Rolling Oaks Community Development District

Agenda November 17, 2022

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Rolling Oaks
Community Development District

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

November 10, 2022

Board of Supervisors Rolling Oaks Community Development District

Dear Board Members:

The meeting of the Board of Supervisors of Rolling Oaks Community Development District will be held Thursday, November 17, 2022 at 1:00 PM at Margaritaville Resort Orlando, 8000 Fins Up Circle, Kissimmee, Florida 34747. Following is the advance agenda for the meeting:

Landowners’ Meeting
Determination of Number of Voting Units Represented
Call to Order
Election of Chairman for the Purpose of Conducting the Landowners’ Meeting
Nominations for the Position of Supervisor
Casting of Ballots
Ballot Tabulation
Landowners’ Questions and Comments
Adjournment

Board of Supervisors Meeting
Roll Call
Public Comment Period
Organizational Matters
Administration of Oaths of Office to Newly Elected Board Members
Consideration of Resolution 2023-01 Canvassing and Certifying the Results of the
Landowners’ Election
Election of Officers
Consideration of Resolution 2023-02 Electing Officers
Approval of Minutes of the September 22, 2022 Meeting
Consideration of Resolution 2023-03 Amending the Fiscal Year 2022 Budget
Ratification of Fiscal Year 2022 Audit Engagement Letter
Consideration of Resolution 2023-04 Setting forth the Terms of the Series 2022 Bonds
Staff Reports
Attorney
Engineer
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Supervisor’s Requests
Next Meeting Date – December 22, 2022
Adjournment

Landowners' Meeting

INSTRUCTIONS

At the Board meeting, when the landowners’ election is announced, instructions on how landowners may participate in the election, along with a sample proxy, shall be provided.

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

Nominations are made from the floor.

After all nominations are made, a ballot is distributed and votes are cast

Each landowner is entitled to one vote for each acre he owns or portion of an acre.

SAMPLE AGENDA

Determination of Number of Voting Units Represented

Call to Order

Election of a Chairman for the Purpose of Conducting the Landowners’ Meeting

Nominations for the Position of Supervisor

Casting of Ballots

Ballot Tabulation

Landowners Questions and Comments

Adjournment

LANDOWNER PROXY LANDOWNERS MEETING – November 17, 2022

ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT OSCEOLA COUNTY, FLORIDA

NOW ALL PERSONS BY THESE PRESENTS, that the undersigned, the fee simple owner of the lands described herein, hereby constitutes and appoints:

Proxy Holder

For and on behalf of the undersigned, to vote as proxy at the meeting of the landowners of the Rolling Oaks Community Development District to be held at Margaritaville Resort Orlando, 8000 Fins Up Circle, Kissimmee, Florida 34747 on November 17, 2022 at 1:00 PM, and at any continuances or adjournments thereof, according to the number of acres of un-platted land and/or platted lots owned by the undersigned landowner which the undersigned would be entitled to vote if then personally present, upon any question, proposition, or resolution or any other matter or thing which may be considered at said meeting including, but not limited to, the election of members of the Governing Board. Said Proxy Holder may vote in accordance with their discretion on all matters not known or determined at the time of solicitation of this proxy, which may legally be considered at said meeting.

Any proxy heretofore given by the undersigned for said meeting is hereby revoked. This proxy is to continue in full force and effect from the date hereof until the conclusion of the annual meeting and any adjournment or adjournments thereof, but may be revoked at any time by written notice of such revocation presented at the annual meeting prior to the Proxy Holder exercising the voting rights conferred herein.

Print or type name of Landowner		Date 		
Signature of Landowner			

Parcel Description	
Acreage	
Authorized Votes*	

(must be street address, tax parcel ID number, or legal description attached)			
Total Number of Authorized Votes:		

*Pursuant to section 190.006 (2)(b), Florida Statutes (2007), a fraction of an acre is treated as one (1) acre entitling the landowner to one vote with respect thereto.

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

Board of Supervisors Meeting

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RESOLUTION 2023-01

A RESOLUTION CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS’ ELECTION OF THE ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES

WHEREAS, pursuant to Section 190.006(2), Florida Statute, a landowners’ meeting is required to be held within 90 days of the District’s creation and every two years following the creation of a Community Development District for the purpose of electing three (3) supervisors for the District; and

WHEREAS, following proper notice of once a week for 2 consecutive weeks in a newspaper of general circulation in the area of the District, the last day of such publication to be not fewer than 14 days or more than 28 days before the date of the election, such landowners’ meeting was held on November 17, 2022, at which the below-recited persons were duly elected by virtue of the votes cast in their respective favor; and

WHEREAS, the Board of Supervisors by means of this Resolution desire to canvas the votes and declare and certify the results of said election;

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

The following persons are found, certified, and declared to have been duly elected as Supervisors of and for the District, having been elected by the votes cast in their favor as follows:

Supervisor	# of Votes	Terms

4-Year Term

4-Year Term

2-Year Term

The terms of office shall commence immediately upon the adoption of this Resolution:

Adopted this 17th day of November, 2022.

Secretary/Assistant Secretary	Chairman/Vice Chairman

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RESOLUTION 2023-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Rolling Oaks Community Development District (the “District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors of the District (“Board”) desires to elect the Officers of the District.

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

Section 1.		is elected Chairman. Section 2.		is elected Vice-Chairman. Section 3.		is elected Secretary.
Section 4.		is elected Assistant Secretary.
	is elected Assistant Secretary.
	is elected Assistant Secretary.
	is elected Assistant Secretary.

Section 5.		is elected Treasurer.

Section 6.		is elected Assistant Treasurer.

Section 7.	This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED this 17th day of November, 2022.

ATTEST:	ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson/Vice-Chairperson

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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, September 22, 2022 at 1:00 p.m. at the Margaritaville Resort Orlando, 8000 Fins Up Circle, Kissimmee, Florida.

Present and constituting a quorum were:

John Chiste	Chairman
Jared Bouskila	Vice Chairman
Steven Dougherty	Assistant Secretary Also present were:
George Flint	District Manager
Vivek Babbar by phone	District Counsel
Dave Schmitt by phone	District Engineer
Steve Sanford by phone	Greenberg Traurig

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the meeting to order and called the roll.

SECOND ORDER OF BUSINESS	Public Comment Period
There being none, the next item followed.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the August 25,
2022 Meeting

On MOTION by Mr. Chiste seconded by Mr. Dougherty with all in favor the minutes of the August 25, 2022 meeting were approved as presented.

September 22, 2022	Rolling Oaks CDD

FOURTH ORDER OF BUSINESS	Financing Matters
Consideration of Rule G-17 Disclosure Letter
Mr. Flint stated the next item is consideration of an engagement letter with FMS Bonds and their G-17 disclosure. They have served as your underwriter in the past and on each bond issue they submit a new engagement letter as well as the required MSRB Rules G-17 disclosure.
Mr. Sanford joined the conference call at this time.

On MOTION by Mr. Chiste seconded by Mr. Bouskila with all in favor the engagement letter and G-17 disclosure with FMS Bonds was approved.

Consideration of Amended Engineer’s report
Mr. Flint stated the last Engineer’s Report is dated August 26, 2021 and that was used when the Board amended the master methodology. There were some comments that were provided to the District Engineer from Developer’s Counsel and we don’t have those comments incorporated into a revised document or to the extent bond or District Counsel have any comments. I suggest you approve the amended Engineer’s Report subject to incorporation of those comments.

On MOTION by Mr. Chiste seconded by Mr. Bouskila with all in favor the amended Engineer’s Report was approved subject to incorporating comments by Developer’s Counsel, District Counsel and Bond Counsel.

Consideration of Third Preliminary Supplemental Assessment Methodology Report
Mr. Flint stated next is consideration of the third preliminary supplemental assessment methodology report. This report is intended to address the 345 condo units that we are creating a new assessment area for, for this bond issue. There is the Series 2018 bonds, which overlay this area; at least 50% of the assessment area is anticipated would be platted and absorbed prior to this bond issue. Table 1 shows the 345 condo units, Table 2 the estimated improvements per the District Engineer, Table 3 is the preliminary bond sizing, Table 4 is the allocation of benefit based on improvement costs and Table 5 is the allocation of benefit based on par debt and Table 6 shows what the net and gross annual assessments would be if we funded the $7.9 million par amount that

September 22, 2022	Rolling Oaks CDD

is reflected in this report. This is preliminary and will be revised to reflect the final pricing once the bonds are placed.

On MOTION by Mr. Chiste seconded by Mr. Dougherty with all in favor the third preliminary supplement assessment methodology report was approved.

Consideration of Resolution 2022-09 Bond Delegation Resolution
Mr. Sanford stated the $10 million is the correct number because as you mentioned the 50% absorption on the 2018 bonds, once that threshold has been reached the additional bonds test in the 2018 document allows there to be up to $10 million in additional bonds to be issued. That is why the resolution before the Board is limited to $10 million. At one time we had a higher number, but we couldn’t issue more than $10 million.
This resolution is what we call a delegation resolution, it sets forth certain parameters that if these parameters are met at the time the bonds are sold the chair or vice chair will be authorized to sign a bond purchase contract. Those parameters are in section 3 of the resolution and it limits the amount of bonds to $10 million. It doesn’t bind the Board to issue that amount of bonds, but that sets the maximum amount of bonds that can be issued without further authorization. The interest rate and term of the bonds can’t exceed what is permitted under Florida Law and the compensation to the underwriter is set forth in that section and basically says that the underwriter buys the bonds at a discount of 98% and turns around and sell the bonds for 100% or the par value and that difference is how the underwriter is being compensated. This resolution also has the Board to approve certain documents; one is the bond purchase agreement between the District and FMS as your underwriter, once the bonds are marketed that agreement gets signed and it basically sets forth the terms of the bonds and what is needed to close on the bonds. Another exhibit is the preliminary limited offering memorandum, the prospectus used to find potential investors. Once investors are found and the bonds are priced the preliminary limited offering memorandum gets finalized and delivered to the investors with all the pricing information and sources and uses set forth in a final document. There is a continuing disclosure agreement that is required under the SEC rules and that requires both the developer and District to provide certain annual information regarding the project and the bonds and also requires that the disclosure within a relatively short period of time of certain enumerated material events, for example a draw on the reserve. The last

September 22, 2022	Rolling Oaks CDD

exhibit is the supplemental trust indenture. Every time the District issues a series of bonds there is a separate supplemental indenture between the District and Regions Bank as your bond trustee and that document just governs these particular bonds that will have basically the same information that is going to be in the offering document, the interest rates, sources and uses and the like. This resolution allows and authorizes changes to the Engineer’s Report and methodology report if necessary, in connection with the sale of the bonds without the need for going back and having a special meeting.

On MOTION by Mr. Chiste seconded by Mr. Dougherty with all in favor Resolution 2022-09 Bond Delegation Resolution was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Pond	Maintenance
Contracts
Contract Comparison
Mr. Flint stated item five deals with the lake maintenance contracts. The lake maintenance services were bid out. Mr. Flint noted that there were two or three other bids in addition to the ones in the agenda, but the issue is that not all the providers can provide all the services. It came down to Clarke and Solitude and in an effort not to have three different vendors in here, one doing midge, one doing water quality and one doing something else. It came down to these three. Lake Doctors doesn’t provide the aeration and midge and lake assessment services, so it came down to Clarke and Solitude. Solitude is our existing provider and you can see they are at $43,276 and Clarke is at $46,138. The recommendation from staff is that we stay with Solitude and there are four separate agreements in the agenda if you choose to accept that recommendation.

Solitude Lake Management Proposals
Water Quality Testing
Pond Maintenance
Aeration Systems
Midge Control

On MOTION by Mr. Chiste seconded by Mr. Dougherty with all in favor the proposal from Solitude for the above referenced services in the amount of $43,276 was approved.

September 22, 2022	Rolling Oaks CDD

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
There being none, the next item followed.

Engineer
There being none, the next item followed.

Manager
Mr. Flint stated date the Engineer’s Report today’s date and we will change the references in the methodology to refer to a report dated September 22, 2022.

Approval of Check Register

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

Balance Sheet and Income Statement
A copy of the balance sheet and income statement were included in the agenda package.

SEVENTH ORDER OF BUSINESS	Supervisor’s Requests
There being none, the next item followed.

EIGHTH ORDER OF BUSINESS	Next Meeting Date – October 27, 2022
Mr. Flint stated the next meeting will be October 27, 2022.

NINTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Chiste seconded by Mr. Bouskila with all in favor the meeting adjourned at 1:14 p.m.

Secretary/Assistant Secretary	Chairman/Vice Chairman

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RESOLUTION 2023-01

A RESOLUTION AMENDING THE ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND BUDGET FOR FISCAL YEAR 2022

WHEREAS, the Board of Supervisors, hereinafter referred to as the “Board”, of the Rolling Oaks Community Development District, hereinafter referred to as the “District”, adopted a General Fund Budget for the Fiscal Year 2022, and

WHEREAS, the Board desires to amend the budgeted revenues and expenditures approved for Fiscal Year 2022.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT THE FOLLOWING;

The General Fund Budget for Fiscal Year 2022 is hereby amended in accordance with Exhibit “A” attached.

This resolution shall become effective this 17th day of November, 2022 and be reflected in the monthly and Fiscal Year End 9/30/2022 Financial Statements and Audit Report of the District.

Adopted this 17th day of November, 2022.

Chairman/Vice Chairman

Secretary/Assistant Secretary

Rolling Oaks
Community Development District

Amended Budget
FY 2022

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Table of Contents

1-2		General Fund

Rolling Oaks
Community Development District

Amended Budget General Fund

	Adopted Budget	
Increase/	Amended Budget		
Description	FY2022	(Decrease)	FY2022	Projected	

Revenues					
Assessments	$225,536	$857	$226,393	$226,939	
Miscellaneious Income	$0	$5,049	$5,049	$5,049	
Developer Contributions	$267,801	$36,784	$304,585	$304,585	
Carryforward	$0	$18,443	$18,443	$18,443	
Total Revenues	$	493,337	$	61,133	$	554,470	$	555,016	

Expenditures					
Administrative					
Supervisor Fees	$12,000	$0	$12,000	$5,800	
FICA Expense	$918	$0	$918	$444	
Engineering	$10,000	$0	$10,000	$114	
Attorney	$15,000	$0	$15,000	$6,442	
Arbitrage	$900	$0	$900	$900	
Dissemination	$7,000	$0	$7,000	$7,000	
Assessment Administration	$10,000	$0	$10,000	$10,000	
Annual Audit	$4,000	($550)	$3,450	$3,450	
Trustee Fees	$7,000	$0	$7,000	$7,000	
Management Fees	$36,050	$0	$36,050	$36,050	
Information Technology	$800	$0	$800	$800	
Website Administration	$475	$0	$475	$475	
Telephone	$150	($150)	$0	$0	
Postage	$800	$0	$800	$277	
Insurance	$6,483	$0	$6,483	$6,405	
Printing & Binding	$800	$0	$800	$349	
Legal Advertising	$2,000	$0	$2,000	$230	
Other Current Charges	$2,000	$0	$2,000	$455	
Office Supplies	$125	$0	$125	$55	
Property Appraiser Fee	$180	$0	$180	$229	
Property Taxes	$150	$0	$150	$8	
Meeting Room	$750	$0	$750	$1,119	
Dues, Licenses & Subscriptions	$175	$0	$175	$175	
Administrative Expenses	$117,756	($700)	$117,056	$87,775	

1

Rolling Oaks
Community Development District

Amended Budget General Fund

Adopted Budget	
Increase/	Amended Budget		
Description	FY2022	(Decrease)	FY2022	Projected	

Field Operation		
Property Insurance	$0	$7,265	$7,265	$7,265	
Utilities - Electric	$110,000	$7,693	$117,693	$117,693	
Utilities - Water & Sewer	$85,000	$0	$85,000	$76,851	
Landscape Maintenance	$85,560	$16,875	$102,435	$102,435	
Landscape Enhancements	$22,500	$24,549	$47,049	$47,049	
Landscape Irrigation	$6,500	$0	$6,500	$4,847	
Lawn Mowing/Trimming	$26,400	$0	$26,400	$26,075	
Lake Maintenance	$32,251	$3,665	$35,916	$35,916	
General Repairs & Maintenance	$0	$890	$890	$890	
Contingency	$7,370	$896	$8,266	$8,266	
Field Operation Expenses	$	375,581	$	61,834	$	437,414	$	427,288	
					
Total Expenditures	$	493,337	$	61,134	$	554,470	$	515,063	
					
Excess Revenues/(Expenditures)	$	0	$	-	$	(0)	$	39,954	

2

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Berger, Toombs, Elam, Gaines & Frank
Certified Public Accountants  PL
600 Citrus Avenue Suite200
Fort Pierce, Florida 34950
772/461-6120 // 461-1155
FAX: 772/468-9278

September 25, 2022

Rolling Oaks Community Development District Governmental Management Services, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

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, (the "District"), which comprise governmental activities and each major fund as of and for the year ended September 30, 2022, 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, 2022 and thereafter if mutually agreed upon by Rolling Oaks Community Development District and Berger, Toombs, Elam, Gaines & Frank.

