Rolling Oaks

Community Development District

Agenda

September

13,

2018

A GENDA

Rolling

Oaks

Community Development District

135

W.

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

September

6,

2018

Board

of

Supervisors

Rolling Oaks Community

Development District

Dear

Board Members:

The meeting	of the Board of Supervisors of Rolling Oaks			
will be held Thursday, September 13, 2018	Community Development District		
	at 12:00 PM at the			
		Heritage Crossing Community		
Center, 7715 Heritage Crossing Way, Reunion, Florida.	the advance agenda for		
		Following is			

the

meeting:

1.

2.

3.

4.

7.

8.
5.

6.

9.

Roll Call							
Public Comment Period					
Approval of	Minutes of the August 16, 2018 Meeting		
Financing Matters						
A.	Consideration	of Supplemental	Engineer's Report		
B.	Consideration	of Supplemental	Assessment Methodology		
C.					
	Consideration	of Resolution 2018-07 Bond Delegation		
Consideration of Agreement with	Berger, Toombs,  Elam, Gaines		
Auditing						
							
	Services for Fiscal Year 2018			
Staff Reports							
A.	Attorney						
	i.	Signage Easement	Agreement		
B.					
	Engineer						
C.	District Manager's Report					
						
	i.	Balance Sheet and	Income Statement		
	ii.				
		Consideration of Funding Request #11		
Supervisor's			
	Requests						
Next Meeting Date						
Adjournment						

&

Frank

to

Provide

The	Supervisors meeting is		
second order of business of the Board of			
where the public has an opportunity to be heard on propositions		
reflected on the agenda, and any other items.			

the Public Comment Period coming before the Board as

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

of

the

minutes

of

the

August

16, 2018 meeting.	The

The			
fourth order of business is		
	Financing Matters. Section	
Engineers Report. A copy of the report is enclosed for	your	
Supplemental	Assessment  Methodology.  A  copy  of	the	

A is consideration of Supplemental review. Section Bis consideration of methodology is enclosed for your

review. Section C is consideration of Resolution 2018-07 Bond Delegation. A resolution is enclosed for your review.

copy

of

the

The fifth order of business is consideration of agreement with Berger, Toombs, Elam, Gaines &		
Frank to provide auditing			
services for Fiscal Year 2018. A copy of the		
your review.	agreement is enclosed for		

The  sixth order	of	business  is  ratification  of  signage	
agreement is enclosed for your review.	

easement

agreement.  A

copy

of

the

Section  B of  the	seventh  order	of business  is  the	Attorney's  Report.  Section  1  is		
easement agreement.						
					the District Manager's		
Section 1 includes	There is no backup provided. Section C is			
	the balance sheet and	income	statement for	your review. Section		
consideration of		#11. The	funding	request is enclosed for your review.		
funding request					

signage Report. 2 is the

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

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,			
	August 16, 2018 at 12:06 p.m. at the Heritage Crossing		
Community Center, 7715 Heritage Crossing Way, Reunion, Florida.			
Present and constituting a quorum were:			
John Chiste	Chairman			
Jared Bouskila	Vice Chairman			
Cora DiFiore	Assistant Secretary by telephone		
Peter Brown	Assistant Secretary			
Samir Yajnik	Assistant Secretary by telephone		
Also present were:				
George Flint	Manager			
Vivek Babbar	Attorney by telephone		
Bruce Taylor	Engineer by telephone		
Cynthia Slattum	Resident			
Blake Roby	Resident			

FIRST

ORDER

OF

BUSINESS

Roll Call

Mr. Flint called the meeting to order and called the roll.	
SECOND ORDER OF BUSINESS	Public Comment Period	

Mr. Roby stated a question my understanding that they are still of questions for that position. Who

that a lot of the	It is		
owners have is with respect to the club.			
in the hiring phase for the			
manager but there seems to be a lot		
should we direct those questions to right now?			

Mr.		
Chiste stated that is not a CDD	
	question that is a developer question.	
Mr. Flint stated the Community Development District is a governmental entity that was	
established to finance and maintain the infrastructure within the Rolling Oaks project.  Questions	
about the roads or stormwater system or common area landscape maintenance all those items	
would be something that would fall under the	
	purview of the CDD. Not the landscape maintenance	

of

the club or some private property.

You

can think

of

it

in

terms

of

a small city

or that type

of

August 16, 2018	Rolling Oaks CDD		
			
entity.  This entity finances and maintains public infrastructure.  Questions about the club or when		
is my house going to be done or the hotel, those are really private developer related questions.		
Sometimes you have those people sitting on this Board.		
Mr. Chiste stated we	can't		
	answer your questions during this meeting.  You can ask me		
after the meeting.			

Ms. Slattum correct?

stated another question from

one

of

the owners was, these are 30-year bonds,

Mr. Flint responded that is correct.			
Ms. Slattum stated	it is still a 30-year		
whether they buy today or five years from now			
Mr. Flint stated if they buy it five years from now there will be 25 years left on that		
There are principal and interest payments paid every year and that principal is getting paid		
over time, but it doesn't restart every time you sell.			
Mr. Chiste stated that comes as part of your property tax bill.			
Mr. Flint stated we can get a little bit more into that			
during the budget discussion.		

bond. bond. down

THIRD

ORDER

OF

BUSINESS

Approval
Meeting

of

the Minutes

of

the June 14, 2018

On MOTION by favor the minutes presented.

Mr. of

Chiste	seconded by Mr. Bouskila with all		
			
the June	14, 2018 meeting were approved		

in
as

FOURTH ORDER

OF

BUSINESS

Approval

Report

of

Disclosure

of

Public Financing

Mr.  Flint	stated the next item is indicated as	being under	separate cover but it is the		

Disclosure of Public Financing.	I				
			talked with District Counsel before the meeting, it has already		
been							
recorded, it was part of the bond				
			closing so there is no additional action required by the Board.		
Just for the record and audience comments, the statutes have  certain disclosure requirements		
related to Community Development				
			Districts and one of those is when the District is created there		
is a							
requirement that a Notice of				
			Establishment is recorded in the County records that way anytime		
anyone is considering buying property				
			within a CDD that Notice of			
				Establishment comes up. Also		
if the District issues	bonds there is a requirement that we			
				record what is called a Disclosure of		
Public Financing and that is also recorded in the County records and would also come up in a title		

2

August 16, 2018

Rolling

Oaks CDD

search when you are closing on a new property. deals with the bond issue, what the bonds were relation to that. That might be a document that

What the disclosure of public financing does is issued to fund and it answers a lot of questions could be helpful for you.

it in

FIFTH

ORDER

OF

BUSINESS

Acceptance of Fiscal Year 2017 Audit Report

		Mr. Flint stated next is			
		acceptance of the Fiscal Year 2017 Audit Report.  As a government		
entity I indicated previously that Districts have to have an annual independent audit performed and		
McDirmit Davis provided those services.  This is for Fiscal Year 2017,	which ended last September		
					
30	th	•  It already has been filed with the State of Florida, it was required to be filed by June 30th and		
				
we are asking the Board to ratify the filing of that and if you have any comments or questions we		
can discuss that.  I will note in the			
		management letter on page 27 if there were any issues, findings		
or	recommendations in the audit they were be reflected there.  They also have to look at a number		
			
of	criteria that are specified by the			
		Auditor General of the State of Florida and they have done that		
and found that we have complied with all those requirements.			

On MOTION by Mr. Chiste seconded by	Mr.	Bouskila with	
favor the Fiscal Year 2017 Audit was accepted and transmittal	
Audit to the State of Florida was ratified.			

all in

of the

SIXTH ORDER

OF

BUSINESS

Public Hearing

A.

Consideration Relating to the

of Resolution 2018-05 Adopting Annual Appropriations

the Fiscal

Year 2019

Budget

and

Mr.	Flint stated next is a public	hearing, there are actually two hearings, the first one is to		
						
consider adoption of the	budget for next fiscal year and the second one is to impose the assessments		
				
related to the budget that was					
			adopted.  They are really treated as one			
					public hearing.  We will go		
ahead and	open the public hearing and we	do have a couple members of the public here and if		
there are any comments or	questions either	on the proposed budget for	Fiscal Year 2019 or on the		

assessment	resolution you can ask those.  I will go through the budget	quickly and it may answer		

some of the questions.							
Resolution  2018-05  adopts  the  budget  for  2019,  exhibit  A  to  that  resolution  is  the		
recommended proposed	budget.  You can see on page 1, on the			
					revenue side there are currently		
262  platted units  at  $500	a  unit that  generates  about  $131,000  and  that  is  reflected  under		
assessments and then there is developer contributions estimated at about $225,000 so the on-roll		

3

August 16, 2018					Rolling Oaks CDD		
								
assessments for the 262 lots are only projected to cover	$131,000	of the estimated $356,000 in		
							
costs.  The balance of the							
	budget that is not covered by assessments the District would enter into		
a Developer Funding Agreement and the developer would be			
					obligated to pay any of those costs.		
Mr. Chiste asked stated this is the initial year relative to			
					projections of landscaping and		
maintenance,							
	which is really the bulk of the					
			$356,000, we have the same issue at another District,		
it is likely that the developer will pick up the balance of that.				
Mr. Flint responded yes, the developer is obligated to fund the $225,000 plus any shortfall.		
Mr. Chiste stated if for some reason	isn't that much, the funds get carried forward and we		
would reassess next year for a lesser amount.					
Mr.  Flint stated potentially.	Right	now these are estimates based on the area that we		
					
anticipate we will be maintaining.  We will be soliciting proposals for the landscape maintenance		
and the other costs when we actually enter into those agreements.			
There is also a debt				5.  We issued bonds in 2016, which		
	service fund and that is on page			
those are intended to cover the first 500 platted lots within Rolling Oaks and it is anticipated there		
will be two	additional bond issues, but they	don't					
			overlap so this first 500 lots would be subject to		
the series 2016 bonds and the next phase of	the					
			development there will be another bond issue that		
would apply to that and then the final.  Associated with the 2016	bonds you can see on page 5		
								
there is currently 262 platted units the per unit net amount is $2,225 per unit per year and that is		
grossed up for discount and collection costs.  What will actually be on your tax bill will be 6%		
higher but if you pay your tax bill in November you get a 4%	discount, but the 2% collection costs		
							
would								
ultimately have to be paid even if you paid it in					
			November.  The amortization schedule is		
on pages 6 and 7 it shows that the bonds were					
			issued in 2016, there was a capitalized interest period		
so the 30 years started on							
	November 1 and they go through 2047.			

Mr. Chiste asked what is 262?		
Mr.	phase 6 is		
Brown stated phase 5,			

187 units

so

it

won't

quite

pick up

the balance

of

the

500.

Mr. Flint stated I think we are about to embark on the		
	process for the next series of		
probably next month.	Again, that won't affect these first folks because they are separate.		
			
Are there any questions or comments from the		
	public as part of the public hearing?		
we will bring it back to the Board for discussion and		
	consideration of Resolution 2018-05.		
Mr. Chiste stated the reserve account we are getting through that now.		

bonds

If not

4

August 16,

Mr.

and May 1,

2018		
Flint stated yes I think November 1,	2018 is	
2019 is an interest only payment.		

On MOTION by Mr. Chiste seconded by favor Resolution 2018-05 was approved.

your

Mr.

Rolling Oaks CDD

first principal and interest payment

Bouskila with all in

B.

Consideration	of	Resolution  2018-06  Imposing  Special  Assessments  and	
Certifying an Assessment Roll	

Mr.  Flint  stated  the  next  resolution  is  2018-06  and this	resolution	just  imposes  the		
						
assessments that were	you just adopted and				
	included in the budget					
		authorizes us to certify the tax		
roll to the County for					
	inclusion on the tax bill.  There are two				
		exhibits to it, Exhibit A is the adopted		
budget and Exhibit Bis the assessment roll.  I have one copy of the assessment roll with me listing		
all 262 lots and the per unit amounts.					
On	MOTION by Mr. Bouskila	seconded by Mr. Chiste with all	in		

favor Resolution 2018-06 was approved.				

Mr.

Flint

stated

we

will close the public hearings.

SEVENTH

ORDER

OF

BUSINESS

Consideration	of  Fiscal   Year   2018/2019	
Funding Agreement	

Mr. Flint stated item seven is the funding agreement and		
					because we are relying partially		
we are not	relying fully	on assessments to fund the	budget. We do have a funding agreement		

drafted between the CDD and Rolling Oaks Splendid, LLC and this is in the same form the Board		
and		in the past.					
developer have seen						
Mr. Babbar stated it is essentially	assessing some stuff on-roll and this is the first year of		
					
the District taking on						
	operations and this funding agreement	contemplates the collection on the		
							
undeveloped unplatted properties that are anticipated to be developed in the next fiscal year.		
	On MOTION by Mr. Chiste seconded by Mr. Bouskila with all in		
	favor the Fiscal Year 2019 funding agreement with Rolling Oaks		
	Splendid, LLC was approved.				

5

August 16, 2018	Rolling Oaks COD		

EIGHTH ORDER OF BUSINESS

Acceptance	of	Audit

Recommendation	and	Selection

Ranked Firm to Provide Auditing
Fiscal Year 2018

Committee of  No.  1 Services for

Mr.

Flint stated next is

acceptance

of

the Audit Committee's recommendation and selection

of the no. 1	ranked firm.  The Board sat as the Audit Committee prior to the Board Meeting and		
			
ranked Berger Toombs as the no. 1 firm.			
	On			
	MOTION by Mr. Bouskila seconded by Mr. Chiste with all in		
	favor the	of the Audit Committee of Berger Toombs		
	recommendation			
	being ranked no. 1 was accepted and staff authorized to enter into an		
	agreement with Berger Toombs and the Chairman was authorized to		
	execute the agreement.			
NINTH ORDER OF BUSINESS	Staff Reports		

A.	Attorney

i.

Signage Easement Agreement

Mr.

Babbar stated I want to update the Board on a brief discussion I had regarding some

of

the retail partners they are requesting a potential signage easement agreement.

It

is in the

preliminary stages. Peter, today?

do

we have an update on the exhibits

so

that we can move forward

Mr.	Brown	stated I don't know that we need it today but we probably will for our next		
				
meeting.  The discussions have been ongoing and the hotel signs are in for County review.		
Mr.	Chiste asked what				
		locations are we talking about?		
Mr.	Brown stated in the south roundabout there is a sign and all the retail ones are on the		
			
retail parcel, the hotel one is on the hotel parcel, the club is on the club parcel.  I think there is		
going to be one in the south roundabout as you come through Inspiration Drive that will help aid		
in direction.					
Mr. Chiste asked do we have to have this easement approved possibly prior to the next		
scheduled meeting?  When is the next scheduled meeting?		
Mr.	Flint stated it is September 13	th	•		

Mr.

Brown stated we probably

should approve

it

ifwe

can.

6

August 16,	2018		Rolling Oaks		
					
	On MOTION by Mr.	Chiste seconded by Mr. Bouskila with all in		
	favor staff was			
		authorized to work with Mr. Brown on the easement		
	agreement for the south roundabout and the Chair or Vice Chair were		
	authorized to execute the final easement agreement to be ratified at		
	the next meeting.			
Mr.	Flint stated  if	anything is  done  it will  be brought back to  the  next		
				
ratification.					

CDD

meeting  for

B.

Engineer

Mr.	Taylor stated we					
	received some updated costs for Exhibit G and we are going to		
them in our latest report as they were	modified, which was June 22	nd	and we are going to have		

out by tomorrow.					
Mr.	Flint stated that is the Engineer's report for the next proposed series of bonds.		

put that

We

anticipate we will have some items on your September

13

th

agenda related to the next bond issue.

C.	Manager

	i.Balance Sheet and Income Statement

A copy

of

the balance

sheet and

income statement were

included

in

the agenda package.

ii.

Ratification

of

Funding Request 9

iii.

Consideration

of

Funding Request

10

On MOTION by Mr. Chiste seconded funding request no. 9 in the amount funding request no. 10 in the amount

by Mr. Brown with all in favor of $6,814.48 was ratified and of $8,705.49 was approved.

iv.

Approval

of

Fiscal Year

2019

Meeting Schedule

Mr. Flint stated each year when you schedule and historically you have met on

adopt your the second

budget you also approve Thursday of each month

an annual meeting in this location at

12:00 p.m.

so

we prepared a notice following that schedule.

We will

advertise

this

if

the Board

7

August 16, 2018	Rolling Oaks CDD		
			
approves it and if there is not a need for a meeting it can be		
	canceled but this gives you the		
flexibility to meet if you need to.			
On MOTION by Mr. Chiste seconded by Mr. Bouskila with all in		
favor the Fiscal Year 2019 meeting schedule reflecting meetings on		
the second			
Thursday of the month was approved.		
TENTH ORDER OF BUSINESS	Supervisor's Requests		
There being none, the next item followed.		
ELEVENTH ORDER OF BUSINESS	Next Meeting Date		
Mr. Flint stated the next meeting is scheduled for September 13, 2018 at 12:00 p.m. in this		
location.			
On MOTION by Mr. Brown seconded by Mr. Chiste with all in favor		
the meeting adjourned at 12:29 p.m.		

Secretary/Assistant Secretary	Chairman/Vice Chairman	

8

SECTION

IV

SECTION

A

Rolling Oaks

Community

Development District

Amended and Restated

Engineer's Report

Prepared

Community

for the Rolling Oaks Development District

Prepared By:

Dave Schmitt Engineering

Originally dated September 19, 2016

Updated November 8, 2016
This Report Dated September 13, 2018

					INTRODUCTION							
The Development													
Margarita Village is a mixed-use destination	resort encompassing	approximately 320.54		
acres  of land	(the								
		"Development")  in unincorporated Osceola				
			County,  Florida.	A	map		
identifying the general location of the Development is						
							
								attached hereto as Exhibit A.				
The	Development  is  presently  planned  to  include  a	branded  hotel,  retail  center,  a		
				
commercial water	park, time	share units, apartments, condominiums, and vacation rental		
homes.					
														
Government Approvals												
The Development has a Tourist Commercial land use designation and a Commercial Tourist		
mixed-use														
and	zoning designation.  A	Preliminary Subdivision Plan (PS15-00040, PS16-00012		
	PS17-00009)	has  been	approved	by	the	County	(hereinafter  defined)	for	the		
Development.	The  status	of  various	other						
				governmental	approvals  necessary	for		
											
development of the Margarita Village project is						
								
below.						provided in "PERMIT STATUS" in Exhibit E		

The

District

Pursuant to	a	petition filed by Rolling	Oaks Splendid,	LLC	(the "Developer"), the Rolling		
Oaks								
	Community Development  District  (the  "District"), a	local  unit of special-purpose		
					
government, was established by									
						Ordinance No. 2014-173 (the	"Establishment Ordinance")		
adopted by the Board of County	Commissioners in and for Osceola County, Florida (the		
"County").  The	effective date of the Establishment						
									Ordinance was December 19, 2014.		
The  District		presently  encompasses	approximately	201.65	acres	of  land  within  the		
development and was established for the	purpose of,						
		among other	things, financing and		
													
managing the acquisition, construction, maintenance and operation of major infrastructure		
necessary for development to occur within the District.						
A	metes and	bounds legal	description	of the current boundary of the District is attached		
									
hereto as Exhibit B (Legal				
	Description of the Current Boundaries of the District).		

1

Purpose

of

this

Restated

Engineer's Report

The purpose	of this Amended	and Restated Engineer's Report	(the	"Restated Engineer's		
Report") is to	update the Engineer's Report dated November 08, 2016,  (the "Amended &		
Restated  Engineer's  Report"), to  (i)  incorporate  the  current development plan  for  the		
Revised District Lands, (ii)	update the proposed infrastructure		improvements and their		
costs,  (iii)  allocate  the	costs	of the  proposed	infrastructure					
				improvements  among the		
Revised District Lands and those lands within the						
	Development	that are being removed		
from the	District (the "Removed Lands"), (iv) update the status of	development and project		
				
construction,	including	the		"2016  Project"  &	"2018  Project"				
							and  (v)  identify  those		
infrastructure improvements to be funded with proceeds from the District's issuance of its		
Special Assessment Bonds,	Series  2016  (the  "Series  2016	Bonds")	& Series  2018  (the		
"Series 2018 Bonds")												
															
On July 27, 2015, the Circuit	Court for the Ninth Judicial	Circuit of the State of Florida, in		
								
and for Osceola County, Florida,						
											
						issued its Final Judgment							
to finance, fund, plan establish, acquire,				validating the District's authority		
	construct or reconstruct,	enlarge or extend, equip,		
										
operate and maintain the "Project," which project was defined in the Original Engineer's		
Report, dated	July 21,	2015.		All  of the infrastructure	improvements identified  in this		
								
Restated Engineer's  Report were also described in the Original  Engineer's  Report and,		
therefore, comprise the "Project"		Final Judgment.						
						validated in the							

LAND

USE

OF

REVISED

DISTRICT

LANDS

Table

1

below summarizes the

current

land use plan for the Revised District Lands.

