Preheat oven to 325 degrees.
Season chicken with salt and pepper and cook in a covered skillet with olive oil until tender and cooked through.
Place chicken on a plate and shred into bite size pieces.
Mix chicken, cream cheese, jalapenos, olives, and 1 1/2 cups cheddar cheese and 1 1/2 cups Monterey jack cheese in a large bowl.
To make the sauce- melt butter in sauce pan and mix in flour to make a roux.
Then add milk, water, chicken bouillon, and garlic.
Bring to a boil and take off heat, then mix in 1 cup cheddar and one cup Monterey jack cheese.
Mix until smooth then pour some sauce in bottom of greased baking pan (at least 13 X 9 size).
Pour one cup of sauce in chicken filling mixture and combine.
Fill each tortilla with chicken mixture and then fold and roll and lay flat, seam side down in pan.
Repeat with each tortilla.
Pour remaining sauce over the enchiladas, making sure to spread the sauce over the edges so they cook up soft.
Bake for 25-30 minutes or until brown and bubbly.
Serve with rice and black beans.