OTC
Community Development District
July 10, 2019

OTC
Community Development District

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

July 3, 2019

Board of Supervisors
OTC Community Development District Dear Board Members:
The Board of Supervisors meeting of the OTC Community Development District will be held Wednesday, July 10, 2019 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 8, 2019 Meeting
Acceptance of the Fiscal Year 2018 Audit Report
Public Hearing to Adopt the Budget for Fiscal Year 2020
Consideration of Resolution 2019-03, Relating to Annual Appropriations and Adopting the Budget for Fiscal Year 2020
Consideration of Resolution 2019-04, Imposing Special Assessments and Certifying an Assessment Roll
Discussion of the Fiscal Year 2020 Meeting Schedule
Staff Reports
Attorney
Engineer
Manager – Report on the Number of Registered Voters (0)
Supervisor’s Request and Audience Comments
Financial Reports
Balance Sheet and Income Statement
Assessment Receipts Schedule
Check Register
Next Scheduled Meeting – Landowners Election on November 13, 2019 at 10:30 a.m. at the offices of ETM / Next Board of Supervisors Meeting Date TBD
Adjournment

Enclosed for your review and approval is a copy of the minutes of the May 8, 2019 meeting.

The fourth order of business is acceptance of the Fiscal Year 2018 audit report. A copy of the report is enclosed for your review.

The fifth order of business is the public hearing to adopt the budget for fiscal year 2020. Enclosed for your review and approval are copies of the budget, resolution 2019-03, and resolution 2019-04.

The seventh order of business is discussion of the Fiscal Year 2020 meeting schedule. A copy of the proposed meeting schedule is enclosed for your review and approval.

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 10, 2019	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 8, 2019 Meeting

Acceptance of the Fiscal Year 2018 Audit Report

Public Hearing to Adopt the Budget for Fiscal Year 2020
Consideration of Resolution 2019-03, Relating to Annual Appropriations and Adopting the Budget for Fiscal Year 2020

Consideration of Resolution 2019-04, Imposing Special Assessments and Certifying an Assessment Roll

Discussion of the Fiscal Year 2020 Meeting Schedule

Staff Reports
Attorney

Engineer

Manager – Report on the Number of Registered Voters (0)

Supervisor’s Request and Audience Comments

Financial Reports
Balance Sheet and Income Statement

Assessment Receipts Schedule

Check Register

Next Scheduled Meeting – Landowners Election on November 13, 2019 at 10:30 a.m. at the offices of ETM / Next Board of Supervisors Meeting Date 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, etc.; and
Notice of Regular Board of Supervisors' Meeting

in the matter of OTC Community Development District

in the Court of Duval County, Florida, was published in said newspaper in the issues of 6/12/19, 6/19/19

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 19th day of June, 2019 A.D. by Rhonda Fisher who is personally known to me.

Seal	Notary Public, State of Florida

FOURTH ORDER OF BUSINESS

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 8, 2019 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
Rocky Morris	Supervisor
Rose Bock	Supervisor

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. Perry 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	Approval of the Minutes of the February 13,
2019 Meeting
There were no corrections to the minutes.

On MOTION by Mr. Morris seconded by Ms. Pierce with all in favor the Minutes of the February 13, 2019 Meeting were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2019-01,
Approving the Proposed Budget for Fiscal Year 2020 and Setting a Public Hearing Date for Adoption
Mr. Perry stated included in your agenda package is the resolution and the proposed budget. The budget is set out in column format, which shows the adopted budget for fiscal year 2019, actuals through March 31st, projections through the end of the year, and the proposed budget for 2020. This district is pretty standard and the costs do not vary from year to year. We’ve proposed the assessment levels stay the same as what they were last year. There is a little

May 8, 2019	OTC CDD

bit less use of the carry forward surplus for the proposed budget and then there are few adjustments to some of the line items in regards to expenditures of the district. This district is basically all administrative other than the stormwater maintenance. Of course, there are no changes to your debt service fund and that reflects the 2007A bonds. That amortization schedule has not changed since the date of issuance. This is the start of the budget process so we would be looking for the board to approve the budget today and then we would adopt the budget at your next scheduled meeting, which is July 10th. We can make changes to the budget in between that time and then on the date of adoption at the public hearing you can also make changes. You can’t increase the assessments, but you can decrease them if there is any need to do that.
Mr. Morris asked would July 10th be the hearing date for the adoption?
Mr. Perry stated that is correct. We will put that date in the resolution. It has to be 60 days subsequent to your approval date so we’ve typically staggered those dates since you only meet three or four times a year. The meetings typically in May, June or July are for the budget primarily.

On MOTION by Ms. Pierce seconded by Ms. Bock with all in favor resolution 2019-01, approving the proposed budget for fiscal year 2020 and setting a public hearing date for July 10, 2019 at 10:30
a.m. at the offices of England Thims & Miller was approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2019-02,
Designating a Date, Time and Location for a Landowners Election
Mr. Perry stated that is not a regularly scheduled meeting. The landowner election would be for nominating and filling supervisor positions that will be coming up. The seats that will be opening up are seat numbers two, which is Rose Bock’s seat, seat number three, which is Kurt von der Osten’s seat, and seat number five, which would be Helen Camp’s seat. We would work with the landowner prior to that election to make sure you get your proxy and you will have candidates that you will vote on. It doesn’t require the full board to be here but we do have to set a date for that. In regards to schedule we typically meet the second Wednesday of the month so with that we’d be looking at November 13th at 10:30 a.m. if that date works for the landowner.
Ms. Pierce stated that is fine.

2

May 8, 2019	OTC CDD

On MOTION by Ms. Bock seconded by Mr. Morris with all in favor Resolution 2019-02 setting a landowners election for November 13, 2019 at 10:30 a.m. at the offices of England Thims & Miller was approved.

SIXTH ORDER OF BUSINESS	Staff Reports
Attorney
There being none, the next item followed.
Engineer
There being none, the next item followed.
Manager
There being none, the next item followed.

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

EIGHTH ORDER OF BUSINESS	Financial Reports
Balance Sheet and Income Statement
Mr. Perry stated under financial statements is the balance sheet as of March 31, 2019 and after that is the statement of revenues and expenditures, along with the debt service fund, capital reserve fund, month-by-month analysis of expenditures and long-term debt report. Again, this district in regards to the balance sheet and the general fund if you will remember a few years back we pulled some dollars out of the general fund and set up a capital reserve fund so this district has more than adequate cash on hand to fund the expenditures each year and has very adequate reserves.
Assessment Receipt Schedule
Mr. Perry stated we are almost 100% collected on the assessments, we’re just a little  short but in regards to expenditures almost everything is in line with the budget, which is typical with this district. There have been no issues with the debt service funds and we haven’t utilized any capital reserve funds for this year.
Approval of Check Register
Mr. Perry stated the check register totals $12,292.92 and you have a listing of the expenditures for that. There’s nothing unusual.

3

May 8, 2019	OTC CDD

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

NINTH ORDER OF BUSINESS	Next Scheduled Meeting – July 10, 2019 at
10:30 a.m. at the Offices of England Thims & Miller
Mr. Perry stated our next scheduled meeting will be July 10th at this location at 10:30 and we will do the budget adoption at that time along with any other normal business of the district.

