Pier Park Community Development District

Board of Supervisors’ Special Meeting August 10, 2020

District Office:
120 Richard Jackson Blvd, Suite 220 Panama City Beach, Florida 32407 850-334-9055

www.pierparkcdd.org

PIER PARK COMMUNITY DEVELOPMENT DISTRICT AGENDA

Rizzetta & Company, Inc., 120 Richard Jackson Boulevard, Suite 220, Panama City Beach, FL 32407

District Board of Supervisors	Chris Tilley	Chairman	
	Marek Bakun	Vice Chairman	
	Wes Payne	Assistant Secretary	
	Ken Goldberg	Assistant Secretary	

District Manager	Syara Perez

Anthony Jeancola	Assistant Secretary

Rizzetta & Company, Inc	
District Counsel	Joseph Brown	Hopping Green & Sams, P.A.	
District Engineer	Robert Carroll	McNeil Carroll, Engineering, Inc.	

All cellular phones must be placed on mute while in the meeting room.

The Audience Comment portion of the agenda is where individuals may make comments on matters that concern the District. Individuals are limited to a total of three
minutes to make comments during this time.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (850) 334-9055. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1- 1, or 1-800-955-8771 (TTY)1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

PIER PARK COMMUNITY DEVELOPMENT DISTRICT
DISTRICT OFFICE  120 RICHARD JACKSON BLVD  SUITE 220 PANAMA CITY BEACH, FL 32407
www.PierParkCDD.org

August 3, 2020
Board of Supervisors Pier Park Community Development District

AGENDA

Dear Board Members:

The regular meeting of the Board of Supervisors of the Pier Park Community Development District will be held on Monday, August 10, 2020 at 10:00 a.m. (CDT) by phone teleconference at 1-929-205-6099, meeting ID: 991 7815 4382. The following is the tentative agenda for this meeting:

CALL TO ORDER/ROLL CALL
AUDIENCE COMMENTS
BUSINESS ADMINISTRATION
Consideration of the Minutes of the Board of Supervisors Special Meeting held on June 11, 2020	Tab 1
Ratification of Operation and Maintenance Expenditures for
May 2020 – June 2020	Tab 2
Ratification of Operation and Maintenance Expenditures from
OLTR Fund for May 2020 – June 2020	Tab 3
BUSINESS ITEMS
Consideration of Landscape & Irrigation Maintenance Services Proposals (under separate cover)
Public Hearing on Fiscal Year 2020/2021 Final Budget
Consideration of Resolution 2020-08, Adopting Fiscal Year 2020/2021 Final Budget	Tab 4
Consideration of Fiscal Year 2020/2021 Budget Funding Agreement	Tab 5
Consideration of Resolution 2020-09, Fiscal Year 2020/2021
Annual Meeting Schedule	Tab 6
Ratification of Janitorial Services Agreement – ERMC, LLC	Tab 7
Ratification of Acceptance of Fiscal Year 2019 Audit	Tab 8
Acceptance of Arbitrage Rebate Calculation Report,
Series 2015 – AMTEC	Tab 9
STAFF REPORTS
District Counsel
Discussion of OLTR Revenues and Subordinated Note Payments
District Engineer
District Manager
Property Manager

SUPERVISOR REQUESTS
ADJOURNMENT

I look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call me at 850-334-9055.
Sincerely,
Anthony Jeancola Anthony Jeancola District Manager

cc:	Joe Brown, Hopping Green & Sams P.A. Robert Carroll, McNeil Carroll Engineering, Inc. Scott A. Richardson, Simon Property Group Erica Black, Simon Property Group
Brian Nelson, Simon Property Group
Martin Horak, Simon Management Associates, LLC Brian Salter, The St. Joe Company
Danny Tyler, Nabors, Giblin, & Nickerson, P.A.

Tab 1

1
2	MINUTES OF MEETING
3
Each person who decides to appeal any decision made by the Board with respect
to any  matter considered at the  meeting is  advised that the  person may need to
ensure that a verbatim record of the proceedings is made, including the
testimony and evidence upon which such appeal is to be based.
8
9	PIER PARK
10	COMMUNITY DEVELOPMENT DISTRICT
11
The special meeting of the Board of Supervisors for Pier Park Community
Development District was held on Friday, June 12, 2020 at 10:31 a.m. (CDT) by phone
14	teleconference at 1-929-205-6099, meeting ID: 983 8719 0329.
15
16	Present:
17
Chris Tilley	Board Supervisor, Chairman
Marek Bakun	Board Supervisor, Vice Chairman
Ken Goldberg	Board Supervisor, Assistant Secretary
Wes Payne	Board Supervisor, Assistant Secretary
22
23	Also present were:
24
Anthony Jeancola	District Manager, Rizzetta & Company, Inc.
Joseph Brown	District Counsel, Hopping Green & Sams
Martin Horak	Property Manager
Audience Members	None
29
30	FIRST ORDER OF BUSINESS	Call to Order
31
Mr. Jeancola called the meeting to order at 10:31 a.m. (CDT) and conducted roll
call, confirming a quorum for the meeting.
34
35	SECOND ORDER OF BUSINESS	Audience Comments
36
37	There were no audience members present.
38
39
40
41
42
43
44
45
46

47
THIRD ORDER OF BUSINESS	Consideration of Minutes of the Board
of  Supervisors’  Special  Meeting Held
on April 23, 2020
51
On a motion by Mr. Payne, seconded by Mr. Goldberg, with all in favor, the Board of Supervisors accepted the Minutes of the Board of Supervisors’ Special Meeting Held on April 23, 2020, for Pier Park Community Development District.
52
FOURTH ORDER OF BUSINESS	Ratification	of	Operation	and
Maintenance  Expenditures  for  March
and April 2020
56
57	Mr. Jeancola reviewed the expenditures for March and April 2020 with the Board.
58
On a Motion by Mr. Tilley, seconded by Mr. Bakun, with all in favor, the Board ratified the Operation and Maintenance Expenditures for March 2020 ($30,157.28) and April 2020 ($26,946.23), for Pier Park Community Development District.
59
FIFTH ORDER OF BUSINESS	Ratification	of	Operation	and
Maintenance	Expenditures	for	the
OLTR Fund for March and April 2020
63
64	Mr. Jeancola reviewed the expenditures for March and April 2020 with the Board.
65
On a Motion by Mr. Payne, seconded by Mr. Goldberg, with all in favor, the Board ratified the Operation and Maintenance Expenditures for the OLTR Fund for March  2020 ($19,600.71) and April 2020 ($26,783.57), for Pier Park Community Development District.
66
SIXTH ORDER OF BUSINESS	Consideration of Resolution  2020-05,
Authorizing	Back	Account
Signatories
70
Mr. Jeancola presented and reviewed Resolution 2020-05 Authorizing Back
Account Signatories with the Board. This resolution adds the Assistant Treasurer as a
signatory.
74
On a motion by Mr. Tilley, seconded by Mr. Payne, with all in favor, the Board approved Resolution 2020-05, Authorizing Back Account Signatories, for the Pier Park Community Development District.
75
76
77

78
SEVENTH ORDER OF BUSINESS	Consideration of Resolution  2020-06,
Re-Designating	Secretary	of	the
District
82
Mr. Jeancola presented and reviewed Resolution 2020-06, Re-Designating
Secretary of the District with the Board. This resolution appoints Mr. Bob Schleifer.
85

On a motion by Mr. Tilley, seconded by Mr. Payne, with all in favor, the Board approved Resolution 2020-06, Re-Designating Secretary of the District, for the Pier Park Community Development District.

86
EIGHTH ORDER OF BUSINESS	Presentation of Proposed Budget
for Fiscal Year 2020/2021
89
Mr. Jeancola presented the proposed budget. The general fund was proposed to
have $360,364.00 in allocated expenditures. The AB Park and Beachfront general fund
budget  was  proposed  to  have  $1,116,549.000  in allocated  expenditures.	General
discussion was had as it pertains to the OLTR revenue and impacts due to COVID-19.
Given the current state of COVID-19 and being unsure if executive orders would
continue to allow for telephonic/video establishment of quorum, it was suggested the
public hearing meeting be held at the Pier Park Mall Management office in lieu of the
City Hall.
98
99	Consideration of Resolution 2020-07, Approving Proposed Budget and Setting
100	Public Hearing
101

On a Motion by Mr. Tilley, seconded by Mr. Bakun, with all in favor, the Board of Supervisors approved Resolution 2020-07, Approving Proposed Budget and Setting the Public Hearing for August 10, 2020 at 10:00 am at Pier Park’s Mall Management Offices, located at 600 Pier Park Drive, Suite 125, Panama City Beach, FL 32413, for the Pier Park Community Development District.

102
103	NINTH ORDER OF BUSINESS	Presentation of Registered Voter Count
104
105	Mr. Jeancola stated that there were 0 registered voters as of April 15, 2020.
106
107
108
109
110
111
112
113
114

115		
116	TENTH ORDER OF BUSINESS	Discussion Regarding Issuance of	
117		Landscape Maintenance Request for	
118		Proposals	
119			
120	Mr. Brown reviewed evaluation criteria.
121

On a Motion by Mr. Bakun, seconded by Mr. Tilley, with all in favor, the Board of Supervisors approved the evaluation and authorized District Staff to proceed with a landscape RFP, for the Pier Park Community Development District.

122	Mr. Goldberg asked if the current vendor would bid.
123

124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156

157
158	ELEVENTH ORDER OF BUSINESS	Staff Reports
159
A.	District Counsel
Mr. Brown  discussed OTLR receipt  projections with the Board. The
projection document counsel prepared estimate about 50% less than what is
typically expected.  However, in speaking with the City, they are seeing an
increase to their receipts with the reopening.  Also noted, the District is still
able to meet its expenses with the reduction in OLTR funds.	Mr. Horak
advised that housekeeping/janitorial and landscaping services are being
performed at 100%. He noted that Simon has received a cancellation notice
from Kimco and is in the midst of formalizing a contract with RCI. There
shouldn’t be any impact to the budget. Discussion ensued.

B.	District Engineer
Not Present.

C.	District Manager
No Report.

D.	Property Manager
No Report.

TWELFTH ORDER OF BUSINESS	Supervisor Requests

There were no Supervisor requests at this time.

Mr. Jeancola stated that the next meeting of the Board of Supervisors will be
held on August 10, 2020.

THIRTEENTH ORDER OF BUSINESS	Adjournment

On a Motion by Mr. Goldberg, seconded by Mr. Tilley, with all in favor, the Board of Supervisors adjourned  the meeting at 11:00 a.m., for Pier Park Community Development District.

205	 	

206
207
208
209	 	_	 	
210	Secretary/Assistant Secretary	Chairman/Vice Chairman

Tab 2

Pier Park Community Development District
DISTRICT OFFICE · 120 RICHARD JACKSON BLVD · SUITE 220 · PANAMA CITY BEACH, FL 32407

Operation and Maintenance Expenditures	
For Board Approval	
May 2020	

Attached please find the check register listing the Operation and Maintenance expenditures paid from May 1, 2020 through May 31, 2020. This does not include expenditures previously approved by the Board.

The total items being presented:	$24,855.38

Approval of Expenditures:

 		
Chairperson	

 		Vice Chairperson	

 		Assistant Secretary	

Vendor Name		Check Numbe	Invoice Number		Invoice Description		Invoice Amount	

BCS Maintenance, LLC	003950	603	Power Sweeping and Sidewalk Maintenance
05/20	$	846.30	
Christopher Von Tilley	003947	CT04232020	Board of Supervisors Meeting 04/23/2020	$	200.00	
City of Panama City Beach	003951	COPB Summary 05/20	Utility Summary 05/20	$	1,002.20	
Gatehouse Media	003948	1026541-0420	Acct #1026541 Legal Advertising 04/20	$	269.56	
Gulf Power	003941	21039-60759
04/20	600 Pier Park Dr. Celebration Tower 04/20	$	95.27	
Gulf Power	003940	24000-03642
04/20	Summary Bill Master Account #24000-03642
04/20	$	1,757.01	
Hopping Green & Sams	003942	112383	General/Monthly Legal Services 12/19	$	1,565.00	
Kenneth D Goldberg	003945	KG04232020	Board of Supervisors Meeting 04/23/2020	$	200.00	
Rizzetta & Company, Inc.	003943	INV0000049262	District Management Fees 05/20	$	5,171.91	
Rizzetta Technology Services	003944	INV0000005793	Email/Website Hosting Services 05/20	$	175.00	
Rotolo Consultants, Inc.	003946	SM18607	Landscape Maintenance 03/20	$	8,760.82	
Rotolo Consultants, Inc.	003952	SM19449	Landscape Maintenance 05/20	$	4,380.41	
The Lake Doctors, Inc.	003949	499944	Monthly Lake Maintenance 05/20	 $	431.90	

Vendor Name		Check Numbe	Invoice Number		Invoice Description		Invoice Amount	

Report Total	 $	24,855.38

Pier Park Community Development District
DISTRICT OFFICE · 120 RICHARD JACKSON BLVD · SUITE 220 · PANAMA CITY BEACH, FL 32407

Operation and Maintenance Expenditures	
For Board Approval	
June 2020	

Attached please find the check register listing the Operation and Maintenance expenditures paid from June 1, 2020 through June 30, 2020. This does not include expenditures previously approved by the Board.

