RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT PALM BEACH COUNTY REGULAR BOARD MEETING MARCH 16, :30 P.M.

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1 RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT PALM BEACH COUNTY REGULAR BOARD MEETING MARCH 16, :30 P.M. Special District Services, Inc. The Oaks Center 2501A Burns Road Palm Beach Gardens, FL Telephone 877.SDS.4922 Toll Free Facsimile

2 AGENDA RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT Compson & Associates 36 SE Third Street Boca Raton, FL REGULAR BOARD MEETING March 16, :30 p.m. A. Call to Order B. Proof of Publication..Page 1 C. Establish Quorum D. Additions or Deletions to Agenda E. Comments from the Public for Items Not on the Agenda F. Approval of Minutes 1. September 30, 2015 Special Board Meeting Minutes.Page 2 G. Old Business H. New Business 1. Discussion Regarding Bond Refinancing 2. Consider Resolution No Adopting a Fiscal Year 2016/2017 Proposed Budget...Page 5 3. Consider Approval of Interlocal Agreement for Assignment of Property Data and Development of Annual Assessments for Palm Beach County Non-Ad Valorem Districts...Page 12 I. Administrative Matters J. Board Members Comments K. Adjourn

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4 RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING SEPTEMBER 30, 2015 A. CALL TO ORDER District Manager Richard Ellington called the September 30, 2015, Special Board Meeting of the Renaissance Commons Community Development District to order at 1:35 p.m. in the Conference Room of Compson & Associates, 36 SE Third Street, Boca Raton, Florida B. PROOF OF PUBLICATION Mr. Ellington presented proof of publication that notice of the Special Board Meeting had been published in The Palm Beach Post on September 23, 2015, as legally required. C. ESTABLISH A QUORUM Mr. Ellington determined that the attendance of Chairman Jim Comparato, Vice Chairman Robert D Angelo and Supervisors Paul Sheridan and Carl Klepper constituted a quorum and it was in order to proceed with the meeting. Also in attendance were District Manager Richard Ellington of Special District Services, Inc.; and District Counsel Gerald Knight of Billing, Cochran, Heath, Lyles, Mauro & Ramsey, P.A. Also present was Ed Bulleit of MBS Capital Markets. D. ADDITIONS OR DELETIONS TO THE AGENDA There were no additions or deletions to the agenda. E. COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA There were no comments from the public for items not on the agenda. F. APPROVAL OF MINUTES 1. May 20, 2015, Public Hearing & Regular Board Meeting Mr. Ellington presented the minutes of the May 20, 2015, Public Hearing & Regular Board Meeting. Mr. D Angelo moved approval and Mr. Sheridan seconded that the minutes of the May 20, 2015, Public Hearing & Regular Board Meeting be approved, as presented and the motion carried 4 to 0. G. OLD BUSINESS There were no Old Business items to come before the Board. Page 2

5 RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING SEPTEMBER 30, 2015 H. NEW BUSINESS 1. Board Authorization of District Surface Water System to Accept the Dewatering Discharge Mr. Ellington introduced a letter from Jeff Schnars, the Engineer for the District, regarding the application for a dewatering approval for the Santorini project. Mr. Klepper indicated that he was familiar with the issue and thought that it should be approved. Without any further discussion, Mr. Klepper moved and Mr. Sheridan seconded that authorization be granted and that motion carried 4 to Discussion Regarding Bond Refinancing Mr. Bulleit presented a scenario for refinancing the currently outstanding bonds in the amount of $16,150,000, with the par amount of $15,535,000. He indicated that the average coupon rate would go down from 5.60% to 4.01% based on a blended rate between an A1 and an A2 structure. He indicated that the A1 structure would carry about 70% of the outstanding debt and the A2 structure would carry about 30% of the outstanding debt. The estimated savings was about 16% per unit owner, which resulted in approximately savings from the commercial to the townhouse between $56 and $158 per year. After discussion regarding this matter, Mr. Comparato moved approval, seconded by Mr. D Angelo to enter into an agreement with MBS Capital Markets to move forward with the placing of the bonds with a bank for the purposes of refinancing the outstanding debt. That motion carried 4 to 0. Following that action, Mr. Ellington indicated that in order to move forward it would be necessary to retain a Bond Counsel for the transaction. Mr. Ellington recommended that Greenberg Traurig be hired to handle the Bond Counsel work. Mr. Klepper asked what the fee would be and Mr. Ellington indicated that he did not believe it would exceed $35,000 based upon two recent transactions which he and Mr. Knight had recently completed with Mr. Sanford on behalf of Greenberg Traurig. Mr. Klepper then moved and Mr. Comparato seconded that Greenberg Traurig be retained as Bond Counsel for a fee not to exceed $35,000. That motion carried 4 to Consider Resolution No Adopting an Amended Final Budget for Fiscal Year 2014/2015 Mr. Ellington presented Resolution No , entitled: RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE RENAISSANCE COMMONS COMMUNITY Page 3

