MINUTES OF MEETING LAKE EMMA
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Lake Emma Community Development District was held Wednesday, February 24, 2021 at 10:00 a.m. at the Clermont City Center, Board Room, 620 W. Montrose Street, Clermont, Florida.

Present and constituting a quorum were:

Adam Morgan Timothy Tassone Daniel Hieronimus Doug Beasley

Also present were:

George Flint Tucker Mackie Deb Seir
Steve Sanford Jon Kessler

FIRST ORDER OF BUSINESS

Chairman Assistant Secretary Assistant Secretary
Assistant Secretary by phone

District Manager
District Counsel by phone District Counsel by phone Bond Counsel by phone Underwriter by phone

Roll Call

Mr. Flint called the meeting to order. Three members of the Board were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
There were no members of the public present to provide comment.

THIRD ORDER OF BUSINESS	Approval of Minutes of the October 28,
2020 Meeting
Mr. Flint presented the minutes of the October 28, 2020 Board of Supervisors meeting and asked for comments, corrections, or changes. The Board had no changes to the meeting minutes.

On MOTION by Mr. Morgan, seconded by Mr. Tassone, with all in favor, the Minutes of the October 28, 2020 Board of Supervisors Meeting, was approved.

February 24, 2021	Lake Em.ma CDD

FOURTH ORDER OF BUSINESS	Review and Acceptance of Fiscal Year
2020 Audit Report
Mr. Flint presented the 2020 audit report by Grau & Associates and asked for questions on the report. There were no findings and he noted that they are in compliance.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, the Fiscal Year 2020 Audit Report, was accepted.

FIFTH ORDER OF BUSINESS	Financing Matters
Presentation of Preliminary Supplemental Assessment Methodology for Assessment Area One
Mr. Flint stated the District has validated the bonds and the Assessment process has been completed with acceptance and adoption of an Engineer's Report and Master Assessment. There are a total 425 units and 428 ERU's. The total from the Engineer's Report is $14,233,787. The estimated bond sizing is subject to change based on pricing of the bonds. It is anticipated at 4%, a 30-year amortization period, 50% max annual Debt Service Reserve, capitalized interest through June 15th and a 2% underwriter's discount. Ms. Mackie stated this is in preliminary form and would be modified by the Board at a later meeting.

On MOTION by Mr. Morgan, seconded by Mr. Tassone, with all in favor, the Preliminary Supplemental Assessment Methodology for Assessment Area One, was approved.

Consideration of Resolution 2021-01 Bond Delegation Resolution
Mr. Flint stated the exhibits are included in the agenda package. Mr. Sanford presented the resolution and stated it was contemplated after the adoption for every series of bonds. Parameters are authorizing up to $7.5 million of special assessment bonds for Assessment Area 1. The total bond issuance amount will be determined at a later date.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, the Resolution 2021-01 Bond Delegation Resolution, was approved.

Consideration of Acquisition Agreement
Ms. Mackie presented the Acquisition Agreement between the District and the Developer and noted that it is included in the agenda package. The infrastructure would be completed at the time the bonds are issued. Counsel asked for this approval in substantial form.

On MOTION by Mr. Morgan, seconded by Mr. Tassone, with all in favor, the Acquisition Agreement in substantial form, was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2021-02
Providing for Removal and Appointment of Treasurer and Appointment of Assistant Treasurer
Mr. Flint stated this would remove Ariel Lovera as Treasurer for the District and appoints Jill Burns as Treasurer and Teresa Viscarra as Assistant Treasurer.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, Resolution 2021-02 Providing for Removal of Ariel Lovera as Treasurer · and Appointment of Jill Burns as Treasurer and Appointment of Teresa Viscarra Assistant Treasurer, was approved.

SEVENTH ORDER OF BUSINESS	Ratification of E-Verify Memorandum of
Understanding
Ms. Mackie stated the recent legislation requires each District to register and approve this E-Verify system.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, the E-Verify Memorandum of Understanding, was ratified.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Mackie stated that there was no Attorney's report.

Engineer
The District Engineer was not in attendance.

District Manager's Report
Balance Sheet and Income Statement
Mr. Flint presented the unaudited financials through January 31st and asked if the Board had any questions. He noted that there was no action required. He added that some outstanding funding requests have been funded since the tirning of this report.

Ratification of Funding Request #2 - #6
Mr. Flint presented ratification of funding requests #2- #6. Mr. Flint stated it was transmitted to the Developer under the Funding Agreement.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, Funding Request #2 - #6, were ratified.

NINTH ORDER OF BUSINESS
There being none, the next item followed.

TENTH ORDER OF BUSINESS
There being none, the next item followed.

ELEVENTH ORDER OF BUSINESS

Other Business

Supervisor's Business

Adjournment

Mr. Flint asked for a motion to adjourn the meeting.

On MOTION by Mr. Morgan, seconded by Mr. Hieronimus, with all in favor, the meeting was adjourned at 10:24 a.m.