TENTH ORDER OF BUSINESS	Adjournment

On MOTION by Ms. Bock seconded by Mr. Morris with all in favor the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

4

FIFTH ORDER OF BUSINESS

OTC
COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2018

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	

INDEPENDENT AUDITOR’S REPORT

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

Report on the Financial Statements

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

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, 2018, 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, 2018, 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 May 15, 2019, 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 the effectiveness of the District’s 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 May 15, 2019, 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.

May 15, 2019

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, 2018. 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 ($3,075,064).

The change in the District’s total net position in comparison with the prior fiscal year was
$230,576, 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, 2018, the District’s governmental funds reported combined ending fund balances of $680,533, a decrease of ($190,900) 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,
 	2018	2017	
Current and other assets	$	685,023	$	871,770	
Capital assets, net of depreciation	 	3,925,360	3,953,600 	
Total assets	 	4,610,383	4,825,370 	
Current liabilities	170,447	176,010	
Long-term liabilities	 	7,515,000	7,955,000 	
Total liabilities	 	7,685,447	8,131,010 	
Net position		
Net investment in capital assets	(3,589,640)	(4,001,400)	
Restricted	430,710	683,299	
Unrestricted	 	83,866	12,461 	
Total net position	  $ (3,075,064) $ (3,305,640) 	

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,
 	2018	2017	

Revenues:
Program revenues
Charges for services	$	729,590	$	729,333	
Operating grants and contributions	6,020	2,148	
Capital grants and contributions	 	1,376	554 	
Total revenues	 	736,986	732,035 	
Expenses:		
General government	69,990	67,493	
Maintenance and operations	30,616	30,616	
Interest	 	405,804	427,246 	
Total expenses	 	506,410	525,355 	
Change in net position	 	230,576	206,680 	
Net position - beginning	 	(3,305,640)	(3,512,320) 	
Net position - ending	  $ (3,075,064) $ (3,305,640) 	

As noted above and in the statement of activities, the cost of all governmental activities during the fiscal year ended September 30, 2018 was $506,410. 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, 2018.

5

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At September 30, 2018, the District had $4,236,000 invested in capital assets for its governmental activities. In the government-wide financial statements, depreciation of $310,640 has been taken, which resulted in a net book value of $3,925,360. More detailed information about the District’s capital assets is presented in the notes of the financial statements.

Capital Debt

At September 30, 2018, the District had $7,515,000 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, 2018

	Governmental
 	Activities		
ASSETS		
Cash and cash equivalents	$	21,547	
Investments	79,023	
Prepaid items	3,500	
Restricted assets:		
Investments	580,953	
Capital assets		
Nondepreciable	3,388,800	
Depreciable, net	 	536,560 	
Total assets	 	4,610,383 	
LIABILITIES		
Accounts payable	4,490	
Accrued interest payable	165,957	
Non-current liabilities:		
Due within one year	210,000	
Due in more than one year	 	7,305,000 	
Total liabilities	 	7,685,447 	
NET POSITION		
Net investment in capital assets	(3,589,640)	
Restricted for debt service	430,710	
Unrestricted	 	83,866 	
Total net position	  $	(3,075,064)	

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, 2018

Program Revenues
Charges	Operating	Capital

Net (Expense) Revenue and Changes in Net Position

for		Grants and		Grants and	Governmental Functions/Programs	 	Expenses	Services	Contributions	Contributions		Activities	 Primary government:
Governmental activities:
General government	$	69,990	$	74,748	$	-	$	-	$	4,758	
Maintenance and operations	30,616	-	-	1,376	(29,240)	
Interest on long-term debt	 	405,804	654,842	6,020	-	255,058 	
Total governmental activities	 	506,410	729,590	6,020	1,376	230,576 	
Change in net position	 	230,576 	
Net position - beginning	 	(3,305,640)	
Net position - ending	  $	(3,075,064)	

See notes to the financial statements

8

OTC COMMUNITY DEVELOPMENT DISTRICT CITY OF JACKSONVILLE, FLORIDA BALANCE SHEET
GOVERNMENTAL FUNDS SEPTEMBER 30, 2018

 	Major Funds	
Debt	Capital
General	Service	Projects

Total Governmental Funds

ASSETS		
Cash and cash equivalents	$	21,547	$	-	$	-	$	21,547	
Investments	-	580,953	79,023	659,976	
Due from other funds	-	15,714	-	15,714	
Prepaid items	 	3,500	-	-	3,500 	
Total assets	  $	25,047	$	596,667	$	79,023	$	700,737 	

LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable	$	4,490	$	-	$	-	$	4,490	
Due to other funds	 	15,714	-	-	15,714 	
Total liabilities	 	20,204	-	-	20,204 	

Fund balances: Nonspendable:
Prepaid items
Restricted for:	3,500	-	-	3,500	
Debt service	-	596,667	-	596,667	
Assigned to:			
Subsequent year's expenditures	1,343	-	-	1,343	
Renewal and replacement	 	-	-	79,023	79,023 	
Total fund balances	 	4,843	596,667	79,023	680,533 	

Total liabilities and fund balances	 $	25,047	$	596,667	$	79,023	$	700,737 

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, 2018

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

680,533

Accumulated depreciation	 	(310,640)	3,925,360

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	

(165,957)	
Bonds payable				 	(7,515,000)	(7,680,957)	
Net  position of governmental activities	 $	(3,075,064)

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, 2018

 	Major Funds	
Debt		Capital General	Service	Projects

Total Governmental Funds

REVENUES		
Assessments	$	74,748	$	654,842	$	-	$	729,590	
Interest	 	-	6,020	1,376	7,396 	
Total revenues	 	74,748	660,862	1,376	736,986 	

EXPENDITURES
Current:
General government	69,990	-	-	69,990
Maintenance and operations	2,376	-	-	2,376 Debt service:
Principal	-	440,000	-	440,000
Interest	 	-	415,520	-	415,520 
Total expenditures	 	72,366	855,520	-	927,886 

Excess (deficiency) of revenues
over (under) expenditures	2,382	(194,658)	1,376	(190,900)

OTHER FINANCING SOURCES (USES)
Interfund transfer	 	(10,000)	-	10,000	-	 Total other financing sources (uses)	 	(10,000)	-	10,000	-	

Net change in fund balances	(7,618)	(194,658)	11,376	(190,900)

Fund balances - beginning	 	12,461	791,325	67,647	871,433 

Fund balances - ending	 $	4,843	$	596,667	$	79,023	$	680,533 

See notes to the financial statements

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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, 2018

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

$	(190,900)

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.	440,000

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.	9,716
Change in net position of governmental activities	 $	230,576 

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, 2018.

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
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of  resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.

