BOARD PACKAGE. Meeting

Transcription

1 BOARD PACKAGE Meeting APRIL 18, 2018

2 110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida Tel: Fax: TO: FROM: Housing Finance Authority ( HFA) Board Members Norman Howard, Manager DATE: April 18, 2018 SUBJECT: HFA April 18, 2018, Board Meeting Corrections Staff has made the following revisions to reflect the following listed below: CORRECTION REDLINES: 1. Agenda: Item #6, 2006 Single Family, Series A&B Optional Redemption of Outstanding Bond. 2. Item #6 Write-up (Present Situation) Removal of double entry: taken to initiate the Optional Redemption of HFA s 2007 Bonds at which point MOTION TO APPROVE incorrectly stated: Series 2007 ABBCD should be read as Series 2007 ABCD authorizing the use of Housing Finance Bonds; should be read as authorizing the use of Housing Finance Authority funds for the redemption; MOTION TO APPROVE language inclusion: authorizing the Sale of Securities currently held as collateral for the bonds; Previous motion replaced: MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida ( Housing Finance Authority ), approving the Optional Redemption ( redemption ) in full of the Housing Finance Authority s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABBCD, and Series 2007 EF ( Bonds ); authorizing the use of Housing Finance Bonds; authorizing the placement of released securities into the Housing Finance Authority s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date. Chair: Colleen LaPlant Vice Chair: Milette Thurston Secretary: Donna Jarrett-Mays Assistant Secretary: Daniel D. Reynolds Members: Ruth T. Cyrus Kirk L. Frohme Jose Pepe Lopez John G. Primeau

3 Revised motion with redline correction should read: (See attached agenda). MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida ( Housing Finance Authority ), approving the Optional Redemption ( redemption ) in full of the Housing Finance Authority s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABCD, and Series 2007 EF ( Bonds ); authorizing the use of Housing Finance Authority funds for the redemption; authorizing the Sale of Securities currently held as collateral for the bonds; authorizing the placement of released securities into the Housing Finance Authority s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date. 2

4 110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida Tel: Fax: REGULAR MEETING A regular meeting of the Housing Finance Authority of Broward County (the HFA), Florida, will be held on Wednesday, April 18, 2018, at 5:30 p.m., in the 2 nd Floor Conference Room, located at 110 N.E. 3rd Street, Fort Lauderdale, Florida. CALLING OF THE ROLL CONSENT AGENDA ITEMS (1 through 2) 1. Approval of March 21, 2018, Regular Meeting Minutes 2. Executive Director s (March) Operational Report MOTION TO APPROVE the Consent Agenda Items 1 and 2. REGULAR AGENDA 3. Mr. Liran Friedman, VanGuard Real Estate Services - Letter of Intent to Purchase Real Estate (HFA Vacant Lot) 4. Financial Reports Monthly Overview Ms. Linda Dufresne MOTION TO APPROVE the Housing Finance Authority monthly financial report for the month of March 31, Good Faith Deposit - Policy and Procedures MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida ( Housing Finance Authority ), amending the policies and procedures for multi-family housing bond program of the Housing Finance Authority; providing the Executive Director of the Housing Finance Authority to reduce the Good Faith Deposit, for certain large bond transactions; providing for severability; and providing for an effective date. Chair: Colleen LaPlant Vice Chair: Milette Thurston Secretary: Donna Jarrett-Mays Assistant Secretary: Daniel D. Reynolds Members: Ruth T. Cyrus Kirk L. Frohme Jose Pepe Lopez John G. Primeau

5 Single Family, Series A&B Optional Redemption of Outstanding Bond INFORMATION ITEM MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida ( Housing Finance Authority ), approving the Optional Redemption ( redemption ) in full of the Housing Finance Authority s outstanding Single Family Mortgage Revenue Bonds, Series 2006 ABC, Series 2007 ABCD, and Series 2007 EF ( Bonds ); authorizing the use of Housing Finance Authority funds for the redemption; authorizing the Sale of Securities currently held as collateral for the bonds; authorizing the placement of released securities into the Housing Finance Authority s investment account; authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with the redemption, including sending all required notices; providing for severability; and providing for an effective date. 7. Brokerage Investment Agreement - Policy and Procedures PRESENTATION 8. Broward County Ethics Workshop Annika Ashton 9. MATTERS OF HFA MEMBERS 10. MATTERS FROM THE FLOOR 11. NEXT BOARD MEETING May 16, ADJOURNMENT 2

6 110 Northeast 3rd Street, Suite 300 Fort Lauderdale, FL Phone: Fax: MINUTES BOARD MEETING Wednesday, March 21, 2018 A regular Board Meeting of the Housing Finance Authority ( HFA ) of Broward County was held on Wednesday, March 21, 2018, at 5:30 p.m., in the 2 nd Floor Conference Room, located at 110 Northeast 3 rd Street, Fort Lauderdale, Florida. The Chair, Colleen LaPlant, called the meeting to order at 5:30 p.m. CALLING OF THE ROLL A Roll Call was taken by Sonia Isme. Board Members Present Colleen LaPlant, Chair Donna Jarrett-Mays, Secretary John G. Primeau, Member Jose Lopez, Member Kirk L. Frohme, Member Board Members Absent Daniel D. Reynolds, Asst. Secretary Ruth T. Cyrus, Member Milette Thurston, Vice Chair Staff Suzanne R. Fejes, Executive Director Norman Howard, Manager Sonia Isme, Secretary Annika Ashton, Senior Asst. County Attorney Also Present Deborah Zomermaand, Financial Advisory Svc Linda Dufresne, Dufresne CPA Services, P.A. Ms. LaPlant, the Chair, acknowledged informational items provided to the board prior to discussion on agenda items, and moved item 7 to the consent agenda. CONSENT AGENDA ITEMS 1 5 and 7 1. Approval of February 21, 2018, Regular Meeting Minutes 2. Executive Director s (February) Operational Report 3. S. Davis & Associates, P.A. (Agreement Option) Florida Association of Local Housing Finance Authorities Education Conference, St. Petersburg, Florida 5. Emerald Palms Apartments Good Faith Deposit Reduction 7. Single Family Bonds 2018 Mortgage Credit Certificate Chair: Colleen LaPlant Vice Chair: Milette Thurston Secretary: Donna Jarrett-Mays Assistant Secretary: Daniel D. Reynolds Members: Ruth T. Cyrus Kirk L. Frohme Jose Pepe Lopez John G. Primeau

7 MOTION TO APPROVE the Consent Agenda for March 21, MOTION was made by John G. Primeau, seconded by Jose Lopez, to approve Consent Agenda Items 1 through 5 and 7. The motion carried unanimously. 6. Financial Reports Monthly Overview Ms. Linda Dufresne Ms. Linda Dufresne provided a brief overview of the financial reports and itemized attachments. She mentioned there were no significant issues and that the numbers were consistent with the reported audited financials. She inquired whether anyone had questions pertaining Mr. Kirk Frohme s Q&A s or questions on the financial report. Mr. Frohme referred to the Balance Sheet (Flux Report), Attachment 2 on Accumulated Depreciation assets and inquired what the Accumulated Depreciation BOCC consisted. Ms. Dufresne responded the Broward County Board of County Commissioners (the BOCC ) provided a list of assets allocated to the HFA from their books. There was a brief discussion between Linda Dufresne and Kirk L. Frohme on the Accumulated Depreciation accounts. Mr. Frohme requested verification on the BOCC Accumulated assets and balances for the next meeting. Ms. Dufresne confirmed that she will acquire the information requested. MOTION TO APPROVE the Housing Finance Authority Monthly Financial Reports for the month of February 28, MOTION was made by Kirk L. Frohme, seconded by Jose Lopez, to approve the Housing Finance Authority monthly financial reports for February 28, The motion carried unanimously. 7. Single Family Bonds 2018 Mortgage Credit Certificate (MCC) Program MOTION TO AUTHORIZE staff to publish a Mortgage Credit Certificate Public Notice; authorizing the assignment of Bond Counsel to assist in the preparation of the Public Notice; and authorizing the expenditures for such purposes not to exceed $2,500. Prior to the start of discussion, the Chair authorized item 7 to be moved to the consent agenda and board members motioned to approve. No further discussion on this item. 8. Multifamily Request for Applications - Ms. Deborah Zomermaand Ms. Zomermaand reported there were no applications submitted. HFA Board Meeting Minutes March 21, 2018 Page 2 of 3

8 10. MATTERS OF HFA MEMBERS Ms. LaPlant advised the board members to submit the S. Davis & Associates, P.A. audit confirmation letters before leaving the meeting. Ms. Howard mentioned that all envelopes must be sealed before submitting to staff. Ms. Fejes informed board members the BOCC allocated $5 million annually from general revenue accounts towards affordable housing for the next three years. The intent would be to have an RFP utilizing the $5 million as gap financing for an HFA project at a minimum of 100 units. The $5 million may not be enough for a development at that size but there have been discussions on reducing the $5 million for another project and a minimum of $4.5 million for gap financing. In addition, Ms. Fejes informed the Board that Ralph Stone will return to the division on Monday, March 26, 2018 and that Mr. Stone will be the Executive Director of the HFA and that she will move to Assistant Director and be involved with HFA transactions. 11. MATTERS FROM THE FLOOR None. 12. NEXT BOARD MEETING April 18, ADJOURNMENT The Chair, Colleen LaPlant hearing no further comments, questions or discussions adjourned the meeting at 5:58 p.m. HFA Board Meeting Minutes March 21, 2018 Page 3 of 3

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10 Foreclosure (180+ days) February 2018 Loan Count Total 1 st Lien 2 nd Lien 1 st Mort./Total 2 nd Mort./Total 12 $1,444, $1,300,794 $144, Mortgage Credit Certificate Program (MCC) At this time, the HFA has fifteen (15) lenders participating in the January 2017 MCC Program. The program totals to date are as follows: MCC s by Lender Commitments Issued Cancelled/Expired Academy Mortgage Corporation America s Mortgage Professionals, LLC Bank of America, N.A Banking Mortgage Services Corp Centennial Bank CMG Financial, Inc Cornerstone Home Lending Gold Star Mtg. Financial Group GSF Mortgage Corporation Gulf Atlantic Funding Group, Inc HG Mortgage, LLC Hamilton Funding Group Paramount Residential Mortgage Group (PRMG) Plaza Home Mortgage, Inc The Mortgage Firm Totals Income to date: $12,475 HFA Executive Report (March 2018) Page 2 of 3

11 MULTIFAMILY HOUSING BOND TRANSACTIONS 2018 Multifamily housing transactions update for the month of March (Attachment 1). MULTI-FAMILY COMPLIANCE MONITORING Multifamily compliance monitoring; reporting period January 21, 2018, to February 20, Monthly Compliance Review of this month s bond report shows all properties are in compliance with their respective Land Use Restriction Agreements (LURA s). Occupancy Report The HFA Rental Occupancy Report for period January 21, 2018, to February 20, 2018, is included (Attachment 2). Annual Management Review and Inspections There were no reviews or inspections completed during the reporting period of January 20, 2018 to February 20, All the above listed properties were in compliance with their respective LURAs. HFA Executive Report (March 2018) Page 3 of 3

12 ATTACHMENT 1

13 2018 MULTIFAMILY HOUSING BOND TRANSACTIONS APRIL UPDATE HFA RANKING PROJECT NAME Emerald Palms Apartments PROJECT LOCATION 5331 Southwest 43 rd Terrace Dania Beach, FL DEVELOPER PROFESSIONAL TEAM Lead Underwriter Bond Counsel Credit Underwriter ( CU ) BOND AMOUNTS Bond Amount/Original Req. Revised Request CU Recommendation TEFRA & Inducement TEFRA/Inducement Amount Date of HFA Inducement Date of TEFRA Hearing Date of HFA Approval Date of BOCC App. TEFRA Date of BOCC Approval Cust. Agreement (If Applicable) MRK Partners Inc. RBC Nabors, Giblin & Nickerson Seltzer $38,000,000 N/A TBD $38,000,000 (Inducement) April 19, 2017 April 5, 2018 May 16, 2018 June 12, 2018 N/A ALLOCATION Allocation Approved by HFA $38,000,000 TRANSACTION STATUS See Note #1

14 Note #1: Application to fund Emerald Palms Apartments in the 2017 allocation cycle was submitted to the HFA on March 20, The financing is expected to fund the acquisition and rehabilitation of 318 units of affordable housing in Dania Beach. The HFA approved and induced the project at its board meeting on April 19, 2017, such approval effectively ranked the development to receive tax-exempt bond allocation and/or carryforward in On February 21, 2018 the HFA authorized a reduction of the Good Faith Deposit from $190,000 to $75,000. The transaction is expected to close during the summer of 2018.

