TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT REGULAR MEETING AGENDA NOVEMBER 7, 2018
Toscana Isles Community Development District OFFICE OF THE DISTRICT MANAGER 2300 Glades Road, Suite 410W Boca Raton, Florida 33431 Phone: (561) 571-0100 Toll-free: (877) 276-0889 Fax: (561) 571-0013 October 31, 2018 Board of Supervisors Toscana Isles Community Development District ATTENDEES: Please identify yourself each time you speak to facilitate accurate transcription of meeting minutes. Dear Board Members: A Regular Meeting of the Board of Supervisors of the Toscana Isles Community Development District will be held on Wednesday, November 7, 2018, immediately following the Landowners Meeting at 10:00 a.m., at the offices of Vanguard Land, LLC, located at 6561 Palmer Park Circle, Suite B, Sarasota, Florida 34238. The agenda is as follows: 1. Call to Order/Roll Call 2. Public Comments 3. Approval of Requisition(s) 4. Ratification of Contract/Change Order(s)/Purchase Order(s) 5. Consideration of Resolution 2019-04, Canvassing and Certifying the Results of the Landowners Election of Supervisors Held Pursuant to Section 190.006(2), Florida Statutes 6. Consideration of Resolution 2019-05, Electing the Officers of the District, and Providing for an Effective Date 7. Acceptance of Unaudited Financial Statements as of September 30, 2018 8. Approval of October 17, 2018 Regular Meeting Minutes 9. Staff Reports A. District Counsel: Straley Robin Vericker B. District Engineer: AM Engineering, Inc. C. District Manager: Wrathell, Hunt and Associates, LLC i. NEXT MEETING DATE: November 14, 2018 at 10:00 A.M.
Board of Supervisors Toscana Isles Community Development District November 7, 2018, Regular Meeting Agenda Page 2 10. Board Members Comments/Requests 11. Public Comments 12. Adjournment Should you have any questions, please do not hesitate to contact our office at (561) 571-0010. Sincerely, FOR BOARD MEMBERS AND STAFF TO ATTEND BY TELEPHONE: Call-in number: 1-888-354-0094 Cindy Cerbone Conference ID: 8518503 District Manager
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RESOLUTION 2019-04 A RESOLUTION CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS ELECTION OF SUPERVISORS FOR THE TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners meeting is required to be held within 90 days of the District's creation and every two (2) years following the creation of a Community Development District for the purpose of electing Supervisors of the District; and WHEREAS, following proper publication of notice thereof, such landowners meeting was held on November 7, 2018, 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 desires to canvass the votes, declare, and certify the results of said election; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT; 1. 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 shown, to wit: Votes Votes Votes 2. In accordance with said statute, and by virtue of the number of votes cast for the respective Supervisors, they are declared to have been elected for the following terms of office: four (4)-year term four (4)-year term two (2)-year term SEAT SEAT SEAT
this Resolution. 3. Said terms of office shall commence immediately upon the adoption of PASSED AND ADOPTED this 7 th day of November, 2018 Chair/Vice Chair, Board of Supervisors Secretary/Assistant Secretary
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RESOLUTION 2019-05 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Toscana Isles Community Development District ( District ) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Sarasota County, Florida; and WHEREAS, the Board of Supervisors ( Board ) of the Toscana Isles Community Development District held their Landowners election for three (3) Board Seats on November 7, 2018; and WHEREAS, pursuant to Chapter 190, Florida Statutes, the Board desires to elect the below recited persons to the offices specified. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT: 1. DISTRICT OFFICERS. The District officers are as follows: is appointed Chair is appointed Vice Chair Craig Wrathell is appointed Secretary is appointed Assistant Secretary is appointed Assistant Secretary is appointed Assistant Secretary Cindy Cerbone Craig Wrathell Jeff Pinder is appointed Assistant Secretary is appointed Treasurer is appointed Assistant Treasurer 2. CONFLICTS. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. 3. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 7 th day of November, 2018. Attest: TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT Secretary/Assistant Secretary Chair/Vice Chair, Board of Supervisors
