DISTRICT OFFICE 9428 CAMDEN FIELD PKWY RIVERVIEW, FL PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING APRIL 27, 2017

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1 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 9428 CAMDEN FIELD PKWY RIVERVIEW, FL PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING APRIL 27, 2017

2 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT AGENDA APRIL 27, 2017 at 1:30 p.m. Palma Sola Trace Clubhouse 7408 Hamilton Road, Bradenton, FL Board of Supervisors Peter Gelman Chairman Roger Ohlson Vice Chairman Bruce Parker Assistant Secretary Caryl Mason Assistant Secretary Axel Bergman Assistant Secretary District Manager District Attorney District Engineer Grant Phillips Jere Earlywine Rick Schappacher Rizzetta & Company, Inc. Hopping Green & Sams, P.A. Schappacher Engineering All cellular phones and pagers must be turned off while in the meeting room. The District Agenda is comprised of five different sections: The meeting will begin promptly at 1:30 p.m. with the first section which is called Audience Comments. The Audience Comments portion of the agenda is when individuals may comment on matters that concern the District. Each individual is limited to three (3) minutes for such comment. The Board of Supervisors or Staff is not obligated to provide a response until sufficient time for research or action is warranted. IF THE COMMENT CONCERNS A MAINTENANCE RELATED ITEM, THE ITEM WILL NEED TO BE ADDRESSED BY THE DISTRICT MANAGER OUTSIDE THE CONTEXT OF THIS MEETING. The second section is called Business Administration. The Business Administration section contains items that require the review and approval of the District Board of Supervisors as a normal course of business. The third section is called Business Items. The Business Items section contains items for approval by the District Board of Supervisors that may require discussion, motion and votes on an item-by-item basis. Occasionally, certain items for decision within this section are required by Florida Statute to be held as a Public Hearing. During the Public Hearing portion of the agenda item, each member of the public will be permitted to provide one comment on the issue, prior to the Board of Supervisors discussion, motion and vote. Agendas can be reviewed by contacting the Manager s office at (813) at least seven days in advance of the scheduled meeting. Requests to place items on the agenda must be submitted in writing with an explanation to the District Manager at least fourteen (14) days prior to the date of the meeting. The fourth section is called Staff Reports. This section allows the District Manager, Engineer, and Attorney to update the Board of Supervisors on any pending issues that are being researched for Board action. The final section is called Supervisor Requests. This is the section in which the Supervisors may request Staff to prepare certain items in an effort to meet residential needs. Public workshop sessions may be advertised and held in an effort to provide informational services. These sessions allow staff or consultants to discuss a policy or business matter in a more informal manner and allow for lengthy presentations prior to scheduling the item for approval. Typically no motions or votes are made during these sessions. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting is asked to advise the District Office at (813) , at least 48 hours before the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service at 1 (800) , who can aid you in contacting the District Office. Any person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.

3 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 9428 CAMDEN FIELD PARKWAY RIVERVIEW, FL Board of Supervisors April 20, 2017 Palma Sola Trace Community Development District Dear Board Members: AGENDA The Palma Sola Trace Community Development District Special Meeting of the Board of Supervisors will be held on Thursday, April 27, 2017 at 1:30 p.m. at the Palma Sola Trace Clubhouse located at 7408 Hamilton Road, Bradenton, FL The following is the tentative agenda for this meeting: 1. CALL TO ORDER 2. AUDIENCE COMMENTS 3. BUSINESS ADMINISTRATION A. Consideration of the Meeting Minutes from the Board of Supervisors Meeting held on February 23, Tab 1 B. Consideration of the Operations and Maintenance Expenditures for January through March Tab 2 4. BUSINESS ITEMS A. Consideration of 71 st Street Gate Painting Proposal... Tab 3 B. Consideration of Streetlight Base Repaint Proposal... Tab 4 C. Update Regarding Fiber Cable Easement with HOA D. Presentation of Proposed Budget for Fiscal Year 2017/ Tab 5 1. Consideration of Resolution , Approving Proposed Budget and Setting the Public Hearing... Tab 6 E. Consideration of Disclosure of Public Finance Report... Tab 7 F. Establishment of Audit Committee 5. STAFF REPORTS A. District Counsel B. District Engineer Consideration of Public Facilities Report Proposal... USC C. District Manager 1. Streetlight Status Update 2. Monthly Financial Summary... Tab 8 6. SUPERVISOR REQUESTS 7. ADJOURNMENT I look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to contact me at (813) Sincerely, Grant Phillips Grant Phillips District Manager

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5 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT February 23, 2017 Minutes of Meeting Page MINUTES OF MEETING Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based. PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT The Palma Sola Trace Community Development District regular meeting of the Board of Supervisors was held on Thursday, February 23, 2017 at 1:30 p.m. at the Palma Sola Trace Clubhouse located at 7408 Hamilton Road, Bradenton, FL Present and constituting a quorum: Peter Gelman Roger Ohlson Bruce Parker Caryl Mason Axel Bergman Also present were: Grant Phillips Jere Earlywine Rick Schappacher Audience FIRST ORDER OF BUSINESS Board Supervisor, Chairman Board Supervisor, Vice Chairman Board Supervisor, Asst. Secretary Board Supervisor, Asst. Secretary Board Supervisor, Asst. Secretary District Manager; Rizzetta & Company, Inc. Dist. Counsel; Hopping Green & Sams, P.A. Dist. Engineer, Schappacher Engineering Call to Order Mr. Phillips called the meeting to order and read the roll call. SECOND ORDER OF BUSINESS There were no audience comments. THIRD ORDER OF BUSINESS Audience Comments Consideration of the Meeting Minutes from Board of Supervisors Meeting on December 15, 2016 On a Motion by Mr. Ohlson, seconded by Ms. Mason, with all in favor, the Board approved the Meeting Minutes from Board of Supervisors Meeting on December 15, 2016, for the Palma Sola Trace Community Development District. FOURTH ORDER OF BUSINESS Consideration of the Operation and Maintenance Expenditures for November and December 2016 On a Motion by Mr. Gelman, seconded by Ms. Parker, with all in favor, the Board ratified the payments for the O&M Expenditures for November 2016 ($9,993.24) and December 2016 ($12,612.98), for the Palma Sola Trace Community Development District.

