Budget, or		
utilizing such other revenue sources as may be available to it; and			
WHEREAS,	the District has				
				levied assessments on platted and developed properties, that		
receive  a  direct and  indisputable benefit  from  the  District's operations,  to  proceed with its		
operations as described in the Budget; and				
WHEREAS,	to the extent that the	revenues collected for the general fund budget are not		
adequate to meet the	operations of the District, the Developer is willing to provide such funds as		
are necessary to allow the District to proceed with its operations; and			
WHEREAS,	the Developer	agrees that the activities, operations and services provide		
some benefit to the Property; and			

{00070713

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WHEREAS, the Developer and		
through the  imposition	of	a	District desire to secure such additional budget funding		
			continuing lien against the  Property and  otherwise  as provided		
herein.					

NOW, THEREFORE, based covenants of the parties, the receipt parties agree as follows:

upon good and valuable and sufficiency of which

consideration and the mutual are hereby acknowledged, the

1.
correct and

INCORPORATION OF			
RECITALS. The  recitals	stated  above  are true  and		
by this			
reference are incorporated herein as a material part of this Agreement.		

2.			FUNDING.	To the	extent necessary, and after the	collection of revenues from		
the levy of	special assessments, the				
		Developer agrees to make available to the District the monies		
necessary for the operation	of the	District as called for in the Budget, as may be amended from		
time to time in the	District's sole discretion, within	fifteen (15) days	of written request by the		
									
District.  Any amendments to the District's Budget adopted by the District at a duly noticed		
meeting shall have the effect of	amending this Agreement without	further action of the parties.		
												
Funds provided hereunder shall be placed in the District's general checking account.			
3.			CONTINUING LIEN.	The	District shall have the right to file a continuing lien		
							
upon the  Property for  all payments due  and  owing  under  the	terms  of this Agreement  and		
for interest thereon,  and for reasonable  attorneys'  fees,					
		paralegals'  fees,  expenses and court		
costs incurred	by the District incident to the collection				
		of funds	under this Agreement  or for		
enforcement this lien, and all sums advanced and paid by the District for taxes and payment on		
account  of	superior  interests,  liens  and  encumbrances  in order to  preserve  and protect the		
District's lien.	The  lien  shall	be	effective  as	of	the	date  and  time  of the  recording  of a		
'Notice of Lien for FY	2019/2020  Budget" in the public	records	of	Osceola County,  Florida,		
stating among	other							
		things, the description	of									
				the real property  and the amount due as of	the		
recording	of the Notice, and  the  existence	of	this	Agreement.  The  District Manager, in  its		
sole  discretion,	is	hereby  authorized  by  the  District  to  file  the	Notice  of  Lien  for  FY		
2019/2020		Budget		on  behalf	of	the  District,  without  the  need			
							of  further  Board  action		
authorizing  or  directing  such  filing.	At  the District  Manager's  direction,  the District  may		
also bring an action at law against the record title holder to the Property to pay the  amount		
due  under  this  Agreement,  or  may  foreclose  the  lien against the Property  in any  manner		
authorized	by	law.  The District may partially release any filed lien	for portions of the Property		
subject to a plat	if and when the Developer has	demonstrated,  in the District's sole discretion,		
such release will not materially	impair the					
		ability  of the District to enforce the  collection	of		
funds hereunder.  In the  event the	Developer sells	any	of the Property after the execution	of		
this Agreement, the Developer's rights and obligations under this Agreement shall remain the		
same, provided  however  that  the  District  shall only  have  the  right  to  file  a lien upon  the		
remaining Property owned by the Developer.											

{00070713.DOC/}

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5

3.

ALTERNATIVE  COLLECTION METHODS.

		a.	In	the	alternative  or in addition to the  collection method  set forth  in		
Paragraph 2 above, the District may enforce the	collection of	funds due under this Agreement		
by action against the Developer in the appropriate judicial forum in and for Osceola County,		
Florida.	The  enforcement		of	the  collection  of funds	in this	manner  shall  be  in the  sole		
discretion	of the District Manager on behalf of	the								
			District.  In the event that either  party is		
required to enforce	this	Agreement by						
			court proceedings  or	otherwise, then the parties agree		
								
that  the  prevailing  party  shall  be  entitled  to  recover  from  the  other  all  costs  incurred,		
including  reasonable  attorneys'  fees  and costs  for  trial,  alternative  dispute  resolution,  or		
appellate proceedings.																		
		b.	In the		alternative  or in addition to the other	methods  of collection set		
									
forth  in this  Agreement,  the District,  in its sole discretion,  may  choose to  certify amounts		
due  hereunder  as	a  non-ad  valorem	assessment  on  all  or  any  part  of the  Property  for		
collection,	either									
																				
		through the Uniform Method of										
any	method  of direct bill  and	collection		Collection set forth in Chapter 197 or under		
			authorized  by	Florida  law.   Such  assessment,  if		

imposed,  may  be  certified on the  next	available  tax				
		roll	of	the	Osceola  County property		
appraiser.															

