OTC
Community Development District July 11, 2018

OTC
Community Development District
475 West Town Place, Suite 114, St. Augustine, Florida 32092 Phone: 904-­‐‑940-­‐‑5850 -­‐‑ Fax: 904-­‐‑940-­‐‑5899

July 4, 2018

Board of Supervisors OTC
Community Development District Dear Board Members:
The Meeting of the OTC Community Development District will be held Wednesday, July 11, 2018 at 10:30 a.m. at the offices of England-Thims & Miller, 14775 Old St. Augustine Road, Jacksonville, Florida. Following is the advance agenda for the meeting:

Roll Call
Audience Comments
Affidavit of Publication
Approval of the Minutes of the May 9, 2018 Meeting
Acceptance of the Fiscal Year 2017 Audit
Public Hearing to Adopt the Budget for Fiscal Year 2019
Consideration of Resolution 2018-06, Relating to Annual Appropriations and Adopting the Budget for Fiscal Year 2019
Consideration of Resolution 2018-07, Imposing Special Assessments and Certifying an Assessment Roll
Other Business
Staff Reports
Attorney
Engineer
Manager
Report on the Number of Registered Voters (0)
Discussion of the Meeting Schedule for Fiscal Year 2019
Supervisor’s Request and Audience Comments
Financial Statements
Assessment Receipt Schedule
Approval of Check Register
Next Scheduled Meeting – TBD
Adjournment

Enclosed under the third order of business is the affidavit of publication for the public hearing.

Enclosed for your review and approval is a copy of the minutes of the May 9, 2018 meeting.

The fifth order of business is acceptance of the Fiscal Year 2017 audit. A copy of the audit is enclosed for your review.

The sixth order of business is the public hearing to adopt the budget for fiscal year 2019. Enclosed for your review and approval are copies of resolutions 2018-07, 2018-07 and the budget.

Enclosed are the financial statements, assessment receipt schedule and check register

The balance of the agenda is routine in nature and staff will give their reports at the meeting. In the meantime if you have any questions, please contact me.

Sincerely,

James Perry

James A. Perry District Manager

AGENDA

OTC
Community Development District
Agenda

Wednesday	Offices of England-Thims & Miller
July 11, 2018	14775 Old St. Augustine Road
10:30 a.m.	Jacksonville, Florida 32258
Call In # 1-800-264-8432 Code 421714

Roll Call

Audience Comments

Affidavit of Publication

Approval of the Minutes of the May 9, 2018 Meeting

Acceptance of the Fiscal Year 2017 Audit

Public Hearing to Adopt the Budget for Fiscal Year 2019
Consideration of Resolution 2018-06, Relating to Annual Appropriations and Adopting the Budget for Fiscal Year 2019

Consideration of Resolution 2018-07, Imposing Special Assessments and Certifying an Assessment Roll

Other Business

Staff Reports
Attorney

Engineer

Manager
Report on the Number of Registered Voters (0)

Discussion of the Meeting Schedule for Fiscal Year 2019

Supervisor’s Request and Audience Comments

Financial Statements

Assessment Receipt Schedule

Approval of Check Register

Next Scheduled Meeting – TBD

Adjournment

THIRD ORDER OF BUSINESS

PROOF OF PUBLICATION

(Published daily except Saturday, Sunday and legal holidays) Jacksonville, Duval County, Florida

S.S.

COUNTY OF DUVAL,

STATE OF FLORIDA, }

Before the undersigned authority personally appeared Rhonda Fisher, who on oath says that she is the Publisher's Representative of JACKSONVILLE DAILY RECORD, a daily (except Saturday, Sunday and legal holidays) newspaper published at Jacksonville, in Duval County, Florida; that the attached copy of advertisement, being a Notice of Public Hearing

in the matter of OTC Community Development District

in the Court of Duval County, Florida, was published in said newspaper in the issues of June 13,20, 2018

Affiant further says that the said JACKSONVILLE DAILY RECORD is a newspaper at Jacksonville, in said Duval County, Florida, and that the said newspaper has heretofore been continuously published in said Duval County, Florida, each day (except Saturday, Sunday and legal holidays) and has been entered as periodicals matter at the post office in Jacksonville, in said Duval County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that she has neither paid nor promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in said newspaper.
*This notice was placed on the newspaper's website and floridapublicnotices.com on the same day the notice appeared in the newspaper.

Rhonda Fisher
Sworn to and subscribed before me this 20th day of June, 2018 A.D. by Rhonda Fisher who is personally known to me.

Seal	Notary Public, State of Florida

MINUTES

MINUTES OF MEETING
OTC COMMUNITY DEVELOPMENT DISTRICT

A regular meeting of the Board of Supervisors of the OTC Community Development District was held Wednesday, May 9, 2018 at 10:30 a.m. at the offices of England-Thims & Miller, 14775 Old St. Augustine Road, Jacksonville, Florida 32258.

Present were:
Michelle Pierce	Chairperson
Rose Bock	Vice-Chairperson
Rocky Morris	Supervisor
Kurt von der Osten	Supervisor

Sue Harker	Chairperson - Resigned
Jessica Moreno	Supervisor - Resigned

Also present were:

Jim Perry	District Manager
Sarah Warren	District Counsel (by phone)
Jonathan Smith	Katz Properties (by phone)

FIRST ORDER OF BUSINESS	Roll Call
Mr. Oliver called the meeting to order at 10:30 a.m.

SECOND ORDER OF BUSINESS	Audience Comments
There were no members of the public in attendance.

THIRD ORDER OF BUSINESS	Organizational Matters
Appointment of New Supervisors to Fill Unexpired Terms of Office (11/2019 and 11/2021)
Oath of Office for Newly Appointed Supervisors

Mr. Oliver stated right now there are four seated supervisors and we have a vacancy. What we want to do as we go through the process of accepting resignation and appointing supervisors to fill those vacancies is we want to maintain a quorum of three people. I’d like to take a nomination to fill a vacancy that we have right now. This was made by the resignation of Meredith Hoffman at a previous meeting. Are there any nominations?

May 9, 2018	OTC CDD

Ms. Harker responded Rose Bock.

On MOTION by Ms. Harker seconded by Ms. Moreno with all in favor to accept the nomination of Rose Bock was approved.

Mr. Oliver administered an oath of office to Rose Bock
Mr. Oliver asked would anyone like to offer their resignation? Ms. Moreno stated I will.

On MOTION by Ms. Harker seconded by Ms. Pierce with all in favor to accept the resignation of Jessica Moreno was approved.

Mr. Oliver stated we now have a vacancy to fill with Jessica’s resignation. Do we have any nominations to fill that vacancy?
Ms. Harker responded Rocky Morris.

On MOTION by Ms. Harker seconded by Ms. Pierce with all in favor to accept the nomination of Rocky Morris was approved.

Mr. Oliver administered an oath of office to Rocky Morris. Mr. Oliver asked would anyone like to offer their resignation? Ms. Harker responded I am ready to resign.

On MOTION by Ms. Pierce seconded by Mr. Morris with all in favor to accept the resignation of Sue Harker was approved.

Mr. Oliver stated we have another vacancy. Do we have any nominations to fill the vacancy?
Ms. Bock stated I nominate Kurt von der Osten.

On MOTION by Ms. Bock seconded by Ms. Pierce with all in favor to accept the nomination of Kurt von der Osten was approved.

Mr. Oliver administered an oath of office to Kurt von der Osten

2

May 9, 2018	OTC CDD

Resolution 2018-04, Election of Officers
Mr. Oliver stated we need to fill the position of Chair. Is it your intention to serve as Chair, Michelle?
Ms. Pierce responded yes.
Mr. Oliver asked who would the board like to serve as Vice Chair? The Vice Chair would execute documents in the absence of the Chair.
Mr. Morris stated I nominate Rose Bock.
Mr. Oliver stated based on that I would like to have the board consider resolution 2018- 04 with Michelle Pierce serving as Chair, Rose Bock as Vice Chair, the balance of the board serving as Assistant Secretaries and certain GMS staff will remain in their positions right now so we can execute documents between meetings.

On MOTION by Mr. Morris seconded by Mr. von der Osten with all in favor Resolution 2018-04 was approved.

FOURTH ORDER OF BUSINESS	Approval of the Minutes of the February 14,
2018 Meeting
There were no corrections to the minutes.

On MOTION by Ms. Pierce seconded by Mr. Morris with all in favor the Minutes of the February 14, 2018 Meeting were approved.

FIFTH ORDER OF BUSINESS	Acceptance of the Public Facilities Report
Mr. Oliver stated we are required by Chapter 190 to prepare and provide this report to the State of Florida every seven years. If you look inside the front cover of the report you’ll see that the only facilities right now maintained by the District is the storm water management system. Item three shows the District does not currently have plans to add or modify any facilities, nor does it have any plans to replace the public facilities. On the next page is a map of the property.

On MOTION by Mr. Morris seconded by Ms. Bock with all in favor the public facilities report was accepted.

3

May 9, 2018	OTC CDD

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2018-05,
Approving the Proposed Budget and Setting a Public Hearing Date for Adoption
Mr. Oliver stated when we approved the meeting schedule we set the public hearing date for July 11th at 10:30. That would be at least 60 days from today which is required by statute. The budget that’s proposed for FY19 is the same amount of expenditures as for 2018. There is no change in the total of the budget or assessments. In the administrative section there will be expenditures for supervisor pay, which we will plug in at $1,800 plus the employer’s matching for FICA. We would correspondently reduce the capital reserve fund contribution from $11,000 to approximately $9,000. That keeps the budget in balance. Once this is approved we will provide it to local government, in this case Duval County, and we would have a public hearing no sooner than 60 days. Once the budget is approved we will provide the assessment roll to Duval County by July 31st. The assessment roll information will be included on the November 1st property tax bills that are sent out by the tax collector. You always have the opportunity to amend the budget throughout the year if you need to.

On MOTION by Mr. Morris seconded by Mr. von der Osten with all in favor resolution 2018-05, approving the proposed budget for fiscal year 2019 and setting a public hearing date for July 11, 2018 at 10:30 a.m. at the offices of England Thims & Miller was approved.

SEVENTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
There being none, the next item followed.

Engineer
There being none, the next item followed.

Manager
Mr. Oliver stated we will have the public hearing in July and we will also adopt the meeting calendar for FY19.

4

May 9, 2018	OTC CDD

NINTH ORDER OF BUSINESS	Supervisors’	Requests	and	Audience
Comments
There being none, the next item followed.

TENTH ORDER OF BUSINESS	Financial Statements
Mr. Oliver stated there are no unusual variances. Your capital reserves are at $78,000, which is very strong.

ELEVENTH ORDER OF BUSINESS	Assessment Receipt Schedule
Mr. Oliver stated on the assessment receipts schedule you are 98.7% collected, which is strong. Any small amount still to be collected would be done through the sale of tax certificates

TWELFTH ORDER OF BUSINESS	Approval of Check Register
Mr. Oliver stated there is one large expenditure on page two and that is in the amount of
$266,000. When the tax collections come in to the general fund, the general fund sends the allocation to the debt service fund so that the semi-annual interest payments and principal payments can be made.

On MOTION by Ms. Pierce seconded by Mr. Morris with all in favor the Check Register was approved.

THIRTEENTH ORDER OF BUSINESS	Next Scheduled Meeting – July 11, 2018 at
the offices of England Thims & Miller
Mr. Oliver stated the next scheduled meeting would be July 11, 2018 at this location at 10:30a.m.

FOURTEENTH ORDER OF BUSINESS	Adjournment

On MOTION by Ms. Morris seconded by Mr. von der Osten with all in favor the Meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

5

FIFTH ORDER OF BUSINESS

OTC
COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA

TABLE OF CONTENTS

	Page	
INDEPENDENT AUDITOR’S REPORT	1-2	
MANAGEMENT’S DISCUSSION AND ANALYSIS	3-6	
BASIC FINANCIAL STATEMENTS		
Government-Wide Financial Statements:		
Statement of Net Position	7	
Statement of Activities	8	
Fund Financial Statements:		
Balance Sheet – Governmental Funds	9	
Reconciliation of the Balance Sheet - Governmental Funds to the
Statement of Net Position	
10	
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds	
11	
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities	
12	
Notes to the Financial Statements	13-21	
REQUIRED SUPPLEMENTARY INFORMATION		
Schedule of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund	
22	
Notes to Required Supplementary Information	23	
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS	

24-25	
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10)
OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	

26	
MANAGEMENT LETTER REQUIRED BY CHAPTER 10.550 OF THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA	
27-28	

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

INDEPENDENT AUDITOR’S REPORT

To the Board of Supervisors
OTC Community Development District City of Jacksonville, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and each major fund of OTC Community Development District, City of Jacksonville, Florida (“District”) as of and for the fiscal year ended September 30, 2017, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the District as of September 30, 2017, and the respective changes in financial position thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 20, 2018, on our consideration of the District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control over financial reporting and compliance.

Report on Other Legal and Regulatory Requirements

We have also issued our report dated June 20, 2018, on our consideration of the District’s compliance with the requirements of Section 218.415, Florida Statutes, as required by Rule 10.556(10) of the Auditor General of the State of Florida. The purpose of that report is to provide an opinion based on our examination conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

June 20, 2018

2

MANAGEMENT’S DISCUSSION AND ANALYSIS

Our discussion and analysis of OTC Community Development District, City of Jacksonville, Florida (“District”) provides a narrative overview of the District’s financial activities for the fiscal year ended September 30, 2017. Please read it in conjunction with the District’s Independent Auditor’s Report, basic financial statements, accompanying notes and supplementary information to the basic financial statements.

FINANCIAL HIGHLIGHTS

The liabilities of the District exceeded its assets at the close of the most recent fiscal year resulting in a net position deficit balance of ($3,305,640).

The change in the District’s total net position in comparison with the prior fiscal year was
$206,680, an increase. The key components of the District’s net position and change in net position are reflected in the table in the government-wide financial analysis section.

At September 30, 2017, the District’s governmental funds reported combined ending fund balances of $871,433, a decrease of ($6,374) in comparison with the prior fiscal year. A portion  of fund balance is non-spendable for prepaid items, restricted for debt service, and assigned to subsequent year’s expenditures and renewal and replacement.

OVERVIEW OF FINANCIAL STATEMENTS

This discussion and analysis are intended to serve as the introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the District’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the residual amount being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.  Thus, revenues  and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The government-wide financial statements include all governmental activities that are principally supported by special assessments. The District does not have any business-type activities. The governmental activities of the District include the general government (management) function and maintenance functions.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District has one fund category: governmental funds.