6 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT February 23, 2017 Minutes of Meeting Page FIFTH ORDER OF BUSINESS Consideration of Resolution , Redesignating Treasurer Mr. Phillips presented Resolution , Re-designating Treasurer to the Board for review. On a Motion by Mr. Gelman, seconded by Mr. Ohlson, with all in favor, the Board approved the Resolution , Re-designating Treasurer for the Palma Sola Trace Community Development District. SIXTH ORDER OF BUSINESS Discussion Regarding Thank-You Letter Ms. Mason presented the Thank You Letter to the Board for review. A general discussion ensued and the Board signed the letter for previous District Manager Greg Cox. SEVENTH ORDER OF BUSINESS Review of Aquagenix Newsletter Article Mr. Phillips reviewed the Aquagenix Newsletter Article with the Board. The Board requested that a map be attached to the newsletter article and for article to place the elevation of the ponds on the map as well. Once all the items are obtained, to place the full letter with addition exhibits on the website. EIGHTH ORDER OF BUSINESS A. District Counsel Mr. Earlywine had no report. B. District Engineer Mr. Schappacher had no report. C. District Manager Staff Reports Mr. Phillips reminded the Board that the next regularly scheduled meeting will be held April 27, 2017 at 1:30 p.m. Mr. Phillips provided an update on the budget items going to be reviewed by the Board. A general discussion ensued. The Board addressed looking into areas in the budget where they can spend less. Mr. Gelman addressed the numbering sequence. Mr. Phillips reviewed the monthly financial summary with the Board.

7 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT February 23, 2017 Minutes of Meeting Page NINTH ORDER OF BUSINESS Supervisor Requests Mr. Gelman led discussion regarding the fiber optic easement with the Board. Mr. Schappacher addressed Mr. Gelman s concerns. A general discussion ensued. Mr. Earlywine will provide a letter on Easements and palm trimming within Easement. Mr. Gelman informed the Board that the HOA plans to revise their documents. They are requesting for the CDD Board to sign in agreement, but also for the CDD Board to review the Easement Agreement with the HOA Board. Mr. Bob Blatz, a member of the Palma Sola Trace HOA, presented questions regarding ownership of the wall to the Board. Mr. Earlywine addressed his questions and a general discussion ensued. Mr. Bergman confirmed with Mr. Earlywine and the Board that due to serving on the HOA Board as well, he will recuse himself from any motions regarding the landscape easement. Mr. Schappacher addressed the Board regarding his plans to review the options for fiber optics install and repairs throughout the Palma Sola Trace community. A discussion ensued regarding future scheduling of a Special Meeting to provide residents proper information about fiber optics for the community. A general discussion ensued. The condo president requested the Board consider the aesthetic appearance when approving the easement agreement. A general discussion ensued. Mr. Phillips was instructed by the Board to contact Brightview to get underground controller updates. Ms. Mason addressed her concerns regarding light pole repairs and painting. A general discussion ensued and the topic was tabled until the April 2017 meeting. TENTH ORDER OF BUSINESS Adjournment On a Motion by Mr. Mason, seconded by Mr. Gelman, with all in favor, the Board adjourned the meeting at 2:55 p.m., for the Palma Sola Trace Community Development District. Secretary / Assistant Secretary Chairman / Vice Chairman

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9 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 9428 CAMDEN FIELD PARKWAY RIVERVIEW, FLORIDA Operation and Maintenance Expenditures January 2017 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from January 1, 2017 through January 31, This does not include expenditures previously approved by the Board. The total items being presented: $15, Approval of Expenditures: Chairperson Vice Chairperson Assistant Secretary

10 Palma Sola Trace Community Development District Paid Operation & Maintenance Expenditures January 1, 2017 Through January 31, 2017 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Aquagenix Aquatic Service 12/16 $ Bellmore Electric Inc Street Light Maintenance #22 $ 2, Bellmore Electric Inc Street Light Maintenance #21 $ 1, Bradenton Herald /16 Acct # Legal Advertising $ /07/16 BrightView Landscape Services, Monthly Lawn Service 12/16 $ Inc. ECo Consultants Inc Quarterly Canal Maintenance -11/16 $ 1, Florida Power & Light Company /16 Summary 12/16 Summary $ Hopping Green & Sams General/Monthly Legal Services 11/16 $ Rizzetta & Company, Inc District Management Fees 01/17 $ 3, Rizzetta & Company, Inc Annual Dissemination Agent Fee FY16/17 $ 1, Rizzetta Technology Services, LLC INV Website & Hosting 01/17 $ Schappacher Engineering, LLC Engineering Services 12/16 $ 1, Report Total $ 15,097.44

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30 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 9428 CAMDEN FIELD PARKWAY RIVERVIEW, FLORIDA Operation and Maintenance Expenditures February 2017 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from February 1, 2017 through February 28, This does not include expenditures previously approved by the Board. The total items being presented: $8, Approval of Expenditures: Chairperson Vice Chairperson Assistant Secretary

31 Palma Sola Trace Community Development District Paid Operation & Maintenance Expenditures February 1, 2017 Through February 28, 2017 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Accurate Electronics Gate Maintenance $ Accurate Electronics Gate Maintenance $ Aquagenix Aquatic Service 01/17 $ Bellmore Electric Inc Street Light Maintenance #26 $ BrightView Landscape services, Inc Monthly Lawn Service 01/17 $ Florida Power & Light Company /17 Summary 01/17 Summary $ Hopping Green & Sams General/Monthly Legal Services 12/16 $ 1, Rizzetta & Company, Inc District Management Fees 02/17 $ 3, Rizzetta Technology Services, LLC INV Website & Hosting 02/17 $ Report Total $ 8,707.28