The total items being presented:	$29,607.19

Approval of Expenditures:

 		
Chairperson	

 		Vice Chairperson	

 		Assistant Secretary	

Vendor Name		Check Numbe	Invoice Number		Invoice Description		Invoice Amount	

BCS Maintenance, LLC	003962	673	Power Sweeping and Sidewalk Maintenance
06/20	$	1,860.00	
Christopher Von Tilley	003967	CT06122020	Board of Supervisors Meeting 06/12/2020	$	200.00	
City of Panama City Beach	003955	COPB Summary 06/20	Utility Summary 06/20	$	1,309.15	
Gulf Power	003957	21039-60759
05/20	600 Pier Park Dr. Celebration Tower 05/20	$	64.44	
Gulf Power	003956	24000-03642
05/20	Summary Bill Master Account #24000-03642
05/20	$	995.34	
Hopping Green & Sams	003960	114750	General/Monthly Legal Services 04/20	$	6,014.50	
Hopping Green & Sams	003960	114751	Quarterly Board Meeting 04/20	$	1,815.00	
Hopping Green & Sams	003964	115212	General/Monthly Legal Services 05/20	$	449.13	
Hopping Green & Sams	003964	115213	Quarterly Board Meeting 05/20	$	55.00	
Kenneth D Goldberg	003963	KG06122020	Board of Supervisors Meeting 06/12/2020	$	200.00	
Rizzetta & Company, Inc.	003953	INV0000050145	District Management Fees 06/20	$	5,171.91	
Rizzetta Technology Services	003954	INV0000005894	Email/Website Hosting Services 06/20	$	175.00	
Rotolo Consultants, Inc.	003966	SM20518	Landscape Maintenance 06/20	$	8,760.82	

Vendor Name		Check Numbe	Invoice Number		Invoice Description		Invoice Amount	

Ryerson's Electrical Service,
Inc.	003961	7806	Replaced Street and Lot Lights 06/20	$	1,685.00	
The Lake Doctors, Inc.	003958	506139	Monthly Lake Maintenance 06/20	$	431.90	
VGlobaltech	003959	1680	Web Design ADA Compliance 06/20	$	220.00	
William W. Payne	003965	WP06122020	Board of Supervisors Meeting 06/12/2020	 $	200.00	

Report Total	 $	29,607.19

Tab 3

Pier Park Community Development District
DISlTRICT OFFICE · 120 RICHARD JACKSON BLVD · SUITE 220 · PANAMA CITY BEACH, FL 32407

Operation and Maintenance Expenditures	
For Board Approval	
May 2020	
OLTR Fund	

Attached please find the check register listing the Operation and Maintenance expenditures paid from May 1, 2020 through May 31, 2020. This does not include expenditures previously approved by the Board.

The total items being presented:	$193,012.49

Approval of Expenditures:

 		
Chairperson	

 		Vice Chairperson	

 		Assistant Secretary	

Vendor Name		Check Number	Invoice Number		Invoice Description		 Invoice Amount	

118 Waste Pro - Panama City	021061	000178728	Solid Waste Service 05/20	$	224.59	
BCS Maintenance, LLC	021067	603	Power Sweeping and Sidewalk Maintenance 05/20	$	765.70	
City of Panama City Beach	021068	COPB Summary 05/20	Utility Summary 05/20	$	479.24	
Gulf Power	021058	24000-03642 04/20	Summary Bill Master Account #24000- 03642 04/20	$	251.00	
Rizzetta & Company, Inc.	021059	INV0000049262	District Management Fees 05/20	$	920.00	
Rotolo Consultants, Inc.	021062	SM18607	Landscape Maintenance 03/20	$	6,308.10	
Rotolo Consultants, Inc.	021069	SM19449	Landscape Maintenance 05/20	$	3,154.05	
TEK Distributors, Inc.	021060	381184	Restroom Supplies 04/20	$	94.72	
TEK Distributors, Inc.	021064	381343	Restroom Supplies 05/20	$	289.72	
TEK Distributors, Inc.	021065	381594	Restroom Supplies 05/20	$	238.58	
TEK Distributors, Inc.	021065	381597	Restroom Supplies 05/20	$	361.13	
The Lake Doctors, Inc.	021066	499944	Monthly Lake Maintenance 05/20	$	185.10	
The St. Joe Company	021063	04302020 St. Joe	Promissory Note Payment 04/20	$	179,740.56	

Vendor Name		Check Number	Invoice Number		Invoice Description		 Invoice Amount	

Report Total	$	193,012.49

Pier Park Community Development District
DISlTRICT OFFICE · 120 RICHARD JACKSON BLVD · SUITE 220 · PANAMA CITY BEACH, FL 32407

Operation and Maintenance Expenditures	
For Board Approval	
June 2020	
OLTR Fund	

Attached please find the check register listing the Operation and Maintenance expenditures paid from June 1, 2020 through June 30, 2020. This does not include expenditures previously approved by the Board.

The total items being presented:	$16,858.41

Approval of Expenditures:

 		
Chairperson	

 		Vice Chairperson	

 		Assistant Secretary	

Vendor Name		Check Number	Invoice Number		Invoice Description		 Invoice Amount	

118 Waste Pro - Panama City	021075	0001081225	Solid Waste Service 06/20	$	224.59	
Beaches Construction Company LLC	021079	3258	Deposit 2 Aluminum Vents in Restrooms 06/20	$	1,190.00	
City of Panama City Beach	021071	COPB Summary 06/20	Utility Summary 06/20	$	626.03	
Classic Touch, LLC	021080	6117	Pressure Wash Sidewalks And Crossings	$	600.00	
Gulf Power	021072	24000-03642 05/20	Summary Bill Master Account #24000- 03642 05/20	$	142.19	
PSH Kimco, LLC	021076	563368	Janitorial Exterior Dan Russell 05/20	$	2,214.56	
PSH Kimco, LLC	021076	563369	Janitorial Exterior Aaron Bessant 05/20	$	814.00	
Rizzetta & Company, Inc.	021070	INV0000050145	District Management Fees 06/20	$	920.00	
Rotolo Consultants, Inc.	021081	SM20518	Landscape Maintenance 06/20	$	6,308.10	
Simon Property Group, Inc.	021077	201124	Janitorial Services 05/20	$	2,475.00	
TEK Distributors, Inc.	021073	382226	Restroom Supplies 05/20	$	352.76	
TEK Distributors, Inc.	021078	382780	Restroom Supplies 06/20	$	141.94	
TEK Distributors, Inc.	021078	382781	Restroom Supplies 06/20	$	315.70	

Vendor Name		Check Number	Invoice Number		Invoice Description		 Invoice Amount	

TEK Distributors, Inc.	021082	383335	Restroom Supplies 06/20	$	348.44	
The Lake Doctors, Inc.	021074	506139	Monthly Lake Maintenance 06/20	$	185.10	

Report Total	$	16,858.41

Tab 4

RESOLUTION 2020-08

THE ANNUAL APPROPRIATION RESOLUTION OF THE PIER PARK COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020, AND ENDING SEPTEMBER 30, 2021; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2020, submitted to the Board of Supervisors (the “Board”) a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the Pier Park Community Development 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 annual budget (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 August 10, 2020, as the date for 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 or transmitted the Proposed Budget to the managers or administrators of the City of Panama City Beach and Bay County for posting on their websites; and

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

Section 1.	Budget

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

That the District Manager’s 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, 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 for Fiscal Year 2019/2020 and/or revised projections for Fiscal Year 2020/2021.

That the adopted budget, as amended, shall be maintained in the office of the District Manager and at the District’s Records Office and identified as “The Budget for the Pier Park Community Development District for the Fiscal Year Ending September 30, 2021,” as adopted by the Board of Supervisors on August 10, 2020.

The final adopted budget shall be posted by the District Manager on the District’s official website within thirty (30) days after adoption or shall be transmitted to the manager or administrator of the City of Panama City Beach and Bay County for posting on their websites.

Section 2.	Appropriations

There is hereby appropriated out of the revenues of the Pier Park Community Development District, for  the   fiscal  year   beginning  October  1,   2020,   and   ending   September   30,   2021,  the  sum   of
$	to be raised by  the  levy  of assessments  and otherwise, which sum is
deemed by the Board of Supervisors 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 2014	$ 	_

TOTAL ALL FUNDS	$ 	_

Section 3.	Supplemental Appropriations

Pursuant to Section 189.016, Florida Statutes, the District at any time within Fiscal Year 2020/2021 or within 60 days following the end of the Fiscal Year 2020/2021 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

Introduced, considered favorably, and adopted this 10th day of August, 2020.

ATTEST:	PIER PARK COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its: 	

EXHIBIT A

Pier Park Community Development District
http://pierparkcdd.org

Approved Proposed Budget for Fiscal Year
2020/2021

Presented by: Rizzetta & Company, Inc.

120 Richard Jackson Blvd Suite 220
Panama City Beach, Florida 32407 Phone: 850-334-9055

rizzetta.com

Table of Contents

Page

General Fund Budget Account Category Descriptions	1
Debt Service Fund Budget Account Category Descriptions	7
General Fund Budget for Fiscal Year 2020/2021	8
General Fund AB Park & Beachfront Budget for Fiscal Year 2020/2021	11
Debt Service Fund Budget for Fiscal Year 2020/2021	14

1
GENERAL FUND BUDGET ACCOUNT CATEGORY DESCRIPTION
The General Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all General Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.
REVENUES:

Interest Earnings: The District may earn interest on its monies in the various operating accounts.

Tax Roll: The District levies Non-Ad Valorem Special Assessments on all of the assessable property within the District to pay for operating expenditures incurred during the Fiscal Year. The assessments may be collected in two ways. The first is by placing them on the County’s Tax Roll, to be collected with the County’s Annual Property Tax Billing. This method is only available to land properly platted within the time limits prescribed by the County.

Off Roll: For lands not on the tax roll and that is by way of a direct bill from the District to the appropriate property owner.

Developer Contributions: The District may enter into a funding agreement and receive certain prescribed dollars from the Developer to off-set expenditures of the District.

Event Rental: The District may receive monies for event rentals for such things as weddings, birthday parties, etc.

Miscellaneous Revenues: The District may receive monies for the sale or provision of electronic access cards, entry decals etc.

Facilities Rentals: The District may receive monies for the rental of certain facilities by outside sources, for such items as office space, snack bar/restaurants etc.

EXPENDITURES – ADMINISTRATIVE:

Supervisor Fees: The District may compensate its supervisors within the appropriate statutory limits of
$200.00 maximum per meeting within an annual cap of $4,800.00 per supervisor.

2

Administrative Services: The District will incur expenditures for the day to today operation of District matters. These services include support for the District Management function, recording and preparation of meeting minutes, records retention and maintenance in accordance with Chapter 119, Florida Statutes, and the District’s adopted Rules of Procedure, preparation and delivery of agenda, overnight deliveries, facsimiles and phone calls.

District Management: The District as required by statute, will contract with a firm to provide for management and administration of the District’s day to day needs. These service include the conducting of board meetings, workshops, overall administration of District functions, all required state and local filings, preparation of annual budget, purchasing, risk management, preparing various resolutions and all other secretarial duties requested by the District throughout the year is also reflected in this amount.

District Engineer: The District’s engineer provides general engineering services to the District. Among these services are attendance at and preparation for monthly board meetings, review of construction invoices and all other engineering services requested by the district throughout the year.

Disclosure Report: The District is required to file quarterly and annual disclosure reports, as required in the District’s Trust Indenture, with the specified repositories. This is contracted out to a third party in compliance with the Trust Indenture.

Trustee’s Fees: The District will incur annual trustee’s fees upon the issuance of bonds for the oversight of the various accounts relating to the bond issues.

Assessment Roll: The District will contract with a firm to maintain the assessment roll and annually levy a Non-Ad Valorem assessment for operating and debt service expenses.

Financial & Revenue Collections: Services include all functions necessary for the timely billing and collection and reporting of District assessments in order to ensure adequate funds to meet the District’s debt service and operations and maintenance obligations. These services include, but are not limited to, assessment roll preparation and certification, direct billings and funding request processing as well as responding to property owner questions regarding District assessments. This line item also includes the fees incurred for a Collection Agent to collect the funds for the principal and interest payment for its short- term bond issues and any other bond related collection needs. These funds are collected as prescribed in the Trust Indenture. The Collection Agent also provides for the release of liens on property after the full collection of bond debt levied on particular properties.

