BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT

Transcription

1 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 8529 South Park Circle Suite 330 Orlando, FL BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING JANUARY 14, 2016

2 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT AGENDA JANUARY 14, 2016 at 11:00 a.m. Bridgewater Amenities Center 2525 Village Lakes Blvd., Lakeland, Florida District Board of Supervisors Thomas Temple Board Supervisor, Chairman James Rooney Board Supervisor, Vice Chairman Natalie Holley Board Supervisor, Assistant Secretary Terry Warren Board Supervisor, Assistant Secretary Robert Gilmore Board Supervisor, Assistant Secretary District Manager Anthony Jeancola Rizzetta & Company, Inc. District Attorney Jennifer Kilinski Hopping Green & Sams District Engineer Tonja Stewart Stantec 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 11:00 a.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 IS MAINTENANCE RELATED ITEM, THESE ITEMS 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, 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 (407) at least seven days in advance of the scheduled meeting. Requests to address items that are not on this 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 and will be heard under Public Comments. 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 (407) , 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 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 8529 SOUTH PARK CIRCLE SUITE 330 ORLANDO, FL Board of Supervisors Bridgewater Community Development District January 5, 2016 AGENDA Dear Board Members: The regular meeting of the Board of Supervisors of the Bridgewater Community Development District will be held on Thursday, January 14, 2016 at 11:00 a.m. at the Bridgewater Amenities Center, 2525 Village Lakes Boulevard, Lakeland, Florida The following is the agenda for this meeting: 1. CALL TO ORDER/ROLL CALL 2. AUDIENCE COMMENTS 3. BUSINESS ADMINISTRATION A. Consideration of Minutes of Board of Supervisors Meeting held on September 10, Tab 1 B. Consideration of Operation & Maintenance Expenditures for August, September, October and November Tab 2 4. STAFF REPORTS A. District Counsel B. District Engineer C. District Manager 1. Financial Status & Summary Report, November Tab 3 D. Review of Arbitrage Rebate Report, Series 2004A for Period Ending July 20, Tab 4 E. Establish Audit Review Committee 5. SUPERVISOR REQUESTS 6. ADJOURNMENT We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to contact us at (407) Sincerely, Anthony Jeancola Anthony Jeancola District Manager

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5 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT September 10, 2015 Minutes of Meeting Page 1 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. BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of Bridgewater Community Development District was held on Thursday, September 10, 2015 at 11:00 a.m. at the Bridgewater Amenity Center, located at 2525 Village Lakes Boulevard, Lakeland, Florida Present and constituting a quorum: Tom Temple James Rooney Natalie Holley Robert Gilmore Terry Warren Board Supervisor, Chairman Board Supervisor, Vice Chairman Board Supervisor, Asst. Secretary Board Supervisor, Asst. Secretary Board Supervisor, Asst. Secretary Also present were: Greg Cox Anthony Jeancola Jennifer Kilinski Tonja Stewart Audience FIRST ORDER OF BUSINESS District Manager; Rizzetta & Company, Inc. District Manager; Rizzetta & Company, Inc. District Counsel; Hopping Green & Sams, P.A. District Engineer; Stantec Call to Order Mr. Cox called the meeting to order and read the roll call. SECOND ORDER OF BUSINESS Audience Comments Mr. Steve Jackson questioned the status of the conveyance of the ponds to the CDD, and complained of submerged weeds. Mr. Paul Hamilton requested information regarding what agency will enforce violations of lake usage. street. Mr. Juan Lozario requested information about when streetlights would be installed on his THIRD ORDER OF BUSINESS Consideration of Minutes of the Board of Supervisors Meeting Held July 9, 2015 On a motion by Mr. Gilmore, seconded by Mr. Warren, with all in favor, the Board approved the Minutes of the Board of Supervisors Meeting held on July 9, 2015 as presented for the Bridgewater Community Development District.

