February 11, 2025 Board of Supervisors Candler Hills East Community Development District The Board of Supervisors of the Candler Hills East Community Development District will meet on Tuesday, February 18, 2025, at 9:00 a.m., or as shortly thereafter as reasonably possible, at the Circle Square Commons, Cypress Hall, 8395 SW 80th Street, Ocala, Florida 34481. Following is the advance agenda for the meeting: Board of Supervisors Meeting 1. Roll Call 2. Public Comment Period 3. Organizational Matters A. Review of Resume for Vacancy in Seat #3 B. Appointment of Individual to Fulfill Board Vacancy in Seat #3 C. Administration of Oath of Office to Newly Elected Supervisor D. Election of Officers E. Consideration of Resolution 2025-02 Electing Officers 4. Approval of Minutes of the November 19, 2024 Meetings A. November 19, 2024 Audit Committee Meeting B. November 19, 2024 Board of Supervisors Meeting 5. Ratification of Audit Engagement Letter 6. Presentation of Arbitrage Reports 7. Staff Reports A. Attorney B. District Manager’s Report i. Consideration of Check Register ii. Balance Sheet and Income Statement 8. Supervisor's Requests 9. Other Business 10. Adjournment Sincerely, George Flint George S. Flint District Manager Cc: Gerald Colen, District Counsel Ken Colen, On Top of the World Guy Woolbright, On Top of the World Darrin Mossing, GMS Elmer L. Greene 8461 SW 86th Terrace Ocala, Florida 34481 (352) 237-8255 Objective: The opportunity to serve on the Board of Supervisors for the Candler Hills Community Development District. Providing knowledge with my past experience in law enforcement, Community Policing, Security, Solving problems and proven ability to be a team player would help this great Community of Candler Hills. Experience: 2011- Until present- Retired member Fraternal Order of Police Lodge #145 Marion County position held Executive Board Security. 2008 – until present – Volunteer for- Marion County Sheriff Community Patrol Executive Board member of OTOW Community Patrol. Responsible for patrolling the OTOW community and the strip malls in the area Report any problems to the Sheriff Department & OTOW 2004 - 2/2007 – Volunteer for the Manatee Sheriff Department Responsible for patrolling all areas in Manatee County Assist in emergency matters delegated by the Sherriff 1991 - 8/2002- President & Owner of Greene’s Gray Glove Limousine -Piscataway New Jersey. 1968 – 9/ 1996 - Piscataway Police Department Piscataway, New Jersey Patrol all area in Piscataway Middlesex County New Jersey. Promoted to the Detective Division Work within the Piscataway Schools to keep Schools Safe and Drugs free In charge of Comminute Policing Section Work with the Community to solve problems and keep Resident Safe 1960 – 1965 - Served in the United States Marine Corp. Honorable Discharge Education: Piscataway High School – New Jersey USA, - Diploma Middlesex Police Academy – Law Enforcement Training- Graduated Trenton State Collage Union County, New Jersey - Criminal Justice Skills: Strong organizational skills with the ability to handle multiple tasks simultaneously. RESOLUTION 2025-02 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE CANDLER HILLS EAST COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Candler Hills East Community Development District (the “District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors of the District (“Board”) desires to elect the Officers of the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE CANDLER HILLS EAST COMMUNITY DEVELOPMENT DISTRICT: Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. ________________________ is elected Chairperson. ________________________ is elected Vice-Chairperson. ________________________ is elected Secretary. ________________________ is elected Assistant Secretary. ________________________ is elected Assistant Secretary. ________________________ is elected Assistant Secretary. ________________________ is elected Assistant Secretary. ________________________ is elected Treasurer. ________________________ is elected Assistant Treasurer. ________________________ is elected Assistant Treasurer. