MINUTES OF MEETING DAVIS RESERVE
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Davis Reserve Community Development District was held Wednesday, August 6, 2025 at 1:00 p.m. at 2420 N Essex Avenue, Hernando, Florida.

Present and constituting a quorum:

Cyle Moses	Chairperson
Saundra Taylor	Vice Chairperson
Laura Lambert	Assistant Secretary
Tara Edwards	Assistant Secretary
Cheryl Wisser	Assistant Secretary Also present were:
Jill Burns	District Manager, GMS
Jennifer Kilinski by Zoom	District Counsel, Kilinski Van Wyk Pattrick Collins by Zoom	District Counsel, Kilinski Van Wyk
Ken Ward	District Engineer, Burrell Engineering
George Smith by Zoom	District Bond Counsel
Eric Able	Developer

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order and called roll. All five Supervisors were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Ms. Burns opened the public comment period on agenda items. Hearing no comments, the next item followed.

THIRD ORDER OF BUSINESS	Approval of Minutes of the May 7, 2025
Landowners’ Meeting and the May 7, 2025 Board of Supervisors Meeting
Ms. Burns presented the minutes of the May 7, 2025 Landowners’ meeting and the May 7, 2025 Board of Supervisors meeting. She asked for any questions, comments, or corrections to the minutes. The Board had no changes to the minutes.

On MOTION by Mr. Moses seconded by Ms. Taylor, with all in favor, the Minutes of the May 7, 2025 Landowners’ Meeting and the May 7, 2025 Board of Supervisors meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Agreement	for
Continuing	Professional	Engineering Services
Ms. Burns presented the agreement for continuing professional engineering services with Burrell Engineering, Inc.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, the Agreement for Continuing Professional Engineering Services with Burrell Engineering, Inc., was approved.

FIFTH ORDER OF BUSINESS	Presentation	and	Approval	of
Supplemental Assessment Methodology dated August 6, 2025
Ms. Burns presented the Supplemental Assessment Methodology dated August 6, 2025. She explained that the supplemental report is based on the bond sizing that they receive. She explained that this report allocates debt to the properties based on the benefit that each receives from the capital improvement plan. Ms. Burns reviewed tables included in the agenda package for review. Table 1 shows the development program. Table 2 shows their infrastructure cost estimates. Table 3 is an estimated bond sizing of $13,585,000. Table 4 allocates the benefit to each of those product types. Table 5 lists the par debt per unit, which would be $34,048 for each of those 399 lots. Table 6 shows the net and gross annual debt assessment per unit. Table 7 shows the preliminary assessment roll 102.41 acres with one landowner, Brentwood Farms, LLC.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, the Supplemental Assessment Methodology dated August 6, 2025, was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-38
Delegation Resolution (Series 2025 Bonds)
Mr. Smith presented Resolution 2025-38. He explained that it authorizes the District to issue revenue bonds. It also authorizes and negotiates over the underwriters if they meet certain parameters that are specified in the resolution. In addition to the Bond Purchase Agreement, it authorizes the forms of the preliminary limited offering memorandum and their continuing disclosure certificate that they need to enter in connection with the issuance of the bonds. He stated that the main item in the resolution is Section 5, the bond purchase contract, which he discussed. Discussion ensued; the Board decided to amend the Series 2025 bond amount from $16,000,000 to $23,000,000.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Resolution 2025-38 Delegation Resolution (Series 2025 Bonds), was approved as amended.

SEVENTH ORDER OF BUSINESS	Consideration of Series 2025 Ancillary
Documents
Acquisition Agreement
Ms. Kilinski stated the Acquisition Agreement outlines the responsibility for the District.

Completion Agreement
Ms. Kilinski stated the Completion Agreement essentially says that the District is going to issue bonds, bonds may not be enough to cover and fully fund the full amount of the District’s Capital Improvement Plan. To the extent that there are not funds available, then the developer agrees that the District will constructure the improvements to provide funds to complete it.

Collateral Assignment Agreement
Ms. Kilinski stated this agreement only goes into effect in the event of a default on payment of assessments to repay the bonds.

