Blackburn Creek Community Development District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
www.blackburncreekcdd.com
The meeting of the Board of Supervisors for the Blackburn Creek Community Development District will be held Wednesday, September 14, 2022, at 11:30 a.m. located at 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. The following is the proposed agenda for this meeting.

Call in number: 1-844-621-3956 Passcode: 790 562 990 #
BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters
Call to Order
Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]

General Business Matters

Consideration of the Minutes of the August 10, 2022, Board of Supervisors’ Meeting
Presentation of the Bond Market and Consideration of Investment Banking Agreement
District Engineer Presentation of Capital Projects Turnover and Completion Status
Review of Capital Account Balances
Ratification of Payment Authorizations 181 - 182
Review of District Financial Statements

Other Business

Staff Reports
District Counsel
District Engineer
District Manager
Audience Comments
Supervisors Requests

Adjournment 

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Minutes of the August 10, 2022, Board of Supervisors’ Meeting

MINUTES OF MEETING

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS MEETING MINUTES
Wednesday, August 10, 2022, at 11:30 a.m.
5800 Lakewood Ranch Blvd., Sarasota, FL 34240

Board Members Present via Speaker or in Person:

Kevin Johnson	Chairperson
Jerald Dell	Vice Chairperson
David Trast	Assistant Secretary
Kirk Fegley	Assistant Secretary
Pete Williams	Assistant Secretary		(via phone) (via phone)	
Also Present via Speaker or in Person:			
Vivian Carvalho  District Manager- PFM Group Consulting LLC Venessa Ripoll	District Manager- PFM Group Consulting LLC Rick Montejano   Accountant - PFM Group Consulting LLC
Bill Conerly	District Engineer- Kimley-Horn	
(via phone) (via phone) (via phone)	

FIRST ORDER OF BUSINESS	
Organizational Matters		

Call to Order and Roll Call

The Board of Supervisors’ Meeting for Blackburn Creek CDD was called to order at 11:36 a.m. by Ms. Carvalho and she proceeded with roll call and confirmed quorum to proceed with the meeting. Those in attendance are outlined above either in person or via speaker phone.

Public Comment Period

There were no public comments at this time.

SECOND ORDER OF BUSINESS	General Business Matters

Consideration of the Minutes of the July 13, 2022, Board of Supervisors’ Meeting

The Board reviewed Minutes of the July 13, 2022, Board of Supervisors’ Meeting.

ON MOTION by Mr. Williams seconded by Mr. Dell, with all in favor, the Board approved the Minutes of the July 13, 2022, Board of Supervisors’ Meeting.

Review & Acceptance of Fiscal Year 2021 Audit Report

Mr. Fegley asked can the conveyance expense be explained. Mr. Williams explained when conveying things to other forms of government there is no financial transaction between the two. He stated that’s its common among local agency and Districts. Therefore, the District have the capability of building the public infrastructure and either owning it themselves or dedicating it over to the local government or state.

ON MOTION by Mr. Trast seconded by Mr. Dell, with all in favor, the Board accepted the Fiscal Year 2021 Audit Report.

Public Hearing on Adopting the Fiscal Year 2023 Budget and Appropriating Funds
Public Comments and Testimony
Board Comments
Consideration of Resolution 2022-07, Adopting the Fiscal Year 2023 Budget and Appropriating Funds

ON MOTION by Mr. Williams seconded by Mr. Fegley, with all in favor, the Board opened the public hearing.

Ms. Carvalho stated prior to the meeting today the District management advertised the 2 consecutive runs to hold this hearing. In addition, this proposed budget was submitted to the County of Jurisdiction as well as posted on the website. Ms. Carvalho noted nothing has changed in the terms of the overall number, and as the end of the Fiscal Year gets closer if anything gets expensed the carryforward amount will change.

ON MOTION by Mr. Williams seconded by Mr. Dell, with all in favor, the Board closed the public hearing.

Ms. Carvalho stated that all these appropriating funds, the Budget that the Board just approved, and the Debt Service Budget for the bond repayments will be filed in under resolution 2022-07.

ON MOTION by Mr. Williams seconded by Mr. Johnson, with all in favor, the Board approved Resolution 2022-07, Adopting the Fiscal Year 2023 Budget and Appropriating Funds.

Consideration of Resolution 2022-08 Adopting an Assessment Roll for Fiscal Year 2023 and Certifying Special Assessments for Collection

ON MOTION by Mr. Williams seconded by Mr. Fegley, with all in favor, the Board approved resolution 2022-08, Adopting an Assessment roll for Fiscal Year 2023 and Certifying Special Assessments for Collection.

Consideration of Resolution 2022-09, Adopting the Annual Meeting Schedule for Fiscal Year 2022-2023

Ms. Carvalho stated the Board will try to maintain the same schedule for the second Wednesday of the month at 11:30 a.m.

ON MOTION by Mr. Williams seconded by Mr. Trast, with all in favor, the Board approved Resolution 2022-09, Adopting the Annual Meeting Schedule for Fiscal Year 2022-2023.

District Engineer Presentation of Capital Projects Turnover and Completion Status

Mr. Conerly noted he has submitted the last certification for all the construction which is the environmental resource permit certification for mass grading, and it is under review. He stated this should be closed out soon but could take between 30 and 60 days. No action was required by the Board.

Review and Consideration of Certificate of Completion for 2018 Bond Series

Mr. Conerly stated the developer provided additional information related to the capital fund, like some of the qualifying cost regarding reimbursement to the developer. He noted he might have to go work through the 2018 Bond Series of pay requests to make sure everything is good. He stated other than that the work is completed and certified.

