Lakewood Ranch Stewardship District
12051 Corporate Blvd, Orlando, Florida 32817; 407.723.5900 www.lakewoodranchstewardship.com

BOARD OF SUPERVISORS	Friday, June 12, 2020 9:00 a.m.
LAKEWOOD RANCH	Schroeder-Manatee Ranch, Inc.
STEWARDSHIP DISTRICT	14400 Covenant Way
Lakewood Ranch, FL 34202

The meeting will be conducted by means of communications media technology, such as telephonic conferencing, per the information below:
Number: 1-844-621-3956	Participant code: 791 375 709# BOARD OF SUPERVISORS CONTINUED MEETING AGENDA
Call to Order / Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]
Administrative Matters Business Matters
Consideration of Financing Matters Relative to the Series 2020 Refunding Bonds, Country Club East
Presentation of Assessment Methodology Report
Consideration of Resolution 2020-28, Delegation Resolution
Twenty-Seventh Supplemental Indenture
Bond Purchase contract
Preliminary Official Statement
Continuing Disclosure Agreement
Escrow Deposit Agreement
Municipal Bond Insurance Commitment
Municipal Bond Debt Service Reserve Insurance Commitment
Other Matters (provided under separate cover)) Financial Matters
Other Business
Staff Reports
Manager’s Report
Attorney’s Report
Engineer’s Report
Consent Agenda
Change Order No. 1
Frederick Derr & Company, Inc.
Academic Ave. & Lighterwood Trail Roadway Improvements Deductions for District Purchase Materials
Audience Comments
Adjournment

LAKEWOOD RANCH STEWARDSHIP DISTRICT CONTINUED BOARD OF SUPERVISORS MEETING AGENDA JUNE 12, 2020 AT 9:00 A.M.

SCHROEDER-MANATEE RANCH, INC.
14400 Covenant Way  Lakewood Ranch, Florida 34202
Call in Number: 1-844-621-3956	Access Code:  791 375 709#

BOARD OF SUPERVISORS		DISTRICT STAFF	

REX JENSEN	CHAIRMAN	DISTRICT MANAGER  HANK FISHKIND	PFM CONSULTING GROUP LLC TONY CHIOFALO	VICE CHAIRMAN / ASST. SECRETARY	DISTRICT COUNSEL JONATHAN JOHNSON HOPPING GREEN & SAMS SCOTT ALMAND	TREASURER / ASSISTANT SECRETARY	DISTRICT ENGINEER  MIKE KENNEDY	STANTEC
JIM SCHIER	ASSISTANT SECRETARY

ED HUNZEKER	ASSISTANT SECRETARY	HANK FISHKIND	SECRETARY

Enclosed is the agenda of the Lakewood Ranch Stewardship District Board of Supervisors (“Board”). Meetings of the Board are open to the public in accordance with Florida law. Agendas can be reviewed by contacting the District Manger’s office at (407) 723-5900 at least seven days in advance of the scheduled meeting. Requests for the Board to consider items that are not on this agenda must be submitted in writing with an explanation to the District Manger at least fourteen (14) days prior to the date of the meeting.

Upon establishing a quorum, meetings of the Board are anticipated to begin promptly at 9:00 a.m. at the address listed above, unless proper notice states otherwise. Each meeting will begin by inviting comments from members of the public in attendance, if any. Public comments may address any matter of interest or concern to the District, regardless whether listed for consideration on the meeting’s agenda, and will be received by the Board in accordance with the District’s Public Comment Policy. Generally, each individual speaker is limited to three (3) minutes of public comment. The Board or District staff is not obligated to respond immediately to comments or concerns expressed during the public comment period.

Following the public comment period, the Board will proceed to address agenda items that require the review and approval of the Board as a normal course of business. As necessary, other business items may appear on the agenda for the Board’s discussion and further action by motion or vote of the Supervisors. If the Board elects to consider any business item not previously published on the meeting agenda, the Board will invite public comment regarding the item prior to taking official action.

As a routine matter, the Board will consider financial status updates and may approve financial reports, work authorizations, and other financial business items as appropriate. Staff, including the District Manager, District Counsel, and District Engineer, will report to the Board regarding any pending issues that may be of interest to the District or the Board on a case-by-case basis. Time is reserved at the conclusion of each meeting for the Board Supervisors to express comments or concerns regarding items to be researched, considered or addressed by the Board or Staff. The Board may elect to receive Public Comment prior to adjournment of the meeting at the discretion of the Board Chairman.

Occasionally, certain items for decision by the Board are required by Florida law to be held as a Public Hearing, which will be indicated by a notice published in the local newspaper or mailed directly to impacted persons as the circumstances require. The Board will announce the opening of the Public Hearing on these agenda items and invite public comment on the specific item being considered under the notice of the Public Hearing. Public comment received during the Public Hearing must conform to the District’s Public Comment Policy. If needed, the Board may hold an advertised public workshop session to consider a policy or business matter informally with staff or consultants prior to scheduling the item for action on an agenda.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in a meeting/hearing/workshop of the Board is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (407) 723-5900. If you are hearing or speech impaired, please contact the Florida Relay Service at (800) 955-8770, which will assist you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financing Matters Relative to the Series 2020 Refunding Bonds, Country Club East

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Assessment Methodology Report

ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT, COUNTRY CLUB EAST SERIES 2020 REFUNDING BONDS

June 2020

Prepared for:

Board of Supervisors,
Lakewood Ranch Stewardship District

Prepared on June 11, 2020

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

ASSESSMENT METHODOLOGY REPORT
LAKEWOOD RANCH STEWARDSHIP DISTRICT, COUNTRY CLUB EAST SERIES 2020 REFUNDING BONDS

June 11, 2020

Introduction

Purpose

This Assessment Methodology Report Lakewood Ranch Stewardship District, Country Club East Series 2020 Refunding Bonds (“Series 2020 Refunding Report”) provides a methodology for allocating the assessments securing the repayment of the planned Series 2020 Refunding Bonds (“Bonds” or “Series 2020 Bonds”) to be issued by the Lakewood Ranch Stewardship District (“District” or “LRSD”), specifically lands within Country Club East (“CCE”). This Series 2020 Refunding Report applies and operates pursuant to the methodology outlined in the Assessment Methodology Lakewood Ranch Stewardship District “Country Club East” Report, dated May 4, 2006 (“Assessment Report”) and the Supplemental Assessment Methodology Lakewood Ranch Stewardship District “Country Club East” dated June 9, 2006 (“Supplemental Report”). CCE issued its Special Assessment Revenue Bonds, Series 2006 (“Series 2006 Bonds”) to provide funding for certain infrastructure improvements (“2006 Project”) to certain properties located within CCE.

The lands within CCE have undergone substantial development since the time of the issuance of the Series 2006 Bonds. All residential lots have been platted, developed and/or sold within CCE. CCE’s development, combined with other more general economic factors provide the District with the opportunity to refund its outstanding Series 2006 Bonds. This Series 2020 Refunding Report outlines the specific bond debt service assessments assigned to remaining assessable properties located within CCE, consistent with the assessment methodology outlined in the Supplemental Report.

The methodology described herein allocates a portion of the cost of refinancing the 2006 Project to all specially benefitted remaining assessable properties within CCE based upon the benefits each property receives from those same improvements and which have been developed during CCE’s capital improvement program (“CIP”).

This Series 2020 Refunding Report is designed to conform to the requirements of Chapter 170 of the Florida Statutes and Chapter 2005-338, Laws of Florida, as amended with respect to special assessments and is consistent with our understanding of the case law on this subject.

Background

LRSD is an independent special district established pursuant to Chapter 2005-338 Laws of Florida. The District is located in Manatee and Sarasota Counties comprising over 23,000 acres. Schroeder-Manatee Ranch, Inc. (“SMR”) is the owner of the majority of the land in the District. SMR established and developed the 851.01 gross acres which comprises CCE.

The Series 2020 Refunding Report addresses the allocation of the costs refinanced with the Series 2020 Bonds proceeds to the remaining assessable properties located within CCE. All such properties receive a special benefit from the District’s CIP.

CCE Land Use Plan (2006)

The Supplemental Report allocated the Series 2006 Bonds and associated assessments to units and the golf course on an acreage basis. A summary of the land plan as detailed in the Supplemental Report is found in Table 1. The initial allocation of the Series 2006 Bonds per the Supplemental Report is provided in Table 2, consistent with the Assessment Report.

Table 1. Land Plan for CCE (2006)

Category
Residential Development	Volume
Lots	Acreage	
Parcel 502 Condos	242		
Parcel 513 Condos	143		
Parcel 517 Condos	66		
52' x 130'	95		
62' x 130'	84		
76' x 130'	69		
100' x 150'	81		
125' x 190'	36		
140' x 225'	44		
200' x 225'	38		
Total Residential	898	501.82	
Golf Course, Recreation, Open Space, etc…		349.19	
TOTAL		851.01	
Source: Fishkind and Associates, Inc. (Supplemental Assessment Methodology Lakewood Ranch Stewardship District “Country Club East”, dated June 9, 2006)

Table 2. Series 2006 Bonds Initial Total Cost Allocation to Benefitting Properties

Land Use	Units	Total Par	Par Per Unit	
Parcel 502 Condos	242	$8,418,050	$34,785	
Parcel 513 Condos	143	$4,974,302	$34,785	
Parcel 517 Condos	66	$2,295,832	$34,785	
52' x 130'	95	$5,456,547	$57,437	
62' x 130'	84	$5,802,151	$69,073	
76' x 130'	69	$4,963,061	$71,928	
100' x 150'	81	$6,520,016	$80,494	
125' x 190'	36	$3,769,235	$104,701	
140' x 225'	44	$5,545,036	$126,024	
200' x 225'	38	$6,289,239	$165,506	
Golf Course, etc…	10	$766,530	$76,653	
 	$54,799,999	
Source: Fishkind and Associates, Inc. (Supplemental Assessment Methodology Lakewood Ranch Stewardship District “Country Club East”, dated June 9, 2006)

Requirements of a Valid Assessment Methodology

PFM Financial Advisors LLC (“AC”) is providing assessment consulting services to the District. In the AC’s experience, there are two primary requirements for special assessments to be valid under Florida law. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments. Second, the assessments must be fairly and reasonably allocated to the properties being assessed. If these two characteristics of valid special assessments are adhered to, Florida law provides some latitude to legislative bodies, such as the District’s Board of Supervisors, in approving special assessments. Indeed, Florida courts have found that the mathematical perfection of calculating special benefit is impossible, and, accordingly, a special assessment is valid as long as there is a logical relationship between the services provided and the benefit to real property. A court must give deference to the District’s determinations regarding the levy of special assessments, and such special assessments are only invalid if the District’s determinations are found to be arbitrary.

Special Benefits and General Benefits

The infrastructure improvements associated with the 2006 Project created both: (1) special benefits to assessable property within CCE and (2) general benefits to lands located outside CCE. However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to the assessable property within CCE. The 2006 Project enabled CCE to be developed. Without the 2006 Project, there would be no infrastructure to support development within CCE.

The general public, and property owners outside CCE, benefited from the provision of the 2006 Project. However, these benefits were incidental to the 2006 Project. In the Lakewood Ranch Stewardship District Engineer’s Report for Country Club East at Lakewood Ranch (the “Engineer’s Report”), the engineering firm WilsonMiller, Inc. (the “District Engineer”) identified the CCE area that was developed and benefited from the CIP.

According to the Assessment Report, “In the case of CCE the value of the special benefits provided by the District’s improvement program are far greater than the costs associated with providing these same benefits. The District Engineer and Financial Advisor estimate that the cost of the District’s capital improvement program, that is necessary to support full development of property within the District, totals
$54,800,000 on a fully financed basis. The Financial Advisor estimates that the net sell out value of the land within the District will exceed $100,000,000, net of the cost of the raw land, and after the improvements are put in place. It is the District’s improvement program, among other things, that makes it possible to develop and sell the land within its boundaries.” The AC concurs with the benefit statement above as it pertains to the remaining CCE properties associated with the Series 2020 Bonds.

Assessment Methodology

Overview

The assessment methodology consists of five steps described below. First, the District Engineer estimated the costs for the District improvements needed for the buildout of CCE. Second, the District Engineer determined the acres that benefit from the 2006 Project. Third, the District’s bond underwriter and assessment consultant determined the total funding amount (including financing costs) needed to acquire, construct and/or refund the existing 2006 Project. Fourth, this amount was divided equally among the benefited properties in CCE on a net assessable acreage basis. Finally, as land was platted, the debt on each assessable acre in CCE was allocated to each residential unit and the golf course. In this way, all of the debt is equitably allocated across all of the developable property in CCE. Each developable acre in CCE benefited equally from the provision of District infrastructure from its 2006 Project.

As described more fully below, the District is issuing $19,195,000 in Series 2020 Bonds to refund the outstanding Series 2006 Bonds, to provide for a debt service reserve account and to fund other costs associated with issuing bonds. It is the debt represented by the Series 2020 Bonds that is allocated to assessable properties within CCE that benefit from the improvements refinanced by the District’s Series 2020 Bonds and which have not prepaid the Series 2006 Assessments levied on their property.

Capital Improvement Program

Table 1 outlines the land uses, number of planned units and type of residential development program for the land comprising CCE, and also delineates the acreage in CCE subject to District assessments for the Series 2006 Bonds. The Engineer’s Report contained estimates of the costs to provide infrastructure to support the development program for the land uses planned for CCE and outlined in Table 1. The District funded some of these costs, while other costs were borne by other entities, as outlined in Table 3 below. The District Engineer estimated that the cost of the 2006 Project was $43,087,574. Of this amount, the District issued the Series 2006 Bonds in the original principal amount of $27,215,000 to finance the 2006 Project.

	Table 3. CCE Project Costs		
Infrastructure Cost Estimate		Cost	
Roads		$7,352,954	
Utilities		$8,760,000	
Drainage		$12,771,000	
Landscaping		$7,759,400	
Recreation		$312,000	
Other		$6,132,220	
TOTAL		$43,087,574	
Source: Fishkind and Associates, Inc. (Assessment Methodology Lakewood Ranch Stewardship District “Country Club East”, dated May 4, 2006)

Remaining 2006 Bonds Allocation

The lands within CCE have undergone substantial development since the time of the issuance of the Series 2006 Bonds. All residential lots have been platted, developed and/or sold within CCE. As part of the process, 11 residential unit owners within CCE have prepaid their respective Series 2006 Bonds debt assessments (see Table 4).

Table 4. Summary of CCE Prepaid Lots/Units

Product Type	Initial Lots/Units	Prepaids	Current Lots/Units	
Single-Family 45'	66	3	63	
Single-Family 52'	70	2	68	
Single-Family 57'	197	5	192	
Single-Family 62'	222		222	
Single-Family 76'	133		133	
Single-Family 90'	20		20	
Single-Family 100'	72	1	71	
Single-Family 125'	24		24	
Golf Course	1		1	
TOTAL	805	11	794	

The Series 2020 Bonds will be used to refund the outstanding Series 2006 Bonds. Table 5 summarizes the allocation of the bond debt and annual assessments associated with the remaining outstanding Series 2006 Bonds.

Table 5. Remaining Series 2006 Bonds Principal and Annual Assessment Allocation

Product Type	

# Units	
Series 2006
Debt Outstanding	
Series 2006 Par Amount
Per Unit	
Series 2006
Total Net Revenue	Series 2006
Net Assessment
Per Unit	

Series 2006 Total Gross Revenue	Series 2006
Gross Assessment
Per Unit	
% of Total
Annual Revenues	
Single-Family 45'	63	381,372	6,054	34,840	553	37,463	595	2.0%	
Subtotal	63	$381,372		$34,840		$37,463		2.0%	
Single-Family 52'	40	634,658	15,866	57,979	1,449	62,343	1,559	3.3%	
	26	520,369	20,014	47,538	1,828	51,116	1,966	2.7%	
	2	51,969	25,984	4,748	2,374	5,105	2,552	0.3%	
Subtotal	68	$1,206,995		$110,265		$118,565		6.3%	
Single-Family 57'	1	9,311	9,311	851	851	915	915	0.0%	
	103	994,077	9,651	90,814	882	97,649	948	5.2%	
	50	1,372,602	27,452	125,394	2,508	134,832	2,697	7.2%	
	38	1,131,517	29,777	103,370	2,720	111,150	2,925	5.9%	
Subtotal	192	$3,507,507		$320,428		$344,547		18.3%	
Single-Family 62'	46	816,947	17,760	74,632	1,622	80,250	1,745	4.3%	
	34	810,414	23,836	74,035	2,178	79,608	2,341	4.2%	
	41	980,924	23,925	89,612	2,186	96,357	2,350	5.1%	
	1	27,111	27,111	2,477	2,477	2,663	2,663	0.1%	
	37	1,048,273	28,332	95,765	2,588	102,973	2,783	5.5%	
	39	1,133,750	29,071	103,574	2,656	111,370	2,856	5.9%	
	24	728,086	30,337	66,514	2,771	71,521	2,980	3.8%	
Subtotal	222	$5,545,505		$506,610		$544,742		28.9%	
Single-Family 76'	33	686,239	20,795	62,691	1,900	67,410	2,043	3.6%	
	8	200,061	25,008	18,277	2,285	19,652	2,457	1.0%	
	37	1,171,612	31,665	107,033	2,893	115,089	3,111	6.1%	
	14	448,527	32,038	40,975	2,927	44,059	3,147	2.3%	
	41	1,396,969	34,072	127,620	3,113	137,226	3,347	7.3%	
Subtotal	133	$3,903,408		$356,596		$383,437		20.3%	
Single-Family 90'	20	822,749	41,137	75,162	3,758	80,820	4,041	4.3%	
Subtotal	20	$822,749		$75,162		$80,820		4.3%	
Single-Family 100'	19	533,427	28,075	48,731	2,565	52,399	2,758	2.8%	
	22	627,044	28,502	57,284	2,604	61,595	2,800	3.3%	
	15	551,236	36,749	50,358	3,357	54,149	3,610	2.9%	
	15	617,062	41,137	56,372	3,758	60,615	4,041	3.2%	
Subtotal	71	$2,328,768		$212,745		$228,758		12.1%	
Single-Family 125'	8	275,677	34,460	25,184	3,148	27,080	3,385	1.4%	
	7	255,992	36,570	23,386	3,341	25,146	3,592	1.3%	
	9	437,131	48,570	39,934	4,437	42,940	4,771	2.3%	
Subtotal	24	$968,800		$88,505		$95,166		5.0%	
Golf Course	1	529,895	529,895	48,409	48,409	52,052	52,052	2.8%	
Subtotal	1	$529,895	$48,409	$52,052	2.8%	
Total	794	$19,195,000	$1,753,560	$1,885,549	100.0%	
Source: LRSD CCE District Manager and PFM Financial Advisors LLC
(1) Gross assessments include an allowance for the statutory early-payment discount (4.0%), an allowance for the fees charged by the county property appraiser and tax collector (3.0%), for a grand total gross-up of 7.0%.

Series 2020 Bonds Sizing

As described previously in Section 2.1, the District’s Series 2020 Bonds will have a total par value of
$19,195,000. Table 6 presents the details for the Series 2020 Bonds.

Table 6. Details of the Series 2020 Bonds

Sources:
Bond Proceeds	Series 2020 Bonds	
Par Amount	$19,195,000.00	
Net Premium	$422,787.90	
Subtotal	$19,617,787.90	
Other Sources of Funds: Liquidation of Reserve Account	
$863,680.00	
Liquidation of Revenue Account	$638,652.76	
Liquidation of Prepayment Account	$4,694.46	
Total	$21,124,815.12	
Uses:		
Refunding Escrow Deposits		
Cash Deposit	$19,485,804.25	

Other Fund Deposits		
Interest Fund	$166,762.08	
Debt Service Reserve Fund	$141,979.18	
Subtotal	$308,741.26	
Delivery Date Expenses		
Cost of Issuance	$151,857.48	
Underwriter's Discount	$191,950.00	
Bond Insurance	$104,324.84	
Surety	$18,457.29	
Deferred Costs Obligation	$863,680.00	
Subtotal	$1,330,269.61	
TOTAL	$21,124,815.12	

MADS Net	
$1,419,792	
MADS Gross	$1,526,658	
Avg. Coupon Rate	2.78%	
Source: MBS Capital Markets LLC

Series 2020 Bonds Assessment (Debt) Allocation

The assessment methodology allocates debt to specific properties in CCE based upon the benefit that each property received from the portion of the 2006 Project funded by proceeds of the Series 2020 Bonds. The allocation is consistent with the allocation detailed in Table 5. Table 5 illustrates how the allocation methodology is designed to work. These illustrations calculate both the total debt allocated per lot type (shown in Table 5) as well as the assessment amounts allocated to each unit/lot (shown in Table 5).

The Series 2020 Bonds assessment values shown in Table 7 represent the assessment levels to be assigned to each individual unit/lot within CCE. Appendix A contains a detailed assessment roll for CCE. At no point shall the Series 2020 Bonds principal or annual assessments outlined below exceed the levels detailed in Table 5 (which is not in excess of the principal or annual assessments established by the assessment proceedings adopted in connection with the Series 2006 Bonds) without District Board of Supervisors’ approval (following the provision of notice to all affected property owners, the holding of a public hearing on the matter, and compliance with all other applicable Florida legal requirements related to increases in non-ad valorem special assessments).

As a result of the refunding of the Series 2006 Bonds with the Series 2020 Bonds, gross annual assessments will be reduced by an estimated 19% for each unit/lot owner.

Table 7. Series 2020 Bonds Principal and Annual Assessment Allocation to Benefiting Properties

Product Type	

# Units	
Series 2020
Debt Outstanding	
Series 2020 Par Amount
Per Unit	
Series 2020 Total Net Revenue	Series 2020
Net Assessment
Per Unit	

Series 2020 Total Gross Revenue	Series 2020
Gross Assessment
Per Unit	

Savings	
Single-Family 45'	63	381,372	6,054	28,209	448	30,332	481	19.0%	
Subtotal	63	$381,372		$28,209		$30,332			
Single-Family 52'	40	634,658	15,866	46,944	1,174	50,477	1,262	19.0%	
	26	520,369	20,014	38,490	1,480	41,387	1,592	19.0%	
	2	51,969	25,984	3,844	1,922	4,133	2,067	19.0%	
Subtotal	68	$1,206,995		$89,278		$95,997			
Single-Family 57'	1	9,311	9,311	689	689	741	741	19.0%	
	103	994,077	9,651	73,529	714	79,063	768	19.0%	
	50	1,372,602	27,452	101,527	2,031	109,169	2,183	19.0%	
	38	1,131,517	29,777	83,695	2,202	89,994	2,368	19.0%	
Subtotal	192	$3,507,507		$259,439		$278,967			
Single-Family 62'	46	816,947	17,760	60,427	1,314	64,975	1,413	19.0%	
	34	810,414	23,836	59,944	1,763	64,456	1,896	19.0%	
	41	980,924	23,925	72,556	1,770	78,017	1,903	19.0%	
	1	27,111	27,111	2,005	2,005	2,156	2,156	19.0%	
	37	1,048,273	28,332	77,537	2,096	83,374	2,253	19.0%	
	39	1,133,750	29,071	83,860	2,150	90,172	2,312	19.0%	
	24	728,086	30,337	53,854	2,244	57,908	2,413	19.0%	
Subtotal	222	$5,545,505		$410,183		$441,057			
Single-Family 76'	33	686,239	20,795	50,759	1,538	54,579	1,654	19.0%	
	8	200,061	25,008	14,798	1,850	15,912	1,989	19.0%	
	37	1,171,612	31,665	86,660	2,342	93,183	2,518	19.0%	
	14	448,527	32,038	33,176	2,370	35,673	2,548	19.0%	
	41	1,396,969	34,072	103,329	2,520	111,107	2,710	19.0%	
Subtotal	133	$3,903,408		$288,722		$310,454			
Single-Family 90'	20	822,749	41,137	60,856	3,043	65,437	3,272	19.0%	
Subtotal	20	$822,749		$60,856		$65,437			
Single-Family 100'	19	533,427	28,075	39,456	2,077	42,426	2,233	19.0%	
	22	627,044	28,502	46,380	2,108	49,871	2,267	19.0%	
	15	551,236	36,749	40,773	2,718	43,842	2,923	19.0%	
	15	617,062	41,137	45,642	3,043	49,078	3,272	19.0%	
Subtotal	71	$2,328,768		$172,251		$185,217			
Single-Family 125'	8	275,677	34,460	20,391	2,549	21,926	2,741	19.0%	
	7	255,992	36,570	18,935	2,705	20,360	2,909	19.0%	
	9	437,131	48,570	32,333	3,593	34,767	3,863	19.0%	
Subtotal	24	$968,800		$71,659		$77,053			
Golf Course	1	529,895	529,895	39,195	39,195	42,145	42,145	19.0%	
Subtotal	1	$529,895	$39,195	$42,145	
Total	794	$19,195,000	$1419,792	$1,526,658	19.0%	
Source: PFM Financial Advisors LLC
(1) Gross assessments include an allowance for the statutory early-payment discount (4.0%), an allowance for the fees charged by the county property appraiser and tax collector (3.0%), for a grand total gross-up of 7.0%.

Appendix A - CCE Detailed Assessment Roll

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586311559	LOT 1 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1155/9	Whittlebury 57'	15209 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311609	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1160/9	Whittlebury 57'	15213 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311659	LOT 3 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1165/9	Whittlebury 57'	15217 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311709	LOT 4 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI# 5863.1170/9	Whittlebury 57'	15226 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311759	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1175/9	Whittlebury 57'	15307 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311809	LOT 6 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1180/9	Whittlebury 57'	15311 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311859	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1185/9	Whittlebury 57'	15315 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311909	LOT 8 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1190/9	Whittlebury 57'	15319 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586311959	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1195/9	Whittlebury 57'	15321 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312009	LOT 10 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1200/9	Whittlebury 57'	15323 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312059	LOT 11 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1205/9	Whittlebury 57'	15327 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312109	LOT 12 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1210/9	Whittlebury 57'	15403 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312159	LOT 13 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1215/9	Whittlebury 57'	15407 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312209	LOT 14 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1220/9	Whittlebury 57'	15415 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312259	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1225/9	Whittlebury 57'	15507 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312309	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1230/9	Whittlebury 57'	15511 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312359	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1235/9	Whittlebury 57'	15519 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312409	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1240/9	Whittlebury 57'	15523 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312459	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1245/9	Whittlebury 57'	15527 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312509	LOT 20 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1250/9	Whittlebury 57'	15603 Castle Park Ter.	$0.00	$0.00	$0.00	$0.00	
586312559	LOT 21 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1255/9	Whittlebury 57'	15607 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312609	LOT 22 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1260/9	Whittlebury 57'	15611 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312659	LOT 23 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1265/9	Whittlebury 57'	15615 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312709	LOT 24 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1270/9	Whittlebury 57'	15623 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312759	LOT 25 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1275/9	Whittlebury 57'	15705 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312809	LOT 26 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1280/9	Whittlebury 57'	15709 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312859	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1285/9	Whittlebury 57'	15713 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312909	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1290/9	Whittlebury 57'	15715 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586312959	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1295/9	Whittlebury 57'	15717 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313009	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1300/9	Whittlebury 57'	15721 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313059	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1305/9	Whittlebury 57'	15720 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313109	LOT 32 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1310/9	Whittlebury 57'	15716 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313159	LOT 33 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1315/9	Whittlebury 57'	15712 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313209	LOT 34 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1320/9	Whittlebury 57'	15708 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313259	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1325/9	Whittlebury 57'	15704 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313309	LOT 36 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1330/9	Whittlebury 57'	15622 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313359	LOT 37 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1335/9	Whittlebury 57'	15618 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313409	LOT 38 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1340/9	Whittlebury 57'	15614 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586313459	LOT 39 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH VV, UNIT 1 A/K/A WHITTLEBURY PI#5863.1345/9	Whittlebury 57'	15610 Castle Park Ter.	$2,720.26	$29,776.77	$2,202.49	$2,368.27	
586318059	LOT 1 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16507 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318109	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16511 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318159	LOT 3 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16515 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318209	LOT 4 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16519 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318259	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16523 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318309	LOT 6 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16527 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318359	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16531 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318409	LOT 8 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16535 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318459	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16539 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318509	LOT 10 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16543 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318559	LOT 11 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16547 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586318609	LOT 12 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16605 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318659	LOT 13 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16609 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318709	LOT 14 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16613 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318759	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16617 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318809	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16621 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318859	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16625 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318909	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16703 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586318959	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16707 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319009	LOT 20 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16711 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319059	LOT 21 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16715 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319109	LOT 22 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16719 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586319159	LOT 23 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16723 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319209	LOT 24 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16727 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319259	LOT 25 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16801 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319309	LOT 26 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16805 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319359	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16809 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319409	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16813 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319459	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16817 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319509	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16821 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319559	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16825 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319609	LOT 32 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16829 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319659	LOT 33 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16826 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319709	LOT 34 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16822 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319759	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16818 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319809	LOT 36 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16814 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319859	LOT 37 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16810 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319909	LOT 38 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16806 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586319959	LOT 39 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	NO ASSIGNED ADDRESS BRADENTON 34202 - S	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320009	LOT 40 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	NO ASSIGNED ADRESS BRADENTON 34202 - SC	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320059	LOT 41 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16724 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320109	LOT 42 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16720 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320159	LOT 43 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16716 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320209	LOT 44 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16712 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320259	LOT 45 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16708 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320309	LOT 46 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16704 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320359	LOT 47 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16628 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320409	LOT 48 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16624 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320459	LOT 49 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16618 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320509	LOT 50 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16614 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320559	LOT 51 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16610 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320609	LOT 52 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 76'	16606 BERWICK TER BRADENTON 34202 - SCT	$3,112.69	$34,072.41	$2,520.23	$2,709.92	
586320659	LOT 53 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16615 COLLINGTREE XING BRADENTON 34202 - S	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320709	LOT 54 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16616 COLLINGTREE XING BRADENTON 34202 - S	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320759	LOT 55 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16612 COLLINGTREE XING BRADENTON 34202 - S	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320809	LOT 56 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16608 COLLINGTREE XING BRADENTON 34202 - S	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320859	LOT 57 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16604 COLLINGRTREE XING BRADENTON 34202 -	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320909	LOT 58 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16538 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586320959	LOT 59 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16532 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321009	LOT 60 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16528 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321059	LOT 61 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16524 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321109	LOT 62 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16520 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321159	LOT 63 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16516 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321209	LOT 64 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16512 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586321259	LOT 65 COUNTRY CLUB EAST AT LAKEWOOD RANCH SP UU	Collingtree 62'	16508 BERWICK TER BRADENTON 34202 - SCT	$2,771.43	$30,336.91	$2,243.92	$2,412.82	
586520059	LOT 1 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7805 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586520109	LOT 2 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7809 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586520159	LOT 3 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7813 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586520209	LOT 4 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7817 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586520259	LOT 5 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7821 VALDERRAMA WAY	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520309	LOT 6 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7825 VALDERRAMA WAY		$0.00	$0.00	$0.00	
586520359	LOT 7 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7829 VALDERRAMA WAY	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520409	LOT 8 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7833 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586520459	LOT 9 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7837 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586520509	LOT 10 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7841 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586520559	LOT 11 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7845 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586520609	LOT 12 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7849 Valderrama Way	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586520659	LOT 13 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15403 HELMSDALE PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586520709	LOT 14 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15407 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520759	LOT 15 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15417 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520809	LOT 16 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15422 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520859	LOT 17 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15418 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586520909	LOT 18 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15414 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586520959	LOT 19 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15410 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521009	LOT 20 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15406 HELMSDALE PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586521059	LOT 21 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15402 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586521109	LOT 22 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15324 HELMSDALE PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586521159	LOT 23 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15320 HELMSDALE PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586521209	LOT 24 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15316 HELMSDALE PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586521259	LOT 25 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15312 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521309	LOT 26 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15308 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521359	LOT 27 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15304 HELMSDALE PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586521409	LOT 28 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15230 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586521459	LOT 29 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15226 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586521509	LOT 30 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15222 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586521559	LOT 31 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15218 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586521609	LOT 32 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15214 HELMSDALE PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586521659	LOT 33 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15210 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521709	LOT 34 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15206 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521759	LOT 35 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15207 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521809	LOT 36 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15211 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586521859	LOT 37 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15217 HELMSDALE PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586521909	LOT 38 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15221 HELMSDALE PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586521959	LOT 39 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	15225 HELMSDALE PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586522009	LOT 40 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	15229 HELMSDALE PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522059	LOT 41 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15305 HELMSDALE PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522109	LOT 42 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	15311 Helmsdale Pl	$2,373.80	$25,984.28	$1,921.97	$2,066.64	
586522159	LOT 43 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7848 VALDERRAMA WAY	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586522209	LOT 44 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7844 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522259	LOT 45 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7840 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522309	LOT 46 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7836 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586522359	LOT 47 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	76'	7828 VALDERRAMA WAY	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586522409	LOT 48 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	62'	7824 VALDERRAMA WAY	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522459	LOT 49 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7812 VALDERRAMA WAY	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522509	LOT 50 BLOCK 1 COUNTRY CLUB EAST SBP OO U1,2	52'	7806 VALDERRAMA WAY	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522559	LOT 1 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14933 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522609	LOT 2 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14929 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522659	LOT 3 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14925 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522709	LOT 4 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14921 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586522759	LOT 5 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14917 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586522809	LOT 6 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14913 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522859	LOT 7 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14909 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586522909	LOT 8 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14905 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586522959	LOT 9 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14831 LEOPARD CREEK PL	$2,373.80	$25,984.28	$1,921.97	$2,066.64	
586523009	LOT 10 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14827 LEOPARD CREEK PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586523059	LOT 11 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14823 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523109	LOT 12 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14819 LEOPARD CREEK PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586523159	LOT 13 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14815 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586523209	LOT 14 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14811 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586523259	LOT 15 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14807 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586523309	LOT 16 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14721 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586523359	LOT 17 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14717 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586523409	LOT 18 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14713 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523459	LOT 19 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14709 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523509	LOT 20 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14705 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586523559	LOT 21 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14619 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523609	LOT 22 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14615 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523659	LOT 23 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14611 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523709	LOT 24 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14607 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586523759	LOT 25 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14603 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586523809	LOT 26 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14527 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586523859	LOT 27 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14523 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586523909	LOT 28 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14519 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586523959	LOT 29 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14515 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586524009	LOT 30 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14511 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524059	LOT 31 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14507 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586524109	LOT 32 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14504 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524159	LOT 33 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14506 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524209	LOT 34 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14508 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524259	LOT 35 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14510 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524309	LOT 36 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14512 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524359	LOT 37 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14514 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524409	LOT 38 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14516 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524459	LOT 39 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14520 Leopard Creek Pl	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586524509	LOT 40 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14610 NEWTONMORE LN	$2,476.74	$27,111.16	$2,005.32	$2,156.26	
586524559	LOT 41 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14614 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524609	LOT 42 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14622 NEWTONMORE LN	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524659	LOT 43 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14628 NEWTONMORE LN	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524709	LOT 44 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14632 NEWTONMORE LN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586524759	LOT 45 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14636 NEWTONMORE LN	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524809	LOT 46 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14640 NEWTONMORE LN	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586524859	LOT 47 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14644 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586524909	LOT 48 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14648 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586524959	LOT 49 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14652 NEWTONMORE LN	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586525009	LOT 50 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14704 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586525059	LOT 51 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14708 NEWTONMORE LN	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586525109	LOT 52 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14712 NEWTONMORE LN	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586525159	LOT 53 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14716 NEWTONMORE LN	$0.00	$0.00	$0.00	$0.00	
586525209	LOT 54 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14720 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586525259	LOT 55 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14724 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586525309	LOT 56 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14728 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586525359	LOT 57 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14902 Leopard Creek Place	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586525409	LOT 58 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14906 LEOPARD CREEK PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586525459	LOT 59 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14822 Leopard Creek Pl	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586525509	LOT 60 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14729 NEWTONMORE LN	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586525559	LOT 61 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14725 NEWTONMORE LN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586525609	LOT 62 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14719 NEWTONMORE LN	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586525659	LOT 63 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14709 NEWTONMORE LN	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586525709	LOT 64 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14705 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586525759	LOT 65 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14657 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586525809	LOT 66 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14653 NEWTONMORE LN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586525859	LOT 67 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14649 NEWTONMORE LN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586525909	LOT 68 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14647 NEWTONMORE LN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586525959	LOT 69 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14639 NEWTONMORE LN	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586526009	LOT 70 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14621 NEWTONMORE LN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586526059	LOT 71 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14613 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586526109	LOT 72 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14609 NEWTONMORE LN	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586526159	LOT 73 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14605 Newtonmore Ln	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586526209	LOT 74 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14612 LEOPARD CREEK PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586526259	LOT 75 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14616 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586526309	LOT 76 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14620 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586526359	LOT 77 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	52'	14706 LEOPARD CREEK PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586526409	LOT 78 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14710 LEOPARD CREEK PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586526459	LOT 79 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14714 LEOPARD CREEK PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586526509	LOT 80 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14718 LEOPARD CREEK PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586526559	LOT 81 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	62'	14722 LEOPARD CREEK PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586526609	LOT 82 BLOCK 2 COUNTRY CLUB EAST SBP OO U1,2	76'	14806 LEOPARD CREEK PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586528059	LOT 1 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7515 LADYBANK XING	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528109	LOT 2 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7511 LADYBANK XING	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528159	LOT 3 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7507 LADYBANK XING	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528209	LOT 4 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7505 Ladybank Crossing		$0.00	$0.00	$0.00	
586528259	LOT 5 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15108 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528309	LOT 6 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15112 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528359	LOT 7 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15206 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528409	LOT 8 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15211 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586528459	LOT 9 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15207 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528509	LOT 10 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15113 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528559	LOT 11 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15109 CAMARGO PL	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586528609	LOT 12 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15105 CAMARGO PL	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586528659	LOT 13 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15007 CAMARGO PL	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586528709	LOT 14 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15003 CAMARGO PL	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586528759	LOT 15 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14919 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586528809	LOT 16 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14917 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586528859	LOT 17 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14915 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586528909	LOT 18 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14911 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586528959	LOT 19 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14907 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586529009	LOT 20 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	14809 CAMARGO PL	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586529059	LOT 21 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	14805 CAMARGO PL	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586529109	LOT 22 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	14715 CAMARGO PL	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586529159	LOT 23 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	14711 CAMARGO PL	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586529209	LOT 24 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	125'	14705 CAMARGO PL	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586529259	LOT 25 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14710 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586529309	LOT 26 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14714 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586529359	LOT 27 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14718 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529409	LOT 28 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14804 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529459	LOT 29 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14808 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529509	LOT 30 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14812 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529559	LOT 31 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14906 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529609	LOT 32 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14910 CAMARGO PL	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529659	LOT 33 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14914 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586529709	LOT 34 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	14918 CAMARGO PL	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586529759	LOT 35 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15002 CAMARGO PL	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586529809	LOT 36 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7506 LADYBANK XING	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529859	LOT 37 BLOCK 1 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7510 LADYBANK XING	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586529909	LOT 1 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15505 LEVEN LINKS PL	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586529959	LOT 2 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15509 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586530009	LOT 3 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15513 LEVEN LINKS PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586530059	LOT 4 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15517 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586530109	LOT 5 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15521 LEVEN LINKS PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586530159	LOT 6 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15525 LEVEN LINKS PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586530209	LOT 7 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15527 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530259	LOT 8 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15607 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586530309	LOT 9 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15611 LEVEN LINKS PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586530359	LOT 10 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15615 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586530409	LOT 11 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15619 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530459	LOT 12 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15623 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530509	LOT 13 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15616 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586530559	LOT 14 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15612 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586530609	LOT 15 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15608 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530659	LOT 16 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15606 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530709	LOT 17 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15526 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586530759	LOT 18 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15522 LEVEN LINKS PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586530809	LOT 19 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15520 LEVEN LINKS PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586530859	LOT 20 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15518 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586530909	LOT 21 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15516 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586530959	LOT 22 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15512 LEVEN LINKS PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586531009	LOT 23 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15508 LEVEN LINKS PL	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586531059	LOT 24 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15504 LEVEN LINKS PL	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586531109	LOT 25 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	7709 HAZELTINE GLN	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586531159	LOT 26 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	7713 HAZELTINE GLN	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586531209	LOT 27 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	7717 HAZELTINE GLN	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586531259	LOT 28 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	7718 HAZELTINE GLN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586531309	LOT 29 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	7714 HAZELTINE GLN	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586531359	LOT 30 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	7710 HAZELTINE GLN	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586531429	LOT 31 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15426 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586531429	LOT 32 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586531509	LOT 33 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15418 LEVEN LINKS PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586531559	LOT 34 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15414 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586531609	LOT 35 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15410 LEVEN LINKS PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586531659	LOT 36 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15406 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586531709	LOT 37 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15328 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586531759	LOT 38 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15324 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586531809	LOT 39 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15320 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586531859	LOT 40 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15316 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586531909	LOT 41 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15312 LEVEN LINKS PL	$1,449.48	$15,866.45	$1,173.59	$1,261.92	
586531959	LOT 42 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15307 LEVEN LINKS PL	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586532009	LOT 43 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15311 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586532059	LOT 44 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15315 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586532109	LOT 45 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15319 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586532159	LOT 46 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15323 LEVEN LINKS PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586532209	LOT 47 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15327 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586532259	LOT 48 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15331 LEVEN LINKS PL	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586532309	LOT 49 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15403 LEVEN LINKS PL	$2,926.80	$32,037.64	$2,369.72	$2,548.09	
586532359	LOT 50 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15407 LEVEN LINKS PL	$1,899.74	$20,795.13	$1,538.15	$1,653.92	
586532409	LOT 51 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15411 LEVEN LINKS PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586532459	LOT 52 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15415 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586532509	LOT 53 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	52'	15419 LEVEN LINKS PL	$1,828.40	$20,014.18	$1,480.38	$1,591.81	
586532559	LOT 54 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	62'	15423 LEVEN LINKS PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586532609	LOT 55 BLOCK 2 COUNTRY CLUB EAST SBP PP U1,2,3	76'	15427 LEVEN LINKS PL	$2,284.57	$25,007.57	$1,849.73	$1,988.96	
586532659	LOT 1 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15504 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586532709	LOT 2 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15506 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586532759	LOT 3 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15508 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586532809	LOT 4 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15512 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586532859	LOT 5 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15606 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586532909	LOT 6 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15612 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586532959	LOT 7 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15616 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586533009	LOT 8 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15620 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586533059	LOT 9 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15621 LINN PARK TER	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586533109	LOT 10 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15617 LINN PARK TER	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586533159	LOT 11 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15613 LINN PARK TER	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586533209	LOT 12 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15609 LINN PARK TER	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586533259	LOT 13 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15605 LINN PARK TER	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586533309	LOT 14 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15507 LINN PARK TER	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586533359	LOT 15 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15503 Linn Park Ter	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586533409	LOT 16 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7509 ROYAL VALLEY CT	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586533459	LOT 17 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7505 ROYAL VALLEY CT	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586533509	LOT 18 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7502 ROYAL VALLEY CT	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586533559	LOT 19 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7506 ROYAL VALLEY CT	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586533609	LOT 20 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7510 ROYAL VALLEY CT	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586533659	LOT 21 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	7514 ROYAL VALLEY CT	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586533709	LOT 22 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15411 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586533759	LOT 23 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15407 LINN PARK TER	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586533809	LOT 24 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15401 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586533859	LOT 25 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15311 LINN PARK TER	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586533909	LOT 26 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15307 LINN PARK TER	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586533959	LOT 27 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15303 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534009	LOT 28 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15213 LINN PARK TER	$3,357.21	$36,749.06	$2,718.21	$2,922.81	
586534059	LOT 29 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15209 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586534109	LOT 30 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15205 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534159	LOT 31 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15115 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534209	LOT 32 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15111 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586534259	LOT 33 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15107 LINN PARK TER	$3,340.88	$36,570.32	$2,704.99	$2,908.59	
586534309	LOT 34 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15110 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534359	LOT 35 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15114 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586534409	LOT 36 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15206 LINN PARK TER	$4,437.13	$48,570.12	$3,592.57	$3,862.98	
586534459	LOT 37 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15212 LINN PARK TER	$3,148.06	$34,459.62	$2,548.87	$2,740.72	
586534509	LOT 38 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	125'	15304 LINN PARK TER	$3,340.88	$36,570.32	$2,704.99	$2,908.59	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586534559	LOT 39 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15308 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534609	LOT 40 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15312 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586534659	LOT 41 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15402 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534709	LOT 42 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15404 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586534759	LOT 43 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15408 LINN PARK TER	$2,564.80	$28,075.09	$2,076.62	$2,232.93	
586534809	LOT 44 BLOCK 3 COUNTRY CLUB EAST SBP PP U1,2,3	100'	15412 LINN PARK TER	$2,603.80	$28,501.98	$2,108.20	$2,266.88	
586537059	LOT 1 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14725 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537109	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14721 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537159	LOT 3 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14719 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537209	LOT 4 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14715 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537259	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14711 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537309	LOT 6 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14707 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537359	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14703 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537409	LOT 8 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14637 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537459	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14629 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537509	LOT 10 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14621 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537559	LOT 11 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14617 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537609	LOT 12 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14613 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537659	LOT 13 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14609 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537709	LOT 14 COUNTRY CLUB EAST SBP QQ U2	62'	14605 Secret Harbor Place	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537759	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14535 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537809	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14531 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586537859	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14527 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537909	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14523 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586537959	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14519 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538009	LOT 20 COUNTRY CLUB EAST SBP QQ U2	62'	14515 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586538059	LOT 21 COUNTRY CLUB EAST SBP QQ U2	62'	14511 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586538109	LOT 22 COUNTRY CLUB EAST SBP QQ U2	62'	14507 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538159	LOT 23 COUNTRY CLUB EAST SBP QQ U2	62'	14520 SECRET HARBOR PLACE	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538209	LOT 24 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14524 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538259	LOT 25 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14528 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538309	LOT 26 COUNTRY CLUB EAST SBP QQ U2	62'	14604 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538359	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14608 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538409	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14612 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538459	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14614 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538509	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14618 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538559	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14622 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538609	LOT 32 COUNTRY CLUB EAST SBP QQ U2	62'	7508 Crosshill Ct.	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538659	LOT 33 COUNTRY CLUB EAST SBP QQ U2	62'	7512 Crosshill Court	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538709	LOT 34 COUNTRY CLUB EAST	62'	7511 Crosshill Ct.	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538759	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	7507 CROSSHILL CT	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538809	LOT 36 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	7503 CROSSHILL CT	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538859	LOT 37 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14628 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586538909	LOT 38 COUNTRY CLUB EAST SBP QQ U2	62'	14632 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586538959	LOT 39 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14636 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539009	LOT 40 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14640 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539059	LOT 41 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14704 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539109	LOT 42 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14710 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539159	LOT 43 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14718 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539209	LOT 44 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14722 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539259	LOT 45 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14726 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539309	LOT 46 COUNTRY CLUB EAST SBP QQ U2	62'	14806 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539359	LOT 47 COUNTRY CLUB EAST SBP QQ U2	62'	14810 Secret Harbor Place	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539409	LOT 48 COUNTRY CLUB EAST SBP QQ U2	62'	14814 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539459	LOT 49 COUNTRY CLUB EAST SBP QQ U2	62'	14818 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586539509	LOT 50 COUNTRY CLUB EAST SBP QQ U2	62'	14822 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586539559	LOT 51 COUNTRY CLUB EAST SBP QQ U2	62'	14904 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586539609	LOT 52 COUNTRY CLUB EAST SBP QQ U2	62'	14908 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586539659	LOT 53 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14912 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539709	LOT 54 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14916 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539759	LOT 55 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14920 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586539809	LOT 56 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14909 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539859	LOT 57 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14905 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586539909	LOT 58 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14821 SECRET HARBOR PL	$2,185.67	$23,924.97	$1,769.65	$1,902.85	
586539959	LOT 59 COUNTRY CLUB EAST SBP QQ U2	62'	14817 SECRET HARBOR PLACE	$1,622.44	$17,759.72	$1,313.63	$1,412.50	
586540009	LOT 60 COUNTRY CLUB EAST AT LAKEWOOD RANCH, SUBPHASE QQ,	62'	14809 SECRET HARBOR PL	$2,177.51	$23,835.72	$1,763.05	$1,895.75	
586541059	Lot 1 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7298 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541109	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7294 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586541159	Lot 3 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7290 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541209	Lot 4 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7286 Belleisle Glen	$881.69	$9,651.23	$713.87	$767.60	
586541259	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7282 BELLEISLE GLN	$0.00	$0.00	$0.00	$0.00	
586541309	Lot 6 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7278 Belleisle Glen	$0.00	$0.00	$0.00	$0.00	
586541359	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7274 BELLEISLE GLN	$0.00	$0.00	$0.00	$0.00	
586541409	Lot 8 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7270 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541459	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7266 BELLEISLE GLN	$0.00	$0.00	$0.00	$0.00	
586541509	Lot 10 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7262 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541559	Lot 11 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7258 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541609	Lot 12 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7254 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541659	Lot 13 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7250 Belleilse Glen	$553.02	$6,053.53	$447.76	$481.46	
586541709	Lot 14 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7246 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586541759	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7238 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586541809	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7234 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586541859	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7230 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586541909	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7226 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586541959	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7222 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542009	Lot 20 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	7218 Belleisle Glen	$553.02	$6,053.53	$447.76	$481.46	
586542059	LOT 21 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7214 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542109	LOT 22 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7210 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542159	LOT 23 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7206 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542209	Lot 24 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7162 Westhill Court	$881.69	$9,651.23	$713.87	$767.60	
586542259	LOT 25 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7158 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586542309	LOT 26 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7154 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586542359	LOT 51 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	7159 WESTHILL CT	$881.69	$9,651.23	$713.87	$767.60	
586542409	Lot 52 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7263 Belleilse Glen	$881.69	$9,651.23	$713.87	$767.60	
586542459	LOT 53 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7267 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542509	LOT 54 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	7271 BELLEISLE GLN	$553.02	$6,053.53	$447.76	$481.46	
586542559	Lot 55 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7275 Belleilse Glen	$881.69	$9,651.23	$713.87	$767.60	
586542609	LOT 56 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14305 STIRLING DR	$553.02	$6,053.53	$447.76	$481.46	
586542659	Lot 57 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14315 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586542709	Lot 58 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14325 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586542759	Lot 107 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14508 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586542809	LOT 108 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	7209 ANNANHILL LN	$881.69	$9,651.23	$713.87	$767.60	
586542859	LOT 109 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	7211 ANNANHILL LN	$881.69	$9,651.23	$713.87	$767.60	
586542909	Lot 110 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14511 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586542959	LOT 111 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14515 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543009	LOT 112 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14519 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543059	Lot 113 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14523 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543109	LOT 114 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14527 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543159	Lot 115 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14531 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543209	Lot 116 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14535 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543259	Lot 117 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14539 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543309	Lot 118 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14543 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543359	LOT 119 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14545 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543409	LOT 120 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14547 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543459	Lot 121 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14551 Whitemoss Terrance	$553.02	$6,053.53	$447.76	$481.46	
586543509	Lot 122 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14552 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543559	Lot 123 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14548 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543609	Lot 124 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14544 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543659	Lot 125 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14540 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543709	LOT 126 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14536 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586543759	Lot 127 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14532 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543809	Lot 128 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14528 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586543859	Lot 129 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14524 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543909	Lot 130 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14520 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586543959	Lot 131 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14516 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586544009	Lot 132 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14512 Whitemoss Terrace	$553.02	$6,053.53	$447.76	$481.46	
586544059	Lot 133 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14508 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586544109	Lot 134 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14504 Whitemoss Terrance	$881.69	$9,651.23	$713.87	$767.60	
586544159	Lot 135 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14442 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586544209	Lot 136 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14438 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586544259	Lot 137 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14434 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586544309	LOT 138 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14430 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544359	LOT 139 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14426 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586544409	LOT 140 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14422 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586544459	LOT 141 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14418 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544509	LOT 142 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14414 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544559	LOT 143 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14410 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544609	LOT 144 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14406 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544659	LOT 145 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14407 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544709	LOT 146 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14411 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544759	LOT 147 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	45' - Belleisle	14415 WHITEMOSS TER	$553.02	$6,053.53	$447.76	$481.46	
586544809	LOT 148 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14419 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586544859	LOT 149 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14423 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586544909	LOT 150 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14435 WHITEMOSS TER	$881.69	$9,651.23	$713.87	$767.60	
586544959	Lot 151 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	14443 Whitemoss Terrace	$881.69	$9,651.23	$713.87	$767.60	
586545009	Lot 152 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7208 Annahill Lane	$881.69	$9,651.23	$713.87	$767.60	
586545059	Lot 153 Country Club East Subphase QQ Unit 1 Phase 1	57' - Belleisle	7204 Annahill Lane		$0.00	$0.00	$0.00	
586545109	Lot 168 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14326 Stirling Drive	$553.02	$6,053.53	$447.76	$481.46	
586545159	Lot 169 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14322 Stirling Drive	$553.02	$6,053.53	$447.76	$481.46	
586545209	Lot 170 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14318 Stirling Drive	$553.02	$6,053.53	$447.76	$481.46	
586545259	Lot 171 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14314 Stirling Drive	$553.02	$6,053.53	$447.76	$481.46	
586545309	Lot 172 Country Club East Subphase QQ Unit 1 Phase 1	45' - Belleisle	14310 Stirling Drive	$553.02	$6,053.53	$447.76	$481.46	
586545359	LOT 173 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUB QQ UNIT 1	57' - Belleisle	14306 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547059	LOT 59, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14333 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547109	LOT 60, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14335 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547159	LOT 61, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14339 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547209	LOT 62, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14343 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547259	LOT 63, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14347 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547309	LOT 64, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14351 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547359	LOT 65, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14355 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547409	LOT 66, BLK A, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14361 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547459	LOT 67, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14405 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547509	LOT 68, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14409 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547559	LOT 69, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14415 Stirling Drive	$0.00	$0.00	$0.00	$0.00	
586547609	LOT 70, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14419 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547659	LOT 71, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14423 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547709	LOT 72, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14427 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547759	LOT 73, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14431 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547809	LOT 74, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14435 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547859	LOT 75, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14439 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586547909	LOT 76, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14443 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586547959	LOT 77, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14503 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586548009	LOT 78, BLK B, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14507 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586548059	LOT 154, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14448 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586548109	LOT 155, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14444 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548159	LOT 156, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14440 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548209	LOT 157, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14438 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548259	LOT 158, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14434 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548309	LOT 159, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14432 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548359	LOT 160, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14418 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548409	LOT 161, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14404 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548459	LOT 162, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14362 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586548509	LOT 163, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14350 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586548559	LOT 164, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14338 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586548609	LOT 165, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	57' - Belleisle	14334 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586548659	LOT 166, BLK C, COUNTRY CLUB EAST AT LAKEWOOD RANCH SP QQ,	45' - Belleisle	14330 STIRLING DR	$553.02	$6,053.53	$447.76	$481.46	
586550059	LOT 1 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7438 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550109	LOT 2 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7434 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550159	LOT 3 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7430 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550209	LOT 4 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14216 Kinglet Terrace	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550259	LOT 5 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14212 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550309	LOT 6 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14208 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550359	LOT 7 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14204 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550409	LOT 8 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14203 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550459	LOT 9 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14207 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550509	LOT 10 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14211 KINGLET TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550559	LOT 11 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14215 Kinglet Ter	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550609	LOT 12 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7336 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550659	LOT 13 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7332 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550709	LOT 14 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7328 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550759	LOT 15 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14218 Bathgate Terrace	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550809	LOT 16 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14214 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550859	LOT 17 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14210 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550909	LOT 18 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14206 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586550959	LOT 19 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14205 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551009	LOT 20 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14209 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551059	LOT 21 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	14213 BATHGATE TER	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551109	LOT 22 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	NO ASSIGNED ADDRESS	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551159	LOT 23 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7311 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551209	LOT 24 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7315 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551259	LOT 25 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7319 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551309	LOT 26 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7323 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551359	LOT 27 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7327 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551409	LOT 28 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7331 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551459	LOT 29 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7335 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551509	LOT 30 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7405 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551559	LOT 31 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7409 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551609	LOT 32 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7413 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551659	LOT 33 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7417 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551709	LOT 34 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7421 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551759	LOT 35 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7425 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551809	LOT 36 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7429 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551859	LOT 37 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7433 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551909	LOT 38 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7437 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586551959	LOT 39 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	62' (76' - Haddington)	7441 HADDINGTON CV	$2,655.74	$29,070.50	$2,150.25	$2,312.10	
586552009	LOT 40 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7507 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552059	LOT 41 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7511 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552109	LOT 42 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7515 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552159	LOT 43 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7519 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552209	LOT 44 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7523 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552259	LOT 45 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7527 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552309	LOT 46 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7531 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552359	LOT 47 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7605 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552409	LOT 48 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7609 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552459	LOT 49 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7643 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552509	LOT 50 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7651 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552559	LOT 51 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7657 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552609	LOT 52 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7665 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552659	LOT 53 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7669 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552709	LOT 54 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7664 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552759	LOT 55 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7660 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552809	LOT 56 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7656 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552859	LOT 57 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7652 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586552909	LOT 58 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7648 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586552959	LOT 59 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7644 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553009	LOT 60 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7640 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553059	LOT 61 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7636 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553109	LOT 62 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7628 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553159	LOT 63 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7624 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553209	LOT 64 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	NO ASSIGNED ADDRESS	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553259	LOT 65 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7612 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553309	LOT 66 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7608 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553359	LOT 67 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7604 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553409	LOT 68 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	7532 HADDINGTON CV	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553459	LOT 69 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	NO ASSIGNED ADDRESS	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553509	LOT 70 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14216 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553559	LOT 71 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14212 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553609	LOT 72 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14208 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553659	LOT 73 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14207 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553709	LOT 74 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14211 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553759	LOT 75 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14215 WOODHALL PL	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586553809	LOT 76 COUNTRY CLUB EAST AT LWR SP RR AKA HADDINGTON	76' - Haddington	14219 Woodhall Place	$2,892.77	$31,665.19	$2,342.17	$2,518.46	
586555059	Lot 79, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14511 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586555109	Lot 80, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14515 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586555159	Lot 81, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14519 Stirling Drive	$881.69	$9,651.23	$713.87	$767.60	
586555209	Lot 82, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7130 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555259	Lot 83, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7126 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555309	Lot 84, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7122 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555359	Lot 85, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7114 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555409	Lot 86, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7108 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555459	Lot 174, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	7' - Additional (Highland	7107 CALLANDER CV	$850.59	$9,310.83	$688.69	$740.53	
586555509	Lot 175, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7111 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555559	Lot 176, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7115 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555609	Lot 177, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7119 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555659	Lot 178, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7123 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555709	Lot 179, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7127 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555759	Lot 180, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7131 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555809	Lot 181, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	7135 CALLANDER CV	$881.69	$9,651.23	$713.87	$767.60	
586555859	Lot 182, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14615 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586555909	Lot 183, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14619 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586555959	Lot 184, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14623 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556009	Lot 185, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	7' - Additional (Highland	14627 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586556059	Lot 186, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	7' - Additional (Highland	14631 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586556109	Lot 187, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	7' - Additional (Highland	14635 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586556159	Lot 188, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	7' - Additional (Highland	14639 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586556209	Lot 97, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14630 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556259	Lot 98, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14626 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556309	Lot 99, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14622 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556359	Lot 100, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14618 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556409	Lot 101, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14614 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556459	Lot 102, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14610 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556509	Lot 103, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14606 CASTLE PARK TER	$881.69	$9,651.23	$713.87	$767.60	
586556559	Lot 104, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14520 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586556609	Lot 105, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14516 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586556659	Lot 106, Country Club East At Lakewood Ranch SP QQ, Unit 1, Phase 2C	57' - Belleisle	14512 STIRLING DR	$881.69	$9,651.23	$713.87	$767.60	
586560059	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7150 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560109	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7146 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560159	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7142 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560209	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7138 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560259	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7134 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560309	LOT 32 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7130 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560359	LOT 33 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7126 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560409	LOT 34 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7122 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560459	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7118 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560509	LOT 36 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7114 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586560559	LOT 37 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7110 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560609	LOT 38 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7106 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560659	LOT 39 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7102 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560709	LOT 40 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7103 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560759	LOT 41 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7107 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560809	LOT 42 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7115 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560859	LOT 43 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7119 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560909	LOT 44 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7123 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586560959	LOT 45 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7127 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586561009	LOT 46 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7131 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586561059	LOT 47 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7135 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586561109	LOT 48 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7139 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586561159	LOT 49 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7143 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586561209	LOT 50 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPH QQ UNIT 1	45' - Belleisle	7147 WESTHILL CT	$553.02	$6,053.53	$447.76	$481.46	
586570059	Lot 1 Subphase SS, Highlands	7' - Additional (Highland	14703 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570109	Lot 2 Subphase SS, Highlands	7' - Additional (Highland	14707 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570159	Lot 3 Subphase SS, Highlands	7' - Additional (Highland	14709 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570209	Lot 4 Subphase SS, Highlands	7' - Additional (Highland	14713 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570259	Lot 5 Subphase SS, Highlands	7' - Additional (Highland	14717 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570309	Lot 6 Subphase SS, Highlands	7' - Additional (Highland	14721 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570359	Lot 7 Subphase SS, Highlands	7' - Additional (Highland	14725 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570409	Lot 8 Subphase SS, Highlands	7' - Additional (Highland	14805 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570459	Lot 9 Subphase SS, Highlands	7' - Additional (Highland	14809 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570509	Lot 10 Subphase SS, Highlands	7' - Additional (Highland	14813 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570559	Lot 11 Subphase SS, Highlands	7' - Additional (Highland	14817 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570609	Lot 12 Subphase SS, Highlands	7' - Additional (Highland	14823 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570659	Lot 13 Subphase SS, Highlands	7' - Additional (Highland	14827 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570709	Lot 14 Subphase SS, Highlands	7' - Additional (Highland	14907 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570759	Lot 15 Subphase SS, Highlands	7' - Additional (Highland	14911 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570809	Lot 16 Subphase SS, Highlands	7' - Additional (Highland	14917 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570859	Lot 17 Subphase SS, Highlands	7' - Additional (Highland	14921 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570909	Lot 18 Subphase SS, Highlands	7' - Additional (Highland	15003 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586570959	Lot 19 Subphase SS, Highlands	7' - Additional (Highland	15007 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571009	Lot 20 Subphase SS, Highlands	7' - Additional (Highland	15011 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571059	Lot 21 Subphase SS, Highlands	7' - Additional (Highland	15019 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571109	Lot 22 Subphase SS, Highlands	7' - Additional (Highland	15023 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571159	Lot 23 Subphase SS, Highlands	7' - Additional (Highland	15024 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571209	Lot 24 Subphase SS, Highlands	7' - Additional (Highland	15020 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571259	Lot 25 Subphase SS, Highlands	7' - Additional (Highland	15016 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571309	Lot 26 Subphase SS, Highlands	7' - Additional (Highland	15012 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571359	Lot 27 Subphase SS, Highlands	7' - Additional (Highland	15008 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571409	Lot 28 Subphase SS, Highlands	7' - Additional (Highland	15004 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571459	Lot 29 Subphase SS, Highlands	7' - Additional (Highland	14922 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571509	Lot 30 Subphase SS, Highlands	7' - Additional (Highland	14918 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571559	Lot 31 Subphase SS, Highlands	7' - Additional (Highland	14914 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571609	Lot 32 Subphase SS, Highlands	7' - Additional (Highland	14910 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571659	Lot 33 Subphase SS, Highlands	7' - Additional (Highland	14906 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571709	Lot 34 Subphase SS, Highlands	7' - Additional (Highland	14902 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571759	Lot 35 Subphase SS, Highlands	7' - Additional (Highland	14826 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571809	Lot 36 Subphase SS, Highlands	7' - Additional (Highland	14822 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571859	Lot 37 Subphase SS, Highlands	7' - Additional (Highland	14818 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571909	Lot 38 Subphase SS, Highlands	7' - Additional (Highland	14814 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586571959	Lot 39 Subphase SS, Highlands	7' - Additional (Highland	14810 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572009	Lot 40 Subphase SS, Highlands	7' - Additional (Highland	14806 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572059	Lot 41 Subphase SS, Highlands	7' - Additional (Highland	14724 CASTLE PARK TER	$0.00	$0.00	$0.00	$0.00	
586572109	Lot 42 Subphase SS, Highlands	7' - Additional (Highland	14720 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572159	Lot 43 Subphase SS, Highlands	7' - Additional (Highland	14716 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572209	Lot 44 Subphase SS, Highlands	7' - Additional (Highland	14712 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572259	Lot 45 Subphase SS, Highlands	7' - Additional (Highland	14708 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572309	Lot 46 Subphase SS, Highlands	7' - Additional (Highland	14704 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	
586572359	Lot 47 Subphase SS, Highlands	7' - Additional (Highland	14636 CASTLE PARK TER	$2,507.88	$27,452.04	$2,030.54	$2,183.37	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586573059	LOT 1 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7505 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573109	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7509 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573159	LOT 3 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7513 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573209	LOT 4 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7517 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573259	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7531 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573309	LOT 6 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7539 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573359	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7545 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573409	LOT 8 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7611 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573459	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7615 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573509	LOT 10 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7619 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573559	LOT 11 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7629 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573609	LOT 12 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7633 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573659	LOT 13 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7642 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573709	LOT 14 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7638 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573759	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7634 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573809	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7630 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573859	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7626 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573909	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7622 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586573959	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7618 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574009	LOT 20 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7614 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574059	LOT 21 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7610 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574109	LOT 22 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7606 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574159	LOT 23 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT AKA	62' - Windy Hill	7546 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574209	LOT 24 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7542 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574259	LOT 25 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7538 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574309	LOT 26 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7534 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574359	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7530 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574409	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	16018 Knightswood Place	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574459	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	16014 Knightswood Place	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574509	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	16010 Knightswood Place	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574559	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	16006 Knightswood Place	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574609	LOT 32 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7524 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574659	LOT 33 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7520 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574709	LOT 34 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7516 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574759	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7512 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574809	LOT 36 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7508 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586574859	LOT 37 COUNTRY CLUB EAST AT LAKEWOOD RANCH SUBPHASE TT	62' - Windy Hill	7504 Windy Hill Cove	$2,588.24	$28,331.71	$2,095.60	$2,253.34	
586577059	LOT 1 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7404 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577109	LOT 2 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7408 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577159	LOT 3 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7412 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577209	LOT 4 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7424 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577259	LOT 5 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7432 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577309	LOT 6 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7440 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577359	LOT 7 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7444 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577409	LOT 8 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7454 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577459	LOT 9 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7458 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577509	LOT 10 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7462 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577559	LOT 11 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7466 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577609	LOT 12 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7470 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577659	LOT 13 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7474 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577709	LOT 14 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7478 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577759	LOT 15 COUNTRY CLUB EAST AT LAKEWOOD RANCH	100' - Seacroft	7482 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577809	LOT 16 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7481 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577859	LOT 17 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7477 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577909	LOT 18 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7473 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586577959	LOT 19 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7469 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578009	LOT 20 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7465 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578059	LOT 21 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7461 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578109	LOT 22 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7457 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578159	LOT 23 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7453 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578209	LOT 24 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7449 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	

