TWO LAKES COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY REGULAR BOARD MEETING MAY 23, 2024
6:00 P.M.

Special District Services, Inc.
8785 SW 165th Avenue, Suite 200
Miami, FL 33193
786.313.3661 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT
Aquabella Clubhouse 10401 W 35th Lane Hialeah, Florida 33018
REGULAR BOARD MEETING
May 23, 2024
6:00 p.m.

Call to Order
Proof of Publication	Page 1
Establish Quorum
Discussion Regarding Resignation and Appointment to Fill Vacancy	Page 2
Administer Oath of Office and Review Board Member Responsibilities & Duties
Consider Resolution No. 2024-01 – Election of Officers	Page 3
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
November 29, 2023 Special Board Meeting	Page 4
Old Business
Discussion Regarding Potential Clubhouse Acquisition	Page 7
New Business
Consider Resolution No. 2024-02 – Adopting a Fiscal Year 2024/2025 Proposed Budget	Page 14
Consider Resolution No. 2024-03 – Electronic Signature Policy	Page 24
Discussion Regarding Required Ethics Training	Page 27
Administrative Matters
Discussion Regarding General Election Qualifying Period (Seat #3 & #4): Noon, Monday, June 10, 2024 through, Noon, Friday, June 14, 2024
Board Member & Staff Closing Comments
Adjourn

Publication Date 2024-02-12

Subcategory Miscellaneous Notices

TWO LAKES COMMUNITY DEVELOPMENT DISTRICT
AMENDED FISCAL YEAR 2023/2024 REGULAR MEETING SCHEDULE
NOTICE IS HEREBY GIVEN that the Board of Supervisors (the "Board") of the Two Lakes Community Development District (the "District") will hold Regular Meetings at the Aquabella Clubhouse located at 10401 W 35th Lane, Hialeah, Florida 33018 at 6:00 p.m. on the following dates:
February 22, 2024
March 28, 2024
April 25, 2024
May 23, 2024
June 27, 2024
July 25, 2024
September 26, 2024
The purpose of the meetings is for the Board to consider any District business which may lawfully and properly come before the Board. Meetings are open to the public and will be conducted in accordance with the provisions of Florida law for community development districts. Copies of the Agenda for any of the meetings may be obtained from the District's website or by contacting the District Manager at 786-313-3661 and/or toll free at 1-877-737-4922, prior to the date of the particular meeting.
From time to time one or two Board members may participate by telephone; therefore, a speaker telephone will be present at the meeting location so that Board members may be fully informed of the discussions taking place. Said meeting(s) may be continued as found necessary to a time and place specified on the record.
If any person decides to appeal any decision made with respect to any matter considered at these meetings, such person will need a record of the proceedings and such person may need to insure that a verbatim record of the proceedings is made at his or her own expense and which record includes the testimony and evidence on which the appeal is based.
In accordance with the provisions of the Americans with Disabilities Act, any person requiring special accommodations or an interpreter to participate at any of these meetings should contact the District Manager at 786-313-3661 and/or toll free at 1-877-737-4922 at least seven (7) days prior to the date of the particular meeting.
Meetings may be cancelled from time to time with no advertised notice. TWO LAKES COMMUNITY DEVELOPMENT DISTRICT
www.twolakescdd.org
PUBLISH: MIAMI HERALD 02/12/24 W00000000
Publication Dates

Page 1

Date: 05/10/2024

Board of Supervisors
Two Lakes Community Development District C/o Special District Services, Inc.,
8785 SW 165th Avenue, Suite 200
Miami, Florida 33193

RE: Resignation

Dear Board of Supervisors,

Please be advised that I am resigning my position as Board Member and Officer on the Two Lakes Community Development District Board of Supervisors effective immediately 	,2024.
Sincerely,

RESOLUTION NO. 2024-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKESCOMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors (the “Board”) of the Two Lakes Community Development District (the “District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, pursuant to Section 190.006(6), Florida Statutes, as soon as practicable after each election or appointment to the Board, the Board shall organize by electing one (1) of its members as chairperson and by electing a secretary, and such other officers as the Board may deem necessary.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWO LAKESCOMMUNITY DEVELOPMENT DISTRICT, THAT:

The following persons are elected to the offices shown, to wit:

Chairperson
Vice Chairperson Secretary/Treasurer Assistant Secretary Assistant Secretary Assistant Secretary Assistant Secretary

This Resolution shall become effective immediately upon its adoption.

PASSED, ADOPTED and BECOMES EFFECTIVE this 23rd day of May, 2024.

ATTEST:	TWO LAKES COMMUNITY DEVELOPMENT  DISTRICT

Secretary/Assistant Secretary	Chairperson/Vice Chairperson

TWO LAKES COMMUNITY DEVELOPMENT DISTRICT SPECIAL BOARD MEETING
NOVEMBER 29, 2023

CALL TO ORDER

District Manager Armando Silva called the November 29, 2023, Special Board Meeting of the Two Lakes Community Development District (the “District”) to order at 5:24 p.m. in the Aquabella Clubhouse located at 10401 W 35th Lane Hialeah, Florida 33018.

