October 25, 2023 



Board of Supervisors 

Lake Lizzie Community 

Development District 



Dear Board Members: 



The regular meeting of the Board of Supervisors of the Lake Lizzie Community Development 
District will be held Wednesday, November 1, 2023, at 12:30 PM at the West Osceola Branch 
Library, 305 Campus St., Celebration, FL 34747. Following is the advance agenda for the 
regular meeting: 





Board of Supervisors Meeting 
































1. Roll Call 
2. Public Comment Period 
3. Approval of Minutes of the July 5, 2023, Board of Supervisors Meeting 
4. Consideration of Resolution 2024-01 Ratifying Series 2023 Bonds 
5. Consideration of Resolution 2024-02 Recognizing Developer Contribution of 
Infrastructure 
6. Consideration of Disclosure of Public Finance 
7. Consideration of Arbitrage Rebate Proposal with AMTEC 
8. Staff Reports 
a. Attorney 
b. Engineer 
c. District Manager’s Report 
i. Balance Sheet & Income Statement 
ii. Ratification of Requisitions No. 8-15 
9. Other Business 
10. Supervisors Requests 
11. Adjournment 




MINUTES OF MEETING 

LAKE LIZZIE 

COMMUNITY DEVELOPMENT DISTRICT 

 

 The regular meeting of the Board of Supervisors of the Lake Lizzie Community 
Development District was held Wednesday, July 5, 2023 at 12:30 p.m. at the West Osceola Branch 
Library, 305 Campus Street, Celebration, Florida. 

 

 Present and constituting a quorum: 

 

 Tony Iorio Chairman 

 Rocky Owen Assistant Secretary 

 Tom Franklin Assistant Secretary 

 

 

 Also present were: 

 

 

Tricia Adams District Manager, GMS 

Michelle Rigoni by Zoom District Counsel, Kutak Rock 

Shawn Hindle District Engineer 

Cynthia Wilhelm Bond Counsel 

 

 

 

FIRST ORDER OF BUSINESS Roll Call 

 Mr. Iorio called the meeting to order and called the roll. Three Board members were present 
constituting a quorum. 

 

SECOND ORDER OF BUSINESS Public Comment Period 

 There were no members of the public present for the meeting and there were no members 
of the public on the Zoom line. 

 

THIRD ORDER OF BUSINESS Approval of Minutes of the June 7, 2023, 
Board of Supervisors Meeting 

Ms. Adams presented the minutes from June 7, 2023 Board of Supervisors meeting. She 
noted the minutes have been reviewed by District counsel and District management. 

 


On MOTION by Ms. Iorio, seconded by Mr. Franklin, with all in 
favor, the Minutes of the June 7, 2023 Board of Supervisors Meeting, 
were approved. 

 

FOURTH ORDER OF BUSINESS Consideration of Financing Related Items 

A. Bond Agreements, each by and between the District and Hanover Tyson, LLC 
(“Developer”) 

i. Amended and Restated Acquisition Agreement (Master Project) 

 Ms. Rigoni stated this was previously approved. This has been amended and restated to 
incorporate the amended Master’s Engineer’s report. This was approved at the May meeting. She 
added the terms have stayed the same. 

 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, the Amended and Restated Acquisition Agreement (Master 
Project), was approved. 

 

ii. Completion Agreement 

 Ms. Rigoni stated this obligates the Developer to complete any remaining portions of the 
Series 2023 project as identified in the Master’s Engineer report, or to provide funds for the District 
to complete. This acknowledges the Developer’s required contribution amount of the infrastructure 
in order to meet the targeted assessment levels. 

 

On MOTION by Mr. Franklin, seconded by Mr. Iorio, with all in 
favor, the Completion Agreement, was approved. 

 

iii. True-Up Agreement 

 Ms. Rigoni stated this obligates the Developer to make true-up payments to the District in 
the event there are fewer units within the Series 2023 assessment area. Series 2023 Assessment 
Area equates to Phase 1 and is fully platted at this point. This agreement is only triggered if there 
is a replat. 

 

On MOTION by Mr. Franklin, seconded by Mr. Iorio, with all in 
favor, the True-Up Agreement, was approved. 

 

 


iv. Collateral Assignment and Assumption of Development and Contract Rights 

 Ms. Rigoni stated this would obligate the Developer to sign over any development rights 
to the District if there is a default in payment of the Series 2023 assessments by the Developer, 
including if the District has to foreclose on any of the property due to non-payment of the 
assessments securing the bonds. See added this would not be triggered unless there is a default. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, the Collateral Assignment and Assumption of Development 
and Contract Rights, was approved. 

 

B. Declaration of Consent to Jurisdiction of the District and to Imposition of Debt 
Special Assessment (Series 2023 Assessments) by the Developer 

 Ms. Rigoni stated this declaration is an acknowledgement by the Developer to the proper 
establishment of the District and that the District has authority to issue bonds and levy the 
assessments. It waives that certain prepayment rights and waives rights to challenge the bonds. It’s 
recorded at closing and is binding. 

 

On MOTION by Mr. Franklin, seconded by Mr. Iorio, with all in 
favor, the Declaration of Consent to Jurisdiction of the District and 
the Imposition of Debt Special Assessment (Series 2023 
Assessments) by the Developer, was approved. 

 

C. Declaration of Consent to Jurisdiction of the District and to Imposition of Debt 
Special Assessments (Series 2023 Assessments) by HFB Trinity Place, LLC 

 Ms. Rigoni presented the declaration and noted this provides for additional language 
regarding the true-up process in the event of a replat. This provides clarity and understanding. 

