Laurel Road Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901

The following is the agenda for the Board of Supervisors Meeting for the Laurel Road Community Development District scheduled to be held Wednesday, March 9, 2022 at 12:15 PM located at 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 790 562 990 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Administrative Matters

Roll Call to Confirm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

Business Matters

Consideration of the Minutes of the February 9, 2022, Board of Supervisors’ Meeting
Review and Consideration of the Grau & Associates Arbitrage Rebate Services, Series 2021A- 1 & Series A-2
Ratification of Funding Requests No. 66 – No. 69
Review of District Financial Statements
Other Business Staff Reports
District Counsel District Engineer District Manager

Supervisor Requests and Audience Comments Adjournment

Laurel Road Community Development District

Consideration of the Minutes of the February 9, 2022, Board of Supervisors’ Meeting

MINUTES OF MEETING

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING
Wednesday, February 9, 2022 at 12:15 p.m. 5800 Lakewood Ranch Blvd,
Sarasota, FL 34240

Board Members present at roll call:

Pete Williams	Chairperson John Leinaweaver Vice Chairperson
John Blakley	Assistant Secretary Dale Weidemiller Assistant Secretary Janice Snow	Assistant Secretary

Also present at roll call via speakerphone or in-person:

Vivian Carvalho	District Manager-PFM Group Consulting LLC
Venessa Ripoll	District Manager-PFM Group Consulting LLC (via phone)
Ed Vogler	District Counsel- Vogler Ashton	(via phone)	
Kim Ashton	District Counsel- Vogler Ashton	(via phone)	
Bobbi Claybrooke	District Engineer- AM Engineering	(via phone)	
Shawn Leins	District Engineer- AM Engineering	(via phone)	
Tom Panaseny	Neal Communities	(via phone)	
Jim Schier	Neal Communities		
John McKay	J.H. McKay, LLC		
Sandy Foster	Audience Member		
Mike Kennedy	Stantec		
Bobbi Claybrooke		(via phone)	
Edwin Bulleit	Underwriter- MBS Capital Markets, LLC	(via phone)	

FIRST ORDER OF BUSINESS	Administrative Matters Call to Order and Roll Call
The Board of Supervisors’ Meeting for Laurel Road CDD was called to order at 12:48 p.m. Ms. Carvalho proceeded with roll call and confirmed quorum to proceed with the meeting. Those in attendance are outlined above either in person or via speakerphone.

Public Comment Period

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There were no public comments.

SECOND ORDER OF BUSINESS	Business Matters

Consideration of the Minutes of the January 12, 2022 Board of Supervisors’ Meeting

The Board reviewed the Minutes from the January 12, 2022 Board of Supervisors’ Meeting.

ON MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved the Minutes of the January 12, 2022 Board of Supervisors’ Meeting.

Ratification of Funding Requests 64-65

The Board reviewed Funding Requests 64-65.

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board ratified Funding Requests 64-65.

Review	of	District	Financial Statements

The Board reviewed the District Financial Statements through December 31, 2021.

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board accepted the District Financial Statements.

THIRD ORDER OF BUSINESS	Other Business	
		Staff Reports	
District Counsel –	No Report		

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District Engineer –	No Report	
District Manager –	Ms. Carvalho stated for the record the next scheduled meeting is	
	March 9, 2022 at 12:15 at this location.	

Audience Comments and Supervisor Requests

There were no audience comments or supervisor requests.

FOURTH ORDER OF BUSINESS	Continuance

There were no other questions or comments. A discussion ensued regarding adjourning or continuing the meeting.

On MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the February 9, 2022 Board of Supervisors’ Meeting for the Laurel Road Community Development District at 12:51 p.m. was continued to February 24, 2022 at 11:00 a.m. at 5800 Lakewood Ranch Blvd.,
Sarasota, FL 34240.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

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Laurel Road Community Development District

Review and Consideration of the Grau & Associates Arbitrage Rebate Services, Series 2021A-1 & Series A-2

February 17, 2022 Board of Supervisors
Laurel Road Community Development District 3501 Quadrangle Blvd., Ste. 270
Orlando, FL 32817

951 Yamato Road ▪ Suite 280 Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We appreciate the opportunity to offer our services to Laurel Road Community Development District (the “Issuer”). This letter confirms our engagement to provide arbitrage rebate services, with respect to the
$11,800,000 Capital Improvement Revenue Bonds, Series 2021A-1 together and $10,550,000 Capital Improvement Revenue Bonds, Series 2021A-2, respectively (the “Bond”).

The procedures that we will perform are as follows:

Assist in the determination of the amount, if any, of required rebate to the United States government.

Issuance of a report representing the cumulative results since the issuance date of the Bond based on information provided by the Issuer and/or Trustee.