	4.	AGREEMENT;	AMENDMENTS.		This	instrument  shall  constitute  the		
final and complete	expression  of										
		the  agreement  between the	parties relating to the  subject		
matter  of						
	this Agreement.	Amendments	to and waivers	of				
					the	provisions  contained	in this		
Agreement may be made only	by													
		an instrument in writing which is executed by both	of the		
parties hereto.																			

5.		AUTHORIZATION.	The  execution  of		
authorized by				
	the  appropriate  body or official of all parties		
with  all  the	requirements  of	law,  and  each party  has  full		
				
with the terms and	of this instrument.		
		provisions			

this	Agreement	has	been	duly

hereto,  each party has  complied

power  and  authority to  comply

6.	ASSIGNMENT.  This Agreement may be	assigned, in whole or in part, by		
				
either  party  only  upon  the					
	written  consent  of  the  other,	which  consent  shall  not  be		
unreasonably withheld.					

7.	DEFAULT.		A default by	either party under this	Agreement shall entitle the		
other to all remedies	available at law or in equity, which shall			
				
the right of damages,						include, but not be limited to,		
	injunctive  relief and specific performance  and  specifically including		
the ability	of the District to	enforce any and all payment obligations under this Agreement in		
the manner described herein in Paragraphs 2 and 3 above.					

8.

Agreement

action shall

formal party

THIRD   PARTY	RIGHTS;	TRANSFER   OF	PROPERTY.	This		
is solely for the benefit						
	of the  formal  parties  herein and no  right  or cause	of		
accrue upon or by reason hereof, to or for the		of any third party	not	a		
		benefit					
hereto.  Nothing in this Agreement expressed or	implied is intended or shall be		

{00070713.DOC/}

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5

construed to confer upon any person or corporation other than the parties hereto  any right,		
remedy  or  claim under  or by	reason  of	this Agreement  or	any	provisions  or  conditions		
										
hereof; and all  of the provisions,							
	representations, covenants and conditions herein contained		
shall  inure to  the  sole	benefit				
		of and  shall be  binding upon  the	parties  hereto  and  their		
							
respective  representatives,  successors  and  assigns.					
	In  the  event the  Developer  sells  or		
otherwise	disposes  of	its  business  or  of	all  or  substantially  all	of its  assets  relating  to		
improvements, work product, or lands within the District, the Developer shall continue to  be		
bound by  the  terms of	this	Agreement  and  additionally  shall  expressly require  that  the		
purchaser agree to be	bound			
		by	the terms	of this Agreement.	The Developer shall give 90		
days prior written notice to the District under this					
							Agreement of any such sale or disposition.		

9.	FLORIDA	LAW

contained herein shall be construed, State of Florida.

GOVERNS. interpreted

This Agreement and and controlled according to

the provisions the laws of the

10.	ARM'S LENGTH TRANSACTION.	This	Agreement has been negotiated		
fully between the parties  as an arm's length transaction.  The parties participated fully in the		
preparation of this Agreement with the assistance of their respective counsel. In the case of a		
dispute concerning the	interpretation of any provision of this	Agreement, the parties are each		
					
deemed to have drafted, chosen and selected the language, and the doubtful language will not		
be interpreted or construed against any party.				

11.

both  parties

termination,

EFFECTIVE  DATE.  The	Agreement	shall be  effective		
hereto.  The  enforcement					
	provisions	of	this  Agreement		
					
until all payments due under this Agreement are paid in full.		

after execution by shall  survive  its

12.	ENTIRE  AGREEMENT.  This  instrument  shall	
complete		
expression  of this Agreement between the parties relating	
Agreement.		

constitute	the	final

to the subject matter of

and this

[REMAINDER

OF

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LEFT

BLANK]

{00070713

.DOC

/}

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5

IN	WITNESS	WHEREOF, the parties execute this agreement the day and year first		
written above.			
			
Attest:		Rolling Oaks		
		Community Development District		
George Flint	ChairNice-Chair of the Board of Supervisors		
Secretary				
				
		Rolling Oaks Splendid, LLC		
		a Florida limited liability company		

Arthur J.