In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

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, 2018:

Amortized Cost	Credit Risk	Maturities

Fidelity Institutional Government Class III Money
Market Fund #657	$	580,953	Not available	Not available

Investment in Local Government Surplus Funds
Trust Fund (Florida PRIME)	 	79,023	S&P AAAm

  $	659,976 

Weighted average of the fund portfolio: 33 days or less

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, 2018, 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 RECEIVABLES, PAYABLES AND TRANSFERS

Interfund receivables and payables at September 30, 2018 were as follows:

 Fund	Due from	Due to	
General	$	-	$	15,714	
Debt service	 	15,714	-		
Total	  $	15,714	$	15,714 	

The outstanding balances between funds result primarily from the time lag between the dates that transactions are recorded in the accounting system and payments between funds are made. In the case of the District, the balances between the general fund and the debt service fund relate to assessments collected in the general fund that have not yet been transferred to the debt service fund.

Interfund transfers for the fiscal year ended September 30, 2018 were as follows:

 Fund	Transfers In	Transfers Out 
General	$	-	$	10,000	
Capital projects	 	10,000	-		
Total	  $	10,000	$	10,000 	

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, 2018 was as follows:

	Beginning	Ending
 	Balance	Additions	Reductions	Balance		
Governmental activities
Capital assets, not being depreciated 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 - stormw ater system	

 	847,200	-	-	847,200 	
Total capital assets, being depreciated	 	847,200	-	-	847,200 	

Less accumulated depreciation for: Infrastructure - stormw ater system	

 	282,400	28,240	-	310,640 	
Total accumulated depreciation	 	282,400	28,240	-	310,640 	

Total capital assets, being depreciated, net	
 	564,800	(28,240)	-	536,560 	

Governmental activities capital assets, net	
   $ 3,953,600	$	(28,240)	$	-	$ 3,925,360 	

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
$230,000 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, 2018.

Changes in long-term liability activity for the fiscal year ended September 30, 2018 were as follows:

Governmental activities Bonds payable:

Beginning
Balance	Additions	Reductions

Ending Balance

Due Within One Year

Series 2007A Total

  $   7,955,000	$	-	$	440,000	$   7,515,000	$    210,000 

  $   7,955,000	$	-	$	440,000	$   7,515,000	$    210,000 

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NOTE 7 – LONG TERM LIABILITIES (Continued)

At September 30, 2018, the scheduled debt service requirements on the long-term debt were as follows:

Governmental Activities

Year ending
   September 30	Principal	Interest	Total	
2019	$	210,000	$	398,295	$	608,295	
2020	230,000	387,165	617,165	
2021	240,000	374,975	614,975	
2022	255,000	362,255	617,255	
2023	270,000	348,740	618,740	
2024-2028	1,575,000	1,514,210	3,089,210	
2029-2033	2,055,000	1,048,075	3,103,075	
2034-2038	 	2,680,000	441,490	3,121,490 

Total	 $   7,515,000	$   4,875,205	$ 12,390,205 

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, 2018

 	Budgeted	

Actual

Variance with Final Budget - Positive

Original & Final	Amounts	(Negative)
REVENUES		
Assessments	  $	74,525	$	74,748	$	223 	
Total revenues	 	74,525	74,748	223 	

EXPENDITURES
Current:
General government		90,856	69,990	20,866 Maintenance and operations	 		2,376		2,376		-	
Total expenditures	 	93,232	72,366	20,866 

Excess (deficiency) of revenues

Carry forward	25,107	-	(25,107)	
Transfer in (out)	 	-	(10,000)	(10,000)	
Total other financing sources (uses)	 	25,107	(10,000)	(35,107)	
Net change in fund balance	  $	6,400	(7,618)   $	(14,018)	

Fund balance - beginning	
 	12,461 	
Fund balance - ending	  $	4,843 	

over (under) expenditures	(18,707)	2,382	21,089 OTHER FINANCING SOURCES (USES)

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, 2018.

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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, 2018, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements, and have issued our opinion thereon dated May 15, 2019.
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.
We noted certain matters that we reported to management of the District in a separate letter dated May 15, 2019.
The District's responses to the findings identified in our audit are described in the accompanying Management Letter. We did not audit the District's responses and, accordingly, we express no opinion on them.

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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.

May 15, 2019

25

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, 2018. 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, 2018.

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.

May 15, 2019

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, 2018, and have issued our report thereon dated May 15, 2019.

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 May 15, 2019, 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.

May 15, 2019

27

REPORT TO MANAGEMENT

CURRENT YEAR FINDINGS AND RECOMMENDATIONS 2018-01 QPD Report:
Observation: On or before each November 30, the District is required to file an annual qualified public depository (QPD) report to the state certifying that any banks which funds are held in are qualified public depositories. The District filed this report in March 2019.

Recommendation: The District should file the QPD report by November 30 each year.

Management Response: The District had a change in personnel responsible for filing this report for Fiscal Year 2019. Future reports will be filed in accordance with the statutory requirements.

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, 2017.

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, 2018, except as noted above.

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, 2018.

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

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, 2018. 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 2020
Approved Budget

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		Actual as of		Projected		Approved	
	Budget FY 19		5/31/2019		9/30/2019		Budget FY 20	
Revenues								
Assessments - Tax Collector	$74,525		$74,779		$74,525		$74,525	
Carry Forward Surplus	$18,707		$0		$0		$8,822	
Total Revenues	 	$93,232 		 	$74,779 		 	$74,525 		 	$83,347 	
Expenditures								
Administrative								
Supervisors	$1,800		$800		$1,200		$1,800	
FICA Expense	$92		$61		$92		$92	
Engineering Fees	$2,000		$0		$1,000		$2,000	
Attorney Fees	$10,000		$1,932		$2,932		$7,500	
Arbitrage	$600		$0		$600		$600	
Annual Audit	$3,900		$3,200		$3,200		$3,900	
Assessment Roll	$5,000		$5,000		$5,000		$5,000	
Dissemination	$5,250		$3,833		$5,504		$5,250	
Trustee Fees	$3,600		$3,500		$3,500		$3,600	
Management Fees - GMS	$35,000		$23,333		$35,000		$35,000	
Computer Time	$2,000		$1,333		$2,000		$2,000	
Telephone	$50		$19		$29		$50	
Postage	$450		$141		$191		$450	
Printing & Binding	$730		$129		$204		$730	
Insurance	$6,515		$6,042		$6,042		$6,646	
Travel	$250		$0		$100		$250	
Legal Advertising	$3,136		$0		$500		$2,000	
Other Current Charges	$1,000		$243		$343		$1,000	
Office Supplies	$100		$13		$23		$100	
Dues, Licenses, Subscriptions	$175		$175		$175		$175	
Capital Outlay	$100		$0		$0		$100	
Capital Reserve	$9,108		$0		$4,515		$2,728	
Maintenance								
Stormwater maintenance	$2,376		$1,002		$2,376		$2,376	
Total Expenditures	 	$93,232 		 	$50,757 		 	$74,525 		 	$83,347 	
Excess Revenues (Expenditures)	 	$0 		 	$24,022 		 	$0 		 	$0 	
					FY 2019		FY 2020	
Net Assessments	$74,525	$74,525	
Discounts & Collections (7.5%)	 	$6,043 	 	$6,043 	
Gross Assessments	 	$80,568 	 	$80,568 	

1

Square Footage - 780,000
Net Assessment per square ft
Gross Assessment per Square Ft

$	0.096	$
$	0.103	$

0.096
0.103

OTC
Community Development District General Fund Budget

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.