Folio	

Lot #	

Type	

Address	Series 2006 Net		
Series 2020 Bond		Series 2020 Bond		Series 2020 Bond	
				Annul Assessment				Net Annual		Gross Annual	
						Principal per Unit	Assessment per Unit	Assessment per Unit	
586578259	LOT 25COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7445 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578309	LOT 26 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7441 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578359	LOT 27 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7437 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578409	LOT 28 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7433 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578459	LOT 29 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7429 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578509	LOT 30 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7425 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578559	LOT 31 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7421 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578609	LOT 32 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7417 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578659	LOT 33 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7413 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578709	LOT 34 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7409 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
586578759	LOT 35 COUNTRY CLUB EAST AT LAKEWOOD RANCH	90' - Seacroft	7405 SEACROFT CV BRADENTON 34202 - SCT	$3,758.12	$41,137.47	$3,042.81	$3,271.83	
	18	Golf Course		$48,408.57	$529,894.83	$39,194.60	$42,144.73	
				$1,753,560.19	$19,195,000.00	$1,419,792	$1,526,658	

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-28

RESOLUTION 2020-28

A RESOLUTION OF LAKEWOOD RANCH STEWARDSHIP DISTRICT SUPPLEMENTING ITS RESOLUTION 2005-16 BY AUTHORIZING THE ISSUANCE OF AND AWARDING THE SALE OF NOT TO EXCEED
$19,195,000 AGGREGATE PRINCIPAL AMOUNT OF LAKEWOOD RANCH STEWARDSHIP DISTRICT SPECIAL ASSESSMENT REVENUE REFUNDING BONDS, SERIES 2020 (COUNTRY CLUB EAST PROJECT), IN ONE OR MORE SERIES, FOR THE PURPOSES DESCRIBED HEREIN; DETERMINING THE NEED FOR A NEGOTIATED SALE OF SUCH BONDS AND DELEGATING TO THE CHAIRMAN OR VICE CHAIRMAN OF THE BOARD OF SUPERVISORS OF THE DISTRICT SUBJECT TO COMPLIANCE WITH THE APPLICABLE PROVISIONS HEREOF, THE AUTHORITY TO AWARD THE SALE OF SUCH BONDS TO MBS CAPITAL MARKETS, LLC BY EXECUTING AND DELIVERING TO SUCH UNDERWRITER A BOND PURCHASE CONTRACT; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF THE TWENTY-SEVENTH SUPPLEMENTAL TRUST INDENTURE AND APPOINTING AND APPROVING U.S. BANK NATIONAL ASSOCIATION, AS THE TRUSTEE, BOND REGISTRAR AND PAYING AGENT THEREUNDER; MAKING CERTAIN FINDINGS; APPROVING THE FORM OF SAID BONDS; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF THE PRELIMINARY OFFICIAL STATEMENT; APPROVING THE EXECUTION AND DELIVERY OF A FINAL OFFICIAL STATEMENT; APPROVING THE FORM OF AND THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT AND APPOINTING AND APPROVING U.S. BANK NATIONAL ASSOCIATION AS THE ESCROW AGENT THEREUNDER; AUTHORIZING MUNICIPAL BOND INSURANCE AND A DEBT SERVICE RESERVE SURETY BOND TO FUND THE RESERVE ACCOUNT FOR SAID BONDS; AUTHORIZING CERTAIN OFFICIALS OF LAKEWOOD RANCH STEWARDSHIP DISTRICT AND OTHERS TO TAKE ALL ACTIONS REQUIRED IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF SAID BONDS INCLUDING THE EXECUTION OF THE CONTINUING DISCLOSURE AGREEMENT; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT TO SAID BONDS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, Lakewood Ranch Stewardship District (the "District") is authorized by the Lakewood Ranch Stewardship District Act, Chapter 2005-338, Laws of Florida, as amended (the "Act") to issue its bonds for the purpose of acquiring and constructing public improvements and community facilities all as provided in the Act; and

WHEREAS, the District is authorized by the Act to make payments of principal, interest, and premium, if any, with respect to such bonds by levying and collecting special assessments on property located within the District and benefited by the assessable improvements financed with certain proceeds of the Bonds (hereinafter defined); and

WHEREAS, the District pursuant to its Resolution 2005-16 (the "First Resolution") authorized the issuance of its not exceeding $4,000,000,000 principal amount of its special assessment revenue bonds (the "Bonds") in separate series for the purposes set forth in said First Resolution; and

WHEREAS, the District now desires to authorize the issuance of and award the sale of its Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the "2020 Bonds") in order to refinance the District's Outstanding Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the "Refunded Bonds") in order to provide debt service savings, to approve the Supplemental Indenture (hereinafter defined) and to provide for various other matters relating to the issuance of the 2020 Bonds; and

WHEREAS, in order to provide for the refunding of the Refunded Bonds, the District desires to appoint U.S. Bank National Association as escrow agent (in such capacity, the “Escrow Agent”) for the Refunded Bonds pursuant to an Escrow Deposit Agreement between the District and the Escrow Agent (the “Escrow Deposit Agreement”); and

WHEREAS, the District has received and accepted proposals from Assured Guaranty Municipal Corp. to provide a municipal bond insurance policy for the 2020 Bonds and a proposal to provide a debt service reserve fund policy for eighty percent (80%) of the debt service reserve requirement for the 2020 Bonds; and

WHEREAS, this Resolution is supplemental to the First Resolution; and

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF LAKEWOOD RANCH STEWARDSHIP DISTRICT, as follows:

SECTION 1. Definitions. All words and phrases used herein in capitalized form, unless otherwise defined herein, shall have the meaning ascribed to them in the Indenture (hereinafter defined).

SECTION  2.  Authorization.   There  is  hereby  authorized  to  be  issued not exceeding
$19,195,000 aggregate principal amount of 2020 Bonds. The 2020 Bonds shall be issued under and secured by the Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture"), as supplemented by that certain Twenty-Seventh Supplemental Trust Indenture dated as of July 1,

2020 or such other date as is mutually agreeable to the District and the Underwriter (the "Supplemental Indenture"), both by and between the District and U.S. Bank National Association, as trustee, (in such capacity, the "Trustee") (the Master Indenture and the Supplemental Indenture are referred to herein collectively as the "Indenture"). By this reference the Indenture is incorporated in this Resolution as if set forth in full herein.

SECTION 3. Approval of Supplemental Indenture and Authorization of Execution and Delivery Thereof. The Supplemental Indenture is hereby approved in substantially the form set forth as Exhibit A hereto and the Chairman or the Vice Chairman of the Board of Supervisors (the "Board") is hereby authorized and directed to execute and deliver such Supplemental Indenture on behalf of and in the name of the District and the Secretary or any Assistant Secretary of the Board is hereby authorized to attest such execution, with such additions and deletions therein as may be made and approved by the Chairman or the Vice Chairman executing the same, such execution to be conclusive evidence of such approval. The Trustee is hereby approved to serve as Trustee, Bond Registrar and Paying Agent under such Supplemental Indenture.

SECTION 4. Negotiated Sale. The Board hereby determines that a negotiated sale of the 2020 Bonds to the Underwriter is in the best interests of the District because of prevailing market conditions, because delays caused by soliciting competitive bids could adversely affect the District's ability to issue and deliver the 2020 Bonds at presently favorable interest rates, and because the nature of the security for the 2020 Bonds and the sources of payment of debt service on the 2020 Bonds requires the participation of an underwriter in structuring the 2020 Bond issue.

SECTION 5. Bond Purchase Contract Approved. The Board hereby approves the Bond Purchase Contract (the "Contract") submitted by the Underwriter in substantially the form attached as Exhibit B hereto. The Chairman or Vice Chairman of the Board is hereby authorized to execute the Contract and to deliver the Contract to the Underwriter with such changes, amendments, modifications, omissions and additions as may be approved by the Chairman or Vice Chairman executing the same; provided, however, that (i) the aggregate principal amount of the 2020 Bonds shall not exceed $19,195,000, (ii) the achievement of not less than 10% present value debt service savings with respect to the Refunded Bonds, (iii) the 2020 Bonds shall be subject to optional redemption no later than May 1, 2033, shall have a maturity date no later than May 1, 2037, and shall have a redemption price not greater than 100%, and (iv) the underwriter's discount shall not exceed one percent (1.00%) of the principal amount of the 2020 Bonds. Execution by the Chairman or Vice Chairman of the Contract shall be deemed to be conclusive evidence of approval of such changes.

SECTION 6. Preliminary Official Statement and Official Statement. The District hereby approves the form of the Preliminary Official Statement submitted to this meeting and attached hereto as Exhibit C and authorizes its distribution and use in connection with the offering for the sale of the 2020 Bonds. If between the date hereof and the mailing of the Preliminary Official Statement it is necessary to make insertions, modifications and changes to the Preliminary Official Statement, the Chairman or Vice Chairman is hereby authorized to approve such insertions, changes and modifications, and, the Chairman or Vice Chairman is hereby authorized to deem

the Preliminary Official Statement "final" within the meaning of Rule 15c2-12 of the Securities and Exchange Commission (the "Rule") under the Securities Exchange Act of 1934, in the form as mailed. The preparation of a final Official Statement is hereby approved and the Chairman or Vice Chairman is hereby authorized to execute such final Official Statement to be dated the date of the award of the 2020 Bonds and, upon such award, to deliver the same to the Underwriter for use by it in connection with the sale and distribution of the 2020 Bonds. The Official Statement shall be substantially in the form of the final Preliminary Official Statement, with such changes as shall be approved by the Chairman or Vice Chairman as necessary to conform to the details of the 2020 Bonds and such other insertions, modifications and changes as may be approved by the Chairman or Vice Chairman. The execution and delivery of the Official Statement by the Chairman or Vice Chairman shall constitute evidence of the approval thereof. The District hereby authorizes the use of the Preliminary Official Statement and the Official Statement and the information contained therein in connection with the offering and sale of the 2020 Bonds.

SECTION 7. Form of Bonds. The 2020 Bonds shall be in substantially the form as set forth in the exhibit to the Supplemental Indenture, with such additions, deletions and other changes thereto as the officials of the Board executing the 2020 Bonds shall approve, such approval to be conclusively evidenced by the execution of the 2020 Bonds (by manual or facsimile signature) by such officials. The Board hereby authorizes and approves the use of a facsimile of the District seal on the 2020 Bonds.

SECTION 8. Continuing Disclosure Agreement; Appointment of Dissemination Agent. The form and content of the Continuing Disclosure Agreement (the "Continuing Disclosure Agreement") relating to the 2020 Bonds attached hereto as Exhibit D is hereby approved. The Chairman or Vice Chairman and the Secretary or any Assistant Secretary are hereby authorized to execute on behalf of the District the Continuing Disclosure Agreement in substantially the form attached hereto, with such additions, deletions, and other changes as may be necessitated by applicable law, this Resolution and the Contract as such officers may approve (such approval to be conclusively evidenced by their execution of the Continuing Disclosure Agreement). PFM Group Consulting LLC is hereby appointed and approved as the initial Dissemination Agent under the Continuing Disclosure Agreement.

SECTION 9. Appointment of Escrow Agent; Approval of Escrow Deposit Agreement. The District hereby appoints U.S. Bank National Association as the escrow agent for the Refunded Bonds. The Escrow Deposit Agreement, pursuant to which certain proceeds of the 2020 Bonds and other legally available moneys of the District will be deposited to provide for the refunding and defeasance of the Refunded Bonds, is hereby approved in substantially the form attached hereto as Exhibit E.

SECTION 10. Bond Insurance Commitment; Bond Debt Service Reserve Insurance Commitment. The District hereby accepts and approves the Municipal Bond Insurance Commitment, dated May 28, 2020 from Assured Guaranty Municipal Corp., in the form attached hereto as Exhibit F, to provide a municipal bond insurance policy for the 2020 Bonds and the Municipal Bond Debt Service Reserve Commitment, dated May 28, 2020, from Assured Guaranty

Municipal Corp., in the form attached hereto as Exhibit G, to provide for all of the debt service reserve requirement for the 2020 Bonds.

SECTION 11. Application of 2020 Bond Proceeds. Proceeds of the 2020 Bonds, shall be applied as provided in the Supplemental Indenture.

SECTION 12. Open Meetings. It is hereby found and determined that all official acts of this Board concerning and relating to the issuance, sale, and delivery of the 2020 Bonds, including but not limited to adoption of this Resolution, were taken in open meetings of the members of the Board and all deliberations of the members of the Board that resulted in such official acts were in meetings open to the public, in compliance with all legal requirements including, but not limited to, the requirement of Florida Statutes, Section 286.011 and Executive Orders 20-52, 20-69, 20-112, 20-123, and 20-139.

SECTION 13. Other Actions. The Chairman, the Vice Chairman, the Secretary and any Assistant Secretary of the District and PFM Group Consulting LLC, as the District Manager and PFM Financial Advisors LLC, as District Financial Consultant, and any authorized designee thereof (collectively, the "District Officers"), Bryant Miller Olive P.A., as Bond Counsel, and Hopping Green & Sams P.A., as General Counsel to the District, are hereby authorized and directed to take all actions necessary or desirable in connection with the issuance and delivery of the 2020 Bonds and the consummation of all transactions in connection therewith. The District Officers are hereby authorized and directed to execute all necessary or desirable certificates, documents, papers, and agreements and the undertaking and fulfillment of all transactions referred to in or contemplated by the Indenture, the Contract, the Preliminary Official Statement, the Escrow Deposit Agreement, this Resolution and the Continuing Disclosure Agreement.

SECTION 14. Approval of Prior Actions. All actions taken to date by the members of the Board and the officers, agents, and employees of the District in furtherance of the issuance of the Bonds are hereby approved, confirmed and ratified.

SECTION 15. Inconsistent Resolutions and Motions. All prior resolutions of the Board inconsistent with the provisions of this Resolution are hereby modified, supplemented and amended to conform with the provisions herein contained and, except as so modified, supplemented and amended hereby, shall remain in full force and effect.

SECTION 16. Assessment Methodology Report. The Board authorizes further modifications and supplements to the Supplemental Assessment Methodology Report for the Refunded Bonds previously approved by the Board to conform such report to the marketing and sale of the 2020 Bonds.

SECTION 17. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision.

SECTION 17. Effective Date. This Resolution shall become effective immediately upon its adoption.

ADOPTED this 12th day of June, 2020.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

[SEAL]

By:		 Chairman, Board of Supervisors

ATTEST:

By:		 Secretary

EXHIBIT A

FORM OF TWENTY-SEVENTH SUPPLEMENTAL INDENTURE

BMO DRAFT
6/10/20

TWENTY-SEVENTH SUPPLEMENTAL TRUST INDENTURE

BETWEEN

LAKEWOOD RANCH STEWARDSHIP DISTRICT

AND

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

Dated as of July 1, 2020 Securing

$ 	
Lakewood Ranch Stewardship District
Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

TABLE OF CONTENTS

This Table of Contents is incorporated herein for ease of reference only and shall not be deemed a part of the Twenty-Seventh Supplemental Trust Indenture.

 DEFINITIONS	4
Section 101.	Definitions	4
 AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2020 BONDS	8
Section 201.	Authorization of 2020 Bonds; Book-Entry Only Form	8
Section 202.	Terms	9
Section 203.	Dating and Interest Accrual	10
Section 204.	Denominations	10
Section 205.	Paying Agent	10
Section 206.	Bond Registrar	10
Section 207.	Conditions Precedent to Issuance of 2020 Bonds	10
Section 208.	Continuing Disclosure Agreement	11
 REDEMPTION OF 2020 BONDS	11
Section 301.	Bonds Subject to Redemption	11
   DEPOSIT OF 2020 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF	12
Section 401.	Establishment of Accounts	12
Section 402.	Use of 2020 Bond Proceeds	12
Section 403.	Reserved	13
Section 404.	2020 Costs of Issuance Account	13
Section 405.	2020 Reserve Account	13
Section 406.	Amortization Installments	14
Section 407.	Tax Covenants and Rebate Account	14
Section 408.	2020 Revenue Account; Application of Revenues and Investment Earnings	14
 COVENANTS AND DESIGNATIONS OF THE DISTRICT	17
Section 501.	Provision Relating to Bankruptcy or Insolvency of Landowner	17
Section 502.	Collection of Series 2020 Assessments	19
Section 503.	No Parity Bonds	19
Section 504.	Covenant With Regard to Enforcement and Collection of Delinquent Assessments.	19
 MISCELLANEOUS	19
Section 601.	Confirmation of Master Indenture	19
Section 602.	Additional Covenant Regarding Assessments	19

Section 603.	Interpretation of Twenty-Seventh Supplemental Indenture	20
Section 604.	Amendments	20
Section 605.	Foreclosing of Special Assessment Lien	20
Section 606.	Payment of Rebate Amount	21
Section 607.	Additional Provisions Relating to the Bond Insurance Policy and Reserve Policy	21
Section 608.	Payment Dates	22
Section 609.	Counterparts	22
Section 610.	Appendices and Exhibits	22
Section 611.	Bond Year	22
 CONCERNING THE TRUSTEE	22
Section 701.	Acceptance by Trustee	22
Section 702.	Limitation of Trustee's Responsibility	22
Section 703.	Trustee's Duties	22
Section 704.	Extraordinary Fees and Expenses of Trustee	22
Section 705.	Brokerage Confirmations	23
Section 706.	Patriot Act Requirements of Trustee	23
Section 707.	Manner of Giving Notice to the District and the Trustee	23
Exhibit A – Form of Bonds
Exhibit B – Bond Insurance Policy Provisions Exhibit C – Reserve Policy Provisions

TWENTY-SEVENTH SUPPLEMENTAL TRUST INDENTURE

THIS  TWENTY-SEVENTH  SUPPLEMENTAL  TRUST  INDENTURE  (the  "Twenty-
Seventh Supplemental Indenture"), dated as of July 1, 2020, between LAKEWOOD RANCH STEWARDSHIP DISTRICT (the "District") and U.S. BANK NATIONAL ASSOCIATION, as
trustee (the "Trustee"), a national banking association, authorized to accept and execute trusts of the character herein set out within the State of Florida.

WHEREAS, the District has entered into a Master Trust Indenture, dated as of September 1, 2005 (the "Master Indenture" and, together with this Twenty-Seventh Supplemental Indenture, the "Indenture") with the Trustee to secure the issuance of its Lakewood Ranch Stewardship District Special Assessment Revenue Bonds (the "Bonds"), issuable in one or more Series from time to time; and

WHEREAS, pursuant to Resolution No. 2005-16 adopted by the Governing Body of the District on August 23, 2005 (the “Bond Resolution”), the District has authorized the issuance of not exceeding $4,000,000,000 of its Bonds and authorized the execution and delivery of the Master Indenture to secure the issuance of the Bonds; and

WHEREAS, the Bonds were validated by the Circuit Court of the Twelfth Judicial Circuit of the State of Florida in and for Manatee and Sarasota Counties in a Final Judgment Validating Bonds rendered on December 20, 2005, and the appeal period from such final judgment has expired with no appeal being taken; and

WHEREAS, pursuant to the Bond Resolution, as supplemented by Resolution No. 2006- 19, adopted by the Governing Body of the District on May 5, 2006, the District issued, sold and delivered its $27,215,000 Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the "2006 Bonds") as an issue of Bonds under the Master Trust Indenture, as supplemented by the Fifth Supplemental Trust Indenture, dated as of June 1, 2006 (the "Fifth Supplemental Trust Indenture"), from the District to the Trustee, to secure the issuance of the 2006 Bonds and to set forth the terms of the 2006 Bonds; and

WHEREAS, the 2006 Bonds are currently Outstanding in the aggregate principal amount of $19,195,000 (the Outstanding principal of such 2006 Bonds are hereinafter referred to as the "Refunded Bonds"); and

WHEREAS, the District has determined that under existing market conditions, it would be in the best interest of the District to currently refund and defease all of the Refunded Bonds; and

WHEREAS, pursuant to Resolution No. 2020-28, adopted by the Governing Body of the District  on  June  12,  2020,  the  District  has  authorized  the  issuance,  sale  and  delivery  of its
$ 	Lakewood  Ranch  Stewardship  District  Special  Assessment  Revenue Refunding

Bonds, Series 2020 (Country Club East Project) (the “2020 Bonds”), which are issued hereunder as one Series of Bonds under, and as defined in, the Master Indenture, and has reaffirmed the execution and delivery of the Master Indenture and authorized the execution and delivery of this Twenty-Seventh Supplemental Indenture to secure the issuance of the 2020 Bonds and to set forth the terms of the 2020 Bonds; and

WHEREAS, the District will apply the proceeds of the 2020 Bonds, together with other funds of the District, to: (i) currently refund and defease all of the Refunded Bonds; (ii) pay certain costs associated with the issuance of the 2020 Bonds, including the premium for the Bond Insurance Policy (hereinafter defined); (iii) pay a portion of the interest first coming due on the 2020 Bonds; and (iv) purchase the Reserve Policy (hereinafter defined) to be deposited to the 2020 Reserve Account in partial satisfaction of the 2020 Reserve Account Requirement and make a deposit into the 2020 Reserve Account; and

WHEREAS, the 2020 Bonds will be payable from and secured in part by revenues derived from the Series 2020 Assessments (hereinafter defined), which, together with the 2020 Pledged Funds (hereinafter defined) will comprise the 2020 Trust Estate (hereinafter defined), which shall constitute a "Series Trust Estate" as defined in the Master Indenture; and

WHEREAS, the execution and delivery of the 2020 Bonds and of this Twenty-Seventh Supplemental Indenture have been duly authorized by the Governing Body of the District and all actions necessary to make the 2020 Bonds, when executed by the District and authenticated by the Trustee, valid and binding legal obligations of the District and to make this Twenty-Seventh Supplemental Indenture a valid and binding agreement and, together with the Master Indenture, a valid and binding lien on the 2020 Trust Estate have been done;

NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS TWENTY- SEVENTH SUPPLEMENTAL INDENTURE WITNESSETH:

That the District, in consideration of the premises, the acceptance by the Trustee of the trusts hereby created, the mutual covenants herein contained, the purchase and acceptance of the 2020 Bonds by the purchaser or purchasers thereof, and other good and valuable consideration, receipt of which is hereby acknowledged, and in order to further secure the payment of the principal and Redemption Price (as defined in the Master Indenture) of, and interest on, all 2020 Bonds Outstanding (as defined in the Master Indenture) from time to time, according to their tenor and effect, and such other payments required to be made under the Master Indenture or hereunder, and such other payments due under any Letter of Credit Agreement or Liquidity Agreement, and to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this Twenty-Seventh Supplemental Indenture and in the 2020 Bonds: (a) has executed and delivered this Twenty-Seventh Supplemental Indenture; and (b) does hereby, in confirmation of the Master Indenture, grant, bargain, sell, convey, transfer, assign and pledge unto the Trustee, and unto its successors in the trusts under the Master Indenture, and to them and their successors and assigns forever, all right,

title and interest of the District, in, to and under, subject to the terms and conditions of the Master Indenture and the provisions of the Master Indenture pertaining to the application thereof for or to the purposes and on the terms set forth in the Master Indenture the revenues derived by the District from the Series 2020 Assessments levied and imposed pursuant to the Assessment Proceedings (hereinafter defined), as the same may be amended from time to time (the "2020 Pledged Revenues") and the Funds and Accounts (except for the 2020 Rebate Account) established hereby (the "2020 Pledged Funds") which shall comprise a part of the Trust Estate securing only the 2020 Bonds (the "2020 Trust Estate");

TO HAVE AND TO HOLD all the same by the Master Indenture granted, bargained, sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in said trust and to it and its assigns forever;

IN TRUST NEVERTHELESS, except as in each such case may otherwise be provided in the Master Indenture and herein provided with respect to the 2020 Bonds, upon the terms and trusts in the Indenture set forth for the equal and proportionate benefit, security and protection of all and singular the present and future Owners of the 2020 Bonds issued or to be issued under and secured by this Twenty-Seventh Supplemental Indenture, without preference, priority or distinction as to lien or otherwise, of any one 2020 Bond over any other 2020 Bond by reason of priority in their issue, sale or execution;

PROVIDED HOWEVER, that if the District, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal and Redemption Price of the 2020 Bonds or any 2020 Bond of a particular maturity issued, secured and Outstanding under this Twenty-Seventh Supplemental Indenture and the interest due or to become due thereon, at the times and in the manner mentioned in the 2020 Bonds and this Twenty-Seventh Supplemental Indenture, according to the true intent and meaning thereof, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Master Indenture and this Twenty-Seventh Supplemental Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee and the Insurer all sums of money due or to become due to it in accordance with the terms and provisions of the Master Indenture and this Twenty-Seventh Supplemental Indenture, then upon such final payments, this Twenty-Seventh Supplemental Indenture and the rights hereby granted shall cease and terminate, with respect to all 2020 Bonds or any 2020 Bond of a particular maturity, otherwise this Twenty-Seventh Supplemental Indenture shall remain in full force and effect;

THIS	TWENTY-SEVENTH	SUPPLEMENTAL	INDENTURE	FURTHER
WITNESSETH, and it is expressly declared, that all 2020 Bonds issued and secured hereunder are to be issued, authenticated and delivered and all of the rights and property pledged to the payment thereof are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as in the Master Indenture (except as amended directly or by implication by this Twenty-Seventh Supplemental Indenture), including this Twenty-Seventh Supplemental Indenture, expressed, and the District

has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective Owners and the Insurer, from time to time, of the 2020 Bonds, as follows:

DEFINITIONS

Section 101.  Definitions.  All terms used herein that are defined in the recitals hereto are used with the same meaning herein unless the context clearly requires otherwise. All terms used herein that are defined in the Master Indenture are used with the same meaning herein (including the use of such terms in the recitals hereto and the granting clauses hereof) unless (i) expressly given a different meaning herein or (ii) the context clearly requires otherwise. In addition, unless the context clearly requires otherwise, the following terms used herein shall have the following meanings:

“2020 Investment Obligations” shall mean and include any of the following securities, if and to the extent the same are at the time legal investments for funds of the District:

Government Obligations;

Bonds, debentures, notes or other evidences of indebtedness issued by any of the following agencies or such other government - sponsored agencies which may presently exist or be hereafter created; provided that, such bonds, debentures, notes or other evidences of indebtedness are fully guaranteed as to both principal and interest by the Government National Mortgage Association (including participation certificates issued by such association); Fannie Mae (including participation certificates issued by such entity); Federal Home Loan Banks; Federal Farm Credit Banks; Tennessee Valley Authority; Federal Home Loan Mortgage Corporation and repurchase agreements secured by such obligations, which funds are rated in the highest categories for such funds by both Moody’s and S&P at the time of purchase;

Both (A) shares of a diversified open-end management investment company (as defined in the Investment Company Act of 1940) or a regulated investment company (as defined in Section 851(a) of the Code) that is a money market fund that is rated in the highest rating category for such funds by Moody’s and S&P, and (B) shares of money market mutual funds that invest only in the obligations described in (i) and (ii) above;

Money market deposit accounts, time deposits, and certificates of deposits issued by commercial banks, savings and loan associations or mutual savings banks whose short-term obligations are rated, at the time of purchase, in one of the two highest rating categories, without regard to gradation, by Moody’s and S & P; and

Commercial paper (having maturities of not more than 270 days) rated, at the time of purchase, in one of the two highest rating categories, without regard to gradation, by Moody’s and S & P.

Under all circumstances, the Trustee shall be entitled to conclusively rely that any investment directed in writing by an Authorized Officer of the District is permitted under the Indenture and is a legal investment of funds of the District.

"2020 Reserve Account Requirement" shall mean an amount equal to fifty percent (50%) of the Maximum Annual Debt Service Requirement for all Outstanding 2020 Bonds as of the date of issuance of the 2020 Bonds ($[ 	]), eighty percent (80%) of which shall be satisfied by the Reserve Policy ($[ 		]) and twenty percent (20%) of which shall be satisfied by the deposit of cash ($[ 	]).

"Assessment Interest" shall mean the interest on the Series 2020 Assessments received by the District which is pledged to the 2020 Bonds, other than Delinquent Assessment Interest.

"Assessment Methodology" shall mean the Assessment Methodology Lakewood Ranch Stewardship District “Country Club East” dated May 4, 2006, as updated from time to time, and as supplemented by the Supplemental Methodology Lakewood Ranch Stewardship District “Country Club East” dated 	, 2020.

"Assessment Principal" shall mean the principal amount of Series 2020 Assessments received by the District which represents a proportionate amount of the principal of and Amortization Installments of the 2020 Bonds, other than applicable Delinquent Assessment Principal and Prepayment Principal.

"Assessment Proceedings" shall mean the proceedings of the District with respect to the establishment, levy and collection of the Series 2020 Assessments which include Resolution Nos. 2006-20, 2006-21, 2006-26, and 2020-[ ], adopted by the Governing Body of the District, and any supplemental proceedings undertaken by the District with respect to the Series 2020 Assessments and the Assessment Methodology as approved thereby.

"Beneficial Owners" shall have the meaning given such term by DTC so long as it is the registered Owner, through its nominee Cede & Co., of the 2020 Bonds as to which such reference is made to enable such 2020 Bonds to be held in book-entry only form, and shall otherwise mean the registered Owner on the registration books of the District maintained by the Bond Registrar.

"Bond Depository" shall mean the securities depository from time to time under Section 201 hereof, which may be the District.

"Bond Insurance Policy" shall mean the Municipal Bond Insurance Policy issued by the Insurer with respect to the 2020 Bonds, which shall constitute a Credit Facility under and as defined in the Master Indenture.

"Bond Participant" shall mean any broker-dealer, bank or other financial institution from time to time for which the Bond Depository holds Bonds as securities depository.

"Continuing Disclosure Agreement" means the Continuing Disclosure Agreement executed and delivered in connection with the issuance of the 2020 Bonds and as amended from time to time in accordance with the terms thereof.

"Delinquent Assessment Interest" shall mean Assessment Interest deposited by the District with the Trustee on or after May 1 of the year in which such Assessment Interest has, or would have, become delinquent under State law or the Assessment Proceedings applicable thereto.

"Delinquent Assessment Principal" shall mean Assessment Principal deposited by the District with the Trustee on or after May 1 of the year in which such Assessment Principal has, or would have, become delinquent under State law or the Assessment Proceedings applicable thereto.

"Delinquent Assessments" shall mean Delinquent Assessment Principal and Delinquent Assessment Interest.

"District Manager" shall mean PFM Group Consulting LLC, and its successors and assigns.

"DTC" shall mean The Depository Trust Company, New York, New York, and its successors and assigns.

"Escrow Deposit Agreement" shall mean the Escrow Deposit Agreement between the District and the Trustee, as escrow agent, relating to the payment and redemption of the Refunded Bonds.

"Escrow Fund" shall mean the fund created and established to pay and redeem the Refunded Bonds pursuant to the Escrow Deposit Agreement.

"Foreclosure Proceeds" shall mean the proceeds in excess of the amount of Delinquent Assessments which at the time of receipt will be, or would have been, applied to pay current Debt Service on the 2020 Bonds collected by the District through a foreclosure proceeding resulting from the acceleration of all future installments of principal of Series 2020 Assessments on a foreclosed tax parcel.

"Government Obligations" shall mean direct obligations of, or obligations the timely payment of principal of and interest on which are unconditionally guaranteed by, the United States of America.

"Insurer" shall mean, with respect to the 2020 Bonds, Assured Guaranty Municipal Corp., a New York stock insurance company, or any successor thereto or assignee thereof.

"Interest Payment Date" shall mean each May 1 and November 1, commencing November 1, 2020.

"Late Payment Rate" means the lesser of (x) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in the City of New York, as its prime or base lending rate ("Prime Rate") (any change in such Prime Rate to be effective on the date such change is announced by JPMorgan Chase Bank) plus 3%, and
the then-applicable highest rate of interest on the 2020 Bonds and (y) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. In the event JPMorgan Chase Bank ceases to announce its Prime Rate publicly, Prime Rate shall be the publicly announced prime or base lending rate of such national bank as the Insurer shall specify.

"Majority Owners" shall mean the Beneficial Owners of more than fifty percent (50%) in principal amount of the Outstanding 2020 Bonds.

"Nominee" shall mean the nominee of the Bond Depository, which may be the Bond Depository, as determined from time to time pursuant to this Twenty-Seventh Supplemental Indenture.

"Prepayment Principal" shall mean the excess amount of Assessment Principal received by the District over the Assessment Principal included within an Assessment appearing on any outstanding and unpaid tax bill, whether or not mandated to be prepaid in accordance with the Assessment Proceedings. Anything herein or in the Master Indenture to the contrary notwithstanding, the term Prepayment Principal shall not mean the proceeds of any Refunding Bonds or other borrowing of the District.

"Policy Costs" shall mean costs owed to the Insurer in connection with the repayment of draws under the Reserve Policy and payment of expenses and the interest accrued thereon at the Late Payment Rate.

"Redemption Date" shall mean an Interest Payment Date in the case of a partial redemption of 2020 Bonds, as applicable, or any date in the case of the redemption of all of the Outstanding 2020 Bonds, as applicable.

"Reserve Policy" shall mean the Municipal Bond Debt Service Reserve Insurance Policy issued by the Insurer with respect to the 2020 Bonds, which shall constitute a Credit Facility under and as defined in the Master Indenture, or any other insurance policy, surety bond or other evidence of insurance deposited to the credit of the 2020 Reserve Account.

"S&P" shall mean S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC.

"Series 2020 Assessments" shall mean the Assessments imposed under the Assessment Proceedings.

"Underwriter" shall mean MBS Capital Markets, LLC, the underwriter of the 2020 Bonds.

AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2020 BONDS

Section 201. Authorization of 2020 Bonds; Book-Entry Only Form. The 2020 Bonds are hereby authorized to be issued as one Series under the Master Indenture, in the aggregate principal amount of $ 	for the purposes enumerated in the recitals hereto, designated as "Lakewood Ranch Stewardship District Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)." The 2020 Bonds shall be substantially in the form set forth as Exhibit A to this Twenty-Seventh Supplemental Indenture. Each 2020 Bond shall bear the designation "2020R" and shall be numbered consecutively from 1 upwards.

The 2020 Bonds shall be initially issued in the form of a separate single certificated fully registered 2020 Bond for each maturity thereof. Upon initial issuance, the ownership of each such 2020 Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the initial Bond Depository. Except as provided in this Section 201, all of the Outstanding 2020 Bonds shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC.

With respect to 2020 Bonds registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation to any Bond Participant or to any indirect Bond Participant. Without limiting the immediately preceding sentence, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede & Co. or any Bond Participant with respect to any ownership interest in the 2020 Bonds, (ii) the delivery to any Bond Participant or any other person other than an Owner, as shown in the registration books kept by the Bond Registrar, of any notice with respect to the 2020 Bonds, including any notice of redemption, or (iii) the payment to any Bond Participant or any other person other than an Owner, as shown in the registration books kept by the Bond Registrar, of any amount with respect to principal of, premium, if any, or interest on the 2020 Bonds. The District, the Trustee, the Bond Registrar and the Paying Agent shall treat and consider the person in whose name each 2020 Bond is registered in the registration books kept by the Bond Registrar as the absolute Owner of such 2020 Bond for the purpose of payment of principal, premium and interest with respect to such 2020 Bond, for the purpose of giving notices of redemption and other matters with respect to such 2020 Bond, for the purpose

of registering transfers with respect to such 2020 Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal of, premium, if any, and interest on the 2020 Bonds only to or upon the order of the respective Owners, as shown in the registration books kept by the Bond Registrar, or their respective attorneys duly authorized in writing, as provided herein, and all such payments shall be valid and effective to fully satisfy and discharge the District's obligations with respect to payment of principal of, premium, if any, and interest on the 2020 Bonds to the extent of the sum or sums so paid. No person other than an Owner, as shown in the registration books kept by the Bond Registrar, shall receive a certificated 2020 Bond evidencing the obligation of the District to make payments of principal, premium, if any, and interest pursuant to the provisions hereof. Upon delivery by DTC to the District of written notice to the effect that DTC has determined to substitute a new Nominee in place of Cede & Co., and subject to the provisions herein with respect to Record Dates, the words "Cede & Co." in this Twenty- Seventh Supplemental Indenture shall refer to such new Nominee of DTC; and upon receipt of such a notice the District shall promptly deliver a copy of the same to the Trustee, the Bond Registrar and the Paying Agent.

Upon receipt by the Trustee or the District of written notice from DTC (i) confirming that DTC has received written notice from the District to the effect that a continuation of the requirement that all of the Outstanding 2020 Bonds be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, is not in the best interest of the Beneficial Owners of the 2020 Bonds or (ii) to the effect that DTC is unable or unwilling to discharge its responsibilities and no substitute Bond Depository willing to undertake the functions of DTC hereunder can be found which is willing and able to undertake such functions upon reasonable and customary terms, the 2020 Bonds shall no longer be restricted to being registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, but may be registered in whatever name or names Owners transferring or exchanging the 2020 Bonds shall designate, in accordance with the provisions hereof.

Section 202.     Terms.   The  2020  Bonds  shall  consist  of             (    )  Serial  Bonds  and ( ) Term Bonds, shall bear interest at the fixed interest rates per annum and shall mature in the amounts and on the dates set forth below:

	Principal	Maturity	Interest			
Number	Amount	(May 1)	Rate	CUSIP	Type	

Section 203. Dating and Interest Accrual. Each 2020 Bond shall be dated the date of initial issuance and delivery. Each 2020 Bond also shall bear its date of authentication. Each 2020 Bond shall bear interest from the Interest Payment Date to which interest has been paid next preceding the date of its authentication, unless the date of its authentication: (i) is an Interest Payment Date to which interest on such 2020 Bond has been paid, in which event such 2020 Bond shall bear interest from its date of authentication; or (ii) is prior to the first Interest Payment Date for the 2020 Bonds, in which event such 2020 Bond shall bear interest from its date. Interest on the 2020 Bonds shall be due and payable on each May 1 and November 1, commencing November 1, 2020, and shall be computed on the basis of a 360-day year of twelve 30-day months.

Section 204. Denominations. The 2020 Bonds shall be issued in Authorized Denominations.

Section 205. Paying Agent. The District appoints the Trustee as Paying Agent for the 2020 Bonds.

Section 206.  Bond Registrar.  The District appoints the Trustee as Bond Registrar for  the 2020 Bonds.

Section 207. Conditions Precedent to Issuance of 2020 Bonds. In addition  to  complying with the requirements set forth in the Master Indenture in connection with the issuance of the 2020 Bonds, all the 2020 Bonds shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the District or upon its order, but only upon the further receipt by the Trustee of:

certified copies of the Assessment Proceedings;

executed copies of the Master Indenture and this Twenty-Seventh Supplemental Indenture;

a customary Bond Counsel opinion;

the District Counsel opinion required by the Master Indenture;

a certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the 2020 Bonds, the District will not be in default in the performance of the terms and provisions of the Master Indenture or this Twenty-Seventh Supplemental Indenture;

the Bond Insurance Policy and Reserve Policy, or copies thereof;

an executed Escrow Deposit Agreement and a verification report prepared by Causey, Demgen & Moore, P.C.; and

a defeasance opinion of bond counsel required by the Master Indenture.

Payment to the Trustee of the net proceeds from the initial issuance of the 2020 Bonds shall conclusively evidence that the foregoing conditions precedent have been met to the satisfaction of the District and the Underwriter.

Section 208. Continuing Disclosure Agreement. Contemporaneously with the execution and delivery hereof, the District has executed and delivered a Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities and Exchange Act of 1934. The District covenants and agrees to comply with the provisions of such Continuing Disclosure Agreement; however, as set forth therein, failure to so comply shall not constitute an Event of Default hereunder, but instead shall be enforceable by mandamus, injunction or any other means of specific performance.

REDEMPTION OF 2020 BONDS

Section 301. Bonds Subject to Redemption; Conditional Notice. The 2020 Bonds are subject to redemption prior to maturity as provided in the form thereof set forth as Exhibit A to this Twenty-Seventh Supplemental Indenture. Interest on 2020 Bonds which are called for redemption shall be paid on the Redemption Date from the 2020 Interest Account or from the 2020 Revenue Account to the extent monies in the 2020 Interest Account are insufficient for such purpose. Moneys in the 2020 Optional Redemption Subaccount in the 2020 Redemption Account shall be applied in accordance with Section 506 of the Master Indenture to the optional redemption of 2020 Bonds. Notwithstanding any other provision hereof or of the Master Indenture, notice of optional redemption may be conditioned upon the occurrence or non-

occurrence of such event or events as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.

DEPOSIT OF 2020 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF

Section 401.	Establishment of Accounts. There are hereby established, as needed, the following Funds and Accounts:

within the Acquisition and Construction Fund held by the Trustee a 2020 Costs of Issuance Account;

within the Debt Service Fund held by the Trustee: (i) a 2020 Debt Service Account and therein a 2020 Sinking Fund Account, a 2020 Principal Account, and a 2020 Interest Account; and (ii) a 2020 Redemption Account and therein a Prepayment Subaccount and a 2020 Optional Redemption Subaccount;

within the Reserve Fund held by the Trustee a 2020 Reserve Account to be held solely for the benefit of all of the 2020 Bonds;

within the Revenue Fund held by the Trustee a 2020 Revenue Account; and

within the Rebate Fund held by the Trustee a 2020 Rebate Account.

Section 402.	Use of  2020 Bond  Proceeds.   Proceeds  of the  2020  Bonds wired  by the
Underwriter  directly  to  the  Trustee  in  the  amount  of  $ 	(consisting  of  $ 	
aggregate  principal amount of  2020  Bonds,  less Underwriter's  discount of $ 	, less net original issue discount of $ 	]), less the Bond Insurance Policy premium of $ 		and
less  the  Reserve  Policy  premium of $ 	(each  of  which  shall  be  wired  by the
Underwriter directly to the Insurer)), together with $ 	from the 2006 Revenue  Account,
$ 	from the 2006 Revenue Account, and $ 	from the 2006 Prepayment Subaccount of the 2006 Redemption Account, for a grand total of $ 		, shall as soon as practicable upon the delivery thereof to the Trustee by the District pursuant to Section 207 of the Master Indenture, be applied as follows:

$ 	from the proceeds of the 2020 Bonds, representing the costs of issuance relating to the 2020 Bonds, shall be deposited to the credit of the 2020 Costs of Issuance Account;

$ 	from the proceeds of the 2020 Bonds shall be deposited to the credit of the 2020 Reserve Account;

$ 	from the 2006 Revenue Account shall be deposited to the credit of the 2020 Interest Account; and

$ 	from  proceeds  of  the  2020 Bonds, $ 	from the 2006 Account held by the Trustee pursuant to the Fifth Supplemental Trust Indenture and $ 	 from the 2006 Account held by the Trustee pursuant to the Fifth Supplemental  Trust  Indenture, for a total of $ 	, will be deposited by the Trustee to the Escrow Fund to refund and redeem the Refunded Bonds on August , 2020, at a Redemption Price of 100%.

Following the foregoing deposits, any remaining amounts on deposit with the Trustee pursuant to the Fifth Supplemental Trust Indenture shall be deposited into the 2020 Revenue Account.

Section 403.	Reserved.

Section 404. 2020 Costs of Issuance Account.  The amount deposited in the 2020 Costs of Issuance Account shall, at the written direction of an Authorized Officer to the Trustee, be used to pay the costs of issuance relating to the 2020 Bonds. On the earlier to occur of: (x) ninety (90) days from the date of initial issuance and delivery of the 2020 Bonds or (y) the written direction of an Authorized Officer, any amounts deposited in the 2020 Costs of Issuance Account which are not requisitioned to pay such costs shall be transferred over and deposited into the 2020 Revenue Account and used for the purposes permitted therefor, whereupon the 2020 Costs of Issuance Account shall be closed.

Section 405. 2020 Reserve Account. (a) The 2020 Reserve Account shall be funded and maintained at all times in an amount equal to the 2020 Reserve Account Requirement. The 2020 Reserve Account Requirement shall be satisfied by the deposit in the 2020 Reserve Account of the Reserve Policy, cash, 2020 Investment Obligations, or any combination of the foregoing; provided, however, that so long as the Bond Insurance Policy is outstanding or amounts are owed to the Insurer, the 2020 Reserve Account shall be funded with no less than twenty percent (20%) cash. Subject to the prior sentence, the District may, subject to the terms of the Reserve Policy, at any time and from time to time substitute cash, 2020 Investment Obligations, a Reserve Policy or any combination thereof for any of the foregoing then on deposit in the 2020 Reserve Account.