Mr. Williams stated he will make a motion to approve this in substantial form for final review between Mr. Conerly and Counsel, then authorize the Chairman to accept it and file with US Bank for the completion of the 2018 Bond Series.

Ms. Carvalho stated once the analysis is done, if there’s changes to incorporate, then the Board will have the final version reviewed by Counsel and the Chair prior to management submitting to US Bank.

ON MOTION by Mr. Williams, seconded by Mr. Dell, with all in favor, the Board approved the Certificate of Completion for 2018 Bond Series, subject to final sign off by the District Engineer reviewed by District Counsel prior to District Chair executing the Certificate and submitting to US Bank.

Review and Acceptance of the Arbitrage Rebate Calculation Report

Ms. Carvalho stated this is the latest arbitrage rebate that was completed. She explained this is tied to the 2013 Series Bond and it’s a requirement for such report be completed per the Trust Indenture for the Bonds. The is no arbitrage calculated in the report.

ON MOTION by Mr. Williams seconded by Mr. Dell, with all in favor, the Board accepted the Arbitrage Rebate Calculation Report for Series 2013 Bonds.

Ratification of Payment Authorizations 179-180

Ms. Carvalho requested a motion to ratify payment authorizations 179-180.

ON MOTION by Mr. Williams seconded by Mr. Dell, with all in favor, the Board ratified Payment Authorizations 179-180.

eview of District Financial Statements

The Board reviewed the Financial Statements as of June 30, 2022.

ON MOTION by Mr. Williams, seconded by Mr. Fegley, with all in favor, the Board accepted the District Financial Statements as of June 30, 2022.

THIRD ORDER OF BUSINESS	Staff Reports

District Counsel –	Not present

District Engineer –	Not present

District Manager –	Ms. Carvalho noted the next meeting is scheduled for September
14, 2022, at 11:30 a.m. at this location.

FOURTH ORDER OF BUSINESS	Audience Comments and Supervisor
Requests

None at this time.

FIFTH ORDER OF BUSINESS	Adjournment

There was no additional business to discuss. Ms. Carvalho requested a motion to adjourn.

ON MOTION by Mr. Johnson, seconded by Mr. Dell, with all in favor, the August 10, 2022, Meeting of the Board of Supervisors of the Blackburn Creek Community Development District was adjourned at 11:49 a.m.

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Presentation of the Bond Market and Consideration of Investment Banking Agreement

Presented By: MBS Capital Markets

Blackburn Creek
Community Development District
Sarasota County, Florida
September 14, 2022

TABLE OF CONTENTS

OVERVIEW – SERIES 2013A BONDS	Section 1
REFUNDING OPTIONS	Section 2
NEXT STEPS	Section 3
TIMETABLE	Section 4
DISCLOSURE	Section 5

OVERVIEW – SERIES 2013A BONDS	

Overview of Series 2013A BONDS

The Blackburn Creek Community Development District (the “District”) issued its $5,455,000 Special Assessment Revenue Bonds, Series 2013A in March 2013.

The Series 2013A Bonds were issued to finance the cost of the 2013A Project which included certain water and wastewater improvements, drainage facilities and offsite roadway and utility improvements, to be provided by the District.

The Series 2013A Bonds will mature on May 1, 2043, and will be callable at the option of the District on or after May 1, 2023, at 101% of par. The interest rate on the Series 2013A Bonds is 6%.

The Series 2013A Bonds may be currently refunded on February 1, 2023 (90 days prior to the call date).

The Series 2013A Bonds are secured by special assessments on 559 lots identified in the Supplemental Assessment Methodology Report dated October 24, 2012 (Phase 1).

Following is the status of the District’s Long-term Debt.

Series	

Outstanding Par	

Coupon	
Current Annual Debt Service	
Call Provisions	
Call Premium	
Final Maturity	

2013A	$4,065,000	6.0%	$343,150	5/1/2023	101%	5/1/2043	
2015A-1/A-2	3,690,000	6.25 – 6.50%	311,063	5/1/2027	Par	5/1/2045	
2018A-1/A-2	10,539,000	5.25 – 5.90%	811,113	5/1/2028	Par	5/1/2048	
2019A-1/A-2	4,530,000	4.75 – 5.60%	328,420	5/1/2029	Par	5/1/2049	

Current Year MMD Chart
(Municipal Market Data)

REFUNDING OPTIONS

Refunding Structures

Bank Placement

Given the credit dynamics of the District’s Bonds, this financing may lend itself to a bank placement.

Public Offering
MBS will pursue a dual-track process preparing for a public market offering at the same time as running a private placement process.

Credit review but typically no requirement
to obtain a rating
*Usually requires 100% Absorption

Necessity to obtain credit rating (and possibly bond insurance if economically beneficial

Priced on LIBOR SWAP

Lower interest cost, costs of issuance and lower reserve fund requirement

Priced on Market Conditions and Investor Interest

Typically higher net interest cost, costs of issuance and reserve fund requirement

Potential covenants and conditions for consideration not required in public offering structure

Slightly shorter timeframe	No requirement for offering
memorandum

Potentially fewer covenants and conditions for consideration than private placement structure

Slightly longer timeframe

Offering memorandum required

Next Steps (Public Offering)

Step 1: Engage the Financing Team to prepare necessary bond documents.