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 18th day of February, 2025. ATTEST: CANDLER HILLS EAST COMMUNITY DEVELOPMENT DISTRICT _________________________________ ____________________________________ Secretary/Assistant Secretary Chairperson/Vice-Chairperson MINUTES OF MEETING CANDLER HILLS EAST COMMUNITY DEVELOPMENT DISTRICT The audit committee meeting of the Candler Hills East Community Development District was held on Tuesday, November 19, 2024, at 9:00 a.m. at the Circle Square Commons, 8395 SW 80th Street, Ocala, Florida. Present for the Audit Committee were: John Bain Chairman George Hill Vice Chairman Robert Scherff Assistant Secretary Also present were: George Flint District Manager Rob Szozda Field Manager Jason Showe GMS Mary Anne Lynum Parkway Management Jerry Colen District Counsel Rachel Wagoner District Counsel FIRST ORDER OF BUSINESS Roll Call Mr. Flint called the meeting to order and called roll. SECOND ORDER OF BUSINESS Public Comment Period Mr. Flint: Are there any public comments for the audit committee? Hearing no public comments, we will move to the next item. THIRD ORDER OF BUSINESS Approval of Minutes of the October 15, 2024, Meeting Mr. Flint: Did the committee have any comments or corrections to the October 15, 2024 minutes. Mr. Bain: Just one, I like the name Josh, but my name is John. Mr. Flint: We will fix that. On MOTION by Mr. Bain, seconded by Mr. Scherff, with all in favor, the Minutes of the October 12, 2024, Meeting, were approved as amended. FOURTH ORDER OF BUSINESS Review and Ranking of Proposals and Selection of an Auditor A. DiBartolomeo, McBee, Hartley & Barnes B. Grau & Associates Mr. Flint: You previously approved the selection criteria and a form of a notice. We advertised and sent those out to potential auditors. As a result we received two responses: one from DiBartolomeo, McBee, Hartley, & Barnes and the second one from Grau & Associates. Your current auditor did not respond. The ranking sheets are in your agenda. The selection criteria you approved included: ability of personnel, experience, ability to understand the scope, ability to provide the services, and price. Each criterion is weighted with 20 points. We asked each proposer to respond with 5 years of pricing, and as you can see DiBartolomeo is slightly higher over the 5- year period by $150. If each Board member wants to fill out the ranking sheet, I can tally those or if you want to develop a consensus ranking, you can approve that. Mr. Scherff: Mr. Bain has filled out a consensus ranking. On the basis of cost, we will choose Grau & Associates. Mr. Flint: As far as ranking goes, you have 18 points for DiBartolomeo, 20 for ability of personnel, 16 for their experience, and 20 for both understanding the scope. For price, Grau is 20 and DiBartolomeo is 18 points. That is 100 point for Grau and 91 for DiBartolomeo. On MOTION by Mr. Scherff, seconded by Mr. Hill, with all in favor, the Ranking of Proposals and Selection of Grau & Associates as the Auditor, was approved. FIFTH ORDER OF BUSINESS Adjournment The meeting was adjourned. On MOTION by Mr. Bain, seconded by Mr. Hill, with all in favor, the meeting adjourned. Secretary/Assistant Secretary Chairman/Vice Chairman 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 19, 2024 at 9:00 a.m. at the Circle Square Commons, 8395 SW 80th Street, Ocala, Florida. Present and constituting a quorum were: John Bain Chairman George Hill Vice Chairman Robert Scherff Assistant Secretary Also present were: George Flint District Manager Rob Szozda Field Manager Jason Showe GMS Mary Anne Lynum Parkway Management Jerry Colen District Counsel Rachel Wagoner District Counsel FIRST ORDER OF BUSINESS Roll Call Mr. Flint called the meeting to order at 9:00 a.m. and called roll. Four Board members were present constituting a quorum. SECOND ORDER OF BUSINESS Public Comment Period Mr. Flint: Are there are any members of the public that would like to provide comment to the Board? Hearing no comments, we will move on to the next item. THIRD ORDER OF BUSINESS Organizational Matters A. Administration of Oath of Office to Newly Elected Supervisor Mr. Flint: We do not need to administer the oath to him since he is not here. Mr. Paul Jenkins qualified and ran unopposed; however he is out of town this week. Due to this we do not need to administer the oath of office. B. Appointment of Individual to Fulfill Board Vacancy in Seat #3 Mr. Flint: You also declared Seat 3 vacant as of today. Noone qualified for that seat. That is Mr. Moherek’s seat and he is not here today, so you can defer that for the time being. Mr. Bain: I think we should defer that to the next meeting. C. Election Of Officers D. Consideration of resolution 2025-01 Electing Officers Mr. Flint: The next item you have is Resolution 2025-01 Election of Officers. I believe you should deal with this now and you can always change it later. Currently, Mr. Moherek is Chair, Mr. Greene was Vice Chair, and the other three Board members are Assistant Secretaries. I was Secretary, Jill Burns Secretary, Katie Costa is Treasurer and Darrin