6 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT September 10, 2015 Minutes of Meeting Page 2 FOURTH ORDER OF BUSINESS Consideration of Operation & Maintenance Expenditures for June 2015 and July 2015 Mr. Cox presented the Operation & Maintenance expenditures for June 2015 and July 2015 to the Board for ratification. The Board requested information regarding the increase in power bill for landscape lighting, and how the landscape invoice was processed through the HOA. On a motion by Mr. Rooney, seconded by Ms. Holley, with all in favor, the Board ratified the Operation & Maintenance expenditures for June 2015 ($10,402.39) and July 2015 ($12,435.16), for the Bridgewater Community Development District. FIFTH ORDER OF BUSINESS Consideration of Resolution , Setting the Fiscal Year Meeting Schedule Ms. Kilinski noted that the county needed to be changed to Polk County. On a motion by Mr. Temple, seconded by Mr. Gilmore, with all in favor, the Board approved Resolution , Setting the Fiscal Year Meeting Schedule as amended, for the Bridgewater Community Development District. SIXTH ORDER OF BUSINESS Consideration of Discharge Clearing Proposal Ms. Stewart discussed the water level increases and how they had inspected the drainage area that needed to be cleared. The board discussed the issue and raised concerns of the ownership of the drainage area. Ms. Stewart explained the proposal from Sites Construction. The Board authorized the work, but wanted staff to first attempt to have the owner of the property contacted to see if they would clear. On a motion by Mr. Gilmore, seconded by Mr. Temple, with all in favor, the Board authorized the Chairman to approve a Sites Construction proposal with a not-to-exceed amount of $8,500, for the Bridgewater Community Development District. SEVENTH ORDER OF BUSINESS Staff Reports A. District Counsel Ms. Kilinski discussed the lakes and dock conveyance status. She also discussed a recent re-zoning letter regarding the golf course and how the assessment methodology addresses that area. The Board agreed that she should send a letter to the prospective purchaser to inform them of the potential assessment changes that could take place if the zoning and land use changes. B. District Engineer Ms. Stewart discussed the lakes and the impact the high water levels has on the

7 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT September 10, 2015 Minutes of Meeting Page 3 drainage sumps. She also discussed the work done by Applied Aquatics and some work shortfalls. The Board requested that staff seek a proposal for maintenance of all the sumps, wet and dry. Ms. Stewart also discussed the issue of landscaping currently located within the city right-of-way. C. District Manager Mr. Cox reminded the Board that the next regular meeting was scheduled for November 12, 2015 at 11:00 a.m. Mr. Cox presented the July, 2015 financials to the Board. Mr. Cox presented insurance proposals for the CDD for the next fiscal year. On a motion by Mr. Rooney, seconded by Ms. Holley, with all in favor, the Board approved the insurance proposal from Stahl for the Fiscal Year for the Bridgewater Community Development District. EIGHTH ORDER OF BUSINESS Supervisor Requests Mr. Warren requested some information regarding his financial disclosure forms. NINTH ORDER OF BUSINESS Adjournment On a motion by Mr. Gilmore, seconded by Mr. Rooney, with all in favor, at p.m., the Board adjourned the meeting for the Bridgewater Community Development District. Secretary/Assistant Secretary Chairman/Vice Chairman

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9 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 3434 COLWELL AVENUE SUITE 200 TAMPA, FLORIDA Operation and Maintenance Expenditures August 2015 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from August 1, 2015 through August 31, This does not include expenditures previously approved by the Board. The total items being presented: $23, Approval of Expenditures: Chairman Vice Chairman Assistant Secretary

10 Bridgewater Community Development District Paid Operation & Maintenance Expenditures August 1, 2015 Through August 31, 2015 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Hopping Green & Sams General Counsel 06/15 $ Hopping Green & Sams General Counsel 07/15 $ 1, Lakeland Electric / N RD 33 # Entrance Lighting $ /15 Marsha Faux Property Appraiser Polk County 1% Admin Fee $ 8, Rizzetta & Company, Inc District Management Fees 08/15 $ 4, Site Masters of Florida, LLC Sump Maintenance $ 3, Site Masters of Florida, LLC Sump Maintenance $ Site Masters of Florida, LLC Sump Maintenance $ 3, Stantec Consulting Services, Inc District Engineering Services 06/15 $ Report Total $ 23,080.91

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24 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 3434 COLWELL AVENUE SUITE 200 TAMPA, FLORIDA Operation and Maintenance Expenditures September 2015 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from September 1, 2015 through September 30, This does not include expenditures previously approved by the Board. The total items being presented: $17, Approval of Expenditures: Chairman Vice Chairman Assistant Secretary