Except as otherwise provided herein, including Section 704 hereof, or in the Master Indenture and subject to the provisions hereof related to draws on the Reserve Policy, amounts on deposit in the 2020 Reserve Account (including draws under the Reserve Policy) shall be used only for the purpose of making payments into the 2020 Interest Account, the 2020 Principal Account and the 2020 Sinking Fund Account to pay Debt Service on the 2020 Bonds, when due, without distinction as to 2020 Bonds and without privilege or priority of one 2020 Bond over another, to the extent the moneys on deposit in such Accounts available therefor are insufficient and for no other purpose. The District hereby covenants and agrees to abide by the terms and conditions of the Reserve Policy provisions attached hereto as Exhibit C.

(b)  Provided that there are no costs or other amounts  due and owing in connection  with the Bond Insurance Policy or the Reserve Policy as certified to the Trustee in writing by the Insurer, on the earliest date on which there is on deposit in the 2020 Reserve Account, sufficient monies, without taking into account the amount available under the Reserve Policy, but taking into account other monies available therefor, to pay and redeem all of the Outstanding 2020 Bonds, together with accrued interest and redemption premium, if any, on such 2020 Bonds to the earliest Redemption Date permitted therein and herein, then the Trustee shall transfer the amount on deposit in the 2020 Reserve Account into the Prepayment Subaccount of the 2020 Redemption Account to pay and redeem all of the Outstanding 2020 Bonds on the earliest date permitted for redemption therein and herein.

Section 406. Amortization Installments.  (a)  The  Amortization  Installments established for the 2020 Bonds shall be as set forth in the respective forms of 2020 Bonds attached hereto.

(b) Upon any redemption of 2020 Bonds (other than 2020 Bonds redeemed in  accordance with scheduled Amortization Installments and other than 2020 Bonds redeemed at the direction of the District accompanied by a cash flow certificate as required by Section 506(b) of the Master Indenture), the District shall cause to be recalculated and delivered to the Trustee revised Amortization Installments recalculated so as to amortize the Outstanding 2020 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the 2020 Bonds.

Section 407. Tax Covenants and Rebate Account. The District shall comply with the  Tax Regulatory Covenants included in the closing transcript for the 2020 Bonds, as amended and supplemented from time to time in accordance with their terms.

Section 408. 2020 Revenue Account; Application of Revenues and Investment Earnings. (a) The Trustee is hereby authorized and directed to deposit any and all amounts required to be deposited in the 2020 Revenue Account by this Section 408 or by any other provision of the Master Indenture or this Twenty-Seventh Supplemental Indenture, and any other amounts or payments specifically designated by the District pursuant to a written direction or by a Supplemental Indenture for said purpose. The 2020 Revenue Account shall be held by the Trustee separate and apart from all other Funds and Accounts held under the Indenture and from all other moneys of the Trustee.

The District shall immediately upon receipt deposit 2020 Pledged Revenues with the Trustee together with a written accounting of the classification of such 2020 Pledged Revenues, which shall be deposited by the Trustee based upon such written accounting into the Funds and Accounts established hereunder as follows:

Prepayment Principal and Foreclosure Proceeds, which shall be deposited into the Prepayment Subaccount in the 2020 Redemption Account;

Delinquent Assessment Principal and Delinquent Assessment Interest, which shall first be applied to restore the amount of any draws under the Reserve Policy and then to restore any cash withdrawal from the 2020 Reserve Account, and then the balance, if any, shall be deposited into the 2020 Revenue Account; and

all other 2020 Pledged Revenues, which shall be deposited into the 2020 Revenue Account.

On the forty-fifth (45th) day preceding each Redemption Date (or if such forty-fifth (45th) day is not a Business Day, on the Business Day next preceding such forty-fifth (45th) day), the Trustee shall determine the amount on deposit in the Prepayment Subaccount and, if the balance in such Subaccount is greater than zero, shall transfer from the 2020 Revenue Account for deposit into such Subaccount, an amount sufficient to increase the amount on deposit in such Subaccount to an integral multiple of $5,000 (provided that there are sufficient funds remaining in the 2020 Revenue Account to pay Debt Service coming due on the 2020 Bonds on the next Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of 2020 Bonds as herein provided on the next succeeding Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in the Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of the 2020 Bonds set forth in the form of 2020 Bonds attached hereto, Section 301 hereof, and Article III of the Master Indenture.

The Trustee shall transfer from amounts on deposit in the 2020 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:

FIRST, no later than seven (7) Business Days next preceding each May 1, to the 2020 Interest Account, an amount equal to the interest on the 2020 Bonds becoming due on the next succeeding May 1, less any amounts on deposit in the 2020 Interest Account not previously credited;

SECOND, no later than seven (7) Business Days next preceding each stated maturity date of the 2020 Bonds, to the 2020 Principal Account, an amount equal to the principal amount of 2020 Serial Bonds maturing on such May 1, if any, less any amounts on deposit in the 2020 Principal Account not previously credited;

THIRD, no later than seven (7) Business Days next preceding each May 1, to the 2020 Sinking Fund Account, an amount equal to the Amortization Installment due on the 2020 Term Bonds subject to mandatory sinking fund redemption on such May 1, less any amounts on deposit in the 2020 Sinking Fund Account not previously credited;

FOURTH, no later than seven (7) Business Days next preceding each November 1, to the 2020 Interest Account, an amount equal to the interest on the 2020 Bonds becoming due on the

next succeeding November 1, less any amounts on deposit in the 2020 Interest Account not previously credited;

FIFTH, no later than seven (7) Business Days next preceding each Interest Payment Date while 2020 Bonds remain Outstanding, to the 2020 Reserve Account, first, an amount equal to the amount, if any, which is necessary to repay any draws under the Reserve Policy and any amounts owed to the Insurer in connection therewith, and then, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein, together with the Reserve Policy, equal the 2020 Reserve Account Requirement; and

SIXTH, the balance of any moneys remaining after making the foregoing deposits shall remain therein.

The foregoing transfers shall be made by noon, New York time, on the Business Day for which such transfer is required.

Notwithstanding the foregoing, in the event that there shall be insufficient monies on deposit in any Fund or Account on the date on which such monies are to be applied to payment of Debt Service and there exist monies on deposit in a Fund or Account of lesser priority for payment as set forth above, monies up to the amount necessary to satisfy such insufficiency shall be transferred from the Fund or Account of lesser priority to the Fund or Account of greater priority. Subsequent to the aforementioned transfers and for the avoidance of doubt, if there shall remain insufficient monies to be applied to payment of Debt Service, the Trustee shall demand, as applicable, and transfer such amounts in the following order of priority: i) all cash available in the 2020 Reserve Account, ii) the Reserve Policy, and iii) the Bond Insurance Policy.

On any date required by the Tax Regulatory Covenants, the District shall give the Trustee written direction to, and the Trustee shall, transfer from the 2020 Revenue Account to the 2020 Rebate Account established for the 2020 Bonds in the Rebate Fund in accordance with the Master Indenture, the amount due and owing to the United States, which amount shall be paid to the United States, when due, in accordance with such Tax Regulatory Covenants.

On or after each November 2, the balance on deposit in the 2020 Revenue Account on such November 2 shall be applied (i) to restore the amount of any draws under the Reserve Policy and any amounts owed to the Insurer in connection therewith, and then (ii) to restore any cash withdrawals from the 2020 Reserve Account, and then (iii) at the written request of the District, to the District to be used for any lawful purpose.

Anything herein or in the Master Indenture to the contrary notwithstanding, amounts on deposit in all of the Funds and Accounts held as security for the 2020 Bonds, shall be invested only in 2020 Investment Obligations. Earnings on investments in the 2020 Interest Account shall be retained, as realized, in such Account and used for the purpose of such Account. Earnings on investments in the Funds and Accounts, other than the 2020 Reserve Account, and

other than as set forth above, shall be deposited, as realized, to the credit of the 2020 Revenue Account and used for the purpose of such Account.

Earnings on investments in the 2020 Reserve Account shall be disposed of as follows:

if there was no deficiency (as defined in Section 509 of the Master Indenture) in the 2020 Reserve Account as of the most recent date on which amounts on deposit in the 2020 Reserve Account were valued by the Trustee or no amounts are owed to the Insurer as certified to the Trustee in writing by the Insurer, and if no withdrawals have been made from the 2020 Reserve Account since such date which have created a deficiency, then earnings on investments in the 2020 Reserve Account shall be deposited into the 2020 Revenue Account and used for the purpose of such Account; and

if there was a deficiency (as defined in Section 509 of the Master Indenture) in the 2020 Reserve Account as of the most recent date on which amounts on deposit in the 2020 Reserve Account were valued by the Trustee or any amounts are owed to the Insurer as certified to the Trustee in writing by the Insurer, or if after such date withdrawals have been made from the 2020 Reserve Account and have created such a deficiency, then earnings on investments in the 2020 Reserve Account (A) shall first be paid to the Insurer in satisfaction of any amounts then owed to the Insurer, and then (B) shall be deposited into the 2020 Reserve Account until the amount on deposit therein, together with the Reserve Policy, is equal to the 2020 Reserve Account Requirement, and then (C) shall be deposited into the 2020 Revenue Account and used for the purpose of such Account.

COVENANTS AND DESIGNATIONS OF THE DISTRICT

Section 501. Provision Relating to Bankruptcy or Insolvency of Landowner. The provisions of this Section 501 shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action by or against any owner of any tax parcel subject to at least three percent (3%) of the then Outstanding Series 2020 Assessments (an “Insolvent Taxpayer”) under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or relief of debtors (a “Proceeding”). For as long as any 2020 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Trustee, the 2020 Bonds or the Series 2020 Assessments, the District shall be obligated to act in accordance with direction from the Trustee with regard to all matters directly or indirectly affecting the 2020 Bonds. The District agrees that it shall not be a defense to a breach of the foregoing covenant that it has acted upon advice of counsel in not complying with this covenant.

The District acknowledges and agrees that, although the 2020 Bonds were issued by the District, the Owners of the 2020 Bonds are categorically the party with the ultimate financial stake in the transaction and, consequently, the party with a vested and pecuniary interest in a

Proceeding. In the event of any Proceeding involving an Insolvent Taxpayer: (a) the District hereby agrees that it shall follow the direction of the Trustee in making any election, giving any consent, commencing any action or filing any motion, claim, obligation, notice or application or in taking any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2020 Assessments, the 2020 Bonds or any rights of the Trustee under the Indenture; (b) the District hereby agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2020 Assessments, the 2020 Bonds or any rights of the Trustee under the Indenture that are inconsistent with any direction from the Trustee; (c) the Trustee shall have the right, but is not obligated to, (i) file and vote in any such Proceeding any and all claims of the District, and seek or oppose any relief in any such Proceeding that the District, as claimant with respect to the Series 2020 Assessments, would have the right to pursue, and, if the Trustee chooses to exercise any such rights, the District shall be deemed to have appointed the Trustee as its agent and granted to the Trustee an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to the District in connection with any Proceeding of any Insolvent Taxpayer, including without limitation, the right to file and/or prosecute and/or defend any claims and proofs of claims, to vote to accept or reject a plan, to seek dismissal of the Proceeding, to seek stay relief to commence or continue foreclosure or pursue any other available remedies as to the Series 2020 Assessments, to seek substantive consolidation, to seek to shorten the Insolvent Taxpayer’s exclusivity periods or to oppose any motion to extend such exclusivity periods, to oppose any motion for use of cash collateral or for authority to obtain financing, to oppose any sale procedures motion or any sale motion, to propose a competing plan of reorganization or liquidation, or to make any election under Section 1111(b) of the Bankruptcy Code and (d) the District shall not challenge the validity or amount of any claim submitted in good faith in such Proceeding by the Trustee or any valuations of the lands owned by any Insolvent Taxpayer submitted in good faith by the Trustee in such Proceeding or take any other action in such Proceeding, which is adverse to Trustee’s enforcement of the District’s claim and rights with respect to the Series 2020 Assessments or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Without limiting the generality of the foregoing, the District agrees that the Trustee shall have the right (i) to file a proof of claim with respect to the Series 2020 Assessments, (ii) to deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (iii) to defend any objection filed to said proof of claim.

Notwithstanding the provisions of the immediately preceding paragraphs, nothing in this Section 501 shall preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments, and the District shall be free to pursue such a claim in such manner as it shall deem appropriate in its sole and absolute discretion. Any actions taken by the District in pursuance of its claim for operation and maintenance assessments in any Proceeding shall not be considered an action adverse or inconsistent with the Trustee’s rights or directions with respect to the Series 2020 Assessments whether such claim is pursued by

the District or the Trustee; provided, however, that the District shall not oppose any relief sought by the Trustee under the authority granted to the Trustee in clause (c) of the paragraph above.

Section 502. Collection of Series 2020 Assessments. Anything herein or in the Master Indenture to the contrary notwithstanding but subject to the immediately succeeding sentence, Series 2020 Assessments levied on platted lots and pledged hereunder to secure the 2020 Bonds shall be collected by the Manatee County Tax Collector pursuant to the Uniform Method. To the extent the District is not able to collect such Series 2020 Assessments pursuant to the Uniform Method or to the extent the District determines that it is not in its best interest to use the Uniform Method, the District, with the prior written consent of the Insurer, may elect to collect and enforce such Series 2020 Assessments pursuant to any then available and commercially reasonable method under the Act, Chapter 170, Florida Statutes, Chapter 197, Florida Statutes, or any successor statutes thereto.

Section 503. No Parity Bonds. The District covenants and agrees that, so long as there are any 2020 Bonds Outstanding or any amounts are owed to the Insurer, it shall not cause or permit to be caused any lien, charge or claim against the 2020 Trust Estate. For the avoidance of doubt, the District covenants not to issue any additional debt payable from the 2020 Trust Estate without the prior written consent of the Insurer.

Section 504. Covenant With Regard to Enforcement and Collection of Delinquent Assessments. Anything herein or in the Master Indenture to the contrary notwithstanding, the District covenants and agrees that it will take such actions to enforce the remedial provisions of the Indenture, the provisions for the collection of Delinquent Assessments, and the provisions for the foreclosure of liens of Delinquent Assessments and will take such other appropriate remedial actions as shall be directed by the Trustee acting at the direction of and on behalf of, the Majority Owners. However, the 2020 Bonds may not be accelerated except to the extent the Series 2020 Assessments have been accelerated.

MISCELLANEOUS

Section 601. Confirmation of Master Indenture. As supplemented by this Twenty- Seventh Supplemental Indenture, the Master Indenture is in all respects ratified and confirmed, and this Twenty-Seventh Supplemental Indenture shall be read, taken and construed as a part of the Master Indenture so that all of the rights, remedies, terms, conditions, covenants and agreements of the Master Indenture, except insofar as modified herein, shall apply and remain in full force and effect with respect to this Twenty-Seventh Supplemental Indenture and to the 2020 Bonds issued hereunder.

Section 602. Additional Covenant Regarding Assessments. In addition to, and not in limitation of, the covenants contained elsewhere in this Twenty-Seventh Supplemental Indenture and in the Master Indenture, the District covenants to comply with the terms of the proceedings

heretofore adopted with respect to the Series 2020 Assessments, including the Assessment Methodology, and to levy the Series 2020 Assessments, in accordance with such proceedings and in such manner as will generate funds sufficient to pay the principal of and interest on the 2020 Bonds, when due. The Assessment Methodology shall not be amended in a manner that will or is likely to have a material adverse effect on the interests of the holders of the 2020 Bonds without the written consent of the Owners of a majority in aggregate principal amount of the 2020 Bonds then Outstanding.

Section 603. Interpretation of Twenty-Seventh Supplemental Indenture. This Twenty-Seventh Supplemental Indenture amends and supplements the Master Indenture with respect to the 2020 Bonds, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this Twenty-Seventh Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and this Twenty-Seventh Supplemental Indenture shall be read and construed as one document.

Section 604. Amendments. Any amendments to this Twenty-Seventh Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.

Section 605. Foreclosing of Special Assessment Lien. Notwithstanding Section 814 of the Master Indenture or any other provision of the Indenture to the contrary, the following provisions shall apply with respect to the Series 2020 Assessments and 2020 Bonds:

If any property shall be offered for sale for the nonpayment of any Series 2020 Assessment and no person or persons shall purchase such property for an amount equal to the full amount due on the Series 2020 Assessments (principal, interest, penalties and costs, plus attorneys’ fees, if any), the property may then be purchased by the District for an amount equal to the balance due on the Series 2020 Assessments (principal, interest, penalties and costs, plus attorneys’ fees, if any), from any legally available funds of the District and the District shall receive in its corporate name, or in the name of a special purpose entity, title to the property for the benefit of the Owners of the 2020 Bonds; provided that the Trustee shall have the right, acting at the direction of the Majority Owners, but shall not be obligated, to direct the District with respect to any action taken pursuant to this Section; and provided further, however, that the District shall not be obligated to spend funds outside the 2020 Trust Estate for the purpose of purchasing such property. The District, either through its own action, or actions caused to be taken through the Trustee, shall have the power and shall lease or sell such property, and deposit all of the net proceeds of any such lease or sale into the Prepayment Subaccount pursuant to Section 408(b) herein. The District, either through its own actions, or actions caused to be taken through the Trustee, agrees that it shall, after being provided with assurances satisfactory to it of payment of its fees, costs and expenses for doing so, be required to take the measures provided by law for sale of property acquired by it as trustee for the Owners of the 2020 Bonds within thirty (30) days

after receipt of the request therefore signed by the Trustee or the Majority Owners. The Trustee may, upon direction from the Majority Owners, pay costs associated with any actions taken by the District pursuant to this paragraph from any moneys legally available for such purpose held under the Indenture.

Section 606. Payment of Rebate Amount.  Anything herein or in the Master Indenture to the contrary notwithstanding, the District shall cause a Rebate Analyst to determine the Rebate Amount, if any, at the times and in the manner provided in the Tax Regulatory Covenants attached as an exhibit to the District’s tax certificate delivered at the closing of the 2020 Bonds. If a Rebate Amount shall be due, the District shall deliver to the Trustee the written direction of an Authorized Officer to pay from the 2020 Rebate Account in the Rebate Fund, or from any other available funds as shall be provided in such written direction, the Rebate Amount to the District for remittance to the Internal Revenue Service. The Trustee may conclusively rely on such written direction and shall have no responsibility for the calculation or payment of the Rebate Amount, if any. The District shall not be required to provide the report of the Rebate Analyst to the Trustee.

Section 607. Additional Provisions Relating to the Bond Insurance Policy  and  Reserve Policy. (a) Attached hereto as Exhibit B are certain provisions relating to the Bond Insurance Policy of the Insurer, which shall be incorporated herein with respect to the 2020 Bonds in the form contained in such Exhibit B, as if fully set forth herein. Payment for the premium for the Bond Insurance Policy is hereby authorized from proceeds of the 2020 Bonds. So long as the Bond Insurance Policy issued by the Insurer is in full force and effect and the Insurer has not defaulted in its payment obligations under the Bond Insurance Policy, the District agrees to comply with the provisions contained in Exhibit B notwithstanding anything to the contrary in the Indenture.

Anything herein to the contrary notwithstanding, for so long as the Bond Insurance Policy is in force and effect with respect to the 2020 Bonds and the Insurer is not in default under the Bond Insurance Policy, the Insurer shall be deemed to be the Owner of all of the Outstanding 2020 Bonds for purposes of controlling any rights and remedies upon the occurrence of any Event of Default.

Attached hereto as Exhibit C are certain provisions relating to the Reserve Policy of the Insurer, which shall be incorporated herein with respect to the 2020 Bonds in the form contained in such Exhibit C, as if fully set forth herein. Payment for the premium for the Reserve Policy is hereby authorized from proceeds of the 2020 Bonds. So long as the Reserve Policy issued by the Insurer is in full force and effect or the Insurer is owed any amounts in connection therewith, the District agrees to comply with the provisions contained in Exhibit C notwithstanding anything to the contrary in the Indenture.

Anything herein to the contrary notwithstanding, the Trustee may assume that there are no Policy Costs or other amounts due and owing to the Insurer absent written notice to the contrary from the Insurer prior to the time the Trustee is to transfer moneys hereunder.

Section 608. Payment Dates. In any case in which an Interest Payment Date or the maturity date of the 2020 Bonds or the date fixed for the redemption of any 2020 Bonds shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.

Section 609. Counterparts. This Twenty-Seventh Supplemental Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument.

Section 610. Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this Twenty-Seventh Supplemental Indenture are hereby incorporated herein and made a part of this Twenty-Seventh Supplemental Indenture for all purposes.

Section 611. Bond Year. The Bond Year for the 2020 Bonds shall mean May 1-April 30, except that the first Bond Year is from the date of issuance of the 2020 Bonds through April 30, 2021.

CONCERNING THE TRUSTEE

Section 701. Acceptance by Trustee. The Trustee accepts the trusts declared and provided in this Twenty-Seventh Supplemental Indenture and agrees to perform such trusts upon the terms and conditions set forth in the Master Indenture.

Section 702. Limitation of Trustee's Responsibility. The Trustee shall not be responsible in any manner for the due execution of this Twenty-Seventh Supplemental Indenture by the District or for the recitals contained herein, all of which are made solely by the District.

Section 703. Trustee's Duties. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlements inuring to the Trustee under the Master Indenture, including, particularly, Article VI thereof.

Section 704. Extraordinary Fees and Expenses of Trustee. In the event that the Trustee shall be required under the Indenture or directed by the Majority Owners to take actions to enforce the collection of Delinquent Assessments or to take any other extraordinary actions under the Indenture, the Trustee shall, unless it is provided with assurances satisfactory to it of payment of its fees, costs and expenses for doing so, be entitled to withdraw its reasonable fees and expenses, including reasonable attorney fees, from the 2020 Trust Estate in the manner provided by Section 604 of the Master Indenture.

Section 705. Brokerage Confirmations. The District acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the District the right to receive individual confirmations of security transactions at no additional cost, as they occur, the District specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the District periodic cash transaction statements that include detail for all investment transactions made by the Trustee hereunder.

Section 706. Patriot Act Requirements of Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

Section 707. Manner of Giving Notice to the District and the Trustee. With respect to the 2020 Bonds, any notice, demand, direction, consent, request or other communication or instrument authorized or required by the Indenture to be given to or filed with the District or the Governing Body or the Trustee shall be provided in writing (provided that any communication sent to the Trustee under the Indenture must be in the form of a document that is signed manually or by way of a digital signature provider agreed to in writing by the Trustee and the District) and shall be deemed to have been sufficiently given or filed for all purposes of the Indenture if and when sent by overnight delivery, certified mail, return receipt requested, or e-mail:

To the District, addressed to:

Olympus Community Development District c/o District Manager
PFM Group Consulting LLC 12051 Corporate Boulevard
Orlando, Florida 32817 Email: fishkindh@pfm.com

To the Trustee, addressed to:

U.S. Bank National Association
500 West Cypress Creek Road, Suite 460 Fort Lauderdale, Florida 33309 Attention: Corporate Trust Department Email: scott.schuhle@usbank.com

or to such other address as shall be provided to the other party hereto in writing. Subject to Sections 604 and 912 of the Master Indenture, the District agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee, including without limitation, the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

All documents received by the District and the Trustee under the Indenture shall be retained in their possession, subject at all reasonable times to the inspection of any Owner and the agents and representatives thereof.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, Lakewood Ranch Stewardship District has caused these presents to be signed in its name and on its behalf by its Chairman, and its official seal to be hereunto affixed and attested by its Secretary, thereunto duly authorized, and to evidence its acceptance of the trusts hereby created, the Trustee has caused these presents to be signed in its name and on its behalf by its duly authorized Vice President.

LAKEWOOD	RANCH	STEWARDSHIP DISTRICT

[SEAL]
By:		 Chairman, Board of Supervisors

ATTEST:

By:		 Secretary, Board of Supervisors

U.S. BANK NATIONAL ASSOCIATION,
as Trustee

By:		 Vice President

EXHIBIT A FORM OF 2020 BONDS
No. 2020R-	$[    ]
United States of America State of Florida
LAKEWOOD RANCH STEWARDSHIP DISTRICT
SPECIAL ASSESSMENT REVENUE REFUNDING BOND, SERIES 2020 (COUNTRY CLUB EAST PROJECT)

Interest Rate	Maturity Date	Dated Date	CUSIP	
%	May 1, 20[ ]	July , 2020		

Registered Owner:	CEDE & CO. Principal Amount:
LAKEWOOD RANCH STEWARDSHIP DISTRICT, a special district duly created and existing pursuant to Chapter 2005-338, Laws of Florida, as amended (the "District"), for value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the registered Owner set forth above, or registered assigns, on the maturity date shown hereon, unless this Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture hereinafter mentioned) shall have been duly made or provided for, the principal amount shown above and to pay (but only out of the sources hereinafter mentioned) interest on the outstanding principal amount hereof from the most recent Interest Payment Date to which interest has been paid or provided for, or, if no interest has been paid, from the Dated Date shown above on May 1 and November 1 of each year (each, an "Interest Payment Date"), commencing on November 1, 2020, until payment of said principal sum has been made or provided for, at the rate per annum set forth above. Notwithstanding the foregoing, if any Interest Payment Date is not a Business Day (as defined in the Indenture hereinafter mentioned), then all amounts due on such Interest Payment Date shall be payable on the first Business Day succeeding such Interest Payment Date, but shall be deemed paid on such Interest Payment Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (as hereinafter defined), be paid to the registered Owner hereof at the close of business on the regular Record Date for such interest, which shall be the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date, or if such day is not a Business Day on the Business Day immediately preceding such day; provided, however, that on or after the occurrence and continuance of an Event of Default under clause (a) of Section 902 of the Master Indenture (hereinafter defined), the payment of interest and principal or Redemption Price or Amortization Installments shall be made by the Paying Agent (hereinafter defined) to such person who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed

payment, appears on the registration books of the Bond Registrar as the registered Owner of this Bond. The Trustee will cause notice of the proposed payment of such defaulted interest and the special record date therefor to be mailed, first class, postage prepaid, to each Owner of record as of the fifth (5th) day prior to such mailing, at his address as it appears in the Bond Register not less than ten (10) days prior to such special record date. Any payment of principal, Amortization Installment or Redemption Price shall be made only upon presentation hereof at the designated corporate trust office of U.S. Bank National Association, located in Fort Lauderdale, Florida, or any alternate or successor paying agent (collectively, the "Paying Agent"); provided, however, that no presentment shall be required during the period this Bond shall be registered in the name of Cede & Co., as Nominee of DTC. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner set forth above if such Owner requests such method of payment in writing on or prior to the regular Record Date for the respective interest payment to such account as shall be specified in such request, but only if the registered Owner set forth above owns not less than $1,000,000 in aggregate principal amount of the 2020 Bonds, as defined below). Interest on this Bond will be computed on the basis of a 360-day year of twelve 30-day months. During any period that this Bond is registered in the name of Cede & Co., as Nominee of DTC, the provisions of the Supplemental Indenture (hereinafter defined) relating to the book-entry only system shall apply, including the payment provisions thereof. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the hereinafter defined Indenture.

This Bond is one of a duly authorized issue of Bonds of the District designated "Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)" in the aggregate principal  amount of $ 	(the "2020 Bonds" and, together with any other Bonds issued under and governed by the terms of the Master Indenture, the “Bonds”) under a Master Trust Indenture, dated as of September 1, 2005 (the "Master Indenture"), between the District and U.S. Bank National Association, Fort Lauderdale, Florida, as trustee (the "Trustee"), as supplemented by a Twenty-Seventh Supplemental Trust Indenture, dated as of July 1, 2020 (the "Supplemental Indenture"), between the District and the Trustee (the Master Indenture as supplemented by the Supplemental Indenture is hereinafter referred to as the "Indenture"), including the provisions of Exhibits B and C of the Supplemental Indenture. The 2020 Bonds are issued, together with other funds of the District, to: (i) currently refund and defease all of the Outstanding principal amount of the District's Special Assessment Revenue Bonds, Series 2006 (Country Club East Project); (ii) pay certain costs associated with the issuance of the 2020 Bonds, including the premium for the Bond Insurance Policy; (iii) pay a portion of the interest first coming due on the 2020 Bonds; and
purchase the Reserve Policy to be deposited to the 2020 Reserve Account in partial satisfaction of the 2020 Reserve Account Requirement and make a deposit into the 2020 Reserve Account to be held solely for the benefit of all of the 2020 Bonds.

NEITHER THIS BOND NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF FLORIDA. THIS BOND AND THE SERIES OF WHICH IT IS A PART AND THE INTEREST

AND PREMIUM, IF ANY, PAYABLE HEREON AND THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE 2020 TRUST ESTATE PLEDGED TO THE 2020 BONDS.

This Bond is issued under and pursuant to the Constitution and laws of the State of Florida, particularly Chapter 2005-338, Laws of Florida, as amended, and other applicable provisions of law and pursuant to the Indenture, executed counterparts of which Indenture are on file at the corporate trust office of the Trustee. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of Bonds issued under the Indenture, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal, Amortization Installment and Redemption Price of, and the interest on, the Bonds, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Assessments, the terms and conditions under which the Bonds are or may be issued, the rights, duties, obligations and immunities of the District and the Trustee under the Indenture and the rights of the Owners of the Bonds, and by the acceptance of this Bond, the Owner hereof assents to all of the provisions of the Indenture. The 2020 Bonds are equally and ratably secured by the 2020 Trust Estate, without preference or priority of one 2020 Bond over another. The Supplemental Indenture does not authorize the issuance of any Additional Bonds which pledge the 2020 Trust Estate on parity with the lien thereof of the 2020 Bonds.

The 2020 Bonds are issuable only as registered bonds without coupons in current interest form in denominations of $5,000 or any integral multiple thereof (an "Authorized Denomination"). This Bond is transferable by the registered Owner hereof or his duly authorized attorney at the designated corporate trust office of the Trustee in Fort Lauderdale, Florida, as  Bond Registrar (the "Bond Registrar"), upon surrender of this Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature reasonably satisfactory to the Bond Registrar, subject to such reasonable regulations as the District or the Bond Registrar may prescribe, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new Bond or Bonds, in the same aggregate principal amount as the Bond or Bonds transferred, will be issued to the transferee. At the corporate trust office of the Bond Registrar in Fort Lauderdale, Florida, in the manner and subject to the limitations and conditions provided in the Master Indenture and without cost, except for any tax or other governmental charge, Bonds may be exchanged for an equal aggregate principal amount of

Bonds of the same maturity, of Authorized Denominations and bearing interest at the same rate or rates.

The 2020 Bonds may at the option of the District be called for redemption prior to maturity in whole or in part on any date on or after May 1, 20 , at the Redemption Price of the principal amount of the 2020 Bonds or portions thereof to be redeemed together with accrued interest to the Redemption Date.

The 2020 Bond maturing on May 1, 20  is subject to mandatory redemption in part by  the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
(May 1)	Principal
Amount	Year
(May 1)	Principal
Amount	

*Final Maturity				

The 2020 Bond maturing on May 1, 20   is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
 	(May 1)		Principal
 	Amount		Year
 	(May 1)		Principal
 	Amount		
*Final Maturity				

As more particularly set forth in the Indenture, any 2020 Bonds that are purchased by the District with amounts held to pay an Amortization Installment will be cancelled and the principal amount so purchased will be applied as a credit against the applicable Amortization Installment of 2020 Bonds. Amortization Installments are also subject to recalculation, as provided in the Supplemental Indenture, as the result of the redemption of 2020 Bonds other than from scheduled Amortization Installments so as to reamortize the remaining Outstanding principal balance of the 2020 Bonds, including 2020 Serial Bonds, as set forth in the Supplemental Indenture.

The 2020 Bonds are subject to extraordinary mandatory redemption prior to maturity, on any Redemption Date, in the manner determined by the Bond Registrar at the Redemption Price of 100% of the principal amount thereof, without premium, together with accrued interest to the Redemption Date, if and to the extent that any one or more of the following shall have occurred:

from amounts, including Prepayment Principal and Foreclosure Proceeds, required by the Indenture to be deposited into the Prepayment Subaccount of the 2020 Redemption Account; or

from amounts transferred to the Prepayment Subaccount of the 2020 Redemption Account from the 2020 Revenue Account as provided for in the Indenture; or

on the date on which the amount of cash on deposit in the 2020 Reserve Account, together with other moneys available therefor, are sufficient to pay and redeem all of the 2020 Bonds then Outstanding, including accrued interest thereon.

If less than all of the 2020 Bonds shall be called for redemption, the particular 2020 Bonds or portions of 2020 Bonds to be redeemed shall be selected by lot by the Bond Registrar as provided in the Indenture, or as provided or directed by DTC.

Notice of each redemption of 2020 Bonds is required to be mailed by the Bond Registrar, postage prepaid, not less than thirty (30) nor more than forty-five (45) days prior to the Redemption Date to each registered Owner of 2020 Bonds to be redeemed at the address of such registered Owner recorded on the bond register maintained by the Bond Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Paying Agent, all as provided in the Indenture, the 2020 Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such 2020 Bonds or such portions thereof on such date, interest on such 2020 Bonds or such portions thereof so called for redemption shall cease to accrue, such 2020 Bonds or such portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such 2020 Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent. Further notice of redemption shall be given by the Bond Registrar to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed. As provided in the Indenture, notice of optional redemption may be conditioned upon the occurrence or non- occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.

The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute an action to enforce the covenants therein, or to take any action with respect to any

Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.

In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all the 2020 Bonds then Outstanding under the Indenture may become and may be declared due and payable before the stated maturities thereof, with the interest accrued thereon.

Modifications or alterations of the Master Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Master Indenture.

Any moneys held by the Trustee or any Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for six (6) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption, if such moneys were held by the Trustee or any Paying Agent at such date, or for six (6) years after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bond became due and payable, shall be paid to the District, and thereupon and thereafter no claimant shall have any rights against the Paying Agent to or in respect of such moneys.

If the District deposits or causes to be deposited with the Trustee cash or Federal Securities sufficient to pay the principal or Redemption Price of any 2020 Bonds becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of such 2020 Bonds as to the 2020 Trust Estate shall be discharged, except for the rights of the Owners thereof with respect to the funds so deposited as provided in the Indenture.

This Bond shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.

This Bond is issued with the intent that the laws of the State of Florida shall govern its construction.

All acts, conditions and things required by the Constitution and laws of the State of Florida and the resolutions of the District to happen, exist and be performed precedent to and in the issuance of this Bond and the execution of the Indenture, have happened, exist and have been performed as so required. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by the execution by the Trustee of the Certificate of Authentication endorsed hereon.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Lakewood Ranch Stewardship District has caused this Bond to bear the signature of the Chairman of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Secretary to the Board of Supervisors.

LAKEWOOD	RANCH	STEWARDSHIP DISTRICT

[SEAL]
By:		 Chairman, Board of Supervisors

ATTEST:

By:		 Secretary, Board of Supervisors

CERTIFICATE OF AUTHENTICATION

This Bond is one of the Bonds of the Series designated herein, described in the within- mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Trustee

Date of Authentication:	By:		 Vice President

CERTIFICATE OF VALIDATION

This 2020 Bond refunds Bonds that were part of a Series of Bonds which were validated by a final judgment rendered by the Circuit Court of the Twelfth Judicial Circuit of the State of Florida in and for Manatee and Sarasota Counties on December 20, 2005.

LAKEWOOD	RANCH	STEWARDSHIP DISTRICT

By:		 Chairman, Board of Supervisors

STATEMENT OF INSURANCE

Assured Guaranty Municipal Corp. ("AGM"), New York, New York, has delivered its municipal bond insurance policy (the “Bond Insurance Policy”) and its reserve policy (the “Reserve Policy,” and together with the Bond Insurance Policy, the "Policy") with respect to the scheduled payments due of principal of and interest on this Bond to U.S. Bank National Association, Fort Lauderdale, Florida, or its successor, as Trustee for the 2020 Bonds. Said Policy is on file and available for inspection at the principal office of the Trustee and a copy thereof may be obtained from AGM or the Trustee. All payments required to be made under the Policy shall be made in accordance with the provisions thereof. The Owner of this Bond acknowledges and consents to the subrogation rights of AGM as more fully set forth in the Policy.

[FORM OF ABBREVIATIONS FOR 2020 BONDS]

The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations.

TEN COM as tenants in common TEN ENT as tenants by the entireties
JT TEN as joint tenants with the right of survivorship and not as tenants in common

UNIFORM  TRANSFER  MIN ACT - 	Custodian 	under Uniform

Transfer to Minors Act  	

(Cust.)	(Minor)
(State)

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT FOR 2020 BONDS]

For value received, the undersigned hereby sells, assigns and transfers unto

 	 within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints 		, attorney to transfer the said Bond on the books of the District, with full power of substitution in the premises.

Dated:

Social Security Number or Employer Identification Number of Transferee:
Signature guaranteed:

NOTICE: Signature(s) must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program.

NOTICE: The assignor's signature to this Assignment must correspond with the name as it appears on the face of the within Bond in every particular without alteration or any change whatever.

EXHIBIT B

BOND INSURANCE POLICY PROVISIONS

Notwithstanding anything in the Indenture to the contrary, so long as the Bond Insurance Policy is in full force and effect and the Insurer has not defaulted in its payment obligations under the Bond Insurance Policy, the following provisions shall apply; provided further that, to the extent the Insurer has made a payment under the Bond Insurance Policy, the Insurer shall retain its rights of subrogation:

The prior written consent of the Insurer shall be a condition precedent to the deposit of any Credit Facility provided in lieu of a cash deposit into the 2020 Reserve Account or in substitution of the Reserve Policy. Notwithstanding anything to the contrary set forth in the Indenture, amounts on deposit in the 2020 Reserve Account shall be applied solely to the payment of Debt Service due on the 2020 Bonds, subject to the provisions of Section 408(g) of the Twenty- Seventh Supplemental Indenture relating to transfers of investment earnings in the 2020 Reserve Account. In addition, the 2020 Reserve Account shall at all times have on deposit cash in an amount not less than twenty percent (20%) of the 2020 Reserve Account Requirement.

The Insurer shall be deemed to be the sole Owner of the 2020 Bonds for the purpose of exercising any voting right or privilege or giving any consent or direction or taking any other action that the Owners of the 2020 Bonds are entitled to take pursuant to the Indenture pertaining to (i) defaults and remedies and (ii) the duties and obligations of the Trustee. In furtherance thereof and as a term of the Indenture and each 2020 Bond, each Owner of the 2020 Bonds appoints the Insurer as its agent and attorney-in-fact with respect to the 2020 Bonds and agrees that the Insurer may at any time during the continuation of any proceeding by or against the District under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an "Insolvency Proceeding") direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim or enforcement proceeding in connection with an Insolvency Proceeding (a "Claim"), (B) the direction of any appeal of any order relating to any Claim, (C) the posting of any surety, supersedeas or performance bond pending any such appeal, and (D) the right to vote to accept or reject any plan of adjustment. In addition, each Owner of the 2020 Bonds delegates and assigns to the Insurer, to the fullest extent permitted by law, the rights of each Owner of the 2020 Bonds with respect to the 2020 Bonds in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding. The Trustee acknowledges such appointment, delegation and assignment by each Owner of the 2020 Bonds for the Insurer's benefit, and agrees to cooperate with the Insurer in taking any action reasonably necessary or appropriate in connection with such appointment, delegation and assignment. Remedies granted to the Owners shall expressly include mandamus. Nothing herein shall be deemed to supersede the rights and obligations of the Trustee pursuant to Article VI of the Master Indenture.

The maturity of the 2020 Bonds shall not be accelerated without the consent of the Insurer and in the event the maturity of the 2020 Bonds is accelerated in accordance with the Indenture, the Insurer may elect, in its sole discretion, to pay accelerated principal and interest accrued on such principal to the date of acceleration (to the extent unpaid by the District) and the Owners of the 2020 Bonds shall be required to accept such amounts upon payment under the Bond Insurance Policy by the Insurer. Upon payment of such accelerated principal and interest accrued to the acceleration date as provided above, the Insurer's obligations under the Bond Insurance Policy with respect to such 2020 Bonds shall be fully discharged.

No grace period for a covenant default with respect to the 2020 Bonds under Section 902(g) of the Master Indenture shall exceed 30 days or be extended for more than 60 days, without the prior written consent of the Insurer. No grace period shall be permitted for payment defaults with respect to the 2020 Bonds.

The Insurer is a third party beneficiary of the Indenture.

The exercise of any provision of the Indenture which permits the purchase of 2020 Bonds in lieu of redemption shall require the prior written approval of the Insurer if any 2020 Bond so purchased is not cancelled upon purchase.

As more fully provided in Section 1105 of the Master Indenture and paragraph (b) of this Exhibit B, any amendment, supplement, modification to, or waiver of, the Indenture that requires the consent of Owners of the 2020 Bonds or adversely affects the rights and interests of the Insurer shall be subject to the prior written consent of the Insurer.

The rights granted to the Insurer under the Indenture to request, consent to or direct any action are rights granted to the Insurer in consideration of its issuance of the Bond Insurance Policy. Any exercise by the Insurer of such rights is merely an exercise of the Insurer's contractual rights and shall not be construed or deemed to be taken for the benefit, or on behalf, of the Owners of the 2020 Bonds and such action does not evidence any position of the Insurer, affirmative or negative, as to whether the consent of the Owners of the 2020 Bonds or any other person is required in addition to the consent of the Insurer.

Only (1) cash, (2) non-callable direct obligations of the United States of America ("Treasuries"), (3) evidences of ownership of proportionate interests in future interest and principal payments on Treasuries held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor and the underlying Treasuries are not available to any person claiming through the custodian or to whom the custodian may be obligated, (4) subject to the prior written consent of the Insurer, pre-refunded municipal obligations rated "AAA" and "Aaa" by S&P and Moody's, respectively, or (5) subject to the prior written consent of the Insurer, securities eligible for "AAA" defeasance under then existing criteria of S&P or any combination thereof, shall be used to effect defeasance of the 2020 Bonds unless the Insurer otherwise approves.

To accomplish defeasance of the 2020 Bonds, the District shall cause to be delivered to the Insurer (i) a report of an independent firm of nationally recognized certified public accountants or such other accountant as shall be acceptable to the Insurer ("Accountant") verifying the sufficiency of the escrow established to pay the 2020 Bonds in full on the maturity or redemption date ("Verification"), (ii) an escrow deposit agreement (which shall be acceptable in form and substance to the Insurer), and (iii) an opinion of nationally recognized bond counsel to the effect that the 2020 Bonds are no longer "Outstanding" under the Indenture. Each Verification and defeasance opinion shall be acceptable in form and substance, and addressed, to the District, the Trustee and the Insurer. The Insurer shall be provided with final drafts of the above referenced documentation not less than five Business Days prior to the funding of the escrow.

2020 Bonds shall be deemed "Outstanding" under the Indenture unless and until they are in fact paid and retired or the above criteria are met.

Amounts paid by the Insurer under the Bond Insurance Policy shall not be deemed paid for purposes of the Indenture and the 2020 Bonds relating to such payments shall remain Outstanding and continue to be due and owing until paid by the District in accordance with the Indenture. The Indenture shall not be discharged unless all amounts due or to become due to the Insurer have been paid in full or duly provided for; provided, however, that the source for any such payments shall be the 2020 Trust Estate and should there not be sufficient funds in the 2020 Trust Estate, including any and all amounts collected through the enforcement of the Series 2020 Assessments, to make such payments in full, the District shall not be obligated to make up any shortfall from any other sources.

The following provisions shall apply to claims upon the Bond Insurance Policy and payments by and to the Insurer.

If, on the third Business Day prior to the related scheduled interest payment date or principal payment date ("Payment Date") there is not on deposit with the Trustee, after making all transfers and deposits required under the Indenture, moneys sufficient to pay the principal of and interest on the 2020 Bonds due on such Payment Date, the Trustee shall give notice to the Insurer and to its designated agent (if any) (the "Insurer's Fiscal Agent") by telephone or telecopy of the amount of such deficiency by 12:00 noon, New York City time, on such Business Day. If, on the second Business Day prior to the related Payment Date, there continues to be a deficiency in the amount available to pay the principal of and interest on the 2020 Bonds due on such Payment Date, the Trustee shall make a claim under the Bond Insurance Policy and give notice to the Insurer and the Insurer's Fiscal Agent (if any) by telephone of the amount of such deficiency, and the allocation of such deficiency between the amount required to pay interest on the 2020 Bonds and the amount required to pay principal of the 2020 Bonds, confirmed in writing to the Insurer and the Insurer's Fiscal Agent by 12:00 noon, New York City time, on such second Business Day by filling in the form of Notice of Claim and Certificate delivered with the Bond Insurance Policy.

The Trustee shall designate any portion of payment of principal on 2020 Bonds paid by the Insurer, whether by virtue of mandatory sinking fund redemption, maturity or other advancement of maturity, on its books as a reduction in the principal amount of 2020 Bonds registered to the then current Owner of the 2020 Bonds, whether DTC or its nominee or otherwise, and shall, at the expense of the District, issue a replacement 2020 Bond to the Insurer, registered in the name of Assured Guaranty Municipal Corp., in a principal amount equal to the amount of principal so paid (without regard to authorized denominations); provided that the Trustee's failure to so designate any payment or issue any replacement 2020 Bond shall have no effect on the amount of principal or interest payable by the District on any 2020 Bond or the subrogation rights of the Insurer.

The Trustee shall keep a complete and accurate record of all funds deposited by the Insurer into the Policy Payments Account (defined below) and the allocation of such funds to payment of interest on and principal of any 2020 Bond. The Insurer shall have the right to inspect such records at reasonable times upon reasonable notice to the Trustee.

Upon payment of a claim under the Bond Insurance Policy, the Trustee shall establish a separate special purpose trust account for the benefit of Owners of the 2020 Bonds referred to herein as the "Policy Payments Account" and over which the Trustee shall have exclusive control and sole right of withdrawal. The Trustee shall receive any amount paid under the Bond Insurance Policy in trust on behalf of Owners of the 2020 Bonds and shall deposit any such amount in the Policy Payments Account and distribute such amount only for purposes of making the payments for which a claim was made. Such amounts shall be disbursed by the Trustee to Owners of the 2020 Bonds in the same manner as principal and interest payments are to be made with respect to the 2020 Bonds under the sections of the Indenture regarding payment of 2020 Bonds. It shall not be necessary for such payments to be made by checks or wire transfers separate from the check or wire transfer used to pay Debt Service with other funds available to make such payments. Notwithstanding anything in the Indenture to the contrary, the District agrees to pay to the Insurer (i) a sum equal to the total of all amounts paid by the Insurer under the Bond Insurance Policy (the "Insurer Advances"); and (ii) interest on such Insurer Advances from the date paid by the Insurer until payment thereof in full, payable to the Insurer at the Late Payment Rate per annum (collectively, the "Insurer Reimbursement Amounts"); provided, however, that the source for any such payments shall be the 2020 Trust Estate and should there not be sufficient funds in the 2020 Trust Estate, including any and all amounts collected through the enforcement of the Series 2020 Assessments, to make such payments in full, the District shall not be obligated to make up any shortfall from any other sources. The District hereby covenants and agrees that the Insurer Reimbursement Amounts are secured by a lien on and pledge of the 2020 Trust Estate and payable from such 2020 Trust Estate on a parity basis with Debt Service due on the 2020 Bonds in accordance with the priority of payment provisions set forth in the Master Indenture.

Funds held in the Policy Payments Account shall not be invested by the Trustee and may not be applied to satisfy any costs, expenses or liabilities of the Trustee. The Trustee shall notify the Insurer of any funds remaining in the Policy Payments Account after the Trustee has made

the payments for which a claim was made to the Owners of the 2020 Bonds and shall, at the written request of the Insurer, promptly remit such funds remaining to the Insurer.

The Insurer shall, to the extent it makes any payment of principal of or interest on the 2020 Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Bond Insurance Policy (which subrogation rights shall also include the rights of any such recipients in connection with any Insolvency Proceeding). Each obligation of the District to the Insurer under the Indenture shall survive discharge or termination of such Indenture, until the Insurer has been paid in full, including any interest, costs and fees, for any payment obligations the District may owe the Insurer.

Subject to the provisions of paragraph (x) of this Exhibit B and after making the required deposits pursuant to Section 408 of the Twenty-Seventh Supplemental Indenture, the District shall pay or reimburse the Insurer any and all charges, fees, costs and expenses that the Insurer may reasonably pay or incur in connection with (1) the administration, enforcement, defense or preservation of any rights or security in the Indenture, (2) the pursuit of any remedies under the Indenture or otherwise afforded by law or equity, (3) any amendment, waiver or other action with respect to, or related to, the Indenture whether or not executed or completed, or (4) any litigation or other dispute in connection with the Indenture or the transactions contemplated thereby, other than costs, charges, fees and expenses, described in clauses (1) through (4) resulting from the failure of the Insurer to honor its obligations under the Bond Insurance Policy. The Insurer reserves the right to charge a reasonable fee as a condition to executing any amendment, waiver or consent proposed in respect of the Indenture. The source of any payments contemplated by this paragraph shall be the 2020 Trust Estate and the District shall not be obligated to make payments from any other sources.

After payment of reasonable fees and expenses of the Trustee, the application of funds realized upon default shall be applied to the payment of expenses of the District or rebate, if applicable, only after the payment of past due and current Debt Service on the 2020 Bonds and amounts required to restore the 2020 Reserve Account to the 2020 Reserve Account Requirement.

The Insurer shall be entitled to pay principal or interest on the 2020 Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the District (as such terms are defined in the Bond Insurance Policy) and any amounts due on the Bonds as a result of acceleration of the maturity thereof in accordance with the Indenture, whether or not the Insurer has received a Notice of Nonpayment (as such terms are defined in the Bond Insurance Policy) or a claim upon the Bond Insurance Policy.

The notice address of the Insurer is: Assured Guaranty Municipal Corp., 1633 Broadway, New York, New York 10019, Attention: Managing Director – Surveillance, Re: Policy No. 	, Telephone: (212) 974-0100; Telecopier: (212) 339-3556. In each case in which notice or other communication refers to an Event of Default, then a copy of such notice or other communication shall also be sent to the attention of the Deputy General Counsel – Public Finance and shall be marked to indicate "URGENT MATERIAL ENCLOSED."

The Insurer shall be provided with the following information by the District or, to the extent of items (2), (3), (5) or (7) below, the Trustee, as the case may be:

In addition to the information provided by the dissemination agent under the Continuing Disclosure Agreement referenced in Section 208 of this Twenty-Seventh Supplemental Indenture to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website, including the District’s annual audited financial statements, which are required to be provided within the time frame required by Florida law, which currently requires such audited financial statements to be provided up to, but no later than, nine (9) months after the close of the District's Fiscal Year, the District shall provide the Insurer with such other information, data or reports as the Insurer shall reasonably request from time to time;

The Trustee shall give notice of any draw upon the 2020 Reserve Account within two Business Days after knowledge thereof other than (i) withdrawals of amounts in excess of the 2020 Reserve Account Requirement, (ii) withdrawals in connection with a refunding of 2020 Bonds and (iii) withdrawals in connection with the extraordinary mandatory redemption in full of the 2020 Bonds;

The Trustee shall provide notice of any default under the Indenture with respect to the 2020 Bonds known to the Trustee and the District shall provide notice of any default under the Indenture with respect to the 2020 Bonds known to the District, in each case, within five Business Days after knowledge thereof;

The District will give prior notice of the advance refunding of any of the 2020 Bonds, including the principal amount, maturities and CUSIP numbers thereof;

The District or, within five (5) Business Days after it obtains knowledge of such, the Trustee will give notice of the commencement of any Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment of principal of, or interest on, the 2020 Bonds;

The District will provide a full original transcript of all proceedings relating to the execution of any amendment, supplement, or waiver to the Indenture; and

The Trustee will provide all reports, notices and correspondence to be delivered to Owners of the 2020 Bonds under the terms of the Indenture.

The Insurer shall have the right to receive such additional information relating to the District, the Series 2020 Assessments and the 2020 Bonds as it may reasonably request.

The District will permit the Insurer to discuss the affairs, finances and accounts of the District or any information the Insurer may reasonably request regarding the security for the 2020 Bonds with appropriate officers of the District and will use commercially reasonable efforts

to enable the Insurer to have access to the facilities, books and records of the District on any Business Day upon reasonable prior notice.

The Trustee shall notify the Insurer of any known failure of the District to provide notices, certificates and other information under the Indenture that are required to be delivered to the Owners of the 2020 Bonds.

In determining whether any amendment, consent, waiver or other action to be taken, or any failure to take action, under the Indenture would adversely affect the security for the 2020 Bonds or the rights of the Owners of the 2020 Bonds, the Trustee shall consider the effect of any such amendment, consent, waiver, action or inaction as if there were no Bond Insurance Policy.

No contract shall be entered into or any action taken by which the rights of the Insurer or security for or sources of payment of the 2020 Bonds may be impaired or prejudiced in any material respect except upon obtaining the prior written consent of the Insurer.

The District shall not enter into any interest rate exchange agreement or any other interest rate maintenance agreement secured by and payable from the 2020 Trust Estate without the prior written consent of the Insurer.

Nothing contained in this Exhibit B or elsewhere in the Indenture shall be construed as a pledge of the full faith and credit of the District or a general obligation of the District and all obligations of the District under the Indenture and this Exhibit B shall be payable solely from the 2020 Trust Estate in the manner set forth in the Indenture, including the priority of payment provisions set forth in Section 408 of this Twenty-Seventh Supplemental Indenture.

EXHIBIT C

RESERVE POLICY PROVISIONS

Notwithstanding anything in the Indenture to the contrary, so long as the Reserve Policy is in full force and effect and the Insurer has not defaulted in its payment obligations under the Reserve Policy, the following provisions shall apply:

The District shall repay any draws under the Reserve Policy and pay all related reasonable expenses incurred by the Insurer and shall pay interest thereon from the date of payment by the Insurer at the Late Payment Rate; provided, however, that the source for any such payments shall be the 2020 Trust Estate and should there not be sufficient funds in the 2020 Trust Estate, including any and all amounts collected through the enforcement of the Series 2020 Assessments, to make such payments in full, the District shall not be obligated to make up any shortfall from any other sources. If the interest provisions of this paragraph (i) shall result in an effective rate of interest which, for any period, exceeds the limit of the usury or any other laws applicable to the indebtedness created herein, then all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied as additional interest for any later periods of time when amounts are outstanding hereunder to the extent that interest otherwise due hereunder for such periods plus such additional interest would not exceed the limit of the usury or such other laws, and any excess shall be applied upon principal immediately upon receipt of such moneys by the Insurer, with the same force and effect as if the District had specifically designated such extra sums to be so applied and the Insurer had agreed to accept such extra payment(s) as additional interest for such later periods. In no event shall any agreed-to or actual exaction as consideration for the indebtedness created herein exceed the limits imposed or provided by the law applicable to this transaction for the use or detention of money or for forbearance in seeking its collection.

Repayment of Policy Costs shall be made from all available moneys under the Indenture on the earliest dates such amounts are available until all Policy Costs are paid in full.

Amounts in respect of Policy Costs paid to the Insurer shall be credited first to interest due, then to the expenses due and then to principal due. As and to the extent that payments are made to the Insurer on account of principal due, the coverage under the Reserve Policy will be increased by a like amount, subject to the terms of the Reserve Policy. The obligation to pay Policy Costs shall be secured by a valid lien on all revenues and other collateral pledged as security for the 2020 Bonds (subject only to the priority of payment provisions set forth under the Indenture).