Pro f) osed Land Use

Vacation Rental Homes

Time Shares

Condominiums
Parking, Lake and Roadways

Total

Table 1

Land Use Plan

A pf)roximate Acrea,qe

150

15

15

21.65

201.65

Units

900

300

150

1350

2

CURRENT

CONDITIONS

Topography

The topography of topographical to occur.

within the Development consists of rolling terrain with a significant degree relief.  The topography has been or will be altered where development is

Soils and wetlands

The soils drain very well, surface, and there are no

the groundwater table is typically well below the existing ground regulated wetlands on-site.

Status

of

Construction

RESTATED

CAPITAL

IMPROVEMENT

PLAN

This	Restated Engineer's Report identifies the improvements necessary for effective and		
			
efficient	development  of the	Revised	District  Lands,	including	roadways,	water  and		
									
reclaimed	water	distribution							
			systems,	wastewater	collection				
						systems,	landscape,		
											
hardscape, recreation and park								
	amenities, the undergrounding of					
		utilities, the	stormwater		
									
management system and associated professional fees.  The				
					
								following is a description of the		
improvements comprising the Restated Capital Improvement Plan.					
Roadways											

The District presently intends to finance, design,	construct and/or	acquire	
neighborhood roadways within the Revised District Lands.   The roadways	
subgrade,  crushed  concrete  base,  curbing,  asphalt,  striping,  signage  and	
required by			
applicable Osceola County land development regulations.		

collector and will consist of sidewalks, as

Roadways internal to the Revised District Lands will	connect into	a collector road that		
extends from	the northern Revised District Boundary to U.S. 192.	The external roadway		
extension,	relocation of a signal mast arm at the extension's connection with U.S. 192, and		
construction of a westbound turn lane on U.S. 192 into the Development have been or will		
be		by the Developer at its					
completed						
				expense. The estimated cost to complete the District's		
funded roadway total improvements is $4,799,000.00, with			
the "2016	Project"	(See Exhibit D)		$2,027,222.22 already spent on		

Ownership of and	maintenance	responsibility for roadways within the Revised District		
Lands will be	retained by the District;	ownership and maintenance responsibility for the		
					
Developer  funded  extension  and  related  improvements  described  in  the  preceding		
paragraph will be dedicated to the County for ownership and maintenance.		

3

Water,

Wastewater

and

Reuse Improvements

The District is within the reuse service area. Toho in the right-of-way of U.S. the Development at build-

Toho Water Authority ("Toho") potable		
	water, wastewater and		
has existing potable water, wastewater, and effluent reuse mains		
192 and Funie	have		
Steed Road that			
out.	sufficient capacity to serve		

The District presently intends to finance,	design,  construct	and/ or	acquire	the		potable		
water mains,	wastewater	gravity and	force mains, lift stations, effluent reuse mains, and		
appurtenances	thereto	in	support of	development on the Revised  District Lands.   The		
									
water, wastewater and reuse improvements have been designed,	permitted and will be		
constructed in accordance with the	approved Master Water	and			
			Wastewater Plans,	the		
County's land development regulations, and the rules and	regulations  of Toho	and	the		
Florida Department of													
																		
				Environmental Protection.										
In	order	to		connect	District	financed	and  constructed	water,	sewer	and	reuse		

improvements within the Revised	District Boundary to Toho						
		mains in the right-of-way in		
												
U.S. 192, the Developer has or will construct extensions for each of the services within the		
roadway extension described	above.  The estimated cost to	compete	the District's funded		
water,  wastewater  and	reuse  extensions	is  $8,333,450.00,	with	$3,500,138.89	already		

spent

on the "2016 Project"

(See Exhibit D)

After completion, all water, wastewater and effluent reuse infrastructure will be dedicated		
to Toho for ownership, operation and maintenance.					
Stormwater Management Facilities								
The master			management							
		stormwater		system will be financed, designed and constructed by		
the Developer	and/or the District in				
									
					accordance with the Master Drainage Plan, which plan		
has been permitted by the South Florida Water Management District.  The system will		
consist								that	is			
	primarily of a master stormwater management pond					
discharge	at								interconnected and will		
		defined natural outfalls throughout the Development site.		
					
The  District has  obtained  easement	rights to  and around	all	pipes,  ponds and swales		
											
needed for operation and maintenance of the stormwater management system and to meet		
all permitting requirements.  The remaining	will	be	incorporated into the		
								swales/ponds					
Development as amenities.  The District easement rights allow District lands to connect to		
Developer	owned  and	maintained	stormwater  infrastructure.   The  estimated  cost  to		
complete					
	the	District's  funded  storm	water  management  system  that  will  support		
connection to District lands is $17,782,366.10 with $7,629,092.28	already spent on the		
"2016	Project"	(See Exhibit D)								

Landscape and Hardscape								

Landscape and hardscape along collector and District Boundary will be financed, designed, Xeriscape landscape design principles will be

neighborhood roadways within the Revised constructed and/or acquired by the District. utilized to minimize the need for irrigation

4

water, and existing specimen trees will be preserved and			
The  estimated cost to	complete the  District's funded	relocated throughout the District.		
		landscape	and hardscape  for  the		
					
District lands is $2,500,000.00 with $250,000.00					
	already spent on	the "2016 Project"  (See		
ExhibitD)					
						
In order to maintain the					
	landscape and hardscape following completion, the District has or		
will obtain easement rights to and around the landscaped and hardscaped areas.		

Recreation

and

Parks

Recreation  and  passive/active  parks  will  be  financed,  designed,  constructed,  acquired		
and/or installed	within  the	Revised  District Boundary, which  improvements will serve		
future residents	of the			
				
	District.  The amenities are anticipated to include an extensive bike		
and pedestrian trail system and community pools and facilities.  These amenities shall be		
accessible to the public and maintained by both the		
		District and Rolling Oaks Splendid LLC		

per an Interlocal Agreement By Regarding the Joint Maintenance

and Between and Reciprocal

the District and Rolling Usage ofFacilities.

Oaks Splendid

LLC

Undergrounding

of

Other

Utilities

and

Street Lights

As required by Osceola	County land development regulations, utility conduits within the		
Revised District	Boundary will be installed at the District's expense within the right-of-way		
of all collector roads.  The electric utility provider, Duke Energy, will be responsible for		
installing the electrical cable,	switches, transformers, and street			
will be the subject of	a	lease entered into	by tl!e District.	lighting, the latter of which		
				Other local utility providers,		
including  gas,  phone	and	cable,  will  be  responsible  for  installing  their  respective		
improvements.						
													
Professional Fees												
Professional fees  include  civil  engineering costs for  site  design,  permitting, inspection,		
survey costs for construction staking and as-built drawings, as well as geotechnical costs		
for  pre-design soil  borings, construction staking, and architectural costs  for landscape,		
hardscape and recreation design.  Also included are fees associated with environmental		
consultation,	permitting	and	other professional fees,	including for District Counsel.			

Contingency														
This category includes the cost for	adjustments as a result of			
requirements  of  governmental  agencies  and  other		unexpected field conditions,		
	unknown  factors  that  may  occur		
throughout the  course  of development of lands  in  the  Revised  District Boundary.	In		
general, the	contingency amount is based on a						
estimate.									percentage of the total infrastructure cost		

5

SERIES

2016

&

2018

PROJECT

The	District's	portion  of	the		Capital	Improvement  Plan		
								
$13,455,327.98	has							
		already spent	on	the "2016  Project".		
District to Design, permit	and	acquire/construct the Series		
estimated in Exhibit D hereto,	are	reasonable and proper,		
developable lands in the Revised District Boundary.		

is	$33,532,793.10,  of  which		
			
Costs to be  incurred  by the		
2016 Project, which costs are		
and such project will benefit		

OWNERSHIP

AND

MAINTENANCE

Ownership and maintenance of the described herein is anticipated as set

improvements within the Revised District boundary forth in the following Table 2.

Tal,le 2

ownership and Maintenance

Proposed Infrastructure	Ownership

Im provement

Maintenance

Roadways

Water Distribution

Wastewater Collection

Reuse Distribution

Stormwater Management

Landscape and Hardsca pe

Recreation and Parks

Street Lights

District

Toho

Toho

Toho

District

District

District/ Developer

Duke Energy

District

Toho

Toho

Toho

District

District

District/ Develo per

District [Lease)

PERMIT

STATUS

Permits for					
	construction have been and continue to be required prior to construction of the		
Development, including that portion included in the Revised District Boundary.  Exhibit E		
attached hereto identifies the permits necessary for the Development and their status as of		
the date of this					
	Restated Engineer's Report.				
The District Engineer hereby	all permits and			
the	certifies that		approvals necessary to complete		
	Development have  either already been				
		obtained  or will be  obtained  following the		
				
customary and normal permitting process.				

SUMMARY

OF

ESTIMATED

COSTS

The Summary of Estimated costs associated with the facilities and improvements developable lands within the

Costs, attached hereto as	Exhibit D, outlines the anticipated		
design,  permitting,  construction	and/or  acquisition  of  the		
to  be  funded by the  District,				
	which  improvements benefit		
Revised District				
					
Boundary and are for a public purpose.		

6

ENGINEER'S

OPINION

It is my professional opinion to complete the construction

that the Summary of Estimated Costs listed above is sufficient of the items described herein.

It is my professional opinion that the costs	associated with  the design, permitting, and		
construction/acquisition of the improvements described herein are reasonable to achieve		
completion and	that such	improvements  will	benefit lands	within  the  Revised  District		
Boundary.   The						
	planned  improvements  will				
		be  public  and  are  set  forth  in  Sections		
190.012(1) and (2) of the Florida Statutes.					

The Summary of	Estimated Costs is only an estimate and not a guarantee		
The			
					
estimated costs are based on unit prices		
similar  items  of	work	in  Osceola  County,	currently being experienced		
			Florida,  and  quantities  as		
construction plans.				

maximum price. for ongoing and represented on

The	labor market, future costs	of equipment and materials,	increased regulatory actions	
and	the actual construction process are all beyond the control of the District Engineer.  Due	
to this inherent opportunity for a		
described	fluctuation in costs, the final cost of the improvements	
	herein may be more or less than the		
		Summary of Estimated Costs.	

Assuming proposed approved

project construction continues in a timely	manner, it is	our opinion	that		
improvements, .if	constructed						
		and  built  in	substantial	accordance	with		
							
plans and specifications, can be							
	completed and meet their intended functions.		

the
the

Where necessary,	historical costs and information received from  other professionals or		
consultants have been used in preparing this report.	Professionals and consultants who		
have contributed in providing cost data incorporated in this	report are reputable firms in		
or		It is therefore my opinion that			
			construction of the proposed		
around Osceola County.				
improvements can be					
	completed at the cost stated.  With regard to the cost estimate, the		
District will pay the lesser	of the actual cost or fair market value.  The special benefit and		
received in the assignahle lands in the district shall equal or exceed the costs.		

Dave Schmitt, P.E. Florida Registered

Engineer

No.

__

_

__

_

7

Exhibit A:

ExhibitB:
ExhibitC:

Exhibit 0:
ExhibitE:

Vicinity Map of the Development

Legal Description of the Current Boundaries of the District

Anticipated Ownership and Maintenance of CIP Project
Summary of Estimated Costs
Permit Status

8

EXHIBIT A

VICINITY MAP

CURRENT BOUNDARIES

OF

THE DISTRICT

W. IRLO BRONSON MEMORl

ROUTE 192

FUNIE STEED RD

LIVINGSTON RD

ROUTE192

W. IRLO BRONSON

MEMORIAL

HWY

Exhibit B

A

SKETCH OF DESCRIPTION

COMMUNITY DEVELOPMENT DISTRICT PROPOSED BOUNDARY DESCRIPTION

PORTION OF SECTION  4,  TOWNSHIP 25 SOUTH, RANGE

27

EAST

DESCRIPTION

AREA

ABOVE

RESER\£0

f'OR

RECORDING

INf'ORMf,110N

THE

LAND

REFERRED

TO

HEREIN

Baow

IS

SITUATED

IN

THE

COUNTY

Of'OSCEOI.A,

STATE

Of'FLORIDA,

AND

IS

DESCRIBED

AS

FOLLOWS:

A

PORTION

Of'SECTION

4,

T~SHIP

25

SOUTH,

RANGE

77

EAST,

OSCEOI.A

COUNTY,

FLORIDA.

BEING

MORE

PARTICULARLY

DESCRIBED

AS

f'OU.OWS:

BEGIN AT	THE	SOUTHWEST	CORNER	Of'LOT	1,	FLORIDA	SPLENDID	CHINA, AS RECORDED	IN	PLAT	BOOK	7,	PAGE	152,	PUBLIC	RECORDS	OF	OSCEOLA				
COUNTY,																								
	FLORIDA;	THENCE	RUN	WESTERLY,	ALONG	THE	NORTHERLY	RIGHT-Of'-WAYLINE	OF	FUNIE	ST££D	ROAD,		THE	f'OLLOWING	TWO	(2)	COURSES	AND		
DISTANCES;	(1)		SOUTH	00"12'4T	EAST, A	DISTANCE	OF	25.00	FEET:		THENCE	RUN	SOUTH 89'12'32"	WEST,	A DISTANCE	OF		1136.81  FEET	10	A	POINT ON		
THE	EASTERLY	LIMITED	ACCESS	RIGHT-Of'-WAYLINE	OF	STATE		ROf\D	NO.	429,	AS	SHOVIN	ON	THE	FLORIDA	DEPARTMENT OF'	TRANSPORTATION						
RIGHT-OF-WAY	MAP,	FINANQAL	PR0.£CT	NO.	403497-3;	THENCE RUN	NORTHERLY,	ALONG	SAID EAS1ERLY	LIMITED	ACCESS	RIGHT-Of'-WAYLINE,	NORTH		
04'02'39"	WEST,	A																
			DISTANCE	OF	2,594.07	f'EET:	THENCE	DEPARTING	SAID	EASTERLY	LIMITED	ACCESS	RIGHT-Of'-WAYLINE.	SOUTH 90"00'00" EAST,	A			
DISTANCE	OF																				
		538.39	FEET:	THENCE		NORTH	38'45'43"	EAST,	A		DISTANCE OF 76.05	FEET	TO	A	POINT	ON	A	CUR\r'E TO	THE	LEFT,		CONCA\r'EWEST,	HAVING		
A	Rf,DIUS OF'	225.00	f'EETAND	A	CENlRAL	ANGl.£	Of'35°56'01",	A	CHORD	THAT	BEARS NORTH		20'47'43"	EAST,	A	DISTANCE	OF	138.81	FEET;		lHENCE		
NORTHERLY	ALONG	THE	ARC	OF	SAID	CUR\r'E,	A	DISTANCE	OF 141.11		FEET	TO	A	POINT	ON	SAID		CURVE	TO	A	POINT	ON	A	REVERSE	CURVE TO THE	RIGHT,		
CONCAVE	EAST,	HAVING	A RADIUS	OF	325.00	FEET	AND	A	CENTRAL		ANGLE	Of'29'28'45",  A	CHORD	THAT	BEARS	NORTH	17'34'04" EAST,	A	DISTANCE	Of'		
185.38	FEET:	THENCE	NORTHERLY	ALONG		THE	ARC	OF		SAID	CUR\r'E, A	DISTANCE	OF	167.22	FEET TO	A	POINT	ON	SAID	CURVE:	THENCE	NORTH	32'18'27"		
EAST, A DISTANCE	OF 558.46	FEET	10 A	POINT	ON		A		NON-TANGENT	CUR\r'E	10	THE	LEFT,	CONCA\,'[		WEST,	HAVING	A	RADIUS	Of'25.00	FEET	AND	"			
CEN1RAL	ANGLE	OF	62'09'15",		A	CHORD	THAT	BEARS	NORTH	00'37'156"	EAST,		A	DISTANCE	OF	25.81	FEET;	THENCE	NORTHERLY ALONG 'D£	ARC Of'SAID		
CURVE,		A DISTANCE	OF	27.12	FEET	TO A	POINT	ON		SAID	CUR\r'E 10		A POINT	ON	A NON-TANGENT	CURVE	TO	THE RIGHT, CONCAVE	EAST,	HAVING	A			
RADIUS		OF	915.15	FEET	AND	A	CENTRAL	ANGLE	OF		26'18'08",	A	CHORD	THAT	BEARS	NORTH 17'19'09"	WEST,	A	DISTANCE	OF	416.43	FEET:	THENCE			
NORTHERLY	ALONG	THE	ARC	OF	SAID	CURVE,		A	DISTANCE	OF	420.11	FEET	TO	THE	SOUTHWEST CORNER	OF	ROLUNG	OAKS	BOULEVARD	(PROPOSED)	AS		
RECORDED IN	SAID	PLAT	BOOK	21,	PAGES 24	AND	25:	THENCE	NORTH	89'36'26"										
											EAST,	ALONG	THE SOUTHERLY	BOUNDARY	LINE	OF	SAID	R01.1.JNG	OAKS ·		
BOULEVARD	(PROPOSED),	A	DISTANCE	Of'100.24		FEET		TO	THE																		
											SOUTHEAST	CORNER	OF	SAID	ROLLING	OAKS	BOULEVARD	(PROPOSED)	AND	A	POINT	ON	A		
			