3

OVERVIEW OF FINANCIAL STATEMENTS (Continued)

Governmental Funds

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains three governmental funds for external reporting. Information is presented separately in the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, debt service fund and capital projects fund which are considered major funds.

The District adopts an annual appropriated budget for its general and debt service funds. A budgetary comparison schedule has been provided for the general fund to demonstrate compliance with the budget.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements.

GOVERNMENT-WIDE FINANCIAL ANALYSIS

As noted earlier, net position may serve over time as a useful indicator of an entity’s financial position. In the case of the District, liabilities exceeded assets at the close of the most recent fiscal year.

Key components of the District’s net position are reflected in the following table:

NET POSITION SEPTEMBER 30,
2017	2016
Current and other assets	$	871,770	$	878,691	
Capital assets, net of depreciation	3,953,600	3,981,840	
Total assets	4,825,370	4,860,531	
Current liabilities	176,010	182,851	
Long-term liabilities	7,955,000	8,190,000	
Total liabilities	8,131,010	8,372,851	
Net position			
Net investment in capital assets	(4,001,400)	(4,208,160)	
Restricted	683,299	671,832	
Unrestricted	12,461	24,008	
Total net position	$ (3,305,640)	$ (3,512,320)	
The District’s net position reflects its investment in capital assets (e.g. land, land improvements, and infrastructure) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to residents; consequently, these assets are not available for future spending. Although the District’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

4

GOVERNMENT-WIDE FINANCIAL ANALYSIS (Continued)

The restricted portion of the District’s net position represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position may be used to meet the District’s other obligations.

The District’s net position increased during the most recent fiscal year. The majority of the increase represents the extent to which ongoing program revenues exceeded the cost of operations and depreciation expense.

Key elements of the change in net position are reflected in the following table:

CHANGES IN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,
2017	2016
Revenues:
Program revenues
Charges for services	$	729,333	$	728,826	
Operating grants and contributions	2,148	808	
Capital grants and contributions	554	273	
Total revenues	732,035	729,907	
Expenses:			
General government	67,493	74,516	
Maintenance and operations	30,616	30,616	
Interest	427,246	440,408	
Total expenses	525,355	545,540	
Change in net position	206,680	184,367	
Net position - beginning	(3,512,320)	(3,696,687)	
Net position - ending	$ (3,305,640)	$ (3,512,320)	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2017 was $525,355. The costs of the District’s activities were paid by program revenues. As in the prior fiscal year, program revenues are comprised primarily of assessments. The District also received funds from investment earnings which are included in program revenues. The majority of the change in expenses results from the decrease in interest. Based on the amortization schedule of the Bonds, as the balance outstanding of the Bonds decreases over time, the portion of each debt service payment allocated to principal increases accordingly thereby decreasing the amount allocated to interest.

GENERAL BUDGETING HIGHLIGHTS

An operating budget was adopted and maintained by the governing board for the District pursuant to the requirements of Florida Statutes. The budget is adopted using the same basis of accounting that is used in preparation of the fund financial statements. The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations for the fiscal year ended September 30, 2017.

5

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2017, the District had $4,236,000 invested in capital assets for its governmental activities. In the government-wide financial statements, depreciation of $282,400 has been taken, which resulted in a net book value of $3,953,600. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2017, the District had $7,955,000 in Bonds outstanding for its governmental activities. More detailed information about the District’s capital debt is presented in the notes of the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS

The District does not anticipate any major projects or significant changes to its infrastructure maintenance program for the subsequent fiscal year. In addition, it is anticipated that the general operations of the District will remain fairly constant.

CONTACTING THE DISTRICT’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, land owners, customers, investors and creditors with a general overview of the District’s finances and to demonstrate the District’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. If you have questions about this report or need additional financial information, contact the OTC Community Development District’s Finance Department at 475 West Town Place, Suite 114, St. Augustine, Florida, 32092.

6

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2017

	Governmental
Activities	
ASSETS		
Cash and cash equivalents	$	6,756	
Investments	67,647	
Prepaid items	6,042	
Restricted assets:		
Investments	791,325	
Capital assets		
Nondepreciable	3,388,800	
Depreciable, net	564,800	
Total assets	4,825,370	
LIABILITIES		
Accounts payable	337	
Accrued interest payable	175,673	
Non-current liabilities:		
Due within one year	215,000	
Due in more than one year	7,740,000	
Total liabilities	8,131,010	
NET POSITION		
Net investment in capital assets	(4,001,400)	
Restricted for debt service	615,652	
Restricted for capital projects	67,647	
Unrestricted	12,461	
Total net position	$	(3,305,640)	

See notes to the financial statements

7

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017

	Net (Expense)	
	Revenue and	
	Changes in Net	
			Program Revenues		Position	
		Charges	Operating	Capital		
		for	Grants and	Grants and	Governmental	
Functions/Programs	Expenses	Services	Contributions	Contributions	Activities	
Primary government:						
Governmental activities:						
General government	$	67,493	$	74,722	$	-	$	-	$	7,229	
Maintenance and operations	30,616	-	-	554	(30,062)	
Interest on long-term debt	427,246	654,611	2,148	-	229,513	
Total governmental activities	525,355	729,333	2,148	554	206,680	
Change in net position	206,680	
Net position - beginning	(3,512,320)	
Net position - ending	$	(3,305,640)	

See notes to the financial statements

8

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA BALANCE SHEET
GOVERNMENTAL FUNDS SEPTEMBER 30, 2017

Major Funds
Debt	Capital
General	Service	Projects

Total Governmental Funds

ASSETS		
Cash and cash equivalents	$	6,756	$	-	$	-	$	6,756	
Investments	-	791,325	67,647	858,972	
Prepaid items	6,042	-	-	6,042	
Total assets	$	12,798	$	791,325	$	67,647	$	871,770	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	337	$	-	$	-	$	337	
Total liabilities	337	-	-	337	

Fund balances: Nonspendable:
Prepaid items
Restricted for:	6,042	-	-	6,042	
Debt service	-	791,325	-	791,325	
Assigned to:			
Subsequent year's expenditures	6,419	-	-	6,419	
Renewal and replacement	-	-	67,647	67,647	
Total fund balances	12,461	791,325	67,647	871,433	

Total liabilities and fund balances

$	12,798

$	791,325	$

67,647

$	871,770

See notes to the financial statements

9

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2017

Fund balance - governmental funds	$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported as assets in the governmental funds. The statement of net position includes those capital assets, net of any accumulated depreciation, in the net position of the government as a whole.
Cost of capital assets	4,236,000

871,433

Accumulated depreciation	(282,400)	3,953,600
Liabilities not due and payable from current available resources are not reported as liabilities in the governmental fund financial statements. All liabilities, both current and long-
term,	are	reported	in statements.
Accrued interest payable	the	government-wide	financial	

(175,673)		
Bonds payable				(7,955,000)	(8,130,673)	
Net position of governmental activities	$	(3,305,640)

See notes to the financial statements

10

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017

	

General	Major Funds
Debt Service	
Capital Projects	Total Governmental
Funds	
REVENUES					
Assessments	$	74,722	$	654,611	$	-	$	729,333	
Interest	-	2,148	554	2,702	
Total revenues	74,722	656,759	554	732,035	

EXPENDITURES
Current:
General government	67,493	-	-	67,493	
Maintenance and operations Debt service:
Principal	2,376	-

-	235,000	-	2,376

-	235,000	
Interest	-	433,540	-	433,540	
Total expenditures	69,869	668,540	-	738,409	
Excess (deficiency) of revenues over (under) expenditures	
4,853	(11,781)	
554	(6,374)	

OTHER FINANCING SOURCES (USES)			
Interfund transfer	(16,400)	-	16,400	-	
Total other financing sources (uses)	(16,400)	-	16,400	-	
Net change in fund balances	(11,547)	(11,781)	16,954	(6,374)	
Fund balances - beginning	24,008	803,106	50,693	877,807	
Fund balances - ending	$	12,461	$	791,325	$	67,647	$	871,433	

See notes to the financial statements

11

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017

Net change in fund balances - total governmental funds
Amounts reported for governmental activities in the statement of activities are different because:

$	(6,374)

Repayments of long-term liabilities are reported as expenditures in the governmental fund financial statements, but such repayments reduce liabilities in the statement of net position and are eliminated in the
statement of activities.	235,000
Depreciation of capital assets is not recognized in the governmental  fund financial statements, but is reported as an expense in the statement
of activities.	(28,240)
The change in accrued interest on long-term liabilities between the current and prior fiscal year is recorded in the statement of activities but
not in the governmental fund financial statements.	6,294
Change in net position of governmental activities	$	206,680

See notes to the financial statements

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OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA NOTES TO FINANCIAL STATEMENTS

NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY

OTC Community Development District (the "District") was created by City of Jacksonville, Florida Ordinance 2006-1198, enacted November 28, 2006, effective December 6, 2006, pursuant to the Uniform Community Development District Act of 1980, otherwise known as Chapter 190, Florida Statutes. The Act provides among other things, the power to manage basic services for community development, power to borrow money and issue Bonds, and to levy and assess non-ad valorem assessments for the financing and delivery of capital infrastructure. The District’s land consists of approximately 99.4 acres.

The District was established for the purposes of financing and managing the acquisition, construction, maintenance and operation of a portion of the infrastructure necessary for community development within the District.

The District is governed by the Board of Supervisors (the "Board"), which is composed of five members. The Supervisors are elected by the owners of the property within the District. The Board of Supervisors  of the District exercise all powers granted to the District pursuant to Chapter 190, Florida Statutes. The Supervisors are elected on at large basis by the owners of the property within the District. Argyle Forest Retail I, LLC (the “Developer”) is comprised of two members: 1) Sembler Family Partnership #43 Ltd. and
2) Bridgeport Plaza Ltd. All of the Board members are affiliated with The Sembler Company, which is the parent company for Sembler Family Partnership #43 Ltd, at September 30, 2017.

The Board has the responsibility for:
Assessing and levying assessments.
Approving budgets.
Exercising control over facilities and properties.
Controlling the use of funds generated by the District.
Approving the hiring and firing of key personnel.
Financing improvements.

The financial statements were prepared in accordance with Governmental Accounting Standards Board (“GASB”) Statements. Under the provisions of those standards, the financial reporting entity consists of the primary government, organizations for which the District is considered to be financially accountable and other organizations for which the nature and significance of their relationship with the District are such that, if excluded, the financial statements of the District would be considered incomplete or misleading. There are no entities considered to be component units of the District; therefore, the financial statements include only the operations of the District.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Government-Wide and Fund Financial Statements
The basic financial statements include both government-wide and fund financial statements.

The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment. (Operating- type special assessments for maintenance and debt service are treated as charges for services.); and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Assessments are recognized as revenues in the year for which they are levied. Grants and similar items are to be recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

Assessments
Assessments are non-ad valorem assessments on benefited property within the District. Operating and maintenance assessments are based upon the adopted budget and levied annually at a public hearing of the District. Debt service assessments are levied when Bonds are issued and assessed and collected on an annual basis. The District may collect assessments directly or utilize the “Uniform Method of Collection” under Florida Statutes. Direct collected assessments are due as set forth in the annual assessment resolution adopted by the Board of Supervisors. Assessments collected under the Uniform Method are noticed by the County Tax Collector on November 1 and due on or before March 31 of each year. Property owners may prepay a portion or all of the debt service assessments on their property subject to various provisions in the Bond documents.

Assessments and interest associated with the current fiscal period are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. The portion of assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period.

The District reports the following major governmental funds:

General Fund
The general fund is the general operating fund of the District. It is used to account for all financial resources except those required to be accounted for in another fund.

Debt Service Fund
The debt service fund is used to account for the accumulation of resources for the annual payment of principal and interest on long-term debt.

Capital Projects Fund
This fund accounts for the financial resources to be used for the acquisition or construction of major infrastructure and for the accumulation of renewal and replacement funds for future repairs within the District.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements.

When both restricted and unrestricted resources are available for use, it is the government’s policy to use restricted resources first for qualifying expenditures, then unrestricted resources as they are needed.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity

Restricted Assets
These assets represent cash and investments set aside pursuant to Bond covenants or other contractual restrictions.

Deposits and Investments
The District’s cash and cash equivalents are considered to be cash on hand and demand deposits (interest and non-interest bearing).

The District has elected to proceed under the Alternative Investment Guidelines as set forth in Section
218.415 (17) Florida Statutes. The District may invest any surplus public funds in the following:

The Local Government Surplus Trust Funds, or any intergovernmental investment pool authorized pursuant to the Florida Inter-local Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
Interest bearing time deposits or savings accounts in qualified public depositories;
Direct obligations of the U.S. Treasury.

The State Board of Administration’s (“SBA”) Local Government Surplus Funds Trust Fund (“Florida PRIME”) is a“2a-7 like” pool. A “2a-7 like” pool is an external investment pool that is not registered with the Securities and Exchange Commission (“SEC”) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC’s Rule 2a-7 of the Investment Company Act of 1940, which comprises the rules governing money market funds. Thus, the pool operates essentially as a money market fund. The District has reported its investment in Florida PRIME at amortized cost for financial reporting purposes.

Securities listed in paragraph c and d shall be invested to provide sufficient liquidity to pay obligations as they come due.

The District records all interest revenue related to investment activities in the respective funds. Investments are measured at amortized cost or reported at fair value as required by generally accepted accounting principles.

Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements.

Capital Assets
Capital assets which include property, plant and equipment, and infrastructure assets (e.g., roads, sidewalks and similar items) are reported in the government activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)

Capital Assets (Continued)
Property, plant and equipment of the District are depreciated using the straight-line method over the following estimated useful lives:
Assets	Years	
Infrastructure	30	
In the governmental fund financial statements, amounts incurred for the acquisition of capital assets are reported as fund expenditures. Depreciation expense is not reported in the governmental fund financial statements.

Unearned Revenue
Governmental funds report unearned revenue in connection with resources that have been received, but not yet earned.

Long-Term Obligations
In the government-wide financial statements long-term debt and other long-term obligations are reported as liabilities in the statement of net position. Bond premiums and discounts are deferred and amortized ratably over the life of the Bonds. Bonds payable are reported net of applicable premiums or discounts. Bond issuance costs are expensed when incurred.

In the fund financial statements, governmental fund types recognize premiums and discounts, as well as issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.