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but Is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with auditing standards generally accepted in the United States of America (GAAS) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

The Responsibilities of the Auditor

We will conduct our audit in accordance with (GAAS). Those standards require that we comply with applicable ethical requirements. As part of an audit in accordance with GAAS, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Member AICPA

Fort Pierce / Stuart

Member AICPA Division for CPA Firms Private Companies practice Section

Member FICPA

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Rolling Oaks Community Development District September 25, 2022
Page2

Obtain an understanding of internal control relevant to the audit 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 District's internal 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.

Evaluate the appropriateness of accounting policies used and the reasonableness of
-------si§fli-fi.$ant-aeee- -R-ijfl timates-mase-sy-maRagement, as well as--evaklate-the- o.v...e...r..a...1. presentation of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair-presentation.

Conclude, based on the audit evidence obtained, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the District's ability to continue as a going concern for the reasonable period of time.

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 GAAS.

We will maintain our independence in accordance with the standards of the American Institute of Certified public Accountants.

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Berger, Toombs, Elam,

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Rolling Oaks Community Development District September 25, 2022
Page 3

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

Management is responsible for:

Identifying and ensuring that the District complies with the laws and regulations applicable to its activities, and for informing us about all known violations of such laws or regulations, other than those that are clearly inconsequential;

The design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the District involving management, employees who have significant roles in internal control, and others where the fraud could have a material effect on the financial statements; and

Informing us of its knowledge of any allegations of fraud or suspected fraud affecting the District received in communications from employees, former employees, analysts, regulators, short sellers, vendors, customers or others.

The Board is responsible for informing us of its views about the risks of fraud within the entity, and its knowledge of any fraud or suspected fraud affecting the entity.

Our audit will be conducted on the basis that management acknowledges and understands that it has responsibility:

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 conclude on subsequent events earlier than the date of the management representation letter referred to below;

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

To provide us with:

Access to all information of which management is aware that is relevant to the preparation and fair presentation of the financial statements including information relevant to disclosures;

Draft financial statements, including information relevant to their preparation and fair presentation, when needed to allowed for the completion of the audit in accordance with the proposed timeline;

&	Berger, Toombs, Elam,
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Rolling Oaks Community Development District September 25, 2022
Page4

Additional information that we may request from management for the purpose of the audit; and

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

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

That management has fulfilled its responsibilities as set out in the terms of this arrangement 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.

Reporting

We will issue a written report upon completion of our audit of Rolling Oaks Community Development District's financial statements. 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.

Records and Assistance

During the course of our engagement, we may accumulate records containing data that should be reflected in the of 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.

The assistance to be supplied, including the preparation of schedules and analyses of accounts, has been discussed and coordinated with lndhira Araujo. The timely and accurate completion of this work is an essential condition to our completion of the audit and issuance of our audit report.

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.

Either party may unilaterally terminate this agreement, with or without cause, upon sixty (60) days written notice subject to the condition that the District will pay all invoices for services rendered prior to the date of termination.

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Rolling Oaks Community Development District September 25, 2022
Page 5

Fees, Costs and Access to Workpapers

Our fees for the 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, 2022 will not exceed $3,675 unless the scope of the engagement is changed, the assistance which of 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.

In the event we are requested or authorized by of 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 of Rolling Oaks Community Development District, of 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 audit documentation for this engagement is the property of Berger, Toombs, Elam, Gaines, & Frank and constitutes confidential information. 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.

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Rolling Oaks Community Development District September 25, 2022
Page6

Information Security - Miscellaneous Terms

Berger, Toombs, Elam, Gaines & Frank is committed to the safe and confidential treatment of Rolling Oaks Community Development District's proprietary information. Berger, Toombs, Elam, Gaines & Frank is required to maintain the confidential treatment of client information in accordance with relevant industry professional standards which govern the provision of services described herein. of Rolling Oaks Community Development District agrees that it will not provide Berger, Toombs, Elam, Gaines & Frank with any unencrypted electronic confidential or proprietary information, and the partie_s agree to util_ize commercially reasonable measures to maintain the confidentiality of Rolling Oaks Community Development District's information, including the use of collaborate sites to ensure the safe transfer of data between the parties.

If any term or provision of this arrangement letter is determined to be invalid or unenforceable, such term or provision will be deemed stricken and all other terms and provisions will remain in full force and effect.

Because Berger, Toombs, Elam, Gaines & Frank will rely on of 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's management, which has caused, in any respect, Berger, Toombs, Elam, Gaines & Frank's breach of contract or negligence. This provision shall survive the termination of this arrangement for services.

This letter constitutes the complete and exclusive statement of agreement between Berger, Toombs, Elam, Gaines, & Frank and of 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.

Retention of Records

We will return to you all original records you provide to us in connection with this engagement. Further, in addition to providing you with those deliverables set forth in this engagement letter, we will provide to you a copy of any records we prepare or accumulate in connection with such deliverables which are not otherwise reflected in your books and records without which your books and records would be incomplete. You have the sole responsibility for retaining and maintaining in your possession or custody all of your financial and nonfinancial records related to this engagement. We will not host, and will not accept responsibility to host, any of your records. We, however, may maintain a copy of any records of yours necessary for us to comply with applicable law and/or professional standards or to exercise our rights under this engagement letter. Any such records retained by us will be subject to the confidentiality obligations set forth herein and destroyed in accordance with our record retention policies.

00 Berger, Toombs, Elam,
qJ7 Gaines & Frank
!UilkAaamr'IIIPL

Rolling Oaks Community Development District September 25, 2022
Page?

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.

Sincerely,

1,$	J(K)Tthtl 0>(}Pi,,u,J +· J1tMJ,·
BERGER, TOOMBS, ELAM, GAINES & FRANK
J. W. Gaines, CPA

Confirmed on behalf of the addressee:

0 C-tobt)·	2'-l	'LO'l] 

Judson B. Baggett
MBA, CPA, CVA, Partner
Marci Reutimann
CPA, Portner

fl 68 l 5 Dairy Rood
Zephyrhills, FL 33542
)	(813) 788-2155
(813) 782-8606

Report on the Firm's System of Quality Control

To the Partners	October 30, 2019
Berger, Toombs, Elam, Gaines & Frank, CPAs, PL
and the Peer Review Committee of the Florida Institute of Certified Public Accountants

We have reviewed the system of quality control for the accounting and auditing practice of Berger, Toombs, Elam, Gaines & Frank, CPAs, PL, (the firm), in effect for the year ended May 31, 2019. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American Institute of Certified Public Accountants (Standards).

A summary of the nature, objectives, scope, limitations of, and the procedures performed in a System Review as described in the Standards may be found at aicpa.org/prsummary. The summary also includes an explanation of how engagements identified as not performed or reported in conformity with applicable professional standards, if any, are evaluated by a peer reviewer to determine a peer review rating.

Firm's Responsibility

The firm is responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. The firm is also responsible for evaluating actions to promptly remediate engagements deemed as not performed or reported in conformity with professional standards, when appropriate, and for remediating weaknesses in its system of quality control, if any.

Peer Reviewer's Responsibility

Our responsibility is to express an opinion on the design of the system of quality control, and the firm's compliance therewith based on our review.

Required Selections and Considerations

Engagements selected for review included engagements performed under Government Auditing Standards, including a compliance audit under the Single Audit Act.

As a part of our peer review, we considered reviews by regulatory entities as communicated by the firm, if applicable, in determining the nature and extent of our procedures.

Opinion

In our opinion, the system of quality control for the accounting and auditing practice• of Berger, Toombs, Elam, Gaines & Frank, CPAs, PL, in effect for the year ended May 31, 2019, has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Firms can receive a
rating of pass, pass with deficiency(ies), or fail. Berger, Toombs, Elam, Gaines & Frank, CPAs, PL has received a peer review rating of pass.

Member

American Institute of Certified Public Accountants (AICPA) and Florido Institute of Certified Public Accountants (FICPA)

Notional Association of Cert,f,ed Valuation Analysts (NACVA)

ADDENDUM TO ENGAGEMENT LETTER BETWEEN BERGER, TOOMBS, ELAM, GAINES AND FRANK AND ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT
(DATED SEPTEMBER 25, 2022)

Public Records. Auditor shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws of the State of Florida, and specifically shall:

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

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

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
6200 LEE VISTA BLVD, SUITE 300
ORLANDO, FL 32822
TELEPHONE: 407-841-5524

Auditor: J.W. Gaines
	r
By:		

Title: Director

Date: September 25, 2022

District: Rolling Oaks CDD
By:	P===		\.--
Title:	St Cr e-ta rL=/- Date:		) 0 / 9- <-/  /  Z 2

RESOLUTION 2023-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT APPROVING THE EXECUTION OF ALL DOCUMENTS, INSTRUMENTS, AND CERTIFICATES IN CONNECTION WITH THE DISTRICT’S SERIES 2022 BONDS; SETTING FORTH THE FINAL TERMS OF THE SPECIAL ASSESSMENTS WHICH SECURE THE SERIES 2022 BONDS; ADOPTING AN AMENDED AND RESTATED ENGINEER’S REPORT; ADOPTING A SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT; AND PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.

WHEREAS, the Rolling Oaks Community Development District (the “District”) previously indicated its intention to construct and/or acquire public improvements (the “2022 Project”) as described in the Amended and Restated Engineer’s Report dated September 22, 2022 (the “Engineer’s Report”) and attached as Exhibit A;

WHEREAS, the Board of Supervisors of the District (the “Board”) is issuing its $7,635,000 Special Assessment Bonds, Series 2022 (2022 Assessment Area) (the “Series 2022 Bonds”) to finance a portion of the 2022 Project;

WHEREAS, the District desires to approve and confirm the execution of all documents, instruments and certificates in connection with the Series 2022 Bonds, which will be on file with the District Manager, (the “Bond Documents”) and to confirm the issuance of the Series 2022 Bonds;

WHEREAS, the Series 2022 Bonds will be repaid by non-ad valorem special assessments on the benefited property within the District;

WHEREAS, the District previously levied master non-ad valorem special assessments in accordance with the terms outlined in the Amended Master Assessment Methodology dated August 26, 2021 and adopted Resolution No. 2021-11 (the “Assessment Resolution”), equalizing, approving, confirming and levying such special assessments on certain property within the District, which resolution is still in full force and effect;

WHEREAS, now that the final terms of the Series 2022 Bonds have been established, it is necessary to approve the Third Supplemental Assessment Methodology dated November 9, 2022 (the “Supplemental Assessment Report”), and attached hereto as Exhibit B; and

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:

Authority for this resolution. This Resolution is adopted pursuant to Chapters 170 and 190, Florida Statutes.

Findings. The Board hereby finds and determines as follows:

The foregoing recitals are hereby incorporated as the findings of fact of the Board.
The Engineer’s Report is hereby approved.

{00115202.DOCX/}	Page 1 of 2

The 2022 Project will serve a proper, essential, and valid public purpose.
The 2022 Project will specially benefit the developable acreage located within the District as set forth in the Engineer’s Report. It is reasonable, proper, just and right to assess the portion of the costs of the 2022 Project to be financed with the Series 2022 Bonds to the specially benefited properties within the District as set forth in the Assessment Resolution, and this Resolution.
The Series 2022 Bonds will finance the construction and acquisition of a portion of the 2022 Project.
The Supplemental Assessment Report is hereby approved.

Authorization of the Execution of the Bond Documents. The execution of the Bond Documents by the officials of the District are hereby authorized and confirmed.

Assessment Lien for the Series 2022 Bonds. The non-ad valorem special assessments for the Series 2022 Bonds shall be allocated in accordance with the Supplemental Assessment Report. District staff shall record a lien evidencing such assessments in the public records.

Severability. If any section or part of a section of this Resolution is declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

Conflicts. This Resolution is intended to supplement the Assessment Resolution, which remain in full force and effect. This Resolution and the Assessment Resolution shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

Effective date. This Resolution shall become effective upon its adoption.

Approved and adopted on November 17, 2022.

Attest:

George Flint Secretary	Rolling Oaks
Community Development District

Chair/Vice Chair, Board of Supervisors	

Exhibit A –Amended and Restated Engineer’s Report dated September 22, 2022 Exhibit B – Third Supplemental Assessment Methodology dated November 9, 2022

{00115202.DOCX/}	Page 2 of 2

Exhibit A

Rolling Oaks Community Development District
Amended and Restated
Engineer’s Report

Prepared for the Rolling Oaks Community Development District

Prepared By:
Dave Schmitt Engineering

Originally dated September 19, 2016
Updated November 8, 2016
Updated September 13, 2018
Updated June 24, 2021
Updated August 26, 2021
This Report Dated September 22, 2022

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 zoning designation. A Preliminary Subdivision Plan (PS14-00016, PS15-00040, PS16-00012, PS17-00009, PS19-00004, PS19-00026 and PS20-00013) 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 provided in “PERMIT STATUS” in Exhibit E below.

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).

Purpose of this Restated Engineer’s Report

The purpose of this Amended and Restated Engineer’s Report (the “Amended and Restated Engineer’s Report”) is to update the Engineer’s Report dated September 13, 2018, to (i) incorporate the revised development plan for the District Lands (as described in Exhibit B “Legal Description of the current boundaries of the District”), (ii) update the proposed infrastructure improvements and their costs, (iii) allocate the costs of the proposed infrastructure improvements among the District Lands (iv) update the status of development and project construction, including the “2016 Project” & “2018 Project” and
(iv) identify those infrastructure improvements funded and to be funded with proceeds from the District’s issuance of its Special Assessment Bonds, Series 2016 (the “Series 2016 Bonds”) the Series 2018 Bonds (the “Series 2018 Bonds”), and the Series 2022 Bonds (the “Series 2022 Bonds”) respectively.

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 validating the District’s authority to finance, fund, plan establish, acquire, 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 Amended and Restated Engineer’s Report were also described in the Original Engineer’s Report and, therefore, comprise the Project validated in the Final Judgment.

LAND USE OF DISTRICT LANDS

Table 1 below summarizes the current land use plan for the District Lands (as described in Exhibit B “Legal Description of the current boundaries of the District”).

Table 1
Land Use Plan	
Proposed Land Use	Approximate Acreage	Units	
Single Family Detached Homes	76.70	451	
Single Family Attached (TH)	25.35	212	
Apartments	21	352	
Condominium Hotel	15.06	300	
Condominium	17.01	345	
Parking, Lake and Roadways	46.53		
Total	201.65	1660	

CURRENT CONDITIONS

Topography

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

Soils and wetlands

The soils drain very well, the groundwater table is typically well below the existing ground surface, and there are no regulated wetlands on‐site.

Status of Construction

RESTATED CAPITAL IMPROVEMENT PLAN

This Amended and Restated Engineer’s Report identifies the improvements necessary for effective and efficient development of the District Lands, including roadways, water and reclaimed water distribution systems, wastewater collection systems, landscape, hardscape, recreation and park amenities, the differential cost of undergrounding the electric 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 collector and neighborhood roadways within the District Lands. The roadways will consist of subgrade, crushed concrete base, curbing, asphalt, striping, signage and sidewalks, as required by applicable Osceola County land development regulations.

Roadways internal to the District Lands will connect into a collector road that extends from the northern 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 completed by the Developer at its expense. The estimated cost to complete the District’s funded roadway, sidewalks and walking paths total improvements is $6,133,877.59, with $3,636,493.50 already spent as part of the 2016 & 2018 Projects. All roads financed by the District will be available for use by the general public. (See Exhibit D, Category 4A)

Ownership of and maintenance responsibility for roadways within the 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. The Developer funded costs include: stormwater management system, parking, roadways, sidewalks, walking paths, landscape, signs, recreation and parks.

Water, Wastewater and Reuse Improvements

The District is within the Toho Water Authority (“Toho”) potable water, wastewater and reuse service area. Toho has existing potable water, wastewater, and effluent reuse mains in the right‐of‐way of U.S. 192 and Funie Steed Road that have sufficient capacity to serve the Development at build‐out.

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 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 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 $8,695074.29, with $6,278,656.68 already spent as part of the 2016 & 2018 Projects. (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 stormwater management 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 primarily of a master stormwater management pond that is interconnected and will discharge at 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 swales/ponds will be incorporated into the Development as amenities. The District will not finance the cost of transporting any fill to the private lots or finance the cost of any grading of such private lands. The District easement rights allow District lands to connect to Developer owned and maintained stormwater infrastructure and parking. The estimated cost to complete the District’s funded storm water management system that will support connection to District lands is
$18,625,196.80 with $13,685,300.15 already spent as part of the 2016 & 2018 Projects. (See Exhibit D, Category 3A)

Landscape and Hardscape

Landscape and hardscape along collector and neighborhood roadways within the District Boundary will be financed, designed, constructed and/or acquired by the District.

