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

BOARD OF SUPERVISORS	Friday, September 4, 2020 9:00 a.m.
LAKEWOOD RANCH	Schroeder-Manatee Ranch, Inc.
STEWARDSHIP DISTRICT	14400 Covenant Way
Lakewood Ranch, FL 34202

Due to the COVID-19 Executive Order 20-179 (attached to this agenda) extending Executive Order 20-69, 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 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]
Consent Agenda
Consideration of Minutes of the August 7, 2020 Board of Supervisors Meeting
Consideration of Supplemental Disclosure of Public Financing (Country Club East Project – Series 2020 Refunding Bonds)
Engineer’s Report
Change Order No. 5 Ryangolf Corporation
Uihlein Road Phase 3 with SR-64
Raise grades at intersection with Academic. Add length to Star Farms Turn Lanes
Change Order No. 5
Watson Civil Construction, Inc.
44th Avenue East Phase IV Roadway
Install Yellow Thermoplastic Striping and Blue RPMs
Change Order No. 85 Under Specific Authorization No. 77 Stantec
44th Avenue East Phase 5 and Uihlein Road Phase 3 Project
Change Order No. 86 Under Specific Authorization No. 69 Stantec
The Masters Avenue Extension East (Players Drive to Bourneside Boulevard)
Change Order No. 87 Under Specific Authorization No. 91 Stantec
East-West Force Main and Water Main Extension Project

Business Matters
Consideration of Financing Matters Relative to the Taxable Series 2020 Refunding Bonds, Lakewood Centre and NW Sector
Presentation of Supplemental Assessment Methodology Report
Consideration of Resolution 2020-36, Supplemental Assessment Resolution
Other Matters (provided under separate cover)
Consideration of Financing Matters Relative to the Azario Project, Series 2020 Bonds
Resolution 2020-37, Amending Delegation Resolution 2020-35
Presentation of Supplemental Assessment Methodology Report
Resolution 2020-38, Supplemental Assessment Resolution
Other Matters (provided under separate cover)
Consideration of Financing Matters Relative to the Lorraine Lakes Project, Series 2020 Bonds
Presentation of Supplemental Assessment Methodology Report
Consideration of Resolution 2020-39, Delegation Resolution
Thirtieth Supplemental Trust Indenture
Bond Purchase Contract
Preliminary Limited Offering Memorandum
Continuing Disclosure Agreement
Other Matters (provided under separate cover)
Consideration of Financing Matters Relative to the Northeast Sector Phase 2B Bonds
Consideration of MBS Capital Markets, LLC IBA Supplement
Other Matters (provided under separate cover)
Consideration of Bid Award for Blue Lake Road
Award Recommendation Letter and Bid Tabulation
Resolution 2020-40, Award of Contract
Consideration of Altec Lakes and Natural Areas, Inc. (ALTEC) Proposal for Biannual Palm Tree Trimming
Consideration of Agreement between the District and Sun State Landscape Management, Inc. for Landscape and Irrigation Maintenance Services (Lorraine Rd. South Extension)
Consideration of Agreement between the District and SMR Farms, LLC for Landscape Installation Services and Materials (Pine Warbler Place Project)
Consideration of First Amendment to Agreement between the District and VGlobalTech for Website Maintenance Services
Consideration of First Amendment to Agreement between the District and PFM for District Management Services
Financial Matters
Draw Requests (provided under separate cover)
Compilation Report
Other Business
Staff Reports
Manager’s Report
Attorney’s Report
Engineer’s Report
Specific Authorization No. 118 Stantec
Services Associated with the Lakewood Ranch Stewardship District Lakewood Centre CORE Roadways

Change Order No. 5 Woodruff & Sons, Inc.
Waterside Place Boulevard and Waterside Place Park Earthwork
Additional sitework at Waterside Place – Park for earthwork, drainage, sanitary sewer, water main, road construction, conduits, sidewalks and area drains-off island for Phases 1 & 2
Audience Comments
Adjournment

LAKEWOOD RANCH STEWARDSHIP DISTRICT BOARD OF SUPERVISORS MEETING AGENDA SEPTEMBER 4, 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 / ASST. 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.

STATE OF FLORIDA
OFFICE OF THE GOVERNOR EXECUTIVE ORDER NUMBER 20-193
(Amending Executive Order 20-179)

WHEREAS, on March 9, 2020, I issued Executive Order 20-52 declaring a state of emergency for the entire State of Florida due to COVID-19; and
WHEREAS, Executive Order 20-69, as amended by Executive Order 20-179, requires amendment to provide local government bodies with additional time to notice their meetings.
NOW, THEREFORE, I, RON DESANTIS, as Governor of Florida, by virtue of the authority vested in me by Article IV, Section (l)(a) of the Florida Constitution, Chapter 252, Florida Statutes, and all other applicable laws, promulgate the following Executive Order to take immediate effect:
Section 1.

Section 3. of Executive Order 20-179 is amended to read, as follows:

Except as amended herein, I hereby extend Executive Order 20-69, as extended by Executive Orders 20-112, 20-123, 20-139 and 20-150, until 12:01 a.m. on October 1, 2020.

ATTEST:

IN TESTIMONY WHEREOF, I have hereunto set my hand and caused the Great Seal of the State of Florida to be affixed, at Tallahassee, this 7th day of	ust, 202	"j;!,

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LAKEWOOD RANCH STEWARDSHIP DISTRICT

Consent Agenda

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Minutes

LAKEWOOD RANCH STEWARDSHIP DISTRICT
Schroeder-Manatee Ranch, Inc.
14400 Covenant Way, Lakewood Ranch, Florida 34202

Minutes - Board of Supervisor’s Meeting – by Telephonic Conferencing
August 7, 2020, 9:00 a.m.

Attending and constituting a quorum:

Tony Chiofalo	Board Member
Scott Almand	Board Member
Ed Hunzeker	Board Member Also attending were:
Brent Wilder	PFM Financial Advisors, LLC Kevin Plenzler	PFM Financial Advisors, LLC Jane Gaarlandt	PFM Group Consulting LLC Lindsay Whelan	Hopping Green & Sams Misty Taylor	BMO
Herb Boatner	BMO
Brett Sealy	MBS
Rob Engel	Stantec
Bob Simons	SMR
Roger Aman	SMR
Debbie Byerly	SMR
Mike Dealy	US Bank

FIRST ORDER OF BUSINESS	Call to Order and Roll Call

Ms. Gaarlandt called the meeting to order and proceeded with the roll call. The members in attendance are as outlined above.

There were no public comments.

SECOND ORDER OF BUSINESS	Consent Agenda

Consideration of Minutes of the July 10, 2020 Board of Supervisors Meeting

Pulled - Consideration of Amended and Restated Disclosure of Public Financing (provided under separate cover)

Engineer’s Report

Change Order No. 2 SMR Farms, LLC Lorraine Road South
Additional Crape Myrtle trees requested on project

Change Order No. 3 SMR Farms, LLC
44th Ave E (Lorraine to Uihlein)

1

Additional items requested per Louis Lawman; additional trees, plants & mulch

Change Order No. 83 Under Specific Authorization No. 100
Stantec
School Avenue FDOT Connection Permitting

Ms. Whelan suggested pulling item 2 on the consent agenda.

On MOTION by Mr. Hunzeker, seconded by Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the remaining items on the consent agenda.

THIRD ORDER OF BUSINESS	Administrative Matters

Consideration of Resolution 2020-31, Adopting fiscal Year 2021 Regular Meeting Schedule

Mr. Chiofalo presented the resolution setting the meeting schedule for the upcoming fiscal year.

On MOTION by Mr. Hunzeker, seconded by Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District Resolution 2020-31, Adopting Fiscal Year 2021 Regular Meeting Schedule.

FOURTH ORDER OF BUSINESS	Business Matters

Public Hearing on the Adoption of the District’s Fiscal Year 2020-2021 Budgets and the Imposition of Operations and Maintenance Special Assessments
Public Comments
Board Comments
Consideration of Resolution 2020- 32, Relating to the Annual Appropriations and Adopting the Fiscal Year 2020-2021 Budgets
Resolution 2020-33, Imposing Special Assessments and Certifying an Assessment Roll for the Fiscal Year 2020-2021

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District opened the public hearing.

There were no comments from the public.

Mr. Chiofalo noted for the record that there were no changes to the proposed budgets previously presented to the Board. Mr. Almand confirmed.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2020-32, Relating to the Annual Appropriations and Adopting the Fiscal Year 2020-2021 Budgets.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2020-33, Imposing Special Assessments and Certifying an Assessment Roll for the Fiscal Year 2020-2021.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District closed the public hearing.

FIFTH ORDER OF BUSINESS	Consideration of PFM Fee Letter

Mr. Chiofalo noted that the requested increase was consistent with the adopted budget.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the PFM requested fee increase.

SIXTH ORDER OF BUSINESS	Consideration of Resolution 2020-34, Ratifying the Sale of the Series 2020 Refunding Bonds, Country Club East

Ms. Whelan reviewed the resolution ratifying actions taken relative to the sale of the bonds.

On MOTION by Mr. Hunzeker, seconded by Mr. Almand with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2020-34, ratifying the sale of the Series 2020 Refunding Bonds, Country Club East.

SEVENTH ORDER OF BUSINESS	Consideration of Financing Matters  Relative to the Taxable Series 2020 Refinancing Bonds, Lakewood Centre and NW Sector
Financing Update
Other	Matters	(provided	under separate cover)

Mr. Sealy noted that the Board had previously by a delegation resolution authorized to proceed with the taxable advance refunding scenario, however, as a result of the adverse conditions to the market, the transaction was put on hold. At this time the market conditions have improved, and the options previously presented have been updated accordingly. Legislative change relative to taxable exempt refunding is still unsure. Mr. Wilder noted that staff has been monitoring the situation and given the limited time frame there is little room for legislative changes. Mr. Sealy confirmed that there would be enough time to include the saving on the tax roll. Ms. Taylor confirmed that as long as the actions taken are within the parameters of the previously adopted delegation resolution there should be no issues with moving forward.

On MOTION by Mr. Hunzeker, seconded by Mr. Almand with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District authorized District Staff to proceed with the Taxable Advance Refunding option relative to the refunding for the Lakewood Centre and NW Sector.

EIGHTH ORDER OF BUSINESS	Consideration of Financing Matters  Relative to the Azario Project, Series 2020 Bonds
MBS	Capital	Markets,	LLC IBA Supplement
Presentation Engineer’s Report
Presentation	of	Supplemental Assessment Methodology Report
Resolution	2020-35,	Delegation Resolution
Twenty-Eight Supplemental Indenture
Bond Purchase Contract

Preliminary Limited Offering Memorandum
Continuing	Disclosure Agreement
Other	Matters	(provided	under separate cover)

Mr. Sealy presented the IBA supplement specific to the project.

On MOTION by Mr. Hunzeker, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the MBS Capital Markets, LLC IBA Supplement.

Ms. Whelan noted that this is a second series under the same project that was established last year and there is a need to adopt a restated and amended engineer’s report. The overall capital improvement plan scope of work and dollar amount has not been revised, so the only changes to the document are updating the permitting section as well as the phasing matrix.
Mr. Engel confirmed that Stantec has reviewed the revised report.

On MOTION by Mr. Hunzeker, seconded by Mr. Almand with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the Amended and Restated Engineer’s Report.

Mr. Plenzler presented details of the Supplemental Methodology Report noting that the report is consistent with the amended and restated engineer’s report. Mr. Plenzler noted that there is a July 30th document that has an updated Section 2.4 that describes delivery of contribution of infrastructure improvements associated with the Park East lots in order to pay down the debt assessments that otherwise would be levied against those lots which will be included in the final document.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District Approved the Supplemental Assessment Methodology Report.

Ms. Taylor reviewed the delegation resolution and its exhibits.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Resolution 2020-35, Delegation Resolution.

There were no additional items to consider.

NINTH ORDER OF BUSINESS	Consideration of Agreement between the District and Irrigation Design Associates, Inc. for Irrigation Installation Services and Materials
Pine Warbler Place; Sarasota Sector
Academic Avenue and Lighterwood Trail; Northeast Sector

Mr. Engel presented the agreement with IDA for Pine Warbler Place. Total amount $38,140.00.

On MOTION by Mr. Hunzeker, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District Approved the agreement with IDA for Pine Warbler Place.

Mr. Engel presented the agreement with IDA for Academic Avenue and Lighterwood Trail. Total amount
$90,455.00.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District Approved the agreement with IDA for Academic Avenue and Lighterwood Trail.

TENTH ORDER OF BUSINESS	Financial Matters

Mr. Almand presented for the Board’s Consideration:

Draw Requests & Requisitions

Requisition #453 Country Club East (CCE) Series 2006 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition No. 453 for Country Club East.

Requisition List for Draw No. 35 Del Webb
Series 2017 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition List No. 35 for Del Webb.

Requisition List for Draw No. 20 Lakewood Centre & NW Sector Series 2018 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 20 for Lakewood Centre & NW Sector.

Requisition List for Draw No. 36 Lakewood Centre South
Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 36, Lakewood Centre South – Pre-Funding.

Requisition List for Draw No. 13 Lakewood Centre North
Pre-Funding

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Draw No. 13, Lakewood Centre North – Pre-Funding.

Requisition List for Draw No. 8 Lakewood National and Polo Run Project Series 2017 Bond

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition List No. 8 for Lakewood National and Polo Run Project.

Requisition List for Draw No. 8
The Villages of Lakewood Ranch South Pre-Funding - Landowner/County Construction Funding Agreement

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District accepted the Construction Funding and approved payment of Requisition List No. 8 for The Villages of Lakewood Ranch South.

Requisition List for Draw No. 18 Northeast Sector
2017 Note

On MOTION by Mr. Chiofalo, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Requisition List No. 18 for Northeast Sector.

ELEVENTH ORDER OF BUSINESS	Compilation Report

No Comments

TWELFTH ORDER OF BUSINESS	Staff Reports

Manager’s Report – No Report

Attorney’s Report – Ms. Whelan noted that Counsel continues to monitor the Executive Orders.

Engineer’s Report – Mr. Engel presented for the Board’s approval:

Change	Order	No.	84	Under	Specific Authorization No. 112
Stantec
General	District	Engineering	Services (Fiscal Year 2019-2020)

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 84 Under Specific Authorization No. 112, Stantec.

Change	Order	No.	85	Under	Specific Authorization No. 76
Stantec
Waterside Master Utilities – Miscellaneous Services Project

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved Change Order No. 85 Under Specific Authorization No. 76, Stantec.

Proposal
Westcoast Electric Services, Inc.
Pine Warbler Boulevard Street Lighting Install 9 Street Lights and Poles

On MOTION by Mr. Chiofalo, seconded by Mr. Almand, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District approved the proposal for Pine Warbler Boulevard Street Lighting, Westcoast Electric Services, Inc.

THIRTEENTH ORDER OF BUSINESS	Supervisor Requests

There were no Supervisor requests.

FOURTEENTH ORDER OF BUSINESS	Audience Comments

There were no audience comments.

FIFTEENTH ORDER OF BUSINESS	Adjournment

Mr. Chiofalo asked for a motion to adjourn the meeting.

On MOTION by Mr. Almand, seconded by Mr. Hunzeker, with all in favor, the Board of Supervisors of the Lakewood Ranch Stewardship District moved to adjourn the August 7, 2020 meeting

 	_ 	_	 	_	 Secretary/Assistant Secretary		Chairperson/Vice-Chairperson

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Supplemental Disclosure of Public Financing (Country Club East Project – Series 2020 Refunding Bonds)

This Instrument Prepared by and return to:

Lakewood Ranch Stewardship District c/o PFM Group Consulting, LLC 12051 Corporate Blvd.
Orlando, Florida 32817

This space reserved for use by the Clerk of
the Circuit Court

SUPPLEMENTAL DISCLOSURE OF PUBLIC FINANCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY
THE LAKEWOOD RANCH STEWARDSHIP DISTRICT [COUNTRY CLUB EAST PROJECT – SERIES 2020 REFUNDING BONDS]

Board of Supervisors and Officers1
Lakewood Ranch Stewardship District

Rex Jensen Chairman

Tony Chiofalo
Vice Chairman/Assistant Treasurer

James Schier Assistant Secretary

Scott Almand Assistant Secretary

Ed Hunzeker Assistant Secretary

PFM Group Consulting, LLC District Manager
12051 Corporate Blvd.
Orlando, Florida 32817
(407) 723-5900

District records are on file at the offices of the District Manager and at the local records office 14400 Covenant Way, Lakewood Ranch, Florida 34202, and are available for public inspection upon request during normal business hours.

1	This list reflects the composition of the Board of Supervisors and Officers as of August 1, 2020. For a current list, please contact the District Manager or visit http://lakewoodranchstewardship.com/.

TABLE                  OF                  CONTENTS Introduction	1
What is the District and how is it governed?	1
What infrastructure improvements does the
District provide and how are the improvements paid for?	2
Assessments, Fees, and Charges	3
Method of Collection	5

Introduction

On behalf of the Board of Supervisors of the Lakewood Ranch Stewardship District (the “District”), the following information is provided to give you a description of the District's services and the assessments that are anticipated to be levied within the District to pay for certain community infrastructure, and the manner in which the District is operated. The District is a unit of special-purpose local government created pursuant to and existing under the provisions of Chapter 2005-338, Laws of Florida. Unlike city and county governments, the District has only certain limited powers and responsibilities. These powers and responsibilities include, for example, certain water and sewer facilities and water management and drainage control facilities.

Under Florida law, special districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The law specifically provides that this information shall be made available to all persons currently residing within the District and to all prospective District residents. The following information, describing the Lakewood Ranch Stewardship District and the assessments, fees and charges that are anticipated to be levied within the District to pay for certain community infrastructure, is provided to fulfill this statutory requirement.

The District is here to serve the needs of the community and we encourage your participation in District activities.

What is the District and how is it governed?

The District is an independent special taxing district created pursuant to and existing under the provisions of Chapter 2005-338, Laws of Florida, enacted on June 17, 2005, and amended by Chapter 2009-263, Laws of Florida, Chapter 2018-178, Laws of Florida, and Chapter 2019-180, Laws of Florida. The District currently encompasses approximately 25,605 acres of land located within the jurisdictional boundaries of Manatee and Sarasota Counties, Florida. The portion of the District known as the Country Club East development consists of approximately 851 acres. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction.

The District is governed by a five-member Board of Supervisors, the members of which must be residents of Florida and citizens of the United States. There is an election by  landowners for the District every two years on the first Tuesday after the first Monday in November. Board members shall begin being elected by qualified electors of the District as the District becomes populated with qualified electors based on the following schedule: at 10,000 qualified electors, one governing board member shall be a person elected by qualified electors and four elected by landowners; at 20,000 qualified electors the ratio is two-to-three respectively; at 30,000 qualified electors the ratio is three-to-two; at 40,000 qualified electors, the ratio is four- to-one; and at 45,000 qualified electors, all five governing board members shall be persons who were elected by qualified electors. A "qualified elector" in this instance is any person at least 18

years of age who is a citizen of the United States, a legal resident of Florida and of the District, and who is also registered with the Supervisor of Elections to vote in either Manatee County or Sarasota County and resides in either Manatee or Sarasota County. Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, it shall, prior to the exercise of such power, call an election at which all members of the Board shall be elected by qualified electors of the District.

Board meetings are noticed in the local newspaper and are conducted in a public forum in which public participation is permitted. Consistent with Florida's public records laws,  the records of the District are available for public inspection during normal business hours. Elected members of the Board are similarly bound by the State's open meetings law and are subject to the same disclosure requirements as other elected officials under the State's ethics laws.

What infrastructure improvements does the District provide and how are the improvements paid for?

The boundaries of the District encompass approximately 25,605 acres of land located in Manatee and Sarasota Counties. The portion of the District being developed with certain proceeds of Special Assessment Revenue Bonds is known as “Country Club East Project” and consists of approximately 851 acres located in Manatee County. The development is a mixed- use development with residential and recreational uses. The public infrastructure necessary to support the development program within the development includes, but is not limited to, the following: a drainage system and stormwater management system (i.e. lakes, control structures, etc.), landscaping, lighting, recreation (i.e. parks, trails, swim, etc.), decorative walls, fences, potable water systems, sanitary sewer systems, and irrigation facilities. These infrastructure improvements are described in the Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken by the Lakewood Ranch Stewardship District [Country Club East Project], which has been previously recorded in Book 2282, Page 7658 of  the Official Records of Manatee County. Further information can be obtained from the District's Engineer’s Report on file in the District's public records. These improvements have been or will be funded by the District’s sale of special assessment bonds (discussed below).

On June 19, 2006, the District issued $27,215,000 Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2006 (“Country Club East Project”) (the “Series 2006 Bonds”) for the purpose of: (1) financing a portion of the costs associated with the acquisition and construction of certain infrastructure improvements (described below); (2) funding the 2006 Reserve Account in an amount equal to the 2006 Reserve Account Requirement; and (3) paying interest accruing on the Bonds through November 1, 2007; and (4) paying certain costs associated with the issuance of the Series 2006 Bonds.

On August 5, 2013, the District issued $8,500,000 Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2013A (“Country Club East Project”) (the “Series 2013A Bonds”) for the purpose of: (1) financing a portion of the costs associated with the acquisition and construction of certain infrastructure improvements described below; (2) funding the 2013A Reserve Account in an amount equal to the 2013A Reserve Account Requirement;

and (3) capitalize a portion of the interest to accrue on the 2013A Bonds; and (4) paying certain costs associated with the issuance of the Series 2013A Bonds.

On October 14, 2013, the District issued $12,145,000 Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2014 (“County Club East Project”) (the “Series 2014 Bonds”) for the purpose of: (1) financing a portion of the costs associated with the acquisition, construction, installation and equipping certain infrastructure improvements described below; (2) funding the 2014 Reserve Account in an amount equal to the 2014 Reserve Account Requirement; (3) capitalize a portion of the interest to accrue on the 2014 Bonds; and
(4) paying certain costs associated with the issuance of the Series 2014 Bonds.

On July 15, 2020, the District issued $19,195,000 Lakewood Ranch Stewardship District Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Club Project) (“Series 2020 Refunding Bonds”) for the purpose of (i) refunding and redeeming all of the outstanding Series 2006 Bonds; (ii) paying certain costs associated with the issuance of the Series 2020 Refunding Bonds; (iii) purchasing the Reserve Policy and making a deposit into the 2020 Reserve Account; and (iv) paying a portion of the interest first coming due on the Series 2020 Refunding Bonds. The legal description of the lands encompassed within the Series 2020 Refunding Bonds assessment area of the District is attached hereto as Exhibit A.

Assessments, Fees, and Charges

The costs of acquisition or construction of a portion of the infrastructure improvements have been financed by the District through the sale of its Series 2006 Bonds, Series 2013A Bonds, and Series 2014 Bonds. The Series 2020 Refunding Bonds will refinance and refund the Series 2006 Bonds, resulting in a reduction in the special assessment amounts for those units upon which the Series 2006 Bonds special assessments were levied. The annual debt service payments, including interest due thereon, are payable solely from and secured by the levy of non-ad valorem or special assessments against lands within the District which benefit from the construction, acquisition, establishment and operation of the District’s improvements.  The annual debt service obligations of the District which must be defrayed by annual assessments upon each parcel of land or platted lot will depend upon the type of property purchased. Interested persons are encouraged to contact the District Manager for information regarding special assessments on a particular lot or parcel of lands. A copy of the District’s assessment methodology and assessment roll are available for review in the District’s public records.

The current maximum annual debt assessment for the Series 2013A Bonds and Series 2014 Bonds are described in the Amended and Restated Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken by the Lakewood Ranch Stewardship District [Country Club East Project], which has been previously recorded in Book 2497, Page 1377 of the Official Records of Manatee County, and the First Amended and Restated Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken by the Lakewood Ranch Stewardship District [Country Club East Project], which has been previously recorded in Book 2555, Page 1359 of the Official Records of Manatee County, respectively.

Provided below are the current maximum annual assessment levels for the Series 2020 Refunding Bonds:

The District may undertake the construction, acquisition, or installation of other future improvements and facilities, which may be financed by bonds, notes, or other methods authorized by 2005-338, Laws of Florida. More information can be obtained from the Improvement Plan, as revised, on file with the District.