Deferred Outflows/Inflows of Resources
Deferred outflows of resources represent a consumption of net position that applies to future reporting period(s). For example, the District would record deferred outflows of resources on the statement of net position related to debit amounts resulting from current and advance refundings resulting in the defeasance of debt (i.e. when there are differences between the reacquisition price and the net carrying amount of the old debt).

Deferred inflows of resources represent an acquisition of net position that applies to future reporting period(s). For example, when an asset is recorded in the governmental fund financial statements, but the revenue is unavailable, the District reports a deferred inflow of resources on the balance sheet until such times as the revenue becomes available.

Fund Equity/Net Position
In the fund financial statements, governmental funds report non spendable and restricted fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Assignments of fund balance represent tentative management plans that are subject to change.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Assets, Liabilities and Net Position or Equity (Continued)

Fund Equity/Net Position (Continued)
The District can establish limitations on the use of fund balance as follows:

Committed fund balance – Amounts that can be used only for the specific purposes determined by a formal action (resolution) of the Board of Supervisors. Commitments may be changed or lifted only by the Board of Supervisors taking the same formal action (resolution) that imposed the constraint originally. Resources accumulated pursuant to stabilization arrangements sometimes are reported in this category.

Assigned fund balance – Includes spendable fund balance amounts established by the Board of Supervisors that are intended to be used for specific purposes that are neither considered restricted nor committed. The Board may also assign fund balance as it does when appropriating fund balance to cover differences in estimated revenue and appropriations in the subsequent year’s appropriated budget. Assignments are generally temporary and normally the same formal action need not be taken to remove the assignment.

The District first uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used.

Net position is the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position in the government-wide financial statements are categorized as net investment in capital assets, restricted or unrestricted. Net investment in capital assets represents net position related to infrastructure and property, plant and equipment. Restricted net position  represents the assets restricted by the District’s Bond covenants or other contractual restrictions. Unrestricted net position consists of the net position not meeting the definition of either of the other two components.

Other Disclosures

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

NOTE 3 – BUDGETARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget. Annual  Budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year end.

The District follows these procedures in establishing the budgetary data reflected in the financial statements.

Each year the District Manager submits to the District Board a proposed operating budget for the fiscal year commencing the upcoming October 1.
Public hearings are conducted to obtain comments.
Prior to October 1, the budget is legally adopted by the District Board.
All budget changes must be approved by the District Board.
The budgets are adopted on a basis consistent with generally accepted accounting principles.
Unused appropriation for annually budgeted funds lapse at the end of the year.

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NOTE 4 – DEPOSITS AND INVESTMENTS

Deposits
The District’s cash balances were entirely covered by federal depository insurance or by a collateral pool pledged to the State Treasurer. Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", requires all qualified depositories to deposit with the Treasurer or another banking institution eligible collateral equal to various percentages of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses.

Investments
The District’s investments were held as follows at September 30, 2017:

Amortized Cost	Credit Risk	Maturities
Fidelity Institutional Government Class III Money
Market Fund #657	$	791,325	Not available	Not available

Investment in Local Government Surplus Funds Trust
Fund (Florida PRIME)	67,647	S&P AAAm

Weighted average of the fund portfolio: 51 days or less

$	858,972

Credit risk – For investments, credit risk is generally the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Investment ratings by investment type are included in the preceding summary of investments.

Concentration risk – The District places no limit on the amount the District may invest in any one issuer.

Interest rate risk – The District does not have a formal policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates.

However, the Bond Indenture limits the type of investments held using unspent proceeds.

Fair Value Measurement – When applicable, the District measures and records its investments using fair value measurement guidelines established in accordance with GASB Statements. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques.

These guidelines recognize a three-tiered fair value hierarchy, in order of highest priority, as follows:
Level  1:	Investments whose values are based on unadjusted quoted prices for identical investments in active markets that the District has the ability to access;
Level 2: Investments whose inputs - other than quoted market prices - are observable either directly or indirectly; and,
Level 3: Investments whose inputs are unobservable.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the entire fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.

Money market investments that have a maturity at the time of purchase of one year or less and are held by governments other than external investment pools should be measured at amortized cost. For external investment pools that qualify to be measured at amortized cost, the pool’s participants should also measure their investments in that external investment pool at amortized cost for financial reporting purposes. Accordingly, the District’s investments have been reported at amortized cost above.

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NOTE 4 – DEPOSITS AND INVESTMENTS (Continued)

Investments (Continued)

External Investment Pool – With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that “The principal, and any part thereof, of each account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days.”

With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has been made.

As of September 30, 2017, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value.

NOTE 5 – INTERFUND TRANSFERS

Interfund transfers for the fiscal year ended September 30, 2017 were as follows:

Fund	Transfers In	Transfers Out	
General	$	-	$	16,400	
Capital projects	16,400	-	
Total	$	16,400	$	16,400	

Transfers are used to move revenues from the fund where collection occurs to the fund where funds have been reallocated for use. The District transferred funds from its general fund to its capital projects fund in order to set aside funds for future capital reserve projects.

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NOTE 6 – CAPITAL ASSETS

Capital asset activity for the fiscal year ended September 30, 2017 was as follows:

Governmental activities
Capital assets, not being depreciated	Beginning Balance	Ending Additions	Reductions	Balance	
Land and land improvements	$	3,388,800	$	-	$	-	$	3,388,800	
Total capital assets, not being depreciated	3,388,800	-	-	3,388,800	
Capital assets, being depreciated Infrastructure - stormwater system	
847,200	
-	-	847,200	
Total capital assets, being depreciated	847,200	-	-	847,200	
Less accumulated depreciation for: Infrastructure - stormwater system	
254,160	
28,240	-	282,400	
Total accumulated depreciation	254,160	28,240	-	282,400	
Total capital assets, being depreciated, net	593,040	(28,240)	-	564,800	
Governmental activities capital assets, net	$ 3,981,840	$	(28,240)   $	-	$ 3,953,600	

Depreciation expense was charged to the Maintenance and Operations function.

NOTE 7 – LONG TERM LIABILITIES

On March 15, 2007, the District issued $9,770,000 of Special Assessment Bonds, Series 2007A. The Bonds are due May 1, 2038 with a fixed interest rate of 5.3%. The Bonds were issued to finance the acquisition and construction of certain improvements for the benefit of the District. Interest is to be paid semiannually on each May 1 and November 1, and the principal is to be paid serially on each May 1, commencing May 1, 2009.

The Bonds are subject to optional redemption prior to maturity as outlined in the Bond Indenture. The Bonds are also subject to extraordinary mandatory redemption prior to their selected maturity in the manner outlined in the Bond Indenture. This occurred during the current fiscal year as the District prepaid
$35,000 of the Bonds.

The Bond Indenture established a debt service reserve requirement as well as other restrictions and requirements relating principally to the use of proceeds to pay for the infrastructure improvements and the procedures to be followed by the District on assessments to property owners. The District agrees to levy special assessments in annual amounts adequate to provide payment of debt service and to meet the reserve requirements. The District was in compliance with the requirements at September 30, 2017.

Changes in long-term liability activity for the fiscal year ended September 30, 2017 were as follows:

Governmental activities Bonds payable:
Series 2007A Total

Beginning

$	8,190,000	$	-	$	235,000	$	7,955,000	$	215,000	
$	8,190,000	$	-	$	235,000	$	7,955,000	$	215,000	

Balance	Additions	Reductions

Ending Balance

Due Within One Year

20

NOTE 7 – LONG TERM LIABILITIES (Continued)

At September 30, 2017, the scheduled debt service requirements on the long-term debt were as follows:

Governmental Activities

Year ending
    September 30	Principal	Interest	Total	

2018	$	215,000	$	421,615	$	636,615	
2019	225,000	410,220	635,220	
2020	235,000	398,295	633,295	
2021	250,000	385,840	635,840	
2022	265,000	372,590	637,590	
2023-2027	1,555,000	1,636,375	3,191,375	
2028-2032	2,010,000	1,178,985	3,188,985	
2033-2037	2,620,000	584,855	3,204,855	
2038	 	580,000	30,740	610,740 
Total	 $	7,955,000	$	5,419,515    $	13,374,515 

NOTE 8 – DEVELOPER TRANSACTIONS

The Developer owns a portion of land within the District; therefore, assessment revenues in the general and debt service funds include the assessments levied on those lots owned by the Developer.

NOTE 9 – CONCENTRATION

A significant portion of the District’s activity is dependent upon the continued involvement of the Developer, the loss of which could have a material adverse effect on the District’s operations.

NOTE 10 – MANAGEMENT COMPANY

The District has contracted with a management company to perform management advisory services, which include financial and accounting services. Certain employees of the management company also serve as officers of the District. Under the agreement, the District compensates the management company for management, accounting, financial reporting, computer and other administrative costs.

NOTE 11 – RISK MANAGEMENT

The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There were no settled claims during the past three years.

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OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017

 	Budgeted	

Actual

Variance with Final Budget - Positive

Original & Final	Amounts	(Negative)
REVENUES		
Assessments	  $	74,525	$	74,722	$	197 	
Total revenues	 	74,525	74,722	197 	

EXPENDITURES
Current:
General government		80,856	67,493	13,363 Maintenance and operations	 		2,376		2,376		-	
Total expenditures	 	83,232	69,869	13,363 

Excess (deficiency) of revenues
over (under) expenditures	(8,707)	4,853	13,560

OTHER FINANCING SOURCES (USES)
Transfer in (out)	 	(16,400)	(16,400)	-	 Total other  financing sources (uses)	 	(16,400)	(16,400)	-	

Net change in fund balance	  $	(25,107) 	(11,547)	$	13,560	

Fund balance - beginning		
 	24,008 		
Fund balance - ending		  $	12,461 		

See notes to required supplementary information

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OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

The District is required to establish a budgetary system and an approved Annual Budget for the general fund. The District’s budgeting process is based on estimates of cash receipts and cash expenditures which are approved by the Board. The budget approximates a basis consistent with accounting principles generally accepted in the United States of America (generally accepted accounting principles).

The legal level of budgetary control, the level at which expenditures may not exceed budget, is in the aggregate. Any budget amendments that increase the aggregate budgeted appropriations must be approved by the Board of Supervisors. Actual general fund expenditures did not exceed appropriations  for the fiscal year ended September 30, 2017.

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

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Supervisors
OTC Community Development District City of Jacksonville, Florida

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and each major fund of OTC Community Development District, City of Jacksonville, Florida (“District”) as of and for the fiscal year ended September 30, 2017, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated June 20, 2018.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the District’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we do not express an opinion on the effectiveness of the District’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the District’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

June 20, 2018

25

Grau& Associates
CERTIFIED   PUBLIC ACCOUNTANTS

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

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BY RULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

To the Board of Supervisors
OTC Community Development District City of Jacksonville, Florida

We have examined OTC Community Development District, City of Jacksonville, Florida’s (“District”) compliance with the requirements of Section 218.415, Florida Statutes, in accordance with Rule 10.556(10) of the Auditor General of the State of Florida during the fiscal year ended September 30, 2017. Management is responsible for District’s compliance with those requirements. Our responsibility is to express an opinion on District’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the District complied, in all material respects, with the specified requirements referenced in Section 218.415, Florida Statutes. An examination involves performing procedures to obtain evidence about whether the District complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the District’s compliance with specified requirements.

In our opinion, the District complied, in all material respects, with the aforementioned requirements for the fiscal year ended September 30, 2017.

This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, management, and the Board of Supervisors of OTC Community Development District, City of Jacksonville, Florida and is not intended to be and should not be used by anyone other than these specified parties.

June 20, 2018

26

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

MANAGEMENT LETTER PURSUANT TO THE RULES OF THE AUDITOR GENERAL FOR THE STATE OF FLORIDA

To the Board of Supervisors
OTC Community Development District City of Jacksonville, Florida

Report on the Financial Statements

We have audited the accompanying basic financial statements of OTC Community Development District, City of Jacksonville, Florida ("District") as of and for the fiscal year ended September 30, 2017, and have issued our report thereon dated June 20, 2018.

Auditor’s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.

Other Reporting Requirements

We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; and Independent Auditor’s Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated June 20, 2018, should be considered in conjunction with this management letter.

Purpose of this Letter

The purpose of this letter is to comment on those matters required by Chapter 10.550 of the Rules of the Auditor General for the State of Florida. Accordingly, in connection with our audit of the financial statements of the District, as described in the first paragraph, we report the following:

Current year findings and recommendations.
Status of prior year findings and recommendations.
Compliance with the Provisions of the Auditor General of the State of Florida.

Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, as applicable, management, and the Board of Supervisors of OTC Community Development District, City of Jacksonville, Florida and is not intended to be and should not be used by anyone other than these specified parties.

We wish to thank OTC Community Development District, City of Jacksonville, Florida and the personnel associated with it, for the opportunity to be of service to them in this endeavor as well as future engagements, and the courtesies extended to us.

June 20, 2018

27

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS

None

PRIOR YEAR FINDINGS AND RECOMMENDATIONS

None

COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA

Unless otherwise required to be reported in the auditor’s report on compliance and internal controls, the management letter shall include, but not be limited to the following:

A statement as to whether or not corrective actions  have  been taken to address findings  and recommendations made in the preceding annual financial audit report.

There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30, 2016.

Any recommendations to improve the local governmental entity's financial management.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported for the fiscal year ended September 30, 2017.

Noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that  is less than material but which warrants the attention of those charged with governance.

There were no such matters discovered by, or that came to the attention of, the auditor, to be reported, for the fiscal year ended September 30, 2017.

The name or official title and legal authority of the District are disclosed in the notes to the financial statements.

The financial report filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes agrees with the September 30, 2017 financial audit report.

The District has not met one or more of the financial emergency conditions described in Section 218.503(1), Florida Statutes.

We applied financial condition assessment procedures and no deteriorating financial conditions were noted as of September 30, 2017. It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same.