15 ATTACHMENT 2

16 Housing Finance Authority of Broward County Rental Occupancy Report Property Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Previous From Mgmt month % of From Mgmt Certificate of Total Number of Lower Units Low Income % Occupied LURA Compliance Number of Units % of Units Occupied Units by Low Low Income rec'd Vacant Units Occupied Occupied January Occupied Income Requirement February Comments Units Banyan Bay % % 3/9/ Chaves Lakes % % 2/27/2018 QP expires 3/ Colonial Park % % 2/23/ Cypress Grove/Sandalgrove % % 4/4/ Golden Villas % % 3/6/ Golf View Gardens % % 2/22/2018 QP expires 12/31/ Harbour Cove % % 2/28/2018 QP expires 1/31/ Heron Pointe % % 2/28/ Laguna Pointe % % 3/1/ Lake Vista (fka Ashlar/Pier Club) % % 2/28/2018 QP expires 6/1/ Lauderhill Point (fka Driftwood Terr) % % 3/9/ Los Prados % % 2/22/ Mar Lago Village % % 4/4/ Meridian % % 2/22/2018 QP expires 5/ Palms of Deerfield % % 3/13/ Pembroke Park % % 3/1/ Pinnacle Village % % 3/6/ Prospect Park % % 3/28/ Sailboat Bend % % 3/9/ San Tropez (fka Pembroke Village) % % 3/7/2018 QP expires 6/26/ Sanctuary Cove % % 2/23/ St Croix % % 3/2/2018 QP expires 6/1/ Summerlake % % 2/27/ Woodsdale Oaks % % 2/22/2018 QP expires 1/31/ Totals 5,892 5,624 4, * Figures in red show properties that are less than 90% occupied Total % rate of occupancy for all properties 95% Item 2 - Attachment 2 (Rental Occupancy Report) 4/16/2018; 8:51 AM

17 MULTI-FAMILY BOND RENTAL OCCUPANCY REPORT KEY The Rental Occupancy Report was prepared by staff from Certifications of Continuing Compliance reports received from Multi Family property management. Column B represents the total number of units the property has. Column C represents the number of units occupied during the time period. Column D represents the percentage of units occupied versus the total number. Column E represents the percentage of total units that were lower income occupied during the month of January, 2017 Column F represents the number of lower income units occupied. Column G represents the percentage of lower income units occupied versus the total number of units available. Column H represents the lower income requirement per the Land Use Restriction Agreement. Column I represents the date the Certificate of Compliance was received by Housing Finance Authority. Column J represents comments deemed important or necessary such as the qualifying period expiration date or explanation for red numbers on the report. Column K represents the number of units vacant for each property. Columns that are blank represent no report was received from property management.

18 Housing Finance Authority (HFA) of Broward County April 18, 2018 Board Meeting Letter of Intent to Purchase Real Estate (Vacant Lot) Vanguard Real Estates Services provided the HFA a Letter of Intent to Purchase the HFA vacant lot east of the HFA 110 Building. Background On March 13, 2018, Vanguard Real Estate Services approached staff and forwarded a Letter of Intent to Purchase the HFA vacant lot listed above for $625,000 (Attachment 1). Recommendation Attachment Staff recommends that HFA continue utilizing the property for over-flow of additional parking for meetings at the HFA 110 building. 1. Letter of Intent to Purchase Real Estate, dated March 8, 2018.

19 ATTACHMENT 1

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22 Housing Finance Authority of Broward County Dufresne CPA Services, PA Overview of the March 2018 Financial Reports The following are items considered to be of note regarding the financial reports for the month of March 2018: 1. Balance sheets (Attachments 1 and 2) changes relate primarily to individual cash and investment account activity, including funds released from the indemnification fund for return of good faith deposits in excess of related expenses and the transfer of investments from the US Bank Custody Account to the BNY Mellon Custody Account. During fiscal 2017, the Authority s lot valued at $31,400 entitled HFA Land Inventory For Homes was granted to the homeowner who purchased the Franklin park home which was built on the lot. The closing documents assigned no value to the lot and no payment for the lot was received by the Authority when the transaction was closed during fiscal After discussion with the auditors, the transaction was reported on the audited financial statements for fiscal 2017 as a Land Grant on the Statement of Activities and was removed from the Statement of Net Position. The result of recording the transaction to reflect removal of the lot from the Authority s internal records appears as a difference in Attachment 2 on page An immaterial reclassification was done between Accumulated Depreciation BOCC and Accumulated Depreciation HFA to correct the line items. 3. Profit and loss report indicates the changes that relate primarily to timing of new bond issuances, redemptions and related fees and residuals, fair market value adjustments, rent income and timing of invoices paid and payments received. Significant application, TEFRA and closing fees relate to Landings at Coconut Creek closing and NW Gardens conversion (Attachments 3 and 4) Cash vs Accrual Basis for P&L Budget to Actual comparison (Attachment 4) On a monthly basis the process to prepare the financial statements includes: a. Budgetary column Cumulative 1/12 of the budgeted revenues and expenses are reported b. Actual column Significant known revenue and expense items are accrued a. Authority fees receivable are adjusted to correct accrual basis balance b. Cumulative 1/12 of budgeted Personnel and Other Expenses due to BOCC are adjusted to correct accrual basis balance c. Expenses for all invoices submitted to the HFA prior to month end are paid and recorded in the financial statements. d. Bank and account management fees that are reported on the monthly bank statements are recorded as expense in the applicable month. Index to Attachments Attachment 1, Page 2: Balance Sheet (Flux Report March 2018 comparison to February 2018) Attachment 2, Page 3: Balance Sheet (Flux Report March 2018 comparison to March 2017) Attachment 3, Page 4: P&L (Flux Report Current Year-to-Date to Prior Year-to-Date) Attachment 4, Page 5: P&L (Flux Report Budget to Actual) Attachment 5, Page 6: Aged Receivables Report Attachment 6, Pages 7-8: Wells Fargo Bank Reconciliation Report Operating Attachment 7, Page 9: Professional Fees Detail Attachment 8, Page 10: Cumulative Net Change in Investment Value 1

23 ATTACHMENT(S)

24 Attachment 1 The Housing Finance Authority of Broward County 110 NE Third Street, #300 Fort Lauderdale, FL Balance Sheet (Flux Report) 3/31/2018 March February $ Difference % Difference Assets Cash-Wells Fargo $ 1,013,119 $ 983,796 29,323 3% Cash- LOC 6,159 6, % Indemnification Fund -BNY 329, , % Cash-BNY Custody Account 5,087,043 5,077,460 9, % Total Cash 6,436,091 6,396,931 Explanation (See criteria below) Investments-BNY Mellon Custody Account 5,739,984 5,738,866 1, % Note Receivable-DPA 387, ,125 - NA Prepaid Expense 26,872 26,872 - NA Authority Fees Receivable - 20,591 (20,591) -100% Interest Receivable 19,421 13,936 5,485 28% 2 Notes Receivable-CDC 200, ,000 - NA Notes Receivable - Mt. Olive 231, ,156 (5,000) -2% HFA Mortgage Receivables 9,451 9,485 (34) -0.4% Due from Artspace 548, ,817 - NA Utility Deposit 1,925 1,925 - NA HFA Land 621, ,704 - NA HFA Buildings 1,036,000 1,036,000 - NA Equipment 90,258 90,258 - NA Capital Assets BOCC (Tagged) 127, ,474 - NA Accumulated Depreciation -BOCC (127,474) (131,553) 4, % Accumulated Depreciation, HFA (679,771) (675,692) (4,079) 0.6% Total Assets 14,669,035 14,648,897 Deferred Outflows Deferred outflows related to pension 209, ,589 - NA Total Assets and Deferred outflows $ 14,878,625 $ 14,858,486 Accrued Sick/Vacation, ST $ 43,000 $ 43,000 - NA Due to BOCC - Exp reimb 368, ,150 61,430 17% 1 Due to BOCC - Artspace project 428, ,070 - NA Due to BOCC - Artspace Interest 120, ,747 - NA Audit Fees Payable 16,425 47,475 (31,050) -189% 3 Net Pension Liability 423, ,522 - NA Accrued Sick/Vacation, LT 51,000 51,000 - NA Total Liabilities $ 1,451,344 $ 1,420,964 Deferred Inflows Deferred inflows related to pension $ 34,578 $ 34,578 - NA Equity Beginning of year $ 13,207,828 $ 13,207,828 Current Year Earnings 184, ,116 Total Equity 13,392,703 13,402,944 Total Liabilities, Deferred Inflows and Equity $ 14,878,625 $ 14,858,486 Criteria to determine if explanations are required: Cash account fluctuation explanations provided for >=$100,000 variance Remaining items explanations are provided for >=10% and >=$5,000 variance NA No change as compared to prior month 100% No activity in prior month -100% No activity in current month 1 Timing of receipts/payments and accruals based on budget 2 Change in accrued income: Investments-BNY Mellon Custody Account 3 Audit fees for multifamily bonds collected by BNY as trustee, remitted to Authority and paid to S.Davis for bond audit services in installment payments 2

25 Attachment 2 The Housing Finance Authority of Broward County 110 NE Third Street, #300 Fort Lauderdale, FL Balance Sheet (Flux Report) 3/31/2018 Mar-18 Mar-17 $ Difference % Difference Explanation (See criteria below) Assets Cash-Wells Fargo $ 1,013,119 $ 564,119 $ 449,000 80% 1 Cash-Wells Fargo - Franklin Park - 2,137,744 (2,137,744) -100% Cash- LOC 6,159 6, % Indemnification Fund -BNY 329, ,720 (950) -0.3% Cash-BNY Custody Account 5,087,043-5,087, % Total Cash $ 6,436,091 $ 3,038,676 US Bank Custody Acct-Karpus $ - $ 8,861,689 $ (8,861,689) -100% Investments-BNY Mellon Custody Account 5,739,984-5,739, % Note Receivable-DPA 387, ,125 (20,000) -5% Prepaid Expense 26,872-26, % Audit Fees Receivable - 69,000 (69,000) -100% Authority Fees Receivable - 49,590 (49,590) -100% Interest Receivable 19,421 26,855 (7,434) -28% 2 FP Construction Loan Interest Receivable - 52,098 (52,098) -100% Notes Receivable-CDC 200, ,000 - NA Notes Receivable - Mt. Olive 231, ,156 (10,000) -4% HFA Mortgage Receivables 9,451 9,839 (388) -4% Due from Artspace 548, ,729 45,088 9% Utility Deposit 1,925 1,925 - NA HFA Land 621, ,164 (76,460) -11% 3 HFA Land Inventory For Homes - 31,400 (31,400) -100% HFA Buildings 1,036,000 1,115,000 (79,000) -7% Land Improvements - 4,499 (4,499) -100% Equipment 90,258 90,258 - NA Capital Assets BOCC (Tagged) 127, ,474 - NA Accumulated Depreciation -BOCC (127,474) (126,954) (520) 0.4% Accumulated Depreciation, HFA (679,771) (657,338) (22,433) 3% Total Assets 14,669,035 14,744,186 Deferred Outflows Deferred outflows related to pension 209, , % Total Assets and Deferred outflows $ 14,878,625 $ 14,744,186 Liabilities Accrued Sick/Vacation, ST $ 43,000 $ 50,000 (7,000) -14% 3 Due to BOCC - Exp reimb 368, ,133 94,447 34% 2 Due to BOCC-Artspace project 428, ,070 - NA Due to BOCC-Artspace Interest 120,747 75,659 45,088 60% 3 Audit Fees Payable 16,425 35,250 (18,825) -53% 2 Escrow Deposit-Indemnification 423, , % Good Faith Deposits - 43,000 (43,000) -100% Accrued Sick/Vacation, LT 51,000 39,000 12,000 31% 3 Total Liabilities $ 1,451,344 $ 945,112 Deferred Inflows Deferred inflows related to pension $ 34,578 $ - 34, % Equity Beginning of year $ 13,207,828 $ 13,533,205 Prior Period Adjustment - 516,194 (516,194) -100% Current Year Earnings 184,875 (250,326) Total Equity 13,392,703 13,799,073 Total Liabilities, Deferred Inflows and Equity $ 14,878,625 $ 14,744,186 Criteria to determine if explanations are required: Cash account fluctuation explanations provided for >=$100,000 variance Remaining items explanations are provided for >=10% and >=$5,000 variance NA No change as compared to prior year 100% No activity in prior year -100% No activity in current year 1 Franklin Park proceeds transferred from Cash-Wells Fargo - Franklin Park to Cash-Wells Fargo September Timing of receipts/payments and accruals based on budget 3 Audit adjustments recorded based on current BOCC reports 3