Accounting Services: Services include the preparation and delivery of the District’s financial statements in accordance with Governmental Accounting Standards, accounts payable and accounts receivable functions, asset tracking, investment tracking, capital program administration and requisition processing, filing of annual reports required by the State of Florida and monitoring of trust account activity.

Auditing Services: The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting firm, once it reaches certain revenue and expenditure levels, or has issued bonds and incurred debt.

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Arbitrage Rebate Calculation: The District is required to calculate the interest earned from bond proceeds each year pursuant to the Internal Revenue Code of 1986. The Rebate Analyst is required to verify that the District has not received earnings higher than the yield of the bonds.

Travel: Each Board Supervisor and the District Staff are entitled to reimbursement for travel expenses per Florida Statutes 190.006(8).

Public Officials Liability Insurance: The District will incur expenditures for public officials’ liability insurance for the Board and Staff.

Legal Advertising: The District will incur expenditures related to legal advertising. The items for which the District will advertise include, but are not limited to meeting schedules, special meeting notices, and public hearings, bidding etc. for the District based on statutory guidelines

Bank Fees: The District will incur bank service charges during the year.

Dues, Licenses & Fees: The District is required to pay an annual fee to the Department of Economic Opportunity, along with other items which may require licenses or permits, etc.

Miscellaneous Fees: The District could incur miscellaneous throughout the year, which may not fit into any standard categories.

Website Hosting, Maintenance and Email: The District may incur fees as they relate to the development and ongoing maintenance of its own website along with possible email services if requested.

District Counsel: The District’s legal counsel provides general legal services to the District. Among these services are attendance at and preparation for monthly board meetings, review of operating and maintenance contracts and all other legal services requested by the district throughout the year.

EXPENDITURES - FIELD OPERATIONS:

Deputy Services: The District may wish to contract with the local police agency to provide security for the District.

Security Services and Patrols: The District may wish to contract with a private company to provide security for the District.

Electric Utility Services: The District will incur electric utility expenditures for general purposes such as irrigation timers, lift station pumps, fountains, etc.

Street Lights: The District may have expenditures relating to street lights throughout the community. These may be restricted to main arterial roads or in some cases to all street lights within the District’s boundaries.

4

Utility - Recreation Facility: The District may budget separately for its recreation and or amenity electric separately.

Gas Utility Services: The District may incur gas utility expenditures related to district operations at its facilities such as pool heat etc.

Garbage - Recreation Facility: The District will incur expenditures related to the removal of garbage and solid waste.

Solid Waste Assessment Fee: The District may have an assessment levied by another local government for solid waste, etc.

Water-Sewer Utility Services: The District will incur water/sewer utility expenditures related to district operations.

Utility - Reclaimed: The District may incur expenses related to the use of reclaimed water for irrigation.

Aquatic Maintenance: Expenses related to the care and maintenance of the lakes and ponds for the control of nuisance plant and algae species.

Fountain Service Repairs & Maintenance: The District may incur expenses related to maintaining the fountains within throughout the Parks & Recreational areas

Lake/Pond Bank Maintenance: The District may incur expenditures to maintain lake banks, etc. for the ponds and lakes within the District’s boundaries, along with planting of beneficial aquatic plants, stocking of fish, mowing and landscaping of the banks as the District determines necessary.

Wetland Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various wetlands and waterways by other governmental entities.

Mitigation Area Monitoring & Maintenance: The District may be required to provide for certain types of monitoring and maintenance activities for various mitigation areas by other governmental entities.

Aquatic Plant Replacement: The expenses related to replacing beneficial aquatic plants, which may or may not have been required by other governmental entities.

General Liability Insurance: The District will incur fees to insure items owned by the District for its general liability needs

Property Insurance: The District will incur fees to insure items owned by the District for its property needs

Entry and Walls Maintenance: The District will incur expenditures to maintain the entry monuments and the fencing.

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Landscape Maintenance: The District will incur expenditures to maintain the rights-of-way, median strips, recreational facilities including pond banks, entryways, and similar planting areas within the District. These services include but are not limited to monthly landscape maintenance, fertilizer, pesticides, annuals, mulch, and irrigation repairs.

Irrigation Maintenance: The District will incur expenditures related to the maintenance of the irrigation systems.

Irrigation Repairs: The District will incur expenditures related to repairs of the irrigation systems.

Landscape Replacement: Expenditures related to replacement of turf, trees, shrubs etc.

Field Services: The District may contract for field management services to provide landscape maintenance oversight.

Miscellaneous Fees: The District may incur miscellaneous expenses that do not readily fit into defined categories in field operations.

Gate Phone: The District will incur telephone expenses if the District has gates that are to be opened and closed.

Street/Parking Lot Sweeping: The District may incur expenses related to street sweeping for roadways it owns or are owned by another governmental entity, for which it elects to maintain.

Gate Facility Maintenance: Expenses related to the ongoing repairs and maintenance of gates owned by the District if any.

Sidewalk Repair & Maintenance: Expenses related to sidewalks located in the right of way of streets the District may own if any.

Roadway Repair & Maintenance: Expenses related to the repair and maintenance of roadways owned by the District if any.

Employees - Salaries: The District may incur expenses for employees/staff members needed for the recreational facilities such as Clubhouse Staff.

Employees - P/R Taxes: This is the employer’s portion of employment taxes such as FICA etc.

Employee - Workers’ Comp: Fees related to obtaining workers compensation insurance.

Management Contract: The District may contract with a firm to provide for the oversight of its recreation facilities.

Maintenance & Repair: The District may incur expenses to maintain its recreation facilities.

Facility Supplies: The District may have facilities that required various supplies to operate.

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Gate Maintenance & Repairs: Any ongoing gate repairs and maintenance would be included in this line item.

Telephone, Fax, Internet: The District may incur telephone, fax and internet expenses related to the recreational facilities.

Office Supplies: The District may have an office in its facilities which require various office related supplies.

Clubhouse - Facility Janitorial Service: Expenses related to the cleaning of the facility and related supplies.

Pool Service Contract: Expenses related to the maintenance of swimming pools and other water features.

Pool Repairs: Expenses related to the repair of swimming pools and other water features.

Security System Monitoring & Maintenance: The District may wish to install a security system for the clubhouse

Clubhouse Miscellaneous Expense: Expenses which may not fit into a defined category in this section of the budget

Athletic/Park Court/Field Repairs: Expense related to any facilities such as tennis, basketball etc.

Trail/Bike Path Maintenance: Expenses related to various types of trail or pathway systems the District may own, from hard surface to natural surfaces.

Special Events: Expenses related to functions such as holiday events for the public enjoyment

Miscellaneous Fees: Monies collected and allocated for fees that the District could incur throughout the year, which may not fit into any standard categories.

Miscellaneous Contingency: Monies collected and allocated for expenses that the District could incur throughout the year, which may not fit into any standard categories.

Capital Outlay: Monies collected and allocated for various projects as they relate to public improvements.

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DEBT SERVICE FUND BUDGET ACCOUNT CATEGORY DESCRIPTION

The Debt Service Fund Budget Account Category Descriptions are subject to change at any time depending on its application to the District. Please note, not all Debt Service Fund Budget Account Category Descriptions are applicable to the District indicated above. Uses of the descriptions contained herein are intended for general reference.

REVENUES:

Special Assessments: The District may levy special assessments to repay the debt incurred by the sale of bonds to raise working capital for certain public improvements. The assessments may be collected in the same fashion as described in the Operations and Maintenance Assessments.

EXPENDITURES – ADMINISTRATIVE:

Bank Fees: The District may incur bank service charges during the year.

Debt Service Obligation: This would a combination of the principal and interest payment to satisfy the annual repayment of the bond issue debt.

	

Chart of Accounts Classification	

Actual YTD through 06/30/20	
Projected Annual Totals 2019/2020	

Annual Budget for 2019/2020	
Projected Budget variance for 2019/2020	

Budget for 2020/2021	
Budget Increase (Decrease) vs    2019/2020	

Comments	
1									
2	REVENUES								
3									
4	Contributions & Donations from Private								
5	Pier Park Owners Association	$ 270,273	$ 360,364	$ 360,364	$	-	$	360,364	$	-		
6									
7	TOTAL REVENUES	$ 270,273	$ 360,364	$ 360,364	$	-	$	360,364	$	-		
8									
9	Balance Forward from Prior Year	$	-	$	-	$	-	$	-	$	-	$	-		
10									
11	TOTAL REVENUES AND BALANCE	$ 270,273	$ 360,364	$ 360,364	$	-	$	360,364	$	-		
12									
13	*Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to
certification.		
14			
15	EXPENDITURES - ADMINISTRATIVE								
16									
17	Legislative								
18	Supervisor Fees	$	1,000	$	2,600	$	3,200	$	600	$	3,200	$	-	4 Supervisors receive pay	
19	Financial & Administrative								
20	Administrative Services	$	6,760	$	9,013	$	9,013	$	-	$	9,328	$	315	Projected increase in FY 20/21.	
21	District Management	$	22,500	$	30,000	$	30,000	$	-	$	31,050	$	1,050	Projected increase in FY 20/21.	
22	District Engineer	$	-	$	-	$	1,200	$	1,200	$	1,200	$	-	Maintained at same rate	
23	Trustees Fees	$	3,300	$	3,511	$	3,500	$	(11)	$	3,511	$	11	Projection based on prior fiscal YE. Maintained at same rate.	
24	Financial & Revenue Collections	$	3,938	$	5,250	$	5,250	$	-	$	5,250	$	-	Maintained at same rate.	
25	Accounting Services	$	12,630	$	16,840	$	16,840	$	-	$	18,328	$	1,488	Projected increase in FY 20/21.	
26	Auditing Services	$	5,026	$	5,026	$	5,000	$	(26)	$	4,400	$	(600)	Decreased. New CPA contract, Berger, Toombs, Elam & Gaines.	
27	Arbitrage Rebate Calculation	$	-	$	450	$	600	$	150	$	450	$	(150)	Amtec - $450 yr. through 2024	
29	Public Officials Liability Insurance	$	2,819	$	2,819	$	3,000	$	181	$	3,101	$	101	Per Egis projections.	
30	Legal Advertising	$	1,363	$	1,817	$	1,000	$	(817)	$	2,000	$	1,000	Increased based on projections.	
31	Dues, Licenses & Fees	$	175	$	175	$	175	$	-	$	175	$	-	$175 due annually to the State.	

	

Chart of Accounts Classification	

Actual YTD through 06/30/20	
Projected Annual Totals 2019/2020	

Annual Budget for 2019/2020	
Projected Budget variance for 2019/2020	

Budget for 2020/2021	
Budget Increase (Decrease) vs    2019/2020	

Comments	
32	Website Hosting, Maintenance, Backup	$	2,975	$	3,967	$	6,300	$	2,333	$	4,200	$	(2,100)	Decreased from year prior.	
33	Legal Counsel								
34	District Counsel	$	31,546	$	42,061	$	28,000	$	(14,061)	$	42,500	$	14,500	Adjusted based on projections.	
35									
36	Administrative Subtotal	$	94,032	$ 123,529	$ 113,078	$	(10,451)	$	128,694	$	15,616		
37									
38	EXPENDITURES - FIELD OPERATIONS								
39									
40	Electric Utility Services								
41	Utility Services	$	15,481	$	20,641	$	26,500	$	5,859	$	25,000	$	(1,500)	Reduced, Prior YE = $24,513	
42	Water-Sewer Combination Services								
43	Utility Services	$	11,588	$	15,451	$	28,000	$	12,549	$	15,500	$	(12,500)	Reduced based on projections.	
44	Stormwater Control								
47	Lake/Pond Bank Maintenance	$	930	$	1,240	$	4,000	$	2,760	$	4,000	$	-	Maintained at same rate. Monitor projections and adjust at final.	
46	Aquatic Maintenance	$	3,887	$	5,183	$	5,183	$	-	$	5,183	$	-	Maintained at same rate.	
45	Stormwater Assessment	$	36	$	36	$	36	$	-	$	36	$	-	Maintained at same rate	
48	Other Physical Environment								
49	General Liability/Property Insurance	$	4,366	$	4,366	$	4,500	$	134	$	4,635	$	135	Based on Egis projections.	
50	Landscape Maintenance	$	35,633	$	47,511	$	55,278	$	7,767	$	55,278	$	-	Maintained at same rate	
51	Landscape Replacement Plants, Shrubs,	$	367	$	489	$	6,200	$	5,711	$	6,200	$	-	While not incurred in FY 19/20, suggest maintaining based on prior fiscal YE expenses.	
52	Landscape - Mulch	$	16,769	$	22,359	$	26,025	$	3,666	$	26,025	$	-	Maintained at same rate.	
53	Entry & Walls Beach Ball Maintenance	$	-	$	-	$	5,000	$	5,000	$	2,500	$	(2,500)	Suggest reduction based on current projections and prior FYE.	
54	Miscellaneous Expense	$	3,121	$	4,161	$	3,000	$	(1,161)	$	-	$	(3,000)	Suggest removal in FY 20/21 and classing misc. exp. to misc. contingency.	
55	Irrigation Maintenance	$	6,358	$	8,477	$	7,800	$	(677)	$	10,000	$	2,200	Suggest Increase. Adjusted according to prior FYE & projections	
56	Contract Seasonal Maintenance Services	$	3,474	$	4,632	$	5,775	$	1,143	$	5,775	$	-	Maintained at same rate	
57	Oak Tree Trimming Services	$	333	$	8,000	$	8,000	$	-	$	8,000	$	-	Maintained at same rate.	
58	Landscape Tree Service	$	6,312	$	8,416	$	12,500	$	4,084	$	10,000	$	(2,500)	Suggest reduction based on current projections and prior FYE.	
59	Irrigation Repairs	$	-	$	-	$	5,000	$	5,000	$	-	$	(5,000)	Suggest removal. Expenditures to be included in irrigation maint. line item.	
60	Palm Fertilization	$	-	$	100	$	100	$	-	$	100	$	-	Maintained at same rate.	
61	Road & Street Facilities								