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TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT FINANCIAL STATEMENTS UNAUDITED SEPTEMBER 30, 2018
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2018 General Fund Debt Service Fund Capital Projects Fund Total Governmental Funds ASSETS Cash $ 29,121 $ - $ - $ 29,121 Investments Reserve - 714,169-714,169 Prepayment - 5,270-5,270 Revenue - 491,738-491,738 Construction - - 181 181 Due from developer DR Horton 2,407 - - 2,407 Total assets $ 31,528 $ 1,211,177 $ 181 $ 1,242,886 LIABILITIES Liabilities: Accounts payable $ 463 $ - $ - $ 463 Due to Developer 2,500 - - 2,500 Total liabilities 2,963 - - 2,963 DEFERRED INFLOWS OF RESOURCES Deferred receipts 2,407 - - 2,407 Total deferred inflows of resources 2,407 - - 2,407 FUND BALANCES Restricted for: Debt service - 1,211,177-1,211,177 Capital projects - - 181 181 Unassigned 26,158 - - 26,158 Total fund balances 26,158 1,211,177 181 1,237,516 Total liabilities and fund balances $ 31,528 $ 1,211,177 $ 181 $ 1,242,886 1
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year to Date % of Budget Budget REVENUES Assessment levy $ - $ 18,613 $ 18,560 100% Assessment levy: off-roll - 54,358 54,470 100% Interest and miscellaneous 1 33 - N/A Total revenues 1 73,004 73,030 100% EXPENDITURES Professional & administrative Management/accounting/recording 3,400 40,800 40,800 100% Legal 1,209 3,078 7,500 41% Boundary expansion 2,748 4,248 - N/A Engineering - - 1,000 0% Audit - 3,400 3,800 89% Arbitrage rebate calculation - - 1,200 0% Dissemination agent 83 1,000 1,000 100% Trustee - 4,327 7,500 58% Telephone 17 200 200 100% Postage 89 301 500 60% Printing & binding 42 500 500 100% Legal advertising 133 345 1,200 29% Annual special district fee - 175 175 100% Electrical - 100 - N/A Insurance - 6,445 6,235 103% Contingencies 26 453 500 91% Website - 616 630 98% ADA website compliance - 199 - N/A Tax collector - 181 290 62% Total professional & administrative 7,747 66,368 73,030 91% Excess/(deficiency) of revenues over/(under) expenditures (7,746) 6,636 - Fund balances - beginning 33,904 19,522 12,139 Fund balances - ending $ 26,158 $ 26,158 $ 12,139 2
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES DEBT SERVICE FUND SERIES 2014 FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date % of Budget Budget REVENUES Special assessment - on roll $ - $ 277,300 $ 276,714 100% Special assessment: off-roll 114,638 499,427 501,723 100% Assessment prepayments - 26,865 - N/A Interest 1,408 11,142 - N/A Total revenues 116,046 814,734 778,437 EXPENDITURES Debt service Principal - 150,000 150,000 100% Principal prepayment - 130,000 35,000 371% Interest - 614,125 616,144 100% Tax collector - 2,698 4,324 62% Total expenditures - 896,823 805,468 Excess/(deficiency) of revenues over/(under) expenditures 116,046 (82,089) (27,031) Fund balances - beginning 1,095,131 1,293,266 1,228,668 Fund balances - ending $ 1,211,177 $ 1,211,177 $ 1,201,637 3
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES CAPITAL PROJECTS FUND SERIES 2014 FOR THE PERIOD ENDED SEPTEMBER 30, 2018 Current Month Year To Date REVENUES Interest $ - $ 2 Total revenues - 2 EXPENDITURES Total expenditures - - Excess/(deficiency) of revenues over/(under) expenditures - 2 Fund balances - beginning 181 179 Fund balances - ending $ 181 $ 181 4
