BOARD OF SUPERVISOR S

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1 BOARD OF SUPERVISOR S HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT AGENDA September 1, 2016 James P. Ward District Manager 2041 Northeast 6th Terrace Wilton Manors, Fl Phone: ward9490@comcast.net CDD Board of Supervisor s Terrence Kirschner, Chairman William Riley, Vice Chairman Nancy Lyons, Supervisor David Negip, Supervisor John Wisz, Supervisor

2 HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT August 25, 2016 Board of Supervisors Heritage Harbour North Community Development District Dear Board Members: The Regular Meeting of the Board of Supervisors of the Heritage Harbour North Community Development District will be held on Thursday, September 1, 2016 at 2:00 P.M. at the River Strand County Club (Clubhouse), 7155 Grand Estuary Trail, Bradenton, Fl Call to Order & Roll Call 2. Consideration of Minutes a) April 7, 2016 Regular Meeting 3. PUBLIC HEARINGS a) FISCAL YEAR 2017 BUDGET I. Public Comment and Testimony II. Board Comment and Consideration III. Consideration of Resolution relating to the annual appropriations and adopting the budget for Fiscal Year b) FISCAL YEAR 2017 IMPOSING SPECIAL ASSESSMENTS; ADOPTING AN ASSESSMENT ROLL AND APPROVING THE GENERAL FUND SPECIAL ASSESSMENT METHODOLOGY I. Public Comment and Testimony II. Board Comment and Consideration III. Consideration of Resolution imposing special assessments, certifying an assessment roll and approving the general fund special assessment methodology. 4. Consideration of Resolution designating the dates, time and location for regular meetings of the Board of Supervisors of the District. CDD James P. Ward District Manager 2041 NORTHEAST 6 TH TERRACE WILTON MANORS, FL PHONE (954) ward9490@comcast.net

3 2 P age 5. Staff Reports a) Attorney b) Engineer c) Manager I. Financial Statements for the period ending July 30, Supervisor s Requests and Audience Comments 7. Adjournment The second order of business deals with the approval of the April 7, 2016 minutes. The third order of business is two (2) required Public Hearings to consider the adoption of the District s Fiscal Year 2017 Budget, Assessments and General Fund Special Assessment Methodology. The first Public Hearing deals with the adoption of the Fiscal Year 2017 Budget which includes both the General Fund operations and the Debt Service Funds for the Series 2007 and Series 2014 Bonds. In the way of background, the Board approved the Fiscal Year 2017 Budget at the solely for the purpose of permitting the District to move through the process towards this hearing to adopt the Budget and set the final assessment rates for the ensuing Fiscal Year. There is one change to the proposed budget, which was to update the number of units for the on-roll vs. off-roll. As a suggested form for the Public Hearing it would be appropriate to formally open the Public Hearing for consideration of the Budget, take a few moments to have the District Manager review the salient points of the Budget for the Public, then seek Public Comment or testimony, and at the conclusion of the Public Comment and testimony to close the Public Hearing by motion of the Board, then to move into the Board s consideration of the Budget and once that is concluded, to consider Resolution to adopt the annual appropriation and budget for the District. Once this item is concluded, then it would be recommended for the Board to move to the second Public Hearing utilizing the same process as just completed for the Budget Hearing. This second Public Hearing is a consequence of the Budget Adoption process and sets in place the required documents that are all contained in the Fiscal Year 2017 Budget. Resolution does essentially three (3) things. First, it imposes the special assessments for the general fund and the debt service fund; second, it arranges for the certification of an assessment roll by the Chairman or his designee, which in this case is the District Manager, to the Manatee County Tax Collector and permits the District Manager to update the roll as it may be modified as limited by law subsequent to the adoption date of Resolution and finally it approves the General Fund Special Assessment Methodology. CDD James P. Ward District Manager 2041 NORTHEAST 6 TH TERRACE WILTON MANORS, FLORIDA PHONE (954) ward9490@comcast.net

4 3 P age The fifth item is consideration of Resolution setting the proposed meeting schedule for Fiscal Year As you may recall, to the extent that the District has a regular meeting schedule the District is required to advertise this schedule (legal advertisement) on a periodic basis at the beginning of the Fiscal Year. Currently, the Board is scheduled to meet on the first Thursday of each month at 2:00 P.M. unless otherwise indicated, at the River Strand Golf and Country Club, (Clubhouse), 7155 Grand Estuary Trail, Bradenton Florida, The Fiscal Year 2017 schedule is as follows October 6, 2016 November 3, 2016 December 1, 2016 January 5, 2017 February 2, 2017 March 2, 2017 April 6, 2017 May 4, 2017 June 1, 2017 July 6, 2017 August 3, 2017 September 7, 2017 The balance of the Agenda is standard in nature and I look forward to seeing you at the meeting, and if you have any questions and/or comments, please do not hesitate to contact me directly at (954) Yours sincerely, Heritage Harbour North Community Development District James P. Ward District Manager Enclosures CDD James P. Ward District Manager 2041 NORTHEAST 6 TH TERRACE WILTON MANORS, FLORIDA PHONE (954) ward9490@comcast.net