	

Chart of Accounts Classification	

Actual YTD through 06/30/20	
Projected Annual Totals 2019/2020	

Annual Budget for 2019/2020	
Projected Budget variance for 2019/2020	

Budget for 2020/2021	
Budget Increase (Decrease) vs    2019/2020	

Comments	
62	Street/ Parking Lot Sweeping	$	5,667	$	7,556	$	11,500	$	3,944	$	11,500	$	-	Maintained at same rate	
63	Street Light Decorative Light Maintenance	$	2,595	$	3,460	$	8,050	$	4,590	$	4,000	$	(4,050)	Suggest reduction based on current projections and prior FYE.	
64	Sidewalk Repair & Maintenance	$	10,438	$	13,917	$	7,000	$	(6,917)	$	14,000	$	(3,300)	Increased based on projections.	
65	Parking Lot Repair & Maintenance	$	467	$	623	$	5,000	$	4,377	$	5,000	$	-	Maintained at same rate based on prior FYE expenses.	
66	Parks & Recreation								
67	Management Contract	$	9,566	$	11,408	$	11,408	$	-	$	11,408	$	-	Maintained at same rate.	
68	Contingency								
69	Miscellaneous Contingency	$	6,112	$	7,500	$	1,431	$	(6,069)	$	7,530	$	6,099	Higher in FY19/20 due to painting and signs. Increased and adjusted to maintain	
70								assessment level.	
71	Field Operations Subtotal	$ 143,500	$ 195,526	$ 247,286	$	51,760	$	231,670	$	(25,916)		
72									
73	Contingency for County TRIM Notice								
74									
75	TOTAL EXPENDITURES	$ 237,532	$ 319,056	$ 360,364	$	41,308	$	360,364	$	(10,300)		
76									
77	EXCESS OF REVENUES OVER	$	32,741	$	41,308	$	-	$	41,308	$	0	$	10,300		
78									

	

Chart of Accounts Classification	
Actual YTD through 06/30/20	Projected Annual Totals 2019/2020	
Annual Budget for 2019/2020	Projected Budget variance for 2019/2020	
Budget for 2020/2021	Budget Increase (Decrease) vs 2019/2020	

Comments	
1									
2	REVENUES								
3									
4	Local Business Tax Revenue								
5	Occupational License Tax Revenue	$	830,869	$ 1,107,825	$ 1,119,936	$	(12,111)	$ 1,116,549	$	(3,387)		
6	Interest Earnings								
7	Interest Earnings	$	1,093	$	2,186	$	-	$	2,186	$	-	$	-		
8									
9	TOTAL REVENUES	$	831,962	$ 1,107,825	$ 1,119,936	$	(9,925)	$ 1,116,549	$	(3,387)		
10									
11	Balance Forward from Prior Year	$	-	$	-	$	-	$	-	$	-	$	-		
12									
13	TOTAL REVENUES AND BALANCE	$	831,962	$ 1,107,825	$ 1,119,936	$	(9,925)	$ 1,116,549	$	(3,387)		
14									
15	*Allocation of assessments between the Tax Roll and Off Roll are estimates only and subject to change prior to certification.		
16			
17	EXPENDITURES - ADMINISTRATIVE								
18									
19	Financial & Administrative								
20	Accounting Services	$	9,000	$	12,000	$	12,000	$	-	$	11,377	$	(623)		
21	Debt Service		$	-		$	-				
22	Promissory Note Payment	$	204,893	$	204,893	$	800,000	$ 595,107	$ 800,000	$	-	Note: FY 19/20 projection only incl. actual total amounts of payments made YTD.	
23									
24	Administrative Subtotal	$	213,893	$	216,893	$	812,000	$ 595,107	$ 811,377	$	(623)		
25									
26	EXPENDITURES - FIELD OPERATIONS								
27									
28	Stormwater Control								
29	Lake/Pond Bank Maintenance	$	398	$	618	$	1,500	$	882	$	618	$	(882)	Reduced. $51.52 mos.	
30	Aquatic Maintenance	$	1,666	$	2,221	$	2,220	$	2,220	$	2,221	$	1	Adjusted. $185.10 mos.	
31	Other Physical Environment								
32	General Liability/Property Insurance	$	10,369	$	10,369	$	10,808	$	439	$	11,024	$	216	Based on Egis projections at renewal.	
33	Landscape - Mulch	$	6,959	$	9,279	$	10,797	$	1,518	$	10,797	$	0	Maintained at same rate.	

	

Chart of Accounts Classification	
Actual YTD through 06/30/20	Projected Annual Totals 2019/2020	
Annual Budget for 2019/2020	Projected Budget variance for 2019/2020	
Budget for 2020/2021	Budget Increase (Decrease) vs 2019/2020	

Comments	
34	Oak Tree Trimming Services	$	147	$	3,500	$	5,000	$	1,500	$	3,500	$	(1,500)	Adjusted based on prior FYE expense.	
35	Landscape Tree Service	$	8,222	$	10,963	$	13,035	$	2,072	$	13,035	$	-	Maintained at same rate.	
36	Road & Street Facilities								
37	Street Light Decorative Light Maintenance	$	8,222	$	8,222	$	3,450	$	(4,772)	$	8,250	$	4,800	Adjusted base on current year expense.	
38	Parking Lot Repair & Maintenance	$	933	$	1,244	$	15,000	$	13,756	$	10,000	$	(5,000)	Limited expense YTD. Reduced based on prior FYE expense.	
39	Street/ Parking Lot Sweeping	$	6,044	$	10,248	$	10,500	$	252	$	10,500	$	-	Maintained at same rate. @ $854.00 mos.	
40	Parks & Recreation								
41	Management Contract	$	16,398	$	25,922	$	25,922	$	-	$	25,922	$	-	Based on projected and prior YE actual.	
42	Park Landscape Maintenance	$	26,655	$	35,540	$	41,357	$	5,817	$	41,357	$	-	Maintained at same rate.	
43	Park Landscape Replacement Plants, Shrubs,	$	249	$	332	$	4,000	$	3,668	$	2,000	$	(2,000)	Reduced. Utilize in event replacement necessary.	
44	Beachfront Improvement Landscape	$	2,125	$	2,833	$	4,090	$	1,257	$	4,090	$	0	Maintained at same rate.	
45	Beachfront Improvement Landscape Replace	$	-	$	1,250	$	2,500	$	1,250	$	2,500	$	-	Maintain at same rate.	
46	Park Restroom Maintenance Contract	$	9,392	$	12,523	$	19,000	$	6,477	$	19,000	$	-	Approx. $1381.35 mos. plus addt'l for extra service as needed.	
47	Park Restroom Repair & Maintenance	$	3,111	$	4,148	$	4,000	$	(148)	$	4,250	$	250	Slight increase.	
48	Beachfront Janitorial Service	$	17,331	$	23,108	$	39,000	$	15,892	$	39,000	$	-	Maintained as prior FYE @40K.	
49	Beachfront Janitorial Supplies	$	5,799	$	7,732	$	5,000	$	(2,732)	$	7,750	$	2,750	Adjusted based on projections.	
50	Beachfront Improvement Repairs	$	-	$	-	$	10,000	$	10,000	$	10,000	$	-	Maintained at same rate.	
51	Beachfront Improvement/Capital Improvement	$	-	$	-	$	8,000	$	8,000	$	8,000	$	-	Maintained at same rate.	
52	Beachfront Improvement Electrical Utlity	$	2,123	$	2,831	$	4,500	$	1,669	$	3,300	$	(1,200)	Reduced based on projections and prior FYE.	
53	Beachfront Improvement Water/Sewer	$	5,541	$	7,388	$	5,000	$	(2,388)	$	7,500	$	2,500	Adjusted based on projections.	
54	Beachfront Improvement Irrigation Repairs	$	-	$	-	$	2,000	$	2,000	$	2,000	$	-	Maintained at same rate.	
55	Park Irrigation Repairs & Maintenance	$	-	$	-	$	2,500	$	2,500	$	1,250	$	(1,250)	Recued based on projections and prior FYE.	
56	Park Irrigation Inspection Contract	$	3,486	$	5,408	$	5,408	$	-	$	5,408	$	-	Maintained at same rate.	
57	Park Solid Waste Removal	$	1,977	$	2,684	$	2,500	$	(184)	$	2,700	$	200	Approx. $225.00 mos.	
58	Park Recreational Equipment	$	-	$	-	$	4,800	$	4,800	$	4,800	$	-	Maintained at same rate.	
59	Contingency								
60	Miscellaneous Contingency	$	13,458	$	17,944	$	46,049	$	28,105	$	44,399	$	(1,650)	Reduced slightly to maintain proposed budget total.	
61									
62	Field Operations Subtotal	$	150,605	$	206,306	$	307,936	$ 103,851	$ 305,172	$	(2,764)		
63									
64	Contingency for County TRIM Notice								
65									

	

Chart of Accounts Classification	
Actual YTD through 06/30/20	Projected Annual Totals 2019/2020	
Annual Budget for 2019/2020	Projected Budget variance for 2019/2020	
Budget for 2020/2021	Budget Increase (Decrease) vs 2019/2020	

Comments	
66	TOTAL EXPENDITURES	$	364,498	$	423,199	$ 1,119,936	$ 698,958	$ 1,116,549	$	(3,387)		
67									
68	EXCESS OF REVENUES OVER	$	467,464	$	684,627	$	-	$ 689,034	$	-	$	0		
69									

14

Pier Park Community Development District	
Debt Service	
Fiscal Year 2020/2021	

Chart of Accounts Classification	
Series 2014	Budget for 2020/2021	
			
REVENUES			
Special Assessments	$1,136,544.00	$1,136,544.00	
			
TOTAL REVENUES	$1,136,544.00	$1,136,544.00	

EXPENDITURES			
Administrative			
Financial & Administrative			
			
Debt Service Obligation	$1,136,544.00	$1,136,544.00	
Administrative Subtotal	$1,136,544.00	$1,136,544.00	
Principal Balloon Payment			
TOTAL EXPENDITURES	$1,136,544.00	$1,136,544.00	
			
EXCESS OF REVENUES OVER EXPENDITURES	$0.00	$0.00	

Tab 5

GENERAL FUND BUDGET FUNDING AGREEMENT BETWEEN THE PIER PARK COMMUNITY
DEVELOPMENT DISTRICT AND THE PIER PARK OWNERS ASSOCIATION, INC., FOR FISCAL YEAR 2020-2021

THIS    AGREEMENT    is   made   and   entered   into   effective the    	
 	, 2020, by and between:

day of

Pier Park Community Development District, a local unit of special- purpose government established and existing pursuant to Chapter 190, Florida Statutes, being situated in the City of Panama City Beach, Florida, and having offices at 120 Richard Jackson Boulevard, Suite 220, Panama City Beach, Florida 32407 (the “District”), and

Pier Park Owners Association, Inc., a Florida not-for-profit corporation, whose address is 133 South Watersound Parkway, Watersound, Florida 32413 (the “Association”).