NON-TANGENT	CURVE	TO	THE	LEFT,		CONCAVE	EAST,	HAVING	A	Rf\DIUS	OF	815.15	FEET	AND	A	CENTRAL	ANGl.£	OF	20'45'16",		A	CHORD	THAT	BEARS			
SOUTH	15"00'34"	EAST,	A	DISTANCE		OF  293.66 f'EET:	THENCE SOUTHERLY ALONG	THE	ARC	Of'SAID .CURVE,	A	DISTANCE	OF	295	.27	FIEET	TO A	POINT	ON		
SAID																						
	CUR\r'E TO	A PaNT	ON	A	NON-TANGENT	CUR\r'E	TO	THE	LEFT,	CONCA\r'ENORTH,	HAVING	A	RADIUS	OF	25.00 FEET	AND	A CENlRAL ANGLE OF			
112'14'21", A	CHORD	THAT BEARS	SOUTH		81'27'06"	EAST,	A																
								DISTANCE	OF	41.51	FEET;		THENCE	EASTERLY	ALONG	THE	ARC	OF		SAID	CURVE, A	DISTANCE		
OF	48.97	FEET	TO	A	POINT	ON	THE		NORTH	RIGHT-OF-WAY	LINE	OF		FINS	UP	aRCLE,	A	PROPOSED	50.00	FEET	WIDE	PRIVATE	RIGHT-OF-WAY	PER	THE			
PROPOSED PLAT OF	ROWNG	OAl<S:	SAID	POINT	ALSO	BEING	A		POINT ON	A REI/ERSE	CURVE	TO		THE	RIGHT,	CONCA\r'ESOUTH,	HAVING	A	RADIUS OF			
475.98	FEET	ANO	A	CENlRAL	ANGLE	OF	52'11'02",	A CHORD	THAT BEARS	NORTH	68°31'15"	EAST, A	DISTANCE	OF 418.68	FEET:	THENCE	EASTERLY	ALONG		
THE ARC	OF	SAID	CURVE,	A	DISTANCE OF	433.51	FEET	TO	A	POINT	QN	SAID	CURVE;		THENCE	SOUTH	8&"23'14"	EAST,	A	DISTANCE OF	584.82	FEET	TO	A		
POINT ON	A CURVE	TO	THE																							
				LEFT,	CONCA\r'E NORTHWEST,	HAVING	A	RADIUS	OF	25.00	FEET	AND		A	CENTRAL	ANGLE	OF	81'37'52",	A	CHORD	THAT	BEARS		
NORTH	53•47•50•	EAST,	A DISTANCE		OF 32.68	FEET;	THENCE	NORTHEASTERLY		ALONG	THE ARC	OF	SAID	CURVE.	A DISTANCE	OF	35.62	FEET	TO A	POINT		
ON																								
	SAID	CUR\r'E;	lHENCE	NORTH	12'58'53" EAST,		A	DISTANCE	OF	323.75 FEET	TO	A	POINT	ON		A CUR\r'E TO lHE	LEFT,	CONCA\r'E WEST,	HAVING	A	RADIUS		
OF	25.00	FEET	AND	A CENTRAL	ANGLE Of'	53"00'12",	A	CHORD	lHAT BEARS NORTH	13'31'12"	WEST,	A	DISTANCE	OF	22.31		FEET:		THENCE	NORTHERLY			
ALONG	lHE	ARC	OF	SAID	CUR\r'E, A	DISTANCE	OF	23.13	FEET	TO	A	POINT	ON	SAID	CUR\r'E TO	A POINT	ON	A	REI/ERSE	CURVE		TO	THE	RIGHT,	CONCAVE		
SOUTH,	HAVING		A RADIUS	OF	113,00	FEET	AND A	CENTRAL	ANGLE OF	219'51'38",	A	CHORD	THAT BEARS	NORTH	69'54'31"	EAST,		A DISTANCE	OF  212.46		
FEET;	THENCE EASTERLY ALONG	lHE	ARC	OF	SAID CUR\r'E, A																		
						DISTANCE	OF	433.61	FEET	TO		A	POINT	ON	SAID	CURVE	TO	A	POINT	ON	A	REI/ERSE	CURVE		
TO	THE		LEFT,	CONCAVE	NORlHEAST,		HAVING	A RADIUS	Of	25.00	FEET	AND	A		CENlRAL	ANGl.£	OF	50"45'20",	A	CHORD	THAT	BEARS	SOUTH	25'32'20"			
EAST, A	DISTANCE	OF																								
			21.43	FEET:	THENCE	SOUTHEAS'IERLYALONG	THE	ARC OF	SAID	CURVE.	A	DISTANCE OF	22.15	f'EET TO	A POINT	ON	SAID	CURVE:		
THENCE		SOUTH	50'55'00"	EAST, A	DISTANCE	OF	127.25 FEET	TO	A POINT	ON	A	CUR\r'E TO	THE		LEFT,	CONCAVE	NORTHEAST,	HAVING		A RADIUS	OF					
1,243.10	FEET AND	A	CENlRAL	ANGLE	OF	16"00'37",	A	CHORD	THAT	BEARS	SOUTH	58'55'19"  EAST,	A	DISTANCE	OF	346.23	FEET;	THENCE SOUTHEAST[RLY		
ALONG	THE	ARC	OF	SAID	CURVE.	A	DISTANCE	OF	347.36	FEET		TO A	POINT	ON	SAID	CURVE	TO	A POINT	ON A	COMPOUND	CUR\r'E TO	THE	LEFT,	CONCAVE		
NORTHYl£ST,	HAVING	A RADIUS		Of'319.48	FEET AND	A	CENTRAL	ANGLE	OF	96'52'59",	A	CHORD		THAT	BEARS	NORTH	114'37'54"	EAST,	A	DISTANCE	OF			
478.12	FEET:	THENCE	NORTHEASTERLY	ALONG	THE ARC	OF	SAID	CURVE,	A															
										DISTANCE	Of'540.22	FEET	TO	A	POINT ON  SAID	CURVE;	THENCE	NORTH				
00'12'39"	WEST,		A																						
				DISTANCE	OF	358.16  FEET	TO	A	POINT	ON	A CURVE	TO	THE	LEFT,	CONCAVE		WEST,	HAVING	A	RADIUS	OF	355.56	FEET	AND A CENTRAL		
ANGLE OF	13'57'22",	A CHORO		THAT		BEARS	NORTH	07'11'20"	WEST,	A																						
											DISTANCE	OF	IS.39	FEET:	lHENCE	NORTHERLY	ALONG	THE	ARC	OF	SAID	CURVE,	A		
DISTANCE																									
	OF	86.61	FEET	TO	A	POINT	ON		SAID	CURVE:		THENCE		NORTH	1410'01"	WEST,	A DISTANCE	OF	261.39	FEET	TO	A	POINT	OF	CURVATURE TO	THE		
RIGHT, CONCAVE	EAS1ERLY,	HAVING	A	RADIUS	OF	591.10	FEET	AND	A	CENTRAL ANGLE	OF 29'25'06",	A	CHORD	DISTANCE OF	300.18	FEET	THAT	BEARS		
																												
(CONTINUED)		
SURVEYOR'SNOTES		

1.

THE SUR\r'E'WCRHAS NOT
OR USE OF THE LAND

ABSTRACTED

THE

LAND

SHOWN

!€REON

f'OREASEMENTS,

.RIGHT

OF

WAY,

RES1RICTIONS

OF

RECORD

\tf!ICH

MAY

AFFECT

THE

TlllE

2.

NO

IMPR0181ENTS

HAVE

BEEN

LOCATED.

3.
4.
5.

NOT VAU:>	Yl'THOUT THE SIGNATUAE AND	THE CRGINAL RAIS£D SEAL OF A FLORIDA	LICENSED SUR\r'EYOR  AND MAPPER.		
THIS		OF 4	PAGES NOT FULL OR	COMPLETE Yl'THOUTBOTH.									
DOCUMENT CONSISTS												
BEARINGS	~ HEREON	ARE	BASED ON	EAST UNE	OF SECTION 4,  TOWNSHIP	25	SOUTH, RANGE	27	EAST,	¥Hat	BEARS		

SOUTH

00"15'19"

EAST,

ASSUMED.

SHEET	1	OF	4				
SHEET	2	OF	4	ANO	3 Of'4  f'OR CONTINUATION	Of'	
SEE SHEET 4	Of' 4	FOR  SKETCH		

SKETCH	OF	DESCRIPTION
COIAIUNITY ~T DIS1RICT
flR()P()S(D  80UNOARY OESCRF110N
A  PORTION OF

SECTION  4,  TOWNSHIP 25 SOUTH.  RANGE 27 EAST

DESCRIPTIONR5 THIS

IS

NOT

A

SURVEY.				
I tDEBY CERllFY lHAT lHIS SKETQt Cl'		
ll£SCIIIP1IOf, SUB,ECT	TO ll£ SUIMYOR'S NOlES	
CCNTAINED !£REON, MEETS 11£ APPUCAeLE		
"STAll>AROS Cl' PRACTICE" AS SET	FMTH BY	1t£	
FURDA BOARD Cl' PR(JtSSIONAL	~	HI>	
MAPPERS IN atAPlER	5J-17, FLallDA		
ADIINISTRAll\'E 1X1E.	PURSUANT TO SECllON		

OSCEOLA COUNTY. rulRIDA

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----l!~at!!I

A
s

IVI E	R. I CA.N
u RVEVI NG

472.1127,

FLORIDA

STAlUlES.

&  MAPPING INC.

CER1IFICA110H OF AU1ff0RIV.110N NUl&ft L8f63tl
3181 MAGUIIE 80UL£YARO, SlllE 200
CR.ANOO.FLCAIOAJ280J

www . ~COM

XAIJIER	F.	AGUIRRE.	PSM	f6750	
DATE:					

Exhibit

B

A

SKETCH OF DESCRIPTION

COMMUNITY DEVELOPMENT DISTRICT PROPOSED BOUNDARY DESCRIPTION
PORTION  OF  SECTION	4,	TOWNSHIP  25 SOUTH,  RANGE

27

EAST

DESCRIPTION

(CONTINUED)

NORTH	00'32'32"EAST:	THENCE NOR1H\lt£STERLY ALONG	THE	ARC	OF	SAID		CURVE,		A	DISTANCE	OF	303.50	FEET	TO A	POINT	ON	THE	SOUlH							
RIGHT-OF-WAY		LINE	OF	VtEST IRlO BRONSON	MEMORIAL	HIGHWAY	(U.S.	HIGHWAY	192),		A	VARIABLE	Vi!OTH	PUBLIC	RIGHT-OF-WAY;		SAID	Pc».IT	ALSO BEING		
A	NON-TANGENT	PONT	OF	CURVAll.lRE	TO 1HE	RIGHT,	CONCAIIE	SOU1ll\lt£ST,		HAVWG	A	RADIUS	OF	2764.79	FEET	AND	A	CENlRAL	ANGLE	Of 02'21'25",A		
CHORO	DISTANCE	OF	113.73	FEET	THAT	BEARS	SOUlH	88"54'36"EAST;	THENCE	SOUTHEASTERLY	ALONG	THE	ARC	OF	SAID	CURVE,		A	DISTANCE	OF 113.74		
FEET																							
	TO	A NON-TANGENT	POINT OF	CURVAlURE	TO	THE	LEFT, CONCAVE																			
									EASTERLY,	HAVING	A	RADIUS OF	478.10	FEET	AND A	CENTRAL	ANGLE	OF				
28'01'54",A	CHORD	DISTANCE OF	231.58	FEET	THAT	BEARS	SOUTH	00'09'04"EAST:	THENCE	SOUTHEASTERLY	ALONG	THE	ARC	OF		SAID	CURVE,	DEPARllNG		
SAID	SOUTH	RIGHT-OF-WAY		LINE,	A	DISTANCE	OF 233.91	FEET TO	A	POINT	OF	TANGENCY:		THENCE	SOUlH	14"10'01"EAST,	A	DISTANCE	OF	261.39	FEET		
TO A	POINT	ON		A CURVE	TO	1HE	RIGHT,	CONCAVE	VtEST,	HAVING	A	RADIUS	OF	48B.56	FEET	AND	A	CENTRAL	ANGLE	OF	13°57'22",A	CHORO	THAT	BEARS		
SOUTH	07"11'20"EAST, A	DISTANCE OF	113.85 FEET;	THENCE	SOUTHERLY	ALONG	THE	ARC		OF	SAID	CURVE,	A	DISTANCE	OF	114.13	FEET	TO	A POINT ON		
SAID																						
	CURVE:		THENCE	SOUTH	00"12'39"EAST,	A		DISTANCE	OF	267.95	FEET	TO	A	POINT	ON	A	CURVE	TO THE		RIGHT, CONCAVE	NORTHWEST,	HAIIING	A			
RADIUS	OF 419.48 FEET	ANO	A	CENTRAL	ANGLE	OF 113"17'02",A	CHORD		THAT	BEARS		SOUlH	56"'25'52"Ytt:ST, A	DISTANCE	OF	700.74	FEET;	THDICE			
SOUTHYi£S1ERL Y	ALONG	THE	ARC	OF	SAID	CURVE, A	DISTANCE OF	829.39	FEET TO	A	POINT	ON	SAID	CURVE	TO A	POINT ON	A	C0MPOtK>	CURVE	TO	THE		
RIGHT,	CONCAVE	NORTHEAST,	HAI/ING	A RADIUS		OF	1,343.10	FEET	AND	A	CENTRAL		ANGLE	OF	16"00'09",A	CHORD	THAT	BEARS	NORTH 58°55'33"WEST,  A		
DISTANCE	OF																						
		373.90	FEET;	THENCE NORTHM:STERLY	ALONG	THE	ARC	OF		SAID	CURVE,		A	DISTANCE	OF 375.12 FEET TO	A	POINT	ON		SAID	CURVE	TO A		
POINT ON	A	REVERSE	CURVE	TO THE	LEFT,	CONCAVE	SOUTH,	HAVING	A RADIUS	OF	100.00	FEET	AND	A	CENlRAL	ANGLE	OF 116"49'07",A	CHORD	THAT		
BEARS	SOUTH	70'39'58"WEST,	A	DISTANCE	Of	170.36	FEET;	THENCE	WESTERLY	ALONG	THE	ARC	OF	SAID CURVE,	A DISTANCE	OF		203.89	FEET	TO	A			
POINT	ON																									
		SAID	CURVE;	THENCE	SOUTH	12"15'24"WEST, A	DISTANCE	OF	204.96	FEET TO	A	POINT	ON	A	CURVE TO	THE	LEFT,	CONCAVE	NORTHEAST,			
HAVING	A	RADIUS	OF	25.00	FEET	AND	A	CENTRAL	ANGLE	OF	81i1'14",A	CHORD	THAT	BEARS	SOUTH 28"'20'13"EAST,	A	DISTANCE	OF	32.53	FEET;				
lHENCE	SOUTHEASTERLY ALONG	THE	ARC	OF	SAID	CURVE,	A	CNSTANCE	OF	35.42	FEET	TO		A	POINT	ON	SAID	CURVE:  THENCE SOUTH		68'55'50"EAST,	A		
DISTANCE	OF	295.35	FEET	TO A POINT	ON	A	CURVE	TO	THE	RIGHT,	CONCAVE	SOUTHWEST,		HAVING	A	RADIUS		OF	200.00	FEET	AND	A	CENTRAL	ANGLE	OF		
68'56'02",A	CHORD	lHAT	BEARS	SOUTH	34"'27'49"EAST,	A	DISTANCE OF																				
								226.37 FEET:	THENCE	SOUTHEASTERLY	ALONG	THE	ARC		OF	SAIO	CURVE,	A			
DISTANCE	OF	240.82	FEET TO A POINT	ON	SAID	CURVE;	lHENCE	SOUTH	00"00'12"WEST,	A	DISTANCE	OF 194.01 FEET	TO A POINT	ON	A NON-TANGENT		
CURVE	TO	THE	LEFT,	CONCAVE	EAST,	HAVING	A	RADIUS OF	870.66		FEET	AND		A	CENTRAL	ANGLE		OF	13"03'57",A	CHORO	THAT	BEARS	SOUTH	07°45'35"		
EAST,	A	DISTANCE OF 198,12	FEET:	THENCE	SOUntERLY	ALONG THE	ARC		OF	SAID	CURVE,	A	DISTANCE OF	198.55	FtU	TO		A	POINT	ON	SAID	CURVE:			
THENCE		NORTH	72"'22'31"EAST,	A	DISTANCE	OF	4.63	FEET;	THENCE	SOUTH		85'02'30"EAST,	A	DISTANCE OF	112.55 FEET;	THENCE		SOU1H	74"'32'04"EAST,		
A	DISTANCE	OF		109.47 FEET;																			
					THENCE SOUTH	87'04'54"EAST, A DISTANCE	OF	62.66 FEET;		THENCE	SOUTH	69"12'48"EAST,	A	DISTANCE	OF	61.52 FEET:		
																		
THENCE		SOUTH	81"52'08"EAST,	A	DISTANCE	OF		65.58	FEET:		THENCE	SOUTH	75':11'13"EAST,	A DISTANCE OF		125.02 FEET:		THENCE	SOUTH	81"'25'55"EAST,		
A	DISTANCE	OF		103.89 FEET:																				
					THENCE SOUTH	12'07'28"EAST,	A DISTANCE	OF	65.60 FEET;		THENCE	SOUTH	44"'25'11"EAST,		A	DISTANCE	Of	147.85 FEET:		
																				
THENCE		SOUTH	55'34'28"WEST,	A	DISTANCE	OF	JB.42	FEET:	THENCE	SOUTH	09•34•45•	WEST,	A	DISTANCE	OF	148.07	FEET:	THENCE		SOUTH	16i8'18"		
EAST,	A	DISTANCE OF 264.94 FEET	TO	A	POINT	ON	A	NON-TANGENT	CURVE	TO	THE L£FT,		CONCAVE	EAST, HAI/ING A	RADIUS	OF	255.84	FEET	AND	A			
CENTRAL	ANGLE	OF	121•45•47•,	A	CHORD	THAT	BEARS	SOUTH	20'32'38"Ytt:ST,		A	DISTANCE	OF 447.05 FEET:		THENCE	SOUTHERLY	ALONG THE	ARC Of			
SAID CURVE,	A																						
		DISTANCE OF	543.78	FEET	TO	A	POINT	ON	SAID CURVE	TO	A	POINT	ON	A	NON-TANGENT CURVE	TO THE	RIGHT,		CONCAVE	SOUTHWEST,		
HAVING	A	RADIUS	OF	810.00	FEET		ANO	A	CENTRAL	ANGl£	OF 22"07'43",A	CHORD		THAT	BEARS	SOUTH	29i4'35"EAST,	A		DISTANCE	OF 310.90 FEET:			
THENCE		SOUTHEASTERLY	ALONG	THE	ARC	OF	SAID CURVE,	A	DISTANCE	OF	312.84	FEET TO	A POINT ON	SAID	CURVE:	lHENCE	SOUTH	18io•43•	EAST,	A		
DISTANCE	OF	217.54	FEET;	THENCE	SOUTH	71'49'17"M:ST, A	DISTANCE	OF		100.00	FEET	TO A	POINT	ON A NON-TANGENT	CURVE	TO	THE	RIGHT,	CONCAVE		
NORTHWEST,	HAVING	A RADIUS Of	25.00	FEET AND	A CENTRAL ANGLE OF	90"00'00",A	CHORD THAT	BEARS	SOUTH 26'49'1rWEST,	A	DISTANCE	OF 35.36		
FEET:	THENCE	SOUTHWESTERLY	ALONG THE	ARC	OF	SAID	CURVE,	A													
									DISTANCE		OF	39.27	FEET TO		A	POINT ON	SAID	CURVE:		THENCE	SOUTH	71'49'1rWEST,		
A	DISTANCE	OF		171.74 FEET		TO	A	POINT	ON	A	CURVE	TO	THE LEFT, CONCAVE	SOUTHEAST,	HAI/ING	A RADIUS	OF	850.00 FEET	AND	A	CENTRAL ANGLE OF		
71"57'01",A	CHORD	THAT	BEARS SOUTH 35'50'47"M:ST,	A	DISTANCE	OF																
								998.64	FEET;	THENCE	SOUTHYtt:STERLY	ALONG	THE ARC	OF	SAID	CURVE,	A			
DISTANCE	OF	1,067.40 FEET	TO	A	POINT	ON	SAID CURVE;	THENCE	SOUTH	00"07'44"EAST,		A	DISTANCE	OF	254.97	FEET TO	A	POINT	ON	A	NON-TANGENT		
CURVE TO	THE RIGHT,	CONCAVE	NORTHWEST,	HAVING	A RADIUS OF	50,00	FEET	ANO	A		CENTRAL	ANGLE	Of' 89"06'4r,A	CHORD		THAT BEARS	SOUTH			
44i7'42"	VtEST,		A DISTANCE		OF	70.18 FEET:		THENCE	SOUTHWES1ERLY	ALONG		THE	ARC	OF		SAID	CURVE,	A	DISTANCE OF	77.n FEET	TO	A	POINT	ON SAID		
CURVE:	THENCE		SOUTH 89,:Z'32"WEST,	A	DISTANCE	OF 1,222.83	FEET	TO	THE	PClltT	OF	BEGINNING.																														

CONTAINING

9,868,6!51.01

SQUARE

FEET

OR

226.5532

ACRES,

MORE

OR

LES5.

