MINUTES OF MEETING STONEYBROOKSOUTH
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Stoneybrook South Community Development District was held Monday, August 2, 2021 at 10:00 a.m. at Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, Florida.

Present and constituting a quorum were:

Basan Nembirkow Robert DiCocco Chris Manjourides Terry Siron
Julia Dan Tu
Also present were: George Flint
Dave Reid Alan Scheerer

FIRST ORDER OF BUSINESS

Chairman
Vice Chairman Assistant Secretary Assistant Secretary Assistant Secretary

District Manager
District Engineer by phone Field Manager

Roll Call

Mr. Flint called the meeting to order. Five Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint: Hearing no public comments, we will move on.

THIRD ORDER OF BUSINESS	Business Administration
Approval of Minutes of the June 7, 2021 Meeting
Mr. Flint: Did the Board have any comments or corrections to the June 7th minutes?
Hearing none, I would ask for a motion to approve the minutes.

On MOTION by Mr. Siron, seconded by Mr. DiCocco, with all in favor, the Minutes of the June 7, 2021 Board Meeting, were approved.

Consideration of Check Register
Mr. Flint: Next is the check register. This is from May 31st through July 26th for the General Fund and the Board payroll. The summary is the first page and then you have the detailed check register showing the individual checks. It totals $141,167.33. Are there any questions on the check register? If not, is there a motion to approve the check register?

On MOTION by Mr. DiCocco, seconded by Mr. Siron, with all in favor, the Check Register totaling $141,167.33, was approved.

Balance Sheet and Income Statement
Mr. Flint: We have provided you with the unaudited financials through June 30th, 2021. It included the combined balance sheet reflecting the General Fund and the Debt Service Fund and then the statement of revenue and expenditures, as well as a month-to-month summary of the general fund revenue and expenses. There is no action required by the Board on the financials, but if you have any questions, we can discuss them.
Mr. Nembirkow: The $1.5 million in cash sitting there, the State administers it, correct?
Mr. Flint: The investment fund is managed by the State Board of Administration. It is a local government trust account that is managed by the governor.
Mr. Nembirkow: What kind of a charge are we getting?
Mr. Flint: It is less than I%, but it is liquid and can be accessed within 24 hours. It is stable. Most of the cities, counties, and school boards do invest in that fund because it gives you liquidity, protection of principle, and the return is better than what you would get in a I-year CD or a money market account.
Mr. DiCocco: We have to spend that return too, correct? We can't show a profit from that

fund?

Mr. Flint: The interest earnings are reflected and they roll forward from year to year. Mr. Nembirkow: Is that $1.5 million a percentage requirement that we should have?
Mr. Flint: No, we have a benefit from us receiving some refunded impact fee credits when

the improvements were originally funded and the water and sewer lines were constructed. The COD got back impact fee credits and they were deposited into the general fund.
Mr. Nembirkow: Is that more than what a typical CDD would have?
Mr. Flint: It depends on what your assets are. Some CDDs own water and sewer systems, some own the amenities, some own the roads. In this case, it is probably higher than what the CDD

would normally have because you are primarily operating the storm water system. What we did in the proposed budget is we moved $1.1 of the $1.5 million into a Capital Reserve Fund. It is being set aside for the General Fund. That will be available for any capital expenses.
Mr. Nembirkow: I hope it pays more than 0.5%.
Mr. Flint: It is hard to earn more than that without risk.
Mr. Nembirkow: So, we have more direct access if it is in a Capital Reserve Fund?
Mr. Flint: Either way it is invested in the same State Board of Administration account. We are just segregating it from the General Fund. If someone asks the question of how much do we have in reserves, it is easier to do it this way. It is not part of your carry forward and rolling year to year in your fund balance. Part of this $1.5 million is going to be spent down, well it is $1.79 million, part of that is going to be spent down over the next couple months until the end of the fiscal year, and part of that you want to set aside a 3-month operating reserve. Taking into account what would be spent through the end of this year and setting aside a 3-month operating reserve, we are transferring the balance of that to the capital reserve fund if you approve the budget as it was presented. We are in very good shape from a reserve perspective. Any repairs that may come up in the storm water system, as in replacement of the fountains or landscape replacements, things that the CDD is responsible for are all things that would be eligible to be paid for out of those funds. Any questions on that?
Mr. Manjourides: I have two questions. One is the insurance that went up $2,500, is that for the month?
Mr. Flint: Where are you looking?
Mr. Manjourides: The insurance line that went from $3,000 to $5,500.
Mr. Flint: The insurance was budgeted at $3,000. That is your general liability and your public official's liability policy. That is a one-time payment. The actual cost of the policy was
$5,500. I am not sure where the $3,057 came from.
Mr. Manjourides: So, that is for the whole year?
Mr. Flint: Yes.
Mr. Manjourides: The capital outlay, why is that so high?
Mr. Flint: Those are the fountains that you approved. They weren't budgeted but you approved installation of them. I think it is two fountains. They average about $25,000 a year. You are still under your total because our reclaimed water expense this year is coming in under. Last