Xeriscape landscape design principles will be utilized to minimize the need for irrigation water, and existing specimen trees will be preserved and relocated throughout the District. The estimated cost to complete the District’s funded landscape and hardscape for the District lands is $4,139,328.21 with $1,976,803.21 already spent as part of the 2016 & 2018 Projects. (See Exhibit D)

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 District Lands, which improvements will serve current & future residents of the District. The amenities are anticipated to include an extensive bike and pedestrian trail system and community pools and facilities. The estimated cost to complete the District’s funded recreation and parks for the District lands is $550,000.00 with
$385,000.00 already spent as part of the 2016 & 2018 Projects. These amenities shall be accessible to the public and maintained by both the District and Rolling Oaks Splendid LLC per an Agreement By and Between the District and Rolling Oaks Splendid LLC Regarding the Joint Maintenance and Reciprocal Usage of Facilities.

Undergrounding of Other Utilities and Street Lights

As required by Osceola County land development regulations, utility conduits within the District Boundary will be installed at the District’s expense within the right‐of‐way of all collector roads. The District will finance the differential cost of undergrounding the electric utilities with proceeds from a future bond issue. The electric utility provider, Duke Energy, will be responsible for installing the electrical cable, switches, transformers, and street lighting, the latter of which will be the subject of a lease entered into by the District. The estimated cost to complete the District’s undergrounding of other utilities and street lights for the District lands is $400,000.00 with $208,400.00 already spent as part of the 2016 & 2018 Projects. 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. (See Exhibit D)

Contingency

This category includes the cost for adjustments as a result of unexpected field conditions, requirements of governmental agencies and other unknown factors that may occur throughout the course of development of lands in the District Boundary. In general, the

contingency amount is based on a percentage of the total infrastructure cost estimate. (See Exhibit D)

SERIES 2016 & 2018 PROJECT & FUTURE PROJECTS

The District’s portion of the Capital Improvement Plan is $38,449,931.28, of which

lot 10B,

$25,705,255.00 has already spent on the 2016 & 2018 Projects. Costs to be incurred by the District to Design, permit and acquire/construct the Future Projects, which costs areestimated in Exhibit D hereto, are reasonable and proper, and such project will benefit developable lands in the District Lands. The Future Project known as Phase 9 for 345 condominiums (the 2022 Project) will be developed on the proposed 17.01 acre more particularly described on Exhibit B‐1. Special assessments on the 2022 Project will secure the proposed Series 2022 Bonds. A portion of the Series 2022 Bonds proceeds will be used to fund a portion of the costs of developing the proposed Lot 10B as described in Exhibit D.

OWNERSHIP AND MAINTENANCE

Ownership and maintenance of the improvements within the District Lands described herein is anticipated as set forth in the following Exhibit C.

PERMIT STATUS

Permits for construction have been and continue to be required prior to construction of the Future Projects, including that portion included in the District Lands. Exhibit E attached hereto identifies the permits necessary for the Future Projects and their status as of the date of this Amended and Restated Engineer’s Report.

The District Engineer hereby certifies that all permits and approvals necessary to complete the 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, attached hereto as Exhibit D, outlines the anticipated costs associated with the design, permitting, construction and/or acquisition of the facilities and improvements to be funded by the District, which improvements benefit developable lands within the Revised District Lands and are for a public purpose.

ENGINEER’S OPINION

It is my professional opinion that the Summary of Estimated Costs listed on Exhibit D is sufficient to complete the construction 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 District Lands. 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 maximum price. The estimated costs are based on unit prices currently being experienced for ongoing and

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 fluctuation in costs, the final cost of the improvements described herein may be more or less than the Summary of Estimated Costs.

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

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 around Osceola County. It is there-fore my opinion that construction of the proposed 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 received by the assessable lands within the District shall equal or exceed the costs of the Future Projects.

Exhibit A: Exhibit B: Exhibit B‐1: Exhibit C: Exhibit D: Exhibit E:

Vicinity Map of the Development
Legal Description of the Current Boundaries of the District Legal Description of Future Phase 9 (345 Condominiums) Anticipated Ownership and Maintenance of CIP Project Summary of Estimated Costs
Permit Status

EXHIBIT A VICINITY MAP

CURRENT BOUNDARIES OF THE DISTRICT

ROUTE 192

FORMOSA GARDENS BLVD
BLACK LAKE ROAD

ROUTE 192
FUNIE STEED RD	W IRLO BRONSON MEMORIAL HWY

LIVINGSTON RD

ENGINEERING, INC.

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DESCRIPTION

PROJECT NO.: EH0-8

3873 AVALON PARK EAST BLVD.

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ROLLING OAKS SUBDIVISION

CHECKED BY: OMS

DAVE SCHMITT
ORLANDO, FL 32828
407-207-9088 FAX407-207-9089
CertilieationofAuthorization#27471

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REVISIONS	DAVE M. SCHMITT
FLORIOA REG. NUMBER
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10

EXHIBIT A
OSCEOLA, COUNTY

DATE: JULY 2014
DRAWN BY: ORB
SCALE:	NTS
SHEET: 1

Exhibit B
SKETCH OF DESCRIPTION
COMMUNITY DEVELOPMENT DISTRICT PROPOSED BOUNDARY DESCRIPTION
A PORTION OF SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST
DESCRIPTION	AREA ABOVE RESERVED FOR RECORDING INFORMATION

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF OSCEOLA, STATE OF FLORIDA, ANO IS DESCRIBED AS FOLLOWS:
A PORTION OF SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
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-WAY LINE OF FUNIE STEED ROAD, THE FOLLOWING TWO (2) COURSES ANO DISTANCES; (1) SOUTH 00"12'47• EAST, A DISTANCE OF 25.00 FEET; THENCE RUN SOUTH 89"12'32" WEST, A DISTANCE OF 1136.81 FEET TO A POINT ON THE EASTERLY LIMITED ACCESS RIGHT-OF-WAY LINE OF STATE ROAD NO. 429, AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION
RIGHT-OF-WAY MAP, FINANCIAL PROJECT NO. 403497-3; THENCE RUN NORTHERLY, ALONG SAID EASTERLY LIMITED ACCESS RIGHT-OF-WAY LINE, NORTH
04'02'39" WEST, A DISTANCE OF 2,594.07 FEET: THENCE DEPARTING SAID EASTERLY LIMITED ACCESS RIGHT-OF-WAY LINE, 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 CURVE TO THE LEFT, CONCAVE WEST, HAIANG A RADIUS OF 225.00 FEET AND A CENTRAL ANGLE OF 35"56'01", A CHORD THAT BEARS NORTH 20'47'43" EAST, A DISTANCE OF 138.81 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 141.11 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE CURVE TO THE RIGHT, CONCAVE EAST, HAIANG A RADIUS OF 325.00 FEET ANO A CENTRAL ANGLE OF 29'28'45", A CHORD THAT BEARS NORTH 17'34'04" EAST, A DISTANCE OF
165.38 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 167.22 FEET TO A POINT ON SAID CURVE; THENCE NORTH 32"18'2T EAST, A DISTANCE OF 558.46 FEET TO A POINT ON A NON-TANGENT CURVE TO THE LEFT, CONCAVE WEST, HAIANG A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 62'09'15", A CHORD THAT BEARS NORTH 00•37•55• EAST, A DISTANCE OF 25.81 FEET: THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 27.12 FEET TO A POINT ON SAID CURVE TO A POINT ON A NON-TANGENT CURVE TO THE RIGHT, CONCAVE EAST, HAIANG 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 ROLLING 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 ROI.LING 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 RADIUS OF 815.15 FEET AND A CENTRAL ANGLE OF 20•45'16", A CHORD THAT BEARS SOUTH 15'00'34" EAST, A DISTANCE OF 293.66 FEET: THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE. A DISTANCE OF 295.27 FEET TO A POINT ON SAID CURVE TO A POINT ON A NON-TANGENT CURVE TO THE LEFT, CONCAVE NORTH, HAVING A RADIUS OF 25.00 FEET AND A CENTRAL 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 CIRCLE, A PROPOSED 50.00 FEET WIOE PRIVATE RIGHT-OF-WAY PER THE PROPOSED PLAT OF ROLLING OAKS: SAID POINT ALSO BEING A POINT ON A REVERSE CURVE TO THE RIGHT, CONCAVE SOUTH, HAVING A RADIUS OF

475.98 FEET ANO A CENTRAL ANGLE OF 52"11'02", A CHORD THAT BEARS NORTH 55•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 ON SAID CURVE; THENCE SOUTH 85"23'14" EAST, A DISTANCE OF 584.82 FEET TO A POINT ON A CURVE TO THE LEFT, CONCAVE NORTHWEST, HAIANG A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 51•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 CURVE; THENCE NORTH 12'58'53" EAST, A DISTANCE OF 323.75 FEET TO A POINT ON A CURVE TO THE LEFT, CONCAVE WEST, HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 53'00'12", A CHORD THAT BEARS NORTH 13'31'12" WEST, A DISTANCE OF 22.31 FEET: THENCE NORTHERLY ALONG THE ARC OF SAID CURVE. A DISTANCE OF 23.13 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE CURVE TO THE RIGHT, CONCAVE SOUTH, HAIANG 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 THE ARC OF SAID CURVE, A DISTANCE OF 433.61 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE CURVE TO THE LEFT, CONCAVE NORTHEAST, HAIANG A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 50"45'20", A CHORD THAT BEARS SOUTH 25'32'20" EAST, A DISTANCE OF 21.43 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE. A DISTANCE OF 22.15 FEET TO A POINT ON SAID CURVE: THENCE SOUTH 50'55'00" EAST, A DISTANCE OF 127.25 FEET TO A POINT ON A CURVE TO THE LEFT, CONCAVE NORTHEAST, HAVING A RADIUS OF

1,243.10 FEET ANO A CENTRAL ANGLE OF 16'00'3T, A CHORD THAT BEARS SOUTH 58'55'19" EAST, A DISTANCE OF 346.23 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 347.36 FEET TO A POINT ON SAID CURVE TO A POINT ON A COMPOUND CURVE TO THE LEFT, CONCAVE NORTHWEST, HAVING A RADIUS OF 319.48 FEET AND A CENTRAL ANGLE OF 96'52'59", A CHORD THAT BEARS NORTH 54•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 CHORD THAT BEARS NORTH 07"11'20" WEST, A DISTANCE OF 86.39 FEET: THENCE 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 EASTERLY, 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'S NOTES

THE SURVEYOR HAS NOT ABSTRACTED THE LAND SHOWN HEREON FOR EASEMENTS, RIGHT OF WAY, RESlRICTIONS OF RECORD WHICH MAY AFFECT THE TITLE
OR USE OF THE LAND VE BEEN LOCATED.

NO IMPROVEMENTS HA
NOT VALID WITHOUT THE

SIGNATURE ANO THE ORIGINAL RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER.

THIS DOCUMENT CONSISTS OF 4 PAGES NOT FULL OR COMPLETE WITHOUT BOTH.
BEARINGS SHOWN HEREON ARE BASED ON EAST LINE OF SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST, WHICH BEARS SOUTH 00"15'19" EAST, ASSUMED.
SHEET 1 OF 4

THIS IS NOT A SURVEY.

SHEET 2 OF 4 AND 3 OF 4 FOR CONTINUATION OF DESCRIPTION SEE SHEET 4 OF 4 FOR SKETCH
I HEREBY CERTIFY lHA T THIS SKETCH OF

SKETCH OF DESCRIPTION COMMUNITY DE\aOPMENT DISlRICT PROPOSED BOUNDARY DESCRIPTION
A P ORTION OF
SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST
OSCEOLA COUNTY, FLORIDA

codl---+------+---1

DRAWING FILE fl
3031'102.J!OWNG OAKS
SOD-OSCEOLA COUNTY.OWG

DESCRIPTION, SUl3.£CT TO THE SURVEYOR'S NOlES CONTAINED HEREON, MEETS THE APPUCABI.E "STANDARDS Of PRACTICE" AS SET FORTH BY THE FlORIDA BOARD Of PROFESSIONAL SURVEYORS ANO MAPPERS IN CHAPTER 5J-17, FlORIDA AOMINISlRAllVE CODE, PURSUANT TO SECTION 472.027, FlORIDA STAlUTES.

XAVIER F. AGUIRRE, PSM 1/6750

DATE:	

DESCRIPTION

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

(CONTINUED)

NORTH 00•32•32• EAST; THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE Of 303.50 FEET TO A POINT ON THE SOUTH
RIGHT-Of-WAY LINE Of WEST IRLO BRONSON MEMORIAL HIGHWAY (U.S. HIGHWAY 192), A VARIABLE WIDTH PUBLIC RIGHT-Of-WAY; SAID POINT ALSO BEING A NON-TANGENT POINT OF CURVATURE TO THE RIGHT, CONCAVE SOUTHWEST, HAVING A RADIUS OF 2764.79 FEET AND A CENTRAL ANGLE OF 02°21'25", A CHORD DISTANCE OF 113.73 FEET THAT BEARS SOUTH 68"54'36" EAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 113.74 FEET TO A NON-TANGENT POINT OF CURVATURE TO THE LETT, 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, DEPARTING SAID SOUTH RIGHT-OF-WAY LINE, A DISTANCE OF 233.91 FEET TO A POINT OF TANGENCY; THENCE SOUTH 1410'01" EAST, A DISTANCE OF 261.39 FEET TO A POINT ON A CURVE TO THE RIGHT, CONCAVE WEST, HAVING A RADIUS OF 468.56 FEET AND A CENTRAL ANGLE OF 13"57'22", A CHORD THAT BEARS SOUTH 0711'20" 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 0012'39" EAST, A DISTANCE OF 267.95 FEET TO A POINT ON A CURVE TO THE RIGHT, CONCAVE NORTHWEST, HAVING A RADIUS Of 419.48 FEET AND A CENTRAL ANGLE OF 11317'02", A CHORD THAT BEARS SOUTH 56°25'52" WEST, A DISTANCE OF 700.74 FEET; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 829.39 FEET TO A POINT ON SAID CURVE TO A POINT ON A COMPOUND CURVE TO THE RIGHT, CONCAVE NORTHEAST, HAVING 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 NORTHWESTERLY 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 LETT, CONCAVE SOUTH, HAVING A RADIUS OF 100.00 FEET ANO A CENTRAL 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 1215'24" WEST, A DISTANCE OF 204.96 FEET TO A POINT ON A CURVE TO THE LETT, CONCAVE NORTHEAST, HAVING A RADIUS OF 25.00 FEET AND A CENTRAL ANGLE OF 8111'14", A CHORD THAT BEARS SOUTH 28'20'13" EAST, A DISTANCE OF 32.53 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE 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 THAT BEARS SOUTH 34°27'49" EAST, A DISTANCE OF 226.37 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 240.62 FEET TO A POINT ON SAID CURVE: THENCE SOUTH 00'00'12" WEST, A DISTANCE OF 194.01 FEET TO A POINT ON A NON-TANGENT CURVE TO THE LETT, CONCAVE EAST, HAVING A RADIUS OF 870.66 FEET ANO A CENTRAL ANGLE OF 13'03'57", A CHORD THAT BEARS SOUTH 07'45'35" EAST, A DISTANCE OF 198.12 FEET; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 198.55 FEET TO A POINT ON SAID CURVE; THENCE NORTH 72°22'31" EAST, A DISTANCE OF 4.63 FEET; THENCE SOUTH 65'02'30" EAST, A DISTANCE OF 112.55 FEET; THENCE SOUTH 74"32'04" EAST, A DISTANCE OF 109.47 FEET; THENCE SOUTH 87'04'54" EAST, A DISTANCE OF 62.66 FEET; THENCE SOUTH 6912'46" EAST, A DISTANCE OF 61.52 FEET;
THENCE SOUTH 81"52'08" EAST, A DISTANCE OF 65.58 FEET; THENCE SOUTH 75"51'13" 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 38.42 FEET; THENCE SOUTH 09•34•45• WEST, A DISTANCE OF 146.07 FEET; THENCE SOUTH 1618'18"
EAST, A DISTANCE OF 264.94 FEET TO A POINT ON A NON-TANGENT CURVE TO THE LETT, CONCAVE EAST, HAVING A RADIUS OF 255.84 FEET AND A
CENTRAL ANGLE OF 121'46'47", A CHORD THAT BEARS SOUTH 20'32'36" WEST, 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 ANGLE Of 22'07'43", A CHORD THAT BEARS SOUTH 2914'35" 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; THENCE SOUTH 1810'43" EAST, A
DISTANCE OF 217.54 FEET; THENCE SOUTH 71"49'17" WEST, 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 ANO A CENTRAL ANGLE OF 90'00'00", A CHORD THAT BEARS SOUTH 26'49'17" WEST, 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 71'49'17" WEST, A DISTANCE OF 171.74 FEET TO A POINT ON A CURVE TO THE LETT, CONCAVE SOUTHEAST, HAVING A RADIUS Of 850.00 FEET ANO A CENTRAL ANGLE Of 71"57'01", A CHORD THAT BEARS SOUTH 35"50'47" WEST, A DISTANCE OF 998.64 FEET; THENCE SOUTHWESTERLY 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 AND A CENTRAL ANGLE OF 89'06'47", A CHORD THAT BEARS SOUTH 4417'42" WEST, A DISTANCE OF 70.16 FEET: THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 77.77 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 8912'32" WEST, A DISTANCE OF 1,222.63 FEET TO THE POINT Of BEGINNING.
CONTAINING 9,868,656.01 SQUARE FEET OR 226.5532 ACRES, MORE OR LESS.