PROOF OF PUBLICATION

Mr. Silva presented proof of publication that notice of the Special Board Meeting had been published in the Miami Daily Business Review on November 21, 2023, as legally required.

ESTABLISH A QUORUM

Mr. Silva determined that the attendance of the following Board Members constituted a quorum and it was in order to proceed with the meeting: Darily Feruffino, Mauricio Jaramillo, and Joseph Noriega.

Staff in attendance included: District Manager Armando Silva of Special District Services, Inc.; and District Counsel Michael Pawelczyk of Billing, Cochran, Lyles, Mauro & Ramsey, P.A

ADDITIONS OR DELETIONS TO THE AGENDA

There were no additions or deletions to the agenda.

E    COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.
APPROVAL OF MINUTES
September 20, 2023, Regular Board Meeting & Public Hearing
Mr. Silva presented the September 20, 2023, Regular Board Meeting & Public Hearing minutes and asked if there were any comments and/or changes. There being no comments or changes, a motion was made by Ms. Feruffino, seconded by Mr. Jaramillo and unanimously passed approving the September 20, 2023, Regular Board Meeting & Public Hearing minutes, as presented.

OLD BUSINESS
Staff Report, as Required

There was no Staff Report at this time.

NEW BUSINESS
Consider Resolution No. 2023-06 – Adopting a Fiscal Year 2022/2023 Amended Budget

Mr. Silva presented Resolution No. 2023-06, entitled:
Page 1 of 3

RESOLUTION NO. 2023-06

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2022/2023 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

Mr. Silva read the title of the resolution into the record and explained the purpose of the document. He went on to state that there was a positive Operating Fund Balance at the end of Fiscal Year 2022/2023 and noted that the District designated a carryover of this Fund Balance to balance the Fiscal Year 2022/2023 budget. A discussion ensued after which:

A motion was made by Ms. Feruffino, seconded by Mr. Jaramillo and unanimously passed approving and adopting Resolution No. 2023-06, as presented, thereby approving the Amended Final 2022/2023 Fiscal Year Budget.

Consider Resolution No. 2023-07 – Election of Officers

Mr. Silva presented Resolution No. 2023-07, entitled:

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT (“DISTRICT”) ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE.

Mr. Silva indicated that due to the recent changes to the Board, it would be in order to re-elect the officers of the District. A discussion ensued after which the following slate of officers was presented for election:

Chairperson – Darily Feruffino Vice Chairperson – Joseph Noriega
Secretary/Treasurer – Armando Silva
Assistant Secretaries – Mauricio Jaramillo, Carmen Orozco, Raisa Krause, Gloria Perez and Nancy Nguyen.

A discussion ensued after which;

A motion was made by Ms. Feruffino, seconded by Mr. Jaramillo and unanimously passed electing
the District’s slate of officers, as stated above.

Consider Resolution No. 2023-08 – Authorizing Electronic Approval & Check Signers

Mr. Silva presented Resolution No. 2023-08, entitled:

RESOLUTION NO. 2023-08

Page 2 of 3

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT, AUTHORIZING THE ESTABLISHMENT OF A DISTRICT CHECKING/OPERATING ACCOUNT, DESIGNATING DISTRICT OFFICIALS AND/OR AUTHORIZED STAFF TO REVIEW, APPROVE AND ISSUE PAYMENT OF EXPENDITURES, SELECTING THE SIGNATORIES THEREOF; AND PROVIDING AN EFFECTIVE DATE.

Mr. Silva provided an explanation for the document and stated that check signers for the District’s operating account would be changing and it would be in order to consider the necessary changes. A discussion ensued after which:

A motion was made by Mr. Noriega, seconded by Mr. Jaramillo and unanimously passed approving and adopting Resolution No. 2023-08, as presented; thereby authorizing electronic approvals for expenditures and selecting Todd Wodraska, Jason Pierman, Patricia LasCasas, Armando Silva and Joseph Noriega to serve as the signatories on the District’s checking/operating account. Two (2) signatures will be required on each check and checks will be released after electronic approvals have been provided by the Chairperson or the Vice Chairperson in the Chairperson’s absence.

ADMINISTRATIVE & OPERATIONAL MATTERS
Discussion Regarding Compensation for Board Members

Mr. Silva informed the Board Members that according to Section 190.006(8), Florida Statutes; each supervisor shall be entitled to receive for his or her services an amount not to exceed $200 per meeting of the board of supervisors, not to exceed $4,800 per year per supervisor, or an amount established by the electors at referendum.

BOARD MEMBER & STAFF CLOSING COMMENTS

There were no Board Member or Staff closing comments.
ADJOURNMENT
There being no further business to come before the Board, a motion was made by Mr. Jaramillo, seconded by Ms. Feruffino and passed unanimously adjourning the Regular Board Meeting at approximately 5:57 p.m.

