Heritage Bay Minutes 03/26/2018 (Continued from 03/19/2018) MINUTES OF MEETING
HERITAGE BAY
COMMUNITY DEVELOPMENT DISTRICT
The public hearing/regular meeting of the Board of Supervisors of the Heritage
Bay Community Development District held on Monday, March 19, 2018 at 9:00 a.m. was
continued to Monday, March 26, 2018 at 9:00 a.m. in the Heritage Bay Clubhouse, 10154
Heritage Bay Boulevard,Naples, Florida.
Present and constituting a quorum were:
Edwin Hubbard Chairman
John May Vice Chairman
Jack Arcurie Assistant Secretary
Dennis Gagne Assistant Secretary
Donna Hunter Assistant Secretary
Also present were:
Justin Faircloth District Manager
Greg Urbancic District Counsel (via telephone)
Michael Williams Ackerman (via telephone)
Wendell Gaertner PRAG(via telephone)
Residents
The following is a summary of the actions taken at the March 26, 2018 continued
public hearing/meeting of the Heritage Bay Board of Supervisors.
FIRST ORDER OF BUSINESS Roll Call
Mr. Faircloth called the meeting to order and called the roll.
SECOND ORDER OF BUSINESS Consideration of Resolution 2018-
7 Delegation Resolution
• Mr. Urbancic commented that the exhibits will be approved as part of the
resolution in substantial form as there will be revisions before posting.
• Mr. Williams gave an overview of the Delegation Resolution and Exhibits.
• Mr. Gaertner gave an update on the pricing and insurance status of the bonds.
• Questions and comments from the Board were addressed.
March 26, 2018 Heritage Bay CDD
A. Exhibits
i. Exhibit A Third Supplemental Trust Indenture
ii. Exhibit B Bond Purchase Agreement
iii. Exhibit C Preliminary Official Statement
iv. Exhibit D Continuing Disclosure Agreement
On MOTION by Mr. May seconded by Ms. Hunter with all
in favor Resolution 2018-7 authorizing the issuance of and
awarding the sale of its not exceeding $16,620,000
principal amount of Heritage Bay Community
Development District capital improvement revenue
refunding bonds, Series 2018A-1 and its not exceeding
$4,515,000 principal amount of Heritage Bay Community
Development District capital improvement revenue bonds,
Series 2018A-2 (Collectively, "the 2018 bonds") for the
principal purposes of refunding all of the outstanding
Heritage Bay Community Development District capital
improvement revenue refunding bonds, Series 2014;
retiring certain other District debt and constructing
stormwater management and related improvements;
delegating to the Chairman or Vice Chairman of the Board
of Supervisors of the District, subject to compliance with
the applicable provisions hereof, the authority to award the
sale of such 2018 bonds to Raymond James & Associates,
Inc. by executing and delivering to such underwriter a
Bond Purchase Agreement; approving the form of and
authorizing the execution of the Third Supplemental Trust
Indenture; making certain findings; approving form of said
2018 bonds; approving the form of the Preliminary Official
Statement and authorizing the use of the official statement
and the Preliminary Official Statement and the execution of
the official statement;approving the form of the Continuing
Disclosure Agreement and authorizing the execution
thereof; delegating to the District Manager the authority to
purchase a municipal bond insurance policy and surety
bond for deposit to the 2018 reserve account; authorizing
certain officials of Heritage Bay Community Development
District and others to take all actions required in connection
with the issuance, sale and delivery of said 2018 bonds;
calling the bonds to be refunded for early redemption;
providing certain other details with respect to said 2018
bonds; and providing an effective date was adopted.
B. Dissemination Agreement with Inframark
• It was noted that such reporting is required for the timely filing of all information
relative to the bond.
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March 26, 2018 Heritage Bay CDD
• Discussion ensued with regard to the Inframark fee for this service.
Mr. May MOVED to approve the Agreement between the
Heritage Bay Community Development District and
Inframark, Infrastructure Management Services, LLC for
Management Assistance Services in the amount of$1,500
and Mr. Arcurie seconded the motion.
• The prior motion was discussed.
Mr. May MOVED to amend the prior motion to allow
District Counsel to work with Infiamark to redefine Item
6.4 and Mr.Arcurie seconded the motion.
On VOICE vote with all in favor the prior motion was
approved as amended.
C. Amendment Raymond James
• It was noted that the Trustee had additional language for inclusion in the
Amendment.
On MOTION by Mr. Hubbard seconded by Mr. Arcurie
with all in favor the Raymond James Amendment subject
to Counsel revision was approved.
THIRD ORDER OF BUSINESS Deferred Costs
Acknowledgement
and Release
• The Agreement has been submitted to Lennar's Counsel for review.
• It was noted that the Board could approve the agreement in substantial form;
approving the deferred cost amount that will be paid to Lennar out of the existing
accounts immediately prior to closing the bonds.
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March 26, 2018 Heritage Bay CDD
On MOTION by Mr. Hubbard seconded by Ms. Hunter
with all in favor the Deferred Costs Acknowledgement and
Release by and between Heritage Bay Community
Development District and Lennar Homes, LLC subject to
Counsel revision was approved.
• Discussion ensued with regard to Quality Enterprises (QE) moving forward with
mobilization for the projects and staging materials on site. It was noted once
funding has been secured the contracts will be released and QE can commence I
work; then a Notice to Proceed will be submitted. If QE wishes to mobilize
before the contract is released, they will be responsible for any costs incurred in
the event financing is not completed.
FOURTH ORDER OF BUSINESS Audience Comments
None
FIFTH ORDER OF BUSINESS Adjournment
There being no further business,the meeting was adjourned.
On MOTION by Mr. May seconded by Mr. Hubbard with
all in favor the meeting was adjourned at 9:56 a.m.
J in Faircloth Edwin Hubbard
ecretary Chairman
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