L£SS

AND

EXCEPT:

COMMENCE AT	lHE	SOUTHEAST	CORNER	OF	THE	NORTHEAST 1/4 OF	SECnON	4,		TOINSHIP	25	SOUTH,	RANGE		27	EAST,	OSCEOLA	COUNTY,	flORIDA;			
THENCE	NORTH																						
		89°54'18"WEST,		A	DISTANCE	OF	127.56	FEET:	THENCE	NORTH		00'05'42"EAST,	A	DISTANCE	OF	5.05	FEET	FOR	THE	PONT OF BEGINNING;		
THENCE	NORTH	78"'38'15"WEST,		A																		
					DISTANCE	OF	143.61	FEET:	THENCE	NORTH	83'08'31"WEST,	A	DISTANCE	OF	53.48 FEET:	THENCE		NORTH	53"44'31"			
WEST,		DISTANCE	OF		51.59	FEET:	THENCE SOUTH 86'02'47"Ytt:ST,		A	DISTANCE	OF 62.74	FEET:	THENCE NORTH		78i7'14"WEST,	A	DISTANCE OF	72.21			
FEET;																					
	THENCE	SOUTH	52•47•51•	WEST,	A DISTANCE	OF 87.58 FEET;		THENCE	NORTH	63'43'48"WEST,	A	DISTANCE	OF	90.22 FEET:		THENCE	SOUTH	75"03'04"		
WEST,. A	DISTANCE	OF		235.18 FEET:  THENCE	SOUTH		44'28'50"WEST,	.A	DISTANCE	OF	55.78	FEET	TO	A POINT	ON	A	NON-TANGENT	CURVE	TO	THE l.£FT,		
CONCAVE	WEST, HAVING	A RADIUS	OF	143.00	FEET	AND A	CENTRAL		ANGLE	OF	16"'25'01",A	CHORD	THAT BEARS	NORTH	15'40'21"WEST, A	DISTANCE OF		
40.83	FEET;	THENCE	NORTHERLY	ALONG	THE	ARC OF	SAID	CURVE,	A													
										DISTANCE	Of' 40.97	FEET	TO	A	POINT	ON	SAID	CURVE	TO A	POINT	ON	A						
NON-TANGENT																												
	CURVE	TO	THE	RIGHT,	CONCAVE	EAST,	HA~G	A RADIUS	OF	117.04	FEET	AND	A	CENTRAL	ANGLE	Of' 52'27'54",A	CHORD	THAT BEARS			
NORTH	01'48'52"EAST,	A	DISTANCE Of	103.47	FEET;	THENCE	NORTHERI.Y ALONG	THE ARC	Of	SAID CURVE,	A	DISTANCE	Of'107.17	FEET	TO	A	POINT ON		
SAID CUR\€:	THENCE	NORTH	29"03'53"	WEST,	A	DISTANCE OF	120.68 FEET	TO		A	POINT	ON		A	NON-TANGENT	CURVE	TO	THE	LEFT,	CONCAVE	SOUTH,			
HAVING A	RADIUS OF	112.00	FEET	AND	A CENTRAL	ANGLE	OF	19'51'53",A	CHORD	THAT BEARS	SOUTH	75"'28'12"Ytt:ST,		A	DISTANCE	OF 38.64	FEET:			
THENCE	WESTERLY	ALONG	THE	ARC OF SAID	CURVE,	A	DISTANCE OF	38.83	FEET	TO	A POINT ON	SAID	CURVE		TO	A	POINT	ON	A	NON-TANGENT CURVE	TO		
THE RIGHT, CONCAVE	NORTHEAST, HAVING A	RADIUS	OF 88.65	FEET	AND A	CENTRAL	ANGLE	OF	95"18'06",A	CHORD	THAT BEARS	NORTH	66'48'41"WEST,		
A DISTANCE																		
	OF 131.03	FEET;	THENCE	NORTHWESTERLY	ALONG	THE	ARC	OF	SAID	CURVE,		A	DISTANCE	OF 147.45	FEET TO	A	POINT	ON	SAID	CURVE	TO	A		
POINT	ON	A	NON-TANGENT CURVE	TO	THE LEFT,	CONCAVE	SOUTHWEST,	HAVING	A	RADIUS	OF	171.97	FEET	AND	A	CENTRAL	ANGLE	OF	029'01",A	CHORD		
THAT BEARS	NORlH	28°09'49"WEST,  A	DISTANCE Of'8.90 FEET:  THENCE NORTHWESTERLY	ALONG	THE	ARC	OF	SAID	CURVE,	A	DISTANCE	OF	B.91	FEET	TO		
A POINT	ON	SAID CURVE	TO	A		POINT	ON A	NON-TANGENT	CURVE TO	THE LEFT,		CONCAVE	SOUTH,	HAVING	A	RADIUS	OF	44.58 FEET	AND	A	CENTRAL			
ANGLE	OF	103'42'25",A	CHORD		THAT	BEARS	NORTH		83"11'14"WEST,	A	DISTANCE													
												OF	70.12		FEET;	THENCE	WESTERLY	ALONG	THE	ARC OF	SAIO	CURVE,	A		
DISTANCE																								
	OF	80.70 FEET	TO	A	POINT	ON SAID	CURVE;	THENCE NORTH	71°04'18"WEST,	A DISTANCE	OF 27.83	FEET	TO	A	POINT	ON		A	NON-TANGENT			
CURVE	TO	THE	LEFT,	CONCAVE	SOUTHWEST,	HAI/ING		A RADIUS	OF 62.56	FEET		AND	A CENTRAL ANGLE	OF	59'21'16",A	CHORD	THAT	BEARS	NORTH				
38"'25'33"WEST, A	DISTANCE																				
		OF	61.95 FEET;		THENCE	NORTHM:STERL	Y	ALONG		THE	ARC	OF	SAID CURVE, A	DISTANCE OF	64.81	FEET	TO A	POINT	ON SAID		
CURIIE	TO	A	POINT	ON	A	REVERS£	CURVE TO	THE RIGHT, CONCAVE	NORTHEAST,	HAVING		A	RADIUS	OF	94.75	FEET	AND		A	CENlRAL	ANGLE	OF	35'08'16",		
A QolORO	THAT	BEARS	NORTH	50"'32'03"WEST,	A DISTANCE																				
						OF 57.20 FEET:	THENCE	NORTHWESTERLY ALONG	THE	ARC OF	SAID CURVE,	A	DISTANCE	OF			
58.10 FEET TO	A POINT ON SAID	CURVE	TO	A	POINT	ON A	REVERSE	CURVE	TO	THE	LEFT,	CONCAVE	SOUTH, HAIIING	A	RADIUS	OF	13.00 FEET	AND	A			
CENTRAL	ANGLE OF	70'41'37",A	QolORD	lHAT BEARS	NORlH 68i8'44"	M:ST,	A	DISTANCE	OF	15.04 FEET;	THENCE	WESTERLY ALONG	lHE	ARC	OF	SAID			
CURVE,	A																					
		DISTANCE OF	16.04 FEET	TO A POINT	ON		SAID CURVE;  THENCE SOUTH	76"'20'27"WEST,	A	DISTANCE	OF	6.63	FEET;	THDICE	NORnl 16'08'01"		

SHEET	2	OF	4		
SHEET	3	OF	4	FOR	
SEE SHEET 4	OF 4	

CONTINUATION FOR SKETCH

OF

DESCRIPTION

(CONTINUED)

Exhibit

B

A

SKETCH OF DESCRIPTION		
COMMUNITY	DEVELOPMENT DISTRICT		
PROPOSED			
			
BOUNDARY DESCRIPTION		
PORTION  Of SECTION 4,	TOWNSHIP 25 SOUTH, RANGE		

27

EAST

DESCRIPTION

(CONTINUED)

\lt£ST,		A	DISTANCE	OF	16.01	FEET:	THENCE	NORTH	76'20'27"		EAST,	A DISTANCE	OF	1.44		FEET TO		A	POINT ON A CURVE	TO	THE LEFT,	CONCAVE						
NORTHWEST,		HAVING	A RADIUS	OF																						
					13.00	FEET	ANO	A	CENTRAL	ANGLE	OF	86'37'12",	A	CHORD	THAT	BEARS	NORTH	33'01'52"	EAST, A	DISTANCE	OF	17.83		
FEET;																													
		THENCE		NORTHEASTERLY	ALONG		THE	ARC	OF	SAID	CURVE,	A																	
													DISTANCE		OF	19.65	FEET TO	A	POINT ON	SAID		CURVE	TO	A POINT ON	A	REVERSE			
CURVE		TO THE	RIGHT,	CONCAVE	EAST,		HAVING	A RADIUS	OF																					
											94.81  FEET	AND			A CENTRAL ANGLE	OF	23'50'32",	A CHORD	THAT BEARS	NORTH	01'38'32"		
EAST,		A	DISTANCE	OF	39.17	FEET;																					
							THENCE	NORTHERLY	ALONG lHE	ARC	OF	SAID	CURVE,		A	DISTANCE	OF 39.45	FEET TO	A POINT	ON	SAID CURVE	TO	A		
POINT		ON	A																																									
					REI/ERSE	CURVE	TO	THE	LEFT,	CONCAVE		WEST,		HAVING	A	RADIUS		OF	92.00		FEET AND	A	CENTRAL	ANGLE	OF	22'55'13",	A CHORD	THAT				
BEARS																																	
		NORTH		02'06'12"	EAST,		A	DISTANCE	OF	36.56		FEET;		THENCE	NORTHERLY ALONG	THE	ARC	OF	SAID	CURI,'[,A	DISTANCE OF	36.80 FEET	TO A	POINT		
ON SAID	CURVE	TO A	POINT	ON																				
					A	REVERSE	CURVE	TO	THE	RIGHT, CONCAVE	SOUTHEAST,	HAVING		A		RADIUS_OF	113,00	FEET	AND	A CENTRAL	ANGLE	OF		
70'55'23",	A	CHORD	THAT	BEARS	NORTH	26'06'1T	EAST,	A	DISTANCE	OF	131.11  FEET;																
													THENCE		NORTHEASTERLY ALONG THE	ARC OF	SAID	CURVE, A				
DISTANCE	OF 139,88	FEET	TO	A	POINT	ON	SAID	CURVE	TO															
										A	POINT	ON	A	RE\UlSE	CURVE	TO	THE	LEFT, CONCAVE	NORTHWEST, HAVING	A	RADIUS	OF			
82.00	FEET	ANO	A	CENTRAL	ANGLE	OF	25'25'07",	A	CHORD	THAT BEARS												
											NORTH	48'51'25"	EAST,		A	DISTANCE OF 36.08	FEET:	THENCE NORTHEASTERLY		
ALONG		THE	ARC	OF	SAID	CURI,'[,A																	
							DISTANCE	Of	36.	38 FEET	TO	A	POINT	ON		SAID	CURVE	TO	A	POINT	ON	A	NON-TANGENT	CURVE TO	11-IE	RIGHT,					
CONCAVE	SOUTHEAST,	HAVING	A																												
				RADIUS	OF	118,	00	FEET AND A		CENTRAL	ANGLE	OF	56'56'56",		A	CHORD THAT	BEARS	NORTH	64"37'12"	EAST,	A					
DISTANCE	OF 112.52	FEET:	THENCE	NORTHEASTERLY	ALONG	THE	ARC	OF	SAID		CURVE,														
												A	DISTANCE	OF	117.	28	FEET	TO	A	POINT ON SAID	CURVE	TO	A			
POINT	ON	A		NON-											TO	THE	LEFT,	CONCAVE	NORTHWEST,	HAVING																				
THAT	BEARS					TANGENT CURVE							A RADIUS	OF 48.00	FEET	ANO A CENTRAL	ANGLE	OF	70'24'29",	A	OtORO		
		NORTH	57'53'50"		EAST,	A	DISTANCE OF		55.34	FEET;	THENCE	NORTHEASTERLY	ALONG	THE	ARC	OF	SAID	CURVE,	A DISTANCE OF	58.98 FEET		
TO A	POINT		ON	SAID CURVE;	THENCE																	
						NORTH	22'41'35"	EAST,	A	DISTANCE	OF		76.36	FEET	TO A	POINT		ON	A	NON-TANGENT	CURVE TO THE	RIGHT,					
CONCAVE	NORTHEAST,																										
		HAVING	A	RADIUS	OF	30.00	FEET AND	A	CENTRAL ANGLE OF	40"32'06",	A	CHORD THAT BEARS NORTH	31'47'05"	WEST,	A	DISTANCE		
OF 20.78																		
	FEET;	THENCE	NORTKWESTERLY	ALONG	1HE		ARC	OF	SAID CURVE,	A													
											DISTANCE	OF 21.22		FEET	TO	A	POINT	ON	SAID	CURVE;	THENCE	NORTH				
87'05'19"		\lt£ST,	A	DISTANCE	OF	92.90		FEET:	THENCE		SOUTH		69'37'30"	WEST,																
																A DISTANCE	OF 66.03	FEET	TO	A	POINT	ON	A NON-TANGENT	CURVE	TO		
THE LEFT,	CONCAVE	SOUTHEAST,	HAVING	A																				
					RADIUS	OF	205.61  FEET	AND	A	CENTRAL	ANGLE	OF	47'55'23",	A	CHORD THAT	BEARS	SOUTH 53'44'32"	WEST,		
A	DISTANCE		OF	167.01	FEET;	THENCE		SOUTH\lt£STERLY	ALONG	THE ARC OF	SAID CURI,'[,	A											
													DISTANCE	OF 171.98	FEET	TO	A POINT	ON	SAID	CURVE;					
												
THENCE	SOUTH	32'24'54"	WEST,	A	DISTANCE OF	14.13	FEET;		THENCE	NORTH	57'35'06"																	
													WEST, A	DISTANCE	OF	23.33	FEET;	THENCE NORTH	62'50'24"	\lt£ST,		
A DISTANCE		OF	43.90	FEET;																							
					THENCE	NORTH	57'35'05"	WEST,		A	DISTANCE	OF	152.3l	FEET;	THENCE	NORTH	32i8'27"	EAST, A	DISTANCE	OF	26.34 FEET TO		
A	POINT	ON		A		CURVE	TO																				
								THE	RIGHT,	CONCAVE	SOUTHEAST,	HAVING	A	RADIUS		OF	425,	98 FEET		ANO	A	CENTRAL ANGLE	OF	62i8'19",	A	CHORD	THAT			
BEARS	NORTH		63'27'36"	EAST,		A	DISTANCE	OF	440.74																					
										FEET;		THENCE	NORlHEASlERLY	ALONG THE	ARC	OF	SAID	CURI,'[,A	DISTANCE	OF	463.22	FEET	TO		
A	POINT	ON		SAID	CURVE;	THENCE																			
							SOUTH	85'23'14"	EAST,	A	DISTANCE	OF	659.28	FEET;		THENCE	SOUTH 68'55'50"	EAST,	A DISTANCE	OF 362.35	FEET	TO		
A	POINT	ON		A		CURVE	TO																			
								THE	RIGHT,	CONCAVE	SOUTHWEST,		HAVING	A	RADIUS		OF 150.00 FEET		ANO		A	CENTRAL	ANGLE	OF	68"56'02",		A	OtORD		THAT			
SEARS		SOUTH		34'27'49"	EAST,		A	DISTANCE	OF	169,78	FEET;																					
													THENCE	SOUTHEAS1ERLY	ALONG n£	ARC	OF	SAID	CURVE, A	DISTANCE	OF	180.47	FEET	TO A		
POINT	ON	SAID		CURVE;	THENCE																					
						SOUTH		00'00'12"	WEST,	A DISTANCE	Of	194.54	FEET	TO		A	POINT		ON	A NON-						CURVE	TO	THE	I.EFT,	CONCAVE			
EAST,	HAVING	A RADIUS	OF 920,66		FEET	ANO	A	CENlRAL	ANGLE	OF	14'51'48",	A	CHORD		THAT	BEARS				TANGENT								
																		SOUTH	08'37'29" EAST,	A DISTANCE	OF	238.16			
FEET;	1'HENCE	SOUTHERLY	ALONG	THE	ARC OF	SAID	CURI,'[,																				
								A DISTANCE	OF 238.83	FEET	TO A		POINT	ON	SAID CURVE	TO	A	POINT ON	A NON-TANGENT		
CURVE		TO	lHE																					
					LEFT,	CONCAVE		NORlHEAST,	HAVING	A	RADIUS'OF	315.00 FEET	AND	A CENlRAL	ANGLE	OF	27'06'24",	A CHORD THAT	BEARS	SOUTH				
29"39'49"	EAST,	A	DISTANCE	OF	147.64																			
						FEET;		THENCE	SOUlHEASTERLY	ALONG	THE	ARC	OF	SAID	CURVE, A	DISTANCE	OF 149.03 FEET	TO A	POINT	ON			
SAID CURVE;																											
		THENCE	SOUTH	42'05'25"		\lt£ST,	A DISTANCE	OF	68.36	FEET	TO	A	POINT	ON	A	NON-						CURVE	TO	THE RIGHT,	CONCAVE	NORlH\tt£ST,		
HAVING		A	RADIUS	OF	228.28	FEET	ANO	A	CENTRAL	ANGLE	OF 12'22'30",	A	CHORD THAT		BEARS			TANGENT							
																SOUlH	49'37'22"	\lt£ST,	A	DISTANCE	OF	49.21	FEET;				
lHENCE	SOUTHWESTERLY	ALONG	THE		ARC																				
						OF	SAID	CURVE,	A		DISTANCE	OF	49.30	FEET		TO	A POINT	ON	SAID CURVE;	THENCE	SOUTH 48'40'00"	WEST.	A		
DISTANCE		OF	94.06	FEET	TO	THE	POINT OF	BEGINNING.																			

CONTAINING

1,084,922.88

SQUARE

FEET

OR

24,9064

A~ES,

MORE

OR

LESS.

CONTAINING

A TOTAL OF 201	.6-468	ACRES, MORE OR	

LESS.

SHEET 3  OF 4

SEE  SHEET  4  OF

4

FOR

SKETCH

Exhibit B			
SKETCH OF DESCRIPTION			
COMMUNITY	DEVELOPMENT DISTRICT			
PROPOSED				
				
BOUNDARY DESCRIPTION			
A PORllON  OF SECTION  4,	TOWNSHIP 25 SOUTH, RANGE	27  EAST		

.	~			
0(	..)	b		
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SHEET 4 OF
SEE  SHEETS

<4	-	NOT	FULL	
1	OF	<4,	2 OF	

OR	COMPLETE	WITHOUT ALL SHEETS.			
<4,	&	3	OF <4	FOR DESCRIPTION,  NOTES,	AND	CERTIFICATION.	

				LEGEND	AND ABBREVIATIONS		I\S		
-- ·	--	·	•POIG ♦ lRM:T			IN	PCC	POINT OF CCIUPCUID CURIIE			
-	· -	-	-	PROPOTY UNE				PC	PAGE(S)				
													
-	-	-  -	-	QUNnER SEC1ICIN	UN[		PNT	POINT OF N<lff-TNIGENCY				
---- RIGHT-a-"-WAY LINE		PCB	PaNT OF IIEGINN9jC				
-	-	-		SECTION UIE				POC	POINT OF C0MIIENCEIIENT				
	+		SEC1l0N <DUER				PRC	PONT OF R£\'ERSE CURVAlURE			
							1'91	PIIClft:5Sl0NAI 5URloEl'OR ..	IW'l'£R		
		LB		UCDISED BUSINESS		PT	POINT OF TANGENCY				
		PB		PLAT 800K				R/W	RIGHT OF WAY				

AIVIER.IC:::AN SURVEYING & MAPPING INC.

CER11~~~A~t==• ~20DLBf8393

ORI.ANDO, FLORIDA 32803
f407) 4211-7979
WWW.AMERICMSUl~NCANDUAPPINC.0011

EXHIB/TC

Anticipa

ted

Ownership

and Maintenance

of

CIP

Proposed Infrastructure Improvement

Roadways

Water Distribution

Wastewater Collection

Reuse Distribution

Stormwater Management

Landscape and Hardscape

Recreation and Parks

Other Utlities and Street Lights

Ownership

District

Toho

Toho

Toho

District

District

District/ Develo per

Duke Energy

Maintenance

District

Toho

Toho

Toho
District

District

District/ Develo per

District [Lease1

A

1	Category	

	EXHIBIT	D				
SUMMARY OF ESTIMATED COSTS*			
B	C  .	D			

Total Distruct	Phase I (500 SF	Phase 2 (400	SF		
	Lots)		Lots)			
Funded CIP						
	SPENT TO	DATE	CURRENT PHASE		

E

Future Phases (150

Condo &300

Timeshare)

2

2016	Project	2018	Project	Future Project		

	Stormwater	
	Management	
3	System and Parking	
	Roadways,	
	Sidewalks and	
4	Walking Paths	
	Master Water	
5	Facilities	
	Master Sewer	
6	Facilities	
	Master Reuse	
7	Facilities	
	Landscaping and	
8	Signs	

$

$

$

$

$

$

17,782,366.10

4,799,000.00

1,909,000.00

5,183,125.00

1,241,325.00

2,500,000.00

$

$

$

$

$

$

7,629,092.28

2,027,222.22

810,555.56

2,152,736.11

536,847.22

250,000.00

$

$

$

$

$

$

6,103,273.82

1,621,777.78

648,444.44

1,722,188.89

429,477.78

1,750,000.00

$

$

$

$

$

$

4,050,000.00

1,150,000.00

450,000.00

1,308,200.00

275,000.00

500,000.00

9

10

Professinal Fees			
and	$		
Contingencies			
Total Project Cost			
of	$		
Improvements			
*Developer Has Funded		
Allocation if District CIP		

117,977.00	$	48,874.59	
33,532,793.10	$	13,455,327.98	
&			
Contributed Approximately $6.96	
as			
Originally Reported in Engineer's	

$	39,102.41	$	30,000.00	
$	12,314,265.12	$	7,763,200.00	
Million Towards the Developer's	
report Updated on November 8, 2016.	