President

Falcone

{00070713.DOC/}

Page 5

of5

SECTION

VII

SECTION

C

SEC.TION

1

Rolling Oaks

Community Development District

Summary of Check Register

April 1, 2019 to June 30, 2019

Fund

General Fund

Payroll

Date	
4/2/19	
4/11	/19	
4-/19/19	
4/23/19	
4/30/19	
5/10/19	
6/10	/ 19	
6/12/19	
April 2019	
Cora Difiore	
Jared Bouskila	
John Chiste	
Peter Brown	
Samir Yajnik	

CheckNo.'s

156

157

158

159

160

161

162

163

50160

50161

50162

50163

50164

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Amount			
80.55		
3,656.68		
222,963.20		
67.08		
175.00		
3,621.03		
30.00		
3,552,	25		
234,145.79		
184.70		
184.70		
184.70		
184.70		
184.70		
923.50		
23s,069.29	1	

AP300R *** CHECK

DATES

04/01/2019

-

YEAR-TO-DATE	ACCOUNTS	PAYABLE	PREPAID/COMPUTER

06/30/2019	***	ROLLING	OAKS	GENERAL	FUND
BANK	A GENERAL	FUND

CHECK

REGISTER

RUN

7/05/19

PAGE

1

CHECK	VEND#
DATE

•	.... INVOICE .••	.....EXPENSED  TO...		VENDOR	NAME		
	DATE	INVOICE	YRMO	DPT  ACCT#	SUB	SUBCLASS			

STATUS	AMOUNT	. .. . CHECK ...••	
		AMOUNT	#	

4/02/19	00003	
4/11/19	00001	

3/25/19	16891	201902	310-51300-31500		
	PREP/ATTEND	PHONE	MEETING		
- - -	----	- - -	- -	-	STRALEY		
					------		
4/01/19	58	201904	310-51300-34000		
	MANAGEMENT	FEES-APR19		
4/01/1958	201904	310-51300-35100		
	INFORMATION	TECH-APR19		
4/01/1958	201904	310-51300-31300		
	DISSEMINATION-APR19		
4/01/1958	201904	310-51300-51000		
	OFFICE	SUPPLIES				
4/01/1958	201904	310-51300-42000		
	POSTAGE		310-51300-42500		
4/01/1958	201904			
	COPIES						
4/01/1958	201904	310-51300-41000		
	TELEPHONE					

ROBIN

VERICKER

*							80.55					
												
-	-	-	-	-	-	-	- -	-	80.55	000156		
												
*					2,916.67					
												
*							50.00					
												
*						583.33					
												
*							.12					
												
*							5.65					
												
*							2.55					
												
*							98.36					

4/19/19	00013	

GOVERNMENTAL	MANAGEMENT	SERVICES

4/19/19	04192019  201904	300-20700-10300						
	FY19  DEBT  SERVICE  SER2016						
		ROLLING	OAKS	CDD	C/0	REGIONS	BANK	

-	-	-	-	----	-	-	-	3,656.68	000157		
								----			
*				222,963.20						
											
-	-	-	-	----	-	-	222,963.20	000158		
							-	----	- - -		

4/23/19	00006	
4/30/19	00003	
5/10/19	00001	

4/09/19		6-515-31	201904	310-51300-42000		
		DELIVERY	04/04/19	FEDEX		
- - -	-	- - -	-	- - -	----			
						----		
4/24/19		17029		201904	310-51300-31500		
		CONVEY.COM.AREA/PHONE	MTG		
- - -	-	- - -	----	----	STRALEY		
					----		
5/01/19		59		201905	310-51300-34000		
		MANAGEMENT  FEES-MAY19			
5/01/1959		201905	310-51300-35100		
		INFORMATION  TECH-MAY19			
5/01/1959		201905	310-51300-31300		
		DISSEMINATION-MAY19			
5/01/1959		201905	310-51300-51000		
		OFFICE	SUPPLIES			
5/01/1959	201905	310-51300-42000		
		POSTAGE					
5/01/1959	201905	310-51300-42500		
		COPIES						
5/01/1959	201905	310-51300-41000		
		TELEPHONE				