28

SIXTH ORDER OF BUSINESS

OTC
Community Development District

Fiscal Year 2019
Approved Budget

July 11, 2018

OTC
Community Development District

TABLE OF CONTENTS

General Fund

Summary of Revenues and Expenses	Page 1

Narrative	Page 2-5

Series 2007A Debt Service Fund

Summary of Revenues and Expenses	Page 6

Amortization Schedule	Page 7 Capital Reserve Fund	Page 8

OTC
Community Development District

	Adopted
Budget		Actual
As of		Projected
Next 6		
Projected		Approved
Budget	
	FY 18		3/31/18		Months		9/30/2018		FY 19	
Revenues										
Assessments - Tax Collector	$74,525		$73,547		$978		$74,525		$74,525	
Carry Forward Surplus	$18,707		$12,461		$0		$12,461		$18,707	
Total Revenues	$99,632		$86,008		$978		$86,986		$93,232	
Expenditures										
Administrative										
Supervisors	$0		$0		$0		$0		$1,800	
FICA Expense	$0		$0		$0		$0		$92	
Engineering	$3,000		$488		$1,500		$1,988		$2,000	
Attorney	$10,000		$1,278		$4,000		$5,278		$10,000	
Arbitrage	$600		$0		$600		$600		$600	
Annual Audit	$3,900		$0		$3,900		$3,900		$3,900	
Assessment Roll Administration	$5,000		$5,000		$0		$5,000		$5,000	
Dissemination Agent	$5,250		$3,000		$2,500		$5,500		$5,250	
Trustee Fees	$3,600		$0		$3,600		$3,600		$3,600	
Management Fees	$35,000		$17,500		$17,500		$35,000		$35,000	
Information Technology	$2,000		$1,008		$1,000		$2,008		$2,000	
Telephone	$50		$6		$50		$11		$50	
Postage	$450		$37		$150		$187		$450	
Insurance	$6,515		$6,042		$0		$6,042		$6,515	
Printing & Binding	$730		$160		$150		$310		$730	
Travel	$250		$0		$100		$100		$250	
Legal Advertising	$3,136		$1,447		$1,000		$1,227		$3,136	
Other Current Charges	$1,000		$315		$300		$615		$1,000	
Office Supplies	$100		$27		$25		$52		$100	
Dues, Licenses & Subscriptions	$175		$175		$0		$175		$175	
Capital Outlay	$100		$0		$100		$100		$100	
Capital Reserve	$10,000		$10,000		$0		$10,000		$9,108	
Maintenance										
Stormwater maintenance	$2,376		$1,188		$1,188		$2,376		$2,376	
Total Expenditures	$93,232		$47,671		$37,663		$84,069		$93,232	
										
Excess Revenues (Expenditures)	$0		$38,336		-$36,685		$2,917		$0	
							FY 2018		FY 2019	
Net Assessments	$74,525		$74,525	
Discounts & Collections (7.5%)	$6,043		$6,043	
Gross Assessments	$80,568		$80,568	
Square Footage - 780,000				

Net Assessment per s1quare ft Gross Assessment per Square Ft

$	0.096
$	0.103

$	0.096
$	0.103

OTC
Community Development District General Fund Budget
FY 2019

REVENUES:

Assessments

Annual assessments will be levied on all assessable property within the District to fund the operating budget for the fiscal year. The assessments will be collected by the Duval County Tax Collectors Office.

EXPENDITURES:

Administrative:

Supervisor Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon 5 supervisors for 12 monthly meetings.

FICA Expense

These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering Fees

The District’s engineering firm, England Thims, and Miller, will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Attorney

The District’s legal counsel, Hopping Green and Sams, will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

2

Arbitrage

OTC
Community Development District General Fund Budget
FY 2019

The District is required to annually have an arbitrage rebate calculation on the District’s Series 2007 Special Assessment Revenue Bonds. The District has contracted with Grau and Company to calculate the rebate liability and submit a report to the District.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The District has contracted Grau and Associates to conduct their annual audit.

Assessment Roll

Governmental Management Services serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the county tax collector.

Dissemination Agent

The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. The District has contracted with Prager & Co., LLC, the District’s bond underwriter, to provide this service.

Trustee Fees

The District’s Series 2007 Special Assessment Revenue Bonds are held by a trustee at Region’s Bank. The amount represents the fee for the administration of the District’s bond issue.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit “A” of the Management Agreement. District website services are included in the GMS agreement to be compliant with section 189 of the Florida Statutes.

3

OTC
Community Development District General Fund Budget
FY 2019

Information Technology

The cost related to District’s accounting and information systems, District website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.
Telephone

Telephone and fax machine

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes, etc.

Insurance

The District’s General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance (FIA). The amount is based upon prior year’s premiums.

Travel

Expenses the Board of Supervisors may incur due to attending an OTC Community Development District meeting or other District related travel expenses.

Legal Advertising

The District is required to advertise various notices for Board meetings, public hearings etc. in a newspaper of general circulation.

4

OTC
Community Development District General Fund Budget
FY 2019

Other Current Charges

This includes bank charges and any other miscellaneous expenses that are incurred during the year by the District.

Office Supplies

Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Community Affairs for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

Maintenance:

Storm water

The District has entered into an agreement with Argyle Forest Retail 1, LLC for pond maintenance services dated May 2008. The agreement provides for  Argyle to provide services related to District pond/storm water facilities and to maintain compliance with St. Johns Water River Management District permit #04-031-65850-43.

Vendor	Monthly Amount	Annual Amount	

Argyle Forest Retail 1, LLC	$198.00	$2,376

5

OTC
Community Development District	Debt Service Fund Series 2007A

Adopted	Actual	Projected	Approved

Description

Budget FY 18

As of 3/31/18

Next 6 Months

Projected 9/30/2018

Budget FY 19

Revenues		
Carry Forward Surplus (1)	$241,285		$475,577		$0		$475,577		$268,431	
Assessments - Tax Collector	$652,885		$644,315		$8,570		$652,885		$652,885	
Interest Income	$300		$1,882		$100		$1,982		$1,000	
Total Revenues	$894,470		$1,121,774		$8,670		$1,130,444		$922,316	

Expenditures										
Series 2007A										
Interest 11/1	$211,205		$210,808		$0		$210,808		$205,640	
Principal 11/1 (Special Call)	$30,000		$230,000		$0		$230,000		$0	
Interest 5/1	$211,205		$0		$211,205		$211,205		$205,640	
Principal 5/1	$210,000		$0		$210,000		$210,000		$225,000	
Principal 5/1 (Special Call)	$0		$0		$0		$0		$0	
Total Expenditures	$662,410		$440,808		$421,205		$862,013		$636,280	
										
EXCESS REVENUES / (EXPENDITURES)	$232,060		$680,966		-$412,535		$268,431		$286,036	

(1) Carryforward Surplus is net of reserve fund requirements	

11/01/2018 Interest Payment	$ 205,640	

Net Assessments	
$652,885	
Discounts & Collections (7.5%)	$52,937	
Gross Assessments	$705,822	
Square Footage - 780,000
Net Assessemnts per square ft	
$ 0.8370	
Gross Assessments per square ft	$ 0.9000	

6

OTC
Community Development District
Series 2007A Special Assessment Bonds
Amortization Schedule

DATE	BALANCE	RATE	PRINCIPAL	INTEREST	TOTAL	
11/01/18	$	7,760,000.00	5.30%		$	205,640.00	$	626,845.00	
05/01/19	$	7,760,000.00	5.30%	$	225,000.00	$	205,640.00		
11/01/19	$	7,535,000.00	5.30%		$	199,677.50	$	630,317.50	
05/01/20	$	7,535,000.00	5.30%	$	235,000.00	$	199,677.50		
11/01/20	$	7,300,000.00	5.30%		$	193,450.00	$	628,127.50	
05/01/21	$	7,300,000.00	5.30%	$	250,000.00	$	193,450.00		
11/01/21	$	7,050,000.00	5.30%		$	186,825.00	$	630,275.00	
05/01/22	$	7,050,000.00	5.30%	$	265,000.00	$	186,825.00		
11/01/22	$	6,785,000.00	5.30%		$	179,802.50	$	631,627.50	
05/01/23	$	6,785,000.00	5.30%	$	275,000.00	$	179,802.50		
11/01/23	$	6,510,000.00	5.30%		$	172,515.00	$	627,317.50	
05/01/24	$	6,510,000.00	5.30%	$	290,000.00	$	172,515.00		
11/01/24	$	6,220,000.00	5.30%		$	164,830.00	$	627,345.00	
05/01/25	$	6,220,000.00	5.30%	$	310,000.00	$	164,830.00		
11/01/25	$	5,910,000.00	5.30%		$	156,615.00	$	631,445.00	
05/01/26	$	5,910,000.00	5.30%	$	325,000.00	$	156,615.00		
11/01/26	$	5,585,000.00	5.30%		$	148,002.50	$	629,617.50	
05/01/27	$	5,585,000.00	5.30%	$	340,000.00	$	148,002.50		
11/01/27	$	5,245,000.00	5.30%		$	138,992.50	$	626,995.00	
05/01/28	$	5,245,000.00	5.30%	$	360,000.00	$	138,992.50		
11/01/28	$	4,885,000.00	5.30%		$	129,452.50	$	628,445.00	
05/01/29	$	4,885,000.00	5.30%	$	380,000.00	$	129,452.50		
11/01/29	$	4,505,000.00	5.30%		$	119,382.50	$	628,835.00	
05/01/30	$	4,505,000.00	5.30%	$	400,000.00	$	119,382.50		
11/01/30	$	4,105,000.00	5.30%		$	108,782.50	$	628,165.00	
05/01/31	$	4,105,000.00	5.30%	$	425,000.00	$	108,782.50		
11/01/31	$	3,680,000.00	5.30%		$	97,520.00	$	631,302.50	
05/01/32	$	3,680,000.00	5.30%	$	445,000.00	$	97,520.00		
11/01/32	$	3,235,000.00	5.30%		$	85,727.50	$	628,247.50	
05/01/33	$	3,235,000.00	5.30%	$	470,000.00	$	85,727.50		
11/01/33	$	2,765,000.00	5.30%		$	73,272.50	$	629,000.00	
05/01/34	$	2,765,000.00	5.30%	$	495,000.00	$	73,272.50		
11/01/34	$	2,270,000.00	5.30%		$	60,155.00	$	628,427.50	
05/01/35	$	2,270,000.00	5.30%	$	525,000.00	$	60,155.00		
11/01/35	$	1,745,000.00	5.30%		$	46,242.50	$	631,397.50	
05/01/36	$	1,745,000.00	5.30%	$	550,000.00	$	46,242.50		
11/01/36	$	1,195,000.00	5.30%		$	31,667.50	$	627,910.00	
05/01/37	$	1,195,000.00	5.30%	$	580,000.00	$	31,667.50		
11/01/37	$	615,000.00	5.30%		$	16,297.50	$	627,965.00	
05/01/38	$	615,000.00	5.30%	$	615,000.00	$	16,297.50		
11/01/38					$	631,297.50	
			$	7,760,000.00	$	5,029,700.00	$	13,210,905.00	

7

OTC
Community Development District	Capital Reserve Fund

Adopted	Actual	Projected	Approved

Description

Budget FY 18

As of 3/31/18

Next 6 Months

Projected 9/30/2018

Budget FY 19

Revenues		
Interest Income	$0		$525		$250		$775		$0	
Capital Reserve Funding - Transfer In	$10,000		$10,000		$0		$10,000		$11,000	
Carry Forward Surplus	$51,365		$67,646		$0		$67,646		$78,421	
Total Revenues	$67,077		$78,171		$250		$78,421		$89,421	

Expenditures										
Capital Outlay	$0		$0		$0		$0		$0	
Total Expenditures	$0		$0		$0		$0		$0	
										
EXCESS REVENUES / (EXPENDITURES)	$67,077		$78,171		$250		$78,421		$89,421	

8

A.

RESOLUTION 2018-06

THE ANNUAL APPROPRIATION RESOLUTION OF THE OTC COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGETS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2018, AND ENDING SEPTEMBER 30, 2019; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2018, submitted to the Board of Supervisors (“Board”) of the OTC Community Development District (“District”) proposed budgets (“Proposed Budget”) for the fiscal year beginning October 1, 2018 and ending September 30, 2019 (“Fiscal Year 2018/2019”) along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of 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 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, the District Manager posted the Proposed Budget on the District’s website at least two days before the public hearing; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the 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 OTC COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1.	BUDGET

The Board has reviewed the Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Local Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

The Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes (“Adopted Budget”), 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 reflect actual revenues and expenditures.

The Adopted Budget, as amended, shall be maintained in the office of the District Manager and at the District’s Local Records Office and identified as “The Budget for the OTC Community Development District for the Fiscal Year Ending September 30, 2019.”

The Adopted Budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption, and shall remain on the website for at least 2 years.

SECTION 2.	APPROPRIATIONS

There  is  hereby  appropriated  out  of  the  revenues  of  the  District,  for  Fiscal  Year
2018/2019,  the  sum of $ 	to  be  raised  by  the  levy  of  assessments and/or
otherwise, which sum is deemed by the Board 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	$ 	

DEBT SERVICE FUND (SERIES 2007A)	$ 	

CAPITAL RESERVE FUND	$ 	

TOTAL ALL FUNDS	$ 	

SECTION 3.	BUDGET AMENDMENTS

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2018/2019 or within 60 days following the end of the Fiscal Year 2018/2019 may amend its Adopted Budget for that fiscal year as follows:

The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase.

The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $10,000 or 10% of the original appropriation.

By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance.

Any other budget amendments shall be adopted by resolution and consistent with Florida law.

The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section 189.016, Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget under subparagraphs c. and d. above are posted on the District’s website within 5 days after adoption and remain on the website for at least 2 years.

SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 11TH DAY OF JULY, 2018.

ATTEST:	OTC COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its: 	

B.

RESOLUTION 2018-07

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE OTC COMMUNITY DEVELOPMENT DISTRICT MAKING A DETERMINATION OF BENEFIT AND IMPOSING SPECIAL ASSESSMENTS FOR FISCAL YEAR 2018/2019; PROVIDING FOR THE COLLECTION AND ENFORCEMENT OF SPECIAL ASSESSMENTS; CERTIFYING AN ASSESSMENT ROLL; PROVIDING FOR AMENDMENTS TO THE ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the OTC Community Development District (“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 Duval County, Florida (“County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted capital improvement plan and Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors (“Board”) of the District hereby determines to undertake various operations and maintenance and other activities described in the District’s budget (“Adopted Budget”) for the fiscal year beginning October 1, 2018 and ending September 30, 2019 (“Fiscal Year 2018/2019”), 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 Adopted Budget; 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, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance in the amount set forth in the Adopted Budget; and

WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect for Fiscal Year 2018/2019; 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 the District has previously authorized the use of the Uniform Method by, among other things, entering into agreements with the Property Appraiser and Tax Collector of the County for that purpose; and

WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the OTC Community Development District (“Assessment Roll”) attached to this Resolution as Exhibit “B” and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll 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, 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 OTC COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. BENEFIT & ALLOCATION FINDINGS.  The  Board  hereby  finds  and determines that the provision of the services, facilities, and operations as described in Exhibit “A” confers a special and peculiar benefit to the lands within the District, which benefit exceeds or equals the cost of the assessments. The allocation of the assessments to the specially benefitted lands, as shown in Exhibits “A” and “B,” is hereby found to be fair and reasonable.