Mossing is Assistant Treasurer. If a Board member wants to make a motion to elect an officer, we can handle that in one motion or we can take each office individually. Mr. Scherff: I would like to make a suggestion of electing John Bain as the Chairman and George Hill to be the Vice Chair. Mr. Flint: Okay and the other three would be Assistant Secretaries? Mr. Scherff: Yes. On MOTION by Mr. Scherff, seconded by Mr. Hill, with all in favor, Resolution 2025-01 Electing Officers as slated above, was approved. FOURTH ORDER OF BUSINESS Approval of Minutes of the October 15, 2024, Board of Supervisors Meeting Mr. Flint: Mr. Bain, did we spell your name right on those? Mr. Bain: No, it is still Josh Bain. Mr. Flint: Okay, we will fix that. Any other comments or corrections? On MOTION by Mr. Bain, seconded by Mr. Scherff, with all in favor, the Minutes of the October 15, 2024, Board of Supervisors Meeting, were approved. FIFTH ORDER OF BUSINESS Acceptance of Audit Committee Recommendation and Selection of Number 1 Ranked Firm to Provide Auditing Services Mr. Flint: You met as the Audit Committee prior to the Board meeting and ranked Grau & Associates as number one. Is there a motion to accept that ranking? On MOTION by Mr. Scherff, seconded by Mr. Bain, with all in favor, the Audit Committee Recommendation Ranking Grau & Associates #1 and Selection of Number 1 Ranked Firm to Provide Auditing Services, were approved. SIXTH ORDER OF BUSINESS Staff Reports A. Attorney Mr. Flint: Jerry, do you have anything for the Board? Mr. Colen: I don’t have anything. B. District Manager 1. Approval of Check Register Mr. Flint: You have approval of the check register from October 1st through November 1st for $8,031.09. Are there any questions on the check register? On MOTION by Mr. Bain seconded by Mr. Hill, with all in favor, the Check Register, was approved. 2. Balance Sheet and Income Statement Mr. Flint: Next is the unaudited financial statements. There is no action required by the Board but if the Board has any questions I would be happy to answer those. SIXTH ORDER OF BUSINESS Supervisors Requests Mr. Flint: Was there any other business? If you haven’t done so, just a reminder of the ethics training due on December 31st. SEVENTH ORDER OF BUSINESS Other Business There being no comments, the next item followed. EIGHTH ORDER OF BUSINESS Adjournment The meeting was adjourned. On MOTION by Mr. Bain, seconded by Mr. Scherff, with all in favor, the meeting adjourned. Secretary/Assistant Secretary Chairman/Vice Chairman REBATE REPORT $3,380,000 Candler Hills East Community Development District Special Assessment Revenue Refunding Bonds Series 2016 Dated: November 17, 2016 Delivered: November 17, 2016 _________________________________________ Rebate Report to the Computation Date October 31, 2027 Reflecting Activity Through October 31, 2024 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Arbitrage Rebate Calculation Detail Report – Reserve Account 8 Arbitrage Rebate Calculation Detail Report – Prior Rebate Liability 10 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 11 November 21, 2024 Candler Hills East Community Development District c/o Ms. Katie Costa Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300 Orlando, FL 32822 Re: $3,380,000 Candler Hills East Community Development District, Special Assessment Revenue Refunding Bonds, Series 2016 Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Candler Hills East Community Development District (the “District”). The scope of our engagement consisted of preparation of the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of October 31, 2025. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the October 31, 2027 Computation Date Reflecting Activity from November 17, 2016 through October 31, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Reserve Account 2.139625% 9,537.43 (8,219.12) Totals 2.139625% $9,537.43 $(8,219.12) Bond Yield 3.686688% Prior Rebate Liability (23,006.47) Rebate Computation Credits (8,991.09) Net Rebatable Arbitrage $(40,216.68) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from November 17, 2016, the date of the closing, to October 31, 2024, the Computation Period. The activity from November 17, 2016 through October 31, 2020 was taken from the prior consultant’s rebate report dated November 20, 2020, which included the following (as reported by the initial consultant): a. Cumulative rebate liability from November 17, 2016 through October 31, 2020 - $(17,815.29). 