RECITALS

WHEREAS, the District was established by ordinance of the City of Panama City Beach, Florida, pursuant to Chapter 190, Florida Statutes, for the purpose of planning, financing, constructing, operating, and/or maintaining certain infrastructure, including surface water management systems, roadways, landscaping, recreational, and other infrastructure; and

WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees, and other charges as may be necessary in furtherance of the District's activities and services; and

WHEREAS, the District has adopted its general fund budget for Fiscal Year 2020- 2021, which began on October 1, 2020, and concludes on September 30, 2021; and

WHEREAS, the District’s general fund budget, which both parties recognize may be amended from time to time in the sole discretion of the District, is attached to this Agreement as Exhibit A and incorporated by reference as a material part of this Agreement; and

WHEREAS, the District will need a funding mechanism to enable it to proceed with its operations and services during the above described time periods as described in Exhibit A; and

WHEREAS, the Association desires to provide such funds as are necessary to allow the District to proceed with its operations as described in Exhibit A and as may be amended from time to time by the District.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the Association and the District agree as follows:

SECTION 1. INCORPORATION OF RECITALS.  The recitals stated above are true and correct and by this reference are incorporated as a material part of this Agreement.

SECTION 2.	ASSOCIATION   TO   PROVIDE   MONIES   TO THE  DISTRICT.	The
Association agrees to make available to the District the monies necessary for the operation of the District as called for in the general fund budget attached to this Agreement as Exhibit A (and as Exhibit A may be amended from time to time), within thirty (30) days of a written request by the District. The District agrees that such requests shall be made on a quarterly basis during its fiscal year. Requests for payment shall allocate the invoice among members of the Association in accordance with written directions received from the Association. The funds shall be placed in the District's general checking account. These payments are made by the Association in lieu of taxes, fees, or assessments which might otherwise be levied or imposed by the District. At the conclusion of the District’s fiscal year, the District shall reconcile the monies provided in accordance with this Agreement and the District’s actual expenditures and provide a written report to the Association regarding same.

SECTION 3.	DEFAULT	AND	PROTECTION	AGAINST	THIRD	PARTY
INTERFERENCE. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of damages, injunctive relief, and/or specific performance, and specifically including the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on property owned by the Association. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall limit or impair the District’s right to protect its rights from interference by a third party to this Agreement.

SECTION 4. ENFORCEMENT OF AGREEMENT. In the event  that  either  the District or the Association is required to enforce this Agreement by court proceedings or otherwise, then the prevailing party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 5. AGREEMENT. This instrument shall constitute the  final  and  complete expression of this Agreement between the District and the Association relating to the subject matter of this Agreement.

SECTION 6. AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Association.

SECTION 7. AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Association, both the District and the Association have complied with all the requirements of law, and both the District and the Association have full power and authority to comply with the terms and provisions of this instrument.

SECTION 8. NOTICES. All notices, requests, consents,  and  other  communications under this Agreement ("Notices") shall be in writing and shall be hand delivered, mailed by First Class Mail, postage prepaid, or sent by overnight delivery service, to the parties, as follows:

If to the Association:	Pier Park Owners Association, Inc.
133 South Watersound Parkway Watersound, Florida 32461 Attn: Dan Velazquez

With a copy to:	The St. Joe Company
133 South Watersound Parkway Watersound, Florida 32461 Attn: Legal Department

If to the District:	Pier Park Community Development District
120 Richard Jackson Boulevard, Suite 200 Panama City Beach, Florida 32407
Attn: District Manager

With a copy to:	Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: Joseph A. Brown

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Association may deliver Notices on behalf of the District and the Association. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth in this Agreement.

SECTION 9. THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the District and the Association and no right nor any cause of action shall accrue by reason here or upon, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended nor shall be construed to confer upon any person or corporation other than the District and the Association any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and, all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Association and their respective representatives, successors, and assigns.

SECTION 10. ASSIGNMENT. Neither the District nor the Association may assign this Agreement or any monies to become due under this Agreement without the prior written approval of the other, and such approval shall not be unreasonably withheld.

SECTION 11. ARM’S LENGTH TRANSACTION. This Agreement has been negotiated fully between the District and the Association as an arm's length transaction. The District and the Association participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are each deemed to have drafted, chosen, and selected the language, and any doubtful language will not be interpreted or construed against any party.

SECTION 12. CONTROLLING LAW. This Agreement  and  the  provisions contained in this Agreement shall be construed, interpreted, and controlled according to the laws of the State of Florida.

SECTION 13. EFFECTIVE DATE. The Agreement shall be  effective  after execution by both the District and the Association, and shall remain in effect until September 30, 2021.

SECTION 14.  PUBLIC  RECORDS.  The Association understands and agrees that  all documents of any kind provided to the District in connection with this Agreement may be public records and shall be treated as such in accordance with Florida law.

SECTION 15. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

SECTION 16. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall neither control nor affect the meaning or construction of any of the provisions of this Agreement.

SECTION 17. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties execute this Agreement the day and year first written above.

Attest:	PIER	PARK	COMMUNITY DEVELOPMENT DISTRICT

 	

Secretary/Assistant Secretary

By:		 Chair/Vice-Chair, Board of Supervisors

PIER PARK OWNERS ASSOCIATION, INC.

By:	 	

(Signature of Witness)

(Print Name)

Its:	 	
(Print Name of Witness)

Exhibit A	Fiscal Year 2020-2021 General Fund Budget

Tab 6

RESOLUTION 2020-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF PIER PARK COMMUNITY DEVELOPMENT DISTRICT DESIGNATING DATES, TIME AND LOCATION FOR REGULAR MEETINGS OF THE BOARD OF SUPERVISORS OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, Pier Park Community Development District (hereinafter the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within the City of Panama City Beach, Florida; and

WHEREAS, the District’s Board of Supervisors (hereinafter the “Board”) is statutorily authorized to exercise the powers granted to the District; and

WHEREAS, all meetings of the Board shall be open to the public and governed by the provisions of Chapter 286, Florida Statutes; and

WHEREAS, the Board is statutorily required to file annually, with the local governing authority and the Florida Department of Economic Opportunity, a schedule of its regular meetings.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF PIER PARK COMMUNITY DEVELOPMENT DISTRICT:

Section 1. Regular meetings of the Board of Supervisors of the District shall be held as provided on the schedule attached as Exhibit “A”.

Section 2. In accordance with Section 189.015(1), Florida Statutes, the District’s Secretary is hereby directed to file annually, with Bay County, a schedule of the District’s regular meetings.

Section 3. This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 10TH DAY OF AUGUST, 2020.

PIER PARK COMMUNITY DEVELOPMENT DISTRICT

CHAIRMAN / VICE CHAIRMAN

ATTEST:

SECRETARY / ASST. SECRETARY

EXHIBIT “A”
BOARD OF SUPERVISORS MEETING DATES PIER PARK COMMUNITY DEVELOPMENT DISTRICT
FISCAL YEAR 2020/2021

November 09, 2020
February 08, 2021
May 10, 2021
August 09, 2021

All meetings will convene at 10:00 a.m. at the City of Panama City Beach City Hall, located at 17007 Panama City Beach Parkway, Panama City Beach, FL 32413.

Tab 7

AGREEMENT BETWEEN THE
PIER PARK COMMUNITY DEVELOPMENT DISTRICT AND ERMC, LLC,
REGARDING THE PROVISION OF JANITORIAL SERVICES

This Agreement (“Agreement”) is made and entered into to be effective the 18th day of July, 2020, by and between:

Pier Park Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, being situated in City of Panama City Beach, Florida, and whose mailing address is 120 Richard Jackson Boulevard, Suite 220, Panama City Beach, Florida 32407 (the “District”); and

ERMC, LLC, a foreign corporation, with a mailing address at 2226 Encompass Dr., Suite 116, Chattanooga, TN 37421 (the “Contractor,” and with the District, the “Parties”).

RECITALS

WHEREAS, the District is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes (the “Act”), by ordinance adopted by the City of Panama City Beach, Florida; and

WHEREAS, the District was established for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure; and

WHEREAS, the District operates and maintains certain public facilities identified herein, including public restrooms (the “Facilities”); and

WHEREAS, the District has a need to retain an independent contractor to provide janitorial services for the Facilities; and

WHEREAS, Contractor submitted a proposal and represents that it is qualified to provide janitorial services and has agreed to provide to the District those services identified in Exhibit A attached hereto and incorporated by reference herein (“Services”); and

WHEREAS, the District and Contractor warrant and agree that they have all right, power and authority to enter into and be bound by this Agreement.

NOW, THEREFORE, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows:

SECTION 1. INCORPORATION OF RECITALS. The recitals stated above are true and  correct and by this reference are incorporated by reference as a material part of this Agreement.

SECTION 2.	DESCRIPTION OF WORK AND SERVICES.

The District desires that the Contractor provide professional janitorial services within presently accepted standards. Upon all Parties signing this Agreement, the Contractor shall provide the District with the Services identified in Section 3 and Exhibit A.

While providing the Services, the Contractor shall assign such staff as may be required, and such staff shall be responsible for coordinating, expediting, and controlling all aspects to assure completion of the Services.

Contractor shall solely be responsible for the means, manner and methods by which its duties, obligations and responsibilities are met to the satisfaction of the District.

This Agreement grants to Contractor the right to enter the lands that are subject to this Agreement, for those purposes described in this Agreement, and Contractor hereby agrees to comply with all applicable laws, rules, and regulations.

SECTION 3. SCOPE OF JANITORIAL SERVICES. The Contractor will provide janitorial services for the Facilities. The duties, obligations, and responsibilities of Contractor are to provide the material, tools, skill and labor necessary for the Services attached as Exhibit A. To the extent any of the provisions of this Agreement are in conflict with the provisions of Exhibit A this Agreement controls.

SECTION 4.  MANNER OF CONTRACTOR’S PERFORMANCE.  The Contractor agrees, as   an independent contractor, to undertake work and/or perform such services as specified in this Agreement or any addendum executed by the Parties or in any authorized written work order by the District issued in connection with this Agreement and accepted by the Contractor. All work shall be performed in a neat and professional manner reasonably acceptable to the District and shall be in accordance with industry standards. The performance of the Services by the Contractor under this Agreement and related to this Agreement shall conform to any written instructions issued by the District.

Should any work and/or services be required which are not specified in this Agreement or any addenda, but which are nevertheless necessary for the proper provision of services to the District, such work or services shall be fully performed by the Contractor as if described and delineated in this Agreement.

The Contractor agrees that the District shall not be liable for the payment of any work or services not included in Section 3 unless the District, through an authorized representative of the District, authorizes the Contractor, in writing, to perform such work.

The District shall designate in writing a person to act as the District’s representative with respect to the Services to be performed under this Agreement. The District’s representative shall have complete authority to transmit instructions, receive information, interpret and define the District’s policies and decisions with respect to labor, hours, materials, equipment, elements, and systems pertinent to the Contractor’s services.

The District hereby designates the District’s Operations and
Property Manager, Martin Horak, to act as its representative.

Upon request by the District’s Operations and Property Manager, the Contractor agrees to meet with the District’s representative to walk the property to discuss conditions, schedules, and items of concern regarding this Agreement.

Contractor shall use all due care to protect the property of the District, its residents, and landowners from damage. Contractor agrees to repair any damage resulting from Contractor’s activities and work within twenty-four (24) hours.

SECTION 5.	COMPENSATION; TERM.

As compensation for the Services described in this Agreement, the District agrees to pay the Contractor on a monthly basis for hours worked at an hourly rate of Fifteen Dollars ($15.00) for a not-to-exceed amount of Seventy Thousand Dollars ($70,000) annually. The term of this Agreement shall be from July 18, 2020 through July 17, 2021 and shall automatically renew for additional consecutive one-year terms, unless terminated earlier by either party in accordance with the provisions of this Agreement.

If the District should desire additional work or services, or to add additional areas to be maintained, the Contractor agrees to negotiate in good faith to undertake such additional work or services. Upon successful negotiations, the Parties shall agree in writing to an, addendum, addenda, or change order to this Agreement. The Contractor shall be compensated for such agreed additional work or services based upon a payment amount acceptable to the Parties and agreed to in writing.

The District may require, as a condition precedent to making any payment to the Contractor that all subcontractors, materialmen, suppliers or laborers be paid and require evidence, in the form of Lien Releases or partial Waivers of Lien, to be submitted to the District by those subcontractors, material men, suppliers or laborers, and further require that the Contractor provide an Affidavit relating to the payment of said indebtedness. Further, the District shall have the right to require, as a condition precedent to making any payment, evidence from the Contractor, in a form satisfactory to the District, that any indebtedness of the Contractor, as to services to the District, has been paid and that the Contractor has met all of the obligations with regard to the withholding and payment of taxes, Social Security payments, Workmen’s Compensation, Unemployment Compensation contributions, and similar payroll deductions from the wages of employees.