Arbitrage

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.

2

OTC
Community Development District General Fund Budget

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, LLC 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 Governmental Management Services, 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.

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.
3

OTC
Community Development District General Fund Budget

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.

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.

4

OTC
Community Development District General Fund Budget

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 as of		Projected		Approved	
 Description			   Budget FY 19 		  5/31/2019 		    9/30/2019 		  Budget FY 20 	

Revenues									
Carry Forward Surplus (1)		$268,431		$280,853		$280,853		$323,665	
Assessments - Tax Collector		$652,885		$655,107		$655,107		$652,885	
Interest Income		$1,000		$9,000		$11,000		$2,500	
Total Revenues		 	$922,316 		 	$944,960 		 	$946,960 		 	$979,050 	

Expenditures									
Series 2007A									
Interest 11/1		$205,640		$199,148		$199,148		$190,800	
Interest 5/1		$205,640		$199,148		$199,148		$190,800	
Principal 5/1		$225,000		$225,000		$225,000		$225,000	
Principal 5/1 (Special Call)		$0		$0		$0		$0	
Total Expenditures		 	$636,280 		 	$623,295 		 	$623,295 		 	$606,600 	
EXCESS REVENUES / (EXPENDITURES)		 	$286,036 		 	$321,665 		 	$323,665 		 	$372,450 	

Carryforward Surplus is net of reserve fund requirements

11/01/2020 Interest Payment	$	184,838

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	
11/01/19	$	7,200,000.00	5.30%		$	190,800.00	$	190,800.00	
05/01/20	$	7,200,000.00	5.30%	$	225,000.00	$	190,800.00		
11/01/20	$	6,975,000.00	5.30%		$	184,837.50	$	600,637.50	
05/01/21	$	6,975,000.00	5.30%	$	235,000.00	$	184,837.50		
11/01/21	$	6,740,000.00	5.30%		$	178,610.00	$	598,447.50	
05/01/22	$	6,740,000.00	5.30%	$	250,000.00	$	178,610.00		
11/01/22	$	6,490,000.00	5.30%		$	171,985.00	$	600,595.00	
05/01/23	$	6,490,000.00	5.30%	$	265,000.00	$	171,985.00		
11/01/23	$	6,225,000.00	5.30%		$	164,962.50	$	601,947.50	
05/01/24	$	6,225,000.00	5.30%	$	280,000.00	$	164,962.50		
11/01/24	$	5,945,000.00	5.30%		$	157,542.50	$	602,505.00	
05/01/25	$	5,945,000.00	5.30%	$	295,000.00	$	157,542.50		
11/01/25	$	5,650,000.00	5.30%		$	149,725.00	$	602,267.50	
05/01/26	$	5,650,000.00	5.30%	$	310,000.00	$	149,725.00		
11/01/26	$	5,340,000.00	5.30%		$	141,510.00	$	601,235.00	
05/01/27	$	5,340,000.00	5.30%	$	325,000.00	$	141,510.00		
11/01/27	$	5,015,000.00	5.30%		$	132,897.50	$	599,407.50	
05/01/28	$	5,015,000.00	5.30%	$	345,000.00	$	132,897.50		
11/01/28	$	4,670,000.00	5.30%		$	123,755.00	$	601,652.50	
05/01/29	$	4,670,000.00	5.30%	$	365,000.00	$	123,755.00		
11/01/29	$	4,305,000.00	5.30%		$	114,082.50	$	602,837.50	
05/01/30	$	4,305,000.00	5.30%	$	385,000.00	$	114,082.50		
11/01/30	$	3,920,000.00	5.30%		$	103,880.00	$	602,962.50	
05/01/31	$	3,920,000.00	5.30%	$	405,000.00	$	103,880.00		
11/01/31	$	3,515,000.00	5.30%		$	93,147.50	$	602,027.50	
05/01/32	$	3,515,000.00	5.30%	$	425,000.00	$	93,147.50		
11/01/32	$	3,090,000.00	5.30%		$	81,885.00	$	600,032.50	
05/01/33	$	3,090,000.00	5.30%	$	450,000.00	$	81,885.00		
11/01/33	$	2,640,000.00	5.30%		$	69,960.00	$	601,845.00	
05/01/34	$	2,640,000.00	5.30%	$	475,000.00	$	69,960.00		
11/01/34	$	2,165,000.00	5.30%		$	57,372.50	$	602,332.50	
05/01/35	$	2,165,000.00	5.30%	$	500,000.00	$	57,372.50		
11/01/35	$	1,665,000.00	5.30%		$	44,122.50	$	601,495.00	
05/01/36	$	1,665,000.00	5.30%	$	525,000.00	$	44,122.50		
11/01/36	$	1,140,000.00	5.30%		$	30,210.00	$	599,332.50	
05/01/37	$	1,140,000.00	5.30%	$	555,000.00	$	30,210.00		
11/01/37	$	585,000.00	5.30%		$	15,502.50	$	600,712.50	
05/01/38	$	585,000.00	5.30%	$	585,000.00	$	15,502.50		
11/01/38	$	-

$

7,200,000.00	$

4,413,575.00	$ 11,013,072.50

7

OTC
Community Development District	Capital Reserve Fund

 Description			Adopted
   Budget FY 19 		Actual as of
  5/31/2019 		Projected
     9/30/2019			Approved
 Budget FY 20 	

Revenues									
Interest Income		$0		$1,361		$3,000		$1,500	
Capital Reserve Funding - Transfer In		$11,000		$0		$9,108		$2,728	
Carry Forward Surplus		$78,421		$69,023		$69,023		$81,131	
Total Revenues		 	$67,077 		 	$70,384 		 	$81,131 		 	$85,359 	

Expenditures									
Capital Outlay		$0		$0		$0		$0	
Total Expenditures		 	$0 		 	$0 		 	$0 		 	$0 	
EXCESS REVENUES / (EXPENDITURES)		 	$67,077 		 	$70,384 		 	$81,131 		 	$85,359 	

8

A.

RESOLUTION 2019-03

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, 2019, AND ENDING SEPTEMBER 30, 2020; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2019, 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, 2019 and ending September 30, 2020 (“Fiscal Year 2019/2020”) 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, 2020.”

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
2019/2020,  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 2019/2020 or within 60 days following the end of the Fiscal Year 2019/2020 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 10TH DAY OF JULY, 2019.

ATTEST:	OTC COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its: 	

B.

RESOLUTION 2019-04

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 2019/2020; 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, 2019 and ending September 30, 2020 (“Fiscal Year 2019/2020”), 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 2019/2020; 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 10th day of July, 2019.

ATTEST:	OTC COMMUNITY
DEVELOPMENT DISTRICT

Secretary / Assistant Secretary

By:	 Its: 		

Exhibit A:	Budget
Exhibit B:	Assessment Roll

SEVENTH ORDER OF BUSINESS

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 2020 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:

November 13, 2019 (Landowners’ Election Only)
February 12, 2020
May 6, 2020 (First Wednesday to allow 60 days between budget approval
and adoption)
July 8, 2020

EIGHTH ORDER OF BUSINESS

C.