5 MINUTES OF MEETING OF HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT The Regular Meeting of the Heritage Harbour North Community Development District s Board of Supervisors was held on Thursday, April 7, 2016, at 2:00 p.m., at the River Strand Golf and Country Club (Clubhouse), 7155 Grand Estuary Trail, Bradenton, Florida Present and constituting a quorum were: Terrence Kirschner William Riley John Wisz Nancy Lyons Also present were: James P. Ward Shane Cooper Chairperson Vice Chairperson Assistant Secretary Assistant Secretary District Manager District Engineer 1. Call to Order & Roll Call Mr. Ward called the meeting to order at 2:06 p.m., and a roll call determined that all members of the Board were present with the exception of David Nigip. 2. Consideration of the Minutes a) November 5, 2015 Regular Meeting Mr. Ward asked if there were any additions, corrections, or deletions to the minutes. There being none, he asked for a motion. Motion was made by Mr. Wisz and seconded by Mr. Riley, to approve the November 5, 2015 minutes, and with all in favor the motion was approved. b) March 3, 2016 Regular Meeting Mr. Ward asked if there were any additions, corrections, or deletions to the minutes. There being none, he asked for a motion. Motion was made by Mr. Wisz and seconded by Mr. Kirschner, to approve the March 3, 2016 minutes, and with all in favor the motion was approved. 1

6 3. Consideration of Resolution approving the Proposed Budget for Fiscal Year 2017 and setting a Public Hearing for Thursday, September 1, 2016 at 2 P.M. at the River Strand Golf and Country Club, 7155 Grand Estuary Trail, Bradenton, Florida on the Proposed Budget Mr. Ward stated that the statute required him to prepare and provide to the Board a Proposed Budget prior to June 15 th of each year, which the Board, in turn, was required to approve before that date, solely for the purpose of holding their public hearing on September 1 st. Approval of the Budget didn t bind them to any of the costs contained therein, nor to any programs or assessment rates. It would, however, allow them to move the process forward toward their public hearing, at which time they would be asked to adopt the budget and set the assessment rates projected in the Budget preparation. With reference to the Budget, Mr. Ward said that he did not anticipate another meeting between the present and the public hearing dates, unless Lennar had plats or something other to do. He requested those present let him know if they had any questions and felt they needed to have more meetings. Pages 1-4 of the Budget related to the General Fund, page 2 being most significant. Mr. Ward explained that the General Fund was essentially composed of the basic operations of the District. The proposed rate had gone up from $56,019 in 2016, to $64,078 in Turning their attention to the section directly above the Assessment Comparison Chart, he pointed out that in the Anticipated Year-end column, the ending Fund balance was $4,183, reflecting approximately the amount that would be available at the end of the fiscal year. That amount would not be enough cash to carry the District through the first three months of the coming fiscal year. As a result, what he had done, as shown on the previous page, was to insert a minus figure in the carry-forward on the very top line, putting cash back in the bank accounts in order to fund the cash balance and cover the first three months of the next fiscal year. That was the explanation for the assessment rate change, and looking back to page 2, the Fund balance was anticipated to go up to $24,000 by The rate change of roughly $8 or $9 from 2016 to 2017, was the only change implemented between the two fiscal years. The rates over time had been brought down from where they were over $100 per unit, per year when he first took over the District. They were able to bring them down owing to significant cash balances in the bank account, though the balances were a little too low at the moment. He, therefore, was raising them just a little in order to get the cash balance to where they could handle District operations, and as a way of offsetting some extraordinary expenses they had had during the past few years. At any rate, he did not expect their expenses to change much over the next three to five years. Ms. Lyons indicated that she had a few questions. Turning to page 2, under Assessment Comparison on the right, she asked if the housekeeping item should read Mr. Ward affirmed the correction. Ms. Lyons requested confirmation also, that the increases of 18%, and then 16%, were not expected to Page 2

7 continue but would stay at the present level. Mr. Ward replied in the affirmative. Referring to page 3 of the carry forward paragraph, Ms. Lyons asked if that date were correct. Mr. Ward answered no, it should be Directing their attention to pages 5, 6 and 7, Mr. Ward pointed to the Series 2007 Bond Debt Service, stating that the numbers there remained relatively constant, changing, perhaps, by a few dollars per year. There was roughly $1,890,000 per year in debt service due on the bonds, which kept the assessment rates relatively constant and the Debt Service Fund relatively simple. On page 8, was the 2007 Capital Projects Fund, which carried the construction funds which financed the infrastructure for the bonds. By year s end, it was projected that they would spend just about all in the Fund, save a little cash carries going into Pages 9, 10 and 11 contained the 2014 Series Bonds, also a debt service fund which would remain relatively constant, changing $5 to $10 per year. Approximately $530,000 in debt service was due on the 2014 bonds, which essentially covered the annexed area of the District, i.e. the new portion of the District itself. On page 12 could be found the Capital Projects for the 2014 bonds, showing at the bottom an anticipated amount of about $1 million remaining in the bank account at year end. Based on his conversations with Lennar, roughly $1 million in capital, or a little bit more, would be necessary to complete the Heritage Harbour North area. Any costs over what remained in the bank would be picked up by Lennar pursuant to what was called a Completion Agreement under the bonds. If the amount were under $1 million upon Lennar s completion of the project, the remaining cash would be used to prepay bonds. Sometime in 2017, most likely in the latter part of 2017, when Lennar finished up in the Marina area, he would have a better handle on whether the cost would be just over or under the $1 million mark, though he suspected it would be over. Mr. Ward asked if there were any questions. There being none, he declared that a motion to adopt Resolution would be in order. Motion was made by Mr. Kirschner and seconded by Ms. Lyons to adopt Resolution , and with all in favor the motion was approved. 4. Consideration of Agreement with MBS Capital Markets, LLC, to provide underwriting services for the evaluation and consideration of the refinancing of the Series 2007 bonds Giving a brief background on the item, Mr. Ward reported that when the 2007 bonds were issued, the usual call protection feature was included, which meant that the District would not be in a position to refinance the bonds in question till May Interest rates were good for Community Development Districts at the present time. As such, they could do an advance refunding, meaning that they could borrow money then and there and replace escrow the sum of money necessary to refinance the 2007 bonds, In May 2017, that escrow account would Page 3