The Contractor shall maintain records conforming to usual accounting practices. As soon as may be practicable at the beginning of each month, the Contractor shall invoice the District for all services performed in the prior month and any other sums due to the Contractor. The District shall pay the invoice amount within thirty (30) days after the invoice date. The Contractor may cease performing services under this Agreement if any payment due hereunder

is not paid within thirty (30) days of the invoice date. Each monthly invoice will include such supporting information as the District may reasonably require the Contractor to provide.

SECTION 6.	INSURANCE.

The Contractor shall maintain throughout the term of this Agreement the following insurance:

Worker’s Compensation Insurance in accordance with the laws of
the State of Florida.

Commercial General Liability Insurance covering the Contractor’s
legal liability for bodily injuries, with limits of not less than
$1,000,000 combined single limit bodily injury and property damage liability, and covering at least the following hazards:

Independent Contractors Coverage for bodily injury and property damage in connection with any subcontractors’ operation.

Employer’s Liability Coverage with limits of at least $1,000,000
(one million dollars) per accident or disease.

Automobile Liability Insurance for bodily injuries in limits of not less than $1,000,000 combined single limit bodily injury and for property damage, providing coverage for any accident arising out of or resulting from the operation, maintenance, or use by the Contractor of any owned, non-owned, or hired automobiles, trailers, or other equipment required to be licensed.

The District, its staff, consultants and supervisors shall be named as additional insured. The Contractor shall furnish the District with the Certificate of Insurance evidencing compliance with this requirement. No certificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverage, as certified, shall not be effective within thirty (30) days of prior written notice to the District. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the State of Florida.

If the Contractor fails to have secured and maintained the required insurance, the District has the right but not the obligation to secure such required insurance in which event the Contractor shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District’s obtaining the required insurance.

SECTION 7.	INDEMNIFICATION.

Obligations under this section shall include the payment of all settlements, judgments, damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, arbitration and/or mediation costs, litigation expenses, attorney fees, and paralegal fees (incurred in court, out of court, on appeal, or in bankruptcy proceedings) as ordered.

Contractor agrees to indemnify and hold harmless the District and its officers, agents and employees from any and all liability, claims, actions, suits or demands by any person, corporation or other entity for injuries, death, property damage or of any nature, arising out of, or in connection with, the work to be performed by Contractor, including litigation or any appellate proceedings with respect thereto. Contractor further agrees that nothing herein shall constitute or be construed as a waiver of the District's limitations on liability contained in Section 768.28, Florida Statutes, or other statute.

In no event, however, shall Contractor be liable for incidental, special, punitive or exemplary damages in connection with this Agreement, even if notice was given of the possibility of such damages and even if such damages were reasonably foreseeable.

SECTION 8. LIMITATIONS ON GOVERNMENTAL LIABILITY. Nothing in this Agreement shall be deemed as a waiver of the District’s sovereign immunity or the District’s limits of liability as set forth in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under such limitations of liability or by operation of law.

SECTION 9.	COMPLIANCE WITH GOVERNMENTAL REGULATION. The Contractor shall
keep, observe, and perform all requirements of applicable local, State, and Federal laws, rules, regulations, or ordinances. If the Contractor fails to notify the District in writing within five (5) days of the receipt of any notice, order, required to comply notice, or a report of a violation or an alleged violation, made by any local, State, or Federal governmental body or agency or subdivision thereof with respect to the services being rendered under this Agreement or any action of the Contractor or any of its agents, servants, employees, or materialmen, or with respect to terms, wages, hours, conditions of employment, safety appliances, or any other requirements applicable to provision of services, or fails to comply with any requirement of such agency within five (5) days after receipt of any such notice, order, request to comply notice, or report of a violation or an alleged violation, the District may terminate this Agreement, such termination to be effective upon the giving of notice of termination.

SECTION 10. LIENS AND CLAIMS.  The Contractor shall promptly and properly pay for  all labor employed, materials purchased, and equipment hired by it to perform under this Agreement. The Contractor shall keep the District’s property free from any materialmen’s or mechanic’s liens and claims or notices in respect to such liens and claims, which arise by reason

of the Contractor’s performance under this Agreement, and the Contractor shall immediately discharge any such claim or lien. In the event that the Contractor does not pay or satisfy such claim or lien within three (3) business days after the filing of notice thereof, the District, in addition to any and all other remedies available under this Agreement, may terminate this Agreement to be effective immediately upon the giving of notice of termination.

SECTION 11.	DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE.   A
default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of damages, injunctive relief, and/or specific performance. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall limit or impair the District’s right to protect its rights from interference by a third party to this Agreement.

SECTION 12. CUSTOM AND USAGE. It is hereby agreed, any law, custom, or usage to the contrary notwithstanding, that the District shall have the right at all times to enforce the conditions and agreements contained in this Agreement in strict accordance with the terms of this Agreement, notwithstanding any conduct or custom on the part of the District in refraining from so doing; and further, that the failure of the District at any time or times to strictly enforce its rights under this Agreement shall not be construed as having created a custom in any way or manner contrary to the specific conditions and agreements of this Agreement, or as having in any way modified or waived the same.

SECTION 13. SUCCESSORS. This Agreement shall inure to the benefit of and be binding upon the heirs, executors, administrators, successors, and assigns of the Parties to this Agreement, except as expressly limited in this Agreement.

SECTION 14. TERMINATION. The District agrees that the Contractor may terminate this Agreement with cause by providing thirty (30) days’ written notice of termination to the District stating a failure of the District to perform according to the terms of this Agreement; provided, however, that the District shall be provided a reasonable opportunity to cure any failure under this Agreement. The Contractor agrees that the District may terminate this Agreement immediately for cause by providing written notice of termination to the Contractor. The District shall provide thirty (30) days’ written notice of termination without cause. Upon any termination of this Agreement, the Contractor shall be entitled to payment for all work and/or services rendered up until the effective termination of this Agreement, subject to whatever claims or off-sets the District may have against the Contractor.

SECTION 15. PERMITS AND LICENSES. All permits and licenses required by any governmental agency directly for the District shall be obtained and paid for by the District. All other permits or licenses necessary for the Contractor to perform under this Agreement shall be obtained and paid for by the Contractor.

SECTION 16. ASSIGNMENT. Neither the District nor the Contractor may assign this Agreement without the prior written approval of the other. Any purported assignment without such approval shall be void.

SECTION 17. INDEPENDENT CONTRACTOR STATUS. In all matters relating to this Agreement, the Contractor shall be acting as an independent contractor. Neither the Contractor nor employees of the Contractor, if there are any, are employees of the District under the meaning or application of any Federal or State Unemployment or Insurance Laws or Old Age Laws or otherwise. The Contractor agrees to assume all liabilities or obligations imposed by any one or more of such laws with respect to employees of the Contractor, if there are any, in the performance of this Agreement. The Contractor shall not have any authority to assume or create any obligation, express or implied, on behalf of the District and the Contractor shall have no authority to represent the District as an agent, employee, or in any other capacity, unless otherwise set forth in this Agreement.

SECTION 18. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall neither control nor affect the meaning or construction of any of the provisions of this Agreement.

SECTION 19. ENFORCEMENT OF AGREEMENT. A default by either Party under this Agreement shall entitle the other Party to all remedies available at law or in equity. In the event that either the District or the Contractor is required to enforce this Agreement by court proceedings or otherwise, then the prevailing Party shall be entitled to recover all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 20. AGREEMENT. This instrument shall constitute the final and complete expression of this Agreement between the Parties relating to the subject matter of this Agreement.

SECTION 21. AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both Parties.

SECTION 22. AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the Parties, the Parties have complied with all the requirements of law, and the Parties have full power and authority to comply with the terms and provisions of this Agreement.

SECTION 23. NOTICES. All notices, requests, consents and other communications under this Agreement (“Notice” or “Notices”) shall be in writing and shall be hand delivered, mailed by First Class Mail, postage prepaid, or sent by overnight delivery service, to the Parties, as follows:

If to the District:	Pier Park Community Development District
120 Richard Jackson Blvd., Suite 220 Panama City Beach, Florida 32407 Attn: District Manager

With a copy to:	Hopping Green & Sams, P.A.
119 S. Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: Joseph A. Brown

If to Assignee:	ERMC, LLC
2226 Encompass Dr., Suite 116
Chattanooga, TN 37421 Attn: 	

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Contractor may deliver Notices on behalf of the District and the Contractor. Any party or other person to whom Notices are to be sent or copied may notify the Parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the Parties and addressees set forth in this Agreement.

SECTION 24. THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the Parties hereto and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the Parties hereto any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the Parties hereto and their respective representatives, successors, and assigns.

SECTION 25. CONTROLLING LAW AND VENUE. This Agreement and the provisions contained in this Agreement shall be construed, interpreted, and controlled according to the laws of the State of Florida. All actions and disputes shall be brought in the proper court and venue, which shall be Bay County, Florida.

SECTION 26. COMPLIANCE WITH PUBLIC RECORDS LAWS. Contractor understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is Justin Croom (“Public Records Custodian”). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to

the District, at no cost, all public records in Contractor’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (850) 334-9055, JCROOM@RIZZETTA.COM, OR AT 120 RICHARD JACKSON BOULEVARD, SUITE 220, PANAMA CITY BEACH, FLORIDA 32407.

SECTION 27. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

SECTION 28. ARM’S LENGTH TRANSACTION. This Agreement has been negotiated fully between the Parties as an arm's length transaction. The Parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the Parties are each deemed to have drafted, chosen, and selected the language, and any doubtful language will not be interpreted or construed against any party.

SECTION 29. COUNTERPARTS. This instrument may be executed in any number of counterparts, each of which, when executed and delivered, shall constitute an original, and such counterparts together shall constitute one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties execute this Agreement the day and year first written
above.

Attest:	PIER PARK COMMUNITY DEVELOPMENT DISTRICT

Christina Regan

Chris Ti77ey

Secretary/Assistant Secretary	Chairman, Board of Supervisors

Attest:	ERMC, LLC

(Signature of Witness)

Matt McFarland
By: 	

Its:

COO

(Print Name of Witness)

Exhibit A:	Scope of Services

 	07/20/2020 I 10:56 CDT
Date:

 Exhibit A

Agreement Reference: Janitorial Services
Scope of Additional Services: Janitorial services at cost plus rate as outlined herein.

DESCRIPTION OF SERVICES

The Contractor shall provide all management, supervision, labor necessary to provide custodial and related services as described herein and in areas as shown on the attached site map. Contractor shall plan, schedule, coordinate, and assure effective performance of all services. The Contractor will provide janitorial and related services in accordance with the requirements of this solicitation on CDD’s property the contractor is required to self-perform all services within this document with the exception of those services that may require special skills, not traditionally, handled by a janitorial firm.

AREAS OF RESPONSIBILITYES

Aron Bessant Park, East and West parking lots of CDD, North and South of Front Beach Road as reflected in Exhibit B.

MATERIALS, EQUIPMENT AND UTILITIES

The Contractor shall furnish all labor and employee training necessary for the performance of the work of this contract unless otherwise specified herein. Training shall include all applicable OSHA and other related standards. The Contractor shall furnish all Material Safety Data Sheets (MSDS) for any materials used in the performance of this contract five days prior to the contract starting date.

Note: All materials ie. Cleaning supplies, paper products, mop buckets, step stools, extendable, push carts, cleaning tools, etc. brooms and equipment will be provided by Pier Park CDD.

QUALITY REQUIREMENTS

Drinking fountains will be cleaned to be free of water marks, and any other debris or encrustation. Drinking fountains shall be maintained at a high level of sanitation

Common area trash will be collected and removed to a location designated by the Property Manager. Trash cans shall be emptied as needed and kept clean and free of dirt, stains, and debris. Plastic liners for all trash, debris and recycling containers shall not be torn, worn, or contain residue.

Restrooms will be cleaned and sanitized with a disinfectant cleaner in a manner to keep restrooms free of odors. Fixtures will be free of dust, streaks and encrustation. Clean, sanitize and polish all surfaces of fixtures, including toilets, urinals, wash basins, and toilet stalls. All plumbing fixtures shall be free of dust, streaks and encrustation. Mirrors and glass shall be clean and free of spots and streaks. Floor will be clean and sanitized with a disinfectant cleaner and free of dust, dirt, debris, or bacteria. Partitions and walls will be free of obvious dirt, graffiti, and dust. Toilet supplies shall be replenished as needed to maintain an adequate supply at all times. The contractor is responsible for the filling of soap dispensers.

CLEANING QUALITY REQUIREMENTS

BRIGHT METAL POLISHING: Bright metal surfaces shall have a polished and lustrous appearance.