year, because it was such a dry year, we spent a significant  amount  in reclaimed  water, close to
$300,000. When we were re-budgeting, we didn't know ifwe were going to have a drought again. When we re-budgeted, we budgeted at the higher amount but it looks like it is coming in under. That gives you the cushion there because you don't know what the weather is going to do. Any other questions or comments about the financials? Hearing none, we will move on to the next item.

FOURTH ORDER OF BUSINESS	Business Items
Public Hearing
Mr. Flint: The Board previously approved a proposed budget and set today for the public hearing for its final consideration. I will ask for a motion to open the public hearing please.

On MOTION by Mr. Nembirkow, seconded by Mr. DiCocco, with all in favor, the Opening of the Public Hearing, was approved.

Consideration of Resolution 2021-08 Adopting the Fiscal Year 2022 Budget and Relating to the Annual Appropriations
Mr. Flint: Do we have any public comment on the budget or the assessments? Hearing no public comment, we will bring it back to the Board. The first resolution you have is 2021-08 which approves the budget. The fiscal year starts on October 1st and runs through September 30, 2022. The budget that is in your agenda attached is exhibit 'A' to the resolution. This is substantially the same as what you saw when you approved the proposed budget. We have updated the actuals through June 30th and projected the last 3 months. The Board approved the budget, keeping the per unit assessment amounts the same. There is no proposed increase to the per unit assessment amounts. As I indicated, if you look at the last line item under operations & maintenance, it is a transfer out to capital reserve. What we are doing with this budget is moving out everything other than a 3-month operating reserve into a Capital Reserve Fund. You can always move the money back if you want to. We have found it is helpful to move that money out into the capital reserve so you can readily identify what is available. On page 9, you see the capital reserve fund where that money is transferring into that fund. Right now, we just have $25,000 budgeted for capital outlay and that is up to the Board. That is the last fountain. We have one pond as you come in off of Westside Boulevard off the left side that is the last pond that does not have a fountain in Stoneybrook South. It is not approved by adopting this budget, but if you wanted to install that fountain we have the money.
Mr. Manjourides: Is that a dry pond?

Mr. Scheerer: No, it is a wet pond. You know as you are leaving and you get to Westside and tum right, it is a wet pond right there on the right-hand side.
Mr. Manjourides: Is it past the dry pond?
Mr. Scheerer: No. As soon as you turn right onto Westside Boulevard it is right there. Mr. Flint: It is the one with the exposed pool equipment.
Mr. Manjourides: How much of that land do we own? Is it just the water?
Mr. Scheerer: We own the pond bank and we also maintain a stretch of property down Westside Boulevard.
Mr. Flint: Our property usually stops at the top of the bank.
Mr. Scheerer: The retreat has a section that they own and we have our own Viburnum hedge that we own. If you are heading down Westside Boulevard you will see a Viburnum hedge and anything inside of that belongs to the retreat, while anything outside of that belongs to the CDD.
Mr. Nembirkow: I think we will hold off on that for a while.
Mr. DiCocco: I'm going to go look but I'm not thinking it has any aesthetic value to put one there.
Mr. Scheerer: Well, you can see it from Westside Boulevard as you would see the one from the 18th green and 18th tee that you just installed. It  is pretty much the same thing; you can't miss it from the road. You don't have to approve it, but we put it in there because you guys have been approving fountains in other wet ponds, so that was the only other wet pond we had. Like George said, if you don't use it, you don't use it.
Mr. DiCocco: I am all for it if it adds value, but I can't even think of where it is at. I have only been here for six years.
Mr. Siron: It is not as visible as the other ones because it is so deep.
Mr. DiCocco: Maybe the value of the fountain wouldn't be dramatic either then.
Mr. Manjourides: The most value would be getting the tree line covering the back of those houses with pools.
Mr. DiCocco: Yeah, but that is not our property. On the Westside the Viburnum hedge takes care of it. Coming in our community if you look left you see all that stuff.
Mr. Nembirkow: Ifwe put a fountain there it's going to make it even more apparent. Mr. Flint: Any other comments or questions on the proposed budget?

Mr. DiCocco: The gross total assessment for the year $899,044, is that the same as it was last year?
Mr. Flint: Yes. That reflects the 6% gross up for early payment and the 2% collection cost.
If you took the $845,101 and added 6% that is where the $899,044 comes from.

