Majorca Isles Community Development District August 14, 2018

Transcription

1 Majorca Isles Community Development District August 14, 2018

2 MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT NW 2 ND Avenue Box 373 Miami Gardens FL Tel: Fax: manager@pdmsfirm.com Established February 16, 2007 June 15, 2018 Board of Supervisors Majorca Isles Community Development District Dear Board Members: The regular meeting of the Board of Supervisors of Majorca Isles Community Development District will be held on August 14, 2018 at 3:00pm at the City of Miami Gardens City Hall N.W 27 th Avenue Miami Gardens, Florida The advance agenda for the meeting is as follows: 1. Roll Call 2. Audience Comments (Related to right to Speak Statute Changes) 3. Approval of Minutes of the September 26, 2017 meeting 4. Public Hearing to Adopt the Revised Fiscal Year 2018 Budget a. Motion to Open Public Hearing b. Public Comment and Discussion c. Consideration of Resolution # Annual Appropriation Resolution d. Consideration of Resolution # Levy of Non Ad Valorem Assessment e. Motion to Close the Public Hearing 5. Staff reports a. Attorney b. Engineer c. Manager 6. Supervisors Request and Audience Comments 7. Financial Reporting d. Approval of check run summary October 1, 2017 thru July 30, 2018 e. Combined Balance Sheet 8. Adjournment The Minutes of the September 26, 2017 meeting is attached hereto. The fourth order of business is the public hearing to adopt the fiscal year 2019 budget. Copies of the budget Resolution $ Annual Appropriations Resolution, and Resolution # Levy of Non- Ad Valorem Assessments are enclosed for your review. The fifth order of business is staff reports. Enclosed under the manager s report is the proposed fiscal year 2019 meeting schedule. The financials are also enclosed for your review. The remainder of the agenda is routine in nature and will be discussed at the meeting. Sincerely Raymond Benjamin / District Manager / Treasurer CC: James Weintraub, Juan Alvarez Board of Supervisors Nathan Price Raymond Benjamin Tamara Price Josianne Stewart Eric Moss Chairman Vice-Chairman/Treasurer Secretary Assistant Secretary Assistant Secretary

3 MINUTES OF MEETING MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT A regularly scheduled meeting of the Board of Supervisors of the Majorca Isles Community Development District was held on September 26, 2017 at 3:00p.m. at the City of Miami Gardens City Hall, N. W. 27th Avenue, Miami Gardens, Florida. Board of Supervisors Present and constituting a quorum were: Nathan Price Chairman Raymond Benjamin.Vice-Chairman / Treasurer Tamara Price...Secretary (call in) Josianne Stewart. Assistant Secretary (call in) Also present were James Weintraub. District Counsel (call in) District Landowners / Residents FIRST ORDER OF BUSINESS ROLL CALL Mr. Benjamin called the meeting to order and completed the roll call with the above captioned persons confirmed present. SECOND ORDER OF BUSINESS AUDIENCE COMMENTS Audience Comments (Related to right to speak) There was no audience comments THIRD ORDER OF BUSINESS APPROVAL OF JUNE 20, 2017 MEETING MINUTES Mr. Benjamin presented the minutes of the previous meeting of 06/20/2017 and gave an overview of items discussed at that meeting On MOTION by Mr. Price to accept the previous minutes. Seconded by Mr. Benjamin approving Resolution # confirming minutes of meeting held on with all in favor

4 FOURTH ORDER OF BUSINESS FINANCIAL REPORTING Security resolution: Implementation of security changes and augmentation adding one officer upfront in the Walden Townhomes, Majorca Isles I and 5 subdivisions respectively (operational hours to be decided with security provider). One officer will remain in the rear areas specifically Majorca Isles Condominiums 2, 3 and 4. MOTION by Mr. Benjamin to accept the security arrangements adjustments. Seconded by Mr. Price Resolution # implementing security changes was passed with all in favor FIFTY ORDER OF BUSINESS REVISION OF MANAGEMENT CONTRACT Resolution to accept revision of management contract and scope of work to include active supervision of expanded security operations, cabana clubhouse and construction site, a revised contract, which includes the added responsibilities, will be signed and shall superseded the previous contract. The appropriate compensation revision will also be applied. MOTION by Mr. Price to accept the amendment of the management contract. Seconded by Ms. Price. Resolution # passed with three in favor and one abstention. SIXTH ORDER OF BUSINESS BEAUTIFICATION PROJECT Resolution for approval of project beautification of the 13th court entrance inclusive of lighting along the 14th place corridor. This projects includes surveillance of 13th Ct ingress and egress 7 MOTION by Ms. Price to accept the proposal for beautification of. Seconded by Ms. Price. Resolution # passed with all in favor.