 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, the Declaration of Consent to Jurisdiction of the District and 
to Imposition of Debt Special Assessments (Series 2023 
Assessments) by HFB Trinity Place, LLC, was approved. 

 

D. Presentation of the Final Supplemental Assessment Methodology Report for the 
Series 2023 Bonds 

 Ms. Adams presented the final supplemental assessment methodology report. This has 
been updated from the previous versions to reflect the final terms of the bond issue. She noted the 


narrative and the tables have been updated to include the par amount of $3,535,000 and updated 
the table to include the 5.4% interest rate. She added the assessment level has not changed due to 
the Developer contribution. 

 Ms. Rigoni asked if the lands subject to the assessments received special benefits from the 
District’s Series 2023 project. Ms. Adams replied, yes. 

 Ms. Rigoni asked if the special assessments were reasonably apportioned to the lands 
subject to the assessments. Ms. Adams replied, yes. 

 Ms. Rigoni asked if it was reasonable, proper, and just to assess the costs of the Series 2023 
project against the lands of the District in accordance with the methodology. Ms. Adams replied, 
yes. 

 Ms. Rigoni asked if the special benefits the lands received will be equal to or in excess of 
the Series 2023 assessments. Ms. Adams replied, yes. 

 Ms. Rigoni asked if it was in the best interest of the District that the 2023 assessments be 
paid and collected in accordance with your methodology. Ms. Adams replied, yes. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, the Final Supplemental Assessment Methodology Report for 
the Series 2023 Bonds, was approved. 

 

E. Consideration of Resolution 2023-42 Supplemental Assessment Resolution 

 Ms. Rigoni presented the Supplemental Assessment Resolution and noted this 
supplements the previously approved Master Assessment Resolution 2023-34 and will finalize and 
confirm the terms of the Series 2023 bonds. She highlighted the key terms to include the bond 
purchase contract that was executed on June 29th. The final bond issuance amount will be 
$3,535,000. It has an average interest rate of approximately 5.4% and generated a construction 
fund of $3,100,000. Bonds were sold in four term bonds with final maturity in May of 2053. They 
are expected to close this Friday, July 7th. 

 She added this resolution provides for those key terms of the deal and adopts the amended 
and restated Engineer’s Report, adopts the final form of the Supplemental Assessment 
Methodology. It confirms the lien of the 2023 bonds based on the par amount and of the final terms 
of the bonds. She noted it allocates the 2023 Special Assessments in accordance with the same and 
certifies the collection of the assessments which will start this fall and provides the calculation and 


collection of the true-up payments. This further directs the secretary to perform some 
administrative functions including recording the supplemental notice of assessments and recording 
the same in the District’s lien book. She noted to Shawn Hindle the amended report has not been 
updated since the Board approved it. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, the Resolution 2023-42 Supplemental Assessment Resolution, 
was approved. 

 

F. Consideration of Supplemental Notice of Imposition of Series 2023 Assessments 

Ms. Rigoni presented the supplemental notice of assessments that will be recorded on the 
closing of the bonds. There is no action for the Board. 

 

FIFTH ORDER OF BUSINESS Consideration of Direct Collection 
Agreement with Hanover Tyson, LLC 

 Ms. Rigoni stated the budget adoption and the O&M Assessment Resolution will be 
considered by the Board after the public hearing and relates to the budget process. She added for 
the O&M assessments the District will have those on-roll and off-roll assessments due to some 
remaining lands related to Phase 2 yet to be platted. This agreement is with the Developer as the 
landowner for the unplatted lands receiving those off-roll assessments. It allows the landowner to 
receive off roll billing and placing assessments on roll in the event of non-payment of off-roll 
invoices. She added the Developer had reviewed the agreement. 

 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, the Direct Collection Agreement with Hanover Tyson, LLC, 
was approved. 

 

SIXTH ORDER OF BUSINESS Public Hearing 

 Ms. Adams stated this process will review the budget items for Fiscal Year 2024 and there 
are two public hearings, one on adopting the budget and one on imposing special assessments and 
certifying the assessment roll. She asked for a motion to open both public hearings at the same 
time. 

 


On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, Opening the Public Hearings on the FY 2024 Budget and on 
Imposing Special Assessments, was approved. 

 

A. Consideration of Resolution 2023-43 Adopting Fiscal Year 2024 Budget and Relating 
to the Annual Appropriations 

 Ms. Adams requested public comment. Ms. Adams stated there are no members of the 
public present or attending on Zoom and hearing no comments asked for a motion to close the 
public hearing. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, Closing the Public Hearings on the FY 2024 Budget and on 
Imposing Special Assessments, was approved. 

 

 Ms. Adams stated resolution 2023-43 will adopt the proposed budget for Fiscal Year 2024 
and is included in the agenda package. She noted this fiscal year starts October 1, 2023 and ends 
September 30, 2024. She noted the Board had previously reviewed and approved a proposed 
budget and there were no substantive changes. 

 She presented the budget line items and noted the Administrative portion is proposed at 
$142,566.000 and accounts for the Series 2023 project and administration of bond funds and the 
required reporting. She added that they expect the District to receive the Phase 1 improvements 
after the bond closing and will include field management, pond mowing, and pond maintenance. 
She added the assessment methodology for the operation and maintenance fees follow the debt 
assessment methodology. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, Resolution 2023-43 Adopting Fiscal Year 2024 Budget and 
Relating to the Annual Appropriations, was approved. 