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47 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 9428 CAMDEN FIELD PARKWAY RIVERVIEW, FLORIDA Operation and Maintenance Expenditures March 2017 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from March 1, 2017 through March 31, This does not include expenditures previously approved by the Board. The total items being presented: $25, Approval of Expenditures: Chairperson Vice Chairperson Assistant Secretary

48 Palma Sola Trace Community Development District Paid Operation & Maintenance Expenditures March 1, 2017 Through March 31, 2017 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Aquagenix Aquatic Service 02/17 $ Aquagenix Aquatic Service 03/17 $ Axel Hamilton Bergman, Jr AB Board of Supervisors Meeting 02/23/17 $ Bellmore Electric Inc Street Light Maintenance #64 $ Bellmore Electric Inc Street Light Maintenance #34 $ Bellmore Electric Inc Street Light Maintenance - Bridge Walkway $ Bellmore Electric Inc Street Light Maintenance - Cleary Terrace $ Bellmore Electric Inc Street Light Maintenance - Clubhouse $ 5, Bellmore Electric Inc Street Light Maintenance - Penny Lane $ 7, Bellmore Electric Inc Street Light Maintenance #1 $ Bellmore Electric Inc Street Light Maintenance - Cleary Terrace $ Big Earth Landscape Supply Mulch and Installation of Light Poles $ BrightView Landscape services, Inc Monthly Lawn Service 01/17 $ BrightView Landscape services, Inc Irrigation behind Summerwind $ BrightView Landscape services, Inc Monthly Lawn Service 03/17 $ Bruce Parker 2772 BP Board of Supervisors Meeting 02/23/17 $ Caryl Mason 2770 CM Board of Supervisors Meeting 02/23/17 $ Florida Power & Light Company /17 Summary 02/17 Summary $ 1, Grau & Associates Grau Reimbursement for Fee Charged by US $ Bank-Trust Account Peter Gelman 2769 PG Board of Supervisors Meeting 02/23/17 $ Rizzetta & Company, Inc District Management Fees 03/17 $ 3, Rizzetta Technology Services, LLC 2766 INV Website & Hosting 03/17 $ Roger Ohlson 2771 RO Board of Supervisors Meeting 02/23/17 $

49 Palma Sola Trace Community Development District Paid Operation & Maintenance Expenditures March 1, 2017 Through March 31, 2017 Schappacher Engineering, LLC Respond to and follow up $ Schappacher Engineering, LLC Engineering Services 02/17 $ Report Total $ 25,143.25

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71 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE: 9428 CAMDEN FIELD PARKWAY RIVERVIEW, FLORIDA Check Request Amount: $23.00 Date: March 20, 2017 Payable to: Grau & Associates 2700 N. Military Trail Suite 350 Boca Raton, Fl Reason: Reimbursement for fee charged by US Bank for confirmation of trust account activity Requester: Scott Brizendine, Mgr. District Financial Services Directions for check: Mail to address above

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78 Myers Painting, LLC 242 S. Washington Blvd #314 Sarasota, FL Phone: Fax: Proposal Date Estimate # 3/28/ Prepared for: Palma Sola Trace CDD Rizzetta & Company 9428 Camden Field Parkway Riverview, FL Job Site Address: PST Clubhouse Description Scope of Work- Exterior Painting 71st St entry gates. Price is for preparing and painting in a manner compatible with normal industry standards. The following items are mentioned strictly for clarification purposes. They are recognized to avoid any potential discrepancies that can become a labor burden. Total 2, Exterior Scope Inclusions Entry Gates: Lightly sand metal. Treat all rust with a rust primer. Apply two (2) coats of DTM Satin finish. Proposal is based on industry standard sequencing of work and harmonious working conditions. Proposal includes the removal of our trash daily from the job site. Myers Painting, llc will provide a full crew capable of completing this scope in an efficient and timely manner. There will be a foreman on the job site at all times to manage the quality and progress of the job. No subcontractor will be used for any of the specified work. All equipment for elevation is included in the scope. All windows and non-painted items will be protected during the course of the painting. If anything is damaged as a result of our workmanship, it will be repaired or replaced as necessary. Any necessary repairs not listed above will be brought to the attention of the general contractor upon discovery. Quote is good for a period of 60 days from proposal date. We at Myers Painting, llc are confident that our team of skilled craftsman will exceed your expectations. We are committed to providing unsurpassed quality service and thank you for your time and consideration. We look forward to working with you. Myers Painting, LLC agrees to provide all labor, material, tools, equipment, supervision, worker's compensation, property damage and liability insurance to thoroughly complete all of the work described above. The undersigned agrees to be bound by scope of work, specifications, prices and conditions set forth above. Total $2, Customer Signature Myers Painting Signature

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80 Unique Gardens, llc design & installation Mr.Gregory Cox Wednesday, February Palma Sola Trace Bradenton Fl. proposal: repainting base portion 101 streetlights work performance: -removing all lose paint on base -sanding and cleaning as prep for painting -painting base -101 streetlight bases x $ 40.= $ 4,040.= This estimate includes time and materials. I noticed that the powder coating is coming lose partial which needs to be removed, so we need to paint the exposed aluminum twice. Wilfert Verweij Unique Gardens llc 2533 Webber pl. Sarasota Fl

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82 Palma Sola Trace Community Development District Proposed Budget for Fiscal Year 2017/2018 Presented by: Rizzetta & Company, Inc Camden Field Parkway Riverview, FL Phone: rizzetta.com