Secretary/Assistant Secretary	Chairperson/Vice-Chairperson

Page 3 of 3

Presentation to:

Two Lakes
Community Development District

-- Acquisition of the Clubhouse With Tax Exempt Bonds --

Overview

Pursuant to the Club Plan, each resident in the Community pays monthly membership fees to use the Clubhouse in perpetuity. The membership fee increases approximately
$60 per year through 2043, at which point the membership fee will be fixed at $2,160 per year.
The Homeowners Association (“HOA”) holds an option to acquire the Clubhouse from Lennar pursuant to a prescribed formula set forth below.
The Club Plan sets forth an Option Price which is the aggregate in place membership fees divided by the Capitalization Rate of 6%.
Lennar has provided the option for the HOA to purchase the clubhouse at a Purchase Price of $30,042,000 plus transactional and financing fees.

The CDD is a better mechanism to acquire the Clubhouse because the CDD has access to low cost, long term, tax-exempt financing.
While the payment per unit increases for residents initially, the payment will then be fixed without increase for 30 years. The savings to the CDD is substantial over the 30 year life of the bonds.

There are a number of other benefits to the District.

Benefits To Community Acquiring the Clubhouse Thru the CDD

There are Significant Financial & Ancillary Benefits to the Community by Owning the Clubhouse v. Making Club Plan Payments
	The Community would save approximately $24,578,745 over 30 years.

The CDD has access to issuing tax-exempt bonds at low interest rates. Very likely the Bonds may be rated which would drive down cost of funds to below the Capitalization Rate, at approximately 5.25%.
	The estimated bank loan rate available if the HOA were to acquire the club is approximately
~7.25%

The CDD locks in a purchase price today, which otherwise escalates each year thru 2043.

Payments would be fixed vs. subject to annual increases under the Club Plan.

Payments terminate once Bonds are paid off. Whereas membership fee payments are in perpetuity
-- Expenses would continue under either scenario.

The homeowner controlled CDD would control ownership and thus operational and management decisions.

Assessments collected on the tax roll which ensures collection.

The CDD Benefits from Governmental Immunity by owning the Clubhouse.

Club Plan Payments

Current Club Plan Schedule and Purchase Option

substantially over time

Year	Mthly	Annual	Club Plan PMTS Option Price

$28,373,000
$30,042,000
$31,711,000
$33,380,000
$35,049,000
$36,718,000
$38,387,000
$40,056,000
$41,725,000
$43,394,000
$45,063,000
$46,732,000
$48,401,000
$50,070,000
$51,739,000
$53,408,000
$55,077,000
$56,746,000
$58,415,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000
$60,084,000

1	2024	$85.00	$1,020	$1,702,380
2	2025	$90.00	$1,080	$1,802,520
3	2026	$95.00	$1,140	$1,902,660
4	2027  $100.00	$1,200	$2,002,800
5	2028  $105.00	$1,260	$2,102,940
6	2029  $110.00	$1,320	$2,203,080
7	2030  $115.00	$1,380	$2,303,220
8	2031  $120.00	$1,440	$2,403,360
9	2032  $125.00	$1,500	$2,503,500
10	2033  $130.00	$1,560	$2,603,640
11	2034  $135.00	$1,620	$2,703,780
12	2035  $140.00	$1,680	$2,803,920
13	2036  $145.00	$1,740	$2,904,060
14	2037  $150.00	$1,800	$3,004,200
15	2038  $155.00	$1,860	$3,104,340
16	2039  $160.00	$1,920	$3,204,480
17	2040  $165.00	$1,980	$3,304,620
18	2041  $170.00	$2,040	$3,404,760
19	2042  $175.00	$2,100	$3,504,900
20	2043  $180.00	$2,160	$3,605,040
21	2044  $180.00	$2,160	$3,605,040
22	2045  $180.00	$2,160	$3,605,040
23	2046  $180.00	$2,160	$3,605,040
24	2047  $180.00	$2,160	$3,605,040
25	2048  $180.00	$2,160	$3,605,040
26	2049  $180.00	$2,160	$3,605,040
27	2050  $180.00	$2,160	$3,605,040
28	2051  $180.00	$2,160	$3,605,040
29	2052  $180.00	$2,160	$3,605,040
30	2053  $180.00	$2,160	$3,605,040
31	2054  $180.00	$2,160	$3,605,040
TOTAL	$149	$1,792	$92,729,640

Increases

Page 10	4

Lease v. Own Detail

Approximately $24.58 MM of Cumulative Savings

Year

Bond Debt Service

Per Unit	Year

Savings
Mthly	Annually	Savings

Cumulative  Savings

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
TOTAL

$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$2,214,950	$1,327
$66,448,515	$1,327

2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
TOTAL

($21)	($247)	($412,430)	($412,430)
($16)	($187)	($312,290)	($724,721)
($11)	($127)	($212,150)	($936,871)
($6)	($67)	($112,010)	($1,048,882)
($1)	($7)	($11,870)	($1,060,752)
$4	$53	$88,270	($972,483)
$9	$113	$188,410	($784,073)
$14	$173	$288,550	($495,524)
$19	$233	$388,690	($106,834)
$24	$293	$488,830	$381,995
$29	$353	$588,970	$970,965
$34	$413	$689,110	$1,660,074
$39	$473	$789,250	$2,449,324
$44	$533	$889,390	$3,338,713
$49	$593	$989,530	$4,328,243
$54	$653	$1,089,670	$5,417,912
$59	$713	$1,189,810	$6,607,722
$64	$773	$1,289,950	$7,897,671
$69	$833	$1,390,090	$9,287,761
$69	$833	$1,390,090	$10,677,850
$69	$833	$1,390,090	$12,067,940
$69	$833	$1,390,090	$13,458,029
$69	$833	$1,390,090	$14,848,119
$69	$833	$1,390,090	$16,238,208
$69	$833	$1,390,090	$17,628,298
$69	$833	$1,390,090	$19,018,387
$69	$833	$1,390,090	$20,408,477
$69	$833	$1,390,090	$21,798,566
$69	$833	$1,390,090	$23,188,656
$69	$833	$1,390,090	$24,578,745
$24,578,745