26 Mar-18 Mar-17 $ Difference % Difference to PY Income Bond Authority Fees $ 338,226 $ 267,996 70,230 26% 2 Bond redemption & other income - 17,584 (17,584) -100% 2 Compliance Monitoring Fees 6,000 6,000 - NA Application, TEFRA and Closing Fees 286,000 9, , % 6 MCC and Lender Program Income 8,948 11,225 (2,277) -20% Interest Income, Mortgages (13) -4% Interest Income, Wells Fargo % ** Interest Income, BNY Mellon/US Bank 53,296 59,385 (6,089) -10% 1,3 * Net Change in Investment Value (28,202) (54,490) 26,288-48% 1 * Realized Gain/Loss On Investment, US Bank - (2,852) 2, % * Interest Income, FHLB LOC % Parking Rent Income 6,000 4,040 1,960 49% Expenses Attachment 3 The Housing Finance Authority of Broward County 110 NE Third Street, #300 Fort Lauderdale, FL Profit & Loss (Flux Report) Current Year-to-Date to Prior Year-to-Date Year to Date As of March 2018 Total Income $ 671,322 $ 318,920 $ 352,401 Personnel Services, Broward Co $ 275,046 $ 278,015 2, % Other Expenses, Broward County 93,534 90,535 (2,999) 100% Professional Fees 65, ,451 45,941 41% 2, 4 Bank Management Fees 2,789 31,982 29,193 91% 3 Advertising/Marketing 819 1, % Dues and Membership Fees 2,220 7,290 5,070 70% 2 Conference and Travel Expense 5,475 7,100 1,625 23% Building/Land Maintenance 29,364 23,873 (5,491) -23% 2 Utilities 9,334 8,847 (487) -6% Miscellaneous Expense % Capital Outlay Expense 2,181 9,087 (6,906) -76% 5 Total Expenses $ 486,448 $ 569,246 $ 69,338 Net Profit/(Loss) $ 184,875 $ (250,326) *Explanation Explanations provided for >=10% and >= $5,000 variance 1 Gain/Loss related to current market conditions 2 Timing of receipts/payments and accruals based on budget 3 Termination of Karpus contract in fiscal 2017; investments transferred to BNY Mellon 4 Franklin Park Homes Construction project completed in fiscal Timing of expenditures for capital improvements 6 Received fees for Landings at Coconut Creek closing (Dec 2017) and NW Gardens conversion (Jan 2018) * Please note that to more accurately reflect the components of interest income certain line descriptions were changed ** BNY Mellon was combined with USBank because the USBank assets were transferrred to BNY Mellon. "%Actual to Budget" Column Legend NA - No amount reported in either of the two years 0% - Current year actual is equal to PY actual amount 100% - No amount in one of the two years presented 4

27 Attachment 4 The Housing Finance Authority of Broward County 110 NE Third Street, #300 Fort Lauderdale, FL Profit & Loss (Flux Report) Budget to Actual Year to Date As of March 2018 Selected Period Budgeted $ Difference % Difference to budget *Explanation Income Bond Authority Fees $ 338,226 $ 207,953 $ 130,273 63% 1 Bond redemption & other income - 92,053 (92,053) 100% 1 Application, TEFRA and Closing Fees 286, ,000 NA MCC and Lender Program Income 8,948 17,500 (8,552) -49% 1 Interest Income, Mortgages NA Interest Income, Wells Fargo NA Interest Income, BNY Mellon/US Bank 53,296 95,000 (41,704) -44% 1 Net Change in Investment Value (28,202) - (28,202) NA Interest Income, FHLB LOC NA Rent Income - 60,525 (60,525) 100% 1 Parking Rent Income 6,000-6,000 NA Liquidation of Investments - 50,000 (50,000) 100% 1 Total Income $ 671,322 $ 523,030 Expenses Personnel Services, Broward Co $ 275,045 $ 275,045 $ - 0% Other Expenses, Broward County 93,535 93,535-0% Professional Fees 65,510 76,500 (10,990) -14% 1 Audit Expense (BOCC) - 6,600 (6,600) 100% 1 Bank Management Fees 2,789 2, % Advertising/Marketing 819 2,000 (1,181) -59% Dues and Membership Fees 2,220 3,000 (780) -26% Conference and Travel Expense 5,475 10,750 (5,275) -49% 1 Postage/FedEx (100) 100% Liab Insurance/HFA Board - 4,500 (4,500) 100% Building/Land Maintenance 29,364 29, % Utilities 9,334 10,000 (666) -7% Capital Outlay Expense 2,181 10,000 (7,819) -78% 1 Miscellaneous Expense NA Total Expenses $ 486,448 $ 523,030 Net Profit/(Loss) $ 184,875 $ - * Explanations provided for >=10% and >= $5,000 variance 1 Timing of receipts/payments and accruals based on budget NA - No Budget amount 100% - Actual is zero 5

28 Attachment 5 The Housing Finance Authority of Broward County 110 NE Third Street, #300 Fort Lauderdale, FL Aged Receivables 3/31/2018 Authority fee receivable Total Due Total Authority Fee Receivable $ - $ - $ - $ - $ - NOTE: No receivables over 60 days 6

29 2784 Broward Housing Finance Authority 110 NE Third Street #300 Fort Lauderdale, FL /5/2018 2:27:03 PM Reconciliation Report Page 1 ID# Date Memo/Payee Deposit Withdrawal Checking Account: Cash-Wells Fargo Date of Bank Statement: 3/31/2018 Last Reconciled: 2/28/2018 Last Reconciled Balance: $994, Cleared Checks /31/2018 Holmes Lawn Services $ /15/2018 Dufresne CPA Services, PA $1, /28/2018 FL ALHFA $2, /28/2018 Zomermaad Financial Advisory $6, /6/2018 Holmes Lawn Services $ /6/2018 Dufresne CPA Services, PA $1, /6/2018 L&B Janitorial Services $8, /14/2018 TECO Peoples Gas $ /14/2018 Sun-Sentinel $ GJ /28/2018 Utility debits $1, SC /31/2018 to record WF Srvc Chrg for Ma $ Total: $0.00 $22, Cleared Deposits CR /1/2018 Payment; 2008 Driftwood $7, GJ /2/2018 "Utility Debit, Dental Rent, 1 M $ GJ /7/2018 Emerald Palms Apts Public He $5, GJ /8/2018 MBS net proceed on 56 loans $2, CR /9/2018 Payment; 2006 Woodsdale $12, GJ /13/2018 "Mount Olive Development Cor $5, GJ /21/2018 "1 MCC, 2nd Mtg Prin and Int" $ CR /29/ Cypress Grove for $31, IE /31/2018 to record WF Int for Mar 2018 $77.54 Total: $66, $0.00 Outstanding Checks /29/2018 Holmes Lawn Services $ /29/2018 S. Davis & Associates, P.A. $15, /29/2018 NALHFA $2, /29/2018 Zomermaad Financial Advisory $6, Total: $0.00 $25, Reconciliation AccountEdge Pro Balance on 3/31/2018: $1,013, Add: Outstanding Checks: $25, Subtotal: $1,038, Deduct: Outstanding Deposits: $0.00 Expected Balance on Statement: $1,038,683.29

30 Attachment 7 Professional Fees Detail October 1, 2017 March 31, /27/2017 Zomermaand Financial Advisory Services, LLC $6, /9/2017 Dufresne CPA Services, PA $1, /30/2017 Zomermaand Financial Advisory Services, LLC $5, /5/2017 Dufresne and Associates $1, /18/2017 Zomermaand Financial Advisory Services, LLC $5, /29/2017 Dufresne CPA Service, PA Paid quarterly $21, /11/2018 Dufresne CPA Services PA $1, /31/2018 Zomermaand Financial Advisory Services, LLC $6, /15/2018 Dufresne CPA Services, PA $1, /28/2018 Zomermaad Financial Advisory, LLC $6, /6/2018 Dufresne CPA Services, PA $1, /29/2018 Zomermaad Financial Advisory, LLC $6, $65, Grouped by payee 12/5/2017 Dufresne and Associates $1, /29/2017 Dufresne CPA Service, PA Paid quarterly $21, /11/2018 Dufresne CPA Services PA $1, /9/2017 Dufresne CPA Services, PA $1, /15/2018 Dufresne CPA Services, PA $1, /6/2018 Dufresne CPA Services, PA $1, $28, /27/2017 Zomermaand Financial Advisory Services, LLC $6, /30/2017 Zomermaand Financial Advisory Services, LLC $5, /18/2017 Zomermaand Financial Advisory Services, LLC $5, /31/2018 Zomermaand Financial Advisory Services, LLC $6, /28/2018 Zomermaad Financial Advisory, LLC $6, /29/2018 Zomermaad Financial Advisory, LLC $6, $36, $65, $ 65,

31 Attachment 8 Cumulative Net Change in Investment Value October 1, 2017 March 31, /31/2017 3/31/2018 BNY Mellon Custody Acct New Account 11/17 (28,202) US Bank Custody Acct (7,599) (7,599) (28,202) Cumulative Net Change in Investment Value (20,603) NOTE: No material change 9

32 Housing Finance HFA of Broward County April 18, 2018 Board Meeting Multifamily Bonds (Good Faith Deposit) Action Item Request Board approval of a Resolution authorizing the Executive Director to cap the GFD at $75,000. Background 1. At its September 20, 2017 meeting the HFA approved an Inducement Resolution for The Landings at Coconut Creek. The expected maximum principal amount of the Bonds was $33,000,000. In addition to routine matters typically addressed within an Inducement Resolution, the Resolution included authorization to reduce the HFA s Good Faith Deposit ( GFD ) from $165,000 to $75, In support of the reduction, the Developer indicated that the large amount of Bonds expected to be issued would require a GFD far greater than what would be necessary to cover all fees and costs of the HFA and its professionals in the event the transaction does not close. 3. At its February 21, 2018 meeting the HFA approved a similar reduction in the Good Faith Deposit for Emerald Palms Apartments. Due to the larger transaction size ($38,000,000) the GFD was reduced from $190,000 to $75, Due to the size of the GFD for larger transactions and the fact that preparation of bond documents cannot begin until the GFD has been received, staff requested that the Board consider authorizing the Executive Director to consent in capping the GFD at $75,000 as he/she deems appropriate. 5. The Board authorized the Executive Director to approve a reduction in the GFD requirement as requested. If such reductions are granted, the Executive Director will inform the Board of such action at the next regularly scheduled HFA Board Meeting. 6. The Board was advised that a Resolution pertaining to the authority granted to the Executive Director would be presented at the March meeting. Present Situation 1. The Resolution formally approving the Board s prior action is included for the Board s consideration. 2. The Resolution was prepared by the Senior Assistant County Attorney. Recommended Actions Board approval of: 1. Resolution Authorizing Executive Director to Cap Good Faith Deposit at $75,000. Attachment 1. Inducement Resolution No Good Faith Deposit Reduction Executive Director Authority

33 ATTACHMENT 1

34 RESOLUTION NO A regular meeting of the Housing Finance Authority of Broward County, Florida, was held at 5:30 p.m. on April 18, 2018, at the offices of the Housing Finance Authority of Broward County, Florida, located at 110 Northeast Third Street, Suite 201, in the City of Fort Lauderdale, Florida. Members Present: Members Absent: * * * * * Thereupon, introduced the following resolution: A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA ( HOUSING FINANCE AUTHORITY ), AMENDING THE POLICIES AND PROCEDURES FOR MULTI-FAMILY HOUSING BOND PROGRAM OF THE HOUSING FINANCE AUTHORITY; PROVIDING THE EXECUTIVE DIRECTOR OF THE HOUSING FINANCE AUTHORITY TO REDUCE THE GOOD FAITH DEPOSIT, FOR CERTAIN LARGE BOND TRANSACTIONS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority of Broward County, Florida ( HFA ) has adopted its Policies and Procedures for Multi-Family Housing Bond Program" ( Policies and Procedures ), which establishes numerous policies and procedures in connection with the HFA s Multifamily Housing Bond Program; and

35 WHEREAS, pursuant to the Policies and Procedures, developers seeking funds through the HFA Multifamily Housing Bond Program must pay a Good Faith Deposit to the HFA equal to the greater of (i) Twenty Five Thousand Dollars ($25,000), or (ii) Fifty (50) basis points of the principal amount of bond expected to be issued; and WHEREAS, over the past year, the HFA has approved several projects with an expected principal amount of the bonds to be issued in excess of Thirty Million Dollars ($30,000,000), which would have resulted in Good Faith Deposits significantly in excess of the amount needed to pay the HFA s expenses and fees associated with the transaction; and WHEREAS, requiring developers to make good faith deposits significantly in excess of the needs of the HFA may discourage developers from seeking financing through the HFA and reduce the incentive to develop affordable housing in Broward County; and WHEREAS, the HFA desires to amend its Policies and Procedures to authorize the Executive Director of the HFA to reduce the good faith deposit in certain circumstances; and WHEREAS, the HFA finds that the revision to the Policies and Procedures as set forth herein has the potential to remove barriers to developing affordable housing in Broward County, 2