8 pay off the old bonds and they would operate as if it were a new bond issue. Cost of the escrow account would be high, concurrently with low interest rates, and consequently, Mr. Ward did not know if refinancing would be a good or bad decision. They would, however, consider the opportunity to refinance at present, as opposed to holding off till May Current SEC rules required them to retain the original underwriter so that he could provide them with the information necessary to do the evaluation. MBS Capital Markets would provide a very good fee structure and Brett Sealy was highly qualified. If, at some point prior to the issuance of bonds, the Board decided not to move forward, it could terminate refinancing by sending Mr. Sealy notice. Mr. Ward concluded that he thought it an opportune time to retain MBS Capital Markets and allow Mr. Sealy to do an evaluation, which he estimated could be brought before the Board by late summer. Mr. Ward said he would be glad to answer any questions, otherwise staff was recommending that MBS Capital Markets be retained in consideration of refinancing. Ms. Lyons requested confirmation that it concerned only the 2007 bonds. Mr. Ward answered that that was correct. In reply to another question, Mr. Ward clarified that there was no cost associated with looking at the refinancing or deciding against it. Once they started the refinancing there would be a fee, but he would advise the Board the board of it immediately. There were no further questions and Mr. Ward recommended a motion to approve the agreement. Motion was made by Ms. Lyons and seconded by Mr. Kirschner to approve the agreement with MBS Capital Markets, and with all in favor the motion was approved. 5. Consideration of dedication of Bill of Sale for Utility Facilities to Manatee County for ownership, operation and maintenance In the absence of District Engineer Shane Cooper, Mr. Ward requested Terry Kirschner advise the Board on where the utility facilities were located in the District. Mr. Ward explained that they were proposing to take water and sewer facilities they had purchased and currently owned, and dedicate them to Manatee County for ownership, operation, and maintenance. Mr. Kirschner pointed to G, representing the final tract where condominiums were being built, at the westerly end of Grand Estuary Trail, as the first of the three locations,. The second location was Phase 2 of the Sanctuary. The third was the small tract at Quiet Creek where the models were. Mr. Ward asked if there were any questions. There being none, he asked for a motion to authorize the Chairman to execute the Bills of Sale. Motion was made by Mr. Wisz and seconded by Ms. Lyons to authorize the Chairman to execute Bills of Sale for dedication to Manatee County, and with all in favor the motion was approved. Page 4

9 6. Staff Reports a) Attorney Mr. Urbancic was not present to report. b) Engineer Mr. Shane was not on hand to report. c) Manager I. Financial Statements for the period ending February 29, 2016 Mr. Ward stated he had nothing he needed to bring to the Board s attention on the financial statements, unless they had any questions on the interim financials which, as they could see, were consistent with what they had done in the past. 7. Supervisor s Requests and Audience Comments Ms. Lyons commented that there seemed to be quite an increase in Trustee Services. Mr. Ward responded that that was correct, explaining it was because of the second series of bonds that came on after they did the Budget. 8. Adjournment Motion was made by Ms. Lyons and seconded by Mr. Riley to adjourn the meeting, and with all in favor the motion was approved. The meeting was adjourned at 2:22 p.m. James P. Ward Secretary Terrence Kirschner, Chairman Page 5

10 RESOLUTION THE ANNUAL APPROPRIATION RESOLUTION OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT (THE DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2016, AND ENDING SEPTEMBER 30, 2017; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the District Manager has, prior to the fifteenth (15 th ) day in June, 2016, 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 Heritage Harbour North 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 September 1, 2016, 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, Section (2)(a), Florida Statutes, requires that, prior to October 1 st, 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 HERITAGE HARBOUR NORTH 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. 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 1 Page

11 RESOLUTION THE ANNUAL APPROPRIATION RESOLUTION OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT (THE DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2016, AND ENDING SEPTEMBER 30, 2017; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. reflect actual revenues and expenditures for Fiscal Year 2016 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 for the Fiscal Year ending September 30, 2016, as adopted by the Board of Supervisors on September 3, SECTION 2. APPROPRIATIONS There is hereby appropriated out of the revenues of the Heritage Harbour North Community Development District, for the fiscal year beginning October 1, 2015, and ending September 30, 2016, the sum of $2,569, 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 $ 130, DEBT SERVICE FUND(S) $2,439, CAPITAL PROJECTS FUND(S) $ NONE TOTAL ALL FUNDS $2,569, SECTION 3. SUPPLEMENTAL APPRORPRIATIONS The Board may authorize by resolution, supplemental appropriations or revenue changes for any lawful purpose from funds on hand or estimated to be received within the fiscal year as follows: a. Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item. b. Board may authorize an appropriation from the unappropriated balance of any fund. c. Board may increase any revenue or income budget amount to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance. 2 Page