6 RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING SEPTEMBER 30, 2015 DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2014/2015 BUDGET ( AMENDED BUDGET ), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE. Mr. Ellington went over the amended final budget, noting that the District would not be spending all the money that it had budgeted for expenses and operations. Mr. Klepper then moved approval of Resolution No , Mr. D Angelo seconded and the motion carried 4 to 0. I. ADMINISTRATIVE MATTERS There were no Administrative Matters to come before the Board. J. BOARD MEMBER COMMENTS There were no further comments from the Board. K. ADJOURNMENT There being no further business to come before the Board, the meeting was adjourned at 2:10 p.m. on a motion made by Mr. Klepper, seconded by Mr. Comparato, and upon being put to a vote, the motion carried 4 to 0. Secretary Chair/Vice Chair Page 4

7 RESOLUTION NO A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2016/2017; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of Supervisors ( Board ) of the Renaissance Commons Community Development District ( District ) is required by Chapter , Florida Statutes, to approve a Proposed Budget for each fiscal year; and, WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2016/2017 has been prepared and considered by the Board. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT THAT: Section 1. The Proposed Budget including the Assessments for Fiscal Year 2016/2017 attached hereto as Exhibit A is approved and adopted. Section 2. A Public Hearing is hereby scheduled for May 18, 2016 at 1:30 p.m. in the Conference Room of Compson & Associates, Inc. located at 36 SE Third Street, Boca Raton, Florida 33432, for the purpose of receiving public comments on the Proposed Fiscal Year 2016/2017 Budget. PASSED, ADOPTED and EFFECTIVE this 16 th day of March, ATTEST: RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT By: Secretary/Assistant Secretary By: Chairperson/Vice Chairperson Page 5

8 Renaissance Commons Community Development District Proposed Budget For Fiscal Year 2016/2017 October 1, September 30, 2017 Page 6

9 CONTENTS I II III IV PROPOSED BUDGET DETAILED PROPOSED BUDGET DETAILED PROPOSED DEBT SERVICE FUND BUDGET ASSESSMENT COMPARISON Page 7

10 PROPOSED BUDGET RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, SEPTEMBER 30, 2017 FISCAL YEAR 2016/2017 REVENUES BUDGET O&M Assessments 37,330 Debt Assessments 1,390,680 Other Revenues 0 Interest Income 360 TOTAL REVENUES $ 1,428,370 EXPENDITURES Supervisor Fees 1,000 Payroll Taxes - Employer 80 Engineering/Inspections 1,900 Management 28,620 Secretarial 4,200 Legal 10,000 Assessment Roll 5,500 Audit Fees 3,500 Arbitrage Rebate Fee 650 Insurance 6,200 Legal Advertisements 1,000 Miscellaneous 600 Postage 375 Office Supplies 450 Dues & Subscriptions 175 Trustee Fee 6,300 Continuing Disclosure Fee 1,000 Website Management 1,500 TOTAL EXPENDITURES $ 73,050 REVENUES LESS EXPENDITURES $ 1,355,320 Bond Payments (1,307,240) BALANCE $ 48,080 County Appraiser & Tax Collector Fee (28,560) Discounts For Early Payments (57,120) EXCESS/ (SHORTFALL) $ (37,600) Carryover From Prior Year 37,600 NET EXCESS/ (SHORTFALL) $ - 3/7/ :14 AM I Page 8