Savings Summary

Approximately
$24.58 MM of Cumulative Savings
Club Plan Payments	Buy Today
(Excludes Operations)

Fixed/Variable	Increased Payments	Fixed	
Assumed Purchase Price	NA	$30,042,000	
Assumed Bond Int. Rate	NA	5.25%	

Monthly Payment	(Avg Pmt)
$149.35	
$110.59	
Annual Payment	$1,792.26	$1,327.11	
Total District Payments (30 yrs)	$92,729,640	$66,448,515	
Savings Summary
Total District Savings	
NA	
	$24,578,745		
% Savings		27%	

Prior Club Sales

A number of Community Development Districts have acquired Clubhouses with Tax Exempt Bonds –
	South Kendall Community Development District
	Lakes By The Bay Community Development District 	East Homestead Community Development District
	Panther Trails Community Development District 	Palm Glades Community Development District 	Venetian Community Development District
	Bellagio Community Development District
	Concord Station Community Development District 	Forest Brooke Community Development District
	Centre Lake Community Development District 	Touchstone Community Development District
	Cypress Mill Community Development District

RESOLUTION NO. 2024-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET AND NON-AD VALOREM SPECIAL ASSESSMENTS FOR FISCAL YEAR 2024/2025; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors (the “Board”) of the Two Lakes Community Development District (the “District”) is required by Section 190.008(2)(a), Florida Statutes, to approve a Proposed Budget for each fiscal year; and,

WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2024/2025 has been prepared and considered by the Board.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT, THAT:

Section 1.  The Proposed Budget including the Assessments for Fiscal Year 2024/2025 attached hereto as Exhibit “A” is approved and adopted.

Section 2.  A Public Hearing is hereby scheduled for 	, 2024 at 6:00 p.m. in the Aquabella Clubhouse located at 10401 W 35th Lane, Hialeah, Florida 33018, for the purpose of receiving public comments on the Proposed Fiscal Year 2024/2025 Budget.

PASSED, ADOPTED and EFFECTIVE this 23rd day of May, 2024.

ATTEST:	TWO LAKES
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairperson/Vice Chairperson

Two Lakes Community Development District

Proposed Budget For Fiscal Year 2024/2025
October 1, 2024 - September 30, 2025

CONTENTS

PROPOSED BUDGET

II	DETAILED PROPOSED BUDGET

Ill	DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2017)

DETAILED PROPOSED DEBT SERVICE FUND BUDGET (SERIES 2019)

ASSESSMENT COMPARISON

PROPOSED BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 • SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2024/2025 BUDGET	
Administrative Assessments	99,094	
Maintenance Assessments	163,124	
Debt Assessments - Series 2017	1,482,926	
Debt Assessments - Series 2019	1,153,711	
Other Revenue	0	
Interest Income - Stormwater Account	0	
Interest Income	720	
		
TOTAL REVENUES	$	2,899,575	
		
EXPENDITURES		
Administrative Expenditures		
Supervisor Fees	0	
Management	41,448	
Legal	12,800	
Assessment Roll	9,400	
Audit Fees	5,900	
Arbitrage Rebate Fee	1,300	
Insurance	7,100	
Legal Advertisements	2,500	
Miscellaneous	1,200	
Postage	500	
Office Supplies	700	
Dues & Subscriptions	175	
Trustee Fees	6,500	
Continuing Disclosure Fee	2,000	
Administrative Contingency	2,346	
Total Administrative Expenditures	$	93,869	
		
Maintenance Expenditures		
Annual Engineer's Report & Inspections	2,400	
Field Operations Management	1,500	
Roadway/Street Drainage System	35,000	
Lake Tract(s) Maintenance	12,000	
Aquatic Maintenance	15,000	
Capital Improvements Fund	87,437	
Total Maintenance Expenditures	$	153,337	
		
TOTAL EXPENDITURES	$	247,206	
		
REVENUES LESS EXPENDITURES	$	2,652,369	
		
Bond Payments - Series 2017	(1,393,950)	
Bond Payments - Series 2019	(1,084,488)	
		
BALANCE	$	173,931	
		
County Appraiser & Tax Collector Fee	(57,977)	
Discounts For Early Payments	(115,954)	
		
EXCESS/ (SHORTFALL)	$	
		
Carryover From Prior Year	0	
		
NET EXCESS/ (SHORTFALL)	$	

DETAILED PROPOSED BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023 ACTUAL	
FISCAL YEAR 2023/2024 BUDGET	
FISCAL YEAR 2024/2025 BUDGET	