The amounts described above exclude any operations and maintenance assessments which may be determined and calculated annually by the District’s Board of Supervisors against

all benefited lands in the District. These assessments will also be collected in the same manner  as county ad valorem taxes.

A detailed description of all costs and allocations which result in the formulation of assessments, fees and charges are available for public inspection upon request.

Method of Collection

The District's special and maintenance assessments may appear on that portion of the annual real estate tax bill entitled "non-ad valorem assessments," and will be collected by the county tax collector in the same manner as county ad valorem taxes. Each property owner must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax  bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property.

This description of the Lakewood Ranch Stewardship District's operation, services and financing structure is intended to provide assistance to landowners and purchasers concerning the important role that the District plays in providing infrastructure improvements essential to the development of new communities. If you have questions or would simply like additional information about the District, please write to PFM Group Consulting, LLC, 12051 Corporate Blvd., Orlando, Florida 32817, or call (407) 723-5900.

IN WITNESS WHEREOF, this Supplemental Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken [Country Club East – Series 2020 Refunding Bonds] has been executed as  of the 	day of September, 2020, and recorded in the Official Records of Manatee County, Florida.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

By:		 Rex Jensen, Chairman

Witness	Witness

Print Name	Print Name

STATE OF FLORIDA
COUNTY OF  	

Affirmed and subscribed before me by means of  physical presence or  online notarization, this day of September, 2020 by Rex Jensen as Chairman of Lakewood Ranch Stewardship District, who is personally known to me or who has produced
 	 as identification. [Notary Seal]

Print Name:  	
Notary Public, State of Florida
Commission No.:  	

Exhibit A: Legal Description

Exhibit A

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Engineer's Report

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 5 Ryangolf Corporation

Change Order
No. 	5	

Date of Issuance:      August 27, 2020	Effective Date:     September 4, 2020	

Project: Uihlein Road Phase 3 with SR-64 FDOT Turn Lanes	Owner: Lakewood Ranch Stewardship District	Owner's Contract No.:	
Contract: $6,978,473.41	Date of Contract: February 3, 2020	
Contractor: Ryangolf Corporation	Engineer's Project No.: 215613728	

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

Raise grades at intersection with Academic. Add Length to Star Farms Turn Lanes

Attachments: (List documents supporting change):

Ryangolf Corporation CO-6 dated 8/20/2020.

 	CHANGE IN CONTRACT PRICE:		 	CHANGE IN CONTRACT TIMES:		
Original Contract Price:	Original Contract Times:	 Working days	 Calendar days	
Substantial completion (days or date): 	270 Days		
$ 6,978,473.41		Ready for final payment (days or date):     300 Days		
[Increase] [Decrease] from previously approved Change Orders No. 	1	to No. 	4	:	[Increase] [Decrease] from previously approved Change Orders No. 	1	to No. 	4	:	
Substantial completion (days):  		
$ (992,428.88)	Ready for final payment (days):  		

Contract Price prior to this Change Order:	
Contract Times prior to this Change Order:		
Substantial completion (days or date): 	270 Days		
$ 5,986,044.53		Ready for final payment (days or date):     300 Days		

[Increase] [Decrease] of this Change Order:	
[Increase] [Decrease] of this Change Order:		
Substantial completion (days or date):  		
$ 	29,250.00		Ready for final payment (days or date):  		

Contract Price incorporating this Change Order:	
Contract Times with all approved Change Orders:	
Substantial completion (days or date): 	270 Days (10/30/2020)		
$ 6,015,294.53		Ready for final payment (days or date):     300 Days (11/29/2020)		

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By:  		By:  		By:  		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  		Date:  		Date:  		

Approved by Funding Agency (if applicable):    			
Date:	

V:\2156\active\215613728\civil\construction_phase_documents\change_orders\uihlein_3_sr-64-turn\con_uihlein-3_sr-64-fdot-trn-ln_co-5_29250_raise-grd_longer-turn-lane_ejcdc_c941_ryangolf_kel_20200827.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

PROJECT:	CONTRACT CHANGE ORDER #6

UIHLEIN ROAD-PHASE Ill - SR-64 & UIH LE IN FOOT TU RN LANE ADDITIONS	
CONTRACT FOR: LAKEWOOD RANCH STEWARDSHIP DISTRICT	
CONTRACTOR:
ENGINEER:	RYANGOLF CORPORATION	
		
Condi t ions: The ch ange s described herein shall be governed by the terms and conditi ons of the Contract, and shall not In any way alter the terms of the Contract, but shallhereafter be a part of the Contract.	
ITEM
NO, IDESCRIPTION	I	
QUANTITY	I	
U NIT	I	
PRICE	I	AMOUNT
(+)(-)	
ADDITIONS

Raise Grades @-  Intersection w/Academlc Road

1	Construction Stakeout	1	LS	2,800.00	$2,800.00	
2	Load, haul & Place from Lake 31 Stockpile to FIiis	2351	CY	1.85	$4,349.35	
3	Place and compact	2351	CY	0.55	$1,293.05	
4	12" Stabilized Subgrade - Purchase Stabilizer	440	TONS	18.00	$7,920.00	
5	12" Stablllzed Subgrade • Subgrade Comp & spread	5000	SY	1.10	$5,500.00	
6	12" Stabilized Subgrade - Mixing & Compaction	5000	SY	o.oo	INCLUDED	
	Additional Length to Star Farms Turnlanes					
7	Construction Stakeout	1	LS	800.00	$800.00	
8	2.5" Type S-1 Asphaltlc Concrete ( First Lift)	130	SY	11.40	$1,482.00	
9	1" S-3 Asphaltlc Concrete ( Second Lift)	130	SY	5.80	$754.00	
10	Road Base ( FOOT Group 9)	130	SY	15.75	$2,047.50	
11	12" Stablllzed Subgrade ( Min. LBR 60)	190	SY	7.00	$1,330.00	
12	Traffi c Control Striping and Pavement Mark ings	1	LS	$975.00	$975.00	

29,250 .90
CREDITS

REASON FOR CHANGE:

/I
/    /   .

/	17 .

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.

/

A

I

,

1
2
3
4
5
6
7
8
9
10				
11			
0.00	
Contract Time Prior	Net Inc rease/Decrease			
to this Change Order	from this Change Or der	$29,250.90		
Net In crease/Decrease from this Change Order	Contract Total Prior to this Change Order	
$	6,006,064.53		
Current Contract Time	Current Contract Total			
Including this Change Order	Inc ludi ng this Change Order	$6,035,315.43

ACCEPTABLE TO:	/)l;;r  ifc,c. 		Date:	�/2.lJ/ )_fJ
Co ',r'to'V'eprsenttive

RECOMMENDED BY:	Da te:
Engin eer ' s Representative

APPROVED BY:	Date:

Representati ve		

I

Original Contract Sum	$6,978,473.41		
Net Change to Contract Sum Including thi s Change Order $	(943,157.98)	OK	

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 5 Watson Civil Construction, Inc.
44th Ave East Phase IV Roadway

Change Order
No. 	5	

Date of Issuance:      September 2, 2020	Effective Date:     September 4, 2020	

Project: 44th Avenue East Phase IV Roadway	Owner Lakewood Ranch Stewardship District	Owner's Contract No.:	
Contract:	$1,921,528.40	Date of Contract: February 4, 2019	
Contractor: Watson Civil Construction, Inc.	Engineer's Project No.: 215612113	

The Contract Documents are modified as follows upon execution of this Change Order:

Description:

Install Yellow Thermoplastic Striping and Blue RPMs.

Attachments: (List documents supporting change):

Watson Civil CO-5.

 	CHANGE IN CONTRACT PRICE:		 	CHANGE IN CONTRACT TIMES:		
Original Contract Price:		Original Contract Times:	 Working days	 Calendar days	
Substantial completion (days or date):        240 days		
$ 1,921,528.40			Ready for final payment (days or date):      270 days		
[Increase] [Decrease] from previously approved Change Orders No.	1	to No. 	4		[Increase] [Decrease] from previously approved Change Orders No. 	1	to No. 	4	:	
Substantial completion (days): 	8 days		
$	249,245.53			Ready for final payment (days): 	8 days		

Contract Price prior to this Change Order:		
Contract Times prior to this Change Order:		
Substantial completion (days or date): 	248 days		
$ 2,170,773.93			Ready for final payment (days or date): 	278 days		

[Increase] [Decrease] of this Change Order:	
[Increase] [Decrease] of this Change Order:		
Substantial completion (days or date):   		
$	6,231.50			Ready for final payment (days or date):  		

Contract Price incorporating this Change Order:	
Contract Times with all approved Change Orders:	
Substantial completion (days or date): 	248 days		
$ 2,177,005.43			Ready for final payment (days or date): 	278 days		
RECOMMENDED:	ACCEPTED:		ACCEPTED:		
By:  		By:  			By:  		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  		Date:  			Date:  		

Approved by Funding Agency (if applicable):    				
Date:		

V:\2156\active\215612113\civil\construction_phase_documents\phase-IV\change_orders\roadway_watson\con_44-ave-e-4-rdwy_co-5_6231-50_addtl-striping-rpms_watson-civil_kel_20200902.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the Associated General Contractors of America and the Construction Specifications Institute.

44th Ave E Phase IV

Engineer's Project No.:	215612113	
Watson Civil Project No.:	31811	
Owner:	Lakewood Ranch Stewardship District	

Scope:	
Install Yellow Thermoplastic Striping and Blue RPM's	

Impacts:	

Pay Items:

Item	Description	Qty	Unit	Unit Price	

Total

1	Additional Striping & Blue RPM's	1	LS	$	6,231.50	

$	6,231.50

TOTAL COST:	$	6,231.50	

Notes:

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 85
Under Specific Authorization No. 77 Stantec

August 21, 2020

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: E-Mail (rex.jensen@smrranch.com)

File: 215613728

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, FL 34202

Attn:	Mr. Rex Jensen
Chairman

Reference: Change Order No. 85 Under Specific Authorization No. 77 44th Avenue East Phase 5 and Uihlein Road Phase 3 Project

Dear Mr. Jensen:

Due to ongoing project needs and changes influenced by adjacent developments, Stantec is requesting approval to proceed with the additional professional services as follows:

Existing Task 220 – Plans/ Permit Preparation
We have exceeded the budget due to ongoing comments from Transportation and Utility Departments as well as construction plan modifications for turn lane revisions influenced by Azario development to the west and four-star development to the east. We are therefore requesting an increase of $7,500, bringing the total fixed fee budget for this task to $544,500.

Existing Task 230 – Permit Processing
We have exceeded the budget due to ongoing comments related to Transportation comment Environmental, Stormwater and Utility Departments for the construction plan modification submittal. We are therefore requesting an increase of $5,000 to the budget of this time and materials task bringing the total budget to $92,000.

Existing Task 260 – FDOT Permit Processing
Due to ongoing comments from the Florida Department of Transportation related to the drainage connection and access management submittals, we have exceeded the budget and are requesting an increase to address ongoing project coordination, plan modifications, and drainage calculation and modeling revisions related to turn lane improvements at the intersection of State Road 64 and Uihlien Road.
We therefore request an additional $32,000 to be added to this time and materials task bringing the total budget to $57,000.

CO 85 to SA 77
Lakewood Ranch Stewardship District 44th Ave E, Ph 5 & Uihlein Rd Ph 3 Page 2 of 2

Existing Task 420 – Miscellaneous Sketch & Descriptions
Due to ongoing project needs and the additional sketch and descriptions needed to satisfy the Florida Department of Transportation drainage easement concerns, we have exceeded the budget and are therefore requesting an increase of $2,000. This increase will bring the total for this task to $6,500.

* Time and Material (T/M) estimates are based upon past experience but the actual fee may be more or less due to factors outside of Stantec’s control.

S.A. Contract to Date	$ 958,500	
Increase this Change Order	$ 	46,500	
New Contract Sum	$ 1,005,000	

  Stantec Consulting Services Inc.		 Lakewood Ranch Stewardship District	

  6900 Professional Parkway East		 14400 Covenant Way	

By

  Sarasota, FL 34240	

  Lakewood Ranch, FL 34202	

By

By

  8/21/2020	
Date

 		 Date

  8/21/2020	
Date

SCHEDULE OF FEES
Effective January 1, 2020

Staff Level	Rate	
Level 3	$ 98.00	
Level 4	$ 108.00	
Level 5	$ 123.00	
Level 6	$ 127.00	
Level 7	$ 132.00	
Level 8	$ 143.00	
Level 9	$ 149.00	
Level 10	$ 154.00	
Level 11	$ 165.00	
Level 12	$ 174.00	
Level 13	$ 183.00	
Level 14	$ 192.00	
Level 15	$ 204.00	
Level 16	$ 225.00	
Level 17	$ 232.00	
Level 18	$ 239.00	
Level 19	$ 248.00	
Level 20	$ 258.00	
Level 21	$ 274.00	
1 Person Field Crew	$ 95.00	
2 Person Field Crew	$ 135.00	
3 Person Field Crew	$ 155.00	
4 Person Field Crew	$ 175.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 86
Under Specific Authorization No. 69 Stantec

August 26, 2020

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: Hand Delivery and E-Mail (rex.jensen@smrranch.com)

File:	215613369

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, FL 34202

Attn:	Mr. Rex Jensen
Chairman of the Board

Reference: Change Order No. 86 Under Specific Authorization No. 69
The Masters Avenue Extension East (Players Drive to Bourneside Boulevard)

Dear Mr. Jensen:

Stantec is requesting approval for the following tasks for additional services related to the The Masters Avenue Extension East Project.

Existing Task 210 – Meetings

Due to additional coordination required with Manatee County regarding utility turnover issues related to Masters Avenue, we have exceeded the budget for this task by $49 and are requesting an increase to balance.

Existing Task 250 – Construction Phase Services

Due to additional plan modifications and inspection related services related to utility turnover issues with Masters Avenue, we have exceeded the budget by $1,020.50 and are therefore asking for an increase to balance.

* Time and Material (T/M) estimates are based upon past experience but the actual fee may be more or less due to factors outside of Stantec’s control.

Unless otherwise specified, charges for SERVICES are based on Stantec’s hourly billing rate table (“Rate Table”), attached hereto. The Rate Table is subject to escalation from time to time. At a minimum, effective each January 1 during the term of this Agreement, Stantec’s charges for SERVICES shall escalate by either (a) the most current Consumer Price Index year over year percentage increase, not seasonally adjusted, for the preceding July, all items, as published by Statistics Canada (for Projects in Canada) plus 1.0%, or (b) the most current Consumer Price Index for All Urban Consumers (CPI-U) year over year percentage increase, not seasonally adjusted, for

CO 86 Under SA 69
The Masters Avenue Extension East Page 2 of 2

the preceding July, as published by the U.S. Bureau of Labor Statistics plus 1.0% (for all other projects).

S.A. Contract to Date	$ 246,300.00	
Increase this Change Order	$	1,069.50	
New Contract Sum	$ 247,369.50	

  Stantec Consulting Services Inc.		 Lakewood Ranch Stewardship District	

  6900 Professional Parkway East		 14400 Covenant Way	

  Sarasota, FL 34240	

By

  Lakewood Ranch, FL 34202	

By

 	August 26, 2020		 	

Date

By

Date

     August 26, 2020	
Date

Enclosures:	Schedule of Fees

C:	Bob Simons, LWR Development, LLC Suzanne Fugate, LWR Development, LLC

SCHEDULE OF FEES
Effective January 1, 2020

Staff Level	Rate	
Level 3	$ 98.00	
Level 4	$ 108.00	
Level 5	$ 123.00	
Level 6	$ 127.00	
Level 7	$ 132.00	
Level 8	$ 143.00	
Level 9	$ 149.00	
Level 10	$ 154.00	
Level 11	$ 165.00	
Level 12	$ 174.00	
Level 13	$ 183.00	
Level 14	$ 192.00	
Level 15	$ 204.00	
Level 16	$ 225.00	
Level 17	$ 232.00	
Level 18	$ 239.00	
Level 19	$ 248.00	
Level 20	$ 258.00	
Level 21	$ 274.00	
1 Person Field Crew	$ 95.00	
2 Person Field Crew	$ 135.00	
3 Person Field Crew	$ 155.00	
4 Person Field Crew	$ 175.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 87
Under Specific Authorization No. 91 Stantec

August 27, 2020

File: 215614203

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: E-Mail (rex.jensen@smrranch.com)

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, FL 34202

Attn:	Mr. Rex Jensen
Chairman of the Board

Reference: Change Order No. 87 Under Specific Authorization No. 91 East-West Force Main and Water Main Extension Project

Dear Mr. Jensen:

Due to ongoing project needs and discussions with Roger Aman, Stantec is requesting approval to proceed with the following additional professional services:
Existing Task 320 – Lift Station Permit Processing
We are requesting additional budget for this task due to the ongoing permitting of proposed Lift Station #12. This additional budget is needed to respond to permit review comments from Sarasota County and FDEP/ SWFWMD.
We request that an additional $5,000 T/M be added bringing the new estimated fee for this task to
$10,000.
New Task 370 – Lift Station Bidding Services
Stantec will provide technical specifications, quantity take-off figures and a bid schedule for the Lift Station. One quantity take-off and opinion of probable cost for the Client will be provided based on the final construction plans. Engineer’s Opinion of Probable Cost (OPC) will be prepared as well as an OPC for the required Bonds for the project. Stantec will prepare contract documents and conduct a public bid that will be provided to pre-qualified list of contractors. The public bid process will include an invitation to bid; a Pre-Bid meeting; issuing bid Addenda; public bid opening; tabulating the bids; bid evaluation; Notice of Award, preparation of final contract documents; coordination of contract execution; and issuing of Notice to Proceed. Task includes providing Client with a bid tabulation of the received bids. We are requesting a Fixed Fee of $7,500 for this task.
New Task 380 – Lift Station Construction Phase Services
Stantec will provide construction observation, review test reports and shop drawing review. We are proposing a T/M fee of $12,000 for this task.

CO 87 to SA 91
Lakewood Ranch Stewardship District
East-West Force Main and Water Main Ext. Page 2 of 2

New Task 390 – Lift Station Certifications
Stantec will provide certifications to Sarasota County and FDEP as required. Signed and sealed record drawings will be provided by the Client’s or contractor’s surveyor that meet Sarasota County and FDEP requirements. Task includes preparing and submitting Certification package to Sarasota County and FDEP. We are proposing a Fixed Fee of $5,000 for this task.
* Time and Material (T/M) estimates are based upon past experience but the actual fee may be more or less due to factors outside of Stantec’s control.

Unless otherwise specified, charges for SERVICES are based on Stantec’s hourly billing rate table (“Rate Table”), attached hereto. The Rate Table is subject to escalation from time to time. At a minimum, effective each January 1 during the term of this Agreement, Stantec’s charges for SERVICES shall escalate by either (a) the most current Consumer Price Index year over year percentage increase, not seasonally adjusted, for the preceding July, all items, as published by Statistics Canada (for Projects in Canada) plus 1.0%, or (b) the most current Consumer Price Index for All Urban Consumers (CPI-U) year over year percentage increase, not seasonally adjusted, for the preceding July, as published by the U.S. Bureau of Labor Statistics plus 1.0% (for all other projects).

S.A. Contract to Date	$ 200,000	
Increase this Change Order	$ 29,500	
New Contract Sum	$ 229,500	

  Stantec Consulting Services Inc.		 Lakewood Ranch Stewardship District	

  6900 Professional Parkway East		 14400 Covenant Way	

Sarasota, FL 34240

By

  Lakewood Ranch, FL 34202	

August 27, 2020

By Date

By

Date

    August 27, 2020	 Date

SCHEDULE OF FEES
Effective January 1, 2020

Staff Level	Rate	
Level 3	$ 98.00	
Level 4	$ 108.00	
Level 5	$ 123.00	
Level 6	$ 127.00	
Level 7	$ 132.00	
Level 8	$ 143.00	
Level 9	$ 149.00	
Level 10	$ 154.00	
Level 11	$ 165.00	
Level 12	$ 174.00	
Level 13	$ 183.00	
Level 14	$ 192.00	
Level 15	$ 204.00	
Level 16	$ 225.00	
Level 17	$ 232.00	
Level 18	$ 239.00	
Level 19	$ 248.00	
Level 20	$ 258.00	
Level 21	$ 274.00	
1 Person Field Crew	$ 95.00	
2 Person Field Crew	$ 135.00	
3 Person Field Crew	$ 155.00	
4 Person Field Crew	$ 175.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Bussiness Matters

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financing Matters Relative to the Taxable Series 2020 Refunding Bonds, Lakewood Centre and NW Sector

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Supplemental Assessment Methodology Report

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT, LAKEWOOD CENTRE AND NORTHWEST SECTOR
TAXABLE SERIES 2020 REFUNDING BONDS

August 2020

Prepared for:

Board of Supervisors,
Lakewood Ranch Stewardship District

Prepared on August 21, 2020

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT, LAKEWOOD CENTRE & NORTHWEST SECTOR TAXABLE SERIES 2020 REFUNDING BONDS

August 21, 2020

1.0	Background

The Lakewood Ranch Stewardship District (“District”) previously issued its Special Assessment Revenue Bonds, Series 2011 (Lakewood Centre & NW Sector Projects) in the original aggregate principal amount of $36,255,000 (the “Series 2011 Bonds”) to retire the District’s Renewal Bond Anticipation Notes, Series 2009 (the “Series 2009 Bond Anticipation Notes”). The average coupon rate on the Series 2011 Bonds was 7.91%. Since the issuance of the Series 2011 Bonds, interest rates have dropped considerably. Furthermore, except for approximately 31 multifamily lots that do not yet have separate tax folio numbers, the 2011 Assessments securing the Series 2011 Bonds have been fully allocated to platted properties following the District’s assessment methodology as discussed below.

This District issued its Senior Taxable Special Assessment Revenue Refunding Bonds, Series 2020A-1 (Lakewood Centre & NW Sector Projects) and its Subordinate Taxable Special Assessment Revenue Refunding Bonds, Series 2020A-2 (Lakewood Centre & NW Sector Projects) (together, the “Series 2020 Refunding Bonds”) to advance refund on a taxable basis the Series 2011 Bonds thereby achieving considerable savings for the payers of the 2011 Assessments. This report describes the issuance of the Series 2020 Refunding Bonds and the impact on 2011 Assessments.

Allocation of the Series 2011 Bond Debt to Specially Benefitting Properties

The District adopted its Amended and Restated Master Assessment Methodology Report1 at its December 7, 2018 meeting. The master assessment report provides the methodology to allocate the debt over the approximately 2,360 gross acres in the Lakewood Centre and Northwest Sector that will receive a special benefit from the District’s capital improvement plan (“CIP”) installed in the Lakewood Center and Northwest Sector (“CIP Areas”).

1 Fishkind & Associates, Inc. (December 7, 2018), “Amended and Restated Master Assessment Methodology Report Lakewood Ranch Stewardship District Lakewood Centre and Northwest Sector”

The assessment methodology is a process by which the District allocates the costs associated with its CIP to properties within the CIP Areas benefiting from the improvements. The allocation is based upon the benefits that each property receives. At the outset, the CIP is based on the projected land uses the Landowner plans for the lands comprising the CIP Areas. However, until either: (a) parcels of land along with their development entitlements are sold by the Landowner or (b) plats are filed, the precise land uses are unknown.

Therefore, the District initially imposed assessments (“Assessments) on a per acre basis on the unsold and unplatted property in the CIP, and on any sold or platted property in accordance with its actual land use or contractual entitlement as transferred to the new landowner from the Landowner.

The District has issued three series of bonds to fund the CIP in the CIP Areas totaling $85,405,000. Table 1 summarizes the bond issues.

Table 1. Bonds Issued to Fund the CIP Lakewood Centre and Northwest Sector

Bond Series	Amount
Series 2011	$36,255,000
Series 2015	$37,360,000
Series 2018	$11,790,000
===========
Total	$85,405,000
Source: PFM Financial Advisors LLC

Since the issuance of the Series 2009 Bond Anticipation Notes extensive development and platting has occurred in the CIP Areas. In addition, some property owners have paid down their 2011 Assessments, and over time normal amortization payments have reduced the total amount of Series 2011 Bonds outstanding. As shown in Table 2, sufficient platting has occurred in the CIP Areas to allocate all of the outstanding Series 2011 Bonds totaling $30,945,000 using the District’s assessment methodology.