Step 2: Approve Preliminary Engineer’s Report

Step 3: Approve Preliminary Assessment Methodology Report, Indenture and Bond Resolution (for validation)

Step 4: Due Diligence including research and credit work.

Step 5: Compile a credit package to submit to Rating Agency and Bond Insurer.

Marketing, Pre-closing on Bonds

Closing on Bonds

Transaction considerations (Public Offering)

Step 6: Public Hearing on Assessments

Step 7: Bond Validation Hearing (30-day appeal period) N/A

Step 8: Board approval of Delegation Resolution

Engage Financing Team, Preliminary Engineer’s Report and SAMR

Due Diligence,
Board Approves	Prepare Credit
Delegation	Package and send to
Resolution	Rating Agency and
Insurer

Step 9: Marketing of Bonds

Step 10: Finalize Bond Documents

Step 11: Pre-closing, sign all bond documents.

Step 12: Close on Bonds

Public Hearing on Assessments, Validation Hearing N/A

Timeline typically requires approximately 90-120 days to complete

Timetable – Public Offering

Day 1	Board Meeting:
Engage Financing Team
Preliminary Engineer’s Report
Day 30-35	Board Meeting:
Preliminary Assessment Methodology Report
Indenture, Bond Resolution
Credit Package sent to Rating Agency and Insurer
Day 60-65	Board Meeting:
Receive Indicative Bond Rating
Day 90-95	Board Meeting:
Board Approves Delegation Resolution
Day 95-100	Post PLOM
Day 100-105	Market, Price Bonds
Day 106-120	Preparation of Final Bond Documents
Day 120	Board Meeting - Pre-closing on Bonds
Day 122	Closing on Bonds (Target February 1, 2023)

Next Steps (Private Placement)

Step 1: Engage the Financing Team to prepare necessary bond documents.

Step 2: Approve Preliminary Engineer’s Report

Closing on Bonds

Transaction considerations (Private Placement)

Step 3: Approve Preliminary Assessment Methodology Report, Indenture and Bond Resolution (for validation)

Step 4: Due Diligence including research and credit work.

Step 5: Compile a credit package to submit to interested Banks

Step 6: Public Hearing on Assessments

Step 7: Bond Validation Hearing (30-day appeal period) N/A

Step 8: Board approval of Bank Term Sheet

Engage Financing
Pre-closing on	Team, Preliminary
Bonds	Engineer’s Report
and SAMR
 	
Due Diligence,
Board Approves Bank	Prepare Credit
Term Sheet	Package and send to
Banks

Step 9: Finalize Bond Documents

Step 10: Pre-closing, sign all bond documents.

Step 11: Close on Bonds

Public Hearing on Assessments, Validation Hearing N/A

Timeline typically requires approximately 80-90 days to complete

Timetable – Private Placement (Bank)

Day 1	Board Meeting:
Engage Financing Team
Preliminary Engineer’s Report

Day 30-35	Board Meeting:
Preliminary Assessment Methodology Report
Indenture, Bond Resolution
Credit Package sent to interested Banks

Day 60-65	Board Meeting:
Review and Approve Term Sheet from Bank

Day 65-80	Preparation of Final Bond Documents

Day 90	Board Meeting - Pre-closing on Bonds

Day 92	Closing on Bonds (Target February 1, 2023)

Disclosures Regarding Underwriter’s Role – MSRB Rule G-17

Disclosures Concerning the Underwriter’s Role

MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.

The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s-length commercial transaction with the Issuer. The underwriters has financial and other interests that differ from those of the District.

Unlike a municipal advisor, the underwriter does not have a fiduciary duty to the District under the federal securities laws and are, therefore, is required by federal law to act in the best interests of the District without regard to their own financial or other interests.

The underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable price but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.

The underwriter will review the official statement for the Bonds in accordance with, and as part of, its respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction.

Disclosure Concerning the Underwriter’s Compensation

The underwriter will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since the underwriter may have an incentive to recommend to the District a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.

Disclosures Regarding Underwriter’s Role – MSRB Rule G-17

Conflicts of Interest

The Underwriter has not identified any additional potential or actual material conflicts that require disclosure including those listed below.

Payments to or from Third Parties. There are no undisclosed payments, values, or credits to be received by the Underwriter in connection with its underwriting of this new issue from parties other than the District, and there are no undisclosed payments to be made by the Underwriter in connection with this new issue to parties other than the District (in either case including payments, values, or credits that relate directly or indirectly to collateral transactions integrally related to the issue being underwritten). In addition, there are no third-party arrangements for the marketing of the District’s securities.

Profit-Sharing with Investors. There are no arrangements between the Underwriter and an investor purchasing new issue securities from the Underwriter (including purchases that are contingent upon the delivery by the District to the Underwriter of the securities) according to which profits realized from the resale by such investor of the securities are directly or indirectly split or otherwise shared with the Underwriter.

Credit Default Swaps. There will be no issuance or purchase by the Underwriter of credit default swaps for which the reference is the District for which the Underwriter is serving as underwriter, or an obligation of that District.

Retail Order Periods. For new issues in which there is a retail order period, the Underwriter will honor such agreement to provide the retail order period. No allocation of securities in a manner that is inconsistent with a District’s requirements will be made without the District’s consent. In addition, when the Underwriter has agreed to underwrite a transaction with a retail order period, it will take reasonable measures to ensure that retail clients are bona fide.

Dealer Payments to District Personnel. Reimbursements, if any, made to personnel of the District will be made in compliance with MSRB Rule G-20, on gifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, District personnel during the municipal bond issuance process.