 

B. Consideration of Resolution 2023-44 Imposing Special Assessments and Certifying an 
Assessment Roll 

 Ms. Adams stated resolution 2023-44 will fund the budget by imposing special 
assessments for collection on the tax roll and by direct collection. This will also certify the 
assessment roll to the county tax collector. 


 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, Resolution 2023-44 Imposing Special Assessments and 
Certifying an Assessment Roll, was approved. 

 

SEVENTH ORDER OF BUSINESS Consideration of Aquatic Plant 
Management Agreement with Applied 
Aquatic 

 Ms. Adams stated this agreement is for treatment for algae control that will start once the 
property is conveyed to the District. She noted the monthly cost for the two ponds will be 
$552/month or annually $6,624. She added there was an estimate for 15 months on this agreement. 
She added upon Board approval, District counsel will prepare a form of agreement with all the 
indemnifications and protections for the District. This agreement will not commence until the 
property has been conveyed. 

 A question was asked by the Board on the 15-month contract and the annual fee. Ms. 
Adams clarified that is why she stated the monthly amount. It was noted the correction should be 
made on the amount. This agreement will be effective through September 30, 2024 and when it’s 
time for renewal the agreement will be presented to the Board. 

 

On MOTION by Mr. Franklin, seconded by Mr. Owen, with all in 
favor, the Aquatic Plant Management Agreement with Applied 
Aquatic, was approved pending changes in wording. 

 

EIGHTH ORDER OF BUSINESS Consideration of Landscape Maintenance 
Proposal from Florida Landscape Service 
of Central Florida 

 Ms. Adams stated this vendor has worked on the landscape install. She reviewed the 
proposal with an annual amount of $29,245.05 for mowing of an area. She added the scope had 
been reviewed and she was looking for approval for the proposed terms. 

 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, the Landscape Maintenance Proposal from Florida Landscape 
Service of Central Florida, was approved. 

 

NINTH ORDER OF BUSINESS Staff Reports 


A. Attorney 


 Ms. Rigoni provided a brief update on the approval of the Phase 1 acquisition and 
improvements. She added the scope of the acquisition and price was finalized in consultation with 
the project manager. She noted all form documents have been drafted and will finalized and 
circulated for signatures once the Engineer completes review and provides certificates, which Ms. 
Rigoni has previously sent. She added the plan is to submit the acquisition once completed. It was 
noted the Engineer had submitted his certificates this morning. 

 

B. Engineer 


Mr. Hindle had nothing further to report. 

 

C. District Manager’s Report 
i. Balance Sheet & Income Statement 


 Ms. Adams presented the balance sheet as included in the agenda packet. She noted this is 
for information only. She added it is developer funded until 2024. 

 

ii. Presentation of Registered Voters – 0 


 Ms. Adams stated the number of registered voters currently residing in the District was 
zero. 

 

TENTH ORDER OF BUSINESS Other Business 

There being no comments, the next item followed. 

 

ELEVENTH ORDER OF BUSINESS Supervisors Requests and Audience 
Comments 

There being no comments, the next item followed. 

 

TWELFTH ORDER OF BUSINESS Adjournment 

 

On MOTION by Mr. Iorio, seconded by Mr. Franklin, with all in 
favor, the meeting was adjourned. 

 

 

 


 

________________________ _____________________________ 

Secretary/Assistant Secretary Chairman/Vice Chairman 

 






RESOLUTION 2024-01 
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKE LIZZIE 
COMMUNITY DEVELOPMENT DISTRICT RATIFYING, CONFIRMING, AND 
APPROVING THE SALE OF THE LAKE LIZZIE COMMUNITY DEVELOPMENT 
DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2023 (2023 
ASSESSMENT AREA); RATIFYING, CONFIRMING AND APPROVING THE ACTIONS 
OF THE CHAIRMAN, VICE CHAIRMAN, TREASURER, SECRETARY, ASSISTANT 
SECRETARIES, AND ALL DISTRICT STAFF REGARDING THE SALE AND CLOSING OF 
THE LAKE LIZZIE COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT 
REVENUE BONDS, SERIES 2023 (2023 ASSESSMENT AREA); AND DETERMINING 
SUCH ACTIONS AS BEING IN ACCORDANCE WITH THE AUTHORIZATION 
GRANTED BY THE BOARD; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING 
AN EFFECTIVE DATE. 



WHEREAS, the Lake Lizzie Community Development District (the “District”) is a local unit of 
special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, 
being situated in Osceola County, Florida; and 



WHEREAS, pursuant to Chapter 190, Florida Statutes, the District is authorized to construct, 
install, operate and/or maintain systems and facilities for certain basic infrastructure and other 
infrastructure projects and services necessitated by the development of, and serving lands 
within, the District; and 



WHEREAS, the District, on June 29, 2023, executed Bond Purchase Contract, agreeing to 
the sale of its $3,535,000 Lake Lizzie Community Development District Capital Improvement 
Revenue Bonds, Series 2023 (2023 Assessment Area) (the “Series 2023 Bonds”), at the terms and 
conditions provided therein; and 



WHEREAS, the District has previously considered and adopted a number of resolutions 
relating to the issuance of the Series 2023 Bonds and the imposition of special assessments 
securing the Series 2023 Bonds, including, but not limited to, Resolution Nos. 2023-26, 2023-41, 
2023-24, 2023-25, 2023-30, 2023-34, and 2023-42; and 



WHEREAS, the District, on July 7, 2023, closed on the sale of its Series 2023 Bonds; and 