Table 2. Allocation of the Series 2011 Bond Debt

Neighborhood/ Product Type	

# Units	

Series 2011 Debt Outstanding	
Series 2011 Par Amount
Per Unit	Series 2011
Net Assessment
Per Unit	Series 2011 Total
Net Revenue	Series 2011
Gross Assessment Per Unit (1)	Series 2011
Gross Assessment Per Unit (1)	
Bridgewater								
Single-Family 65'	139	$2,497,852	$17,970	$1,805	$250,892	$1,941	$269,776	
Single-Family 76'	136	$3,049,694	$22,424	$2,252	$306,320	$2,422	$329,377	
Subtotal
Esplanade	275	$5,547,546			$557,212		$599,152	
Condominiums	48	$441,080	$9,189	$923	$44,303	$992	$47,638	
Single-Family 45'	174	$1,388,941	$7,982	$802	$139,509	$862	$150,010	
Single-Family 52'	124	$1,143,661	$9,223	$926	$114,873	$996	$123,519	
Single-Family 62'	55	$604,943	$10,999	$1,105	$60,762	$1,188	$65,336	
Single-Family 90'	19	$426,060	$22,424	$2,252	$42,795	$2,422	$46,016	
Condominiums – Golf	238	$3,079,176	$12,946	$1,300	$309,281	$1,398	$332,561	
Single-Family 45' Golf	24	$371,412	$15,475	$1,554	$37,306	$1,671	$40,114	
Single-Family 52' Golf	223	$3,732,126	$16,736	$1,681	$374,866	$1,808	$403,081	
Single-Family 62' Golf	208	$3,737,793	$17,970	$1,805	$375,435	$1,941	$403,693	
Single-Family 76' Golf	76	$1,704,241	$22,424	$2,252	$171,179	$2,422	$184,063	
Subtotal
Harmony	1,189	$16,629,434			$1,670,309		$1,796,031	
Townhome (20')	276	$3,192,598	$11,567	$1,162	$320,674	$1,249	$344,811	
Townhome (30')	252	$3,261,779	$12,944	$1,300	$327,623	$1,398	$352,282	
Single-Family	141	$2,139,969	$15,177	$1,524	$214,945	$1,639	$231,123	
Subtotal
Commercial	669	$8,594,346			$863,241		$928,216	
Professional Office	25,000	$173,673	$6.95	$0.70	$17,444	$0.75	$18,757	

Total	2,133	$30,945,000	$3,108,206	$3,342,157
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%.

Series 2020 Refunding Bonds Sizing

The combination of lower interest rates and the extensive development activity in the CIP Areas provides the opportunity to refund the Series 2011 Bonds. The Series 2011 Bonds have an average interest rate of 7.91%. Based on information provided by the District’s Underwriter for the Series 2020 Refunding Bonds, MBS Capital Markets, the average coupon on the Series 2020 Refunding Bonds is 3.03%. Table 3 displays the sizing for the Series 2020 Refunding Bonds provided by the District’s Underwriter.

Table 3. Sizing of the Series 2020 Refunding Bonds

Sources	Series 2020A-1 Senior	Series 2020A-2 Subordinate	Total	
Bond Proceeds - Par Amount	$26,070,000	$3,030,000	$29,100,000	
Liquidation of Revenue Account	$1,845,216	$205,024	$2,050,240	
Liquidation of DSRF Account	$2,773,476	$308,164	$3,081,640	
Liquidation of Prepayment Account	$1,633	$181	$1,814	
	===========	===========	===========	
Total	$30,690,325	$3,543,369	$34,233,695	
Uses	Series 2020A-1 Senior	Series 2020A-2 Subordinate	Total	
Cash Deposit	$1	$183	$184	
SLGS Purchases	$29,999,494	$3,339,667	$33,339,161	
Interest Fund thru 11/1/2020	$88,061	$22,514	$110,575	
Reserve Fund @ 50% MADS	$0	$124,084	$124,084	
Cost of Issuance	$206,511	$26,621	$233,132	
Underwriter’s Discount	$260,700	$30,300	$291,000	
Bond Insurance 0.35% Adj. Debt Service	$118,633	$0	$118,633	
Surety Bond 2% of 50% of MADS	$16,925	$0	$16,925	
	===========	===========	===========	
Total	$30,690,325	$3,543,369	$34,233,695	
Source: MBS Capital Markets LLC

Series 2020 Bonds Assessment (Debt) Allocation

The District issued two series of bonds, Series 2020A-1 Senior Bonds and Series 2020A-2 Subordinate Bonds. This structure takes advantage of the opportunity to issue a series of investment grade rated and insured bonds for the senior lien Series 2020A-1 Bonds. The Series 2020A-2 Bonds are issued as non-rated bonds with payment subordinate to the Series 2020A-1 Bonds. A total of $29,100,000 of Series 2020 Bonds were issued. To refund the outstanding amount of $30,945,000 of Series 2011 Bonds requires the issuance of the Series 2020 Refunding Bonds and the liquidation of the existing debt service reserve fund of the Series 2011 Bonds and the funds in the revenue account. This brings total sources to $34,233,695.

As noted previously, extensive development and platting has occurred in the CIP Areas, and as demonstrated in Table 1 sufficient to allocate all of the 2011 Assessments securing the Series 2011 Bonds. Table 4 shows the allocation of the 2020 Assessments that will replace the 2011 Assessments. The 2020 Assessments are allocated to the properties in the CIP Areas that previously had Series 2011 Bond debt assigned to them using the assessment methodology. The savings to each property owner is 37.6%. Appendix A contains the assessment roll for the Series 2020 Refunding Bonds.

Table 4. Allocation of the Series 2020 Refunded Bond Debt

	Series	Series 2020	Series	Series 2020	Series 2020		
	2020 Par	Net	2020 Total	Gross	Gross		
Neighborhood/		Series 2020	Amount	Assessment	Net	Assessment	Assessment		
Product Type
Bridgewater	# Units	Par Debt	Per Unit	Per Unit	Revenue	Per Unit (1)	Per Unit (1)	Savings	
Single-Family 65'	139	$2,348,925	$16,899	$1,127	$156,650	$1,212	$168,441	37.6%	
Single-Family 76'	136	$2,867,866	$21,087	$1,406	$191,258	$1,512	$205,654	37.6%	
Subtotal	275	$5,216,791			$347,908		$374,095		
Esplanade									
Condominiums	48	$414,782	$8,641	$576	$27,662	$620	$29,744	37.6%	
Single-Family 45'	174	$1,306,130	$7,506	$501	$87,106	$538	$93,662	37.6%	
Single-Family 52'	124	$1,075,474	$8,673	$578	$71,723	$622	$77,122	37.6%	
Single-Family 62'	55	$568,875	$10,343	$690	$37,938	$742	$40,794	37.6%	
Single-Family 90'	19	$400,658	$21,087	$1,406	$26,720	$1,512	$28,731	37.6%	
Condominiums – Golf	238	$2,895,590	$12,174	$812	$193,107	$873	$207,642	37.6%	
Single-Family 45' Golf	24	$349,268	$14,553	$971	$23,293	$1,044	$25,046	37.6%	
Single-Family 52' Golf	223	$3,509,610	$15,738	$1,050	$234,056	$1,129	$251,673	37.6%	
Single-Family 62' Golf	208	$3,514,938	$16,899	$1,127	$234,412	$1,212	$252,055	37.6%	
Single-Family 76' Golf	76	$1,602,631	$21,087	$1,406	$106,880	$1,512	$114,924	37.6%	
Subtotal	1,189	$15,637,956			$1,042,897		$1,121,394		
Harmony									
Townhome (20')	276	$3,002,249	$10,878	$725	$200,220	$780	$215,291	37.6%	
Townhome (30')	252	$3,067,306	$12,172	$812	$204,559	$873	$219,956	37.6%	
Single-Family	141	$2,012,380	$14,272	$952	$134,206	$1,023	$144,307	37.6%	
Subtotal	669	$8,081,935			$538,985		$579,554		
Commercial									
Professional Office	25,000	$163,318	$6.53	$0.44	$10,892	$0.47	$11,712	37.6%	

Total	2,133	$29,100,000	$1,940,682	$2,086,755
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 – Lakewood Center & NW Sector Projects Detailed Assessment Roll