5 SEVENTH ORDER BUSINESS APPOINT OF ERIC MOSS TO BOARD Resolution to Appointment of Mr. Eric Moss to the Board of Supervisors Filling vacant seat of Lindsay Hillstrom. Resolution to hold a community event details to be outlined by the Chairman MOTION by Mr. Benjamin to appoint Eric Moss to the Board and to hold a community even. Seconded by Mr. Price. Resolution # passed with all in favor. EIGTH ORDER OF BUSINESS STAFF REPORTS Security provider was unable to attend the meeting. There were not staff report presented at this meeting NINTH ORDER OF BUSINESS FINANCIAL REPORTING The Board reviewed the financial reports for the period TENTH ORDER OF BUSINESS HURRICAN IRMA The District did not sustain a significant damage during the hurricane. Ms. Price wanted to note that there was no interruption of electrical power due to district planning and infrastructure design, which were hardened to sustain a category 5 storm. ELEVENTH ORDER OF BUSINESS ADJOURNMENT The meeting was adjourned by motion at 3:19pm. MOTION by Mr. Price to adjourn the meeting, seconded by Mr. Benjamin. The meeting was adjourned at 3:19pm

6 Proposed Budget Fiscal Year 2019 Majorca Isles Community Development District June 15, 2018 PDMS FIRM L.L.C.

7 Majorca Isles Community Development District TABLE OF CONTENTS General Fund Budget Page 1 Narrative Page 2-4 Debt Service Fund Budget Page 5 Amortization Schedule Page 5

8 MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT General Fund Adopted Actual Projected Total Proposed Budget Thru Next Projected Budget Description FY2018 7/30/ Months 9/30/2018 FY2019 Revenues Maintanance Assessments $304,475 $290,301 $14,174 $304, $243,580 Interest Income $250 $366 $94 $460 $822 Carry Froward Surplus $26,651 $26,877 $26,877 $26,877 $38,971 TOTAL REVENUES $331,376 $317,545 $41,145 $331,812 $283,373 Expenditures Administrative Annual Audit $3,900 $0 $4,800 $4,800 $4,800 Arbitrage $1,250 $0 $1,250 $1,250 $1,250 Attorney $10,000 $175 $200 $375 $1,200 Computer Time $1,000 $848 $83 $932 $999 Dissemination $6,000 $5,000 $0 $5,000 $6,000 Dues, Licenses and Subscription $175 $70 $0 $70 $175 Engineering $1,966 $350 $0 $350 $1,966 FICA Expense $3,000 $0 $245 $245 $1,920 Insurance Expense $6,373 $8,278 $0 $8,278 $6,500 Legal Advertising $1,250 $114 $110 $224 $504 Management Fees $72,843 $66,772 $5,970 $72,742 $72,843 Office Supplies $600 $434 $61 $495 $600 Other Current Charges $500 $935 $125 $1,060 $1,440 Postage $420 $16 $5 $21 $100 Printing and Binding $240 $0 $529 $529 $1,200 Supervisor Fees $12,000 $0 $1,415 $1,415 $6,000 Telephone $150 $350 $70 $420 $150 Trustee Fees $5,000 $4,095 $0 $4,095 $7,000 Website Compliance $500 $417 $83 $500 $500 Travel & Per Diem $0 $3,479 $0 $3,479 $1,200 Cabana Club House Operation $14,000 $0 $0 $0 $0 Community Outreach / Enhancement $42,000 $15,502 $46,050 $61,552 $1,200 TOTAL ADMINISTRATIVE $183,167 $106,835 $60,997 $167,832 $117,547 Field Miami Gardens Monitoring Fee $2,000 $1,000 $1,000 $2,000 $2,000 Security $102,000 $43,667 $18,758 $62,425 $108,000 Storm Water Drainage $4,800 $0 $4,800 $4,800 $5,400 Reserves $12,000 $0 $12,000 $12,000 $9,600 TOTAL FIELD 120,800 $44,667 $36,558 $81,225 $125,000 TOTAL EXPENDITURES $303,967 $151,502 $97,555 $249,057 $242,547 EXCESS REVENUES/(EXPENDITURES) $27,409 $166,042 ($56,409) $82,755 $40,827 FY2015 FY2016 FY2017 FY2018 FY2019 Net Assessment $84,324 $84,324 $150,412 $304,475 $231,401 Plus collection fee and discount (5%) $4,438 $4,438 $7,916 $16,025 $12,179 Gross Assessment $88,762 $88,762 $158,328 $320,500 $243,580 No. of Units Net Per Unit Assessment $ $ $ $ $ Gross Per Unit Assessment $ $ $ $ $380.00