WHEREAS, as prerequisites to the issuance of the Series 2023 Bonds, the Chairman, Vice 
Chairman, Secretary, Treasurer, Assistant Secretaries, and District Staff, including the District 
Manager, District Assessment Consultant, District Engineer, and District Counsel, were required 
to execute and deliver various documents including, but not limited to: a Master Trust Indenture; 
a First Supplemental Trust Indenture; a Bond Purchase Agreement; a Preliminary Limited Offering 
Memorandum; a Limited Offering Memorandum; a specimen of the Series 2023 Bonds; a 
Certificate of the District Engineer; a Certificate of the District Manager and Methodology 
Consultant to the District; an Order to Authenticate and Deliver the Series 2023 Bonds; an 


Amended and Restated Master Engineer’s Report, dated November 2, 2022, as updated May 31, 
2023; a First Supplemental Assessment Methodology for the Series 2023 Bonds, dated June 29, 
2023; a Continuing Disclosure Agreement between the District, Hanover Tyson, LLC, a Florida 
limited liability company (the “Developer”), and a dissemination agent; an Amended and 
Restated Acquisition Agreement (Master Project) between the District and Developer; a 
Completion Agreement (Series 2023 Bonds – Phase 1) between the District and Developer; a 
True-Up Agreement (Series 2023 Assessments) between the District and Developer; a Collateral 
Assignment and Assumption Agreement (Series 2023 Bonds) between the District and Developer; 
a Declaration of Consent to Jurisdiction of the District and to Imposition of Debt Special 
Assessments (Series 2023 Assessments) between the District and Developer; a Declaration of 
Consent to Jurisdiction of the District and to Imposition of Debt Special Assessments (Series 2023 
Assessments) between the District and HFB Trinity Place, LLC; Notice of Special Assessments / 
Government Lien of Record (Series 2023 Assessments); opinion of counsel to the District; and 
Internal Revenue Service Form 8038-G (collectively, the “Closing Documents”); and 

 

 WHEREAS, the District finds that the sale, closing, and issuance of the Series 2023 Bonds 
was in the best interests of the District, and the District desires to ratify, confirm, and approve all 
actions of the District Chairman, Vice Chairman, Secretary, Treasurer, Assistant Secretaries, and 
District Staff in closing the issuance of the Series 2023 Bonds; and 

 

 WHEREAS, the District has incurred certain expenses in finalizing the sale, closing, and 
issuance of the Series 2023 Bonds, the costs of which are not to exceed those reflected in Exhibit 
A attached hereto (the “Costs of Issuance”); and 

 

 WHEREAS, the District finds the expenses incurred in finalizing the closing and issuance of 
the Series 2023 Bonds to be reasonable and in the best interests of the District, and the District 
desires to ratify payments made in relation to the closing and issuance of the Series 2023 Bonds. 

 

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF 
SUPERVISORS OF THE LAKE LIZZIE COMMUNITY DEVELOPMENT 
DISTRICT: 

 

 SECTION 1. The sale, issuance, and closing of the Series 2023 Bonds and the adoption 
of resolutions relating to the Series 2023 Bonds under the terms and conditions set forth therein 
serve a public purpose and are in the best interests of the District and are hereby ratified, 
approved, and confirmed. 

 

 SECTION 2. The resolutions levying and imposing the special assessments securing the 
Series 2023 Bonds remain in full force and effect and are hereby ratified and confirmed in all 
respects. 

 

 SECTION 3. The actions of the Chairman, Vice Chairman, Secretary, Treasurer, 
Assistant Secretaries, and all District Staff in finalizing the closing and issuance of the Series 2023 
Bonds, including the execution and delivery of the Closing Documents, and such other 


certifications or other documents required for the closing on July 7, 2023, are hereby ratified, 
approved, and confirmed in all respects. Copies of the Closing Documents are included in the 
Series 2023 Bond transcript on file at the District Manager’s Office located at 219 East Livingston 
Street, Orlando, Florida 32801. Said documents are specifically ratified, confirmed, and approved 
in all respects. 



SECTION 4. The Costs of Issuance listed in Exhibit A to this Resolution reflects 
reasonable, not to exceed costs incurred by the District in finalizing the sale, closing, and issuance 
of the Series 2023 Bonds necessary for financing the installation and construction of District 
infrastructure. Pursuant to the First Supplemental Trust Indenture for the Series 2023 Bonds, 
any remaining balance in the Series 2023 Costs of Issuance Account will be transferred to the 
Series 2023 Acquisition and Construction Account on or around 01/07/2024. The costs reflected 
in Exhibit A are hereby ratified, confirmed, and approved. 



SECTION 5. The invalidity or unenforceability of any one or more provisions of this 
Resolution shall not affect the validity or enforceability of the remaining portions of this 
Resolution or any part of this Resolution not held to be invalid or unenforceable. 



SECTION 6. This Resolution shall become effective upon its passage. 



PASSED AND ADOPTED this 1st day of November 2023. 





ATTEST: LAKE LIZZIE COMMUNITY 

DEVELOPMENT DISTRICT 







_____________________________ _______________________________ 

Secretary/Assistant Secretary Chairman, Board of Supervisors 








EXHIBIT A 



Costs of Issuance: 



Fee Description 

NTE Amount 

Paid as of 
10/26/2023 

Difference 

Bond Counsel 

$45,000.00 

$45,000.00 

$0.00 

District Counsel 

$45,000.00 

$45,000.00 

$0.00 

Underwriter's Counsel 

$35,000.00 

$35,000.00 

$0.00 

District Manager 

$15,000.00 

$15,000.00 

$0.00 

Assessment Consultant 

$15,000.00 

$15,000.00 

$0.00 

District Engineer 

$1,500.00 

$.00 

$1,500.00 

Trustee 

$6,325.00 

$6,125.00 

$200.00 

Trustee's Counsel 

$6,000.00 

$6,000.00 

$0.00 

Electronic Distribution 

$2,250.00 

$2,000.00 

$250.00 

Contingency 

$5,000.00 

$.00 

$5,000.00 

Total Costs of Issuance 

$176,075 

$169,125 

$6,950 





NOTE: The Trustee is directed to pay the professionals their fees upon receipt of invoices submitted 
in the amounts referenced above pursuant to the requisition process set forth in the trust 
indentures relating to the Series 2023 Bonds. 