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580028259	ESPLANADE PH VII PB61/169	703	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583227709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	307	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579977509	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579978659	0	16202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579929859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	334	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579953159	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	293	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579909009	ESPLANADE PHASE I PB55/11-21	142	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583214709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	74	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579962859	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	256	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579926259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	172	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583228859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	330	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580052909	ESPLANADE PH VIII SUBPH A & B PB62/152	765	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579917659	ESPLANADE PH II PB55/146	73	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583243359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	584	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583238309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	483	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	567	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938459	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	102	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583230359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	360	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583212909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	38	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579965609	ESPLANADE PHASE IV PB59/7	490	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579973209	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579938809	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	109	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579977959	0	11101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579940759	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	148	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579948059	ESPLANADE PHASE III REVISED PORTION PB57/57	471-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579924459	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	89	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579948409	ESPLANADE PHASE III REVISED PORTION PB57/57	478-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579923659	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	73	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579930009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	337	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580023259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	638	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579945659	ESPLANADE PHASE III REVISED PORTION PB57/57	401-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583229559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	344	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583230409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	361	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579939559	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	124	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579917809	ESPLANADE PH II PB55/146	76	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579923959	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	79	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583212009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	20	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579918059	ESPLANADE PH II PB55/146	81	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579939209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	117	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583230509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	363	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580024259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	658	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	367	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579928959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	226	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579962809	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	255	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579917059	ESPLANADE PH II PB55/146	61	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580051609	ESPLANADE PH VIII SUBPH A & B PB62/152	739	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580025309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	679	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579928259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	212	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583211509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	10	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579938759	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	108	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579945209	ESPLANADE PHASE III REVISED PORTION PB57/57	392-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583222159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	221	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583216859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	117	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583233609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	425	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579916909	ESPLANADE PH II PB55/146	58	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580021959	0	612	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579934359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	438	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054209	ESPLANADE PH VIII SUBPH A & B PB62/152	791	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579979409	0	17103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580019459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	562	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579971759	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102106	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579973159	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583232559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	404	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579917859	ESPLANADE PH II PB55/146	77	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579946409	ESPLANADE PHASE III REVISED PORTION PB57/57	416-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579912959	ESPLANADE PHASE I SUBPHASE H & I PB55/130	161	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579926959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	186	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580019559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	564	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579928409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	215	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579903109	ESPLANADE PHASE I PB55/11-21	2	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579904859	ESPLANADE PHASE I PB55/11-21	59	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580053859	ESPLANADE PH VIII SUBPH A & B PB62/152	784	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	197	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580056259	ESPLANADE PH VIII SUBPH A & B PB62/152	832	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	364	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583225359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	260	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583233659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	426	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579930709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	351	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580020059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	574	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579941059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	154	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583222659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	231	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580063359	0	018102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583212209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	24	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583214909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	78	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583242559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	568	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579979059	0	18201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579971509	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579941359	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	160	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579908459	ESPLANADE PHASE I PB55/11-21	131	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580025259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	678	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580020409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	581	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	210	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583222209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	222	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579938559	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	104	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579928659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	220	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583243059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	578	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580071159	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579928059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	208	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579914759	ESPLANADE PH II PB55/146	15	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579947909	ESPLANADE PHASE III REVISED PORTION PB57/57	468-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583226809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	289	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579915009	ESPLANADE PH II PB55/146	20	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579914159	ESPLANADE PH II PB55/146	3	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579929009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	227	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583215759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	95	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583215859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	97	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579930809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	353	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579960859	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	216	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579988309	ESPLANADE PH III PARTIAL REPLAT PB59/83	259	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583213659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	53	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	673	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	388	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579939359	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	120	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579928109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	209	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579912809	ESPLANADE PHASE I SUBPHASE H & I PB55/130	158	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583216309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	106	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579945359	ESPLANADE PHASE III REVISED PORTION PB57/57	395-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583232059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	394	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579918409	ESPLANADE PH II PB55/146	88	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580021209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	597	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579927609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	199	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579950859	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	247	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950359	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	237	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579904259	ESPLANADE PHASE I PB55/11-21	47	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583216059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	101	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580051059	ESPLANADE PH VIII SUBPH A & B PB62/152	728	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579913259	ESPLANADE PHASE I SUBPHASE H & I PB55/130	167	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579905759	ESPLANADE PHASE I PB55/11-21	77	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579974259	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579942659	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	186	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579946909	ESPLANADE PHASE III REVISED PORTION PB57/57	448-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583232409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	401	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579904659	ESPLANADE PHASE I PB55/11-21	55	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580019859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	570	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579941009	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	153	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580054909	ESPLANADE PH VIII SUBPH A & B PB62/152	805	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	1202	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580028459	ESPLANADE PH VII PB61/169	707	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580017709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	527	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579924309	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	86	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579916009	ESPLANADE PH II PB55/146	40	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583232859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	410	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583222409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	226	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579908709	ESPLANADE PHASE I PB55/11-21	136	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579931859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	374	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579961959	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	238	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580062709	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579924359	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	87	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054609	ESPLANADE PH VIII SUBPH A & B PB62/152	799	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579907659	ESPLANADE PHASE I PB55/11-21	115	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579951909	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	268	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583216409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	108	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579975209	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579926109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	169	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580045709	ESPLANADE PHASE V SUBPH G PB63/12	1104	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579946959	ESPLANADE PHASE III REVISED PORTION PB57/57	449-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579978059	0	11103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579979309	0	17101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580055759	ESPLANADE PH VIII SUBPH A & B PB62/152	822	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579975059	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579946709	ESPLANADE PHASE III REVISED PORTION PB57/57	444-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	214	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583212109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	22	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579911409	ESPLANADE PHASE I SUBPHASE H & I PB55/130	28	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579972559	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579912259	ESPLANADE PHASE I SUBPHASE H & I PB55/130	147	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579966609	ESPLANADE PHASE IV PB59/7	510	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579950659	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	243	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579927559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	198	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583229759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	348	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583218809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	156	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583228059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	314	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579941109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	155	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583233709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	427	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579951109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	252	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583216809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	116	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579954009	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	310	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580070309	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579921659	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	33	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580070259	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583217459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	129	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579948309	ESPLANADE PHASE III REVISED PORTION PB57/57	476-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579931209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	361	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580019909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	571	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579965859	ESPLANADE PHASE IV PB59/7	495	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580045459	ESPLANADE PH V SUBPH E PB62/22	842	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579975109	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583217609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	132	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583221109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	202	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579931759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	372	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579976209	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105201	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579976709	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579952259	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	275	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583244359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	604	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583226959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	292	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579946259	ESPLANADE PHASE III REVISED PORTION PB57/57	413-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583214159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	63	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579929459	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	326	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579927659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	200	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583243109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	579	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579927359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	194	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583225209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	257	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579931509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	367	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580044859	ESPLANADE PH V SUBPH E PB62/22	554-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583242859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	574	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579924659	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	93	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579954109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	312	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055009	ESPLANADE PH VIII SUBPH A & B PB62/152	807	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583219609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	172	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579960459	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	208	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579974059	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579915209	ESPLANADE PH II PB55/146	24	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579947759	ESPLANADE PHASE III REVISED PORTION PB57/57	465-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579926759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	182	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583212359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	27	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583221859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	215	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580062559	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580063959	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579966709	ESPLANADE PHASE IV PB59/7	512	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583226009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	273	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579961559	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	230	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579930609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	349	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580025409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	681	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579918759	ESPLANADE PH II PB55/146	95	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583223459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	247	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583211809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	16	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579974409	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579974659	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579920459	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	9	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	9	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583228659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	326	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583217159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	123	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583222959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	237	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579939159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	116	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580071109	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583232109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	395	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579903959	ESPLANADE PHASE I PB55/11-21	19	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583232509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	403	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583217359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	127	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583225509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	263	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580024309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	659	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579939859	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	130	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583217509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	130	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579971309	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14106	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583214409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	68	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583212409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	28	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580056459	ESPLANADE PH VIII SUBPH A & B PB62/152	836	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579971059	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579924559	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	91	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579945559	ESPLANADE PHASE III REVISED PORTION PB57/57	399-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583221209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	204	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583240009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	517	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583242659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	570	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580050509	ESPLANADE PH VIII SUBPH A & B PB62/152	717	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
580056009	ESPLANADE PH VIII SUBPH A & B PB62/152	827	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580057109	ESPLANADE PH VI PB64/178	844	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580052609	ESPLANADE PH VIII SUBPH A & B PB62/152	759	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580060059	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579917109	ESPLANADE PH II PB55/146	62	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579976309	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105203	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583215559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	91	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579904509	ESPLANADE PHASE I PB55/11-21	52	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579916559	ESPLANADE PH II PB55/146	51	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579932659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	390	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579915109	ESPLANADE PH II PB55/146	22	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580050709	ESPLANADE PH VIII SUBPH A & B PB62/152	721	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583231209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	377	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583238909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	495	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583227809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	309	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579919109	ESPLANADE PH II PB55/146	102	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579918009	ESPLANADE PH II PB55/146	80	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579906909	ESPLANADE PHASE I PB55/11-21	100	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583218359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	147	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580021009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	593	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579946859	ESPLANADE PHASE III REVISED PORTION PB57/57	447-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579963409	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	267	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579922109	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	42	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579962259	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	244	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583243209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	581	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580024909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	671	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	369	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579928759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	222	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579941909	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	171	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579923809	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	76	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579905609	ESPLANADE PHASE I PB55/11-21	74	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583225159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	256	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579953309	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	296	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579907209	ESPLANADE PHASE I PB55/11-21	106	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579917209	ESPLANADE PH II PB55/146	64	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580052159	ESPLANADE PH VIII SUBPH A & B PB62/152	750	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579922809	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	56	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583212709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	34	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579943009	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	193	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961359	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	226	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580044959	ESPLANADE PH V SUBPH E PB62/22	000556-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579945409	ESPLANADE PHASE III REVISED PORTION PB57/57	396-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579923609	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	72	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579929359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	324	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579903809	ESPLANADE PHASE I PB55/11-21	16	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579955059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	428	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579938409	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	101	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579960609	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	211	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579943059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	194	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583242959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	576	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583223609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	250	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579920659	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	13	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579952009	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	270	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579928309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	213	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583244309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	603	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579942609	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	185	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	76	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579979009	0	18104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580057259	ESPLANADE PH VI PB64/178	847	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579932259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	382	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583223409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	246	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583239809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	513	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580024509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	663	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579979609	0	17203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583233309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	419	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579907309	ESPLANADE PHASE I PB55/11-21	108	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579952809	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	286	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961909	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	237	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579926659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	180	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583230309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	359	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579915509	ESPLANADE PH II PB55/146	30	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580026159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	696	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583223659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	251	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579976759	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583242909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	575	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579972309	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202108	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579965259	ESPLANADE PHASE IV PB59/7	483	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	644	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583229009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	333	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583213909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	58	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579971809	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102107	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579926909	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	185	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579960259	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	204	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579977209	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106202	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
580022709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	627	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579951059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	251	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579952359	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	277	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579918309	ESPLANADE PH II PB55/146	86	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580052259	ESPLANADE PH VIII SUBPH A & B PB62/152	752	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952209	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	274	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579909059	ESPLANADE PHASE I PB55/11-21	143	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580020659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	586	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580020809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	589	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579977609	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579908509	ESPLANADE PHASE I PB55/11-21	132	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579918109	ESPLANADE PH II PB55/146	82	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583229509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	343	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583229059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	334	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583219859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	177	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579942959	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	192	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579903409	ESPLANADE PHASE I PB55/11-21	8	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579917609	ESPLANADE PH II PB55/146	72	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580052759	ESPLANADE PH VIII SUBPH A & B PB62/152	762	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580025859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	690	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579978709	0	16203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579953409	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	298	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579978109	0	11104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580064359	0	021104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580023909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	651	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579973359	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103107	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579920209	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	4	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579974809	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580054509	ESPLANADE PH VIII SUBPH A & B PB62/152	797	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	232	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580063759	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579939959	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	132	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	17	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579962459	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	248	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579946059	ESPLANADE PHASE III REVISED PORTION PB57/57	409-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583242809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	573	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580064559	0	021204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583225959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	272	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579913109	ESPLANADE PHASE I SUBPHASE H & I PB55/130	164	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579941559	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	164	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579917909	ESPLANADE PH II PB55/146	78	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580050859	ESPLANADE PH VIII SUBPH A & B PB62/152	724	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579929159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	230	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580060709	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579951809	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	266	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	2	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580043659	ESPLANADE PH V SUBPH E PB62/22	000530-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579917409	ESPLANADE PH II PB55/146	68	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580063409	0	018103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583231009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	373	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579955159	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	430	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952759	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	285	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579924009	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	80	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579930559	0	348	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579916759	ESPLANADE PH II PB55/146	55	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579919009	ESPLANADE PH II PB55/146	100	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579923909	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	78	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579918159	ESPLANADE PH II PB55/146	83	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579906029	ESPLANADE PHASE I PB55/11-21	82	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583211309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	6	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	122	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579977059	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583232609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	405	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579929759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	332	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580026209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	697	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579922759	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	55	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583216609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	112	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579931709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	371	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579905859	ESPLANADE PHASE I PB55/11-21	79	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579979509	0	17201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583232209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	397	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580063909	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580024609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	665	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583227759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	308	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579943159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	196	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580025709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	687	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583222809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	234	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579939009	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	113	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579965709	ESPLANADE PHASE IV PB59/7	492	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583220009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	180	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579916609	ESPLANADE PH II PB55/146	52	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579960659	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	212	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583212159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	23	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579924609	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	92	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580045659	ESPLANADE PHASE V SUBPH G PB63/12	1103	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579988609	ESPLANADE PH III PARTIAL REPLAT PB59/83	316	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579915359	ESPLANADE PH II PB55/146	27	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579960409	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	207	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579940809	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	149	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	60	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	375	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579938859	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	110	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583214859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	77	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580022559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	624	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579913009	ESPLANADE PHASE I SUBPHASE H & I PB55/130	162	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579965209	ESPLANADE PHASE IV PB59/7	482	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579950809	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	246	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	298	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580061559	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579975609	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580028309	ESPLANADE PH VII PB61/169	704	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583214609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	72	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580054259	ESPLANADE PH VIII SUBPH A & B PB62/152	792	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580053109	ESPLANADE PH VIII SUBPH A & B PB62/152	769	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579945509	ESPLANADE PHASE III REVISED PORTION PB57/57	398-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580053559	ESPLANADE PH VIII SUBPH A & B PB62/152	778	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580062809	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580055809	ESPLANADE PH VIII SUBPH A & B PB62/152	823	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580025909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	691	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580070109	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579952159	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	273	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579931359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	364	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580043959	ESPLANADE PH V SUBPH E PB62/22	000536-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579927859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	204	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583228459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	322	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583218909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	158	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579911709	ESPLANADE PHASE I SUBPHASE H & I PB55/130	34	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579908759	ESPLANADE PHASE I PB55/11-21	137	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580061809	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580022759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	628	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583223109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	240	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579948109	ESPLANADE PHASE III REVISED PORTION PB57/57	472-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580053759	ESPLANADE PH VIII SUBPH A & B PB62/152	782	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579945609	ESPLANADE PHASE III REVISED PORTION PB57/57	400-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583211359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	7	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579908559	ESPLANADE PHASE I PB55/11-21	133	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579907759	ESPLANADE PHASE I PB55/11-21	117	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579953809	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	306	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579914709	ESPLANADE PH II PB55/146	14	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580062059	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583230459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	362	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579932159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	380	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580053659	ESPLANADE PH VIII SUBPH A & B PB62/152	780	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580054109	ESPLANADE PH VIII SUBPH A & B PB62/152	789	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579926409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	175	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580022309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	619	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579970309	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1106	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579977659	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946759	ESPLANADE PHASE III REVISED PORTION PB57/57	445-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950759	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	245	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579920959	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	19	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579942559	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	184	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583212259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	25	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579907509	ESPLANADE PHASE I PB55/11-21	112	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579952559	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	281	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580024409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	661	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583219059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	161	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579931109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	359	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583220459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	189	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580021659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	606	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580020209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	577	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579948359	ESPLANADE PHASE III REVISED PORTION PB57/57	477-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583222709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	232	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579905809	ESPLANADE PHASE I PB55/11-21	78	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579952059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	271	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580060309	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580053709	ESPLANADE PH VIII SUBPH A & B PB62/152	781	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580045009	ESPLANADE PH V SUBPH E PB62/22	000557-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	67	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580064459	0	021202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583243759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	592	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579912559	ESPLANADE PHASE I SUBPHASE H & I PB55/130	153	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579950709	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	244	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580023659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	646	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579979659	0	17204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583247759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	672	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583211909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	18	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579942509	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	183	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579930659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	350	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579908609	ESPLANADE PHASE I PB55/11-21	134	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579963609	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	271	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583229909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	351	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579916509	ESPLANADE PH II PB55/146	50	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579921359	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	27	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583213759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	55	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579904809	ESPLANADE PHASE I PB55/11-21	58	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579963709	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	273	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579908909	ESPLANADE PHASE I PB55/11-21	140	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579954809	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	423	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583219659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	173	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583231659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	386	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579975659	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579988509	ESPLANADE PH III PARTIAL REPLAT PB59/83	314	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	295	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	537	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579926709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	181	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583225709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	267	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580053009	ESPLANADE PH VIII SUBPH A & B PB62/152	767	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579965159	ESPLANADE PHASE IV PB59/7	481	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579954659	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	420	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579922259	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	45	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579977009	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579912709	ESPLANADE PHASE I SUBPHASE H & I PB55/130	156	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579905709	ESPLANADE PHASE I PB55/11-21	76	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580043709	ESPLANADE PH V SUBPH E PB62/22	000531-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	199	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579954759	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	422	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579941459	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	162	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579920509	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	10	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580064109	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579974859	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579966559	ESPLANADE PHASE IV PB59/7	509	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580054359	ESPLANADE PH VIII SUBPH A & B PB62/152	794	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579922459	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	49	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580070509	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579911559	ESPLANADE PHASE I SUBPHASE H & I PB55/130	31	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579942009	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	173	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579950159	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	233	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579965659	ESPLANADE PHASE IV PB59/7	491	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579920559	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	11	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580052009	ESPLANADE PH VIII SUBPH A & B PB62/152	747	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583215009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	80	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579924259	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	85	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579931159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	360	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580025509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	683	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580017409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	521	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579972159	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202105	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580051409	ESPLANADE PH VIII SUBPH A & B PB62/152	735	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583226909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	291	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579953759	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	305	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	182	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579962709	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	253	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579972709	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580051209	ESPLANADE PH VIII SUBPH A & B PB62/152	731	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
580023359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	640	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583219109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	162	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580025609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	685	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579914209	ESPLANADE PH II PB55/146	4	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579924509	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	90	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583225759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	268	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579940259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	138	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579932359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	384	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580051809	ESPLANADE PH VIII SUBPH A & B PB62/152	743	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583233009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	413	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580019359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	560	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580043859	ESPLANADE PH V SUBPH E PB62/22	000534-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580022059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	614	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579928709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	221	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580050559	ESPLANADE PH VIII SUBPH A & B PB62/152	718	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583233809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	429	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579921109	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	22	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579963309	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	265	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579931659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	370	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579929959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	336	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579941609	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	165	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	641	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579960559	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	210	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580061659	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580062309	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579930509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	347	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579954609	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	419	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579940659	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	146	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	148	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579976509	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579947859	ESPLANADE PHASE III REVISED PORTION PB57/57	467-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	167	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579924109	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	82	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580024209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	657	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579976059	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579976009	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579975159	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583228409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	321	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579904959	ESPLANADE PHASE I PB55/11-21	61	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579938609	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	105	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580056509	ESPLANADE PH VIII SUBPH A & B PB62/152	837	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583244409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	605	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579914809	ESPLANADE PH II PB55/146	16	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583216709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	114	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579930209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	341	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579907159	ESPLANADE PHASE I PB55/11-21	105	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579931059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	358	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579938059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	94	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579921709	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	34	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921759	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	35	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583220409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	188	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583230009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	353	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579905159	ESPLANADE PHASE I PB55/11-21	65	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580020609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	585	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580021109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	595	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961059	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	220	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579973409	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103108	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579971859	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102108	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579975359	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104107	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579977259	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106203	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
580053259	ESPLANADE PH VIII SUBPH A & B PB62/152	772	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579963559	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	270	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580055559	ESPLANADE PH VIII SUBPH A & B PB62/152	818	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579947059	ESPLANADE PHASE III REVISED PORTION PB57/57	451-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579909109	ESPLANADE PHASE I PB55/11-21	144	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583225059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	254	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583233559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	424	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579906609	ESPLANADE PHASE I PB55/11-21	94	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579939259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	118	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583223759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	253	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579923209	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	64	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579908359	ESPLANADE PHASE I PB55/11-21	129	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580046059	ESPLANADE PHASE V SUBPH G PB63/12	1111	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579978009	0	11102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580022109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	615	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579972659	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583218109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	142	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579977709	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579978409	0	16101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579931009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	357	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579978209	0	11202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583219209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	164	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583220309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	186	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579907959	ESPLANADE PHASE I PB55/11-21	121	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579920109	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	2	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580061359	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580020009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	573	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579917159	ESPLANADE PH II PB55/146	63	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580045809	ESPLANADE PHASE V SUBPH G PB63/12	1106	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579920909	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	18	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579932709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	391	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579971109	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070709	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580045859	ESPLANADE PHASE V SUBPH G PB63/12	1107	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583217809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	136	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579907709	0	116	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583216759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	115	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579905559	ESPLANADE PHASE I PB55/11-21	73	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579915059	ESPLANADE PH II PB55/146	21	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583218209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	144	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579974159	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583238559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	488	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579977109	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579905659	ESPLANADE PHASE I PB55/11-21	75	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580043809	ESPLANADE PH V SUBPH E PB62/22	000533-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	73	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	128	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583218759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	155	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	98	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579930059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	338	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583226609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	285	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583228109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	315	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580022909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	631	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579906509	ESPLANADE PHASE I PB55/11-21	92	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583214209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	64	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583211709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	14	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579953059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	291	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579915959	ESPLANADE PH II PB55/146	39	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579923259	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	65	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580017659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	526	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580017209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	517	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579912509	ESPLANADE PHASE I SUBPHASE H & I PB55/130	152	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583240559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	528	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580063209	0	19204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583241559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	548	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583215459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	89	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583244659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	610	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579953009	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	290	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579912159	ESPLANADE PHASE I SUBPHASE H & I PB55/130	145	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580062159	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579948009	ESPLANADE PHASE III REVISED PORTION PB57/57	470-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579911809	ESPLANADE PHASE I SUBPHASE H & I PB55/130	36	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579960959	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	218	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583228209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	317	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580050059	ESPLANADE PH VIII SUBPH A & B PB62/152	708	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579945059	ESPLANADE PHASE III REVISED PORTION PB57/57	385-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579917359	ESPLANADE PH II PB55/146	67	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580055259	ESPLANADE PH VIII SUBPH A & B PB62/152	812	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583225309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	259	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	99	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580046159	ESPLANADE PHASE V SUBPH G PB63/12	1113	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579939759	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	128	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579974109	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580063809	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583229859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	350	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579908159	ESPLANADE PHASE I PB55/11-21	125	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579952459	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	279	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579960759	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	214	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579941959	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	172	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579928159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	210	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579920059	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	1	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950459	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	239	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580021409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	601	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579903259	ESPLANADE PHASE I PB55/11-21	5	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583233909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	431	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579918259	ESPLANADE PH II PB55/146	85	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579974709	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579903159	ESPLANADE PHASE I PB55/11-21	3	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580050759	ESPLANADE PH VIII SUBPH A & B PB62/152	722	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579947109	ESPLANADE PHASE III REVISED PORTION PB57/57	452-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583230159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	356	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583244709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	611	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583218559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	151	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579945159	ESPLANADE PHASE III REVISED PORTION PB57/57	387-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579961459	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	228	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921509	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	30	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579947959	ESPLANADE PHASE III REVISED PORTION PB57/57	469-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579945859	ESPLANADE PHASE III REVISED PORTION PB57/57	405-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580050659	ESPLANADE PH VIII SUBPH A & B PB62/152	720	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580062259	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583230609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	365	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579904359	ESPLANADE PHASE I PB55/11-21	49	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583231409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	381	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579934309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	437	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579929659	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	330	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579917709	ESPLANADE PH II PB55/146	74	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580062759	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583231359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	380	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580060409	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580057359	ESPLANADE PH VI PB64/178	849	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579942909	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	191	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583232909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	411	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580052309	ESPLANADE PH VIII SUBPH A & B PB62/152	753	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579920759	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	15	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579931259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	362	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579903209	ESPLANADE PHASE I PB55/11-21	4	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583225109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	255	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579903359	ESPLANADE PHASE I PB55/11-21	7	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583243409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	585	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579927759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	202	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579947309	ESPLANADE PHASE III REVISED PORTION PB57/57	456-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	645	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579939709	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	127	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580050609	ESPLANADE PH VIII SUBPH A & B PB62/152	719	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579920609	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	12	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	297	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583234159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	436	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580053409	ESPLANADE PH VIII SUBPH A & B PB62/152	775	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579932609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	389	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580062959	0	19103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579962759	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	254	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579946109	ESPLANADE PHASE III REVISED PORTION PB57/57	410-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583243559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	588	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579975909	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579927509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	197	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583222109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	220	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580064309	0	021103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583232709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	407	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583229359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	340	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583227309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	299	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579913309	ESPLANADE PHASE I SUBPHASE H & I PB55/130	168	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579939059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	114	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583225409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	261	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583225459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	262	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583225609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	265	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583227909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	311	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583230759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	368	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583221009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	200	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583218959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	159	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583220509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	190	Harmony	$0.00	$0	$0.00	$0.00	#DIV/0!	
583219709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	174	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579972809	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203106	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580057309	ESPLANADE PH VI PB64/178	848	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579942059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	174	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579953509	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	300	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579904759	ESPLANADE PHASE I PB55/11-21	57	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583228259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	318	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580021309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	599	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583222309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	224	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579966359	ESPLANADE PHASE IV PB59/7	505	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579941759	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	168	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583212859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	37	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579930909	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	355	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580017059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	496	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583215059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	81	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580053809	ESPLANADE PH VIII SUBPH A & B PB62/152	783	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580043909	ESPLANADE PH V SUBPH E PB62/22	535-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580022359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	620	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579976809	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579915709	ESPLANADE PH II PB55/146	34	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579911859	ESPLANADE PHASE I SUBPHASE H & I PB55/130	37	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583211409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	8	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579907109	ESPLANADE PHASE I PB55/11-21	104	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580063859	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583238159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	480	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579912909	ESPLANADE PHASE I SUBPHASE H & I PB55/130	160	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580062509	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583212509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	30	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580023859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	650	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579974309	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579921909	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	38	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583230259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	358	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580055309	ESPLANADE PH VIII SUBPH A & B PB62/152	813	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054009	ESPLANADE PH VIII SUBPH A & B PB62/152	787	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580020159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	576	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579930359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	344	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579908109	ESPLANADE PHASE I PB55/11-21	124	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579953209	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	294	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	15	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583238209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	481	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583219909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	178	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579922409	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	48	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579923709	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	74	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579913059	ESPLANADE PHASE I SUBPHASE H & I PB55/130	163	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579947359	ESPLANADE PHASE III REVISED PORTION PB57/57	457-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	175	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579914959	ESPLANADE PH II PB55/146	19	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579975259	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104201	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
580017609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	525	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583234209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	437	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583244809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	613	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583243809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	593	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580070859	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579926359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	174	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580052209	ESPLANADE PH VIII SUBPH A & B PB62/152	751	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579939509	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	123	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583228359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	320	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579915609	ESPLANADE PH II PB55/146	32	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580021359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	600	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579908259	ESPLANADE PHASE I PB55/11-21	127	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579953659	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	303	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579971159	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946159	ESPLANADE PHASE III REVISED PORTION PB57/57	411-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579922909	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	58	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580056359	ESPLANADE PH VIII SUBPH A & B PB62/152	834	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583226359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	280	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579941209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	157	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583229609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	345	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579975859	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580051509	ESPLANADE PH VIII SUBPH A & B PB62/152	737	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579931459	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	366	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580021059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	594	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580060909	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579926609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	179	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579950609	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	242	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579916859	ESPLANADE PH II PB55/146	57	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583220709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	194	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583222909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	236	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583244509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	607	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579922559	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	51	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	4	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580055709	ESPLANADE PH VIII SUBPH A & B PB62/152	821	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579905259	ESPLANADE PHASE I PB55/11-21	67	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579928609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	219	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580022159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	616	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579905509	ESPLANADE PHASE I PB55/11-21	72	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583229809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	349	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583227509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	303	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583227459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	302	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583229309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	339	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579939909	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	131	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579918809	ESPLANADE PH II PB55/146	96	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583238609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	489	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579929559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	328	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580020859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	590	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579912109	ESPLANADE PHASE I SUBPHASE H & I PB55/130	42	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583228909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	331	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580022609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	625	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579905209	ESPLANADE PHASE I PB55/11-21	66	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580062459	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580064259	0	021102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579965759	ESPLANADE PHASE IV PB59/7	493	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583233459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	422	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579914259	ESPLANADE PH II PB55/146	5	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580021609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	605	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579970259	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1105	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579965959	ESPLANADE PHASE IV PB59/7	497	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580052059	ESPLANADE PH VIII SUBPH A & B PB62/152	748	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579927209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	191	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579912859	ESPLANADE PHASE I SUBPHASE H & I PB55/130	159	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579947509	ESPLANADE PHASE III REVISED PORTION PB57/57	460-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	633	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580062859	0	19101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580054059	ESPLANADE PH VIII SUBPH A & B PB62/152	788	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	193	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579954909	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	425	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580019659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	566	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579945459	ESPLANADE PHASE III REVISED PORTION PB57/57	397-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583228559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	324	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579979159	0	18203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580017759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	528	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583222859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	235	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579971609	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
580057159	ESPLANADE PH VI PB64/178	845	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580025959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	692	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952609	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	282	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	140	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	134	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579908809	ESPLANADE PHASE I PB55/11-21	138	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580021809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	609	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579978159	0	11201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946209	ESPLANADE PHASE III REVISED PORTION PB57/57	412-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580053459	ESPLANADE PH VIII SUBPH A & B PB62/152	776	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579972059	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579971409	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14108	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580025759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	688	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579927909	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	205	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583221709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	212	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583233859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	430	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579920259	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	5	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	149	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580021709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	607	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579976559	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583226859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	290	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579941409	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	161	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579975409	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104204	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583216509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	110	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583234109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	435	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580020509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	583	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580025459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	682	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583244859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	614	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579978859	0	18101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579917459	ESPLANADE PH II PB55/146	69	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583212559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	31	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583232359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	400	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583231159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	376	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580064409	0	021201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583215659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	93	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	120	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583211959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	19	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579947659	ESPLANADE PHASE III REVISED PORTION PB57/57	463-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	636	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583240109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	519	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579928009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	207	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579972859	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203107	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579961859	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	236	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579976959	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583217759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	135	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580050359	ESPLANADE PH VIII SUBPH A & B PB62/152	714	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583216209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	104	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579942309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	179	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579912009	ESPLANADE PHASE I SUBPHASE H & I PB55/130	40	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579906959	ESPLANADE PHASE I PB55/11-21	101	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579904159	ESPLANADE PHASE I PB55/11-21	45	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583223209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	242	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583219309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	166	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583215109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	82	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579915309	ESPLANADE PH II PB55/146	26	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579974759	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580061059	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579970409	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1108	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579911459	ESPLANADE PHASE I SUBPHASE H & I PB55/130	29	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583212959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	39	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583211609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	12	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583227959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	312	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583219459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	169	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580056209	ESPLANADE PH VIII SUBPH A & B PB62/152	831	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580045609	ESPLANADE PHASE V SUBPH G PB63/12	1102	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579915259	ESPLANADE PH II PB55/146	25	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580060559	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583220159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	183	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579921809	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	36	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579914509	ESPLANADE PH II PB55/146	10	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580023709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	647	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579963659	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	272	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583227409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	301	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579962109	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	241	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580024159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	656	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583216159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	103	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583229409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	341	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579905009	ESPLANADE PHASE I PB55/11-21	62	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580022959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	632	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579988809	ESPLANADE PH III PARTIAL REPLAT PB59/83	320	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579927409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	195	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579932209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	381	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580019409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	561	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579932059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	378	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580050259	ESPLANADE PH VIII SUBPH A & B PB62/152	712	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579971959	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580025559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	684	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579940559	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	144	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579923759	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	75	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579911609	ESPLANADE PHASE I SUBPHASE H & I PB55/130	32	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583243659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	590	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580025109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	675	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579911959	ESPLANADE PHASE I SUBPHASE H & I PB55/130	39	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583230959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	372	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583217559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	131	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	139	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580051559	ESPLANADE PH VIII SUBPH A & B PB62/152	738	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579946809	ESPLANADE PHASE III REVISED PORTION PB57/57	446-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580044909	ESPLANADE PH V SUBPH E PB62/22	555-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579915809	ESPLANADE PH II PB55/146	36	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583218859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	157	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579978459	0	16102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579905109	ESPLANADE PHASE I PB55/11-21	64	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579918559	ESPLANADE PH II PB55/146	91	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579924159	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	83	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583243909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	595	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583238659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	490	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579947009	ESPLANADE PHASE III REVISED PORTION PB57/57	450-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580071659	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579960509	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	209	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583213109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	42	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583227059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	294	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583240909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	535	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579947559	ESPLANADE PHASE III REVISED PORTION PB57/57	461-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921209	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	24	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579945109	ESPLANADE PHASE III REVISED PORTION PB57/57	386-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579940509	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	143	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579971209	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070409	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579906159	ESPLANADE PHASE I PB55/11-21	85	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579922059	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	41	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580020109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	575	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579914659	ESPLANADE PH II PB55/146	13	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580055159	ESPLANADE PH VIII SUBPH A & B PB62/152	810	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580063309	0	018101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579941259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	158	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579972259	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202107	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580051109	ESPLANADE PH VIII SUBPH A & B PB62/152	729	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579927459	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	196	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580061609	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579916659	ESPLANADE PH II PB55/146	53	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579929259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	322	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583218059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	141	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583218159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	143	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579903509	ESPLANADE PHASE I PB55/11-21	10	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583216109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	102	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	390	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580019709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	567	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579930409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	345	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583215509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	90	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579970209	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