25 Bridgewater Community Development District Paid Operation & Maintenance Expenditures September 1, 2015 Through September 30, 2015 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Applied Aquatic Management, Inc Bi-Monthly Aquatic Plant Management $ Services 1, James T. Rooney JR Board of Supervisors Meeting 09/10/15 $ Lakeland Electric / N RD 33 # Entrance Lighting $ /15 Natalie L. Holley NH Board of Supervisors Meeting 09/10/15 $ Rizzetta & Company, Inc District Management Fees 09/15 $ 4, Robert C. Gilmore BG Board of Supervisors Meeting 09/10/15 $ Stahl & Associates Insurance Stahl General/POL Liability Insurance FY $ 6, /16 Stantec Consulting Services, Inc District Engineering Services 08/15 $ 2, Stantec Consulting Services, Inc District Engineering Services 09/15 $ 1, Terry Lee Warren TW Board of Supervisors Meeting 09/10/15 $ The Ledger/News Chief Acct # Legal Advertising $ /02/15-08/30/15 Thomas M. Temple TT Board of Supervisors Meeting 09/10/15 $ Travelers V4148 FY 15/16 B&M Insurance FY 15/16 $ Report Total $ 17,340.13

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37 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 3434 COLWELL AVENUE SUITE 200 TAMPA, FLORIDA Operation and Maintenance Expenditures October 2015 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from October 1, 2015 through October 31, This does not include expenditures previously approved by the Board. The total items being presented: $13, Approval of Expenditures: Chairman Vice Chairman Assistant Secretary

38 Bridgewater Community Development District Paid Operation & Maintenance Expenditures October 1, 2015 Through October 31, 2015 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Applied Aquatic Management, Inc Bi-Monthly Aquatic Plant Management Services $ 1, Hopping Green & Sams General Counsel 08/15 $ Lakeland Electric / N RD 33 # Entrance Lighting 09/15 $ Prager & Co., LLC Amortization Schedule Series 2011A Prepayment $ Rizzetta & Company, Inc District Management Fees 10/15 $ 4, Rizzetta & Company, Inc Assessment Roll FY 15/16 $ 5, Rizzetta Technology Services, LLC Website Development/Hosting Services 10/15 $ 2, Stantec Consulting Services, Inc District Engineering Services 10/15 $ Report Total $ 13,957.85

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49 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT DISTRICT OFFICE 3434 COLWELL AVENUE SUITE 200 TAMPA, FLORIDA Operation and Maintenance Expenditures November 2015 For Board Approval Attached please find the check register listing the Operation and Maintenance expenditures paid from November 1, 2015 through November 30, This does not include expenditures previously approved by the Board. The total items being presented: $9, Approval of Expenditures: Chairperson Vice Chairperson Assistant Secretary

50 Bridgewater Community Development District Paid Operation & Maintenance Expenditures November 1, 2015 Through November 30, 2015 Vendor Name Check Number Invoice Number Invoice Description Invoice Amount Department of Economic Opportunity Special District Fee FY 15/16 $ Hancock Bank Series 2015 Trustee Fees 05/15-11/15 $ 2, Hopping Green & Sams General Counsel 09/15 $ 2, Lakeland Electric / N RD 33 # Entrance Lighting 10/15 Rizzetta & Company, Inc District Management Fees 11/15 $ 4, $ Rizzetta Technology Services, LLC INV /Website Hosting Services 11/15 $ The Ledger/News Chief L060G0H6AY Acct # Legal Advertising 11/1/15 $ Report Total $ 9,459.42

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61 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT FINANCIAL STATUS AND SUMMARY REPORT November 30, 2015 Rizzetta & Company, Inc Colwell Ave., Suite 200 Tampa, FL (813) District Manager - Anthony Jeancola

62 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT FINANCIAL SUMMARY Operations & Maintenance November 30, 2015 O A & S General Fund (O&M) - Cumulative Revenue Received Amount budgeted-$296,671 (Tax roll $172,566, Off roll $124,105, Interest $1,000) $200,000 $150,000 $100,000 $50,000 $- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Tax roll collections $- $1,247 $105,326 Off roll collections $62,052 $62,052 $62,052 Aggregate $62,052 $63,299 $167,379 Tax roll collections Off roll collections Aggregate $50,000 General Fund (O&M) - Expenses - Budget vs. Actual $294,306 Budgeted Annual Expenditures $40,000 $30,000 $20,000 $10,000 $- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Actual $21,918 $14,030 Budget $43,142 $22,479 $22,479 $22,479 $22,479 $26,379 $22,479 $22,479 $22,479 $22,479 $22,479 $22,479 Actual Budget Select Account Balances as of November 30, 2015 Cash & Investments $ 1,153,156 Investments - Reserves $ 346,249 Assessments Receivable - Tax roll $ 170,421 Assessments Receivable - Off roll $ 62,052 Accounts Payable - Unpaid Invoices $ 16,852