RESOLUTION 2024-02 
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKE LIZZIE 
COMMUNITY DEVELOPMENT DISTRICT ACCEPTING A CERTIFICATE OF DISTRICT 
ENGINEER; RATIFYING, CONFIRMING AND APPROVING ACQUISITION OF PHASE 
1 IMPROVEMENTS AND REQUISITION OF FUNDS, RECOGNIZING THE 
INFRASTRUCTURE CONTRIBUTION OF SERIES 2023 PROJECT INFRASTRUCTURE; 
APPROVING UNFUNDED REQUISITION AMOUNT FOR FUTURE REQUISITION; 
PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. 



WHEREAS, the Lake Lizzie Community Development District (the “District”) is a local unit of 
special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, 
being situated in Osceola County, Florida; and 



WHEREAS, pursuant to Chapter 190, Florida Statutes, the District is authorized to construct, 
install, operate and/or maintain systems and facilities for certain basic infrastructure, including, 
but not limited to, roadways, stormwater management systems, potable and reclaimed water 
and sewer systems, utilities and other infrastructure, and associated professional fees for 
permitting, engineering and designing of the improvements necessitated by the development of, 
and serving lands within, the District; and 



WHEREAS, Hanover Tyson, LLC (the “Developer”) is the owner and primary developer of 
the lands within the boundaries of the District (the “Development”); and 



WHEREAS, the District has adopted an improvement plan to finance the planning, design, 
acquisition, construction, and installation of certain infrastructure improvements, facilities, and 
services (“Master Project”) as detailed in the Amended and Restated Master Engineer’s Report, 
dated November 2, 2022, as updated May 31, 2023 (the “Engineer’s Report”); and 



WHEREAS, the District previously issued its $3,535,000 Lake Lizzie Community 
Development District Capital Improvement Revenue Bonds, Series 2023 (2023 Assessment Area) 
(the “Series 2023 Bonds”) pursuant to that certain Master Trust Indenture (“Master Indenture”), 
as supplemented by the First Supplemental Trust Indenture (“Supplemental Indenture,” and 
together with the Master Indenture, the “Indenture”), both dated June 1, 2023, and by and 
between the District and U.S. Bank Trust Company, National Association (“Trustee”), in order to 
fund a portion of the Master Project (the “2023 Project”) as further described in the Engineer’s 
Report, and levied special assessments for the repayment of the Series 2023 Bonds (the 
“Assessments”), as further detailed in that certain Master Assessment Methodology, dated 
November 2, 2022 (the “Master Assessment Report”), as supplemented by the First 
Supplemental Assessment Methodology for the Series 2023 Bonds, dated June 29, 2023 (the 
“2023 Assessment Report” and together with the Master Assessment Report, the “Assessment 
Report”); and 




WHEREAS, in connection with the issuance of Series 2023 Bonds, the District and Developer 
entered into various financing agreements, including the Completion Agreement (Series 2023 
Bonds – Phase 1) dated July 7, 2023 (“Completion Agreement”); and 



WHEREAS, as reflected in the Completion Agreement and the Assessment Report, the 
Assessment levels were determined based on targeted annual assessment installments provided 
by the Developer to achieve certain market-level, end user assessments; and 



 WHEREAS, in order to achieve the targeted Assessment levels under the methodology 
provided in the Assessment Report, the Completion Agreement and 2023 Assessment Report 
requires that the Developer shall contribute Master Project infrastructure to satisfy the reduction 
of Assessments to certain targeted market-level assessments; and 



WHEREAS, based on the product types and number of units anticipated to fully absorb the 
Assessments, the Developer’s required in-kind contribution of infrastructure totals $620,000 
(“Infrastructure Contribution Requirement”); and 



WHEREAS, on or about August 29, 2023, the District accepted and acquired certain 
infrastructure improvements that comprise a portion of the 2023 Project, as further described in 
the District Engineer’s certificate attached hereto as Exhibit A (“Infrastructure”), for which the 
costs to construct were advanced by the Developer in a total amount of $8,995,016.10 (or 
$9,940,816.95 once retainage is paid) (“Phase 1 Acquisition Cost”), as further set forth in Exhibit 
B attached hereto; and 



WHEREAS, pursuant to Requisition #3, the District paid $2,994,716.29 in Series 2023 Bond 
proceeds for the acquired Infrastructure (“Requisition Payment”); and 



WHEREAS, as requested by the Developer, the District desire to (i) recognize and accept 
$620,000 of the Phase 1 Acquisition Cost as a Contribution (as defined in the Completion 
Agreement) in full satisfaction of Developer’s Infrastructure Contribution Requirement; and (ii) 
recognize the remaining $5,380,299.811 in Phase 1 Acquisition Cost as unfunded Costs of the 
2023 Project (“Unfunded Requisition Amount”), as further set forth in Exhibit B attached hereto; 
and 

1 Note, the Unfunded Requisition Amount may increase to $6,326,100.66 once its confirmed that the retainage 
associated with the Infrastructure has been paid. 