Before any drawing may be made on the Reserve Policy or any other Credit Facility on deposit to the credit of the 2020 Reserve Account in lieu of cash, the Trustee shall first transfer cash on deposit in the 2020 Reserve Account established for the 2020 Bonds to the Debt Service Fund for the 2020 Bonds for payment of the Debt Service on the 2020 Bonds. Payment of any Policy Costs shall be made prior to replenishment of any cash amounts. In the event another

Credit Facility is on deposit in the 2020 Reserve Account, draws on all Credit Facilities on deposit in the 2020 Reserve Account (including the Reserve Policy) on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the 2020 Reserve Account to the payment of Debt Service on the 2020 Bonds. Payment of Policy Costs and reimbursement of amounts with respect to such Credit Facilities shall be made on a pro-rata basis (calculated by reference to the relative percentages by which draws were made on such Credit Facilities) prior to replenishment of any cash drawn from the 2020 Reserve Account. For the avoidance of doubt, "available coverage" means the coverage then available for disbursement pursuant to the terms of the applicable alternative credit instrument without regard to the legal or financial ability or willingness of the provider of such instrument to honor a claim or draw thereon or the failure of such provider to honor any such claim or draw.

Draws under the Reserve Policy may only be used to make payments on 2020 Bonds. In addition, unless otherwise consented to by the Insurer, the District shall not deposit a reserve fund insurance policy or any other Credit Facility into the 2020 Reserve Account.

If the District shall fail to pay any Policy Costs in accordance with the requirements of paragraph (i) above, the Insurer shall be entitled to exercise any and all legal and equitable remedies available to it, including those provided under the Indenture other than (1) acceleration of the maturity of the 2020 Bonds, or (2) remedies which would adversely affect Owners of the 2020 Bonds.

The Indenture shall not be discharged until all Policy Costs owing to the Insurer shall have been paid in full as certified in writing by the Insurer to the Trustee. The District’s obligation to pay such amounts shall expressly survive payment in full of the 2020 Bonds.

The Trustee shall ascertain the necessity for a claim upon the Reserve Policy in accordance with the provisions of paragraph (i) hereof and provide notice to the Insurer in accordance with the terms of the Reserve Policy at least five Business Days prior to each date upon which interest or principal is due on the 2020 Bonds.

During an Event of Default, the reimbursement of Policy Costs under these provisions shall be subordinate only to the priority of payment of the Trustee's fees and expenses with respect to the 2020 Bonds and the payment of Debt Service due to the Owners of the 2020 Bonds, all as more fully described under Section 905 of the Master Indenture.

EXHIBIT B

FORM OF BOND PURCHASE CONTRACT

LAKEWOOD RANCH STEWARDSHIP DISTRICT
$ 	Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

BOND PURCHASE CONTRACT

 	, 2020

Lakewood Ranch Stewardship District Sarasota/Manatee Counties, Florida

Ladies and Gentlemen:

MBS Capital Markets, LLC (the "Underwriter") hereby offers to enter into this Bond Purchase Contract (this "Bond Purchase Contract") with Lakewood Ranch Stewardship District (the "District") which, upon your acceptance of this offer, will be binding upon you and the Underwriter. This offer of the Underwriter shall, unless accepted by the District, expire at 7:00
P.M. prevailing time within the jurisdiction of the District on the date hereof, unless previously withdrawn or extended in writing by the Underwriter. Upon execution and delivery of this Bond Purchase Contract, it shall be binding upon the District and the Underwriter. The Underwriter hereby represents that neither it nor any "person" or "affiliate" has been on the "convicted vendor list" during the past 36 months, as all such terms are defined in Section 287.133, Florida Statutes, as amended. Any capitalized word not defined herein shall have the meaning ascribed thereto in the Preliminary Official Statement (hereinafter defined). In conformance with Section 218.385, Florida Statutes, as amended, the Underwriter hereby delivers to the District the Disclosure and Truth-In-Bonding Statement attached hereto as Exhibit A.

Purchase and Sale. Upon the terms and conditions and upon the basis of the respective representations, warranties, agreements and covenants set forth herein, the Underwriter hereby agrees to purchase from the District, and the District hereby agrees to sell to the Underwriter, (all but not less than all) of its $ 	Lakewood Ranch Stewardship District Special  Assessment  Revenue  Refunding  Bonds,  Series  2020  (Country  Club  East  Project)
("Bonds").  The  aggregate  purchase  price  for  the  Bonds  is  $ 	consisting  of
$ 	par amount of the Bonds, less the Underwriter's discount in the amount of
$ 	and less net original issue discount  of $ 	. The purchase price shall be paid in immediately available federal funds against the delivery of the Bonds.

The Bonds. The Bonds are being issued pursuant to the Constitution and laws of the State of Florida, including Chapter 2005-338 Laws of Florida, as amended (the "Act"); Resolution No. 2005-16 adopted by the Board of Supervisors of the District (the "Board") on August 23, 2005, as supplemented by Resolution 2020-   adopted by the Board on June 12,   2020 (collectively, the "Bond Resolution"); and a Master Trust Indenture dated as of September

1, 2005 (the "Master Indenture") between the District and U.S. Bank National Association (the "Trustee"), as supplemented by that certain Twenty-Seventh Supplemental Trust Indenture between the District and the Trustee dated as of July 1, 2020 (the "Twenty-Seventh Supplemental Indenture" and together with the Master Indenture, collectively, the "Indenture"). Pursuant to the Bond Resolution, the District has authorized the execution and delivery of the Indenture and the issuance and delivery of the Bonds thereunder. Capitalized terms not defined herein shall have the meaning ascribed to them in the Indenture. The Series 2020 Assessments have been levied by the District on lands within the District specially benefited by the assessable improvements (the “Refunded Project”) financed with certain proceeds of the District’s Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) pursuant to resolutions duly adopted by the Board (collectively, the "Assessment Resolution"). The Bonds shall be as described in, and shall be issued and secured pursuant to, the provisions of the Indenture.

Offering. The Underwriter intends to offer and sell the Bonds at prices not in excess of or yields not lower than the public offering prices or yields set forth on the cover page of the Official Statement (hereinafter defined). It shall be a condition to the District's obligation to sell and to deliver the Bonds to the Underwriter, and to the Underwriter's obligation to purchase, accept delivery of and pay for the Bonds, that the entire principal amount of the Bonds be issued, sold and delivered by the District and purchased, accepted and paid for by the Underwriter at the Closing (as hereinafter defined) and that the District and the Underwriter receive the opinions, documents and certificates described in Section 9(c) hereof, unless waived in writing by the applicable parties hereto.

Establishment of Issue Price.

The Underwriter agrees to assist the District in establishing the issue price of the Bonds and shall execute and deliver to the District at Closing an "issue price" or similar certificate, together with the supporting pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit “F” hereto with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the District and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds.

Except as otherwise indicated in Exhibit “F”, the District will treat the first price at which 10% of each maturity of the Bonds (the "10% test") is sold to the public as the issue price of that maturity (if different interest rates apply within a maturity, each separate CUSIP number within that maturity will be subject to the 10% test). At or promptly after the execution of this Bond Purchase Contract, the Underwriter shall report to the District the price or prices at which the Underwriter has sold to the public each maturity of Bonds. If at that time the 10% test has not been satisfied as to any maturity, the Underwriter agrees to promptly report to the District the prices at which the Bonds of that maturity have been sold by the Underwriter to the public. That reporting obligation shall continue, whether or not the Closing Date has occurred, until the 10% test has been satisfied as to the Bonds of that maturity or until all Bonds of that maturity have been sold to the public.

The Underwriter confirms that it has offered the Bonds to the public on or before the date of this Bond Purchase Contract at the offering price or prices (the “initial offering

price”), or at the corresponding yield or yields, set forth in Schedule A to Exhibit “F” attached hereto, except as otherwise set forth therein. Schedule A to Exhibit “F” also sets forth, as of the date of this Bond Purchase Contract, the maturities, if any, of the Bonds for which the 10% test has not been satisfied and for which the District and the Underwriter agree that the restrictions set forth in the next sentence shall apply, which will allow the District to treat the initial offering price to the public of each such maturity as of the sale date as the issue price of that maturity (the “hold- the-offering-price rule”). So long as the hold-the-offering-price rule remains applicable to any maturity of the Bonds, the Underwriter will neither offer nor sell unsold Bonds of that maturity to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:

the close of the fifth (5th) business day after the sale date; or

the date on which the Underwriter has sold at least 10% of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public.

The Underwriter shall promptly advise the District when the Underwriter has sold 10% of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public, if that occurs prior to the close of the fifth (5th) business day after the sale date.

The District acknowledges that, in making the representation set forth in this subsection, the Underwriter will rely on (i) the agreement of each underwriter to comply with the hold-the- offering-price rule, as set forth in any agreement among underwriters and the related pricing wires,
(ii) in the event a selling group has been created in connection with the initial sale of the Bonds to the public, the agreement of each dealer who is a member of the selling group to comply with the hold-the-offering-price rule, as set forth in a selling group agreement and the related pricing wires, and (iii) in the event that an underwriter is a party to a retail distribution agreement that was employed in connection with the initial sale of the Bonds to the public, the agreement of each broker-dealer that is a party to such agreement to comply with the hold-the-offering-price rule, as set forth in the retail distribution agreement and the related pricing wires. The District further acknowledges that each underwriter shall be solely liable for its failure to comply with its agreement regarding the hold-the-offering-price rule and that no underwriter shall be liable for the failure of any other underwriter, or of any dealer who is a member of a selling group, or of any broker-dealer that is a party to a retail distribution agreement, to comply with its corresponding agreement regarding the hold-the-offering-price rule as applicable to the Bonds.

The Underwriter confirms that:

any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which Underwriter is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail distribution agreement, as applicable, to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been

sold to the public, and (B) comply with the hold-the-offering price rule, if applicable, in each case if and for so long as directed by the Underwriter and as set forth in the related pricing wires, and

any agreement among underwriters relating to the initial sale of the Bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter that is a party to a retail distribution agreement to be employed in connection with the initial sale of the Bonds to the public to require each broker-dealer that is a party to such retail distribution agreement to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the Underwriter and as set forth in the related pricing wires.

The Underwriter acknowledges that sales of any Bond to any person that is a related party to an Underwriter shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:

"public" means any person other than an underwriter or a related
party,

"underwriter" means (A) any person that agrees pursuant to a written
contract with the District (or with the Underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the public),

a purchaser of any of the Bonds is a "related party" to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interest, if both entities are partnerships (including direct ownership by one partnership of another) or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interest by one entity of the other), and

"sale date" means the date of execution of this Bond Purchase Contract by all parties.

Use of Documents. The District has caused to be prepared and provided to the Underwriter  the  Preliminary  Official  Statement  relating  to  the  Bonds  dated 	, 2020, including the cover page and all appendices thereto (the "Preliminary Official Statement") that the District has deemed final as of its date, except for certain permitted omissions (the "Permitted

Omissions"), as contemplated by Rule 15c2-12 of the Securities and Exchange Commission ("Rule 15c2-12") in connection with the public offering of the Bonds. The District has, prior to the date hereof, authorized the Preliminary Official Statement to be circulated and used by the Underwriter in connection with the public offering of the Bonds. The District shall deliver or cause to be delivered, at its expense, to the Underwriter within seven (7) business days after the date hereof but not later than the Closing Date (as defined below) and in sufficient time to allow the Underwriter to comply with all requirements of Rule 15c2-12 and all applicable securities laws and the rules of the Municipal Securities Rulemaking Board (the "MSRB"), a final Official Statement dated the date hereof (such Official Statement, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the "Official Statement"). The District hereby ratifies the use of the Preliminary Official Statement and approves the execution, circulation and use of the Official Statement by the Underwriter.

Definitions. For purposes hereof, this Bond Purchase Contract, the Indenture, the DTC Blanket Issuer Letter of Representations (hereinafter defined), the Escrow Agreement (hereinafter defined) and the Continuing Disclosure Agreement in substantially the form attached as an appendix to the Preliminary Official Statement (the "Continuing Disclosure Agreement") are referred to herein collectively as the "Financing Documents".

Representations, Warranties and Agreements. The District hereby represents, warrants and agrees as follows:

The Board is the governing body of the District and the District is and will be at the Closing Date duly organized and validly existing as a local unit of independent special- purpose government created pursuant to the Constitution and laws of the State of Florida, including without limitation the Act;

The District has full legal right, power and authority to: adopt the Bond Resolution and the Assessment Resolution; enter into the Financing Documents; sell, issue and deliver the Bonds to the Underwriter as provided herein; apply the proceeds of the sale of the Bonds for the purposes described in the Preliminary Official Statement; authorize the distribution of the Preliminary Official Statement and the use and execution of the Official Statement; carry out and consummate the transactions contemplated by the Bond Resolution, the Assessment Resolution, the Financing Documents, and the Official Statement; refund the Refunded Bonds as set forth in that certain Escrow Deposit Agreement between the District and the Trustee as escrow agent (the "Escrow Agreement"); issue the Bonds; and levy and collect the Series 2020 Assessments as provided in the Indenture and the Assessment Proceedings (as defined in the Twenty-Seventh Supplemental Indenture). The District has complied, and at the Closing will be in compliance in all material respects, with the terms of the Act and with the obligations on its part contained in the Financing Documents, the Bond Resolution, the Assessment Proceedings and the Bonds;

At meetings of the Board that were duly called and noticed and at which a quorum was present and acting throughout, the Board duly adopted the Bond Resolution and the Assessment Resolution, and same are in full force and effect and have not been supplemented, amended, modified or repealed. By all necessary official Board action, the District has duly

authorized and approved the execution and delivery of the Financing Documents, the Bonds and the Official Statement, has duly authorized and approved the performance by the District of the obligations on its part contained in, the Financing Documents and the Bonds and the consummation by it of all other transactions contemplated by this Bond Purchase Contract to be performed by it in connection with the issuance of the Bonds. Upon execution by the District, and assuming the due authorization, execution and delivery by the other parties thereto, each of the Financing Documents will constitute the legal, valid and binding obligations of the District, enforceable in accordance with their terms, subject only to applicable bankruptcy, insolvency and similar laws affecting creditors' rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);

The District is not in material breach of or in material default under any applicable provision of the Act or any applicable constitutional provision, statute or administrative regulation of the State of Florida (the "State") or the United States of America or any applicable judgment or decree, or any loan agreement, indenture, bond, note, resolution, agreement, or other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or material event of default under any such instrument; and the execution and delivery of the Bonds, the Financing Documents and the Official Statement and the adoption of the Bond Resolution and the Assessment Resolution, and compliance with the provisions on the District's part contained therein, will not conflict with or constitute a material breach of or material default under any applicable constitutional provision, law, administrative regulation, judgment, decree, loan agreement, resolution, bond, note, agreement, or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption, or compliance result in the creation or imposition of any lien, charge, or other security interest or encumbrance of any nature whatsoever upon any of its property or assets or under the terms of any such law, regulation or instrument, except as provided by the Bonds and the Indenture. No event has occurred which constitutes or which, with the lapse of time or the giving of notice, or both, would constitute, an event of default (as therein defined) under the Bonds or the Financing Documents;

All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction of the matters which are required for the due authorization by, or which would constitute a condition precedent to, or the absence of which would materially adversely affect, the due execution and performance by the District of its obligations under the Bonds or the Financing Documents have been duly obtained, except for such approvals, consents and orders as may be required under the Blue Sky or securities laws of any state in connection with the offering and sale of the Bonds as to which the District makes no representation;

The descriptions of the Bonds and the Financing Documents in the Preliminary Official Statement conform in all material respects to the Bonds and the Financing Documents, respectively;

The Bonds, when issued, executed and delivered in accordance with the Bond Resolution and the Indenture and when sold to the Underwriter as provided herein, will be

validly issued and outstanding obligations of the District, entitled to the benefits of the Indenture and upon such issuance, execution and delivery of the Bonds, the Indenture will provide, for the benefit of the holders from time to time of the Bonds, a legally valid and binding pledge of and first lien on the 2020 Trust Estate. At Closing, all conditions precedent to the issuance of the Bonds required of the District set forth in the Indenture and other applicable documents of the District will have been complied with or fulfilled or waived by the Underwriter;

Except as disclosed in the Preliminary Official Statement, as of the date hereof, there is no claim, action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body, pending or, to its best knowledge, threatened against the District: contesting the corporate existence or powers of the Board or the titles of the respective officers of the Board to their respective offices; affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Official Statement or the pledge of and lien on the 2020 Trust Estate pursuant to the Indenture; contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District in any respect relating to authorization for the issuance of the Bonds, the refunding and defeasance of the Refunded Bonds, the issuance of the Bonds, the levy and collection of the Series 2020 Assessments, the authorization of the Bond Resolution, the Assessment Resolution, the Financing Documents or the application of the proceeds of the Bonds for the purposes set forth in the Official Statement; contesting the validity of the Bonds; contesting the completeness or accuracy of the Preliminary Official Statement or Official Statement or any supplement or amendment thereto; or where an unfavorable ruling would materially adversely affect the financial position or condition of the District;

The District will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request in order to: qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and determine the eligibility of the Bonds for investment under the laws of such states and other jurisdictions, and the District will use its best efforts to continue such qualifications in effect so long as required for the initial offering and distribution of the Bonds; provided, however, that the District shall not be required to execute a general or special consent to service of process or to qualify to do business in connection with any such qualification or determination in any jurisdiction or incur any fees in connection with its compliance with the subsection;

As of its date and (unless an event occurs of the nature described in paragraph (1) of this Section 7) and at all times subsequent thereto, up to and including the Closing Date, the statements and information contained in the Preliminary Official Statement (other than "permitted omissions" as permitted by Rule 15c2-12 as such term is defined below) and in the Official Statement (excluding for purposes hereof the statements and information under the captions "DESCRIPTION OF THE 2020 BONDS – Book-Entry Only System," "FUNDS AND ACCOUNTS," "REFUNDING PLAN", "BOND INSURANCE", "RESERVE POLICY", VERIFICATION OF MATHEMATICAL COMPUTATIONS", "BONDHOLDERS' RISKS," "LAKEWOOD RANCH," "TAX MATTERS," "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," “LITIGATION – SMR” and "DISCLOSURE OF MULTIPLE ROLES" as to which no view is expressed) are and will be accurate in all material

respects for the purposes for which their use is authorized and do not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading;

If the Official Statement as supplemented or amended pursuant to subsection (1) of this Section 7, at the time of each supplement or amendment thereto and (unless subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent thereto up to and including the Closing Date, the Official Statement as so supplemented or amended will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is given concerning the information in the Official Statement under the captions "DESCRIPTION OF THE 2020 BONDS
- Book-Entry Only System," "FUNDS AND ACCOUNTS," "REFUNDING PLAN", "BOND INSURANCE", RESERVE POLICY", "VERIFICATION OF MATHEMATICAL COMPUTATIONS", "BONDHOLDERS' RISKS", "LAKEWOOD RANCH," "TAX MATTERS," "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," “LITIGATION – SMR” and "DISCLOSURE OF MULTIPLE ROLES";

If between the date of this Bond Purchase Contract and the earlier of: ninety
(90) days from the end of the "Underwriting Period" as defined in Securities Exchange Commission Rule 15c2-12 (17 CFR 240.15c2-12) ("Rule 15c2-12"); or the time when the Official Statement is available to any person from the MSRB's Electronic Municipal Market Access System (but in no event less than twenty-five (25) days following the end of the Underwriting Period for the Bonds), any event shall occur, of which the District has actual knowledge, which might or would cause the Official Statement, as then supplemented or amended, to contain any untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the District shall notify the Underwriter thereof, and, if in the opinion of the Underwriter such event requires the preparation and publication of a supplement or amendment to the Official Statement, the District will at its expense supplement or amend the Official Statement in a form and in a manner approved by the Underwriter (unless such supplement or amendment is a result of information provided by the Underwriter, in which case, the Underwriter, will at its expense supplement or amend the Official Statement in a form and in a manner approved by the Underwriter). This covenant shall survive the Closing;

Reserved;

Except as disclosed in the Preliminary Official Statement, there has been no material adverse change in the financial position, results of operations or condition, financial or otherwise, of the District, the District has not issued, assumed or guaranteed any indebtedness payable from any of the 2020 Trust Estate and the District has not incurred liabilities that would materially adversely affect its ability to discharge its obligations under the Bond Resolution, the Assessment Resolution, the Bonds, the Financing Documents, direct or contingent, other than as set forth in or contemplated by the Official Statement;

The District has not and is not now in default in the payment of the principal of or the interest on any governmental security issued or guaranteed by it after December 31, 1975

which would require the disclosure pursuant to Section 517.051, Florida Statutes or the applicable rules of the Florida Department of Financial Services;

The District has not been notified of any listing or the proposed listing of the District by the Internal Revenue Service as an issuer whose arbitrage certifications may not be relied upon;

Any certificate signed by any officer of the District and delivered to the Underwriter will be deemed to be a representation by the District to the Underwriter as to the statements made therein;

All proceedings undertaken by the District with respect to the Series 2020 Assessments, including adoption of the Assessment Resolution, were undertaken in accordance with Florida law. The Series 2020 Assessments, as initially levied and as may be reallocated from time to time in accordance with the Assessment Proceedings, constitute legal, valid, binding and enforceable liens upon the property against which such Series 2020 Assessments are assessed, co- equal with the lien of all county, district and municipal ad valorem taxes and non-ad valorem assessments, and superior in dignity to all other liens, titles and claims, until paid. The levy of the Series 2020 Assessments is sufficient to pay the debt service on the Bonds through the final maturity thereof;

Except as disclosed in the Preliminary Official Statement, the District has complied and shall continue to comply with all continuing disclosure commitments heretofore undertaken by the District and with its continuing disclosure commitments in connection with the Bonds, all in accordance with Rule 15c2-12;

The District acknowledges receipt from the Underwriter of a due diligence request (the "Issuer Due Diligence Checklist"). Except as provided in Section 9(c)(3) hereof, the District has provided the information requested in the Issuer Due Diligence Checklist to the Underwriter prior to the date hereof;

The District acknowledges and agrees that the purchase and sale of the Bonds pursuant to this Bond Purchase Contract is an arm's-length commercial transaction between the District and the Underwriter, in connection therewith and with the discussions, undertakings and procedures leading up to the consummation of such transaction, the Underwriter is and has been acting solely as a principal and is not acting as the agent, advisor (including, without limitation, a Municipal Advisor (as such item is defined in Section 975(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act)) or fiduciary of the District, the Underwriter is not acting as a municipal advisor, financial advisor or fiduciary to the District and has not assumed an advisory or fiduciary responsibility in favor of the District with respect to the offering contemplated hereby or the discussions, undertakings and procedures leading thereto (irrespective of whether the Underwriter has provided other services or is currently providing other services to the District on other matters) and the Underwriter has no obligation to the District with respect to the offering contemplated hereby except the obligations expressly set forth in this Bond Purchase Contract (iv) the Underwriter has financial and other interests that differ from those of the District and (v) the District has consulted its own legal, financial and other advisors to the extent it has deemed appropriate regarding the matters set forth in the Bond Purchase Contract.

Closing. At 10:00 a.m. prevailing time on July , 2020, or at such earlier or later time as may be mutually agreed upon by the District and the Underwriter (the "Closing Date"), the District will, subject to the terms and conditions hereof, deliver to the Underwriter, the Bonds in definitive form, duly executed and authenticated, together with the other documents hereinafter mentioned, and, subject to the terms and conditions hereof, the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in Section 1 hereof, in federal or other immediately available funds to the order of the District. Such delivery of documents and payment of the purchase price of the Bonds is referred to herein as the "Closing." Delivery of the Bonds as aforesaid shall be made to the Trustee through the "FAST" system of registration with The Depository Trust Company, New York, New York, or at such other place as may be mutually agreed upon by the District and the Underwriter. The Bonds shall be typewritten, shall be prepared and delivered as fully registered Bonds in book-entry only form, registered in the name of Cede & Co. and shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection and packaging, unless otherwise agreed by the District and the Underwriter.

Closing Conditions. The Underwriter has entered into this Bond Purchase Contract in reliance upon the representations, warranties, covenants and agreements of the District contained herein, and in reliance upon the representations, warranties, covenants and agreements to be contained in the documents and instruments to be delivered at the Closing and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter's obligations under this Bond Purchase Contract to purchase, to accept delivery of and to pay for the Bonds are conditioned upon the performance by the District of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing, and are also subject to the following additional conditions:

The representations warranties, covenants and agreements of the District contained herein shall be true, complete and correct, on the date hereof and on and as of the Closing Date, as if made on the Closing Date and there shall be no material change in the information supplied to the Underwriter pursuant to the Issuer Due Diligence Checklist or otherwise;

At the time of the Closing, the Act, the Bond Resolution, the Assessment Resolution, the Bonds and the Financing Documents shall each be in full force and effect in accordance with their respective terms and the Bond Resolution, the Assessment Resolution, the Indenture and the Official Statement shall not have been supplemented, amended, modified or repealed, except in any such case as may have been agreed to by the Underwriter;

At or prior to the Closing, the Underwriter and the District shall have received executed certified copies of each of the following:

The Official Statement and each supplement or amendment, if any, thereto, executed on behalf of the District by the Chairman or Vice Chairman of the Board;

Copies of the Act, the Bond Resolution and the Assessment Resolution certified by the Secretary of the Board under seal as having been duly

adopted by the Board of the District and as being in full force and effect, with only such supplements or amendments as may have been agreed to by the Underwriter;

All information requested pursuant to the Issuer Due Diligence Checklist that was identified by the Issuer in writing to the Underwriter as not being available as of the date of signing of this Bond Purchase Contract, in form and substance reasonably satisfactory to the Underwriter, together with executed copies of the Financing Documents;

The opinion, dated the Closing Date and addressed to the District, the Trustee and the Underwriter (which may be addressed to such parties in one or more separate opinions) of Bond Counsel to the District, in substantially the form included in the Official Statement as an appendix thereto;

The supplemental opinion dated the date of the Closing and addressed to the District, the Trustee and the Underwriter, of Bond Counsel, in the form annexed as Exhibit C hereto;

The opinion dated the Closing Date and addressed to the District, the Trustee and the Underwriter of counsel to the District, substantially in the form annexed as Exhibit D hereto;

An opinion dated the Closing Date and addressed to the Underwriter of Akerman LLP counsel to the Underwriter in form and substance satisfactory to the Underwriter;

An opinion, dated the Closing Date and addressed to the Underwriter, the District and Bond Counsel, of counsel to the Trustee and Escrow Agent, (as described in the Escrow Agreement) in form and substance acceptable to the Underwriter and a customary authorization and incumbency certificate, dated the Closing Date, signed by authorized officers of the Trustee and Escrow Agent;

A certificate, dated the Closing Date, signed by the Chairman or Vice-Chairman and the Secretary or an Assistant Secretary of the Board, setting forth that: (i) each of the representations of the District contained in Section 7 hereof was true and accurate in all material respects on the date when made, has been true and accurate in all material respects at all times since, and continue to be true and accurate in all material respects on the Closing Date as if made on such date; (ii) the District has performed all obligations to be performed hereunder as of the Closing Date; (iii) the District has never been in default as to principal or interest with respect to any obligation issued or guaranteed by the District (iv) the information and statements contained in the Official Statement were, as of the date of the Official Statement, and are, as of the date hereof, true, correct and complete in all material respects and such information did not and does not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that such certification does

not include the information in the Official Statement under the captions "DESCRIPTION OF THE 2020 BONDS - Book-Entry Only System," "FUNDS AND ACCOUNTS," "REFUNDING PLAN", VERIFICATION OF MATHEMATICAL COMPUTATIONS", "BONDHOLDERS' RISKS", "LAKEWOOD RANCH," "TAX MATTERS," "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," "BOND INSURANCE," “RESERVE POLICY,” “LITIGATION – SMR” and
"DISCLOSURE OF MULTIPLE ROLES"; and no event affecting the District has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purposes for which it is to be used or which is necessary to be disclosed therein in order to make the statements and information therein not misleading in any material respect as of the date hereof and (v) the District acknowledges its agreement to undertake its obligation under the Continuing Disclosure Agreement and is aware of the continuing disclosure requirements set forth in the Continuing Disclosure Agreement and the Rule 15c2-12;

A customary signature and no litigation certificate, dated the Closing Date, signed on behalf of the District by the Chairman or Vice-Chairman and Secretary or an Assistant Secretary of the Board;

A copy of the executed DTC Blanket Issuer Letter of Representations entered into between the District and The Depository Trust Company, New York, New York (the "DTC Letter of Representations");

Duly executed copies of the Bond Insurance Policy and the Reserve Policy;

Executed copies of the District's certification as to arbitrage and other matters relative to the tax status of the Bonds under Section 148 of the Internal Revenue Code of 1986, as amended;

An opinion of general counsel to the Insurer relating to the validity and enforceability of the Bond Insurance Policy and the Reserve Policy, and a certificate of an officer of the Insurer dated the date of Closing and addressed to the Underwriter, concerning the Insurer, the Bond Insurance Policy and the Reserve Policy, and the information relating to the Insurer, the Bond Insurance Policy and the Reserve Policy, contained in the Official Statement, in form and substance satisfactory to the Underwriter and Counsel for the Underwriter;

a certificate of the Methodology Consultant as described in the Official Statement stating that: (i) the Methodology Consultant consents to the use of the Assessment Methodology Report as an appendix to the Preliminary Official Statement and the Official Statement (the "Report") and consents to the references to the firm in the Preliminary Official Statement and the Official Statement; (ii) the information contained in the Official Statement under the caption "ASSESSMENT METHODOLOGY" is true and correct in all material respects and does not contain any untrue statement of material fact or omit to state a material

fact necessary to make the statements, in light of the circumstances under which they were made, not misleading; (iii) except as disclosed in the Preliminary Official Statement and the Official Statement, the firm knows of no material change in the matters described in the Report and is of the opinion that the considerations and assumptions used in compiling the Report are reasonable; (iv) the information contained in the Report did not, and does not, contain any untrue statement of a material fact and did not, and does not, omit to state a material fact necessary to be stated therein in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading; and (v) the Series 2020 Assessments, as initially levied, and as may be reallocated from time to time as permitted by the resolutions adopted by the District with respect to the Series 2020 Assessments, are sufficient to enable the District to pay the debt service on the Bonds through the final maturity thereof.

An executed copy of the verification report described under caption “VERIFICATION OF MATHEMATICAL COMPUTATIONS” in the Official Statement;

Evidence that the Assessment Resolution contains language permitting prepayment of the Series 2020 Assessments consistent with the financing structure, in a manner reasonably satisfactory to the Underwriter and its counsel, and that the Report reflects such structure;

Evidence of a final, non-appealable judgment of validation
of the Bonds;

Such additional documents as may be required by the
Indenture to be delivered as a condition precedent to the issuance of the Bonds;

Letters from each entity providing a rating on the Bonds certifying that the ratings on the Bonds as described under the caption “RATINGS” in the Official Statement are in force and effect;

A certificate of the District Manager in the form attached as
Exhibit E;

Such additional legal opinions, certificates, instruments and
other documents as the Underwriter may reasonably request including certifications and opinions regarding information contained in the Official Statement, to evidence the truth and accuracy, as of the date hereof and as of the date of the Closing, of the District's representations and warranties contained herein and of the statements and information contained in the Official Statement and the due performance or satisfaction by the District on or prior to the date of the Closing of all the agreements then to be performed and conditions then to be satisfied by it.

If the District shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds contained in this Bond Purchase Contract, unless waived in writing by the Underwriter, or if the obligations of the Underwriter to

purchase, to accept delivery of and to pay for the Bonds shall be terminated for any reason permitted by this Bond Purchase Contract, this Bond Purchase Contract shall terminate and neither the Underwriter nor the District shall be under any further obligation hereunder, except that the respective obligations of the District and the Underwriter set forth in Section 11 hereof shall continue in full force and effect.

Termination. The Underwriter shall also have the right to terminate its obligations under this Bond Purchase Contract to purchase, to accept delivery of and to pay for the Bonds by notifying the District of its election to do so if, after the execution hereof and prior to the Closing:

an event shall occur which makes untrue or incorrect in any material respect, as of the time of such event, any statement or information contained in the Official Statement or which is not reflected in the Official Statement but should be reflected therein in order to make the statements contained therein not misleading in any material respect and requires an amendment of or supplement to the Official Statement and the effect of which, in the judgment of the Underwriter, would materially adversely affect the market for the Bonds or the sale, at the contemplated offering prices (or yields), by the Underwriter of the Bonds; or

legislation shall be introduced in, enacted by, reported out of committee, or recommended for passage by either House of the Congress, or recommended to the Congress or otherwise endorsed for passage (by press release, other form of notice or otherwise) by the President of the United States, the Treasury Department of the United States, the Internal Revenue Service or the Chairman or ranking minority member of the Committee on Finance of the United States Senate or the Committee on Ways and Means of the United States House of Representatives, or a bill to amend the Code (which, if enacted, would be effective as of a date prior to the Closing) shall be filed in either House, or a decision by a court of competent jurisdiction shall be rendered, or a regulation or filing shall be issued by or on behalf of the Department of the Treasury or the Internal Revenue Service of the United States, or other agency of the federal government, or a release or official statement shall be issued by the President of the United States, the Department of the Treasury or the Internal Revenue Service of the United States, in any such case with respect to or affecting (directly or indirectly) the taxation of interest received on obligations of the general character of the Bonds which, in the opinion of the Underwriter, materially adversely affects the market for the Bonds or the sale, at the contemplated offering prices (or yields), by the Underwriter of the Bonds; or

a stop order, ruling, regulation, proposed regulation or statement by or on behalf of the Securities and Exchange Commission or any other governmental agency having jurisdiction of the subject matter shall be issued or made to the effect that the issuance, offering, sale or distribution of obligations of the general character of the Bonds is in violation or would be in violation of any provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended or the Trust Indenture Act of 1939, as amended; or

legislation introduced in or enacted (or resolution passed) by the Congress or an order, decree, or injunction issued by any court of competent jurisdiction,

or an order, ruling, regulation (final, temporary, or proposed), press release or other form of notice issued or made by or on behalf of the Securities and Exchange Commission, or any other governmental agency having jurisdiction of the subject matter, to the effect that obligations of the general character of the Bonds, including any or all underlying arrangements, are not exempt from registration under or other requirements of the Securities Act of 1933, as amended (the "Securities Act"), or that the Indenture is not exempt from qualification under or other requirements of the Trust Indenture Act of 1939, as amended, or that the issuance, offering, or sale of obligations of the general character of the Bonds, including any or all underlying arrangements, as contemplated hereby or by the Official Statement or otherwise, is or would be in violation of the federal securities law as amended and then in effect;

there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national or international emergency or war or other calamity or crisis or pandemic or similar outbreak the effect of which on financial markets is such as to make it, in the reasonable judgment of the Underwriter, impractical or inadvisable to proceed with the offering of the Bonds as contemplated in the Official Statement; or

there shall have occurred a general suspension of trading, minimum or maximum prices for trading shall have been fixed and be in force or maximum ranges or prices for securities shall have been required on the New York Stock Exchange or other national stock exchange whether by virtue of a determination by that exchange or by order of the Securities and Exchange Commission or any other governmental agency having jurisdiction or any national securities exchange shall have: (i) imposed additional material restrictions not in force as of the date hereof with respect to trading in securities generally, or to the Bonds or similar obligations; or (ii) materially increased restrictions now in force with respect to the extension of credit by or the charge to the net capital requirements of Underwriters or broker-dealers such as to make it, in the judgment of the Underwriter, impractical or inadvisable to proceed with the offering of the Bonds as contemplated in the Official Statement; or

a general banking moratorium shall have been declared by federal, Florida, New York or Massachusetts state authorities or a major financial crisis or a material disruption in commercial banking or securities settlement or clearances services shall have occurred such as to make it, in the judgment of the Underwriter, impractical or inadvisable to proceed with the offering of the Bonds as contemplated in the Official Statement.

The District has, without the prior written consent of the Underwriter, offered or issued any bonds, notes or other obligations for borrowed money, or incurred any material liabilities, direct or contingent, related solely and exclusively to the lands subject to the Series 2020 Assessments or impacting the Series 2020 Assessments or, there has been an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of the District other than in the ordinary course of its business.

Expenses.

The Underwriter shall be under no obligation to pay, and the District shall pay, any expense incident to the performance of the District's obligations hereunder including, but not limited to: the cost of preparation, printing and delivery of the Preliminary Official Statement and the Official Statement in reasonable quantities (but in no event less than as may be required by Section 5 hereof); the cost of preparation, printing and delivery of any supplements and amendments to the Official Statement; the cost of preparation and printing of the Bonds; the fees and disbursements of Bond Counsel and counsel to the District; the fees and disbursements of the District Manager, Methodology Consultant and Municipal advisor; the fees and disbursements of any engineers, accountants, and other experts, consultants or advisors retained by the District including the Verification Agent; the fees and expenses of the Trustee, Paying Agent and Bond Registrar, and of their respective counsel, if any; expenses incurred on behalf of the District's employees which are incidental to implementing this Bond Purchase Contract, including without limitation, meals, transportation and lodging and the cost of recording in the Official Records of Manatee County any Financing Documents or other documents or certificates that are required to be recorded pursuant to the terms of this Bond Purchase Contract. The District shall record all documents required to be provided in recordable from hereunder within seven business days after the Closing Date, which obligation shall survive Closing.

The Underwriter shall pay: the cost of preparation and printing of this Bond Purchase Contract; and all other expenses incurred by it in connection with the public offering of the Bonds, including the fees and disbursements of counsel retained by it, not provided for in (a) above.

Notices. Any notice or other communication to be given to the District under this Bond Purchase Contract may be given by delivering the same in writing to the District Manager at PFM Consulting Group, LLC, 12051 Corporate Blvd., Orlando, Florida 32817, Attention: Hank Fishkind, with a copy to District Counsel at Hopping Green & Sams, P.A., 119 South Monroe Street, Suite 300, Tallahassee, Florida 32301, Attention: Jonathan Johnson, and any notice or other communication to be given to the Underwriter under this Bond Purchase Contract may be given by delivering the same in writing to MBS Capital Markets, LLC, 152 Lincoln Avenue, Winter Park, FL 32789, Attention: Brett Sealy.

Parties In Interest; Survival of Representations. This Bond Purchase Contract is made solely for the benefit of the District and the Underwriter (including the successors or assigns of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. All of the District's representations, warranties and agreements contained in this Bond Purchase Contract shall remain operative and in full force and effect, regardless of: (i) any investigations made by or on behalf of the Underwriter; and (ii) delivery of and payment for the Bonds pursuant to this Bond Purchase Contract.

Effectiveness. This Bond Purchase Contract shall become effective upon the execution by the appropriate officials of the District and shall be valid and enforceable at the time of such acceptance. To the extent of any conflict between the provisions of this Bond Purchase Contract and any prior contract between the parties hereto, the provisions of this Bond Purchase Contract shall govern.

Headings. The headings of the sections of this Bond Purchase Contract are inserted for convenience only and shall not be deemed to be a part hereof.

Amendment. No modification, alteration or amendment to this Bond Purchase Contract shall be binding upon any party until such modification, alteration or amendment is reduced to writing and executed by all parties hereto.

Governing Law. The laws of the State of Florida shall govern this Bond Purchase Contract.

Counterparts. This Bond Purchase Contract may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatories upon the same instrument. Facsimile and pdf signatures shall be deemed originals.

Severability. If any provision of this Bond Purchase Contract is, or is held to be invalid or unenforceable as applied in any particular case in any jurisdiction because it conflicts with any provision(s) of any constitution, rule or public policy, statute or any other reason, such circumstances shall not make the provision in question invalid or unenforceable in any other case or circumstance, or make any other provision (s) or this Bond Purchase Contract invalid or unenforceable.

General. This Bond Purchase Contract shall constitute the entire agreement, and supersedes any and all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

17

SIGNATURE PAGE FOR BOND PURCHASE CONTRACT
Lakewood Ranch Stewardship District
Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

Accepted and agreed to as of the date first above written:

Very truly yours,

MBS CAPITAL MARKETS, LLC

Accepted and agreed to as of the date first above written:

LAKEWOOD RANCH STEWARDSHIP DISTRICT

By:		 Chair, Board of Supervisors

By:		 Managing Partner

EXHIBIT A

DISCLOSURE AND TRUTH-IN-BONDING STATEMENT

The undersigned, as Underwriter, proposes to negotiate with the Lakewood Ranch Stewardship District (the "District") for the purchase of its Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project in the original aggregate principal
amount  of  $ 	(the  "Bonds").  Arrangements  for  the  purchase  of  the  Bonds  by  the
Underwriter from the District and the sale of the Bonds by the District to the Underwriter will include a Bond Purchase Contract between the District and the Underwriter that will embody the negotiations in respect thereof.

The purpose of this certificate is to furnish, pursuant to the provisions of Section 218.385(2), (3) and (6), Florida Statutes, as amended, certain information in respect of the arrangements contemplated for the purchase and sale of the Bonds. Prior to the award of the Bonds to the Underwriter, the following information is hereby furnished to the District:

The nature and estimated amounts of expenses to be incurred by the Underwriter in connection with the issuance of the Bonds are set forth in Schedule I attached hereto.

Based upon the knowledge of the Underwriter, there are no "finders", as defined in Section 218.386, Florida Statutes, as amended, connected with the issuance of the Bonds.

The amount of underwriting spread expected to be realized is:

$/1,000		Amount	
Average Takedown:		$	
Management Fee			
Expenses:			
Total			

There is no fee, bonus or other compensation to be paid by the Underwriter in connection with the issuance of the Bonds to any person not regularly employed or retained by the Underwriter, except as specifically enumerated as expenses referred to in paragraph (1) above to be incurred by the Underwriter as set forth in Schedule I attached hereto.

For purposes of subsections (2) and (3) of Section 218.385, Florida Statutes, as amended, the following Truth-in-Bonding Statement is made with respect to the Bonds:

The District is proposing to issue $ 	of the Bonds for the purpose of providing moneys together with other funds of the District, to: (i) currently refund and defease all of District’s Outstanding Special Assessment Revenue Bonds, Series 2006 (Country Club East Project); (ii) pay certain costs associated with the issuance of the Bonds, including the premium for the Bond Insurance Policy; (iii) pay a portion of the interest first coming due on the Bonds; (iv) purchase the Reserve Policy to be deposited to the 2020 Reserve Account in satisfaction of a portion of the Reserve Account Requirement, and make a deposit to the 2020 Reserve Account. The Bonds are expected to be repaid over a period of approximately 16. years. At the interest rates set out in

Exhibit B to the Purchase Contract, total interest paid over the life of the Bonds will be approximately $ 	.

The source of repayment for the Bonds is the revenues derived by the District from the Series 2020 Assessments imposed, levied and collected upon real property located within the District specially benefited by the Refunded Project (as defined in the Bond Purchase Contract).
Issuing  the  Bonds  will  result in $ 	(representing  the  average  annual  debt service
payments due on the Bonds) of such special assessment revenues of the District not being available to the District on an annual basis to finance other services of the District; provided however, that in the event that the Bonds were not issued, the District would not be entitled to impose and collect the Series 2020 Assessments in the amount of the principal of and interest to be paid such Bonds.
The name and address of the Underwriter is: MBS Capital Markets, LLC
152 Lincoln Avenue Winter Park, FL 32789

IN WITNESS WHEREOF, the undersigned has executed this Disclosure and Truth-in- Bonding Statement on behalf of the Underwriter this 	day of July, 2020.

MBS CAPITAL MARKETS, LLC

By:		 Managing Partner

SCHEDULE I

Underwriter's Expenses		Amount	
Underwriter's Counsel		$	
Travel Expenses			
Communication			
Day Loan			
Clearance & Settlement Charges			
CUSIP/DTC			
Contingency			
Total:		$	

Par Amount: $ 	

EXHIBIT B TERMS OF BONDS

Amounts, interest rates, maturity dates and prices:

Year

May 1	
Amount	
Rate	
Price	

				

				

				

$ 	, 	% Term Bond due May 1, 20    , Price  	

$ 	, 	% Term Bond due May 1, 20    , Price  	

Optional Redemption

The Bonds may at the option of the District be called for redemption prior to maturity in whole or in part on any date on or after May 1, 2030, at the Redemption Price of the principal amount of the Bonds or portions thereof to be redeemed together with accrued interest to the Redemption Date.

Mandatory Redemption

The Bond maturing on May 1, 20 is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Twenty Seventh Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
  (May 1)		Principal
  Amount		Year
  (May 1)		Principal
  Amount		
	$	$	

*		
*Final Maturity	

The Bond maturing on May 1, 20 is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Twenty Seventh Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
  (May 1)		Principal
  Amount		Year
  (May 1)		Principal
  Amount		
	$	$	

*		
*Final Maturity	

Extraordinary Mandatory Redemption

The Bonds are subject to extraordinary mandatory redemption prior to maturity, on any Redemption Date, in the manner determined by the Bond Registrar at the Redemption Price of 100% of the principal amount thereof, without premium, together with accrued interest to the Redemption Date, if and to the extent that any one or more of the following shall have occurred:

from amounts, including Prepayment Principal and Foreclosure Proceeds, required by the Indenture to be deposited into the Prepayment Subaccount of the 2020 Redemption Account; or

from amounts transferred to the Prepayment Subaccount of the 2020 Redemption Account from the 2020 Revenue Account as provided for in the Indenture; or

on the date on which the amount on deposit in the 2020 Reserve Account, together with other moneys available therefor, are sufficient to pay and redeem all of the Bonds then Outstanding, including accrued interest thereon;

EXHIBIT C

BOND COUNSEL'S SUPPLEMENTAL OPINION

 	, 2020
Board of Supervisors
Lakewood Ranch Stewardship District Manatee County, Florida

MBS Capital Markets, LLC Winter Park, Florida

$ 	
LAKEWOOD RANCH STEWARDSHIP DISTRICT
Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

Ladies and Gentlemen:

We have served as Bond Counsel to the Lakewood Ranch Stewardship District (the "Issuer") in connection with the issuance by the Issuer of the Series 2020 Bonds. The Series 2020 Bonds are being issued pursuant to Resolution No. 2005-16 adopted by the Board of Supervisors of the Issuer (the “Board") on August 23, 2005, as supplemented and amended by Resolution No. 2020- duly adopted by the Board on June 12, 2020 (collectively, the “Resolution”). The Series 2020 Bonds are being further issued under and are secured by a Master Trust Indenture dated as of September 1, 2005 (the “Master Indenture”), as supplemented with respect to the Series 2020 Bonds by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020 (the “Twenty- Seventh Supplement” and, together with the Master Indenture, the “Indenture”), each by and between the Issuer and U.S. Bank National Association, as trustee.

All terms used herein in capitalized form and not otherwise defined herein shall have the same meanings as ascribed to them in the Indenture or the Bond Purchase Contract.

The opinions expressed herein are supplemental to and are subject to all qualifications, assumptions, limitations, caveats and reliances contained in our bond counsel opinion rendered to the Issuer as of the date hereof pertaining to the Series 2020 Bonds (the "Bond Counsel Opinion"). MBS Capital Markets, LLC may rely on the Bond Counsel Opinion as though the Bond Counsel Opinion were addressed to MBS Capital Markets, LLC.

We have reviewed the statements contained in the Official Statement under the sections “DESCRIPTION OF THE 2020 BONDS”, “SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS”, "THE REFUNDING PLAN", “COLLECTION OF SERIES 2020 ASSESSMENTS,” and “FUNDS AND ACCOUNTS” and believe that insofar as such

statements purport to summarize certain provisions of the Indenture, the Escrow Agreement and the Series 2020 Bonds, such statements are accurate summaries of the provisions purported to be summarized. We have also reviewed the information contained in the Official Statement under the section captioned "TAX MATTERS" and believe that such information is accurate.

Other than as set forth above, we express no opinion with respect to the accuracy, completeness, fairness or sufficiency of the Official Statement, the statistical or financial data contained therein, or any exhibit or attachments thereto or with respect to DTC and its book-entry system.

The Bonds are exempt from registration under the Securities Act of 1933, as amended, and the Indenture is exempt from qualification under the Trust Indenture Act of 1939, as amended.

This opinion letter may be relied upon by you only and only in connection with the transaction to which reference is made above and may not be used or relied upon by any other person for any purposes whatsoever without our prior written consent. The delivery of this letter to a non-client does not create an attorney-client relationship.

The opinions expressed herein are predicated upon present law, facts and circumstances, and we assume no affirmative obligation to update the opinions expressed herein if such laws, facts or circumstances change after the date hereof.

Respectfully submitted,

BRYANT MILLER OLIVE P.A.

EXHIBIT D

[To be provided]

EXHIBIT E

CERTIFICATE OF DISTRICT MANAGER

We have acted as district manager to Lakewood Ranch Stewardship District (the "District") in connection with the sale and issuance by the District of its $ 	_ aggregate principal amount of Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East) (the "Series 2020 Bonds") and have participated in the preparation of the Preliminary Official Statement dated 	, 2020 and the final Official Statement dated 		, 2020, related to the Series 2020 Bonds (collectively, the “Official Statement").

As District Manager, nothing has come to our attention that would lead us to believe that the Official Statement, as it relates to the District and any other information provided by us for inclusion therein contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to be stated therein in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

The information set forth in the Limited Offering Memoranda under the captions or subcaptions "THE DISTRICT", ASSESSMENT METHODOLOGY," "FINANCIAL STATEMENTS," "LITIGATION – The District," "DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS," "CONTINUING DISCLOSURE," "MUNICIPAL ADVISOR", "DISCLOSURE OF MULTIPLE ROLES," CONTINGENT FEES," and APPENDIX __, “AUDITED FINANCIAL STATEMENTS OF THE DISTRICT” did not as of the respective dates of the Official Statement and does not as of the date hereof contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

As District Manager and registered agent for the District, we are not aware of any litigation pending, or to the best of our knowledge, threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the Series 2020 Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the Series 2020 Bonds, or the existence or powers of the District.

Dated:  July    , 2020	PFM GROUP CONSULTING, LLC

By:	 Title:  	

EXHIBIT F

UNDERWRITERS CERTIFICATE

The undersigned, acting on behalf of MBS Capital Markets, LLC, (the "Underwriter") as the "Underwriters"), for the $ 	Lakewood Ranch Stewardship District Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the "Series 2020 Bonds"), hereby certifies to the sale and issuance of the Series 2020 Bonds:

Sale of Bonds. As of the date of this certificate, for each maturity of the Series 2020 Bonds, the first price at which at least 10% of such Maturity of the Bonds was sold to the Public is the respective price listed in Schedule A.

Defined Terms.

Issuer means Lakewood Ranch Stewardship District.

Maturity means Series 2020 Bonds with the same credit and payment terms Series 2020 Bonds. Series 2020 Bonds with different maturity dates, or Series 2020 Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.

Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than an Underwriter or a related party to an Underwriter. The term "related party" for purposes of this certificate generally means any two or more persons who have greater than 50 percent common ownership, directly or indirectly.

Underwriter means (i) any person that agrees pursuant to a written contract with the Issuer (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Series 2020 Bonds to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Bonds to the Public).

The Issuer may rely on the statements made herein in connection with making the representations set forth in the Federal Tax Certificate to which this Certificate is attached and in its efforts to comply with the conditions imposed by the Internal Revenue Code of 1986, as amended (the "Code"). Bond Counsel may also rely on this Certificate for purposes of its opinion regarding the treatment of interest on the Series 2020 Bonds as excludable from gross income for federal income tax purposes. Except as expressly set forth above, the certifications set forth therein may not be relied upon or used by any third party or for any other purpose. Notwithstanding anything set forth herein, the Underwriter is not engaged in the practice of law. Accordingly, the Underwriter makes no representation as to the legal sufficiency of the factual matters set forth herein. The Underwriter does not warrant the validity of the representations set forth above for purposes of Section 103 and 141 through 150 of the Code or make any representation as to the legal sufficiency of the factual matters set forth herein.

Dated: 	, 2019.	MBS CAPITAL MARKETS, LLC

By:		 Title: Managing Partner

EXHIBIT C

FORM OF PRELIMINARY OFFICIAL STATEMENT

This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. The 2020 Bonds may not be sold nor may an offer to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the 2020 Bonds and any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.

THIS PRELIMINARY OFFICIAL STATEMENT DATED JUNE 	, 2020

NEW ISSUE - BOOK-ENTRY ONLY	SEE “RATINGS” HEREIN

In the opinion of Bond Counsel, assuming compliance by the District with certain covenants, under existing statutes, regulations, and judicial decisions, the interest on the 2020 Bonds will be excluded from gross income for federal income tax purposes of the holders thereof and will not  be  an  item  of  tax  preference  for purposes of  the  federal  alternative  minimum  tax.  See "TAX MATTERS" herein for a description of other tax consequences to holders of the 2020 Bonds.

$ 	*
LAKEWOOD RANCH STEWARDSHIP DISTRICT
Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

Dated:  Date of Delivery	Due: May 1, as set forth below
The Lakewood Ranch Stewardship District (the "District") is issuing its Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the “2020 Bonds”) in fully registered form, without coupons, in denominations of $5,000 or any integral multiple thereof. The 2020 Bonds, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), New York, New York. Purchases of beneficial interests in the 2020 Bonds will be made in book entry form and purchasers of beneficial interests in the 2020 Bonds will not receive physical 2020 Bond certificates. For so long as the book entry system is maintained, the principal of, premium, if any, and interest on the 2020 Bonds will be paid from the sources described herein by U.S. Bank National Association, as trustee (the "Trustee"), to DTC as the registered owner thereof. Disbursement of such payments to the DTC Participants is the responsibility of DTC and disbursement of such payments to the beneficial owners is the responsibility of the Direct Participants and Indirect Participants, as more fully described herein. Any purchaser, as a beneficial owner of a 2020 Bond, must maintain an account with a broker or dealer who is, or acts through, a Direct Participant in order to receive payment of the principal of, premium, if any, and interest on such 2020 Bond. Interest on the 2020 Bonds calculated on the basis of a 360 day year comprised of twelve thirty day months is payable on each May 1 and November 1 commencing November 1, 2020. See "DESCRIPTION OF THE 2020 BONDS" herein.
Proceeds of the 2020 Bonds will be used together with other funds of the District, to: (i) currently refund and defease all of District’s Outstanding Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the “Refunded Bonds”); (ii) pay certain costs associated with the issuance of the 2020 Bonds, including the premium for the Bond Insurance Policy;
pay a portion of the interest first coming due on the 2020 Bonds; (iv) purchase the Reserve Policy to be deposited to the 2020 Reserve Account in partial satisfaction of the Reserve Account Requirement and make a deposit to the 2020 Reserve Account. See "ESTIMATED SOURCES AND USES OF FUNDS" herein.
The District is a local unit of special purpose government and an independent special district of the State of Florida, created pursuant to Chapter 2005-338, Laws of Florida, as amended (the "Act"). The 2020 Bonds are being issued pursuant to the Act and a Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture") by and between the District and the Trustee as supplemented by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020 from the District to the Trustee (the "Supplemental Indenture" together with the Master Indenture, the "Indenture"). Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Indenture. The principal of and interest on the 2020 Bonds shall be payable solely from, and shall be secured solely by the revenues derived by the District from the Series 2020 Assessments (the "2020 Pledged Revenues") and the Funds and Accounts established by the Supplemental Indenture except for the 2020 Rebate Account (the "2020 Pledged Funds"). The 2020 Pledged Revenues and 2020 Pledged Funds collectively comprise the "2020 Trust Estate."
The 2020 Bonds are subject to optional, mandatory and extraordinary mandatory redemption at the times, in the amounts, and at the redemption price more fully described herein under the caption "DESCRIPTION OF THE 2020 BONDS – Redemption Provisions."
NEITHER THE 2020 BONDS NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE THEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF THE STATE OF FLORIDA. THE 2020 BONDS AND THE INTEREST PAYABLE THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE 2020 BONDS. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE 2020 BONDS SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE 2020 TRUST ESTATE PLEDGED TO THE 2020 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

Investment in the 2020 Bonds poses certain risks and the 2020 Bonds are not a suitable investment for all potential investors See “INTRODUCTION,” “BONDHOLDERS’ RISK,” “SUITABILITY FOR INVESTMENT” AND “MUNICIPAL BOND INSURANCE RISK FACTORS” herein.
The scheduled payment of principal of and interest on the 2020 Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the 2020 Bonds by ASSURED GUARANTY MUNICIPAL CORP.
[INSERT INSURER LOGO]

This cover page contains certain information for quick reference only. It is not a summary of the 2020 Bonds. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision.