				EXHIBIT£			
			PERMIT STATUS		
ADoroval					
PSP Approval Osceola Countv rPS14-00016l				
PSP [Revised) Approval								
Osceola County rPS14-000161		
PSP [Revised) Approval Osceola County (PSlS-00040)		
PSP Approval								
Osceola Coun ty (PS16-00012)				
PSP Aoproval Osceola County (PS 17-00009)				
Mass Grading Approval Osceola County (SDP14-0007)		
Mass Grading (Revised) Approval Osceola County (SDP14-0007)		
Mass Grading (Revisedl Approval	Osceola Countv fSDP 15-0066)		
				
Mass Grading Approval Osceola County (SDP16-0080)		
Mass Grading (Revised) Approval	Osceola Countv fSDP 16-0080)		
Mass Grading rRevised) Approval			
	Osceola County (SDP 16-0080)		
				
SFWMD Permit (#49-01801-P-02)						
SFWMD Permit								
Modification (#49-01801-P-031			
SFWMD Permit								
Modification (#49-01801-P-02)			
SFWMD Permit								
Modification (#49-01801-P-02)			
SFWMD Permit Minor								
Modification (#49-01801-P-02)		
SFWMD Permit Minor								
Modification (#49-01801-P-02)		
SFWMD Permit Minor								
Modification [#49-01801-P-02)		
SFWMD Permit Minor								
Modification (#49-01801-P-02)		
SFWMD								
Dewatering Permit (#49-02372-W)				
SFWMD Dewatering Permit Extension (#49-02372-W)		
SFWMD Individual Water Use Permit (#49-02372-W)		
Master Utility								
Plan -Toho Aooroval (Phase 1A)			
Revised Master Utility								
Plan - Toho Approval [Phase 1A1		
Osceola								
County SDP Approval (SDPlS-0057)				
Osceola Coun ty SDP Approval Phase	SA	(SDP16-0117)		
Osceola County SDP Approval Phase	SA	(SDP16-01171		
Osceola County SDP (Revised) Approval Phase	SA	(SDP16-0117)		
Osceola County SDP (Revised) Approval Phase	SA	(SDP16-0117)		
Osceola Coun tv SDP (Revised ) Approval Phase	SA	(SDP16-0117)		
Osceola Coun ty SDP Approval Phase 6 (SD Pl 7-0095 1		
Toho Approval (#150046.ar.rh)							
Toho Approval								
Phase SA (#160102.ar.rh)				
FDEP Water Permit Phase SA	(0125823-288-DSGP)		
FDEP Water Permit Phase SA	(0125823-296-DSGP)		
FDEP Sewer Permit Phase SA	(034565-006-DWC/	CM)		
FDEP Sewer Permit Phase SA	(034565-008-DWC/	CM)		
Rollin.a Oaks Aoartments								
Osceola County Approval (SDPlS-0077)					
Toho	RH )							
Approval (#140096.GE/								

Issue Date	
January 23,	2015	
August 19,	2015	
April 07, 2016	
September	21, 2016	
June 21	2017	
November 3, 2014	
August 24, 2015	
Aoril 26, 2016	
Augu st 23,	2016	
fanua ry 31,	2017	
February 22, 2018	
August 11,	2014	
August 12,	2015	
April 25,	2016	
November 04, 2016	
Janua ry 04,	2017	
February 09,	2017	
February 20,	2018	
April 17,	2018	
August 21,	2014	
August 24,	2015	
November 4,	2017	
September	9, 2015	
AUE!USt 24,	2016	
Se ptember 22, 2015	
Janua ry 23,	2017	
Janua ry 23,	2017	
April 18,	2017	
June 02,	2017	
June 23,	2017	
April 16,	2018	
August 21,	2015	
March 14, 2017	
April 17,	2017	
Augu st 29,	2017	
April 27,	2017	
September 01, 2017	
August 11, 2015	
Augu st 29, 2015	

9

SECTION

8

SECOND SUPPLEMENTAL

ASSESSMENT METHODOLOGY

FOR

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

Date:

September

13, 2018

Prepared

by

Governmental	Central		
Management Services -			
135 W.			
Central Blvd, Suite 320		
Orlando, FL 32801			

Florida, LLC

Table of Contents

1.0

Int:roduction	3		
1.1 Purpose  .............................................................................................................			
..............................................................................................................	3		
1.2 Background	4		
1.3	Special Benefits.......................................................................................................andGeneralBenefits.............................................................			
		4		
1.4	Requirements of a Valid Assessment Methodology......................................	5		
1.5 Special Benefits Exceed the Costs Allocated	5		
	..................................................			

2.0

Assessment Meth.odology	6		
2.1 Overview.....................................................................................................................			
	6		
2.2 .Allocation...........................................................................................................ofAssessments			
	6		
2.3 Allocation of Benefit...............................................................................			
.........................................................................................	7		
2.4	Lienability Test: Special and Peculiar Benefit to the Property......................	7		
2.5	Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay			
Non-Ad Valorem Assessments .............................................................................	8		

3.0

True-Up

Mecl1anism

.......................................................................................................................................

9

4.0

Asses.sment

Roll	9

5.0 Additional Disclosure	9

6.0

Appendix	10

Table 1: Development Program	10
Table 2: Infrastructure Cost Estimates	11
Table 3: Bond Sizing	12
Table 4: Allocation of Benefit	13
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	14
Table 6: Par Debt and Annual Assessments	15
Table 7: Preliminary Assessment Roll	16

2

1.0	Introduction																										
	The	Rolling Oaks Community	Development District is	a	local unit	of	special-purpose		
											
	government											under Chapter 190, Florida Statutes, as amended	(the		
	"District").		organized and existing				
		The District's Board	of	Supervisors previously	adopted	a	Master Assessment		
																						
	Methodology Repott, dated														
		September 19, 2016, as amended	("Master	Methodology")		
	and		a	Engineer's Report	dated	September 19, 2016 as	amended	detailing	the Capital		
																					
	Improvement Plan ("OP"}. The												
		District issued Special	Assessment	Bonds, Series 2016 in		
	the	amount	of $15,640,000	on November 30, 2016 (the	"Series 2016 Bonds").	The Series		
									
	2016	Bonds		are  currently												
					secured	by  262 s:ingle  family  platted	lots	and	remaining		
																			
	undeveloped acreage within the																			
	assigned the								District.  The next 238 single	family	platted	lots will be		
		balance of	the Series 2016										
				Assessments currently allocated to the remaining		
												
	undeveloped		At	that							
					time, the Series 2016 Bonds will be fully secured by the		
								property.					
	Series 2016 Assessments	levied	on the 500 single family lots.		The District now plans to		
																
	issue Special Assessment Bonds,	Series 2018 in the amount of	$13,080,000 (''Series 2018		
	Bonds") for													
		the purpose	of	financing certain infrastructure				
					improvements	within	the		
																			
	District, more specifically described in the Supplemental Engineer's Report	for Series 2018		
	Bonds	dated	September		13, 2018	prepared by David Schmitt Engineering, as may be		
											
	amended and supplemented	from	time to time (the "Engineer's Report'').	The Engineer's		
	Report												portion of CIP	that	was financed	by	the	Series 2016		
					contains the details of the								
	Bonds ("2016	Project"), as	well as the portion of the	CIP necessary for completion of Phase		
	II											
		of the development, which	includes 400 residential units	within the District (the	"Phase		
	II	Development'' or	"2018 Project'').	The Series 2018 Bonds will	be secured	by	Series 2018		
									
	Assessments.	The Series  2018  Assessments  will	be	initially  levied  on	undeveloped		
	acreage.  The Series 2018		Assessments will not be assigned to	platted lots until all of the		
	Series 2016										
		Assessments have been																	
																	assigned to the first 500 single family lots developed.		
	1.1			Purpose																										
					This	Second	Supplemental	Assessment Methodology Report (the "Assessment		

					Report")  supplements  the  Master  Methodology	and	provides	an	assessment		
					methodology for allocating the	Series 2018 Assessments	levied by	the District that		
					will																		
						secure the repayment												
							of the Series 2018 Bonds based	upon the benefit	the		
					property within	the	District receives from the	2018 Project,	as	set forth	in	the		
					Engineer's  Report.		This		Assessment Report  is	designed	to  conform	to	the		
					requirements of	Chapters													
							190 and 170, Florida Statutes, with respect to	special		
					assessments	and is consistent with our understanding of case law	on this subject.		
					The		District	intends	to  impose  non-ad	valorem  special  assessments	on	the		
					benefited  lands	within	the  District  based  on	this	Assessment  Report.  It  is		
					anticipated that	the proposed Series 2018 Assessments	will	be collected through		
					the Uniform	Method of Collection described in Chapter	197.3632, Florida Statutes,		

3

1.2

or may be directly collected or collected by any other legal means	available to the		
District.	The	decision to collect	the Series 2018	Assessments	by	any particular		
method	- e.g., on the	tax roll or by direct bill -	does not mean	that such method		
will be used		to collect such special assessments	in	future years, and the District		
reserves the		right in its sole																		
year,							discretion to select collection	methods in any given		
	regardless of past practices. It is not the										
														
address	any	other assessments, if			intent of this Assessment Report to		
			applicable, that may be	levied by the District, a		
homeowner' s association, or any	other unit of government					
															
Background																				
The District currently includes									acres	within unincorporated		
									approximately 201.65				
Osceola County, Florida. The proposed Phase Il								is depicted in Table		
1.  It	is recognized that such land use plan		Development			
		may	change,		and	this report will be		
modified accordingly.																			
The	District		adopted	the CIP	which includes	the full	range	of possible public		
										
improvements to be								
	constructed, acquired, owned							
		and operated by the District or		
other	units		of local	government	and  includes	an	aggregate	cost estimate of		
$33,532,793.																		
		The Engineer's Report also contains the								
Project in the													estimated cost of the 2018		
	amount of $12,314,265. The infrastructure								
the 2018																improvements comprising		
	Project described in the Engineer's Report will provide a portion of the		
					
facilities necessary to develop the anticipated uses	within the	District" s Phase II		
Development and that benefit such									
															
											property within the District.			
The assessment																				
						methodology is a four-step process.										
1.	The	District	Engineer	must  first  determine  the	public	infrastructure		
		improvements						
			and services that may be provided				
				by the District and the		
		costs	to implement the 2018 Project														
2.	The District																				
						Engineer determines the	assessable acres that benefit from the		
		District's 2018	Project.							
																					
3.	A calculation	is made	to		determine the funding amounts necessary to		
													
		acquire and/ or construct the 2018	Project.												
4.	This	amount is initially divided equally	among the benefited properties on		
						
		a prorated gross acreage basis within each District	even	though the Series		
		2016	Assessments are initially levied on	undeveloped acreage. Ultimately,		
							
		as land is platted the Series 2016					
			Assessments will be allocated and than		
		the Series 2018 Assessments, this	amount	will be	assigned to each of the		
		benefited properties														
										of platted units	and according		
		to the		based on the number				
																						
						methodology set forth herein.														

4

1.3	Special Benefits and General Benefits	

The 2018 Project undertaken by the District creates the property within its boundaries, different in benefits realized by the public at large.

special and peculiar benefits to kind and degree than general

As discussed in this				
Assessment Report, these general		
nature and are readily		benefits are incidental in		
distinguishable from the			
accrue to certain property within	special and peculiar benefits that		
	the District. The	implementation of the OP,		
including the 2018 Project, enables properties within the District's boundaries to		
be developed.				
Without the District's OP, including the 2018 Project, there would		
be no infrastructure to support development of land within the District. Without		
these improvements,				
development of the property within the District would not		

be

permitted.

1.4

There is no doubt that the general public and property owners outside the District		
will benefit from	the provision	of the CIP, including the 2018	Project. However,		
these benefits will be							
	to the CIP, which is designed to meet the needs of		
property within	incidental			
	the District. Properties outside	the	District boundaries do not		
depend	upon  the CIP as does	property  within	the	District boundaries.   The		
						
property owners	within the District boundaries					
		are		therefore receiving special		
benefits not received by those outside the District's boundaries.			

Requirements of a Valid			
	Assessment Methodology			
There are two requirements under Florida law for a valid special assessment:		
1)	The properties must receive a special benefit from	the improvements	
	for			
	which they are paying.			
2)	The  assessments  must  be  fairly  and  reasonably	allocated  to	the	
	properties assessed.			

1.5

Florida law provides for a wide application of special assessments that meet these two characteristics.

Special Benefits				
		Exceed the Costs Allocated			
The special benefits				
		derived from the CIP provided to the property owners within		
the District are greater than the costs associated with providing these benefits.	As		
previously	mentioned,  the  District  Engineer  estimates  that  the  CIP,  which		
represents			
	the	improvements necessary to support development of the residential		
units  planned	within  the  District,  will  cost	approximately  $33,532,793.	The		

5

District's	Underwriter  projects  that  financing  costs  requil'ed  to  fund  the		
			
infrastructure improvements in the 2018 Project, which represents a portion of the		
CIP			
including the cost of issuance of the Bonds, funding of debt service reserves		
and capitalized interest, will be approximately $13,080,000. Additionally, funding		
required to		
	complete the CIP is anticipated to be funded by the Developer, third		

party landowners or Project, the property

futtrre would

bond issuances. Without the not be able to be developed

CIP, and

including the 2018 occupied by future

residents

of

the

community.

2.0	Assessment Methodology	

2.1

Overview

2.2

The District is	planning	to issue	$13,080,000 in aggregate principal amount	of		
Bonds to fund						
	(i) a portion of the costs of the 2018 Project,	which makes up	a		
portion of the	District's CIP, (ii)	capitalized interest, (iii)	a deposit to the debt		
service	reserve account for	the Series 2018 Bonds, and (iv) cost of issuance.  It	is		
the						
	purpose	of this Assessment Report to allocate the Series 2018 Assessments		
				
securing the	$13,080,000	aggregate principal amount in Bonds to the properties		
						
benefiting from the 2018	Project.							
Table 1	identifies the land uses as identified by the Developer of the land within		
the	District. The	Enginee1✓ s	Report contains the cost estimates	and descriptiora	of		
											
the	2018 Project needed to support the Development, and these construction costs		
are	outlined	in	Table	2.	The	improvements	needed	to	support  the  full		
											
development of the District	units	are described in	detail in	the	Engineer's Report		
Table 3 shows the									
					breakdown of the bond sizing for the 2018 Project, as described		
herein and in the Engineer's Report						

Allocation of Special Assessments			
Allocation of special assessments	is a continuous process until the development		
plan is completed. As a master series of interrelated			
is necessary for		improvements, each of which		
development of the units within the District, the CIP benefits all		
developable acres within	the District.			
Series 2018 Assessments:				
The District will levy Series 2018	Assessments on the property located initially		
				
within the Phase II Development area also the future phase.  Currently, the Phase		
II Development area consist of all the undeveloped acreage.  Initially, the District		
will levy the Series 2018	Assessments on an equal acreage basis.	The Phase II		
Development is planned	for 400 residential units.  As the property	in the Phase II		

6

2.3

Development are platted,	the Series 2018 Assessments will be allocated to each lot		
as detailed	in Table 6.													
The					will be	allocated to the Assigned Properties based on	the benefits		
assessments					
they	receive  as	set	forth	herein	(" Assigned  Properties").	The	Unassigned		
									
Properties,		defined	as	property	that  has	not	been	platted  and  assigned		
													
development rights, will continue to be assessed on a per acre (equal acreage) basis		
("Unassigned					Eventually the development	plan	will	be completed		
and				Properties").						
	the Series 2018 Assessments securing the Series 2018	Bonds will be allocated		
to the								Phase II Development area within the District, which		
	property within the			
property	is	the beneficiary	of the 2018 Project, as depicted in	Table 6.	If there are		
changes to		the development plan	causing a change in the	ultimate	number of		
platted units, a true	up	of	the assessment(s) will be calculated to determine if a		
debt	reduction or true-up payment	from the									
outlined									Developer is required. The process is		
	in	Section 3.0.  The District currently has	platted 262	single family lots		
								
that	have been assigned Series 2016 Assessments.				
		The	next	238 single family		
platted lots will	be	next	assigned	the balance of	the Series 2016	Assessments		
currently	allocated to the	remaining undeveloped	property	within the District.		
							
Once the Series 2016 Assessments	have been	assigned to the	500	single family		
platted lots, the	subsequent 400 single family	platted lots will be	assigned the		
Series 2018	Assessments.												
Allocation of Benefit													

The 2018	Project consists of infrastructure		
Report and summarized on Table 2.	improvements detailed in the Engineer's		
	Table 4 shows the allocation of benefit of the		
2018	Project to the particular	land	uses. It is important to note that the benefit		
					
derived from the CIP and 2018	Project on the particular units exceeds the cost that		
the units will be paying for such benefits. In the event that developable lands that		
derive					
	benefit from the CIP, inclucling the 2018 Project are added to the District		

bounda1ies,

whether

by

boundaiy

amendment

or

increase

in

density,

the

Sel'ies

2018 Assessments described herein.

will be

allocated

to

such

lands

pursuant

to

the

methodology

2.4	Lienability Test: Special and Peculiar Benefit to the Property	

Construction

and/

or

acquisition

by

the

District

of its

proposed

2018

Project

will

provide

several  types  of systems,  facilities

and

services  to  District

property

owners.

These

infrastructure

improvements

accrue

in

differing

amounts

and

are

somewhat

dependent

on

the

type

of

larid

use

receiving

the

special

benefits peculiar

to those properties, which flow from improvements to the properties.

the

logical relationship

of

the

infrastructure

7

2.5

Once these	determinations		are made, they are reviewed in the light of the special		
benefits						
							flow	to the properties as a result of	their		
	peculiar to the property, which					
logical connection from the	improvements in	fact actually provided.					
													
For the provision of the CIP, including the 2018	Project, the special and peculiar		
benefits are:														
	1}	Ability to develop and provide all	400	residential units,					
	2)	added use of	the property,										
													
	3)	added enjoyment of the property,	and								
	4)	the probability of increased marketability and value of the	property.		
These special	and peculiar benefits are	real	and ascertainable, but	are not yet		
capable of being calculated as to value	with	mathematical certainty.		However,		
each	is more valuable than	either the cost of, or the actual non-ad valorem special		
assessment levied  for  the		repayment	of  debt  that  was  utilized  to  fund	the		
											
infrastructure improvements.										
Lienability Test: Reasonable and Fair Apportionment of the Duty to	Pay		
Non-Ad Valorem Assessments										
A reasonable	estimate of the proportion	of special	and	peculiar benefits received		
from	the								
		infrastructure  improvements	described	in	the  Engineer's	Report  is		

delineated in Table 5 (expressed as Allocation of Par Debt per Product	Type).			
The																	
determination has been made that the duty to pay the non-ad valorem special		
assessments is fairly and	reasonably apportioned because the special and peculiar		
benefits to	the property	derived from the acquisition and/ or construction of the		
2018	Project	have been	apportioned  to  the	property	according  to  reasonable		
							
estimates of the								
	and peculiar benefits provided consistent with the land		
				special			
use categories.													
Accordingly,	no acre or	parcel of property within	the boundaries of the District		
will have	a lien for the payment of any non-ad valorem special assessment more		
than	the	determined special benefit peculiar to that property and therefore, the		
debt	allocation will not be increased more than the	debt allocation set forth in the		
Master Assessment Report.												
In																	
accordance with the benefit allocation suggested for the product types in Table		
4, a total debt	per unit and an annual assessment per unit have been calculated for		
each	product type (Table 5). These amounts									
								represent the preliminary anticipated		

8

3.0

4.0

5.0

per	unit debt	allocation assuming  all anticipated	units	are  built  and  sold	as	
planned, and the entire proposed CIP is developed or acquired and financed	by	
the	District.					

True Up Mechanism														
Although	the District does not process plats, declaration of condominiums, site	plans or		
revisions thereto for	the	Developer, it does	have an important role to play during	the		
course of																			site		
	platting and site planning. Whenever a plat, declaration of condominium or			
plan is processed, the	District must allocate a	portion of	its Series 2018 Assessments to	the		
property according to this Assessment Report outlined herein.	In addition, the District		
must also	prevent	any buildup of the Se1:ies	2018 Assessments	on Unassigned Property.		
Otherwise, the	land could be	fully conveyed and/or platted without all of the Series 2018		
Assessments being allocated. To preclude this, after the	Series 2016 Assessments	are fully		
assigned  to		platted	lots,	at	the  time  the	remaining	Unassigned  Properties	become		
												
Assigned	Properties,										
		the	District will determine the amount of anticipated Series 2018		
						
Assessments that	rema~	on	the Unassigned Properties, taking into account the proposed		
plat,	or site plan approval.	If the total anticipated Series 2018 Assessments to	be generated		
from the Assigned and Unassigned Properties is greater than or equal to the	maximum		
annual debt	service payments then no adjustment is required.	In the case that the Series		
2018 Assessments	generated	is less than the required amount	then a debt	reduction or		
true-up payment							
	by the	landowner which shall include accrued interest in the	amount		
necessary to	reduce the	par	amount of the	outstanding	bonds to a level	that will	be		
												
supported by the	new net	annual debt service assessments will	be required.	In the event		
that	developable	lands	that  derive  benefit  from	the	CIP  are  added  to	the	District		
									
boundaries,		whether	by	boundary  amendment	or  increase	in  density,	the	special		
assessments										
	will be allocated	to such lands pursuant to the	methodology described herein.		
																	