LESS ANO EXCEPT:
COMMENCE AT THE SOUTHEAST CORNER OF THE NORTHEAST 1/4 Of SECTION 4, TOWl'-ISHIP 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 POINT 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, A DISTANCE OF 51.59 FEET; THENCE SOUTH 86'02'47" WEST, A DISTANCE OF 62.74 FEET; THENCE NORTH 7817'14" WEST, A DISTANCE OF 72.21
FEET; THENCE SOUTH 82"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 LETT, 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 CURIJE, 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, HAVING A RADIUS OF 117.04 FEET ANO A CENTRAL ANGLE OF 52'27'54", A CHORD THAT BEARS NORTH 01"48'52" EAST, A DISTANCE OF 103.47 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE Of 107.17 FEET TO A POINT ON SAID CURVE; THENCE NORTH 29'03'53" WEST, A DISTANCE OF 120.68 FEET TO A POINT ON A NON-TANGENT CURIJE TO THE LETT, CONCAIJE SOUTH, HAVING A RADIUS Of 112.00 FEET ANO A CENTRAL ANGLE OF 19"51'53", A CHORD THAT BEARS SOUTH 75'28'12" WEST, 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, CONCAIJE NORTHEAST, HAVING A RADIUS OF 88.65 FEET AND A CENTRAL ANGLE Of 9518'06", 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 LETT, CONCAVE SOUTHWEST, HAVING A RADIUS Of 171.97 FEET ANO A CENTRAL ANGLE OF 02°58'01", A CHORD THAT BEARS NORTH 28'09'49" WEST, A DISTANCE OF 8.90 FEET; THENCE NORTHWESTERLY ALONG THE ARC Of SAID CURVE. A DISTANCE OF 8.91 FEET TO A POINT ON SAID CURVE TO A POINT ON A NON-TANGENT CURVE TO THE LETT, CONCAVE SOUTH, HAVING A RADIUS Of 44.58 FEET AND A CENTRAL ANGLE OF 103"42'25", A CHORD THAT BEARS NORTH 8311'14" WEST, A DISTANCE Of 70.12 FEET: THENCE WESTERLY ALONG THE ARC OF SAID CURIJE, 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 LETT, CONCAVE SOUTHWEST, HAVING A RADIUS OF 62.56 FEET ANO A CENTRAL ANGLE OF 59'21'16", A CHORD THAT BEARS NORTH 38'25'33" WEST, A DISTANCE Of 61.95 FEET; THENCE NORTHWESTERLY ALONG THE ARC Of SAID CURVE. A DISTANCE OF 64.81 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE CURVE TO THE RIGHT, CONCAVE NORTHEAST, HAVING A RADIUS OF 94.75 FEET ANO A CENTRAL ANGLE OF 35'08'16",
A CHORD THAT BEARS NORTH 50'32'03" WEST, A DISTANCE Of 57.20 FEET; THENCE NORTHWESTERLY ALONG THE ARC Of SAID CURIJE, A DISTANCE OF
58.10 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE CURVE TO THE LETT, CONCAVE SOUTH, HAVING A RADIUS Of 13.00 FEET ANO A CENTRAL ANGLE OF 70'41'37", A CHORD THAT BEARS NORTH 6818'44" WEST, 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; THENCE NORTH 16'08'01"
(CONTINUED)
SHEET 2 OF 4
SHEET 3 OF 4 FOR CONTINUATION OF DESCRIPTION SEE SHEET 4 OF 4 FOR SKETCH

DESCRIPTION

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

(CONTINUED)

WEST, 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 AND A CENTRAL ANGLE OF 55•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•35•32• EAST, A DISTANCE OF 39.17 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 39.45 FEET TO A POINT ON SAID CURVE TO A POINT ON A REVERSE 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 CURVE, 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 26'06'17" 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 REVERSE CURVE TO THE LEFT, CONCAVE NORTHWEST, HAVING A RADIUS OF
82.00 FEET AND A CENTRAL ANGLE OF 25"25'07", A CHORD THAT BEARS NORTH 45•51•25• EAST, A DISTANCE OF 36.08 FEET; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 36.38 FEET TO A POINT ON SAID CURVE TO A POINT ON A NON-TANGENT CURVE TO THE RIGHT, CONCAVE SOUTHEAST, HAVING A RADIUS OF 118.00 FEET AND A CENTRAL ANGLE OF 56"56'56", A CHORD THAT BEARS NORTH 54•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-TANGENT CURVE TO THE LEFT, CONCAVE NORTHWEST, HAVING A RADIUS OF 48.00 FEET AND A CENTRAL ANGLE OF 70"24'29", A CHORD THAT BEARS 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 NORTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 21.22 FEET TO A POINT ON SAID CURVE; THENCE NORTH 87'05'19" WEST, 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 SOUTHWESTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 171.98 FEET TO A POINT ON SAIO CURVE;
THENCE SOUTH 32•24•54• WEST, A DISTANCE OF 14.13 FEET; THENCE NORTH 57•35•05• WEST, A DISTANCE OF 23.33 FEET; THENCE NORTH 62"50'24" WEST, A DISTANCE OF 43.90 FEET; THENCE NORTH 57'35'05" WEST, A DISTANCE OF 152.31 FEET; THENCE NORTH 32'18'27" 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 AND A CENTRAL ANGLE OF 62'18'19", A CHORD THAT BEARS NORTH 63'27'36" EAST, A DISTANCE OF 440.74 FEET; THENCE NORTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 463.22 FEET TO
A POINT ON SAID CURVE; THENCE SOUTH 85"23'14" EAST, A DISTANCE OF 658.28 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 CHORD THAT BEARS SOUTH 34"27'49" EAST, A DISTANCE OF 169.78 FEET; THENCE SOUTHEASTERLY ALONG THE 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-TANGENT CURVE TO THE LEFT, CONCAVE EAST, HAVING A RADIUS OF 920.66 FEET AND A CENTRAL ANGLE OF 14"51'48", A CHORD THAT BEARS SOUTH os•37•29• EAST, A DISTANCE OF 238.16 FEET; THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 238.83 FEET TO A POINT ON SAID CURVE TO A POINT ON A NON-TANGENT CURVE TO THE LEFT, CONCAVE NORTHEAST, HAVING A RADIUS OF 315.00 FEET ANO A CENTRAL ANGLE OF 27'06'24", A CHORD THAT BEARS SOUTH 29'39'49" EAST, A DISTANCE OF 147.64 FEET; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, A DISTANCE OF 149.03 FEET TO A POINT ON SAID CURVE; THENCE SOUTH 42'05'25" WEST, A DISTANCE OF 68.36 FEET TO A POINT ON A NON-TANGENT CURVE TO THE RIGHT, CONCAVE NORTHWEST, HAVING A RADIUS OF 228.28 FEET AND A CENTRAL ANGLE OF 12"22'30", A CHORD THAT BEARS SOUTH 49'37'22" WEST, A DISTANCE OF 49.21 FEET; THENCE 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 ACRES. MORE OR LESS.

---·

CONTAINING A TOTAL OF 201.6468 ACRES, MORE OR LESS.

an. I IAngll\  --

Dllto	Cllordlent   Cllord

_, IAngll\ --

Dllto	Olardlent Cllord	an. I IAngll\

an. Table
Dllto

_ ....,.

Cllord

Cl	141.11'  224.00'  3ll'M'OI"  N20"4T4"  1l11Ll11'	C21	20U9'  100.00' ttllWOT  S70'3ll'lrW  170.W	041	:suO' 112.00' 22"1111'13"  SOZW'12"W  3UI'

».49'

C2	1117.22' 32!1.00' 211'21'46"  Nt7'34'04"E 1115.311'	C22	Jl.42'  211.00'  m1'14"  ano'1J'E  J2.ll3'	ct2	2J'IIO'U"  IOl'3n2"W  ».1T
cs	27.12'  211.00'  U'Ol'tll" � 25.111'	C2ll  240.112' zoo.00' lln0'02" SM27'41"E 22UT	ctJ	1US' 13.00' 1111'37'12" ant'112"W 17.113'

447.05'

cs	2115.27' 111.ta' 20'49'111"  Stno'J4'E  2QM'	C2li  114&� 2111.114' 121'111'4T S20'U'a"W

ctll  1111.10' 14..71'

SII0'.52'o:S"E 117.J/S

ct	ffl.11'  tll.11'  2lrlll'IIII"  Nt7'1....-W  418.43'	C24  118.1111' 870.ea' 1nnr sor4nll'E 191.12'	C44	18.04' 13.00' ....,70'41'3..7"  Slllrtl'#'E  15.04'

...,.

cs	4UT 211.00' 112'14'21"  S81'27'08"E	41.61'	ca	312.M'  Slo.00' 22'07'4J"  1121'14'Jll'E  31UO'	C4II  14.111' IIUI' ent'tll" SJll'2ll'U"E 111.111'
t:1	435-51' 471.1111' 112'11'02" IIM'31'15"E 418.11'	C27	JUT 211.00' IO'llO'OO"  S:tr48'17"W  JUI!'	ct7  ltl.70' 44.88' 10S'42'211"  913'11'14"£  70.12'
C8	3U2'  211.00' 11'31'U" Nll:5'47'IIO'E 32.1111'	C2II 10ll7.40' 8IIO.OO' 71117'01" UIW47"W INIU4'	C4II	171.IT 2'llll'OI"  SZIW'41"E  UO'
Cl	23.13'  211.00'  U00'12"  Nt3\11'12"W  22.31'	C2II	77.7T  50.00'  _...r S441T42"W  70.111'	CII  147.49' IIUS' lll"le'OI"  SW411'41"E  131.m'

CIO  43:Ut'  11:s.00' 211'&1'311" -·31'E  212.411'	C30	4UO'  221128' 12'22'30"
Cit	22.11'  211.00'  II0'45'20"  ll2n2'WE  21.43'	CS!	141.m'  311.00'  2TOll'24"

.......IMt"3T22"E.....

48.21'	ceo  all3' 112.00' tmV  ll7fla'12"E  a.114' 147.114'	 CSI  107.1T 117.114' 112'2T114" IOl'lll'll2"W 103.4T

Cl2  347# 1243.10' 1lr00'37"  S118'155'1t'E  348.2:t	CS2  zall3' no.Ill' 14'111'411" � 2a11'	C52  40.l7' 143.00' 111'2ll'OI"  Sl5'40'21'E  411.13'
CIJ 540.22' 319.411' 11'152'111" Nll4'J7'14"E 4711.12'	«:SJ 180.4T 1IIO.OO' llll'l50'02" NJ.n7'41"W 1119.78' Cl4	111.111' WM' 1n7'22"  N07'11'20"W  IIU8'	CS4  4IIJ.22' 4211.111' mnr sennrw 440.74•

...

CIII lm.7T lltl.10' 21'25'41" N00'33'1t'E 30Cl.44'	CSII	171,111' 20ll.ll1' 4Tlln$' IIU'44'U'E 1117.111' CIII  11UI' 27M.71' 2'21'22"  S8ll'llll'oll" 11UI'	 CSII	 21.22'  JO.GO' 40'32'oe"  SS1'47'05"E  tA78'
Cl7  :t:M.21' 4711.10' � SOO'OTllll"E 231.1111'	c:n	118.111' 48.00' 70'24'211" Sll7'll'$ll1'W IIU4'
CIII  114..13' 41111.1111' 1n7'22"  S07'11'20"E  113.111'	CSII	117.211' 111.00' 1111'111'1111" Sll4'37'12"W 112.112'

CII  IIZUII' 419.411' t1J'l7'02" san5'll2"W

C3II

12.00' ..--or S411'111'211"W a.GIi'

C20  J71.12' 1K!.10' 1no'08" N58'1111'JJ"W J7J.IO'	C40	1».811'  11:s.00' 7('fllS'D"  SIIIW'17"W  131.11'

SHEET 3 OF 4
SEE SHEET 4 OF 4 FOR SKETCH

Exhibit B
SKETCH OF DESCRIPTION
COMMUNITY DEVELOPMENT DISTRICT PROPOSED BOUNDARY DESCRIPTION

1:

,-----,--r-------:-A P-O-R-TIO-N--OF--SE-CTION--4-, TO--WN...,S1HIP 25 SOUTH, RANGE 27 EAST

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LESS AND EXCEPT

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S00'12'47"E  25.00'  1.32
Slllrl2'32"W  11a.at'  1.33
N04'02'.1l"W 2lit4.01' 1.34 N1IO'OO'oo'E 5a3II' L3ll 1138'46'43"[ 7t.O&'  L3ll
tm'la'27"E lll8.41'  1.37
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Sllll'2S'14'E 1184.12'  1.311
N12'118'53"E 323.711'  L40

m'l9'1rw 171.74'
SIIO'll7'44'E 254.17'
Slllrl2'32"W 1222.83'

N42'0l5'2S"E  ....---ea.311'

llllft4'111"W N00'05'42"E 1.05' HW40'00"E 84.0II'
......,..NOO'OO't2"£  194.14'

LIO

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L41

Nll5'23'14"W

Ll1 U2 U3
Ll4
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L18
L17
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L20
L2t
L22
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L24
L28

NOO'l2'»"W JIii.ti'  1M
N141lll'U"W 281.38'  w
st4'IO'Ol'E 281.38' L44 SOO'IZ'a'E 287.INf L48 st2'111'24"W 204.INS' L48 S88'llll'IIO'E 211.311'  L.47
SOO'OO't2"W 184.0I'  L48
N72'22'31'E  U3'	1.41
sml2'30"E 112.511' LIO S74"32'o4'E 10M7'  Lit
SIS7"04'114"E SUI'  Ul2
..-.r411'E 111.112'	Ul3
181'l2'08"E  811.111'	1.114
17n1'13'E  121.112'	1.1111
181'211'U"E 103.III'	Ul8

S32'111'2rw 21.34'
S5ntl'05'E 1112.J!' 1112'110'24'E 43.IO'
S&7'3nll'E  23.33'
N32'24'M'E 14.13'
NW31'30'E 88.03' smll'11'E 12.1G' 122'41..-W 7UI'
l7n0'2rw  t.44'
stflll'Ol'E 11.0t' N78'20'27"E U3'
m'Oftn: 27.83'
ll2tWV'!  120.111'
H44'211'11G'E 111.71'
N7ll'OS'04'E 231.11'

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L28

S44'25'11'E

Ul8

NU"47'111'E 87.IW

L27
L28
I	L2I

Slill'34'28"W 311.42'	Ul8
sor.M'48"W  148.07'	LIO
Slll'11'1n:  284.14'	LIit

1711"17'14'1 72.21'
N88'02'47"E
SU'44'3t'E  111.118'

mI	uo

st8'10'43"E

L82

S83'08'3t'E 113.41'

t'

POB SW CORNER OF LOT 1

L3t  m'l9'1rw !OD.GO'	Ul3  S71'311'111'E 143.111'

PB 7, PG 152
L2

.....

(.)�
SHEET 4 OF 4 - NOT FULL OR COMPLETE WITHOUT ALL SHEETS.
SEE SHEETS 1 OF 4, 2 OF 4, & 3 OF 4 FOR DESCRIPTION, NOTES, AND CERTIFICATION.