In assisting in the determination of the amount of any potential required rebate, we will not verify or otherwise audit the accuracy of information provided to us by you or the Trustee, and accordingly, we express no opinion on such information. Furthermore, the performance of the above-mentioned procedures will not constitute an audit made in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion on the elements, accounts, or items of a financial statement. Therefore, Grau & Associates (“Grau”) will not be in a position to express, and will not express an opinion, or any other form of assurance, as a result of performing these procedures.

The procedures that Grau has been requested to perform are solely the responsibility of the Issuer. Furthermore, Grau has no responsibility to advise the Issuer of other procedures that might be performed and makes no representations as to the sufficiency of such procedures for the purposes of the Issuer.

Grau’s responsibility is limited to performing the procedures specified and agreed to, and to reporting the resulting findings, subject to the limitations contained herein, and our engagement cannot be relied on to disclose errors or irregularities should they exist. Grau has no responsibility for updating the procedures performed or for performing any additional procedures.

Since tax law is not always clear, we will use our professional judgment in resolving questions affecting the arbitrage rebate calculations. Any of your Bond issues may be selected for review by the Internal Revenue Service (“IRS”), which may not agree with our positions. Any proposed adjustments are subject to certain rights of appeal. Due to the lack of clarity in the tax law, we cannot provide assurance that the positions asserted by the IRS may not ultimately be sustained. You have the ultimate responsibility for your compliance with arbitrage rebate laws; therefore, you should review the calculations carefully.

The Issuer shall provide accurate and complete information requested by Grau. Grau has no responsibility for the accuracy or completeness of the information provided by, or on behalf of, the Issuer, even if Grau had reason to know or should have known of such inaccuracy or incompleteness.

Should Grau determine that significant restrictions are being placed on the performance of the above- mentioned procedures by the Issuer, Grau shall be entitled to withdraw from this engagement.

Any report issued by Grau will not be used by, or circulated, quoted, disclosed or distributed to, nor will reference to such reports be made to anyone who is not a member of management or of the Board of Directors of the Issuer.

2
Limitation on Liability

The Issuer agrees that Grau, its partners, principals, and employees shall not be liable to the Issuer for any actions, losses, damages, claims, liabilities, costs, or expenses in any way arising out of or relating to this engagement for an aggregate amount in excess of the fees paid by the Issuer to Grau for the services performed pursuant to this engagement. In no event shall Grau, its partners, principals, or employees be liable for consequential, special, indirect, incidental, punitive or exemplary loss, damage, cost, or expense (including without limitation, lost profits and opportunity costs).

The Issuer also agrees to indemnify and hold harmless Grau, its partners, principals, and employee from and against any and all actions, losses, damages, claims, liabilities, costs, and expenses (including, without limitation, reasonable legal fees and expenses) brought against, paid, or incurred by any of them at any time, in any way arising out of or relating to a breach or an alleged breach by the Issuer of any provision of this engagement letter, including, without limitation, the restrictions on report use and distribution.

The limitation on liability and indemnification provisions of this engagement letter shall apply regardless of the form of action, loss, damage, claim, liability, cost, or expense, whether in contract, statute, tort (including, without limitation, negligence), or otherwise. The agreements and undertakings of the Issuer contained in this engagement letter, including, without limitation, those pertaining to restrictions on report use and distribution, limitation on liability, and indemnification, shall survive the completion of termination of this engagement.

Our fee for performing the annual rebate calculations will be $750. We will discuss with you whether a fee adjustment is appropriate on rebate calculations for future periods. Furthermore, you may request additional consulting services from us upon occasion and we will bill you for these services at our standard hourly rates unless otherwise agreed.

You understand that the arbitrage rebate services and report described above are solely to assist you in meeting your requirements for federal income tax compliance purposes.

If the above terms are acceptable to you, and the services outlined are in accordance with your understanding, please sign both engagement letters in the space provided and return one original to us.

Very truly yours,

Antonio Grau
Accepted and agreed to by Laurel Road Community Development District: Signature:   	

Title:	  	 Date:	 	

Laurel Road Community Development District

Ratification of Funding Requests No. 66 – No. 69

LAUREL ROAD COMMUNITY DEVELOPMENT DISTRICT

Funding Request 66-69

FR #	Description	Amount	Total	
				
66	PFM Group Consulting	$	2,500.00		
				
	Vogler Ashton	$	2,199.50		
			$4,699.50	
				
67	CA Florida Holdings	$	286.00		
			$286.00	
				
68	Supervisor Fees - 02/09/2022 Meeting	$	200.00		
		$	200.00		
		$	200.00		
		$	200.00		
		$	200.00		
			$1,000.00	
				
69	PFM Group Consulting	$	2,500.00		
		$	8.05		
				
	Vogler Ashton	$	532.50		
			$3,040.55	
				
		Total	$9,026.05	

LAUREL ROAD
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T

Funding Request No. 066
1/21/2022

Item

Vendor	Invoice	General

No.