WHEREAS, pursuant to Section 403 of the Supplemental Indenture, the District further 
desires to recognize that the Unfunded Requisition Amount is eligible to be paid as future funds, 
if any, are released and deposited into the Series 2023 Acquisition and Construction Account, 
including but not limited to as a result of satisfying Reserve Account Release Conditions (as 
defined in the Supplemental Indenture). 




NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE 
LAKE LIZZIE COMMUNITY DEVELOPMENT DISTRICT: 

 

SECTION 1. Acceptance of Engineer’s Certificate. The District hereby accepts the 
District Engineer’s certificate regarding the Infrastructure attached hereto as Exhibit A certifying, 
inter alia, the Infrastructure as complete, the Infrastructure as within the scope of the 2023 
Project, and the total Phase 1 Acquisition Costs of the Infrastructure. 

 

SECTION 2. Ratifying Acquisition of Infrastructure and Requisition of Funds. The 
District hereby ratifies, confirms and approves the acquisition of Infrastructure at the Phase 1 
Acquisition Cost amount and requisition of Series 2023 Bond funds in the Requisition Payment 
amount to acquire such Infrastructure. 

 

SECTION 3. Contribution Recognized. The District hereby recognizes, accepts, and 
acknowledges $620,000 of the Phase 1 Acquisition Costs as an infrastructure Contribution in the 
amount of $620,000. The District hereby acknowledge that such Contribution satisfies the 
Developer’s Infrastructure Contribution Requirement in full as provided in the Completion 
Agreement and the Assessment Report. 

 

SECTION 4. Approving Unfunded Requisition Amount; Authorizing Future 
Requisition. Pursuant to Section 4.01 of the Supplemental Indenture, the District acknowledges 
and approves $5,380,299.812 as the Unfunded Requisition Amount, as further set forth in Exhibit 
B, and authorizes and directs the District’s Consulting Engineer and Responsible Officer, as such 
terms are defined in the Supplemental Indenture, to submit a requisition to pay for the Unfunded 
Requisition Amount as future funds are released and deposited in the Series 2023 Acquisition 
and Construction Account. 

2 Note, the Unfunded Requisition Amount may increase to $6,326,100.66 once its confirmed that the retainage 
associated with the Infrastructure has been paid. 

 

SECTION 5. Severability. If any provision of this Resolution is held to be illegal or 
invalid, the other provisions shall remain in full force and effect. 

 

SECTION 6. Effective Date. This Resolution shall become effective upon its passage 
and shall remain in effect unless rescinded or repealed. 

 

[remainder of page left intentionally blank] 


PASSED AND ADOPTED this ___ day of ________________ 2023. 

 

ATTEST: LAKE LIZZIE COMMUNITY 

 DEVELOPMENT DISTRICT 

 

 

______________________________ _______________________________ 

Secretary/Assistant Secretary . Chairman . Vice Chairman 

 Board of Supervisors 

 

 

Exhibit A: Engineer’s Certificate Regarding Infrastructure 

Exhibit B: Summary Chart of Phase 1 Acquisition Costs 


Exhibit A: 

Engineer’s Certificates Regarding Costs of Infrastructure 

 

 

 

 

 


 

 

 

 

 

 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 


 

 

 

 

 

 


Exhibit B: 

Summary Chart of Phase 1 Acquisition Costs 

 

Trinity Place – Phase 1 Improvements 

Eligible Costs 

Retainage1 
(10%) 

Phase 1 Acquisition 
Cost 

Master Stormwater, Potable Water, Reclaimed Water, 
Sanitary Sewer, Lift Station and Roadway 
Improvements 

 $9,469,286.95 

$945,800.85 

$8,523,486.10 

Electrical Conduit 

$471,530 

$0 

$471,530.00 

Sub-TOTAL 

$9,940,816.95 

$945,800.85 

$8,995,016.10 

(Less) Infrastructure Contribution Requirements2 

($620,000.00) 

-- 

($620,000.00) 

TOTAL 

$9,320,816.95 

 

$8,375,016.10 

 

 

 

 

TOTAL ELIGIBLE 

PHASE 1 ACQUISITION COST3 

$9,320,816.95 

 

$8,375,016.10 

(Less) Requisition Payment 

($2,994,716.29) 

 

($2,994,716.29) 

Unfunded Requisition Amount4 

$6,326,100.66 

 

$5,380,299.81 



 

Footnotes: 

1 Any Retainage related to the Phase 1 Acquisition Cost shall be requisitioned by the District only upon notice from the 
District Engineer that the Retainage has been released to the contractor(s). 

2 Required Developer Contribution as required and as set forth in that certain Completion Agreement (Series 2023 Bonds 
– Phase 1) dated July 7, 2023, and the First Supplemental Assessment Methodology Report for the Series 2023 Bonds, 
dated June 29, 2023. 

3 Note, the Phase 1 Acquisition Costs eligible for payment out of the Series 2023 Acquisition and Construction Account 
total $8,375,016.10 (or $9,320,816.95 once retainage is paid), which exceeds the amount available for payment in the 
Series 2023 Acquisition and Construction Account as of the date of the Requisition Payment. 

4 Represents the remaining Phase 1 Acquisition Cost not paid pursuant to the Requisition Payment or recognized in 
satisfaction of the Infrastructure Contribution Requirement and eligible to be paid as future funds may be released and 
deposited in the Series 2023 Acquisition and Construction Account, under Section 403 of the First Supplemental Trust 
Indenture, dated as of July 1, 2023, all in accordance therewith. 