11 DETAILED PROPOSED BUDGET RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/ / /2017 REVENUES ACTUAL BUDGET BUDGET COMMENTS O&M Assessments 38,024 37,413 37,330 Expenditures Less Interest & Carryover Balance/.94 Debt Assessments 1,403,087 1,390,989 1,390,680 Bond Payment/.94 Other Revenues Interest Income Projected At $30 Per Month TOTAL REVENUES $ 1,442,245 $ 1,428,762 $ 1,428,370 EXPENDITURES Supervisor Fees 400 1,000 1,000 Supervisor Fees Payroll Taxes - Employer Projected At 8% Of Supervisor Fees Engineering/Inspections 0 2,000 1, /2016 Expenditure Was $1,520 Management 28,212 28,428 28,620 CPI Adjustment Secretarial 4,200 4,200 4,200 No Change From 2015/2016 Budget Legal 7,163 10,000 10,000 No Change From 2015/2016 Budget Assessment Roll 6,000 5,500 5,500 No Change From 2015/2016 Budget Audit Fees 3,500 3,500 3,500 Accepted Amount For 2015/2016 Audit Arbitrage Rebate Fee No Change From 2015/2016 Budget Insurance 5,665 6,400 6, /2016 Expenditure Was $5,665 Legal Advertisements 918 1,000 1,000 No Change From 2015/2016 Budget Miscellaneous $50 Decrease From 2015/2016 Budget Postage No Change From 2015/2016 Budget Office Supplies No Change From 2015/2016 Budget Dues & Subscriptions No Change From 2015/2016 Budget Trustee Fee 5,657 6,300 6,300 No Change From 2015/2016 Budget Continuing Disclosure Fee 1,000 1,000 1,000 No Change From 2015/2016 Budget Website Management 0 1,500 1,500 No Change From 2015/2016 Budget TOTAL EXPENDITURES $ 64,348 $ 73,128 $ 73,050 REVENUES LESS EXPENDITURES $ 1,377,897 $ 1,355,634 $ 1,355,320 Bond Payments (1,363,449) (1,307,530) (1,307,240) 2017 Principal & Interest Payments Less Earned Interest BALANCE $ 14,448 $ 48,104 $ 48,080 County Appraiser & Tax Collector Fee (6,309) (28,568) (28,560) Two Percent Of Total Assessment Roll Discounts For Early Payments (29,157) (57,136) (57,120) Four Percent Of Total Assessment Roll EXCESS/ (SHORTFALL) $ (21,018) $ (37,600) $ (37,600) Carryover From Prior Year 0 37,600 37,600 Carryover From Prior Year NET EXCESS/ (SHORTFALL) $ (21,018) $ - $ - 3/7/ :14 AM II Page 9

12 DETAILED PROPOSED DEBT SERVICE BUDGET RENAISSANCE COMMONS COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2016/2017 OCTOBER 1, SEPTEMBER 30, 2017 FISCAL YEAR FISCAL YEAR FISCAL YEAR 2014/ / /2017 REVENUES ANNUAL BUDGET BUDGET COMMENTS Interest Income Projected Interest For 2016/2017 NAV Tax Collection 1,363,449 1,307,530 1,307, P & I Payments Less Earned Interest Total Revenues $ 1,363,567 $ 1,307,780 $ 1,307,440 EXPENDITURES Principal Payments 395, , ,000 Principal Payment Due In 2017 Interest Payments 926, , ,440 Interest Payments Due In 2017 Total Expenditures $ 1,321,520 $ 1,307,780 $ 1,307,440 Excess/ (Shortfall) $ 42,047 $ - $ - Series 2005 Bond Information Original Par Amount = $19,000,000 Annual Principal Payments Due = May 1st Interest Rate = 5.60% Annual Interest Payments Due = May 1st & November 1st Issue Date = December 2005 Maturity Date = May /7/ :14 AM III Page 10

13 Renaissance Commons Community Development District Assessment Comparison Original Fiscal Year Fiscal Year Fiscal Year Fiscal Year Projected 2013/ / / /2017 Lot Assessment Assessment Assessment Assessment Projected Assessment Type Before Discount* Before Discount* Before Discount* Before Discount* Before Discount* Townhome Administrative $ - $ $ $ $ Debt $ $ $ $ $ Sub-Total For Townhomes $ $ 1, $ 1, $ 1, $ 1, Bedroom Administrative $ - $ $ $ $ Condo Debt $ $ $ $ $ Sub-Total For 3 Bedroom Condos $ $ $ $ $ Bedroom Administrative $ - $ $ $ $ Condo Debt $ $ $ $ $ Sub-Total For 2 Bedroom Condos $ $ $ $ $ Bedroom Administrative $ - $ $ $ $ Condo Debt $ $ $ $ $ Sub-Total For 1 Bedroom Condos $ $ $ $ $ Commercial Administrative $ - $ 1, $ 1, $ 1, $ 1, Debt $ 61, $ 61, $ 61, $ 61, $ 61, Sub-Total For Commercial $ 61, $ 63, $ 63, $ 63, $ 63, Retail Administrative $ - $ 1, $ 1, $ 1, $ 1, Debt $ - $ - $ - $ - $ - Sub-Total For Retail $ - $ 1, $ 1, $ 1, $ 1, * Assessments Include the Following : 4% Discount for Early Payments 1% County Tax Collector Fee 1% County Property Appraiser Fee Community Information: Residential Units Townhomes Bedroom Condos Bedroom Condos Bedroom Condos 357 Total Residential Units 1,675 Commercial/Retail Square Footage Commercial 175,385 Retail 180,527 Total Commercial/Retail Square Footage 355,912 3/7/ :14 AM IV Page 11