ROBIN

VERICKER

*						67.08								
																
-	-	-	-	-	-	- -		-	-			67.08	000159		
																
*						175.00								
																
- -	-	-	-	- - -		-	-	-	-	175.00	00016	0		
										- -  -				
*					2 , 916.67								
																
*						50	.	00								
																
*						583	.	33								
																
*						17.74								
																
*						16	.	16								
																
*						30	.	90								
																
*						6.23								

GOVERNMENTAL	MANAGEMENT	SERVICES

3,621.03	000161	

ROAK

ROLLING

OAKS

TVISCARRA

AP300R				YEAR-TO-DATE	ACCOUNTS  PAYABLE  PREPAID/COMPUTER	CHECK	REGISTER	
*** CHECK	DATES	04/01/2019	-	06/30/2019  ***	ROLLING	OAKS  GENERAL	FUND			
					BANK  A	GENERAL  FUND				

CHECK	VEND#	..... INVOICE ...••...EXPENSED	TO...	SUB	VENDOR	NAME	STATUS		
DATE		DATE	INVOICE	YRMO	DPT	ACCT#		SUBCLASS				

RUN	7/05/19

AMOUNT

PAGE	2

.... CHECK • . •• •

AMOUNT	#

6/10/19	00003	
6/12/19	00001	

6/01/19	17139	201904	310-51300-31500		
	REV.AUDIT  LETTER/FIN.RPT		
----	----	- - -	STRALEY		
			--------		
6/01/19	60	201906	310-51300-34000		
	MANAGEMENT  FEES-JUN19		
6/01/1960	201906	310-51300-35100		
	INFORMATION  TECH-JUN19		
6/01/1960	201906	310-51300-31300		
	DISSEMINATION  FEE-JUN19		
6/01/1960	201906	310-51300-42500		
	COPIES				

ROBIN

VERICKER

*

*

*

*

*

30.00

2,916.67

50.00

583.33

2.25

30.00	000162	

GOVERNMENTAL	MANAGEMENT

SERVICES

3,552.25	000163	

TOTAL	FOR	BANK  A	234,145.79	
TOTAL	FOR	REGISTER	234,145.79	

ROAK

ROLLING

OAKS

TVISCARRA

SEC-TION

2

•	•	

•	•

•

•	•	•	•	~.	.		

Ce·=···=·•••-~

Rolling Oaks

Community Development District

Unaudited Financial Reporting

June 30, 2019

•

•

•

•

•	•

•

•

•

•	•

•

	Table of Contents	
1	Balance 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

June 30, 2019

ASSETS:

CASH

INVESTMENTS

SERIES 2016

RESERVE

REVENUE

INTEREST

SINKING FUND

CONSTRUCTION

SERIES 2018

RESERVE

REVENUE

CAPITALIZED INTEREST

CONSTRUCTION

COSTS OF ISSUANCE

General

Fund

$103,770

Debt Service

Fund

$1,133,801

$718,603

$29

$25

$905,071

$6,189

$358,897

capital Projects

Fund

$9,425

$7,016,397

$122

Totals

$103,770

$1,133,801

$718,603

$29

$25

$9,425

$905,071

$6,189

$358,897

$7,016,397

$122

TOTAL ASSETS		
LIABILITIES:		
ACCOUNTS PAYABLE	
FUND	EQUITY:		
FUND	BALANCES:	
RESTRICTED	FOR DEBT 2016	
RESTRICTED	FOR DEBT 2018	
RESTRICTED	FOR CAP PROJECTS 2016	
RESTRICTED	FOR CAP PROJECTS 2018	
UNASSIGNED	
TOTAL	LIABILITIES & FUND EQUITY	

$103,770	$3,122,615	

	$1,852,459	
	$1,270,157	
$103,770		
$103,770	$3,122,615	

$7,025,945

$9,425

$7,016,520

$7,025,945

$10,252,331

$0

$1,852,459

$1,270,157

$9,425

$7,016,520

$103,770

$10,252,331

REVENUES:

ASSESSMENTS

DEVELOPER CONTRIBUTIONS

TOTAL REVENUES

EXPENDITURES:

ADMINISTRATIVE:

ROLLING OAKS	
COMMUNITY DEVELOPMENT	DISTRICT	
GENERAL FUND		
Statement of Revenues & Expenditures	
For The Period Ending June 30,	2019	
ADOPTED	PRORATED BUDGET	
BUDGET	6/30/19	
$131,000		$131,000	
$225,000		$168,750	
$356,000		$299,750	

ACTUAL		
6/30/19	VARIANCE	
$134,096	$3,096	
$19,110	($149,640)	
$153,206	($146,544)	

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	
TOTALAOMINISTRATIVE	
MAINTENANCE:			
LANDSCAPE/LAKE MAINTENANCE	
UTILITIES			
CONTINGENCY			
TOTAL MAINTENANCE	
TOTAL EXPENDITURES	
EXCESS REVENUES (EXPENDITURES)	
FUND BALANCE	-	Beginning	
FU ND BALANCE	-	Ending	