36 NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA AS FOLLOWS: Section 1. Declaration of Findings. The recitals set forth in the preamble to this Resolution are true, accurate, and deemed as being incorporated herein by this reference as though set forth in full hereunder. Section 2. Amendment of Good Faith Deposit. Section V of the Policies and Procedures, Fees and Expenses shall be amended to read as follows (words in struck-through type are deletions from existing text. Words in underscored type are additions): Developers are responsible for the payment of all fees and expenses relating to each bond issue pursued on its behalf and are responsible for payment of same regardless of whether such costs are capable of being financed with bond proceeds. The fees outlined herein relate only to the HFA and do not include trustee fees, continuing disclosure costs, financial advisor fees, credit enhancement fees, underwriting fees, bond counsel fees or other costs of issuance. All HFA fees are non-negotiable and shall be paid via cashier s check to the Housing Finance Authority of Broward County. The HFA s fees are payable at the times required in these Bond Policies and in the specific amounts required below. 3

37 No discounts will be offered based on the size of a bond issue, and all fees are non-refundable, except as otherwise provided herein.... Good Faith Deposit The greater of $25,000 or 50 basis points of principal amount of bonds expected to be issued. The Good Faith Deposit must be paid to the HFA by the developer before bond documents are drafted. Upon request of the developer, the HFA s Executive Director may reduce the Good Faith Deposit to an amount not less than Seventy Five Thousand Dollars ($75,000) if, in the Executive Director s sole discretion, the developer demonstrates that the requested Good Faith Deposit is sufficient to cover the HFA s administrative expenses, expenses paid or incurred by the HFA or its staff, or on behalf of the HFA in connection with the bond transaction, and the fees and expenses due to any professionals associated with the transaction. Section 3. Severability. If any portion of this Resolution is determined by any Court to be invalid, the invalid portion shall be stricken, and such striking shall not affect the validity of the remainder of this Resolution. If any Court determines that this Resolution, or any portion hereof, cannot be legally applied to any individual(s), group(s), entity(ies), property(ies), or circumstance(s), such determination shall not affect the applicability hereof to any other individual, group, entity, property, or circumstance. 4

38 Section 4. Resolution Effective. This Resolution shall become effective immediately upon its adoption. ADOPTED this _18 th day of April, Upon motion of, seconded by, the foregoing Resolution was adopted by the following vote: Ayes: Nays: AEA/mdw 4/3/18 GoodFaithDeposit #

39 STATE OF FLORIDA ) ) SS: COUNTY OF BROWARD ) I,, of the Housing Finance Authority of Broward County, Florida, DO HEREBY CERTIFY that the foregoing is an accurate copy of the resolution of the Authority adopted at a meeting held on April _18 th, 2018, as set forth in the official minutes of the Authority, relating to the Good Faith Deposit pursuant to the Policies and Procedures for Multi-family Housing Bond Program. I DO HEREBY FURTHER CERTIFY that said meeting was duly called and held in accordance with Chapter 286, Florida Statutes. WITNESS my hand and the corporate seal of said Authority, this _18 th _ day of April, HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA By: Donna Jarrett-Mays, Secretary (SEAL)

40 Housing Finance Authority of Broward County April 18, 2018 Board Meeting Single Family Private Activity Bond Redemptions Action Item Request authorization to take all actions necessary, including required notices and the use of HFA funds to optionally redeem in full the HFA s Single-Family Mortgage Revenue Bonds 2006 Series ABC, 2007 Series ABCD and 2007 Series EF and to place all released securities within the HFA s investment account at The Bank of New York Mellon Trust Company, N.A.; subject to the approval of Bond Counsel and the County Attorney s Office. Background 1. The HFA currently has three single-family bond transactions outstanding that may be collapsed via an Optional Redemption of the outstanding Bonds. One single-family transaction is under collateralized (2006 Series ABC) and two are overcollateralized (2007 Series ABCD and 2007 Series EF). 2. Procedurally an Optional Redemption would require: a. HFA notice to the Trustee stating the HFA was exercising its option to redeem the Bonds in full, along with the date for such redemption. b. After receipt of the HFA notice, the Trustee would send out a Notice of Redemption, not less than 15 days and not more than 30 days prior to the redemption date, in accordance with the Master Indenture. c. Prior to the redemption date, the HFA would be required to deposit funds sufficient to redeem the Bonds (including outstanding principal, interest and if applicable Bond premium). The required deposit would be reduced by the available funds held with the Trustee, net of outstanding fees/expenses. d. Once the Bonds were fully redeemed, all Mortgage Backed Securities (MBS) held by the Trustee (which had served as collateral for the Bonds) would be transferred to the HFA s investment account. (Note the securities consist of Fannie Mae, GNMA or Freddie Mac pools which include first mortgages originated by the HFA through its Single-Family Bond Programs.) e. Any excess cash would be disbursed to the HFA. In addition to the MBSs, the HFA will also own the Whole Loans (consisting of second mortgages originated via the HFA s Single-Family Bond Program) which would continue to be held by Citibank as Master Servicer. Present Situation 1. At its February 21, 2018 meeting the HFA Board was advised of the two overcollateralized transactions and authority was granted for an Optional Redemption of the 2007 Series ABC and 2007 Series EF Bonds. Actions were 1

41 taken to initiate the Optional Redemption of HFA s 2007 Bonds at which point Trustee s Counsel expressed concerns regarding the fact that the undercollateralized Bond issue would remain outstanding, given fact that a Master Indenture was in place covering all three transactions. Trustee s Counsel requested confirmation from Bond Counsel regarding the authority to redeem only the two overcollateralized 2007 Bond issues, versus all three issues. 2. Based on the foregoing, an Optional Redemption of all three transactions was analyzed. The net result was financially positive for the HFA and the information was presented to the Investment Committee ( IC ) at its March 21, 2018 meeting. The IC discussed the matter in detail and recommended full redemption of all three bond issues subject to approval of the HFA Board, Bond Counsel and County Attorney s office. 3. The HFA has sufficient cash and cash equivalents to fully redeem all three series of Bonds without liquidating any securities. 4. The released securities would increase the return on the HFA s investment portfolio. Additional details include: a. Net position of the Optional Redemption by series: i. Upon redemption Series 2006 ABC will be in a deficit position, ii. Upon redemption Series 2007 ABCD will be in a positive position, iii. Upon redemption Series 2007 EF will be in a positive position, and iv. Upon redemption of all three issues the HFA will be in a positive position. b. The Series 2006 ABC Mortgage Backed Securities have: i. An interest rate of 5.10%, ii. Maturities ranging from February 15, 2037 to February 15, 3038, and iii. Market value greater than both the cost and par value. (Attachment 1) c. The Series 2007 ABCD Mortgage Backed Securities have: i. Interest rates ranging from 4.75% to 6.15%, ii. Maturities ranging from August 20, 2017 to October 15, 3038, and iii. Market value greater than both the cost and par value. (Attachment 2) d. The Series 2007 EF has Mortgage Backed Securities with: i. An interest rate of 6.10%, ii. Maturities ranging from January 15, 2038 to September 15, 2038, and iii. Market value greater than both the cost and par value. (Attachment 3) e. The 2006 Series ABCD Whole Loans (Second Mortgages) have: i. Interest rates ranging from 1% to 6.20% ii. Maturities coterminous with the first mortgage generally in 2037, 2

42 iii. There are nine (9) Whole Loans totaling $161, of which one (1) totaling $40, is past due. The remaining loans are current, iv. The Whole Loans are expected to be held to maturity or prepayment. (Attachment 4) f. The 2007 Series ABCD Whole Loans (Second Mortgages) have: i. Interest rates ranging from 2% to 6.25% ii. Maturities coterminous with the first mortgage generally in 2037 or 2038, iii. There are nine (9) Whole Loans totaling $304, of which three (3) totaling $103, are past due. The remaining loans are current, iv. The Whole Loans are expected to be held to maturity or prepayment. (Attachment 4) g. Based on current market conditions, even if every Whole Loan defaulted, the HFA s portfolio will be in a net positive position if the 2006 ABC and 2007 Series ABCD transactions are collapsed versus a do nothing scenario. 5. To the extent the IC wanted to shorten up the portfolio maturities, the MBS s could be sold with proceeds reinvested in securities with a shorter maturity. Additionally, MBS maturities may be shortened due to mortgage prepayments. 6. Due to the foregoing, the IC recommended full redemption of the 2006 ABC, 2007 Series ABCD and 2007 Series EF Single Family Mortgage Revenue Bond transactions. 7. As this is an administrative function of the HFA, BOCC authorization is not required. Recommendation 1. Request authorization to take all actions necessary, including required notices and the use HFA funds to optionally redeem in full the HFA s Single-Family Mortgage Revenue Bonds 2006 Series ABC, 2007 Series ABCD and 2007 Series EF and to place all released securities within the HFA s investment account at The Bank of New York Mellon Trust Company, N.A.; subject to the approval of Bond Counsel and the County Attorney s Office. Attachments Series ABC Revenue Account Dated March 31, Series ABCD Revenue Account Dated March 31, Series EF Revenue Account Dated March 31, Whole Loans Dated February

43 ATTACHMENT 1

44 Account Statement Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 06 REVENUE Go Paperless. Securely access your account online to view your statements. Ask your BNY Mellon contact how we can help you access your accounts, enter your own transactions or submit an audit confirmation online. Also be sure to ask how Connect(SM), our new web-based, single sign-on platform can help you go paperless. CLIENT SERVICE MANAGER: THOMAS RADICIONI CENTURION PARKWAY JACKSONVILLE, FL THOMAS.RADICIONI@BNYMELLON.COM Visit us at Account Overview Percent of all Investments Asset Classification Market Value 97% FIXED INCOME 1,165, % CASH AND SHORT TERM 47, % TOTAL OF ALL INVESTMENTS 1,212, Summary of Assets Held Asset Classification Market Value Cost Accrued Income Est Annual Income Market Yield FIXED INCOME 1,165, ,103, , , % CASH AND SHORT TERM 47, , % ACCOUNT TOTALS 1,212, ,151, , , % Summary of Cash Transactions Current Period Year-to-Date Realized Transaction Category Income Principal Gains/Losses Income Principal OPENING BALANCE DIVIDENDS INTEREST 4, , SALES AND REDEMPTIONS , , OTHER CASH ADDITIONS , , OTHER CASH DISBURSEMENTS 4, , , PURCHASES , , CLOSING BALANCE , , The above cash transactions summary is provided for information purposes only and may not reflect actual taxable income or deductible expenses as reportable under the Internal Revenue Code. c g 0000 m i WI s 12,015 Page 1 of 5

45 Statement of Assets Held Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 06 REVENUE Shares / Market Price Market Value Accrued Income Par Value Asset Description Average Cost Cost Est Annual Income Market Yield FIXED INCOME 22, FREDDIE MAC GOLD POOL T , % CUSIP: 31286DCC , , MATURITY DATE: 02/15/2037 RATE: 5.100% ORIG-FACE: 2,208, , FREDDIE MAC GOLD POOL T , , % CUSIP: 31286DE , , MATURITY DATE: 04/15/2037 RATE: 5.100% ORIG-FACE: 1,449, , FREDDIE MAC GOLD POOL T , % CUSIP: 31286DD , , MATURITY DATE: 05/15/2037 RATE: 5.100% ORIG-FACE: 1,561, , FREDDIE MAC GOLD POOL U , % CUSIP: 31335YQ , , MATURITY DATE: 05/15/2037 RATE: 5.100% ORIG-FACE: 862, , FREDDIE MAC GOLD POOL U , , % CUSIP: 31335YS , , MATURITY DATE: 05/15/2037 RATE: 5.100% ORIG-FACE: 538, , FANNIE MAE POOL , % CUSIP: 31412YQZ , , MATURITY DATE: 05/25/2037 RATE: 5.100% ORIG-FACE: 891, , FANNIE MAE POOL , % CUSIP: 31414LUA , , MATURITY DATE: 12/25/2037 RATE: 5.100% ORIG-FACE: 599, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XEY , , MATURITY DATE: 02/15/2038 RATE: 5.100% ORIG-FACE: 192, Total FIXED INCOME 1,165, , % 1,103, , CASH AND SHORT TERM 7, FIDELITY INVESTMENT MM TSY , % CUSIP: X9USD , CASH BALANCE , % , Total CASH AND SHORT TERM 47, % 47, ACCOUNT TOTALS 1,212, , % 1,151, , Total Market Value Plus Total Accrued Income 1,217, Statement of Transactions Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/01/18 OPENING BALANCE ,143, /01/18 Deliver INVESTMENT AGREEMENT B/W BAYERISCHE LANDESBANK BNY TRUST DTD DUE /IAS/TRF TO B PRIN P c g 0000 m i WI s 12,016 Page 2 of 5