See the inside cover page hereof for principal amounts, interest rates, maturities, prices or yields, and initial CUSIP numbers of the 2020 Bonds.

The 2020 Bonds are offered for delivery when, as and if issued by the District and accepted by the Underwriter, subject to the receipt of the opinion of Bryant Miller Olive P.A., Orlando, Florida, Bond Counsel, as to the validity of the 2020 Bonds and the excludability of interest thereon from gross income for federal income tax purposes. Certain legal matters will be passed upon for the Underwriter by its counsel, Akerman LLP, Orlando, Florida, for the District by its counsel, Hopping Green & Sams, P.A., Tallahassee, Florida and for the Trustee by Holland & Knight, LLP, Miami, Florida. PFM Financial Advisors LLC, Orlando, Florida is serving as the District's Independent Registered Municipal Advisor in connection with the issuance of the 2020 Bonds. It is expected that the 2020 Bonds will be delivered in book entry form through the facilities of DTC on or about July , 2020.
MBS Capital Markets, LLC
Dated: 	, 2020

*	Preliminary, subject to change.

$ 	
SPECIAL ASSESSMENT REVENUE REFUNDING BONDS, SERIES 2020 (COUNTRY CLUB EAST PROJECT)

MATURITIES, AMOUNTS, INTEREST RATES, YIELDS, PRICES AND INITIAL CUSIP NUMBERS

$ 	Serial 2020 Bonds

Maturity (May 1)	
Principal Amount	
Interest Rate	
Yield	
Price	Initial CUSIP
Number**	
	$	%	%			

$ 	, 	% 2020  Term Bond Due May 1, 	_ - Yield: 	% - Price: 	– Initial CUSIP No. 	_**
$ 	, 	% 2020 Term Bond due May 1, 	- Yield 	% - Price 	– Initial CUSIP No. 	**

**	The District is not responsible for the use of the CUSIP numbers, nor is any representation made as to their correctness. They are included solely for the convenience of the readers of this Official Statement.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

BOARD OF SUPERVISORS

Rex Jensen, Chair
Tony Chiofalo, Vice Chair/Assistant Secretary Scott Almand, Treasurer
Jim Schier, Assistant Secretary Ed Hunzeker, Assistant Secretary

DISTRICT MANAGER

PFM Group Consulting LLC Orlando, Florida

COUNSEL TO THE DISTRICT

Hopping Green & Sams, P.A. Tallahassee, Florida

BOND COUNSEL

Bryant Miller Olive P.A. Orlando, Florida

METHODOLOGY CONSULTANT AND MUNICIPAL ADVISOR

PFM Financial Advisors LLC Orlando, Florida

NO DEALER, BROKER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED BY THE DISTRICT TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS OFFICIAL STATEMENT, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE DISTRICT. THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THE 2020 BONDS AND THERE SHALL BE NO OFFER, SOLICITATION, OR SALE OF THE 2020 BONDS BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH OFFER, SOLICITATION OR SALE.

THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM SMR (AS HEREINAFTER DEFINED), THE DISTRICT, THE DEPOSITORY TRUST COMPANY, PUBLIC DOCUMENTS, RECORDS AND OTHER SOURCES, WHICH SOURCES ARE BELIEVED TO BE RELIABLE BUT WHICH INFORMATION IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS BY, AND IS NOT TO BE CONSTRUED AS A REPRESENTATION OF THE DISTRICT WITH RESPECT TO INFORMATION PROVIDED BY OTHERS OR THE UNDERWRITER NAMED ON THE COVER PAGE OF THIS OFFICIAL STATEMENT. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS PART OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN CONTAINED ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS OFFICIAL STATEMENT, NOR ANY SALE MADE HEREUNDER, SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE DISTRICT OR SMR OR IN THE STATUS OF LAKEWOOD RANCH OR THE SERIES 2020 ASSESSMENT AREA SINCE THE DATE HEREOF. THE TRUSTEE HAS NOT PARTICIPATED IN THE PREPARATION OF THIS OFFICIAL STATEMENT AND MAKES NO REPRESENTATION WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF ANY OF THE MATERIAL CONTAINED IN THIS OFFICIAL STATEMENT. THE TRUSTEE HAS NO DUTY OR OBLIGATION TO PAY THE 2020 BONDS FROM ITS OWN FUNDS, ASSETS OR CORPORATE CAPITAL OR TO MAKE INQUIRY REGARDING, OR INVESTIGATE THE USE OF, AMOUNTS DISBURSED FROM THE TRUST.

ASSURED GUARANTY MUNICIPAL CORP. (“AGM”) MAKES NO REPRESENTATION REGARDING THE 2020 BONDS OR THE ADVISABILITY OF INVESTING IN THE 2020 BONDS. IN ADDITION, AGM HAS NOT INDEPENDENTLY VERIFIED, MAKES NO REPRESENTATION REGARDING, AND DOES NOT ACCEPT ANY RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT OR ANY INFORMATION OR DISCLOSURE CONTAINED HEREIN, OR OMITTED HEREFROM, OTHER THAN WITH RESPECT TO THE ACCURACY OF THE INFORMATION REGARDING AGM SUPPLIED BY AGM AND PRESENTED UNDER THE HEADING “BOND INSURANCE” AND “APPENDIX A – SPECIMEN MUNICIPAL BOND INSURANCE POLICY.”

THE 2020 BONDS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON CERTAIN EXEMPTIONS SET FORTH IN SUCH ACTS. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE 2020 BONDS IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF ANY JURISDICTIONS WHEREIN THESE SECURITIES HAVE BEEN OR WILL BE REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THE DISTRICT, MANATEE COUNTY, THE STATE OF FLORIDA, NOR ANY OTHER POLITICAL SUBDIVISIONS THEREOF HAVE GUARANTEED OR PASSED UPON THE MERITS OF THE 2020 BONDS, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT.

"FORWARD-LOOKING STATEMENTS" ARE USED IN THIS DOCUMENT BY USING FORWARD LOOKING WORDS SUCH AS "MAY," "WILL," "SHOULD," "INTENDS," "EXPECTS," "BELIEVES," "ANTICIPATES," "ESTIMATES," OR OTHERS. THE READER IS CAUTIONED THAT FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A VARIETY OF UNCERTAINTIES THAT COULD CAUSE ACTUAL

RESULTS TO DIFFER FROM THE PROJECTED RESULTS. THOSE RISKS AND UNCERTAINTIES INCLUDE GENERAL ECONOMIC AND BUSINESS CONDITIONS, CONDITIONS IN THE FINANCIAL MARKETS AND REAL ESTATE MARKET, THE DISTRICT'S COLLECTION OF THE SERIES 2020 ASSESSMENTS, AND VARIOUS OTHER FACTORS WHICH MAY BE BEYOND THE DISTRICT'S CONTROL. BECAUSE THE DISTRICT CANNOT PREDICT ALL FACTORS THAT MAY AFFECT FUTURE DECISIONS, ACTIONS, EVENTS, OR FINANCIAL CIRCUMSTANCES, WHAT ACTUALLY HAPPENS MAY BE DIFFERENT FROM WHAT IS INCLUDED IN FORWARD-LOOKING STATEMENTS.

THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE DISTRICT DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED OCCUR, OTHER THAN AS DESCRIBED UNDER "CONTINUING DISCLOSURE" HEREIN.

THE ORDER AND PLACEMENT OF MATERIALS IN THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES, ARE NOT TO BE DEEMED A DETERMINATION OF RELEVANCE, MATERIALITY OR IMPORTANCE, AND THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES, MUST BE CONSIDERED IN ITS ENTIRETY. THE CAPTIONS AND HEADINGS IN THIS OFFICIAL STATEMENT ARE FOR CONVENIENCE OF REFERENCE ONLY AND IN NO WAY DEFINE, LIMIT OR DESCRIBE THE SCOPE OR INTENT, OR AFFECT THE MEANING OR CONSTRUCTION, OR ANY PROVISIONS OR SECTION IN THIS OFFICIAL STATEMENT.

THIS OFFICIAL STATEMENT IS BEING PROVIDED TO PROSPECTIVE PURCHASERS EITHER IN BOUND PRINTED FORM ("ORIGINAL BOUND FORMAT") OR IN ELECTRONIC FORMAT ON THE FOLLOWING WEBSITES: WWW.MUNIOS.COM AND WWW.EMMA.MSRB.ORG. THIS OFFICIAL STATEMENT MAY BE RELIED UPON ONLY IF IT IS IN ITS ORIGINAL BOUND FORMAT OR AS PRINTED IN ITS ENTIRETY DIRECTLY FROM SUCH WEBSITE.

CERTAIN INFORMATION IN THIS OFFICIAL STATEMENT HAS BEEN PROVIDED BY THE DEPOSITORY TRUST COMPANY, NEW YORK, NEW YORK (“DTC”). THE DISTRICT HAS NOT PROVIDED INFORMATION IN THIS OFFICIAL STATEMENT WITH RESPECT TO DTC AND DOES NOT CERTIFY AS TO THE ACCURACY OR SUFFICIENCY OF THE DISCLOSURE POLICIES OF OR CONTENT PROVIDED BY DTC AND IS NOT RESPONSIBLE FOR THE INFORMATION PROVIDED BY DTC.

REFERENCES TO WEBSITE ADDRESSES PRESENTED HEREIN, INCLUDING THE DISTRICT'S WEBSITE, ARE FOR INFORMATIONAL PURPOSES ONLY AND MAY BE IN THE FORM OF A HYPERLINK SOLELY FOR THE READER'S CONVENIENCE. UNLESS SPECIFIED OTHERWISE, SUCH WEBSITES AND THE INFORMATION OR LINKS CONTAINED THEREIN ARE NOT INCORPORATED INTO, AND ARE NOT PART OF, THIS OFFICIAL STATEMENT FOR ANY PURPOSE INCLUDING FOR PURPOSES OF RULE 15C2- 12 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

THIS OFFICIAL STATEMENT DOES NOT CONSTITUTE A CONTRACT BETWEEN THE DISTRICT OR MBS CAPITAL MARKETS, LLC AND ANY ONE OR MORE OF THE OWNERS OF THE 2020 BONDS.

This Preliminary Official Statement is in a form deemed final by the City for purposes of Rule 15c2-12 under the Securities Exchange Act of 1934, as amended (the “Rule”), except for certain information permitted to be omitted under the Rule.

TABLE OF CONTENTS

Page

SUMMARY STATEMENT	vi
Bond Owners' Risks	vi
The District	vi
The 2020 Bonds	vi
Purpose of the 2020 Bonds	vi
Series 2020 Assessment Area	vi
Security for the 2020 Bonds	vii
INTRODUCTION	1
SUITABILITY FOR INVESTMENT	2
DESCRIPTION OF THE 2020 BONDS	3
General	3
Redemption Provisions	3
Optional Redemption	3
Mandatory Redemption	3
Notice and Effect of Redemption	4
Book-Entry Only System	5
ESTIMATED SOURCES AND USES OF FUNDS	6
DEBT SERVICE REQUIREMENTS FOR 2020 BONDS	8
SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS	8
General	8
Indenture Provisions Relating to Bankruptcy or Insolvency of Landowner	10
No Parity Bonds; Limitation on Additional Bonds	11
Events of Default and Remedies	11
Rights Granted Insurer	11
COLLECTION OF SERIES 2020 ASSESSMENTS	11
ENFORCEMENT OF ASSESSMENT COLLECTIONS	12
Judicial Proceedings	12
Tax Collection Procedures	13
Sale of Tax Certificates	14
FUNDS AND ACCOUNTS	15
2020 Cost of Issuance Account	15
2020 Reserve Account	15
2020 Revenue Account; Application of Pledged Revenues and Investment	16
Investments	17
BOND INSURANCE	17
Bond Insurance Policy	17
Assured Guaranty Municipal Corp.	18
Current Financial Strength Ratings	18
Capitalization of AGM	18
Incorporation of Certain Documents by Reference	19
Miscellaneous Matters	19
RESERVE POLICY	19
THE REFUNDING PLAN	19

BONDHOLDERS' RISKS	20
MUNICIPAL BOND INSURANCE RISK FACTORS	24
THE DISTRICT	24
General	24
Governance	24
Powers and Authority	25
The District Manager	26
Outstanding Debt of the District	26
ASSESSMENT METHODOLOGY	27
LAKEWOOD RANCH	27
General	27
SERIES 2020 ASSESSMENT AREA	28
TAX MATTERS	33
General	33
Information Reporting and Backup Withholding	34
Other Tax Matters Relating to the 2020 Bonds	34
Tax Treatment of Original Issue Discount	35
Tax Treatment of Bond Premium	35
VERIFICATION OF ARITHMETICAL COMPUTATIONS	35
RATINGS	35
AGREEMENT BY THE STATE	36
LEGALITY FOR INVESTMENT	36
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	36
CONTINUING DISCLOSURE	36
FINANCIAL STATEMENTS	36
ENFORCEABILITY OF REMEDIES	37
LITIGATION	37
UNDERWRITING	37
DISCLOSURE OF MULTIPLE ROLES	37
EXPERT	37
CONTINGENT FEES	37
LEGAL MATTERS	37
MUNICIPAL ADVISOR	38
VALIDATION	38
MISCELLANEOUS	38
APPENDIX A – SPECIMEN MUNICIPAL BOND INSURANCE POLICY APPENDIX B – INDENTURE

APPENDIX C – FORM OF OPINION OF BOND COUNSEL
APPENDIX D – FORM OF CONTINUING DISCLOSURE AGREEMENT APPENDIX E – ASSESSMENT METHODOLOGY REPORT
APPENDIX F – AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FOR THE YEAR ENDED SEPTEMBER 30, 2019

SUMMARY STATEMENT

This Summary Statement is part of this Official Statement and is subject in all respects to the more complete information and definitions contained in or incorporated in this Official Statement. This Summary Statement should not be considered to be a complete statement of the facts material to making an investment decision. The offer by the Lakewood Ranch Stewardship District (the "District") of its Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the “2020 Bonds”) is made only by means of this entire Official Statement. No person is authorized to detach this Summary Statement from this Official Statement or to otherwise use it without the entire Official Statement. Unless otherwise defined, all capitalized terms in this Summary Statement shall be as defined herein, in the Indenture (herein defined) or in the text of this Official Statement.

Bond Owners' Risks

Investment in the 2020 Bonds poses certain risks and the 2020 Bonds are not a suitable investment for all potential investors. See "INTRODUCTION," "BONDHOLDERS' RISKS," "SUITABILITY FOR INVESTMENT" and
“MUNICIPAL BOND INSURANCE RISK FACTORS” herein. Potential investors are solely responsible for evaluating the merits and risks of an investment in the 2020 Bonds.

The District

The District is a local unit of special-purpose government of the State of Florida (the "State") created pursuant to the Lakewood Ranch Stewardship District Act, Chapter 2005-338, Laws of Florida as amended (the "Act"). The District consists of approximately 25,605 acres located within both Manatee and Sarasota Counties. For more complete information about the District, see "THE DISTRICT" herein.

The 2020 Bonds

The 2020 Bonds are being issued pursuant to the Act and a Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture") by and between the District and U.S. Bank National Association as successor to Wachovia Bank, National Association as trustee (the "Trustee") as supplemented by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020 between the District and the Trustee (the "Supplemental Indenture" together with the Master Indenture, the "Indenture"). The Master Indenture and form of Supplemental Indenture is reproduced hereto as APPENDIX B. Capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Indenture. The 2020 Bonds will be issued in fully registered form in denominations of $5,000 or any integral multiple thereof. The 2020 Bonds will bear interest at the fixed rates set forth on the inside cover page, calculated on the basis of a 360-day year comprised of twelve thirty-day months, payable on each May 1 and November 1 commencing on November 1, 2020. The 2020 Bonds are subject to extraordinary mandatory, optional and mandatory redemption prior to the stated date of maturity, as provided herein. See "DESCRIPTION OF THE 2020 BONDS" herein.

Purpose of the 2020 Bonds

Proceeds of the 2020 Bonds will be used together with other funds of the District, to: (i) currently refund and defease all of District’s Outstanding Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the “Refunded Bonds”); (ii) pay certain costs associated with the issuance of the 2020 Bonds, including the premium for the Bond Insurance Policy; (iii) pay a portion of the interest first coming due on the 2020 Bonds; (iv) purchase the Reserve Policy to be deposited to the 2020 Reserve Account in partial satisfaction of the Reserve Account Requirement and make a deposit to the 2020 Reserve Account. See "ESTIMATED SOURCES AND USES OF FUNDS" herein.

Series 2020 Assessment Area

The 2020 Bonds will be secured by the Series 2020 Assessments which will be levied on lands within the District on which the special assessments securing the Refunded Bonds have not been paid in full (the “Series 2020

Assessment Area”). Currently special assessments levied in connection with the issuance of the Refunded Bonds have been prepaid on eleven (11) residential units; therefore, reducing the Series 2020 Assessment Area to 793 residential units, and the eighteen hole golf course. While a portion of the special assessments securing the Refunded Bonds will be direct billed this year, the District will covenant that all Series 2020 Assessments will be collected annually by the Manatee County Tax Collector commencing FY2020/2021. See “ASSESSMENT METHODOLOGY herein and Appendix E hereto.

Security for the 2020 Bonds

The principal of and interest on the 2020 Bonds shall be payable solely from, and shall be secured solely by the revenues derived by the District from the Series 2020 Assessments (the "2020 Pledged Revenues") and the Funds and Accounts other than the 2020 Rebate Account established by the Supplemental Indenture (the "2020 Pledged Funds"). The 2020 Pledged Revenues and the 2020 Pledged Funds collectively comprise the "2020 Trust Estate". The scheduled payment of principal of and interest on the 2020 Bonds when due will be guaranteed under a bond insurance policy (the “Bond Insurance Policy”) to be issued concurrently with the delivery of the 2020 Bonds by Assured Guaranty Municipal Corp. (the “Insurer”). See “BOND INSURANCE” herein.

[END OF SUMMARY STATEMENT]

vii

LAKEWOOD RANCH STEWARDSHIP DISTRICT
$ 	_ Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

INTRODUCTION

The purpose of this Official Statement, including the cover page, summary statement and appendices hereto, is to provide certain information in connection with the issuance and sale by Lakewood Ranch Stewardship District (the "District") of its Special Assessments Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the “2020 Bonds”).

No person has been authorized by the District or the Underwriter (as defined herein) to give any information or to make any representations, other than those contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing.

The District is a local unit of special purpose government and an independent special district of the State of Florida, created pursuant to Chapter 2005-338, Laws of Florida as amended (the "Act"). Among the purposes for which the District was established are financing the acquisition and construction of and the maintenance and operation of the infrastructure and other public facilities necessary for development of the lands within the District. The Act authorizes the District to issue bonds for purposes, among others, of financing the cost of acquisition and construction of assessable improvements including water management and control, water supply, wastewater management, reclamation and reuse, roadway improvements, landscaping, street lights, parks and other basic infrastructure projects within and, in accordance with the provisions of the Act, without the boundaries of the District. For more complete information about the District, its Board of Supervisors and the District Manager, see "THE DISTRICT" herein.

The boundaries of the District encompass approximately 25,605 acres of land located in Manatee and Sarasota Counties. The 2020 Bonds will be secured by the Series 2020 Assessments which will be levied on lands within the District on which the special assessments securing the Refunded Bonds have not been paid in full (the “Series 2020 Assessment Area”). See “SERIES 2020 ASSESSMENT AREA” herein

The 2020 Bonds are being issued pursuant to the Act and a Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture") by and between the District and U.S. Bank National Association as successor to Wachovia Bank, National Association as trustee (the "Trustee") as supplemented by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020 between the District and the Trustee (the "Supplemental Indenture" together with the Master Indenture, the "Indenture"). Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Indenture. The principal of and interest on the 2020 Bonds shall be payable solely from, and shall be secured solely by the revenues derived by the District from the Series 2020 Assessments (the "2020 Pledged Revenues") and the Funds and Accounts established by the Supplemental Indenture other than the 2020 Rebate Account (the "2020 Pledged Funds"). The 2020 Pledged Revenues and the 2020 Pledged Funds collectively comprise the "2020 Trust Estate".

NEITHER THE 2020 BONDS NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE THEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF THE STATE OF FLORIDA. THE 2020 BONDS AND THE INTEREST PAYABLE THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE 2020 BONDS. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE 2020 BONDS SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE 2020 TRUST ESTATE PLEDGED TO THE 2020 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

*Preliminary Subject to Change.

Proceeds of the 2020 Bonds will be used together with other funds of the District, to: (i) currently refund and defease all of District’s Outstanding Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the “Refunded Bonds”); (ii) pay certain costs associated with the issuance of the 2020 Bonds, including the premium for the Bond Insurance Policy; (iii) pay a portion of the interest first coming due on the 2020 Bonds; (iv) purchase the Reserve Policy to be deposited to the 2020 Reserve Account in partial satisfaction of the Reserve Account Requirement and make a deposit to the 2020 Reserve Account. See "ESTIMATED SOURCES AND USES OF FUNDS" herein.
Investment in the 2020 Bonds poses certain risks and the 2020 Bonds are not a suitable investment for all potential investors. See "INTRODUCTION," "BONDHOLDERS' RISKS," "SUITABILITY FOR INVESTMENT"
and “MUNICIPAL BOND INSURANCE RISK FACTORS” herein. Potential investors are solely responsible for evaluating the merits and risks of an investment in the 2020 Bonds.
The 2020 Bonds are subject to optional, mandatory and extraordinary mandatory redemption at the times, in the amounts, and at the redemption price more fully described herein under the caption “DESCRIPTION OF THE 2020 BONDS – Redemption Provisions.”
There follows in this Official Statement a brief description of the District, Lakewood Ranch, the Series 2020 Assessment Area, a description of the terms of the 2020 Bonds and summaries of certain terms of the Indenture and certain provisions of the Act and other sections of Florida Statutes. All references herein to the Indenture and the Act are qualified in their entirety by reference to such documents and statute, and all references to the 2020 Bonds are qualified by reference to the form thereof and the information with respect thereto contained in the Indenture. A copy of the Master Indenture and the proposed form of the Supplemental Indenture appear in APPENDIX B hereto.

This Official Statement speaks only as of its date and the information contained herein is subject to change.

SUITABILITY FOR INVESTMENT

Investment in the 2020 Bonds poses certain economic risks. No dealer, broker, salesman or other person has been authorized by the District or the Underwriter to give any information or make any representations, other than those contained in this Official Statement. Additional information will be made available to each prospective investor, including the benefit of a site visit to the District, and the opportunity to ask questions of the District, as such prospective investor deems necessary in order to make an informed decision with respect to the purchase of the 2020 Bonds. Prospective investors are encouraged to request such additional information, visit the District and ask such questions. Such requests should be directed to:

Brett Sealy
MBS Capital Markets, LLC 152 Lincoln Avenue Winter Park, Florida 32789
Ph: (407) 622-0130 ext. 303 (office) [Remainder of page intentionally left blank]

General

DESCRIPTION OF THE 2020 BONDS

The 2020 Bonds are issuable only in fully-registered form, in denominations of $5,000 or any integral

multiple thereof: The 2020 Bonds will be dated as of the date of delivery thereof, will bear interest from that date at the rates per annum and, subject to the redemption provisions set forth below, will mature on the dates set forth on the inside cover page of this Official Statement. Each 2020 Bond shall bear interest from the Interest Payment Date to which interest has been paid next preceding the date of its authentication, unless the date of its authentication: (i) is an Interest Payment Date to which interest on such 2020 Bond has been paid, in which event such 2020 Bond shall bear interest from its date of authentication; or (ii) is prior to the first Interest Payment Date for the 2020 Bonds, in which event such 2020 Bond shall bear interest from its date. Interest on the 2020 Bonds will be computed on the basis of a 360-day year based on twelve 30-day months and will be payable on each May 1 and November 1, commencing November 1, 2020. U.S. Bank National Association is acting as Trustee, Paying Agent and Registrar for the 2020 Bonds.

The 2020 Bonds shall be initially issued in the form of a separate single certificated fully registered 2020 Bond for each Series and maturity thereof. Upon initial issuance, the ownership of each such 2020 Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), the initial Bond Depository. Except as provided in the Indenture, all of the Outstanding 2020 Bonds shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as nominee of DTC. See "DESCRIPTION OF THE 2020 Bonds - Book-Entry Only System" herein.

Redemption Provisions Optional Redemption
The 2020 Bonds may at the option of the District be called for redemption prior to maturity in whole or in part on any date on or after May 1, 2030, at the Redemption Price of the principal amount of the 2020 Bonds or portions thereof to be redeemed together with accrued interest to the Redemption Date.

Mandatory Redemption

The 2020 Bond maturing on May 1, 20 is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
 	(May 1)	

Principal
 	Amount	

Year
 	(May 1)	

Principal
 	Amount	

$	$

*

*Final Maturity

The 2020 Bond maturing on May 1, 20 is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the Redemption Date on May 1 of the years and in the principal amounts set forth below:

Year
 	(May 1)	

Principal
 	Amount	

Year
 	(May 1)	

Principal
 	Amount	

$	$

*

*Final Maturity

As more particularly set forth in the Indenture, any 2020 Bonds that are purchased by the District with amounts held to pay an Amortization Installment will be canceled and the principal amount so purchased will be applied as a credit against the applicable Amortization Installment of 2020 Bonds. Amortization Installments are also subject to recalculation, as provided in the Supplemental Indenture, as the result of the redemption of 2020 Bonds other than from scheduled Amortization Installments so as to reamortize the remaining Outstanding principal balance of the 2020 Bonds, including 2020 Serial Bonds, as set forth in the Supplemental Indenture.

Extraordinary Mandatory Redemption.

The 2020 Bonds are subject to extraordinary mandatory redemption prior to maturity, on any Redemption Date, in the manner determined by the Bond Registrar at the Redemption Price of 100% of the principal amount thereof, without premium, together with accrued interest to the Redemption Date, if and to the extent that any one or more of the following shall have occurred:

from amounts, including Prepayment Principal and Foreclosure Proceeds, required by the Indenture to be deposited into the Prepayment Subaccount of the 2020 Redemption Account; or

from amounts transferred to the Prepayment Subaccount of the 2020 Redemption Account from the 2020 Revenue Account as provided for in the Indenture; or

on the date on which the amount of cash on deposit in the 2020 Reserve Account, together with other moneys available therefor, are sufficient to pay and redeem all of the 2020 Bonds then Outstanding, including accrued interest thereon.

If less than all of the 2020 Bonds shall be called for redemption, the particular 2020 Bonds or portions of 2020 Bonds to be redeemed shall be selected by lot by the Bond Registrar as provided in the Indenture, or as provided or directed by DTC.

Notice and Effect of Redemption

Notice of each redemption of 2020 Bonds is required to be mailed by the Bond Registrar, postage prepaid, not less than thirty (30) nor more than forty-five (45) days prior to the Redemption Date to each Registered Owner of 2020 Bonds to be redeemed at the address of such registered Owner recorded on the bond register maintained by the Bond Registrar. Notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Paying Agent, all as provided in the Indenture, the 2020 Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such 2020 Bonds or such portions thereof on such date, interest on such 2020 Bonds or such portions thereof so called for redemption shall cease to accrue, such 2020 Bonds or portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such 2020 Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent. Further notice of redemption shall be given by the Bond Registrar to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice or any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed.

Book-Entry Only System

The information in this section concerning DTC and DTC's book-entry system has been obtained from DTC and neither the District nor the Underwriter make any representation or warranty or take any responsibility for the accuracy or completeness of such information.

The Depository Trust Company ("DTC") will act as securities depository for the 2020 Bonds. The 2020 Bonds will be issued as fully registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered 2019 Bond certificate will be issued for each maturity of the 2020 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC.

DTC, the world's largest depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). The Direct Participants and the Indirect Participants are collectively referred to herein as the "DTC Participants". DTC has a Standard & Poor's rating of AA+. The DTC rules applicable to its DTC Participants are on file with the Securities and Exchange Commission (the "SEC"). More information about DTC can be found at www.dtcc.com.

Purchases of 2020 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the 2020 Bonds on DTC's records. The ownership interest of each actual purchaser of each 2019 Bond (each a "Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the 2020 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the 2020 Bonds, except in the event that use of the book-entry system for the 2020 Bonds is discontinued.

To facilitate subsequent transfers, all 2020 Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the 2020 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the 2020 Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such 2020 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of 2020 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the 2020 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the 2019 Bond documents. For example, Beneficial Owners of 2020 Bonds may wish to ascertain that the nominee holding the 2020 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the Registrar and request that copies of notices be provided directly to them.

Redemption notices shall be sent to DTC. If less than all of the 2020 Bonds within a maturity are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the 2020 Bonds unless authorized by a Direct Participant in accordance with DTC's MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the 2020 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Principal and interest payments on the 2020 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the District or the Paying Agent on a payment date in accordance with their respective holdings shown on DTC's records. Payments by DTC Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name", and will be the responsibility of such DTC Participant and not of DTC nor its nominee, the Trustee, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest on the 2020 Bonds, as applicable, to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District and/or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the 2020 Bonds at any time by giving reasonable notice to the District or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, 2019 Bond certificates are required to be printed and delivered.

The District may decide to discontinue use of the system of book-entry transfers through DTC upon compliance with any applicable DTC rules and procedures. In that event, 2019 Bond certificates will be printed and delivered at the expense of the District.

So long as Cede & Co. is the registered owner of the 2020 Bonds, as nominee of DTC, reference herein to the Bondholders or Registered Owners of the 2020 Bonds will mean Cede & Co., as aforesaid, and will not mean the Beneficial Owners of the 2020 Bonds.

NEITHER THE DISTRICT NOR THE TRUSTEE WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO THE DTC PARTICIPANTS OR THE PERSONS FOR WHOM THEY ACT AS NOMINEE WITH RESPECT TO THE PAYMENTS TO OR THE PROVIDING OF NOTICE FOR THE DTC PARTICIPANTS OR THE BENEFICIAL OWNERS OF THE 2020 BONDS. THE DISTRICT CANNOT AND DOES NOT GIVE ANY ASSURANCES THAT DTC, THE DTC PARTICIPANTS OR OTHERS WILL DISTRIBUTE PAYMENTS OF PRINCIPAL OF OR INTEREST ON THE 2020 BONDS PAID TO DTC OR ITS NOMINEE, AS THE REGISTERED OWNER, OR PROVIDE ANY NOTICES TO THE BENEFICIAL OWNERS OR THAT THEY WILL DO SO ON A TIMELY BASIS, OR THAT DTC WILL ACT IN THE MANNER DESCRIBED IN THIS OFFICIAL STATEMENT.

ESTIMATED SOURCES AND USES OF FUNDS
Proceeds from the issuance and delivery of the 2020 Bonds and other legally available District moneys are expected to be applied as follows:

SOURCES		
Par Amount of 2020 Bonds	  $		
Less Net Original Issue Discount	 	(	) 	
Plus Other Legally Available District Moneys	 		
TOTAL SOURCES:	$	

USES		
Deposit to Escrow Fund Pursuant to Escrow Deposit Agreement	$	
Deposit to 2020 Reserve Account	$	

Deposit to 2020 Interest Account(1)	$	
Costs of Issuance (including Underwriter’s Discount)(2)	  $		
TOTAL USES:	

To pay interest on the 2020 Bonds through November 1, 2020.
Includes fees of professionals and consultants and Bond Insurance Policy and Reserve Policy premium printing and other related costs of issuance.
.

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DEBT SERVICE REQUIREMENTS FOR 2020 BONDS

Ending November Year 1			

Principal		

Interest			Total 2020 Bonds Debt Service	
2020			$		$			$	
2021									
2022									
2023									
2024									
2025									
2026									
2027									
2028									
2029									
2030									
2031									
2032									
2033									
2034									
2035									
2036									
2037*									

			$					$	

*Final Maturity May 1, 2037.

General

SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS

NEITHER THE 2020 BONDS NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON

SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF FLORIDA. THE 2020 BONDS AND THE INTEREST AND PREMIUM, IF ANY, PAYABLE THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS THEREOF. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS OF THE 2020 BONDS SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE 2020 TRUST ESTATE PLEDGED TO THE 2020 BONDS.

The principal of and interest on the 2020 Bonds will be payable from, and shall be secured solely by the 2020 Pledged Revenues and the 2020 Pledged Funds which comprise the 2020 Trust Estate. See, "APPENDIX B – INDENTURE."

The principal source of payment for the 2020 Bonds are the revenues derived by the District from the Series 2020 Assessments imposed pursuant to the Assessment Proceedings. 2020 Pledged Revenues also consist of amounts received from any foreclosure or other court proceeding for the enforcement of collection of the Series 2020

Assessments or from the issuance and sale of tax certificates with respect to such Series 2020 Assessments, less the fees and costs of collection thereof payable to the Tax Collector or other collection agent and less certain administrative costs payable to the Property Appraiser. The Indenture provides that the District shall collect Series 2020 Assessments on platted lots using the Uniform Collection Method provided for in Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, as amended (the "Uniform Method"). The Indenture also provides that the extent the District is not able to collect such Series 2020 Assessments pursuant to the Uniform Method or to the extent the District determines that is not in its best interest to use the Uniform Method, the District, with the prior written consent of the Insurer, may elect to collect and enforce such Series 2020 Assessments pursuant to any then available and commercially reasonable method under the Act, Chapter 170, Florida Statutes, Chapter 197, Florida Statutes, or any successor statutes thereto. See also "COLLECTION OF SERIES 2020 ASSESSMENTS" herein.

The District has covenanted in the Indenture that if the owner of any lot or parcel of land shall be delinquent in the payment of any Series 2020 Assessment, then such Series 2020 Assessment shall be enforced in accordance with Section 6 of the Act or collected pursuant to the provisions of Chapters 170 and 197, Florida Statutes including but not limited to the sale of tax certificates and tax deeds as regards such Delinquent Assessment. If the provisions of Chapter 197, Florida Statutes, are inapplicable, then upon the delinquency of any Series 2020 Assessment, the District either on its own behalf, or through the actions of the Trustee, may, but is not obligated to, declare the entire unpaid balance of such Assessment to be in default, at its own expense and cause such delinquent property to be foreclosed in the same method now or hereafter provided by law for the foreclosure of mortgages on real estate, or pursuant to the provisions of Chapter 173, Florida Statutes, Section 6 of the Act and Chapter 170, Florida Statutes, or otherwise as provided by law.

The District has additionally covenanted that, it will take such actions to enforce the remedial provisions of the Indenture, the provisions for the collection of Delinquent Assessments, and the provision for the foreclosure of liens of Delinquent Assessments and will take such other appropriate remedial actions as shall be directed by the Trustee acting at the direction of and on behalf of, the Majority Owners. However, the 2020 Bonds may not be accelerated except to the extent the Series 2020 Assessments have been accelerated.

In the Supplemental Indenture, the District has covenanted that if any property shall be offered for sale for the nonpayment of any Series 2020 Assessment and no person or persons shall purchase such property for an amount equal to the full amount due on the Series 2020 Assessments (principal, interest, penalties and costs, plus attorneys' fees, if any), the property may then be purchased by the District for an amount equal to the balance due on the Series 2020 Assessments for such property (principal, interest, penalties and costs, plus attorneys' fees, if any), from any legally available funds of the District and the District shall receive in its corporate name or in the name of a special- purpose entity title to the property for the benefit of the Owners of the 2020 Bonds; provided that the Trustee shall have the right, acting at the direction of the Majority Owners, but shall not be obligated, to direct the District with respect to any action to be so taken provided the District shall not be obligated to spend funds outside of the 2020A Trust Estate for the purpose of purchasing such property. The District, either through its own actions, or actions caused to be taken through the Trustee, shall have the power and shall lease or sell such property, and deposit all of the net proceeds of any such lease or sale into the Prepayment Subaccount. The District, either through its own actions, or actions caused to be taken through the Trustee, agrees that it shall, after being provided assurances satisfactory to it of payment of its fees, costs and expenses for doing so, be required to take the measures provided by law for listing for sale of property acquired by it as trustee for the Owners of the 2020 Bonds within thirty (30) days after the receipt of the request therefor signed by the Trustee or the Majority Owners. The Trustee may, upon direction from the Majority Owners, pay costs associated with any such actions taken by the District from any moneys legally available for such purpose held under the Indenture.

If any Series 2020 Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or the District shall be satisfied that any such Series 2020 Assessment is so irregular or defective that it cannot be enforced or collected, or if the District shall have omitted to make such Series 2020 Assessment when it might have done so, the District has covenanted to either: (i) take all necessary steps to cause a new Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement; or
in its sole discretion, make up the amount of such Assessment from legally available moneys, which moneys shall be deposited into the 2019 Revenue Account. In case any such subsequent Assessment shall also be annulled, the District shall obtain and make other Assessments until a valid Assessment shall be made.

The 2020 Bonds are limited obligations of the District issued under the provisions of the Act and the Indenture and do not constitute an indebtedness of the State, or any political subdivision thereof and are payable solely from proceeds of the 2020 Trust Estate, and the District is not obligated to pay the 2020 Bonds except from such funds. The issuance of the 2020 Bonds shall not directly, indirectly or contingently obligate the District to levy or pledge any

other funds whatsoever therefor or to make any appropriation for its payment except from such funds. The 2020 Bonds are not obligations or indebtedness of the State or any agency, authority, district or political subdivision of the State, other than the District.

Indenture Provisions Relating to Bankruptcy or Insolvency of Landowner

The Supplemental Indenture contains the following provisions which, pursuant to the terms of the Supplemental Indenture, shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action by or against any owner of any tax parcel subject to at least three percent (3%) of the then Outstanding Series 2020 Assessments (an "Insolvent Taxpayer") under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or relief of debtors (a "Proceeding"). For as long as any 2020 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Trustee, the 2020 Bonds or the Series 2020 Assessments, the District shall be obligated to act in accordance with direction from the Trustee with regard to all matters directly or indirectly affecting the 2020 Bonds. The District agrees that it shall not be a defense to a breach of the foregoing covenant that it has acted upon advice of counsel in not complying with this covenant.

The District acknowledges and agrees that, although the 2020 Bonds were issued by the District, the Owners of the 2020 Bonds are categorically the party with the ultimate financial stake in the transaction and, consequently, the party with a vested and pecuniary interest in a Proceeding. In the event of any Proceeding involving any Insolvent Taxpayer: (a) the District agrees that it shall follow the direction of the Trustee in making any election, giving any consent, commencing any action or filing any motion, claim, obligation, notice or application or in taking any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2020 Assessments, the 2020 Bonds or any rights of the Trustee under the Indenture; (b) the District agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2020 Assessments, the 2020 Bonds or any rights of the Trustee under the Indenture that are inconsistent with any direction from the Trustee; (c) the Trustee shall have the right, but is not obligated to, (i) file and vote in any such Proceeding any and all claims of the District, and seek or oppose any relief in any such Proceeding that the District, as claimant with respect to the Series 2020 Assessments, would have the right to pursue, and, if the Trustee chooses to exercise any such rights, the District shall be deemed to have appointed the Trustee as its agent and granted to the Trustee an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to the District in connection with any Proceeding of any Insolvent Taxpayer, including without limitation, the right to file and/or prosecute and/or defend any claims and proofs of claims, to vote to accept or reject a plan, to seek dismissal of the Proceeding, to seek stay relief to commence or continue foreclosure or pursue any other available remedies as to the Series 2020 Assessments, to seek substantive consolidation, to seek to shorten the Insolvent Taxpayer's exclusivity periods or to oppose any motion to extend such exclusivity periods, to oppose any motion for use of cash collateral or for authority to obtain financing, to oppose any sale procedures motion or any sale motion, to propose a competing plan of reorganization or liquidation, or to make any election under Section 1111(b) of the Bankruptcy Code and (d) the District shall not challenge the validity or amount of any claim submitted in good faith in such Proceeding by the Trustee or any valuations of the lands owned by any Insolvent Taxpayer submitted in good faith by the Trustee in such Proceeding or take any other action in such Proceeding, which is adverse to Trustee's enforcement of the District's claim and rights with respect to the Series 2020 Assessments or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Without limiting the generality of the foregoing, the District agrees that the Trustee shall have the right (i) to file a proof of claim with respect to the Series 2020 Assessments, (ii) to deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (iii) to defend any objection filed to said proof of claim.

Notwithstanding the provisions of the immediately preceding paragraphs, the Supplemental Indenture does not preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments, and the District shall be free to pursue such a claim in such manner as it shall deem appropriate in its sole and absolute discretion. Any actions taken by the District in pursuance of its claim for operation and maintenance assessments in any Proceeding shall not be considered an action adverse or inconsistent with the Trustee's rights or directions with respect to the Series 2020 Assessments whether such claim is pursued by the District or the Trustee; provided, however, that the District shall not oppose any relief sought by the Trustee under the authority granted to the Trustee in clause (c) of the paragraph above.

No Parity Bonds; Limitation on Additional Bonds

Pursuant to the Supplemental Indenture, the District shall not, while any 2020 Bonds are Outstanding, or any amounts are owed to the Insurer cause or permit to be caused any lien, charge or claim against the 2020 Trust Estate or issue any additional debt payable from the 2020 Trust Estate without the prior written consent of the Insurer.

Events of Default and Remedies

Events of Default. Each of the following events is an Event of Default with respect to the 2020 Bonds:

Any payment of Debt Service on the 2020 Bonds is not made when due;

The District shall for any reason be rendered incapable of fulfilling its obligations under the Indenture relating to the 2020 Bonds;

The District admits in writing its inability to pay its debts generally as they become due, or files a petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or trustee for itself or the whole or part of a related Series Project;

The District is adjudged insolvent by a court of competent jurisdiction, or is adjudged a bankrupt on a petition in bankruptcy filed against the District, or an order, judgment or decree be entered by any court of competent jurisdiction appointing, without the consent of the District, a receiver or trustee of the District or of the whole or any part of its property and if the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within ninety (90) days from the date of entry thereof;

The District shall file a petition or answer seeking reorganization or any arrangement under the Federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof;

Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the District's assets or any part thereof, and such custody or control shall not be terminated within ninety (90) days from the date of assumption of such custody or control;

The District shall default in the due and punctual performance of any of the covenants, conditions, agreements and provisions contained in the 2020 Bonds or in the Indenture on the part of the District to be performed (other than a default in the payment of Debt Service on the 2020 Bonds when due, which is an Event of Default under subsection (a) above) and such default shall continue for thirty (30) days after written notice specifying such default and requiring same to be remedied shall have been given to the District by the Trustee or, if the Trustee is unwilling or unable to act, by Owners of not less than ten per centum (10%) in aggregate principal amount of the 2020 Bonds then Outstanding;

Remedies. Pursuant to the Supplemental Indenture, the District covenants and agrees that it will take such actions to enforce the remedial provisions of the Indenture, the provisions for the collection of Delinquent Assessments, and the provisions for the foreclosure of liens of Delinquent Assessments will take such other appropriate remedial actions as shall be directed by the Trustee acting at the direction of and on behalf of, the Majority Owners. However, the 2020 Bonds may not be accelerated except to the extent the Series 2020 Assessments have been accelerated.
Rights Granted Insurer

The Supplemental Indenture provides that, for so long as the Bond Insurance Policy is in force and effect with respect to the 2020 Bonds and the Insurer is not in default under the Bond Insurance Policy, the Insurer shall be deemed to be the Owner of all of the Outstanding 2020 Bonds for purposes of controlling any rights and remedies upon the occurrence of any Event of Default.

COLLECTION OF SERIES 2020 ASSESSMENTS

The Supplemental Indenture provides that, subject to the immediately succeeding sentence, Series 2020 Assessments levied on platted lots and pledged to secure the 2020 Bonds shall be collected by the County Tax Collector pursuant to the Uniform Method. To the extent the District is not able to collect such Series 2020 Assessments pursuant to the Uniform Method or to the extent the District determines that it is not in its best interest to use the Uniform Method, the District, with the prior written consent of the Insurer, may elect to collect and enforce

such Series 2020 Assessments pursuant to any then available and commercially reasonable method under the Act, Chapter 170, Florida Statutes, Chapter 197, Florida Statutes, or any successor statutes thereto.

The Indenture further provides that in addition to, and not in limitation of, the covenants contained elsewhere in the Indenture, the District covenants to comply with the terms of the proceedings heretofore adopted with respect to the Series 2020 Assessments, including the Assessment Methodology See "APPENDIX E – ASSESSMENT METHODOLOGY REPORT", and to levy the Series 2020 Assessments in accordance with such proceedings and as in such manner as will generate funds sufficient to pay the principal of and interest on the 2020 Bonds, when due. The Assessment Methodology may not be amended in a manner that will or is likely to have a material adverse effect on the interests of the holders of the 2020 Bonds without the written consent of the Owners of a majority in aggregate principal amount of the 2020 Bonds then Outstanding.

ENFORCEMENT OF ASSESSMENT COLLECTIONS

As stated herein, the primary prospective source of payment for the 2020 Bonds are the revenues derived by the District from the Series 2020 Assessments imposed on each parcel of benefited land within the District pursuant to the Assessment Proceedings. To the extent that landowners in the Series 2020 Assessment Area fail to pay such Series 2020 Assessments, delay payments, or are unable to pay the same, the successful pursuit of collection procedures available to the District is essential to continued payment of principal of and interest on the 2020 Bonds. The Act provides for various methods of collection of delinquent special assessments by reference to other provisions of the Florida Statutes. The following is a description of certain statutory provisions of assessment payment and collection procedures appearing in the Florida Statutes, but is qualified in its entirety by reference to such statutes.

Judicial Proceedings

In addition to the sale of tax certificates as a method of enforcing the payment of Series 2020 Assessments, Section 170.10, Florida Statutes, provides that upon the failure of any property owner to pay the principal of the Series 2020 Assessments or the interest thereon, when due, the governing body of the District is authorized to commence legal proceedings for the enforcement of the payment thereof, including commencement of an action in chancery, commencement of a foreclosure proceeding in the same manner as the foreclosure of a real estate mortgage, or commencement of an action under Chapter 173, Florida Statutes, relating to foreclosure of municipal tax and special assessment liens. Foreclosure proceedings under the provisions of Chapter 173, Florida Statutes, can be commenced after the expiration of one year from the date any special assessment or installment thereof becomes due. Section 170.10, Florida Statutes does not have the one year waiting period. Such a proceeding is in rem, meaning that it is brought against the land and not against the owner in the Circuit Court where the land is located.

Certain mortgage lenders have, in recent foreclosure suits brought under Chapter 170, Florida Statutes, plead a defense stating that a foreclosing district must abide by the same one year period as Chapter 173, Florida Statutes, in order to begin foreclosure proceedings. To the extent that any districts have taken a position on this, they have all asserted that the one year waiting period does not apply to Chapter 170, Florida Statutes, and at least one Circuit Court has agreed.

In general, after the District commences the suit, there is a period of notice to, and an opportunity for response by, affected persons. Ultimately a hearing will be held and if the court decides in favor of the District, a judgment will be rendered in the amount of the delinquent special assessments and costs of the proceeding. The judgment would also direct sale of the land subject to the delinquent special assessments by public bid to the highest bidder, with proceeds of the sale being applied to payment of the delinquent special assessments. If no bidder bids at least the amount of the delinquent special assessments and applicable costs, the District may obtain title to the land.

Enforcement of the obligation to pay Series 2020 Assessments and the ability of the Tax Collector to sell tax certificates and ultimately tax deeds, or the ability to foreclose the lien created by the failure to pay Series 2020 Assessments, may not be readily available or may be limited as such enforcement is dependent upon judicial actions that are often subject to discretion and delay.

For a description of the Series 2020 Assessments and the methodology for their levy, please refer to "APPENDIX E – ASSESSMENT METHODOLOGY REPORT" herein.

Unless the Series 2020 Assessments are collected using the Uniform Method, the only remedies available for enforcement of the Series 2020 Assessments would be those described in this Section.

Tax Collection Procedures

The Series 2020 Assessments will be payable in annual installments and will be certified for collection by the District each year. The determination, order, levy and collection of Series 2020 Assessments must be done in compliance with procedural requirements and guidelines provided by State law. Failure by the District or the Tax Collector or the Property Appraiser (in the case of Series 2020 Assessments being collected using the Uniform Method) to comply with such requirements could result in delays in the collection of, or the complete inability to collect, Series 2020 Assessments during any year. Such delays in the collection of, or complete inability to collect, Series 2020 Assessments could have a material adverse effect on the ability of the District to make full or punctual payment of Debt Service on the 2020 Bonds.

As stated herein, the primary source of payment for the 2020 Bonds are expected to be the revenues derived by the District from the Series 2020 Assessments imposed on benefited lands within the District pursuant to the Assessment Proceedings. To the extent that landowners fail to pay such Series 2020 Assessments, delay payments, or are unable to pay the same, the successful pursuit of collection procedures available to the District is essential to continued payment of principal of and interest on the 2020 Bonds. The Act provides for various methods of collection of delinquent special assessments by reference to other provisions of the Florida Statutes. The following is a description of certain statutory provisions of assessment payment and collection procedures appearing in the Florida Statutes, but is qualified in its entirety by reference to such statutes.

The Florida Statutes provide that, subject to certain conditions, assessments such as the Series 2020 Assessments may be collected in the same manner as ad valorem taxes. The statutes relating to enforcement of ad valorem taxes provide that ad valorem taxes become due and payable on November 1 of the year when assessed and constitute a lien upon the land from January 1 of such year. The Series 2020 Assessments are a lien on the land against which they are assessed from the date the assessments are levied until paid or barred by operation of law. The lien of the Series 2020 Assessments is of equal dignity with the lien for ad valorem taxes upon land, and thus is a first lien, superior to all other liens, including mortgages (except for state and county taxes and other taxes which are of equal dignity). Such taxes and assessments (including the Series 2020 Assessments, if any, being collected by the Uniform Method) are to be billed, and landowners in the District, subject to next succeeding sentence, are required to pay all such taxes and assessments, without preference in payment of any particular increment of the tax bill, such as the increment owing for the Series 2020 Assessments. If a landowner initiates legal proceedings contesting the levy or the amount of a particular ad valorem tax or possibly a non-ad valorem assessment which could include the Series 2020 Assessments, under certain circumstances, such landowner may be permitted to pay only that amount of ad valorem taxes and possibly non ad valorem assessments that the landowner, in good faith, admits to be owing. As described below, if a landowner should commence legal proceedings regarding the Series 2020 Assessments, this could result in the delay of certain remedial actions made available using the Uniform Method. If a significant number of landowners contest the levy or amount of Series 2020 Assessments, it is possible the District would not have sufficient revenues to timely pay debt service on the 2020 Bonds. Upon any receipt of moneys by the Tax Collector from the Series 2020 Assessments, such moneys will be delivered to the District, which will remit such moneys to the Trustee for deposit to the applicable accounts and subaccounts under the Indenture and applied in accordance therewith.

All city, county, school and special districts, including the District, ad valorem taxes, non-ad valorem special assessments and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, including the Series 2020 Assessments collected pursuant to the Uniform Method, are payable at one time. If a taxpayer does not make complete payment of the total amount, he or she cannot designate specific line items on his or her tax bill as deemed paid in full, except that if a taxpayer has commenced legal proceedings contesting the levy or amount of an ad valorem tax and possibly a non-ad valorem assessment, a tax collector may accept a partial payment of the ad valorem tax, and possibly, the non-ad valorem assessment. If a taxpayer disputes all or a portion of the Series 2020 Assessments, and pays the balance of ad valorem taxes and non-ad valorem assessments which the taxpayer in good faith admits to be owing, this could possibly cause a delay in the collection of the Series 2020 Assessments, which could have a significant adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on the 2020 Bonds. Under certain circumstances, the District may prospectively opt out of using the Uniform Method and utilize the foreclosure procedures described in the section above captioned "Judicial Proceedings".

If Series 2020 Assessments collected pursuant to the Uniform Method are paid during November when due or during the following three months, the taxpayer is granted a variable discount equal to 4% in November and decreasing one percentage point per month to 1% in February. All unpaid taxes become delinquent on April 1 of the year following assessment, and the Tax Collector is required to collect taxes prior to April 1 and after that date to institute statutory procedures upon delinquency to collect assessed taxes. Delay in the mailing of tax notices to taxpayers may result in a delay throughout this process.

Sale of Tax Certificates

The collection of delinquent special assessments under the Uniform Method is, in essence, based upon the sale by the Tax Collector of "tax certificates" and remittance of the proceeds of such sale to the District for the payment of the special assessment due. The demand for such certificates is in turn dependent upon various factors, which include the interest that can be earned by ownership of such certificates and the value of the land that is the subject of such certificates and which may be subject to sale at the demand of the certificate holder. Therefore, the underlying value of the land within the District may affect the demand for such certificates and the successful collection of the Series 2020 Assessments. See "BONDHOLDERS' RISKS" herein.

In the event of a delinquency in the payment of taxes on real property, the Tax Collector is required to attempt to sell tax certificates on such property to the person who pays the delinquent taxes and interest and certain costs and charges relating thereto, and who accepts the lowest interest rate per annum to be borne by the certificates (not to exceed 18%). Delinquent taxes may be paid by a taxpayer prior to the date of sale of a tax certificate by the payment of such taxes, together with interest and all costs and charges relating thereto. Generally, tax certificates are sold by public bid. If there are no bidders at the public sale of tax certificates, the certificate is issued to the county in which the assessed lands are located, at the maximum rate of interest allowed (currently 18%). During the pendency of any litigation arising from the context of a landowner's tax assessment collected through the Uniform Method, which may possibly include non-ad valorem special assessments such as the Series 2020 Assessments, it is possible that the tax collector will not sell tax certificates with respect to such property. The Tax Collector does not collect any money if tax certificates are issued to the county. Proceeds from the sale of tax certificates are required to be used to pay taxes (including Series 2020 Assessments), interest, costs and charges on the real property described in the certificate.

County-held certificates may be purchased and any tax certificate may be redeemed, in whole or in part, by any person at any time before a tax deed is issued or the property is placed on the list of lands available for sale, at a price equal to the face amount of the certificate or portion thereof together with all interest, costs, charges and omitted taxes due. The proceeds of such a redemption are paid to the Tax Collector who transmits to the holder of the certificate such proceeds less service charges, and the certificate is canceled. Any holder, other than the county, of a tax certificate that has not been redeemed has seven years from the date of issuance of the tax certificate during which to act against the land that is the subject of the tax certificate.

After an initial period ending two years from April 1 of the year of issuance of a certificate, during which period actions against the land are held in abeyance to allow for sales and redemptions of tax certificates and before the expiration of seven years from the date of issuance, the holder of a certificate may apply for a tax deed to the subject land. The applicant is required to pay to the Tax Collector at the time of application all amounts required to redeem or purchase all other outstanding tax certificates covering the land, plus interest, any omitted taxes or delinquent taxes and interest, and current taxes, if due. If the County holds a tax certificate on property valued at
$5,000 or more and has not succeeded in selling it, the county must apply for a tax deed two years after April 1 of the year of issuance. The County pays costs and fees to the Tax Collector but not any amount to redeem any other outstanding certificates covering the land. Thereafter, the property is advertised for public sale.