Disclosures Concerning Complex Municipal Securities Financing

Since the Underwriter has not recommended a “complex municipal securities financing” to the Issuer, additional disclosures regarding the financing structure for the Bonds are not required under MSRB Rule G-17.

AGREEMENT FOR UNDERWRITING SERVICES BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT
September 14, 2022 Board of Supervisors
Blackburn Creek Community Development District

Dear Supervisors:

MBS Capital Markets, LLC (the “Underwriter”) offers to enter into this agreement (the “Agreement”) with the Blackburn Creek Community Development District (the “District”) which, upon your acceptance of this offer, will be binding on the District and the Underwriter. This agreement relates to the proposed issuance of the District’s Series 2023 Bonds (the “Bonds”) for the purpose of refunding the District’s outstanding Series 2013 (the “Prior Bonds”). This Agreement will cover the engagement for the Bonds and will be supplemented for future bond issuances as may be applicable.

Scope of Services: MBS intends to serve as the underwriter, and not as a financial advisor or municipal advisor, in connection with the issuance of the Bonds. The scope of services to be provided in a non-fiduciary capacity by the Underwriter for this transaction will include those listed below.

Advice regarding the structure, timing, terms, and other similar matters concerning the particular municipal securities described above.
Preparation of rating strategies and presentations related to the issue being underwritten.
Preparations for and assistance with investor “road shows,” if any, and investor discussions related to the issue being underwritten.
Advice regarding retail order periods and institutional marketing if the District decides to engage in a negotiated sale.
Assistance in the preparation of the Preliminary Official Statement, if any, and the Final Official Statement.
Assistance with the closing of the issue, including negotiation and discussion with respect to all documents, certificates, and opinions needed for the closing.
Coordination with respect to obtaining CUSIP numbers and the registration with the Depository Trust Company.
Preparation of post-sale reports for the issue, if any.
Structuring	of	refunding	escrow	cash	flow	requirements,	but	not	the recommendation of and brokerage of particular municipal escrow investments.
Member: FINRA/SIPC
Tampa, FL  Winter Park, FL  Kingston, TN  Nashville, TN

Fees: The Underwriter will be responsible for its own out-of-pocket expenses other than the fees and disbursements of underwriter’s or disclosure counsel which fees shall be paid from the proceeds of the Bonds. Any fees payable to the Underwriter will be contingent upon the successful sale and delivery or placement of the Bonds. The underwriting fee for the sale or placement of the Bonds will be the greater of $50,000 or 1.50% of the total par amount of Bonds issued.

The Underwriter shall also bear the cost of obtaining an investment grade rating with the actual cost of the rating to be paid from the proceeds of the Bonds only to the extent Bonds are issued.

Termination: Both the District and the Underwriter will have the right to terminate this Agreement without cause upon written notice to the non-terminating party.

Purchase Contract: At or before such time as the District gives its final authorization for the Bonds, the Underwriter and its counsel will deliver to the District a purchase or placement contract (the “Purchase Contract”) detailing the terms of the Bonds.

Notice of Meetings: The District shall provide timely notice to the Underwriter for all regular and special meetings of the District. The District will provide, in writing, to the Underwriter, at least one week prior to any meeting, except in the case of an emergency meeting for which the notice time shall be the same as that required by law for the meeting itself, of matters and items for which it desires the Underwriter's input.

Disclosures Concerning the Underwriter’s Role Required by MSRB Rule G-17. The Municipal Securities Rulemaking Board’s Rule G-17 requires underwriters to make certain disclosures to issuers in connection with the issuance of municipal securities. Those disclosures are attached hereto as “Exhibit A.” By execution of this Agreement, you are acknowledging receipt of the same. If you or any other Issuer officials have any questions or concerns about these disclosures, please make those questions or concerns known immediately to the undersigned. In addition, you should consult with the Issuer’s own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent you deem appropriate. It is our understanding that you have the authority to bind the Issuer by contract with us, and that you are not a party to any conflict of interest relating to the subject transaction. If our understanding is incorrect, please notify the undersigned immediately.

This Agreement shall be effective upon your acceptance hereof and shall remain effective until such time as the Agreement has been terminated in accordance with Section 3 hereof.

We are required to seek your acknowledgement that you have received the disclosures referenced herein and attached hereto as Exhibit A. By execution of this agreement, you are acknowledging receipt of the same.

Sincerely,
MBS Capital Markets, LLC

Rhonda Mossing

Rhonda Mossing Managing Partner

Approved and Accepted By:	 		
Title:	 		
Date:	 		

EXHIBIT A

Disclosures Concerning the Underwriter’s Role

MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.

The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s- length commercial transaction with the Issuer. The underwriters has financial and other interests that differ from those of the District.

	Unlike a municipal advisor, the underwriter does not have a fiduciary duty to the District under the federal securities laws and are, therefore, is required by federal law to act in the best interests of the District without regard to their own financial or other interests.

The underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable price but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.

The underwriter will review the official statement for the Bonds in accordance with, and as part of, its respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction.

Disclosure Concerning the Underwriter’s Compensation

The underwriter will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since the underwriter may have an incentive to recommend to the District a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.

Conflicts of Interest

The Underwriter has not identified any additional potential or actual material conflicts that require disclosure including those listed below.