580050109	ESPLANADE PH VIII SUBPH A & B PB62/152	709	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579926209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	171	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579978759	0	16204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579931559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	368	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580060259	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946009	ESPLANADE PHASE III REVISED PORTION PB57/57	408-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580052859	ESPLANADE PH VIII SUBPH A & B PB62/152	764	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579920359	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	7	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583212609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	32	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579940409	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	141	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579960119	0	83 & 84	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580019609	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	565	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579922159	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	43	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579903759	ESPLANADE PHASE I PB55/11-21	15	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579914309	ESPLANADE PH II PB55/146	6	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579962309	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	245	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580051659	ESPLANADE PH VIII SUBPH A & B PB62/152	740	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579915409	ESPLANADE PH II PB55/146	28	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580023459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	642	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580064059	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579974359	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580054459	ESPLANADE PH VIII SUBPH A & B PB62/152	796	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580070059	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583226259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	278	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579923409	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	68	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583226509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	283	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579920159	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	3	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579952909	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	288	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579945309	ESPLANADE PHASE III REVISED PORTION PB57/57	394-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579962909	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	257	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583211059	0	1	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583218609	0	152	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583221259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	205	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583236059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	438	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	439	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	440	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	441	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	442	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	443	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	444	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	445	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	446	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	447	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	448	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	449	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	450	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	451	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	452	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	453	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	454	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	455	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583236959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	456	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	457	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	458	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	459	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	460	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	461	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	462	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	463	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	464	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	465	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	466	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	467	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	468	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	469	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	470	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	471	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	472	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	473	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	474	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	475	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583237959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	476	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583238009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	477	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583238059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	478	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583238109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	479	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583238259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	482	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583238459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	486	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583238809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	493	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583239059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	498	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	499	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	500	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	501	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	502	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	503	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	504	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	505	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	506	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	507	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	508	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	509	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	510	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	511	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583239759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	512	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	520	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	521	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	522	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	523	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	524	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	525	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	526	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	527	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583241059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	538	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	539	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	540	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	542	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	543	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	544	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	545	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	546	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	547	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	549	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	551	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	552	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	553	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	554	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583241909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	555	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583241959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	556	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	557	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	558	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	559	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	560	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	561	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	562	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	563	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	564	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	565	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583242459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	566	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583243709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	591	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583243959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	596	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	597	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	598	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	599	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	600	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	601	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	602	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	615	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583244959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	616	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	617	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	618	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	619	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	620	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	621	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	622	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	623	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	624	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	625	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	626	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	627	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	628	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	629	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	630	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	631	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	632	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	633	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	634	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	635	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583245959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	636	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	637	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583246059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	638	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	639	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	640	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	641	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	642	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	643	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	644	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	645	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	646	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	647	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	648	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	649	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	650	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	651	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	652	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	653	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	654	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	655	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583246959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	656	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	657	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	658	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247109	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	659	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	660	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	661	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	662	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	663	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	664	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	665	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	666	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	667	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	668	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	669	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	670	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	674	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583247909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	675	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580062909	0	19102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579916809	ESPLANADE PH II PB55/146	56	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583242609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	569	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579918209	ESPLANADE PH II PB55/146	84	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580061709	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579940359	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	140	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	213	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580050309	ESPLANADE PH VIII SUBPH A & B PB62/152	713	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583233059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	414	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580019759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	568	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579928509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	217	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579977459	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579920709	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	14	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579966759	ESPLANADE PHASE IV PB59/7	513	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580026059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	694	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583220059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	181	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580064009	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579903459	ESPLANADE PHASE I PB55/11-21	9	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583213809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	56	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579918909	ESPLANADE PH II PB55/146	98	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583223259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	243	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580021259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	598	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579911109	ESPLANADE PHASE I SUBPHASE H & I PB55/130	22	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579972209	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202106	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579941809	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	169	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583232259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	398	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580022809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	629	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579940459	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	142	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579948159	ESPLANADE PHASE III REVISED PORTION PB57/57	473-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579939609	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	125	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580060759	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580050409	ESPLANADE PH VIII SUBPH A & B PB62/152	715	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579975759	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580051959	ESPLANADE PH VIII SUBPH A & B PB62/152	746	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583243309	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	583	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579903559	ESPLANADE PHASE I PB55/11-21	11	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063609	0	018203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579922709	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	54	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579976359	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105204	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579947159	ESPLANADE PHASE III REVISED PORTION PB57/57	453-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579931959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	376	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580019509	0	563	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579942459	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	182	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579960809	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	215	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961109	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	221	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579973259	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103105	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583221909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	216	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580045559	ESPLANADE PHASE V SUBPH G PB63/12	1101	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579924209	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	84	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579922009	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	40	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580045059	ESPLANADE PH V SUBPH E PB62/22	000558-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580023309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	639	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579942809	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	189	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580051359	ESPLANADE PH VIII SUBPH A & B PB62/152	734	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579965309	ESPLANADE PHASE IV PB59/7	484	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579929059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	228	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579917309	ESPLANADE PH II PB55/146	66	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583225809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	269	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579978559	0	16104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579923009	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	60	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579953859	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	307	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579929609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	329	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583228809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	329	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579960909	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	217	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579952659	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	283	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580022859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	630	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579966509	ESPLANADE PHASE IV PB59/7	508	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579966809	ESPLANADE PHASE IV PB59/7	514	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583217309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	126	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579940009	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	133	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583241659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	550	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583225559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	264	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583225909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	271	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579929409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	325	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579953959	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	309	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580064509	0	021203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579974609	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579962409	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	247	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579960059	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	200	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579947609	ESPLANADE PHASE III REVISED PORTION PB57/57	462-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580054659	ESPLANADE PH VIII SUBPH A & B PB62/152	800	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583231709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	387	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579942709	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	187	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579963209	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	263	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583216009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	100	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583238409	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	485	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583223009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	238	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579926559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	178	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579914459	ESPLANADE PH II PB55/146	9	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579960209	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	203	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579948209	ESPLANADE PHASE III REVISED PORTION PB57/57	474-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579977759	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070159	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583238959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	496	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580020709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	587	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579940909	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	151	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	217	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579904109	ESPLANADE PHASE I PB55/11-21	44	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580023209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	637	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579908009	ESPLANADE PHASE I PB55/11-21	122	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063659	0	018204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579931809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	373	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579907909	ESPLANADE PHASE I PB55/11-21	120	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579988559	ESPLANADE PH III PARTIAL REPLAT PB59/83	315	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579946609	ESPLANADE PHASE III REVISED PORTION PB57/57	442-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579941159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	156	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580017359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	520	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583220909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	198	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579954059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	311	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583240609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	529	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579942759	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	188	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579926309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	173	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580028409	ESPLANADE PH VII PB61/169	706	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583232309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	399	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579962659	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	252	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961509	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	229	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579960109	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	201	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579977809	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 8 OR2782/0238	107204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579906559	ESPLANADE PHASE I PB55/11-21	93	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583216459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	109	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579940109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	135	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580022259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	618	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579903309	ESPLANADE PHASE I PB55/11-21	6	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580060859	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946509	ESPLANADE PHASE III REVISED PORTION PB57/57	440-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579965559	ESPLANADE PHASE IV PB59/7	489	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579955209	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	431	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579923309	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	66	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580023809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	649	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580045359	ESPLANADE PH V SUBPH E PB62/22	840	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579965459	ESPLANADE PHASE IV PB59/7	487	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	168	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579915559	ESPLANADE PH II PB55/146	31	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579940209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	137	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579979459	0	17104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580061109	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579916159	ESPLANADE PH II PB55/146	43	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583231459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	382	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580050209	ESPLANADE PH VIII SUBPH A & B PB62/152	711	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
580071759	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583219509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	170	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	96	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579965359	ESPLANADE PHASE IV PB59/7	485	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579951859	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	267	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579908859	ESPLANADE PHASE I PB55/11-21	139	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580070209	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579975309	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 5 OR 2695/7619	104106	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579926459	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	176	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579940709	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	147	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583216909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	118	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	379	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579942159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	176	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579945959	ESPLANADE PHASE III REVISED PORTION PB57/57	407-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580045909	ESPLANADE PHASE V SUBPH G PB63/12	1108	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054959	ESPLANADE PH VIII SUBPH A & B PB62/152	806	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054559	ESPLANADE PH VIII SUBPH A & B PB62/152	798	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579938509	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	103	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580044209	ESPLANADE PH V SUBPH E PB62/22	000541-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583217209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	124	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579905309	ESPLANADE PHASE I PB55/11-21	68	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583243859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	594	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583220759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	195	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579906259	ESPLANADE PHASE I PB55/11-21	87	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579963259	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	264	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579972109	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580017109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	515	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583243159	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	580	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580052459	ESPLANADE PH VIII SUBPH A & B PB62/152	756	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	355	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583220359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	187	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580044259	ESPLANADE PH V SUBPH E PB62/22	000542-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579975809	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205205	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583222009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	218	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580017309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	519	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580026259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	698	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580062209	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579928859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	224	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579971259	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14105	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583212659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	33	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580045159	ESPLANADE PH V SUBPH E PB62/22	700	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583229209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	337	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579928809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	223	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579921259	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	25	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583239959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	516	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579917759	ESPLANADE PH II PB55/146	75	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579911209	ESPLANADE PHASE I SUBPHASE H & I PB55/130	24	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583213959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	59	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583215159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	83	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580053359	ESPLANADE PH VIII SUBPH A & B PB62/152	774	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579915459	ESPLANADE PH II PB55/146	29	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579927959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	206	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579930759	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	352	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583212809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	36	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579945809	ESPLANADE PHASE III REVISED PORTION PB57/57	404-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952509	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	280	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579971359	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH I OR2565/7400	14107	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583240059	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	518	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580046109	ESPLANADE PHASE V SUBPH G PB63/12	1112	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583231059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	374	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579939109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	115	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579915159	ESPLANADE PH II PB55/146	23	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579920409	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	8	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579904209	ESPLANADE PHASE I PB55/11-21	46	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583222559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	229	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580046209	ESPLANADE PHASE V SUBPH G PB63/12	1114	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579931609	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	369	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579966209	ESPLANADE PHASE IV PB59/7	502	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579988159	ESPLANADE PH III PARTIAL REPLAT PB59/83	256	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579922209	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	44	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579941859	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	170	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583240659	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	530	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580055409	ESPLANADE PH VIII SUBPH A & B PB62/152	815	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583233359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	420	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580024959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	672	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579923859	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	77	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055959	ESPLANADE PH VIII SUBPH A & B PB62/152	826	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	371	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579929109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	229	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583221309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	1201	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580021509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	603	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055859	ESPLANADE PH VIII SUBPH A & B PB62/152	824	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579938359	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	100	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579951959	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	269	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580024059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	654	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583218709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	154	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583240759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	532	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580054709	ESPLANADE PH VIII SUBPH A & B PB62/152	801	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054409	ESPLANADE PH VIII SUBPH A & B PB62/152	795	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579907009	ESPLANADE PHASE I PB55/11-21	102	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579930859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	354	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579907409	ESPLANADE PHASE I PB55/11-21	110	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583231959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	392	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583221659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	211	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580044009	ESPLANADE PH V SUBPH E PB62/22	537-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579923059	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	61	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579914409	ESPLANADE PH II PB55/146	8	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580051159	ESPLANADE PH VIII SUBPH A & B PB62/152	730	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
580052509	ESPLANADE PH VIII SUBPH A & B PB62/152	757	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579978609	0	16201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579947459	ESPLANADE PHASE III REVISED PORTION PB57/57	459-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579914909	ESPLANADE PH II PB55/146	18	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583216659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	113	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580055359	ESPLANADE PH VIII SUBPH A & B PB62/152	814	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579921409	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	28	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579914559	ESPLANADE PH II PB55/146	11	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583233259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	418	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580025159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	676	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579922509	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	50	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579904059	ESPLANADE PHASE I PB55/11-21	43	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579988759	ESPLANADE PH III PARTIAL REPLAT PB59/83	319	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961209	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	223	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579978309	0	11204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580022209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	617	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579953459	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	299	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579988359	ESPLANADE PH III PARTIAL REPLAT PB59/83	260	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580054809	ESPLANADE PH VIII SUBPH A & B PB62/152	803	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583240809	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	533	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579963809	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	275	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579955109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	429	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579940609	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	145	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579962209	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	243	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579905059	ESPLANADE PHASE I PB55/11-21	63	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579945709	ESPLANADE PHASE III REVISED PORTION PB57/57	402-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583219009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	160	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583240959	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	536	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583215709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	94	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583214959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	79	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583240859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	534	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583243259	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	582	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579960159	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	202	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583212459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	29	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579963459	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	268	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580026009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	693	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952709	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	284	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579974209	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 1 OR2635/3107	301104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580056409	ESPLANADE PH VIII SUBPH A & B PB62/152	835	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583220809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	196	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580023759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	648	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579954959	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	426	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579914859	ESPLANADE PH II PB55/146	17	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579943309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	199	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579966059	ESPLANADE PHASE IV PB59/7	499	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583215359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	87	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579929809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	333	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580055459	ESPLANADE PH VIII SUBPH A & B PB62/152	816	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579939659	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	126	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961159	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	222	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	165	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580060359	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579950309	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	236	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583221059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	201	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580070359	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579916459	ESPLANADE PH II PB55/146	49	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580017809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	529	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961659	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	232	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580021859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	610	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	192	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583226159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	276	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579946359	ESPLANADE PHASE III REVISED PORTION PB57/57	415-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583233209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	417	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580045109	ESPLANADE PH V SUBPH E PB62/22	699	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579914359	ESPLANADE PH II PB55/146	7	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583206359	LAKEWOOD CENTRE NORTH I CONDO THIRD AMEND CB40/49	0	Commercial	$17,444.24	$163,318	$10,891.72	$11,711.53	37.6%	
580062609	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579942409	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	181	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583220559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	191	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579971659	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583214059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	61	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	389	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579972909	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203108	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579942359	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	180	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579911059	ESPLANADE PHASE I SUBPHASE H & I PB55/130	21	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063109	0	19202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583232009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	393	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579916309	ESPLANADE PH II PB55/146	46	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579961759	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	234	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579988709	ESPLANADE PH III PARTIAL REPLAT PB59/83	318	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580024859	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	670	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583241209	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	541	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579963059	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	260	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579966009	ESPLANADE PHASE IV PB59/7	498	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583239909	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	515	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580028359	ESPLANADE PH VII PB61/169	705	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579978909	0	18102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580024009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	653	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579923159	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	63	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580022409	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	621	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579923359	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	67	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579907559	ESPLANADE PHASE I PB55/11-21	113	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579976109	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579963109	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	261	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580021459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	602	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583239859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	514	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583223359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	245	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579916259	ESPLANADE PH II PB55/146	45	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579951729	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	263/264	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579922609	0	52	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579903709	ESPLANADE PHASE I PB55/11-21	14	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580055659	ESPLANADE PH VIII SUBPH A & B PB62/152	820	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580063009	0	19104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579907259	ESPLANADE PHASE I PB55/11-21	107	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580051709	ESPLANADE PH VIII SUBPH A & B PB62/152	741	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583222359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	225	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580021159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	596	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580025009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	673	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583211659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	13	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583215959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	99	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579952859	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	287	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583212309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	26	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583214109	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	62	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583227359	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	300	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579921959	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	39	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579927059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	188	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580051009	ESPLANADE PH VIII SUBPH A & B PB62/152	727	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583221159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	203	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579943259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	198	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	145	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583232959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	412	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583220259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	185	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579923109	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	62	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580051459	ESPLANADE PH VIII SUBPH A & B PB62/152	736	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579970059	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579971709	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102105	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579928559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	218	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580043759	ESPLANADE PH V SUBPH E PB62/22	000532-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580024359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	660	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583227159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	296	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580050459	ESPLANADE PH VIII SUBPH A & B PB62/152	716	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583214759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	75	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579950959	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	249	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579932109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	379	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579942209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	177	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579943109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	195	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579943209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	197	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579962009	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	239	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580057059	ESPLANADE PH VI PB64/178	843	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579912659	ESPLANADE PHASE I SUBPHASE H & I PB55/130	155	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583238509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	487	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583226659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	286	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579946459	ESPLANADE PHASE III REVISED PORTION PB57/57	417-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580061759	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583229159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	336	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579918609	ESPLANADE PH II PB55/146	92	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583234009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	433	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583214259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	65	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579912309	ESPLANADE PHASE I SUBPHASE H & I PB55/130	148	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580060159	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579915659	ESPLANADE PH II PB55/146	33	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580061209	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579946659	ESPLANADE PHASE III REVISED PORTION PB57/57	443-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583233759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	428	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579916409	ESPLANADE PH II PB55/146	48	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579963759	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	274	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579926809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	183	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583229709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	347	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580025659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	686	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580052709	ESPLANADE PH VIII SUBPH A & B PB62/152	761	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579911309	ESPLANADE PHASE I SUBPHASE H & I PB55/130	26	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583226109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	275	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580017459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	522	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580060609	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579927109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	189	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579923509	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	70	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580017509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	523	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579966459	ESPLANADE PHASE IV PB59/7	507	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580054309	ESPLANADE PH VIII SUBPH A & B PB62/152	793	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583233409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	421	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579932309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	383	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579912059	ESPLANADE PHASE I SUBPHASE H & I PB55/130	41	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583232759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	408	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579973059	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103101	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579945259	ESPLANADE PHASE III REVISED PORTION PB57/57	393-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580053959	ESPLANADE PH VIII SUBPH A & B PB62/152	786	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	293	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580023109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	635	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583223509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	248	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580071309	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579928459	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	216	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583227859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	310	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583212059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	21	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580054159	ESPLANADE PH VIII SUBPH A & B PB62/152	790	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579972759	SARACINA II AT ESPLANADE LWR PH 3 OR2612/7424	203105	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580057209	ESPLANADE PH VI PB64/178	846	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579947709	ESPLANADE PHASE III REVISED PORTION PB57/57	464-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580026109	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	695	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579941709	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	167	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583215909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	98	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583227609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	305	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579977559	0	107103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583215309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	86	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583221559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	209	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579927709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	201	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580044059	ESPLANADE PH V SUBPH E PB62/22	538-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	66	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579938709	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	107	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579926509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	177	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579972009	SARACINA II AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3025	202102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583238859	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	494	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579930109	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	339	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583216559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	111	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579903909	ESPLANADE PHASE I PB55/11-21	18	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580062659	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 26 OR 2775/6133	26201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583216959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	119	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579952309	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	276	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	304	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583213709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	54	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583211259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	5	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580019309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	559	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580025359	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	680	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583233959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	432	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580054859	ESPLANADE PH VIII SUBPH A & B PB62/152	804	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579940059	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	134	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580024659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	666	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579941509	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	163	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583240709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	531	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583232459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	402	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583244759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	612	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583231509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	383	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579950259	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	235	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579926059	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	168	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583223309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	244	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579953359	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	297	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580025059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	674	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583228959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	332	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580044309	ESPLANADE PH V SUBPH E PB62/22	543-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580056109	ESPLANADE PH VIII SUBPH A & B PB62/152	829	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583215209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	84	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580044109	ESPLANADE PH V SUBPH E PB62/22	000539-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583244559	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	608	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580050909	ESPLANADE PH VIII SUBPH A & B PB62/152	725	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579905459	ESPLANADE PHASE I PB55/11-21	71	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579977309	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106204	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579922659	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	53	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583214459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	69	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583221409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	1203	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579954559	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	418	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580025209	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	677	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583228709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	327	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579905929	ESPLANADE PHASE I PB55/11-21	80	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579954709	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	421	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580056309	ESPLANADE PH VIII SUBPH A & B PB62/152	833	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579904309	ESPLANADE PHASE I PB55/11-21	48	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579924059	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	81	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580045259	ESPLANADE PH V SUBPH E PB62/22	702	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579927809	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	203	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579939309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	119	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580051259	ESPLANADE PH VIII SUBPH A & B PB62/152	732	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583222259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	223	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579932009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	377	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580045409	ESPLANADE PH V SUBPH E PB62/22	841	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579975559	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580060809	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579966159	ESPLANADE PHASE IV PB59/7	501	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579979359	0	17102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583228009	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	313	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579962959	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	258	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583243609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	589	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579951759	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	265	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580023509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	643	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583243509	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	587	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579918859	ESPLANADE PH II PB55/146	97	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583219559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	171	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583213859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	57	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579907459	ESPLANADE PHASE I PB55/11-21	111	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579951009	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	250	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218309	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	146	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583232809	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	409	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579918509	ESPLANADE PH II PB55/146	90	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579918959	ESPLANADE PH II PB55/146	99	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579904559	ESPLANADE PHASE I PB55/11-21	53	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579947259	ESPLANADE PHASE III REVISED PORTION PB57/57	455-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579906459	ESPLANADE PHASE I PB55/11-21	91	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583225259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	258	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579953909	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	308	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583218659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	153	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579917259	ESPLANADE PH II PB55/146	65	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579942859	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	190	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579938659	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	106	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950509	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	240	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579940159	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	136	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583228159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	316	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583234059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	434	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583244459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	606	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579913209	ESPLANADE PHASE I SUBPHASE H & I PB55/130	166	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583219809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	176	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583217059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	121	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	125	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579921859	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	37	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579970159	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1103	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579905409	ESPLANADE PHASE I PB55/11-21	70	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583222509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	228	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583226209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	277	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579971559	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2595/3011	102102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583223159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	241	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580019809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	569	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580050159	ESPLANADE PH VIII SUBPH A & B PB62/152	710	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
583223059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	239	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579906209	ESPLANADE PHASE I PB55/11-21	86	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583232659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	406	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579963509	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	269	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583221459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	1204	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579962359	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	246	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579904459	ESPLANADE PHASE I PB55/11-21	51	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579908959	ESPLANADE PHASE I PB55/11-21	141	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583243009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	577	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580053609	ESPLANADE PH VIII SUBPH A & B PB62/152	779	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580044159	ESPLANADE PH V SUBPH E PB62/22	000540-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961309	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	225	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	163	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580020459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	582	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583220209	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	184	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579939409	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	121	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580061909	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583213609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	52	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579962059	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	240	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583231259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	378	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579962609	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	251	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579960309	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	205	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583222609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	230	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579917009	ESPLANADE PH II PB55/146	60	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580060109	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20102	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579926859	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	184	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580020559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	584	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580071709	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579950559	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	241	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579922309	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	46	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583231559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	384	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580052559	ESPLANADE PH VIII SUBPH A & B PB62/152	758	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579917509	ESPLANADE PH II PB55/146	70	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583212759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	35	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580061409	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580019959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	572	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583222459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	227	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579966259	ESPLANADE PHASE IV PB59/7	503	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579904609	ESPLANADE PHASE I PB55/11-21	54	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583226759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	288	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580061859	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 24 OR2757/1756	24203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580056559	ESPLANADE PH VIII SUBPH A & B PB62/152	838	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579950909	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	248	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579945909	ESPLANADE PHASE III REVISED PORTION PB57/57	406-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580060209	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 20 OR2717/7763	20104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583247709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	671	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580061159	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579921459	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	29	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580050959	ESPLANADE PH VIII SUBPH A & B PB62/152	726	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
579966409	ESPLANADE PHASE IV PB59/7	506	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579950209	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	234	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055209	ESPLANADE PH VIII SUBPH A & B PB62/152	811	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583226559	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	284	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583229109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	335	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579976259	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105202	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583215609	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	92	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579928359	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	214	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579973109	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579919059	ESPLANADE PH II PB55/146	101	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583214509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	70	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579929209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	321	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063159	0	19203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579970109	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1102	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583211559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	11	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579961709	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	233	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580017159	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	516	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583213009	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	40	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583233159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	416	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580053209	ESPLANADE PH VIII SUBPH A & B PB62/152	771	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579915909	ESPLANADE PH II PB55/146	38	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579940309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	139	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579906759	ESPLANADE PHASE I PB55/11-21	97	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583238759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	492	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580053909	ESPLANADE PH VIII SUBPH A & B PB62/152	785	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
583216359	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	107	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579914609	ESPLANADE PH II PB55/146	12	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579976609	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583217659	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	133	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583217909	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	138	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579928909	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	225	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579908409	ESPLANADE PHASE I PB55/11-21	130	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579903859	ESPLANADE PHASE I PB55/11-21	17	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579905979	ESPLANADE PHASE I PB55/11-21	81	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579951159	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	253	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579988059	ESPLANADE PH III PARTIAL REPLAT PB59/83	254	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579988109	ESPLANADE PH III PARTIAL REPLAT PB59/83	255	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580052409	ESPLANADE PH VIII SUBPH A & B PB62/152	755	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
Portion of 579901629	0	0	Esplanade	$40,113.07	$375,551	$25,045.54	$26,930.69	37.6%	
580064209	0	021101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580063559	0	018202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071409	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071459	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071509	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071559	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071609	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070959	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071009	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071059	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071209	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580071259	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070559	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070609	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070659	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070759	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580070809	0	0	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583226309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	279	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579918459	ESPLANADE PH II PB55/146	89	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580055509	ESPLANADE PH VIII SUBPH A & B PB62/152	817	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579965109	ESPLANADE PHASE IV PB59/7	480	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579927009	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	187	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579953709	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	304	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055909	ESPLANADE PH VIII SUBPH A & B PB62/152	825	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579946559	ESPLANADE PHASE III REVISED PORTION PB57/57	441-R	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583213559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	51	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580021559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	604	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579979209	0	18204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579966109	ESPLANADE PHASE IV PB59/7	500	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580020959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	592	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579961009	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	219	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583221509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	208	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579930159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	340	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579941659	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	166	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579965809	ESPLANADE PHASE IV PB59/7	494	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583219959	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	179	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579922359	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	47	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579926159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	170	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583226459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	282	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579908059	ESPLANADE PHASE I PB55/11-21	123	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579988209	ESPLANADE PH III PARTIAL REPLAT PB59/83	257	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580052809	ESPLANADE PH VIII SUBPH A & B PB62/152	763	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583229259	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	338	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579942259	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	178	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579965059	ESPLANADE PHASE IV PB59/7	479	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580052659	ESPLANADE PH VIII SUBPH A & B PB62/152	760	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580061259	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579940859	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	150	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583238359	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	484	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583228759	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	328	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579912759	ESPLANADE PHASE I SUBPHASE H & I PB55/130	157	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579976659	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580052109	ESPLANADE PH VIII SUBPH A & B PB62/152	749	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583213459	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	49	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
583213509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	50	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579923559	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	71	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579921309	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	26	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579947809	ESPLANADE PHASE III REVISED PORTION PB57/57	466-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579974559	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
583230209	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	357	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579906859	ESPLANADE PHASE I PB55/11-21	99	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583242759	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	572	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	95	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055109	ESPLANADE PH VIII SUBPH A & B PB62/152	809	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579930259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	342	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580061309	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 23 OR2746/7081	23202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579938209	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	97	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583225659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	266	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580045959	ESPLANADE PHASE V SUBPH G PB63/12	1109	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580056059	ESPLANADE PH VIII SUBPH A & B PB62/152	828	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579960709	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	213	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579966659	ESPLANADE PHASE IV PB59/7	511	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579962509	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	249	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580024459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	662	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583230059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	354	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
580020909	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	591	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579977159	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 7 OR2761/0258	106201	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
583238709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	491	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583216259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	105	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579953609	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	302	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579924409	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	88	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583227659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	306	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938909	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	111	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579962559	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	250	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580023959	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	652	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580017259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	518	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579978959	0	18103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579965409	ESPLANADE PHASE IV PB59/7	486	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580022459	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	622	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583243459	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	586	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579961259	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	224	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583223559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	249	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579928209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	211	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583218509	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	150	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579942109	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	175	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583226409	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	281	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579907609	ESPLANADE PHASE I PB55/11-21	114	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579929309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	323	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580054759	ESPLANADE PH VIII SUBPH A & B PB62/152	802	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580056159	ESPLANADE PH VIII SUBPH A & B PB62/152	830	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580020759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	588	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583222759	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	233	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580062009	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579962159	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	242	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579934159	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	434	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579923459	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	69	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579920309	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	6	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579988459	ESPLANADE PH III PARTIAL REPLAT PB59/83	313	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579963159	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	262	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579931309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	363	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583225859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	270	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579938959	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	112	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580051909	ESPLANADE PH VIII SUBPH A & B PB62/152	745	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579965509	ESPLANADE PHASE IV PB59/7	488	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583226709	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	287	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580024759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	668	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579916959	ESPLANADE PH II PB55/146	59	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579941309	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	159	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583223709	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	252	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579904009	ESPLANADE PHASE I PB55/11-21	20	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
583229659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	346	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579961609	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	231	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579939809	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	129	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580052359	ESPLANADE PH VIII SUBPH A & B PB62/152	754	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580053159	ESPLANADE PH VIII SUBPH A & B PB62/152	770	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579915859	ESPLANADE PH II PB55/146	37	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
580022009	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	613	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580021759	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	608	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580055059	ESPLANADE PH VIII SUBPH A & B PB62/152	808	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583233509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	423	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580045759	ESPLANADE PHASE V SUBPH G PB63/12	1105	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579966309	ESPLANADE PHASE IV PB59/7	504	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583242709	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	571	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579921159	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	23	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
583233109	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	415	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
580053059	ESPLANADE PH VIII SUBPH A & B PB62/152	768	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583244609	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	609	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580024709	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	667	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579951629	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	262/263	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
580045309	ESPLANADE PH V SUBPH E PB62/22	839	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579947209	ESPLANADE PHASE III REVISED PORTION PB57/57	454-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579930959	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	356	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580025809	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	689	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579973309	SARACINA I AT ESPLANADE LAKEWOOD RANCH PH 3 OR2618/6102	103106	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579931409	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	365	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580062109	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580050809	ESPLANADE PH VIII SUBPH A & B PB62/152	723	Esplanade	$1,554.40	$14,553	$970.53	$1,043.58	37.6%	
580051309	ESPLANADE PH VIII SUBPH A & B PB62/152	733	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579975709	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 3 OR 2702/6817	205104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580055609	ESPLANADE PH VIII SUBPH A & B PB62/152	819	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579920859	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	17	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579918709	ESPLANADE PH II PB55/146	94	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579953109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	292	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583230859	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	370	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579904409	ESPLANADE PHASE I PB55/11-21	50	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
583239009	HARMONY AT LAKEWOOD RANCH PH II SUBPH C UNITS 1, 2, 3, & 4 PB63/143	497	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583222059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	219	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579921559	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	31	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
580060659	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 22 OR2746/7059	22103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579979559	0	17202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579907059	ESPLANADE PHASE I PB55/11-21	103	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579911509	ESPLANADE PHASE I SUBPHASE H & I PB55/130	30	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579952409	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	278	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583226059	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	274	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579920809	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	16	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583229459	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	342	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579911909	ESPLANADE PHASE I SUBPHASE H & I PB55/130	38	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579978509	0	16103	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579934209	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	435	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583228309	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	319	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583230659	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	366	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583231909	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	391	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579929509	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	327	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063509	0	018201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580053509	ESPLANADE PH VIII SUBPH A & B PB62/152	777	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583215259	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	85	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580020259	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	578	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
580020309	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	579	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579946309	ESPLANADE PHASE III REVISED PORTION PB57/57	414-R	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579955009	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	427	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580022659	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	626	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579960359	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	206	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579908659	ESPLANADE PHASE I PB55/11-21	135	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580062359	BACCIANO II AT ESPLANADE LAKEWOOD RANCH PH 25 OR2771/1634	25204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579916209	ESPLANADE PH II PB55/146	44	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579988409	ESPLANADE PH III PARTIAL REPLAT PB59/83	261	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579914059	ESPLANADE PH II PB55/146	1	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580063459	0	018104	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579903659	ESPLANADE PHASE I PB55/11-21	13	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579934259	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	436	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583228509	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	323	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
583228609	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	325	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
579976459	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 2 OR2750/3794	206101	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579929909	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	335	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
580022509	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	623	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579952109	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	272	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579950059	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	231	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583215809	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	96	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580046009	ESPLANADE PHASE V SUBPH G PB63/12	1110	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583211159	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	3	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579953559	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	301	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	