 

 

 


This instrument was prepared by: 



Michelle K. Rigoni 

Kutak Rock LLP 

107 W College Ave 

Tallahassee, Florida 32301 











LAKE LIZZIE COMMUNITY DEVELOPMENT DISTRICT 

DISCLOSURE OF PUBLIC FINANCE 



The Lake Lizzie Community Development District (“District”) is a unit of special-purpose local government 
created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Under Florida law, 
community development districts are required to take affirmative steps to provide for the full disclosure 
of information relating to the public financing and maintenance of improvements to real property 
undertaken by such districts. 



WHAT IS THE DISTRICT AND HOW IS IT GOVERNED? 



The District is an independent special taxing district, created pursuant to and existing under the provisions 
of Chapter 190, Florida Statutes, and established by Ordinance No. 2022-108, which was enacted by the 
Board of County Commissioners of Osceola County, Florida (“County”), which became effective on 
October 25, 2022. The District currently encompasses approximately 72.18 acres of land located entirely 
within the unincorporated portions of the County. The legal description of the lands encompassed within 
the District is attached hereto as Exhibit A. As a local unit of special-purpose government, the District 
provides an alternative means for planning, financing, constructing, operating and maintaining various 
public improvements and community facilities within its jurisdiction. 



The District is governed by a five-member Board of Supervisors (“Board”), the members of which are 
initially elected by landowners within the District and must be a resident of the State and a citizen of the 
United States. Upon the later of six (6) years after the District’s establishment and the year when the 
District next attains at least two hundred fifty (250) qualified electors, Supervisors whose terms are 
expiring will begin to be elected by qualified electors of the District. A qualified elector is a registered 
voter of the County who is at least eighteen (18) years of age, a resident of the District and the State, and 
a citizen of the United States. At the first qualified elector election, two of the Supervisor seats up for 
election must be filled by qualified electors and be elected by qualified electors, each elected to four-year 
terms. The seat of the remaining Supervisor up for election shall be filled by a Supervisor who is elected 
by the landowners for a four-year term and who is not required to be a qualified elector. Thereafter, as 
terms expire, all Supervisors must be qualified electors and must be elected by qualified electors to serve 
staggered four-year terms. 



For more information about the District, please visit: http://www.lakelizziecdd.com. Alternatively, please 
contact the District’s Manager, c/o Governmental Management Services – Central Florida, LLC, 219 East 
Livingston Street, Orlando, Florida 32801, (407) 841- 5524 (“District Office”). 




 DESCRIPTION OF PROJECTS, BONDS & ASSESSMENTS 

 

The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, 
equip, operate, extend, construct, or reconstruct roadways, stormwater management facilities, utilities 
(water, sewer, and reuse), offsite improvements, landscape/irrigation/hardscape improvements, and 
other infrastructure projects, and services necessitated by the development of, and serving lands within, 
the District. To finance the construction of such projects, the District is authorized to issue bonds that are 
secured by special assessments levied against properties within the District that are benefitted by the 
projects. 

 

2023 Bonds & Assessments 

 

On July 7, 2023, the District issued its $3,535,000 Capital Improvement Revenue Bonds, Series 2023 (2023 
Assessment Area) (“Bonds”) to finance a portion of its capital improvement plan known as the “Series 
2023 Project” (“Project”). The Project includes, among other things, stormwater management 
infrastructure, water, sewer, and reclaim utilities, roadways, landscape, irrigation, hardscape and trails, 
undergrounding of conduit, environmental conservation / mitigation, and related professional services. 
The Project is estimated to cost approximately $18,372,400, and is described in more detail in the 
Amended and Restated Master Engineer’s Report, dated November 2, 2022, as updated May 31, 2023 
(“Engineer’s Report”). 

 

The Bonds are secured by debt service special assessments (“Assessments”) levied and imposed on the 
benefitted lands within the District. The Assessments are further described in the Master Assessment 
Methodology, dated November 2, 2022, and as supplemented by the First Supplemental Assessment 
Methodology for the Series 2023 Bonds, dated June 29, 2023 (together, the “Assessment Report”). Please 
contact the District Office for more information regarding the allocation of the Assessments. 

 

The District may issue additional bonds to fund portions of the Project not funded by the Bonds or may 
undertake the construction, acquisition, or installation of other future improvements and facilities, which 
may be financed by bonds, notes or other methods authorized by Chapter 190, Florida Statutes. 

 

Operation and Maintenance Assessments 

 

In addition to the Assessments, the District may also impose on an annual basis operations and 
maintenance assessments (“O&M Assessments”), which are determined and calculated annually by the 
Board in order to fund the District’s annual operations and maintenance budget. O&M Assessments are 
levied against benefitted lands in the District, and may vary from year to year based on the amount of the 
District’s budget. O&M Assessments may also be affected by the total number of units that ultimately are 
constructed within the District. The allocation of O&M Assessments is set forth in the resolutions 
imposing such O&M Assessments. Please contact the District Office for more information regarding the 
allocation of O&M Assessments. 

 

Collection Methods 

 

For any given fiscal year, the District may elect to collect any special assessment for any lot or parcel by 
any lawful means. Generally speaking, the District may elect to place a special assessment on that portion 
of the annual real estate tax bill, entitled “non-ad valorem assessments,” which would then be collected 
by the Osceola County Tax Collector in the same manner as County ad valorem taxes. Alternatively, the 


District may elect to collect any special assessment by sending a direct bill to a given landowner. The 
District reserves the right to change collection methods from year to year. 