SECTION 2. ASSESSMENT IMPOSITION. Pursuant to Chapters 190 and 197,  Florida Statutes, and using the procedures authorized by Florida law for the levy and collection of special assessments, a special assessment for operation and maintenance is hereby imposed and levied on benefitted lands within the District, and in accordance with Exhibits “A” and “B.” The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution. Moreover, pursuant to Section 197.3632(4), Florida Statutes, the lien amount shall serve as the “maximum rate” authorized by law for operation and maintenance assessments.

SECTION 3. COLLECTION. The collection of the operation and maintenance special assessments and previously levied debt service assessments shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as indicated on Exhibits “A” and “B.” The decision to collect special assessments by any particular method – e.g., on  the tax roll or by direct bill – does not mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

SECTION 4. ASSESSMENT ROLL. The Assessment Roll, attached to this Resolution as
Exhibit “B,” 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 District.

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 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 in the District records.

SECTION 6. 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 7. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board.

PASSED AND ADOPTED this 11th day of July, 2018.

ATTEST:	OTC COMMUNITY
DEVELOPMENT DISTRICT

Secretary / Assistant Secretary

By:	 Its: 		

Exhibit A:	Budget
Exhibit B:	Assessment Roll

EIGHTH ORDER OF BUSINESS

C.

1.

OFFICE OF THE SUPERVISOR OF ELECTIONS

MIKE HOGAN SUPERVISOR OF ELECTIONS OFFICE, (904) 630,7151
CELL, (904) 219,8924

May 11, 2018

105 EAST MONROE STREET JACKSONVILLE,  FLORIDA 31./02
FAX(904) 630-2920 E-MAIL MHOGAN@COJ,NET

Courtney Hogge
475 West Town Place Suite 114
St. Augustine, FL 32092
Dear Courtney,
The information you requested on April 18, 2018 appears below:
Oakleaf Town Center Community Development District O Registered Voters

If you have any questions or need additional assistance, please contact Robert Phillips at 904- 630-8018 or phillips@coj,net
Sincerely,

Brenda Byles
Candidate and Records Assistant

2.

NOTICE OF MEETINGS OTC
COMMUNITY DEVELOPMENT DISTRICT

The Board of Supervisors of the OTC Community Development District will hold their regularly scheduled public meetings for Fiscal Year 2019 at 10:30 a.m. at the offices of England Thims & Miller 14775 Old St. Augustine Road, Jacksonville, Florida 32258 on the second Wednesday of the following months, unless otherwise indicated:

February 13, 2019
May 8, 2019
July 10, 2019

TENTH ORDER OF BUSINESS

OTC
Community Development District
Unaudited Financial Reporting May 31, 2018

OTC
Community Development District
Combined Balance Sheet
May 31, 2018

	Governmental Fund Types Debt
General	Service	
Capital Reserve		Totals
(Memorandum Only) 2018	
Assets:
Cash	 

$32,674	---	
$78,172		
$110,845	
Investments:
Reserve	
---	$315,750	
---		
$315,750	
Interest	---	$0	---		$0	
Revenue	---	$272,299	---		$272,299	
Sinking	---	---	---		$0	
Redemption	---	$540	---		$540	
Due From General Fund	---	$5,187	---		$5,187	
Assessment Receivable	$0	$0	---		$0	
Prepaid Expenses	$0	$0	---		$0	
Total Assets	 
$32,674	$593,776	$78,172		$704,621	
Liabilities:
Accounts Payable	

$655	---	

---		

$655	
Due to Debt Service	$5,187	---	---		$5,187	
Due to Capital Reserve	$0	---	---		$0	
Fund Balances:
Nonspendable	
---	---	
---		
$0	
Restricted for Debt Service	---	$593,776	---		$593,776	
Unassigned	$26,831	---	$78,172		$105,003	
Total Liabilities and Fund Equity	 
$32,674	$593,776	$78,172		$704,621	

Page 1

0
Community Development District Statement of Revenues & Expenditures For The Period Ending May 31, 2018

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/18	THRU 5/31/18	VARIANCE	

Revenues:					
Assessments-Tax Collector	$74,525	$74,525	$74,748	$223	
Total Revenues	$74,525	$74,525	$74,748	$223	

Expenditures					
Administrative					
Supervisors	$0	$0	$600	($600)	
FICA Expense	$0	$0	$46	($46)	
Engineering Fees	$3,000	$500	$488	$13	
Attorney Fees	$10,000	$2,000	$1,622	$378	
Arbitrage	$600	$600	$1,200	($600)	
Annual Audit	$3,900	$0	$0	$0	
Assessment Roll	$5,000	$5,000	$5,000	$0	
Dissemination	$5,250	$3,500	$3,833	($333)	
Trustee Fees	$3,600	$3,600	$3,500	$100	
Management Fees - GMS	$35,000	$23,333	$23,333	($0)	
Computer Time	$2,000	$1,333	$1,342	($8)	
Telephone	$50	$0	$14	($14)	
Postage	$450	$300	$131	$169	
Insurance	$6,515	$6,515	$6,042	$473	
Printing & Binding	$730	$487	$166	$320	
Travel	$250	$0	$0	$0	
Legal Advertising	$3,136	$2,091	$1,447	$643	
Other Current Charges	$1,000	$667	$473	$194	
Office Supplies	$100	$67	$28	$39	
Dues, Licenses, Subscriptions	$175	$175	$175	$0	
Capital Outlay	$100	$0	$0	$0	
Capital Reserve	$10,000	$10,000	$10,000	$0	
Total Administrative Expenses	$90,856	$60,167	$58,794	$1,373	
Maintenace					
Stormwater Maintenance	$2,376	$1,584	$1,584	$0	
Total Maintenance Expenses	$2,376	$1,584	$1,584	$0	
					
Total Expenditures	$93,232	$61,751	$60,378	$1,373	
					
Excess Revenues/Expenses	($18,707)		$14,370		
					
Fund Balance - Beginning	$18,707		$12,461		
					
Fund Balance - Ending	$0		$26,831		

Page 2

OTC
Community Development District
Debt Service Fund
Statement of Revenues & Expenditures For The Period Ending May 31, 2018

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/18	THRU 5/31/18	VARIANCE	
Revenues:					
Assessment - On Roll	$652,885	$652,885	$654,842	$1,957	
Interest Income	$300	$300	$3,128	$2,828	
Total Revenues	$653,185	$653,185	$657,970	$4,785	
Expenditures					
Series 2007
Interest Expense - 11/1	
$211,205	
$211,205	
$210,808	
$398	
Principal Expense - 11/1 (Special Call)	$30,000	$30,000	$230,000	($200,000)	
Interest Expense - 05/1	$211,205	$211,205	$204,713	$6,493	
Principal Expense - 5/1	$210,000	$210,000	$210,000	$0	
Principal Expense - 5/1 (Special Call)	$0	$0	$0	$0	
Total Expenditures	$662,410	$662,410	$855,520	($193,110)	
					
Excess Revenues (Expenditures)	($9,225)		($197,550)		
					
Fund Balance - Beginning	$241,285		$791,326		
					
Fund Balance - Ending	$232,060		$593,776		

Page 3

OTC
Community Development District
Capital Reserve Fund
Statement of Revenues & Expenditures For The Period Ending May 31, 2018

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/18	THRU 5/31/18	VARIANCE	
Revenues:					
Interest - SBA	$0	$0	$525	$525	
Transfer In - General Fund	$10,000	$10,000	$10,000	$0	
Total Revenues	$10,000	$10,000	$10,525	$525	
Expenditures					
Capital Outlay	$0	$0	$0	$0	
Total Expenditures	$0	$0	$0	$0	
					
Excess Revenues (Expenditures)	$10,000		$10,525		
					
Fund Balance - Beginning	$51,365		$67,646		
					
Fund Balance - Ending	$61,365		$78,172		

Page 4

OTC
Community Development District General Fund
Month By Month Income Statement Fiscal Year 2018

October	
November	
December	
January	
February	
March	
April	
May	
June	
July	
August		
September	
Total	
Revenues:
Carryforward Surplus Assessments-Tax Collector	

$0	

$11,900	

$60,571	

$483	

$0	

$592	

$498	

$703	

$0		

$0	

$0	

$0	

$74,748	
Total Revenues	$0	$11,900	$60,571	$483	$0	$592	$498	$703	$0		$0	$0	$0	$74,748	

Expenditures:															
Administrative
Supervisors	
$0	
$0	
$0	
$0	
$0	
$0	
$0	
$600	
$0		
$0	
$0	
$0	
$600	
FICA Expense	$0	$0	$0	$0	$0	$0	$0	$46	$0		$0	$0	$0	$46	
Engineering Fees	$0	$0	$98	$0	$390	$0	$0	$0	$0		$0	$0	$0	$488	
Attorney Fees	$57	$363	$122	$139	$598	$124	$220	$0	$0		$0	$0	$0	$1,622	
Arbitrage	$0	$0	$0	$0	$0	$0	$1,200	$0	$0		$0	$0	$0	$1,200	
Annual Audit	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$0	
Assessment Roll	$5,000	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$5,000	
Dissemination	$417	$417	$917	$417	$417	$417	$417	$417	$0		$0	$0	$0	$3,833	
Trustee Fees	$0	$0	$0	$0	$0	$0	$3,500	$0	$0		$0	$0	$0	$3,500	
Management Fees - GMS	$2,917	$2,917	$2,917	$2,917	$2,917	$2,917	$2,917	$2,917	$0		$0	$0	$0	$23,333	
Computer Time	$167	$167	$167	$175	$167	$167	$167	$167	$0		$0	$0	$0	$1,342	
Telephone	$0	$0	$0	$6	$0	$0	$8	$0	$0		$0	$0	$0	$14	
Postage	$3	$0	$2	$1	$29	$34	$41	$19	$0		$0	$0	$0	$131	
Printing & Binding	$4	$4	$5	$6	$13	$129	$4	$2	$0		$0	$0	$0	$166	
Insurance	$6,042	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$6,042	
Travel	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$0	
Legal Advertising	$1,447	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$1,447	
Other Current Charges	$23	$22	$22	$66	$125	$57	$123	$35	$0		$0	$0	$0	$473	
Office Supplies	$0	$0	$6	$0	$0	$21	$1	$0	$0		$0	$0	$0	$28	
Dues, Licenses, Subscriptions	$175	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$175	
Capital Outlay	$0	$0	$0	$0	$0	$0	$0	$0	$0		$0	$0	$0	$0	
Capital Reserve	$0	$0	$0	$0	$0	$10,000	$0	$0	$0		$0	$0	$0	$10,000	
Total Administrative	$16,252	$3,889	$4,255	$3,726	$4,655	$13,865	$8,596	$3,557	$0		$0	$0	$0	$58,794	

Maintenace
Stormwater Maintenance	

$198	

$198	

$198	

$198	

$198	

$198	

$198	

$198	

$0		

$0	

$0	

$0	

$1,584	
Total Maintenance	$198	$198	$198	$198	$198	$198	$198	$198	$0		$0	$0	$0	$1,584	
															
Total Expenditures	$16,450	$4,087	$4,453	$3,924	$4,853	$14,063	$8,794	$3,755	$0		$0	$0	$0	$60,378	
															
Excess Revenues (Expenditures)	($16,450)	$7,814	$56,118	($3,441)	($4,853)	($13,471)	($8,296)	($3,052)	$0		$0	$0	$0	$14,370	

Page 5

OTC
Community Development District Long Term Debt Report

Series 2007A Special Assessments Bonds	
Interest Rate:	5.30%	
Maturity Date:	5/1/2038	
Reserve Fund Definition:	Deemed Outstanding (S/O Clause)	
Reserve Fund Requirement:	$502,193.63	
Reserve Fund Balance:	$315,749.63	

Bonds outstanding - 9/30/2013	
$8,850,000	
Less: November 1, 2013 (Special Call)	($15,000)	
Less: May 1, 2014 (Mandatory)	($175,000)	
Less: November 1, 2014 (Special Call)	($15,000)	
Less: May 1, 2015 (Mandatory)	($185,000)	
Less: May 1, 2015 (Special Call)	($45,000)	
Less: November 1, 2015 (Special Call)	($15,000)	
Less: May 2, 2016 (Mandatory)	($190,000)	
Less: May 2, 2016 (Special Call)	($20,000)	
Less: November 1, 2016 (Special Call)	($20,000)	
Less: May 1, 2017 (Mandatory)	($200,000)	
Less: May 1, 2017 (Special Call)	($15,000)	
Less: November 1, 2017 (Special Call)	($230,000)	
Less: May 1, 2018 (Mandatory)	($210,000)	
Current Bonds Outstanding	$7,515,000	

Page 7

ELEVENTH ORDER OF BUSINESS

OTC COMMUNITY DEVELOPMENT DISTRICT
SUMMARY OF FY 2017 ASSESSMENT RECEIPTS

Total Tax
Roll'	# Units
Assessed	
Debt	
O&M	
Total	
Net Revenue
Tax Roll	 	780,000	652,885.01	74,525.00	727,410.01

Summary Tax Roll Collections	

Duval County Distribution	
Date Received	Series 2007 Debt
Received	
O&M Received	
Total Received	
1	11/3/17	0.00	0.00	0.00	
2	11/16/17	0.00	0.00	0.00	
3	11/22/17	104,254.89	11,900.41	116,155.30	
4	12/4/17	268,676.17	30,668.63	299,344.80	
5	12/6/17	240,813.93	27,488.24	268302.17	
6	12/13/17	21,147.83	2,413.97	23561.80	
7	12/22/17	0.00	0.00	0.00	
8	1/10/18	0.00	0.00	0.00	
9	1/24/18	4,235.16	483.43	4718.59	
10	2/7/18	0.00	0.00	0.00	
11	2/20/18	0.00	0.00	0.00	
12	3/6/18	5,186.98	592.08	5779.06	
13	3/28/18	0.00	0.00	0.00	
14	4/6/18	4,366.15	498.38	4864.53	
15	4/18/18	0.00	0.00	0.00	
16	5/4/18	0.00	0.00	0.00	
17	5/23/18	6,161.05	703.27	6864.32	
TOTAL
DISTRIB.		
654,842.16	
74,748.41	
729,590.57	

Balance Due/(Excess)	($1,957.15)	($223.41)	($2,180.56)