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 DRAFT MINUTES OF MEETING TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT The Board of Supervisors of the Toscana Isles Community Development District held a Regular Meeting on Wednesday, October 17, 2018, at 10:00 a.m., at the offices of Vanguard Land, LLC, located at 6561 Palmer Park Circle, Suite B, Sarasota, Florida 34238. Present at the meeting were: Brian Watson Vice Chair John Peshkin Assistant Secretary Alexander Hays Assistant Secretary Daniel Peshkin Assistant Secretary Also present were: Craig Wrathell District Manager Cindy Cerbone Wrathell, Hunt and Associates, LLC Vivek Babbar (via telephone) District Counsel Shawn Leins (via telephone) District Engineer Mike Williams (via telephone) Bond Counsel Jon Kessler (via telephone) Underwriter FIRST ORDER OF BUSINESS Call to Order/Roll Call Mr. Wrathell called the meeting to order at 10:12 a.m. Supervisors John Peshkin, Alexander Hays, Daniel Peshkin and Brian Watson were present, in person. Supervisor Samantha Hays was not present. SECOND ORDER OF BUSINESS Public Comments There being no public comments, the next item followed. THIRD ORDER OF BUSINESS Approval of Requisition(s) There were no requisitions to approve. FOURTH ORDER OF BUSINESS Ratification of Contract/Change Order(s)/Purchase Order(s) There was nothing to ratify.
43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 TOSCANA ISLES CDD DRAFT October 17, 2018 FIFTH ORDER OF BUSINESS Consideration of Supplemental Engineer s Report Mr. Wrathell stated this was the result of discussions with the Landowner to proceed with issuing the next Series of bonds. If approved, in substantial form, the intent is to set an assessment public hearing and hold the bond pre-closing on November 28, 2018. Mr. Leins reviewed the Supplemental Engineer s Report dated October 15, 2018. The main changes pertained to Unit 3, which were based on the current estimate of construction costs and Equivalent Residential Unit (ERU) counts. An updated graphic was included. Before incorporating the minor comments received, he was waiting for any other comments. Mr. Wrathell stated the various infrastructure improvements, with the exception of some sanitary sewer systems that were already constructed in Unit 1, are associated with the Series 2014 bonds and Units 2 and 3 also benefit from those items. Mr. Liens referred to Page 10, which reflected total improvement costs of $26,369,829, and Table 1, which had the corresponding estimated construction costs for each Unit Category. Units 1 and 2 had updated construction costs; however, Unit 3 reflected the estimated figures, since the construction plans were not yet finalized. It was noted that some proportion of the total improvement costs associated with Unit 1 also benefit Units 2 and 3. Page 12 contained the revised ERU number for each Unit Type and reflected a combined total of 1,107 ERUs, which resulted in 81 additional Units, when compared to the 1,026 in the original Engineer s Report. Mr. Liens affirmed this figure corresponds with the change on the development plans. The following changes were discussed: Page 12 and throughout and any figures associated with these changes: 50 Lots : Change Unit 1 from 183 to 185 and Totals from 370 to 372 60 Lots : Change Unit 1 from 148 to 146 and Totals from 247 to 245 SIXTH ORDER OF BUSINESS Consideration of First Addendum to Master Special Assessment Methodology Report Mr. Wrathell presented the First Addendum to the Master Special Assessment Methodology Report and noted the following: Section 1.1: Referred to the April 2, 2014 Master Methodology Report. The Series 2014 bonds related to the debt assessments on 413 of the 420 lots associated with Unit 1. 2