Folio	

Legal	

Lot #	

Neighborhood	
Series 2011 Net Annul Assessment	

Series 2020 Bond Principal per Unit	Series 2020 Bond
Net Annual Assessment per
Unit	Series 2020 Bond Gross Annual Assessment per
Unit (1)	

Savings	
579950409	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	238	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579932559	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	388	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580051859	ESPLANADE PH VIII SUBPH A & B PB62/152	744	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579930309	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	343	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
579917559	ESPLANADE PH II PB55/146	71	Esplanade	$926.39	$8,673	$578.42	$621.95	37.6%	
583229959	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	352	Harmony	$1,300.09	$12,172	$811.74	$872.84	37.6%	
583214559	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	71	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579988659	ESPLANADE PH III PARTIAL REPLAT PB59/83	317	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579979109	0	18202	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580023059	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	634	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579903059	ESPLANADE PHASE I PB55/11-21	1	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579963009	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	259	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579976159	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PH 6 OR2741/0912	105104	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579922859	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	57	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583215409	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	88	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580051759	ESPLANADE PH VIII SUBPH A & B PB62/152	742	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
583217859	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	137	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
579922959	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	59	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
579911159	ESPLANADE PHASE I SUBPHASE H & I PB55/130	23	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
580045209	ESPLANADE PH V SUBPH E PB62/22	701	Esplanade	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583213059	HARMONY AT LAKEWOOD RANCH PHASE I PB57/177	41	Harmony	$1,161.86	$10,878	$725.44	$780.04	37.6%	
580063059	0	19201	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
579939459	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	122	Bridgewater	$1,804.98	$16,899	$1,126.98	$1,211.81	37.6%	
583232159	HARMONY AT LAKEWOOD RANCH PH II SUBPH A & B PB60/1	396	Harmony	$1,524.43	$14,272	$951.81	$1,023.46	37.6%	
579954859	ESPLANADE PHASE III SUBPHASES E G & H PB57/148	424	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579978259	0	11203	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580053309	ESPLANADE PH VIII SUBPH A & B PB62/152	773	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
580052959	ESPLANADE PH VIII SUBPH A & B PB62/152	766	Esplanade	$1,681.01	$15,738	$1,049.58	$1,128.58	37.6%	
579947409	ESPLANADE PHASE III REVISED PORTION PB57/57	458-R	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579970359	SARACINA I AT ESPLANADE LWR PH I OR2560/1632	1107	Esplanade	$922.99	$8,641	$576.29	$619.67	37.6%	
579929709	ESPLANADE PHASE III SP A B C D J & PORTION OF F PB56/148	331	Esplanade	$801.78	$7,506	$500.61	$538.29	37.6%	
579916109	ESPLANADE PH II PB55/146	42	Esplanade	$1,104.77	$10,343	$689.79	$741.71	37.6%	
579974909	BACCIANO I AT ESPLANADE LAKEWOOD RANCH PHASE 4 OR2678/6548	204204	Esplanade	$1,300.33	$12,174	$811.89	$873.00	37.6%	
580017559	ESPLANADE PHASE V SUBPHASES A, B, C, D, E & F PB60/63	524	Esplanade	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579940959	BRIDGEWATER PHASE II AT LAKEWOOD RANCH PB57/33	152	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921009	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	20	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921059	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	21	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579921609	BRIDGEWATER PHASE I AT LAKEWOOD RANCH PB56/30	32	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961809	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	235	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579961409	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	227	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
579963359	BRIDGEWATER PHASE III AT LAKEWOOD RANCH PB58/17	266	Bridgewater	$2,252.35	$21,087	$1,406.31	$1,512.16	37.6%	
				TOTAL	$29,100,000	$1,940,682.00	$2,086,754.84		
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%), for a grand total gross-up of 7%

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-36

RESOLUTION 2020-36

A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT’S SPECIAL ASSESSMENT REVENUE REFUNDING BONDS, SERIES 2020 (LAKEWOOD CENTRE & NW SECTOR PROJECTS); CONFIRMING AND ADOPTING SUPPLEMENTAL SPECIAL ASSESSMENT METHODOLOGY REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING SERIES 2020 REFUNDING BONDS; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (“District”) has previously indicated its intention to undertake, install, establish, construct or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District, in accordance with Chapters 170 and 197, Florida Statutes, and Chapter 2007-338, Laws of Florida, without limitation, previously adopted Resolutions 2011-06, 2011-07, 2011-11, 2012-11, 2015-10 and 2019-08 imposing a master assessment lien on benefitted property within the District’s “Lakewood Centre & NW Sector” project (collectively, the “Assessment Resolution”); and

WHEREAS, the District issued its Series 2011 Special Assessment Revenue Bonds (Lakewood Centre & NW Sector Projects) in the par amount of $36,255,000 (the “Series 2011 Bonds”) and levied special assessments to the secure the 2011 Bonds (the “Series 2011 Assessments”); and

WHEREAS, as of September 4, 2020, there is presently $30,945,000 principal amount of the Series 2011 Bonds outstanding, which bonds are secured by certain of the benefited lands within the Lakewood Centre & NW Sector projects within the District, with the exception of any residential units that have prepaid the Series 2011 Assessments levied on such unit in full; and

WHEREAS, in order to achieve both aggregate and annual debt service savings, the District has determined it is in the best interest of the District, its residents and landowners, to refinance the outstanding Series 2011 Bonds via the issuance of refunding bonds; and

WHEREAS, on March 6, 2020, the District’s Board of Supervisors (the “Board”) adopted Resolution 2020-16 authorizing the issuance of the District’s $26,070,000.00 Lakewood Ranch Stewardship District Senior Taxable Special Assessment Revenue Refunding Bonds, Series 2020A-1 (Lakewood Centre & NW Sector Projects) (the "Series 2020A-1 Bonds") and its
$3,030,000.00 Subordinate Taxable Special Assessment Revenue Refunding Bonds, Series 2020A-2 (Lakewood Centre & NW Projects) (the "Series 2020A-2 Bonds," collectively with the Series  2020A-1  Bonds  the "Series  2020  Refunding  Bonds") for the purpose of refunding   the

District’s outstanding Series 2011 Bonds; and

WHEREAS, pursuant to and consistent with the Assessment Resolution, this Resolution shall set forth the terms of Series 2020 Refunding Bonds actually issued by the District and confirm the lien of the levy of special assessments securing the Series 2020 Refunding Bonds.

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

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including without limitation Chapters 170 and 197 Florida Statutes, and the Assessment Resolution.

SECTION 2. FINDINGS. The Board of Supervisors of the Lakewood Ranch Stewardship District hereby finds and determines as follows:

The District, after due notice and public hearing, previously adopted the Assessment Resolution, which, among other things, equalized, approved, confirmed and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. This Resolution shall supplement the Assessment Resolution for the purpose of setting forth the specific terms of the Series 2020 Refunding Bonds and certifying the amount of the lien of the special assessments securing any portion of the Series 2020 Refunding Bonds, including interest, costs of issuance, and the number of payments due.

The Supplemental Assessment Methodology Report for Lakewood Ranch Stewardship District, Lakewood Centre and Northwest Sector Taxable Series 2020 Refunding Bonds, dated August 21, 2020, attached to this Resolution as Exhibit A (the “Supplemental Assessment Report”), applies the Amended and Restated Master Assessment Methodology Report for Lakewood Ranch Stewardship District Lakewood Centre and Northwest Sector, dated December 7, 2018, as may be amended from time to time (the “Master Assessment Report” and together with the Supplemental Assessment Report, the “Assessment Methodology”), to the Series 2020 Refunding Bonds. The Supplemental Assessment Report is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series  2020 Refunding Bonds.

The District’s Project, as described in the Amended and Restated Master Engineer’s Report for Northwest Quadrant at Lakewood Ranch Infrastructure Improvements dated November 6, 2018, as may be amended from time to time, and constructed in connection with the Series 2011 Bonds continues to specially benefit all of the properties identified in the Supplemental Assessment Report. The benefits of the District’s Project continue to exceed the assessments allocated as provided in the Supplemental Assessment Report.

SECTION  3.	CONFIRMATION  OF  MAXIMUM  ASSESSMENT  LIEN   FOR
SERIES 2020 REFUNDING BONDS. This Resolution is intended to set forth the terms of the Series  2020  Refunding  Bonds  and  the  final  amount  of  the  lien  of  the  special assessments

securing those bonds. The Series 2020 Refunding Bonds shall bear such rates of interest and maturity as shown on Exhibit B attached hereto. The sources and uses of funds of the Series 2020 Refunding Bonds shall be as set forth in Exhibit C. The debt service due on the Series 2020 Refunding Bonds is set forth on Exhibit D attached hereto. The lien of the special assessments securing the Series 2020 Refunding Bonds on certain developable land within the District, as such land is described in Exhibit A, shall be the principal amount due on the Series 2020 Refunding Bonds, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION  4.	ALLOCATION OF ASSESSMENTS SECURING SERIES 2020 REFUNDING BONDS.

The special assessments for the Series 2020 Refunding Bonds shall be allocated in accordance with Exhibit A. The Supplemental Assessment Report is consistent with the District’s Master Assessment Report. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the District’s Series 2020 Refunding Bonds. The estimated costs of collection of the special assessments for the Series 2020 Refunding Bonds are as set forth in the Supplemental Assessment Report.

The lien of the special assessments securing the Series 2020 Refunding Bonds includes that certain land within the District (as those district boundaries may be adjusted pursuant to law) that originally secured the Series 2011 Bonds, as set forth in more detail in the Assessment Methodology, with the exception of those residential units which have prepaid in full the debt service assessments securing the Series 2011 Bonds. To the extent land is added to the District, the District may, by supplemental resolution at a regularly noticed meeting and without the need for a public hearing, determine such land to be benefitted and reallocate the special assessments securing the Series 2020 Refunding Bonds and impose special assessments on the newly added and benefitted property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture and Twenty Ninth Supplemental Trust Indenture, the District shall begin annual collection of special assessments for the Series 2020 Refunding Bonds debt service payments using the methods available to it by law. Debt service payments and semi-annual installments of interest are reflected on Exhibit D.

The District hereby certifies the special assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed for collection by Manatee County and other Florida law. The District intends, unless inapplicable or unavailable, to collect the special assessments securing the Series 2020 Refunding Bonds using the Uniform Method in Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the collection of the special assessments and present the same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District authorized by Florida law.

SECTION 5. IMPROVEMENT  LIEN BOOK.  Immediately following the adoption of this Resolution these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.
SECTION 6. CONFLICTS; OTHER PROVISIONS REMAIN IN EFFECT. This
Resolution is intended to supplement the Assessment Resolution, which remains in full force and effect. This Resolution and the Assessment Resolution shall be construed to the maximum  extent possible to give full force and effect to the provisions of each resolution. Notwithstanding the foregoing, upon the issuance of the Series 2020 Refunding Bonds and the complete redemption of the Series 2011 Bonds, the lien of the Series 2011 Assessments shall cease to secure the Series 2011 Bonds and shall instead be pledged to secure the Series 2020 Refunding Bonds; provided, however, that the lien of the Series 2011 Assessments relative to the Series 2011 Bonds shall remain in effect for a particular parcel until such time as such parcel has paid all annual installments of the Series 2011 Assessments relative to the Series 2011 Bonds certified for collection as of the date of this Resolution.

SECTION 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2020 Refunding Bonds (Lakewood Centre & NW Sector Projects) secured by the Series 2011 Assessments in the Official Records of Manatee County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 8. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 9. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

[Signatures on Next Page]

PASSED AND ADOPTED this 4th day of September, 2020.

ATTEST:	LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Rex Jensen, Chairman

Exhibit A:	Supplemental Assessment Report, dated August 21 2020 Exhibit B:	Maturities and Coupon of Series 2020 Refunding Bonds Exhibit C:	Sources and Uses of Funds for Series 2020 Refunding Bonds Exhibit D:	Annual Debt Service Payment Due on 2020 Refunding Bonds

Exhibit A Supplemental Assessment Report

Exhibit B

Maturities and Coupon of Series 2020 Refunding Bonds

Exhibit C
Sources and Uses of Funds

Exhibit D

Debt Service Requirements

BOND DEBT    ERVICE

Lakewoo d Ranc h Stewardship Disll'ict (Man atee County, Florida)
Lakewood Centre & NW Sector Projects
Sen io r TaJ<able pecial A sessment. Revenue Re fun di ng Bonds, Series 2020A- I S&P 'A-' Un derlying, AGM Ins ured (Seoior Boods)
PR JCT G DATE: 08/20/2020 FINAL VERI FIED u BER
Period	Bood	Total
Ending	Principal	Coupoo	!meres t	Debt Service	Balaoce	Bond Value	
11 /01/2020			88,06084	88,060.84	26,070,000	26,070,000	
11 /01/2021	1 ,075, 000	0.941%	616,548 08	1,691 ,548.08	24,995,000	24,995,000	
11 /01 /2022	1,085 , 000	1.041 %	605,842 78	1 ,6 90,842.78	23,91 0 , 0 00	23,91 0, 000	
1 1/01/2023	1,095, 000	1.164%	593,822.46	1,688 ,822 .46	22 ,815,000	22,815,000	
1 1/01/2024	1 ,110 ,000	1.522%	579,002.46	1,689, 002.46	21 ,705 ,0 00	21,705, 000	
11  /01 /2025	1 , 1 30, 000	1 .622 %	561 , 39 1 .06	1,6 91 , 39 1 .06	20,575,000	20,575,000	
11 /01/2026	1,15 0,000	1.810%	541,819 .26	1,691,819 .26	19, 425,000	19 ,425,000	
1 1/01/2027	1,170, 000	1.910%	520,238.26	1,690,238 .26	18,255,0 00	18,255, 000	
11 /01/2028	1,195, 000	2.201%	495,913 .78	1,690,913 .78	17,060,000	17,060, 000	
11  /01 /2029	1, 220,000	2.301 %	468,726 70	1,688 , 726 70	1 5 , 840,000	1 5 , 840, 000	
11  /01 /2030	1, 250,000	2.401 %	439,684 35	1,68 9,68435	1 4,590,000	1 4,590,000	
1 1/01/2031	1,280 ,000	2.651%	407,711.70	1 ,687,711.70	13,3 10,000	13 ,3 10,000	
11 /01 /2032	1,3 1 5 , 000	2.651 %	373,31 4.98	1 ,688 ,3 1 4.98	1 1 , 995,000	11 ,995 , 000	
11 /01 /2033	1,350 , 000	2.651 %	337,990 41	1 ,687 , 990 4 1	I 0 , 645,000	1 0 , 645,000	
1 1/01/2034	1,390, 000	2.651%	301,671.71	1,691 ,67 1.71	9,255,000	9,255,000	
11  /01 /2035	1 , 425,000	2.651 %	264,358 88	1,68 9,358 88	7,830,000	7,830,000	
11  /01 /2036	1 , 470,000	3.135 %	222,428 25	1,6 92,428 25	6,360,000	6,360,000	
1 1/01/2037	1,515,000	3.135%	175 ,638 .38	1,690 ,638.38	4,845,000	4,845,000	
11 /01/2038	1,565,000	3.135%	127,3593 8	1,692,359.38	3,280,000	3,280,000	
1 1/01/2039	1,615,000	3.135%	77,512 .88	1,69 2,512 .88	1,665,000	1 ,665 ,000	
11  /01 /2040	1,665 , 000	3. 135 %	26,098.88	1,6 91 , 098 88			
	26,070,000		7,825,135 .48	33,895 ,135 .48			

BOND  DEBT SERVICE

Lakewood Ranch Stewards hip District (Manatee Coumy, Florida)
Lakewood  Ceiitre &    W Sector Projects
S u bordinate Ta,,able Spec ia l Assessment Re venue Re fun ding Bond s, eries 2020A-2 No nJat.ed
PRI  I NG DATE: 08/20/2020
Fl AL VE R IFIED NU MBERS

Perio d	Bond	Total
Ending	Principal	Coupon	Int erest	Debt Service	Balance	Bond Value

	1 1 /0 1 /2020			22,51 4.38	22,51 4 38	3,030 ,000	3,030,000	
	11/0112021	90,000	5000%	I 56,675.00	246,675.00	2,940,000	2,940,000	
	11/01/2022	95,000	5 000%	1 52,050.00	247,050.00	2,845,000	2,845,000	
	1 1 /0 1 /2023	1 00, 000	5.000%	1 47,1 75.00	247, 1 75 .00	2,745,000	2,745,000	
	11/01/2024	105 ,000	5000%	14 2,050.00	247,050.00	2,640 ,000	2,640,000	
	11/01/2025	110,000	5.000%	I 36,675.00	246,675.00	2,530,000	2,530,000	
	11/01/2026	115,000	5 000%	131,050.00	246,050 .00	2,415 ,0 00	2,415, 000	
	11/01/2027	120,000	5.000%	125 , 175.00	245,175.00	2,295,000	2,295,000	
	11/01/2028	125,000	5.000%	1 19, 050.00	244,050.00	2,170,000	2,1 70,000	
	11/01/2029	135,000	5.000%	112,55 0.00	247,550 .00	2,035,000	2,035,000	
	11/01/2030	140,000	5.000%	105 ,675.00	245,675.00	1,895,000	1,895,000	
	11/01/2031	14 5,000	5.250%	98,368.75	243,368.75	1,750,000	1,750,000	
	11/01/2032	155,000	5.250 %	90,493.75	245,493.75	1,595 ,0 00	1,595,000	
	I l/ 0 1 /2033	1 65 , 000	5 250%	82,093.75	247,093.75	1, 430,0 00	1, 430, 000	
	11/01/2034	175 ,000	5.250%	73, 16, 8 75	248,168.75	1,255,000	1,255,000	
	11/01/2035	180,000	5.250%	63,850.00	243,850.00	1,075,000	1,075,000	
	1 1 /01 /2036	1 90, 000	5 500%	53,900.00	243,900.00	885,000	885,000	
	I 1/0 1 /2037	205,000	5 500%	43,037.50	248,037 50	680,000	680,000	
	11/0 1/2038	215,000	5.500%	31,487. 50	246,487 .50	465,000	465, 000	
	I I /0 l /2039	225,000	5.500%	1 9,387.50	244,387 50	240,000	240,000	
	1 1 /0 1 /2040	240,000	5.500%	6,600.00	246,600 00			
		3,030,000		1,9 13,026.88	4,943,026.88			

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financing Matters Relative to the Azario Project,
Series 2020 Bonds

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-37

RESOLUTION 2020-37

A RESOLUTION OF LAKEWOOD RANCH STEWARDSHIP DISTRICT, AMENDING RESOLUTION NO. 2020-35 OF THE DISTRICT ADOPTED AUGUST 7, 2020 THAT AUTHORIZED THE ISSUANCE OF ITS LAKEWOOD RANCH STEWARDSHIP DISTRICT SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2020 (AZARIO PROJECT); AMENDING CERTAIN CONDITIONS PRECEDENT TO THE EXECUTION OF THE BOND PURCHASE AGREEMENT; RATIFYING THE EXECUTION BY THE CHAIR OF THE BOND PURCHASE CONTRACT RELATING TO SAID BONDS; AND PROVIDING FOR AN EFFECTIVE DATE FOR THIS RESOLUTION.

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 previously adopted Resolution No. 2020-35 on August 7, 2020 (the "Prior Bond Resolution"), authorizing, among other things, the issuance of not to exceed
$6,500,000 Special Assessment Revenue Bonds, Series 2020 (Azario Project) (the "2020 Bonds"); and

WHEREAS, the District now desires to amend the Prior Bond Resolution in order to increase the principal amount of the 2020 Bonds to an amount not to exceed $7,000,000; and

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

Section 1.  Amendment.   All  references  in  the  Prior Bond Resolution  to $6,500,000 are hereby amended to read $7,000,000. All other provisions of the Prior Bond Resolution remain unchanged and in effect.

Section 2. 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.

Section 3. 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, including, without limitation, the execution by the Chairman of the Bond Purchase Contract relating to the 2020 Bonds.

Section 4. 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 5. 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 6. Effective Date. This Resolution shall take effect immediately upon its adoption.

ADOPTED this 4th day of September, 2020.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

[SEAL]

By:		 Chairman, Board of Supervisors

ATTEST:

By:		 Secretary, Board of Supervisors

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Supplemental Assessment Methodology Report

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT NORTHEAST SECTOR AZARIO PROJECT AREA
SERIES 2020 BONDS

September 2020

Prepared for:

Board of Supervisors,
Lakewood Ranch Stewardship District

Prepared on September 3, 2020

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT
NORTHEAST SECTOR AZARIO PROJECT AREA SERIES 2020 BONDS

September 3, 2020

Introduction

Background

The Lakewood Ranch Stewardship District (“District”) was created on June 17, 2005. The District encompasses approximately 25,605 acres in Manatee and Sarasota Counties. The District’s Azario Project Area (“Azario” and/or the “Development”) currently comprises +/- 992 acres located in the Northeast Sector (“Sector”) that contains +/- 3,853 gross acres. The District Engineer’s report of July 2020, as amended and restated, (“District Engineer’s Report”)1 provides a description of the area and a location map.

The District adopted its Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area, dated October 4, 2019 (“Master Methodology”) at its December 6, 2019 meeting. Azario’s landowner and developer of Azario, Taylor Morrison of Florida, Inc. (“Landowner”), has entered into negotiations with SMR Northeast, LLC to purchase an additional 19.1 acres of land located within the District’s boundaries just outside of the northeast corner of the Development (the “Expansion Parcel”). Upon successful expansion of the Development’s boundaries, Azario will include 1,011 acres. The Landowner has updated the development plan for Azario to include a total of 1,825 residential units.

The District previously issued its Special Assessment Revenue Bonds, Series 2018 (Northeast Sector - Phase 1B Project) (the “2018 Northeast Sector Phase 1B Bonds”) to construct a portion of the Northeast Sector Improvements which are partially secured by special assessments levied on the same lands encumbered by the 2020 Bonds secured by the Series 2020 Assessments. Further, the District previously issued its Special Assessment Revenue Bonds, Series 2019 (Azario Project) (the “2019 Azario Bonds”) to construct a portion of the Azario CIP, defined herein, in the estimated amount of $11.4 million. The 2019 Azario Bonds are partially secured by special assessments levied on the same lands encumbered by the Special Assessment Revenue Bonds, Series 2020 (“Bonds” and/or “Series 2020 Bonds”) secured by the Series 2020 Assessments.

The Series 2020 Bonds will fund neighborhood infrastructure within the Development. The Series 2020 Assessments levied in connection with the 2020 Bonds are only intended to be levied on all 1,518 units planned within the Azario Esplanade Neighborhood (“Azario Esplanade”), as discussed further herein. Table 1 displays projected land use plan for the Development and its planned 1,825 residential units.