COMMENTS	
Administrative Assessments	103,109	99,094	99,094	Expenditures Less lnteresV.94	
Maintenance Assessments	163,462	163,124	163,124	Expenditures/.94	
Debt Assessments - Series 2017	1,486,351	1,482,926	1,482,926	Bond Payments/.94	
Debt Assessments - Series 2019	1,153,854	1,153,711	1,153,711	Bond Payments/.94	
Other Revenue	0	0	0		
Interest Income - Stormwater Account	33,842	0	0		
Interest Income	2,615	360	720	Projected Al $60 Per Month	
					
TOTAL REVENUES	$	2,943,233	$	2,899,215	$	2,899,575		
					
EXPENDITURES					
Administrative Expenditures					
Supervisor Fees	0	0	0		
Management	39,084	40,248	41,448	CPI Adjustment (Capped At 3%)-lncludes Website Management	
Legal	8,240	12,800	12,800	No Change From 2023/2024 Budget	
Assessment Roll	9,400	9,400	9,400	No Change From 2023/2024 Budget	
Audit Fees	5,700	5,900	5,900	Accepted Amount For 2023/2024 Audit	
Arbitrage Rebate Fee	1,300	1,300	1,300	No Change From 2023/2024 Budget	
Insurance	6,134	6,500	7,100	Fiscal Year 2023/2024 Expenditure Was $6,594	
Legal Advertisements	707	1,500	2,500	Costs Will Increase Due To Closing Of The Miami Business Review	
Miscellaneous	341	1,300	1,200	$100 Decrease From 2023/2024 Budget	
Postage	108	525	500	$25 Decrease From 2023/2024 Budget	
Office Supplies	195	725	700	$25 Decrease From 2023/2024 Budget	
Dues & Subscriptions	175	175	175	Annual Dues Payment To Dept Of Economic Opportunity	
Trustee Fees	6,500	6,500	6,500	No Change From 2023/2024 Budget	
Continuing Disclosure Fee	1,000	2,000	2,000	No Change From 2023/2024 Budget	
Administrative Contingency	0	4,636	2,346	Administrative Contingency	
Total Administrative Expenditures	$	78,884	$	93,509	$	93,869		
					
Maintenance Expenditures					
Annual Engineer's Report & Inspections	1,438	2,400	2,400	No Change From 2023/2024 Budget	
Field Operations Management	1,500	1,500	1,500	No Change From 2023/2024 Budget	
Roadway/Street Drainage System	32,920	35,000	35,000	No Change From 2023/2024 Budget	
Lake Tract(s) Maintenance	21,658	12,000	12,000	No Change From 2023/2024 Budget	
Aquatic Maintenance	0	15,000	15,000	No Change From 2023/2024 Budget	
Capital Improvements Fund	0	87,437	87,437	Capital Improvements Fund	
Total Maintenance Expenditures	$	57,516	$	153,337	$	153,337		
					
TOTAL EXPENDITURES	$	136,400	$	246,846	$	247,206		
					
REVENUES LESS EXPENDITURES	$	2,806,833	$	2,652,369	$	2,652,369		
					
Bond Payments - Series 2017	(1,415,312)	(1,393,950)	(1,393,950)	2025 Principal & Interest Payments	
Bond Payments - Series 2019	(1,098,707)	(1,084,488)	(1,084,488)	2025 Principal & Interest Payments	
					
BALANCE	$	292,814	$	173,931	$	173,931		
					
County Appraiser & Tax Collector Fee	(27,938)	(57,977)	(57,977)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(110,816)	(115,954)	(115,954)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	154,060	$	$		
					
Carryover From Prior Year			a	Carryover From Prior Year	
					
NET EXCESS/ (SHORTFALL)	$	154,060	$	$		

DETAILED PROPOSED DEBT SERVICE (SERIES 2017) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023
ACTUAL	
FISCAL YEAR 2023/2024
BUDGET	
FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	

Interest Income	
80,015	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
1,415,312	
1,393,950	
1,393,950	
Maximum Debt Service Collection	

Total Revenues	
$1,495,327	
$1,394,050	
$1,394,450		

EXPENDITURES					

Principal Payments	
415,000	
455,000	
470,000	
Principal Payment Due In 2025	

Interest Payments	
963,094	
938,950	
920,750	
Interest Payments Due In 2025	

Bond Redemption	
0	
100	
3,700	
Estimated Excess Debt Collections	

Total Expenditures	
$1,378,094	
$1,394,050	
$1,394,450		

Excess/ (Shortfall)	
$117,233	
$0	
$0		

Series 2017 Bond Information

Original Par Amount =	$21,685,000	Annual Principal Payments Due:	
Interest Rate =	3.25%- 5.0%	December 15th	
Issue Date=	June 2017	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/24 =	November 2047

$19,270,000	June 15th & December 15th	

DETAILED PROPOSED DEBT SERVICE (SERIES 2019) FUND BUDGET
TWO LAKES COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2024/2025
OCTOBER 1, 2024 - SEPTEMBER 30, 2025