LEGEND AND ABBREVIATIONS

AIVIER.ICA.N

--· --·- POND 4 lRACT PROPERlY LINE
- - - - PROPERTY LINE

+

-	0UAA1ER SECllON LINE
-	RIGHT-OF-WAY LINE
- - - SECTION LINE
SECllON CORNER
LB PB
VATURE

PCC POINT OF COMPOUND CURVE PG	PAGE(S)
PNT POINT OF NON-TANGENCY POB POINT OF BEGINNING
POC POINT OF COMMENCEMENT
PRC POINT OF REVERSE CURVATURE PSM PROFESSIONAL SURVE"IOR & MAPPER PT	POINT OF TANGENCY
R/W RIGHT OF WAY TOB	OF BANK

SURVEYING
& MAPPING INC.
CERTiflCATION OF AUlHORIZA110N NUMBER LB#6393 3191 MAGUIRE 80ULEVARO, SUITE 200
ORLANDO, FLORIDA 32803
(407) 426-7979
WWW.AMERICANSURVEYINGANDMAPPING.COM

EXHIBIT B‐1
Future Phase 9
(345 Condominiums)

A PARCEL OF LAND COMPRISING A PORTION OF LOT 10 ROLLING OAKS, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 26, PAGES 116 THROUGH 125 OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA, LYING IN SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA.
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGIN AT THE SOUTHEAST CORNER OF THE RIGHT OF WAY FOR FINS UP CIRCLE, ACCORDING TO SAID ROLLING OAKS; THENCE RUN ALONG THE EASTERLY RIGHT OF WAY LINE OF SAID FINS UP CIRCLE AND THE NORTHERLY LINE OF SAID LOT 10 THE FOLLOWING COURSES: NORTH 38° 45' 43" EAST FOR A DISTANCE OF 36.01 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 275.00 FEET, WITH A CHORD BEARING OF NORTH 26° 22' 56" EAST, AND A CHORD DISTANCE OF 117.92 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 45' 35" FOR A DISTANCE OF 118.84 FEET TO A NON‐TANGENT LINE THENCE DEPARTING SAID NORTHERLY LINE AND EASTERLY RIGHT OF WAY LINE RUN SOUTH 82° 07' 30" EAST FOR A DISTANCE OF 101.53 FEET; THENCE RUN SOUTH 52° 21' 52" EAST FOR A DISTANCE OF 46.43 FEET TO A POINT ON THE EASTERLY LINE OF AFORESAID LOT 10, ALSO BEING A POINT ON A NON‐TANGENT CURVE, CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 85.00 FEET, WITH A CHORD BEARING OF SOUTH 10° 53' 25" WEST, AND A CHORD DISTANCE OF 85.34 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 60° 15' 48" FOR A DISTANCE OF 89.40 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 101.01 FEET, WITH A CHORD BEARING OF SOUTH 05° 28' 30" WEST, AND A CHORD DISTANCE OF 84.47 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 49° 25' 59" FOR A DISTANCE OF 87.15 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 31.26 FEET, WITH A CHORD BEARING OF SOUTH 27° 03' 52" EAST, AND A CHORD DISTANCE OF 43.03 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 86° 59' 37" FOR A DISTANCE OF 47.46 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 230.06 FEET, WITH A CHORD BEARING OF SOUTH 42° 58' 21" EAST, AND A CHORD DISTANCE OF 329.62 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 91° 30' 51" FOR A DISTANCE OF 367.46 FEET TO THE CUSP OF A CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 39.37 FEET, WITH A CHORD BEARING OF SOUTH 58° 34' 12" EAST, AND A CHORD DISTANCE OF 44.77 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 69° 18' 06" FOR A DISTANCE OF 47.62 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 171.90 FEET, WITH A CHORD BEARING OF SOUTH 69° 23' 46" EAST, AND A CHORD DISTANCE OF 197.12 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 69° 58' 08" FOR A DISTANCE OF 209.92 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 54.38 FEET, WITH A CHORD BEARING OF SOUTH 66° 04' 24" EAST, AND A CHORD DISTANCE OF 74.02 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 85° 46' 26" FOR A DISTANCE OF 81.41 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 331.75 FEET, WITH A CHORD BEARING OF NORTH 85° 30' 21" EAST, AND A CHORD DISTANCE OF 143.19 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 55' 32" FOR A DISTANCE OF 144.32 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 73.62 FEET, WITH A CHORD BEARING OF SOUTH 41° 43' 16" EAST, AND A CHORD DISTANCE OF 100.98 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 86° 35' 56 " FOR A DISTANCE OF 111.27 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN SOUTH 00° 58' 50" EAST FOR A DISTANCE OF 222.41 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE WESTERLY HAVING A RADIUS OF 100.00 FEET, WITH A CHORD BEARING OF SOUTH 11° 22' 56" WEST, AND A CHORD DISTANCE OF 42.82 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 43' 33" FOR A DISTANCE OF 43.15 FEET TO A POINT OF TANGENCY; THENCE RUN SOUTH 23° 44' 43” WEST FOR A DISTANCE OF 95.63 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE NORTHEASTERLY HAVING A RADIUS OF 118.32 FEET, WITH A CHORD BEARING OF NORTH 84° 38' 12" WEST, AND A CHORD DISTANCE OF 226.96 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 147° 06' 27" FOR A DISTANCE OF 303.79 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 46.46 FEET, WITH A CHORD BEARING OF NORTH 63° 55' 18"

WEST, AND A CHORD DISTANCE OF 74.08 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 105° 43' 37" FOR A DISTANCE OF 85.73 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN SOUTH 73° 03' 27" WEST FOR A DISTANCE OF 82.74 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE NORTHERLY HAVING A RADIUS OF 149.19 FEET, WITH A CHORD BEARING OF NORTH 76° 00' 15" WEST, AND A CHORD DISTANCE OF 153.40 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 61° 52' 37" FOR A DISTANCE OF 161.12 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 159.94 FEET, WITH A CHORD BEARING OF NORTH 73° 49' 34" WEST, AND A CHORD DISTANCE OF 153.91 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 57° 31' 15" FOR A DISTANCE OF 160.57 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 130.68 FEET, WITH A CHORD BEARING OF NORTH 65° 34' 39" WEST, AND A CHORD DISTANCE OF 157.32 FEET; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 74° 01' 04" FOR A DISTANCE OF 168.82 FEET TO THE CUSP OF A CURVE, CONCAVE NORTHEASTERLY HAVING A RADIUS OF 62.06 FEET, WITH A CHORD BEARING OF NORTH 75° 02' 54" WEST, AND A CHORD DISTANCE OF 65.95 FEET; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 64° 11' 16" FOR A DISTANCE OF 69.53 FEET TO THE CUSP OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 187.57 FEET, WITH A CHORD BEARING OF SOUTH 84° 34' 59" WEST, AND A CHORD DISTANCE OF 165.10 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 52° 13' 20" FOR A DISTANCE OF 170.96 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN NORTH 72° 07' 39" WEST FOR A DISTANCE OF 55.47 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 35.50 FEET, WITH A CHORD BEARING OF NORTH 58° 28' 06" WEST, AND A CHORD DISTANCE OF 52.63 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 95° 40' 25" FOR A DISTANCE OF 59.28 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 170.82 FEET, WITH A CHORD BEARING OF SOUTH 56° 16' 52" WEST, AND A CHORD DISTANCE OF 95.17 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 32° 20' 56" FOR A DISTANCE OF 96.44 FEET TO A POINT ON A NON‐ TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 142.13 FEET, WITH A CHORD BEARING OF SOUTH 25° 18' 36" WEST, AND A CHORD DISTANCE OF 43.05 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 17° 25' 13" FOR A DISTANCE OF 43.21 FEET TO A POINT ON A NON‐ TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 71.53 FEET, WITH A CHORD BEARING OF SOUTH 08° 44' 42" WEST, AND A CHORD DISTANCE OF 21.76 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 17° 29' 51" FOR A DISTANCE OF 21.84 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN NORTH 90° 00' 00" WEST FOR A DISTANCE OF 113.99 FEET; THENCE DEPARTING SAID EASTERLY LINE RUN NORTH 04° 05' 30" WEST FOR A DISTANCE OF 13.61 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE EASTERLY HAVING A RADIUS OF 62.00 FEET, WITH A CHORD BEARING OF NORTH 13° 03' 29" EAST, AND A CHORD DISTANCE OF 36.56 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 34° 17' 59" FOR A DISTANCE OF 37.12 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 30° 12' 28" EAST FOR A DISTANCE OF 75.92 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 138.00 FEET, WITH A CHORD BEARING OF NORTH 25° 15' 12" EAST, AND A CHORD DISTANCE OF 23.84 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 09° 54' 33" FOR A DISTANCE OF 23.87 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 20° 17' 56" EAST FOR A DISTANCE OF 51.33 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 337.40 FEET, WITH A CHORD BEARING OF NORTH 13° 44' 12" EAST, AND A CHORD DISTANCE OF 80.88 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 13° 46' 04" FOR A DISTANCE OF 81.08 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 263.00 FEET, WITH A CHORD BEARING OF NORTH 22° 48' 26" EAST, AND A CHORD DISTANCE OF 144.59 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 31° 54' 34" FOR A DISTANCE OF 146.47 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 38° 45' 43" EAST FOR A DISTANCE OF 501.37 FEET TO THE POINT OF BEGINNING.

CONTAINING 17.01 ACRES MORE OR LESS.

EXHIBIT C

Anticipated Ownership and Maintenance of CIP	
Proposed Infrastructure Improvement	Ownership	Maintenance	
Roadways	District	District	
Water Distribution	Toho	Toho	
Wastewater Collection	Toho	Toho	
Reuse Distribution	Toho	Toho	
Stormwater Management	District	District	
Landscape and Hardscape	District	District	
Recreation and Parks	District/Developer	District/Developer	
Other Utilities and Street Lights	Duke Energy	District (Lease)	

EXHIBIT D
SUMMARY OF ESTIMATED COSTS*

	A	B	C	D	E	F	

1	

Category	Total District Funded CIP	
Phase 5&6 (451 SF Lots
Spent To Date	Phase 7 (212 SF Detached Lots
/300 Condo Hotel) Current Phase	Future Phase 9
(345 Condominium)	Future Phase 8
(352 Apartments)	

2			
2016 Project	
2018 Project	
2022 Project	
Future Project	

3	Stormwater
Management
System and Parking	

$  18,625,196.80	

$7,507,230.93	

$6,178,069.22	

$3,294,911.07	

$1,644,985.58	

4	Roadways, Sidewalks and
Walking Paths	

$	6,133,877.59	

$1,994,840.90	

$1,641,652.60	

$1,665,755.19	

$831,628.90	

5	Master Water Facilities	
$	2,245,864.46	
$797,608.36	
$656,391.10	
$528,173.96	
$263,691.05	

6	Master Sewer Facilities	
$	5,204,334.79	
$2,118,349.93	
$1,743,294.25	
$895,574.64	
$447,115.97	

7	Master Reuse Facilities	
$	1,244,875.04	
$528,272.03	
$434,741.01	
$188,001.95	
$93,860.05	

8	Landscaping and Signs	
$	4,139,328.21	
$240,458.67	
$1,736,344.54	
$1,442,404.18	
$720,120.83	

9	Professional
Fees and Municiple Fees
& Contingencies	

$	856,454.39	

$53,319.18	

$74,682.28	

$485,878.10	

$242,574.83	

10	Total Project
Cost of	
$  38,449,931.28	
$13,240,080.00	
$12,465,175.00	
$8,500,699.08	
$4,243,977.20	
*Developer Has Funded & Contributed Approximately $6.96 Million Towards the Developer's Allocation of District CIP as Originally Reported in Engineer's report Updated on November 8, 2016. (Developer funded costs include: stormwater management system, parking, roadways, sidewalks, walking paths, lighting and lighting infrastructure, landscape, signs, recreation and parks).

Exhibit E
Permit Status
Approval	Issue Date	
PSP Approval Osceola County (PS14-00016)	January 23, 2015	
PSP (Revised) Approval Osceola County (PS14-00016)	August 19, 2015	
PSP (Revised) Approval Osceola County (PS15-00040)	April 07, 2016	
PSP Approval Osceola County (PS16-00012)	September 21, 2016	
PSP Approval Osceola County (PS17-00009)	June 21 2017	
PSP Approval Osceola County (PS19-00004)	June 18, 2019	
PSP Approval Osceola County (PS19-00026)	January 9, 2020	
PSP Approval Osceola County (PS20-00013)	October 21, 2020	
Mass Grading Approval Osceola County (SDP14-0007)	November 3, 2014	
Mass Grading (Revised) Approval Osceola County (SDP14-0007)	August 24, 2015	
Mass Grading (Revised) Approval Osceola County (SDP 15-0066)	April 26, 2016	
Mass Grading Approval Osceola County (SDP16-0080)	August 23, 2016	
Mass Grading (Revised) Approval Osceola County (SDP 16-0080)	January 31, 2017	
Mass Grading (Revised) Approval Osceola County (SDP 16-0080)	February 22, 2018	
SFWMD Permit (#49-01801-P-02)	August 11, 2014	
SFWMD Permit Modification (#49-01801-P-03)	August 12, 2015	
SFWMD Permit Modification (#49-01801-P-02)	April 25, 2016	
SFWMD Permit Modification (#49-01801-P-02)	November 04, 2016	
SFWMD Permit Minor Modification (#49-01801-P-02)	January 04, 2017	
SFWMD Permit Minor Modification (#49-01801-P-02)	February 09, 2017	
SFWMD Permit Minor Modification (#49-01801-P-02)	February 20, 2018	
SFWMD Permit Minor Modification (#49-01801-P-02)	April 17, 2018	
SFWMD Permit Minor Modification (#49-01801-P-02)	June 14, 2019	
SFWMD Dewatering Permit (#49-02372-W)	August 21, 2014	
SFWMD Dewatering Permit Extension (#49-02372-W)	August 24, 2015	
SFWMD Individual Water Use Permit (#49-02372-W)	November 4, 2017	
SFWMD Permit (49-102723-P)	October 1 , 2020	
SFWMD Permit (49-103850-P)	October 1, 2020	
Master Utility Plan – Toho Approval (Phase 1A)	September 9, 2015	
Revised Master Utility Plan – Toho Approval (Phase 1A)	August 24, 2016	
Osceola County SDP Approval (SDP15-0057)	September 22, 2015	
Osceola County SDP Approval Phase 5A (SDP16-0117)	January 23, 2017	
Osceola County SDP Approval Phase 5A (SDP16-0117)	January 23, 2017	
Osceola County SDP (Revised) Approval Phase 5A (SDP16-0117)	April 18, 2017	
Osceola County SDP (Revised) Approval Phase 5A (SDP16-0117)	June 02, 2017	
Osceola County SDP (Revised) Approval Phase 5A (SDP16-0117)	June 23, 2017	
Osceola County SDP Approval Phase 6 (SDP17-0095)	April 16, 2018	
Osceola County PD Approval Minor Amendment (PD19-00027)	November 21, 2019	
Osceola County SDP Approval Phase 1B (SDP15-0119)	April 4, 2018	
Osceola County SDP Approval Phase 1A Gate entry (SDP20-0050)	September 11, 2020	
Osceola County SDP Approval Phase 1B Roundabout (SDP19-0167)	March 24, 2020	
Osceola County SDP Approval Phase 1B Pad 3 (SDP19-0106)	December 11, 2019	
Osceola County SDP Approval Phase 1B Sales Office Rev 11	June 10, 2019	

(SDP15-0119)		
Osceola County SDP Approval Phase 3B (SDP17-0014)	December 26, 2018	
Osceola County SDP Pending Approval Margaritaville Hotel (East Wing Addition)	TBD	
Osceola County SDP Approval Phase 7 (SDP20-0108)	March 24, 2021	
Osceola County SDP Approval Phase 8 (SDP20-0086)	December 17, 2020	
Osceola County SDP Approval Phase 10 (SDP20-0085)	December 17, 2020	
Toho Approval (#150046.ar.rh)	August 21, 2015	
Toho Approval Phase 5A (#160102.ar.rh)	March 14, 2017	
Toho Approval Phase 7 (#190031.ge.ka)	November 20, 2019	
Toho Approval Phase 3 (160041.ar.lm)	August 26, 2016	
FDEP Water Permit Phase 1A (0125823-827-DSGP)	October 1, 2015	
FDEP Water Permit DeBartolo Apartments (0125823-255-DSGP)	September 25, 2015	
FDEP Water Permit Phase 1B (0125823-307-DSGP)	February 8, 2018	
FDEP Water Permit Phase 3 (0125823-306-DSGP)	January 31, 2018	
FDEP Water Permit Phase 5A (0125823-288-DSGP)	April 17, 2017	
FDEP Water Permit Phase 5A (0125823-296-DSGP)	August 29, 2017	
FDEP Water Permit Phase 6 (0125823-316-DSGP)	August 22, 2018	
FDEP Water Permit Phase 7 (0125823-374-DSGP)	June 3, 2021	
FDEP Water Permit Phase 10 (0125823-371-DS)	May 20, 2021	
FDEP Water Permit Phase 10 (0125823-372-DSGP)	May 27, 2021	
FDEP Sewer Permit Phase 1A (CS49-0338390-001)	October 6, 2015	
FDEP Sewer Permit DeBartolo Apartments (CS49-0338255-001)	September 28, 2015	
FDEP Sewer Permit Phase 1B (0345652-009-DWC/CG)	February 9, 2018	
FDEP Sewer Permit Phase 3 (0338390-002-DWC/CM)	February 7, 2018	
FDEP Sewer Permit Phase 5A (034565-006-DWC/CM)	April 27, 2017	
FDEP Sewer Permit Phase 5A (034565-008-DWC/CM)	September 01, 2017	
FDEP Sewer Permit Phase 6 (0345652-011-DWC/CM)	August 31 , 2018	
FDEP Sewer Permit Phase 7 (0345652-015-DWC/CM)	June 2, 2021	
FDEP Sewer Permit Phase 8 (0345652-013-DWC/CM)	May 21, 2021	
FDEP Sewer Permit Phase 10 0345652-014-DWC/CM	June 1, 2021	
Federal Aviation Administration North Tower	October 10, 2020	
Federal Aviation Administration South Tower	October 15, 2020	
Rolling Oaks Apartments		
Osceola County Approval (SDP15-0077)	August 11, 2015	
Toho Approval (#140096.GE/RH)	August 29, 2015	
*Additional Permitting is Anticipated for Future Project	

Exhibit B

THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

FOR ROLLING OAKS
COMMUNITY DEVELOPMENT DISTRICT

Date: November 9, 2022

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Table of Contents

1.0 Introduction	3
Purpose	3
Background	4
Special Benefits and General Benefits	5
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	6
2.0 Assessment Methodology	6
Overview	6
Allocation of Assessments	6
Allocation of Benefit	7
Lienability Test: Special and Peculiar Benefit to the Property	8
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	8
True-Up Mechanism	9
Assessment Roll	9
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

GMS-CF, LLC does not represent the Rolling Oaks Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Rolling Oaks Community Development District with financial advisory services or offer investment advice in any form.