$12,000

$918

$12,000

$25,000

$600

$3,500

$10,000

$S,OOO

$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

$9,000

$689

$9,000

$18,750

$0

$2,625

$10,000

$S,000

$4,000

$26,250

$450

$225

$909

$6,350

$900

$1,500

$375

$0

$0

$225

$175

$96,423

$131,250

$37,500

$7,759

$176,509

$272,931

$3,600	$5,400		
$275	$413		
$0	$9,000		
$1,566	$17,184		
$0	$0		
$4,375	($1,750)		
$10,000	$0		
			
$0	$5,000		
$3,500	$500		
$26,250	($0)		
$450	$0		
$137	$88		
$371	$538		
$5,750	$600		
$192	$708		
$208	$1,292		
$0	$375		
$328	($328)		
$1,040	($1,040)		
$89	$136		
$175	$0		
$S8,307	$38,115		
$0	$131,250		
$0	$37,500		
$0	$7,759		
$0	$176,509		
$58,307	$214,624		
$94,899			
$8,871			
$103,770			

2

REVENUES:

ASSESSMENTS - TAX ROLL ASSESSMENTS - DIRECT
INTEREST

TOTAL REVENUES

EXPENDITURES:

INTEREST-11/01

PRINOPAL-11/01

INTEREST - 05/01

TRANSFER OUT (IN)

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BAIANCE- Begi,nlng

FUND BAIANCE- Ending

ROLLING OAKS		
COMMUNITY	DEVELOPMENT DISTRICT		
			
DEBT SERVICE FUND		
SERIES 2016		
Statement of	Revenues & Expenditures		
For The Period Ending June 30, 2019		
ADOPTED	PRORATED BUDGET		
BUDGET	6/30/19		
			
$589,501	$589,501		
$S34,800	$534,800		
$2,500	$1,875		
$1,126,801	$1,126,176		
$450,378	$450,378		
$220,000	$220,000		
$445,428	$445,428		
$0	$0		
$1,115,806	$1,115,806		
$10,995			
$688,463			
$699,4S8			

ACTUAL			
6/30/19	VARIANCE		
$603,337	$13,836		
$534,800	$0		
$23,588	$21,713		
$1,161,725	$35,549		
$450,378	($0)		
			
$220,000	$0		
$445,428	$0		
$18,703	($18,703)		
$1,134,510	($18,703)		
$27,216			
$1,825,243			
$1,852,459			

3

REVENUES:

BOND PROCEEDS

INTEREST

TOTAL REVENUES

EXPENDITURES:

INTEREST - 05/01

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE-Beginning

FU ND BALANCE - Ending

ROLLING OAKS	
COMMUNITY		
DEVELOPMENT DISTRICT	
DEBT SERVICE FUND	
SERIES 2018	
Statement of Revenues & Expenditures	
For The Period	Ending June 30, 2019	
ADOPTED	PRORATED BUDGET	
BUDGET	6/30/19	
$0	$0	
$0	$0	
$0	$0	
$0	$0	
$0	$0	
$0		
$0		
$0		

ACTUAL		
6/30/19	VARIANCE	
$1,587,814	$1,587,814	
$19,513	$19,513	
$1,607,326	$1,607,326	

$337,170	($337,170)	
$337,170	($337,170)	
$1,270,157		
$0		
$1,270,157		

4

REVENUES:

INTEREST

TOTAL REVENUES

EXPENDITURES:

CAPITAL OUTLAY-CONSTRUCTION TRANSFER OUT (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 June 30, 2019

ADOPTED	PRORATED BUDGET

BUDGET	6/30/19

$0	$0

$0	$0

$0	$0

$0	$0

$0	$0

$0

$0

$0

ACTUAL		
6/30/19	VARIANCE	
$1,182	$1,182	
$1,182	$1,182	
$132,674	($132,674}	
($18,703)	$18,703	
$113,971	($113,971)	
($112,789)		
$122,215		
$9,425		

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 June 30, 2019			
ADOPTED	PRORATED BUDGET	ACTUAL		
				
BUDGET	6/30/19	6/30/19		
					
	so	so	Sll,572,186		
	so	so	$110,340		
	$0	$0	$11,682,527		
					
	$0	so	$4,190,807		
					
	$0	$0	$475,200		
	so	$0	$4,666,007		
					
	$0		$7,016,520		
	$0		$0		
					
	$0		$7,016,520		

VARIANCE

$11,572,186

Sll0,340

Sll,682,527

(S4,190,807)