12 RESOLUTION THE ANNUAL APPROPRIATION RESOLUTION OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT (THE DISTRICT ) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2016, AND ENDING SEPTEMBER 30, 2017; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. The District Manager or Treasurer shall have the power within a given fund to authorize the transfer of any unexpected balance of any appropriation item or any portion thereof, provided such transfers do not exceed Ten Thousand ($10,000) Dollars previously approved transfers included. Such transfer shall not have the effect of causing a more than $10,000, previously approved transfers included, to the original budget appropriation for the receiving program. Transfers within a program or project may be approved by the Board of Supervisors. SECTION 4. 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 5. CONFLICT. That all Sections or parts of Sections of any Resolutions, Agreements or actions of the Board of Supervisor s in conflict are hereby repealed to the extent of such conflict. SECTION 6. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Heritage Harbour North Community Development District. PASSED AND ADOPTED this 1 st day of September, ATTEST: HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT James P. Ward, Secretary Terrence Kirschner, Chairman 3 Page

13 BOARD OF SUPERVISOR S HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT EXHIBIT A PROPOSED BUDGET FISCAL YEAR 2017 October 1, 2016 through September 30, 2017 Board of Supervisor s James P. Ward District Manager 2041 N.E. 6th Terrace Wilton Manors, FL Terry Kirschner, Chairman William Riley, Vice Chairman Nancy Lyons, Supervisor David Negip, Supervisor John Wisz, Supervisor Phone: ward9490@comcast.net CDD

14 HHN TABLE OF CONTENTS GENERAL FUND Budget 1 2 Budget Fiscal Year 2017 Assessment Rate Comparison Budget Comparison DEBT SERVICE FUND Description of Budgeted items 3 4 Series 2007 Bonds 5 7 Budget Fiscal Year 2017 Assessment Rate Comparison Budget Comparison Bond Amortization Schedule CAPITAL PROJECT FUND Series 2007 Bonds 8 Budget Fiscal Year 2017 Budget Comparison DEBT SERVICE FUND Series 2014 Bonds 9-11 Budget Fiscal Year 2017 Assessment Rate Comparison Budget Comparison Bond Amortization Schedule CAPITAL PROJECT FUND Series 2014 Bonds 12 Budget Fiscal Year 2017 Budget Comparison

15 Heritage Harbour North Community Development District General Fund - Budget Fiscal Year 2017 Description Revenues and Other Sources Fiscal Year 2016 Budget Actual at 02/29/2016 Anticipated Year End 09/30/16 Fiscal Year 2017 Budget Carryforward $ - $ - $ - $ (10,000) Interest Income - General Account $ 150 $ 127 $ 300 $ 150 Miscellaneous Revenue - Boundary Expansion $ - $ - $ - $ - Special Assessment Revenue Special Assessment - On-Roll $ 70,175 $ 89,426 $ 89,426 $ 100,092 Special Assessment - Off-Roll $ 32,862 $ - $ - $ 19,786 Total Revenue & Other Sources $ 103,187 $ 89,552 $ 89,726 $ 130,028 Expenditures and Other Uses Legislative Board of Supervisor's Fees $ 2,400 $ 600 $ 1,800 $ 2,400 Board of Supervisor's - FICA $ 184 $ 46 $ 138 $ 184 Executive Executive Saleries $ 35,000 $ 15,423 $ 35,000 $ 35,000 Executive Saleries - FICA $ 2,678 $ 1,392 $ 3,290 $ 3,290 Executive Saleries - Insurance $ 3,400 $ 1,518 $ 3,644 $ 3,300 Financial and Administrative Audit Services $ 5,500 $ - $ 5,500 $ 5,500 Accounting Services $ 6,000 $ 2,164 $ 5,000 $ 5,500 Assessment Roll Preparation $ 8,000 $ 2,769 $ 8,000 $ 8,000 Arbitrage Rebate Fees $ 500 $ 500 $ 500 $ 500 Other Contractual Services Recording and Transcription $ 500 $ - $ 200 $ 500 Legal Advertising $ 1,500 $ - $ 1,500 $ 1,500 Trustee Services $ 7,500 $ 11,802 $ 11,802 $ 11,900 Dissemination Agent Services $ 5,000 $ - $ 5,000 $ 5,000 Bank Service Fees $ 400 $ 627 $ 400 $ 400 Travel and Per Diem $ - $ - $ - $ - Communications and Freight Services Telephone $ - $ - $ - $ - Postage, Freight & Messenger $ 400 $ 287 $ 400 $ 400 Rentals and Leases Miscellaneous Equipment $ - $ - $ - $ - Computer Services $ 7,700 $ 2,792 $ 7,700 $ 7,700 Insurance $ 6,000 $ 5,665 $ 5,665 $ 6,000 Printing and Binding $ 1,200 $ 12 $ 500 $ 1,200 1

16 Heritage Harbour North Community Development District General Fund - Budget Fiscal Year 2017 Description Fiscal Year 2016 Budget Actual at 02/29/2016 Anticipated Year End 09/30/16 Fiscal Year 2017 Budget Office Supplies $ - $ - $ - $ - Subscriptions and Memberships $ 175 $ 175 $ 175 $ 175 Legal Services General Counsel $ 4,000 $ 536 $ 1,200 $ 4,000 Boundary Expansion $ - $ - $ - $ - Other General Government Services Engineering Services $ 600 $ - $ - $ 600 Contingencies $ - $ - $ - $ - Capital Outlay $ - $ - $ - $ - Other Fees and Charges Discounts, Tax Collector Fee and Property Appraiser Fee $ 4,550 $ - $ 4,550 $ 6,980 Total Expenditures and Other Uses $ 103,187 $ 46,308 $ 101,963 $ 110,028 Net Increase/(Decrease) in Fund Balance $ - $ 43,244 $ (12,237) $ 20,000 Fund Balance - Beginning $ 16,421 $ 16,421 $ 16,421 $ 4,183 Fund Balance - Ending (Projected) $ 16,421 $ 59,665 $ 4,183 $ 24,183 Assessment Comparison Number Fiscal Year 2016 Fiscal Year 2016 of Units Off-Roll On-Roll Off-Roll On-Roll Single Family 55' 331 $ $ $ $ Single Family 65' 177 $ $ $ $ Single Family $ $ $ $ Single Family 85' 105 $ $ $ $ TH/Coach/SF Attached 478 $ $ $ $ Condominium 636 $ $ $ $