1 Waldrop Engineering (July 2020), “Engineer’s Report Azario Lakewood Ranch”

Table 1: Projected Land Use Plan – Azario

Category	Units
Azario - Active Adult Golf Lot (Front Feet)
42’	324
52’	198
62’	193
76’	97
90’	36
======
Subtotal	848
Non-Golf Lot (Front Feet)
38’/45’	296
52’	251
62’	123
======
Subtotal	670
======

Total Azario Esplanade

Park East	1,518	
42’	86	
52’	91	
62’	89	
76’	41	
Subtotal	307	
Total	1,825	
Source: The Landowner

Assessment Methodology

Overview

This Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area Series 2020 Bonds (“Supplemental Methodology”) provides a methodology for allocating the assessments securing the repayment of the planned Series 2020 Bonds to be issued by the District. This Supplemental Report applies and operates pursuant to the methodology outlined in the Master Methodology.

The District’s Capital Improvement Plan for the Development and the District Engineer’s Estimate of Cost

Based upon the projected land use plan for the Development created by the Landowner, the District Engineer has developed the Capital Improvement Plan (“Azario CIP”) for the Development. These cost estimates are summarized in Table 2 below. The Engineer estimates a total project cost of $35,763,321. The Azario CIP estimate excludes financing costs and interest expenses.

Table 2: District Engineer’s Estimated Costs for
The District’s Capital Improvement Program for the Development

Category	Total	
Stormwater	$17,006,463	
Wastewater	$8,360,454	
Potable Water	$6,201,880	
Engineering & Survey	$1,112,455	
Perimeter Berm & Landscaping	$507,064	
Contingency	$2,575,004
==========	
Total	$35,763,321	
Note: Upon consummation of the sale of the Expansion Parcel, the Master Methodology will be amended to reflect the cost categories and total costs identified in Table 2 above.
Source: Waldrop Engineering (July 2020), “Engineer’s Report Azario Lakewood Ranch” for the total and PFM for the District Component

Table 3 provides a summary of the Series 2020 Bonds totaling $6,655,000 that will fund a portion of the District’s Azario CIP.

Table 3: Size of the Series 2020 Bonds for the District Portion of the Azario CIP

Sources and Uses

Sources:		
Bond Proceeds:
Par Amount	
$6,655,000	
Original Issuer Discount	-$37,752	
Total Sources of Funds	$6,617,248	
Uses:
Project Fund Deposits: General Subaccount	

$5,873,673	
Retainage Account	$236,940	
Other Fund Deposits:
Capitalized Interest (thru 11/1/20)	
$30,251	
Debt Service Reserve Fund @50% MADS	$186,709	

Delivery Date Expenses:		
Costs of Issuance		$156,575	
Underwriter's Discount	2%	$133,100	

Total Uses of Funds	$6,617,248
Source: MBS Capital Markets, LLC

The debt service reserve account is set at 50% of maximum annual debt service. The bond sizing includes two months of capitalized interest. The underwriter’s discount is 2.0%. This allowance pays the underwriter for taking the risks involved in purchasing the District’s bonds. The cost of issuance pays for the trustee, financial advisor, district counsel and other costs associated with issuing the District's bonds.

Allocation to Benefiting Properties

As described above, until such time as either: (a) properties are sold along with their entitlements or (b) plats are recorded; the specific land uses in the District are not known with certainty. Therefore, at the outset, the debt is allocated on an acreage basis across all benefited acres in the Azario project area totaling approximately 1,011 acres after the completion of the contemplated purchase and addition of the 19.1 acres constituting the Expansion Parcel. As the sale and platting process unfolds, the District will more finely articulate the allocation of debt to benefiting properties based on their land uses. As discussed further herein under Section 2.4, while all lands within the Development benefit from the Azario CIP, the Developer will contribute infrastructure included in the Azario CIP that will completely satisfy the 2020 Assessments that would otherwise have been levied for the benefit derived from the Azario CIP on certain development tracts within the Development, specifically the Park East Neighborhood planned for 307 residential units. The 2020 Bonds were sized to correspond to the collection of Series 2020 Assessments from the 1,518 residential lots planned within Azario Esplanade of the Development. Table 4 summarizes the allocation of the Series 2020 Bonds totaling $6,655,000 within Azario Esplanade.

Table 4. Allocation of Total Series 2020 Debt

Category	Units	Par/Unit	Total Par	
Azario - Active Adult				
Golf Lot (Front Feet)				
42	324	$945	$306,142	
52	198	$4,535	$898,017	
62	193	$7,559	$1,458,899	
76	97	$11,339	$1,099,844	
90	36	$15,118	$544,253	
Non-Golf Lot (Front Feet)				
38/45	296	$945	$279,685	
52	251	$4,535	$1,138,395	
62	123
==========	$7,559	$929,765
==========	
Total	1,518		6,655,000	
Source: PFM Financial Advisors LLC

Table 5 presents the annual debt service allocations to the benefitting properties based on their allocation of total par debt shown in Tables 5 and 6, using the average coupon interest rate of 3.80% on the Series 2020 Bonds. The administrative charges include an allowance for the early payment of property taxes of 4% (since the assessments will be collected along with all other property taxes using the Uniform Method of collection) and a 3% charge by the Property Tax Collector and the Property Tax Assessor for their collection services.

Table 5. Allocation of Annual Debt Service for the Series 2020 Bonds

Category	Debt Service/Unit	Administrative
Charges	Total Annual Debt
Service	
Azario - Active Adult				
Golf Lot (Front Feet)				
42’	$53	$4	$57	
52’	$254	$19	$274	
62’	$424	$32	$456	
76’	$636	$48	$684	
90’	$848	$64	$912	
Non-Golf Lot (Front Feet)				
38’/45’	$53	$4	$57	
52’	$254	$19	$274	
62’	$424	$32	$456	
Source: PFM Financial Advisors LLC

Table 6 demonstrates that the allocation of Series 2020 Bonds, as described above, will provide the debt service payments required for the Series 2020 Bonds.

Table 6. Total Debt Service Allocations for the Series 2020 Bonds

Category	Units	Total Debt Service	Administrative Charges	Total Annual Debt Service (1)	
Azario - Active Adult					
Golf Lot (Front Feet)					
42’	324	$17,178	$1,293	$18,471	
52’	198	$50,388	$3,793	$54,181	
62’	193	$81,860	$6,162	$88,022	
76’	97	$61,713	$4,645	$66,358	
90’	36	$30,538	$2,299	$32,837	
Non-Golf Lot (Front Feet)					
38’/45’	296	$15,693	$1,181	$16,875	
52’	251	$63,876	$4,808	$68,684	
62’	123
==========	$52,170
==========	$3,927
==========	$56,097
==========	
Total	1,518	$373,418	$28,107	$401,524	
Source: PFM Financial Advisors LLC
Total Annual Debt Service includes a 7.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Upon the successful expansion of the Development’s boundaries, the Master Methodology will be amended to reflect the 1,825 units planned within the Development. Thus, as previously noted above, based on the sizing of the 2020 Bonds, the Series 2020 Assessments will be allocated to all 1,518 residential units located in Azario Esplanade, inclusive of the density planned within the Expansion Parcel. Thus, upon closing on the 2020 Bonds, $236,940 of net proceeds will be deposited and held in the Retainage Subaccount in the 2020 Acquisition and Construction Account established for the seventy- five (75) lots pending zoning approval and completion of the modification of the assessment process for the forty-eight (48) units within the Expansion Parcel. To the extent modifications to the zoning ordinance and the required modifications to the Assessment Proceedings have not been completed by March 15, 2021, the monies held in the Retainage Subaccount (together with proceeds from the 2020 Debt Service Reserve Account) will be transferred to the 2020 Prepayment Subaccount and applied to the extraordinary mandatory redemption of the 2020 Bonds applicable to such seventy-five (75) lots.

Contribution of District Infrastructure and/or Improvements

The costs of the District’s Azario CIP will be funded by two mechanisms. The first mechanism is the issuance of special assessment bonds. The second mechanism is the contribution of funds or Azario CIP components to the District (“Contribution”). Consistent with the Master Methodology, the Landowner anticipates contributing a portion of the Azario CIP to the District in order to establish target levels of debt to be assigned by product type within the District in the form of contributing funds and or properties/products. Table 7 summarizes the Contribution associated with the Park East lots within the District.

Table 7. Contribution Summary – Park East Lots

	Par per Unit		
Single Family 42'	86	$21,072	$5,997	$15,075	
Single Family 52'	91	$27,093	$7,008	$20,085	
Single Family 62'	89	$31,106	$8,002	$23,104	
Single Family 76'	41	$38,130	$9,013	$29,118	
Total	307				

Category	Lots

Neighborhood Bonds Master Lien per Unit

Neighborhood Bonds Series 2019 Azario Bonds

Contribution

Source: PFM Financial Advisors LLC

True Up Mechanism

The true up mechanism provides a critical safeguard in the assessment process preventing a buildup of debt on undeveloped properties. The mechanism has two parts: (1) establishment of the Ceiling Amount and (2) application of the test to assure the Ceiling is not exceeded. The Ceiling Amount is established by dividing: (a) the debt that is not allocated to platted properties in Azario by (b) the number of unplatted acres of properties in Azario.

The District’s Series 2020 Bonds total $6,655,000. Based on the total expected acreage in the Azario project area of 1,011 after the completion of the contemplated purchase and addition of the 19.1 acres, Ceiling Amount would be set at $6,585 per gross acre calculated as $6,655,000 / 1,011 acres.

The second part of the process is the application of the test to assure that a plat does not cause the debt on the remaining unplatted acres to exceed the Ceiling Amount. The test is conducted at the platting thresholds of 25%, 50%, 75% and 90% based on gross acreage. Table 8 displays the timing for these tests.

At each threshold the District would calculate the remaining unallocated debt per unplatted acre. If the remaining debt per unplatted acre is below the Ceiling Amount, then no further action is needed. However, if the remaining debt were to be above the Ceiling Amount, then the Landowner would be obligated to make a True Up payment to bring the debt per unplatted acre down below the Ceiling Amount.

TABLE 8. STAGE OF DEVELOPMENT FOR TRUE UP TEST

Category	25%	50%	75%	90%	
Cumulative Acres	253	505	758	910	
Unallocated Acres	758	505	253	101	
Source: PFM Financial Advisors LLC

Tax Roll

Table 9 presents the tax roll for Azario. The benefitted parcels are identified by parcel numbers at this juncture. When the Manatee County Property Appraiser assigns tax identification numbers, the District will update the tax roll. The annual assessment amount is calculated based on an interest rate of 4.5% and a term of 30-years. The administrative charges include charges of 1.5% for the Manatee County Property Tax Assessor, 1.5% for the Manatee County Property Appraiser, and a 4% collection allowance for early payment of property taxes.

Table 9. Tax Roll

Tax Identification Number	
Acres	
Par Debt	Annual Assessment	Administrative
Fees	Total Annual Assessment	

576000209	
991.51	
$6,529,224	
$366,360	
$27,575	
$393,936	
Expansion Parcel	19.10
========	$125,776
===========	$7,057
===========	$531
===========	$7,589
===========	
Total	1,010.61	$6,655,000	$373,418	$28,107	$401,524	
Source: PFM Financial Advisors LLC

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-38

RESOLUTION 2020-38

A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT’S SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2020 (AZARIO PROJECT); CONFIRMING THE DISTRICT’S PROVISION OF INFRASTRUCTURE IMPROVEMENTS AND ADOPTING AN ENGINEER’S REPORT; CONFIRMING AND ADOPTING A SUPPLEMENTAL	ASSESSMENT	REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING SERIES 2020 BONDS; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SERIES 2020 SPECIAL ASSESSMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (“District”) has previously indicated its intention to undertake, install, establish, construct or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2020-09 relating to the imposition, levy, collection and enforcement of such special assessments; and

WHEREAS, pursuant to and consistent with the terms of Resolution 2020-09, this Resolution shall set forth the terms of bonds actually issued by the District, and apply the adopted special assessment methodology to the actual scope of the project to be completed with  a series of bonds and the terms of the bond issue; and

WHEREAS, on September 3, 2020, the District entered into a Bond Purchase Contract whereby it agreed to sell its $6,655,000 Special Assessment Revenue Bonds, Series 2020 (Azario Project) (the “Series 2020 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2020-09, the District desires to set forth the particular terms of the sale of the Series 2020 Bonds and confirm the lien of the special assessments securing the Series 2020 Bonds (the “Series 2020 Assessments”).

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

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170 and 197, Florida Statutes, and Resolution 2020-09.

SECTION 2. FINDINGS. The Board of Supervisors of the Lakewood Ranch Stewardship District hereby finds and determines as follows:

On November 22, 2019, the District, after due notice and public hearing, adopted Resolution 2020-09, which, among other things, equalized, approved, confirmed and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds was issued to fund all or any portion of the District’s infrastructure improvements, a supplemental resolution would be adopted to set forth the specific terms of the bonds and certifying the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the True-Up amounts and the application of receipt of True-Up proceeds.

The Engineer's Report Azario Lakewood Ranch, amended and restated July 30, 2020, attached to this Resolution as Exhibit A (the “Engineer’s Report”), identifies and describes the presently expected components of the improvements to be financed with the Series 2020 Bonds (the “Improvements”). The District hereby confirms that the Improvements serve a proper, essential and valid public purpose. The Engineer’s Report is hereby confirmed. The District ratifies its use in connection with the sale of the Series 2020 Bonds.

The Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area Series 2020 Bonds, dated September 3, 2020, attached to this Resolution as Exhibit B (the “Supplemental Assessment Report”), applies the Master Assessment Methodology Report for Lakewood Ranch Stewardship District Northeast Sector Azario Project dated October 4, 2019 (the “Master Assessment Methodology”) to the actual terms of the Series 2020 Bonds. The Supplemental Assessment Report is hereby  approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2020 Bonds.

The Improvements will specially benefit all of the developable acreage within the areas comprising the Azario Project within the District, as set forth in the Supplemental Assessment Report. It is reasonable, proper, just and right to assess the portion of the costs of  the Improvements financed with the Series 2020 Bonds to the specially benefited properties within the District as set forth in Resolution 2020-09 and this Resolution.

SECTION  3.	CONFIRMATION  OF  MAXIMUM  ASSESSMENT  LIEN   FOR
SERIES 2020 BONDS.  As provided in Resolution 2020-09, this Resolution is intended to set

forth the terms of the Series 2020 Bonds and the final amount of the lien of the special assessments securing those bonds.

The Series 2020 Bonds, in a par amount of $6,655,000 shall bear such rates of interest and maturity as shown on Exhibit C attached hereto. The final payment on the Series 2020 Bonds shall be due on May 1, 2050. The sources and uses of funds of the Series 2020 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2020 Bonds is set forth on Exhibit E attached hereto. The lien of the special assessments securing the Series 2020 Bonds  on all developable land within the areas comprising the Azario Project within the District shall  be the principal amount due on the Series 2020 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which annual assessments are grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. ALLOCATION OF ASSESSMENTS SECURING SERIES 2020 BONDS.

The special assessments for the Series 2020 Bonds shall be allocated in accordance with Exhibit B which allocation shall initially be on a per acre basis and further allocated as lands are platted. The Supplemental Assessment Report is consistent with the District’s Master Assessment Methodology. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the District’s Series 2020 Bonds. The estimated costs  of collection of the special assessments for the Series 2020 Bonds are as set forth in the Supplemental Assessment Report.

The lien of the special assessments securing the Series 2020 Bonds includes all developable land within the Azario Project of the District, and as such land is ultimately defined and set forth in plats or other designations of developable acreage. To the extent land is added to the District, the District may, by supplemental resolution, determine such land to be benefited by the Improvements and reallocate the special assessments securing the Series 2020 Bonds and impose special assessments on the newly added and benefited property.

Taking into account capitalized interest and earnings on certain funds and accounts as set forth in the Master Trust Indenture and Twenty-Eighth Supplemental Trust Indenture, the District shall begin annual collection of special assessments for the Series 2020 Bonds debt service payments using the methods available to it by law. Debt service payments and semi- annual installments of interest are reflected on Exhibit E. The Series 2020 Bonds include an amount for capitalized interest through November 1, 2020.

The District hereby certifies the special assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed by Manatee County for collection and other Florida law. The District intends, to the extent possible and subject to entering into the appropriate agreements with the Manatee County Tax Collector and Manatee County Property Appraiser, to collect the Series 2020 Assessments on platted lands using the Uniform Method in Chapter 197, Florida Statutes. The District intends, to the extent possible, to directly bill, collect and enforce the Series 2020 Assessments on unplatted lands. The District

Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the collection of the special assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District authorized by Florida law

SECTION 5. APPLICATION OF TRUE-UP PAYMENTS. Pursuant to Resolution 2020-09, there may be required from time to time certain True-Up payments. As lands are  platted or approved for development, the special assessments securing the Series 2020 Bonds shall be allocated to the platted lands and the unplatted lands as set forth in Resolution 2020-09, this Resolution, and the Supplemental Assessment Report, including, without limitation, the application of the True-Up process set forth in Section 8 of Resolution 2020-09. Based on the final par amount of $6,655,000 in Series 2020 Bonds, the True-Up calculations will be made in accordance with the process set forth in the Supplemental Assessment Report. The District shall apply all True-Up payments related to the Series 2020 Bonds only to the credit of the Series  2020 Bonds. All True-Up payments, as well as all other prepayments of assessments, shall be deposited into the accounts specified in the Twenty-Eighth Supplemental Indenture, dated as of September 1, 2020, governing the Series 2020 Bonds.

SECTION 6. IMPROVEMENT  LIEN BOOK.  Immediately following the adoption of this Resolution these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION  7.  OTHER  PROVISIONS  REMAIN IN EFFECT.	This  Resolution is
intended to supplement Resolution 2020-09, which remains in full force and effect. This Resolution and Resolution 2020-09 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 8. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2020 Special Assessments (Azario Project) securing the Series 2020 Bonds in the Official Records of Manatee County, Florida, or such other instrument evidencing the actions taken by the District.

SECTION 9. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

PASSED AND ADOPTED this 4th day of September, 2020.

ATTEST:	BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Rex Jensen, Chairman

Exhibit A: Engineer's Report Azario Lakewood Ranch, amended and restated July 30, 2020
Exhibit B: Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Azario Project Area Series 2020 Bonds, dated September 3, 2020
Exhibit C: Maturities and Coupon of Series 2020 Bonds
Exhibit D: Sources and Uses of Funds for Series 2020 Bonds
Exhibit E: Annual Debt Service Payment Due on Series 2020 Bonds

Exhibit A

Engineers Report

Exhibit B

Supplemental Assessment Methodology Report

Exhibit C

Maturities and Coupon of Series 2020 Bonds

Exhibit D

Sources and Uses of Funds for Series 2020 Bonds

Exhibit E
Annual Debt Service Payment Due on Series 2020 Bonds

Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	Bond Balance	Total Bond Value	
11/01/2045			32,857.50	32,857.50	371,565.00	1,685,000	1,685,000	
05/01/2046	310,000	3.900%	32,857.50	342,857.50		1,375,000	1,375,000	
11/01/2046			26,812.50	26,812.50	369,670.00	1,375,000	1,375,000	
05/01/2047	325,000	3.900%	26,812.50	351,812.50		1,050,000	1,050,000	
11/01/2047			20,475.00	20,475.00	372,287.50	1,050,000	1,050,000	
05/01/2048	335,000	3.900%	20,475.00	355,475.00		715,000	715,000	
11/01/2048			13,942.50	13,942.50	369,417.50	715,000	715,000	
05/01/2049	350,000	3.900%	13,942.50	363,942.50		365,000	365,000	
11/01/2049			7,117.50	7,117.50	371,060.00	365,000	365,000	
05/01/2050	365,000	3.900%	7,117.50	372,117.50				
11/01/2050					372,117.50			
	6,655,000		4,505,019.41	11,160,019.41	11,160,019.41			

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financing Matters Relative to the Lorraine Lakes Project, Series 2020 Bonds

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Supplemental Assessment Methodology Report

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT NORTHEAST SECTOR LORRAINE LAKES PROJECT AREA

LAKEWOOD RANCH STEWARDSHIP DISTRICT

August 2020

Prepared for:

Members of the Board of Supervisors, Lakewood Ranch Stewardship District

Prepared on August 18, 2020

PFM Financial Advisors LLC
12051 Corporate Boulevard
Orlando, FL 32817

SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT LAKEWOOD RANCH STEWARDSHIP DISTRICT NORTHEAST SECTOR LORRAINE LAKES PROJECT AREA

August 18, 2020

Introduction

Purpose

This Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Lorraine Lakes Project Area, dated August 18, 2020 (“Supplemental Methodology”) provides a system for the allocation of non-ad valorem special assessments securing the repayment of the planned Series 2020 Special Assessment Revenue Bonds to be issued by the Lakewood Ranch Stewardship District (“District”) to fund beneficial public infrastructure improvements and facilities within the Lorraine Lakes Project Area (“Lorraine Lakes” and/or the “Development”) located in the Northeast Sector and within the District. This Supplemental Methodology operates pursuant to the methodology outlined in the Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Lorraine Lakes Project Area, dated June 1, 2020 (“Master Methodology”). The Supplemental Methodology described herein has two goals: (1) quantifying the special benefits received by properties within the Lorraine Lakes as a result of the construction of the District’s improvements and facilities, and
equitably allocating the costs incurred by the District to provide these benefits to properties in Lorraine Lakes.

The District plans to implement a capital improvement program (the “Lorraine Lakes CIP”) that will allow for the development of property within Lorraine Lakes. The District plans to fund a portion of its Lorraine Lakes CIP through bond debt financing. This bond debt will be repaid from the proceeds of non-ad valorem special assessments levied by the District. These special assessments will serve as liens against properties within the boundary of the Development that receive a special benefit from the Lorraine Lakes CIP. This Supplemental Methodology is designed to conform to the requirements of Chapters 170, 197 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

The Lakewood Ranch Stewardship District (“District”) was created on June 17, 2005. The District encompasses approximately 25,605 acres in Manatee and Sarasota Counties. Lorraine Lakes comprises +/- 545 acres located in the Northeast Sector, which contains +/- 3,853 gross acres. The District Engineer’s report of June 2020 (“Engineer’s Report”)1 provides a description of the Development.

1 Kimley-Horn and Associates, Inc. (June 2020), “District Engineer’s Report Lorraine Lakes Lakewood Ranch”

This Supplemental Methodology provides a methodology to allocate the debt over the approximately 545 acres in Lorraine Lakes that will receive a special benefit from the installation of the District’s portion of the proposed Lorraine Lakes CIP. It is the District’s debt-funded capital infrastructure improvements that will allow the development of the lands in Lorraine Lakes. By making development of the lands within Lorraine Lakes possible, the District creates benefits to these lands within the District. The methodology described herein allocates the District’s debt to the Development based upon the benefits received from the infrastructure program.

Projected Land Use Plan for Lorraine Lakes

Table 1 summarizes the land use development plan with respect to acreage. As detailed in the Engineer’s Report, the maximum number of units permitted per the current development plan is 1,500 units. As further detailed, the current plan envisions the development of 1,412 residential units that will be developed by Lennar Homes, LLC (the “Developer”).

Table 1. Development Plan for Lorraine Lakes (Acreage)

Land Use	Acres	
Lake	94.8	
Residential	247.7	
Road Right-of-Way	70.2	
Wetland/Conservation Areas	22.6	
Other (Upland, Open Space, etc.)*	109.3	
	=======	
Total	544.6	
Source: District Engineer’s Report
*Acreage is approximate and subject to change

At the outset, the Lorraine Lakes CIP is based on the land uses the Developer plans for the lands within Development as shown in Table 1. Lorraine Lakes is planned for 1,412 residential units varying in lots sizes from townhomes to 75-foot single family lots; and the associated infrastructure detailed in the Lorraine Lakes CIP. Table 2, as provided by the Developer and in the Engineer’s Report, details an initial mix of residential product and phasing planned for the Development. However, until either: (a) parcels of land along with their development entitlements are sold by the Developer to a new landowner and entitlements conveyed or (b) plats are filed, the precise land uses are unknown.