Payments to or from Third Parties. There are no undisclosed payments, values, or credits to be received by the Underwriter in connection with its underwriting of this new issue from parties other than the District, and there are no undisclosed payments to be made by the Underwriter in connection with this new issue to parties other than the District (in either case including payments, values, or credits that relate directly or indirectly to collateral transactions integrally related to the issue being underwritten). In addition, there are no third-party arrangements for the marketing of the District’s securities.

Profit-Sharing with Investors. There are no arrangements between the Underwriter and an investor purchasing new issue securities from the Underwriter (including purchases that are contingent upon the delivery by the District to the Underwriter of the securities) according to which profits realized from the resale by such investor of the securities are directly or indirectly split or otherwise shared with the Underwriter.

Credit Default Swaps. There will be no issuance or purchase by the Underwriter of credit default swaps for which the reference is the District for which the Underwriter is serving as underwriter, or an obligation of that District.

Retail Order Periods. For new issues in which there is a retail order period, the Underwriter will honor such agreement to provide the retail order period. No allocation of securities in a manner that is inconsistent with a District’s requirements will be made without the District’s consent. In addition, when the Underwriter has agreed to underwrite a transaction with a retail order period, it will take reasonable measures to ensure that retail clients are bona fide.

Dealer Payments to District Personnel. Reimbursements, if any, made to personnel of the District will be made in compliance with MSRB Rule G-20, on gifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, District personnel during the municipal bond issuance process.

Disclosures Concerning Complex Municipal Securities Financing

Since the Underwriter has not recommended a “complex municipal securities financing” to the Issuer, additional disclosures regarding the financing structure for the Bonds are not required under MSRB Rule G-17.

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Capital Projects Turnover and Completion Status

Jorge Orsini	
From: Sent: To:
Cc:	Rick Montejano
Tuesday, September 6, 2022 11:47 AM Venessa Ripoll; Kevin Johnson
Vivian Carvalho	
Subject:	RE: Blackburn Creek CDD- DRAFT Agenda for Board of Supervisors Meeting 9/14/22	

If there are remaining balances in the construction funds, once the project is complete by the engineer, typically these balances will be transferred to prepayment accounts and then paid down against the outstanding bond(s).

Rick

From: Venessa Ripoll <ripollv@pfm.com>
Sent: Friday, September 2, 2022 2:19 PM
To: Kevin Johnson <johnsonkmrj@gmail.com>
Cc: Rick Montejano <montejanor@pfm.com>; Vivian Carvalho <carvalhov@pfm.com>
Subject: RE: Blackburn Creek CDD‐ DRAFT Agenda for Board of Supervisors Meeting 9/14/22 Hello Kevin,
I will add to the agenda and I will let Rick answer( What happens to the balances).

Thank you and have a wonderful weekend.
 
Venessa Ripoll
District Manager, LCAM Ripollv@pfm.com Web pfm.com
3501 Quadrangle Blvd.,Ste 270, Orlando, FL 32817
Phone: 407-723-5900 Fax: 407-723-5901

From: Kevin Johnson <johnsonkmrj@gmail.com>
Sent: Thursday, September 1, 2022 5:54 PM
To: Venessa Ripoll <ripollv@pfm.com>
Subject: Re: Blackburn Creek CDD‐ DRAFT Agenda for Board of Supervisors Meeting 9/14/22

ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment

Ms. R,
After the Capital Project update by the District Engineer, I would like to add an item to review
Capital Account balances on the respective bonds (RIck has the numbers) What happens to the balances? Plus, SR777 issues and need for noise abatement barriers due to the road widening project and impact on Grand Palm sales and property value.
I'll be attending in person at the next meeting. Thanks and half a great Labor Day. Kevin

On Thu, Sep 1, 2022 at 3:28 PM Venessa Ripoll <ripollv@pfm.com> wrote:

Good Afternoon,

Please refer to the attached DRAFT Agenda for the upcoming Board of Supervisors Meeting scheduled for Wednesday, September 14, 2022 at 11:30 a.m., Location the 5800 Lakewood Ranch Blvd, Sarasota, FL 34240. Please review the DRAFT Agenda’s and provide any additions, comments, and or revisions accordingly. A Final Agenda Packet will be emailed to all parties on this email by Wednesday, September 7, 2022.

*If you are a Board Member, please do not “reply all” per the Florida Sunshine Laws.*

Thank you,

Venessa Ripoll

District Manager, LCAM Ripollv@pfm.com Web pfm.com
3501 Quadrangle Blvd.,Ste 270, Orlando, FL 32817

Phone: 407-723-5900 Fax: 407-723-5901

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Review of Capital Account Balances

Construction Fund Balances	
	2013			2015			2018			2019		
No Activity	No Activity	No Activity	(7,455.66) Req. 105
                                  (2,785.13) Req. 106	
As of 8/30/22	$0	$138,535.56	$ 143,302.37	$365,725.04	

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorizations 181 - 182

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization 181-182

PA #	Description	Amount	Total	
				
181	CA Florida Holdings	$	305.25		
				
	Kimley-Horn & Associates	$	27,500.00		
				
	VGlobalTech	$	135.00		

			$27,940.25	
				
182	PFM Group Consulting	$	2.45		
				
	Supervisor Fees - 8/10/22 Meeting	$	200.00		
		$	200.00		
		$	200.00		
		$	200.00		
		$	200.00		
				
	US Bank	$	3,547.50		

			$4,549.95	
				
		Total	$32,490.20	

Rick Montejano

From:	Kevin Johnson <johnsonkmrj@gmail.com>
Sent:	Monday, August 8, 2022 8:33 AM
To:	Rick Montejano
Subject:	Re: Blackburn Creek PA No. 181.pdf

 ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment	

Rick,
Approved for payment for attached Payment Authorization #181. regards
Kevin Johnson

On Mon, Aug 8, 2022 at 8:00 AM Rick Montejano <montejanor@pfm.com> wrote: Kevin –

Please review the latest payment authorization that is attached. I did get your approval for the Kimley‐Horn invoice, but since I had two more to add I just put them all on one.