($475,200)

($4,666,007)

6

Ocl
~

Nov

Dec

	ROLLING OAKS					
Community Development	District				
Jan	Feb	Mar	Al!!;	Ma:z:	Jun		

Jul

Aug

see

Total

ASSESSMENTS		$0		
DEVELOPER OONTRIBUTIONS		$19,110		
TOTAL REVENUES	I	i_19.110		
					
EXP£NQ[IJRES·				
ADMINIS11!ATIVE:				
SUPERVISOR FEES		$0		
FICA EXPENSE		$0		
ENGINEERING		$0		
ATTORNEY		$30		
ARBITRAGE		$0		
DISSEMINATION		$292		
ASSESSMENT ADMINISTRATION		$10,000		
ANNUAL	AUDIT		$0		
TRUSTEE	FEES		$0		
MANAGEMENT FEES		$2,917		
INFORMATION TEOINOLOGY		$50		
TEU:PHONE		$0		
POSTAGE			$8		
INSURANCE		$5,750		
PRINTING & BINDING		$75		
U:GAL ADVERTISING		$0		
OTHER QJRRENT CHARGES		$0		
PROPERTY APPRAISER FEE		$0		
PROPERTY TAXES		$0		
OFFICE SUPPLIES		$18		
DUES, LICENSES & SUBSCRIPTIONS		$175		
TOTAL ADMINISTRATIVE	I	$19,315		
					
MAINTENANCE:				
LANDSCAPE/LAKE MAINTENANCE		$0		
UTILITIES			$0		
OONTINGENCY		$0		
					
TOTAL MAINTENANCE	I	$0		
TOTAL EXPENDITURES	I	$19,315		
EXCESS RMNUES (EXPENDITURES)	I	!S2ll5l		

$0

$0

$0

$800

$61

$0

$344

$0

$292

$0

$0

$0

$2,917

$50

$27

$126

$0

$0

$0

$0

$0

$0

$0

$0

$4,616

$0

$0

$0

$0

j,1,616

!$4,616!

$45,666

$0

$45,666

$1,000

$77

$0

$630

$0

$292

$0

$0
so

$2,917

$50

$0

$68

$0

$33

$0

$0

$0

$1,040

$18

$0

$6,123

$0

$0

$0

$0

$6,123

$39,543

$513

$0

$513

$0

$0

$0

$277

$0

$583

$0

$0

$0

$2,917

$50

$0

$9

$0

$15

$0

$0

$328

$0

$18

$0

$4,195

$0

$0

$0

$0

$4,195

!$3,682)

$24,942
so

$24,942

$800

$61

$0

$81

$0

$583

$0

$0

$3,500

$2,917

$50

$6

$68

$0

$15

$208

$0

$0

$0

$0

$0

$8,289

$0

$0

$0

$0

$8,289

$16,653

$13,420

$0

$13,420

$0

$0

$0

$0

$0

$583

$0

$0

$0

$2,917

$50

$0

$4

$0

$19

$0

$0

$0

$0

$18

$0

$3,591

$0

$0

$0

$0

~3,591

$9,829

$49,555

$0

$49,555

$1,000

$77

$0

$205

$0

$583

$0

$0
so

$2,917

$50

$98

$73

$0

$3

$0

$0

$0

$0

$0

$0

ss.oos

$0

$0

$0

$0

$5,005

$44,550

$0

$0

so

$0

$0

$0

$0

$0

$583

$0

$0
so

$2,917

$50

$6

$16

$0

$31

$0

$0

$0

$0

$18

$0

$3,621

$0

$0

$0

__$0

$3,621

($3,621)

		$0	
		$0	
		$0	
		$0	
		$0	
		$0	
		$0	
		$0	
	$583	
		$0	
		$0	
		$0	
$2	,917	
		$50	
		$0	
		$0	
		$0	
		$2	
		$0	
		$0	
		$0	
		$0	
		$0	
		$0	
$3,552	
		$0	
		$0	
		$0	
_		$0_	
$3	,552	
!S3,552J	

$0

$0

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

$0

$0

~o

$0

$0

$0

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

$0

$0

$0

$0

$0

$0

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

$0

$0

$0

$0

$134,096	
$19,110	
$1531206 I	
$3	,600	
$275	
		$0	
$1,566	
		$0	
$4,375	
$10,000	
		$0	
$3,500	
$26,250	
$450	
$137	
$371	
$5,750	
$192	
$208	
		$0	
$328	
$1	,040	
		$89	
$175	
$58,307 1	
		$0	
		$0	
		$0	
		so l	
$58,307 1	
$94,899 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)

Over and

(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	$		

lDue from Developer	$	34,353.06	$		
Total Developer Contributions FY19			$		
					
*FY18 column does not include Funding Requests #1-10.					