OFFICE OF THE SUPERVISOR OF ELECTIONS

MIKE HOGAN SUPERVISOR OF ELECTIONS OF FICE: (904)630-7757
CELL:(904) 219-8924

105 EAST MONROE STREET JACKSONVILLE,  FLORIDA 32202
FAX (904) 630-2920 E-MAIL:    MHOGAN@COJ.NET

May 31, 2019

Courtney Hogg e
OTC Community Development District 475 West Town Place, Suite 114
St. Augustine, FL 32092 Dear Courtney,
The information you requested on April 12, 2019 appears below:

OTC Community Development District	0 Registered Voters

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

Sincerely,
Lana Sf,lf
Director of Candidates & Records

'I

TENTH ORDER OF BUSINESS

A.

OTC
Community Development District
Unaudited Financial Reporting May 31, 2019

OTC
Community Development District Combined Balance Sheet
May 31, 2019

Assets:	Governmental Fund Types
Debt	Capital
 	General	 	Service	 	Reserve			Totals   (Memorandum Only)
 	2018		
Cash Investments:
Reserve	$55,494	---	$80,384

---	$315,814	---		$135,879

$315,814	
Interest	---	$12	---		$12	
Revenue	---	$295,812	---		$295,812	
Sinking	---	$13	---		$13	
Redemption	---	$547	---		$547	
Due From General Fund	---	$25,281	---		$25,281	
Due from Capital Reserve	$10,000	---	---		$10,000	
Assessment Receivable	---	---	---		$0	
Prepaid Expenses	 	--- 	--- 	--- 		 	$0 	
Total Assets	 	$65,494 	$637,478 	$80,384 		 	$783,357 	
Liabilities:
Accounts Payable	 

$1,349	---	---		
$1,349	
Accrued Expenses	---	---	---		$0	
Due to Debt Service	$25,281	---	---		$25,281	
Due to General Fund	---	---	$10,000		$10,000	
Due to Capital Reserve	---	---	---		$0	
FICA Payable	---	---	---		$0	
Fund Balances:
Nonspendable	
---	---	---		
$0	
Restricted for Debt Service	---	$637,478	---		$637,478	
Unassigned	 	$38,865 	--- 	$70,384 		 	$109,249 	
Total Liabilities and Fund Equity	 	$65,494 	$637,478 	$80,384 		 	$783,357 	

Page 1

OTC
Community Development District Statement of Revenues & Expenditures For The Period Ending May 31, 2019

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/19	THRU 5/31/19	VARIANCE	

Revenues:					
Assessments-Tax Collector	$74,525	$74,525	$74,779	$254	
Total Revenues	$74,525	$74,525	$74,779	$254	

Expenditures					
Administrative					
Supervisors	$1,800	$1,200	$800	$400	
FICA Expense	$92	$61	$61	$0	
Engineering Fees	$2,000	$1,333	$0	$1,333	
Attorney Fees	$10,000	$6,667	$1,932	$4,735	
Arbitrage	$600	$400	$0	$400	
Annual Audit	$3,900	$3,900	$3,200	$700	
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	$1,333	($0)	
Telephone	$50	$33	$19	$14	
Postage	$450	$300	$141	$159	
Printing & Binding	$730	$487	$129	$357	
Insurance	$6,515	$6,515	$6,042	$473	
Travel	$250	$167	$0	$167	
Legal Advertising	$3,136	$2,091	$0	$2,091	
Other Current Charges	$1,000	$667	$243	$424	
Office Supplies	$100	$67	$13	$54	
Dues, Licenses, Subscriptions	$175	$175	$175	$0	
Capital Outlay	$100	$67	$0	$67	
Capital Reserve	$9,108	$0	$0	$0	
Total Administrative Expenses	$90,856	$60,895	$49,755	$11,141	

Maintenace					
Stormwater Maintenance	$2,376	$1,584	$1,002	$582	
Total Maintenance Expenses	$2,376	$1,584	$1,002	$582	
					
Total Expenditures	$93,232	$62,479	$50,757	$11,723	
					
Excess Revenues/Expenses	($18,707)		$24,022		
					
Fund Balance - Beginning	$18,707		$14,843		
					
Fund Balance - Ending	$0		$38,865		

Page 2

OTC
Community Development District
Debt Service Fund Statement of Revenues & Expenditures For The Period Ending May 31, 2019

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/19	THRU 5/31/19	VARIANCE	

Revenues:					
Assessment - On Roll	$652,885	$652,885	$655,107	$2,222	
Interest Income	$1,000	$667	$9,000	$8,333	
Total Revenues	$653,885	$653,552	$664,107	$10,555	

Expenditures					
Series 2007
Interest Expense - 11/1	
$205,640	
$205,640	
$199,148	
$6,493	
Principal Expense - 11/1 (Special Call)	$0	$0	$0	$0	
Interest Expense - 05/1	$205,640	$205,640	$199,148	$6,493	
Principal Expense - 5/1	$225,000	$225,000	$225,000	$0	
Principal Expense - 5/1 (Special Call)	$0	$0	$0	$0	
Total Expenditures	$636,280	$636,280	$623,295	$12,985	
					
Excess Revenues (Expenditures)	$17,605		$40,812		
					
Fund Balance - Beginning	$268,431		$596,667		
					
Fund Balance - Ending	$286,036		$637,478		

Page 3

OTC
Community Development District
Capital Reserve Fund Statement of Revenues & Expenditures For The Period Ending May 31, 2019

ADOPTED	PRORATED
BUDGET	
ACTUAL		
Description	BUDGET	THRU 5/31/19	THRU 5/31/19	VARIANCE	

Revenues:					
Interest - SBA	$0	$0	$1,361	$1,361	
Transfer In - General Fund	$11,000	$0	$0	$0	
Total Revenues	$11,000	$0	$1,361	$1,361	

Expenditures					
Capital Outlay	$0	$0	$0	$0	
Total Expenditures	$0	$0	$0	$0	
					
Excess Revenues (Expenditures)	$11,000		$1,361		
					
Fund Balance - Beginning	$78,421		$69,023		
					
Fund Balance - Ending	$89,421		$70,384		

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:																	
Assessments-Tax Collector	$0	$28,697	$43,196	$0	$0	$592	$1,694	$599		$0		$0		$0	$0	$74,779	
Total Revenues	$0	$28,697	$43,196	$0	$0	$592	$1,694	$599		$0		$0		$0	$0	$74,779	