Assessment Roll																
The District	will initially levy the Series 2018 Assessments as detailed u, the Assessment		
Roll.	As	Assigned Property becomes known with certainty, the District will refine its		
allocation	of		the Series 2018 Assessments from a per acre basis to a per unit basis as shown		
in Table 7.	If the land	use plan changes, then	the District will update these tables to reflect		
the changes.		The	assessment roll is depicted	in Table 10.								
Additional	Disclosure														
Governmental	Management	Services-Central Florida,  LLC  ("GMS")  is not	acting	or		
providing									
	services	to	the	District as a Municipal Advisor,			or	providing		
investment advice. GMS						Financial Advisor				
	has	prepared this report based upon	information	provided	by		
the															that meets the requirements of		
District's Engineer and Investment Banker in a form			
levying special assessments in accordance with Florida Statutes.						

9

TABLE1
ROLLING OAKS COMMUNITY

DEVELOPMENT PRcx;RAM

DEVELOPMENT

DISTRICT

SECOND

SUPPLE1\1ENTAL

:METHODOLOGY

Product Types

Single Family - Vacation Rental Homes

Total Units

No.of

Units*

400

400

*

Unit mix

is

subject to

change

based

on

marketing

and

other

factors

Prepared by:

Governmental Management Services - Central Florida,

LLC

10

TABLE2

ROLUNG OAKS COMMUNITY DEVELOPMENT COMPLETION PROJECT COST ESTIMATES SECOND SUPPLEMENTAL METiiODOLOGY

DISTRICT

2018 Project			
Stormwater	Management System and Parking		
Roadways,			
			
Sidewa1ks and Walking Paths		
Master Water Facilities		
Master Sewer Facilities		
Master Reuse Facilities		
Landscaping and Signs		
Professional Fees		

Estimated Cost

$6,103,274
$1,621,778
$648,444
$1,722,189
$429,478
$1,750,000
$39,102
$12,314,265

Prepared

by:

Governmental

Management Services

-

Central

Florida,

LLC

11

TABLE3

ROLUNG

OAKS COMMUNTIY DEVELOPMENT DISTRICT

BOND SIZING

SECOND

SUPPLEMENTAL

ME1HODOLOGY

Description

Construction Funds

Debt Service Reserve

Capitalized Interest

Underwriters Discount

Cost of Issuance

Par Amount

Bond Assumptions:

Interest Rate

Amortization

Capitalized Interest

Debt Service Reserve

Underwriters Discount

Series 2018

	$10,999,343	
	$900,000	
	$719,420	
	$261,600	
	$199,637	
$	13,080,000	
	5.50%	
	30 years	
	11/1/19	
Max Annual D/S	
	2%	

Prepared

by:

Governmental

Management

Services -

Central

Florida, LLC

12

TABLE4

ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT

ALLOCATION OF BENEFIT

SECOND SUPPLEMENTAL MEI'HODOLOGY

Product

'fypes

No. of

Units *

Total

Improvements

Improvement Costs Per Unit

Single Family

-

Vacation

Rental

Homes

400	$12,314,265	$30,786	

Totals

400	$12,314,265	

*

Unit mix

is

subject

to

change

based

on

marketing

and

other

factors

Prepared

by:

Governmental

Management

Services -

Central

Florida,

LLC

13

TABLES

ROLUNG OAKS C01\.1MUNITY DEVELOPMENT DISTRICT
ALLOCATION OF TOTAL BENEFIT

SECOND SUPPLEMENTAL METHODOLOGY

Par Debt Per	Estimated Par	Estimated
No.of	Unit - Master	Debt Per Unit -	Excess Benefit	Total Excess
Product Types	Units*	Methodology**	Supplemental	Per Unit	Benefit

Single Family - Vacation Rental Homes	400	$41,148	$32,700	$8,448	$3,379,200

Totals	400	$41,148	$32,700	$Bf_448

*	Unit mix is subject to change based on marketing and other factors

**Per Master Assessment Methodology dated September 16, 2016 adopted by Resolution 2017-01 on November 2. 2016

Prepared by: Governmental Management Services - Central Florida, LLC

14

TABLE6

ROLLING OAKS PAR DEBT AND

COMMUNTIY DEVEIDPMENT DISTRICT ANNUAL ASSE$MENTS FOR EACH PRODUCT

TYPE

SECOND

SUPPLEMENTAL

MEIHOOOLOGY

Product

Typ

es

No.of

Units*

Net Annual

Assessment Per

Unit

Gross Annual

Assessment

Per Unit

Net Debt

Annual Service

Gross

Annual

Debt

Service

Par Debt Per Product Type

Par

Debt Unit

Per

Single

Family

-

Vacation

Rental

Homes

400	$2,250	$2,419	$900,000	$967,742	$13,080,000	$32,700	

Totals	400	$900,000_	$967,742	

(1)

Tius

amount

includes

6%

collection

fees

and

early

payment

discounts

when

collected

on

the

Osceola

County

Tax

Bill

*

Unit

mix

is

subject

to

diange

based

on

marketing

and

other

factors

Prepared

by:

Governmental

Management

Services -

Central

Florida, LLC

15

TABLE?

ROWNG OAl<S COMMUNITY DEVELOPMENT

PREUMINARY ASSESSMENT ROLL
SECOND SUPPLEMENTAL METHODOLOGY

DISTRICT

Parcel ID#	Owner	
04-25-27-5004-0001-0060	ROWNG OAKS SPENDID, LLC	
04-25-27-5001-0001.-(1100	ROUlNG OAKS SPENOID, LLC	

"'
28%

72%

				Gross Annual		
	Total Par Debt	Total Par Debt	Net Annual	Debt		
Acres				Assessment		
	Fer Acre	Allocated	Assessment	Allocation (1}		
30.62	$118,531.94	$3,629,448	$249,733	$268,530		
79.73	$118,531.94	$9,450,552	$650,267	$699,212		

Totals	100%	110.35	$13,080,000	$900,000		
						
(1) Tilis amount includes 6%	to cover collection fees and early payment discounts when c:ollected utilizing the uniform method.		

$967,742

Prepared

by:

Governmental Management Services - Central Florida,

LLC

16

SECTION

C

					RESOLUTION NO. 2018-07							
A	RESOLUTION	OF	THE  BOARD		OF	SUPERVISORS	OF	THE		
ROLLING  OAKS  COMMUNITY  DEVELOPMENT  DISTRICT  (THE		
"DISTRICT") AUTHORIZING THE		ISSUANCE	OF NOT EXCEEDING		
$20,000,000ROLLINGOAKSCOMMUNITYDEVELOPMENT		
DISTRICT,  SPECIAL   ASSESSMENT  BONDS,   SERIES   2018   (2018		
PROJECT)		(THE	"BONDS")	TO		FINANCE			CERTAIN	PUBLIC		
														
INFRASTRUCTURE  WITHIN  THE  DISTRICT;  DETERMINING  THE		
NEED FOR A  NEGOTIATED  LIMITED  OFFERING  OF  THE BONDS		
AND  PROVIDING  FOR A  DELEGATED  AWARD  OF  SUCH BONDS;		
APPOINTING  THE UNDERWRITER FOR THE LIMITED  OFFERING		
OF THE BONDS;  APPROVING THE FORM OF AND AUTHORIZING		
THE   EXECUTION   AND   DELIVERY   OF   A		BOND   PURCHASE		
CONTRACT	WITH  RESPECT	TO		THE	BONDS;  APPROVING  THE		
										
FORM OF AND AUTHORIZING THE					
												
									EXECUTION AND DELIVERY OF		
A  SECOND  SUPPLEMENTAL  TRUST  INDENTURE;  AUTHORIZING		
THE USE OF THAT CERTAIN MASTER TRUST INDENTURE DATED		
AS OF NOVEMBER 1, 2016 IN CONNECTION WITH THE ISSUANCE		
OF THE BONDS;  APPROVING THE FORM OF  AND AUTHORIZING		
THE  DISTRIBUTION  OF  A  PRELIMINARY  LIMITED  OFFERING		
MEMORANDUM; APPROVING THE	EXECUTION AND DELIVERY OF		
A  FINAL  LIMITED  OFFERING  MEMORANDUM;  APPROVING  THE		
FORM OF AND AUTHORIZING THE EXECUTION	OF A CONTINUING		
DISCLOSURE AGREEMENT, AND APPOINTING A DISSEMINATION		
AGENT;  APPROVING  THE  APPLICATION  OF  BOND  PROCEEDS;		
AUTHORIZING  CERTAIN MODIFICATIONS TO  THE ASSESSMENT		
METHODOLOGY  REPORT  AND  ENGINEER'S  REPORT;  MAKING		
CERTAIN DECLARATIONS;  PROVIDING FOR THE REGISTRATION		
OF	THE  BONDS  PURSUANT	TO		THE  DTC	BOOK-ENTRY  ONLY		
SYSTEM;  AUTHORIZING  THE  PROPER				
	OFFICIALS  TO	DO	ALL		
THINGS	DEEMED	NECESSARY										
				IN	CONNECTION   WITH	THE		
									
ISSUANCE, SALE AND DELIVERY OF THE BONDS; AND PROVIDING		
FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.			
WHEREAS,	Rolling Oaks	Community Development District (the "District"), is a local		
unit  of								
																					
special-purpose  government  organized and  existing  in  accordance  with the  Uniform		
Community Development																	
"Act"), created by			District Act of 1980, Chapter 190, Florida	Statutes, as amended (the		
	Ordinance No. 2014-173													
		of the Board of County Commissioners of Osceola		
County, Florida enacted on December 19, 2014,	as amended by	Ordinance No. 2018-18 enacted		
on March 5,	2018;																

WHEREAS, development services

the and

District was created facilities within and

for the purpose of delivering certain community outside its jurisdiction; and

WHEREAS, the Board of Supervisors of previously adopted Resolution No. 2015-19 on April

the District (herein, the "Board") has 23, 2015 (the "Initial Bond Resolution"),

pursuant to which the District authorized the issuance Assessment Bonds to be issued in one or more series capital improvement program; and

of to

not to exceed	of its Special		
$56,400,000			
finance all or a portion of the District's		

WHEREAS, any meaning ascribed to such

capitalized term used herein and	not	
	otherwise defined shall have the	
term in the Initial Bond Resolution; and	

WHEREAS, necessary to finance the District; and

based on a portion

the of

current development plans of the Developer, the Board finds it the public infrastructure necessary for the development within

WHEREAS, the District has,	pursuant to the Initial Bond Resolution, approved the form		
of  and  authorized  the  execution  and  delivery  of the  Master	Trust  Indenture  and  a  first		
Supplemental Indenture ("Supplemental Indenture") with Regions Bank, as the appointed trustee		
(the "Trustee"); and									
WHEREAS,	on December 15, 2016, the District issued its	Special Assessment Bonds,		
Series 2016,	pursuant to the terms of	the Master Trust Indenture, dated as of November 1, 2016		
(the "Master Indenture"), and a First Supplemental Trust Indenture,	dated as of November  1,		
2016;and										
										
WHEREAS,	the  Board	hereby  determines  to  issue  its  Rolling  Oaks  Community		
Development District Special Assessment Bonds, Series 2018 (2018 Project) (the "Bonds") in		
the		of not exceeding $20,000,000 for the purpose	of			
principal amount			providing funds to finance		
a	the public infrastructure						
portion of							
				within the District (the "2018 Project"), as described in the		
District's Amended and Restated Engineer's Report dated September	19, 2016, as revised from		
time to time ("Engineer's Report"); and					
WHEREAS,	the 2018	Project is hereby determined to be necessary to coincide with the		
Developer's plan of development; and						

WHEREAS, approve the form of Indenture (herein, the the "Indenture"); and

in light of certain		
required changes, the Board hereby finds it necessary to	
and authorize the execution and	delivery of a new form of Supplemental	
"Second Supplemental Indenture" and, together with the Master Indenture,	

sale

of

WHEREAS,

the Bonds and

there has been submitted to this meeting with respect to the issuance and submitted to the Board forms of:

(i)	a Bond Purchase Contract with respect to the Bonds by and between FMSbonds, Inc., as the underwriter (the "Underwriter") and the District, together with the form of a disclosure statement attached to the Bond Purchase Contract pursuant to Section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit A (the "Bond Purchase Contract");

(ii)	a Preliminary Limited Offering Memorandum substantially in the form

attached hereto as Exhibit B (the "Preliminary Limited Offering Memorandum");

2

(iii)	a Continuing Disclosure agent named therein and the obligated

attached hereto as Exhibit C; and

Agreement among the District, the dissemination parties named therein, substantially in the form

(iv)

substantially

the Second Supplemental Indenture in the form attached hereto as Exhibit

between the District and the Trustee, D.

WHEREAS, in connection with the sale of the	Bonds, it may be necessary that certain		
modifications be made to the Master				
				
Development District, dated	Assessment Methodology Report Rolling Oaks Community		
	September 19, 2016, as	supplemented		
Report") and the Engineer's Report to conform such		("Assessment Methodology		
	reports to the final terms of the Bonds; and		

fund

WHEREAS, the proceeds of the capitalized interest and pay the costs

Bonds shall also fund a debt service reserve account, of the issuance of the Bonds.

NOW, THEREFORE,

Oaks Community Development

BE IT RESOLVED by the Board District (the "Board''), as follows:

of

Supervisors

of

the Rolling

Section

1.

Negotiated Limited Offering of Bonds.	The District hereby finds that

because	of the	complex  nature	of	assessment  bond		financings  and  the  volatile  conditions		
prevailing in the market for special assessment bonds makes it necessary and in the best interest		
of the District that the	Bonds, in the aggregate principal	amount	of not exceeding $20,000,000,		
												
be sold on a negotiated limited offering basis.  The District hereby further finds that it will not be		
adversely	affected if	the Bonds are not sold	pursuant to competitive sales.			

capital	Section 2.	Purpose; Assessment Area Designation.  The District has authorized its		
	improvement plan for Phase 2 of development,		as set forth in the Engineer's Report,		
constituting the 2018 Project and hereby authorizes the	financing	of	a portion of the acquisition		
and	construction  of	certain	public	infrastructure  benefiting  the  assessable  lands  within  the		
						
District by issuing the Bonds to	finance all or a portion	of the 2018	Project.  The 2018 Project		
														
includes, but is not limited to stormwater management and control facilities, including, but not		
limited  to,  related  earthwork;  water  and  wastewater  systems;  roadway  improvements;		
landscaping in public rights-of-way, including signage and entrance features; reclaimed water		
facilities; street lighting, including undergrounding; and	related soft and incidental costs, all	as		
more particularly described in the Engineer's Report.					
												
		Section 3.	Sale of	the	Bonds.	Except as otherwise	provided in the last sentence	of		
																
this Section 3, the proposal submitted by the Underwriter offering to purchase the Bonds at the		
purchase price established pursuant to the parameters set forth  below and on the terms and		
conditions set forth in the Bond Purchase Contract (attached		hereto as Exhibit A),  is hereby		
approved and adopted by the District in substantially the form presented.   Subject to the last		
sentence	of this	Section 3, the Chairperson (or, in the		absence	of	the Chairperson,  any other		
member										
	of the Board) is hereby	authorized to execute and deliver on	behalf of the District, and		
the Secretary	of								
		the District is hereby authorized (if so required) to affix the Seal of the District		
and attest to the	execution of	the Bond Purchase Contract in									
this meeting.	The disclosure	statements					substantially the form presented at		
			of the Underwriter,		as	required by Section 218.385,		
															
Florida Statutes, to be delivered to  the District prior to the						
	execution of the Bond Purchase		

3

Contract,  a copy of which is attached	as an exhibit to the Bond Purchase  Contract,  will	be		
entered into the official records of the	District.  The Bond Purchase	Contract, in final form	as		
							
determined by counsel to the District, may be executed by the District without further action		
provided that (i) the Bonds mature not later than the statutory permitted period which shall		
exclude any capitalized	period; (ii) the principal amount of	the	Bonds issued does not exceed		
					
$20,000,000; (iii) the bond yield shall not exceed 6.00% per				
						
					annum; (iv) if the Bonds are subject		
to optional redemption which determination will be made on or before the sale date of the Bonds,		
the first optional call date shall be not later than	November	1,	2035 and the redemption price		
shall be equal to the principal amount of Bonds						
	redeemed; and (v) the purchase price to be paid		
by the Underwriter for the	Bonds is not less than 97.5% of	the principal amount of the Bonds		
issued (exclusive of any	original issuance discount and underwriter's counsel fee).			

Section

4.

The	Limited	Offering	Memorandum.

The	Limited	Offering

Memorandum, in	substantially the form	of the Preliminary Limited	Offering Memorandum (as		
									
herein defined and subject to the other conditions set forth herein)				
				
with such	changes as are necessary to conform to the details	of	attached hereto as Exhibit B,		
			the				
of the Bond Purchase Contract, is								Bonds and the requirements		
of	the Limited Offering		hereby approved.  The District hereby authorizes the execution		
					Memorandum and the District hereby authorizes the Limited Offering		
Memorandum, when in final form, to be used in connection with the		limited offering and sale of		
the Bonds.   The District hereby authorizes and								
	consents to the use by the Underwriter of a		
Preliminary	Limited  Offering	Memorandum	substantially  in  the  form  attached  hereto  as		
Exhibit B,	in		connection with the  Limited Offering  of the	Bonds		(the "Preliminary Limited		
Offering								
																	
									a Preliminary Limited				
	Memorandum").  The final form of					
be	determined  by  the  Underwriter  and  the	professional  staff	Offering Memorandum shall		
			of	the  District.   The  Limited		
						
Offering Memorandum may be modified in a manner not inconsistent with the substance thereof		
and the terms		of the Bonds	as shall be											
District.	The	Chairperson			deemed advisable by the Bond Counsel and counsel to the		
			( or, in the  absence	of the Chairperson,  any other member of the		
Board) is hereby further authorized to execute and deliver on	behalf	of the District, the Limited		
Offering  Memorandum  and  any  amendment  or  supplement  thereto,  with  such  changes,		
modifications and															
and			deletions as the member of the Board	executing the same may deem necessary		
						of	Bond							
	appropriate with the advice			Counsel and counsel to the District, such execution and		
delivery to be	conclusive evidence	of the			
			approval and authorization thereof by the District.  The		
								
District hereby authorizes the  Chairperson (or,  in the	absence	of	the Chairperson, any other		
member of the Board) to deem	"final" the Preliminary Limited Offering Memorandum except		
for permitted omissions all within the			of Rule	l 5c2-12	of the Securities Exchange Act		
								meaning					

of

1934 and to execute a certificate in that regard.

Section 5.	Details of the Bonds.	The proceeds of the Bonds shall be applied in		
accordance with the provisions of the	Indenture.  The Bonds shall mature in the years and in the		
amounts,  bear  interest  at  such  rates  and  be  subject  to  redemption,  all  as  provided  in the		
Indenture.  The		of the Indenture shall constitute approval of such terms as set forth in		
execution			
the Indenture  and this Resolution.   The maximum aggregate	principal  amount of the  Bonds		
authorized  to  be	issued	pursuant  to  this  Resolution  and  the  Indenture  shall  not  exceed		
$20,000,000.				

Section 6.

authorize and approve

Continuing Disclosure;	Dissemination Agent.	The Board does		
the				
				
execution and delivery of a			
	Continuing Disclosure Agreement		

hereby by the

4

Chairperson	(	or, in the absence	of the Chairperson, any other member of the Board) substantially		
					
in  the  form  presented  to  this	meeting  and  attached  hereto  as  Exhibit  C.	The  Continuing		
Disclosure Agreement is being executed by the District and the other parties thereto in order to		
assist the Underwriter in the				
		marketing of the Bonds and compliance with Rule 15c2-12 of the		
Securities and Exchange Commission.  Governmental Management Services -	Central Florida,		
LLC is hereby				
		appointed the initial dissemination agent.			