REVENUES	
FISCAL YEAR 2022/2023
ACTUAL	
FISCAL YEAR 2023/2024
BUDGET	
FISCAL YEAR 2024/2025
BUDGET	

COMMENTS	

Interest Income	
59,096	
100	
500	
Projected Interest For 2024/2025	

NAV Tax Collection	
1,098,707	
1,084,488	
1,084,488	
Maximum Debt Service Collection	

Total Revenues	
$1,157,803	
$1,084,588	
$1,084,988		

EXPENDITURES					

Principal Payments	
395,000	
420,000	
430,000	
Principal Payment Due In 2025	

Interest Payments	
682,225	
664,487	
651,513	
Interest Payments Due In 2025	

Bond Redemption	
20000	
101	
3,475	
Estimated Excess Debt Collections	

Total Expenditures	
$1,097,225	
$1,084,588	
$1,084,988		

Excess/ (Shortfall)	
$60,578	
$0	
$0		

Series 2019 Bond Information

Original Par Amount =	$19,050,000	Annual Principal Payments Due:	
Interest Rate =	3.0%-4.0%	December 15th	
Issue Date=	September 2019	Annual Interest Payments Due:	
Maturity Date =

Par Amount As Of 1/1/24 =	December 2049

$17,485,000	June 15th & December 15th	

Two Lakes Community Development District Assessment Comparison

Fiscal Year 2020/2021
Assessment Before Discount*

Fiscal Year 2021/2022
Assessment
Before Discount*

Fiscal Year 2022/2023
Assessment Before Discount*

Fiscal Year 2023/2024
Assessment Before Discount*

Fiscal Year
2024/2025
Projected Assessment Before Discount*

Origin Units

Administrative For Villa Units	$59.54	$59.39	$59.38	$59.38	$59.38	
Maintenance For Villa Units	$97.94	$97.94	$97.94	$97.94	$97.94	
Debt For Villa Units	$1,472.00	$1,472.00	$1,472.00	$1,472.00	$1,472.00	

Total For Villa Units	$1,629.48	$1,629.33	$1,629.32	$1,629.32	$1,629.32	

Administrative For Townhome Units	
$59.39	
$59.38	
$59.38	
$59.38	$59.38	
Maintenance For Townhome Units	$97.94	$97.94	$97.94	$97.94	$97.94	
Debt For Townhome Units	$1,524.50	$1,524.50	$1,524.50	$1,524.50	$1,524.50	

Total For Townhome Units	$1,681.83	$1,681.82	$1,681.82	$1,681.82	$1,681.82	

Administrative For Single Family Units	
$59.39	
$59.38	
$59.38	
$59.38	$59.38	
Maintenance For Single Family Units	$97.94	$97.94	$97.94	$97.94	$97.94	
Debt For Single Family Units	$1,577.00	$1,577.00	$1,577.00	$1,577.00	$1,577.00	

Total For Single Family Units	$1,734.33	$1,734.32	$1,734.32	$1,734.32	$1,734.32	

Expansion Units						

Administrative For Villa Units	$59.39	$59.38	$59.38	$59.38	$59.38	
Maintenance For Villa Units	$97.94	$97.94	$97.94	$97.94	$97.94	
 Debt For Villa Units	$1,555.00	$1,555.00	$1,555.00	$1,555.00	$1,555.00	
Total For Villa Units	$1,712.33	$1,712.32	$1,712.32	$1,712.32	$1,712.32	

Administrative For Townhome Units	
$59.38	
$59.38	
$59.38	
$59.38	$59.38	
Maintenance For Townhome Units	$97.94	$97.94	$97.94	$97.94	$97.94	
Debt For Townhome Units	$1,658.00	$1,658.00	$1,658.00	$1,658.00	$1,658.00	
Total For Townhome Units	$1,815.32	$1,815.32	$1,815.32	$1,815.32	$1,815.32	

Administrative For Single Family Units	
$59.38	
$59.38	
$59.38	
$59.38	$59.38	
Maintenance For Single Family Units	$97.94	$97.94	$97.94	$97.94	$97.94	
Debt For Single Family Units	$1,866.00	$1,866.00	$1,866.00	$1,866.00	$1,866.00	
Total For Single Family Units	$2,023.32	$2,023.32	$2,023.32	$2,023.32	$2,023.32	

 Assessments Include the Following :			Note: Covenant Amount (After Discounts & Fees)	
4% Discount for Early Payments
1% County Tax Collector Fee			For Original Units= $248.00
$248.00/.94 = $263.82	
1% County Property Appraiser Fee				
			Covenant Amount (After Discounts & Fees)	

Community Information - Original Units (Original):			For Expansion Units= $262.00
$262.00/.94 = $278.72	
Villa Units	347			
Townhome Units	420		Total Units	
 Single Family Units	209		Original Units:	982	
Total Area One Units	976		 Expansion Units:	687	
			Total Units:	1,669	

Community Information - Original Units (Current):			

Community Information -	

Expansion Units:		
Villa Units	407		Villa Units	246		
Townhome Units	372		Townhome Units	248		
 Single Family Units	203		 Single Family Units	193		
Total Area One Units	982		Total Expansion Units	687		