Expenditures:																	
Administrative
Supervisors	
$0	
$0	
$0	
$0	
$400	
$0	
$0	
$400		
$0		
$0		
$0	
$0	
$800	
FICA Expense	$0	$0	$0	$0	$31	$0	$0	$31		$0		$0		$0	$0	$61	
Engineering Fees	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0	$0	$0	
Attorney Fees	$0	$0	$0	$0	$724	$376	$832	$0		$0		$0		$0	$0	$1,932	
Arbitrage	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0	$0	$0	
Annual Audit	$0	$0	$0	$0	$0	$0	$0	$3,200		$0		$0		$0	$0	$3,200	
Assessment Roll	$5,000	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0	$0	$5,000	
Dissemination	$417	$417	$417	$417	$417	$417	$917	$417		$0		$0		$0	$0	$3,833	
Trustee Fees	$3,500	$0	$0	$0	$0	$0	$0	$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	$167	$167	$167	$167	$167		$0		$0		$0	$0	$1,333	
Telephone	$0	$0	$0	$0	$11	$0	$8	$0		$0		$0		$0	$0	$19	
Postage	$0	$1	$0	$17	$53	$0	$0	$71		$0		$0		$0	$0	$141	
Printing & Binding	$9	$4	$7	$1	$4	$102	$1	$3		$0		$0		$0	$0	$129	
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	$0	$0	$0	$0	$0	$0	$0	$0		$0		$0		$0	$0	$0	
Other Current Charges	$15	$17	$10	$0	$85	$13	$11	$92		$0		$0		$0	$0	$243	
Office Supplies	$0	$0	$0	$0	$0	$13	$0	$0		$0		$0		$0	$0	$13	
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	$0	$0	$0		$0		$0		$0	$0	$0	
Total Administrative	$18,240	$3,522	$3,518	$3,517	$4,807	$4,003	$4,852	$7,296		$0		$0		$0	$0	$49,755	

Maintenace
Stormwater Maintenance	

$198	

$198	

$198	

$198	

$198	

$12	

$0	

$0		

$0		

$0		

$0	

$0	

$1,002	
Total Maintenance	$198	$198	$198	$198	$198	$12	$0	$0		$0		$0		$0	$0	$1,002	
																	
Total Expenditures	$18,438	$3,720	$3,716	$3,715	$5,005	$4,015	$4,852	$7,296		$0		$0		$0	$0	$50,757	
																	
Excess Revenues (Expenditures)	($18,438)	$24,978	$39,480	($3,715)	($5,005)	($3,423)	($3,157)	($6,697)		$0		$0		$0	$0	$24,022	

Page 5

OTC
Community Development District Long Term Debt Report

Series 2007A Special Assessments Bonds		
Interest Rate:	5.33%	
Maturity Date:	5/1/2038	
Reserve Fund Definition:	50% Max Annual Debt	
Reserve Fund Requirement:	$305,820.00	
Reserve Fund Balance:	$315,813.75	

Bonds outstanding - 9/30/2013	
$8,760,000	
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)	($230,000)	
Less: November 1, 2015 (Special Call)	($15,000)	
Less: May 2, 2016 (Mandatory)	($210,000)	
Less: November 1, 2016 (Special Call)	($20,000)	
Less: May 1, 2017 (Mandatory)	($215,000)	
Less: November 1, 2017 (Special Call)	($230,000)	
Less: May 1, 2018 (Mandatory)	($210,000)	
Less: May 1, 2019 (Mandatory)	($225,000)	
Current Bonds Outstanding	$7,200,000	

Page 6

B.

100.3%

OTC COMMUNITY DEVELOPMENT DISTRICT
SUMMARY OF FY2019 ASSESSMENT RECEIPTS

TOTAL TAX ROLL	# UNITS
ASSESSED	
DEBT ASSESSED	
O&M ASSESSED	TOTAL
ASSESSED	
NET REVENUE TAX ROLL	780,000	652,885.01	74,525.00	727,410.01	

SUMMARY TAX ROLL COLLECTIONS	
DUVAL COUNTY
DISTRIBUTION	TOTAL
RECEIVED	SERIES 2007 DEBT
RECEIVED	
O&M RECEIVED	DATE
RECEIVED	
1	-	-	-	11/08/18	
2	-	-	-	11/16/18	
3	280,103.76	251,406.42	28,697.34	11/28/18	
4	177,084.21	158,941.48	18,142.73	12/11/18	
5	244,531.53	219,478.65	25,052.88	12/14/18	
6	-	-	-	12/21/18	
7	-	-	-	01/07/19	
8	-	-	-	01/24/19	
9	-	-	-	02/07/19	
10		-	-	02/19/19	
11	-	-	-	03/06/19	
12	5,779.06	5,186.98	592.08	03/21/19	
13	11,528.92	10,347.75	1,181.17	04/05/19	
14	5,010.47	4,497.13	513.34	04/22/19	
15	5,847.20	5,248.14	599.06	05/09/19	
		-	-		
		-	-		
		-	-		
		-	-		
		-	-		
TOTAL COUNTY
DISTRIB.	
729,885.15	
655,106.55	
74,778.60		

BALANCE DUE	
(2,475.14)	
(2,221.54)	
(253.60)		

% COLLECTED

C.

OTC
Community Development District

Fund	Date	Check Numbers	Amount

Check Run Summary June 30, 2019

General Fund

Payroll

5/14/19	5008-5009

$	369.40

Subtotal	 $	369.40 

Accounts Payable

5/29/19	609-614
6/26/19	615-619

$	7,213.96
$	5,164.75

Subtotal	 $ 12,378.71 

Total	$ 12,748.11

*Fedex invoices available upon request

Attendance Sheet
District Name:	OTC CDD

Board Meeting Date: May 8, 2019

AlsFrvj

No

Helen Camp
Assistant Secretary

5

YES-$200
46!>F,.,/

Kurt von der Osten
Assistant Secretary

4

Rocky Morris
Assistant Secretary

3

Rose Bock
Vice Chairman

2

Michelle Piece
Chairperson

1

Fee

In Attendance

 	Name

The Supervisors present at the above-l'eferenced meeting should be compensated accordingly.

District Ma

Date

PLEASE RETURN COMPLETED FORM TO HANNAH SMITH

INVOICE

Jacksonville Daily Record
A Division of
DArLY RECORD & OBSERVER, LLC
10 N. Newnan Street
P.O. Box 1769 Jacksonville, FL 32201

lfil MAY 2 9 2019
By

le lE aw le

(904) 356-2"4""66:._   	, 	April 29, 2019	
Date

Attn: Courtney Hogge GMS, LLC
475 WEST TOWN PLACE, STE 114 SAINT AUGUSTINE	FL	32092

Payment Due Upon Receipt

Serial# 19-03782D
Notice of Meeting

PO/File# 		 	$81.50
Amount Due

 	
Amount Paid
OTC Community Development District	 		$81 .50 Payment Due
Case Number	 	 Publication  Dates  4/29		

Payment  is due before the  Proof of Publication is released.

For your convenience, you may remit payment at
jaxdailyrecord.com/send-payment,

Your notice can be found on the world wide web at www.jaxdailyrecord.com
TERMS: Net 30 days. Past due amounts will be charged a finance charge of 1.5% per month.

Preliminary Proof Of Legal Notice
(This is not a proof  of publication.)

Please read copy of this advertisement and advise us of any 11ecessary corrections before further publicatio11s.