9 REVENUES: MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2019 Special Assessments The District will mail a non-ad-valorem special assessment notice to all taxable property owners within the District to fund the General Operating Expenditures for the fiscal year. EXPENDITURES: Administrative: Supervisor Fees The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon all five supervisors attending the estimated 12 annual meetings. FICA Expense Represents the Employer's share of Social Security Engineering Fees The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc. Arbitrage The District is required to have an annual arbitrage rebate calculation on the District s Bonds. The District will contract with an independent auditing firm to perform the calculations. Dissemination The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. Attorney The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc. Annual Audit The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement. Trustee Fees The District issued Series 2015A Special Assessment Revenue Bonds which are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between US Bank and the District. Management Fees The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

10 MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT PROPOSED GENERAL FUND BUDGET FISCAL YEAR 2019 Computer Time The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a Server which includes remote cloud back up facilities for data redundancy. Telephone Telephone and fax machine Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Insurance The District will obtain a General Liability & Public Officials Liability Insurance policy with a firm that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation. Other Current Charges Bank charges and any other miscellaneous expenses that incurred during the year. Office Supplies Miscellaneous office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175 Travel & Per Diem District Supervisors from time to time are required to travel to meetings on District related business Website Compliance Per Section F.S., all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by PDMSFIRM, LLC and updated as required by the Statute. Miami Gardens Monitoring Fee The City Council for the City of Miami Gardens imposes an annual monitoring fee for each Community Development District that is located wholly within the boundaries of the City of Miami Gardens, in the amount of $1,000 per Community Development District, or $10.00 per residential unit, whichever is greater. Security Private security patrol throughout the community.

11 Storm Water Drainage Maintenance Storm Drain Cleaning for all Storm Drains throughout the District. Cabana Club House-Pool Operation Staffing and Operation of Cabana Clubhouse and Pool Community outreach and enhancement Allocation to assist with District outreach and owner programs including District beautification

12 Majorca Isles Community Development District Debt Service Fund Series 2015 Special Assessment Revenue Bonds Adopted Actual Projected Total Proposed Budget Thru Next Projected Budget Description FY2018 6/30/ Months 9/30/2018 FY2019 Revenues Special Assessment - A Bonds $461,431 $444,524 $16,907 $461,431 $461,471 Interest Income $0 $894 $652 $652 $1,546 Carry Forward Surplus (1) $143,535 $186,878 $186,878 $186,878 $186,878 TOTAL REVENUES $604,966 $632,296 $204,437 $648,961 $649,896 Expenditures Series 2015 Interest - 11/01 $181,091 $180,497 $0 $180,497 $177,997 Interest 5/01 $181,091 $180,497 $0 $180,497 $177,997 Principal 05/01 $100,000 $100,000 $0 $100,000 $105,000 Bond Redemption 11/22 $0 $24,051 $0 $0 $0 TOTAL EXPENDITURES $462,181 $485,045 $0 $460,994 $462,181 Other Sources and Uses Interfeund Transfer In/(Out) $0 $947 $0 $0 $0 TOTAL OTHER SOURCES AND USES $0 $947 $0 $0 $0 EXCESS REVENUES (2) $142,785 $147,251 $204,437 $187,968 $187,714 Interest Expense 2015A 11/1/18 $177, $177, Gross Annual Parcel Unit Count Assessment Total Sincelg Family 51 $850 $55,939 Townhome 590 $750 $588,147 Total 641 $644,086 Net Assessment $461,471 Plus collection fees & Discounts (5%) $24,288 Gross Assessment $485,759 (1) Carry Surplus is net of the reserve requirement (2) Capitialized Interest thru November 1, 2018