Number

Fund

PFM Group Consulting
DM Fee: January 2022	DM-01-2022-027	2,500.00

Vogler Ashton
General Counsel Through 12/31/2021	7589

$ 2,199.50

TOTAL	$4,699.50

ecretary / Assistant Secr

Secretary / Assistant Secretary	Board Member

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925
By Amanda Lane at 3:14 pm, Jan 24, 2022

LAUREL ROAD
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T

Funding Request No. 067
2/4/2022

Item

Vendor	Invoice	General

No.

Number

Fund

1	CA Florida Holdings
Legal Advertising on 01/05/2022 ; Ad: 6667234	4346163

$	286.00

TOTAL	$	286.00

Secretary / Assistant Secre ary	Board Member

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925	By Amanda Lane at 10:42 am, Feb 07, 2022

LAUREL ROAD
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T

Funding Request No. 068
2/11/2022

Item

Vendor	Invoice	General

No.

Number

Fund

1	Supervisor Fees - 02/09/2022 Meeting
Dale Weidemiller	$	200.00
John Blakley	$	200.00
Pete Williams	$	200.00

Janice Snow John Leinaweaver

$	200.00
$	200.00

TOTAL	$ 1,000.00

Secr

tary / Assistant Secretary

Board Member

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925

By Amanda Lane at 10:06 am, Feb 16, 2022

LAUREL ROAD
C O M M U N I T Y	D E V E L O P M E N T	D I S T R I C T

Funding Request No. 069
2/18/2022

Item

Vendor	Invoice	General

No.

Number

Fund

PFM Group Consulting
DM Fee: February 2022	DM-02-2022-027	2,500.00
January Reimbursables	OE-EXP-02-028	8.05

Vogler Ashton
General Counsel Through 01/31/2022	7685

$	532.50

TOTAL	$ 3,040.55

Secretary / Assistant Secretary	Board Member

Laurel Road CDD
c/o PFM Group Consulting 3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925
Signed sheet received Monday, February 21, 2022 - ALane

Laurel Road Community Development District

Review of District Financial Statements

	Laurel Road CDD	
	Statement of Financial Position	
	As of 1/31/2022	
	
General Fund	
Debt Service Fund	
Capital Projects Fund	
	
Assets	
Current Assets		
General Checking Account	$4,028.95	
Accounts Receivable - Due from Developer	7,988.50	
Series 2021A1 Debt Service Reserve	$327,259.92	
Series 2021A2 Debt Service Reserve	164,844.02	
Series 2021A1 Capitalized Interest	360,341.60	
Series 2021A2 Capitalized Interest	284,813.84	
Series 2021A Acquisition/Construction	$15,731,355.33	
Series 2021A Cost of Issuance	5,000.01	
Total Current Assets	$12,017.45	$1,137,259.38	$15,736,355.34	

Investments		
Amount Available in Debt Service Funds		
Amount To Be Provided		
Total Investments	$0.00	$0.00	$0.00	
Total Assets	$12,017.45	$1,137,259.38	$15,736,355.34	

Liabilities and Net Assets	
Current Liabilities		
Accounts Payable	$6,988.50	
Deferred Revenue	7,988.50	
Retainage Payable	$125,987.67	
Total Current Liabilities	$14,977.00	$0.00	$125,987.67	

Long Term Liabilities		
Revenue Bonds Payable - Long-Term		
Total Long Term Liabilities	$0.00	$0.00	$0.00	
Total Liabilities	$14,977.00	$0.00	$125,987.67	

Net Assets		
Net Assets, Unrestricted	($0.05)	
Net Assets - General Government	4,729.07	
Current Year Net Assets - General Government	(7,688.57)	

Current Year Net Assets, Unrestricted	
1,137,259.38	
Net Assets, Unrestricted	($48,715.50)	
Current Year Net Assets, Unrestricted	15,659,083.17	
Total Net Assets	($2,959.55)	$1,137,259.38	$15,610,367.67	
		
Total Liabilities and Net Assets	$12,017.45	$1,137,259.38	$15,736,355.34	

$0.00		$4,028.95 7,988.50
327,259.92
164,844.02
360,341.60
284,813.84
15,731,355.33
5,000.01
$16,885,632.17	

$1,137,259.38 21,212,740.62
$22,350,000.00		
$1,137,259.38 21,212,740.62
$22,350,000.00	
$22,350,000.00		$39,235,632.17	

$0.00		

$6,988.50 7,988.50
125,987.67
$140,964.67	

$22,350,000.00
$22,350,000.00		
$22,350,000.00
$22,350,000.00	
$22,350,000.00		$22,490,964.67	