V	Page 21213PM

Two Lakes CDD - Clubhouse
2024 APPROVED OPERATING BUDGET 2
January 1, 2024 through December 31, 2024

INCOME	MONTHLY	ANNUALLY	
Operating Income	$	110,129.00	$	1,321,548.00	

CLUB EXPENSES FOR PRIMARY & SECONDARY FACILITY (BASED ON 1669 HOMES/LOTS)	

MONTHLY	

ANNUALLY	
Access Control Repairs & Maintenance	$	700.00	$	8,400.00	
Air Conditioning Maintenance and Reapirs	$	308.00	$	3,696.00	
Electricity	$	8,075.00	$	96,900.00	
Fitness Equipment Maintenance	$	1,250.00	$	15,000.00	
Insurance-Property and Liability	$	2,450.00	$	29,400.00	
Irrigation Repairs & Maintenance	$	475.00	$	5,700.00	
Janitorial Services	$	15,850.00	$	190,200.00	
Janitorial Supplies	$	2,500.00	$	30,000.00	
Landscape Maintenance	$	4,175.00	$	50,100.00	
Landscape Replacement (Includes Mulching)	$	2,100.00	$	25,200.00	
Management Fees	$	6,676.00	$	80,112.00	
Office Supplies/Club House Supplies	$	845.00	$	10,140.00	
Payroll- Management Staff	$	17,500.00	$	210,000.00	
Pest Control	$	400.00	$	4,800.00	
Pool Maintenance	$	6,000.00	$	72,000.00	
Pool Repairs	$	4,000.00	$	48,000.00	
Property Taxes	$	1,000.00	$	12,000.00	
General Repairs/Maintenance & Supplies	$	4,000.00	$	48,000.00	
Security Services	$	20,850.00	$	250,200.00	
Resident Special Events	$	3,350.00	$	40,200.00	
Telephone, Cable, Internet	$	1,550.00	$	18,600.00	
Trash Collection/Recycling	$	1,840.00	$	22,080.00	
Water & Sewer	$	3,400.00	$	40,800.00	
Window Cleaning & Pressure Cleaning	$	835.00	$	10,020.00	
TOTAL CLUB EXPENSES	$	110,129.00	$	1,321,548.00	

TOTAL CLUB DUES	MONTHLY	ANNUALLY	

Club Expenses Per Home/Lot	
$	65.99	
$	791.82	

Club Membership Fees	
$	111.00	
$	1,332.00	
TOTAL CLUB DUES PER HOME/LOT	$	176.99	$	2,123.82	

AQUABELLA CLUB 1
2024 APPROVED OPERATING BUDGET 2
January 1, 2024 through December 31, 2024

EXPLANATION NOTES
Estimated costs for repairs and maintenance of the access control system of the Club Property.	
Estimated cost for AC maintenance contract and associated repairs.	
Estimated electricity for Club Property including, but not limited to, irrigation, pool equipment and outdoor lights.	
Estimated cost for fitness equipment maintenance contract and associated repairs.	
Costs for Property, Liability and other insurance coverages for Club Property.	
Estimated costs for irrigation repairs and maintenance at Club Property.	
Payroll for janitorial staff.	
Estimated costs of janitorial supplies required for Club Property.	
Estimated costs for landscape maintenance. Including but not limited to 32 cuts/edging per year, monthly shrub trimming, monthly bed work, quarterly pest and fertilization	
Estimated costs for landscape replacement and yearly mulching of Club Property.	
Monthly per Home costs for management services, not including payroll.	
Estimated costs for supplies and equipment required for onsite office.	
Payroll for Director, and other club staff. Not including janitorial.	
Contract services for pest control at Club Property	
Contract services for routine pool maintenance and additional cleanings when required.	
Estimated costs for repairs of the pools.	
Estimated property taxes for the Club Property	
Estimated costs of general repairs and maintenance of the Club Property.	
Security services for Club Property as needed.	
Estimated costs for events and activities hosted by the Club.	
Estimated expenses for services	
Estimated trash collection expenses for Club Property.	
Estimated cost of water & sewer for Club Property	
Estimated cost of yearly window cleaning and pressure washing of Club Property.	

Disclosures:

THIS IS AN ESTIMATED PROJECTED BUDGET. IT IS POSSIBLE THE ACTUAL CLUB DUES MAYBE LESS THAN OR GREATER THAN PROJECTED. THE BUDGET IS BASED ON 1669 PROJECTED HOMES.

RESOLUTION NO. 2024-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT ESTABLISHING AN ELECTRONIC SIGNATURE POLICY, PROVIDING DISTRICT MANAGER WITH AUTHORITY AND RESPONSIBILITY FOR APPROVAL OF ELECTRONIC SIGNATURES AND IMPLEMENTATION OF CONTROL PROCESSES AND PROCEDURES TO ENSURE COMPLIANCE, INTEGRITY, AND SECURITY, IN ACCORDANCE WITH CHAPTER 688, FLORIDA STATUTES; AND PROVIDING FOR SEVERABILITY AND EFFECTIVE DATE.