In any such public sale, the private holder of the tax certificate who is seeking a tax deed for non-homestead property is deemed to submit a minimum bid equal to the amount required to redeem the tax certificate, charges for the cost of sale, redemption of other tax certificates on the land, and the amount paid by such holder in applying for the tax deed, plus interest thereon. In the case of homestead property, the bid is also deemed to include an amount equal to one-half of the latest assessed value of the homestead. If there are no higher bids, the holder receives title to the land and the amounts paid for the certificate and in applying for a tax deed are credited towards the purchase price. If there are other bids, the holder may enter the bidding. The highest bidder is awarded title to the land. The portion of proceeds of such sale needed to redeem the tax certificate, and all other amounts paid by such person in applying for a tax deed, are forwarded to the holder thereof or credited to such holder if such holder is the successful bidder. Excess proceeds are distributed first to satisfy governmental liens against the land and then to the former title holder of the property (less service charges), lienholders of record, mortgagees of record, vendees of recorded contracts for

deeds, and other lienholders and any other person to whom the land was last assessed on the tax roll for the year in which the land was assessed, all as their interests may appear.

Except for certain governmental liens and certain restrictive covenants and restrictions, no right, interest, restriction or other covenant survives the issuance of a tax deed. Thus, for example, outstanding mortgages on property subject to a tax deed would be extinguished.

If there are no bidders at the public sale, the County may at any time within ninety (90) days from the date of offering for public sale purchase the land without further notice or advertising for a statutorily prescribed opening bid. After ninety (90) days have passed, any person or governmental unit may purchase the land by paying the amount of the opening bid. Three years from the date of offering for public sale, unsold lands escheat to the County in which they are located and all tax certificates and liens against the property are canceled and a deed is executed vesting title in the County Commissioners.

FUNDS AND ACCOUNTS

Pursuant to the Supplemental Indenture, the following Funds and Accounts will be held by the Trustee:

within the Acquisition and Construction Fund, a 2020 Costs of Issuance Account;

within the Debt Service Fund, a (i) 2020 Debt Service Account and therein 2020 Sinking Fund Account, a 2020 Principal Account and a 2020 Interest Account; and (ii) a 2020 Redemption Account and therein a Prepayment Subaccount and a 2020 Optional Redemption Subaccount;

within the Reserve Fund, a 2020 Reserve Account to be held solely for the benefit of all of the 2020 Bonds; and

within the Revenue Fund, a 2020 Revenue Account.

2020 Cost of Issuance Account

Amounts deposited in the 2020 Costs of Issuance Account shall, at the written direction of an Authorized Officer to the Trustee, be used to pay the costs of issuance relating to the 2020 Bonds. On the earlier to occur of: (x) ninety (90) days from the date of initial issuance and delivery of the 2020 Bonds or (y) the written direction of an Authorized Officer, any amounts deposited in the 2020 Costs of Issuance Account which are not requisitioned to pay such costs shall be transferred over and deposited into the 2020 Revenue Account and used for the purposes permitted therefor, whereupon the 2020 Costs of Issuance Account shall be closed.

2020 Reserve Account

The 2020 Reserve Account shall be funded and maintained at all times in an amount equal to the 2020 Reserve Account Requirement. The 2020 Reserve Account Requirement (50% of the Maximum Annual Debt Service Requirement for the 2020 Bonds on the date of issuance thereof) shall be satisfied by the deposit in the 2020 Reserve Account of the Reserve Policy in an amount equal to eighty percent (80%) of such requirement and twenty (20%) by deposit of cash. The District may, subject to the terms of the Reserve Policy, at any time and from time to time substitute cash, 2020 Investment Obligations, a Reserve Policy or any combination thereof for any of the foregoing then on deposit in the 2020 Reserve Account provided that so long as the Bond Insurance Policy is outstanding or amounts are owed to the Insurer the 2020 Reserve Account cannot be funded with less than 20% cash.

Except as otherwise provided in the Indenture and subject to the provisions thereof related to draws on the Reserve Policy, amounts on deposit in the 2020 Reserve Account (including draws under the Reserve Policy) shall be used only for the purpose of making payments into the 2020 Interest Account, the 2020 Principal Account and the 2020 Sinking Fund Account to pay Debt Service on the 2020 Bonds, when due, without distinction as to 2020 Bonds and without privilege or priority of one 2020 Bond over another, to the extent the moneys on deposit in such Accounts available therefor are insufficient and for no other purpose. Pursuant to the Supplemental Indenture the District covenants and agrees to abide by the terms and conditions of the Reserve Policy set forth in Exhibit C to the Supplemental Indenture.

Provided that there are no costs or other amounts due and owing in connection with the Bond Insurance Policy or the Reserve Policy as certified to the Trustee in writing by the Insurer, on the earliest date on which there is on deposit in the 2020 Reserve Account, sufficient monies, without taking into account the amount available under

the Reserve Policy, but taking into account other monies available therefor, to pay and redeem all of the Outstanding 2020 Bonds, together with accrued interest and redemption premium, if any, on such 2020 Bonds to the earliest Redemption Date permitted therein and in the Indenture, then the Trustee shall transfer the amount on deposit in the 2020 Reserve Account into the Prepayment Subaccount of the 2020 Redemption Account to pay and redeem all of the Outstanding 2020 Bonds on the earliest date permitted for redemption therein and in the Indenture.

2020 Revenue Account; Application of Pledged Revenues and Investment

Immediately upon receipt the District shall deposit the 2020 Pledged Revenues with the Trustee together with a written accounting of the classification of such 2020 Pledged Revenues in the following categories which shall be deposited by the Trustee into the Funds and Accounts established under the Supplemental Indenture as follows:

Prepayment Principal and Foreclosure Proceeds, which shall be deposited into the Prepayment Subaccount in the 2020 Redemption Account;

Delinquent Assessment Principal and Delinquent Assessment Interest, which shall first be applied to restore the amount of any draws under the Reserve Policy and then to restore any cash withdrawal from the 2020 Reserve Account and then the balance, if any, shall be deposited into the 2020 Revenue Account; and

all other 2020 Pledged Revenues shall be deposited into the 2020 Revenue Account.

On the forty-fifth (45th) day preceding each Redemption Date (or if such forty-fifth (45th) day is not a Business Day, on the Business Day next preceding such forty-fifth (45th) day), the Trustee shall determine the amount on deposit in the Prepayment Subaccount and, if the balance in such Subaccount is greater than zero, shall transfer from the 2020 Revenue Account for deposit into such Subaccount, an amount sufficient to increase the amount on deposit in such Subaccount to an integral multiple of $5,000 (provided that there are sufficient funds remaining in the 2020 Revenue Account to pay Debt Service coming due on the 2020 Bonds on the next Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of 2020 Bonds as provided in the Supplemental Indenture on the next succeeding Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in the Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of the 2020 Bonds; provided.

The Trustee shall transfer from amounts remaining on deposit in the 2020 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:

FIRST, no later than seven (7) Business Days next preceding each May 1, to the 2020 Interest Account, an amount equal to the interest on the 2020 Bonds becoming due on the next succeeding May 1, less any amounts on deposit in the 2020 Interest Account not previously credited;

SECOND, no later than seven (7) Business Days next preceding each stated maturity date of the 2020 Bonds, to the 2020 Principal Account, an amount equal to the principal amount of 2020 Serial Bonds maturing on such May 1, if any, less any amounts on deposit in the 2020 Principal Account not previously credited;

THIRD, no later than seven (7) Business Days next preceding each May 1, to the 2020 Sinking Fund Account, an amount equal to the Amortization Installment due on the 2020 Term Bonds subject to mandatory sinking fund redemption on such May 1, less any amounts on deposit in the 2020 Sinking Fund Account not previously credited;

FOURTH, no later than seven (7) Business Days next preceding each November 1, to the 2020 Interest Account, an amount equal to the interest on the 2020 Bonds becoming due on the next succeeding November 1, less any amounts on deposit in the 2020 Interest Account not previously credited;

FIFTH, no later than seven (7) Business Days next preceding each Interest Payment Date while 2020 Bonds remain Outstanding, to the 2020 Reserve Account, first, an amount equal to the amount, if any, which is necessary to repay any draws under the Reserve Policy and any amounts owed to the Insurer in connection therewith, and then, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein, together with the Reserve Policy, equal the 2020 Reserve Account Requirement;

SIXTH, the balance of any moneys remaining after making the foregoing deposits shall remain therein.

Notwithstanding the foregoing, in the event that there shall be insufficient monies on deposit in any Fund or Account on the date on which such monies are to be applied to payment of Debt Service and there exist monies on deposit in a Fund or Account of lesser priority for payment as set forth above, monies up to the amount necessary to satisfy such insufficiency shall be transferred from the Fund or Account of lesser priority to the Fund or Account of greater priority.

On any date required by the Tax Regulatory Covenants, the District shall give the Trustee written direction to, and the Trustee shall, transfer from the 2020 Revenue Account to the 2020 Rebate Account established for the 2020 Bonds in the Rebate Fund in accordance with the Master Indenture, the amount due and owing to the United States, which amount shall be paid to the United States, when due, in accordance with such Tax Regulatory Covenats.

On or after each November 2, the balance on deposit in the 2020A Revenue Account on such November 2 shall be applied (i) to restore the amount of any draws under the Reserve Policy and any amounts owed to the Insurer in connect therewith, and then; and (ii) to restore any cash withdrawals from the 2020 Reserve Account, and then; (iii) by the District to be used for any lawful purpose.

Investments

Earnings on investments in all of the Funds and Accounts held as security for the 2020 Bonds, except for earnings on investments in the 2020 Reserve Account shall be invested only in 2020 Investment Obligations, and further, earnings on the 2020 Interest Account and the 2020 Interest Account shall be retained, as realized, in such Accounts and used for the purpose of such Account. Earnings on investments in the Funds and Accounts, other than the 2020 Reserve Account and other than as set forth above, shall be deposited, as realized, to the credit of the 2020 Revenue Account and used for the purpose of such Account.

Earnings on investments in the 2020 Reserve Account shall be disposed of as follows:

if there was no deficiency in the 2020 Reserve Account as of the most recent date on which amounts on deposit in such 2020 Reserve Account were valued by the Trustee or no amounts are owed to the Insurer as certified to the Trustee in writing by the Insurer, and if no withdrawals have been made from the 2020 Reserve Account since such date which have created a deficiency, then earnings on investments in 2020 Reserve Account shall be deposited into the 2020 Revenue Account and used for the purpose of such Account; and

if there was a deficiency in the 2020 Reserve Account as of the most recent date on which amounts on deposit in such 2020 Reserve Account were valued by the Trustee or any amounts are owed to the Insurer as certified to the Trustee in writing by the Insurer, or if after such date withdrawals have been made from the 2020 Reserve Account and have created such a deficiency, then earnings on investments in the 2020 Reserve Account (A) shall first be paid to the Insurer in satisfaction of any amounts then owed to the Insurer, and then (B) shall be deposited into the 2020 Reserve Account until the amount on deposit therein, together with the Reserve Policy, is equal to the 2020 Reserve Account Requirement, and then (C) shall be deposited into the 2020 Revenue Account and used for the purpose of such Account.

BOND INSURANCE

Bond Insurance Policy

Concurrently with the issuance of the 2020 Bonds, Assured Guaranty Municipal Corp. ("AGM") will issue its Municipal Bond Insurance Policy for the 2020 Bonds (the "Policy"). The Policy guarantees the scheduled payment of principal of and interest on the 2020 Bonds when due as set forth in the form of the Policy included as an Appendix A to this Official Statement.

The Policy is not covered by any insurance security or guaranty fund established under New York, California, Connecticut or Florida insurance law.

Assured Guaranty Municipal Corp.

AGM is a New York domiciled financial guaranty insurance company and an indirect subsidiary of Assured Guaranty Ltd. (“AGL”), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol “AGO”. AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and international public finance (including infrastructure) and structured finance markets and, as of October 1, 2019, asset management services. Neither AGL nor any of its shareholders or affiliates, other than AGM, is obligated to pay any debts of AGM or any claims under any insurance policy issued by AGM.

AGM’s financial strength is rated “AA” (stable outlook) by S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC (“S&P”), “AA+” (stable outlook) by Kroll Bond Rating Agency, Inc. (“KBRA”) and “A2” (stable outlook) by Moody’s Investors Service, Inc. (“Moody’s”). Each rating of AGM should be evaluated independently. An explanation of the significance of the above ratings may be obtained from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold any security, and such ratings are subject to revision or withdrawal at any time by the rating agencies, including withdrawal initiated at the request of AGM in its sole discretion. In addition, the rating agencies may at any time change AGM’s long-term rating outlooks or place such ratings on a watch list for possible downgrade in the near term. Any downward revision or withdrawal of any of the above ratings, the assignment of a negative outlook to such ratings or the placement of such ratings on a negative watch list may have an adverse effect on the market price of any security guaranteed by AGM. AGM only guarantees scheduled principal and scheduled interest payments payable by the issuer of bonds insured by AGM on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the relevant insurance policy), and does not guarantee the market price or liquidity of the securities it insures, nor does it guarantee that the ratings on such securities will not be revised or withdrawn.

Current Financial Strength Ratings

On December 19, 2019, KBRA announced it had affirmed AGM’s insurance financial strength rating of “AA+” (stable outlook). AGM can give no assurance as to any further ratings action that KBRA may take.

On November 7, 2019, S&P announced it had affirmed AGM’s financial strength rating of “AA” (stable outlook). AGM can give no assurance as to any further ratings action that S&P may take.

On August 13, 2019, Moody’s announced it had affirmed AGM’s insurance financial strength rating of “A2” (stable outlook). AGM can give no assurance as to any further ratings action that Moody’s may take.

For more information regarding AGM’s financial strength ratings and the risks relating thereto, see AGL’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

Capitalization of AGM

At March 31, 2020:

The policyholders’ surplus of AGM was approximately $2,573 million.

The contingency reserves of AGM and its indirect subsidiary Municipal Assurance Corp. (“MAC”) (as described below) were approximately $997 million. Such amount includes 100% of AGM’s contingency reserve and 60.7% of MAC’s contingency reserve.

The net unearned premium reserves and net deferred ceding commission income of AGM and its subsidiaries (as described below) were approximately $1,997 million. Such amount includes (i) 100% of the net unearned premium reserve and deferred ceding commission income of AGM, (ii) the net unearned premium reserves and net deferred ceding commissions of AGM’s wholly owned subsidiary Assured Guaranty (Europe) plc (“AGE”), and (iii) 60.7% of the net unearned premium reserve of MAC.

The policyholders’ surplus of AGM and the contingency reserves, net unearned premium reserves and deferred ceding commission income of AGM and MAC were determined in accordance with statutory accounting principles. The net unearned premium reserves and net deferred ceding commissions of AGE were determined in accordance with accounting principles generally accepted in the United States of America.

Incorporation of Certain Documents by Reference

Portions of the following document filed by AGL with the Securities and Exchange Commission (the “SEC”) that relate to AGM are incorporated by reference into this Official Statement and shall be deemed to be a part hereof:

the Annual Report on Form 10-k for the fiscal year ended December 31, 2019 (filed by AGL with the SEC on February 28, 2020); and

the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 (filed by AGL with the SEC on May 8, 2020.

All consolidated financial statements of AGM and all other information relating to AGM included in, or as exhibits to, documents filed by AGL with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, excluding Current Reports or portions thereof “furnished” under Item 2.02 or Item 7.01 of Form 8-K, after the filing of the last document referred to above and before the termination of the offering of the 2020A-1 Bonds shall be deemed incorporated by reference into this Official Statement and to be a part hereof from the respective dates of filing such documents. Copies of materials incorporated by reference are available over the internet at the SEC’s website at http://www.sec.gov, at AGL’s website at http://www.assuredguaranty.com, or will be provided upon request to Assured Guaranty Municipal Corp.: 1633 Broadway, New York, New York 10019, Attention: Communications Department (telephone (212) 974-0100). Except for the information referred to above, no information available on or through AGL’s website shall be deemed to be part of or incorporated in this Official Statement.

Any information regarding AGM included herein under the caption “BOND INSURANCE – Assured Guaranty Municipal Corp.” or included in a document incorporated by reference herein (collectively, the “AGM Information”) shall be modified or superseded to the extent that any subsequently included AGM Information (either directly or through incorporation by reference) modifies or supersedes such previously included AGM Information. Any AGM Information so modified or superseded shall not constitute a part of this Official Statement, except as so modified or superseded.

Miscellaneous Matters

AGM makes no representation regarding the 2020 Bonds or the advisability of investing in the 2020 Bonds. In addition, AGM has not independently verified, makes no representation regarding, and does not accept any responsibility for the accuracy or completeness of this Official Statement or any information or disclosure contained herein, or omitted herefrom, other than with respect to the accuracy of the information regarding AGM supplied by AGM and presented under the heading “BOND INSURANCE”.

RESERVE POLICY

The 2020 Reserve Account Requirement will be funded eighty percent (80%) by the deposit of the Reserve Policy to the 2020 Reserve Account. The Reserve Policy will terminate on the final maturity date of the 2020 Bonds or upon earlier payment in full of the 2020 Bonds. The Reserve Policy is provided by the Insurer. See "BOND INSURANCE" herein for information regarding the Insurer.

Provisions applicable to the Reserve Policy are included as Exhibit C to the Supplement Indenture attached hereto as part of APPENDIX B.

THE REFUNDING PLAN

The District has determined that it can achieve net present value savings in debt service payments by providing for the refunding of the Refunded Bonds. Provision for payment thereof will be accomplished through the issuance of the 2020 Bonds and the use of certain proceeds thereof, together with other legally available funds of the District to refund the Refunded Bonds. The Refunded Bonds will be redeemed prior to maturity on , 2020 at a redemption price of one hundred percent (100%) of the principal amount thereof, plus accrued interest to such redemption date.

Upon delivery of the 2020 Bonds, U.S. Bank National Association, as escrow agent (the “Escrow Agent”), will enter into an Escrow Deposit Agreement (the “Escrow Agreement”) with the District to provide for the refunding of the Refunded Bonds. The Escrow Agreement will create an irrevocable escrow deposit trust fund (the “Escrow Fund”) which will be held by the Escrow Agent. The Escrow Fund will be funded with cash and such cash held in the Escrow Fund will be applied to the payment of principal of and interest on the Refunded Bonds on the redemption date. The sufficiency of such deposit to the Escrow Fund to pay in the Refunded Bonds on the redemption date will be verified by Causey Demgen Moore P.C. (the “Verification Agent”). Such amounts will be pledged solely for the benefit of the holders of the Refunded Bonds, and will not be available for payment of debt service on the 2020 Bonds. See “VERIFICATION OF ARITHMETICAL COMPUTATIONS” herein.

In reliance upon the above-referenced verification report at the time of delivery of the 2020 Bonds, Bond Counsel will deliver to the Underwriter and the District an opinion to the effect that all covenants ,agreements and other obligations of the District to the holders of the Refunded Bonds have ceased, terminated and become void and have been discharged and satisfied.

BONDHOLDERS' RISKS

There are certain risks inherent in an investment in bonds issued by a public authority or governmental body in the State and secured by special assessments. Certain of these risks are described in other sections of this Official Statement. Certain additional risks are associated with the 2020 Bonds offered hereby and are set forth below. Investment in the 2020 Bonds poses certain economic risks. Prospective investors in the 2020 Bonds should have such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment in the 2020 Bonds and have the ability to bear the economic risks of such prospective investment, including a complete loss of such investment. This section does not purport to summarize all risks that may be associated with purchasing or owning the 2020 Bonds and prospective purchasers are advised to read this Official Statement in its entirety for a more complete description of investment considerations relating to the 2020 Bonds.

The principal security for the payment of the principal of and interest on the 2020 Bonds is the timely collection of the Series 2020 Assessments. The Series 2020 Assessments do not constitute a personal indebtedness of the owners of the land subject thereto, but are secured only by a lien on such land. There is no assurance that the owners of this land will be able to pay the Series 2020 Assessments or that they will pay such Series 2020 Assessments even though financially able to do so. Beyond legal delays that could result from bankruptcy, the ability of the County to sell tax certificates (to the extent that the Series 2020 Assessments are being collected by the Uniform Method of Collection) will be dependent upon various factors, including the interest rate which can be earned by ownership of such certificates and the value of the land which is the subject of such certificates. To the extent that the realizable or market value of the land is less than the Series 2020 Assessments, the ability of the County to sell tax certificates relating to such land may be adversely affected. Such adverse effect could render the District unable to collect delinquent Series 2020 Assessments, if any, and could negatively impact the ability of the District to make the full or punctual payment of Debt Service on the 2020 Bonds. The payment of the Series 2020 Assessments and the ability of the Tax Collector to sell tax certificates or the District to foreclose the lien of the unpaid taxes, including the Series 2020 Assessments, may be limited by bankruptcy, insolvency, or other laws generally affecting creditors' rights or by the laws of the State relating to court foreclosure. Bankruptcy of a property owner will most likely also result in a delay by the Tax Collector or the District in prosecuting court foreclosure proceedings. Such delay would increase the likelihood of a delay or default in payment of and interest on the 2020 Bonds.

The District is required to comply with statutory procedures in levying the Series 2020 Assessments. Failure of the District to follow these procedures could result in the Series 2020 Assessments not being levied or potential future challenges to such levy. See "ENFORCEMENT OF ASSESSMENT COLLECTIONS" herein.

The various legal opinions to be delivered concurrently with the delivery of the 2020 Bonds (including Bond Counsel’s approving opinion) will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery. Under existing constitutional and statutory law and judicial decisions, in the event of the institution of bankruptcy or similar proceedings with respect to any landowner, the remedies specified by federal, state and local law and in the Indenture and the 2020 Bonds, including, without limitation, enforcement of the obligation to pay the Series 2020 Assessments may not be readily available or may be limited.

The District has not granted, and may not grant under Florida law, a mortgage or security interest in any of the District assessable improvements. Furthermore, the District has not pledged the revenues, if any, from

the operation of any assessable improvements as security for, or a source of payment of, the 2020 Bonds. The 2020 Bonds are payable primarily from, and secured by, the Series 2020 Assessments. The recourse for any landowner's failure to pay the Series 2020 Assessments is limited to its ownership interest in the assessed land.

In addition to legal delays that could result from bankruptcy, the ability of the District to enforce collection of delinquent Series 2020 Assessments will be dependent upon various factors, including the delay inherent in any judicial proceeding to enforce the lien of the Series 2020 Assessments and the value of the land which is the subject of such proceedings and which may be subject to sale. If the District has difficulty in collecting the Series 2020 Assessments, the 2020 Reserve Account could be rapidly depleted and the ability of the District to pay Debt Service could be materially adversely affected. It is possible that the District will not have sufficient funds to fund the cost of any judicial proceeding and will be compelled to request the 2020 Bondholders to allow funds on deposit under the Indenture to be used to pay the costs of the foreclosure action. Under the Code, there are limitations on the amounts of 2020 Bond proceeds that can be used for such purpose.

Owners should note that several mortgage lenders have, in the past, raised legal challenges to the primacy of the liens similar to those of the Series 2020 Assessments in relation to the liens of mortgages burdening the same real property.

Some of the risk factors described herein, which, if materialized, would result in a delay in the collection of the Series 2020 Assessments, but may not affect the timely payment of debt service on the 2020 Bonds because of the 2020 Reserve Account established by the District for the 2020 Bonds. The ability of the 2020 Reserve Account to fund deficiencies caused by delinquent Series 2020 Assessments is dependent upon the amount, duration and frequency of such deficiencies. Moneys on deposit in the 2020 Reserve Account may be invested in certain obligations permitted under the Indenture. Fluctuations in interest rates and other market factors could affect the amount of moneys available in the 2020 Reserve Account to make up deficiencies.

Prospective Bondholders should note that although the Indenture contains a 2020 Reserve Account Requirement and a corresponding obligation on the part of the District to replenish the 2020 Reserve Account to the Reserve Account Requirement, the District does not have a designated revenue source for replenishing such account other than from the collection of delinquent Series 2020 Assessments. Moreover, the District will not be permitted to assess real property burdened by the Series 2020 Assessments for the purpose of replenishing the 2020 Reserve Account.

The willingness and/or ability of an owner of land within the District to pay the Series 2020 Assessments could be affected by the existence of other taxes and assessments imposed upon the land by the District or by the County, or by other public entities, which may be affected by the value of the land subjected to such taxation and assessment. Under the Uniform Method of Collection, municipal, school, special district taxes and assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, including the Series 2020 Assessments if collected pursuant to the Uniform Method, are generally payable at one time. If a taxpayer does not make complete payment, he or she cannot designate specific line items on his or her tax bill as deemed paid in full. In such case, the Tax Collector does not accept such partial payment; provided, however, that if a taxpayer has commenced legal proceedings contesting the levy or amount of an ad valorem tax and possibly a non-ad valorem assessment, a tax collector may accept a partial payment of the ad valorem tax, and possibly, the non-ad valorem assessment as described under "ENFORCEMENT OF ASSESSMENT COLLECTIONS" herein. If a taxpayer disputes all or a portion of the Series 2020 Assessments, and pays the balance of ad valorem taxes and non-ad valorem assessments which the taxpayer in good faith admits to be owing, this could possibly cause a delay in the collection of the Series 2020 Assessments, which could have a significant adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on the 2020 Bonds. Public entities whose boundaries overlap those of the District, such as the County and the County school district, could, without the consent of the owners of the land within the District, impose additional taxes or assessments on the property within the District. The District has no control over the amount of taxes or assessments levied by governmental entities other than the District. The lien of the Series 2020 Assessments is, however, of equal dignity with such other public entities' taxes and assessments. In regard to any Series 2020 Assessments collected directly by the District rather than using the Uniform Method, the sale of tax certificates as described herein would not be an available remedy. In addition, the District has imposed or may also impose additional assessments, including for its operation, maintenance and administrative expenses, which will encumber the property burdened by the Series 2020 Assessments.

The value of the lands subject to the Series 2020 Assessments could also be adversely impacted by flooding or wind damage caused by hurricanes, tropical storms, or other catastrophic events. In addition to potential

damage or destruction to any existing development or construction in or near the District, such catastrophic events could potentially render the lands in the Series 2020 Assessment Area less valuable. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the 2020 Bonds. The Districts casualty insurance policies do not insure against losses incurred on private lands within their respective boundaries

There is no assurance that a liquid secondary market will exist for the 2020 Bonds in the event a Beneficial Owner thereof determines to solicit purchasers of the 2020 Bonds. Even if a liquid secondary market exists, as with any marketable securities, there can be no assurance as to the price for which the 2020 Bonds may be sold. Such price may be lower than that paid by the current Beneficial Owner of the 2020 Bonds, depending on the existing real estate and financial market conditions.

There can be no assurance that an audit by the IRS of the 2020 Bonds will not be commenced. The District has no reason to believe that any such audit will be commenced, or that any such audit, if commenced, would result in a conclusion of noncompliance with any applicable state or federal law.

Owners of the 2020 Bonds are advised that, if the IRS does audit the 2020 Bonds, under its current procedures, at least during the early stages of an audit, the IRS will treat the District as the taxpayer, and the Owners of the 2020 Bonds may have limited rights to participate in those proceedings. The commencement of such an audit could adversely affect the market value and liquidity of the 2020 Bonds until the audit is concluded, regardless of the ultimate outcome. In addition, in the event of an adverse determination by the IRS with respect to the tax-exempt status of interest on the 2020 Bonds, it is unlikely the District will have available revenues to enable it to contest such determination or enter into a voluntary financial settlement with the IRS. Further, an adverse determination by the IRS with respect to the tax-exempt status of interest on the 2020 Bonds would adversely affect the availability of any secondary market for the 2020 Bonds. Should interest on the 2020 Bonds become includable in gross income for federal income tax purposes, not only will Owners of 2002 Bonds be required to pay income taxes on the interest received on such 2020 Bonds and related penalties, but because the interest rate on such 2020 Bonds will not be adequate to compensate Owners of the 2020 Bonds or the income taxes due on such interest, the value of the 2020 Bonds may decline.

THE INDENTURE DOES NOT PROVIDE FOR ANY ADJUSTMENT IN THE INTEREST RATE ON THE 2020 BONDS IN THE EVENT OF AN ADVERSE DETERMINATION BY THE IRS WITH RESPECT TO THE TAX-EXEMPT STATUS OF INTEREST ON THE 2020 BONDS. PROSPECTIVE PURCHASERS OF THE 2020 BONDS SHOULD EVALUATE WHETHER THEY CAN OWN THE 2020 BONDS IN THE EVENT THAT THE INTEREST ON THE 2020 BONDS BECOMES TAXABLE.

Various proposals are mentioned from time to time by members of the Congress of the United States of America and other concerning reform of the internal revenue (tax) laws of the United States. In addition, the IRS may, in the future, issue ruling that have the effect of changing the interpretation of existing tax laws. Certain of these proposals and interpretations, if implemented or upheld, could have the effect of diminishing the value of obligations of states and their political subdivisions, such as the 2020 Bond, by eliminating or changing the tax-exempt status of interest on certain of such bonds. Whether any of such proposals will ultimately become or be upheld as law, and if so, the effect such proposals could have upon the value of bonds such as the 2020 Bonds, cannot be predicted. However, it is possible that any such law or interpretation could have a material and adverse effect upon the availability of a liquid secondary market and/or the value of the 2020 Bonds.

See “TAX MATTERS” herein.

Since the 2020 Bonds have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, if the District is ever deemed, by the IRS, judicially or otherwise, not to be a political subdivision for purposes of the Code, it is possible that federal or state regulatory authorities could also determine that the District is not a political subdivision for purposes of the federal and state securities laws. Accordingly, the District and purchasers of 2020 Bonds may not be able to rely on the exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"), relating to securities issued by political subdivisions. In that event the Owners of the 2020 Bonds would need to ensure that subsequent transfers of the 2020 Bonds are made pursuant to a transaction that is not subject to the registration requirements of the Securities Act.

It is impossible to predict what new proposals may be presented regarding ad valorem tax reform and/or special districts during upcoming legislative sessions, whether such new proposals or any previous proposals

regarding the same will be adopted by the Florida Senate and House of Representatives and signed by the Governor, and, if adopted, the form thereof. On October 31, 2014, the Auditor General of the State released a 31-page report which requests legislative action to establish parameters on the amount of bonds a community development district may issue and provide additional oversight for special district bonds. This report renews requests made by the Auditor General in 2011 that led to the then Governor of Florida issuing an Executive Order on January 11, 2012 (the "Executive Order") directing the Office of Policy and Budget in the Executive Office of the Governor ("OPB") to examine the role of special districts in the State. As of the date hereof, the OPB has not made any recommendations pursuant to the Executive Order nor has the Florida legislature passed any related legislation. It is impossible to predict with certainty the impact that any existing or future legislation will or may have on the security for the 2020 Bonds. It should be noted that Section 10(p) of the Act provides in pertinent part that "The state pledges to the holders of any bonds issued under this act that it will not limit or alter the rights of the district … to levy and collect the … assessments … and to fulfill the terms of any agreement made with the holders of such bonds … and that it will not in any way impair the rights or remedies of such holders."

In the event a bank forecloses on property because of a default on the mortgage and then the bank itself fails, the Federal Deposit Insurance Corporation (the "FDIC"), as receiver will then become the fee owner of such property. In such event, the FDIC will not, pursuant to its own rules and regulations, likely be liable to pay the Series 2020 Assessments. In addition, the District would require the consent of the FDIC prior to commencing a foreclosure action.

If the District should commence a foreclosure action against a landowner for nonpayment of Series 2020 Assessments and if the Series 2020 Assessments are not being collected pursuant to the Uniform Method, such landowner may raise affirmative defenses to such foreclosure action. Even if such affirmative defenses were proven to be without merit, such affirmative defenses could result in delays in completing the foreclosure action. In addition, the District is required under the Indenture to fund the costs of such foreclosure. It is possible that the District will not have sufficient funds and will be compelled to request the Series 2020 Bondholders to allow funds on deposit under the Indenture to be used to pay the costs of the foreclosure action. Under the Code, there are limitations on the amounts of Series 2020 Bond proceeds that can be used for such purpose.

Under Florida law, a landowner may contest the assessed valuation determined for its property which forms the basis of ad-valorem taxes such landowner must pay. During this contest period, the sale of a tax certificate under the Uniform Method will be suspended. If the Series 2020 Assessments are being collected along with ad valorem taxes pursuant to the Uniform Method, tax certificates will not be sold with respect to the Series 2020 Assessments even though the landowner is not contesting the amount of such Series 2020 Assessment.

The District cannot predict the duration of the current COVID-19 and the ultimate impact the COVID-19 outbreak may have on the 2020 Assessment Area is unknown. The United States, the State of Florida and Manatee County have all imposed certain health and public safety restrictions in response to COVID-19. The District cannot predict the duration of these restrictions or whether additional or new actions may be taken by governmental authorities, including the State and/or Manatee County, to contain or otherwise address the impact of the COVID-19 or similar outbreak.

This section does not purport to summarize all risks that may be associated with purchasing or owning the 2020 Bonds and prospective purchasers are advised to read this Official Statement in its entirety (inclusive of Appendices) for a more complete description of investment considerations relating to the 2020 Bonds.

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MUNICIPAL BOND INSURANCE RISK FACTORS

In the event of default of the payment of principal or interest with respect to Series 2020 Bonds, any owner of the Series 2020 Bonds shall have a claim under the Bond Insurance Policy for such payments. However, in the event of any acceleration of the due are of such principal by reason of acceleration resulting from default or otherwise, the payments are to be made in such amounts and at such times as such payments would have been due had there not been any such acceleration.

Under most circumstances, default of payment of principal and interest does not obligate acceleration of the obligations of the Insurer without appropriate consent. The Insurer may direct and must consent to any remedies and the Insurer’s consent may be required in connection with amendments to the Indenture.

In the event of the Insurer is unable to make payment of principal and interest as such payments become due under the Bond Insurance Policy, the 2020 Bonds are payable solely from the 2020 Trust Estate. In the event the Insurer becomes obligated to make payments with respect to any of the Series 2020 Bonds, no assurance is given that such event will not adversely affect the market price of the Series 2020 Bonds or the marketability (liquidity) for the Series 2020 Bonds.

The long-term ratings on the Series 2020 Bonds are dependent in part on the financial strength of the Insurer and its claim paying ability. The Insurer’s financial strength and claims paying ability are predicated upon a number of factors which could change over time. No assurance is given that the long term ratings of the Insurer and of the ratings on the Series 2020 Bonds will not be subject to downgrade and such event could adversely affect the market price of the Series 2020 Bonds or the marketability (liquidity) for the Series 2020 Bonds.

The obligations of the Insurer are contractual and in an event of default by the Insurer, the remedies available may be limited by applicable bankruptcy law or state law related to insolvency of insurance companies.

See “BOND INSURANCE” herein.

General

THE DISTRICT

The District is an independent local unit of special-purpose government of the State and an independent

special district created pursuant to the Act, a special act of the Florida legislature.

Governance

The Act provides that a five-member Board of Supervisors (the "Board") serves as the governing body of the District. Members of the Board (the "Supervisors") must be residents of the State and citizens of the United States. The Act provides that within 90 days after formation of the District, an election must be held pursuant to which Supervisors were elected on an at-large basis by the owners of the property within the District. Such election was held in accordance with the Act. Ownership of land within the District entitles the owner to one vote per acre (with fractions thereof rounded upward to the nearest whole number).

The Act provides that there shall be an election by landowners for the District every 2 years on the first Tuesday after the first Monday in November. Each supervisor elected on or after November 2006 shall serve a 4-year term. Supervisors shall begin being elected by qualified electors of the District as the District becomes populated with qualified electors. The transition shall occur such that the composition of the Board, after the first general election following a trigger of the qualified elector population thresholds set forth below, shall be as follows:

Once 10,000 qualified electors reside within the District, one governing board member shall be a person who was elected by the qualified electors and four governing board members shall be persons who were elected by the landowners.

Once 20,000 qualified electors reside within the District, two governing board members shall be persons who were elected by the qualified electors and three governing board members shall be persons elected by the landowners.

Once 30,000 qualified electors reside within the District, three governing board members shall be persons who were elected by the qualified electors and two governing board members shall be persons who were elected by the landowners.

Once 40,000 qualified electors reside within the District, four governing board members shall be persons who were elected by the qualified electors and one governing board member shall be a person who was elected by the landowners.

Once 45,000 qualified electors reside within the District, all five governing board members shall be persons who were elected by the qualified electors.

All Supervisors elected by qualified electors shall be elected at large. Supervisors are subject to ethics and conflict of interest laws of the state that apply to all local public officers. They shall hold office for the terms for which they were elected or appointed and until their successors are chosen and qualified. If, during the term of office, a vacancy occurs, the remaining members of the board shall fill each vacancy by an appointment for the remainder of the unexpired term.

Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, prior to the exercise of such power, all Supervisors shall be elected by qualified electors in the District and the Supervisors so selected must be qualified electors.

Any elected member of the Board of Supervisors may be removed by the Governor for malfeasance, misfeasance, dishonesty, incompetence or failure to perform the duties imposed upon him or her by the Act, and any vacancies that may occur in such office for such reasons shall be filled by the Governor as soon as practicable.

A majority of the members of the Board constitutes a quorum for the purposes of conducting its business and exercising its powers and for all other purposes. Action taken by the District shall be upon a vote of a majority of the members present unless general law or a rule of the District requires a greater number.

The current members of the Board and the expiration of their terms are set forth below:

Name		Title		Expiration of Term	
Rex Jensen		Chair		November, 2020	
Tony Chiofalo		Vice Chair/
Assistant Secretary		November, 2020	
J. Scott Almand		Treasurer		November, 2022	
Jim Schier		Assistant Secretary		November, 2022	
Ed Hunzeker		Assistant Secretary		November, 2022	

All of the current Board members are employees of SMR other than Mr. Schier and Mr. Hunzeker. See "LAKEWOOD RANCH" herein.

Powers and Authority

As a special district, the District has only those powers specifically delegated to it by the Act or necessarily implied from powers specifically delegated to it. In addition to the power to issue the Bonds, among other provisions, the Act gives the District the power (i) to lease as lessor or lessee to or from any person, firm, corporation, association, or body, public or private, any projects of the type that the District is authorized to undertake and facilities or property of any nature for the use of the District to carry out the purposes authorized by the Act; (ii) to borrow money and issue bonds, certificates, warrants, notes or other evidence of indebtedness as provided in the Act, to levy such taxes and assessments as may be authorized and to charge, collect and enforce fees and other user charges; (iii) to raise, by user charges or fees authorized by resolution of the Board of Supervisors, amounts of money which are necessary for the conduct of the District activities and services and to enforce their receipt and collection in the manner prescribed by resolution not inconsistent with law; (iv) to exercise within the District, or beyond the District with prior approval by vote of a resolution of the governing body of the county if the taking will occur in an unincorporated area in that county, the right and power of eminent domain over any property within the state, except municipal, county, state, and federal property, for the uses and purpose of the District relating solely to water, sewer, District roads and water management, specifically including, without limitation, the power for the taking of easements for the drainage of the land of one person over and through the land of another; (v) to cooperate with, or contract with, other governmental agencies as may be necessary, convenient, incidental, or proper in connection with any of the powers, duties or

purposes authorized by the Act; (vi) to assess and to impose upon lands in the District ad valorem taxes as provided by the Act; (vii) to determine, order, levy, impose, collect and enforce assessments pursuant to the Act and Chapter 170, Florida Statutes, as amended from time to time, pursuant to authority granted in Section 197.3631, Florida Statutes or pursuant to other provisions of general law now or hereinafter enacted; and (viii) to exercise all of the powers necessary, convenient, incidental or proper in connection with any other powers or duties or the special purpose of the District authorized by the Act.

The Act does not empower the District to adopt and enforce land use plans or zoning ordinances, and the Act does not empower the District to grant building permits; these functions are performed by the general purpose local government, acting through its governing body and its departments of government.

The Act exempts all property of the District from levy and sale by virtue of an execution and from judgment liens, but does not limit the right of any owner of bonds of the District to pursue any remedy for enforcement of any lien or pledge of the District in connection with any of its debt obligations.

The District Manager

The Act requires the Board to hire a district manager. The Act provides that the district manager shall have charge and supervision of the works of the District and shall be responsible for (i) preserving and maintaining any improvement or facility constructed or erected pursuant to the provision of the Act, (ii) maintaining and operating the equipment owned by the District, and (iii) performing such other duties as may be prescribed by the Board. The Act further provides that it shall not be a conflict of interest under Chapter 112, Florida Statutes, for a Supervisor, the district manager, or another employee of the District to be a stockholder, officer or employee of a landowner.

PFM Group Consulting LLC serves as the District Manager.

Outstanding Debt of the District

The District has issued multiple series of special assessment bonds which are currently outstanding and listed below. None of such series of bonds has a lien on the 2020 Trust Estate nor are secured by special assessments levied on the same lands as the Series 2020 Assessments. Following the issuance of the 2020 Bonds, the Refunded Bonds shall no longer be outstanding but the 2020 Bonds will be outstanding.

$27,215,000 Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) issued on June 19, 2006 and currently outstanding in the amount of $19,195,000.

$5,720,000 Special Assessment Revenue Bonds, Series 2010A (Central Park Project) issued on July 12, 2010 and currently outstanding in the amount of $2,740,000.

$36,255,000 Special Assessment Revenue Bonds, Series 2011 (Lakewood Centre and NW Sector Projects) issued on May 13, 2011 and currently outstanding in the amount of $30,945,000 (the “Refunded Bonds”).

$1,765,000 Special Assessment Revenue Bonds, Series 2011 (Belle Isle Project) issued on May 13, 2011 and currently outstanding in the amount of $1,455,000.

$8,500,000 Special Assessment Revenue Bonds, Series 2013A (Country Club East Project) issued on July 26, 2013 and currently outstanding in the amount of $7,610,000.

$7,535,000 Special Assessment Revenue Bonds, Series 2013A (Central Park Project) issued on August 5, 2013 and currently outstanding in the amount of $6,450,000.

$12,145,000 Special Assessment Revenue Bonds, Series 2014A (Country Club East Project) issued on October 14, 2014 and currently outstanding in the amount of $10,965,000.

$37,360,000 Special Assessment Revenue Bonds, Series 2015 (Lakewood Center North Project) issued on February 9, 2015 and currently outstanding in the amount of $31,280,000.

$79,505,000 Special Assessment Revenue Bonds, Series 2016 (Villages of Lakewood Ranch South Project) issued on February 8, 2016 and currently outstanding in the amount of $66,445,000.

$49,480,000 Special Assessment Revenue Bonds, Series 2017 (Lakewood National and Polo Run Projects) issued on February 21, 2017 and currently outstanding in the amount of $47,125,000.

$14,805,000 Special Assessment Revenue Bonds, Series 2017 (Del Webb Project) issued on May 8, 2017 and currently outstanding in the amount of $13,995,000.

$33,000,000 (Not to Exceed) Bond Anticipation Note, Series 2017 (Northeast Sector Project) issued on September 8, 2017 and currently outstanding in the amount of $2,978,116.07.

$14,548,000 Special Assessment Revenue Refunding Bonds, Series 2017 (Lake Club Project) issued on September 29, 2017 and currently outstanding in the amount of $11,562,000.
$14,925,000 Special Assessment Revenue Bonds, Series 2018 (Northeast Sector Project —Phase l A) issued on August 30, 2018 and currently outstanding in the amount of $14,675,000.

$36,185,000 Special Assessment Revenue Bonds, Series 2018 (Northeast Sector Project — Phase 1 B) issued on December 10, 2018 and currently outstanding in the amount of $35,610,000.

$11,790,000 Special Assessment Revenue Bonds, Series 2018 (Lakewood Centre and NW Sector Projects) issued on December 10, 2018 and currently outstanding in the amount of $11,070,000.

$7,580,000 Special Assessment Revenue Bonds, Series 2019 (The Isles at Lakewood Ranch Project – Phase
I) issued on April 8, 2019 and currently outstanding in the amount of $7,450,000.

$9,125,000 Special Assessment Revenue Bonds, Series 2019 (Lake Club Phase 4 Project) issued on May 20, 2019 is currently outstanding in the approximate principal amount of $8,820,000.

$5,005,000 Special Assessment Revenue Bonds, Series 2019 (Cresswind Project) issued on May 20, 2019 is currently outstanding in the principal amount of $4,920,000.

$4,775,000 Special Assessment Revenue Bonds, Series 2019 (Indigo Expansion Area Project) issued on September 9, 2019 and currently outstanding in the amount of $4,685,000.

$5,585,000 Special Assessment Revenue Bonds, Series 2019 (Northeast Sector Project — Phase 2A) issued on November 4, 2019 and currently outstanding in the amount of $5,585,000.

$12,670,000 Special Assessment Revenue Bonds, Series 2019 (Azario Project) issued on December 9, 2019 and currently outstanding in the amount of $12,670,000.

ASSESSMENT METHODOLOGY

The District's Methodology Consultant has prepared the Supplemental Assessment Methodology (“Assessment Report”) attached hereto as APPENDIX E. Such Assessment Report should be in its entirety for complete information with respect to the matters described therein.

General

LAKEWOOD RANCH

Lakewood Ranch is an age-diverse, mixed use planned community located in Manatee and Sarasota counties

east of Interstate 75 and is accessible from four Interstate 75 interchanges at Fruitville Road, University Parkway, State Road 70 and State Road 64. Downtown Sarasota is located approximately ten (10) miles southwest of Lakewood Ranch, downtown Bradenton is located approximately twelve (12) miles to the northwest and the Sarasota/Bradenton International Airport is located approximately six (6) miles to the west.

The approximately fifty (50) square mile core area of Lakewood Ranch was originally purchased by the Uihlein family in 1922 from the family of John Schroeder, who assembled the property in the early 1900's as a timber plantation. The planned community has since expanded in all directions and now includes approximately fifty-five

square miles. The unsold/undeveloped portions of Lakewood Ranch are owned by Schroeder-Manatee Ranch, Inc. ("SMR"), a Delaware corporation or affiliated entities that are owned directly or beneficially by the various branches of the Uihlein family of Milwaukee, Wisconsin, founders of the Joseph Schlitz Brewing Company.

Existing Development

Since development activities commenced in 1994, a significant amount of residential, commercial, office, retail, civic and institutional development has occurred at Lakewood Ranch in both Manatee and Sarasota counties, spanning more than 10,000 acres.

Sales activity at Lakewood Ranch commenced in 1994. Today, Lakewood Ranch is home to more than 12,500 households with an estimated population in excess of 30,000 based upon various Census reports and marketing study estimates. In 2015, 534 new homes were sold in Lakewood Ranch, ranking it eighth in new home sales for master planned communities in the United States by RCLCO. In 2016, 778 new homes were sold in Lakewood Ranch, ranking it fourth in new home sales for master planned communities in the United States by RCLCO. In 2017, 1,206 new homes were sold in Lakewood Ranch, ranking it third in new home sales for master planned communities in the United States by RCLCO. In 2018, 1,482 new homes were sold in Lakewood Ranch, ranking it second in new home sales for master planned communities in the United States by RCLCO. In 2019, 1,648 new homes were sold in Lakewood Ranch, ranking it second in new home sales for master planned communities in the United States by RCLCO. In each of the last three (3) years, approximately 28,000 people passed through the information centers and model homes within Lakewood Ranch. In addition to the residential activity described above, approximately 4.5 million square feet of nonresidential mixed-use space has been constructed of which an estimated 4.3 million square feet is occupied.

The Development

Country Club East ("CCE") comprises approximately 1,190 acres and is located within the District approximately four (4) miles east of Interstate 75. CCE is being developed by a joint venture consisting of an affiliate of SMR and Starwood Land Ventures and includes approximately 841 acres of land planned for 1,352 residential units and approximately 349 acres of land that includes a Rick Robbins designed eighteen-hole golf-course, a practice range with a chipping & putting green as well as an additional 29,600 square foot clubhouse that includes dining facilities, a golf pro shop and locker rooms. CCE is bounded on the south by The Lake Club, on the North by the Ritz-Carlton golf course, on the east by the Del Webb community and on the west by Lorraine Road and the sold-out village of Country Club North which contains the Lakewood Ranch Golf and Country Club (LWR G&CC). Due to the success of the LWR G&CC, CCE is an extension of the LWR G&CC and therefore all members enjoy all courses and amenities of both club locations. In addition, residents of CCE have access to many of the same extensive amenities currently available to residents of Lakewood Ranch, including: (i) Lakewood Ranch homeowner associations and various activities, (ii) scenic drive and walkways, (iii) treed conservation and water areas, (iv) and extensive landscaping. Further, CCE is also proximately located to two (2) other high-end golf courses, the Ritz-Carlton and The Concession described herein above.

CCE is an upscale residential village within Lakewood Ranch. A variety of products are being offered in CCE, including single-family residential homesites ranging in size from one-sixth to over one-half acre as well as low-rise condominiums. CCE's target customer is the affluent, upscale buyer. As reported by SMR, as of March 31, 2020, all 1,352 homesites within CCE have been sold to builders and [X] homes have been sold to retail buyers.

SERIES 2020 ASSESSMENT AREA

General

The District issued the Refunded Bonds for the primary purpose of financing the costs of the acquisition and construction of certain master infrastructure improvements including certain water, sewer, irrigation, landscaping, and recreation improvements as well related professional services and permits. The Refunded Bonds are currently outstanding in the aggregate principal amount of $19,195,000 with a final maturity date of May 1, 2037 and an average fixed interest rate of 5.4%.

The Series 2006 Special Assessments securing the District’s Series 2006 Bonds were levied on 804 residential units and the eighteen-hole golf-course. The Series 2020 Refunding Bonds will be secured by the Series 2020 Special Assessments which will be levied on the residential lands as well as the eighteen-hole golf-course which have not previously been prepaid on which the Series 2006 Special Assessments securing the Series 2006 Bonds are

levied (referred to herein as the “Series 2020 Assessment Area”). Currently, eleven (11) residents have prepaid their Series 2006 Special Assessments in full; therefore, reducing the total Series 2020 Assessment Area to 793 residential assessable units and the eighteen-hole golf-course.

While a portion of the Series 2006 Special Assessments will be direct billed this year, the District will covenant that all Series 2020 Assessments will be collected annually by the Manatee County Tax Collector commencing FY2020/2021. The current outstanding par amount is $19,195,000.

Product Type	

# of Units	
Current Series 2006 Par
Outstanding	

Series 2006 Par Amount Per Unit	Gross Annual Debt
Service Per Unit*	
Total Gross Annual Debt Service Revenues*	

% of Total Annual Revenues	
Residential							
Single-Family 45'	63	$381,272	$6,054	$595	$37,463	2.0%	
Subtotal	63	$381,272			$37,463	2.0%	
Single-Family 52'	40	$634,658	$15,866	$1,559	$62,343	3.3%	
	26	$520,369	$20,014	$1,966	$51,116	2.7%	
	2	$51,969	$25,984	$2,552	$5,105	0.3%	
Subtotal	68	$1,206,995			$118,565	6.3%	
Single-Family 57'	1	$9,311	$9,311	$915	$915	0.0%	
	103	$994,077	$9,651	$948	$97,649	5.2%	
	50	$1,372,602	$27,452	$2,697	$134,832	7.2%	
	38	$1,131,517	$29,777	$2,925	$111,150	5.9%	
Subtotal	192	$3,507,507			$344,547	18.3%	
Single-Family 62'	46	$816,947	$17,760	$1,745	$80,250	4.3%	
	34	$810,414	$23,836	$2,341	$79,608	4.2%	
	41	$980,924	$23,925	$2,350	$96,357	5.1%	
	1	$27,111	$27,111	$2,663	$2,663	0.1%	
	37	$1,048,273	$28,332	$2,783	$102,973	5.5%	
	39	$1,133,750	$29,071	$2,856	$111,370	5.9%	
	24	$728,086	$30,337	$2,980	$71,521	3.8%	
Subtotal	222	$5,545,505			$544,742	28.9%	
Single-Family 76'	33	$686,239	$20,795	$2,043	$67,410	3.6%	
	8	$200,061	$25,008	$2,457	$19,652	1.0%	
	37	$1,171,612	$31,665	$3,111	$115,089	6.1%	
	14	$448,527	$32,038	$3,147	$44,059	2.3%	
	41	$1,396,969	$34,072	$3,347	$137,226	7.3%	
Subtotal	133	$3,903,408			$383,437	20.3%	
Single-Family 90'	20	$822,749	$41,137	$4,041	$80,820	4.3%	
Subtotal	20	$822,749			$80,820	4.3%	
Single-Family 100'	19	$533,427	$28,075	$2,758	$52,399	2.8%	
	22	$627,044	$28,502	$2,800	$61,595	3.3%	
	15	$551,236	$36,749	$3,610	$54,149	2.9%	
	15	$617,062	$41,137	$4,041	$60,615	3.2%	
Subtotal	71	$2,328,768			$228,758	12.1%	
Single-Family 125'	8	$275,677	$34,460	$3,385	$27,080	1.4%	
	7	$255,992	$36,570	$3,592	$25,146	1.3%	
	9	$437,131	$48,570	$4,771	$42,940	2.3%	
Subtotal	24	$968,800			$95,166	5.0%	
Golf Course	1	$529,895	$529,895	$52,052	$52,052	2.8%	
Subtotal	1	$529,895			$52,052	2.8%	

% of Total Annual Revenues

Gross
Current		Annual		Total Gross Series	Series 2006		Debt	Annual Debt
# of		2006 Par	Par Amount		Service		Service Units	Outstanding		Per Unit	Per Unit*	Revenues*

Product Type

Total	794	$19,195,000	$1,885,549	100.0%

* Gross up for discounts and cost of collection estimated at 7.0%

Upon issuance, the Series 2020 Bond will have a par amount of approximately $19,195,000* and the Series 2020 Assessments will be less than the current Series 2006 Special Assessments due to lower interest rates. The estimated principal and annual Series 2020 Assessments for the Series 2020 Bonds are depicted below.

Product Type	

# of Units	

Projected Series 2020 Bonds Par
Debt	

Projected Series 2020 Bonds Debt
Per Unit	Projecte d Gross Annual Assmts Per
Unit*	

Projected
Gross Annual Assmts*	

Projecte d Annual Savings
Per Unit	

Projecte d Annual Savings
%	
Residential								
Single-Family 45'	63	$381,272	$6,054	$481	$30,332	$113	19.0%	
Subtotal	63	$381,272			$30,332			
Single-Family 52'	40	$634,658	$15,866	$1,262	$50,477	$297	19.0%	
	26	$520,369	$20,014	$1,592	$41,387	$374	19.0%	
	2	$51,969	$25,984	$2,067	$4,133	$486	19.0%	
Subtotal	68	$1,206,995			$95,997			
Single-Family 57'	1	$9,311	$9,311	$741	$741	$174	19.0%	
	103	$994,077	$9,651	$768	$79,063	$180	19.0%	
	50	$1,372,602	$27,452	$2,183	$109,169	$513	19.0%	
	38	$1,131,517	$29,777	$2,368	$89,994	$557	19.0%	
Subtotal	192	$3,507,507			$278,967			
Single-Family 62'	46	$816,947	$17,760	$1,413	$64,975	$332	19.0%	
	34	$810,414	$23,836	$1,896	$64,456	$446	19.0%	
	41	$980,924	$23,925	$1,903	$78,017	$447	19.0%	
	1	$27,111	$27,111	$2,156	$2,156	$507	19.0%	
	37	$1,048,273	$28,332	$2,253	$83,374	$530	19.0%	
	39	$1,133,750	$29,071	$2,312	$90,172	$544	19.0%	
	24	$728,086	$30,337	$2,413	$57,908	$567	19.0%	
Subtotal	222	$5,545,505			$441,057			
Single-Family 76'	33	$686,239	$20,795	$1,654	$54,579	$389	19.0%	
	8	$200,061	$25,008	$1,989	$15,912	$468	19.0%	
	37	$1,171,612	$31,665	$2,518	$93,183	$592	19.0%	
	14	$448,527	$32,038	$2,548	$35,673	$599	19.0%	
	41	$1,396,969	$34,072	$2,710	$111,107	$637	19.0%	
Subtotal	133	$3,903,408			$310,454			
Single-Family 90'	20	$822,749	$41,137	$3,272	$65,437	$769	19.0%	
Subtotal	20	$822,749			$65,437			
Single-Family 100'	19	$533,427	$28,075	$2,233	$42,426	$525	19.0%	
	22	$627,044	$28,502	$2,267	$49,871	$533	19.0%	
	15	$551,236	$36,749	$2,923	$43,842	$687	19.0%	
	15	$617,062	$41,137	$3,272	$49,078	$769	19.0%	
Subtotal	71	$2,328,768			$185,217			
Single-Family 125'	8	$275,677	$34,460	$2,741	$21,926	$644	19.0%	
	7	$255,992	$36,570	$2,909	$20,360	$684	19.0%	

	Projecte		
	d Gross		
		Projected	Projected	Annual		Projecte	Projecte	
		Series 2020	Series 2020	Assmts	Projected	d Annual	d Annual	
		Bonds Par	Bonds Debt	Per	Gross Annual	Savings	Savings	
Product Type	# of Units	Debt	Per Unit	Unit*	Assmts*	Per Unit	%	
	9	$437,131	$48,570	$3,863	$34,767	$908	19.0%	
Subtotal	24	$968,800			$77,053			
Golf Course	1	$529,895	$529,895	$42,145	$42,145	$9,907	19.0%	
Subtotal	1	$529,895			$42,145			
								
Total	794	$19,195,000			$1,526,658	$358,891	19.0%	
* Gross up for discounts and cost of collection estimated at 7.0%
In May 2011, the District issued its Special Assessment Revenue Bonds, Series 2011 that are secured by special assessments levied on 166 assessable units which are also subject to special assessments levied in connection with the Series 2006 Bonds. The Series 2011 Bonds will remain outstanding and the special assessments levied to secure the Series 2011 Bonds will be co-equal in lien status with the Series 2020 Refunding Bonds. The Series 2011 Bonds are outstanding in the par amount of $1,455,000.