83 The following are enclosed in this Proposed Budget Packet: General Fund Budget Account Category Descriptions Reserve Fund Budget Account Category Descriptions Debt Service Fund Budget Account Category Descriptions Proposed General Fund Budget worksheets for Fiscal Year 2017/2018 Proposed Reserve Fund worksheets for Fiscal Year 2017/2018 Proposed Enterprise Fund worksheets for Fiscal Year 2017/2018 Proposed Debt Service Fund Budget worksheets for Fiscal Year 2017/2018 Current Fiscal Year versus Proposed Fiscal Year Assessment Charts Proposed Assessments Charts for Fiscal Year 2017/2018 THE BUDGET PROPOSAL PACKET FOR FISCAL YEAR 2017/2018 IS SIMPLY A PROPOSED BUDGET AND PROPOSED LEVEL OF ASSESSMENTS WHICH ARE DONE AS PART OF THE BUDGET PROCESS. THESE ARE NOT FINAL AND SHOULD NOT BE CONSTRUED AS FINAL, UNTIL AFTER THE BOARD OF SUPERVISORS HAS HELD A PUBLIC HEARING ON THE BUDGET AND ADOPTED THE FINAL BUDGET AND LEVIED ASSESSMENTS. 1

84 GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Interest Earnings: The District may earn interest on its monies in the various operating accounts. Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County s Tax Roll, to be collected with the County s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District. Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc. Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. Facilities Rentals: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc. EXPENDITURES ADMINISTRATIVE: Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of $ maximum per meeting within an annual cap of $4, per supervisor. 2

85 Administrative Services: The District will incur expenditures for the day to today operation of District matters. These items include but are not limited to mailing and preparation of agenda packages, overnight deliveries, facsimiles and long distance phone calls. Also, each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes (8). Finally, this line item also includes a cost for the storage of all the District s official records, supplies and files. District Management: The District as required by statute, will contract with a firm to provide for management and administration of the District s day to day administrative needs. The cost to maintain the minutes of all Board meetings, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount. District Engineer: The District s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year. Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture. Trustee s Fees: The District will incur annual trustee s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues. Assessment Roll: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses. Financial & Revenue Collections: Services include, but are not limited to responding to bondholder questions, prepayment analysis, long term pay-offs and true-up analysis. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its shortterm bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties. Accounting Services: The District has contracted for maintenance of accounting records. These services include, but are not limited to accounts payable, accounts receivable and preparation of financial reports for the district. This also includes all preparations necessary for the fiscal year end audits to be done. Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt. Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds. 3

86 Public Officials Liability Insurance: The District will incur expenditures for public officials liability insurance for the Board and Staff. Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines Bank Fees: The District will incur bank service charges during the year. Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc. Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories. Website Hosting, Maintenance and The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible services if requested. District Counsel: The District s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year. EXPENDITURES - FIELD OPERATIONS: Deputy Services: The District may wish to contract with the local police agency to provide security for the District. Security Services and Patrols: The District may wish to contract with a private company to provide security for the District. Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc. Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District s boundaries. Utility - Recreation Facility: The District may budget separately for its recreation and or amenity electric separately. Gas Utility Services: The District may incur gas utility expenditures related to district operations at its facilities such as pool heat etc. 4

87 Garbage - Recreation Facility: The District will incur expenditures related to the removal of garbage and solid waste. Solid Waste Assessment Fee: The District may have an assessment levied by another local government for solid waste, etc. Water-Sewer Utility Services: The District will incur water/sewer utility expenditures related to district operations. Utility - Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation. Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species. Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary. Wetland Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various wetlands and waterways by other governmental entities. Mitigation Area Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various mitigation areas by other governmental entities. Aquatic Plant Replacement: The expenses related to replacing beneficial aquatic plants, which may or may not have been required by other governmental entities. General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs Property Insurance: The District will incur fees to insure items owned by the District for its property needs Entry and Walls Maintenance: The District will incur expenditures to maintain the entry monuments and the fencing. Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs. Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems. 5

88 Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems. Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc. Field Services: The District may contract for field management services to provide landscape maintenance oversight. Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations. Gate Phone: The District will incur telephone expenses if the District has gates that are to be opened and closed. Street/Parking Lot Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain. Gate Facility Maintenance: Expenses related to the ongoing repairs and maintenance of gates owned by the District if any. Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any. Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any. Employees - Salaries: The District may incur expenses for employees/staff members needed for the recreational facilities such as Clubhouse Staff. Employees - P/R Taxes: This is the employer s portion of employment taxes such as FICA etc. Employee - Workers Comp: Fees related to obtaining workers compensation insurance. Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities. Maintenance & Repair: The District may incur expenses to maintain its recreation facilities. Facility Supplies: The District may have facilities that required various supplies to operate. Gate Maintenance & Repairs: Any ongoing gate repairs and maintenance would be included in this line item. Telephone, Fax, Internet: The District may incur telephone, fax and internet expenses related to the recreational facilities. Office Supplies: The District may have an office in its facilities which require various office related supplies. 6

89 Clubhouse - Facility Janitorial Service: Expenses related to the cleaning of the facility and related supplies. Pool Service Contract: Expenses related to the maintenance of swimming pools and other water features. Pool Repairs: Expenses related to the repair of swimming pools and other water features. Security System Monitoring & Maintenance: The District may wish to install a security system for the clubhouse Clubhouse Miscellaneous Expense: Expenses which may not fit into a defined category in this section of the budget Athletic/Park Court/Field Repairs: Expense related to any facilities such as tennis, basketball etc. Trail/Bike Path Maintenance: Expenses related to various types of trail or pathway systems the District may own, from hard surface to natural surfaces. Special Events: Expenses related to functions such as holiday events for the public enjoyment Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories. Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories. Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements. 7