% COLLECTED	100.3%

Page 6

TWELFTH ORDER OF BUSINESS

OTC
Community Development District

Fund	Date	Check Numbers	Amount	

General Fund				
Accounts Payable				
	4/5/08	556-557	$	4,119.47	
	4/10/18	558	$ 372,931.06	
	4/19/18	559	$ 3,500.00	
	4/26/18	560	$	19.13	
	5/3/18	561-564	$ 11,336.29	
	5/14/18	565-566	$ 3,580.60	
	5/29/18	567-568	$	53.31	
Total			$ 395,539.86	

Check Run Summary June 29, 2018

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/02/18	PAGE	1
*** CHECK DATES 04/01/2018 - 05/31/2018 ***	OTC - GENERAL
BANK A OTC - GENERAL
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...	VENDOR NAME	STATUS	AMOUNT	....CHECK.....
DATE	DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	AMOUNT	#

4/05/18 00002	4/02/18	
	4/02/18	
	4/02/18	
	4/02/18	
	4/02/18	
	4/02/18	
	4/02/18	

158	201804 310-51300-34000	*	2,916.67
APR MANAGEMENT FEES
158	201804 310-51300-35100	*	166.67
APR INFORMATION TECH
158	201804 310-51300-31400	*	416.67
APR DISSEMINATION FEES
158	201804 310-51300-51000	*	.51
OFFICE SUPPLIES
158	201804 310-51300-42000	*	9.12

201804	310-51300-42500	*	4.35	
201804	310-51300-41000	*	7.98	

POSTAGE 158
COPIES 158
TELEPHONE
GOVERNMENTAL MANAGEMENT SERVICES	3,521.97 000556
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4/05/18 00008	3/28/18 99391	201802 310-51300-31500	*	597.50
MONITOR LEGISLATION
HOPPING GREEN & SAMS	597.50 000557
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4/10/18 00021	12/07/17 12072017 201712 300-20700-10100	*	104,254.89
NOV TAX DIST #3
12/07/17 12072017 201712 300-20700-10100	*	268,676.17
DEC TAX DIST #4
OTC CDD - REVENUE ACCOUNT	372,931.06 000558
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4/19/18 00012	4/11/18 58442	201804 310-51300-32300	*	3,500.00
FY17 TRUSTEE FEES
REGIONS BANK	3,500.00 000559
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4/26/18 00001	4/17/18 61539087 201804 310-51300-42000	*	19.13
APR FEDEX POSTAGE
FEDEX	19.13 000560
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/03/18 00001	4/24/18 61599370 201804 310-51300-42000	*	12.29
APR FEDEX POSTAGE
FEDEX	12.29 000561
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/03/18 00013	4/17/18 16694	201804 310-51300-31600	*	1,200.00
2007A FYE 2/28/18 ARB
GRAU AND ASSOCIATES	1,200.00 000562
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/03/18 00008	4/25/18 99880	201803 310-51300-31500	*	124.00
MONITOR LEGISLATION
HOPPING GREEN & SAMS	124.00 000563
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
OTC	OAKLEAF	BSANCHEZ

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	7/02/18	PAGE	2
*** CHECK DATES 04/01/2018 - 05/31/2018 ***	OTC - GENERAL
BANK A OTC - GENERAL

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...	VENDOR	NAME	STATUS	AMOUNT	....CHECK.....	
DATE	DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS					AMOUNT	#	
5/03/18 00022	4/27/18 04272018 201804 300-20700-10200	*	10,000.00
FY18 CAP RESERVE FUNDING
OTC CDD C/O SBA	10,000.00 000564
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/14/18 00010	4/30/18 18-03512 201804 310-51300-49000	*	78.19
5/9/18 NOTICE OF MEETING
JACKSONVILLE DAILY RECORD	78.19 000565
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/14/18 00002	5/01/18 159	201805 310-51300-34000	*	2,916.67
MAY MANAGEMENT FEES
5/01/18 159	201805 310-51300-35100	*	166.67
MAY INFORMATION TECH
5/01/18 159	201805 310-51300-31400	*	416.67
MAY DISSEMINATION FEES
5/01/18 159	201805 310-51300-42500	*	2.40
COPIES
GOVERNMENTAL MANAGEMENT SERVICES	3,502.41 000566
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/29/18 00001	3/20/18 61243433 201803 310-51300-42000	*	34.04
MAR FEDEX POSTAGE
FEDEX	34.04 000567
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/29/18 00001	5/08/18 61749945 201805 310-51300-42000	*	19.27
MAY FEDEX POSTAGE
FEDEX	19.27 000568
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

TOTAL	FOR	BANK A	395,539.86	
TOTAL	FOR	REGISTER	395,539.86	

OTC	OAKLEAF	BSANCHEZ

Governmental Management Services, LLC 1001 Bradford Way

Invoice

Kingston, TN 37763

Bill To:
OTCCDD
475 West Town Place St. Augustine, FL 32092

,---

Invoice #: 158
Invoice Date: 4/2/18
Due Date: 4/2/18
Case:
P.O. Number:

Description
Management Fees - April 2018 1- 11 • 513 · 3,_,
Information Technology� April 2018 I· 31 · 51, · 35 ( Dissemination Agent Services- April 2018 I ·31 • 51'5 · 31 y Office Supplies I· 3 I • 5'1	51
Postage I ·31•513 · 1-1.z. Copies ,..,-, . 51:S· 6.JZ-5
Telephone � . -, 1. 56'. 'ii
2..

Hours/Qty

Rate	Amount
2,916.67	2,916.67
166.67	166.67
416.67	416.67
0.51	0.51
9.12	9.12
4.35	4.35
7.98	7.98

Total	$3,521.97	
Payments/Credits	$0.00	
Balance Due	$3,521.97	

l--lopping Green & Sams
Attorneys and Counselors

119 S. Monroe Street, Ste. 300
P.O. Box 6526 Tallahassee, FL 32314
850.222.7500
=================================	STATEMENT =================================
March 28, 2018
OTC Community Development District	Bill Number	99391	
c/o District Manager	Billed through	02/28/2018	
475 West Town Place, Suite 114		
St. Augustine, FL 32092		

General Counsel/Monthly Meetings
OTCCDD	00001	RVW		

FOR PROFESSIONAL SERVICES RENDERED
02/14/18	SSW	Prepare for and attend board meeting by phone.

1.50 hrs

02/23/18	AHJ

02/28/18	SSW

02/28/18	CGS

Transmit Capitol Conversations to board of supervisors. Review meeting minutes and provide comments.
Monitor proposed legislation which may impact district.

0.20 hrs

0.30 hrs

hrs

Total fees for this matter

DISBURSEMENTS
Document Reproduction

Total disbursements for this matter

MATTER SUMMARY

$579.50

18.00

$18.00

Jaskolski, Amy H. - Paralegal	0.20 hrs	145	/hr	$29.00	
Stuart, Cheryl G.	0.30 hrs	365	/hr	$109.50	
Warren, Sarah S.	1.80 hrs	245	/hr	$441.00	
TOTAL FEES	$579.50	
TOTAL DISBURSEMENTS	$18.00	
TOTAL CHARGES FOR THIS MATTER	$597.50	

BILLING SUMMARY

Jaskolski, Amy H. - Paralegal	0.20 hrs	145	/hr	$29.00	
Stuart, Cheryl G.	0.30 hrs	365	/hr	$109.50	
Warren, Sarah S.	1.80 hrs	245	/hr	$441.00	

TOTAL FEES TOTAL DISBURSEMENTS

$579.50
$18.00

OTC CDD - General Counsel	Bill No. 99391	Page 2

TOTAL CHARGES FOR THIS BILL	$597.50

Please include the bill number on vour check.

COMMUNITY DEVEOTLOCPMENT DISTRICT
General F111td

Check Request

Date	Amount	Authorized By

December 7, 20 I 7	$372,931.06	Jim Perry

Payable to: OT�CDD#21

Date Check Needed:

ASAP

Intended Useof Funds Requested

Tax Distributions #3-4

(Attach surmartinf! documentation for reauest.J

OTC COMMUNITY DEVELOPMENT DISTRICT
SUMMARY OF FY2018 ASSESSMENT RECEIPTS

TAX ROLL	780,000	652,885.01	74,525.00	727,410.01

1	11/03/17

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3	116,155.30	104,254.89	11,900.41	11/22/17	
4	299,344.80	268,676.17	30,668.63	12/04/17	

2	11/16/17

+··..%-COLLECTED!	·  .--,:·57:.1%!

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4/ l 0/2018	Transaction Search

Transaction Search

0

Confirmation
1 Stop Payments placed [TS1049]

Date/Time 04/10/2018 01:44 PM PT Confirmation 04102018TS934417

Items Stopped(1}

1	Account 2000025880643	Check538	372,931.06 USO

Account Name	OTC COMMUNITY D	Issue Date	12/07/2017	
Payee	OTC COO - Revenue Account	Placement Date	04/10/2018	
		Expiration Date	10/10/2018	

https://wcllssuitc.we] !sfargo.com/tscarch/1ogin?searchTypc=STOPS	Ill

OTC  CORMM.UENTC'.l';YI(.D)EVNglS,Ql)MgNT  DlSTRICT l\C'/I'0TNG: MBSRIJ'.,AL,CN  SANCHEZ

Invoic.eit:   1,8442

20C1 ORMPIOLARNATEPl,RTKRWUASTY, OP2NimDA'.1I'!'1H,01N0S!�
f.{J.RMINGl!l\M04, /AL11/3 2520111.B

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l· 310· '513· 3�3 t�

RE:	OTC COMMUNITY DEVELOPMENT
DISTRICT (CITY OF JACKSONVILLE, FL) SPECIAL ASSESSMENT BONDS
SERIES 2007A BI# 1588

PCulestao�ide :i.a1:elmoUr:   tEhscerofowllAogwen.i.ntffFefoesr . 'l'rPaosymt.,e\ent,   Pdai.iyeinbgy

A10ge/n3t0/, 2R0e1.7gi. stInrvaori, ces

past due after 60 days will incur a 1.5� late fee.-

Annual F'_ee

appl .it:�d   12/29/,:tH 'l

���7··

3; :5000.. 0000

rI.,;;zaftt(:.e�   PFei:::�i¢\'c!   21.

applied   0l/2H/:201fl	r.•

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l.J�1te   FeEi   ·1  applic�d  03/29/1018	$	o.oo
'l'otal  I-'ees  0\1(:!t	$	3'  500.00

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1P aof e3

· 1 •	d ess· GMS / OTC
475 W TOWN PL STE 11 4
SAI NT AUG USTI NE FL 32092-3649

Invoice Summary Apr 17, 2018 

Earned/G race Discount
Specia l Handling Charges Tota l Charges 
TOTAL THIS INVOICE

por
inv a
arne
.

You s�vod $7.74 in dlscounls this	lod l

USO 
USO

S  iQ •	d ess· GMS / OTC
475 W TOWN PL STE 11 4
SAI NT AUG USTI NE FL 32092- 3649

25.79
-6.7 1
-1 .03
1 .08
$1 9.13 
$19.13

I nvoice Questions?
Contact FedEx Revenue Services
Phone:	(800) 622· 11 47
M• F 7 AM to 8 PM CST Sa 7 AM to 6 PM CST
Fax:	!BOO) 548-3020
Internet:	www.fedex. com 

1-3 1 · 5}3 · 'ii I

Shipments included in this	oice received an earned discount. If you
would like to know how lt w s calculated, please go to the following URL: https://www.fedex.com/E	d Discounts/.
Other discounts may ap ply

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Remittance Advice
Your pAymenl is due by MAy 02, 2018

747 1453 66 1539 0877480 □	□ 191331 

Amount Due USO $1 9. 13 

00423 42 O l  A0  0. 105 "A   I	! 'l 0 1 1 06 110<J2· 61q 3? · l •l '1Z ' U'1 -1 1

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1 l1 1l 1 111 1• 1 • 1

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tt7a W TOWN PL STE 1 M
SAINT AUGUSTI N	L 32002-3649
1111111111161100111I1I0I6000IIII1II9I8I6IllIIIllIIIII

P.O . Box 66048 1
DALLAS TX 75266-048 1

Adjustment Request Fax to (800) 548-3020

Invoice Number
6-1 53-90877

Account Number		Page 2 of 3

Use th is form to fax requests for adjustments due to the reasons indicated below. Requests fo r adjustments due to other reasons, including se rvice fa ilures, should be submitted by going to www.fedex.com or calling 
. . . . ..   . .... .•.. . ...... . .  .............. ........... ....... . ············  .. . ---  ..	.    .	-
800.622. 11 47.  Please use mu ltiple forms fo r additional requests.
.  .  
Please complete all fields in black ink.	-
Requestor Name I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I  Date LLJ/ LU/ LU -

-

Phone	I	I	I	I - I	I	I	I	I	I	I	Fax #  I	I	I	I - I	I	I	I - I	I	I	I	I

E-mail Address

.. ..... . .  

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Tra cking Number 
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ADR - Address Correction	INW -Incorrect Weight o DVC - Declared Value	INS - Incorrect Service
� IAN - Invalid Acct #	OCF - Grd Pick-up Fee
OCS - Exp Pick-up Fee

OVS - Oversize Surcharge RSU - Residential Delivery
PND - Pwrshp Not Delivered SOR - Saturday Delivery

For all Service failures or other surcharges please use our web site www.fedex.com or call
(BOO) 622-1 1 47

Rerate information only (round to nearest inch)

Tra cking Number	Code 

$ Amount	LBS	.

L	w	H

I    I	I	I	I	I	I	I	I    I	I	I	I	I	I	I	I	I	I   I
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Ef□fective Date  LLJ / LLJ / LLJ

Address	I	I	I	I	I	I	I	I	I	I	Address	I	I	I	I	I	I	I	
Address	I	I	I	I	I	I	I	I	I	I	Address	I	I	I	I	I	I	I	

□Shipping Address (Physical Address)

□ Billing Address Only

Billing Same As Shipping Address

Company	I	I	I	I	I	I	I	I	I	I

Company  I	I	I	I	I	I	I

Dept	I	I	I	I	I	I	I	I	I	I
Floor	I	I				Apt/Suite #   I	I I	I	I	I	I		I	I	I	I	I
State	LLJ	Zip Code   I  I   I	I	I	I - I
Phone	I	I	I	I - I	I   I	I - I	I	I	I	I
Fax #	I	I	I	I  - I   I   I	I - I	I	I	I	I

De pt	I	I	I	I	I	I	I
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City	I	I	I	I	I	I	I
State	LU	Zip Code I	I	I	I	I	-
Phone	I	I	I	I - I	I	I	I - I	I	I	I
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11 06-0l-00-0042342-0002-0099248

FedEx Express Sh° ipment Deta,  il By Payor Type (Original )

3 of 3

Sltip ·oate: Apr 10, 2018 

Cus,. Rel.: QTC	R f,#2�

Pnyon Shipper	Ret.#3:
Th     arned Ols�ount for thls ship data hos boon celculel  d basod on a rovonuu th reshold or $ 1160.00
fuel Surcherye · FedEx hos applied a fuel surchargo of G.00% to this shl11menl
Distance Based Pricing, Zon 2
1st OU mpl Apr 1 1 , 2018 Bl 08:32 1\M,
Undqllvoroblo Pockogo.