77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 TOSCANA ISLES CDD DRAFT October 17, 2018 The additional new Product Types are consistent with the original Report and, based on a front footage basis, which increases construction costs to $26,369,829, and increases the residential units to 1,107, and placing a bond debt assessment on the remaining 7 lots in Unit 1. The District has the bonding capacity to place assessments on the 7 lots in Unit 1 that benefitted from the improvements but also Units 2 and 3. LALP Development, LLC (LALP) will develop Unit 2; however, development of Unit 3 was unknown, since ownership of the property has not occurred. Assessments will be structured to include 7 ERUs in Unit 1, 483 ERUs in Unit 2 and 204 potential ERUs in Unit 3 but, without ownership, Unit 3 will not be included in the Master or Supplemental Methodology Report, when setting the assessment public hearing; however, between the time the bonds are issued and September 30, 2019, Unit 3 assessment proceedings will be conducted and assessments redistributed to include Unit 3. Development Plan included the addition of the 74 and 80 Single Family Product Type. Maximum par amount of bonds was $19,745,000; of which, $16,145,000 was allocated to the 7 ERUs in Unit 1, 483 ERUs in Unit 2 with the remaining $3,600,000 allocated to Unit 3. The purpose of an Addendum is to define the $19,745,000 maximum par amount of bonds, which the District can allocate to each of the product types, and the maximum amount of debt assessment of $15,042,558, which could be allotted to fund the construction account. As market conditions could change, product type and development plan could change. The revised Report includes the correct figure of 134.48 gross acres for Units 1 and 2 and not 135.91 +/-, from the version in the agenda package. This increases the maximum par amount of debt per acre to $120,203.75. $2,613,513 will be held in a retainage subaccount to construct Unit 3; however, if after September 30, 2019 they decide not to construct Unit 3, 100 these funds could be used for improvements. If assessment proceedings occur prior to 101 102 103 104 105 106 107 108 September 30, 2019, they could then draw from the funds. Mr. Williams asked if the Trust Indenture includes the concept of the retainage subaccount. This information would be confirmed, and, if not, the changes would be made. Mr. Wrathell stated that Page 12 addresses the actions taken if a bulk sale occurs. The Report defines Special and Peculiar Benefits, noting the District completed its Reasonable and Fair Apportionment test. Regarding the True-Up Mechanism, they will confirm they revised the Preliminary Assessment Roll to 134.48 acres which would bring the max par amount of bonds, on Units 1 and 2 Assessments to $16,165,000. The acreage will be corrected, throughout. 3
109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 TOSCANA ISLES CDD DRAFT October 17, 2018 A Board Member asked if the Developer was able to pay down the outstanding debt on the lots. Mr. Babbar stated that it is part of the assessment Resolution. The language allows the Developer or any property or lot owner to prepay any portion of their entire assessments, at any time, as long as they pay the applicable interest payment for the next upcoming bond payment. More restricted language was placed in the 2014 bond documents. Whether more than one party, such as the Developer and homeowner could prepay a portion of the debt assessment, will be discussed at the Public Hearing. The Developer, as part of the Declaration of Consent, waived the ability to prepay for the improvements without having to pay interest costs and that, pursuant to Florida Statutes; they have that right when it is waived in writing. Before the Public Hearing, Mr. Wrathell and Mr. Babbar, will discuss whether to add language requiring the owner to pay reasonable costs to make calculations for a partial pay down. SEVENTH ORDER OF BUSINESS Consideration of Second Supplemental Special Assessment Methodology Report Mr. Wrathell stated the Second Supplemental Special Assessment Methodology Report will be revised to include the following changes: Page 12 and throughout and any figures associated with these changes: 50 Lots : Change Unit 1 from 183 to 185 and Totals from 370 to 372 60 Lots : Change Unit 1 from 148 to 146 and Totals from 247 to 245 Page 13, Table 3, Maximum Par Amount of bonds: Change $15,710,000 to $16,980,000 Page 13, Table 3, Construction proceeds: Change $13,033,336 to 14,683.486 