17 Heritage Harbour North Community Development District General Fund - Budget Fiscal Year 2017 Revenues and Other Sources Carryforward The amount of anticipated Fund Balance is recommended to be utilized to fund the operating expenses of the District for the first three (3) months of the Fiscal Year, pending the receipt of assessment collections, which generally begin in late December or early January, $ (10,000) Interest Income - General Account $ 150 With the levy of Special Assessments - the District's operating account will earn interest on it's funds. This amount reflect's the anticipated earnings. Expenditures and Other Uses Legislative Board of Supervisor's Fees $ 2,584 The Board's fees are statutorily set at $200 for each meeting of the Board of Supervisor's not to exceed $4,800 for each Fiscal Year. The Budgeted amount reflects that the anticipated meetings for the District. Executive Executive Saleries and Benefits $ 41,590 The District has one employee - that is the District Manager who handles the daily activities of the District, and which is shared with other CDD's. The expenditures are this District's anticipated share of those costs. FY 2016 FY 2017 Salary $ 35,000 $ 35,000 FICA $ 2,678 $ 3,290 Insurance $ 2,400 $ 3,300 Total: $ 40,078 $ 41,590 Financial and Administrative Audit Services $ 5,500 Statutorily required for the District to undertake an independent examination of its books, records and accounting procedures. Accounting Services $ 5,500 For the Maintenance of the District's books and records on a daily basis. Assessment Roll Preparation $ 8,000 For the preparation by the District Manager of the Methodology for the General Fund and the Assessment Rolls including transmittal to the Manatee County Property Appraiser. Arbitrage Rebate Fees $ 500 For requied Federal Compliance - this fee is paid for an in-depth analysis of the District's earnings on all of the funds in trust for the benefit of the Bondholder's to insure that the earnings rate does not exceed the interest rate on the Bond's. Other Contractual Services Recording and Transcription $ 500 Legal Advertising $ 1,500 3

18 Heritage Harbour North Community Development District General Fund - Budget Fiscal Year 2017 Trustee Services $ 11,900 With the issuance of the District's Bonds, the District is required to maintain the accounts established for the Bond Issue with a bank that holds trust powers in the State of Florida. The primary purpose of the trustee is to safeguard the assets of the Bondholder's, to insure the timely payment of the principal and interest due on the Bonds, and to insure the investment of the funds in the trust are made pursuant to the requirments of the trust. Dissemination Agent Services $ 5,000 With the issuance of the District's Bonds, the District is required to report on a periodic basis the same information that is contained in the Official Statement that was issued for the Bonds. These requirements are pursuant to requirements of the Securities and Exchange Commission and sent to national repositories. Bank Service Fees $ 400 Travel and Per Diem Communications and Freight Services Telephone $ - Postage, Freight & Messenger $ 400 Rentals and Leases Miscellaneous Equipment $ - Computer Services $ 7,700 The District maintains all of it's Public Records, including all of it's programs for accounting and the administration of the District in a cloud computing evnironment with constant redundency of the system. The fee includes the yearly hardware and annual software licenses to maintain the District's records. In addition,the District will continue to develop a web site to apprise the community of District activities and to begin making District records electronically available to the public. Insurance $ 6,000 Printing and Binding $ 1,200 Office Supplies Subscriptions and Memberships $ 175 Legal Services General Counsel $ 4,000 The District's general counsel provides on-going legal representation relating to issues such as public finance, public bidding, rulemaking, open meetings, public records, real property dedications, conveyances and contracts. In this capacity, they provide services as "local government lawyers". Other General Government Services Engineering Services $ 600 The District's engineering firm provides a broad array of engineering, consulting and construction services, which assists the District in crafting solutions with sustainability for the long term interests of the Community while recognizing the needs of government, the environment and maintenance of the District's facilities. Contingencies $ - Other Fees and Charges Discounts and Tax Collector Fees $ 6,980 4% Discount permitted by Law for early payment and 3% Tax Collector Fee and Property Appraiser Fee Total Expenditures and Other Uses: $ 110,028 $ $ - - 4