Declaration of Consent
Ms. Kilinski stated this declares the consent to the jurisdiction of the District in the imposition of special assessments and waives any right to contest the validity of the District imposition of assessments on the property.

True-Up Agreement
Ms. Kilinski stated when the District does issue bonds and levy assessments, it’s contemplating 399 units in order to fully absorb the assessments required to repay the bonds. She explained that in the event that there are less than 399 units, it recognizes there may be a true-up payment due so the District has the ability to repay the bonds. She further explained that if there is more than 399 units, it has a mechanism for reallocation of those assessments to all the benefiting parcels in the District’s boundary.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, the Series 2025 Ancillary Documents, were approved in substantial form.

Consideration of Resolution 2025-39 Supplemental Delegated Assessment Resolution (Series 2025 Bonds)
Ms. Kilinski presented and discussed Resolution 2025-39. She stated this is a Supplemental Assessment Resolution with delegation of authority to staff and the Chair to levy the lien that actually will attach the repayment of bonds.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Resolution 2025-39 Supplemental Delegated Assessment Resolution (Series 2025 Bonds), was approved.

EIGHTH ORDER OF BUSINESS	Public Hearing
Public Hearing on the Adoption of the Fiscal Year 2024/2025 and Fiscal Year 2025/2026 Budgets
Ms. Burns asked for a motion to open the public hearing.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Opening the Public Hearing, was approved.

i. Consideration of Resolution 2025-40 Adopting the District’s Fiscal Year 2024/2025 and Fiscal Year 2025/2026 Budgets and Appropriating Funds
Ms. Burns presented Resolution 2025-40. She explained that for the current and upcoming year, 2025 and 2026, the budget will be developer funded.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Resolution 2025-40 Adopting the Districts Fiscal Year 2024/2025 and Fiscal Year 2025/2026 Budgets and Appropriating Funds, was approved.

Ms. Burns asked to close the public hearing.

On MOTION by Mr. Moses seconded by Ms. Taylor, with all in favor, Closing the Public Hearing, was approved.

NINTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-41
Designation of a Regular Monthly Meeting Date, Time, and Location for Fiscal Year 2025/2026
Ms. Burns presented Resolution 2025-41. The Board decided to keep the monthly meeting date, time and location the same on the first Wednesday of the month at 1:00 p.m.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Resolution 2025-41 Designation of a Regular Monthly Meeting Date, Time, and Location for Fiscal Year 2025/2026, was approved.

TENTH ORDER OF BUSINESS	Goals and Objectives
Adoption of Fiscal Year 2026 Goals & Objectives
Ms. Burns stated the goals and objectives for 2026 are the same as they were for 2025. The Board agreed to keep the goals and objectives for 2026 the same as they were for Fiscal Year 2025.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Adopting the Fiscal Year 2026 Goals & Objectives, was approved.

Presentation of Fiscal Year 2025 Goals & Objectives and Authorizing Chair to Execute
Ms. Burns explained that they need authorization to have the Chair confirm they met all their goals and objectives and to sign off on the form at the end of the fiscal year, which is September 30th.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Accepting the Fiscal Year 2025 Goals & Objectives and Authorizing Chair to Execute, was approved.

ELEVENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Kilinski had nothing further to report to the Board.

Engineer
Mr. Ward had nothing to report to the Board.

District Manager’s Report
Approval of Check Register
Ms. Burns presented the check register for the month of June for $6,243.53. She offered to answer any questions.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, the Check Register, was approved.

Balance Sheet & Income Statement
Ms. Burns noted financial statements were included in the agenda package for review.
These are for informational purposes only.

Consideration of Requisition #1
Ms. Burns stated they wanted to get approval of Requisition #1 to have it executed. Ms. Kilinski explained and recommended the Board approve up to $23,000,000 of expenditures as long as the Acquisition Agreement is met.

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, Requisition #1, was approved.

TWELFTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

THIRTEENTH ORDER OF BUSINESS	Supervisors	Requests	and	Audience
Comments
There being no comments, the next item followed.

Secretary/Assistant Secretary

FOURTEENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Moses, seconded by Ms. Taylor, with all in favor, the meeting was adjourned.

Chairman/Vice Chairman