Page 13, Table 4, Total ERU: Change 1,029.16 to 1,028.76 Page 14, Table 5, Unit 2: Change 10,604,617 to 11,935.070 Page 14, Table 5, Unit 3: Change 2,264,436 to 2,548.532 Page 14, Table 5, Total ERU: Change 1,029.16 to 1,028.76 Page 15, Table 6, Unit 1, Total Assessments: Change 198,020.46 to 231,145.83 Page 15, Table 6, Unit 2, Total Assessments: Change 12,782.494.38 to 13,801,728.77 Page 15, Table 6, Unit 3, Total Assessments: Change 2,729,485.16 to 2,947,125.40 On MOTION by Mr. Watson and seconded by Mr. Hays, with all in favor, the Supplemental Engineer s Report, in substantial form, was approved. 4
142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 TOSCANA ISLES CDD DRAFT October 17, 2018 On MOTION by Mr. Watson and seconded by Mr. Hays, with all in favor, the First Addendum to the Master Special Assessment Methodology Report dated October 17, 2018, in substantial form, was approved. On MOTION by Mr. Watson and seconded by Mr. Hays, with all in favor, the Second Supplemental Special Assessment Methodology Report dated October 17, 2018, in substantial form, was approved. EIGHTH ORDER OF BUSINESS Consideration of Resolution 2019-01, Declaring Special Assessments; Indicating the Location, Nature and Estimated Cost of the Improvements Which Cost is to be Defrayed in Whole or in Part by the Special Assessments; Providing the Portion of the Estimated Cost of the Improvements to be Defrayed in Whole or in Part by the Special Assessments; Providing the Manner in Which Such Special Assessments Shall be Made; Providing When Such Special Assessments Shall be Made; Designating Lands Upon Which the Special Assessments Shall be Levied; Providing for an Assessment Plat; Authorizing the Preparation of a Preliminary Assessment Roll; and Providing for an Effective Date Mr. Wrathell presented Resolution 2019-01 and read the title. Mr. Babbar recommended approving this Resolution, in substantial form, since the blank spaces for the projects costs and assessments must be filled in with the recent changes, pursuant to today s presentation. He would provide Mr. Wrathell with a revised version for the Public Hearing. On MOTION by Mr. Watson and seconded by Mr. Hays, with all in favor, the Resolution 2019-01, in substantial form, Declaring Special Assessments; Indicating the Location, Nature and Estimated Cost of the Improvements Which Cost is to be Defrayed in Whole or in Part by the Special Assessments; Providing the Portion of the Estimated Cost of the Improvements to be Defrayed in Whole or in Part by the Special Assessments; Providing the Manner in Which Such Special Assessments Shall be Made; Providing When Such Special Assessments Shall be Made; Designating Lands Upon Which the Special Assessments Shall be Levied; Providing for an Assessment Plat; Authorizing the Preparation of a Preliminary Assessment Roll; and Providing for an Effective Date, was adopted. 5
186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 TOSCANA ISLES CDD DRAFT October 17, 2018 NINTH ORDER OF BUSINESS Consideration of Resolution 2019-02, Setting a Public Hearing to be Held on Day, December, 2018, at 10:00 A.M., at 6561 Palmer Park Circle, Suite B, Sarasota, Florida 34238, for the Purpose of Hearing Public Comment on Imposing a Special Assessment on Certain Property Within the District Generally Described as Toscana Isles Community Development District in Accordance with Chapters 170, 190 and 197, Florida Statutes Mr. Wrathell presented Resolution 2019-02. The following changes were made: Throughout Resolution: Change Public Hearing date to 28th Day, November and Time from 10:00 A.M. to 2:00 P.M. On MOTION by Mr. Hays and seconded by Mr. John Peshkin, with all in favor, the Resolution 2019-02, as amended and in substantial form, Setting a Public Hearing to be Held on the 28 th Day, November, 2018, at 2:00 P.M., at 6561 Palmer Park Circle, Suite B, Sarasota, Florida 34238, for the Purpose of Hearing Public Comment on Imposing a Special Assessment on Certain Property Within the District Generally Described as Toscana Isles Community