90 RESERVE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The Reserve Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Reserve Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County s Tax Roll, to be collected with the County s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County. Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner. Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District. Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc. EXPENDITURES: Capital Reserve: Monies collected and allocated for the future repair and replacement of various capital improvements such as club facilities, swimming pools, athletic courts, roads, etc. Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements. 8

91 DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference. REVENUES: Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments. EXPENDITURES ADMINISTRATIVE: Bank Fees: The District may incur bank service charges during the year. Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt. 9

92 Proposed Budget Palma Sola Trace Community Development District General Fund Fiscal Year 2017/2018 Chart of Accounts Classification Actual YTD through 02/28/17 Projected Annual Totals 2016/2017 Annual Budget for 2016/2017 Projected Budget variance for 2016/2017 Budget for 2017/2018 Budget Increase (Decrease) vs 2016/2017 Comments 1 2 REVENUES 3 4 Interest Earnings 5 Interest Earnings $ 125 $ 300 $ 1,000 $ (700) $ 1,000 $ - 6 Special Assessments 7 Tax Roll* $ 167,034 $ 167,034 $ 161,339 $ 5,695 $ 161,339 $ TOTAL REVENUES $ 167,159 $ 167,334 $ 162,339 $ 4,995 $ 162,339 $ Balance Forward from Prior Year $ 14,086 $ 14,086 $ 14,086 $ - $ 22,735 $ 8, TOTAL REVENUES AND BALANCE FORWARD $ 181,245 $ 181,420 $ 176,425 $ 4,995 $ 185,074 $ 8, *Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to certification EXPENDITURES - ADMINISTRATIVE Legislative 20 Supervisor Fees $ 3,000 $ 7,200 $ 7,000 $ (200) $ 7,000 $ - 21 Financial & Administrative 22 Administrative Services $ 2,250 $ 5,400 $ 5,400 $ - $ 5,400 $ - 23 District Management $ 8,155 $ 19,571 $ 19,571 $ - $ 19,600 $ 29 First Increase Since FY 14/15 24 District Engineer $ 3,183 $ 7,639 $ 6,000 $ (1,639) $ 6,500 $ Disclosure Report $ 1,000 $ 1,000 $ 1,000 $ - $ 1,000 $ - 26 Trustees Fees $ 1,437 $ 2,155 $ 2,155 $ - $ 2,155 $ - Gave a Slight Buffer 27 Assessment Roll $ 5,000 $ 5,000 $ 5,000 $ - $ 5,000 $ - 28 Financial & Revenue Collections $ 2,083 $ 5,000 $ 5,000 $ - $ 5,000 $ - 29 Accounting Services $ 6,458 $ 15,500 $ 15,500 $ - $ 17,000 $ 1,500 First Increase Since FY 14/15 30 Auditing Services $ - $ 3,700 $ 3,700 $ - $ 4,000 $ 300 Will need to renew audit this year 31 Public Officials Liability Insurance $ 2,500 $ 2,500 $ 2,750 $ 250 $ 2,750 $ - Rate Proposed by Egis 32 Legal Advertising $ 271 $ 650 $ 700 $ 50 $ 700 $ - 33 Dues, Licenses & Fees $ 175 $ 175 $ 175 $ - $ 175 $ - 34 Website Hosting, Maintenance, Backup (and $ 875 $ 2,100 $ 2,100 $ - $ 2,100 $ - 35 Legal Counsel 36 District Counsel $ 3,858 $ 9,259 $ 15,000 $ 5,741 $ 15,000 $ Administrative Subtotal $ 40,245 $ 86,850 $ 91,051 $ 4,201 $ 93,380 $ 2, EXPENDITURES - FIELD OPERATIONS Electric Utility Services 43 Utility Services $ 782 $ 1,877 $ 2,000 $ 123 $ 2,000 $ - 44 Street Lights $ 3,588 $ 8,611 $ 10,000 $ 1,389 $ 10,000 $ - 45 Stormwater Control 46 Fountain Service Repairs & Maintenance $ - $ - $ 500 $ 500 $ 500 $ - 47 Lake/Pond Bank Maintenance $ - $ - $ 5,000 $ 5,000 $ 5,000 $ - 48 Wetland Monitoring & Maintenance $ 1,800 $ 4,320 $ 9,000 $ 4,680 $ 9,000 $ - 49 Aquatic Maintenance $ 4,250 $ 10,200 $ 10,200 $ - $ 10,200 $ - 50 Miscellaneous Expense $ - $ - $ 500 $ - $ 500 $ - 51 Aquatic Plant Replacement $ - $ - $ 5,000 $ - $ 5,000 $ - 52 Other Physical Environment 53 General Liability Insurance $ 2,750 $ 2,750 $ 3,025 $ 275 $ 3,025 $ - Rate Proposed by Egis 54 Property Insurance $ 199 $ 199 $ 249 $ 50 $ 219 $ (30) Rate Proposed by Egis 55 Landscape Maintenance $ 3,849 $ 9,238 $ 8,400 $ (838) $ 9,250 $ Miscellaneous Expense $ 225 $ 540 $ 500 $ (40) $ 500 $ - 57 Road & Street Facilities 58 Gate Facility Maintenance $ 783 $ 1,879 $ 500 $ (1,379) $ 1,000 $ 500 Provided $500 buffer 59 Street Light Decorative Light Maintenance $ 30,611 $ 73,466 $ 30,000 $ (43,466) $ 35,000 $ 5,000 Added on $5000 based off YTD 60 LED Conversion Agreement $ - $ - $ - $ - $ - 61 Contingency 62 Miscellaneous Contingency $ - $ - $ 500 $ 500 $ 500 $ Field Operations Subtotal $ 48,837 $ 113,080 $ 85,374 $ (33,206) $ 91,694 $ 6, Contingency for County TRIM Notice TOTAL EXPENDITURES $ 89,082 $ 199,930 $ 176,425 $ (29,005) $ 185,074 $ 8, EXCESS OF REVENUES OVER EXPENDITURES $ 92,163 $ (18,510) $ - $ (24,010) $ - $ - 71