13 Mar 27, :33 am Prepared by DBC Finance (Finance tutorial_questions:majorca-series15) Page 1 BOND PRICING Majorca Isles Community Development District Special Assessment Bonds, Series 2015 Maturity Bond Component Date Amount Rate Yield Price Term Bond 2025: Term Bond 2035: Term Bond 2046: 05/01/ , % 5.000% /01/2035 1,915, % 5.375% /01/2046 3,730, % 5.625% ,610,000 Dated Date 08/01/2015 Delivery Date 08/01/2015 First Coupon 11/01/2015 Par Amount 6,610, Original Issue Discount Production 6,610, % Underwriter's Discount Purchase Price 6,610, % Accrued Interest Net Proceeds 6,610,000.00

14 Mar 27, :33 am Prepared by DBC Finance (Finance tutorial_questions:majorca-series15) Page 2 BOND DEBT SERVICE Majorca Isles Community Development District Special Assessment Bonds, Series 2015 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/01/ , , /01/ , , , /01/ , , /01/ , , , /01/ , , /01/ , % 180, , , /01/ , , /01/ , % 177, , , /01/ , , /01/ , % 175, , , /01/ , , /01/ , % 172, , , /01/ , , /01/ , % 169, , , /01/ , , /01/ , % 166, , , /01/ , , /01/ , % 163, , , /01/ , , /01/ , % 159, , , /01/ , , /01/ , % 156, , , /01/ , , /01/ , % 152, , , /01/ , , /01/ , % 148, , , /01/ , , /01/ , % 143, , , /01/ , , /01/ , % 139, , , /01/ , , /01/ , % 134, , , /01/ , , /01/ , % 128, , , /01/ , , /01/ , % 123, , , /01/ , , /01/ , % 117, , , /01/ , , /01/ , % 111, , , /01/ , , /01/ , % 104, , , /01/ , , /01/ , % 97, , , /01/ , , /01/ , % 90, , , /01/ , , /01/ , % 82, , , /01/ , , /01/ , % 73, , , /01/ , , /01/ , % 64, , , /01/ , , /01/ , % 55, , , /01/ , ,562.50

15 Mar 27, :33 am Prepared by DBC Finance (Finance tutorial_questions:majorca-series15) Page 3 BOND DEBT SERVICE Majorca Isles Community Development District Special Assessment Bonds, Series 2015 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 05/01/ , % 45, , , /01/ , , /01/ , % 35, , , /01/ , , /01/ , % 24, , , /01/ , , /01/ , % 12, , , ,610,000 7,447, ,057, ,057,376.74

16 RESOLUTION THE ANNUAL APPROPRIATION RESOLUTION OF THE MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT (THE "DISTRICT") RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2018 AND ENDING SEPTEMBER 30, 2019 WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2018,submitted to the Board of Supervisors (the "Board") a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the Majorca Isles Community Development District, pursuant to the provisions of Section (2)(a), Florida Statutes; and WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budget (the "Proposed Budget"), the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section (2)(b), Florida Statutes; and WHEREAS, the Board set August 14, 2018, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section (2)( a),florida Statutes; and WHEREAS, the District Manager posted the Proposed Budget on the District's website at least two days before the public hearing or transmitted the Proposed Budget to the managers or administrators of the City of Miami Gardens and Miami-Dade County for posting on their website; and WHEREAS, Section (2)(a), Florida Statutes, requires that, prior to October 1st of each year, the District Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT: Section 1. Budget a. That the Board of Supervisors has reviewed the District Manager's Proposed Budget, a copy of which is on file with the office of the District Manager and at the District's Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

