MINUTES OF MEETING

TOHOQUA

COMMUNITY DEVELOPMENT DISTRICT

The	Regular	Meeting

of

the	Board

of

Supervisors

of

the

Tohoqua	Community

Development District was held on Wednesday, February 7, 2018 at 9:00 a.m., at the West Osceola Branch Library, 305 Campus Street, Kissimmee, FL.

Present and constituting a quorum were:

Marcus Hooker

Keith Trace

Kaitlyn Noyes

James Dowd

Also present were:

George Flint

Andrew d' Adesky

Eric Warren

Mike Williams

Justin Rowan

Stacey Johnson

Monique Spotts

Vice Chairman

Assistant Secretary

Assistant Secretary

Assistant Secretary

District Manager

District Counsel

District Engineer

Bond Counsel

Underwriter

Trustee

BMO

FIRST

ORDER

OF

BUSINESS

Roll Call

were

Mr. Flint called the meeting to present, with the exception of Mr.

order at 9:00 a.m. and called the roll. All Supervisors Vidrine.

SECOND ORDER OF BUSINESS

There being none, the next item followed.

Public Comment Period

THIRD

ORDER

OF

BUSINESS

Approval of Minutes 2018 Meeting

of

the  January

3,

Mr. Flint: Did the Board have any additions, deletions or corrections to the minutes? not, we need a motion to approve them.

If

February 7, 2018			TohoquaCDD		
					
On MOTION by Mr. Trace,	seconded by Mr. Hooker,	with all in		
favor, the Minutes of the January 3,	2018 Meeting were approved,		

as

presented.

FOURTH ORDER

OF

BUSINESS

Consideration	of	Resolution   2018-10	
Finalizing  the	Special  Assessments	and	
Securing the Series 2018 Bonds		

	Mr.	d'			I will introduce the Resolution and Justin will				
		Adesky:					
														discuss the pricing.  This is		
a fairly	stated finalization		resolution.	It	brings the special assessments in	line with the actual		
												
pricing	of the bonds.	We had our initial assessment resolutions and this just	confirms it with our		
Supplemental Assessment	Resolution.	It	was revised for the pricing and the updated Engineer's		
										
Report.  The amount is $2,165,000.  The Resolution is	consistent with Chapters 170 and 190 of		
													
the  Florida	Statutes.		We	will  also  update  the  District's  lien  book  in  order  to  levy  those		
							
assessments.  Justin?															
Mr.	Rowan:	I	have a quick summary of the pricing.	I don't know if anyone has any		
																	
questions, but we successfully priced the bonds around		18.	As Andrew mentioned, the		
											January				
principal amount was	$2,165,000.   The proceeds, or uses of	funds, went to certain accounts		

including a Debt Service Reserve Fund, Capitalized Interest Account,	which will pay interest on		
																	
the bonds until	November	of this year.	It also includes Cost of	Issuance and the remaining		

proceeds  towards  the  Project  Fund,  which  will  entirely  be  used  to  acquire  completed		
improvements, either at closing or shortly thereafter.  That	amounted to $1,798,000.  As it relates		
														
to the interest rate and term, the	bonds mature in May of 2048, which is the final maturity.  We		
										
priced the bonds at two different terms; one with a 20-year term and one with a 30-year term.		
The blended interest rate or coupon came was 4.76%.  The handout I provided goes through the		
Amortization Schedule and various statistics on the bonds.  Rather than bore you with numbers, I		
will see	if anyone has any questions.										

Mr.

Trace:  Why are there 20 and 30 year terms?

Mr.	Rowan:	If we can price it	that way and there's a	different appetite for different		

investors for different durations, it ultimately allows the District to achieve	a lower coupon,		
because we are blending the lower rates rather than just going out with one term bond with a 30-		
year term.	So, when we can	blend a	10, 20 or 30-year term or 20 and a	30-year term, the		
							
ultimate interest rate is lower overall for the	District, than ifwe just did a one term bond.		

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February 7, 2018														TohoquaCDD		
																			
Mr. Trace:	I was worried, because a $2	million issuance seemed	small.				
															