14 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services Interlocal Agreement for Assignment of Property Data and Development of Annual Assessments for Palm Beach County Non-Ad Valorem Districts THIS Agreement made and entered into this day of, 20, by and between ( Local Government ) and Palm Beach County Board of County Commissioners ( County ), a political subdivision of the State of Florida. WITNESSETH THAT: WHEREAS, the parties desire to enter into this Agreement covering the provision of Information Technology services by the County for the Local Government in order to certify its non-ad valorem assessment roll to the Property Appraiser for the Notice of Proposed Property Taxes and to the Tax Collector for the Actual Property Tax Notices; NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein the County and the Local Government agree as follows: 1. The above representations are true and correct. 2. The Local Government agrees that County, through its Information Systems Services Department ( ISS ) will take compatible electronic medium from the Property Appraiser on June 1 st of each year pursuant to the provisions of Section (3) (b), Florida Statues. 3. The term of this Agreement, unless terminated as provided herein, is for a period of one (1) year. This Agreement shall automatically renew annually unless either party gives written notice as provided in 9 below. The effective date of the Agreement is the date of approval by County and filing with the Clerk of the Circuit Court for Palm Beach County. 4. In addition Local Government agrees that County will take said compatible electronic medium from the Property Appraiser, prior to September 15 of each year s Page 1 of 6 Page 12

15 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services certification date, which will include the same information as the June 1 st electronic medium plus the changes made thereto since June 1 st. 5. Local Government further agrees to provide County, with all the information and assistance reasonably necessary to complete the data processing required to certify Local Government s non-ad valorem assessment roll to the Tax Collector and provide the non-ad valorem assessments to the Property Appraiser for the Notice of Proposed Property Taxes on compatible electronic medium. 6. Local Government agrees to provide final approval to County no later than July 28 th for the Notice of Proposed Property Taxes and September 12 th for the Actual Property Tax Notices. Should the above date fall upon a holiday, Saturday or Sunday, Local Government will agree to provide final approval by the last business day prior to the holiday, Saturday or Sunday. If the approval is not received by 5:00 p.m. on the appropriate date, Local Government agrees it will take the necessary actions, at its sole expense, to notify its non-ad valorem parcel owners of the Notice of Proposed Property Taxes and/or Actual Property Tax Notices for that year. 7. The Local Government further agrees to reimburse County for all costs incurred in producing the non-ad valorem assessment roll for Local Government described in the attached Exhibit 1. Payment shall be made to County within 45 days, following receipt of its invoices. 8. The parties recognize that County will be processing several non-ad valorem assessment rolls for various local governments at the same time and Local Government agrees to provide timely information and assistance as may be required by County during the certification process; including, if necessary, personnel on location in County offices to verify the calculations being made by the computer. 9. This Agreement shall be automatically extended hereafter, from year-to-year, unless and until terminated by either of the parties. This Agreement may be terminated at any time by Local Government upon 60 day written notice to County or by County upon written 60 day written notice to Local Government; however, notice given by Page 2 of 6 Page 13

16 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services either party after January 1 st and prior to October 1 st, shall be effective only following completion of the certification of that year s non-ad valorem tax roll. 10. This Agreement shall be governed by the laws of the State of Florida. Any legal action necessary to enforce the Agreement will be held in Palm Beach County. No remedy herein conferred upon any party is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity, by statute or otherwise. No single or partial exercise by any party of any right, power, or remedy hereunder shall preclude any other or further exercise thereof. 11. No provision of this Agreement is intended to, or shall be construed to, create any third party beneficiary or to provide any rights to any person or entity not a party to this Agreement, including but not limited to any citizen or employees of County and/or Local Government. 12. Notice Any notice, request, instruction, demand, consent, or other communication required or permitted to be given under this Agreement shall be in writing and shall be delivered by certified mail, postage prepaid, and certified return receipt requested to the following addresses or such other addresses as the parties may provide to each other in writing: If sent to the County: Steve Bordelon, Information Systems Services Director 301 N. Olive Avenue, 8 th floor West Palm Beach, FL (Telephone: ) With copy to: County Attorney s Office Palm Beach County Board of County Commissioners 301 N. Olive Avenue, Suite 601 Page 3 of 6 Page 14