CLEANING DRINKING FOUNTAINS: The porcelain or stainless steel surfaces shall be clean and free of dust, spots, stains and streaks. Drinking fountains shall be kept free of trash, ink, coffee grounds, etc., and nozzles free from encrustations.

FIXTURE CLEANING: Wash basins shall be clean and bright; there shall be no dust, spots, stains, rust, green mold, encrustation or excess moisture. Bright metal surfaces shall have a polished and lustrous appearance.

GLASS CLEANING: Glass shall be clean and free of dirt, dust, streaks, watermarks, spots and grime, and shall not be cloudy.

HIGH CLEANING: Surfaces shall be clean and free of dust, cobwebs, etc. Where glass is present, both sides shall be clean and free of streaks. Any special lifts required should be considered.

POLICING (GROUNDS AND SIDEWALKS): Exterior areas shall be free of all paper, gum, trash, empty bottles, spills and other discarded material.  Empty trashcans if full, and replace plastic bag if used.

POLISHING: Surfaces shall be free of smears, stains and finger marks. They shall be clean, bright and polished to a uniform luster.

SERVICING: All dispensers shall be filled with supplies; soap must be compatible with the provided dispenser. Waste receptacles shall be emptied.

SPOT CLEANING WALLS: Wall surface shall be free of smudges, marks, dirt and spots. These shall have been removed without obvious discoloration.

SURFACE AND FIXTURE CLEANING: All fixtures and surfaces shall be clean, bright and there shall be no dust, spots, soil substances, discolorations, rust, green mold, encrustations, or excess moisture.

SWEEPING, WET MOPPING OR SCRUBBING: The floors shall be clean and free of dirt, water streaks, mop marks, string, gum, grease, tar, etc., and present an overall appearance of cleanliness. All surfaces, crevices, tracks, baseboards, and corners shall be clean and dry.

SWEEPING (OUTSIDE AREAS): Areas including sidewalks and entrances shall be clean of all gum, tar grease, dirt and trash. No dirt shall be left where sweepings were picked up.

TRASH RECEPTACLES AND DOGGIE STATIONS All trash receptacles and dog waste stations will be emptied daily.

WALL SPOT CLEANING: Smudges, marks or spots shall have been removed without causing unsightly discoloration.

RESTROOM CLEANING

Daily Service:

Sweep and wet mop or scrub floor with a cleaner disinfectant. Surfaces shall be dry and the corners clean.
Clean, sanitize and polish all surfaces of fixtures, including toilets, urinals, wash basins, and shower stalls. All plumbing on fixtures shall be wiped clean with products that shall not damage finish. Sink counters will be left dry and free of soap residue.
Clean and polish all mirrors, glass, etc.
Spot clean doors, walls and partitions to remove dirt, dust and/or stains.
Wipe clean all dispensers and replenish as necessary, including paper towel, toilet paper, soap and toilet seat covers. Empty waste receptacles; replace liners and damp wipe, as necessary.
Empty, clean, disinfect and replace liners of all sanitary disposal receptacles.
As needed, police restrooms. This includes emptying waste receptacles, replacing liners and damp wipe, as necessary; servicing dispenser, policing room, cleaning washbasins and mopping in front of urinals.

DocuSign Envelope ID: 992E20D0-AC7F-4345-B652-B4E4A600BB1E

DocuSign Envelope ID: 5E2F272D-F6E1-448E-AF85-FD2E28052920	

Exhibit B

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CRI

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IN GRAM

Carr, Riggs & Ingram, LLC Certified Public Accountants 500 Grand Boulevard

CPAs and Advisors

October 17, 2019

Pier Park Community Development District c/o Rizzetta & Company, Inc.
12750 Citrus Park Lane, Suite 115
Tampa, FL 33334

Suite 210
Miramar Beach, Florida 32550
(850) 837-3141
(850) 654-4619 (fax)
CRlcpa.com

We are pleased to confirm our understanding of the services we are to provide Pier Park Community Development District for the year ended September 30, 2019. We will audit the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information, including the related notes to the financial statements, which collectively comprise the basic financial statements of Pier Park Community Development District as of and for the year ended September 30, 2019. Accounting standards generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement Pier Park Community Development District’s 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. As part of our engagement, we will apply certain limited procedures to Pier Park Community Development District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding 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 will 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. The following RSI is required by U.S. generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:

Management’s Discussion and Analysis.
Budgetary Comparison Schedule.

Audit Objectives

The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of Pier Park Community Development District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of Pier Park

Community Development District’s financial statements. Our report will be addressed to the Board of Supervisors of Pier Park Community Development District. We cannot provide assurance that unmodified opinions will be expressed. Circumstances may arise in which it is necessary for us to modify our opinions or add emphasis‐of‐matter or other‐matter paragraphs. If our opinions are other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed opinions, we may decline to express opinions or issue reports, or may withdraw from this engagement.

We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of 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 on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that Pier Park Community Development District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Audit Procedures—General

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. 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 will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.

Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. However, we will inform the appropriate level of management of any material errors, fraudulent financial reporting, or misappropriation of assets that

comes to our attention. We will also inform the appropriate level of management of any violations of laws or governmental regulations that come to our attention, unless clearly inconsequential, and of any material abuse that comes to our attention. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.

Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.

Audit Procedures—Internal Control

Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.

An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. Accordingly, we will express no such opinion. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.

Audit Procedures—Compliance

As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of Pier Park Community Development District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.

Other Services

We will also assist in preparing the financial statements and related notes of Pier Park Community Development District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. We will perform the services in accordance with applicable professional standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.

We will also examine the District’s compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, as of September 30, 2019. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Accordingly, it will include examining, on a test basis, your records and other procedures to obtain evidence necessary to enable us to express our opinion. Our report will be addressed to the Board of Supervisors of the District. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion. If our opinion is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or may withdraw from this engagement.

Management Responsibilities

Management is responsible for designing, implementing, establishing, and maintaining effective internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, including evaluating and monitoring ongoing activities to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.

Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.

Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period

presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.

You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.

You are responsible for the preparation of the supplementary information, which we have been engaged to report on, in conformity with U.S. generally accepted accounting principles. You agree to include our report on the supplementary information in any document that contains and indicates that we have reported on the supplementary information. You also agree to [include the audited financial statements with any presentation of the supplementary information that includes our report thereon OR make the audited financial statements readily available to users of the supplementary information no later than the date the supplementary information is issued with our report thereon]. Your responsibilities include acknowledging to us in the written representation letter that (1) you are responsible for presentation of the supplementary information in accordance with GAAP; (2) you believe the supplementary information, including its form and content, is fairly presented in accordance with GAAP; (3) the methods of measurement or presentation have not changed from those used in the prior period (or, if they have changed, the reasons for such changes); and (4) you have disclosed to us any significant assumptions or interpretations underlying the measurement or presentation of the supplementary information.

Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.

You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, with suitable

skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.

Engagement Administration, Fees, and Other

We understand that your employees will prepare all cash, accounts receivable, or other confirmations we request and will locate any documents selected by us for testing.

We will provide copies of our reports to the District; however, management is responsible for distribution of the reports and the financial statements. Unless restricted by law or regulation, or containing privileged and confidential information, copies of our reports are to be made available for public inspection.

The audit documentation for this engagement is the property of Carr, Riggs & Ingram, LLC and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to the Florida Auditor General or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of CRI personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies.

Public Records. Auditor shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws of the State of Florida, and specifically shall:

Keep and maintain public records required by the District to perform the services or work set forth in this Agreement; and

Upon the request of the District’s custodian of public records, provide the District with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law; and

Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the contract term and following completion of the Agreement if the Auditor does not transfer the records to the District; and

Upon completion of the Agreement, transfer, at no cost to the District, all public records in possession of the Auditor or keep and maintain public records required by the District to perform the service or work provided for in this Agreement. If the Auditor transfers all public records to the District upon completion of the Agreement, the Auditor shall destroy (except as required by regulation or professional standard to maintain such records) any duplicate public records that are exempt or confidential and exempt from

public disclosure requirements. If the Auditor keeps and maintains public records upon completion of the Agreement, the Auditor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the District, upon request from the District’s custodian of public records, in a format that is compatible with the information technology systems of the District.

Auditor acknowledges that any requests to inspect or copy public records relating to this Agreement must be made directly to the District pursuant to Section 119.0701(3), Florida Statutes. If notified by the District of a public records request for records not in the possession of the District but in possession of the Auditor, the Auditor shall provide such records to the District or allow the records to be inspected or copied within a reasonable time. Auditor acknowledges that should Auditor fail to provide the public records to the District within a reasonable time, Auditor may be subject to penalties pursuant to Section 119.10, Florida Statutes.

IF THE AUDITOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE AUDITOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT/CONTRACT, THE AUDITOR MAY CONTACT THE CUSTODIAN OF PUBLIC RECORDS FOR THE DISTRICT AT:

Rizzetta & Company, Inc.
12750 Citrus Park Lane, Suite 115
Tampa, Florida 33625
TELEPHONE: (813) 933‐5571
EMAIL: kgallant@rizzetta.com

The audit documentation for this engagement will be retained for a minimum of five years after the report release date or for any additional period requested by the Florida Auditor General. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

We expect to begin our audit on approximately December 1, 2019 and to issue our reports no later than May 31, 2020. Stephen C. Riggs is the engagement partner and is responsible for supervising the engagement and signing the reports or authorizing another individual to sign them.

Our fee for these services will be $5,000. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 30 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out‐of‐pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. CRI or the District may terminate this agreement with or without cause by providing thirty (30) days written notice to the

other party. The District will be obligated to pay all invoices for services rendered prior to the date of the notice for termination.

Dispute Resolution

In the event of a dispute between the parties which arises out of or relates to this contract or engagement letter, the breach thereof or the services provided or to be provided hereunder, if the dispute cannot be settled through negotiation, the parties agree that before initiating arbitration, litigation or other dispute resolution procedure, they will first try, in good faith, to resolve the dispute through non‐binding mediation. All parties agree that an alternative form of dispute resolution shall not be undertaken by either party until the expiration of fifteen (15) calendar days following notice being provided to the other party indicating that the dispute cannot be settled through mediation. The mediation will be administered by the American Arbitration Association under its Dispute Resolution Rules for Professional Accounting and Related Services Disputes. The costs of any mediation proceedings shall be shared equally by all parties.

Limitation of Liability

Except as provided in this agreement, CRI shall not be liable for incidental, consequential, exemplary, special, punitive or ancillary damages of any kind alleged as a result of any cause of action from this agreement, whether arising out of breach of contract, tort or otherwise. Unless otherwise stated in this agreement, both CRI and you agree that the total cumulative liability of CRI (including its employees, directors, officers or agents), shall not exceed the amount of fees earned by CRI related to this engagement during the twelve months preceding the event giving rise to the claim, as such amount shall serve as a reasonable prospective estimate of any damages which you may suffer through any breach by CRI of the terms of this agreement, as such damages may be speculative or impossible to calculate. If there are unpaid fees owed to CRI, this cumulative liability will be reduced by the value of the unpaid fees with no additional interest or charges, as CRI retains the right to offset any sums claimed as due and owed by you, by any sums to which it is legally entitled. This limitation shall apply whether or not further damages are foreseeable, or whether either party (or its employees, agents, officers or directors) have been advised of the possibility of such damages.

Governing Law; Venue

This agreement and performance hereunder shall be governed by the laws of the State of Alabama, without reference to any conflict of laws rules or principles. Any action or proceeding arising from or relating to this agreement must be brought in a state or federal court having jurisdiction in Coffee County, Alabama, and each party irrevocably submits to the jurisdiction and venue of any such court in any such action or proceeding and agrees to waive any defenses to venue and jurisdiction including forum non conveniens.

Statute of Limitations

The parties agree that there shall be a one‐year statute of limitation (from the delivery of the service or termination of the contract) for the filing of any requests for arbitration, lawsuit, or proceeding related to this agreement. If such a claim is filed more than one year, or the minimum durational period having been determined as permissible by applicable statutory law or by a court of competent jurisdiction, subsequent to the delivery of the service or termination of the contract, whichever occurs first in time, then it shall be precluded by this provision, regardless of whether or not the claim has accrued at that time.

Electronic Data Communication and Storage and Use of Third Party Service Provider

In the interest of facilitating our services to your company, we may send data over the Internet, securely store electronic data via computer software applications hosted remotely on the Internet, or allow access to data through third‐party vendors’ secured portals or clouds. Electronic data that is confidential to your company may be transmitted or stored using these methods. We may use third‐ party service providers to store or transmit this data, such as, but not limited to, providers of tax return preparation software. In using these data communication and storage methods, our firm employs measures designed to maintain data security. We use reasonable efforts to keep such communications and data access secure in accordance with our obligations under applicable laws and professional standards. We also require our third‐party vendors to do the same.