Notice of Meeting
OTC
Community Development District
'rhe regular meeting of the Board of Supervisors of the OTC Com­ munity Development District is scheduled to be held on Wednes­ day, May 8, 2019 at 10:30 a.m. at the offices of England Thims & l\filler, 14775 Old St. Augustine Road, Jacksonville, Florida 32258. The meeting is  open to the public and will be conducted in accordance with the p1·ovisions of Florida Law for Community Development Districts. A copy of the agenda for  this meeting may be obtained from the office of the District Manager, 475 West Town Place, Suite 114, St. Augustine, Florida 32092 (and phone (904) 940-5850). The meeting may be continued to a date, time, and place to be specified on the record at the meet.ing. There may be occa­ sions when one or more Supervi­ sors will participate by telephone.
Any person retiuiring special accommodations at this meeting because  of  a  disability  or   physi­
cal impairment should contact the District Manager's Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the  Florida Relay Service by dial­
ing 7-1-1, or 1-800·955-8771 rrrYJ
/  1-800-955-8770 (Voice), for  aid in
contacting the District Manager's Office.
A pernon who decides lo appeal any decision made by the Board with respect lo nny matler con­ sidered at the meeting is advised that this same person will need a record of the proceedings and that accordingly, the person may  need to ensute that a verbatim record of the proceedings is made, including the tesUmony IIJl{\ evidence upon which the appeal is to be based.
James Perry District :i\fanager
Apr. 29	QQ(19.Q3782O)

Governmental Management Services, LLC
1001 Bradford Way

By

Kingston, TN 37763

Invoice

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

Invoice#: 172 Invoice Date: 5/1/19
Due Date: 5/1/19 Case:
P.O. Number:

Management Fees -May2019 /·3 I· 1 ·3
1nt6rrr1tion.T chha19gy	May"20.1 I H; l/.S{J · 351,
cDoispsieems·i,nation Agent Services - May 2019/·31·513 · JJ1.,/
•31 •s·;3n -,:z;5 ··,:-: ·f	?\'  i:lY'!'_< .--	-	'		2,916.67
_   ·:•'1 6():"§t
416.6 7
•:":2.70	2,916.67 'i J .$:6.67 416.67
• ·:•2  .1 0	

:

Total	$3,502.71	
Payments/Credits	$0.00	
Balance Due	$3,502.71	

Grau and Associates
951 W. Yamato Road, Suite 280 Boca Raton, FL 33431- www.graucpa.com

Phone: 561-994-9299

OTC Community Development District 1001 Bradford Way
Kingston, TN 37763

Invoice No.	18140 Date	05/02/2019

Fax: 561-994-5823

[E	\Yl [E

[E

lfil MAY O 7 2019
By

/•   J o o  •5l	3•  32..2..
J&

SERVICE	AMOUNT

Audit FYE 09/30/2018

Current Amount Due

$	3,200.00

$	3,200.00

0 - 30	31-60	61 • 90	91 - 120	Over120	Balance	
3,200.00	0.00	0.00	0.00	0.00	3,200.00	
Payment  due upon receipt.

Hopping Green & Sams
Attorneys and Counselors

119 S. Monroe Street, Ste. 300
P.0. Box 6526 Tallahasse,eFL 32314
850.222.7500
================================= STATEMENT =================================
July  27, 2018

OTC Community Development District c/o District Manager
475 West Town Place, Suite 114
St. Augustine, FL 32092

Bill Number 101653

Y O l 2019

Billed through 06/30/2018

General Counsel/Monthly Meetings OTCCDD	00001	RVW

BY·....-	-	-	-	-	-

I .3 /, S 13 ·) 15

FOR PROFESSIONAL SERVICES RENDERED
06/07/18	AHJ	Prepare published notice of budget hearing; confer with Hogge regarding same.

0.30 hrs

06/29/18	KSB

06/29/18	SRS

06/29/18	AHJ

Confer with underwriter.

Conduct research for implementing Americans with Disabilities Act compliance measures regarding special district website.

Finalize budget resolutions; transmit same to Hogge.

0.30 hrs

0.20 hrs

0.40 hrs

Total fees for this matter

$230.00

MATTER SUMMARY

Jaskolski, Amy H. - Paralegal		0.70 hrs	145 /hr	$101.50	
Buchanan, Katie S.		0.30 hrs	265 /hr	$79.50	
Sandy, Sarah R.		0.20 hrs	245 /hr	$49.00	
	TOTAL FEES			$230.00	

TOTAL CHARGES FOR THIS MATTER	$230.00

BILLING SUMMARY

Jaskolski, Amy H. - Paralegal		0.70 hrs	145	/hr	$101.50	
Buchanan, Katie S.		0.30 hrs	265	/hr	$79.50	
Sandy, Sarah R.		0.20 hrs	245	/hr	$49.00	
	TOTAL FEES				$230.00	

TOTAL CHARGES FOR THIS BILL	$230.00

Please include the bill number on vour check.

opping Green & Sams
Attorneys and Counselors

119 S. Monroe Street, Ste. 300
P.O. Box 6526 Tallahassee,FL 32314
850.222.7500
================== ===== ========== STATEMENT =================================
April  25, 2019

OTC Community Development District c/o District Manager
475 West Town Place, Suite 114
St. Augustine, FL 32092

General Counsel/Monthly Meetings
OTCCDD	00001	RVW

0E cE,	vE n

n	u

AY 02 .01

Yi .	 	

Bill Number 106988
Billed through 03/31/2019

FOR PROFESSIONAL SERVICES RENDERED
03/08/19	AHJ	Transmit Capitol Conversations newsletter to board of supervisors.

0.10 hrs

03/25/19	AHJ

03/29/19	CGS

Transmit Capitol Conversations newsletter to board of supervisors. Monitor proposed legislation which may impact district.

0.10 hrs

0.30 hrs

Total fees for this matter	$146.00

MATTER SUMMARY

Jaskolski, Amy H. - Paralegal		0.20 hrs	145	/hr	$29.00	
Stuart, Cheryl G.		0.30 hrs	390	/hr	$117.00	
	TOTAL FEES				$146.00	

TOTAL CHARGES FOR THIS MATTER	$146.00

BILLING SUMMARY

Jaskolski, Amy H. - Paralegal		0.20	hrs	145	/hr	$29.00	
Stuart, Cheryl G.		0.30	hrs	390	/hr	$117.00	
	TOTAL FEES					$146.00	

TOTAL CHARGES FOR THIS BILL	$146.00

Please include the bill number on vour check.

INVOICE

Jacksonville Daily Record
A Division of
DAILY RECORD & OBSERVER, LLC
10 N. Newnan Street
P.O. Box 1769 Jacksonville, FL 32201
(904) 356-2466	 	June  12, 2019	

[E
JUN 1 2 2019

By

Date

Attn: Courtney Hogge
GMS, LLC
475 WEST TOWN PLACE, STE 114 SAINT AUGUSTINE	FL	32092

Payment Due Upon Receipt

Serial#  19-05152D	PO/File# 		 	$227.25
AmouutDue
Notice of Public Hearing, etc.; and
Notice of Regular Board of Supervisors' Meeting
AmouutPaid
OTC Community Development District	 	$227.25
Payment Due

Case Number	 	

Publication Dates 6/12,19
-	------------------

Payment is due before the  Proof of Publication is released.