93 Proposed Budget Palma Sola Trace Community Development District Reserve Fund Fiscal Year 2017/2018 Chart of Accounts Classification Actual YTD through 02/28/17 Projected Annual Totals 2016/2017 Annual Budget for 2016/2017 Projected Budget variance for 2016/2017 Budget for 2017/2018 Budget Increase (Decrease) vs 2016/2017 Comments 1 2 REVENUES 3 4 Special Assessments 5 Tax Roll* $ - $ - $ - $ - $ - $ - 6 Off Roll* $ - $ - $ - $ - $ - $ - 7 Contributions & Donations from Private Sources 8 Developer Contributions $ - $ - $ - $ - $ - $ - 9 Owners Association $ - $ - $ - $ - $ - $ - 10 Other Miscellaneous Revenues 11 Miscellaneous Revenues $ - $ - $ - $ - $ - $ - 12 Interest Earnings $ 30 $ TOTAL REVENUES $ 30 $ 72 $ - $ - $ - $ Balance Forward from Prior Year $ 179,889 $ 179,961 $ - $ 179,961 $ 179,961 $ 179, TOTAL REVENUES AND BALANCE FORWARD $ 179,919 $ 179,961 $ - $ 179,961 $ 179,961 $ 179, *Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to certification EXPENDITURES Contingency 24 Capital Reserves $ - $ - $ - $ - $ 42,570 $ 42, Capital Outlay $ - $ - $ - $ - $ - $ TOTAL EXPENDITURES $ - $ - $ - $ - $ 42,570 $ 42, EXCESS OF REVENUES OVER EXPENDITURES $ 179,919 $ 179,961 $ - $ 179,961 $ 137,391 $ 137,391 30

94 PALMA SOLA TRACE FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE TOTAL O&M BUDGET $161, COLLECTION 7.0% $12, TOTAL O&M ASSESSMENT $173, UNITS ASSESSED (1) TOTAL SERIES 2013A-1 ALLOCATION OF O&M ASSESSMENT SERIES 2013A-1 PER LOT ANNUAL ASSESSMENT DEBT TOTAL % TOTAL TOTAL DEBT SERVICE DEBT LU LOT SIZE O&M SERVICE (2) EAU FACTOR (5) EAU's EAU's O&M BUDGET ASSESSMENT O&M SERVICE (3) TOTAL (4) C Condos % $86, $123, $ $ $ P Paired Villas % $40, $71, $ $ $ S Single Family % $47, $93, $ $ $ % $173, $288, LESS: Manatee County Collection Costs and Early Payment Discount Costs ($12,143.80) ($19,877.22) Net Revenue to be Collected $161, $269, (1) Reflects 8 (eight) Series 2013A-1 prepayments. (2) Reflects the number of total lots with Series 2013A-1 debt outstanding. (3) Annual debt service assessment per lot adopted in connection with the Series 2013A-1 bond issue. Annual assessment includes principal, interest, Manatee County collection costs and early payment discount costs. (4) Annual assessment that will appear on November 2017 Manatee County property tax bill. Amount shown includes all applicable collection costs. Property owner is eligible for a discount of up to 4% if paid early. (5) The allocation of the O&M Assessment reflects an equal per unit assessment approved by the Board of Supervisors.

95 Budget Template Palma Sola Trace Community Development District Debt Service Fiscal Year 2017/2018 Chart of Accounts Classification Series 2013A-1 Budget for 2017/2018 REVENUES Special Assessments Net Special Assessments (1) $ 269, $ 269, TOTAL REVENUES $ 269, $ 269, EXPENDITURES Administrative Financial & Administrative Bank Fees $ - Debt Service Obligation $ 269, $ 269, Administrative Subtotal $ 269, $ 269, TOTAL EXPENDITURES $ 269, $ 269, EXCESS OF REVENUES OVER EXPENDITURES 0 0 Collection and Discount % applicable to the county: 7.0% Gross assessments $ 288, Notes: Tax Roll Collection Costs for Manatee County is 7.0% of Tax Roll. Budgeted net of tax roll assessments. See Assessment Table. (1) Maximum Annual Debt Service less Prepaid Assessments received.

96 Palma Sola Trace Community Development District FISCAL YEAR 2017/2018 O&M & DEBT SERVICE ASSESSMENT SCHEDULE 2017/2018 O&M Budget $161, Manatee Co. 7% Collection Cost: 7% $12, /2018 Total: $173, /2017 O&M Budget $161, /2018 O&M Budget $161, Total Difference: $0.00 PER UNIT ANNUAL ASSESSMENT Proposed Increase / Decrease 2016/ /2018 $ % Debt Service - Condo $ $ $ % Operations/Maintenance - Condo $ $ $ % Total $ $ $ % Debt Service - Paired Villa $ $ $ % Operations/Maintenance - Paired Villa $ $ $ % Total $ $ $ % Debt Service - Single Family $ $ $ % Operations/Maintenance - Single Family $ $ $ % Total $ $ $ %

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98 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT APPROVING PROPOSED BUDGET(S) FOR FISCAL YEAR 2017/2018 AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the District Manager has heretofore prepared and submitted to the Board of Supervisors ( Board ) of the Palma Sola Trace Community Development District ( District ) prior to June 15, 2017, proposed budget(s) ( Proposed Budget ) for the fiscal year beginning October 1, 2017 and ending September 30, 2018 ( Fiscal Year 2017/2018 ); and WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT: 1. PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2017/2018 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget. 2. SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location: DATE: August 24, 2017 HOUR: LOCATION: 1:30 p.m. Palma Sola Trace Clubhouse 7408 Hamilton Road Brandenton, Florida TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to the City of Bradenton and Manatee County at least 60 days prior to the hearing set above. 4. POSTING OF PROPOSED BUDGET. In accordance with Section , Florida Statutes, the District s Secretary is further directed to post the approved Proposed Budget on the District s website at least two days before the budget hearing date as set forth in Section 2, and shall remain on the website for at least 45 days.

