MINUTES OF MEETING CANDLER HILLS EAST
COMMUNITY DEVELOPMENT DISTRICT

The Regular Meeting of the Board of Supervisors of the Candler Hills East Community Development District was held on Tuesday, November 15, 2016 at 9:20 a.m. at the Circle Square Commons Cultural Center, 8395 S.W. 80th Street, Ocala, Florida.

Present and constituting a quorum were:

Philip J. Moherek Elmer Greene Robert Scherff

Chairman Vice Chairman
Assistant Secretary

Also present were:

George Flint Gerald Colen Fred Harris Bill Reagan Don Pickworth

District Manager District Counsel Bond Counsel Underwriter Special Counsel

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint calls the meeting to order and calls roll.

SECOND ORDER OF BUSINESS	Public Comment Period
There not being any, the next item followed.

THIRD ORDER OF BUSINESS	Notice for Meeting
Mr. Flint: This meeting was advertised on November 4th in the Ocala Star Banner and you will see the form of the notice in your agenda packet.

FOURTH ORDER OF BUSINESS	Status Report on Sale and Closing of Series 2016
Refunding Bonds

Mr. Flint: Mr. Reagan is with FMSbonds, Inc. who is the Underwriter on the refinancing made a presentation on the results of that. After this Board meeting there will be a pre-closing

and the Chairman will be required to sign a couple of documents that the Candler and Indigo Chairman will need to execute. The majority of the documents will be executed by Bay Laurel because they are the issuer on behalf of Candler and Indigo. We have Mr. Pickworth here who serves as Special Counsel for purposes of this financing. If the Board has any questions, he can also assist. I handed out a copy of the final Second Supplemental Assessment Allocation Report and if you refer to table 1 on page 4 you will see that the average coupon rate for the refinanced bonds is 7.2%. The final maturity remains the same and in May of 2037 it was originally a 30- year bond issue. The amortization period has been kept the same so there is still 20 years remaining. The Debt Service Reserve was reduced from one year's maximum annual debt to 50% maximum annual debt and the Underwriter's discount is 1.8% and that was reduced down from what Mr. Reagan provided in his presentation. On table 2 you can see that there are 168 units pre-paid and there are 633 units that are plated single-family. Table 3 shows out of the 633 units there are 464 assessable units. The remaining 2006 par per unit was $7,509 and that has been reduced to $7,284 and that is what someone would pay if they wanted to pay that off after the refinancing. The annual assessment on the 2006 bonds was $650 under the refinanced bonds it is going to be $550 per year per house. The next table is just the Assessment Roll. Are there any questions?

On MOTION by Mr. Moherek, seconded by Mr. Scherff, with all in favor, the Second Supplemental Assessment Allocation Report was approved.

FIFTH ORDER OF BUSINESS	Staff Reports
Attorney
There not being any, the next item followed.

Engineer
There not being any, the next item followed.
District Manager
Approval of the Check Register
Mr. Flint:	You have the check register from October 18, 2016 through November 7, 2016 totaling in the amount of $7,969.63. Are there any questions?

On MOTION by Mr. Moherek, seconded by Mr. Green, with all in favor, the check register from October 18, 2016 through November 7, 2016 totaling $7,969.63 for the General Fund was approved.

Balance Sheet and Income Statement
Mr. Flint: You also have the unaudited financial statements through October 31, 2016.
There is no action required by the Board and if you have any questions we can discuss those.

SIXTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

SEVENTH ORDER OF BUSINESS
There being none, the next item followed.

Supervisor's Request

EIGHTH ORDER OF BUSINESS Adjournment

On MOTION by Mr. Moherek, seconded by Mr . Greene, with all in favor, the meeting was adjourned at 9:27 a.m.

S cretary/Assistant Secretary