Any question please let me know.

Thanks, Rick

1

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization No. 181	
8/8/2022					
Item	Payee	Invoice		General	
No.		No.		Fund	

1	
CA Florida Holdings				
	Blackburn Creek July 13 meeting	4694721	$	305.25	
2	Kimley-Horn & Associates				
	Stormwater Mgmt Needs Analysis & Report	148167001-0622	$	27,500.00	
3	VGlobalTech				
	Website Maintenance - Aug 2022	4181	$	135.00	

TOTAL	$  27,940.25

Secretary / Assistant Secretary	Chairman / Vice Chairman

Blackburn Creek CDD
c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
MontejanoR@pfm.com // (407) 723-5951

Rick Montejano

From:	Kevin Johnson <johnsonkmrj@gmail.com>
Sent:	Monday, August 15, 2022 11:35 AM
To:	Rick Montejano
Subject:	Re: Blackburn Creek PA No. 182.pdf

 ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment	

Rick,
Approved for payment for attached Payment Authorization #182. Thanks
Kevin

On Mon, Aug 15, 2022 at 8:26 AM Rick Montejano <montejanor@pfm.com> wrote: Hi Kevin –

Attached is the latest funding request ready for review and approval.

Let me know if you have any questions.

Happy Monday,

Rick

‐‐
Kevin Johnson

1

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

Payment Authorization No. 182	
8/15/2022					
Item	Payee	Invoice		General	
No.		No.		Fund	

1	
PFM Group Consulting				
	Fedex Fees - July 2022	OE-EXP-08-2022-03	$	2.45	
2	Supervisor Fees - 8/10/2022 Meeting				
	David Trast	2022.08.10	$	200.00	
	Pete Williams	2022.08.10	$	200.00	
	Kirk Fegley	2022.08.10	$	200.00	
	Kevin Johnson	2022.08.10	$	200.00	
	Jerald Dell	2022.08.10	$	200.00	
3	US Bank				
	Administration Fees 4/1/22-3/31/23	6501305	$	3,547.50	

TOTAL	$	4,549.95

Secretary / Assistant Secretary	Chairman / Vice Chairman

Blackburn Creek CDD
c/o PFM Group Consulting
3501 Quadrangle Boulevard, Ste. 270
Orlando, FL 32817
MontejanoR@pfm.com // (407) 723-5951

BLACKBURN CREEK COMMUNITY DEVELOPMENT DISTRICT

District Financial Statements

Blackburn Creek CDD Statement of Financial Position As of 8/31/2022

General Fund	Debt Service
Fund 2013 &	Debt Service
Fund -	
	2019*	2015A1&A2	

Capital
Proiects Fund -	Capital
Proiects Fund -	Capital
Proiects Fund -	
2013 & 2019*	2015	2018	

Debt Service	Long Term Debt
Fund - 2018	Group

Total

	Assets		
Current Assets			
General Checking Account	$4,498.07	$4,498.07	
Money Market Account	108,245.07	108,245.07	
Prepaid Expenses	5,220.80	5,220.80	
3 MO CD	35,915.90	35,915.90	
Debt Service Reserve 2013A Bond	$171,575.00	171,575.00	
Debt Service Reserve 2019A Bond	91,809.05	91,809.05	
Revenue 2013A Bond	244,232.40	244,232.40	
Revenue 2019A Bond	141,276.55	141,276.55	
Interest 2013A Bond	0.12	0.12	
Interest 2019A1 Bond	0.03	0.03	
Interest 2019A2 Bond	0.02	0.02	
Prepayment 2013A Bond	3,308.79	3,308.79	
Sinking Fund 2013A Bond	0.09	0.09	
Sinking Fund 2019A1 Bond	0.02	0.02	
Sinking Fund 2019A2 Bond	0.01	0.01	
Prepayment 2019A1 Bond	12,237.35	12,237.35	
Prepayment 2019A2 Bond	5,389.54	5,389.54	
Debt Service Reserve 2015A1 Bond	$228,000.00	228,000.00	
Debt Service Reserve 2015A2 Bond	82,343.75	82,343.75	
Revenue 2015A Bond	237,007.46	237,007.46	
Interest 2015A1 Bond	0.03	0.03	
Interest 2015A2 Bond	0.01	0.01	
Prepayment 2015A1 Bond	2,117.01	2,117.01	
Prepayment 2015A2 Bond	13,416.62	13,416.62	
Sinking Fund 2015A1 Bond	0.02	0.02	
Sinking Fund 2015A2 Bond	0.01	0.01	
Revenue 2018A Bond	$454,767.96	454,767.96	
Interest 2018A1 Bond	0.11	0.11	
Sinking Fund 2018A1 Fund	0.06	0.06	
Prepayment 2018A1 Bond	48,435.10	48,435.10	
Debt Service Reserve 2018A1 Bond	242,728.69	242,728.69	
Sinking Fund 2018A2 Bond	0.01	0.01	
Prepayment 2018A2 Bond	9,568.51	9,568.51	
Acquisition/Construction 2019 Bond	$365,725.04	365,725.04	
Acquisition/Construction 2015 Bond	$138,535.56	138,535.56	
Acquisition/Construction 2018 Bond	$143,302.37	143,302.37	
 	  	     