You recognize and accept that we have no control over, and shall not be responsible for, the unauthorized interception or breach of any communications or data once it has been sent or has been subject to unauthorized access, notwithstanding all reasonable security measures employed by us or our third‐party vendors. You consent to our use of these electronic devices and applications and submission of confidential client information to third‐party service providers during this engagement.

To enhance our services to you, we will use a combination of remote access, secure file transfer, virtual private network or other collaborative, virtual workspace or other online tools or environments. Access through any combination of these tools allows for on‐demand and/or real‐time collaboration across geographic boundaries and time zones and allows CRI and you to share data, engagement information, knowledge, and deliverables in a protected environment. In order to use certain of these tools and in addition to execution of this acknowledgement and engagement letter, you may be required to execute a separate client acknowledgement or agreement and agree to be bound by the terms, conditions and limitations of such agreement. You agree that CRI has no responsibility for the activities of its third‐party vendors supplying these tools and agree to indemnify and hold CRI harmless with respect to any and all claims arising from or related to the operation of these tools. While we may back up your files to facilitate our services, you are solely responsible for the backup of your files and records; therefore, we recommend that you also maintain your own backup files of these records. In the event you suffer a loss of any files or records due to accident, inadvertent mistake, or Act of God, copies of which you have provided to us pursuant to this agreement, we shall not be responsible or obligated to provide you a copy of any such file or record which we may retain in our possession.

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Very truly yours,

CARR, RIGGS & INGRAM, LLC
Certified Public Accountants

RESPONSE:

ark Community Development District.

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Manager, District Accouting Services

Tab 9

REBATE REPORT
$16,220,000
Pier Park Community Development District
Capital Improvement Revenue Refunding Bonds Series 2014

Dated: May 28, 2014
Delivered: May 28, 2014

Rebate Report to the Computation Date May 28, 2024
Reflecting Activity To May 31, 2020

TABLE OF CONTENTS

AMTEC Opinion	3
Summary of Rebate Computations	4
Summary of Computational Information and Definitions	5
Methodology	7
Sources and Uses	8
Proof of Arbitrage Yield	9
Bond Debt Service	10
Arbitrage Rebate Calculation Detail Report – Escrow Fund	11
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Account	12
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credit	13

July 10, 2020

Pier Park Community Development District c/o Ms. Shandra Torres
District Compliance Associate Rizzetta & Company, Inc.
12750 Citrus Park Lane, Suite 115
Tampa, FL 33625

Re:	$16,220,000 Pier Park Community Development District, Capital Improvement Revenue Refunding Bonds, Series 2014

Dear Ms. Torres:

AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of Pier Park Community Development District (the “District”).

The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled our next Report as of May 31, 2021. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo Senior Vice President

Trong M. Tran Analyst

SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the May 28, 2024 Computation Date
Reflecting Activity from May 28, 2014 through May 31, 2020

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Escrow Fund	0.000000%	0.00	(39,608.66)	
Cost of Issuance Account	0.000000%	0.00	(395.65)	
Totals	0.000000%	$0.00	$(40,004.31)	
Bond Yield	3.590222%		
Rebate Computation Credit	(2,272.84)	
Net Rebatable Arbitrage	$(42,277.15)	

Based upon our computations, no rebate liability exists.

4

SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION
For the purpose of computing Rebatable Arbitrage, investment activity is reflected from May 28, 2014, the date of the closing, through May 31, 2020, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of May 28, 2024.
Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.
For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between May 28, 2014 and May 31, 2020, the District made periodic payments into the Debt Service Interest Fund and Revenue / General Account, which were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f) (4) (A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Interest Fund and Revenue / General Account and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

DEFINITIONS

Computation Date
May 28, 2024.

Computation Period
The period beginning on May 28, 2014, the date of the closing, and ending on May 31, 2020.

Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on May 28th, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds.

5

Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds were sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.

Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows:

Fund / Account	US Bank	
Debt Service Interest	209642000	
Revenue / General Account	209642001	
Cost of Issuance	209642002	
Redemption	209642003	
Debt Service Sinking Fund	209642004	
Escrow	209643000	

6

METHODOLOGY
Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of May 31, 2020, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to May 28, 2024. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on May 28, 2024, is the Rebatable Arbitrage.

7

$16,220,000
Pier Park Community Development District Capital Improvement Revenue Refunding Bonds Series 2014
Delivered: May 28, 2014

SOURCES	 	Bond Proceeds	Other Proceeds	Totals 
Par Amount	$16,220,000.00	$16,220,000.00
Prior Redemption Account	$	3,662.37	3,662.37
Prior Reserve Funds		 			1,558,274.95		1,558,274.95 Totals		$16,220,000.00	$1,561,937.32	$17,781,937.32

USES	 	Bond Proceeds	Other Proceeds	Totals 

Escrow Fund	$15,610,465.89	$1,314,460.67	$16,924,926.56	
Capitalized Interest	0.00	247,476.65	247,476.65	
Costs of Issuance		 		609,534.11		0.00		609,534.11 Totals		$16,220,000.00	$1,561,937.32	$17,781,937.32

8

	Present Value	
	to 05/28/2014	
Date	Debt Service	@ 3.5902223247%	
11/01/2014	247,476.65	243,762.19	
05/01/2015	856,149.00	828,427.58	
11/01/2015	281,007.25	267,113.48	
05/01/2016	866,007.25	808,672.89	
11/01/2016	270,506.50	248,143.06	
05/01/2017	875,506.50	788,963.46	
11/01/2017	259,646.75	229,854.75	
05/01/2018	889,646.75	773,679.82	
11/01/2018	248,338.25	212,158.47	
05/01/2019	898,338.25	753,927.74	
11/01/2019	236,670.75	195,122.56	
05/01/2020	911,670.75	738,369.94	
11/01/2020	224,554.50	178,661.44	
05/01/2021	924,554.50	722,627.79	
11/01/2021	211,989.50	162,768.21	
05/01/2022	936,989.50	706,745.46	
11/01/2022	198,975.75	147,435.32	
05/01/2023	948,975.75	690,763.81	
11/01/2023	185,513.25	132,654.65	
05/01/2024	965,513.25	678,232.91	
11/01/2024	171,512.25	118,355.61	
05/01/2025	981,512.25	665,368.91	
11/01/2025	156,972.75	104,535.58	
05/01/2026	996,972.75	652,223.17	
11/01/2026	141,894.75	91,191.08	
05/01/2027	1,011,894.75	638,843.43	
11/01/2027	126,278.25	78,317.84	
05/01/2028	1,026,278.25	625,274.01	
11/01/2028	110,123.25	65,910.92	
05/01/2029	1,045,123.25	614,495.80	
11/01/2029	93,340.00	53,912.85	
05/01/2030	1,058,340.00	600,513.50	
11/01/2030	76,018.25	42,372.93	
05/01/2031	1,081,018.25	591,938.72	
11/01/2031	57,978.50	31,187.73	
05/01/2032	1,097,978.50	580,208.01	
11/01/2032	39,310.50	20,406.64	
05/01/2033	1,114,310.50	568,253.69	
11/01/2033	20,014.25	10,026.48	
05/01/2034	1,135,014.25	558,577.60	
	22,979,916.15	16,220,000.00	
	
Proceeds Summary	

Delivery date	05/28/2014	
Par Value	16,220,000.00	
Target for yield calculation	16,220,000.00	

9

	Dated Date	05/28/2014		
	Delivery Date	05/28/2014		

Period Ending	

Principal	

Coupon	

Interest	

Debt Service	
Annual Debt Service	
11/01/2014			247,476.65	247,476.65		
05/01/2015	565,000	3.590%	291,149.00	856,149.00	1,103,625.65	
11/01/2015			281,007.25	281,007.25		
05/01/2016	585,000	3.590%	281,007.25	866,007.25	1,147,014.50	
11/01/2016			270,506.50	270,506.50		
05/01/2017	605,000	3.590%	270,506.50	875,506.50	1,146,013.00	
11/01/2017			259,646.75	259,646.75		
05/01/2018	630,000	3.590%	259,646.75	889,646.75	1,149,293.50	
11/01/2018			248,338.25	248,338.25		
05/01/2019	650,000	3.590%	248,338.25	898,338.25	1,146,676.50	
11/01/2019			236,670.75	236,670.75		
05/01/2020	675,000	3.590%	236,670.75	911,670.75	1,148,341.50	
11/01/2020			224,554.50	224,554.50		
05/01/2021	700,000	3.590%	224,554.50	924,554.50	1,149,109.00	
11/01/2021			211,989.50	211,989.50		
05/01/2022	725,000	3.590%	211,989.50	936,989.50	1,148,979.00	
11/01/2022			198,975.75	198,975.75		
05/01/2023	750,000	3.590%	198,975.75	948,975.75	1,147,951.50	
11/01/2023			185,513.25	185,513.25		
05/01/2024	780,000	3.590%	185,513.25	965,513.25	1,151,026.50	
11/01/2024			171,512.25	171,512.25		
05/01/2025	810,000	3.590%	171,512.25	981,512.25	1,153,024.50	
11/01/2025			156,972.75	156,972.75		
05/01/2026	840,000	3.590%	156,972.75	996,972.75	1,153,945.50	
11/01/2026			141,894.75	141,894.75		
05/01/2027	870,000	3.590%	141,894.75	1,011,894.75	1,153,789.50	
11/01/2027			126,278.25	126,278.25		
05/01/2028	900,000	3.590%	126,278.25	1,026,278.25	1,152,556.50	
11/01/2028			110,123.25	110,123.25		
05/01/2029	935,000	3.590%	110,123.25	1,045,123.25	1,155,246.50	
11/01/2029			93,340.00	93,340.00		
05/01/2030	965,000	3.590%	93,340.00	1,058,340.00	1,151,680.00	
11/01/2030			76,018.25	76,018.25		
05/01/2031	1,005,000	3.590%	76,018.25	1,081,018.25	1,157,036.50	
11/01/2031			57,978.50	57,978.50		
05/01/2032	1,040,000	3.590%	57,978.50	1,097,978.50	1,155,957.00	
11/01/2032			39,310.50	39,310.50		
05/01/2033	1,075,000	3.590%	39,310.50	1,114,310.50	1,153,621.00	
11/01/2033			20,014.25	20,014.25		
05/01/2034	1,115,000	3.590%	20,014.25	1,135,014.25	1,155,028.50	
	16,220,000		6,759,916.15	22,979,916.15	22,979,916.15	

10

	Escrow Fund		
	
ARBITRAGE REBATE CALCULATION DETAIL REPORT		

DATE	DESCRIPTION	ADJUSTED
RECEIPTS	RECEIPTS
(PAYMENTS)	%	(PAYMENTS)	FUTURE VALUE @ BOND YIELD OF (3.590222%)	
05/28/14	Beg Bal	-16,924,926.56	92.23	-15,610,465.89	-22,282,005.80	
06/16/14	16,924,926.56	92.23	15,610,465.89	22,242,397.14	
05/28/24	TOTALS:	0.00	0.00	-39,608.66	

ISSUE DATE:	05/28/14 COMP DATE:	05/28/24	
REBATABLE ARBITRAGE:	-39,608.66
NET INCOME:	0.00		
BOND	YIELD:	3.590222%	TAX INV	YIELD:	0.000000%	

11

Cost of Issuance Account		

ARBITRAGE REBATE CALCULATION DETAIL REPORT		

RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.590222%)	
05/28/14	Beg Bal	-609,534.11	-870,034.42	
05/28/14	15,000.00	21,410.64	
05/28/14	15,000.00	21,410.64	
05/28/14	324,400.00	463,040.80	
05/28/14	50,550.00	72,153.86	
05/28/14	65,000.00	92,779.45	
05/28/14	45,000.00	64,231.92	
05/28/14	4,750.00	6,780.04	
05/28/14	12,500.00	17,842.20	
05/28/14	50,532.69	72,129.15	
05/28/14	1,750.00	2,497.91	
05/28/14	5,000.00	7,136.88	
06/02/14	4,432.50	6,324.34	
11/28/14	15,618.92	21,900.93	
05/28/24	TOTALS:	0.00	-395.65	

ISSUE DATE:	05/28/14	REBATABLE ARBITRAGE:	
-395.65	
COMP	DATE:	05/28/24	NET	INCOME:	0.00	
BOND	YIELD:	3.590222%	TAX	INV YIELD:	0.000000%	

12

	Rebate Computation Credit		
	
ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.590222%)	
05/28/15	-1,650.00	-2,272.84	
05/28/24	TOTALS:	-1,650.00	-2,272.84	

ISSUE DATE:	05/28/14	REBATABLE ARBITRAGE:	-2,272.84	
COMP DATE:	05/28/24			
BOND YIELD:	3.590222%			

13