MINUTES OF MEETING
OTC COMMUNITY DEVELOPMENT DISTRICT

A special meeting of the Board of Supervisors of the OTC Community Development District was held Wednesday, June 17, 2022 at 2:00 p.m. at the offices of Riverside Management Services, Inc., 9655 Florida Mining Boulevard West, Building 300, Suite 305, Jacksonville, Florida 32257.

Present were:
Michelle Pierce	Chairperson
Rocky Morris	Supervisor
Rose Bock	Supervisor

Also present were:
Daniel Laughlin	District Manager
Jennifer Kilinski	District Counsel (by phone)
Rhonda Mossing	MBS Capital Markets, LLC (by phone)
Jim Oliver	GMS (by phone)
Dan Eisenberg	Jacksonville MZL, LLC (by phone)

The following is a summary of the discussions and actions taken at the June 17, 2022 meeting.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Laughlin called the meeting to order at 2:00 p.m. and called the roll.

SECOND ORDER OF BUSINESS	Audience Comments
There being none, the next item followed.

THIRD ORDER OF BUSINESS	Financing Matters
Consideration of Approval of Term Sheet
Ms. Mossing informed the Board that because of the nature of the District being commercial only, the financing team is unable to get the bonds rated because the rating agencies look at the small size of the district, the concentration of the debt on a few parcels, and the nature of the development. Valley National Bank has offered a fixed rate of 4.25%. The par amount of
$6,405,000 that is currently outstanding will be refunded. The maturity of the bonds will remain the same at May 1, 2038. The gross annual debt service will be reduced by as much as $55,000 per year, resulting in an 8% reduction in assessments. Ms. Mossing answered questions of the

June 17, 2022	OTC CDD

property owners and board members and asked for approval of the term sheet and authorization for staff to prepare the closing documents, with the closing scheduled for July 18th.

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

Consideration of Authorizing Staff to Prepare Closing Documents

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

Consideration of Agreement with Bryant Miller Olive for Bond Counsel Services
Ms. Mossing noted most of the closing documents would be prepared by bond counsel.

On MOTION by Mr. Moris seconded by Ms. Bock with all in favor the agreement with Bryant Miller Olive was approved.

FOURTH ORDER OF BUSINESS	Acceptance	of	the	Stormwater	Needs
Analysis
Mr. Oliver noted that management has worked closely with the engineer on the preparation of the report, and has reviewed the report presented in the agenda package.

On MOTION by Ms. Bock seconded by Mr. Morris with all in favor the stormwater needs analysis report was accepted.

FIFTH ORDER OF BUSINESS	Report on the Number of Registered Voters
Mr. Laughlin informed the Board there are zero registered voters reported to be residing with the District.

SIXTH ORDER OF BUSINESS	Other Business
There being no other business, the next item followed.

SEVENTH ORDER OF BUSINESS	Next Scheduled Meeting – July 13, 2022 at
10:30	a.m.	at	the	offices	of	Riverside Management Services

EIGHTH ORDER OF BUSINESS	Adjournment

DocuSign Envelope ID: B5657D88-4D9B-40B8-BD8A-FEBA4E0589CA

June 17, 2022	OTC CDD

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

Secretary/Assistant Secretary	Chairman/Vice Chairman