17 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services West Palm Beach, FL (Telephone: ) If sent to the Local Government shall be sent to: 13. County and Local Government agree each will do any and everything reasonably necessary to accurately produce Local Government s non-ad valorem assessment roll. Local Government recognizes that problems may arise in spite of efforts by County, and County shall not be held liable as a result of its processing of Local Government s non-ad valorem assessment roll. 14. Palm Beach County has established the Office of the Inspector General in Palm Beach County Code, Section , as may be amended. The Inspector General s authority includes but is not limited to the power to review past, present and proposed County contracts, transactions and records, to require the production of records, and to audit, investigate, monitor, and inspect the activities of Local Government, its officers, agents, employees, and lobbyists in compliance with contract requirements and detect corruption and fraud in connection with the performance of this agreement. 15. Failure to cooperate with the Inspector General or interfering with or impeding any investigation in connection with the performance of this agreement shall be in violation of Palm Beach County Code, Section Page 4 of 6 Page 15

18 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services , and punished pursuant to Section , Florida Statutes, in the same manner as a second degree misdemeanor. 16. The County s performance and obligation to pay under this Agreement for subsequent fiscal years are contingent upon annual appropriations for its purpose by the Board of County Commissioners. Page 5 of 6 Page 16

19 Agreement with Palm Beach County and the Local Government Re: Palm Beach County Information Systems Services IN WITNESS WHEREOF, the Board of County Commissioners of Palm Beach County, Florida has made and executed this Agreement on behalf of County and Local Government has hereunto set its hand the day and year above written. PALM BEACH COUNTY BOARD OF COUNTY COMMISSIONERS: By: Steve Bordelon, PBC ISS Local Government: Name Signature Typed Name Title APPROVED AS TO FORM AND LEGAL SUFFICIENCY By County Attorney WITNESS: Signature Typed Name APPROVED AS TO TERMS AND CONDITIONS By Steve Bordelon, Director, Information Systems Services Page 6 of 6 Page 17

20 PALM BEACH COUNTY INFORMATION SYSTEMS SERVICES Non-Ad Valorem Assessment Support Services EXHIBIT 1 The purpose of this Exhibit is to identify the roles and responsibilities of the Palm Beach County ( County ) and ( Local Government ) in carrying out the terms of the Agreement regarding Non-Ad Valorem (NAV) Assessment Support Services. This Exhibit delineates the services to be provided by County through the Information Systems Services Department ( ISS ), and describes the associated costs and payment requirements. Section A: Annual Planning and Exhibit Review There will be an annual review of this Exhibit to ensure all parties are satisfied with services rendered to date and to determine whether any amendments are required. Section B: Description of Services Baseline services from the County for Non-Ad Valorem Assessment Support Services will include: 1. Loading of the Local Government s data (Property Control Numbers) provided by the Property Appraiser s office for the generation of the Notice of Proposed Property Taxes in August. 2. Provide one (1) set of reports and/or data files based on the data received from the Property Appraiser s Office in May utilizing the existing calculation rates on file from the prior year s Actual Property Taxes. 3. Provide additional set of reports and/or data files using the new and or approved calculation rates provided by the Local Government for the Notice of Proposed Property Taxes. 4. Loading of the Local Government s data (Property Control Numbers) provided by the Property Appraiser s Office for the generation of the Tax Collector s Actual Property Taxes in October. 5. Provide one (1) set of reports and/or data files based on the data received from the Property Appraiser office in August utilizing the existing calculation rates used on the Notice of Proposed Property Taxes. Page 1 of 2 Page 18

21 6. Provide additional set of reports and/or data files using the new and/or approved calculation rates provided by the Local Government for the Tax Collector s Actual Property Taxes. 7. Each additional set of reports not listed above will be provided at the rate of $ per hour. Section C: Fees for Non-Ad Valorem Assessment Services Tiers Assessment Ranges Fee 1 <$50,000 $150 2 >$50,000 to <$150,000 $210 3 >$150,000 to <$300,000 $420 4 >$300,000 to <$550,000 $770 5 >$550,000 to <$800,000 $1,120 6 >$800,000 to <$1,100,000 $1,540 7 > $1,100,000 to <$1,450,000 $2,030 8 > $1,450,000 to <$1,850,000 $2,630 9 > $1,850,000 to <$2,300,000 $3, > $2,300,000 $3,850 Section D: Billing and Payment The County shall submit annual invoices to the Local Government which shall include a reference to this Agreement and identify the amount due and payable to the County. Payment will be made in accordance with the Local Government Prompt Payment Act, as amended, which also establishes a process and remedies for non-compliance. Section E: Annual Review of Fees The County reserves the right to review the fees included in this Exhibit on an annual basis and make appropriate rate adjustments. Should an adjustment be warranted, sixty (60) days notice will be provided. Any such rate adjustments shall be reduced to writing via an Amendment to be executed by all parties. Page 2 of 2 Page 19