1.0	Introduction

The Rolling Oaks Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes, as amended (the “District”). The District’s Board of Supervisors previously adopted a Master Assessment Methodology Report, dated September 19, 2016, which was amended on August 26, 2021 (“Master Methodology”), and the Engineer’s Report, which was last amended on September 22, 2022, detailing the Capital Improvement Plan (“CIP”). 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 have fully been assigned to 500 SF Platted Lots and are fully secured by the Series 2016 Assessments. All remaining portions of District lands are free from the lien created by the Series 2016 Bonds. The District later issued Special Assessment Bonds, Series 2018 (2018 Project), in the principal amount of
$13,160,000 (the “Series 2018 Bonds”) for the purpose of financing certain infrastructure improvements within the District, more specifically described in the Engineer’s Report, which was last amended on September 22, 2022, prepared by David Schmitt Engineering, as may be amended and supplemented from time to time (the “Engineer’s Report”). The Series 2018 Bonds have fully been assigned to 163 SF Platted Lots and 300 Condo Platted Lots. The Engineer’s Report contains the details of the portion of CIP that was financed by the Series 2016 Bonds (the “2016 Project”), a portion of the District that was financed by Series 2018 Bonds (the “2018 Project”), as well as the portion of the CIP necessary for the completion of Phase 9 of the Development, which includes 345 condominium units within the District (the “2022 Project”). The District will issue on November 22, 2022,
$7,635,000 of Special Assessment Bonds, Series 2022 (2022 Assessment Area)(“Series 2022 Bonds”) for the purpose of financing the Series 2022 Project described in the Engineer’s Report. The Series 2022 Bonds will be secured by non-ad valorem special assessments (“Series 2022 Special Assessments”) which will be allocated to the benefitting properties of the 2022 Project within Phase 9 of District (herein the “2022 Assessment Area”).

Purpose

This Third Supplemental Assessment Methodology Report (the “Assessment Report”) supplements the Master Methodology and provides an assessment methodology for allocating the Series 2022 Special Assessments levied by the District that will secure the repayment of the Series 2022 Bonds based upon the benefit the assessable property within the 2022 Assessment Area within the District receives from the 2022 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 has imposed non-ad valorem special assessments on the benefited lands within the 2022 Assessment Area within District. It is anticipated that the proposed Series 2022 Special Assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes, or may be directly collected or collected by any other legal means available to the District. The decision to collect the Series 2022 Special 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 discretion to select collection methods in any given year, regardless of past practices. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 201.65 acres within unincorporated Osceola County, Florida. The proposed development of Phase 9 constituting the 2022 Assessment Area is depicted in Table 1. It is recognized that such land use plan 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
$38,449,931. The Engineer’s Report also contains the estimated cost of the 2022 Project in the amount of $8,500,699. The infrastructure improvements comprising the 2022 Project described in the Engineer’s Report will provide a portion of the facilities necessary to develop the anticipated land use within Phase 9 of the District constituting the 2022 Assessment Area and that benefit such property within the District.

The assessment methodology is a four-step process.

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 2022 Project
The District Engineer determines the assessable acres that benefit from the District’s 2022 Project.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the 2022 Project.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis within the District. Then the Series 2022

Assessments will be allocated to the planned 345 condominium units according to the methodology set forth herein.

Special Benefits and General Benefits

The 2022 Project undertaken by the District creates special and peculiar benefits to certain property within the boundaries of the 2022 Assessment Area, different in kind and degree than general benefits realized by the public at large and other areas within the District.

As discussed in this Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits that accrue to certain property within the 2022 Assessment Area within the District. The implementation of the CIP, including the 2022 Project, enables properties within the District’s boundaries to be developed. Without the District’s CIP, including the 2022 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.

There is no doubt that the general public and property owners outside the District and within the District but outside the 2022 Assessment Area will benefit from the provision of the CIP, including the 2022 Project. However, these benefits will be incidental to the CIP, which is designed to meet the needs of property within the 2022 Assessment Area within the District. Properties outside the District boundaries and within the District but outside the 2022 Assessment Area do not depend upon the CIP as does property within the 2022 Assessment Area within the District boundaries. The property owners within the 2022 Assessment Area 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:

The properties must receive a special benefit from the improvements for which they are paying.
The assessments must be fairly and reasonably allocated to the properties assessed.

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 $38,449,931. The District’s Underwriter has determined that financing costs required to fund the infrastructure improvements constituting the 2022 Project, which represents a portion of the CIP including the cost of issuance of the Series 2022 Bonds, funding of a debt service reserve and funding capitalized interest, will be $7,635,000. Additionally, funding required to complete the CIP is anticipated to be funded by the Developer. Without the CIP, including the 2022 Project, the property would not be able to be developed and occupied by future residents of the community.

2.0	Assessment Methodology

Overview

The District will issue on November 22, 2022, $7,635,000 in aggregate principal amount of Series 2022 Bonds to fund (i) a portion of the costs of the 2022 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 2022 Bonds, and (iv) cost of issuance. It is the purpose of this Assessment Report to allocate the Series 2022 Special Assessments securing the $7,635,000 aggregate principal amount in Series 2022 Bonds to the properties within the 2022 Assessment Area benefiting from the 2022 Project.

Table 1 identifies the land use as identified by the Developer of the land within the 2022 Assessment Area within the District. The Engineer’s Report contains the cost estimates and descriptions of the 2022 Project needed to support the Development within the 2022 Assessment Area 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 2022 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 improvements, each of which is necessary for development of the units within the District, the CIP benefits all developable acres within the District.

Series 2022 Special Assessments

Initially, the District will levy the Series 2022 Special Assessments on an equal acreage basis to the remaining unassigned property within the District constituting the 2022 Assessment Area. Phase 9 of the Development constituting the 2022 Assessment Area is planned for 345 condominium units. As the property within Phase 9 of the Development is platted or made subject to a Declaration of Condominium, the Series 2022 Special Assessments will be allocated to each lot or condominium unit as detailed in Table 6.

The Series 2022 Special Assessments will be allocated to the Assigned Properties based on the benefits they receive as set forth herein (“Assigned Properties”). The Unassigned Properties, defined as property that has not been platted as a single family subdivision or made subject to a Declaration of Condominium, and assigned development rights, will continue to be assessed on a per acre (equal acreage) basis (“Unassigned Properties”). Eventually the development plan will be completed and the Series 2022 Special Assessments securing the Series 2022 Bonds will be allocated to the property within Phase 9 of the Development constituting the 2022 Assessment Area within the District, which property is the beneficiary of the 2022 Project, as depicted in Table 6. If there are changes to the development plan causing a change in the ultimate number of platted lots or condominium units, a true up of the assessment(s) will be calculated to determine if a debt reduction or true-up payment from the Developer is required. The process is outlined in Section 3.0.

Allocation of Benefit

The 2022 Project consists of infrastructure improvements detailed in the Engineer’s Report and summarized on Table 2. Table 4 shows the allocation of benefit of the 2022 Project to the particular land use. It is important to note that the benefit derived from the CIP and 2022 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, including the 2022 Project are added to the 2022 Assessment Area within the District boundaries, whether by boundary amendment or increase in density, the Series 2022 Special Assessments will be allocated to such lands pursuant to the methodology described herein.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed 2022 Project will provide several types of systems, facilities and services to District property owners within the 2022 Assessment Area. These infrastructure improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the infrastructure improvements to the properties.

Once these determinations are made, they are reviewed in the light of the special benefits peculiar to the property, which flow to the properties as a result of their logical connection from the improvements in fact actually provided.

For the provision of the CIP, represented by the 2022 Project, the special and peculiar benefits are:

Ability to develop and provide all 345 condominium units,
added use of the property,
added enjoyment of the property, and
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 constituting the 2022 Project 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 within the 2022 Assessment Area derived from the acquisition and/or construction of the 2022 Project have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the 2022 Assessment Area within 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 the one product type (Table 6) planned for Phase 9 of the Development. These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned for the 2022 Assessment Area and the entire 2022 Project 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 platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its Series 2022 Special Assessments to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of the Series 2022 Special Assessments on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted without all of the Series 2022 Special Assessments being allocated. To preclude this, after any of the Series 2022 Special Assessments are assigned to condominium units, at the time the remaining Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated Series 2022 Special Assessments that remains on the Unassigned Properties, taking into account the proposed plat, or site plan approval or recording of the declaration of condominium. If the total anticipated Series 2022 Special Assessments to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service payments for the Series 2022 Bonds then no adjustment is required. In the case that the Series 2022 Special 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 Series 2022 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 portion of the CIP constituting the 2022 Project are added to the District boundaries, whether by boundary amendment or increase in density, the 2022 Special Assessments will be allocated to such lands pursuant to the methodology described herein.
Assessment Roll

The District will initially levy the Series 2022 Special Assessments as detailed in the Assessment Roll. As Assigned Property becomes known with certainty, the District will refine its allocation of the Series 2022 Special Assessments from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update these tables to reflect the changes. The preliminary assessment roll for the Series 2022 Bonds is depicted in Table 7.

TABLE 1
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

No. of
Product Types	Units *
Condominium	345
Total Units	345

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

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 2
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY		

2022 Project (1)	
Estimated Cost	

Stormwater Management System and Public Parking	
$3,294,911	
Roadways, Sidewalks and Walking Paths	$1,665,755	
Master Water Facilities	$528,174	
Master Sewer Facilities	$895,575	
Master Reuse Facilities	$188,002	
Landscaping and Signs	$1,442,404	
Professional Fees & Contingencies	$485,878	
Total Costs	$8,500,699	

(1) A detailed description of these improvements is provided in the Engineer's Report
last revised on September 22, 2022

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 3
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT BOND SIZING
THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

Sources	Series 2022 Bonds

Par Amount	$7,635,000.00

Total Sources	$7,588,609.50

Uses	Amount

Original Issue Discount	-$46,390.50

Construction Funds	$6,220,765.38
Debt Service Reserve	$576,162.50
Capitalized Interest	$456,231.62
Underwriters Discount	$152,700.00
Cost of Issuance	$182,750.00

Total Uses	$7,588,609.50

*

Average Coupon Amortization Capitalized Interest Debt Service Reserve Underwriters Discount

6.42%
30 years Thru 11/1/23 Max Annual D/S
2%

Bond Assumptions:

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 4
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BENEFIT
THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	No. of Units *

Total Improvements Costs Per Product Type

Improvement Costs Per Unit

Condominium	345	$8,500,699	$24,640 Totals	345	$8,500,699
* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 5
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT
ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	No. of Units *	Improvement Costs Per Unit	Par Debt Per Unit - Master
Methodology**	Allocation of Par Debt Per
Product Type	Par Debt Per Unit	

Condominium	
345	
$24,640	
$31,764	
$7,635,000	
$22,130	
Totals	345		$31,764		$22,130	

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

**Per Master Assessment Methodology dated August 26, 2021

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 6
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT
PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY

Product Types	
No. of Units *	
Par Debt Per Product Type	
Par Debt Per Unit	
Maximum Annual Debt Service	Net Annual Assessment Per Unit	Gross Annual Assessment Per Unit (1)	

Condominium	
345	
$7,635,000	
$22,130	
$576,163	
$1,670	
$1,777	
Totals	345			$576,163			

(1) This amount includes 6% collection fees and early payment discounts when collected on the Osceola County Tax Bill

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

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 7
ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL
THIRD SUPPLEMENTAL ASSESSMENT METHODOLOGY				

Series 2022 Bonds				
		
Series 2022 -	
Series 2022 -	
Series 2022 - Net	Series 2022 - Gross Annual Debt	

Property	Owner	
Acres	Total Par Debt
Per Acre/Unit	Total Par Debt
Allocated	Annual
Assessment	Assessment
Allocation (1)	
2022 Assessment Area*	ROLLING OAKS SPENDID, LLC	17.01	$448,854	$7,635,000	$576,163	$612,939	
Total	17.01		$7,635,000	$576,163	$612,939	

*The 2022 Assessment Area (Phase 9) Legal Description is attached as "Exhibit A"

(1) This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method.

Prepared by: Governmental Management Services - Central Florida, LLC

16

Exhibit A

EXHIBIT B‐1
Future Phase 9
(345 Condominiums)

A PARCEL OF LAND COMPRISING A PORTION OF LOT 10 ROLLING OAKS, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 26, PAGES 116 THROUGH 125 OF THE PUBLIC RECORDS OF OSCEOLA COUNTY, FLORIDA, LYING IN SECTION 4, TOWNSHIP 25 SOUTH, RANGE 27 EAST, OSCEOLA COUNTY, FLORIDA.
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGIN AT THE SOUTHEAST CORNER OF THE RIGHT OF WAY FOR FINS UP CIRCLE, ACCORDING TO SAID ROLLING OAKS; THENCE RUN ALONG THE EASTERLY RIGHT OF WAY LINE OF SAID FINS UP CIRCLE AND THE NORTHERLY LINE OF SAID LOT 10 THE FOLLOWING COURSES: NORTH 38° 45' 43" EAST FOR A DISTANCE OF 36.01 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 275.00 FEET, WITH A CHORD BEARING OF NORTH 26° 22' 56" EAST, AND A CHORD DISTANCE OF 117.92 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 45' 35" FOR A DISTANCE OF 118.84 FEET TO A NON‐TANGENT LINE THENCE DEPARTING SAID NORTHERLY LINE AND EASTERLY RIGHT OF WAY LINE RUN SOUTH 82° 07' 30" EAST FOR A DISTANCE OF 101.53 FEET; THENCE RUN SOUTH 52° 21' 52" EAST FOR A DISTANCE OF 46.43 FEET TO A POINT ON THE EASTERLY LINE OF AFORESAID LOT 10, ALSO BEING A POINT ON A NON‐TANGENT CURVE, CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 85.00 FEET, WITH A CHORD BEARING OF SOUTH 10° 53' 25" WEST, AND A CHORD DISTANCE OF 85.34 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 60° 15' 48" FOR A DISTANCE OF 89.40 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 101.01 FEET, WITH A CHORD BEARING OF SOUTH 05° 28' 30" WEST, AND A CHORD DISTANCE OF 84.47 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 49° 25' 59" FOR A DISTANCE OF 87.15 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 31.26 FEET, WITH A CHORD BEARING OF SOUTH 27° 03' 52" EAST, AND A CHORD DISTANCE OF 43.03 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 86° 59' 37" FOR A DISTANCE OF 47.46 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 230.06 FEET, WITH A CHORD BEARING OF SOUTH 42° 58' 21" EAST, AND A CHORD DISTANCE OF 329.62 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 91° 30' 51" FOR A DISTANCE OF 367.46 FEET TO THE CUSP OF A CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 39.37 FEET, WITH A CHORD BEARING OF SOUTH 58° 34' 12" EAST, AND A CHORD DISTANCE OF 44.77 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 69° 18' 06" FOR A DISTANCE OF 47.62 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 171.90 FEET, WITH A CHORD BEARING OF SOUTH 69° 23' 46" EAST, AND A CHORD DISTANCE OF 197.12 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 69° 58' 08" FOR A DISTANCE OF 209.92 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 54.38 FEET, WITH A CHORD BEARING OF SOUTH 66° 04' 24" EAST, AND A CHORD DISTANCE OF 74.02 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 85° 46' 26" FOR A DISTANCE OF 81.41 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 331.75 FEET, WITH A CHORD BEARING OF NORTH 85° 30' 21" EAST, AND A CHORD DISTANCE OF 143.19 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 55' 32" FOR A DISTANCE OF 144.32 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 73.62 FEET, WITH A CHORD BEARING OF SOUTH 41° 43' 16" EAST, AND A CHORD DISTANCE OF 100.98 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 86° 35' 56 " FOR A DISTANCE OF 111.27 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN SOUTH 00° 58' 50" EAST FOR A DISTANCE OF 222.41 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE WESTERLY HAVING A RADIUS OF 100.00 FEET, WITH A CHORD BEARING OF SOUTH 11° 22' 56" WEST, AND A CHORD DISTANCE OF 42.82 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24° 43' 33" FOR A DISTANCE OF 43.15 FEET TO A POINT OF TANGENCY; THENCE RUN SOUTH 23° 44' 43” WEST FOR A DISTANCE OF 95.63 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE NORTHEASTERLY HAVING A RADIUS OF 118.32 FEET, WITH A CHORD BEARING OF NORTH 84° 38' 12" WEST, AND A CHORD DISTANCE OF 226.96 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 147° 06' 27" FOR A DISTANCE OF 303.79 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 46.46 FEET, WITH A CHORD BEARING OF NORTH 63° 55' 18"
15