99 5. PUBLICATION OF NOTICE. Notice of this public hearing shall be published in the manner prescribed in Florida law. 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED THIS DAY OF, ATTEST: PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT Secretary By: Its:

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101 This space reserved for use by the Clerk of the Circuit Court This Instrument Prepared by and return to: Palma Sola Trace Community Development District c/o Rizzetta and Company, Inc Colwell Avenue, Suite 200 Tampa, Florida THIS AMENDED DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT AMENDS THE DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT RECORDED IN MANATEE COUNTY OFFICIAL RECORDS BOOK 2301, PAGE AMENDED DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT Board of Supervisors 1 Palma Sola Trace Community Development District Peter Gelman Chairman Roger Ohlson Vice Chairman Caryl Mason Assistant Secretary Bruce Parker Assistant Secretary Rizzetta & Company, Inc. District Manager 9428 Camden Field Parkway Riverview, Florida (813) Axel Bergman Assistant Secretary District records are on file at the offices of Rizzetta and Company, Inc. and at the Local Records Office at the Palma Sola Trace Clubhouse located at 7408 Hamilton Road, Bradenton, Florida and are available for public inspection upon request during normal business hours. 1 This list reflects the composition of the Board of Supervisors as of March 23, For a current list of Board Members, please contact the District Manager s office.

102 TABLE OF CONTENTS Introduction.. 3 What is the District and how is it governed?... 4 What infrastructure improvements does the District provide? Stormwater Management System. 5 Wastewater Collection System. 5 Water Distribution System 5 Transportation Facilities.. 6 Street Lighting 6 Assessments, Fees and Charges.. 6 Method of Collection... 7 Conclusion 8 2

103 PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT INTRODUCTION The following information is provided to give you a description of the Palma Sola Trace Community Development District s ( District ) services, the bonds issued by the District, the assessments that are levied within the District to pay for certain community infrastructure and the manner in which the District is operated. The District is a unit of special-purpose local government created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Unlike city and county governments, the District has only certain limited powers and responsibilities. These powers and responsibilities include, for example, provision of public infrastructure improvements such as a stormwater management system, wastewater collection system, water distribution system, transportation facilities including roadways, and street lighting. The District is here to serve the needs of the community and we encourage your participation in District activities. 3

104 AMENDED DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The law specifically provides that this information shall be made available to all persons currently residing within the district and to all prospective district residents. The following information describing the District and the assessments, fees and charges that are expected to be levied within the District to pay for certain community infrastructure is provided to fulfill this statutory requirement. What is the District and how is it governed? The District is an independent special taxing district, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. The District encompasses approximately 104 acres of land located entirely within the boundaries of the City of Bradenton, Florida. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction. The District is governed by a five-member Board of Supervisors ( Board ), the members of which must be qualified electors. A "qualified elector" in this instance is any person at least 18 years of age who is a citizen of the United States, a legal resident of the State and of the District, and who is also registered with the Supervisor of Elections to vote in Flagler County. Board meetings are noticed in the local newspaper and conducted in a public forum in which public participation is permitted. Consistent with Florida s public records laws, the records of the District are available for public inspection during normal business hours. Elected members of the Board are similarly bound by the State s open meetings law and are generally subject to the same disclosure requirements as other elected officials under the State s ethics laws. What infrastructure improvements does the District provide? The District is comprised of approximately 104 acres located entirely within the City of Bradenton in Manatee County, Florida. The legal description of the lands encompassed within the District is attached hereto as Exhibit A. The public infrastructure necessary to support the Palma Sola Trace development program includes master infrastructure and neighborhood infrastructure improvements. The master infrastructure improvements include, but are not limited to, the following: a stormwater management system, wastewater collection system, water distribution system, transportation facilities including roadways, and street lighting. Each of these infrastructure improvements is more fully detailed below. 4

105 Stormwater Management System The District financed a stormwater management system that is a combination of curb inlets, pipe culverts, control structures and open waterways serving all of the residences within the District. The stormwater management system is owned, operated and maintained by the District. The system is designed so that it provides stormwater treatment and alternation per Southwest Florida Water Management District, the City of Bradenton and Manatee County requirements. The primary objectives of the stormwater management system for the District are: 1. To provide a stormwater conveyance and storage system that includes stormwater quality treatment. Since the District discharges to Outstanding Florida Waters, 50% more treatment is required. 2. To adequately protect development within the District from regulatory-defined rainfall events. 3. To insure that adverse stormwater impacts do not occur upstream or downstream as a result of the development. 4. To satisfactorily accommodate stormwater runoff from adjacent off-site areas that naturally drain through the District. 5. To preserve the function of the floodplain storage during a 100- year storm event. Wastewater Collection System The District is within the City of Bradenton wastewater treatment service area. The District s onsite sanitary sewer consists of minimum 8" diameter gravity collection lines with appurtenant manholes and one lift station. The forcemain construction ties into the existing 18" gravity main at 29 th Avenue West and 59 th Street West. The wastewater collection system, as described in the District s improvement plan, has been completed and conveyed to the City of Bradenton for ownership, operation and maintenance. Water Distribution System Water service is provided by the City of Bradenton. The District is served by City of Bradenton potable watermains that tie into existing watermains near the intersection of 71 st Street West and 34 th Avenue West and the intersection of 71 st Street West and Royal Boulevard. The water distribution system includes 4", 6", 8" and 10" mains with appurtenant valves, services and fire hydrants. The water distribution system, as described in the District s improvement plan, has been completed and conveyed to the City of Bradenton for ownership, operation and maintenance. Transportation Facilities The District has provided for a series of transportation improvements within and adjacent to the boundaries of the District. The improvements include clearing, grubbing, and earthwork necessary for all work within the right-of-ways including roads, curb, sidewalks, and associated landscaping. The improvements also include pavement additions, as well as demolition 5