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between November 17, 2016 and October 31, 2024, the District made periodic payments into the Revenue, Sinking, Principal and Interest Funds (collectively, the “Debt Service Fund”) that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. 6. According to the prior consultant’s rebate report dated November 20, 2020, the yield on the Bonds is 3.686688%. DEFINITIONS 7. Computation Date October 31, 2027. 8. Computation Period The period beginning on November 17, 2016, the date of the closing, and ending on October 31, 2024, the Computation Date. 9. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on October 31st, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 10. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 11. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 12. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds were sold. 13. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 14. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was provided from the District and U.S. Bank National Association, the Trustee, as follows: Account Number Revenue 226226000 Interest 226226001 Sinking 226226002 Principal 226226003 Reserve 226226004 Prepayment 226226005 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest from November 17, 2016 through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of October 31, 2024, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to October 31, 2027. This figure was then compared to the future value of the deposit of bond proceeds into the various investment Funds at the same yield. The difference between the future values of the two cash flows, on October 31, 2027, is the Rebatable Arbitrage. $3,380,000 Candler Hills East Community Development District Special Assessment Revenue Refunding Bonds Series 2016 Reserve Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.686688%) 10/31/20 Bal -115,400.00 -149,026.30 11/03/20 0.49 0.63 12/02/20 0.47 0.61 01/05/21 0.49 0.63 02/02/21 0.49 0.63 03/02/21 0.44 0.56 04/02/21 0.49 0.62 05/03/21 2,718.75 3,446.72 05/04/21 0.47 0.60 06/02/21 0.48 0.61 07/02/21 0.46 0.58 08/03/21 0.48 0.60 09/02/21 0.48 0.60 10/04/21 0.46 0.57 11/01/21 1,393.75 1,735.31 11/02/21 0.48 0.60 12/02/21 0.46 0.57 01/04/22 0.47 0.58 02/02/22 0.47 0.58 03/02/22 0.43 0.53 04/04/22 0.47 0.58 05/02/22 2,287.50 2,796.25 05/03/22 0.46 0.56 06/02/22 0.46 0.56 07/05/22 0.45 0.55 08/02/22 0.46 0.56 09/02/22 71.89 86.82 10/04/22 134.38 161.75 11/01/22 1,106.25 1,327.94 11/02/22 164.84 197.85 12/02/22 172.93 206.93 01/04/23 201.60 240.46 02/02/23 214.46 255.07 03/02/23 194.50 230.63 04/04/23 262.49 310.24 05/02/23 327.52 386.00 05/03/23 1,693.75 1,995.97 06/02/23 334.07 392.52 07/05/23 331.69 388.42 08/02/23 342.75 400.28 09/05/23 347.26 404.19 10/03/23 414.61 481.21 11/02/23 482.61 558.49 12/04/23 463.64 534.80 01/03/24 476.50 548.01 02/02/24 472.24 541.52 03/04/24 441.84 505.02 04/02/24 472.43 538.45 $3,380,000 Candler Hills East Community Development District Special Assessment Revenue Refunding Bonds Series 2016 Reserve Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.686688%) 05/01/24 800.00 909.11 05/02/24 457.08 519.37 06/04/24 468.75 530.90 07/02/24 453.63 512.32 08/02/24 468.47 527.47 09/04/24 468.39 525.67 10/02/24 436.01 487.94 10/31/24 Bal 105,400.00 117,607.91 10/31/24 Acc 450.54 502.72 ---------------------------------------------------------------- 10/31/27 TOTALS: 9,537.43 -8,219.12 ---------------------------------------------------------------- ISSUE DATE: 11/17/16 REBATABLE ARBITRAGE: -8,219.12 COMP DATE: 10/31/27 NET INCOME: 9,537.43 BOND YIELD: 3.686688% TAX INV YIELD: 2.139625% $3,380,000 Candler Hills East Community Development District Special Assessment Revenue Refunding Bonds Series 2016 Prior Rebate Liability ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.686688%) 10/31/20 -17,815.29 -23,006.47 ---------------------------------------------------------------- 10/31/27 TOTALS: -17,815.29 -23,006.47 ---------------------------------------------------------------- ISSUE DATE: 11/17/16 REBATABLE ARBITRAGE: -23,006.47 COMP DATE: 10/31/27 BOND YIELD: 3.686688% $3,380,000 Candler Hills East Community Development District Special Assessment Revenue Refunding Bonds Series 2016 Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (3.686688%) 10/31/21 -1,780.00 -2,216.21 10/31/22 -1,830.00 -2,196.73 10/31/23 -1,960.00 -2,268.39 10/31/24 -2,070.00 -2,309.76 ---------------------------------------------------------------- 10/31/27 TOTALS: -7,640.00 -8,991.09 ---------------------------------------------------------------- ISSUE DATE: 11/17/16 REBATABLE ARBITRAGE: -8,991.09 COMP DATE: 10/31/27 BOND YIELD: 3.686688%