Mr.	Rowan:	It is, but it depends on who is in the market, who is looking, who we think		
					
would have the most appetite for the	bonds at that time and how they	prefer	or are willing to		
											
price it.  These terms will be incorporated into the final Supplemental			Methodology		
														Assessment			
Report, which will be attached to this Assessment Resolution.								
Mr. d'																
			Adesky:  We would ask for	approval	of Resolution 2018-10.				
													
Mr. Hooker:	In the Supplemental Engineer's Report, any	improvements	that either a		
																
mobility fee or utility credit are not a part	of this.	I noticed off-site	utilities, which usually get		
																
credits, like on Cross Berry Parkway.													
Mr. Warren:  There are none.   We	found out that there may	be some	landscaping that		
													
needs to be rectified, but none of that is planned to be part of this.							
Mr.	Hooker:	$15	million in improvements and $2	million in	bonds	are	going to be		

issued.  I just	wanted to make sure that it was separate.								
											
Mr. Flint:  It	gives the ability to amend the report in the future,	if you need to.		
Mr.	Rowan:	So much of this project is going to be developer	funds  and only a small		
					
portion are bond funds.														
Mr. Flint:  Are there any other questions on the resolution?  The two exhibits are the First		
Supplemental  Engineer's  Report  and  Supplemental  Assessment  Methodology  reflecting  the		
actual pricing.																
			On	MOTION by Mr. Trace, seconded by Mr. Dowd,	with all	in			
									
			favor, Resolution 2018-10, Finalizing the Special Assessments and			
			Securing the Series 2018 Bonds, was adopted.								

FIFTH

ORDER

OF

BUSINESS

Consideration of Agreement with Osceola County Tax Collector Regarding the Use of the Uniform Method of Collection

Mr. Flint: using the uniform to use the tax bill into an agreement

We added an agreement with the Osceola	County Tax Collector regarding		
				
method of collection.	Previously, the Board held a Public Hearing to be able		
			
as the collection method.  The statutes provide that we are required to enter		
with the Tax			It		
Collector and Property Appraiser.			
			specifies the fees that they		

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February

7,

2018

TohoquaCDD

can charge

so

there's no negotiation as far as the fee.	The agreement  they provided is their

standard agreement.

I

think

District Counsel reviewed it.

Mr.

d'Adesky:	We reviewed it and it is consistent with the statute.	They are charging

the statutory percentage.

Mr.

approve it.

Flint:	Are there any  questions  on the agreement?

If

not,  we  need a motion to

	On MOTION by Mr. Trace, seconded by Mr. Hooker, with all in	
	favor, the Agreement with the Osceola County Tax Collector for	
	the Use of the Uniform Method of Collection was approved.	
SIXTH ORDER OF BUSINESS	Staff Reports	
A.	Attorney		

Mr.

Mr.

Flint:  Andrew, do you

d' Adesky:  Other than

have anything else?

the bond report, we are working on some plat comments.

B.

Engineer

Mr.

Flint:  Eric, do you have anything?

Mr.

Warren:	In terms

of

the project, there was progress with the first phase with the

paving. next 60

Over the next month, we will start doing days. I have nothing else, unless there are

some of the closeouts and wrap it up over the further questions on the report.

C.

District Manager's Report

i.

Balance Sheet and Income Statement

2017.

Mr.	Flint:  You have the	Balance Sheet and Income Statement through December 31,		
				
No action is			
	required, but if the Board has any questions, we can discuss those.		
ii.	Consideration of Funding Request #4

Mr.

Flint:	You have Funding Request #4, which includes management fees, District

Engineer,  District		Counsel  and  Board  of Supervisor  fees.		
				
Funding		If not, we need a motion to approve it.			
Requests?				
On	MOTION by Mr. Trace, seconded by	Mr.		
				
favor Funding Request #4 was approved.			

Are  there  any  questions  on the

Dowd, with all in

4

February 7, 2018

SEVENTH ORDER OF BUSINESS

There being none, the next item followed.

Other Business

TohoquaCDD

EIGHTH ORDER OF BUSINESS

There being none, the next item followed.

Supervisors

Requests

NINTH ORDER OF BUSINESS	Adjournment

Mr. Flint:

If

there's nothing further, we need a motion to adjourn.

On MOTION by Mr. favor, the meeting was

Trace, seconded adjourned.

by

Mr.

Hooker,

with

all in

Secreta

ry

/ Assistant

Secretary

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