On MOTION by Mr. Nembirkow, seconded by Mr. DiCocco, with all in favor, the Resolution 2021-08 Adopting the Fiscal Year 2022 Bud et and Relatin to the Annual A ro riations, was a roved.

i.	Consideration of Resolution 2021-09 Imposing Special Assessments and Certifying an Assessment Roll
Mr. Flint: Resolution 2021-09 takes the budget you just approved in exhibit 'A' and authorizes us to certify the assessment roll to the county for collection on the tax bill. Any public comments on the resolution? Are there any questions from the Board on the resolution? Again, this is just taking your budget you just approved and the assessment roll and allowing us to certify it for collection.

On MOTION by Mr. Siron, seconded by Mr. DiCocco, with all in favor, Resolution 2021-09 Imposing Special Assessments and Certifying an Assessment Roll, was approved.

On MOTION by Mr. Nembirkow, seconded by Mr. DiCocco, with all in favor, the Closing of the Public Hearing, was approved.

Presentation of Arbitrage Rebate Calculation Report - Series 2013 & 2014 Bonds
Mr. Flint: It is a requirement by the IRS that we do the calculation to make sure we are not earning more interest than we are paying. In the report you can see there is a negative rebate requirement of$373,000 so there are no arbitrage issues for the Series 2013 bonds. For the Series 2014 bonds there is a negative rebate requirement of $1.8 million, so there are no arbitrage issues with that series either.
Mr. DiCocco: What section were the 2014 bonds for? I assume the 2013 bonds were for
the original country club.
Mr. Flint: That is before my time. I could go back and pull the Engineer's Report.
Mr. DiCocco: I was just curious that is all. That is okay.
Mr. Flint: We weren't the manager at the time so I do not know off the top of my head but we could research it.

Mr. Nembirkow: Don't worry about it.

On MOTION by Mr. Nembirkow, seconded by Mr. DiCocco, with all in favor, Acceptance of the Arbitrage Rebate Calculation Report
- Series 2013 & 2014 Bonds, was aooroved.

Consideration of Proposal from LLS Tax Solutions to Provide Arbitrage Rebate Calculation Services for the Series 2013 Bonds
Mr. Flint: This is the proposal for preparation of the arbitrage report going forward. You can see it is $550 a year and they have locked that in for five years. It is a total of $2,750. This is a very competitive price. There are only a couple of companies that do this. The other one is $650 a year. This one is about $100 a year less. Any questions on the proposal?
Ms. Dan Tu: Is this for 2022? $550 per year is in the budget?
Mr. Flint: It is in the budget yes. We budgeted $1,100 which is for two bond issues. That would be $550 times two. For some reason, we only have the proposal for 2013 in here. We will bring the 2014 proposal back at the next meeting. That covers both bond issues. This proposal is just for one of them.

On MOTION by Mr. DiCocco, seconded by Mr. Manjourides, with all in favor, the Proposal from LLS Tax Solutions to Provide Arbitrage Rebate Calculation Services for the Series 20130 Bonds, Totaling $550 a year for 5 years, was approved.

Approval of Fiscal Year 2022 Meeting Schedule
Mr. Flint: Every year you are required to approve an annual meeting schedule. We prepared one that has your meeting on the first Monday of the month in October, December, February, April, June, and August at 10:00 a.m. in this location. You can change these dates. You can meet more frequently or less frequently. That is up to the Board. This corresponds with how you have historically met.
Mr. Nembirkow: That works fine.

On MOTION by Mr. Manjourides, seconded by Mr. DiCocco, with all in favor, the Fiscal Year 2022 Meeting Schedule, was approved.

FIFTH ORDER OF BUSINESS
District Counsel
There being none, the next item followed.

Staff Reports

District Engineer
Mr. Flint: Dave, anything from your end?
Mr. Reid: Nothing.
Mr. Flint: Did you do an inspection of the infrastructure?
Mr. Reid: Yes, I did.
Mr. Flint: Each year, the Trust Indenture requires the Engineer to inspect all of the District's infrastructure to make sure it is being maintained and that we are properly budgeting and carrying the correct insurance. That is a letter report that he does annually. We take that report if there are any maintenance issues like erosion or debris and we use it from a maintenance perspective.
Mr. Nembirkow: What kind of notifications does the gas pipeline that crosses the HOA
and our property give?
Mr. Scheerer: That is their gas line easement.
Mr. Flint: They did provide notice to the HOA and the CDD. My notice is the HOA was going to be sending out a notice.
Mr. Nembirkow: They sent out something and the neighbors started calling me. I did not realize how big those pipes were. I thought it was a 4-inch pipe.
Mr. Scheerer: I have to say that they typically do a very good job. It looks chaotic right now. They are replacing that pipe and that easement, and it is their easement.
Mr. Flint: They are pretty particular about what we can do.
Mr. Scheerer: That area is all maintained by the HOA. None of that easement is maintained by the CDD.
Mr. Nembirkow: I have a particular neighbor that lives at the end of the cul-de-sac.
Mr. Scheerer: That is more pronounced because that is St. Augustine grass and irrigated in that area where the rest of it is unirrigated Bahia grass. They have been doing this project for quite a number of years.
Mr. Manjourides: I think it goes all the way up the 17th fairway.
Mr. DiCocco: Remember 5 or 6 years ago across Westside and before K-Track was there, they came in and ran four gigantic pipes and then split them up. It was part of that.
Mr. Manjourides: They had some pipe for a while that was a chimney stack. It had gas lit on the top of it.