For your convenience, you may remit payment at
jaxdailyrecord.comlsend-payment.

Your notice can be found on the world wide web at www.jaxdailyrecord.com
TERMS: Net 30 days. Past due amounts will be charged a finance charge of 1.5% per month.

Preliminary Proof Of Legal Notice
(This is not a proof  of publication.)

Please read copy of this advertisement and advise us of any necessary corrections before further publications.

OTC COMMUNITY DEVELOPMENT DISTRICT NOTICE	OF	PUBLIC HEARING TO CONSIDER THE ADOPTION OF THE FISCAL YEAR 2019/2020 BUDGETS; AND NOTICE OF REGULAR BOARD OF SUPERVISORS' MEETING.
The Boai.-d of Supervisors ("Board"} of the OTC Community Development District ("Distdct") will hold a public hearing on July 10, 2019 at 10:30 a.m. at the offic­ es of England Thims & Miller, 14775 Old St. Augustine Road, Jacksonville, Florida 322.58 for the purpose of hearing coilllllents and objections on the adoption of the proposed budgets ("Proposed Budget ) of the District for the fis­ cal year beginning October 1, 2019
and ending September 30, 2020 ("Fiscal Year 2019/2020''). A regular hoard meeting of the Dis­ trict will also be held at that time where the Board may consider any other business that may properly come before it. A copy of the agenda and Proposed Budget may be obtained at the offices of the District Manager, Governmental Management Services, 475 West Town Place, Suite 114, St. Augus­ tine, Florida 32092 (904) 940-5850 ( District Manager's Office"}, during normal business hours.
The public hearing and meeting are open to the public  and  will be conducted ln accordance with the provisions of Florida law. The public hearing and meeting may be continued to a date, time, and place to be specified on the record at the meeting. There may be occa­ sions when Board Supervisors or District Staff may participate by speaker telephone.
Any person requll'ing special accommodations at this meeting because of a disability or  physi­ cal impairment should contact the District Manager's Office at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired,  please  contact the Florida Relay Service by dial­ ing 7-1-1, or 1-800-955-8771 (TTY)
/ 1-800-955-8770 {Voice), for aid in contacting the District Manager's Office.
Each person who decides to appeal any decision made by the Board with respect to any matter considered at  the  public  hearing or meeting is advised that 1ierson will need a record of proceedings and that accordingly, the person may need to ensure that a verba­ tiln record of the proceedings is made, including the testimony and evidence upon which such  appeal is to be based.
James Perry District Manage1·
June 12/19	00<19-05152D)

Disclosure Services LLC 1005 Bradford Way
Kingston, 1N 37763

Invoice

Date	Invoice#	
4/2/2019	2	

OTCCDD
c/o GMS, LLC

BillTo

Terms	Due Date	
Net30	5/2/2019	

Description	Amount	
Amortization Schedule
Series 2007A 5-1-19 Prepay $100,000	

1·'!l•Sl 3•31LI
'].(p	500.00	
	Total	
$500.00	
	Payments/Credits	$0.00	
	Balance Due	$500.00	

Governmental Management Services, LLC
1001 Bradford Way
Kingston, TN 37763

Invoice

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

Description

IBy=====-J

JUN O 6 2019

Hours/Qty

Invoice #: 173
Invoice Date; 6/1/19
Due Date: 6/1/19
Case:
P.O. Number:

' · .•.....  Rat.a	Amount

Management Fees - June 2019 /•31•513 · 3'1
Information Technology - June 2019 /•SI ·SI 3 · '351 Dissemination Agent Services - June 20191,31•513 · 31'1 Office Supplies /•31•5/J · 51
Postage /,31· 51'3 · "f'2-
Copies  /•3/•$13 · '-12.S	2-		2,916.67
166.67
416.67
10.09
1.50
76.80	2,916,67
166.67
416.67
10.09
1.50
76.80	

Total	$3,588.40	
Payments/Credits	$0.00	
Balance Due	$3,588.40	

Hopping Green & Sams
Attorneys and Counselors

119 S. Monroe Street, Ste. 300
P.O. Box 6526
Tallahassee, FL 32314
850.222.7500
=================================	STATEMENT =================================

OTC Community Development District c/o District Manager
475 West Town Place, Suite 114 St. Augustine, FL 32092

General Counsel/Monthly Meetings
OTCCDD	00001	RVW

May 31, 2019

Bill Number 107693 Billed through 04/30/2019

1·31·51'3·315
y;

FOR PROFESSIONAL SERVICES RENDERED
04/01/19	SRS	Research Americans with Disabilities Act website accessibility.

0.10 hrs

04/08/19	AHJ

04/16/19	APA

04/17/19	MGC

04/19/19	AHJ

04/24/19	AHJ

04/30/19	JLK

04/30/19	SSW

04/30/19	CGS

04/30/19	AHJ

Transmit Capitol Conversations newsletter to board of supervisors.

Prepare response to auditor request letter regarding fiscal year 2017-2018. Review auditor letter.
Transmit Capitol Conversations newsletter to board of supervisors.

Prepare resolution approving fiscal budget and resolution setting landowner election; confer with Hogge regarding same.

Negotiate standard form of agreement regarding professional technological services.

Confer with Hogge regarding landowner election and proposed budget; prepare agenda items.

Monitor proposed legislation which may impact district.

Transmit Capitol Conversations newsletter to board of supervisors.

0.10 hrs

1.20 hrs

0.20 hrs

0.10 hrs

0.40 hrs

0.10 hrs

1.20 hrs

0.30 hrs

0.10 hrs

Total fees for this matter	$832.00

MATTER SUMMARY

Jaskolski, Amy H. - Paralegal	0.70 hrs	145	/hr	$101.50	
Papp, Annie M. - Paralegal	1.20 hrs	145	/hr	$174.00	
Stuart, Cheryl G.	0.30 hrs	390	/hr	$117.00	
Kilinski, Jennifer L.	0.10 hrs	275	/hr	$27.50	
Collazo, Mike	0.20 hrs	335	/hr	$67.00	
Sandy, Sarah R.	0.10 hrs	270	/hr	$27.00	
Warren, Sarah S.	1.20 hrs	265	/hr	$318.00	

OTC CDD - General Counsel	Bill No. 107693	Page 2
================================--===---===--====--------------------------------------

TOTAL FEES

TOTAL CHARGES FOR THIS MATTER

$832.00

$832.00

BILLING SUMMARY

Jaskolski, Amy H. - Paralegal		0.70	hrs	145	/hr	$101.50	
Papp, Annie M. - Paralegal		1.20	hrs	145	/hr	$174.00	
Stuart, Cheryl G.		0.30	hrs	390	/hr	$117.00	
Kilinski, Jennifer L.		0.10	hrs	275	/hr	$27.50	
Collazo, Mike		0.20	hrs	335	/hr	$67.00	
Sandy, Sarah R.		0.10	hrs	270	/hr	$27.00	
Warren, Sarah S.		1.20	hrs	265	/hr	$318.00	
	TOTAL FEES					$832.00	

TOTAL CHARGES FOR THIS BILL

----------------
$832.00

Please include the bill number on vour check.