17 b. That the District Manager's Proposed Budget, attached hereto as Exhibit "A," as amended by the Board, is hereby adopted in accordance with the provisions of Section (2)(a), Florida Statutes, and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures for Fiscal Year 2018 and/or revised projections for Fiscal Year c. That the adopted budget, as amended, shall be maintained in the office of the District Manager and at the District's Records Office and identified as "The Budget for the Majorca Isles Community Development District for the Fiscal Year Ending September 30, 2019," as adopted by the Board of Supervisors on August 14, d. The final adopted budget shall be posted by the District Manager on the District's official website within thirty (30) days after adoption or shall be transmitted to the manager or administrator of the City of Miami Gardens and Miami-Dade County for posting on their websites. Section 2. Appropriations There is hereby appropriated out of the revenues of the Majorca Isles Community Development District, for the fiscal year beginning October 1, 2018, and ending September 30, 2019, the sum of $ to be raised by the levy of assessments and otherwise, which sum is deemed by the Board of Supervisors to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion: TOTAL GENERAL FUND $ 243,580 DEBT SERVICE FUND(S) $ 485,759 TOTAL ALL FUNDS $ 729,339 Section 3. Supplemental Appropriations Pursuant to Section , Florida Statutes, the following provisions govern amendments to the budget(s) for any particular fund(s) listed above: a. The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase. b. The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $10,000 or 10% of the original appropriation.

18 c. By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. d. Any other budget amendments shall be adopted by resolution and consistent with Florida law. The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section of the Florida Statutes, among other applicable laws. Introduced, considered favorably and adopted this day of ATTEST: MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT By: Its:

19 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT MAKING A DETERMINATION OF BENEFIT; IMPOSING SPECIAL ASSESSMENTS; PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS, INCLUDING BUT NOT LIMITED TO PENALTIES AND INTEREST THEREON; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Majorca Isles Community Development District (the District ) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and WHEREAS, the District is located in Miami-Dade County, Florida (the County ); and WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District s adopted capital improvement plan and Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors of the District ( Board ) hereby determines to undertake various operations and maintenance activities described in the District s budget(s) for Fiscal Year ( Budget ), attached hereto as Exhibit A and incorporated by reference herein; and WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the District s Budget; and WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector ( Uniform Method ); and WHEREAS, the District has previously evidenced its intention to utilize this Uniform Method; and

20 WHEREAS, the District has approved an Agreement with the Property Appraiser and Tax Collector of the County to provide for the collection of the special assessments under the Uniform Method; and WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect on the tax roll pursuant to the Uniform Method and which is also indicated on Exhibit A ; and WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance in the amount set forth in the Budget; and WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Majorca Isles Community Development District (the Assessment Roll ) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll to the County Tax Collector pursuant to the Uniform Method; and WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll, certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT: SECTION 1. BENEFIT. The provision of the services, facilities, and operations as described in Exhibit A confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the costs of the assessments. The allocation of the costs to the specially benefitted lands is shown in Exhibits A and B and is hereby found to be fair and reasonable. SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapter 190 of the Florida Statutes, and using the procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefitted lands within the District, and in accordance with Exhibits A and B. The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. SECTION 3. COLLECTION. The collection of the operation and maintenance special assessments shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method. The District shall also collect its previously levied debt service assessments pursuant to the Uniform Method, as indicated on Exhibits A and B. The decision to collect special assessments by any particular method e.g., on the tax roll or by direct bill does not mean that such method will be used to collect special assessments in future years, and the District

21 reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices. SECTION 4. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as Exhibit B, is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to the Majorca Isles Community Development District. SECTION 5. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution, and shall amend the District s Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall file the updates in the District records. SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof. SECTION 7. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Majorca Isles Community Development District. PASSED AND ADOPTED this day of, ATTEST: MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT Secretary / Assistant Secretary By: Its: Exhibit A: Exhibit B: Budget Assessment Roll

22 Exhibit "B" Majorca Isles Community Development District 2019 Non Ad Valorem -TRIM Folio Operations Debt Total Count Tract C-85 Townhomes & Tract I - 76 Townhomes $61, $120, $181, $0.00 $0.00 $ Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

23 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

24 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

25 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

26 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

27 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

28 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,

29 Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1, Townhomes $ $ $1,