MINUTES OF MEETING
CORDOVA PALMS COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Cordova Palms Community Development District was held on Wednesday, May 11, 2022 at 10:00 a.m. at the offices of Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092.

Present and constituting a quorum were:

Louis Cowling	Chairman
Don Guillon	Vice Chairman (by phone)
Andrew Charlson	Supervisor
Joyce Conway	Supervisor
Ken Brown	Supervisor

Also present were:

Daniel Laughlin	District Manager
Katie Buchanan	District Counsel (by phone)
Scott Wild	District Engineer
Chad Sigmon	Dream Finders Homes
Rhonda Mossing	MBS Capital Markets (by phone)
Ed Bulleit	MBS Capital Markets (by phone)
Sarah Warren	Bryant Miller Olive
Misty Taylor	Bryant Miller Olive

The following is a summary of the discussions and actions taken at the May 11, 2022 meeting. An audio copy of the proceedings can be obtained by contacting the District Manager.

FIRST ORDER OF BUSINESS	Roll Call
Mr. Laughlin called the meeting to order at 10:00 a.m.

SECOND ORDER OF BUSINESS	Public Comment
There being no members of the public present, the next item followed.

THIRD ORDER OF BUSINESS	Financing Matters for Series 2022 Bonds
Consideration of Supplemental Engineer’s Report
Mr. Wild provided the Board with an overview of the Second Supplemental Engineer’s Report to the Capital Improvement Plan for Phases 3 and 4. There are 733 residential units

planned for the entirety of the District. Of the 733, there are 253 units planned for Phases 3 and
4. The permit for Phase 3 from the St. Johns Water Management District has been issued and the permit for Phase 4 is close to being issued. The County approvals are pending and should be issued in the next few weeks. Table 3 provides the summary of costs for Phases 3 and 4, totaling $8,091,100.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor the Second Supplemental Engineer’s Report was approved in substantial form.

Consideration of Supplemental Assessment Methodology Report
A copy of the Second Supplemental Assessment Methodology Report was enclosed in the agenda package for the Board’s review. Ms. Mossing noted any comments made so far on the report have been provided for, including making sure it was clear the improvements in the capital improvement plan are a system of improvements, and not benefitting one area in particular over another. She also noted the par amount of bonds is being increased to fund additional costs related to Phases 1 and 2, as well as Phases 3 and 4. Both Phases will be paying the same assessments and will contain the same product types.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor the Second Supplemental Assessment Methodology Report was approved in substantial form.

Consideration of Delegation Resolution 2022-08
Form of Second Supplemental Indenture
Form of Bond Purchase Contract
Form of Preliminary Limited Offering Memorandum
Form of Continuing Disclosure Agreement
Ms. Taylor provided an overview of the delegation resolution. It authorizes bonds in an amount not to exceed $11,000,000 and approves the forms of various documents needed in order to market, price and close on the bond issue, including the second supplemental trust indenture, bond purchase contract, preliminary limited offering memorandum, and a continuing disclosure agreement. It makes all of the negotiated sales findings required by Florida Statutes in order to sell the bonds. It appoints MBS Capital Markets as the underwriter for the bonds. It sets certain parameters for the Chair to sign the bond purchase contract and deem final the

preliminary limited offering memorandum. It appoints Bank of New York Mellon as the trustee. Lastly, it authorizes the engineer’s report and assessment methodology report and authorizes future modifications to those reports if/as needed.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor the delegation resolution was approved in substantial form.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the April 13, 2022
Meeting
There were no comments on the minutes.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor the minutes of the April 13, 2022 meeting were approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2022-09,
Approving a Proposed Budget for Fiscal Year 2023 and Setting a Public Hearing Date
Mr. Laughlin informed the Board the budget provided in the agenda package is a standard administrative costs-only budget. The Board discussed the need for including some field operations costs such as utilities and landscaping. This item was tabled to the June meeting.

SIXTH ORDER OF BUSINESS	Staff Reports
District Counsel
There being nothing to report, the next item followed.

District Engineer – Requisition Summary
Mr. Wild provided the Board a brief overview of the requisition summary, which includes requisition number 18 to be ratified, totaling $153,020.30. Requisition numbers 19 through 22 total $542,429.52 and were presented for consideration.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor the requisition summary was approved.

District Manager – Report on the Number of Registered Voters (0)

Mr. Laughlin informed the Board there are zero registered voters residing within the District boundaries as reported by the St. Johns County Supervisor of Elections.

SEVENTH ORDER OF BUSINESS	Financial Reports
Financial Statements as of March 31, 2022
Copies of the financial statements were included in the agenda package for the board’s
review.

Consideration of Funding Request No. 12
Mr. Laughlin noted funding request number twelve totals $4,521.98.

On MOTION by Mr. Cowling seconded by Mr. Brown with all in favor Funding Request No. 12 was approved.

EIGHTH ORDER OF BUSINESS	Supervisor	Requests	and	Audience
Comments
There being none, the next item followed.

NINTH ORDER OF BUSINESS	Next Scheduled Meeting – June 8, 2022 at
10:00 a.m. at the offices of Governmental Management Services, LLC, 475 West Town Place, Suite 114, St. Augustine, Florida 32092

TENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Cowling seconded by Ms. Conway with all in favor the meeting was adjourned

Secretary/Assistant Secretary	Chairman/Vice Chairman