Development District in Accordance with Chapters 170, 190 and 197, Florida Statutes, was adopted. TENTH ORDER OF BUSINESS Consideration of Resolution 2019-03, Supplementing its Resolution 2014-12 by Authorizing the issuance of its Toscana Isles Community Development District Special Assessment Revenue Bonds, Series 2018 in a Principal Amount of Not Exceeding $20 Million for the Principal Purpose of Acquiring and Constructing Assessable Improvements; Delegating to the Chairman or Vice Chairman of the Board of Supervisors of the District, Subject to Compliance with the Applicable Provisions Hereof, the Authority to Award the Sale of Such 2018 Bonds to FMSbonds, Inc. by Executing and Delivering to Such Underwriter a Bond Purchase Agreement and Approving the Form Thereof; Approving the Form of and Authorizing the Execution of the Second Supplement Trust 6
231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 TOSCANA ISLES CDD DRAFT October 17, 2018 Indenture; Appointing U.S. Bank National Association as the Trustee, Bond Registrar and Paying Agent for Such 2018 Bonds; Making Certain Findings; Approving Form of Said 2018 Bonds; Approving the Form of the Preliminary Limited Offering Memorandum and Authorizing the Use by the Underwriter of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum and the Execution of the Limited Offering Memorandum; Approving the Form of the Continuing Disclosure Agreement and Authorizing the Execution Thereof; Authorizing Certain Officials of Toscana Isles Community Development District and Others to Take All Actions Required in Connection With the Issuance, Sale and Delivery of Said 2018 Bonds; Providing Certain Other Details with Respect to Said 2018 Bonds; and Providing an Effective Date Mr. Williams presented Resolution 2019-03. On MOTION by Mr. Daniel Peshkin and seconded by Mr. Hays, with all in favor, the Resolution 2019-03, Supplementing its Resolution 2014-12 by Authorizing the issuance of its Toscana Isles Community Development District Special Assessment Revenue Bonds, Series 2018 in a Principal Amount of Not Exceeding $20 Million for the Principal Purpose of Acquiring and Constructing Assessable Improvements; Delegating to the Chairman or Vice Chairman of the Board of Supervisors of the District, Subject to Compliance with the Applicable Provisions Hereof, the Authority to Award the Sale of Such 2018 Bonds to FMSbonds, Inc. by Executing and Delivering to Such Underwriter a Bond Purchase Agreement and Approving the Form Thereof; Approving the Form of and Authorizing the Execution of the Second Supplement Trust Indenture; Appointing U.S. Bank National Association as the Trustee, Bond Registrar and Paying Agent for Such 2018 Bonds; Making Certain Findings; Approving Form of Said 2018 Bonds; Approving the Form of the Preliminary Limited Offering Memorandum and Authorizing the Use by the Underwriter of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum and the Execution of the Limited Offering Memorandum; Approving the Form of the Continuing Disclosure Agreement and Authorizing the Execution Thereof; Authorizing Certain Officials of Toscana Isles Community Development District and Others to Take All Actions Required in Connection With the Issuance, Sale and Delivery of Said 2018 Bonds; Providing Certain Other Details with Respect to Said 2018 Bonds; and Providing an Effective Date, was adopted. 7
277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 TOSCANA ISLES CDD DRAFT October 17, 2018 ELEVENTH ORDER OF BUSINESS Consideration of Agreement with FMSbonds, Inc., for Underwriter Services Mr. Wrathell presented the FMSbonds, Inc., Engagement Letter. The following change was made: Attachment 1, Section 2, 1: Change 2% to 1.50% On MOTION by Mr. John Peshkin and seconded by Mr. Hays, with all in favor, the Agreement with FMSbonds, Inc., for Underwriter Services, as amended, was approved. Mr. Kessler presented the following bond issuance timeline: Conference call today, to discuss finalizing the offering document. October 22 nd - Post Bond Offering, marketing