Automotion Tracking ID Sorvlce Typo
P{tCka 11 0 Typo
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Pock uo
Rato d Waight Delivered
Svc Are n Fed Ex U 9

!NET 
771 904290 00
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000000000/1 283/ 14 

Sor h Swo llnu GMS, LLC
n5 W. Town Pl., Ste. 1 14
SAINT AU U T IN · FL 32092 U

Transport lion Charge Discount 
rnod 01 counl 
Fuol Surchar o ___ Tolnl Chorue

Janot lllcardo 
10245 Conturion Purkway
JACKSONVI L E Fl 32256 US

Shipper Subtotal	USO
Total FedEx Express	USD

25.19
6.7 1
1 .03
1 .00
$19.13
$1 9.13 
$1 9.13

Invoice Number
6-1 59-93707

Account Number

1Paogf e3

Bi I' I , ess·
GMS I OTC
475 W TOWN PL STE 1 1 4
SAI NT AUG U STINE FL 32092-3649

Invoice Summary Apr 24, 2018
ec	ess Se · ces Transportation Charges Base Discount
Special Ha ndling Charges 
Tota l Charges 
TOTAL THIS INVOICE

rl

You saved $3.0 In discounts Oils p od l
Other discounts may ap ply,

USO 
USD

s11·p1,i11g Address:
GMS / OTC
475 W TOWN PL STE 1 1 4
SAI NT AUG USTINE FL 32092-3649

15.45
-3,86
0.70
$1 2.29
$12.29

nvoice Questions?

I

Contact FedEx Revenue Services
Phone:	(800) 622- 1 1 47
M- F 7 AM to 8 PM CST Sa 7 AM to 6 PM CST
Fax:	(800 ) 548-3020
lnterne ·	www.fedex. com 

J ,3 1 ·  51 3 • '-l.2- I

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□□ 

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Account Number	Amount Due

D l or i:1mn11e ol udd1oss. ohock ho10 11nd co111pl I  fo1111 un revcr sesl,l	6- 1 59-93707	747 1 -4536-9	USO $1 2.29
Remittance Advice
Your pnyment is due by May 09, 2018

74714 53 6615 99 3707 460 □	0122940 

0038 830   O l All 0. �05  "AU [O   T6 0  1 1 1 3 3201)2-36'1939     •   Ol •PJOOOU,1 1
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GMS / OTC 
475 W	WN PL STE 1 M
SAINT AUGUSTIN FL 32092·3649

60016130002001

llllllIIIIIIIIIIIIllI111111111111111111

1 I 1111 1 111'I 1 1 1 1 1 111 1 1 11• • 1 llh 1 1111111 1 11t h 1 •1•1•1 111111 1• h 1 1 •

P . O . Box 660481

FedEx
DALLAS TX 75266-048 1

I  I  I	I •00• 00   OU )(), 0002,()(lfl90 I •I

Adjustment Request Fax to (800) 548-3020

Invoice Number 6-1 59-93707

" ____ __.. 1.1 •• - 1. __		Page 2 of 3

--

-

Use th is form to fax requests fo r adjustments due to th e reasons indi cated below. Requests fo r adjustments d ue to other reasons, including se rvi c e fa ilures, should be submitted by going to www.fedex.com or calling

-

800.622.1 1 47. Please use multi ple forms fo r add ition a l requests .
Please complete al l fi elds in black ink.

-

Requestor Name I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I Date LU/ LU/ LU

-

Phone	I	I	I	I  - I	I	I	I  - I	I	I	I	I	Fax #   I	I	I	I  - I	I	I	I  - I	I	I	I	I
E-mail Address	DYes, I wantto update account contactwith the above information.

I	I	I	I	I	I	I	I	I	I

I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I· LLJ

Tra cking Number	Bill to Account	$ Amount	-

LLJ

I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I	I
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1• LLJ

0
�	DVC - Declared Value IAN - Invalid Acct #	INS - Incorrect Service OCF - Grd Pick-up Fee	RSU - Residential Delivery PND - Pwrshp Not Delivered	surcharges please use our web site www.fedex.com or call 	
		OCS - Exp Pick-up Fee	SOR - Saturday Delivery	(800) 622-1 1 47	

c AD R - Address Correction	INW - Incorrect Weight	OVS - Oversize Surcharge	For all Service failures or other

w

Rerate information on ly (round to nearest inch) 
Tracking Number	Co de	$ Amount	LB S	L	H

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D Shipping Address (Physical Address)	D Billing Address Only	D Billing Same As Shipping Address

I I I	I	I
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I	I	I I I	Address Address
Dept	I I I	I I I	I I I	I I I	I I I	I I I	I I I	I	I
I	I
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Apt/Suite #	Floor	I
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Company	I	I	I	I	I	I	Company	I	I	I	I	I	I	I	I	I	I	I	I
Address	I	I
Address	I	I
Dept	I· I
Floor

City	I	I	I	I	I	I
State	LLJ	Zip Code I	I	I	I	I	-

City
State	LLJ	Zip Code  I	I	I	I	I

I	I	I

Phone	I	I	I	I  - I	I	I	I  - I	I	I	I	Phone	I	I	I	I  - I	I	I	I  - I	I	I	I
Fax #	I	I	I	I - I	I	I	I - I	I	I	I	Fax #	I	I	I	I - I	I	I	I - I	I	I	I

1 1 1 3-01 -00-0038830-0002-0089014 

FedEx Express Shipment Detail By Payor Type (Original )
Shi11 Dato: Apr 1 a, 20 18	C11st. Ref.: 77 1 964290608
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SGAMRSAH SW    TING
4S7A5I NWfEASUTGTUOSWTNI NP·L L 32092  US 

USD
Recipient Subtotal	USO

1·35..4865

0.70

$12.29
$12.29

Total FedEx Express	USO

$12.29

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Grau and Associates
2700 N.  Military Trail, Suite 350
Boca Raton, FL 3343 1- www.graucpa.com

Phone: 561 �94�299

O TC Community Development District 475 W Town Place Suite 114
St. Augustine, FL 32092
Invoice No.	16694 Date	04/1 7/20 18 

Fax: 561 -994-5823

( · 3 / · S / 3 · 31 fD
IJ 

SERVICE 
Arbitrage Series 2007A FYE 02/28/201 8

Current Amount Due

AMOUNT
$	1 .200. 00

0  - 30
1  200.00

31 - 60
o.oo

61 - 90	91  - 120

o.oo

0.00
Payment due upon receipt.

Over 1 20
0.00

Balance 1 ,200 .00 

1-toppi ng	r	n	m
Attorneys nd Counselors
119 S, Monroe Slreet, Sta . 300
P.O. Box 6526
T  II  h   ssee, FL 323 t4
850,222.7500
=================================	STATEMENT =============�-�=================
Aprll 25, 2018 

OTC Commu nity Development District c/o District Manager
475 West Town P lace, Suite 1 14 St. Augustine, FL 32092

Genera l Counsel/Monthly Meetings OTCCDD	00001	RVW
F R P OF SSIONAL SERVICES RENDERED 

Bill Number 99880
BIiied through  03/3 1/2018 

I · 3 1 · 5 l 3 · 315 
1

03/ 15/18	AHJ	Transmit Capitol Conversations newsletters to board of supervisors.	0.10 hrs

03/30/ 18	CGS	Monitor proposed legislation which may impact district.

Total fees for this matter

MATTER SU MMARY

0.30 hrs

$124.00

Jaskolski, Amy H. - Paralegal Stuart, Cheryl G.

TOTAL FEES

0.10 hrs
0.30 hrs

145 /hr 365 /hr

$14 .50 
$109.50

$1 24. 00

TOTAL CHARGES FOR THIS MATTER BILUNG SUMMARY

$124.00

Jaskol ski, Amy H. - Pa ralegal		0. 10 	hrs	145	/hr 	$14.50	
Stuart, Cheryl G. 		0.30	hrs	365	/hr 	$109 . 50	
	TOTAL FEES					$124.00	

TOTAL CHARGES FOR THIS BILL	$124.00

Please include the bill number on vour check.

COMMUNITY DEVOETLOCPMENT DISTRICT
General Fund

Date
April 27, 20 18 

Date Check Needed:
ASAP

Check Request

Amount
$1 0,000.00

Payable to:
OTC CDD Capital Reserve #22

Budget Category:
!00 1 -300-201- 1 02

ntended Use ofFunds Requested

FY 18 Cap Reserve Funding

Authorized By Jim Perry

(A ttach sunnortinJl documentation for request.)

OTC
Community 1Jevewym,ent 1Jfstrict

7te,venues

'olT!

.'As ·essm n.ts - T'a •
avry J-01  van£ Su ry.1h1s
'I'otaCTuwenues
�x.venaitures
dmini  t·ra Uye
'.Engin	ring
.Jllton1ey
.:Jt-1-Gi trage
" nnua[.'Au .t t [
"s essment 'Ro[	drn,in i 't l'Gtt ion.
iss mlnaL ion	gent 'Thtstee :fe
lanag  m,  nt J"e  s
In onnation Ti lin ofogy
� fey/ion 11osl"a  e
Insu ran e
Printing & 'Bind1n9 'll'a.ve
L ga[	cfve:vt lsing
I.he r Oirnmt  Cfi arg
Offi e	uy_p Cie
Vues, £. icenses &	-u/3scriyl i  ns
C&y1ita Out[ay 
ap.  ita {1leserve
�Main.ten a.n
torm:wa t er main t nanc 'Tota{1:xpenditures
'Excess 1wvenues ('Expendltures)

Ji\tfoptea	.'Actua{
'Bud:oet	.'As of

l	r	$74 ,525	$74 ,260	$74,525	$74 , 525	
		$25, 107	$24,009	$24, 009	$ 18,707	
		$99,632	$98 ,269	$98, 534	$93,232	

J11 17	5/3:1/17

$3,000	$0
$10,000	$2,400
$600	$4 17 
$3, 900	$3,900
$5,000	$5,000
$5,250	$3,0 17 
$3,600	$3,500
$35,000	$23 ,333
$2 ,000
$50	$1 1
$450	$1 18 
$6 , 51 5	$6 ,042
$730	$155
$250	$0
$3, 1 36	$136
$1 ,000	$782
$100	$21 
$175	$175
$1 00	$0
$1 6,400	$0

$2,376	$1 , 188
$99,632	$51 ,527

$46,742

$0

.'Aaoptea
Projectea	'BwfBet
9/3 0/2017	:f'Y18

$3,000	$3,000
$5,000	$1 0,000
$600	$600
$3, 900	$3,900
$5,000	$5,000
$5, 250	$6, 250
$3, 500	$3,600
$35, 000	$35, 000
$2, 000	$2,000
$50
$450
$6 ,042	$6, 51 5
$730	$730
$250	$250
$1 ,500	$3, 1 36
$1 ,000	$1 ,000
$100	$1 00
$175	$1 75
$1 00	$1 00
$0	$ 1 0, 000

$2,376	$2, 376
$76,023	$93,232

$22,51 1	$0

Net .J\ssessments

:F'y 2$07417,525

:fY 2018
$74,525

'Discounts & Co([ecti.ons (7.5%) (,jross .:i\ssessments
Square .1o� - 780,000
Net .'Asses	tyer squareft (iross ..'Assessmentyer Square :ft

$6,043	$6,043
$80, 568	$80,568

$	0.096	$	0.096
$	0.1 03	$	0 .1 03

INVOICE 

Financial News & Daily Record
A Division of
DA I LY RECORD & OHS ERV ER, LLC
10 N . Newna n Street
P. O.  Box 1 769
Jacksonville, FL 32201 (904) 356-2466

A ril 30 , 20 18 
Date 

Attn : Cou rtney Hogge GMS,  LLC
475 WEST TOWN PLAC E , STE 114 
SAI NT AUGU STI NE	FL	32092

----·----·--...,---- ------ ----------.---P............a ymcn-..l  D--u-e--U-p-o-n·-R-ece-ipl 

Notice of Meeti ng

PO/File #

$78.1 9
Amount Due 

OTC Commun ity Development District

Case Nu mber	·- - --- ------------
Publication Dates	4/30

Amount Paid 

$78 . 19 
Payment Due

Payment is :Jue before !he ProofofPublication is released.

�I '

I	Ii (1

l ·J I  · 5 1J · 4 1
/0 

Your notice ca n be found on the world wide web at www.jaxdailyrecord. com
TERMS: Net 30 days. Past due amounts will be charged a fi nance charge of 1 .5% per month.

Prelimina ry Proof Off Legal Notice
(This is 1101 a proof opub/icatio11.)

J>fease read copy ofthis advertisement and advise us ofany necessmy corrections before further publications.

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Apr :jO	00 1 l 8-0:!1i l i 1J 1

Governmental Mahagement Services, LLC
1 001 Bradford Way
Kingston, TN 37763

Bill To:
OTC COO
475 Wesl Town Place St. Augustine, FL 32092

Invoice
Invoice #: 1 59
Invoice Date: 5/1/1 8 Due Date: 5/1 /1 8
Case: P.O. Number:

Description
Management Fees  - May 201 8 1 · 31 · 51 3 · 3 '1

J

Information Technology �  May 201 8  t · S I ·5 ,, . 35(	I/ Dissemination Agent Services - May 201 8 / • JI · 513 · 3
Copies  I · 31 · S13 ·  '12..5 

Hours/Qty

Rate	Amount
2,91 6.67	2,91 6.67
1 66.67	1 66.67
41 6.67	41 6.67
2.40	2.40

Total	$3,502.41	
Payments/Credits	$0.00	
Balance Due	$3,502.41	

PAST DUE 

Invoice Number	Invoice Date
6-1 24-34334	Mar 20 2018 

- .. .. - - •- -

Page 1 of 5

Bill ing Address:	Shipping Address:
GMS / OTC	GMS / OTC
475 W TOWN PL STE 11 4	475 W TOWN PL STE 1 1 4
SAI NT AUG USTI NE FL 32092-3649	SAI NT AUG USTI NE FL 32092-3649

I nvoice Summary Mar 20, 201 8
FedEx Express Services

Invoice Questions?
Contact FedEx Revenue Services
Phone:	(800) 622-11 47
M-F 7 AM to 8 PM CST Sa 7 AM to 6 PM CST
Fax:	(800) 548-3020
I nternet:	www.fed ex.com 

Transportation Charges Base Discount
Earned/G race Discount Special Handling Charges Tota l Charg es 
TOTAL THIS INVOICE
You saved $7.74 in discounts th is period !