Total Current Assets	$153,879.84	$669,828.97	$562,884.91	$755,500.44	$365,725.04	$138,535.56	$143,302.37	$	-	$2,789,657.13

Blackburn Creek CDD Statement of Financial Position As of 8/31/2022

Investments

Debt Service	Debt Service
General Fund	Fund 2013 &	Fund -
2019*	2015A1&A2

Debt Service	Long Term Debt

Capital
Proiects Fund -	Capital
Proiects Fund -	Capital
Proiects Fund -	
2013 & 2019*	2015	2018	

Fund - 2018	Group

Total

Amount Available in Debt Service Funds	$1,988,214.32	$1,988,214.32
Amount To Be Provided	20,835,785.68	20,835,785.68

Total Investments	$

 
$	$	$

    
$	$	-	$	-	$22,824,000.00	$22,824,000.00
-

 	  	     
Total Assets	$153,879.84	$669,828.97	$562,884.91	$755,500.44	$365,725.04	$138,535.56	$143,302.37	$22,824,000.00	$25,613,657.13

-

-		-	 							 	
-
Liabilities and Net Assets

Long Term Liabilities
Revenue Bonds Payable - Long-Term	$22,824,000.00	$22,824,000.00

Total Long Term Liabilities	$

 
$	$	$

    
$	$	-	$	-	$22,824,000.00	$22,824,000.00
-

Total Liabilities	$

-

Net Assets

 
$	$	$ -
-	-

-

-	-

    
$	$	-	$	-	$ 22,824,000.00	$22,824,000.00
    
-

Net Assets, Unrestricted

-  ($3,421.82)	($3,421.82)

Current Year Net Assets, Unrestricted	502.80	502.80

Net Assets - General Government	147,400.25	147,400.25
Current Year Net Assets - General Government	9,398.61	9,398.61

Net Assets, Unrestricted	$717,632.75	717,632.75
Current Year Net Assets, Unrestricted	(47,803.78)	(47,803.78)

Net Assets, Unrestricted	$549,004.07	549,004.07
Current Year Net Assets, Unrestricted	13,880.84	13,880.84

Net Assets, Unrestricted	$860,738.07	860,738.07
Current Year Net Assets, Unrestricted	(105,237.63)	(105,237.63)

	$397,423.62					397,423.62	
	(31,698.58)					(31,698.58)	
	$140,748.16				140,748.16	
	(2,212.60)				(2,212.60)	
		$149,356.37			149,356.37	
		(6,054.00)			(6,054.00)	

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Net Assets, Unrestricted
Current Year Net Assets, Unrestricted

Total Net Assets	$153,879.84		$669,828.97		$562,884.91		$755,500.44		$365,725.04		$138,535.56		$143,302.37	
														
Total Liabilities and Net Assets	$153,879.84		$669,828.97		$562,884.91		$755,500.44		$365,725.04		$138,535.56		$143,302.37	
*For the purpose of fitting the financials onto one sheet across, Series 2013 & 2019 have been combined into one column.

 
$	-	$2,789,657.13

 
$22,824,000.00	$25,613,657.13

Revenues

On-Roll Assessments Off-Roll Assessments Other Revenue
On-Roll Assessments Off-Roll Assessments Other Assessments
Inter-Fund Group Transfers In On-Roll Assessments
Off-Roll Assessments Other Assessments
Inter-Fund Group Transfers In On-Roll Assessments
Off-Roll Assessments Other Assessments
Total Revenues

Expenses

Supervisor Fees
Public Officials' Insurance Trustee Services Management Dissemination Agent District Counsel Assessment Administration Reamortization Schedules Audit
Arbitrage Calculation Postage & Shipping Legal Advertising Miscellaneous
Office Supplies
Web Site Maintenance Dues, Licenses, and Fees Stormwater Management General Insurance

Blackburn Creek CDD Statement of Activities As of 8/31/2022

General Fund	Debt Service Fund 2013 & 2019*	Debt Service Fund - 2015A1&A2	Debt Service Fund - 2018	Capital Proiects Fund - 2013 & 2019*	Capital Projects Fund - 2015	Capital Projects Fund - 2018	
Total	

$113,656.11										

$113,656.11	
32,188.52										32,188.52	
502.80										502.80	
	$450,921.42									450,921.42	
	214,162.18									214,162.18	
	18,115.55									18,115.55	
	1,710.66									1,710.66	
		$310,234.63								310,234.63	
		24,972.84								24,972.84	
		10,159.13								10,159.13	
		(1,710.66)								(1,710.66)	
			$473,761.35							473,761.35	
			294,305.20							294,305.20	
			155,938.47							155,938.47	

$146,347.43	

$684,909.81	

$343,655.94	

$924,005.02	$	-	$	-	$	-	$2,098,918.20	

$10,800.00										
$10,800.00	
2,633.00										2,633.00	
15,731.88										15,731.88	
27,500.00										27,500.00	
11,250.00										11,250.00	
6,073.50										6,073.50	
15,000.00										15,000.00	
500.00										500.00	
8,000.00										8,000.00	
1,000.00										1,000.00	
94.31										94.31	
3,905.00										3,905.00	
125.00										125.00	
20.33										20.33	
2,335.00										2,335.00	
175.00										175.00	
27,500.00										27,500.00	
3,803.00										3,803.00	