August 2, 2021	Stoneybrook South CDD

District Manager
Mr. Flint: I don't have anything other than what was on the agenda.

Field Manager
Mr. Scheerer: I put in the report a picture of a tracker. It is actually a golf course tracker. Just to let you know what is getting ready to happen, they will be here tomorrow to start the CDD ponds. I did speak with the engineer about making sure that they are picking any of the trash because there was some excess trash. They only do that once a month. We have a couple of palms on Deuce Circle that we are working with Down to Earth on to try to get those replaced. Those are Washingtonians. We are probably going to go back in with Sabals.
Mr. Manjourides: Deuce Circle? There are a few of them.
Mr. Scheerer: There are only two that are CDD that I am aware of. We also are going to be touching up the monuments along Oasis Club Boulevard. That will probably start in the next couple of weeks. We did get the wall done on 13. We went ahead and cleaned the whole thing this time. They are still working. As far as I know, the majority of the Champions Gate letters are lit in some of the towers and they are still working on that. They should have all of that completed this week. We are doing all of them. They are LED light strips in there. We have to go in and take them all out, then hand install the rest of them.
Mr. DiCocco: When they trim the palm trees in our community now because of the height they use a lift. Is Down to Earth charging extra for that?
Mr. Scheerer: No, there are not extra charges. When we revised the scope, it took away any height requirements. A lot of them have 10-15 feet and anything above that they wanted to charge for a lift. The Sabals that were installed on Double Eagle will have bracings on them definitely through hurricane season. We get into the fall and at their discretion we leave it up to the landscaper. If something happens, and it falls over, and they took the bracing off then it is on them. If I tell them to take it off then it is on me. You will probably see those bracings on them and on new ones for at least a year.
Mr. Manjourides: With the dry pond, when you are coming in on Westside from Ronald Reagan, on the right, it is kind of down and behind a couple of houses. There is an opening where the water goes to another pond? Anyway, the whole thing is collapsed, I don't know if you saw that.

August 2, 2021	Stoneybrook South COD

Mr. Scheerer: The first pond off of Ronald Reagan on the right? As you come in off Westside Boulevard?
Mr. Manjourides: As you are making the bend around the first houses on the right, their backyard is a dry pond.
Mr. Scheerer: I don't know that it is ours. I will take a look at it. I did notice the first one on the right after Ronald Reagan is totally underwater today, which is weird.
Mr. Nembirkow: On the golf course? Mr. Scheerer: Yes.
Mr; Nembirkow: Is there some sort of pattern as to why they pump stuff. I saw 14 full of water a few weeks ago. I had never seen water there.
Mr. Reid: They alternate ponds. Maybe because of all of the rain this summer, they have a lot of weeds they have to get rid of. I have a feeling they are probably dumping a lot more weeds. Mr. Nembirkow: There are a lot of weeds in the dry areas. That water will kill all of the

weeds.

HOA?

Ms. Dan Tu: I have a question about the street signs. The speed limit signs are they all

Mr. Scheerer: Those are HOA not CDD. Mr. Flint: The HOA owns the roads.
Mr. Scheerer: The streets are private. Any of the street signs, ID markers, speed limit,

pedestrian posts all of those are HOA.
Mr. Flint: Westside Boulevard it would be the county, but the internal roads are HOA. Ms. Dan Tu: Okay, thanks.
Mr. Flint: Did the Board have anything else under Field Manager's Report for Alan?
Hearing none,

SIXTH ORDER OF BUSINESS	Supervisor's Requests
Mr. Flint: Are there any other Supervisors requests or business the Board would like to discuss before you adjourn? Hearing none,

SEVENTH ORDER OF BUSINESS	Adjournment

Aug1JSt 2, 2021	Stoneybrook South CDD

On MOTION by Mr. Manjourides, seconded by Mr. Siron, with all in favor, the meeting was ad journed.

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Secretary/AJs istant Secretary	Chairman/Vice Chairman

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