63 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT FINANCIAL SUMMARY General Fund November 30, 2015 Total Month YTD Annual Projected Variance Variance Adopted Expenditures Year End Variance Description Budget Actual $ % Budget Actual $ % Budget End of Year $ % ADMINISTRATIVE: Supervisors Fees % 1,000-1, % 6,000-6, % General & Administrative 7,270 7,456 (186) -3% 30,492 20,407 10,085 33% 107,094 71,675 35,419 33% District Counsel 1,250 1,572 (322) -26% 2,500 2,772 (272) -11% 15,000 16,634 (1,634) -11% Total Administrative 9,020 9,028 (8) 0% 33,992 23,179 10,812 32% 128,094 88,309 39,785 31% FIELD OPERATIONS: Electric Utility Services % % 1, % Stormwater Control 7,042 1,350 5,692 81% 14,083 1,350 12,733 90% 84,500 8,100 76,400 90% Other Physical Environment 5,500 3,626 1,874 34% 15,712 11,364 4,348 28% 70,712 51,145 19,567 28% Contingency % 1,667-1, % 10,000-10, % Total Field Operations 13,458 5,002 8,456 63% 31,629 12,769 18,860 60% 166,212 59, ,639 64% Total Administrative and Field Operations 22,479 14,030 8,448 38% 65,620 35,948 29,672 45% 294, , ,424 50% *** This spreadsheet excludes the funding of the Reserve account.

64 BRIDGEWATER COMMUNITY DEVELOPMENT DISTRICT FINANCIAL SUMMARY Debt Service November 30, 2015 Bond Series Series 2015A-1 Series 2015A-2 Issue Date June 18, 2015 June 18, 2015 Maturity Date May 1, 2035 May 1, 2035 Original issue amount $ 2,915,000 $ 8,295,000 Interest rate 2.5% % 5.75% Assessments Receivable as of November 30, 2015 Tax roll $ 218,817 $ 363,733 Off roll $ - $ 167,704 Outstanding Principal Balance as of November 30, 2015 $ 2,915,000 $ 8,295,000 Scheduled debt service payments: Type Status November 1, 2015 Interest Paid $ 41,970 $ 176,211 November 1, 2015 Principal Prepayment Paid $ - $ - May 1, 2016 Interest Paid $ - $ - May 1, 2016 Principal Paid $ - $ - May 1, 2016 Principal Prepayment Paid $ - $ - November 1, 2016 Interest $ - $ - Account balances: Interest Account $ 4 $ 1 Reserve Account $ 109,695 $ 350,108 Prepayment Account $ - $ - Revenue Account $ 10 $ 257,252 Sinking Fund $ - $ - Debt Service Reserve requirement: $ 109,655 $ 349,981 Does the district have funds to make the next scheduled debt service payment? Yes Yes Are the reserve funds adequate to meet the requirement per the trust indenture? Yes Yes Fiscal Year Collections Debt Service Funds - Funds Received (Amount budgeted $925,293; Tax roll - $589,884, Off roll - $335,409) $800,000 $600,000 $400,000 $200,000 $- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 $- $361 $407,081 Tax Roll Off roll $167,704 $167,704 $167,704 Aggregate $167,704 $168,065 $574,785 A S The May 1, 2016 and November 1, 2016 debt service payments will be paid from assessments. Interest Account : Used to accumulate funds for the next scheduled interest payment. Funds are transferred from the Revenue Account immediately prior to the scheduled payment. Reserve Account : Funds maintained per the Trust Indenture for the payment of principal and interest when amounts on deposit are insufficient. The required amount decreases as the outstanding principal amount decreases. Prepayment Account : Used to accumulate payments toward the early retirement of bonds. Amounts are then used to prepay the bonds in $5,000 increments as of the next debt service payment date. Revenue Account: Used to accumulate the receipt of debt service assessments prior to funds being transferred to the Interest or Sinking Fund account immediately prior to debt service payment. Sinking Fund : Used to accumulate funds for the next scheduled principal payment. Funds are transferred from the Revenue Account immediately prior to the scheduled payment.

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