Blackburn Creek CDD Statement of Activities As of 8/31/2022

General Fund		Debt Service Fund 2013 & 2019*		Debt Service Fund - 2015A1&A2		Debt Service Fund - 2018		Capital Proiects Fund - 2013 & 2019*		Capital Projects Fund - 2015		Capital Projects Fund - 2018		
Total	
Principal Payment - 2013A1, 2019A1			$210,000.00												210,000.00	
Principal Payment - 2019A2			20,000.00												20,000.00	
Interest Payments -2013A1, 2019A1			424,785.00												424,785.00	
Interest Payments -2019A2			78,680.00												78,680.00	
Principal Payments -2015A1 bond					$70,000.00										70,000.00	
Principal Payments -2015A2 bond					20,000.00										20,000.00	
Interest Payments -2015A1 bond					177,612.50										177,612.50	
Interest Payments -2015A2 bond					62,187.50										62,187.50	
Principal Payment - 2018A1 Bond							$314,000.00								314,000.00	
Principal Payment - 2018A2 Bond							86,000.00								86,000.00	
Interest Payment - 2018A1 Bond							529,243.00								529,243.00	
Interest Payment - 2018A2 Bond							100,034.50								100,034.50	
Engineering									$31,714.68						31,714.68	
Engineering											$2,218.60				2,218.60	
Engineering													$6,060.07		6,060.07	
Total Expenses	
$136,446.02		
$733,465.00		
$329,800.00		
$1,029,277.50		$31,714.68		$2,218.60		$6,060.07		$2,268,981.87	
Other Revenues (Expenses) & Gains (Losses)																	
Interest Income				$749.29												$749.29	
Dividend Income				2.12												2.12	
Interest Income						$24.90										24.90	
Interest Income								$34.85								34.85	
Interest Income										$16.18						16.18	
Interest Income												$5.83				5.83	
Interest Income														$6.07		6.07	
Total Other Revenues (Expenses) & Gains (Losses)	$	-		
$751.41		
$24.90		
$34.85		$16.18		$5.83		$6.07		$839.24	
Change In Net Assets	$9,901.41		($47,803.78)		$13,880.84		($105,237.63)		($31,698.50)		($2,212.77)		($6,054.00)		($169,224.43)	

Net Assets At Beginning Of Year	
$143,978.43		
$717,632.75		
$549,004.07		
$860,738.07		
$397,423.62		
$140,748.16		
$149,356.37		
$2,809,525.10	

Net Assets At End Of Year	$153,879.84	$669,828.97	$562,884.91
 	 
*For the purpose of fitting the financials onto one sheet across, Series 2013 & 2019 have been combined into one column.		
$755,500.44		
$365,725.12		
$138,535.39		
$143,302.37		
$2,640,300.67	

Blackburn Creek CDD
Budget to Actual
For the Month Ending 8/31/2022

		Year To Date	
	Actual	Budget	Variance	FY 2022
Adopted Budget	

Revenues			
On-Roll Assessments	$113,656.11	$132,692.12	$(19,036.01)	$ 144,755.00	
Off-Roll Assessments	32,188.52	-	32,188.52	-	
Other Revenue	502.80	-	502.80	-	
Carry Forward Revenue	143,658.17	101,810.50	41,847.67	111,065.97	

Supervisor Fees	$10,800.00	$11,000.00	$(200.00)	$  12,000.00	
Public Officials' Insurance	2,633.00	2,383.37	249.63	2,600.00	
Trustee Services	15,731.88	14,666.63	1,065.25	16,000.00	
Management	27,500.00	30,250.00	(2,750.00)	33,000.00	
Engineering	-	9,166.63	(9,166.63)	10,000.00	
Dissemination Agent	11,250.00	13,750.00	(2,500.00)	15,000.00	
District Counsel	6,073.50	18,333.37	(12,259.87)	20,000.00	
Assessment Administration	15,000.00	13,750.00	1,250.00	15,000.00	
Reamortization Schedules	500.00	916.63	(416.63)	1,000.00	
Audit	8,000.00	4,125.00	3,875.00	4,500.00	
Arbitrage Calculation	1,000.00	916.63	83.37	1,000.00	
Postage & Shipping	94.31	412.50	(318.19)	450.00	
Legal Advertising	3,905.00	3,208.37	696.63	3,500.00	
Bank Fees	-	229.24	(229.24)	250.00	
Miscellaneous	125.00	183.37	(58.37)	200.00	
Office Supplies	20.33	229.13	(208.80)	250.00	
Web Site Maintenance	2,335.00	2,475.00	(140.00)	2,700.00	
Dues, Licenses, and Fees	175.00	160.38	14.62	175.00	
Stormwater Management	27,500.00	73,604.85	(46,104.85)	80,296.18	
General Insurance	3,803.00	3,442.12	360.88	3,755.00	
General Repair & Maintenance	-	1,718.75	(1,718.75)	1,875.00	
Hardscape Maintenance	-	29,580.65	(29,580.65)	32,269.79	

Net Revenues	$290,005.60	$234,502.62 General & Administrative Expenses

$55,502.98	$255,820.97

Total General & Administrative Expenses	$136,446.02	
$234,502.62		$(98,056.60)	
$255,820.97	
Total Expenses		$136,446.02		$234,502.62			$(98,056.60)	 $ 255,820.97	
Net Income (Loss)	$153,559.58		$	-		$153,559.58		$	-	

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