WEST, AND A CHORD DISTANCE OF 74.08 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 105° 43' 37" FOR A DISTANCE OF 85.73 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN SOUTH 73° 03' 27" WEST FOR A DISTANCE OF 82.74 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE NORTHERLY HAVING A RADIUS OF 149.19 FEET, WITH A CHORD BEARING OF NORTH 76° 00' 15" WEST, AND A CHORD DISTANCE OF 153.40 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 61° 52' 37" FOR A DISTANCE OF 161.12 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 159.94 FEET, WITH A CHORD BEARING OF NORTH 73° 49' 34" WEST, AND A CHORD DISTANCE OF 153.91 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 57° 31' 15" FOR A DISTANCE OF 160.57 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 130.68 FEET, WITH A CHORD BEARING OF NORTH 65° 34' 39" WEST, AND A CHORD DISTANCE OF 157.32 FEET; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 74° 01' 04" FOR A DISTANCE OF 168.82 FEET TO THE CUSP OF A CURVE, CONCAVE NORTHEASTERLY HAVING A RADIUS OF 62.06 FEET, WITH A CHORD BEARING OF NORTH 75° 02' 54" WEST, AND A CHORD DISTANCE OF 65.95 FEET; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 64° 11' 16" FOR A DISTANCE OF 69.53 FEET TO THE CUSP OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 187.57 FEET, WITH A CHORD BEARING OF SOUTH 84° 34' 59" WEST, AND A CHORD DISTANCE OF 165.10 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 52° 13' 20" FOR A DISTANCE OF 170.96 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN NORTH 72° 07' 39" WEST FOR A DISTANCE OF 55.47 FEET TO A POINT ON A NON‐TANGENT CURVE, CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 35.50 FEET, WITH A CHORD BEARING OF NORTH 58° 28' 06" WEST, AND A CHORD DISTANCE OF 52.63 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 95° 40' 25" FOR A DISTANCE OF 59.28 FEET TO A POINT ON A NON‐TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 170.82 FEET, WITH A CHORD BEARING OF SOUTH 56° 16' 52" WEST, AND A CHORD DISTANCE OF 95.17 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 32° 20' 56" FOR A DISTANCE OF 96.44 FEET TO A POINT ON A NON‐ TANGENT CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 142.13 FEET, WITH A CHORD BEARING OF SOUTH 25° 18' 36" WEST, AND A CHORD DISTANCE OF 43.05 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 17° 25' 13" FOR A DISTANCE OF 43.21 FEET TO A POINT ON A NON‐ TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 71.53 FEET, WITH A CHORD BEARING OF SOUTH 08° 44' 42" WEST, AND A CHORD DISTANCE OF 21.76 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 17° 29' 51" FOR A DISTANCE OF 21.84 FEET TO A POINT ON A NON‐TANGENT LINE; THENCE RUN NORTH 90° 00' 00" WEST FOR A DISTANCE OF 113.99 FEET; THENCE DEPARTING SAID EASTERLY LINE RUN NORTH 04° 05' 30" WEST FOR A DISTANCE OF 13.61 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE EASTERLY HAVING A RADIUS OF 62.00 FEET, WITH A CHORD BEARING OF NORTH 13° 03' 29" EAST, AND A CHORD DISTANCE OF 36.56 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 34° 17' 59" FOR A DISTANCE OF 37.12 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 30° 12' 28" EAST FOR A DISTANCE OF 75.92 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY HAVING A RADIUS OF 138.00 FEET, WITH A CHORD BEARING OF NORTH 25° 15' 12" EAST, AND A CHORD DISTANCE OF 23.84 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 09° 54' 33" FOR A DISTANCE OF 23.87 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 20° 17' 56" EAST FOR A DISTANCE OF 51.33 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 337.40 FEET, WITH A CHORD BEARING OF NORTH 13° 44' 12" EAST, AND A CHORD DISTANCE OF 80.88 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 13° 46' 04" FOR A DISTANCE OF 81.08 FEET TO A POINT OF REVERSE CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 263.00 FEET, WITH A CHORD BEARING OF NORTH 22° 48' 26" EAST, AND A CHORD DISTANCE OF 144.59 FEET; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 31° 54' 34" FOR A DISTANCE OF 146.47 FEET TO A POINT OF TANGENCY; THENCE RUN NORTH 38° 45' 43" EAST FOR A DISTANCE OF 501.37 FEET TO THE POINT OF BEGINNING.

CONTAINING 17.01 ACRES MORE OR LESS.

16

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Rolling Oaks
Community Development District

Summary of Check Register

September 1, 2022 to September 30, 2022

Fund	Date	Check No.'s		Amount	
General Fund	
9/15/22	
407-413	
$	
21,618.36	
	9/30/22	414	$	7,546.89	
		Total Amount	$	29,165.25	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 11/10/22	PAGE	1
*** CHECK DATES 09/01/2022 - 09/30/2022 ***	ROLLING OAKS GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

9/15/22 00001	8/01/22	
	8/01/22	
	8/01/22	
	8/01/22	
	8/01/22	
	8/01/22	

106	202208 310-51300-34000	*	3,004.17
MANAGEMENT FEES AUG 22
106	202208 310-51300-35200	*	39.58
WEBSITE ADMIN AUG 22
106	202208 310-51300-35100	*	66.67
INFORMATION TECH AUG 22
106	202208 310-51300-31300	*	583.33
DISSEMINATION SVC AUG 22
106	202208 310-51300-42000	*	43.02
POSTAGE AUG 22
106	202208 310-51300-42500	*	3.15
COPIES AUG 22
GOVERNMENTAL MANAGEMENT SERVICES	3,739.92 000407
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00025	6/30/22 29076	202206 320-53800-46203	*	2,200.00
LANDSCAPE MAINT JUNE 22
7/29/22 29100	202207 320-53800-46203	*	2,200.00
LANDSCAPE MAINT JULY 22
LAWNMASTERS LANDSCAPING OF ORLANDO	4,400.00 000408
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00027	7/29/22 07292022 202207 310-51300-49300	*	139.54
HEMISPHERE DANCER
MARGARITAVILLE RESORT	139.54 000409
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00023	8/09/22 AEF0E159 202208 310-51300-48000	*	67.07
NOT LEGAL/PUBLIC 8/4/22
8/09/22 AEF0E159 202208 310-51300-48000	*	67.07
NOT LEGAL/PUBLIC 8/11/22
8/09/22 AEF0E159 202208 310-51300-48000	*	13.41
PROFESSING FEE
OSCEOLA NEWS GAZETTE	147.55 000410
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00028	7/26/22 INV13119 202207 320-53800-46201	*	277.50
REPLACE POP UPS
8/01/22 INV13148 202208 320-53800-46200	*	9,005.00 LANDSCAPE MAINT AUG 22
8/25/22 INV13116 202207 320-53800-46201	*	167.50
REPLACE SOLENOID
REW LAWN & IRRIGATION	9,450.00 000411
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00003	7/27/22 21894	202207 310-51300-31500	*	598.50
GENERAL COUNSEL JULY 22
STRALEY ROBIN VERICKER	598.50 000412
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/15/22 00019	8/01/22 PI-A0086 202208 320-53800-47000	*	687.50
POND MAINTENANCE AUG 22
ROAK ROLLING OAKS	IARAUJO

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN 11/10/22	PAGE	2
*** CHECK DATES 09/01/2022 - 09/30/2022 ***	ROLLING OAKS GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
8/01/22 PI-A0086 202208 320-53800-47000	*	465.41
POND MAINTENANCE AUG 22
8/01/22 PI-A0086 202208 320-53800-47000	*	1,989.94 POND MAINTENANCE AUG 22
SOLITUDE LAKE MANAGEMENT	3,142.85 000413
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/30/22 00030	6/10/22 22-194C- 202206 320-53800-49000	*	7,546.89 GUARD SHACK CABLE REPLACE
MURPHY LIGHTING SYSTEMS	7,546.89 000414
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	29,165.25
TOTAL FOR REGISTER	29,165.25

ROAK ROLLING OAKS	IARAUJO

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Rolling Oaks
Community Development District

Unaudited Financial Reporting
September 30, 2022

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Series 2016 Debt Service	

5	
	Series 2018 Debt Service	

6	
	Series 2016 Capital Projects	

7	
	Series 2018 Capital Projects	

8-9	
	Month to Month	
10		Assessment Receipt Schedule	

11	
	Long Term Debt Schedule	
12		Series 2016 Construction Schedule	
13		Series 2018 Construction Schedule	

Rolling Oaks
Community Development District Combined Balance Sheet September 30, 2022

General
Fund

Debt Service
Fund

Capital Projects	Totals
Fund	Governmental Funds

Assets:
Cash:
Operating Account - Suntrust Investments
Series 2016
Reserve	$	18,805	$	-

$	-	$	1,129,447	$	-	$	18,805

$	-	$	1,129,447	
Revenue	$	-	$	812,369	$	-	$	812,369	
Interest	$	-	$	22	$	-	$	22	
Sinking Fund	$	-	$	1	$	-	$	1	
Construction Series 2018
Reserve	$	-	$	-

$	-	$	903,624	$	1,403	$	1,403

$	-	$	903,624	
Revenue	$	-	$	602,870	$	-	$	602,870	
Interest	$	-	$	16	$	-	$	16	
Construction	$	-	$	-	$	166	$	166	
Due from General Fund	$	-	$	7,456	$	-	$	7,456	
Due From Developer	$	80,272	$	-	$	-	$	80,272	
Total Assets	$	99,077	$	3,455,804	$	1,569	$	3,556,450	

Liabilities:
Accounts Payable	

$	21,185	$	-	$	-	

$	21,185	
Due to Debt Service	$	7,456	$	-	$	-	$	7,456	
Total Liabilities	$	28,640	$	-	$	-	$	28,640	

Fund Balances:
Unassigned	

$	70,437	$	-	$	-	

$	70,437	
Assigned for Debt Service 2016	$	-	$	1,949,294	$	-	$	1,949,294	
Assigned for Debt Service 2018	$	-	$	1,506,510	$	-	$	1,506,510	
Assigned for Capital Projects 2016	$	-	$	-	$	1,403	$	1,403	
Assigned for Capital Projects 2018	$	-	$	-	$	166	$	166	
Total Fund Balances	$	70,437	$	3,455,804	$	1,569	$	3,527,810	
					
Total Liabilities & Fund Balance	$	99,077	$	3,455,804	$	1,569	$	3,556,450	

Rolling Oaks
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

	Adopted	Prorated Budget	Actual		
	Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Revenues					
Assessments	$	225,536	$	225,536	$	226,939	$	1,403	
Miscellaneous Income	$	-	$	-	$	5,049	$	5,049	
Developer Contributions	$	267,801	$	267,801	$	304,585	$	36,784	
Total Revenues	$	493,337	$	493,337	$	536,573	$	41,833	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	12,000	$	5,800	$	6,200	
FICA Expense	$	918	$	918	$	444	$	474	
Engineering	$	10,000	$	10,000	$	114	$	9,886	
Attorney	$	15,000	$	15,000	$	6,442	$	8,558	
Arbitrage	$	900	$	900	$	900	$	-	
Dissemination	$	7,000	$	7,000	$	7,000	$	0	
Assessment Administration	$	10,000	$	10,000	$	10,000	$	-	
Annual Audit	$	4,000	$	4,000	$	3,450	$	550	
Trustee Fees	$	7,000	$	7,000	$	7,000	$	-	
Management Fees	$	36,050	$	36,050	$	36,050	$	(0)	
Information Technology	$	800	$	800	$	800	$	(0)	
Website Maintenance	$	475	$	475	$	475	$	0	
Telephone	$	150	$	150	$	-	$	150	
Postage	$	800	$	800	$	277	$	523	
Insurance	$	6,483	$	6,483	$	6,405	$	78	
Printing & Binding	$	800	$	800	$	349	$	451	
Legal Advertising	$	2,000	$	2,000	$	230	$	1,770	
Other Current Charges	$	2,000	$	2,000	$	455	$	1,545	
Office Supplies	$	125	$	125	$	55	$	70	
Property Appraiser Fee	$	180	$	180	$	229	$	(49)	
Property Taxes	$	150	$	150	$	8	$	142	
Meeting Room	$	750	$	750	$	1,119	$	(369)	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative:	$	117,756	$	117,756	$	87,775	$	29,981	

Rolling Oaks
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

	Adopted	Prorated Budget	Actual		
	Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Operations and Maintenance Expenses					
Field Operations					
Property Insurance	$	-	$	-	$	7,265	$	(7,265)	
Utility-Electric	$	110,000	$	110,000	$	117,693	$	(7,693)	
Utility-Water and Sewer	$	85,000	$	85,000	$	76,851	$	8,149	
Landscape Maintenance	$	85,560	$	85,560	$	102,435	$	(16,875)	
Landscape Enhancements	$	22,500	$	22,500	$	47,049	$	(24,549)	
Landscape Irrigation	$	6,500	$	6,500	$	4,847	$	1,653	
Lawn Mowing/Trimming	$	26,400	$	26,400	$	23,875	$	2,525	
Lake Maintenance	$	32,251	$	32,251	$	35,916	$	(3,665)	
General Repair/Maintenance	$	-	$	-	$	890	$	(890)	
Contingency	$	7,370	$	7,370	$	8,266	$	(896)	
Total Operations and Maintenance:	$	375,581	$	375,581	$	425,088	$	(49,507)	
					
Total Expenditures	$	493,337	$	493,337	$	512,863	$	(19,526)	
					
Excess Revenues (Expenditures)	$	0		$	23,711		
					
Fund Balance - Beginning	$	-		$	46,726		
					
Fund Balance - Ending	$	0		$	70,437		

Rolling Oaks
Community Development District Debt Service Fund - Series 2016
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

Adopted	Prorated Budget	Actual	
Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Revenues		
Assessments - Tax Roll	$	1,014,751	$	1,014,751	$	1,021,065	$	6,314	
Assessments - Direct	$	114,750	$	114,750	$	110,250	$	(4,500)	
Interest	$	500	$	500	$	8,147	$	7,647	
Total Revenues	$	1,130,001	$	1,130,001	$	1,139,462	$	9,461	

Expenditures:					
Interest - 11/01	$	434,853	$	434,853	$	434,853	$	(1)	
Principal - 11/01	$	255,000	$	255,000	$	255,000	$	-	
Interest - 05/01	$	429,116	$	429,116	$	429,116	$	(0)	
Total Expenditures	$	1,118,968	$	1,118,968	$	1,118,969	$	(1)	

Other Financing Sources/(Uses)					
Transfer In/Out	$	-	$	-	$	(124)	$	(124)	
Total Other Financing Sources (Uses)	$	-	$	-	$	(124)	$	(124)	
					
Excess Revenues (Expenditures)	$	11,033		$	20,370		
					
Fund Balance - Beginning	$	796,901		$	1,928,924		
					
Fund Balance - Ending	$	807,934		$	1,949,294		

Rolling Oaks
Community Development District Debt Service Fund - Series 2018
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

Adopted	Prorated Budget	Actual	
Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Revenues		
Assessments - Direct	$	900,000	$	900,000	$	900,000	$	-	
Interest	$	5,000	$	5,000	$	6,066	$	1,066	
Total Revenues	$	905,000	$	905,000	$	906,066	$	1,066	

Expenditures:					
Interest - 11/01	$	346,547	$	346,547	$	346,547	$	-	
Principal - 11/01	$	205,000	$	205,000	$	205,000	$	-	
Interest - 05/01	$	342,063	$	342,063	$	342,063	$	-	
Total Expenditures	$	893,609	$	893,609	$	893,609	$	-	