46 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 06 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses /IAS/MTS & PPMTS REP: WHOLE LOA /IAS/N 2ND MTG PRINCIPAL RECVD FEBR /IAS/UARY 2018 TRADE DATE 03/01/18 SET/DATE 03/01/18 CUSIP S SHARES 03/01/18 DAILY ENDING BALANCE ,143, /02/18 Dividend FIDELITY INVESTMENT MM TSY TRADE DATE 03/02/18 SET/DATE 03/02/18 CUSIP X9USD SHARES 03/02/18 Cash Credit CW : SWP FRM /02/18 Cash Debit CW : SWP TO /02/18 DAILY ENDING BALANCE ,143, /05/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP X9USD SHARES 03/05/18 Deliver INVESTMENT AGREEMENT B/W BAYERISCHE LANDESBANK BNY TRUST DTD DUE /IAS/TRF UNITS TO # REV PREPA /IAS/YMENT A/C REP: SERIES A PREPMN /IAS/TS FOR THE MONTH OF JAN 2018 P /IAS/OSTED IN FEB 2018 TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP S SHARES 03/05/18 DAILY ENDING BALANCE ,143, /14/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/14/18 SET/DATE 03/14/18 CUSIP X9USD SHARES 03/14/18 Cash Credit RCV WIRE FROM CITIMRTG REP: 2006B WHOLE LOAN 2ND MORTAGE PRIN $ & INT $ /14/18 DAILY ENDING BALANCE ,143, /15/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP X9USD0002 2, SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T30122 RATE: 5.100% MATURITY: 05/15/37 CUSIP 31286DD SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T30158 RATE: 5.100% MATURITY: 04/15/37 CUSIP 31286DE SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U31951 RATE: 5.100% MATURITY: 02/15/38 CUSIP 31321XEY SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U30476 c g 0000 m i WI s 12,017 Page 3 of 5

47 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 06 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses RATE: 5.100% MATURITY: 05/15/37 CUSIP 31335YQ SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U30540 RATE: 5.100% MATURITY: 05/15/37 CUSIP 31335YS SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T30067 RATE: 5.100% MATURITY: 02/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DCC3 22, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T30122 RATE: 5.100% MATURITY: 05/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DD32 96, SHARES 03/15/18 Interest 1, FREDDIE MAC GOLD POOL T30158 RATE: 5.100% MATURITY: 04/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DE72 307, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U31951 RATE: 5.100% MATURITY: 02/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XEY6 62, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U30476 RATE: 5.100% MATURITY: 05/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31335YQ58 140, SHARES 03/15/18 Interest 1, FREDDIE MAC GOLD POOL U30540 RATE: 5.100% MATURITY: 05/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31335YS56 253, SHARES 03/15/18 Cash Credit , CW : SWP FRM /15/18 Cash Debit 3, CW : SWP TO /15/18 DAILY ENDING BALANCE , ,143, /16/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/16/18 SET/DATE 03/16/18 CUSIP X9USD0002 3, SHARES 03/16/18 DAILY ENDING BALANCE ,147, /26/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/26/18 SET/DATE 03/26/18 CUSIP X9USD SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.100% MATURITY: 05/25/37 CUSIP 31412YQZ SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.100% MATURITY: 12/25/37 c g 0000 m i WI s 12,018 Page 4 of 5

48 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 06 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses CUSIP 31414LUA SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.100% MATURITY: 05/25/37 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31412YQZ8 95, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.100% MATURITY: 12/25/37 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31414LUA4 123, SHARES 03/26/18 Cash Credit CW : SWP FRM /26/18 Cash Debit CW : SWP TO /26/18 DAILY ENDING BALANCE ,147, /27/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/27/18 SET/DATE 03/27/18 CUSIP X9USD SHARES 03/27/18 DAILY ENDING BALANCE ,148, /30/18 Deliver , INVESTMENT AGREEMENT B/W BAYERISCHE LANDESBANK BNY TRUST DTD DUE /IAS/GIC WITHDRAWAL FOR 04/01/2018 /IAS/ DEBT SERVICE PAYMENT TRADE DATE 03/30/18 SET/DATE 03/30/18 CUSIP S , SHARES 03/30/18 Cash Credit , RECEIVED DRAW DOWN FROM INVESTMENT AGREEMENT 03/30/18 Cash Credit , RECEIVED FLOAT INTEREST FROM INVESTMENT AGREEMENT 03/30/18 DAILY ENDING BALANCE , ,111, /31/18 CLOSING BALANCE , ,111, Cumulative realized capital gain and loss position from 12/31/2017 for securities held in principal of account: Short Term: 0.00 * Long Term: * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. Cash and securities set forth on this Account Statement are held by The Bank of New York Mellon, an affiliate of The Bank of New York Mellon Trust Company, N.A. In addition, The Bank of New York Mellon Trust Company, N.A. may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are obtained by The Bank of New York Mellon Trust Company, N.A., from its affiliate, The Bank of New York Mellon which determines such values for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for the securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates. Neither The Bank of New York Mellon Trust Company, N.A. nor The Bank of New York Mellon shall be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. c g 0000 m i WI s 12,019 Page 5 of 5

49 ATTACHMENT 2

50 Account Statement Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Go Paperless. Securely access your account online to view your statements. Ask your BNY Mellon contact how we can help you access your accounts, enter your own transactions or submit an audit confirmation online. Also be sure to ask how Connect(SM), our new web-based, single sign-on platform can help you go paperless. CLIENT SERVICE MANAGER: THOMAS RADICIONI CENTURION PARKWAY JACKSONVILLE, FL THOMAS.RADICIONI@BNYMELLON.COM Visit us at Account Overview Percent of all Investments Asset Classification Market Value 94% FIXED INCOME 2,666, % OTHER 32, % CASH AND SHORT TERM 150, % TOTAL OF ALL INVESTMENTS 2,850, Summary of Assets Held Asset Classification Market Value Cost Accrued Income Est Annual Income Market Yield FIXED INCOME 2,666, ,536, , , % OTHER 32, , % CASH AND SHORT TERM 150, , % ACCOUNT TOTALS 2,850, ,720, , , % Summary of Cash Transactions Current Period Year-to-Date Realized Transaction Category Income Principal Gains/Losses Income Principal OPENING BALANCE DIVIDENDS INTEREST 10, , SALES AND REDEMPTIONS , , OTHER CASH ADDITIONS 8, , , , OTHER CASH DISBURSEMENTS 19, , , PURCHASES , , CLOSING BALANCE , , The above cash transactions summary is provided for information purposes only and may not reflect actual taxable income or deductible expenses as reportable under the Internal Revenue Code. c g 0000 m i WI s 12,048 Page 1 of 11

51 Statement of Assets Held Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Shares / Market Price Market Value Accrued Income Par Value Asset Description Average Cost Cost Est Annual Income Market Yield FIXED INCOME 12, GINNIE MAE II POOL , % CUSIP: 36208NT , MATURITY DATE: 08/20/2027 RATE: 6.150% ORIG-FACE: 1,445, , FANNIE MAE POOL , % CUSIP: 31378KZR , , MATURITY DATE: 09/25/2027 RATE: 6.150% ORIG-FACE: 1,132, , GINNIE MAE II POOL , % CUSIP: 36208SK , , MATURITY DATE: 10/20/2027 RATE: 6.150% ORIG-FACE: 1,117, , GINNIE MAE II POOL , % CUSIP: 36208SKE , , MATURITY DATE: 10/20/2027 RATE: 6.150% ORIG-FACE: 1,772, , GINNIE MAE II POOL , % CUSIP: 36209DLQ , , MATURITY DATE: 01/20/2028 RATE: 6.150% ORIG-FACE: 1,283, GINNIE MAE II POOL % CUSIP: 36209DNX MATURITY DATE: 03/20/2028 RATE: 6.150% 63, GINNIE MAE II POOL , % CUSIP: 36209PJX , , MATURITY DATE: 05/20/2028 RATE: 6.150% ORIG-FACE: 1,329, , GINNIE MAE II POOL , % CUSIP: 36209PLU , , MATURITY DATE: 06/20/2028 RATE: 5.450% ORIG-FACE: 1,497, , FANNIE MAE POOL , % CUSIP: 31380M6A , , MATURITY DATE: 08/25/2028 RATE: 5.450% ORIG-FACE: 1,078, , GINNIE MAE II POOL , % CUSIP: 36210GZU , , MATURITY DATE: 09/20/2028 RATE: 5.450% ORIG-FACE: 1,433, , FANNIE MAE POOL , % CUSIP: 31380M6C , , MATURITY DATE: 10/25/2028 RATE: 5.450% ORIG-FACE: 1,818, , FANNIE MAE POOL , % CUSIP: 31380M6D , , MATURITY DATE: 11/25/2028 RATE: 5.450% ORIG-FACE: 537, , GINNIE MAE II POOL , % CUSIP: 36210L6R , , MATURITY DATE: 11/20/2028 RATE: 5.450% ORIG-FACE: 804, , GINNIE MAE II POOL , % CUSIP: 36210MBG , , MATURITY DATE: 12/20/2028 RATE: 5.450% c g 0000 m i WI s 12,049 Page 2 of 11

52 Statement of Assets Held - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Shares / Market Price Market Value Accrued Income Par Value Asset Description Average Cost Cost Est Annual Income Market Yield ORIG-FACE: 1,030, , GINNIE MAE II POOL , % CUSIP: 36210WA , , MATURITY DATE: 03/20/2029 RATE: 5.450% ORIG-FACE: 1,760, , FANNIE MAE POOL , % CUSIP: 31382TXF , , MATURITY DATE: 11/25/2029 RATE: 5.450% ORIG-FACE: 449, , FANNIE MAE POOL , % CUSIP: 31382TXG , , MATURITY DATE: 01/25/2030 RATE: 5.450% ORIG-FACE: 868, , GINNIE MAE II POOL , % CUSIP: 36211VRG , , MATURITY DATE: 01/20/2030 RATE: 5.450% ORIG-FACE: 3,028, , FREDDIE MAC GOLD POOL T , % CUSIP: 31286DE , , MATURITY DATE: 08/15/2037 RATE: 4.750% ORIG-FACE: 1,737, , FREDDIE MAC GOLD POOL T , % CUSIP: 31286DHR , , MATURITY DATE: 09/15/2037 RATE: 4.750% ORIG-FACE: 1,866, , FREDDIE MAC GOLD POOL T , , % CUSIP: 31286DLM , , MATURITY DATE: 10/15/2037 RATE: 4.750% ORIG-FACE: 3,212, , FANNIE MAE POOL , % CUSIP: 31414GCP , , MATURITY DATE: 10/25/2037 RATE: 4.750% ORIG-FACE: 2,364, FANNIE MAE POOL % CUSIP: 31414JGC MATURITY DATE: 11/25/2037 RATE: 4.750% FANNIE MAE POOL % CUSIP: 31414LT MATURITY DATE: 12/25/2037 RATE: 4.750% 190, FANNIE MAE POOL , % CUSIP: 31414QMU , , MATURITY DATE: 01/25/2038 RATE: 4.750% ORIG-FACE: 400, , FREDDIE MAC GOLD POOL U , , % CUSIP: 31321XEN , , MATURITY DATE: 05/15/2038 RATE: 4.750% ORIG-FACE: 475, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XLD , , MATURITY DATE: 07/15/2038 RATE: 4.750% ORIG-FACE: 294, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XPU , , MATURITY DATE: 08/15/2038 RATE: 4.750% ORIG-FACE: 299, c g 0000 m i WI s 12,050 Page 3 of 11

53 Statement of Assets Held - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Shares / Market Price Market Value Accrued Income Par Value Asset Description Average Cost Cost Est Annual Income Market Yield 49, FREDDIE MAC GOLD POOL U , % CUSIP: 31321XQ , , MATURITY DATE: 08/15/2038 RATE: 4.750% ORIG-FACE: 257, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XVE , , MATURITY DATE: 10/15/2038 RATE: 4.750% ORIG-FACE: 259, Total FIXED INCOME 2,666, , % 2,536, , OTHER 32, CALYON INVESTMENT AGREEMENT DTD , % DUE (FLOAT FD) , CUSIP: S MATURITY DATE: 01/10/2039 Total OTHER 32, % 32, CASH AND SHORT TERM 24, FIDELITY INVESTMENT MM TSY , % CUSIP: X9USD , CASH BALANCE , % , Total CASH AND SHORT TERM 150, % 150, ACCOUNT TOTALS 2,850, , % 2,720, , Total Market Value Plus Total Accrued Income 2,861, Statement of Transactions Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/01/18 OPENING BALANCE ,700, /01/18 Deliver CALYON INVESTMENT AGREEMENT DTD DUE (FLOAT FD) /IAS/TRF TO C PRIN P /IAS/MTS & PPMTS REP: WHOLE LOA /IAS/N 2ND MTG PRINCIPAL RECVD FEBR /IAS/UARY 2018 MATURITY: 01/10/39 TRADE DATE 03/01/18 SET/DATE 03/01/18 CUSIP S SHARES 03/01/18 DAILY ENDING BALANCE ,700, /02/18 Dividend FIDELITY INVESTMENT MM TSY TRADE DATE 03/02/18 SET/DATE 03/02/18 CUSIP X9USD SHARES 03/02/18 Cash Credit CW : SWP FRM /02/18 Cash Debit CW : SWP TO /02/18 DAILY ENDING BALANCE ,700, /05/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP X9USD SHARES c g 0000 m i WI s 12,051 Page 4 of 11