USO 
USD

25.79
-6.7 1
-1 .03
1 5.99
$34.04
$34.04

r . �, · SI 3 · '-12._

Shipments included in th is invoice received an earned discount. If you would like to know how it was calculated, please go to the fo llowing URL:
https://www.fed ex. com/Earned Discounts/.
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credited to th e appropriate activity summary enclosed. Payments and/or adjustments that could not be applied to a specific shipment have been credited against th e tota l amount due on this invoice.
Other discounts may apply.
Please note additional messages on page 3

Fed e.
av

□ 0

Invoice Number	Account Number	Amount Past Due 

r  . .. ..... ...... ..... ... . . .. . ... .. . . .. .. . .. ....__ ._   .. .. ..... .... .. .. D eta ile d. descriptions. of su rc harges. can .be..l ocated..at.fed ex. com......................................................_... ...-.....
To ensure proper credit, pleaso return this portion with your payment to	Ex, riease do not staple or raid. Please mako check payable lo FedEx.
D For change or address, check here and complete rorm on reverse sid	6-1 24-34334	747 1 -4536-9	LJ SO $34.04
Remittance Advice
Your Account is Past Due. Date of Notice: M	08, 2018

74714 53bb124 34 33414 □□	□ 340417 

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0038990 01 /\8 0.405 ''AUTO T4 0 11 20 32092.•364939 -C0 1·P39020·1 1
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60070280000229

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FedEx
P.O . Box 660481
DALLAS TX 75266-048 1

1 1 20·01 ·00·0030990-0003·0002708

Adiustment Request Fax to (800) 548�3020

I nvoice Number
6M1 24M34334

Invoice Date	Acco11nt Number	Page
Mar 20 201 8	2  of 5

Use th is form to fax ·req uests for adju stme nts due to th e reasons in d icate d be low. Requests for adjustments due to other reasons, including se rvice fa ilu res, should be su bmitted by going to www.fedex.com or ca lling

. -·· - · · · -·

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: IAN - Invalid Acct #

INW - Incorrect Weight INS - Incorrect Service OCF - Grd Pick-up Fee OCS - Exp Pick-up Fee

OVS - Oversize Surcharge RSU - Residential Delivery _ PND - Pwrshp Not Delivered SDR - Saturday Delivery

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Tra cking Number	Code	$ Amount	LBS	L	H

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Shipping Address (Physical Address)
Company I   I    I    I    I    I  . I   I    I    I    I Address    I    I    I    I    I    I    I    I   I    I     I Address   I    I    I     I   I     I     I     I     I    I     I Dept         I    I     I           I     I     I     I     I     I     I   I
Floor       I   I    I        I   I	Apt/Suite IJ City I I I I I I I I I I I

Fax #

State		LLJ					Zip Cade I	I	I	I	I Phone		I		I	I		I  - I	I	I	I - I		I	I	I I	I	I		I  - I		I		I	I  - I    I	I .I

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I	I	I	I	I	I	I	r I	I	I	I	I	I	
I	I	I	I	I	I	I	I	I	I	I	I	I	I	

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Address   I	I	I  I	I	I	I	I	I	I	I	I	I	I	I	I
Dept	I	I	I	I	I	I	I	I	I	I	I	I	1	I	I	I
Floor	I	I	I    I	I	Apt/Suite #	I	I	I	I	I
City	I    I    I   I    I	I   I	I	I   I	I	I    I    I    I	I
State	LLJ	Zip Code I	I	I	I	I	- I	I	I	I	I

Fax #

Phone	I	I	I    I  - I	I	I	I - 1	I	I	I	I I	I	I    I  - I	I	I	I  - I	I	I	I	I

11 28·01 -00-0038990-0003-008 2700

Invoice Number
6-1 24-34334
Your Account is Past Due.  Date of Notice:  May 08, 20 1 8. To prevent
fu rther action, please remit your payment immediately. If payment has been made, please disregard this notice.

Invoice Date
Mar 20, 201 8

Account Numbe'-'--r -  	P-a.:;:.ge

3 of -5

1 128-0 1 -00-0038990-0002-0002707

Invoice Number	· Invoice Date	ft .,..,.n■■n f. ll ■■ ft'lhnr 
6- 1 24-34334	Mar 20, 2018 
FedEx Express Shipment Summary By Payor Type

4Paofge5

25.79	15.99	-7,74	34,04

TOTAL THIS INVOICE	USO	$34.04

--=--

--=�

--

--=-

-=-
-

11 Zll-01 -00-003B990-0002-0082707

I nvoice Number	I nvoice Date	A n n. nun♦ l\l umhn•	Page

6- 1 24-34334

Mar 20 2018 

5 of 5

FedEx Express Shipment Detail By P·�a. yor Type�
�hip Date: Mar 14, 2018 ..

(Original)

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$34.04

Shipper Subtotal	USO
Total FedEx Express	USO

$34.04
$34.04

I 128-01 -00-0030990-0001 -0002706

Fed

Invoice Number
6-1 74-99454

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Page
1 of 3

Bill ing Address:
GMS / OTC
475 W TOWN PL STE 1 14
SAI NT AUG USTI NE FL 32092-3649

Invoice Summary May 08, 201 8
FedEx Express Services Transportation Charges Base Discount
Earned/G ra ce Discount
Special Handling Charg es Tota l Charg es
TOTAL THIS INVOICE

USO 
USO

Shipping Address:
GMS / OTC
475 W TOWN PL STE 11 4
SAI NT AUG USTI NE FL 32092-3649

25.79
-6.7 1
-1 .03
1. 22
$1 9.27
$19.27

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6- 1 74-99454	7471 -4536-9	USO $1 9.27

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FedEx
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DALLAS TX 75266-048 1

1 1 Z 7•0 1 -00·0030353•0002·0069662

Adjustment Request Fax to (800) 548-3020

Invoice Number 6-1 74-99454

Page 2 of 3

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INW - Incorrect Weight INS - Incorrect Service

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11 27-01 -00-0030353-0002-0□69662

Invoice Number
6- 1 74-99454
FedEx Express Shipment Detai l By Payor Type (Original) 
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The Earned Discount for th is ship date hes been calculated based on a revenue threshold of $1096.78
Fuel Surcharge • Fed Ex has applied a fuel surcharge of 6.75% to this shipment

Distance Based Pricing, Zone 2

Automation
Tracking ID Service Type 	INET
77214291 6803
Fed Ex Standard Overnight 	
Shelby Stephens GMS, LLC	Recipient
Michelle Pierce
Sembler Company 		
Package Type
Zone	Fed Ex Pak 
02	475 W. Town Pl., Ste . 114 
SAINT AUGUSTINE FL 32092 US 	9570 CROSSHILL B LVD STE 102 
JACKSONVI LLE FL  32222   US		
Packages 	1				
Rated We ight	1 ,0 lbs, 0.5 kgs 	Transportation Charge 		25.79	
Delivered	May 04, 2018 12:40	Discount		-6.7 1	
Svc Area	A2	Earned Discount		- 1 .03	

Sender

Signed by FedEx Use 

IERCE 000000000/1 283/_

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USD
Shi pper Subtotal	USO

1.22 
$19.27
$1 9.27

Total FedEx Express	USO	$19.27

I 127-01 -00-0030353-000 1 -006966 1

Presented By:  MBS Capital  Markets

MBS C API TAL MARK£T5, LLC 

OTC CDD
July 11, 2018

The Series 2007A Bonds Overview
Overview Series 2007A Bonds:

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M8S CAPITAL MARKETS, LLC 

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The District issued $9,770,000 of the Series 2007A Bonds on March 15, 2007. The Series 2007A Bonds are due May 1, 2038 with an average coupon of 5.30%.

The Series 2007A Bonds were issued as non-rated tax-exempt securities due to the concentration of ownership (i.e. one landowner) and the infancy stage of development at the time the Series 2007A Bonds were issued.

Current Status of the Series 2007A Bonds:
The Series 2007A par outstanding: $7,515,000.
Current callable at par on May 1, 2017.
The Series 2007A Assessment Area consists of approximately 780,000 square feet of retail uses.

Gross Annual

V)	�	II

Par Outstanding  I	dililll II

Maturity I

tiiiii.iiftfll II

Debt Service II

MADS I

Series 2007A

$7,515,000

5.30%

May 1, 2038

May 1, 2017

$660,946

$611,375

OTCCDD

7/11/2018	2

Key Credit Dynamics

MBS CAPITAL MAR KETS, LLC 

Level of Development

3. Current Composition

OTCCDD

~97% of the assessments have been allocated to vertical parcels.

The 2018 working market value for all assessable parcels located in the Series 2018 Assessment Area is

11.2:1.

$84MM which equates to a direct market value-to-lien ratio for the Series 2018 Assessment Area of approximately

Current composition ofthe landowners as well as lessees are very strong.

The District has collected at or greater than 100% of the net amount required to pay debt service for the last four (4) years.

7/11/2018	3

MBS CAPITAL MARKETS, LLC 
Refunding Results - Annual Debt Service Savings

Dated/Delivery Date Refunding Par
Refunded Par (3)
Average Coupon Final Maturity (Gl
DSRF Requirement NPV Savings (4)
% NPV Savings
% Max Annual DS Reduction %
Max Annual OS Reduction $ (Z) & (Sl

CurArennntuGarloss

09/21/2018
$7,515,000
$7,515,000
4.25%
May 1, 2038
10% of MADS
$362,584
4.82%
8.37%
$55,331
Series 2018	l Proposed Series

Current Gross	Assessment

Pro2p0o1s8eGdrSoesrsies AGssreossmAennntuPael r

ProjeAcntneduaGl ross jI2018 Savings Per

Parcel	Sq. Ft.	Annual DS(2l	Per Sq. Ft.(2l	Annual DS (21	Sq. Ft.12i	Savings (21 & (Sl  I	Unit
Commercial Parcels _____ 780,000 ______ $660,946________  $0.85  ____ $605,615  ______ $0.78________ $0.07 ■	u., .,, ,u  1
OTC CDD	7/11/2018	4

Annual Debt Service Savi ngs Con't

�
MBS CAPITAL MARKETS, LLC 

The net annual debt service excludes 4% discount for early payment and the 3.5% collection fees charged by the Duval County Tax Collector and Appraiser.
The projected gross annual assessments per unit includes the gross-up to provide for the 4% discount for early payment and the 3.5% collection fees charged by the Duval County Tax Collector and Appraiser.
The principal amount of the refunding bonds is estimated to stay par neutral. However, if the refunding par increases above current par outstanding there would be a necessity to undertake the Chapter 170 assessment process which includes the notification and holding of a public hearing.
These figures are net of all costs and transfers from the existing trust estate.
The reduction of annual d/s is calculated based upon comparing the max annual d/s on the outstanding Series 2007A Bonds and the max annual d/s on the proposed refunding bonds.
The maturity date on the proposed Series 2018 is 5/1/2038 which is consistent with the maturity date on the Series 2007A Bonds.
The estimated costs of issuance of the refinancing are consistent with other similarly recently closed COD refinancing transactions. Such costs are to be negotiated between the District and the various financing team members.

OTCCDD	07/11/2018	5

Disclosures Rega rdi ng Underwriter's Role - MSRB Rule G-17

Disclosures Concerning the Underwriter's Role

�
M85 CAPITAL MARKETS, LLC 

Municipal Securities Rulemaking Board Rule G-17 requires an underwriter to deal fa irly at all times with both municipal issuers and investors;
The Underwriter's primary role is to purchase securities with a view to distribution in an arm's-length commercial transaction with the District and it has financial and other interests that differ from those ofthe District;
Unlike a municipal advisor, the Underwriter does not have a fiduciary duty to the District under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the District without regard to its own financial or other interests;
The Underwriter has a duty to purchase securities from the District at a fa ir and reasonable price, but must balance that d uty with its duty to sell m unicipal securities to investors at prices that are fa ir and reasonable; and
The Underwriter will review the official statement for the District's securities in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.
Disclosure Concerning the Underwriter's Compensation
Underwriter's compensation that is contingent on the closing of a transaction or the size of a transaction presents a conflict of interest, because it may cause the Underwriter to recommend a transaction that it is unnecessary or to recommend that the size of the transaction be larger than is necessary.

OTC CDD	7/11/2018	6

Disclosures Regardi ng Underwriter's Role - MSRB Rule G-17

�
MBS CAPITAL MARKETS, LLC 

Payments to or from Third Parties. There are no undisclosed payments, values, or credits to be received by the Underwriter in connection with its underwriting of this new issue from parties other than the District, and there are no undisclosed payments to be made by the Underwriter in connection with this new issue to parties other than the District (in either case including payments, values, or credits that relate directly or indirectly to collateral transactions integrally related to the issue being underwritten). I n addition, there are no third-party arrangements for the marketing of the District's securities.
Profit-Sharing with Investors. There are no arrangements between the Underwriter and an investor purchasing new issue securities from the Underwriter (including purchases that are contingent upon the delivery by the District to the Underwriter of the securities) according to which profits realized from the resale by such investor of the securities are directly or indirectly split or otherwise shared with the Underwriter.
Credit Default Swaps. There will be no issuance or purchase by the Underwriter of credit default swaps for which the reference is the District for which the Underwriter is serving as underwriter, or an obligation of that District.
Retail Order Periods. For new issues in which there is a retail order period, the Underwriter will honor such agreement to provide the retail order period. No allocation of securities in a manner that is inconsistent with an District's requirements will be made without the District's consent. In addition, when the Underwriter has agreed to underwrite a transaction with a retail order period, it will take reasonable measures to ensure that retail clients are bona fide.
Dealer Payments to District Personnel. Reimbursements, if any, made to personnel ofthe District will be made in compliance with MSRB Rule G-20, on gifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, District personnel during the municipal bond issuance process.

OTC CDD	7/11/2018	7