Other Financing Sources/(Uses)					
Transfer in/Out	$	-	$	-	$	(99)	$	(99)	
Total Other Financing Sources (Uses)	$	-	$	-	$	(99)	$	(99)	
					
Excess Revenues (Expenditures)	$	11,391		$	12,358		
					
Fund Balance - Beginning	$	594,355		$	1,494,152		
					
Fund Balance - Ending	$	605,746		$	1,506,510		

Rolling Oaks
Community Development District Capital Projects Fund - Series 2016
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

Adopted	Prorated Budget	Actual	
Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Revenues

Interest	

$	

-	$	

-	$	6	

$	

6	
Total Revenues	$	-	$	-	$	6	$	6	

Expenditures:

Capital Outlay	

$	

-	$	

-	$	-	

$	

-	
Total Expenditures	$	-	$	-	$	-	$	-	

Other Financing Sources/(Uses)						
Transfer In/Out	$	-	$	-	$	124	$	124	
Total Other Financing Sources (Uses)	$	-	$	-	$	124	$	124	
						
Excess Revenues (Expenditures)	$	-	$	130			
						
Fund Balance - Beginning	$	-	$	1,273			
						
Fund Balance - Ending	$	-	$	1,403			

Rolling Oaks
Community Development District Capital Projects Fund - Series 2018
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2022

Adopted	Prorated Budget	Actual	
Budget	Thru 09/30/22	Thru 09/30/22	Variance	

Revenues

Interest	

$	

-	$	

-	$	85	

$	85	
Total Revenues	$	-	$	-	$	85	$	85	

Expenditures:

Capital Outlay	

$	

-	$	

-	$	2,281,084	

$	(2,281,084)	
Total Expenditures	$	-	$	-	$	2,281,084	$	(2,281,084)	

Other Financing Sources/(Uses)					
Transfer In/Out	$	-	$	-	$	99	$	99	
Total Other Financing Sources (Uses)	$	-	$	-	$	99	$	99	
					
Excess Revenues (Expenditures)	$	-	$	(2,280,899)		
					
Fund Balance - Beginning	$	-	$	2,281,065		
					
Fund Balance - Ending	$	-	$	166		

Rolling Oaks
Community Development District Month to Month

	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Total	

Revenues														
Assessments	$	-	$	33,602	$	158,692	$	6,087	$	7,148	$	3,999	$	10,446	$	2,669	$	4,296	$	-	$	-	$	-	$	226,939	
Miscellaneous Income	$	5,049	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,049	
Developer Contributions	$	31,540	$	-	$	-	$	9,303	$	-	$	-	$	-	$	49,268	$	43,712	$	47,307	$	-	$	123,455	$	304,585	
Total Revenues	$	36,589	$	-	$	-	$	9,303	$	-	$	-	$	-	$	49,268	$	43,712	$	47,307	$	-	$	123,455	$	536,573	

Expenditures:														

General & Administrative:														

Supervisor Fees	
$	1,000	
$	800	
$	1,000	
$	-	
$	-	
$	1,000	
$	-	
$	-	
$	-	
$	1,000	
$	1,000	
$	-	
$	5,800	
FICA Expense	$	77	$	61	$	77	$	-	$	-	$	77	$	-	$	-	$	-	$	77	$	77	$	-	$	444	
Engineering	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	114	$	-	$	-	$	-	$	-	$	114	
Attorney	$	-	$	770	$	998	$	-	$	371	$	2,565	$	-	$	-	$	314	$	599	$	399	$	428	$	6,442	
Arbitrage	$	-	$	900	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	900	
Dissemination	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	583	$	7,000	
Assessment Administration	$	10,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	10,000	
Annual Audit	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	3,450	$	-	$	-	$	-	$	3,450	
Trustee Fees	$	-	$	7,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	7,000	
Management Fees	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	3,004	$	36,050	
Information Technology	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	67	$	800	
Website Maintenance	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	40	$	475	
Telephone	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Postage	$	6	$	50	$	105	$	78	$	3	$	25	$	43	$	28	$	46	$	1	$	43	$	(150)	$	277	
Insurance	$	6,405	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	6,405	
Printing & Binding	$	115	$	46	$	160	$	-	$	-	$	-	$	7	$	-	$	-	$	-	$	3	$	19	$	349	
Legal Advertising	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	148	$	82	$	230	
Other Current Charges	$	45	$	35	$	49	$	39	$	38	$	30	$	38	$	5	$	59	$	38	$	39	$	39	$	455	
Office Supplies	$	18	$	18	$	18	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	-	$	0	$	55	
Property Appraiser Fee	$	-	$	-	$	-	$	-	$	-	$	229	$	-	$	-	$	-	$	-	$	-	$	-	$	229	
Property Taxes	$	-	$	8	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	8	
Meeting Room	$	140	$	140	$	-	$	-	$	-	$	140	$	-	$	279	$	-	$	140	$	140	$	142	$	1,119	
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	175	
Total General & Administrative:	$	21,673	$	13,521	$	6,100	$	3,811	$	4,106	$	7,759	$	3,783	$	4,120	$	7,561	$	5,547	$	5,541	$	4,253	$	87,775	

Rolling Oaks
Community Development District Month to Month

	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Total	

Operations and Maintenance Expenses														
Field Operations														
Property Insurance	$	7,265	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	7,265	
Utility - Electric	$	12,390	$	7,658	$	7,173	$	4,518	$	13,393	$	9,283	$	9,349	$	10,841	$	11,134	$	12,821	$	9,637	$	9,497	$	117,693	
Utility - Water & Sewer	$	4,966	$	5,483	$	4,337	$	3,457	$	2,317	$	2,781	$	5,195	$	8,225	$	11,406	$	9,590	$	8,976	$	10,118	$	76,851	
Landscape Maintenance	$	7,130	$	7,130	$	7,130	$	9,005	$	9,005	$	9,005	$	9,005	$	9,005	$	9,005	$	9,005	$	9,005	$	9,005	$	102,435	
Landscape Enhancements	$	-	$	11,424	$	5,625	$	-	$	8,950	$	-	$	21,050	$	-	$	-	$	-	$	-	$	-	$	47,049	
Landscape Irrigation	$	-	$	774	$	203	$	491	$	1,334	$	-	$	175	$	238	$	-	$	885	$	291	$	455	$	4,847	
Lawn Mowing/Trimming	$	2,200	$	2,200	$	-	$	2,200	$	2,200	$	2,200	$	2,200	$	2,200	$	4,075	$	2,200	$	2,200	$	-	$	23,875	
Lake Maintenance	$	4,002	$	2,295	$	2,295	$	3,428	$	2,295	$	2,455	$	4,283	$	2,455	$	2,455	$	4,355	$	3,143	$	2,455	$	35,916	
General Repair/Maintenance	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	890					$	890	
Contingency	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	8,266	$	-	$	-	$	-	$	8,266	
Total Operations and Maintenance Expenses	$	37,954	$	36,964	$	26,762	$	23,098	$	39,494	$	25,724	$	51,257	$	33,855	$	46,342	$	38,856	$	33,252	$	31,531	$	425,088	
														
Total Expenditures	$	59,627	$	50,485	$	32,862	$	26,909	$	43,600	$	33,483	$	55,040	$	37,975	$	53,903	$	44,403	$	38,793	$	35,783	$	512,863	
														
Excess Revenues (Expenditures)	$	(23,038)	$	(50,485)	$	(32,862)	$	(17,607)	$	(43,600)	$	(33,483)	$	(55,040)	$	11,294	$	(10,191)	$	2,904	$	(38,793)	$	87,671	$	23,711	

Rolling Oaks
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2022

	Gross Assessments	$	239,932.00	$  1,079,522.62	$  1,319,454.62	
	Net Assessments	$	225,536.08	$  1,014,751.26	$  1,240,287.34	
ON ROLL ASSESSMENTS		
18.18%	
81.82%	
100.00%	

Date	
Distribution	
Gross Amount	
Commissions	
Discount/Penalty	
Interest		
Net Receipts	
O&M Portion	2016 Debt Service	
Total	

11/22/21	
ACH	
$190,165.30	
($3,803.30)	
($7,454.53)	
$0.00	
$178,907.47	
$32,532.86	
$146,374.61	
$178,907.47	
11/26/21	ACH	$6,339.66	($126.78)	($331.36)	$0.00	$5,881.52	$1,069.51	$4,812.01	$5,881.52	
12/08/21	ACH	$874,760.38	($17,495.19)	($34,290.25)	$0.00	$822,974.94	$149,651.24	$673,323.70	$822,974.94	
12/22/21	ACH	$52,661.16	($1,014.61)	($1,930.92)	$0.00	$49,715.63	$9,040.38	$40,675.25	$49,715.63	
01/10/22	ACH	$32,181.82	($643.65)	($946.15)	$0.00	$30,592.02	$5,562.91	$25,029.11	$30,592.02	
01/10/22	ACH	$3,033.33	($60.67)	($89.17)	$0.00	$2,883.49	$524.34	$2,359.15	$2,883.49	
02/10/22	ACH	$40,958.68	($819.17)	($831.46)	$0.00	$39,308.05	$7,147.85	$32,160.20	$39,308.05	
03/10/22	ACH	$2,221.80	($44.44)	$0.00	$0.00	$2,177.36	$395.94	$1,781.42	$2,177.36	
03/10/22	ACH	$20,479.34	($409.59)	($258.05)	$0.00	$19,811.70	$3,602.60	$16,209.10	$19,811.70	
04/08/22	ACH	$55,586.78	($1,111.73)	$0.00	$0.00	$54,475.05	$9,905.84	$44,569.21	$54,475.05	
04/08/22	ACH	$3,033.31	($60.67)	$0.00	$0.00	$2,972.64	$540.55	$2,432.09	$2,972.64	
05/09/22	ACH	$14,628.10	($292.56)	$344.05	$0.00	$14,679.59	$2,669.36	$12,010.23	$14,679.59	
06/08/22	ACH	$8,776.86	($175.54)	$258.05	$0.00	$8,859.37	$1,611.00	$7,248.37	$8,859.37	
06/17/22	ACH	$14,628.10	($292.56)	$430.07	$0.00	$14,765.61	$2,685.01	$12,080.60	$14,765.61	

$

101%
-

Net Percent Collected Balance Remaining to Collect

TOTAL	$	1,319,454.62  $	(26,350.46)  $	(45,099.72)  $	-	$ 1,248,004.44  $  226,939.39  $  1,021,065.05  $  1,248,004.44

DIRECT BILL ASSESSMENTS

Rolling Oaks Splendid, LLC				
Total	
$110,250.15	
$900,000.00	
Date
Received	Due
Date	Check
Number	Net
Assessed	Amount
Received	Series 2016
Debt	Series 2018
Debt	
2/25/22	12/1/21	197902	$505,125.07	$505,125.07	$55,125.07	$450,000.00	
4/8/22	2/1/22	198067	$252,562.54	$252,562.54	$27,562.54	$225,000.00	
7/1/22	5/1/22	8285	$252,562.54	$252,562.54	$27,562.54	$225,000.00	
			$1,010,250.15	$1,010,250.15	$110,250.15	$900,000.00	

Rolling Oaks
Community Development District LONG TERM DEBT REPORT

SERIES 2016, SPECIAL ASSESSMENT BONDS	

INTEREST RATES:	
4.500%, 5.250%, 5.875%, 6.000%	
MATURITY DATE:	11/1/2047	
RESERVE FUND DEFINITION	MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$1,124,706	
RESERVE FUND BALANCE	$1,129,447	
BONDS OUTSTANDING - 12/15/16	$15,640,000	
LESS: PRINCIPAL PAYMENT 11/1/18	($220,000)	
LESS: PRINCIPAL PAYMENT 11/1/19	($230,000)	
LESS: PRINCIPAL PAYMENT 11/1/20	($240,000)	
LESS: PRINCIPAL PAYMENT 11/1/21	($255,000)	
CURRENT BONDS OUTSTANDING	$14,695,000	

SERIES 2018, SPECIAL ASSESSMENT BONDS	

INTEREST RATES:	
4.375%, 4.875%, 5.375%, 5.500%	
MATURITY DATE:	11/1/2049	
RESERVE FUND DEFINITION	MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$899,831	
RESERVE FUND BALANCE	$903,624	
BONDS OUTSTANDING - 11/8/18	$13,160,000	
LESS: PRINCIPAL PAYMENT 11/1/20	($195,000)	
LESS: PRINCIPAL PAYMENT 11/1/21	($205,000)	
CURRENT BONDS OUTSTANDING	$12,760,000	

Rolling Oaks
Community Development District Special Assessment Bonds, Series 2016

Date	Requisition #	Contractor	Description	Requisitions Fiscal Year 2021

	TOTAL	$	-	

Fiscal Year 2021				
10/1/20		Transfer	$	1,213.57	
11/1/20		Interest	$	0.01	
12/1/20		Interest	$	0.01	
1/1/21		Interest	$	0.01	
2/1/21		Interest	$	0.01	
3/1/21		Interest	$	0.01	
4/1/21		Interest	$	0.01	
4/1/21		Transfer	$	55.80	
5/1/21		Interest	$	0.01	
6/1/21		Interest	$	0.01	
7/1/21		Interest	$	0.01	
8/1/21		Interest	$	0.01	
9/1/21		Interest	$	0.01	
		TOTAL	$	1,269.48	
		
Acquisition/Construction Fund at 09/30/2020	
$	3.81	
		Interest Earned and Transfer In thru 09/30/21	$	1,269.48	
		Requisitions Paid thru 09/30/21	$	-	
		Remaining Acquisition/Construction Fund	$	1,273.29	

Date	

Requisition #	

Contractor	Description	

Requisitions	
Fiscal Year 2022				
		TOTAL	$	-	

Fiscal Year 2022				
10/1/21		Transfer	$	56.70	
10/1/21		Interest	$	0.01	
11/1/21		Interest	$	0.01	
12/1/21		Interest	$	0.02	
1/1/22		Interest	$	0.01	
2/1/22		Interest	$	0.01	
3/1/22		Interest	$	0.01	
4/1/22		Interest	$	0.07	
4/1/22		Transfer	$	67.03	
5/1/22		Interest	$	0.16	
6/1/22		Interest	$	0.61	
7/1/22		Interest	$	1.06	
8/1/22		Interest	$	1.61	
9/1/22		Interest	$	2.37	
		TOTAL	$	129.68	
		
Acquisition/Construction Fund at 09/30/2021	
$	1,273.29	
		Interest Earned and Transfer In thru 09/30/22 Requisitions Paid thru 09/30/22	$	129.68
$	-	
		Remaining Acquisition/Construction Fund	 $	1,402.97 	

Rolling Oaks
Community Development District Special Assessment Bonds, Series 2018

Date	Requisition #	Contractor	Description	Requisitions	
Fiscal Year 2021	
4	
GMS	
Inv#82 - Construction Accounting	
$	3,500.00	
		TOTAL		$	3,500.00	

Fiscal Year 2021					
10/1/20		Interest		$	18.78	
11/1/20		Interest		$	19.40	
12/1/20		Interest		$	18.78	
1/1/21		Interest		$	19.40	
2/1/21		Interest		$	19.40	
3/1/21		Interest		$	17.53	
4/1/21		Interest		$	19.38	
5/1/21		Interest		$	18.75	
6/1/21		Interest		$	19.37	
7/1/21		Interest		$	18.75	
8/1/21		Interest		$	19.38	
9/1/21		Interest		$	19.38	
		TOTAL		$	228.30	
			
Acquisition/Construction Fund at 09/30/20	
$ 2,284,336.48	
			Interest Earned 09/30/21	$	228.30	
			Requisitions Paid thru 09/30/21	$	(3,500.00)	
			Remaining Acquisition/Construction Fund	 $ 2,281,064.78 	

Date	
Requisition #	
Contractor	Description	
Requisitions	
Fiscal Year 2022				
12/1/21	5	Rolling Oaks Splendid, LLC  Public facility roadway, drainage, and utility infrastructure	$  2,281,083.53	
		TOTAL	$ 2,281,083.53	

Fiscal Year 2022				
10/1/21		Transfer	$	45.36	
10/1/21		Interest	$	18.75	
11/1/21		Interest	$	19.38	
12/1/21		Interest	$	41.56	
1/1/22		Interest	$	5.00	
2/1/22		Interest	$	-	
3/1/22		Interest	$	-	
4/1/22		Interest	$	0.01	
4/1/22		Interest	$	53.62	
5/1/22		Interest	$	0.02	
6/1/22		Interest	$	0.07	
7/1/22		Interest	$	0.13	
8/1/22		Interest	$	0.19	
9/1/22			$	0.28	
		TOTAL	$	184.37	
		
Acquisition/Construction Fund at 09/30/21 Interest Earned 09/30/22	
$ 2,281,064.78
$	184.37	

Requisitions Paid thru 09/30/22 Remaining Acquisition/Construction Fund

$ (2,281,083.53)

 $	165.62