 

A detailed description of all of the District’s assessments, fees and charges, as well as copies of the 
Engineer’s Report, Assessment Report, and other District records described herein, may be obtained from 
the registered agent of the District as designated to the Florida Department of Commerce in accordance 
with Section 189.014, Florida Statutes, or by contacting the District Office. Please note that changes to 
the District’s capital improvement plans and financing plans may affect the information contained herein 
and all such information is subject to change at any time and without further notice, amendment, or 
supplementation hereunder. 

 

[THIS SPACE INTENTIONALLY LEFT BLANK] 


IN WITNESS WHEREOF, the foregoing Disclosure of Public Finance has been executed to be 
effective as of the ___ day of _________________ 2023. 

 

WITNESS 

By: 

Name: 

LAKE LIZZIE COMMUNITY DEVELOPMENT 
DISTRICT 

 

 

By: 

Name: 

Title: 

 

By: 

Name: 

 

 

 

 



STATE OF FLORIDA 

COUNTY OF _____________ 

The foregoing instrument was acknowledged before me by means of . physical presence or . 
online notarization, this _____ day of __________, 2023, by _________________________, as 
_________________ of LAKE LIZZIE COMMUNITY DEVELOPMENT DISTRICT, who appeared before me this 
day in person, and who is either personally known to me, or produced ______________________ as 
identification. 

 

 

 

 

 (NOTARY SEAL) 

 

____________________________________ 

NOTARY PUBLIC, STATE OF FLORIDA 

 

Name:_____________________________ 

(Name of Notary Public, Printed, Stamped or 
Typed as Commissioned) 



EXHIBIT A: Legal Description of Boundaries of District 


EXHIBIT A 

Legal Description of Boundaries of District 

 


Lake Lizzie 

Community Development District 



Funding Request #8 

June 13, 2023 



Bill to: 

Hanover Tyson, LLC 



CAPITAL PROJECTS 
(1) 

General Fund 

FY2023 

FY2023 



Payee 



1 

Governmental Management Services 

Invoice #8 - June 2023 



1,822.70 $ 



2 

Kutak Rock LLP 

Invoice # 3225776 - General Counsel - April 2023 

Invoice # 3225777 - Bond Validation - April 2023 



$ 518.00 



$ 254.75 



3 

Supervisor Fees - 06/07/23 meeting 

Duane "Rocky" Owen 

Thomas Franklin 



$ 215.30 

$ 215.30 



$ 254.75 

$ 2,771.30 



Total: 



$ 3,026.05 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #9 

June 30, 2023 



Bill to: 

Hanover Tyson, LLC 



CAPITAL PROJECTS 
(1) 

General Fund 

FY2023 

FY2023 



Payee 



1 

Kutak Rock LLP 

Invoice # 3238060 - General Counsel - May 2023 

Invoice # 3238062 - Project Construction - April 2023 



2,029.50 $ 



$ 1,035.50 



$ 1,035.50 

$ 2,029.50 



Total: 



$ 3,065.00 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #10 

July 17, 2023 



Bill to: 

Hanover Tyson, LLC 



General Fund 

FY2023 



Payee 



1 

Governmental Management Services 

Invoice # 10 - Management Fees - July 2023 



1,826.69 $ 



2 

Orlando Sentinel 

Invoice # 075199853000 - Legal Advertising 



$ 1,390.00 



3 

Supervisor Fees - 07/05/23 meeting 

Duane "Rocky" Owen 

Thomas Franklin 



$ 2 15.30 

$ 2 15.30 



$ 3,647.29 



Total: 



$ 3,647.29 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #11 

July 28, 2023 



Bill to: 

Hanover Tyson, LLC 



CAPITAL PROJECTS 
(1) 

General Fund 

FY2023 

FY2023 



Payee 



1 

Kutak Rock LLP 

Invoice # 3252928 - General Counsel - June 2023 

Invoice # 3252946 - Project Construction - June 2023 



2,056.00 $ 



$ 3,079.00 



$ 3,079.00 

$ 2,056.00 



$ 5,135.00 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #12 

August 11, 2023 



Bill to: 

Hanover Tyson, LLC 



General Fund 

FY2023 



Payee 



1 

Governmental Management Services 

Invoice # 11 - Management Fees - August 2023 



3,793.65 $ 



$ 3,793.65 



$ 3,793.65 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #13 

September 15, 2023 



Bill to: 

Hanover Tyson, LLC 



General Fund 

FY2023 



Payee 



1 

Governmental Management Services 

Invoice # 12 - Management Fees - September 2023 



3,791.67 $ 



2 

Kutak Rock LLP 

Invoice # 3265513 - General Counsel - July 2023 



$ 559.00 



$ 4 ,350.67 



$ 4,350.67 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #14 

September 25, 2023 



Bill to: 

Hanover Tyson, LLC 



General Fund 

FY2024 



Payee 



1 

Egis Insurance & Risk Advisors, LLC 

Invoice # 19216 - FY24 Insurance Policy 



5,000.00 $ 



$ 5,000.00 



$ 5,000.00 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822 




Lake Lizzie 

Community Development District 



Funding Request #15 

October 16, 2023 



Bill to: 

Hanover Tyson, LLC 



General Fund 

General Fund 

FY2023 

FY2024 



Payee 



1 

Governmental Management Services 

Invoice # 13 - Management Fees - October 2023 



3,795.10 $ 



Kutak Rock LLP 

Invoice # 3282425 - General Counsel - August 2023 



$ 535.69 



$ 535.69 

$ 3 ,795.10 



Total: 



$ 4,330.79 



Please make check payable to: 



Lake Lizzie Community Development District 

6200 Lee Vista Blvd, Suite 300 

Orlando, FL 32822