54 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/05/18 Deliver CALYON INVESTMENT AGREEMENT DTD DUE (FLOAT FD) /IAS/TRF UNITS TO # A PREPAYM /IAS/ENTS A/C REP: SERIES A PREPAY /IAS/MENTS FOR THE MONTH OF JAN 201 /IAS/8 RECEIVED IN FEB 2018 MATURITY: 01/10/39 TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP S SHARES 03/05/18 Deliver , CALYON INVESTMENT AGREEMENT DTD DUE (FLOAT FD) /IAS/TRF UNITS TO # B PREPAYM /IAS/ENTS A/C REP: SERIES B PREPAY /IAS/MENTS FOR THE MONTH OF JAN 2 /IAS/018 RECEIVED IN FEB 2018 MATURITY: 01/10/39 TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP S , SHARES 03/05/18 DAILY ENDING BALANCE ,698, /13/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/13/18 SET/DATE 03/13/18 CUSIP X9USD0002 1, SHARES 03/13/18 Cash Credit , RCV WIRE FROM CITIMRTG REP: 2007C WHOLE LOAN 2ND MORTAGE PRIN $ AND INT $1, /13/18 DAILY ENDING BALANCE ,700, /15/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP X9USD0002 3, SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T30156 RATE: 4.750% MATURITY: 08/15/37 CUSIP 31286DE SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T30240 RATE: 4.750% MATURITY: 09/15/37 CUSIP 31286DHR SHARES 03/15/18 Paydown , , FREDDIE MAC GOLD POOL T30332 RATE: 4.750% MATURITY: 10/15/37 CUSIP 31286DLM1 1, SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U31941 RATE: 4.750% MATURITY: 05/15/38 CUSIP 31321XEN SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U32124 RATE: 4.750% MATURITY: 07/15/38 CUSIP 31321XLD SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U32235 RATE: 4.750% MATURITY: 08/15/38 CUSIP 31321XPU SHARES c g 0000 m i WI s 12,052 Page 5 of 11

55 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/15/18 Paydown FREDDIE MAC GOLD POOL U32277 RATE: 4.750% MATURITY: 08/15/38 CUSIP 31321XQ SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U32413 RATE: 4.750% MATURITY: 10/15/38 CUSIP 31321XVE SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T30156 RATE: 4.750% MATURITY: 08/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DE56 125, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T30240 RATE: 4.750% MATURITY: 09/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DHR5 235, SHARES 03/15/18 Interest 1, FREDDIE MAC GOLD POOL T30332 RATE: 4.750% MATURITY: 10/15/37 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DLM1 388, SHARES 03/15/18 Interest 1, FREDDIE MAC GOLD POOL U31941 RATE: 4.750% MATURITY: 05/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XEN0 289, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32124 RATE: 4.750% MATURITY: 07/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XLD4 90, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32235 RATE: 4.750% MATURITY: 08/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XPU2 77, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32277 RATE: 4.750% MATURITY: 08/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XQ64 50, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32413 RATE: 4.750% MATURITY: 10/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XVE1 48, SHARES 03/15/18 Cash Credit , CW : SWP FRM /15/18 Cash Debit 5, CW : SWP TO /15/18 DAILY ENDING BALANCE , ,700, /16/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/16/18 SET/DATE 03/16/18 CUSIP X9USD0002 5, SHARES c g 0000 m i WI s 12,053 Page 6 of 11

56 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/16/18 DAILY ENDING BALANCE ,705, /20/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP X9USD0002 4, SHARES 03/20/18 Paydown , , GINNIE MAE II POOL RATE: 6.150% MATURITY: 08/20/27 CUSIP 36208NT29 1, SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 6.150% MATURITY: 10/20/27 CUSIP 36208SK SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 6.150% MATURITY: 10/20/27 CUSIP 36208SKE SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 6.150% MATURITY: 01/20/28 CUSIP 36209DLQ SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 6.150% MATURITY: 05/20/28 CUSIP 36209PJX SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 06/20/28 CUSIP 36209PLU SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 09/20/28 CUSIP 36210GZU SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 11/20/28 CUSIP 36210L6R SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 12/20/28 CUSIP 36210MBG SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 03/20/29 CUSIP 36210WA SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 5.450% MATURITY: 01/20/30 CUSIP 36211VRG SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 6.150% MATURITY: 08/20/27 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36208NT29 14, SHARES 03/20/18 Interest GINNIE MAE II POOL c g 0000 m i WI s 12,054 Page 7 of 11

57 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses RATE: 6.150% MATURITY: 10/20/27 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36208SK92 29, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 6.150% MATURITY: 10/20/27 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36208SKE1 55, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 6.150% MATURITY: 01/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36209DLQ5 37, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 6.150% MATURITY: 05/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36209PJX6 63, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 06/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36209PLU9 30, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 09/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36210GZU1 43, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 11/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36210L6R9 62, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 12/20/28 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36210MBG5 48, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 03/20/29 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36210WA90 37, SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 5.450% MATURITY: 01/20/30 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36211VRG7 42, SHARES 03/20/18 Cash Credit , CW : SWP FRM /20/18 Cash Debit 2, CW : SWP TO /20/18 DAILY ENDING BALANCE , ,705, /21/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/21/18 SET/DATE 03/21/18 CUSIP X9USD0002 2, SHARES c g 0000 m i WI s 12,055 Page 8 of 11

58 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/21/18 DAILY ENDING BALANCE ,707, /26/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/26/18 SET/DATE 03/26/18 CUSIP X9USD0002 4, SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 6.150% MATURITY: 09/25/27 CUSIP 31378KZR SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.450% MATURITY: 08/25/28 CUSIP 31380M6A SHARES 03/26/18 Paydown , , FANNIE MAE POOL RATE: 5.450% MATURITY: 10/25/28 CUSIP 31380M6C5 1, SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.450% MATURITY: 11/25/28 CUSIP 31380M6D SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.450% MATURITY: 11/25/29 CUSIP 31382TXF SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 5.450% MATURITY: 01/25/30 CUSIP 31382TXG SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 4.750% MATURITY: 10/25/37 CUSIP 31414GCP SHARES 03/26/18 Paydown FANNIE MAE POOL RATE: 4.750% MATURITY: 01/25/38 CUSIP 31414QMU SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 6.150% MATURITY: 09/25/27 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31378KZR8 23, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.450% MATURITY: 08/25/28 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31380M6A9 91, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.450% MATURITY: 10/25/28 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31380M6C5 49, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.450% MATURITY: 11/25/28 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31380M6D3 c g 0000 m i WI s 12,056 Page 9 of 11

59 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 48, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.450% MATURITY: 11/25/29 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31382TXF1 42, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 5.450% MATURITY: 01/25/30 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31382TXG9 101, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 4.750% MATURITY: 10/25/37 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31414GCP2 230, SHARES 03/26/18 Interest FANNIE MAE POOL RATE: 4.750% MATURITY: 01/25/38 TRADE DATE 03/25/18 SET/DATE 03/25/18 CUSIP 31414QMU8 190, SHARES 03/26/18 Cash Credit , CW : SWP FRM /26/18 Cash Debit 3, CW : SWP TO /26/18 DAILY ENDING BALANCE , ,707, /27/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/27/18 SET/DATE 03/27/18 CUSIP X9USD0002 3, SHARES 03/27/18 DAILY ENDING BALANCE ,711, /30/18 Deliver , CALYON INVESTMENT AGREEMENT DTD DUE (FLOAT FD) /IAS/GIC WITHDRAWAL FOR 04/01/2018 /IAS/ DEBT SERVICE PAYMENT MATURITY: 01/10/39 TRADE DATE 03/30/18 SET/DATE 03/30/18 CUSIP S , SHARES 03/30/18 Cash Credit , RECEIVED DRAW DOWN FROM INVESTMENT AGREEMENT 03/30/18 Cash Credit , CW : SWP FRM /30/18 Cash Credit 8, RECEIVED FLOAT INTEREST FROM INVESTMENT AGREEMENT 03/30/18 Cash Debit 8, CW : SWP TO /30/18 DAILY ENDING BALANCE , ,594, /31/18 CLOSING BALANCE , ,594, Cumulative realized capital gain and loss position from 12/31/2017 for securities held in principal of account: Short Term: 0.00 * Long Term: * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. c g 0000 m i WI s 12,057 Page 10 of 11

60 Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD S F 07 REVENUE Cash and securities set forth on this Account Statement are held by The Bank of New York Mellon, an affiliate of The Bank of New York Mellon Trust Company, N.A. In addition, The Bank of New York Mellon Trust Company, N.A. may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are obtained by The Bank of New York Mellon Trust Company, N.A., from its affiliate, The Bank of New York Mellon which determines such values for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for the securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates. Neither The Bank of New York Mellon Trust Company, N.A. nor The Bank of New York Mellon shall be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. c g 0000 m i WI s 12,058 Page 11 of 11

61 ATTACHMENT 3

62 Account Statement Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD 07 E REVENUE Go Paperless. Securely access your account online to view your statements. Ask your BNY Mellon contact how we can help you access your accounts, enter your own transactions or submit an audit confirmation online. Also be sure to ask how Connect(SM), our new web-based, single sign-on platform can help you go paperless. CLIENT SERVICE MANAGER: THOMAS RADICIONI CENTURION PARKWAY JACKSONVILLE, FL THOMAS.RADICIONI@BNYMELLON.COM Visit us at Account Overview Percent of all Investments Asset Classification Market Value 1% EQUITY 10, % FIXED INCOME 806, % CASH AND SHORT TERM 48, % TOTAL OF ALL INVESTMENTS 864, Summary of Assets Held Asset Classification Market Value Cost Accrued Income Est Annual Income Market Yield EQUITY 10, , % FIXED INCOME 806, , , , % CASH AND SHORT TERM 48, , % ACCOUNT TOTALS 864, , , , % Summary of Cash Transactions Current Period Year-to-Date Realized Transaction Category Income Principal Gains/Losses Income Principal OPENING BALANCE DIVIDENDS INTEREST 3, , SALES AND REDEMPTIONS , , OTHER CASH ADDITIONS , , OTHER CASH DISBURSEMENTS 3, , , PURCHASES , , CLOSING BALANCE , , The above cash transactions summary is provided for information purposes only and may not reflect actual taxable income or deductible expenses as reportable under the Internal Revenue Code. c g 0000 m i WI s 12,087 Page 1 of 5

63 Statement of Assets Held Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD 07 E REVENUE Shares / Market Price Market Value Accrued Income Par Value Asset Description Average Cost Cost Est Annual Income Market Yield EQUITY 10, INVESTMET AGREEMENT WITH CALYON 4.5 DTD , % 09/19/07 DUE 09/29/2039 (FLOAT FD) , CUSIP: S Total EQUITY 10, % 10, FIXED INCOME 55, FREDDIE MAC GOLD POOL T , % CUSIP: 31286DQE , , MATURITY DATE: 01/15/2038 RATE: 6.100% ORIG-FACE: 2,262, , FREDDIE MAC GOLD POOL T , % CUSIP: 31286EKM , , MATURITY DATE: 03/15/2038 RATE: 6.100% ORIG-FACE: 1,648, , FREDDIE MAC GOLD POOL T , , % CUSIP: 31286ELB , , MATURITY DATE: 05/15/2038 RATE: 6.100% ORIG-FACE: 1,010, , GINNIE MAE II POOL , % CUSIP: 36295KPH , , MATURITY DATE: 05/20/2038 RATE: 6.100% ORIG-FACE: 749, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XJN , , MATURITY DATE: 06/15/2038 RATE: 6.100% ORIG-FACE: 344, , FREDDIE MAC GOLD POOL U , % CUSIP: 31321XR , , MATURITY DATE: 09/15/2038 RATE: 6.100% ORIG-FACE: 415, Total FIXED INCOME 806, , % 753, , CASH AND SHORT TERM 6, FIDELITY INVESTMENT MM TSY , % CUSIP: X9USD , CASH BALANCE , % , Total CASH AND SHORT TERM 48, % 48, ACCOUNT TOTALS 864, , % 812, , Total Market Value Plus Total Accrued Income 868, Statement of Transactions Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/01/18 OPENING BALANCE , /02/18 Dividend FIDELITY INVESTMENT MM TSY TRADE DATE 03/02/18 SET/DATE 03/02/18 CUSIP X9USD SHARES 03/02/18 Cash Credit CW : SWP FRM /02/18 Cash Debit CW : SWP TO c g 0000 m i WI s 12,088 Page 2 of 5