Section 7.

and Delivery of the

Application Second Su pp

of the Master Indenture and Authorization	of Execution	
lemental Indenture.  The		
District does hereby authorize and	

approve the  execution by the  Chairperson (or,  in the	absence	of the  Chairperson,  the  Vice		
Chairperson or any other							
								
		member of the Board) and the Secretary and the delivery of the Second		
Supplemental Indenture and the	application	of the Master	Indenture with respect to the Bonds		
								
(collectively, the "Indenture") each by and between the District and the Trustee.  The Indenture		
shall				the						
provide for the security of							
				Bonds and express the contract between the District and the		
Trustee.  The Second Supplemental Indenture shall be substantially in the form attached hereto		
as Exhibit n	and is hereby	approved, with such changes				
						therein as are necessary or desirable to		
reflect the terms of the sale of the Bonds as shall be approved	by the Chairperson (or, in the		
absence of the								
		Chairperson, the Vice Chairperson, or any other			
the same, with such execution to constitute conclusive		member of the Board) executing		
	evidence	of such officer's approval and		
the  District's	approval  of	any  changes  therein  from  the  form	of the  Second  Supplemental		
Indenture	attached hereto as Exhibit D.						

Section 8.	Authorization

taken by or on behalf of District in authorized, ratified and confirmed.

and Ratification connection with

of Prior Acts. the issuance of

All actions previously

the  Bonds  are  hereby

Section 9.

FMSbonds, Inc. as

Appointment	of	Underwriter.   The  Board  hereby  formally  appoints	
the Underwriter for the Bonds.	

Section 10.	Book-Entrv Onlv Registration System.	
shall initially be by the book-entry only system established with	
("DTC").  Any member of the	
	Board or the District Manager is	
Blanket Issuer Letter of	
	Representations required by DTC.	

The registration of the Bonds The Depository Trust Company authorized to execute the DTC

Section 11.	Assessment

Methodolo

gy

Report.	The  Board hereby  authorizes

any

modifications to the Assessment Methodology Report prepared by Governmental Management		
Services  -	Central  Florida,  LLC  in  connection  with  the	Bonds	if such  modifications  are		
determined to be appropriate in connection with the issuance				
	of the Bonds.			
Section 12.	Engineer's Report.  The Board hereby authorizes any modifications to		
the												
Engineer' s Report prepared by Dave	Schmitt Engineering, Inc. in connection with the Bonds		
if such modifications are	determined to be appropriate in	connection with the issuance	of the		
							
Bonds or modifications to the Project.						
								
Section 13.	Further Official Action.   The  Chairperson, the Vice  Chairperson, the		
Secretary	and  each member	of the	Board  and any  other proper	official  or  member	of the		
professional staff of	the							

		District are each hereby authorized and directed to execute and deliver		

5

any and all documents and instruments and to do and cause to be done any and all acts and things		
necessary or desirable for carrying out the transactions	contemplated	by this Resolution.  In the		
event that the Chairperson, the Vice Chairperson or the Secretary is unable to execute and deliver		
the  documents herein  contemplated,  such documents  shall be executed and delivered by the		
respective designee	of such	officer or official or any other duly	authorized officer or official of		
						
the District herein authorized.  The Secretary or any Assistant Secretary is hereby authorized and		
directed to  apply  and  attest the	official	seal	of the  District to	any	agreement  or instrument		
										
authorized or approved herein that requires such a seal and attestation.			
							
Section 14.	Severability.	If	any	section,  paragraph,	clause	or	prov1s1on	of	this		
Resolution  shall  be  held to  be  invalid  or  ineffective  for  any	reason,	the	remainder	of	this		
Resolution shall continue in full force and effect, it being expressly hereby found and declared		
that  the	remainder	of this  Resolution	would  have  been  adopted  despite  the  invalidity  or		
					
ineffectiveness of such section,					
														
			paragraph, clause or provision.									

Section 15.	Inconsistent  Proceedings.		
			
thereof, in conflict with the provisions hereof are to		
amended to the			
extent of such inconsistency.		

All resolutions or proceedings, or parts the extent of such conflict hereby repealed or

PASSED in public Development District, this

session		
13	th	day		

of of

the Board of Supervisors September, 2018.

of

the Rolling Oaks Community

ATTEST:

By: ____________
Name: ---	-  ----------
Title:	Secretary . Board of Supervisors

ROLLING OAKS COMMUNITY			
DEVELOPMENT DISTRICT			
By: ______  ___  _____	_		
Name:			
	·			
Title:	-----  -  --------		
	Chairperson. Board of Supervisors			

6

EXHIBIT A

FORM OF BOND PURCHASE CONTRACT

A-1

EXHIBITB

DRAFT COPY OF PRELIMINARY LIMITED OFFERING MEMORANDUM

B-1

EXHIBIT C

FORM OF CONTINUING DISCLOSURE AGREEMENT

C-1

EXHIBIT D

FORM OF SECOND SUPPLEMENTAL INDENTURE

WPB/384292717v4/153477.010200

D-1

SECTION

V

~~ti .....o,,

Berger, Toombs,

Gaines & Frank

Certified Public Accountants	PL

600 Citrus Avenue Suite 200
Fort Pierce, Florida 34950

7721461-6120 II 461-1155

FAX: 772/468-9278

Elam,

August 23,	2018	

Rolling Oaks Community Development District

c/o GMS, LLC
George S. Flint, District Manager
135 W. Central Blvd., Suite 320
Orlando, FL 32801

The Objective and

Scope

of

the

Audit

of

the Financial Statements

You  have  requested  that  we  audit  the  financial	statements  of  Rolling  Oaks  Community		
Development  District,  which  comprise  governmental	activities,  each  major  fund  and  the		
budgetary	comparison for the General Fund as	of and			
			for the year ended September 30, 2018		
which	collectively comprise the basic financial	statements.  We are pleased to confirm our		
				
acceptance and our understanding of this audit engagement by means of this letter for the year		
ending	September 30,  2018 and thereafter if	mutually agreed	by Rolling  Oaks Community		
Development District and Berger, Toombs, Elam, Gaines & Frank,	Certified Public Accountants		
PL.								

Our audit will statements.

be

conducted with the objective of our expressing

an

opinion

on

the financial

The

Responsibilities

of

the Auditor

We will	conduct the audit	in accordance with auditing standards generally accepted in	the		
United States	of	America	and "Government Auditing	Standards" issued by the Comptroller		
								
General of the United States.  Those	standards require that we plan and perform the audit to		
obtain reasonable  assurance  about whether the financial  statements  are  free  of material		
misstatement.		An audit	involves	performing procedures to obtain audit evidence about	the		
amounts and	disclosures	in the financial statements.  The procedures selected depend on the		
auditor's judgment,  including the	assessment of the  risks of material misstatement of	the		
financial  statements,	whether due to fraud  or error.	An audit also includes evaluating	the		
appropriateness of accounting policies used and the reasonableness of significant accounting		
estimates made by management,	as well as	evaluating the overall presentation of the financial		
statements.											

Member AICPA

Member

Private

Fort Pierce / Stuart

AICPA Division For CPA Firms Companies Practice Section

Member

FICPA

~ ~

Berger, Gaines

Toombs, & Frank

Elam,

Rolling

August

Page 2

Oaks Community Development District

23, 2018

Because of	the inherent limitations of an audit,		together with the inherent limitations of internal		
control,	an	unavoidable risk that some material misstatements may not be detected exists, even		
though	the	audit	is properly planned and performed in		accordance with generally accepted		
auditing standards.  Also,	an audit is not designed to detect errors or fraud that are immaterial to		
the	financial	statements.	The determination	of abuse	is	subjective;  therefore,  Government		
Auditing										
	Standards do not expect us	to provide reasonable assurance of detecting abuse.		
						
In	making	our  risk  assessments,	we  consider  internal  control  relevant  to  Rolling  Oaks		
Community Development District'spreparation and fair presentation of the financial statements		
in order	to	design audit procedures that are appropriate		in		the circumstances but not for the		
purpose of	expressing an	opinion	on the effectiveness of the	entity'sinternal control.  However,		
we	will								
			communicate  to	you  in	writing  concerning  any					
						significant deficiencies  or	material		
									
weaknesses		in internal control relevant to the audit of the financial statements that	we have		
identified during the audit.												
We will also communicate to the Board any fraud involving senior management and fraud that		
causes a material misstatement of the financial	statements that becomes known to us during		
the audit, and any	instances of noncompliance with laws and	regulations that we become aware		
of during the audit.				

The funds that you have told us	are maintained by Rolling Oaks Community Development		
District and that are to be included as part of our audit are listed below:			
	1.				General Fund											
	2.			Debt Service Fund											

~ ~

Berger, Gaines

Toombs, & Frank

Elam,

Rolling Oaks Community Development District

August 23, 2018
Page3

The Responsibilities of Management and Identification of the Applicable Financial Reporting Framework

Our audit will be conducted it has responsibility:

on

the basis that management acknowledges and understands that

1.

2.

For the preparation and fair presentations of the financial statements in accordance with	
accounting principles generally accepted in the United States of America;	
To evaluate subsequent events through the date the financial statements are issued or	
available to	be issued, and to disclose the date through which subsequent events were	
evaluated in	the financial statements. Management also agrees that it will not evaluate	
subsequent  events  earlier than  the  date  of the  management  representation  letter	
referred to below;	

3.

For the design,	implementation, and maintenance of internal control  relevant to	the	
preparation and fair presentation of financial statements that are free from material	
misstatement, whether due to fraud or error;		

4.

For establishing and maintaining effective internal control of financial

informing us of all significant deficiencies and material weaknesses
operation of such controls of which it has knowledge; and

reporting and in the design

for or

5.  To provide us with:		
a.	Access to all information of which		
	preparation and fair presentation		
b.	documentation and other matters;		
	Additional information that we may		
	the audit; and		

management is	aware that	
of the financial	statements	
request from management	

is relevant to the such as records,

for the purpose of

c.

Unrestricted access to persons within the entity from whom we determine necessary to obtain audit evidence.

it

As part of our audit, we will request certain written confirmation concerning representations made to us in connection with the audit including, among other items:

1.

2.

That management has	fulfilled its	responsibilities as set out in the terms of this letter;	
and				
That it believes the effects of any	uncorrected misstatements aggregated by us during	
the current	engagement and pertaining to the latest period presented are immaterial,	
both individually and in	the aggregate, to the financial statements taken as a whole.	

~ ~

Berger,

Gaines

Toombs,
& Frank

Elam,

Rolling Oaks Community Development District													
August 23, 2018																				
Page4																					
Management  is	responsible  for	identifying	and		ensuring  that  Rolling  Oaks  Community		
Development District complies with the laws and regulations applicable to its activities, and for		
informing  us  about  all  known  material	violations	of	such  laws	or	regulations.  In  addition,		
management is	responsible for the design and implernentation	of programs and controls to		
prevent and detect fraud or abuse, and for	informing us about all known or suspected fraud or		
abuse affecting the entity . involving  management,		employees who	have  significant	roles in		
internal control,  and others where the fraud	or							
		abuse could  have	a	material  effect	on	the		
financial statements or	compliance.  Management is	also	responsible	for informing us of	its		
knowledge									
	of any allegations of fraud or	abuse or									
			suspected fraud or abuse affecting the entity		
received in communications from  employees, ·former employees,  analysts,  regulators,  short		
sellers, or others.																				
The Board is responsible for	informing us of its views about the risks of fraud or abuse within the		
entity, and its knowledge of any fraud or abuse or suspected fraud or abuse affecting the entity.		
Rolling Oaks Community Development District agrees that it will not associate  us with any		
public or private securities offering without first obtaining our consent. Therefore, Rolling Oaks		
Community	Development District agrees to contact us before it includes our reports or otherwise		
makes	reference to us, in any public or private securities offering.							
									
Because  Berger,	Toombs,	Elam,	Gaines	&	Frank  will  rely  on  Rolling  Oaks  Community		
Development District and its management and Board of Supervisors to discharge the foregoing		
responsibilities,  Rolling Oaks Community Development District holds harmless and releases		
Berger, Toombs, Elam, Gaines & Frank, its partners, and employees from all claims, liabilities,		
losses and costs arising in	circumstances where there has been a known misrepresentation	by		
a	member of Rolling Oaks Community Development	District'smanagement, which has caused,		
				
in any respect, Berger, Toombs, Elam, Gaines &					
												
											Frank'sbreach of contract or negligence. This		
provision shall survive the termination of this arrangement for services.						
Rolling Oaks Community Development District'sRecords and Assistance				
If	circumstances arise relating to the condition of the Rolling Oaks Community Development		
District'srecords, the availability of	appropriate audit evidence, or indications of a significant risk		
of material	misstatement	of	the financial	statements	because  of error,  fraudulent financial		
									
reporting, or														
																				
			misappropriation of assets, which in our professional judgment, prevent us from		
completing the audit or forming an opinion, we retain the unilateral right to take any course of		
action permitted by professional standards, including declining to express an opinion, issuing a		

report,

or

withdrawing

from the engagement.

During the course of our engagement, we may		
	accumulate records containing data that should		
be reflected in the  Rolling  Oaks Community  Development District books and  records.  The		
District will determine that all such data, if necessary, will be so reflected. Accordingly, the		
District will not expect us to	maintain copies of such records in our possession.		

00 ~

Berger, Gaines

Toombs, & Frank

Elam,

Rolling Oaks Community Development District

August 23, 2018
Page 5

Other Relevant Information

In	accordance with	Government Auditing Standards, a copy of our most recent peer review	
report has been provided to you,	for your information.					
Fees, Costs and Access to Workpapers									
Our fees for the audit and accounting services described above are based upon the	value of the	
services performed and the time required by the	individuals assigned to the engagement, plus	
direct  expenses.	Invoices  for	fees  will	be  submitted  in  sufficient  detail  to  demonstrate	
compliance with the terms of this engagement.  Billings are due upon submission.  Our fee for	
the services described in this letter for	the	year ending September 30, 2018 will		not exceed	
$2,975 unless the scope of the	engagement	is		changed, the assistance which Rolling Oaks	
Community	Development  District  has	agreed  to  furnish  is  not  provided,  or  unexpected	
conditions	are	encountered,  in	which  case	we	will  discuss  the  situation  with	you	before	
proceeding.	All other provisions of this letter	will	survive any fee adjustment.  The		two annual	
renewals must be mutually agreed and approved	by the Board of Supervisors.					
In	the event we	are requested or authorized by	Rolling Oaks Community Development District	
or	are required	by	government regulation, subpoena, or other legal process to produce our	
documents or our personnel as	witnesses with respect to our engagement for Rolling Oaks	
Community	Development District, Rolling Oaks Community Development District will,	so	long	as	
we	are not a party to the proceeding in	which the information is sought, reimburse	us	for our	
professional time and expenses,	as well	as	the fees and expenses of our counsel, incurred	in	
responding to such requests.											
The documentation for this	engagement	is	the property of Berger, Toombs, Elam,		Gaines,	&	
Frank. However,	you acknowledge and grant your assent that representatives of the cognizant	
or oversight agency or their designee, other government audit staffs, and the U.S. Government	
Accountability Office shall have access to the audit documentation upon their request and that	
we	shall maintain the audit documentation for a period of at least three years after	the	date of	
the report, or for a longer period if we are requested to do so by the cognizant or oversight	
agency. Access to requested documentation will be provided under the supervision of Berger,	
Toombs, Elam, Gaines,	& Frank audit personnel	and	at a location designated by our Firm.	
Reporting										
We will  issue	a written  report  upon completion  of our audit  of  Rolling  Oaks  Community	
Development	District'sfinancial statements no	later than June 30, 2016.	Our report	will be	
addressed to	the Board of Rolling Oaks Community Development District. We cannot	provide	
assurance that	an unmodified opinion will be expressed.  Circumstances may arise in which it is	
necessary  for	us	to	modify  our  opinion,	add	an	emphasis-of-matter  or  other-matter	
paragraph(s), or withdraw from the engagement.						

~tl ....o,,

Berger, Gaines

Toombs, & Frank

Elam,

Rolling Oaks Community Development District

August 23, 2018

Page6

In	addition  to  our  report  on  Rolling  Oaks  Community  Developrnent  District's financial	
statements, we will also issue the following types of reports:	

•

Reports on internal control and compliance with

contracts or grant agreements.  We will  report

noncompliance which could have a material effect

laws, regulations, and the provisions of

on  any  internal  control findings and/or

on the financial statements.

•

•

Management letter pursuant to Chapter 10.550, Rules of the Auditor General.

Attestation Report - compliance with Section 218.415, Florida Statutes.

This letter constitutes the complete and exclusive statement of agreement between Berger,	
Toombs,  Elam,  Gaines,	&	Frank  and  Rolling  Oaks  Community  Development  District,	
superseding all proposals, oral or written,  and all other communications, with respect to the	
terms of the engagement between the parties.	
Please sign and return the attached copy of this letter to indicate your acknowledgment of, and	
agreement with,  the  arrangements  for our audit  of the  financial  statements  including  our	
respective responsibilities.			

2ncerely,

Jam./otJ

~

·

B~~S.~~&FRANK

J.

W. Gaines, CPA

Confirmed

on

behalf of the addressee:

------------

-'---

ADDENDUM TO ENGAGEMENT LETTER BETWEEN BERGER, TOOMBS,

ELAM, GAINES AND FRANK AND ROLLING OAKS COMMUNITY

DEVELOPMENT DISTRICT

(DATED AUGUST 23, 2018)

Public. Records. 119.0701, Florida Statutes, and specifically shall:

Auditor comply

shall, pursuant to and with the public records

in accordance with laws of the State of

Section Florida,

a.

b.

Keep and maintain public records required by the District to perform the	
services or work set forth in this Agreement; and	
Upon the request of	the District's custodian of public records, provide the	
District with a copy	of the requested records or allow the records to be	
inspected or copied within a reasonable time at a cost that does not exceed	
the cost provided in Chapter 119, Florida Statutes, or as otherwise provided	
by law; and		

c.

Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the Agreement if the Auditor does not transfer the records to the District; and

d.

Upon completion of the Agreement, transfer, at no cost to the District, all		
public records  in possession of the Auditor or keep  and maintain public		
records required by the District to perform the service or work provided for		
in this Agreement.  If the Auditor transfers all public records to the District		
upon completion of the Agreement, the Auditor shall destroy any duplicate		
public  records  that  are  exempt or confidential  and  exempt  from  public		
disclosure	requirements. If the Auditor keeps and maintains public records		
			
upon completion of the Agreement, the Auditor shall meet all applicable		
requirements for retaining public records.  All records stored electronically		
must be provided to the District, upon request from the District's custodian		
of public  records,  in  a  format  that  is  compatible  with  the  information		
technology systems of the District.		

Auditor				
acknowledges that any requests to inspect or copy public records relating		
to this Agreement must be made directly to the District pursuant to Section 119.0701(3),		
Florida Statutes.	If notified by the District of a public records request for records not in		
the possession of the District but in possession of the Auditor, the Auditor shall provide		
such records to the  District or allow the records  to be inspected or copied within a		
reasonable time.	Auditor	acknowledges that should Auditor fail to provide the public		
				
records to the District within a reasonable time, Auditor may be subject to penalties		
pursuant to Section 119.10, Florida Statutes.		

IF THE AUDITOR				
			HAS QUESTIONS		
					REGARDING THE		
APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO		
THE  AUDITOR'S	DUTY	TO	PROVIDE  PUBLIC  RECORDS		
RELATING   TO						
		THIS	AGREEMENT/CONTRACT,   THE		
AUDITOR	MAY					
		CONTACT	THE  CUSTODIAN  OF  PUBLIC		
RECORDS FOR THE DISTRICT AT:		
GMS-SF,LLC					

135 WEST CENTRAL ORLANDO, FL 32801

BLVD., SUITE 320

TELEPHONE: 407-841-5524
EMAIL:	GFLINT@GMSCFL.COM

Auditor: J.W. Gaines	District:		
	"		
By: ~	By:		

Rolling

Oaks

CDD

Title:  Director

Date:  August 23, 2018

Title: --------

Date: --------

SECTION

VI

SECTION

C

SECTION

1

•

•

•	•	•	•		

"'•·: ... :·ea
• • •

Rolling Oaks

Community Development District

Unaudited Financial Reporting

August 31, 2018

•

•

~

.

.

.