19 Description Revenues and Other Sources Fiscal Year 2016 Budget Actual at 02/29/2016 Year End 09/30/16 Fiscal Year 2017 Budget Carryforward $ 31,456 $ - $ - $ - Interest Income $ - $ 1,467 $ 3,000 $ 1,500 Special Assessment Revenue Heritage Harbour North Community Development District Series 2007 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Special Assessment - On-Roll $ 1,552,796 $ 1,523,398 $ 1,523,398 $ 1,753,938 Special Assessment - Off-Roll $ 328,895 $ - $ - $ 142,637 Total Revenue & Other Sources $ 1,913,147 $ 1,524,865 $ 1,526,398 $ 1,898,075 Expenditures and Other Uses Debt Service Principal Debt Service - Mandatory Series 2007 Bonds $ 420,000 $ - $ 420,000 $ 450,000 Principal Debt Service - Early Redemptions Series 2007 Bonds $ - $ - $ - $ - Interest Expense Series 2007 Bonds $ 1,360,106 $ 680,053 $ 1,360,106 $ 1,333,331 Operating Transfers Out $ 31,456 $ 1,467 $ 1,467 $ - Other Fees and Charges Discounts, Tax Collector Fees and Propety Appraiser Fees $ 101,585 $ - $ 45,000 $ 114,744 Total Expenditures and Other Uses $ 1,913,147 $ 681,520 $ 1,826,573 $ 1,898,075 Net Increase/(Decrease) in Fund Balance $ - $ 843,345 $ (300,175) $ - Fund Balance - Beginning $ 2,434,785 $ 2,434,785 $ 2,434,785 $ 2,133,110 Fund Balance - Ending (Projected) $ 3,278,130 $ 2,134,610 $ 2,133,110 Restricted Fund Balance: Reseve Account Requirement $ 1,566,450 Restricted for November 1, 2017 Interest Payment $ 652,322 Total - Restricted Fund Balance: $ 2,218,772 Assessment Comparison Number Fiscal Year 2016 Fiscal Year 2017 of Units Off-Roll On-Roll Off-Roll On-Roll Single Family 55' 158 $ 1, $ 1, Single Family 65' 32 $ 1, $ 1, Single Family $ 1, $ 1, Single Family 85' 94 $ 1, $ 2, $ 1, $ 2, TH/Coach/SF Attached 348 $ 1, $ 1, $ 1, $ 1, Condominium 610 $ 1, $ 1, $ 1, $ 1,

20 Heritage Harbour North Community Development District Series 2007 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Description Principal Coupon Rate Interest Annual Debt Service Principal Balance - October 1, 2016 $ 20,915, % 11/1/2016 $ 666, /1/2017 $ 450, % $ 666, $ 1,783,331 11/1/2017 $ 652, /1/2018 $ 480, % $ 652, $ 1,784,644 11/1/2018 $ 637, /1/2019 $ 510, % $ 637, $ 1,784,044 11/1/2019 $ 620, /1/2020 $ 545, % $ 620, $ 1,786,531 11/1/2020 $ 603, /1/2021 $ 580, % $ 603, $ 1,786,788 11/1/2021 $ 584, /1/2022 $ 615, % $ 584, $ 1,784,813 11/1/2022 $ 565, /1/2023 $ 660, % $ 565, $ 1,790,606 11/1/2023 $ 544, /1/2024 $ 700, % $ 544, $ 1,788,531 11/1/2024 $ 521, /1/2025 $ 750, % $ 521, $ 1,793,906 11/1/2025 $ 498, /1/2026 $ 795, % $ 498, $ 1,791,094 11/1/2026 $ 472, /1/2027 $ 850, % $ 472, $ 1,795,413 11/1/2027 $ 445, /1/2028 $ 905, % $ 445, $ 1,796,225 11/1/2028 $ 416, /1/2029 $ 965, % $ 416, $ 1,798,531 11/1/2029 $ 386, /1/2030 $ 1,030, % $ 386, $ 1,802,013 11/1/2030 $ 353, /1/2031 $ 1,095, % $ 353, $ 1,801,350 11/1/2031 $ 318, /1/2032 $ 1,170, % $ 318, $ 1,806,544 11/1/2032 $ 280, /1/2033 $ 1,245, % $ 280, $ 1,806,956 11/1/2033 $ 241, /1/2034 $ 1,325, % $ 241, $ 1,807,588 11/1/2034 $ 199,

21 Heritage Harbour North Community Development District Series 2007 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Description Principal Coupon Rate Interest Annual Debt Service 5/1/2035 $ 1,415, % $ 199, $ 1,813,119 11/1/2035 $ 153, /1/2036 $ 1,510, % $ 153, $ 1,817,913 11/1/2036 $ 105, /1/2037 $ 1,605, % $ 105, $ 1,816,650 11/1/2037 $ 54, /1/2038 $ 1,715, % $ 54, $ 1,824,331 Principal Balance - September 30, 2017 $ 20,465,000 7

22 Description Revenues and Other Sources Heritage Harbour North Community Development District Series 2007 Bonds - Capital Projects Fund - Budget Fiscal Year 2017 Fiscal Year 2016 Budget Actual at 02/29/2016 Anticipated Year End 09/30/16 Fiscal Year 2017 Budget Carryforward $ - $ - $ - $ - Interest Income $ - $ 11 $ 11 $ - Operating Transfers In $ 31,456 $ 1,467 $ 1,467 $ - Total Revenue & Other Sources $ 31,456 $ 1,478 $ 1,478 $ - Expenditures and Other Uses Flood Control - Stormwater Management Engineering Services $ - $ - $ - $ - Legal Services $ - $ - $ - $ - Capital Outlay $ 837,449 $ 767,784 $ 767,784 $ - Total Expenditures and Other Uses $ 837,449 $ 767,784 $ 767,784 $ - Net Increase/(Decrease) in Fund Balance $ (766,306) $ (766,306) Fund Balance - Beginning $ 787,351 $ 787,351 $ 787,351 $ 21,044 Fund Balance - Ending (Projected) $ 21,044 $ 21,044 $ - 8