64 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD 07 E REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses 03/02/18 DAILY ENDING BALANCE , /05/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP X9USD SHARES 03/05/18 Deliver INVESTMET AGREEMENT WITH CALYON 4.5 DTD 09/19/07 DUE 09/29/2039 (FLOAT FD) /IAS/TRF UNITS TO # E PREPAYM /IAS/ENTS A/C REP: SERIES E PREPAY /IAS/MENTS FOR THE MONTH OF JAN 201 /IAS/8 RECEIVED IN FEB 2018 TRADE DATE 03/05/18 SET/DATE 03/05/18 CUSIP S SHARES 03/05/18 DAILY ENDING BALANCE , /15/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP X9USD0002 1, SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T30453 RATE: 6.100% MATURITY: 01/15/38 CUSIP 31286DQE SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T31200 RATE: 6.100% MATURITY: 03/15/38 CUSIP 31286EKM SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL T31222 RATE: 6.100% MATURITY: 05/15/38 CUSIP 31286ELB SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U32069 RATE: 6.100% MATURITY: 06/15/38 CUSIP 31321XJN SHARES 03/15/18 Paydown FREDDIE MAC GOLD POOL U32305 RATE: 6.100% MATURITY: 09/15/38 CUSIP 31321XR SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T30453 RATE: 6.100% MATURITY: 01/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286DQE4 56, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL T31200 RATE: 6.100% MATURITY: 03/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286EKM0 176, SHARES 03/15/18 Interest 1, FREDDIE MAC GOLD POOL T31222 RATE: 6.100% MATURITY: 05/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31286ELB3 200, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32069 RATE: 6.100% MATURITY: 06/15/38 c g 0000 m i WI s 12,089 Page 3 of 5

65 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD 07 E REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XJN5 33, SHARES 03/15/18 Interest FREDDIE MAC GOLD POOL U32305 RATE: 6.100% MATURITY: 09/15/38 TRADE DATE 03/15/18 SET/DATE 03/15/18 CUSIP 31321XR22 164, SHARES 03/15/18 Cash Credit , CW : SWP FRM /15/18 Cash Debit 3, CW : SWP TO /15/18 DAILY ENDING BALANCE , , /16/18 Purchase , , FIDELITY INVESTMENT MM TSY TRADE DATE 03/16/18 SET/DATE 03/16/18 CUSIP X9USD0002 3, SHARES 03/16/18 DAILY ENDING BALANCE , /20/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP X9USD SHARES 03/20/18 Paydown GINNIE MAE II POOL RATE: 6.100% MATURITY: 05/20/38 CUSIP 36295KPH SHARES 03/20/18 Interest GINNIE MAE II POOL RATE: 6.100% MATURITY: 05/20/38 TRADE DATE 03/20/18 SET/DATE 03/20/18 CUSIP 36295KPH0 96, SHARES 03/20/18 Cash Credit CW : SWP FRM /20/18 Cash Debit CW : SWP TO /20/18 DAILY ENDING BALANCE , /21/18 Purchase FIDELITY INVESTMENT MM TSY TRADE DATE 03/21/18 SET/DATE 03/21/18 CUSIP X9USD SHARES 03/21/18 DAILY ENDING BALANCE , /30/18 Deliver , INVESTMET AGREEMENT WITH CALYON 4.5 DTD 09/19/07 DUE 09/29/2039 (FLOAT FD) /IAS/GIC WITHDRAWAL FOR 04/01/2018 /IAS/ DEBT SERVICE PAYMENT TRADE DATE 03/30/18 SET/DATE 03/30/18 CUSIP S , SHARES 03/30/18 Cash Credit , RECEIVED FLOAT INTEREST FROM INVESTMENT AGREEMENT 03/30/18 Cash Credit , RECEIVED DRAW DOWN FROM INVESTMENT AGREEMENT 03/30/18 DAILY ENDING BALANCE , , /31/18 CLOSING BALANCE , , c g 0000 m i WI s 12,090 Page 4 of 5

66 Statement of Transactions - Continued Statement Period 03/01/2018 Through 03/31/2018 Account BROWARD 07 E REVENUE Transaction Realized Date Transaction Description Income Principal Cost Gains/Losses Cumulative realized capital gain and loss position from 12/31/2017 for securities held in principal of account: Short Term: 0.00 * Long Term: * * The above gain and loss position does not include transactions where tax cost information is incomplete or unavailable. Cash and securities set forth on this Account Statement are held by The Bank of New York Mellon, an affiliate of The Bank of New York Mellon Trust Company, N.A. In addition, The Bank of New York Mellon Trust Company, N.A. may utilize subsidiaries and affiliates to provide services and certain products to the Account. Subsidiaries and affiliates may be compensated for their services and products. The value of securities set forth on this Account Statement are obtained by The Bank of New York Mellon Trust Company, N.A., from its affiliate, The Bank of New York Mellon which determines such values for Corporate Trust on the basis of market prices and information obtained by The Bank of New York Mellon from unaffiliated third parties (including independent pricing vendors) ("third party pricing services"). The Bank of New York Mellon has not verified such market values or information and makes no assurances as to the accuracy or correctness of such market values or information or that the market values set forth on this Account Statement reflect the value of the securities that can be realized upon the sale of such securities. In addition, the market values for the securities set forth in this Account Statement may differ from the market prices and information for the same securities used by other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates based upon market prices and information received from other third party pricing services utilized by such other business units. Corporate Trust does not compare its market values with those used by, or reconcile different market values used by, other business units of The Bank of New York Mellon Trust Company, N.A., The Bank of New York Mellon or their respective subsidiaries or affiliates. Neither The Bank of New York Mellon Trust Company, N.A. nor The Bank of New York Mellon shall be liable for any loss, damage or expense incurred as a result of or arising from or related to the market values or information provided by third party pricing services or the differences in market prices or information provided by other third party pricing services. c g 0000 m i WI s 12,091 Page 5 of 5

67 ATTACHMENT 4

68

69 Housing Finance Authority of Broward County April 18, 2018 Board Meeting Investment Committee (Investment/Brokerage Procedures) Advise the HFA Board that BNY Mellon Capital Markets will serve as the single source broker for HFA investments. Background 1. On October 18, 2017, the HFA approved Resolution authorizing: (i) the appointment of Bank of New York Mellon Trust Company, N.A. as safekeeping agent and broker for the HFA s investment funds, (ii) the execution of the custody agreement, (iii) execution of other documents and authorizing officers of the HFA to do all things necessary or advisable in connection with entering into the agreements, and (iv) the providing of an effective date. 2. Resolution was approved by the BOCC at its November 7, 2017 meeting. Present Situation 1. On March 21, 2018 the HFA s Investment Committee (IC) discussed various procedural aspects related to the process for investing the HFA s funds and reviewed the HFA s Investment Policy which states the following: 10. BID REQUIREMENT. The Authority or its authorized representative shall determine the approximate maturity date based on cash-flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the Investment Objectives specified in Article 2, above, must be selected. 2. Due to the limited number of investments in any given year, it was determined that the HFA s investment volume was not sufficient to warrant competitive bids via multiple brokers and that bids would be requested from BNY Mellon Capital Markets ( BNYMCM ) as the HFA s authorized broker per Resolution The IC committee requested the creation of documentation to assure written back-up for investment directions and/or decisions. Proposed forms will be presented to the IC at its next meeting and are included for the Board as background for this agenda item. (Attachment 2) 4. To assure full transparency the IC determined it would be appropriate to disclose the foregoing to HFA Board and request Board approval of the BNYMCM as the single source broker. Within BNYMCM, Matthew Menzel will serve as the HFA s representative and day-to-day contact. Mr. Menzel joined BNYMCM in 2001 as an Institutional Fixed Income Salesperson. His current role is Managing Director of Short Term Sales at BNYMCM. Prior to his position with the firm, Mr. Menzel worked at

70 Lehman Brothers for 8 years as an Institutional Fixed Income Salesperson in Municipals. Mr. Menzel earned a Bachelor of Arts in Economics and Education from Rutgers College, Rutgers University. He has FINRA Series 3, 7, 24, 50, and 63 registrations. 5. Information on BNYMCM is included for the Board s information. (Attachment 3) Attachments 1. HFA Investment Policy 2. HFA Brokerage Forms Proposed pending IC approval. 3. BNY Mellon Capital Markets Fixed Income Desk Overview

71 ATTACHMENT 1

72 EXHIBIT A HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA INVESTMENT POLICY 1. SCOPE. This Investment Policy shall apply to the surplus funds of the Housing Finance Authority of Broward County, Florida ( Authority ) in excess of amounts needed to meet current short term expenses. This Investment Policy shall not apply to proceeds from the issuance of bonds or other debts or other funds held with respect thereto where there are indentures or agreements by the Authority relating to the investment of said funds. Nor shall this Investment Policy apply to the investment or application of funds in the furtherance or implementation of the housing programs of the Authority. 2. INVESTMENT OBJECTIVES. The first objective of all investments shall be the preservation of the capital of the Authority. The second objective of all investments shall be the liquidity of Authority funds. The third objective of all investments shall be investment income to the Authority. 3. PERFORMANCE MEASUREMENT. In order to assist in the evaluation of the investments made pursuant to this Investment Policy, the Investment Portfolio Committee (as defined in Article 13) shall, at least quarterly, (1) compare the rate of return on its investments to the rate of return on the Local Government Surplus Trust Fund or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided for in Section , Florida Statutes, and established in Section , Florida Statutes; and (2) include that rate comparison in the quarterly report described in Article 13 herein. 4. PRUDENT PERSON RULE. Investments should be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital and liquidity requirements, as well as the probable income to be derived from the investment. 5. ETHICAL STANDARDS. Persons involved in the investment process shall refrain from personal business activity that may conflict with the proper execution of the investment program, or which impair their ability to make impartial investment decisions. Also, persons involved in the investment process shall disclose to the Authority any material financial interests in financial institutions that conduct business with the Authority, and they shall further disclose any material financial/investment positions that could be related to the performance of the Authority's portfolio. 6. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSITION. Funds in the investment portfolio shall be limited to the following eligible securities. Marginable accounts, short sales (where the Authority does not own the underlying security), and investments in any derivative securities (including interest only or principal only and inverse floaters investments) are prohibited unless specifically designated below: a. Direct obligations, or obligations, of the United States Government, the principal and interest of which are unconditionally guaranteed by the United States 1

73 EXHIBIT A Government, including bonds, notes, and other obligations. Such securities will include, but not be limited to, the following: 1. Cash Management Bills. 2. Treasury Bills. 3. Treasury Notes. 4. Treasury Bonds. b. Bonds, notes, and other obligations of any federal agency whose obligations represent the full faith and credit of the United States Government. Such securities will include, but not be limited to, the following: 1. Farmers Home Administration Certificate of beneficial ownership. 2. Federal Housing Administration Debentures. 3. United States Department of Housing and Urban Development Project notes and local authority bonds. 4. Government National Mortgage Association (GNMA or "Ginnie Mae"). 5. Department of Veterans Affairs (VA). c. Bonds, debentures, or notes issued by Government Sponsored Enterprises (GSEs), which carry the implicit backing of the United States Government, but are not direct obligations of the United States Government. Such securities will include issuances from, but not be limited to, the following: 1. Federal Home Loan Bank System (FHLB) Senior debt obligations. 2. Federal Farm Credit Bank (FFCB). 3. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac") Participation certificates, senior debt obligations. 4. Federal National Mortgage Corporation (FNMA or "Fannie Mae") Participation certificates, senior debt obligations. 5. Federal Agricultural Mortgage Corporation (FRM or "Farmer Mac") Participation certificates, senior debt obligations. d. The Local Government Surplus Trust Fund ("Florida PRIME") or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided for in Section , Florida Statutes, and established in Section , Florida Statutes. In addition, a thorough investigation of the pool is required prior to investing and on a continual basis. Areas of consideration shall include a review of the Investment Policy, the types of securities allowed, the fund's risk profile, operational requirements, and calculations relating to interest, gains and losses, and distributions. 2