106 requirements, relocations and drainage improvements. The roadway systems have been completed and dedicated to the City of Bradenton for ownership, operation and maintenance. Street Lighting The District owns, operates and maintains street lighting, which includes the light standards and related underground electrical system. The location of the lights is generally within 1 or 2 feet outside of the road rights-of-way and is within the 10 foot utility easement on the front of each lot. Assessments, Fees and Charges These public infrastructure improvements have been funded in part by the District s sale of bonds. On March 7, 2005, the Circuit Court of the Twelfth Judicial Circuit of the State of Florida, in and for Manatee County, Florida, entered a Final Judgment validating the District s ability to issue an aggregate principal amount not to exceed $12,000,000 in Capital Improvement Revenue Bonds for infrastructure needs of the District. On April 15, 2005, the District issued its first series of bonds for purposes of financing construction and acquisition costs of infrastructure improvements. On that date, the District issued Palma Sola Trace Community Development District, Capital Improvement Revenue Bonds, Series 2005, in the amount of $4,885,000 (the "Series 2005 Bonds"). Proceeds of the Series 2005 Bonds were used to finance a portion of the cost of the acquisition, construction, installation and/or equipping of the infrastructure and improvements. In order to achieve both aggregate and annual debt service savings, the District s Board of Supervisors determined it was in the best interest of the District, its residents and landowners, to refinance the outstanding Series 2005 Bonds via the issuance of refunding bonds. In order to effect such refunding, the District Board adopted Resolutions and , on April 18, 2013 and May 8, 2013, respectively, authorizing the issuance of refunding bonds and specifying certain financial parameters for the sale of any such bonds and further authorizing the execution by the Chair of a Bond Purchase Agreement consistent with the terms of Resolution The District then issued its Palma Sola Trace Community Development District Capital Improvement Revenue Refunding Bonds, Series 2013A-1 in the amount of $3,955,000 and its Palma Sola Trace Community Development District Capital Improvement Revenue Refunding Bonds, Series 2013A-2 in the amount of $455,000, both scheduled to mature on May 1, The Series 2013 Refunding Bonds and the interest due thereon are payable solely from and secured by the levy of non-ad valorem, special assessments against lands within the District that benefit from the construction, acquisition, establishment, and operation of the District's improvements. The District s special assessments are allocated on an Equivalent Assessment Unit ( EAU ) basis. An EAU is a unit of measurement related to the benefit received by each land use within the District, and the assessment for each unit is determined according to the EAU for that unit s land use. The special assessment per unit for each land use for capital improvements per 6

107 year, inclusive of interest on the bonds, costs of issuance, estimated fees for collection under the uniform method, and discounts for early payment as provided by law, is as follows: Lot Type Annual Assessment Condos $ Paired Villas $ Single Family $ This amount does not include the operations and maintenance assessment which is determined and levied annually by the District's Board of Supervisors against all benefitted lands in the District, based on the adopted budget. The District may undertake the construction, acquisition, or installation of other future improvements and facilities, which may be financed by bonds, notes or other methods authorized by Chapter 190, Florida Statutes. More information can be obtained from the District's Improvement Plan on file in the District's public records. A detailed description of all costs and allocations that result in the formulation of assessments, fees and charges is available for public inspection upon request. Method of Collection For any given fiscal year, the District may elect to collect any special assessment for any lot or parcel by any lawful means. The provisions governing the collection of special assessments are more fully set forth in the applicable assessment resolutions, which are on file with the District Manager. That said, and generally speaking, the District may elect to place a special assessment on that portion of the annual real estate tax bill, entitled non-ad valorem assessments, which would then be collected by the Manatee County Tax Collector in the same manner as county ad valorem taxes ( Uniform Method ). Each property owner subject to the collection of special assessments by the Uniform Method must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The use of the Uniform Method for any given fiscal year does not mean that the Uniform Method will be used to collect assessments in future years, and the District reserves the right in its sole discretion to select a new or different collection method in any given year, regardless of past practices. Alternatively, the District may elect to collect any special assessment by sending a direct bill to a given landowner. In the event that an assessment payment is not timely made, the whole assessment including any remaining amounts for the fiscal year as well as any future installments of assessments securing debt service shall immediately become due and payable and shall accrue interest as well as penalties, plus all costs of collection and enforcement, and shall either be enforced pursuant to a foreclosure action, or, at the District s discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, 7

108 interest, and costs of collection and enforcement. Please contact the District Manager for further information regarding collection methods. Conclusion This description of the District s operation, services and financing structure is intended to provide assistance to landowners and purchasers concerning the important role that the District plays in providing infrastructure improvements essential to the development and continued operation of this community. If you have any questions or would simply like additional information about the District, please write to: District Manager, Palma Sola Trace Community Development District, 9428 Camden Field Parkway, Riverview, Florida or call (813) [CONTINUED ON NEXT PAGE] 8

109 IN WITNESS WHEREOF, this Amended Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken has been executed as of the day of, 2017, and recorded in the Official Records of Manatee County, Florida. PALMA SOLA TRACE COMMUNITY DEVELOPMENT DISTRICT By: District Manager Witness Print Name Witness Print Name STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this day of, 2017, by, District Manager of the Palma Sola Trace Community Development District, who is personally known to me or who has produced as identification, and did [ ] or did not [ ] take the oath. Notary Public, State of Florida Print Name: Commission No.: My Commission Expires: EXHIBIT A: Legal Description 9

110 EXHIBIT A 10