34,353.06

19,109.64

$

15,243.42

$

19,109.64

$

8

ROLLING

OAKS

COMMUNITY

DEVELOPMENT

DISTRICT

LONG

TERM

DEBT

REPORT

SERIES

2016,

SPECALASSESSMENT

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	
$1,133,801	
		$15,640,000	
		($220,000)	
		$15,420,000	

SERIES

2018,

SPECALASSESSMENT

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

$905,071

$13,160,000

$13,160,000

9

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

Date

Received

Check

No.

Grass Assessments

Received

	SPECIAL ASSESSMENT REalPTS - FY2019	
	TAXOOUEOOR			
		Gross Assessments	$	766,512	
		Net Assessments	$	no.s22	
Discounts/	Commissions	Interest	NetAmowit	
Penalties	Paid	Income		Received	

$	139,384	
$	131,021	
General Fund	
	18.18%	

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

TCJtal

100%

12/3/18

12/10/18

12/21/18

1/11/19

1/11/19

2/13/19

3/11/19

4/9/19

4/12/19

TCJtals

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		
ACH	$	277,933.90	$		$	5,558.68	$		$	272,375.22	$	49,529.20	$	222,846.02	$	272,375.22		
ACH																		
	$		$		$		$	143.22	$	143.22	$	26.04	$	117.18	$	143.22		
	$		$		$		$		$		$		$		$			
	$		$		$		$		$		$							
													$		$			
	$		$		$		$		$		$							
													$		$			
	$																	
			$		$		$		$		$							
													$		$			
	$																	
			$		$		$		$		$							
													$		$			
	$		$		$		$		$									
											$		$		$			
	$																	
			$		$		$		$		$		$		$			
	$		$		$		$		$		$		$		$			
	$		$		$		$		$		$		$		$			
																		
	$	766,512.44	$	14,218.59	$	15,045.88	$	185.79	$	737,433.76	$	134,096.28	$	603,337.48	$	737,433.76		

ROLLING OAKS	SPLENDID UC	
DAT£	DUE	
RECEIVED	DATE	
2/7/19	12/1/18	
3/25/19	2/1/19	
6/10/19	5/1/19	

DIREcr BIUED ASSESSMENTS						
	$534,800.00			$534,800.00		
otECK		NET		AMOUNT	DEBT SERVICE		
NO.		ASSESSED		REalVED		2016		
								
6135	$	267,400.00	$	267,400.00	$	267,400.00		
6641	$	133,700.00	$	133,700.00	$	133,700.00		
								
190996	$	133,700.00	$	133,700.00	$	133 700.00		
	$	534,800.00	$	534,800.00	$	534,800.00		

10

Rolling Oaks

Community Development District

Special Assessment

Bonds,

Series 2016

Date	Re9utsltlon #	
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,UC	lnvoice#29 - FY2017	Construction Accounting		
				
TOTAL				

TOTAL

Aaiulsltlon/Constructlon Fund at 12/15/16

Interest Earned thru 9/30/17

Requisitions Paid thru 9/30/17

Rema1n1,. Aaiulsltlon/Constructlon 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	
$	53,740A2	
$	U,240,079.92	
$	53,740.42	
$	(3,500.00)	
$	13,290,320.34	

Date		Re~lsltlon #	
Fiscal Year	2018		
11/10/17	2	

Rolling

Contractor

Oaks Splendid,

TOTAL

LLC

Descrl~lon	Requisitions

Completion of Roadway, Drainage, and Utility Infrastructure	$	13,193,249.89	
	$	U,193,249.89	

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

Interest

Interest

Interest

Interest

Interest

Interest

Interest

Interest

Excess Reserve Transfer In

Interest

Interest

interest

Interest

TOTAL

Acqulsltlon/Constnxtlon Fund at 09/30/2017

Interest Earned and Transfer In thnl 9/30/18

Requisitions Paid thru 9/30/18

Remalnl,. Aaiulsltlon/Constructlon Fund

$	10,212.06	
$	3,048.46	
$	8S.93	
$	100.SO	
$	112.15	
$	10S.23	
$	129.82	
$	140.72	
$	10,455.68	
$	166.S4	
$	171.28	
$	185.62	
$	187.53	
$	25,101.52	
$	U,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	