74 EXHIBIT A e. Repurchase agreements with Primary Dealers, as defined by the Federal Reserve Bank of New York, and a custodian bank acting as a tri-party agent, provided such agreements are (i) in writing; and (ii) fully secured by securities unconditionally guaranteed by the United States Government, and provided further that: 1. Any such collateral is held by the Authority or the tri-party agent acting for the Authority during the full term of such agreements; 2. Any such collateral may only be substituted for same credit quality or better; 3. Any such collateral is not subject to liens or claims of third parties; 4. Any such collateral has a market value (determined at least every seven (7) days) at least equal to one hundred two percent (102%) of the amount invested in such agreement; 5. The Authority has a perfected first security interest in such collateral; 6. A Master Repurchase Agreement has been executed with all counterparties pursuant to Article 9 of this Investment Policy; 7. The Master Repurchase Agreement provides that the failure to maintain such collateral at the level required by clause (4) above will require the Authority or the tri-party agent to liquidate the investments; and 8. Term of the repurchase agreements cannot exceed ninety (90) days from date of purchase. f. Commercial paper rated in one of the two highest rating categories by at least two (2) nationally recognized rating agencies, or commercial paper backed by a letter of credit or line of credit rated in one of the two highest rating categories. g. Bonds, notes, or obligations of the State of Florida, or of any municipality, political subdivision, or agency or authority of the State of Florida, if such obligations are rated by at least two (2) nationally recognized rating services in any one of the two highest classifications. h. Bank time deposits evidenced by certificates of deposit, or other evidences of deposit, issued by any bank, savings and loan association, trust company, or national banking association, which are (a) fully insured by the Federal Deposit Insurance Corporation and are governed by Florida Statutes or (b) to the extent not so insured, secured by government obligations provided (i) the institution is designated by the Chief Financial Officer of the State of Florida as a qualified public depository, as defined in Section , and such obligations shall be in the physical possession of the State of Florida or a bank or trust of its choosing as directed by the Chief Financial Officer of the State of Florida, and (ii) such obligations must continuously have a market value at least equal to the amount so invested. 3

75 EXHIBIT A i. Securities of, or other interest in, any open-end or closed-end management type, investment company, or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., as amended from time to time, provided the portfolio of such investment company or investment trust is limited to United States Government obligations and the repurchase agreements fully collateralized by such United States Government obligations and provided such an investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian. In addition, a thorough review shall take place as described in item d., above. j. Collateralized Mortgage Obligations ("CMOs") which are bank eligible and pass a three-pronged test for CMO safety at purchase based on the following: 1. The Weighted Average Life ("WAL") does not exceed five (5) years; 2. The expected WAL does not extend for more than two (2) years nor shorten by more than three (3) years assuming an immediate and sustained parallel shift in the yield curve of plus or minus three hundred (300) basis points; and 3. The estimated change in price is not more than ten percent (10%) assuming an immediate and sustained parallel shift in the yield curve of plus or minus three hundred (300) basis points. k. World Bank notes, Bonds, or Discount Notes, rated AAA or equivalent by Moody's Investor Service or Standard and Poors Corporation. l. Obligations of the Tennessee Valley Authority. m. Reverse repurchase agreements which shall be used only for liquidity purposes and cannot be longer than thirty (30) days in duration and must have the approval of the CFO. n. Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency. 7. MATURITY AND LIQUIDITY REQUIREMENTS. To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash-flow requirements. The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. 8. THIRD PARTY CUSTODIAL AGREEMENTS. Securities should be held with a third party; and all securities purchased by, and all collateral obtained by, the Authority should be properly designated as an asset of the Authority. No withdrawal of securities, in whole or in part, shall be made from safekeeping, except by an authorized representative of the Authority. Security transactions between a broker-dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to 4

76 EXHIBIT A ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. 9. MASTER REPURCHASE AGREEMENT. All approved institutions and dealers transacting repurchase agreements shall execute and perform as stated in a Master Repurchase Agreement, when and if adopted by the Authority. All repurchase agreement transactions shall adhere to the requirements of the Master Repurchase Agreement, when and if adopted by the Authority. 10. BID REQUIREMENT. The Authority or its authorized representative shall determine the approximate maturity date based on cash-flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the Investment Objectives specified in Article 2, above, must be selected. 11. INTERNAL CONTROLS. The Authority shall establish a series of internal controls and operating procedures to protect the Authority's assets and ensure proper accounting and reporting of the transactions related thereto. No person may engage in an investment transaction except as authorized under the terms of this policy. Internal controls shall include, but are not limited to: (a) Transfers of funds from the HFA to the State Board of Administration may be made by wire transfer or EFT (by Executive Director or Authority Board Chair or other Authority Board member serving on the Investment Portfolio Committee), or by check with one signature (by Executive Director or Authority Board Chair or other Authority Board member serving on the Investment Portfolio Committee). (b) Funds may be deposited in the Authority's checking account by the Executive Director or Authority Board Chair or other Authority Board member serving on the Investment Portfolio Committee, without further approvals. (c) Transfers by wire transfer or EFT to money market funds meeting the requirements of this Investment Policy may be made by the Executive Director with the prior written approval of the Authority Board Chair or other Authority Board member serving on the Investment Portfolio Committee. (d) Transfers to banks for investment in certificates of deposit meeting the requirements of this Investment Policy may be made by the Executive Director (utilizing wires or the EFT system) with prior written approval by the Authority Board Chair or other Authority Board member serving on the Investment Portfolio Committee. (e) Monthly reconciliations of all accounts affected by investment transactions must be performed by parties other than those who have the authority to approve or execute such transactions under this Investment Policy. Such internal controls shall be reviewed by independent auditors as a normal part of the annual financial audit of the Authority. 5

77 EXHIBIT A 12. REPORTING. The Authority's certified public accountant shall monthly, as part of its normal financial statement report, list the securities in the investment portfolio by class or type, book value, income earned, and market value as of the report date. 13. INVESTMENT PORTFOLIO COMMITTEE. An Investment Portfolio Committee ( Committee ), comprised of Authority s Executive Director, two Authority Board Members (one of which shall be the Authority Board Chair), Authority's Financial Advisor, and an investment coordinator from the Broward County Finance and Administrative Services Department, shall be established to manage and monitor the performance and composition of the Authority s investments in accordance with this Investment Policy. The Committee shall (1) meet at least quarterly; (2) review the monthly statements of the funds, investments, and securities of the Authority to determine the performance and status of said funds, investments, and securities. (3) provide quarterly reports regarding the status of the Authority s investment portfolio to the Authority Board; and (4) recommend necessary or desirable modifications to this Investment Policy for the Authority Board s consideration. 14. CONTINUING EDUCATION. All members of the Investment Portfolio Committee established pursuant to Article 13 hereof shall annually complete at least eight hours of continuing education in subjects or courses of study related to investment practices and products. 15. AMENDMENTS; WAIVERS. The Authority, by action specifically taken with a quorum present and voting at a public meeting thereof, may amend or waive provisions of this Investment Policy to the extent authorized by law. 16. ADOPTION. This Investment Policy shall become effective upon its adoption by resolution of the Authority Board. 6

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83 BNY MELLON MARKETS Fixed Income BNY Mellon Capital Markets, LLC ( Capital Markets ) provides institutional investors a comprehensive and competitive execution platform for fixed income sales and trading. We provide investment solutions for our clients across a range of fixed income products. Our value-added, open-architecture approach enables us to execute in a competitive, professional and transparent manner. We work in tandem with other areas of BNY Mellon to help customize solutions to meet each client s unique needs. PRODUCTS Capital Markets and its predecessors have provided broker-dealer services to institutional clients for over 30 years and is an active participant in the US treasuries secondary market as well as the primary and secondary markets in GSEs, commercial paper, certificates of deposit, corporate and municipal bonds. US Treasury and US Agency Bonds Commercial Paper & Institutional CDs Brokered CDs/CDARS * Corporate Bonds Mortgage-backed Securities Municipal Bonds Preferred Equities Structured Products and MTNs We strive to deliver: efficient execution, timely and relevant market commentary, extensive product selection, and superior client service. ELECTRONIC PLATFORMS Capital Markets provides high visibility for issuers and educational tools for registered representatives as well as offers ease of execution for investors through e-commerce Platforms, including: Bloomberg Pages: BNYC, BOOM, CKMM, BKTR, BKAG, BKCT Securities DIRECT : our electronic marketplace enables clients to transact in fixed income securities. The portal can be accessed via BNY Mellon Connect CD Funding SM Structured Solutions, Education on Demand MARKET COMMENTARY As a client of Capital Markets, you have access to in-depth commentary on events in the US fixed income markets and beyond WHAT WE CAN DO FOR YOU We provide the personalized, service solutions of a boutique provider, with the benefit of an affiliation with one of the world s leading asset management and securities services firms. Our registered professionals provide market insights and expert trade execution, which help facilitate transactions Our diverse inventory and access to the primary and regional broker-dealer community, enable us to offer attractive products at competitive pricing We are dedicated to working with our clients to build long-term relationships We work with our clients to help you grow your business ONE RELATIONSHIP, MANY BENEFITS BNY Mellon serves as a single point of access to a variety of capital raising, investing and secondary trading solutions for institutional clients. In addition to maintaining trading support, we provide, through our affiliates, custody services for the securities we sell. FOR MORE INFORMATION ABOUT BNY MELLON CAPITAL MARKETS, LLC, PLEASE CONTACT: Fixed Income Desk Delaney Gardiner MD, Short Term Sales Delaney.Gardiner@bnymellon.com Matthew C. Menzel MD, Short Term Sales Matthew.Menzel@bnymellon.com Additional information is available at BNY MELLON CAPITAL MARKETS, LLC

84 BNY MELLON CAPITAL MARKETS, LLC BNY Mellon Capital Markets, LLC ( Capital Markets ) is a full service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation ( BNY Mellon ). BNY Mellon and its affiliates lend and provide other products and services to issuers and others, and provide and receive related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance. This material is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell, any particular financial instrument, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy and is not tax, legal, investment or accounting advice. Nor is it an offer or solicitation in any jurisdiction in which such an offer or solicitation would be illegal. Capital Markets does not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice. Difficulties in the mortgage and broader credit markets have led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities. A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur. BNY MELLON BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2016, BNY Mellon had $29.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on Follow us on or visit our newsroom at for the latest company * CDARS is a registered service mark of Promontory Interfinancial Network, LLC bnymellon.com Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors. Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to maturity, prices will rise and fall on interest rate movements in response to economic conditions. Corporate Debt. Corporate debt securities are subject to risks including, but not limited to: early call or redemption risk, reinvestment risk, interest rate risk, credit risk, event risk, sector risk or market risk. Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject to default by the issuer. Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. Early withdrawal of any CD may not be available and may be subject to applicable penalties. CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the same insured institution that issues the CDs, the total value of your deposit accounts could exceed the amount of FDIC insurance to which your deposits (including CDs) are entitled. Yankee CDs/No FDIC Insurance. Yankee CDs are not FDIC insured in whole or in part. Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds generally only invest in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local governments and are subject to strict diversification and maturity standards. Ultra-short bond funds are not subject to these requirements. The net asset value (NAV) of an ultra-short bond fund will fluctuate, while money market funds seek to maintain a stable NAV of $1 per share, although there is no guarantee that they will achieve this goal. Mortgage Backed Securities (MBS). Potential issuers of securities should discuss any financial instrument offering, engagement, or relationship with their own counsel and financial advisors. Beginning in the second half of 2007, difficulties in the mortgage and broader credit markets led to a substantial decrease in the availability of credit. As a result, U.S., European and global credit and financial markets in general have been, and are, experiencing difficulties. The extent and duration of any future continued weakening of these markets, higher costs of borrowing, and disruptions in debt and equity markets may potentially make it more difficult to issue a financial instrument, exit an investment or define the impact, if any, on the performance and prospects of particular issuers or securities. There can be no assurance that any of the governmental or private sector initiatives designed to strengthen the condition of the credit markets will be successful, and there is no way to know the effect that these initiatives will have on the performance of any particular securities or issuers. Only GNMA is backed by the full faith and credit of the U.S. Government. Securities issued by Fannie Mae, Freddie Mac and MBS in general have recently experienced volatility and other increased risks due to homeowner defaults and severe problems in the housing market. 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No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any information or investment instruments are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice. Past Performance is not Indicative of nor a Guarantee of Future Performance and a Loss of Original Capital may Occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA s Web site at Structured Products are not Suitable for All Investors. Structured Products are subject to special risks and considerations. All relevant offering documents including, but not limited to, term sheets and prospectuses should be consulted and understood prior to investing. Investors should understand characteristics, risks, and potential rewards. Investors should contact their own accounting, tax or legal advisors to review the suitability of any investment. Securities Direct is the registered trademark of The Bank of New York Mellon Corporation BNY Mellon Capital Markets, LLC. All rights reserved. Trademarks, service marks and logos are the property of their respective owners. Securities Products: Not FDIC-Insured Subject to Loss in Value Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate. 02/2017

85 BROWARD COUNTY ATTORNEY S OFFICE ETHICS WORKSHOP HOUSING FINANCE AUTHORITY REVIEW