23 Description Revenues and Other Sources Fiscal Year 2016 Budget Actual at 02/29/2016 Year End 09/30/16 Fiscal Year 2017 Budget Carryforward $ - $ - $ - $ - Interest Income $ - $ 46 $ 60 $ - Special Assessment Revenue Series 2014 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Special Assessment - On-Roll $ 158,907 $ 191,840 $ 543,393 $ 300,078 Special Assessment - Off-Roll $ 369,164 $ - $ 241,478 Bond Proceeds $ - $ - $ - Total Revenue & Other Sources $ 528,071 $ 191,886 $ 543,453 $ 541,556 Expenditures and Other Uses Debt Service Principal Debt Service - Mandatory Series 2014 Bonds $ 115,000 $ - $ 115,000 $ 125,000 Principal Debt Service - Early Redemptions Series 2014 Bonds $ - $ - $ - $ - Interest Expense Series 2014 Bonds $ 402,675 $ 201,338 $ 402,675 $ 396,925 Operating Transfers Out $ - $ - $ - $ - Other Fees and Charges Discounts, Tax Collector Fees and Propety Appraiser Fees $ 10,396 $ - $ 10,396 $ 19,631 Total Expenditures and Other Uses $ 528,071 $ 201,338 $ 528,071 $ 541,556 Net Increase/(Decrease) in Fund Balance $ - $ (9,452) $ 15,382 $ - Fund Balance - Beginning $ 460,839 $ 460,839 $ 460,839 $ 476,221 Fund Balance - Ending (Projected) $ 451,387 $ 476,221 $ 476,221 Restricted Fund Balance: Reseve Account Requirement $ 259,400 Restricted for November 1, 2017 Interest Payment $ 195,338 Total - Restricted Fund Balance: $ 454,738 Assessment Comparison Number Fiscal Year 2016 Fiscal Year 2017 of Units Off-Roll On-Roll Off-Roll On-Roll Single Family 55' 173 $ $ $ $ Single Family 65' 145 $ 1, $ 1, $ 1, $ 1, Single Family $ 1, $ 1, $ 1, $ 1, Single Family 85' 11 $ 1, $ 1, $ 1, $ 1, Twin Villas 130 $ $ $ $ Condominium 26 $ 1, $ 1, $ 1, $ 1, Total: 509 9

24 Heritage Harbour North Community Development District Series 2014 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Description Principal Coupon Rate Interest Annual Debt Service Par Amount Issued: $ 7,945, % 11/1/2015 $ 201, /1/2016 $ 115, % $ 201, $ 517,675 11/1/2016 $ 198, /1/2017 $ 125, % $ 198, $ 521,925 11/1/2017 $ 195, /1/2018 $ 130, % $ 195, $ 520,675 11/1/2018 $ 192, /1/2019 $ 135, % $ 192, $ 519,175 11/1/2019 $ 188, /1/2020 $ 145, % $ 188, $ 522,425 11/1/2020 $ 185, /1/2021 $ 150, % $ 185, $ 520,175 11/1/2021 $ 181, /1/2022 $ 155, % $ 181, $ 517,675 11/1/2022 $ 177, /1/2023 $ 165, % $ 177, $ 519,925 11/1/2023 $ 173, /1/2024 $ 175, % $ 173, $ 521,675 11/1/2024 $ 168, /1/2025 $ 185, % $ 168, $ 522,925 11/1/2025 $ 164, /1/2026 $ 10, % $ 164, $ 338,675 11/1/2026 $ 159, /1/2027 $ 200, % $ 159, $ 519,175 11/1/2027 $ 154, /1/2028 $ 210, % $ 154, $ 519,175 11/1/2028 $ 149, /1/2029 $ 225, % $ 149, $ 523,675 11/1/2029 $ 143, /1/2030 $ 235, % $ 143, $ 522,425 11/1/2030 $ 137, /1/2031 $ 245, % $ 137, $ 520,675 11/1/2031 $ 131, /1/2032 $ 260, % $ 131, $ 523,425 11/1/2032 $ 125, /1/2033 $ 275, % $ 125, $ 525,425 11/1/2033 $ 118,

25 Heritage Harbour North Community Development District Series 2014 Bonds - Debt Service Fund - Budget Fiscal Year 2017 Description Principal Coupon Rate Interest Annual Debt Service 5/1/2034 $ 285, % $ 118, $ 521,675 11/1/2034 $ 111, /1/2035 $ 300, % $ 111, $ 522,425 11/1/2035 $ 103, /1/2036 $ 315, % $ 103, $ 522,050 11/1/2036 $ 95, /1/2037 $ 335, % $ 95, $ 525,906 11/1/2037 $ 86, /1/2038 $ 350, % $ 86, $ 523,738 11/1/2038 $ 77, /1/2039 $ 370, % $ 77, $ 525,800 11/1/2039 $ 68, /1/2040 $ 390, % $ 68, $ 526,838 11/1/2040 $ 58, /1/2041 $ 410, % $ 58, $ 526,850 11/1/2041 $ 47, /1/2042 $ 430, % $ 47, $ 525,838 11/1/2042 $ 36, /1/2043 $ 455, % $ 36, $ 528,800 11/1/2043 $ 25, /1/2044 $ 480, % $ 25, $ 530,481 11/1/2044 $ 12, /1/2045 $ 505, % $ 12, $ 530,881 Principal Balance - September 30, 2017 $ 7,525,000 11