In addition to debt service assessments, all assessable units in the District are subject to annual ad valorem taxes as well as non-ad valorem special assessments levied by the District for its operation, maintenance, and administrative functions (“O&M Assessments”). The 2019 certified millage rate for the lands within the District within Manatee County is 15.458mills. O&M Assessments are consistent throughout the Series 2020 Assessment Area and are dependent on the land use. The District’s operation and maintenance fee for the fiscal year 2020 are listed below:

Land Use	FY 2020 Gross O&M	
Single-Family Units	$581	
Golf Course	$10,456	

Taxpayer Concentration

The information appearing in the following chart illustrates the top ten (10) largest debt service assessment payers based on current information pulled from the Manatee Country Property Appraiser in conjunction with information provided by the District and the percentage of the projected annual Series 2020 Assessments to be paid by such property.

Rank	

Property Owner	

# Units	

Vacant (Y/N)	Estimated Series 2020
Gross Revenues*	% of Total Estimated Series 2020
Debt	
2	STIRLING EQUITY GROUP, LLC	16	Y (16 Units)	$37,892	2.5%	
3	CARDEL HOMES US	14	Y (13 Units)	$34,286	2.2%	
4	NEAL SIGNATURE HOMES, LLC	9	Y (8 Units)	$22,012	1.4%	
5	INDIVIDUAL OWNER	2	N	$5,096	0.3%	
6	INDIVIDUAL OWNER	2	N	$5,037	0.3%	
7	INDIVIDUAL OWNER	2	N	$5,037	0.3%	
8	INDIVIDUAL OWNER	2	N	$5,008	0.3%	
9	INDIVIDUAL OWNER	2	N	$4,893	0.3%	
10	INDIVIDUAL OWNER	2	N	$4,893	0.3%	
Total Residential	51		$124,155	8.1%	
1	Lakewood Ranch Golf Company	1	N	$42,145	2.8%	
Total Non-Residential	1		$42,145	2.8%	
Top Ten Assessment Payers	52		$166,300	10.9%	
All Other Assessment Payers	742		$1,360,358	89.1%	
Total		794		$1,526,658	100.0%	
* Gross up for discounts and cost of collection estimated at 7.0%

Development Status

Currently, the assessment area for the Series 2020 Assessment Area is planned to include 793 residential units and an eighteen-hole golf-course. Based upon information obtained from the Manatee County Property Appraiser’s Office (data current as of May 29, 2020), there are approximately 756 homes in addition to the eighteen- hole golf-course that have been vertically constructed within the Series 2020 Assessment Area. Thirty-eight (38) of the planned 793 residential units (or 6.0% of the total Series 2020 debt service) remains vacant, developed lots, holding a market value to lien of 5.0:1.

Product-Type	

# of Units	
Units w/ Vertical Development	

Vacant Lots	Estimate d Series 2020 Par
Amount	

Assessed Value of Vacant Lots	

Value to Lien of Vacant	
Single-Family 45'	63	63	0			n/a	
Single-Family 52'	68	68	0			n/a	
Single-Family 57'	192	176	16	$476,428	$2,220,000	4.7	
Single-Family 62'	222	207	15	$439,012	$2,240,000	5.1	
Single-Family 76'	133	127	6	$204,434	$1,090,000	5.3	
Single-Family 90'	20	20	0			n/a	
Single-Family 100'	71	70	1	$28,502	$180,000	6.3	
Single-Family 125'	24	24	0			n/a	
Golf Course	1	1	0			n/a	
Total	794	756	38	$1,148,377	$5,730,000	5.0	

Value-to-Lien Ratios

Based upon information obtained from the Manatee County Property Appraiser, the total just value for all assessable parcels located in the Series 2020 Assessment Area (data current as of May 29, 2020) is $401,856,778 which equates to a direct market value-to-lien ratio for the Series 2020 Assessment Area of approximately 20.9:1.

Product Type	

# of Units	Projected Series 2020 Bonds Par
Debt	
Current Just Values (as of 3.1.2020)	

Value to Lien	
Residential					
Single-Family 45'	63	$381,272	$19,452,288	51.0	
Subtotal	63	$381,272	$19,452,288	51.0	
Single-Family 52'	40	$634,658	$15,948,767	25.1	
	26	$520,369	$11,219,795	21.6	
	2	$51,969	$812,930	15.6	
Subtotal	68	$1,206,995	$27,981,492	23.2	
Single-Family 57'	1	$9,311	$521,694	56.0	
	103	$994,077	$39,155,828	39.4	
	50	$1,372,602	$23,923,405	17.4	
	38	$1,131,517	$9,551,197	8.4	
Subtotal	192	$3,507,507	$73,152,124	20.9	
Single-Family 62'	46	$816,947	$21,753,067	26.6	
	34	$810,414	$18,263,346	22.5	
	41	$980,924	$22,276,751	22.7	
	1	$27,111	$433,478	16.0	
	37	$1,048,273	$16,752,993	16.0	
	39	$1,133,750	$23,191,288	20.5	
	24	$728,086	$9,338,232	12.8	
Subtotal	222	$5,545,505	$112,009,155	20.2	
Single-Family 76'	33	$686,239	$16,615,784	24.2	
	8	$200,061	$4,289,913	21.4	
	37	$1,171,612	$22,427,583	19.1	

Product Type	

# of Units	Projected Series 2020 Bonds Par
Debt	
Current Just Values (as of 3.1.2020)	

Value to Lien	
	14	$448,527	$5,123,579	11.4	
	41	$1,396,969	$21,469,901	15.4	
Subtotal	133	$3,903,408	$69,926,760	17.9	
Single-Family 90'	20	$822,749	$16,956,592	20.6	
Subtotal	20	$822,749	$16,956,592	20.6	
Single-Family 100'	19	$533,427	$14,857,002	27.9	
	22	$627,044	$18,140,602	28.9	
	15	$551,236	$10,596,962	19.2	
	15	$617,062	$13,298,801	21.6	
Subtotal	71	$2,328,768	$56,893,367	24.4	
Single-Family 125'	8	$275,677	$7,632,507	27.7	
	7	$255,992	$6,017,313	23.5	
	9	$437,131	$7,361,125	16.8	
Subtotal	24	$968,800	$21,010,945	21.7	
Golf Course	1	$529,895	$4,474,055	8.4	
Subtotal	1	$529,895	$4,474,055	8.4	
					
Total	794	$19,195,000	$401,856,778	20.9	
* Gross up for discounts and cost of collection estimated at 7.0%

Tax Levies and Collections

The collections result within the District with respect to the Series 2006 Special Assessments in the Series 2020 Assessment Area for the last four (4) Fiscal Years are depicted below. As evidenced below, the District has collected greater than 100% of the net amount required to pay debt service for the last four (4) years, as not all landowners took advantage of the four percent (4%) discount for early payment of real estate taxes allowed by Florida law.

Fiscal Year		Gross Levied on
Tax Roll		
Direct Billed		Total Net
Levied		Total Net
Collected		
% Net	
2018-19		$1,838,559		$48,409		$1,758,268		$1,812,303		103%	
2017-18		$1,694,268		$209,791		$1,785,460		$1,827,309		102%	
2016-17		$1,653,230		$248,105		$1,785,609		$1,800,448		101%	
2015-16		$1,627,892		$285,891		$1,799,830		$1,800,109		100%	

Fiscal Year		Amount Delinquent after March 31		Paid Prior to Tax Certificate Sale		Tax Cert. Sold		% Of Gross Levied to Tax Sale	
2018-19		$[ 	]		$[ 	]		$[ 	]		[ . ]%	
2017-18		$[ 	]		$[ 	]		$[ 	]		[ . ]%	
2016-17		$[ 	]		$[ 	]		$[ 	]		[ . ]%	
2015-16		$[ 	]		$[ 	]		$[ 	]		[ . ]%	

General

TAX MATTERS

The Code establishes certain requirements which must be met subsequent to the issuance of the 2020 Bonds

in order that interest on the 2020 Bonds be and remain excluded from gross income for purposes of federal income taxation. Non-compliance may cause interest on the 2020 Bonds to be included in federal gross income retroactive to the date of issuance of the 2020 Bonds, regardless of the date on which such non-compliance occurs or is ascertained. These requirements include, but are not limited to, provisions which prescribe yield and other limits within which the proceeds of the 2020 Bonds and the other amounts are to be invested and require that certain investment earnings on

the foregoing must be rebated on a periodic basis to the Treasury Department of the United States. The District has covenanted in the Indenture with respect to the 2020 Bonds to comply with such requirements in order to maintain the exclusion from federal gross income of the interest on the 2020 Bonds.

In the opinion of Bond Counsel, assuming compliance with certain covenants, under existing laws, regulations, judicial decisions and rulings, interest on the 2020 Bonds is excluded from gross income for purposes of federal income taxation. Interest on the 2020 Bonds is not an item of tax preference for purposes of the federal alternative minimum tax.

Except as described above, Bond Counsel will express no opinion regarding other federal income tax consequences resulting from the ownership of, receipt or accrual of interest on, or disposition of 2020 Bonds. Prospective purchasers of 2020 Bonds should be aware that the ownership of 2020 Bonds may result in collateral federal income tax consequences, including (i) the denial of a deduction for interest on indebtedness incurred or continued to purchase or carry 2020 Bonds; (ii) the reduction of the loss reserve deduction for property and casualty insurance companies by fifteen percent (15%) of certain items, including interest on 2020 Bonds; (iii) the inclusion of interest on 2020 Bonds in earnings of certain foreign corporations doing business in the United States for purposes of the branch profits tax; (iv) the inclusion of interest on 2020 Bonds in passive income subject to federal income taxation of certain Subchapter S corporations with Subchapter C earnings and profits at the close of the taxable year; and (v) the inclusion of interest on 2020 Bonds in "modified adjusted gross income" by recipients of certain Social Security and Railroad Retirement benefits for the purposes of determining whether such benefits are included in gross income for federal income tax purposes.

As to questions of fact material to the opinion of Bond Counsel, Bond Counsel will rely upon representations and covenants made on behalf of the District, certificates of appropriate officers and certificates of public officials (including certifications as to the use of proceeds of the 2020 Bonds and of the property financed or refinanced thereby), without undertaking to verify the same by independent investigation.

PURCHASE, OWNERSHIP, SALE OR DISPOSITION OF THE 2020 BONDS AND THE RECEIPT OR ACCRUAL OF THE INTEREST THEREON MAY HAVE ADVERSE FEDERAL TAX CONSEQUENCES FOR CERTAIN INDIVIDUAL AND CORPORATE BONDOWNERS, INCLUDING, BUT NOT LIMITED TO, THE CONSEQUENCES DESCRIBED ABOVE. PROSPECTIVE BONDOWNERS SHOULD CONSULT WITH THEIR TAX SPECIALISTS FOR INFORMATION IN THAT REGARD.

Information Reporting and Backup Withholding

Interest paid on tax-exempt bonds such as the 2020 Bonds is subject to information reporting to the Internal Revenue Service in a manner similar to interest paid on taxable obligations. This reporting requirement does not affect the excludability of interest on the 2020 Bonds from gross income for federal income tax purposes. However, in conjunction with that information reporting requirement, the Code subjects certain non-corporate owners of 2020 Bonds, under certain circumstances, to "backup withholding" at the rate specified in the Code with respect to payments on the 2020 Bonds and proceeds from the sale of 2020 Bonds. Any amount so withheld would be refunded or allowed as a credit against the federal income tax of such owner of 2020 Bonds. This withholding generally applies if the owner of 2020 Bonds (i) fails to furnish the payor such owner's social security number or other taxpayer identification number ("TIN"), (ii) furnished the payor an incorrect TIN, (iii) fails to properly report interest, dividends, or other "reportable payments" as defined in the Code, or (iv) under certain circumstances, fails to provide the payor or such owner's securities broker with a certified statement, signed under penalty of perjury, that the TIN provided is correct and that such owner is not subject to backup withholding. Prospective purchasers of the 2020 Bonds may also wish to consult with their tax advisors with respect to the need to furnish certain taxpayer information in order to avoid backup withholding.

Other Tax Matters Relating to the 2020 Bonds

During recent years, legislative proposals have been introduced in Congress, and in some cases enacted, that altered certain federal tax consequences resulting from the ownership of obligations that are similar to the 2020 Bonds. In some cases, these proposals have contained provisions that altered these consequences on a retroactive basis. Such alteration of federal tax consequences may have affected the market value of obligations similar to the 2020 Bonds. From time to time legislative proposals are pending which could have an effect on both the federal tax consequences resulting from ownership of the 2020 Bonds and their market value. No assurance can be given that legislative proposals will not be enacted that would apply to, or have an adverse effect upon, the 2020 Bonds. Prospective

purchasers of the 2020 Bonds should consult their own tax advisors as to the tax consequences of owning the 2020 Bonds in their particular state or local jurisdiction and regarding any pending or proposed federal or state tax legislation, regulations or litigation, as to which Bond Counsel expresses no opinion.

Tax Treatment of Original Issue Discount

Under the Code, the difference between the maturity amount of the 2020 Bonds maturing on 	1, 20     through and including 	1, 20 (collectively, the "Discount Bonds"), and the initial offering price to the public, excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers, at which price a substantial amount of the Discount Bonds of the same maturity and, if applicable, interest rate, was sold is "original issue discount." Original issue discount will accrue over the term of the Discount Bonds at a constant interest rate compounded periodically. A purchaser who acquires the Discount Bonds in the initial offering at a price equal to the initial offering price thereof to the public will be treated as receiving an amount of interest excludable from gross income for federal income tax purposes equal to the original issue discount accruing during the period he or she holds the Discount Bonds, and will increase his or her adjusted basis in the Discount Bonds by the amount of such accruing discount for purposes of determining taxable gain or loss on the sale or disposition of the Discount Bonds. The federal income tax consequences of the purchase, ownership and redemption, sale or other disposition of the Discount Bonds which are not purchased in the initial offering at the initial offering price may be determined according to rules which differ from those above. Bondowners of the Discount Bonds should consult their own tax advisors with respect to the precise determination for federal income tax purposes of interest accrued upon sale, redemption or other disposition of the Discount Bonds and with respect to the state and local tax consequences of owning and disposing of the Discount Bond.

Tax Treatment of Bond Premium

The difference between the principal amount of the 2020 Bonds maturing on 	(collectively, the “Premium Bonds”), and the initial offering price to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers) at which price a substantial amount of such Premium Bonds of the same maturity and, if applicable, interest rate, was sold constitutes to an initial purchaser amortizable bond premium which is not deductible from gross income for federal income tax purposes. The amount of amortizable bond premium for a taxable year is determined actuarially on a constant interest rate basis over the term of each of the Premium Bonds, which ends on the earlier of the maturity or call date for each of the Premium Bonds which minimizes the yield on such Premium Bonds to the purchaser. For purposes of determining gain or loss on the sale or other disposition of a Premium Bond, an initial purchaser who acquires such obligation in the initial offering is required to decrease such purchaser's adjusted basis in such Premium Bond annually by the amount of amortizable bond premium for the taxable year. The amortization of bond premium may be taken into account as a reduction in the amount of tax-exempt income for purposes of determining various other tax consequences of owning such Premium Bonds. Bondholders of the Premium Bonds are advised that they should consult with their own tax advisors with respect to the state and local tax consequences of owning such Premium Bonds.

VERIFICATION OF ARITHMETICAL COMPUTATIONS

At the time of the delivery of the 2020 Bonds, Causey Demgen Moore P.C., the Verification Agent will deliver a report on the arithmetical accuracy of the computations contained in schedules provided to them and prepared by MBS Capital Markets, LLC and verified by the Verification Agent on behalf of the District relating to the sufficiency of the cash deposited in the Escrow Fund to pay, upon prior redemption the principal and interest of the Refunded Bonds.

RATINGS

S&P Global Ratings ("S&P") has assigned a rating of AA to the 2020 Bonds based upon the issuance of the Bond Insurance Policy by the Insurer at the time of delivery of the 2020 Bonds and S&P has also assigned its underlying rating of A- (stable outlook) to the 2020 Bonds without regard to the Policy. Such ratings reflect only the views of the S&P and any desired explanation of the significance of such ratings should be obtained from S&P at the following address: 55 Water Street, 38th Floor, New York, NY 11238. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance such ratings will continue for any given period of time or that such ratings will not be revised downward or withdrawn entirely by the rating agency, if circumstances so warrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market price of the 2020 Bonds.

AGREEMENT BY THE STATE

Under the Act, the State pledges to the holders of any obligations issued thereunder, including the 2020 Bonds, that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the projects subject to the Act or to levy and collect taxes, assessments, rentals, rates, fees, and other charges provided for in the Act and to fulfill the terms of any agreement made with the holders of such 2020 Bonds and that it will not in any way impair the rights or remedies of such holders.

LEGALITY FOR INVESTMENT

The Act provides that the 2020 Bonds are legal investments for savings banks, banks, trust companies, insurance companies, executors, administrators, trustees, guardians, and other fiduciaries, and for any board, body, agency, instrumentality, county, municipality or other political subdivision of the State, and constitute securities which may be deposited by banks or trust companies as security for deposits of state, county, municipal or other public funds, or by insurance companies as required for voluntary statutory deposits.

DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS

Rule 69W-400.003, Rules of Government Securities under Section 517.051(1), Florida Statutes, promulgated by the Florida Department of Financial Services, Office of Financial Regulation, Division of Securities and Finance ("Rule 69W-400.003"), requires the District to disclose each and every default as to the payment of principal and interest with respect to obligations issued or guaranteed by the District after December 31, 1975. Rule 69W-400.003 further provides, however, that if the District, in good faith, believes that such disclosures would not be considered material by a reasonable investor, such disclosures may be omitted. The District is not and has not since December 31, 1975 been in default as to principal and interest on its bonds or other debt obligations.

CONTINUING DISCLOSURE

In order to comply with the continuing disclosure requirements of Rule 15c2-12(b)(5) of the Securities and Exchange Commission (the "SEC Rule"), the District and PFM Group Consulting LLC, as dissemination agent (the "Dissemination Agent") will enter into a Continuing Disclosure Agreement (the "Disclosure Agreement"), the form of which is attached hereto as APPENDIX D. Pursuant to the Disclosure Agreement, the District has covenanted for the benefit of 2020 Bondholders to provide to the Dissemination Agent certain financial information and operating data relating to the District and the 2020 Bonds in each year (the "District Annual Report"), and to provide notices of the occurrence of certain enumerated material events. Such covenant by the District shall only apply so long as the 2020 Bonds remain outstanding under the Indenture.

The District Annual Report will be filed by the Dissemination Agent with the Municipal Securities Rulemaking Board's Electronic Municipal Markets Access ("EMMA") repository described in the form of the Disclosure Agreement attached hereto as APPENDIX D. The notices of material events will also be filed by the District with EMMA. The specific nature of the information to be contained in the District Annual Report and the notices of material events are described in APPENDIX D. The Disclosure Agreement will be executed by the applicable parties at the time of issuance of the 2020 Bonds. The foregoing covenants have been made in order to assist the Underwriter in complying with the SEC Rule.

With respect to the 2020 Bonds, no party other than the District is obligated to provide any continuing disclosure information with respect to the SEC Rule.

The District has previously entered into continuing disclosure undertakings as required by the SEC Rule with respect to other bond issuances. Over the past five years, the District failed to make timely filings of certain reports and/or notices as required by such continuing disclosure undertakings and some of such untimely filings were not separately reported as listed events.

FINANCIAL STATEMENTS

The audited financial statements of the Issuer for the fiscal year ended September 30, 2019 are included as APPENDIX F hereto. Such audited financial statements, including the auditor's report thereon, have been included as APPENDIX F hereto as public documents and the consent of the auditors to include such document was not requested.

ENFORCEABILITY OF REMEDIES

The remedies available to the Owners of the 2020 Bonds upon an event of default under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including the federal bankruptcy code, the remedies specified by the Indenture and the 2020 Bonds may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the 2020 Bonds will be qualified, as to the enforceability of the remedies provided in the various legal instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery.

LITIGATION

There is no litigation of any nature now pending or threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the 2020 Bonds, or in any way contesting or affecting the validity of the 2020 Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the 2020 Bonds, or the existence or powers of the District.

UNDERWRITING

The Underwriter has agreed, pursuant to a contract entered into with the District, subject to certain conditions, to purchase the 2020 Bonds from the District at an aggregate purchase price of $ 	(representing the par amount of the 2020 Bonds of $ 	, and less an Underwriter's discount of $ 		and less net original issue  discount of $ 	). The Underwriter's obligations are subject to certain conditions precedent and the Underwriter will be obligated to purchase all the 2020 Bonds if any are purchased.

The Underwriter intends to offer the 2020 Bonds at the offering prices set forth on the inside cover page of this Official Statement, which may subsequently change without prior notice. The Underwriter may offer and sell the 2020 Bonds to certain dealers (including dealers depositing the 2020 Bonds into investment trusts) at prices lower than the initial offering prices and such initial offering prices may be changed from time to time by the Underwriter.

DISCLOSURE OF MULTIPLE ROLES

Bondholders should note that PFM Group Consulting LLC is acting in the capacities of District Manager responsible for the administrative operations of the District and is serving as Dissemination Agent for purposes of the SEC Rule. PFM Financial Advisors LLC is serving as the methodology consultant responsible for the Assessment Methodology Report attached hereto as "APPENDIX E – ASSESSMENT METHODOLOGY REPORT" and as the District's Municipal Advisor.

EXPERT

PFM Financial Advisors LLC has prepared the Assessment Methodology Report set forth in APPENDIX E hereto and such appendix should be read in its entirety for complete information with respect to the subjects discussed therein.

CONTINGENT FEES

Bond Counsel, the Underwriter and Counsel to the Underwriter will receive fees for services rendered in connection with the issuance of the Bonds, which fees are contingent upon such issuance.

LEGAL MATTERS

Certain legal matters related to the authorization, sale and delivery of the 2020 Bonds are subject to the approval of Bryant Miller Olive P.A., Orlando, Florida, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by its counsel Akerman LLP, Orlando, Florida. Certain legal matters will be passed upon for the District by its counsel, Hopping Green & Sams, P.A., Tallahassee, Florida. Certain legal matters will be passed upon for the Trustee by Holland & Knight, LLP, Miami, Florida.

Bond Counsel's opinions included herein are based on existing law, which is subject to change. Such opinions are further based on factual representations made to Bond Counsel as of the date hereof. Bond Counsel assumes no duty to update or supplement its opinions to reflect any facts or circumstances that may thereafter come to Bond

Counsel's attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, Bond Counsel's opinions are not a guarantee of a particular result, and are not binding on the Internal Revenue Service or the courts; rather, such opinions represent Bond Counsel's professional judgment based on its review of existing law, and in reliance on the representations and covenants that it deems relevant to such opinions.

MUNICIPAL ADVISOR

PFM Financial Advisors LLC is serving as the District's Independent Registered Municipal Advisor in connection with the issuance of the 2020 Bonds.

VALIDATION

On December 20, 2005, the Circuit Court in and for Manatee and Sarasota Counties, Florida validated the issuance by the District of not exceeding $4 billion in principal amount of its special assessment revenue bonds. The appeal period from such final judgment has expired with no appeal having been filed. The Refunded Bonds are included within the validated amount.

MISCELLANEOUS

Any statements made in this Official Statement involving matters of opinion or estimates, whether or not expressly so stated, are set forth as such and not as representations of fact, and no representations are made that any of the estimates will be realized.

The references herein to the 2020 Bonds and other documents referred to herein are brief summaries of certain provisions thereof. Such summaries do not purport to be complete and reference is made to such documents for full and complete statements of such provisions.

This Official Statement has been prepared in connection with the sale of the 2020 Bonds and may not be reproduced or used, as a whole or in part, for any purpose. This Official Statement is not to be construed as a contact with the purchaser or the Owner or Beneficial Owners of any of the 2020 Bonds.

This Official Statement has been duly authorized, executed and delivered by the District.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

By:		 Chair, Board of Supervisors

38

APPENDIX A

SPECIMEN MUNICIPAL BOND INSURANCE POLICY

APPENDIX B INDENTURE

APPENDIX C

FORM OF OPINION OF BOND COUNSEL

APPENDIX D

FORM OF CONTINUING DISCLOSURE AGREEMENT

APPENDIX E ASSESSMENT METHODOLOGY REPORT

APPENDIX F

AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FOR THE YEAR ENDED SEPTEMBER 30, 2019

EXHIBIT D

FORM OF CONTINUING DISCLOSURE AGREEMENT

CONTINUING DISCLOSURE AGREEMENT

This CONTINUING DISCLOSURE AGREEMENT (the “Disclosure Agreement”) dated July , 2020 is executed and delivered by the LAKEWOOD RANCH STEWARDSHIP DISTRICT (the “District” or the “Issuer”) and joined in by the Disclosure Representative and the Trustee (as such terms are herein defined), in connection with the issuance by Lakewood Ranch Stewardship District of its $ 	 	Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the “Bonds”). The Bonds are being issued pursuant to a Master Trust Indenture dated as of September 1, 2005, as supplemented by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020 (collectively, the “Indenture”), each between the District and U.S. Bank National Association, as trustee (the “Trustee”). For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and in consideration of the mutual promises and other considerations contained herein, the District covenants and agrees as follows:

Purpose of the Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the District for the benefit of the Owners of the Bonds and to assist the Participating Underwriter of the Bonds in complying with the applicable provisions of Rule 15c2- 12(b)(5) promulgated by the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended from time to time (the “Rule”). The District understands and acknowledges that the execution and delivery of this Disclosure Agreement is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction or a governmental regulatory agency that the Rule requires the District to provide additional information, the District agrees to promptly provide such additional information.

The provisions of this Disclosure Agreement are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the District, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the District, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.

Definitions. In addition to the definitions set forth in the Indenture, which apply to any capitalized term used in this Disclosure Agreement unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:

“Annual Filing Date” means the date set forth in Section 4(a) hereof by which the Annual Report is to be filed with the MSRB.

“Annual Financial Information” means annual financial information as such term is used in paragraph (b)(5)(i)(A) of the Rule and specified in Section 3(a) of this Disclosure Agreement.

“Annual Report” shall mean any Annual Report provided by the District pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement.

“Audited Financial Statements” means the financial statements (if any) of the Issuer for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally

accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i)(B) of the Rule and specified in Section 3(a) of this Disclosure Agreement.

“Beneficial Owners” shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries) or (b) is treated as the owner of any Bond for federal income tax purposes.

“Business Day” means a day other than (a) a Saturday, Sunday or day on which banks located in the city in which the designated corporate trust office of the Trustee and Paying Agent is located are required or authorized by law or executive order to close for business and (b) a day on which the New York Stock Exchange is closed.

“Disclosure Representative” shall mean as to the District, the District Manager or its designee, or such other person as the District shall appoint from time to time, with notice to the Dissemination Agent, as the person responsible for providing information to the Dissemination Agent.

“Dissemination Agent” shall mean PFM Group Consulting LLC, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent appointed by the District.

“District Manager” shall mean the person or entity serving as District Manager from time to time.

“EMMA” means the Electronic Municipal Market Access system as described in 1934 Act Release No. 59062 and maintained by the MSRB for purposes of the Rule and accessible through its web portal located at http://emma.msrb.org.

"Financial Obligation" means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation, or (c) guarantee of an obligation or instrument described in either clause (a) or (b). Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.

“Fiscal Year” shall mean the period commencing on October 1 and ending  on  September 30 of the next succeeding year, or such other period of time provided by applicable law.

“Limited Offering Memorandum” shall mean the Limited Offering Memorandum dated
 	, 2020 prepared in connection with the issuance of the Bonds.

“Listed Event” shall mean any of the events listed in Section 5(a) of this Disclosure Agreement.

“MSRB” shall mean the Municipal Securities Rulemaking Board. “MSRB Website” shall mean www.emma.msrb.org.

“Obligated Person(s)” shall mean, with respect to the Bonds, those person(s) including the District who either generally or through an enterprise fund or account of such persons are committed by contract or other arrangement to support payment of all or a part of the obligations on such Bonds, other than providers of municipal bond insurance, letters of credit, or other liquidity facilities.

“Owners” shall have the meaning ascribed thereto in the Indenture with respect to the Bonds and shall include beneficial owners of the Bonds, including those that have the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or are treated as the owner of any Bonds for federal income tax purposes.

“Participating Underwriter” shall mean MBS Capital Markets, LLC, in its capacity as the original underwriter of the Bonds required to comply with the Rule in connection with offering of the Bonds.

“Repository” shall mean each entity authorized and approved by the SEC from time to time to act as a repository for purposes of complying with the Rule. The Repositories approved by the SEC may be found by visiting the SEC’s website at http://www.sec.gov/info/municipal/nrmsir.htm. As of the date hereof, the Repository recognized by the SEC for such purpose is the MSRB, which currently accepts continuing disclosure submissions through its (“EMMA”) web portal at “http://emma.msrb.org.”

“Series 2020 Assessments” shall mean the non ad valorem special assessments pledged to the payment of the Bonds pursuant to the Indenture.

“State” shall mean the State of Florida.

Content of Annual Reports.

The District’s Annual Report shall contain or incorporate by reference Annual Financial Information with respect to the District which includes:

The amount of Series 2020 Assessments levied for the most recent
Fiscal Year.

The amount of Series 2020 Assessments collected from property
owners during the most recent Fiscal Year.

If available, the amount of Series 2020 Assessment delinquencies greater than 150 days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of Series 2020 Assessments due in any year, a list of delinquent property owners.

If available, the amount of tax certificates sold for lands within the District, subject to the Series 2020 Assessments, if any, and the balance, if any, remaining for sale from the most recent Fiscal Year.

The balances in all funds, accounts and subaccounts for the Bonds. If requested by the Owners, the District shall provide any Owners and the Dissemination Agent with this information more frequently than annually and within thirty (30) days of the written request of the Owners.

The total amount of Bonds Outstanding.

The amount of principal and interest due on the Bonds in the current
Fiscal Year.

The most recent Audited Financial Statements of the District.

Any amendment or waiver of the provisions hereof as described in
Section 9 hereof.

To the extent any of the items set forth in subsections (i) through (vii) above are included in the Audited Financial Statements referred to in subsection (viii) above, they do not have to be separately set forth. Any or all of the items listed above may be incorporated by reference from other documents, including offering documents of debt issues of the District or related public entities, which have been submitted to each of the Repositories or the SEC. If the document incorporated by reference is a final offering document, it must be available from the MSRB or EMMA. The District shall clearly identify each such other document so incorporated by reference.

Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Provision of Annual Reports.

Subject to the following sentence, the Issuer shall provide the Annual Report to the Dissemination Agent no later than May 1 after the close of the Issuer’s Fiscal Year, commencing with the Fiscal Year ended September 30, 2020 in an electronic format as prescribed by a Repository. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 3(a) of this Disclosure Agreement; provided that the Audited Financial Statements of the District may be submitted separately from the balance of the Annual Report, and may be submitted up to, but no later than, two hundred and seventy (270) days after the close of the District’s Fiscal Year or consistent with Florida law as amended from time to time. If applicable law changes the Issuer’s Fiscal Year from the period commencing on October 1 and ending on September 30 of the next succeeding year, the Issuer shall cause the Dissemination Agent to give notice of such change in the same manner as for a Listed Event under Section 5(a). Dissemination Agent shall file the Annual Report and the Audited Financial Statements with each Repository within thirty
(30) days of their receipt.

If on the fifteenth (15th) day prior to each Annual Filing Date the Dissemination Agent has not received a copy of the Annual Report, the Dissemination Agent shall contact the Disclosure Representative of the District by telephone and in writing (which may be by e-mail) to remind the Issuer of its undertaking to provide the Annual Report pursuant to Section 4(a) above. Upon such reminder, the Disclosure Representative of the District, shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report in accordance with Section 4(a) above, or (ii) instruct the Dissemination Agent in writing that the Issuer, will not be able to file the Annual Report within the time required under the Disclosure Agreement, state the date by which the Annual Report for such year will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 5(a)(xv) has occurred and to immediately send a notice to any Repository in electronic format as required by such Repository in substantially the form attached as Exhibit A hereto.

The Dissemination Agent shall:

determine each year prior to the date for providing the Annual Report the name and address of any Repository; and

promptly upon fulfilling its obligations under subsection (b) above, file a notice with the Issuer certifying that the Annual Report has been provided pursuant to this Disclosure Agreement, state the date(s) it was provided and listing any Repository to which it was provided.

Reporting of Significant Events.

Pursuant to the provisions of this Section 5, the Issuer shall give, or cause to be given, notice of the occurrence of any of the following events with respect to the Bonds to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after the occurrence of the event, with the exception of the event described in number (xv) or (xvi) below, which notice shall be given in a timely manner:

Principal and interest payment delinquencies on the Bonds;

Non-payment related defaults, if material;

Unscheduled draws on debt service reserves reflecting financial

difficulties; difficulties; perform;

Unscheduled draws on credit enhancements reflecting financial

Substitution of credit or liquidity providers, or their failure to

Adverse tax opinions or the issuance by the Internal Revenue

Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS

Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;

Modifications to rights of Bond holders, if material;

Bond calls, if material, and tender offers;

Defeasances;

Release, Substitution, or sale of property securing repayment of the Bonds, if material;

Any Rating Changes.

Bankruptcy, insolvency, receivership or similar event of any Obligated Person. For the purposes of event (xii), the event is considered to occur when any of the following occur: The appointment of a receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Obligated Person or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Obligated Person.

Appointment of a successor or additional Trustee or the change of name of the Trustee, if material.

The consummation of a merger, consolidation, or acquisition involving an Obligated Person or the sale of all or substantially all of the assets of an Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material;

Failure to provide any Annual Report as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) of this Disclosure Agreement;

Incurrence of a Financial Obligation of the Issuer or Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Issuer or Obligated Person, any of which affect security holders, if material;

Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of the Financial Obligation of the Issuer or Obligated Person, any of which reflect financial difficulties;

Any amendment to the accounting principles to be followed by the District in preparing its financial statements.

Any Obligated Person other than the Issuer shall notify the Issuer of the occurrence of a Listed Event described in Sections 7(a)(x), (xii), (xiv), (xv), (xvi) or (xvii) above as to such Obligated Person within five (5) Business Days after the occurrence of the Listed Event so as to enable the Issuer to comply with its obligations under this Section 5.

Identifying Information. In accordance with the Rule, all disclosure filings submitted pursuant to this Disclosure Agreement to any Repository must be accompanied by identifying information as prescribed by the Repository. Such information may include, but not be limited to:

the category of information being provided;

the period covered by any annual financial information, financial statement or other financial information or operation data;

the issues or specific securities to which such documents are related (including CUSIPs, issuer name, state, issue description/securities name, dated date, maturity date, and/or coupon rate);

the name of any Obligated Person other than the Issuer;

the name and date of the document being submitted; and

contact information for the submitter.

Termination of Disclosure Agreement. The Issuer’s obligation under this Disclosure Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds, so long as there is no remaining liability of the Issuer, or if the Rule is repealed or no longer in effect. If such termination occurs prior to the final maturity of the Bonds, the District shall give notice of such termination in the same manner as for a Listed Event under Section 5.

Dissemination Agent. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Disclosure Agreement, and may discharge any Dissemination Agent, with or without appointing a successor Dissemination Agent. If at any time there is not any other designated Dissemination Agent, the Issuer shall be the Dissemination Agent. The initial Dissemination Agent shall be PFM Group Consulting LLC. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Issuer pursuant to this Disclosure Agreement.

Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Issuer and the Dissemination Agent may amend this Disclosure Agreement or any provision of this Disclosure Agreement may be waived, provided that the following conditions are satisfied:

If the amendment or waiver relates to the provisions of Section 3(a), 4, or 5(a), it may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the Issuer or the type of business conducted;

The undertaking, as amended or taking into account such waiver, would in the opinion of counsel to the District expert in federal securities laws, have complied with the requirements of the Rule at the time of the original issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and

The amendment or waiver either (i) is approved by the holders or Beneficial Owners of the Bonds in the same manner as provided in the Indenture for amendments to the Indenture with the consent of holders or Beneficial Owners, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interest of the holders or Beneficial Owners of the Bonds.

Notwithstanding the foregoing, the Issuer and the Dissemination Agent shall have the right to adopt amendments to this Disclosure Agreement necessary to comply with modifications to and interpretations of the provisions of the Rule as announced by the Securities and Exchange Commission from time to time.

In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment in its next Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed by the District in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event, and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.

Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a potential material event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by the Disclosure Agreement, the Issuer shall have no obligation under the Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

Default. In the event of a failure of the Issuer, the Disclosure Representative of the District or a Dissemination Agent to comply with any provision of this Disclosure Agreement, the Trustee may (and, at the request of any Participating Underwriter or the Holders of more than 50% aggregate principal amount of Outstanding Bonds and receipt of indemnity satisfactory to the

Trustee, shall), or any Beneficial Owner of a Bond may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer, the Disclosure Representative of the District, or a Dissemination Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. No default hereunder shall be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer, the Disclosure Representative of the District or a Dissemination Agent, to comply with the Disclosure Agreement shall be an action to compel performance.

Duties of Issuer and Dissemination Agent. The District represents and warrants that it will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The District acknowledges and agrees that the information to be collected and disseminated by the Dissemination Agent will be provided by the District and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the District or others as thereafter disseminated by the Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement.

Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriter, the Trustee and Beneficial Owners of the Bonds, and shall create no rights in any other person or entity.

Counterparts. This Disclosure Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

Governing Law. This Disclosure Agreement shall be governed by the laws of the State of Florida and Federal law and venue shall be in any State or Federal Court having jurisdiction in Manatee County, Florida.

Dissemination Agent’s Right to Information. The Issuer agrees that the Dissemination Agent is a bona fide agent of the Issuer and may receive, on a timely basis, any information or reports it requests that the Issuer is required to provide hereunder.

Binding Effect. This Disclosure Agreement shall be binding upon each party and upon each successor and assignee of each party and shall inure to the benefit of and be enforceable by, each party and each successor and assignee of each party.

SIGNATURE PAGE FOR CONTINUING DISCLOSURE AGREEMENT
(Lakewood Ranch Stewardship District) (Country Club East Project)

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Agreement as of the date and year set forth above.

ATTEST:

Secretary	LAKEWOOD RANCH STEWARDSHIP DISTRICT

By:		 Chair, Board of Supervisors	
CONSENTED TO AND AGREED TO BY:
PFM GROUP CONSULTING LLC, as
Disclosure Representative

By:	 Title: Authorized Officer	
	
Acknowledged and agreed to for purposes of Sections 11 and 13 only:

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:		 Title: Vice President	
	PFM GROUP CONSULTING LLC, as
Dissemination Agent

By:		 Title: Authorized Officer	

EXHIBIT A

NOTICE TO REPOSITORIES
OF FAILURE TO FILE [ANNUAL][QUARTERLY] REPORT

Name of Issuer:	Lakewood Ranch Stewardship District Obligated Person(s):	Lakewood Ranch Stewardship District

Name of Bond Issue:	$ 		Lakewood	Ranch	Stewardship	District	Special
Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project)

Date of Issuance:	July 	, 2020

NOTICE IS HEREBY GIVEN that the District has not provided an Annual Report with respect to the above-named Bonds as required by Section 4 of the Continuing Disclosure Agreement dated July _ , 2020, among the District, the Dissemination Agent and the Trustee named therein. The District has advised the undersigned that it anticipates that the Annual Report will be filed by 	, 20 .

Dated:  	

 	, as Dissemination Agent, on behalf of the Issuer

cc:	Issuer
Obligated Person(s)

EXHIBIT E

FORM OF ESCROW DEPOSIT AGREEMENT

ESCROW DEPOSIT AGREEMENT

This ESCROW DEPOSIT AGREEMENT, dated July   , 2020 (this "Agreement"), by    and between the LAKEWOOD RANCH STEWARDSHIP DISTRICT (the "District"), a duly constituted and existing local unit of special purpose government under the laws of the State of Florida, and U.S. BANK NATIONAL ASSOCIATION (the "Escrow Agent"), a national banking association organized and existing under the laws of the United States of America, as Escrow Agent hereunder.

WHEREAS, the District has previously issued its Special Assessment Revenue Bonds, Series 2006 (Country Club East Project) (the "2006 Bonds") pursuant to a Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture") and an Fifth Supplemental Trust Indenture dated as of June 1, 2006 (the "Fifth Supplemental Indenture," and, together with the Master Indenture, the "Indenture"), both between the District and the Escrow Agent, as Trustee (in such capacity, the "Trustee"); and

WHEREAS, Article XII of the Master Indenture provides that Bonds shall be deemed to have been paid within the meaning and with the effect expressed therein upon compliance by the District with the provisions thereof, which provisions the District hereby represents have not been amended or supplemented; and

WHEREAS, the District has determined to issue, pursuant to the Master Indenture, as supplemented by a Twenty-Seventh Supplemental Trust Indenture dated as of July 1, 2020, by and between the District and the Trustee,  its $[ 	] principal amount of Lakewood Ranch Stewardship District Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the "2020 Bonds") for the primary purpose, together with moneys held on deposit under the Indenture, of refunding and defeasing as provided herein all of the Outstanding 2006 Bonds (the "Refunded Bonds"); and

WHEREAS, a portion of the proceeds of the 2020 Bonds, together with moneys held on deposit under the Indenture, will be deposited in the Escrow Fund created pursuant to Section 4 hereof in an amount sufficient, without reinvestment, to pay the Refunded Bonds as provided herein and to discharge and satisfy the covenants, agreements and other obligations of the District in regard to such Refunded Bonds; and

WHEREAS, the issuance of the 2020 Bonds, the deposit of such cash into the Escrow Fund to be held by the Escrow Agent and the discharge and satisfaction of the covenants, agreements and other obligations of the District in regard to the Refunded Bonds shall occur as a simultaneous transaction; and

WHEREAS, this Agreement is intended to effectuate such simultaneous transaction;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

The recitals stated above are true and correct and incorporated herein.

Receipt of true and correct copies of the above-mentioned Indenture is hereby acknowledged by the Escrow Agent. The applicable and necessary provisions of the Master Indenture, in particular Article XII thereof, are incorporated herein by reference. The District also acknowledges receipt of the report of Causey Demgen Moore P.C., dated July , 2020 (the "Verification Report") indicating that sufficient cash has been deposited into the Escrow Fund to provide for all payments due on the Refunded Bonds as provided on Schedule "A" hereto.

In accordance with the Master Indenture, the District, by this Agreement, exercises the option to have the covenants, agreements and other obligations of the District to the holders of the Refunded Bonds discharged and satisfied, except for those arising hereunder or those that by their express terms survive payment or defeasance of the Refunded Bonds.

There is hereby created and established with the Escrow Agent a special, segregated and irrevocable escrow fund designated the "Lakewood Ranch Stewardship District Escrow Deposit Fund" (the "Escrow Fund"), which Escrow Fund is to be held in the custody of the Escrow Agent, separate and apart from other funds of the District and the Escrow Agent. The Escrow Agent hereby acknowledges the receipt of and deposit of the sum of $[ 	] (comprised of $[ 	]  of proceeds of  the 2020 Bonds and $[ 	] of funds held under the Indenture) to the Escrow Fund received by the District from the sale and delivery of the 2020 Bonds and other moneys (collectively, the "Escrow Proceeds"). The District instructs the Escrow Agent to hold the Escrow Proceeds uninvested in cash.

In reliance upon the Verification Report, the District represents and warrants that the deposit made pursuant to Section 4 is sufficient to pay the amounts of principal of and interest due on the Refunded Bonds as described in Schedule "A" attached hereto. If such deposit shall be insufficient to make such payments, the District shall timely deposit in the Escrow Fund, solely from legally available funds of the District, such additional amounts as may be required to pay the applicable Refunded Bonds as described in Schedule "A" hereto. Notice of any insufficiency shall be given by the Escrow Agent to the District as promptly as possible after the Escrow Agent knows of such insufficiency, but the Escrow Agent shall in no manner be responsible for the District's failure to make such deposits.

The deposit in the Escrow Fund as described above shall constitute deposit of moneys held by the Escrow Agent solely for the payment of the principal and interest on the Refunded Bonds at such time and in such amount as set forth in Schedule "A" hereto, and such deposit shall be used solely for such purposes.

The District hereby directs, and the Escrow Agent hereby agrees, that it will undertake the timely transfer of money to the Paying Agent for the Refunded Bonds or any successors or assigns thereto (collectively, the "Refunded Bonds Paying Agent") in accordance with Schedule "A" attached hereto, in order to effectuate this Agreement and to pay the Refunded Bonds in the amount and at the time provided in said Schedule "A" notwithstanding

any failure by the District to pay when due any fees or expenses of the Escrow Agent or Refunded Bonds Paying Agent. The liability of the Escrow Agent to make such transfer for the payment of the principal of and interest on the Refunded Bonds pursuant to this Agreement shall be limited to the application of amounts available for such purposes in the Escrow Fund.

The District hereby irrevocably instructs the Escrow Agent to deliver on the date hereof, to the holders of the Refunded Bonds, the notice attached hereto as Schedule "B."

Concurrently with the deposit set forth in Section 4 hereof, the Refunded Bonds are hereby deemed to have been paid within the meaning and with the effect expressed in the Indenture.

The Escrow Fund shall be irrevocable and the holders of the Refunded Bonds shall have an express lien on all cash deposited in the Escrow Fund pursuant to the terms hereof until paid out, used and applied in accordance with this Agreement. Neither the District nor  the Escrow Agent shall cause nor will the District permit, any other lien or interest to be imposed upon the Escrow Fund.

This Agreement is made for the benefit of the District and the holders from time to time of the Refunded Bonds and it shall not be repealed, revoked, altered or amended without the written consent of all such holders and the written consent of the Escrow Agent; provided, however, that the District and the Escrow Agent may, without the consent of, or notice to, such holders enter into such agreements supplemental to this Agreement as shall not adversely affect the rights of such holders and as shall not be inconsistent with the terms and provisions of this Agreement, for any one or more of the following purposes:

to cure any ambiguity or formal defect or omission in this Agreement;

to grant, or confer upon, the Escrow Agent for the benefit of the holders of the Refunded Bonds, any additional rights, remedies, powers or authority that may lawfully be granted to, or conferred upon, such holders or the Escrow Agent; and

to subject to this Agreement additional funds, securities or properties.

The Escrow Agent shall be entitled to rely exclusively upon an unqualified opinion of nationally recognized bond counsel with respect to compliance with this Section 11, including the extent, if any, to which any change, modification or addition affects the rights of the holders of the Refunded Bonds, or that any instrument executed hereunder complies with the conditions and provisions of this Section 11.

The District shall pay the Escrow Agent upon execution hereof a one-time fee of
$500.00 for performing the ordinary and customary services hereunder. The District also shall pay any fees and expenses associated with the performance by the Escrow Agent of any reasonable extraordinary services hereunder, which are payable by the District upon presentation of an invoice therefor from the Escrow Agent. The Escrow Agent shall have no

lien whatsoever upon any of the cash in said Escrow Fund for the payment of such proper fees and expenses.

The Escrow Agent shall not be liable in connection with the performance of its duties hereunder except for its own negligence or willful misconduct. The Escrow Agent shall not be liable for any loss resulting from any investments made pursuant to the terms of this Agreement. The Escrow Agent shall not be liable for the accuracy of the calculations as to the sufficiency of the deposits to the Escrow Fund to pay the Refunded Bonds. So long as the Escrow Agent applies any moneys to pay the Refunded Bonds as provided herein, the Escrow Agent shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bonds caused by such calculations. Notwithstanding any provision herein to the contrary, in no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

The duties and obligations of the Escrow Agent shall be determined by the express provisions of this Agreement and no implied warrants or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent may consult with counsel knowledgeable with respect to any matter relevant to this Agreement, who may or may not be counsel to the District, and be entitled to receive from the District reimbursement of the reasonable fees and expenses of such counsel, and in reliance upon the opinion of such counsel have full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith in accordance therewith. Escrow Agent shall notify the District of its intent to engage such counsel. Whenever the Escrow Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action under this Agreement, such matter may be deemed to be conclusively established by a certificate signed by an authorized officer of the District and the Escrow Agent may in good faith conclusively rely upon such certificate.

The Escrow Agent may conclusively rely upon and shall be fully protected in acting and relying upon any notice, order, requisition, request, consent, certificate, order, opinion (including an opinion of counsel), affidavit, letter, telegram or other paper or document in good faith deemed by it to be genuine and correct and to have been signed or sent by the proper person or persons. Any payment obligation of the Escrow Agent hereunder shall be paid from, and is limited to funds available, established and maintained hereunder; the Escrow Agent shall not be required to expend its own funds for the performance of its duties hereunder. The Escrow Agent may act through its agents and attorneys and shall not be responsible for any misconduct or negligence on the part of any such person so appointed with due care. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; hurricanes or other storms; wars; terrorism; similar military disturbances; sabotage; epidemic; pandemic; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor

disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

The District further agrees to indemnify and save the Escrow Agent harmless, to the extent allowed by law, against any liabilities, which it may incur in the exercise and performance of its powers and duties hereunder, and which are not due to its negligence or willful misconduct. The provisions of Section 12 and this Section 13 shall survive the termination of this Agreement and/or the sooner resignation or removal of the Escrow Agent and shall inure to the benefit of the Escrow Agent's successors and assigns.

The Escrow Agent, at the time acting hereunder, may at any time resign and be discharged from the duties and obligations hereby created by giving not less than ten (10) days written notice to the District and mailing notice thereof, specifying the date when such resignation will take effect to the holders of all Refunded Bonds then outstanding, but no such resignation shall take effect unless a successor Escrow Agent shall have been appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding or by the District as hereinafter provided and such successor Escrow Agent shall have accepted such appointment, in which event such resignation shall take effect immediately upon the appointment and acceptance of a successor Escrow Agent.

The Escrow Agent may be removed at any time by an instrument or concurrent instruments in writing, delivered to the Escrow Agent and to the District and signed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding.

In the event the Escrow Agent hereunder shall resign or be removed, or be dissolved, or shall be in the course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case the Escrow Agent shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding by an instrument or concurrent instruments in writing, signed by such holders, or by their attorneys in fact, duly authorized in writing; provided, nevertheless, that in any such event, the District shall appoint a temporary Escrow Agent to fill such vacancy until a successor Escrow Agent shall be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding in the manner above provided, and any such temporary Escrow Agent so appointed by the District shall immediately and without further act be superseded by the Escrow Agent so appointed by such holders.

In the event that no appointment of a successor Escrow Agent or a temporary successor Escrow Agent shall have been made by such holders or the District pursuant to the foregoing provisions of this Section 14 within ten (10) days after written notice of resignation of the Escrow Agent has been given to the District, the holder of any of the Refunded Bonds or any retiring Escrow Agent may apply to any court of competent jurisdiction for the appointment of

a successor Escrow Agent, and such court may thereupon, after such notice, if any, as it shall deem proper, appoint a successor Escrow Agent.

No successor Escrow Agent shall be appointed unless such successor Escrow  Agent shall be a corporation with trust powers organized under the banking laws of the United States or any state thereof, and shall have at the time of appointment capital and surplus of not less than $75,000,000.

Except as provided in the next succeeding paragraph, every successor Escrow Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the District an instrument in writing accepting such appointment hereunder and thereupon such successor Escrow Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, immunities, powers, duties and obligations of its predecessor; but such predecessor shall nevertheless, on the written request of such successor Escrow Agent or the District execute and deliver an instrument transferring to such successor Escrow Agent all the estates, properties, rights and powers of such predecessor hereunder; and every predecessor Escrow Agent shall deliver all securities and moneys held by it to its successor; provided, however, that before any such delivery is required to be made, all fees, advances and expenses of the retiring or removed Escrow Agent shall be paid in full. Should any transfer, assignment or instrument in writing from the District be required by any successor Escrow Agent for more fully and certainly vesting in such successor Escrow Agent the estates, rights, powers and  duties hereby vested or intended to be vested in the predecessor Escrow Agent, any such transfer, assignment and instruments in writing shall, on request, be executed, acknowledged and delivered by the District.

Any corporation into which the Escrow Agent, or any successor to it in the escrow created by this Agreement, may be merged or converted or with which it or any successor to it may be consolidated, or transfers all or substantially all of its corporate trust business to, or any corporation resulting from any merger, conversion, consolidation or tax-free reorganization to which the Escrow Agent or any successor to it shall be a party, shall be the successor Escrow Agent under this Agreement without the execution or filing of any paper or any other act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

In the event the Escrow Agent resigns or is removed pursuant to the provisions hereof, any fee paid to the Escrow Agent as provided in Section 12 hereof shall to the extent of the unearned portion of such fee be rebated and returned to the District.

This Agreement, except as otherwise provided herein, shall terminate when all transfers and payments required to be made by the Escrow Agent under the provisions hereof shall have been made. Upon such termination, all moneys remaining in the Escrow Fund shall be released to the District.

This Agreement shall be governed by the applicable laws of the State of Florida without regard to conflict of law principles.

If any one or more of the covenants or agreements provided in this Agreement on the part of the District or the Escrow Agent to be performed should be determined by a court of competent jurisdiction to be contrary to law, such covenant or agreement shall be deemed and construed to be severable from the remaining covenants and agreements herein contained and shall in no way affect the validity of the remaining provisions of this Agreement.

This Agreement may be executed in several counterparts, all or any of which shall be regarded for all purposes as one original and shall constitute and be but one and the same instrument.

The District will not accelerate the maturity of any Refunded Bonds or exercise any option to redeem any Refunded Bonds except as set forth in Section 8 hereof.