•

•

•

•

1

2

3

4

5

6

7

8

9

Table of Contents

Balance Sheet

General Fund Income Statement

Debt Service Income Statement

Capital Projects Income Statement

Month to Month

Developer Contributions Schedule

Long Term Debt Summary

Assessments

Series 2016 Construction Schedule

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

BALANCE SHEET

August 31, 2018

ASSETS:

CASH

INVESTMENTS

SERIES 2016

REVENUE

RESERVE

INTEREST

CAPITALIZED INTEREST

CONSTRUCTION

COSTS OF ISSUANCE

DUE FROM DEVELOPER

TOTAL ASSETS

LIABI Lill ES:

ACCOUNTS PAYABLE

DEFERRED REVENUE

FUND EQUITY:

FUND BALANCES:

RESTRICTED FOR DEBT SERVICE RESTRICTED FOR CAPITAL PROJECTS

UNASSIGNED

General

Fund

$7,517

--

---

---

---

---

---

$13,368

$20,885

$6,542

$5,750

---

---

$8,594

Debt Service

Fund

--

$20,727

$1,132,339

$20

$7

---

---

---

$1,153,092

---

---

$1,153,092

---

---

Capital Projects

Fund

---

---

- -
---

---

$121,984

$43

---

$122,027

---

---

---

$122,027

---

Totals

$7,517

$20,727

$1,132,339

$20

$7

$121,984

$43

$13,368

$1,296,005

$6,542

$5,750

$1,153,092

$122,027

$8,594

TOTAL  LIABILITIES & FUND EQUITY

$20,885	$1,153,092	

$122,027

$1,296,005

REVENUES:

	DEVELOPER CONTRIBUTIONS/ASSESSMENTS	
	TOTAL	REVENUES	
	EXPENDITURES:	
	ADMINISTRATIVE:	
	SUPERVISORS FEES	
	FICA EXPENSE	
	ENGINEERING	
	ATTORNEY	
	ARBITRAGE	
	DISSEMINATION	
	A5SESSM	ENT ADMINISTRATION	
	ANNUAL	AUDIT	
	TRUSTEE	FEES	
	MANAGEMENT FEES	
	INFORMATION TECHNOLOGY	
	TELEPHONE	
	POSTAGE	
	INSURANCE	
	PRINTING & BINDING	
	LEGAL ADVERTISING	
	OTHER	CURRENT CHARGES (1)	
	OFFICE	SUPPLIES	
	DUES, LICENSE & SUBSCRITIONS	
	TOTAL	EXPENDITURES	
	EXCESS REVENUES (EXPENDITURES)	
	FUND BALANCE· Beginning	
	FUND BALANCE· Ending	
(1)	Regions Escrow Fees Included	

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

GENERAL FUND

Statement of Revenues & Expenditures

For The Period Ending August 31, 2018

ADOPTED	PRORATED BUDGET

BUDGET	8/31/18

$120,105	$110,096

$120,105	$110,096

$12,000	$11,000	
$918	$842	
$12	,000	$11,000	
$25,000	$22,917	
$600	$550	
$3,500	$3,208	
$10,000	$9,167	
$5,000	$4,583	
$4,000	$3,667	
$35,000	$32,083	
$600	$550	
$300	$275	
$1,212	$1,111	
$5,800	$5,800	
$1,200	$1,100	
$2,000	$1,168	
$500	$458	
$300	$275	
$175	$175	
$120,105	$109,928	
	so		
	$0		
	$0		

ACTUAL		
8/31/18	VARIANCE	
$73,259	($36,837)	
$73,259	($36,837)	

$5,600	$5,400	
$428	$413	
$0	$11,000	
$14,530	$8,	387	
$0	$550	
$3,208		($0)	
$2,500	$6,667	
$4,500	$83	
$0	$3,667	
$32,083		($0)	
$550		$0	
$6	$269	
$423	$688	
$5,750	$50	
$292	$808	
$1,168		$0	
$4,502	($4,044)	
$123	$152	
$175		$0	
$75,839	$34,090	
{$2,580)			
$11,173			
$8,594			

2

REVENUES:

ASSESSMENTS

INTEREST

TRANSFER IN

TOTAL REVENUES

EXPENDITURES:

Serles 2016

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

DEBT SERVICE FUND

Statement of Revenues & Expenditures

For The Period Ending August 31, 2018

ADOPTED	PRORATED BUDGET

BUDGET	8/31/18

$1,124,300	$4S0,378

$0	$0

$0	$0

$1,124,300	$450,378

ACTUAL		
8/31/18	VARIANCE	
$450,378	$0	
$14,622	$14,622	
$6,880		
$471,880	$14,622	

INTEREST - 11/01

PRINCIPAL -11/01

INTEREST - 05/01

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE - Beginning

FUND BAlANCE - Ending

$450,378

$0

$450,378

$900,756

$223,544

$451,515

$675,058

$450,378

$0

$450,378

$900,756

$450,378

$0

$450,378

$900,756

($428,876)

$1,581,968

$1,153,092

$0

$0

$0

$0

3

REVENUES:

INTEREST

TOTAL REVENUES

EXPENDITURES:

Serles 2016

CAPITAL OUTLAY - CONSTRUCTION

CAPITAL OUTLAY - COSTS OF ISSUANCE

TRANSFER OUT (IN)

TOTAL EXPENDITURES

EXCESS REVENUES (EXPENDITURES)

FUND BALANCE - Beginning

FUND BALANCE - Ending

ROLLING OAKS

COMMUNITY DEVELOPMENT DISTRICT

CAPITAL PROJECTS FUND

Statement of Revenues & Expenditures

For The Period Ending August 31, 2018

ADOPTED	PRORATED BUDGET

BUDGET	8/31/18

$0	$0

$0	$0

$0	$0	
$0	$0	
$0	$0	
$0	$0	
$0		
$0		
$0		

ACTUAL		
8/31/18	VARIANCE	
$14,591	$14,591	
$14,591	$14,591	

$13,193,250	($13,193,250)	
$0	$0	
$6,880	($6,880)	
$13,200,130	($13,200,130)	
($13,185,539)		
$13,307,566		
$122,027		

4

			Oct		
REVENUES:					
DEVELOPER CONTRIBUTIONS/ASSESSMENTS		$14,542		
TOTAL REVENUES	I	s14	,s42		
					
EXPENDITURES:					
ADMINISTRAnvE:					

Nov

$6,534

$6,534

Dec

$6,229

$6,229

	ROLLING OAKS									
Community Development District								
Jan	Feb	March		April		May	June		July	Aug	
$6,228	$5,458	$6,085	$3,889	$4,656	$3,869	$8,151	$13,368	
$6,228	$5,458	$6,085	$	3,889	54,	656	$3,869	$8	,151	$13,368	

Sept	Total			
				
$0	$79,009			
so	$79,009	1		

SUPERVISOR FEES		$800		
FICA EXPENSE		$61		
ENGINEERING		$0		
ATTORNEY		$1,600		
ARBITRAGE		$0		
DISSEMINATION		$292		
ASSESSMENT ADMINISTRATION		$0		
ANNUAL AUDIT		$0		
TRUSTEE FEES		$0		
MANAGEMENT FEES		$2,917		
INFORMATION TECHNOLOGY		$50		
TELEPHONE		$0		
POSTAGE		$87		
INSURANCE		$5,750		
PRINTING & BINDING		$58		
LEGAL ADVERTISING		$D		
OTHER CURRENT CHARGES		$4,500		
OFFICE SUPPLIES		$28		
DUES, LICENSES &SUBSCRIPTIONS		S175		
TOTAL EXPENDITURES	I	S16,317		
				
EXCESS REVENUES (EXPENDITURES)	I	jSl,775)		

$0

$0

$0

$1,675

$0

$292

$0

$0

$0

$2,917

$SO

$0

$5

$0

$40

$763

$D

$18

so

$5,759

$775

$0

$0

$0

$2,963

$0

$292

$0

$0

$0

$2,917

$50

$0

$0

$D

$7

$D

$0

$0

$0

$6,229

($0j

$1,800

$138

$0

$2,048

$0

$292

$0

$0

$0

$2,917

$50

$0

$60

$D

$0

$D

$0

$0

$0

$7,305

!S1,D77j

$0

$0

$0

$1,020

$0

$292

$0

$0

$0

$2,917

$50

$0

$36

$0

$47

$0

$D

$21

$0

$4,382

$1,077

$0

$0

$0

$2,714

$0

$292

$0

$0

$0

$2,917

$50

$6

$16

$0

$70

$0

$0

$20

$0

$6,085

$0

$0

$0

$0

$630

$0

$292

$0

$0

$0

$2,917

$50

$0

$0

$D

$0

$D

$0

$0

$0

$3,889

$0

$1,000

$77

$0

$225

$0

$292

$0

$0

$0

$2,917

$SO

$0

$83

$0

$14

$0

$D

$0
so

$4,656

$0

$1,000

$77

$0

$554

$0

$292

$0

$0

$0

$2,917

$SO

$0

$70

$0

$32

$405

$0

$18

$0

$5,414

($1,545)

$0

$0

$0

$1,100

$0

$292

$0

$4,500

$0

$2,917

$50

$0

$2

$0

$21

$D

$2

$18
so

$8,901

($750)

$1,000

$77

$0

$0

$0

$292

$2,500

$0

$0

$2,917

$50

$0

$63

$0

$5

$D

$0

$0

so

$6,902

$6,466

$0	$5,600	
$0	$428	
$0	$0	
$0	$14,530	
$0	$0	
$0	$3,208	
$0	$2,SOO	
$0	$4,500	
$0	$0	
$0	$32,083	
$0	$550	
$0	$6	
$0	$423	
$D	$5,750	
$0	$292	
$0	$1,168	
$0	$4,502	
$0	$123	
$0	$175	
$0	$75~	
$0	$3,110 1	

5

Funding

Request

#

Prepared

Date

Payment

Received

Date

Check

Amount

ROLLING OAKS				
Community Development District				
Developer Contributions/Due from Developer			
Total	Genera-I	-	General		
					
Funding	Fund		Fund		
Request	Portion (16)	Portion (17)		

General

Fund

Portion ( 18)

General

Fund

Portion (19)

Overand

(short)

Balance Due

12

13

14

1

2

3

4

5

6

7

8

9

10

11

12

1

2

3

4

5

6

7

8

9

10

11

8/8/16

8/30/16

9/30/16

10/26/16

11/30/16

12/19/16

1/31/17

2/28/17

3/24/17

4/28/17

5/31/17

6/20/17

7/5/17

8/25/17

9/25/17

10/5/17

12/5/17

12/21/18

1/29/18

2/14/18

3/26/18

4/25/18

5/31/18

6/25/18

7/27/18

8/27/18

9/8/16

9/22/16

12/23/16

12/23/16

12/29/16

12/23/16

3/6/17

3/6/17

4/11/17

5/18/17

6/13/17

7/6/17

7/15/17

10/16/17

10/4/17

11/15/17

1/5/18

1/5/18

2/26/18

3/5/18

5/24/18

5/10/18

6/13/18

8/28/18

8/28/18

$

$
$

$
$

$

$
$

$
$
$
$
$
$
$
$
$
$

$
$
s
$
$

$
$

14,888.25	$	
1,902.14	$	
6,196.79	$	
3,956.23	$	
8,698.67	$	
3,064.86	$	
4,403.35	$	
14,312.74	$	
5,730.29	$	
3,382.97	$	
4,244.75	$	
4,445.34	$	
3,913.35	$	
9,380.03	$	
5,087.53	$	
3,557.28	$	
5,599.29	$	
6,478.11	$	
9,190.96	$	
4,438.29	$	
7,105.37	$	
3,888.84	$	
4,656.07	s	
6,814.48	$	
8,705.49	$	
	$	

14,888.25	$	
1,902.14	$	
6,196.79	$	
3,956.23	$	
8,698.67	$	
3,064.86	$	
4,403.35	$	
14,312.74	$	
5,730.29	$	
3,382.97	$	
4,244.75	$	
4,445.34	$	
3,913.35	$	
9,380.03	$	
5,087.53	$	
3,557.28	$	
5,599.29	$	
6,478.11	$	
9,190.96	$	
4,438.29	$	
7,105.37	$	
3,888.84	$	
4,656.07	$	
6,814.48	$	
8,705.49	$	
13,368.23	$	

9,635.25

1,902.14

6,196.79

674.25

$

$

$

$

$

$

$

$

$
$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

5,253.00

3,281.98

8,698.67

3,064.86

4,403.35

14,312.74

5,730.29

3,382.97

4,244.75

4,445.34

3,913.35

3,630.03

5,087.53

207.10

336.25

$

$
$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$
$

$

5,750.00		
3,350.18		
5,263.04		
6,478.11		
9,190.96		
4,438.29		
7,105.37		
3,888.84		
4,656.07		
6,814.48		
8,705.49		
7,618.23	$	

5,750.00

s
s
s
$
$
$
$
$
s
$

$
$
$
s
$

$
$
s
$
s
s
$
$
$
s
$

13, 368.23

IDue from Developer	$

Total Developer Contributions FY18

•FY16 column does not Include Funding Requests #1-11.

154,041.47	$	
	$	

167,409.70	$	
73,259.06		

18,408.43

$

69,992.21

$

73,259.06	$	

5,750.00

$

13,368.23

6

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

4.500%, 5.250%, 5.875%, 6.000%

11/1/2047

MAXIMUM ANNUAL DEBT SERVICE

$1,124,706

$1,132,339

BONDS

OUTSTANDING

- 12/15/16

$15,640,000

CURRENT

BONDS

OUTSTANDING

$15,640,000

7

Rolling Oaks

COMMUNITY

DEVELOPMENT

DISTRICT

DIRECT

ASSESSMENT

RECEIPTS

-

FY2018

ROLLING

OAKS

SPLENDID

LLC

$1,120,756.00	$0.00	$1,120,756.00	

DATE

RECEIVED

4/6/18

DUE

DATE

4/1/18

10/1/18

CHECK

NO.

2230

NET	AMOUNT	GENERAL	SERIES	
ASSESSED	RECEIVED	FUND	2016	
$450,378.00	$450,378.00	$0.00	$450,378.00	
$670,378.00	$0.00	$0.00	$0.00	
$1,120,756.00	$450,378.00	$0.00	$450,378.00	

B

Rolling Oaks

Community Development District

Special

Assessment

Bonds,

Series

2016

Date		
Fiscal Year	2017	

Requisition

#

Contractor

Description

Requisitions

7/11/17

Fiscal Year 2017

12/1/16
1/1/17
2/1/17
3/1/17
4/1/17
5/1/17
6/1/17
7/1/17
8/1/17
9/1/17

GM5-CF, U..C	lnvoice#29 • FY2017 Construction Accounting

TOTAL

Interest

Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
TOTAL

Acquisition/Construction Fund at 12/15/16

Interest Eamed thru 9/30/17

Requisitions Paid thru 9/30/17

Remaining Acquisition/Construction Fund

$3,500.00	
$3,500.00	
	$0.00	
	$0.00	
$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	
($3,500.001	
$13,290,320.34	

Date		Requisition #	
Fiscal Year	2018		
11/10/17	2	

Contractor

RoMing Oaks Splendid, LLC

TOTAL

Description	Requisitions

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

$13,193,249.89

Fiscal Year 2018

10/1/17
11/1/17
12/1/17
1/31/18
2/28/18
3/31/18
4/30/18
5/31/18
5/31/18
6/30/18
7/31/18
8/31/18

Interest
Interest
Interest
Interest
Interest
Interest
Interest
Interest
Excess Reserve Transfer In
Interest
Interest
interest

TOTAL

Acquisition/Construction Fund at 09/30/2017

Interest Earned and Transfer In thru 8/31/18

Requisitions Paid thru 8/31/1B

Remaining Acquisition/Construction Fund

$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	
$24,913.99		
$13,290,320.34	
$24,913.99	
($13,193,249.891	
$121,984.44	

9

SECTION

2

Rolling Oaks				
Community Development District			
	Payee				
1	Egis Insurance &	Risk Advisors			
	Inv #7504 - FY19	General			
		Liabiltiy/Public Officials Insurance Renewal		
2	Governmental Management Services-CF,	LLC		
				
	Inv# 46 - Management Fees - August 2018			
	Inv #47 - Assessment Roll Certification FY18		
3	Straley Robin Vericker			
	Inv# 16069 - General Counsel - August 2018		
4	Supervisor Fees				
	August 16, 2018				
	Peter Brown				
	Jared Bouskila				
	Cora DiFiore				
	John Chiste				
	5amir Yajnik				

	FY18 Funding Request #11		
			August 27, 2018		
	General Fund		General Fund		
	FY2018		FY2019		
		$	5,750.00		
$	3,291.73				
$	2,500.00				
$	750.00				
$	215.30				
$	215.30				
$	215.30				
$	215 .30				
$	215.30				
$	7,618.23	$	S,750.00		

Please make check payable to:

Rolling Oaks Community Development District

1412 5. Narcoossee Road

St.Cloud, Fl 34771

Total:	$

Wire funds to:

Rolling Oaks Community Development District

SunTrust Bank, NA

ABA # 061000104

Acct# 1000193640272

Contact: Kelly Lawler

Tel: (407) 237-1072

13,368.23

;	.	
	•·..1s	
g	
	_, & R,.,_ Ad, ,ors	

Rolling Oaks Community Development Dlstriet

cla Governmental Management Services

135 W. Central Blvd, Suite 320

Orlando, FL 32801

¼, ;..-------------

Customer: Rolling Oaks Community Development District

VOICE

iSM

'.

10/01/2018

_., ,__

Renew policy

--------

~fey#'!QOH~	1~		
100112ji$•1oia1120			
F~	Insurance Alllan.te	
GL,AUTO;PAQP .. Renew policy	
OU. Datte: 9128/20111  .	

.

Thank

V m 1

....			
~To: ·1p,--..nC.:Aavtaont,		
·	&4021		
~234021  PO 8dlt			
Chicasti.1L ~40(1.2			

&,;LC

OM8-Central Florida, LLC

1001 Bradford Way
Kingston, TN 3nas

BUI To:

RolllngQaksCDD

135 West central Blvd.
Sulte320
Orlando, FL 32801

Invoice

Invoice#: 46

Invoice Date:  8/1/18
Due Dale: 8/1/18
caee.

P.O. Number:

REC'D AUG O8 2018

Total

Payments/Credits

SalanceDue

$3,291.78 $0.00 $3;291.73

GMs-temtal Florida, LLC	
1001 Bradford Way_	·	
Ktngeton, TN,37763		

BHITo-;

RohOau·CDD
185 Weat Cerdrat Blvd.
~$20.

~.FLS2801

µ,1

Invoice

IMOlcel:  47
invoice Dtte: $17118

Pue Dale: .811/fS

~
P.O~Nu~

REC'D AUG O7 2.018

J.s~. ,-:,\.. ,.,,	
~:: '.:·~ _·;_::.\~:2:('f	:;,/-::\\~	
-		
"~,Roll ~ FY 2018	
•'~•111•..-••,	- ~	

,-:·:,~:~ \ ...:~:~:,:~~~:t/·t::;.;\;~: ~:~~~_:-·r _: .--~>-::. \ :i!,500.00

::·

~

.,~-

~

~;~

Total

Payment$1Cretffls

Balance Due

$2,500~00 $(}.00 $2.500.00

Straley Robin Vericker

l S10 W. Cleveland Street

Tampa, FL 33606

Telephone (813) 223-9400 • Facsimile (813) 223-5043

Federal Tax Id. - 20-1778458

Rolling Oaks Community Development Disrict c/o Governmental Management Services 1412 S. Narcoosee Road

St. Cloud, FL 34TT1

RE: General

August 20, 2018	
Client:	001455	
Matter:	000001	
lnvoiee tt.	16069	
Page:	1	

For

Professional

Services

Rendered

Through

August 15, 201'8
c'.k-?:t,....,. ...,-,_(_, 1"/~rm

n

t/

"53o

e,;r

I,

lt

.r

,;

~IS

Date

7/27/2018

8/15/2018

Person

VKB

VKB

Description of Services

DRAFT RESOLtrrlON ADOPTING 0/M BUDGET AND RESOLUTION ADOPTING 0/M METHODOLOGY AND LEVYING 0/M ASSESSMENTS; TELECONFERENCE WITH G. FLINT RE: SAME AND NOTICES FOR PUBLIC HEARINGS; DRAFT CONSENT TO METHODOLOGY, ASSESSMENTS, AND WAIVER OF NOTICE; DRAFT BUDGET FUNDING AGREEMENT.

REVll:W AGENDA PACKAGE.

Total Professional Services

Hours

2.7

0.3		
3.0	$750.00	

PERSON RECAP

Person

VKB	VIVEik K. Babbar

Hours

3.0

Amount

$750.00

Total Services

Total Disbursements

Total Current Charges

PAY THIS AMOUNT

August 20,	2018	
Client:	001455	
Matter:	000001	
lnVblee#:	16069	
Page:	2	
$750.00		
$0.00		
	$750.00	
	$718.00	

Please

Include

Invoice

Number

on

all

Correspondence