weekly. November 28, 2018, 2:00 p.m. Pre-close on the bonds. December 3 rd Fund the bonds The final Supplemental Engineer s Report and final Supplemental Assessment Methodology is to be sent to Mr. Kessler. Mr. Kessler left the meeting at 11:08 a.m. TWELFTH ORDER OF BUSINESS Acceptance of Unaudited Financial Statements as of August 31, 2018 Mr. Wrathell presented the Unaudited Financial Statements as of August 31, 2018. On MOTION by Mr. John Peshkin and seconded by Mr. Daniel Peshkin, with all in favor, the Unaudited Financial Statements as of August 31, 2018, were approved. THIRTEENTH ORDER OF BUSINESS Approval of Minutes A. July 18, 2018 Public Hearing and Regular Meeting B. August 1, 2018 Regular Meeting C. August 15, 2018 Regular Meeting 8
313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 TOSCANA ISLES CDD DRAFT October 17, 2018 Mr. Wrathell presented the above meeting minutes and asked for any additions, deletions or corrections. On MOTION by Mr. Watson and seconded by Mr. Hays, with all in favor, the July 18, 2018 Public Hearing and Regular Meeting Minutes, the August 1, 2018 Regular Meeting Minutes and the August 15, 2018 Regular Meeting Minutes, as presented, were approved. FOURTEENTH ORDER OF BUSINESS Staff Reports A. District Counsel: Straley Robin Vericker Since Resolution 2018-07 approved expansion of the District, Mr. Babbar wanted it noted in the record that, pursuant to direction from the property owner, expansion of the District was no longer proceeding at this time. B. District Engineer: AM Engineering, Inc. There being no report, the next item followed. C. District Manager: Wrathell, Hunt and Associates, LLC i. NEXT MEETING DATE: October 24, 2018 at 10:00 A.M. The next meeting will be held on October 24, 2018 at 10:00 a.m., but may be cancelled if the documents approved today, in substantial form, do not require material changes. FIFTEENTH ORDER OF BUSINESS Board Members Comments/Requests There being no Board Members comments or requests, the next item followed. SIXTEENTH ORDER OF BUSINESS Public Comments There being no public comments, the next item followed. SEVENTEENTH ORDER OF BUSINESS Adjournment There being nothing further to discuss, the meeting adjourned. On MOTION by Mr. John Peshkin and seconded by Mr. Hays, with all in favor, the meeting adjourned at 11:11 a.m. 9
350 351 352 353 354 355 356 TOSCANA ISLES CDD DRAFT October 17, 2018 Secretary/Assistant Secretary Chair/Vice Chair 10
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT 9Ci
TOSCANA ISLES COMMUNITY DEVELOPMENT DISTRICT NOTICE OF FISCAL YEAR 2019 MEETINGS The Board of Supervisors ( Board ) of the Toscana Isles Community Development District ( District ) will hold Regular Meetings for Fiscal Year 2019 at 10:00 a.m., at the offices of Vanguard Land, LLC, located at 6561 Palmer Park Circle, Suite B, Sarasota, FL 34238, on the following dates: October 3, 2018 October 10, 2018 October 17, 2018 October 24, 2018 October 31, 2018 November 7, 2018 (Landowners Meeting & Regular Meeting) November 14, 2018 November 21, 2018 November 28, 2018 December 5, 2018 December 19, 2018 January 2, 2019 January 16, 2019 February 6, 2019 February 20, 2019 March 6, 2019 March 20, 2019 April 3, 2019 April 17, 2019 May 1, 2019 May 15, 2019 June 5, 2019 June 19, 2019 July 3, 2019 July 17, 2019 August 7, 2019 August 21, 2019 September 4, 2019 September 18, 2019 The purpose of the meetings is for the Board to consider any business which may properly come before it. The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from Wrathell, Hunt & Associates, LLC, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 or by calling (561) 571-0010. There may be occasions when one or more Supervisors or staff will participate by telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (561) 571-0010 at least 48 hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1- 1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Office. A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. District Manager Toscana Isles Community Development District