R::;iulsltlon #	Contractor

3	Rolling Oaks Splendid LLC

Descrt ~ lon	R~ ulsltlons

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

4/1/19

4/1/19

5/1/19

6/3/19

TOTAL

Interest

Transfer In (Out)

Interest

Interest

Interest

Interest

Interest

Interest

Transfer In

Interest

Interest

TOTAL

Acquisition/Construction Fund· at 09/30/2018

Interest Earned and Transfer In thru 6/30/19

Requisitions Paid thru 6/30/19

Remaining Acqulsltion/Construdlon Fund

$	132,674.32	
s	188.06	
$	9,373.03	
$	215.20	
$	226.41	
$	243.68	
$	255.97	
$	33.26	
$	0.06	
$	9,373.03	
$	0.67	
$	18.25	
$	19,927.62	
$	122,171.97	
$	19,927.62	
$	I132,674.32)	
$	9,425.27	

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

Flscal Year 2019

12/3/18

1/2/19

2/1/19

3/1/19

4/1/19

5/1/19

6/3/19

TOTAL

Interest

Interest

Interest

Interest

Interest

Interest

Interest

TOTAL

Acquisition/CDnstruc:tlon Fund at 11/8/2018	
Interest Earned 6/30/19		
Requisitions Paid thru 6/30/19		
Remaining Acquisition/Construction	Fund	

$	4,190,806.93	

$	14,627.38	
$	20,485.37	
$	21,517.15	
$	13,247.68	
$	13,605.65	
$	13,252.15	
$	13,582.43	
$	110,317.81	
$	11,096,886.45	
$	110,317.81	
$	(4,190,806.93)	
$	7.016,397.33	

13

SECTION

3

OSCEOLA

MARY JANE ARRINGTON			
COUNTY	ELECTIONS		
SUPERVISOR OF			

@~©~TI'W~ml

lill

APR

f

2

2019

llli

April 19,	2019	BY: ____________		

_

Ms. Lauren Vanderveer

Recording Secretary

Rolling Oaks Community

135 W. Central Blvd .

Suite 320

Orlando, FL 32801

Development

District

RE:	Rolling Oaks Community Development District - Registered Voters		
Dear Ms. Vanderveer:		
Thank you for your letter of April 16, 2019 requesting confirmation of the number of		
registered voters within the Rolling Oaks Community Development District as of April 15,	
2019.		
The	number of registered voters within the Rolling Oaks COD is 229 as of April 15,	2019.	
If I can be of further assistance please contact me at 407.742.6000.		

Respectfully

yours,

~

·

~

Mary

Jane

Arrington

Supervisor

of

Elections

2509 East Irlo Bronson Memorial Highway • Kissimmee, FL 34 7 44

407 .742 .6000 • Fax: 407.742 .6001 • www.voteosceola.com

SECTION

4

NOTICE OF MEETING

DATES

ROLLING

OAKS

COMMUNITY

DEVELOPMENT DISTRICT

The Board of Supervisors

of the

Rolling Oaks Community Development

District

will hold their regularly scheduled

public meetings for

Fiscal

Year 2020

at

12:00  pm	at	the  Heritage	Crossing	Community		
Crossing Way, Reunion,				
		on the second		
follows:		Florida 34747,			

Center,

Thursday

7715	Heritage

of each month as

October 10, 2019

November14,2019
December 12, 2019
January 9, 2020

February 13, 2020
March 12, 2020

April 9, 2020

May 14, 2020
June 11, 2020

July 9, 2020
August 13, 2020

September 10, 2020

The	meetings	are open	to  the public and will be	conducted	in	accordance	
provisions	of Florida	Law for	Community  Development	Districts.	A	copy  of the	
agenda may be obtained from the District Manager at 135 W. Central Blvd., Suite 320,	
FL32801.							

with the meeting Orlando,

The meeting may be continued to a date, time, and	
majority  of  Board  Members	participating.  There	may	
Supervisors will participate by telephone.		

place as evidenced by be occasions when

motion one or

of the more

	Any person requiring special accommodations at this meeting because of a disability or		
physical impairment should	contact the District Office at (407) 841-5524 at least forty-eight (48)		
hours	prior to the meeting.	If you are hearing or speech impaired, please contact the Florida		
Relay	Service 1-800-955-8770, for aid in contacting the District Office.		

Each person who decides to appeal any action taken person will need a record of the proceedings and that to ensure that a verbatim record of the proceedings and evidence upon which such appeal is to be based.

at these meetings is advised that accordingly, the person may need is made, including the testimony

George S. Flint
Governmental Management Services - Central Florida, LLC
District Manager