$0.00		

($0.05) 4,729.07
(7,688.57)

0.00
1,137,259.38

(48,715.50)
15,659,083.17

$16,744,667.50	
			
$22,350,000.00		$39,235,632.17	

Long-Term Debt	Total

 

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Laurel Road CDD Statement of Activities As of 1/31/2022

General Fund	Debt Service Fund

Capital Projects Fund

Long-Term Debt

Total

Revenues

Developer Contributions	$28,861.36								$28,861.36	
Inter-Fund Transfers In	(0.02)								(0.02)	
Debt Proceeds			$1,584,257.51						1,584,257.51	
Developer Contributions					$677,949.07				677,949.07	
Inter-Fund Transfers In					0.02				0.02	
Debt Proceeds					20,981,133.29				20,981,133.29	
Total Revenues	$28,861.34		$1,584,257.51		$21,659,082.38		$0.00		$23,272,201.23	

Expenses

Supervisor Fees	$5,800.00								$5,800.00	
Public Officials' Liability Insurance	2,329.00								2,329.00	
Management	10,000.00								10,000.00	
District Counsel	11,576.00								11,576.00	
Postage & Shipping	19.86								19.86	
Legal Advertising	3,004.00								3,004.00	
Miscellaneous	0.05								0.05	
Web Site Maintenance	800.00								800.00	
Dues, Licenses, and Fees	175.00								175.00	
General Insurance	2,846.00								2,846.00	
Other Debt Service Costs			$447,000.00						447,000.00	
Trustee Services					$5,725.00				5,725.00	
Management					43,500.00				43,500.00	
Engineering					91,141.16				91,141.16	
District Counsel					35,000.00				35,000.00	
Trustee Counsel					6,250.00				6,250.00	
Bond Counsel					65,000.00				65,000.00	
Developer Advance Repayment					1,414,329.73				1,414,329.73	
Contingency					4,339,087.46				4,339,087.46	
Total Expenses	$36,549.91		$447,000.00		$6,000,033.35		$0.00		$6,483,583.26	

Other Revenues (Expenses) & Gains (Losses)

Interest Income			$1.87						$1.87	
Interest Income					$34.14				34.14	
Total Other Revenues (Expenses) & Gains (Losses)	$0.00		$1.87		$34.14		$0.00		$36.01	
Change In Net Assets	($7,688.57)		$1,137,259.38		$15,659,083.17		$0.00		$16,788,653.98	

Net Assets At Beginning Of Year	
$4,729.02		
$0.00		
($48,715.50)		
$0.00		
($43,986.48)	

Net Assets At End Of Year	

($2,959.55)		

$1,137,259.38		

$15,610,367.67		

$0.00		

$16,744,667.50	

Page 1 of 1

Laurel Road CDD
Budget to Actual
For the Month Ending 1/31/2022	
Year To Date	
		
Actual			
Budget			
Variance	FY 2022
Adopted Budget	

Revenues												
Developer Contributions
Net Revenues	$	28,861.36

$	28,861.36		$
$	40,451.68
40,451.68		$
$	(11,590.32)
(11,590.32)	$	121,355.00
$	121,355.00	
General & Administrative Expenses
Supervisor Fees
Public Officials' Liability Insurance Trustee Services
Management Engineering Dissemination Agent District Counsel
Assessment Administration Reamortization Schedules Audit
Postage & Shipping Legal Advertising Bank Fees Miscellaneous Office Supplies
Web Site Maintenance Dues, Licenses, and Fees General Insurance	

$	5,800.00
2,329.00
- 10,000.00
-
- 11,576.00
-
-
- 19.86
3,004.00
- 0.05
- 800.00
175.00
2,846.00	

$	4,000.00
825.00
2,000.00
10,000.00
5,000.00
1,666.68
6,666.68
2,500.00
83.32
2,000.00
100.00
3,333.32
60.00
166.72
83.32
900.00
58.32
1,008.32		

$	

1,800.00
1,504.00
(2,000.00)
- (5,000.00)
(1,666.68)
4,909.32
(2,500.00)
(83.32)
(2,000.00)
(80.14)
(329.32)
(60.00)
(166.67)
(83.32)
(100.00)
116.68
1,837.68	

$	12,000.00
2,475.00
6,000.00
30,000.00
15,000.00
5,000.00
20,000.00
7,500.00
250.00
6,000.00
300.00
10,000.00
180.00
500.00
250.00
2,700.00
175.00
3,025.00	
Total General & Administrative Expenses	$	36,549.91		$	40,451.68		$	(3,901.77)	$	121,355.00	

Total Expenses	
  $	36,549.91  		
   $		
40,451.68  		
   $		
(3,901.77)	
  $	121,355.00  	
Net Income (Loss)	$	(7,688.55)		$	-		$	(7,688.55)		$	-	

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