26 Description Revenues and Other Sources Heritage Harbour North Community Development District Series 2014 Bonds - Capital Projects Fund - Budget Fiscal Year 2017 Fiscal Year 2016 Budget Actual at 02/29/2016 Year End 09/30/16 Fiscal Year 2017 Budget Carryforward $ 3,311,010 $ - $ - $ 1,018,242 Interest Income $ - $ 198 $ 339 $ - Operating Transfers In $ - $ - $ - $ - Bond Proceeds $ - $ - $ - $ - Total Revenue & Other Sources $ 3,311,010 $ 198 $ 339 $ 1,018,242 Expenditures and Other Uses Professional Services Special Assessment Methodology $ - $ - $ - $ - District Manager $ - $ - $ - $ - Underwriter $ - $ - $ - $ - Trustee $ - $ - $ - $ - Printing - Official Statement $ - $ - $ - $ - Legal $ - $ - $ - $ - Flood Control - Stormwater Management Engineering Services $ - $ - $ - $ - Capital Outlay $ 3,311,010 $ 1,280,322 $ 1,280,322 $ 1,018,242 Original Issue Discount $ - $ - $ - $ - Total Expenditures and Other Uses $ 3,311,010 $ 1,280,322 $ 1,280,322 $ 1,018,242 Net Increase/(Decrease) in Fund Balance $ - $ (1,280,124) $ (1,279,983) Fund Balance - Beginning $ 2,298,225 $ 2,298,225 $ 2,298,225 $ 1,018,242 Fund Balance - Ending (Projected) $ 1,018,101 $ 1,018,242 $ - 12

27 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS, CERTIFYING AN ASSESSMENT ROLL AND APPROVING THE GENERAL FUND SPECIAL ASSESSMENT METHODOLOGY; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the (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 Manatee 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 Improvement Plan and Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors (the Board ) of the District hereby determines to undertake various operations and maintenance activities described in the District s budget for Fiscal Year 2017 ( Operations and Maintenance 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 for Fiscal Year 2017; 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, the District has previously levied an assessment for debt service, which the District desires to collect on the tax roll for platted lots pursuant to the Uniform Method and which is also indicated on Exhibit A and B the Budget and Methodology respectively; 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 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, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance on platted lots in the amount contained in the budget; and 1 Page

28 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS, CERTIFYING AN ASSESSMENT ROLL AND APPROVING THE GENERAL FUND SPECIAL ASSESSMENT METHODOLOGY; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the District desires to levy and directly collect on the unplatted lands special assessments reflecting their portion of the District s operations and maintenance budget; and WHEREAS, it is in the best interests of the District to adopt the General Fund Special Assessment Methodology of the (the Methodology ) attached to this Resolution as Exhibit B and incorporated as a material part of this Resolution by this reference: and WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Heritage Harbour North Community Development District (the Assessment Roll ) attached to this Resolution as contained in Exhibit B and incorporated as a material part of this Resolution by this reference, and to certify the portion of the Assessment Roll on platted property 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 adopted herein, including that portion 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 HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT: SECTION 1. BENEFIT. The provision of the services, facilities, and operations as described in Exhibit A and B the Budget and Methodology respectively confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the assessments. The allocation of the costs to the specially benefitted lands is shown in Exhibit B. SECTION 2. ASSESSMENT IMPOSITION. A special assessment for operation and maintenance as provided for in Chapter 190, Florida Statutes, is hereby imposed and levied on benefitted lands within the District in accordance with Exhibit B the Methodology. 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 AND ENFORCEMENT; PENALTIES; INTEREST. The collection of the previously levied debt service assessments and operation and maintenance special assessments on platted lots and developed lands shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibit B the Methodology. The previously levied debt service assessments and operations and maintenance assessments on undeveloped and unplatted lands will be collected directly by the District in accordance with Florida law, as set forth in Exhibit A and B the Budget and Methodology respectively. 2 Page

29 RESOLUTION A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HERITAGE HARBOUR NORTH COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS, CERTIFYING AN ASSESSMENT ROLL AND APPROVING THE GENERAL FUND SPECIAL ASSESSMENT METHODOLOGY; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR CONFLICT AND PROVIDING AN EFFECTIVE DATE. Assessments directly billed and collected by the District and are due to the District according to the following schedule: Fund Billing Date Due Date Amount Due General Fund December 1, 2016 December 51, 2016 $15, General Fund February 1, 2017 February 15, 2016 Balance of direct billed assessments Debt Service Fund April 1, 2017 April 15, 2017 Total direct billed assessments General Fund Billing Amount: The amount shown above for Fiscal Year 2017, or such other amount that the District Manager may amend based on the Tax Rolls that are provided to the District by the Manatee County Property Appraiser. Debt Service Fund Billing Amount: The amount shown above for Fiscal Year 2017 or such other amount that the District Manager may amend based on the Tax Rolls that are provided to the District by the Manatee County Property Appraiser. In the event that an assessment payment is not made in accordance with the schedule stated above, such assessment and any future scheduled assessment payments due for Fiscal Year 2017 shall be delinquent and shall accrue penalties and interest in the amount of one percent (1%) per month plus all costs of collection and enforcement, and shall either be enforced pursuant to a foreclosure action, or, at the District s discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. In the event an assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings to collect and enforce the delinquent and remaining assessments. SECTION 4. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as to Exhibit B, is hereby certified. That portion of the District s Assessment Roll which includes developed lands and platted lots 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. 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 to the tax roll in the District records. 3 Page