GRIFFIN LAKES

COMMUNITY DEVELOPMENT

DISTRICT

AGENDA PACKAGE

JUNE 4, 2020

SPECIAL MEETING

WebEx

Meeting Number (Access Code): 292 135 301

Meeting Password: 8u7ZXvBUSm8 (88799828 from phones and video systems

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Griffin Lakes Community Development District

Inframark, Infrastructure Management Services 210 N. University Drive, Suite 702, Coral Springs, FL 33071

WebEx Meeting Number (Access Code): 292 135 301

Meeting Password: 8u7ZXvBUSm8 (88799828 from phones and video systems

May 28, 2020

Board of Supervisors Griffin Lakes Community Development District

Dear Board Members:

A special meeting of the Board of Supervisors of the Griffin Lakes Community

Development District will be held on Thursday, June 4, 2020 at 12:30 p.m. via WebEx.

Following is the advance agenda for the meeting:

1. Call to Order and Roll Call

2. Public Comment3. Consideration of Engagement of MBS Capital regarding Bond Refinancing4. Presentation from MBS Capital regarding Bond Refinancing5. Consideration of Expenditure for Additional Signs Around the Lakes

6. Supervisors’ Requests

7. Adjournment

The balance of the agenda is routine in nature. I look forward to speaking with you at the meeting; however, if you have any questions in the meantime, please contact me at 954-603-0033.

Sincerely,

Kenneth Cassel District Manager

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Third Order of Business

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Fourth Order of Business

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Griffin Lakes CDD

Presented By: MBS Capital Markets

May 14, 2020

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The Series 2008 Bonds Overview

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Overview Series 2008 Bonds:

• The District issued its $4,440,000 Series 2008 Special Assessment Bonds on August 21, 2008

• The Series 2008 Bonds have a final maturity of May 1, 2033 with an average coupon of 5.47%

• The Series 2008 Bonds were issued to refund the District’s Series 2002A Bonds

• S&P assigned a rating of ‘A-’ to the Series 2008 Bonds at the time of issuance

Current Status of the Series 2008 Bonds:

• Current Series 2008 Bonds par outstanding: $2,980,000

• Callable:• Term Bond due 2028: Callable anytime• Term Bond due 2033: May 1, 2018 on an Interest Payment Date

Series Par Outstanding Average Coupon Call Date Maturity

Series 2008 Bonds 2028 Term: $1,595,0002033 Term: $1,385,000Total: $2,980,000

2028 Term: 4.88%2033 Term: 5.75%Average: 5.47%

2028 Term: Anytime2033 Term: May 1, 2018

2028 Term: May 1, 20282033 Term: May 1, 2033

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Estimated Refunding Results – Annual Debt Service Reduction

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Series Est. Par OutstandingGross Annual

Assessments (2)Blended Coupon Maturity Call Date

Series 2008 Bonds $2,980,000 $343,466 5.47% May 1, 20332028 Term: Anytime

2033 Term: May 1, 2018

Series 2020 Refunding Bonds $2,980,000 $297,793 3.00% May 1, 2033 n/a

Estimated Refunding Results:Refunding Results

Proposed Dated/Delivery Date 08/3/2020Est. Series 2020 Par Amount (3) $2,980,000Est. Average Interest Rate 3.00%Final Maturity (6) May 1, 2033Est. NPV Savings (4) $259,536Est. NPV Savings % (4) 8.71%

Assessment Area 427 Residential Lots

Chapter 170 Process No

Est. Gross Annual Debt Service $ (2) $297,793

Est. Max Annual Debt Service Reduction $ (2) & (5) $45,673

Est. Maximum Annual Debt Service Reduction % (2) & (5) 13.3%

Product-Type # UnitsCurrent Outstanding Par

Per Unit Estimated Series 2020 Par

Per Unit

Current Gross Annual

Assessment Per Unit (2)

Est. Series 2020Gross Annual Assessment Per Unit (2)

Est. Annual Savings Per Unit ($) (2)

Est. Annual Savings Per Unit (%)

All 427 $6,979 $6,979 $804 $697 $107 13.3%

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Annual Debt Service Savings Con’t

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1. The net annual debt service excludes 4.0% discount for early payment and the 2.0% collection fees charged by the BrowardCounty Tax Collector and Appraiser.

2. The projected gross annual assessments per unit includes the gross-up to provide for the 4.0% discount for early paymentand the 2.0% collection fees charged by the Broward County Tax Collector and Appraiser.

3. An increase in principal would result in the necessity to undertake the Chapter 170 assessment process which includes thenotification and holding of a public hearing.

4. These figures are net of all costs and transfers from the existing trust estate.

5. The reduction of annual debt service is calculated based upon comparing the debt service on the Series 2008 Bonds and thedebt service on the proposed refunding bonds

6. The maturity date on the proposed refunding bonds is 05/01/2033 which is consistent with the maturity date on the Series2008.

7. The underwriter’s discount or placement agent fee is the greater of $50,000 or 1.5% of par. This fee is contingent upon theclosing of the refinancing transaction. The estimated costs of issuance of the refinancing are consistent with other similarlyrecently closed CDD refinancing transactions. Such costs are to be negotiated between the District and the various financingteam members.

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

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Disclosures Concerning the Underwriter’s Role

i. Municipal Securities Rulemaking Board Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors;

ii. The Underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with the District and ithas financial and other interests that differ from those of the District;

iii. Unlike a municipal advisor, the Underwriter does not have a fiduciary duty to the District under the federal securities laws and is, therefore, notrequired by federal law to act in the best interests of the District without regard to its own financial or other interests;

iv. The Underwriter has a duty to purchase securities from the District at a fair and reasonable price, but must balance that duty with its duty to sellmunicipal securities to investors at prices that are fair and reasonable; and

v. The Underwriter will review the official statement for the District’s securities in accordance with, and as part of, its responsibilities to investors underthe federal securities laws, as applied to the facts and circumstances of the transaction.

Disclosure Concerning the Underwriter’s Compensation

Underwriter’s compensation that is contingent on the closing of a transaction or the size of a transaction presents a conflict of interest, because it may causethe Underwriter to recommend a transaction that it is unnecessary or to recommend that the size of the transaction be larger than is necessary.

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

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

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 theresale 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 whichthe 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 theUnderwriter 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, ongifts, gratuities, and non-cash compensation, and Rule G-17, in connection with certain payments made to, and expenses reimbursed for, Districtpersonnel during the municipal bond issuance process.

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