WHEREAS, the Two Lakes Community Development District (the “District”), is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created by Ordinance No. 18-90 of the Board of County Commissioners of Miami Dade County, Florida, Florida enacted on September 15, 2018.; and

WHEREAS, the Board of Supervisors of the District regularly directs the District Manager of the District to execute and accept certain documents on behalf of the District and it is customary for certain documents to be transmitted via electronic means endorsed with electronic signatures; and

WHEREAS, consistent with Chapter 688, Florida Statutes, the District is responsible for adopting and implementing control processes and procedures to ensure adequate integrity, security, confidentiality, and auditability of business transactions conducted using electronic commerce; and

WHEREAS, the District Board of Supervisors finds that it is in the best interest of the District to enact a policy pertaining to the use and receipt of electronic signatures.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE TWO LAKES COMMUNITY DEVELOPMENT DISTRICT, AS FOLLOWS:

Section 1.  The foregoing recitals are hereby incorporated as findings of fact of the District Board of Supervisors.

Section 2. The Board of Supervisors of the Two Lakes Community Development District hereby establishes and adopts the “Electronic Signature Policy,” as follows:

1

ELECTRONIC SIGNATURE POLICY

PURPOSE: The purpose of this policy is to establish and identify the criteria and requirements for the use and validation of electronic signatures on documents on behalf of and for District business in accordance with Chapter 688, Florida Statutes, “Electronic Signature Act”.

DEFINITIONS:

Electronic means technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.

Electronic record means a record created, generated, sent, communicated, received, or stored by electronic means.

Electronic signature means any letters, characters, or symbols, manifested by electronic or similar means, or logically associated with a record and that is executed or adopted with the intent to sign the record.

Electronic transaction means a transaction that is conducted or performed, in whole or in part, by electronic means or electronic records.

Record means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and that is retrievable in perceivable form.

POLICY: This policy applies to any Electronic transaction that is a replacement for or complement to handwritten signatures on any record of or for the District, including, but not limited to, contracts, agreements, official minutes, bids, proposals and resolutions. Any Electronic record or Electronic signature may not be denied legal effect or enforceability solely because the record or signature is in electronic form. This policy does not limit the District’s right or option to require original signatures or Records in a non-electronic format as the District deems necessary or as required by appliable policies, laws or regulations.

PROCEDURE: When a document containing an Electronic signature is signed, transmitted and received the following requirements must be met:
The Electronic signature must establish sender/user authenticity. The electronic signing of a document by an individual must be accompanied by documentation that shows that the signer is the individual signing the document and the individual that has the authority to bind the entity entering into an agreement or contract with the District.

If a document has been modified or changed, the prior Electronic signature is invalid and said document requires another Electronic signature or shall be signed by hand. This is to prevent any issue that a document has been changed after it is signed.

2

The District Manager, or his or her designee, has the authority and responsibility for approval of any Electronic signature method utilized and shall be responsible for the implementation of control processes and procedures to ensure adequate integrity, security, confidentiality, and auditability of District business transactions conducted using electronic methods.

The Electronic signature shall include the entire name of the individual and shall be located on or near the signature block on the document being electronically signed.

The date of the Electronic signature must be captured, stored, and available for retrieval for the required retention period of the document executed.

The Electronic record must be transmitted to all parties in a format acceptable to the District Manager, or his or her designee.

Section 3.  The District Manager is hereby directed to take all actions necessary and consistent with the intent of this Resolution.

Section 4.  All resolutions or parts of resolutions in conflict herewith are repealed to the extent of such conflict.

Section 5.   If any clause, section or other part or application of this Resolution is held by a court of competent jurisdiction to be unconstitutional, illegal or invalid, in part or as applied, it shall not affect the validity of the remaining portions or applications of this Resolution.

Section 6.	The Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED at a meeting of the District Board of Supervisors, this 23rd day of May, 2024.

TWO LAKES COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chair / Vice Chair

3

Ethics Training

Beginning in 2024, District Supervisors are required to complete four (4) hours of ethics training annually. Below are links to two training sessions that will, upon completion, satisfy the training requirement. Beginning with the 2024 Form 1, District Supervisors will be required to confirm that they have completed the training each year.

State Ethics Laws for Constitutional Officers & Elected Municipal Officers
https://www.youtube.com/watch?v=U8JktIMKzyI
Public Meetings and Public Records Law
https://www.myfloridalegal.com/sites/default/files/Full%2520audio%25 202018%5B2%5D.mp3

Both links can be found on SDS’ website, at www.sdsinc.org/links.

The Florida Association of Special Districts (FASD) also offers a training option through Florida State University’s Florida Institute of Government. If your special district is a member of FASD, the cost for this special district-specific ethics training is $49.00 for each district official.

If your special district is NOT a member of FASD, the cost for this special district-specific ethics training is $79.00 for each district official.
Information on the FASD course can be found at https://www.fasd.com/ethics-for- special-districts.

The Oaks Center · 2501A Burns Road · Palm Beach Gardens, FL 33410-5204	o: 561.630.4922 · f: 561.630.4923 · www.sdsinc.org Additional Offices: Miami · Bonita Springs · Tradition · West Villages · Ave Maria