Any notice, authorization, request or demand required or permitted to be given in accordance with the terms of this Agreement shall be in writing and sent by registered or certified mail addressed to:

Lakewood Ranch Stewardship District
c/o PFM Group Consulting LLC 12051 Corporate Boulevard
Orlando, Florida 32817	U.S. Bank National Association
Global Corporate Trust
500 West Cypress Creek Road Suite 460
Fort Lauderdale, Florida 33309	

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have each caused this Escrow Deposit Agreement to be executed by their duly authorized officers and appointed officials and, in the case of the District, its seal to be hereunder affixed and attested as of the date first above written.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

[SEAL] ATTEST:
By:		 Secretary, Board of Supervisors

By:		 Chairman, Board of Supervisors

(Signature page of Escrow Deposit Agreement dated July 	, 2020 regarding Lakewood Ranch Stewardship District)

U.S. BANK NATIONAL ASSOCIATION, as Escrow Agent

By:		 Vice President

SCHEDULE A REFUNDED BONDS

Payment Date	
Redeemed Principal	

Interest	

Total	
08/ /2020	$ 		$	$	

SCHEDULE B
FORM OF NOTICE OF DEFEASANCE AND OPTIONAL REDEMPTION LAKEWOOD RANCH STEWARDSHIP DISTRICT
SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2006
(COUNTRY CLUB EAST PROJECT)
Maturity	Interest Rate	CUSIP	
May 1, 2037	5.40%	51265KAC2	

NOTICE IS HEREBY GIVEN to the holders of the Outstanding principal amount of the above-captioned bonds (the "Refunded Bonds") issued by the Lakewood Ranch Stewardship District (the "District") that the District has caused the current refunding of the Refunded Bonds through the issuance by the District of its Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) (the "Bonds"). The proceeds of the Bonds, together with other legally available funds, have been deposited in irrevocable escrow in an escrow deposit fund (the "Escrow Account") established for the benefit of Refunded Bondholders with U.S. Bank National Association, Fort Lauderdale Florida (the "Escrow Holder"), pursuant to an Escrow Deposit Agreement dated July
      , 2020, by and between the District and the Escrow Holder (the "Escrow Deposit Agreement"). Moneys deposited in the Escrow Account will be held therein as uninvested cash. The Escrow Holder has been given irrevocable instruction to call the then Outstanding Refunded Bond for optional redemption on [August , 2020] (the "Date of Redemption") at a price of 100% of the principal amount being redeemed, plus accrued interest (the "Redemption Price"). The Refunded Bonds are deemed to have been paid in accordance with Article XII of the Master Trust Indenture dated as of September 1, 2005, as supplemented by the Fifth Supplemental Trust Indenture dated as of June 1, 2006 (together, the "Refunded Bonds Trust Indenture") each between U.S. Bank National Association and the District, and are no longer outstanding thereunder.

On the Date of Redemption, the Redemption Price upon the Refunded Bonds will become due and payable and interest on the Refunded Bonds shall cease to accrue from and after the Date of Redemption. Pursuant to the Refunded Bonds Trust Indenture, payment of the Redemption Price on the Refunded Bonds called for redemption will be paid upon presentation, if presentment is required, and surrender of the Refunded Bonds in the following manner:

If by, Hand or Overnight Mail:
U.S. Bank Global Corporate Trust Services 111 Fillmore Avenue E
St. Paul, MN 55107 1-800-934-6802
DATED this 	day of July, 2020.
By: U.S. BANK NATIONAL ASSOCIATION, as Escrow Agent

CUSIP numbers are included solely for the convenience of the holders of the Refunded Bonds. Neither the District nor the Trustee shall have any responsibility with respect to the selection or use of any CUSIP number, nor is any representation made as to the correctness of any CUSIP number, either as printed on the Refunded Bonds or in this Notice of Defeasance and Optional Redemption.

EXHIBIT F

MUNICIPAL BOND INSURANCE COMMITMENT

May 28, 2020

VIA E-MAIL
Mr. Almand Almand
Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch,, Florida 34202

Re:	Not to Exceed $19,195,000 aggregate principal amount of Lakewood Ranch Stewardship District, County Club East Project, Florida Special Assessment Revenue Refunding Bonds, Series 2020

Dear Mr. Almand:

Attached please find one copy of each of Assured Guaranty Municipal Corp.’s (“AGM”) municipal bond insurance commitment letter and municipal bond debt service reserve insurance commitment letter, both in respect of the above-referenced issue. Please return one fully executed copy of each to Mrs. Audrey Udit-Adler, of our office, prior to any reference to AGM as insurer of the issue being made in marketing efforts in respect of the issue.
Please note that a blacklined copy of each draft of the financing documents, opinions, preliminary and final official statements and bond proof should be delivered to AGM for review and comment.
Attached as a link to this e-mail is AGM’s website, where the logo, statement of insurance, disclosure language, specimen policy, procedures for premium payment, form of opinion and form of disclosure, no default and tax certificate may be accessed and downloaded as needed. AGM will require, prior to closing, four hard copies of the final official statement.

Upon acceptance and satisfaction of the conditions of the Commitment, the following must occur in order for AGM to complete its review of applicable disclosure and financing documents in advance of the closing date, request the assignment of an insured rating for the Bonds, and timely issue its insurance policy:

The financing schedule and a distribution list should be forwarded to the attention of the Closing Coordinator listed below.

A copy of (i) the preliminary official statement and the final official statement, each of which shall include the disclosure provided by AGM and the specimen policy and any other references to AGM, and (ii) the Bonds, together with the legend to be affixed to such Bonds, must be delivered to the Closing Coordinator by fax or e-mail in order that AGM may confirm its accuracy.

Once determined, the underwriters’ final pricing numbers, including the final debt service schedule for the Bonds, should be delivered to the credit analyst and Closing Coordinator responsible for the transaction by fax and/or e-mail in order that AGM may confirm the premium to be paid for the insurance policy and request the assignment of an insured rating for the Bonds.

A copy of either (i) the final pricing wire with CUSIP numbers shown or CUSIP wire evidencing the CUSIP numbers assigned to the Bonds; or (ii) the letter from the CUSIP Service Bureau listing the CUSIP numbers assigned to the Bonds should be delivered to the Closing Coordinator listed below by fax and/or email in order that AGM may request the assignment of an insured rating for the Bonds.

AGM will deliver to Bond Counsel at the pre-closing, assuming the requirements of the Commitment have been met, an opinion of counsel as to the validity of the insurance policy, a disclosure, no default and tax certificate and the executed original insurance policy. Prior to the closing, AGM will obtain rating letters from the rating agencies indicated in the official statement. Note that any questions with regard to rating agency fees should be directed to the respective rating agency.

Assured Guaranty Municipal Corp.
1633 Broadway	main	1 212 974 0100	info@assuredguaranty.com	www.assuredguaranty.com
New York, NY 10019	fax	1 212 688 3101

Mr. Almand Almand
Lakewood Ranch Stewardship District Page 2

Please include the following people on the Distribution List for this transaction:

Peter Tremblay, Counsel	Telephone: (212) 261-5564	
	Telecopier: (212) 857-0316	
	E-Mail:	PTremblay@agltd.com	
Maria Sazon, Director	Telephone: 212-339-0836	
	Telecopier: 212-408-6090	
	E-Mail:	MSazon@agltd.com	
Audrey Udit-Adler, Closing Coordinator	Telephone: (212) 339-3548	
	Telecopier: (212) 857-0560	
	E-Mail:	AUdit-Adler@agltd.com	
As a post-closing condition, AGM shall receive one original and two copies of the final closing transcript of proceedings. Such closing transcript may be in the form of either hard copies or three CD-ROMs.
AGM looks forward to working with you on this transaction.

Very truly yours,
Peter Tremblay Counsel

ec:	Misty Taylor, Esq.; Bryant Miller Olive
Mr. Brett Sealy, Managing Partner; MBS Capital Markets, LLC Peter Dame, Esq.; Akerman
Mr. Brent Wilder, Managing Director; PFM Financial Advisors LLC

MUNICIPAL BOND INSURANCE COMMITMENT

ASSURED GUARANTY MUNICIPAL CORP. (“AGM”) hereby commits to issue its Municipal Bond Insurance Policy (the "Policy") relating to whole maturities of the debt obligations described in Exhibit A attached hereto (the "Bonds"), subject to the terms and conditions set forth in this Commitment or added hereto (the "Commitment"). For the avoidance of doubt, each of the Exhibits attached hereto is an integrated part of this Commitment. To keep this Commitment in effect after the Expiration Date set forth in Exhibit A attached hereto, a request for renewal must be submitted to AGM prior to such Expiration Date. AGM reserves the right to refuse wholly or in part to grant a renewal.

THE MUNICIPAL BOND INSURANCE POLICY SHALL BE ISSUED IF THE FOLLOWING CONDITIONS ARE SATISFIED:

The transaction documents to be executed and delivered in connection with the issuance and sale of the Bonds shall not contain any untrue or misleading statement of a material fact and shall not fail to state a material fact necessary in order to make the information contained therein not misleading.

No event shall occur which would permit any underwriter or purchaser of the Bonds, otherwise required, not to be required to underwrite or purchase the Bonds on the date scheduled for the issuance and delivery thereof (“Closing Date”).

On the date hereof and on the Closing Date, there shall have been no material adverse change in or affecting the Issuer and/or the Obligor, as applicable, or the Bonds (including, without limitation, the security for the Bonds or the proposed debt service schedule of the Bonds), any disclosure document relating to the Bonds (the “Official Statement”), the financing documents to be executed and delivered with respect to the Bonds, the legal opinions to be executed and delivered in connection with the issuance and sale of the Bonds, or any other information submitted to AGM with respect to the referenced transaction, or the Bonds, from that previously delivered or otherwise communicated to AGM.

The Bonds shall contain no reference to AGM, the Policy or the insurance evidenced thereby except as may be approved by AGM. BOND PROOFS SHALL HAVE BEEN APPROVED BY AGM PRIOR TO PRINTING. The Bonds shall bear a Statement of Insurance in the form provided by AGM.

AGM shall be provided with:

Executed copies of all financing documents, the Official Statement and the various legal opinions delivered in connection with the issuance and sale of the Bonds (which shall be dated the Closing Date and which, except for the opinions of counsel relating to the adequacy of disclosure, shall be addressed to AGM or accompanied by a letter of such counsel permitting AGM to rely on such opinion as if such opinion were addressed to AGM), including, without limitation, the approving opinion of bond counsel. Each of the foregoing shall be in form and substance acceptable to AGM. Copies of all drafts of such documents prepared subsequent to the date of the Commitment (blacklined to reflect all revisions from previously reviewed drafts) shall be furnished to AGM for review and approval. Final drafts of such documents shall be provided to AGM at least three (3) business days prior to the issuance of the Policy, unless AGM shall agree to some shorter period.

Evidence of wire transfer in federal funds of an amount equal to the insurance premium, unless alternative arrangements for the payment of such amount acceptable to AGM have been made prior to the delivery date of the Bonds.

S&P Global and Moody's Investors Service Inc. will separately present bills for their respective fees relating to the Bonds. Payment of such bills by the Issuer should be made directly to such rating agency. Payment of the rating fee is not a condition to release of the Policy by AGM.

Promptly after the closing of the Bonds, AGM shall receive three completed sets of executed documents (one original and either (i) two photocopies (each unbound) or (ii) two compact discs).

The Official Statement shall contain the language provided by AGM and only such other references to AGM or otherwise as AGM shall supply or approve. AGM SHALL BE PROVIDED WITH FOUR PRINTED COPIES OF THE OFFICIAL STATEMENT.

EXHIBIT A
Page 1 of 2

MUNICIPAL BOND INSURANCE COMMITMENT TERM SHEET

Issuer:	Lakewood Ranch Stewardship District, County Club East Project, Florida	
Name of Bonds Insured:	Special Assessment Revenue Refunding Bonds, Series 2020	
Principal Amount of Bonds	Insured:	Not to Exceed $19,195,000	
Date of Commitment:	May 28, 2020	Expiration Date: Friday, July 31, 2020*	
Premium:	.43% of total d	ebt service on the Bonds Insured	

Additional Conditions:

The Indenture (as defined below) and amortization schedule for, and final maturity date of, the Series 2020 Bonds shall be acceptable to AGM.

AGM shall receive confirmation that the underlying rating from S&P on the Series 2020 Bonds is “A-“ or higher.

The Series 2020 Reserve Account shall be 20% “cash funded” by the Issuer no later than the closing date for the Series 2020 Bonds.

All assessments securing the Series 2020 Bonds (the “2020 Assessments”) shall be collected by the County Tax Collector(s) in each fiscal year, and the Issuer shall use the Uniform Method of Collection for all properties unless AGM shall otherwise consent.

Any surplus 2020 Assessments shall only be used to pay debt service next due on the Series 2020 Bonds or for an early redemption of Series 2020 Bonds.

Prior to the sale of the Series 2020 Bonds, AGM shall have received satisfactory evidence that no amounts are due to the Developer. No deferred costs or any other amounts due to the Developer shall be paid from the 2020 Assessments or the trust estate under the Indenture, except as otherwise consented to by AGM.
The Issuer shall not issue additional debt payable from the 2020 Assessments without the consent of AGM.
See attached Exhibits B-C.

Capitalized terms used in this Commitment and not otherwise defined shall have the meanings assigned to them in the transaction document authorizing the issuance of, and setting forth the terms for, the Bonds described above (the “Indenture”).
ASSURED GUARANTY MUNICIPAL CORP.

Authorized Officer

EXHIBIT A
Page 2 of 2

*To maintain the Commitment in effect until the Expiration Date, AGM must receive a duplicate of this Exhibit A executed by an authorized officer of the Issuer by the earlier of the date on which the Official Statement containing disclosure language regarding AGM is circulated and ten days from the date of this Commitment.

The undersigned, an authorized officer of the Issuer, agrees that (i) if the Bonds are insured by a policy of municipal bond insurance, such insurance shall be provided by AGM in accordance with the terms of this Commitment;
(ii) the Issuer has made its own independent investigation and decision as to whether to insure the payment when due of the principal of and interest on the Bonds and whether the Policy is appropriate or proper for it based upon its own judgment and upon advice from such legal and financial advisers as it has deemed necessary; (iii) AGM has not made, and therefore the Issuer is not relying on, any recommendation from AGM that the Issuer insure the Bonds or obtain the Policy; it being understood and agreed that communications from AGM (whether written or oral) referring to, containing information about or negotiating the terms and conditions of the Policy, any related insurance document or the documentation governing the Bonds do not constitute a recommendation to insure the Bonds or obtain the Policy;
(iv) the Issuer acknowledges that AGM has not made any representation, warranty or undertaking, and has not given any assurance or guaranty, in each case, expressed or implied, concerning its future financial strength or the rating of AGM’s financial strength by the rating agencies; (v) the Issuer acknowledges that the ratings of AGM reflect only the views of the rating agencies and an explanation of the significance of such ratings may be obtained only from the rating agencies; (vi) the Issuer understands that such ratings may not continue for any given time period and instead may change over time, including without limitation being placed under review for possible downgrade, revised downward, withdrawn entirely by the relevant rating agency if, in the judgment of such rating agency, circumstances so warrant, or withdrawn entirely by AGM in its sole discretion; (vii) the Issuer acknowledges that AGM undertakes no responsibility to bring to its attention, and shall have no liability for, the placement of a rating under review for possible downgrade or the downward revision or withdrawal of any rating obtained, and that any such review for possible downgrade, downward revision or withdrawal may have an adverse effect on the Bonds; and (viii) the Issuer acknowledges that AGM pays rating agencies to rate AGM’s financial strength, but that such payment is not in exchange for any specific rating or for a rating within any particular range. Notwithstanding anything to the contrary set forth herein, the provisions set forth under subparagraphs (ii) through (viii) above shall survive the expiration or termination of this Commitment.
LAKEWOOD RANCH STEWARDSHIP DISTRICT

Authorized Officer

EXHIBIT B
Page 1 of 1

OPINION REQUIREMENTS

Each of the Indenture, Bonds and other transaction documents (collectively, the "Related Documents") is a legal, valid and binding obligation of the parties thereto, has been duly authorized, executed and delivered and is enforceable in accordance with its terms.
There is no litigation or other proceeding pending or, to the best of such counsel's knowledge, threatened in any court, agency or other administrative body (either State or Federal) which could have a material adverse effect on (a) the financial condition of the Issuer, (b) the ability of the Issuer to perform its obligations under the Related Documents, (c) the security for the Bonds or (d) the transactions contemplated by the Related Documents.
Nothing has come to the attention of disclosure counsel which would cause them to believe that, as of the closing date, the final Official Statement (excluding information provided by AGM) contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Bonds are payable from and secured by a valid lien on and pledge of the Series 2020 Pledged Revenues in the manner and to the extent provided in the Indenture. The Issuer is duly authorized to pledge such Series 2020 Pledged Revenues, and no further action on the part of the Issuer or any other party is required to perfect the same or the interest of the Bondowners therein.
An opinion of Bond Counsel addressed to the Insurer (or a reliance letter relating thereto) to the effect that.upon the making of the required deposit to the escrow, the legal defeasance of the refunded bonds shall have occurred.

EXHIBIT C
Page 1 of 5

INDENTURE REQUIREMENTS

The Supplemental Trust Indenture shall incorporate the following requirements either in one section or article entitled "Provisions Relating to Series 2020 Bond Insurance" (or the like), the provisions of which section or article shall be stated in the Supplemental Trust Indenture to govern, notwithstanding anything to the contrary set forth in the Indenture, or individually in the appropriate sections:

"Series 2020 Insurance Policy" shall be defined as follows: "the insurance policy issued by the Series 2020 Insurer guaranteeing the scheduled payment of principal of and interest on the Series 2020 Bonds when due". "Series 2020 Insurer" shall be defined as follows: "Assured Guaranty Municipal Corp., a New York stock insurance company, or any successor thereto or assignee thereof".
The prior written consent of the Series 2020 Insurer shall be a condition precedent to the deposit of any credit instrument provided in lieu of a cash deposit into the Series 2020 Reserve Account. Notwithstanding anything to the contrary set forth in the Indenture, amounts on deposit in the Series 2020 Reserve Account shall be applied solely to the payment of debt service due on the Series 2020 Bonds.
The Series 2020 Insurer shall be deemed to be the sole Owner of the Series 2020 Bonds for the purpose of exercising any voting right or privilege or giving any consent or direction or taking any other action that the Owners of the Series 2020 Bonds are entitled to take pursuant to the Indenture pertaining to (i) defaults and remedies and
(ii) the duties and obligations of the Trustee. In furtherance thereof and as a term of the Indenture and each Series 2020 Bond, the Trustee and each Owner of the Series 2020 Bonds appoint the Series 2020 Insurer as their agent and attorney-in-fact with respect to the Series 2020 Bonds and agree that the Series 2020 Insurer may at any time during the continuation of any proceeding by or against the Issuer under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an "Insolvency Proceeding") direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim or enforcement proceeding in connection with an Insolvency Proceeding (a "Claim"), (B) the direction of any appeal of any order relating to any Claim, (C) the posting of any surety, supersedeas or performance bond pending any such appeal, and (D) the right to vote to accept or reject any plan of adjustment. In addition, the Trustee and each Owner of the Series 2020 Bonds delegate and assign to the Series 2020 Insurer, to the fullest extent permitted by law, the rights of the Trustee and each Owner of the Series 2020 Bonds with respect to the Series 2020 Bonds in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding. Remedies granted to the Owners shall expressly include mandamus.

No grace period for a covenant default shall exceed 30 days or be extended for more than 60 days, without the prior written consent of the Series 2020 Insurer. No grace period shall be permitted for payment defaults.

The Series 2020 Insurer is a third party beneficiary of the Indenture.

The exercise of any provision of the Indenture which permits the purchase of Series 2020 Bonds in lieu of redemption shall require the prior written approval of the Series 2020 Insurer if any Series 2020 Bond so purchased is not cancelled upon purchase.

Any amendment, supplement, modification to, or waiver of, the Indenture or any other transaction document, including any underlying security agreement (each a "Related Document"), that requires the consent of Owners or adversely affects the rights and interests of the Series 2020 Insurer shall be subject to the prior written consent of the Series 2020 Insurer.

The rights granted to the Series 2020 Insurer under the Indenture or any other Related Document to request, consent to or direct any action are rights granted to the Series 2020 Insurer in consideration of its issuance of the Series 2020 Insurance Policy. Any exercise by the Series 2020 Insurer of such rights is merely an exercise of the Series 2020 Insurer's contractual rights and shall not be construed or deemed to be taken for the benefit, or on behalf, of the Owners and such action does not evidence any position of the Series 2020 Insurer, affirmative or

EXHIBIT C
Page 2 of 5

negative, as to whether the consent of the Owners or any other person is required in addition to the consent of the Series 2020 Insurer.

Only (1) cash, (2) non-callable direct obligations of the United States of America ("Treasuries"), (3) evidences of ownership of proportionate interests in future interest and principal payments on Treasuries held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor and the underlying Treasuries are not available to any person claiming through the custodian or to whom the custodian may be obligated, (4) subject to the prior written consent of the Series 2020 Insurer, pre-refunded municipal obligations rated "AAA" and "Aaa" by S&P and Moody's, respectively, or (5) subject to the prior written consent of the Series 2020 Insurer, securities eligible for "AAA" defeasance under then existing criteria of S&P or any combination thereof, shall be used to effect defeasance of the Series 2020 Bonds unless the Series 2020 Insurer otherwise approves.

To accomplish defeasance of the Series 2020 Bonds, the Issuer shall cause to be delivered (i) a report of an independent firm of nationally recognized certified public accountants or such other accountant as shall be acceptable to the Series 2020 Insurer ("Accountant") verifying the sufficiency of the escrow established to pay the Series 2020 Bonds in full on the maturity or redemption date ("Verification"), (ii) an Escrow Deposit Agreement (which shall be acceptable in form and substance to the Series 2020 Insurer), (iii) an opinion of nationally recognized bond counsel to the effect that the Series 2020 Bonds are no longer "Outstanding" under the Indenture and (iv) a certificate of discharge of the Trustee with respect to the Series 2020 Bonds; each Verification and defeasance opinion shall be acceptable in form and substance, and addressed, to the Issuer, the Trustee and the Series 2020 Insurer. The Series 2020 Insurer shall be provided with final drafts of the above-referenced documentation not less than five Business Days prior to the funding of the escrow.

Series 2020 Bonds shall be deemed "Outstanding" under the Indenture unless and until they are in fact paid and retired or the above criteria are met.

Amounts paid by the Series 2020 Insurer under the Series 2020 Insurance Policy shall not be deemed paid for purposes of the Indenture and the Series 2020 Bonds relating to such payments shall remain Outstanding and continue to be due and owing until paid by the Issuer in accordance with the Indenture. The Indenture shall not be discharged unless all amounts due or to become due to the Series 2020 Insurer have been paid in full or duly provided for.

Claims Upon the Series 2020 Insurance Policy and Payments by and to the Series 2020 Insurer.

If, on the third Business Day prior to the related scheduled interest payment date or principal payment date ("Payment Date") there is not on deposit with the Trustee, after making all transfers and deposits required under the Indenture, moneys sufficient to pay the principal of and interest on the Series 2020 Bonds due on such Payment Date, the Trustee shall give notice to the Series 2020 Insurer and to its designated agent (if any) (the "Insurer's Fiscal Agent") by telephone or telecopy of the amount of such deficiency by 12:00 noon, New York City time, on such Business Day. If, on the second Business Day prior to the related Payment Date, there continues to be a deficiency in the amount available to pay the principal of and interest on the Series 2020 Bonds due on such Payment Date, the Trustee shall make a claim under the Series 2020 Insurance Policy and give notice to the Series 2020 Insurer and the Insurer's Fiscal Agent (if any) by telephone of the amount of such deficiency, and the allocation of such deficiency between the amount required to pay interest on the Series 2020 Bonds and the amount required to pay principal of the Series 2020 Bonds, confirmed in writing to the Series 2020 Insurer and the Insurer's Fiscal Agent by 12:00 noon, New York City time, on such second Business Day by filling in the form of Notice of Claim and Certificate delivered with the Series 2020 Insurance Policy.

The Trustee shall designate any portion of payment of principal on Series 2020 Bonds paid by the Series 2020 Insurer, whether by virtue of mandatory sinking fund redemption, maturity or other advancement of maturity, on its books as a reduction in the principal amount of Series 2020 Bonds registered to the then current Owner of the Series 2020 Bonds, whether DTC or its nominee or otherwise, and shall issue a replacement Series 2020 Bond to the Series 2020 Insurer, registered in the name of Assured Guaranty Municipal Corp., in a principal amount

EXHIBIT C
Page 3 of 5

equal to the amount of principal so paid (without regard to authorized denominations); provided that the Trustee's failure to so designate any payment or issue any replacement Series 2020 Bond shall have no effect on the amount of principal or interest payable by the Issuer on any Series 2020 Bond or the subrogation rights of the Series 2020 Insurer.

The Trustee shall keep a complete and accurate record of all funds deposited by the Series 2020 Insurer into the Policy Payments Account (defined below) and the allocation of such funds to payment of interest on and principal of any Series 2020 Bond. The Series 2020 Insurer shall have the right to inspect such records at reasonable times upon reasonable notice to the Trustee.

Upon payment of a claim under the Series 2020 Insurance Policy, the Trustee shall establish a separate special purpose trust account for the benefit of Owners of the Series 2020 Bonds referred to herein as the "Policy Payments Account" and over which the Trustee shall have exclusive control and sole right of withdrawal. The Trustee shall receive any amount paid under the Series 2020 Insurance Policy in trust on behalf of Owners of the Series 2020 Bonds and shall deposit any such amount in the Policy Payments Account and distribute such amount only for purposes of making the payments for which a claim was made. Such amounts shall be disbursed by the Trustee to Owners of the Series 2020 Bonds in the same manner as principal and interest payments are to be made with respect to the Series 2020 Bonds under the sections of the Indenture regarding payment of Series 2020 Bonds. It shall not be necessary for such payments to be made by checks or wire transfers separate from the check or wire transfer used to pay debt service with other funds available to make such payments. Notwithstanding anything in the Indenture to the contrary, the Issuer agrees to pay to the Series 2020 Insurer (i) a sum equal to the total of all amounts paid by the Series 2020 Insurer under the Series 2020 Insurance Policy (the “Insurer Advances”); and (ii) interest on such Insurer Advances from the date paid by the Series 2020 Insurer until payment thereof in full, payable to the Series 2020 Insurer at the Late Payment Rate per annum (collectively, the “Insurer Reimbursement Amounts”). “Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in The City of New York, as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by JPMorgan Chase Bank) plus 3%, and (ii) the then applicable highest rate of interest on the Series 2020 Bonds and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. The Issuer hereby covenants and agrees that the Insurer Reimbursement Amounts are secured by a lien on and pledge of the Series 2020 Pledged Revenues and payable from such Series 2020 Pledged Revenues on a parity with debt service due on the Series 2020 Bonds.

Funds held in the Policy Payments Account shall not be invested by the Trustee and may not be applied to satisfy any costs, expenses or liabilities of the Trustee. Any funds remaining in the Policy Payments Account following a Payment Date shall promptly be remitted to the Series 2020 Insurer.

The Series 2020 Insurer shall, to the extent it makes any payment of principal of or interest on the Series 2020 Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Series 2020 Insurance Policy (which subrogation rights shall also include the rights of any such recipients in connection with any Insolvency Proceeding). Each obligation of the Issuer to the Series 2020 Insurer under the Related Documents shall survive discharge or termination of such Related Documents.

From Series 2020 Pledged Revenues, the Issuer shall pay or reimburse the Series 2020 Insurer any and all charges, fees, costs and expenses that the Series 2020 Insurer may reasonably pay or incur in connection with
the administration, enforcement, defense or preservation of any rights or security in any Related Document; (ii) the pursuit of any remedies under the Indenture or any other Related Document or otherwise afforded by law or equity, (iii) any amendment, waiver or other action with respect to, or related to, the Indenture or any other Related Document whether or not executed or completed, or (iv) any litigation or other dispute in connection with the Indenture or any other Related Document or the transactions contemplated thereby, other than costs resulting from the failure of the Series 2020 Insurer to honor its obligations under the Series 2020 Insurance Policy. The Series 2020 Insurer reserves the right to charge a reasonable fee as a condition to executing any amendment, waiver or consent proposed in respect of the Indenture or any other Related Document.

EXHIBIT C
Page 4 of 5

After payment of reasonable expenses of the Trustee, the application of funds realized upon default shall be applied to the payment of expenses of the Issuer or rebate only after the payment of past due and current debt service on the Series 2020 Bonds and amounts required to restore the Series 2020 Reserve Account to the Series 2020 Debt Service Reserve Requirement.

The Series 2020 Insurer shall be entitled to pay principal or interest on the Series 2020 Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer (as such terms are defined in the Series 2020 Insurance Policy), whether or not the Series 2020 Insurer has received a Notice of Nonpayment (as such terms are defined in the Series 2020 Insurance Policy) or a claim upon the Series 2020 Insurance Policy.

The notice address of the Series 2020 Insurer is: Assured Guaranty Municipal Corp., 1633 Broadway, New York, New York 10019, Attention: Managing Director – Surveillance, Re: Policy No. , Telephone: (212) 974-0100; Telecopier: (212) 339-3556. In each case in which notice or other communication refers to an Event of Default, then a copy of such notice or other communication shall also be sent to the attention of the General Counsel and shall be marked to indicate "URGENT MATERIAL ENCLOSED."

The Series 2020 Insurer shall be provided with the following information by the Issuer or Trustee, as the case may be:

Annual audited financial statements within 180 days after the end of the Issuer's fiscal year (together with a certification of the Issuer that it is not aware of any default or Event of Default under the Indenture), and the Issuer's annual budget within 30 days after the approval thereof together with such other information, data or reports as the Series 2020 Insurer shall reasonably request from time to time;

Notice of any draw upon the Series 2020 Reserve Account within two Business Days after knowledge thereof other than (i) withdrawals of amounts in excess of the Series 2020 Debt Service Reserve Requirement and (ii) withdrawals in connection with a refunding of Series 2020 Bonds;

Notice of any default known to the Trustee or Issuer within five Business Days after knowledge thereof;

Prior notice of the advance refunding or redemption of any of the Series 2020 Bonds, including the principal amount, maturities and CUSIP numbers thereof;

Notice of the resignation or removal of the Trustee and Bond Registrar and the appointment of, and acceptance of duties by, any successor thereto;

Notice of the commencement of any Insolvency Proceeding;

Notice of the making of any claim in connection with any Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment of principal of, or interest on, the Series 2020 Bonds;

A full original transcript of all proceedings relating to the execution of any amendment, supplement, or waiver to the Related Documents; and

All reports, notices and correspondence to be delivered to Owners under the terms of the Related Documents.

EXHIBIT C
Page 5 of 5

In addition, to the extent that the Issuer has entered into a continuing disclosure agreement, covenant or undertaking with respect to the Series 2020 Bonds, all information furnished pursuant to such agreements shall also be provided to the Series 2020 Insurer, simultaneously with the furnishing of such information.

The Series 2020 Insurer shall have the right to receive such additional information as it may reasonably request.

The Issuer will permit the Series 2020 Insurer to discuss the affairs, finances and accounts of the Issuer or any information the Series 2020 Insurer may reasonably request regarding the security for the Series 2020 Bonds with appropriate officers of the Issuer and will use commercially reasonable efforts to enable the Series 2020 Insurer to have access to the facilities, books and records of the Issuer on any business day upon reasonable prior notice.

The Trustee shall notify the Series 2020 Insurer of any known failure of the Issuer to provide notices, certificates and other information under the Indenture.

In determining whether any amendment, consent, waiver or other action to be taken, or any failure to take action, under the Indenture would adversely affect the security for the Series 2020 Bonds or the rights of the Owners, the Trustee shall consider the effect of any such amendment, consent, waiver, action or inaction as if there were no Series 2020 Insurance Policy.

No contract shall be entered into or any action taken by which the rights of the Series 2020 Insurer or security for or sources of payment of the Series 2020 Bonds may be impaired or prejudiced in any material respect except upon obtaining the prior written consent of the Series 2020 Insurer.

The District shall not enter into any interest rate exchange agreement or any other interest rate maintenance agreement secured by and payable from the Series 2020 Pledged Revenues without the prior written consent of the Series 2020 Insurer.

PROCEDURES FOR PREMIUM PAYMENT TO
ASSURED GUARANTY MUNICIPAL CORP. (“AGM”)

AGM's issuance of its municipal bond insurance policy at bond closing is contingent upon payment and receipt of the premium. NO POLICY MAY BE RELEASED UNTIL PAYMENT OF SUCH AMOUNT HAS BEEN CONFIRMED. Set forth below are the procedures to be followed for confirming the amount of the premium to be paid and for paying such amount:

Confirmation of
Amount to be Paid:	Upon determination of the final debt service schedule, fax
such schedule to AGM
Attention:	Maria Sazon, Director Phone No.:	212-339-0836
Fax No.:	212-408-6090

Confirm with AGM’s credit analyst that you are in agreement with respect to par and premium on the transaction prior to the closing date.

Payment Date:	Date of Delivery of the insured bonds. Method of Payment:	Wire transfer of Federal Funds.

Wire Transfer Instructions:

Bank:	The Bank of New York	
ABA#:	021 000 018	
Acct. Name:	Assured Guaranty Municipal Corp.	
Account No.:	8900297263	
Transaction No.:	161288_G	

CONFIRMATION OF PREMIUM WIRE NUMBER AT CLOSING

AGM will accept as confirmation of the premium payment a wire transfer number and the name of the sending bank, to be communicated on the closing date to Audrey Udit-Adler, Closing Coordinator, (212) 339-3548.

EXHIBIT G

MUNICIPAL BOND DEBT SERVICE RESERVE INSURANCE COMMITMENT

MUNICIPAL BOND DEBT SERVICE RESERVE INSURANCE COMMITMENT

Issuer:	Lakewood Ranch Stewardship District, Country Club East Project, Florida	
Related Bonds:	Special Assessment Revenue Refunding Bonds, Series 2020	
Premium:	3.25% of Policy Limit			
Date of Commitment:	May 28, 2020	Expiration Date:	Friday, July 31, 2020	
Policy Limit:	80% of the dollar amount equal to the Debt Service Reserve Requirement for the Related Bonds (specified as 50% of MADS under the Authorizing Document defined below)	

ASSURED GUARANTY MUNICIPAL CORP. (“AGM”), a stock insurance company, hereby commits to issue its Municipal Bond Debt Service Reserve Insurance Policy (the "Reserve Policy"), in the form attached hereto as Exhibit B, relating to the above-described debt obligations (the “Related Bonds” or "Bonds"), subject to the terms and conditions contained herein or added hereto. All terms used herein and not otherwise defined shall have the meanings ascribed to them in the document setting forth the security for and authorizing the issuance of the Bonds (the "Authorizing Document").

To keep this Commitment in effect after the Expiration Date set forth above, a request for renewal must be submitted to AGM prior to such expiration date. AGM reserves the right to refuse wholly or in part to grant a renewal. To keep the Commitment in effect to the Expiration Date set forth above, AGM must receive a duplicate of this Commitment executed by an authorized officer of the Issuer by the date which is ten days from the date of this Commitment.

THE RESERVE POLICY SHALL BE ISSUED UPON SATISFACTION OF THE FOLLOWING CONDITIONS:

The documents to be executed and delivered in connection with the issuance and sale of the Bonds shall not contain any untrue or misleading statement of a material fact and shall not fail to state a material fact necessary in order to make the information contained therein not misleading.

No event shall occur which would permit any purchaser of the Bonds, otherwise required, not to be required to purchase the Bonds on the date scheduled for the issuance and delivery thereof.

There shall be no material change in or affecting the Bonds (including, without limitation, the security for the Bonds) or the financing documents or the Official Statement (or any similar disclosure documents) to be executed and delivered in connection with the issuance and sale of the Bonds from the descriptions or forms thereof approved by AGM.

Any Official Statement (or similar disclosure document) relating to the Bonds shall contain only such references to the Reserve Policy and AGM as AGM shall supply or approve.

The Reserve Policy shall expire on the earlier of the date the Bonds insured by AGM are outstanding and the final maturity date of the Bonds.

Page 1 of 4

AGM shall insure at least 50% of the Bonds, including the final maturity thereof, pursuant to its Commitment Letter dated May 28, 2020.

The Authorizing Document shall incorporate the terms and provisions set forth in Exhibit A – Authorizing Document Requirements.

Prior to closing of the Bonds, AGM shall be provided with:

A letter from Bryant Miller Olive ("Bond Counsel") addressed to AGM to the effect that AGM may rely on the approving opinion(s) of Bond Counsel as if such opinion(s) were addressed to AGM;

An opinion(s) of Bond Counsel, addressed to and in form and substance satisfactory to AGM, as to (i) the due authorization, validity and enforceability of the Authorizing Document and, to the extent not contained in the Authorizing Document, the document which incorporates the requirements set forth in Exhibit A hereto, (ii) the Reserve Policy constituting a permitted debt service reserve instrument under the applicable provisions of the Authorizing Document, (iii) the repayment obligations owed to AGM in connection with the Reserve Policy being secured by a valid lien on all revenues and other collateral securing the Bonds (subject only to the priority of payment provisions set forth under the Authorizing Document), and (iv) such other matters AGM shall reasonably request; and

Evidence of wire transfer in federal funds in an amount equal to the insurance premium, unless alternative arrangements for the payment of such amount acceptable to AGM have been made prior to the delivery date of the Reserve Policy.

Promptly after the issuance of the Reserve Policy, AGM shall receive a complete set of executed documents implementing the requirements of this Commitment.

ASSURED GUARANTY MUNICIPAL CORP.

Authorized Officer

*To keep this commitment in effect to the Expiration Date set forth on the first page, AGM must receive by the date which is ten days from the date of this Commitment a duplicate of this Commitment executed by an appropriate officer of the Issuer.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

The undersigned, an authorized officer of the Issuer, agrees that (i) if the debt service reserve fund requirement for the Bonds is satisfied by a credit instrument, such credit instrument shall be the Reserve Policy provided by AGM in accordance with the terms of this Commitment; (ii) the Issuer has made its own independent investigation and decision as to whether to obtain the Reserve Policy and whether the Reserve Policy is appropriate or proper for it based upon its own judgment and upon advice from such legal and financial advisers as it has deemed necessary; (iii) AGM has not made, and therefore the Issuer is not relying on, any recommendation from AGM that the Issuer deposit a credit instrument into the debt service reserve fund for the Bonds or obtain the Reserve Policy; it being understood and agreed that communications from AGM (whether written or oral) referring to, containing information about or negotiating the terms and conditions of the Reserve Policy, any related insurance document or the documentation governing the Bonds do not constitute a recommendation to obtain the Reserve Policy; (iv) the Issuer acknowledges that AGM has not made any representation, warranty or undertaking, and has not given any assurance or guaranty, in each case, expressed or implied, concerning its future financial strength or the rating of AGM’s financial strength by the rating agencies; (v) the Issuer acknowledges that the ratings of AGM reflect only the views of the rating agencies and an explanation of the significance of such ratings may be obtained only from the rating agencies; (vi) the Issuer understands that such ratings may not continue for any given time period and instead may change over time, including, without limitation, being placed under review for possible downgrade, revised downward, withdrawn entirely by the relevant rating agency if, in the judgment of such rating agency, circumstances so warrant, or withdrawn entirely by AGM in its sole discretion; (vii) the Issuer [Obligor] acknowledges that AGM undertakes no responsibility to bring to its attention, and shall have no liability for, the placement of a rating under review for possible downgrade or the downward revision or withdrawal of any rating obtained, and that any such review for possible downgrade, downward revision or withdrawal may have an adverse affect on the Bonds or on the Reserve Policy constituting a permitted debt service reserve instrument under the Authorizing Document; and (viii) the Issuer acknowledges that AGM pays rating agencies to rate AGM’s financial strength, but that such payment is not in exchange for any specific rating or for a rating within any particular range. Notwithstanding anything to the contrary set forth herein, the provisions set forth under subparagraphs (ii) through (viii) above shall survive the expiration or termination of this Commitment.

LAKEWOOD RANCH STEWARDSHIP DISTRICT, COUNTRY CLUB EAST PROJECT, FLORIDA

By:       	

Title:    	

Date:   	

Page 3 of 3

EXHIBIT A
Page 1 of 2

AUTHORIZING DOCUMENT REQUIREMENTS

The Authorizing Document shall incorporate the following requirements either in one section or article entitled "Provisions Relating to Reserve Policy" (or the like), the provisions of which section or article shall be stated in the Authorizing Document to govern, notwithstanding anything to the contrary set forth in the Authorizing Document, or individually in the appropriate sections. The Authorizing Document otherwise shall be in form and substance acceptable to AGM:

The Issuer shall repay any draws under the Reserve Policy and pay all related reasonable expenses incurred by AGM and shall pay interest thereon from the date of payment by AGM at the Late Payment Rate. "Late Payment Rate" means the lesser of (x) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank at its principal office in the City of New York, as its prime or base lending rate ("Prime Rate") (any change in such Prime Rate to be effective on the date such change is announced by JPMorgan Chase Bank) plus 3%, and (ii) the then applicable highest rate of interest on the Bonds and (y) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. In the event JPMorgan Chase Bank ceases to announce its Prime Rate publicly, Prime Rate shall be the publicly announced prime or base lending rate of such national bank as AGM shall specify. If the interest provisions of this subparagraph (a) shall result in an effective rate of interest which, for any period, exceeds the limit of the usury or any other laws applicable to the indebtedness created herein, then all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied as additional interest for any later periods of time when amounts are outstanding hereunder to the extent that interest otherwise due hereunder for such periods plus such additional interest would not exceed the limit of the usury or such other laws, and any excess shall be applied upon principal immediately upon receipt of such moneys by AGM, with the same force and effect as if the Issuer had specifically designated such extra sums to be so applied and AGM had agreed to accept such extra payment(s) as additional interest for such later periods. In no event shall any agreed-to or actual exaction as consideration for the indebtedness created herein exceed the limits imposed or provided by the law applicable to this transaction for the use or detention of money or for forbearance in seeking its collection.

Repayment of draws and payment of expenses and accrued interest thereon at the Late Payment Rate (collectively, "Policy Costs") shall commence in the first month following each draw, and each such monthly payment shall be in an amount at least equal to 1/12 of the aggregate of Policy Costs related to such draw.

Amounts in respect of Policy Costs paid to AGM shall be credited first to interest due, then to the expenses due and then to principal due. As and to the extent that payments are made to AGM on account of principal due, the coverage under the Reserve Policy will be increased by a like amount, subject to the terms of the Reserve Policy. The obligation to pay Policy Costs shall be secured by a valid lien on all revenues and other collateral pledged as security for the Bonds (subject only to the priority of payment provisions set forth under the Authorizing Document).

All cash and investments in the debt service reserve fund established for the Bonds (the "Reserve Fund") shall be transferred to the debt service fund for payment of debt service on Bonds before any drawing may be made on the Reserve Policy or any other credit facility credited to the Reserve Fund in lieu of cash ("Credit Facility"). Payment of any Policy Costs shall be made prior to replenishment of any such cash amounts. Draws on all Credit Facilities (including the Reserve Policy) on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the Reserve Fund. Payment of Policy Costs and reimbursement of amounts with respect to other Credit Facilities shall be made on a pro-rata basis prior to replenishment of any cash drawn from the Reserve Fund. For the avoidance of doubt, “available coverage” means the coverage then available for disbursement pursuant to the terms of the applicable alternative credit instrument without regard to the legal or financial ability or willingness of the provider of such instrument to honor a claim or draw thereon or the failure of such provider to honor any such claim or draw.

If the Issuer shall fail to pay any Policy Costs in accordance with the requirements  of  subparagraph (a) hereof, AGM shall be entitled to exercise any and all legal and equitable remedies available to it,

EXHIBIT A
Page 2 of 2

including those provided under the Authorizing Document other than (i) acceleration of the maturity of the Bonds or (ii) remedies which would adversely affect owners of the Bonds.

The Authorizing Document shall not be discharged until all Policy Costs owing to AGM shall have been paid in full. The Issuer's obligation to pay such amounts shall expressly survive payment in full of the Bonds.

The Issuer shall include any Policy Costs then due and owing AGM in the calculation of the additional bonds test and the rate covenant in the Authorizing Document.

The Authorizing Document shall require the Trustee to ascertain the necessity for a claim upon the Reserve Policy in accordance with the provisions of subparagraph (a) hereof and to provide notice to AGM in accordance with the terms of the Reserve Policy at least five business days prior to each date upon which interest or principal is due on the Bonds. Where deposits are required to be made by the Issuer with the Trustee to the debt service fund for the Bonds more often than semi-annually, the Trustee shall be instructed to give notice to AGM of any failure of the Issuer to make timely payment in full of such deposits within two business days of the date due.

EXHIBIT B

	MUNICIPAL BOND
DEBT SERVICE RESERVE INSURANCE POLICY	

ISSUER: BONDS:	Policy No.: Effective Date: Premium: $
Termination Date:	

ASSURED GUARANTY MUNICIPAL CORP. (“AGM”), for consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY agrees to pay to the trustee (the "Trustee") or paying agent (the "Paying Agent") as set forth in the documentation (the "Bond Document") providing for the issuance of and securing the Bonds, for the benefit of the Owners, subject only to the terms of this Policy (which includes each endorsement hereto), that portion of the principal of and interest on the Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer.
AGM will make payment as provided in this Policy to the Trustee or Paying Agent on the later of the Business Day on which such principal and interest becomes Due for Payment or the Business Day next following the Business Day on which AGM shall have received Notice of Nonpayment, in a form reasonably satisfactory to it. A Notice of Nonpayment will be deemed received on a given Business Day if it is received prior to 1:00 p.m. (New York time) on such Business Day; otherwise, it will be deemed received on the next Business Day. If any Notice of Nonpayment received by AGM is incomplete, it shall be deemed not to have been received by AGM for purposes of the preceding sentence and AGM shall promptly so advise the Trustee, Paying Agent or Issuer, as appropriate, who may submit an amended Notice of Nonpayment. Payment by AGM to the Trustee or Paying Agent for the benefit of the Owners shall, to the extent thereof, discharge the obligation of AGM under this Policy. Upon such payment, AGM shall become entitled to reimbursement of the amount so paid (together with interest and expenses) pursuant to the Bond Document.
The amount available under this Policy for payment shall not exceed the Policy Limit. The amount available at any particular time to be paid to the Trustee or Paying Agent under the terms of this Policy shall automatically be reduced by any payment under this Policy. However, after such payment, the amount available under this Policy shall be reinstated in full or in part, but only up to the Policy Limit, to the extent of the reimbursement of such payment (exclusive of interest and expenses) to AGM by or on behalf of the Issuer. Within three Business Days of such reimbursement, AGM shall provide the Trustee, the Paying Agent and the Issuer with notice of the reimbursement and reinstatement.
Payment under this Policy shall not be available with respect to (a) any Nonpayment that occurs prior to the Effective Date or after the Termination Date of this Policy or (b) Bonds that are not outstanding under the Bond Document. If the amount payable under this Policy is also payable under another insurance policy or surety bond insuring the Bonds, payment first shall be made under this Policy to the extent of the amount available under this Policy up to the Policy Limit. In no event shall AGM incur duplicate liability for the same amounts owing with respect to the Bonds that are covered under this Policy and any other insurance policy or surety bond that AGM has issued.
Except to the extent expressly modified by an endorsement hereto, the following terms shall have the meanings specified for all purposes of this Policy. "Business Day" means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in the State of New York are, or the Insurer's Fiscal Agent is, authorized or required by law or executive order to remain closed. "Due for Payment" means
(a) when referring to the principal of a Bond, payable on the stated maturity date thereof or the date on which the same shall have been duly called for mandatory sinking fund redemption and does not refer to any earlier date on which payment is due by reason of call for redemption (other than by mandatory sinking fund redemption), acceleration or other advancement of maturity unless AGM shall elect,  in  its  sole  discretion, to pay such principal  due upon such acceleration together with any accrued interest  to the date of acceleration and (b) when referring to interest on a Bond, payable on the

Page 2 of 2 Policy No.

stated date for payment of interest. "Nonpayment" means, in respect of a Bond, the failure of the Issuer to have provided sufficient funds to the Paying Agent for payment in full of all principal and interest that is Due for Payment on such Bond. "Nonpayment" shall also include, in respect of a Bond, any payment of principal or interest that is Due for Payment made to an Owner by or on behalf of the Issuer that has been recovered from such Owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with a final, nonappealable order of a court having competent jurisdiction. "Notice" means telephonic or telecopied notice, subsequently confirmed in a signed writing, or written notice by registered or certified mail, from the Issuer, the Trustee or the Paying Agent to AGM which notice shall specify (a) the person or entity making the claim, (b) the Policy Number, (c) the claimed amount and (d) the date such claimed amount became Due for Payment. "Owner" means, in respect of a Bond, the person or entity who, at the time of Nonpayment, is entitled under the terms of such Bond to payment of principal or interest thereunder, except that "Owner" shall not include the Issuer or any person or entity whose direct or indirect obligation constitutes the underlying security for the Bonds. "Policy Limit" shall be the dollar amount of the debt service reserve fund required to be maintained for the Bonds by the Bond Document from time to time (the "Debt Service Reserve Requirement"), but in no event shall the Policy Limit exceed $ . The Policy Limit shall automatically and irrevocably be reduced from time to time by the amount of each reduction in the Debt Service Reserve Requirement, as provided in the Bond Document.

AGM may appoint a fiscal agent (the "Insurer's Fiscal Agent") for purposes of this Policy by giving written notice to the Trustee and the Paying Agent specifying the name and notice address of the Insurer's Fiscal Agent. From and after the date of receipt of such notice by the Trustee and the Paying Agent, (a) copies of all notices required to be delivered to AGM pursuant to this Policy shall be simultaneously delivered to the lnsurer's Fiscal Agent and to AGM and shall not be deemed received until received by both and (b) all payments required to be made by AGM under this Policy may be made directly by AGM or by the Insurer's Fiscal Agent on behalf of AGM. The Insurer's Fiscal Agent is the agent of AGM only and the Insurer's Fiscal Agent shall in no event be liable to any Owner for any act of the Insurer's Fiscal Agent or any failure of AGM to deposit or cause to be deposited sufficient funds to make payments due under this Policy.
To the fullest extent permitted by applicable law, AGM agrees not to assert, and hereby waives, only for the benefit of each Owner, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to AGM to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy.
This Policy sets forth in full the undertaking of AGM, and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto. Except to the extent expressly modified by an endorsement hereto, (a) any premium paid in respect of this Policy is nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Bonds prior to maturity and (b) this Policy may not be cancelled or revoked. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.
In witness whereof, ASSURED GUARANTY MUNICIPAL CORP. has caused this Policy to be executed on its behalf by its Authorized Officer.

ASSURED GUARANTY MUNICIPAL CORP.

By   		
Authorized Officer	

Form 501 NY (6/90)	(212) 974-0100	

PROCEDURES FOR PREMIUM PAYMENT TO
ASSURED GUARANTY MUNICIPAL CORP. (“AGM”)

AGM's issuance of its municipal bond debt service reserve insurance policy at bond closing is contingent upon payment and receipt of the premium. NO POLICY MAY BE RELEASED UNTIL PAYMENT OF SUCH AMOUNT HAS BEEN CONFIRMED. Set forth below are the procedures to be followed for confirming the amount of the premium to be paid and for paying such amount:

Confirmation of	Upon determination of the final debt service
Amount to be Paid:	schedule, fax such schedule to AGM
Attention:	Maria Sazon, Director Phone No.:	212-339-0836
Fax No.:	212-408-6090

Confirm with AGM's credit analyst that you are in agreement with respect to par and premium on the transaction prior to the closing date.

Payment Date:	Date of Delivery of the insured bonds. Method of Payment:	Wire transfer of Federal Funds.

Wire Transfer Instructions:

Bank:	The Bank of New York	
ABA#:	021 000 018	
Acct. Name:	Assured Guaranty Municipal Corp.	
Account No.:	8900297263	
Transaction No.:	161289_D	

CONFIRMATION OF PREMIUM WIRE NUMBER AT CLOSING

AGM will accept as confirmation of the premium payment a wire transfer number and the name of the sending bank, to be communicated on the closing date to Audrey Udit-Adler, Closing Coordinator, (212) 339-3548.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters (provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Engineer’s Report Consent Agenda

Change Order
No.	1
D	I	:	M	 11,2020	E	D	: -"-J -=-'-'--=- --,=,5-=-2=-02'--=--0  -   -   -   -    -   -   -

	:   A	A	.&L	!
I	: L D	Owner's Contract No :	
C	: $2,780 ,893.90			D	C	January 20, 2020	
C	Frederick Derr & Company , Inc.			E	'	N   .: 215615343/ 215610101	

	D M K A	
C		D			C	O	:	
D	:							
	D		D	M				

A	:(L	):

Frederick Derr & Company Contract Change Order No. 1 dated 3/24/2020

 	CHANGE  IN CONTRACT PRICE:	 	CHANGE IN  CONTRACT TIMES:	

O	C	:

$     2 780 893.90	

O	C	: O	181 C
(	)-:  -	 --'"2-'7--'<0-=cD.e,a...y,._s  _   _   _  _   _   _
(	):       .:,:.:3,:"0-0-"'D-'a'"-"ys'--    -    -    -    -    - 

I		D		C		I	) D		C	O O	N   . 0	N  . 0		N  . 0	N . 0
(	:)

$._ _ _ _ _ _ _ _ _ _ _ _

C	C	O	:

$ 2 780 893. 90

(	):

C	C	O	:
(	)-:  -	27 0--'D a v s 	­ 
(	):.	---=-3=--0=-0 D    '---   -   -   -   -   -

[Decrease)	C	O	:	I	D	)	C	O	:	
					(	):	

$ (389,669.61)

C	C	O	:

$   2 394 224.29	

(	):

C	C	O	:
(	or	):.	,..2,70"-"D"'-'"''--   -   -   -   -   - 
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A CC    E	ED  :

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B : - - - - - - - - - - - - -
C	(A	)

D :

A	F	A	(	): 	D :

V \2156\active\215615343\civil\conslructlon_phase_docum1esn\chan ge_ orders\received\con_acdmc-ave_lghtrwd-rtt_rdwy-1mprvmn1s_co-1 _-386 669 -61 _drct -prchs_f-de rr_kel_20200511 docx

EJ C DC No. C-94 1 (2002 Ed ition)
Pr epa re d by the Engineers' Joint Contrac t Document s Committee and endor sed by the Associa ted Gene ral Contractors of America and the Cons tr uction Specifications Institute .

Page I of I

F	ED E   IC K D E	& C O  M	A  N
I	N	C	O	R	P	O	R      A	T	E D

CONTRACT CHANGE ORiJER	3 /24 /2020

L	.E .
D	.
14 4 00C	Way
L	,F L.3 4 202

N	1.00
J   :	A	A	/
: L	I .

,	,	:

I EM	D E	C	I	IO  N	E	A N	N I	N I $	O	A L$	

1-08-010	
C	
M		
M		
D		
-1.00L	
115,927.83	
-115,927.83	
1-08-020	C	M					D	-1.00L	7,005.67	-7,005.67	
1-08-03 0	F		M		D			-1.00L	156,24 0.69	-156,24 0.69	
1-08-04 0	F			D				-1.00L	9,424.44	-9,4 24 .4 4 	
1-08-050		A	M			D		-1.00L	4 3 ,04 4 .00	-4 3 ,04 4 .00	
1-08-060		A					D	-1.00L	2,822.86	-2,822.86	
1-08-070	A	N G M		D				-1.00L	4 9,202.00	-4 9,202.00	
1-08-080	A	N G			D			-1.00L	3 ,002.12	-3 ,002.12	

EA    O  N  F O	C H A  N G E:
O	N E    O	CH A    E O  F  M A    E   IA  L

-----

'--.-/

H  I C H A  N G E  O  D E	 	
N E	-3 86,669 .611
A	E   I    IN G  C O  N	A  C	 	
O    A  L	2,780,893 .901

Accepted	N E	C O N	A C
 	
F	O	O    A  L	 	2,3 94 ,224 .291

.O .B    2719,	,F	3 4 23 0    (94 1)3 55-8575     F A     (94 1)3 51-8854