LAKEWOOD RANCH STEWARDSHIP DISTRICT
Schroeder-Manatee Ranch, Inc.
14400 Covenant Way, Lakewood Ranch, Florida 34202

Minutes - Continued Board of Supervisor's Meeting - by Telephonic Conferencing
June 12, 2020, 9:00 a.m.

Attending and constituting a quorum:

Rex Jensen Tony Chiofalo Scott Almand Ed Hunzeker Jim Schier

Also attending were:

Hank Fishkind Brent Wilder Kevin Plenzler Jane Gaarlandt
Jonathan Johnson Misty Taylor
Herb Boatner Brett Sealy Rob Engel Mike Kennedy Bob Simons Roger Aman Debbie Byerly Scott Schuhle

Board Member Board Member Board Member Board Member Board Member

PFM Financial Advisors, LLC PFM Financial Advisors, LLC PFM Financial Advisors, LLC PFM Group Consulting LLC Hopping Green & Sams BMO
BMO MBS
Staniec Stantec SMR SMR SMR
US Bank

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

Ms. Gaarlandt called the meeting lo order and proceeded with the roll call. The members in attendance are as outlined above.

There were no public comments.

SECOND ORDER OF BUSINESS

Business Matters

Consideration of Financing Matters Relative to the Series 2020 Refunding Bonds, Country Club East
Presentation of Assessment Methodology Report
Resolution 2020-28, Delegation Resolution
Twenty-Seventh Supplemental Indenture
Bond Purchase Contract
Preliminary	Official Statement

Continuing Agreement

Disclosure

Escrow Deposit Agreement
Municipal Bond Insurance Commitment
Municipal Bond Debt Service Reserve Insurance Commitment
Other Matters (provided under separate cover)

Mr. Sealy noted that he and Mr. Wilder would be presenting this item together and proceeded with a summary update on the refunding. Based on the current market condition it is estimated that the refunding will result in a debt service reduction of approximately 19%, which is about $360,000 annually. Compared to the debt service assessments that were levied on the fiscal year 2020 tax roll that results in approximately 22% net present value savings or approximately $4.2 million, considerably exceeding the general 3%-5% net present value benchmark for proceeding with refunding. Mr. Sealy provided details on Tables 6 and 7 in the Assessment Methodology Report. Staff will generate and provide a map detailing the 793 units plus the golf course that are subject to the 2006 bond and will receive a reduction in their debt service as a result of the closing of this refinancing. Mr. Sealy provided details on certain parameters in the Delegation Resolution.
Dr. Fishkind noted that market conditions are slowly improving and the best credits like Lakewood Ranch have been outperforming the market and Staff is confident in the transaction and the work done with the Underwriter and is expecting a successful sale.
Mr. Wilder provided additional details on the current market conditions and encouraging trends. Ms. Taylor presented the delegated award resolution and the various documents included therein.

On MOTION by Mr. Hunzeker, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the

   Lakewood Ranch Stewardshi District a	roved Resolution 2020-28, Dele ated Award Resolution.

THIRD ORDER OF BUSINESS

Mr. Almand presented for the Board's Consideration:

Financial Matters
Draw Requests & Requisitions Requisition List for Draw No. 7
Lakewood National and Polo Run Projects Series 2017 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Schier, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition List No. 7 for Lakewood National and Polo Run Projects.

FOURTH ORDER OF BUSINESS	Staff Reports Manager's Report -  No Report
Attorney's Report - Mr. Johnson asked for the Board's authorization to commence the advertising process under the Consultants Competitive Negotiations Act to bring back qualification-based proposals for future roadway construction management service.

On MOTION by Mr. Hunzeker, seconded by Mr. Chiofalo, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District authorized Staff to commence the advertising process under the CCNA.

Engineer's Report -
Mr. Engel presented for the Board's approval:

Consent Agenda Change Order No. 1
Frederick Derr & Company, Inc.
Academic	Ave.	&	Lighterwood	Trail Roadway Improvements
Deductions for District Purchase Materials

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Consent Agenda Item.

Mr. Simons provided updates on the traffic signal at White Eagle and SR-70, noting that the signal heads on SR-70 have be placed, the infrastructure is ready to go, and the traffic signal is expected to be operational around the July 4th weekend.

FIFTH ORDER OF BUSINESS	Supervisor Requests

There were no Supervisor requests.

SIXTH ORDER OF BUSINESS	Audience Comments

There were no audience comments.

SEVENTH ORDER OF BUSINESS	Adjournment

Mr. Jensen asked for a motion to adjourn.

On MOTION by Mr. Hunzeker, seconded  by Mr. Schier, with all in favor, the Board of Supervisors of the

   Lakewood Ranch Stewardshi District moved to ad·ourn the June 12, 2020 meetin .