Table 2. Development Plan for Lorraine Lakes

Land Use	 Phase I	Phase IIA	Future Phases		Total		
Townhomes	0	224	68		292		
Villas	98	150	14		262		
50' Lot	108	66	222		396		
60' Lot	90	0	188		278		
75' Lot	82	0	102		184		
TOTAL	378	440	594		1,412		
Source: Developer and District Engineer’s Report

Therefore, the District initially will impose assessments (“Assessments”) on a per gross acre basis on the unsold and unplatted properties within Lorraine Lakes based on the land use plan outlined in Table 2 (or in any updates issued from time to time), and on any sold or platted property in accordance with its actual land use or contractual entitlement as transferred to the new landowner from the Developer.

There is one important proviso. The debt per acre on the properties that remain unplatted in Lorraine Lakes is not allowed to increase above its Ceiling Amount. The Ceiling Amount is set whenever the District issues debt. It is calculated by dividing the unplatted acres of the properties in Lorraine Lakes into the debt allocated to the unplatted properties. In addition, this requirement will be tested at four intervals based upon the percentage of total acres that are developed. The intervals are at 25%, 50%, 75% and 100% of the gross acres.

Lorraine Lakes CIP - Infrastructure Installation

The District will acquire or construct its public infrastructure and improvements as outlined in the Engineer’s Report. The District infrastructure and improvements for the Lorraine Lakes CIP are presented in Table 3.

Table 3: District Engineer’s Estimated Costs for
The District’s Capital Improvement Program for Lorraine Lakes

Category	Phase I	Phase II	Future Phases	Total	
Water	$2,099,373	$1,066,183	$1,452,124	$4,617,680	
Wastewater	$1,169,284	$1,467,564	$4,969,311	$7,606,159	
Drainage	$2,606,662	$1,718,567	$2,176,294	$6,501,522	
Professional, Design, and Permitting	$0	$0	$0	$1,310,000	
Contingency	$0	$0	$0	$1,872,600	
		========	========	========	========	
Total	$5,875,319	$4,252,314	$8,597,729	$21,907,961	
	Source: District Engineer’s Report					
(1) Any costs outlined in the Engineer's Report not funded with bond proceeds will be funded by the Developer via Developer's Completion Agreement	
with the District.

Requirements of a Valid Assessment Methodology

In PFM Financial Advisors LLC, the Assessment Consultant’s (“PFM FA” and/or “AC”) 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

Improvements undertaken by Lorraine Lakes create both special benefits and general benefits to property owners located within and surrounding Lorraine Lakes. However, in PFM FA’s opinion, the general benefits to the public at large are incidental in nature and are readily distinguishable from the special benefits which accrue to property located within Lorraine Lakes. It is the Lorraine Lakes CIP that enables properties within the Development’s boundaries to be developed. Without the Lorraine Lakes CIP there would be no infrastructure to support development of land within Lorraine Lakes. Without these improvements, development of property in Lorraine Lakes would not be permitted.

The new infrastructure improvements included in the Lorraine Lakes CIP create both: (1) special benefits to the developable property within Lorraine Lakes and (2) general benefits to properties outside Lorraine Lakes. However, as discussed below, these general benefits are incidental in nature and are readily distinguishable from the special benefits which accrue to the developable property within Lorraine Lakes. The Lorraine Lakes CIP described in the District Engineer’s Report enables the developable property within Lorraine Lakes to be developed. Without the Lorraine Lakes CIP, there would be no infrastructure to support development of the developable property within Lorraine Lakes.

2.0	Series 2020 Bonds Plan of Finance

The District’s Series 2020 Bonds will have an estimated total par value of $10,360,000. Table 4 presents the details for the Series 2020 Bonds.

Table 4. Details of the Series 2020 Bonds

Category	Series 2020 Bonds	
Construction Fund	$9,229,281	
Debt Service Reserve	$299,586	
Capitalized Interest	$448,933	
Underwriter's Discount	$175,000	
Costs of Issuance	$207,200	
Rounding	$0	
Total Par	$10,360,000	
Max Annual Debt Service	$599,171	
Average Coupon Rate	4.00%	
Term (Years)	30	
Capitalized Interest (Months)	13	
Source: MBS Capital Markets LLC

Assessment Methodology

Assessment Foundation

The assessment methodology associated with the allocation of the costs of the Lorraine Lakes CIP is a four-step process. First, the District Engineer determines the costs for the District’s infrastructure and related improvements. Second, an estimate of the amount of bonds required to finance the infrastructure improvements is calculated. Third, the District Engineer outlines which parcels benefit from the provision of the infrastructure and improvements. Finally, the as-financed costs of the infrastructure and related improvements are allocated to the benefiting properties based on the approximate relative benefit each unit receives.

Allocation of Specific Assessments

The Lorraine Lakes CIP cost estimates are outlined in Table 3 and described in detail in the Engineer’s Report. The details of the Series 2020 Bonds issuance required to fund the District’s Lorraine Lakes CIP is shown in Table 4. The principal and related assessments to secure the Series 2020 Bonds will be allocated among the 1,412 lots planned for Lorraine Lakes within the District. The District’s bond debt will be secured primarily by special assessments allocated to properties in the District based on and proportional to the benefits that each property receives from the Lorraine Lakes CIP. As described above, until such time as either: (a) properties are sold along with their entitlements or (b) plats are recorded; the specific land uses in the District are not known with certainty. Therefore, at the outset, the debt is allocated on an equal acreage basis across all benefited acres in the Development totaling approximately 545 acres. As the sale and platting process unfolds, the District will more finely articulate the allocation of debt to benefiting properties based on their land uses.

As noted above, as long as two basic principles are adhered to, Florida law generally allows the District Board some latitude in determining the appropriate methodology to allocate the costs of its Lorraine Lakes CIP to benefiting properties in the District. The two principles are: (1) the properties being assessed must receive a special benefit from the Lorraine Lakes CIP and (2) the assessments allocated to each property must be fairly and reasonably apportioned among the benefiting properties. In allocating special assessments to benefiting property, Florida governments have used a variety of methods including, but not limited to, front footage, area, trip rates, equivalent residential units (“ERU”), dwelling units, and acreage. These ERU values equate the benefit received by a stated amount of such particular land use category to the benefit received by a typical single-family residence. The use of ERU values to estimate the benefit derived from infrastructure improvements is recognized as a simple, fair, and reasonable method for apportioning benefit. The Florida Supreme Court concluded that the ERU method was a valid methodology in its decision in Winter Springs v. State.2 In addition, the ERU methodology is widely used in other similar CDDs.

Table 6 and Table 7 contain the allocation of the District’s Lorraine Lakes CIP costs, as financed, to the Development Units planned for the District. Table 8 shows the annual bond debt service assessments associated with the bond par allocations found in Table 6. Table 8 becomes important as the land within the District is platted, as specific bond debt service assessments will be assigned to the individual Development Units at that time. As described further herein under Section 4.0, while all lands within the Development benefit from the Lorraine Lakes CIP, the Developer will contribute infrastructure included in the Lorraine Lakes CIP in order to establish target levels of debt to be assigned by product type within the Development.

Table 6. Allocation of the Costs of the District’s Lorraine Lakes CIP, as Financed

 	Land Use	Units	Total Par Debt	Par Debt/Unit	
Townhomes	292	$0	$0	
Villas	262	$568,757	$2,171	
50' Lot	396	$3,183,883	$8,040	
60' Lot	278	$3,352,725	$12,060	
75' Lot	184	$3,254,635	$17,688	
 	TOTAL	1,412	$10,360,000	
Source: PFM Financial Advisors LLC

2 City of Winter Springs v. State, 776 So.2d 255 (Fla 2003)

Table 7. Allocation of Annual Debt Service, as Financed

	Assessments	Assessments per Unit	Assessments (1)	Assessments per Unit (1)	
Townhomes	292	$0	$0	$0	$0	
Villas	262	$32,894	$126	$35,370	$135	
50' Lot	396	$184,140	$465	$198,000	$500	
60' Lot	278	$193,905	$698	$208,500	$750	
75' Lot	184	$188,232	$1,023	$202,400	$1,100	
TOTAL	1,412	$599,171		$644,270		

Land Use	Units	Net Annual

Net Annual

Gross Annual

Gross Annual

Source: PFM Financial Advisors LLC
Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 7.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

Table 8. Summary of Annual Assessments

Land Use	Debt/Unit	Net Debt Service	Administrative Expenses	Total Debt Service (1)	
Townhomes	$0	$0	$0	$0	
Villas	$2,171	$126	$9	$135	
50' Lot	$8,040	$465	$35	$500	
60' Lot	$12,060	$698	$53	$750	
75' Lot	$17,688	$1,023	$77	$1,100	
Source: PFM Financial Advisors LLC
(1) Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 7.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

True-Up Mechanism

Although the District does not process plats, it does have an important role to play during the course of development. Whenever a parcel’s land use and development density and intensity is determined with sufficient certainty, the District must allocate a portion of its debt to the parcel according to the procedures outlined in Section 3.2 above. In addition, the District must also prevent any buildup of debt on land that has not yet been developed. Otherwise, the land could be fully subdivided without all of the debt being allocated.

To preclude this, a test is conducted when development thresholds are reached within the District. As long as the development at these thresholds does not cause the debt on the remaining land to increase above a debt “Ceiling Level” illustrated in Table 9 below, then no further action in necessary. However, if the debt on the remaining land does increase, a debt reduction payment will be necessary.

The ceiling level of debt is established at the time each series of bonds is issued. According to the Engineer’s Report, there are approximately 544.6 gross acres of land within the District. Each of these acres will be assigned an equal assessment of the $10,360,000 in remaining unassigned bond debt assessments. Therefore, the ceiling level of debt for developable and assessable properties is $19,023 per acre ($10,360,000 / 544.6). This ceiling level is based upon the best information available at the time of this report, is subject to change, and will only be finalized at the time of the District’s first bond issuance.

A test will be conducted when 25%, 50%, 75%, and 100% of the acreage within the District has been developed. Table 9 below illustrates when the true-up test will be applied to determine if debt reduction payments are required. However, a true-up payment may be suspended at the District’s discretion. If the property owner can demonstrate to the District, and the District finds in its discretion (consistent with the opinion of the District Engineer), that all necessary land use approvals, including applicable zoning, can reasonably and economically support development totaling greater than or equal to 1,412 units for the District on the remaining unplatted developable acreage within the remaining acres, a true-up payment may be suspended.

Table 9. True- Up Thresholds

Category	25%	50%	75%	100%	
Platted Developable Acres	136.15	272.30	408.45	544.60	
Unplatted Developable Acres	408.45	272.30	136.15	-	
Debt Ceiling per Acre	$19,023	$19,023	$19,023	$19,023	
Source: PFM Financial Advisors LLC

In the event that additional land not currently subject to the assessments required to repay the debt associated with the Lorraine Lakes CIP is developed in such a manner as to receive special benefit from the Lorraine Lakes CIP, it is contemplated that this Supplemental Methodology will be re-applied to include such new parcels. The additional land, as a result of applying this Supplemental Methodology, will be allocated an appropriate share of the special assessments, with all previously-assessed parcels receiving a relative adjustment in their assessment levels.

4.0	Contribution of District Infrastructure and/or Improvements

The costs of the District’s Lorraine Lakes CIP will be funded by two mechanisms. The first mechanism is the issuance of special assessment bonds. The second mechanism is the contribution of funds or Lorraine Lakes CIP components to the District (“Contribution”). Consistent with the Master Methodology, the Developer anticipates contributing a portion of the Lorraine Lakes CIP to the District in order to establish target levels of debt to be assigned by product type within the Development in the form of contributing funds and or properties/products. Table 10 summarizes the Contribution associated with the Lorraine Lakes lots within the District.

Table 10. Contribution Summary – Lorraine Lakes

Category	
Lots	Master Lien
per Unit	Proposed Series 2020 Par per Unit	Contribution
per Unit	Total Landowner Contribution	
Townhomes	292	$13,627	$0	$13,627	$3,979,000	
Villas	262	$17,520	$2,171	$15,349	$4,021,498	
Executive Home (50’ Lot)	396	$19,467	$8,040	$11,427	$4,524,943	
Manor Home (60’ Lot)	578	$23,360	$12,060	$11,300	$3,141,377	
Estate Home (75’ Lot)	184	$29,200	$17,688	$11,512	$2,118,182	
Total	307				$17,785,000	
Source: PFM Financial Advisors LLC

Assessment Roll

Table 11 outlines the maximum bond principal assessment per assessable acre for the lands within Lorraine Lakes. The assessments shall be paid in not more than thirty (30) annual installments.

Table 11. Assessment Roll

Assessable	Bond Principal Bond Principal	Assessment per	Net Total Bond Annual	Net Annual Assessment	Bond Gross
Annual	Bond Gross Annual Assessment per	
Parcel ID Numbers	Acreage	Assessment	Acre	Assessment	per Acre	Assessment (1)	Acre (1)	
580900409	544.60	$10,360,000	$19,023	$ 599,171	$1,100	$644,270	$1,183	
Source: PFM Financial Advisors LLC
Gross assessments represent the assessment placed on the County tax roll each year, if the District elects to use the Uniform Method of collecting non-ad valorem assessments authorized by Chapter 197 of the Florida Statutes. Gross assessments include a 7.0% gross-up to account for the fees of the County Property Appraiser and Tax Collector and the statutory early payment discount.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-39

RESOLUTION 2020-39

A RESOLUTION OF LAKEWOOD RANCH STEWARDSHIP DISTRICT SUPPLEMENTING ITS RESOLUTION 2005-16 BY AUTHORIZING THE ISSUANCE OF AND AWARDING THE SALE OF NOT EXCEEDING
$12,000,000 PRINCIPAL AMOUNT OF LAKEWOOD RANCH STEWARDSHIP DISTRICT SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2020 (LORRAINE LAKES PROJECT) 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 THIRTIETH 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 LIMITED OFFERING MEMORANDUM; APPROVING THE EXECUTION AND DELIVERY OF A FINAL LIMITED OFFERING MEMORANDUM; APPROVING THE FORM OF AND THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT; 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

26698/011/01509988.DOCXv1

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 Bonds, Series 2020 (Lorraine Lakes Project) in a principal amount not exceeding $12,000,000 (collectively, the "2020 Bonds"), to approve the Supplemental Indenture (hereinafter defined) and to provide for various other matters relating to the issuance of 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
$12,000,000 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 Thirtieth Supplemental Trust Indenture dated as of September 1, 2020 or such other date and numbering of the supplemental indenture 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, (the "Trustee") (the Master Indenture and the Supplemental Indenture referred to 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 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 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 executing Chairman or Vice Chairman; provided, however, that (i) the principal amount of the 2020 Bonds shall not exceed $12,000,000, (ii) the net interest cost shall not exceed the maximum allowable by Section 215.84, Florida Statutes, (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, 2051, and shall have a redemption price not greater than 100%, and (iv) the underwriter's discount shall not exceed two percent (2.00%) 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 Limited Offering Memorandum and Limited Offering Memorandum. The District hereby approves the form of the Preliminary Limited Offering Memorandum submitted to this meeting and attached hereto as Exhibit C and authorizes its distribution and use in connection with the limited offering for the sale of the 2020 Bonds. If between the date hereof and the mailing of the Preliminary Limited Offering Memorandum it is necessary to make insertions, modifications and changes to the Preliminary Limited Offering Memorandum, 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 Limited Offering Memorandum "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 Limited Offering Memorandum is hereby approved and the Chairman or Vice Chairman is hereby authorized to execute such final Limited Offering Memorandum 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 Limited Offering Memorandum shall be substantially in the form of the final Preliminary Limited Offering Memorandum, 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 Limited Offering Memorandum by the Chairman or Vice Chairman shall constitute evidence of the approval thereof. The District hereby authorizes the use of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum 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. 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).

SECTION 9. Application of 2020 Bond Proceeds. Proceeds of the 2020 Bonds, shall be applied as provided in the Supplemental Indenture.

SECTION 10. 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.

SECTION 11. 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, Hopping Green & Sams P.A., as General Counsel to the District, Stantec Consulting Services, Inc., as District Engineer, and Kimley-Horn and Associates, Inc., as Consulting Engineer, 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 Limited Offering Memorandum, this Resolution and the Continuing Disclosure Agreement.

SECTION 12. 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 13. 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 14. Engineer’s Report. The Board hereby approves of changes to the engineer’s report prepared in connection with the issuance of the 2020 Bonds (the "Engineer's Report") previously approved by the Board and also authorizes further revisions and supplements to the Engineer’s Report with respect to the marketing and sale of the 2020 Bonds.

SECTION 15. Assessment Methodology Report. The Board authorizes further modifications and supplements to the assessment methodology report(s) previously approved by the Board to conform such report(s) to the marketing and sale of the 2020 Bonds.

SECTION 16. 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.

[Remainder of page intentionally left blank]

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

ADOPTED this 4th day of September, 2020.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

[SEAL]

By:		 Chairman, Board of Supervisors

ATTEST:

By:		 Secretary

EXHIBIT A

FORM OF THIRTIETH SUPPLEMENTAL INDENTURE

BMO DRAFT
8/8/20

THIRTIETH SUPPLEMENTAL TRUST INDENTURE BETWEEN
LAKEWOOD RANCH STEWARDSHIP DISTRICT AND
U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

Dated as of October 1, 2020 securing
$ 	
Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020
(Lorraine Lakes 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 Thirtieth Supplemental Trust Indenture.
ARTICLE I DEFINITIONS	3
Section 101.	Definitions	3
ARTICLE II AUTHORIZATION, ISSUANCE AND PROVISIONS OF THE 2020 BONDS	11
Section 201.	Authorization of 2020 Bonds	11
Section 202.	Terms of 2020 Bonds	12
Section 203.	Dating; Interest Accrual	12
Section 204.	Denomination	13
Section 205.	Paying Agent	13
Section 206.	Bond Registrar	13
Section 207.	Conditions Precedent to Issuance of the 2020 Bonds	13
Section 208.	Continuing Disclosure	14
ARTICLE III REDEMPTION OF 2020 BONDS	14
Section 301.	2020 Bonds Subject to Redemption and Purchase	14
ARTICLE IV DEPOSIT OF 2020 BOND PROCEEDS AND APPLICATION THEREOF;
ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF	15
Section 401.	Establishment of Accounts	15
Section 402.	Use of 2020 Bond Proceeds	15
Section 403.	2020 Acquisition and Construction Account	16
Section 404.	2020 Costs of Issuance Account	16
Section 405.	2020 Reserve Account	16
Section 406.	Application of Prepayment Principal	17
Section 407.	Tax Covenants and Rebate Accounts	18
Section 408.	Establishment of 2020 Revenue Account in Revenue Fund;
Application of Revenues and Investment Earnings	18
ARTICLE V COVENANTS AND DESIGNATIONS OF THE DISTRICT	20
Section 501.	Provision Relating to Bankruptcy or Insolvency of Landowner	20
Section 502.	Collection of Series 2020 Assessments	22
Section 503.	No Parity Bonds; Limitation on Additional Bonds	23

Section 504.	Covenant With Regard to Enforcement and Collection of
Delinquent Assessments.	23
ARTICLE VI MISCELLANEOUS PROVISIONS	23
Section 601.	Additional Events of Default and Remedies	23
Section 602.	Foreclosure of Assessment Lien	24
Section 603.	Interpretation of Thirtieth Supplemental Indenture	24
Section 604.	Amendments	25
Section 605.	Counterparts	25
Section 606.	Appendices and Exhibits	25
Section 607.	Payment Dates	25
Section 608.	No Rights Conferred on Others	25
Section 609.	Use of 2020 Acquisition and Construction Account Moneys and
Other Trust Funds	25
Section 610.	Bond Year	25
ARTICLE VII THE TRUSTEE; THE PAYING AGENT AND BOND REGISTRAR	25
Section 701.	Acceptance of Trust	25
Section 702.	Trustee’s Duties	25
Section 703.	Brokerage Confirmations	26
Section 704.	Assignment of District’s Rights under Collateral Assignment Agreement	26
Section 705.	Patriot Act Requirements of Trustee	26
Exhibit “A”	Engineer’s Report for Lorraine Lakes dated May 2020 Exhibit “B”	Form of 2020 Bonds

THIRTIETH SUPPLEMENTAL TRUST INDENTURE

THIS	THIRTIETH	SUPPLEMENTAL	TRUST	INDENTURE	(the	“Thirtieth
Supplemental Indenture”) dated as of October 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 Thirtieth Supplemental Trust Indenture, collectively referred to herein as 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, the Governing Body of the District has duly adopted resolutions providing for the acquisition, construction and installation of certain public infrastructure improvements for the portion of the District known as Lorraine Lakes (such public infrastructure being referred to herein as the "Lorraine Lakes CIP"), providing estimated costs of the Lorraine Lakes CIP, defining assessable property to be benefitted by the Lorraine Lakes CIP, defining the portion of the Costs of the Lorraine Lakes CIP with respect to which Assessments will be imposed and the manner in which such Assessments shall be levied against such benefited property within the District, stating the intent of the District to issue Bonds secured by such Assessments to finance the Costs of the Lorraine Lakes CIP and, following a public hearing, the District adopted a resolution to fix and establish the Assessments and benefited property, as supplemented with respect to the 2020 Bonds (as defined below); and

WHEREAS, pursuant to the Bond Resolution, as supplemented by Resolution No.  2020-
      adopted  by  the  Governing  Body  of  the  District  on  September  4,  2020,  the  District  has
authorized  the  issuance,  sale  and  delivery  of its $ 	Lakewood  Ranch Stewardship
District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (the “2020 Bonds”) as a Series of Bonds under the Master Indenture and authorized the execution and delivery of this Thirtieth Supplemental Indenture to secure the issuance of the 2020 Bonds for the principal purpose of acquiring and/or constructing a portion of the Lorraine Lakes CIP  (such financed portion being referred to herein as the "2020 Project"); and

WHEREAS, the District will apply the proceeds of the 2020 Bonds to: (i) finance the Costs of the acquisition, construction, installation and equipping of the 2020 Project; (ii) pay certain costs associated with the issuance of the 2020 Bonds; (iii) pay the interest to become due on the 2020 Bonds through November 1, 2021; and (iv) fund the 2020 Reserve Account; and

WHEREAS, the execution and delivery of the 2020 Bonds and of this Thirtieth Supplemental Indenture have been duly authorized by the Governing Body of the District and all things 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 Thirtieth Supplemental Indenture a valid and binding agreement and, together with the Master Indenture, a valid and binding lien on the 2020 Trust Estate (as hereinafter defined) have been done.

NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS THIRTIETH 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 to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this Thirtieth Supplemental Indenture and in the 2020 Bonds: (a) has executed and delivered this Thirtieth 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 interest 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 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 and the 2020 Costs of Issuance 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 and hereby granted, bargained, sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in 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 or hereby, 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 Thirtieth Supplemental Indenture, without preference, priority or distinction as to lien or otherwise, of any 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 duly 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 secured and Outstanding under this Thirtieth 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 Thirtieth 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 Thirtieth Supplemental Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions of the Master Indenture and this Thirtieth Supplemental Indenture, then upon such final payments, this Thirtieth 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 Thirtieth Supplemental Indenture shall remain in full force and effect;

THIS THIRTIETH 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 Thirtieth Supplemental Indenture), including this Thirtieth Supplemental Indenture, expressed, and the District has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective Owners, from time to time, of the 2020 Bonds, as follows:

ARTICLE I 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, in addition to Investment Obligations as defined in the Master Indenture, if and to the extent

the same are at the time legal investments for funds of the District, if and to the extent the same are at the time legal investments for funds of the District:

Government Obligations;

obligations of any of the following agencies: Government National Mortgage Association (including participation certificates issued by such Association); Fannie Mae (including participation certificates issued by Fannie Mae); Federal Home Loan Banks; Federal Farm Credit Banks; Tennessee Valley Authority; Rural Economic Community Development Administration (formerly the Farmers Home Administration); Student Loan Marketing Association; Federal Home Loan Mortgage Corporation;

commercial paper rated in the two highest rating categories by both Moody’s and S&P;

obligations of any state of the United States or political subdivision thereof or constituted authority thereof the interest on which is exempt from federal income taxation under Section 103 of the Code and rated in one of the two highest rating categories by both Moody’s and S&P;

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 or S&P, and (B) shares of money market mutual funds that invest only in Government Obligations and repurchase agreements secured by such obligations, which funds are rated in the two highest rating categories for such funds by Moody’s or S&P;

repurchase agreements, which will be collateralized at the onset of the repurchase agreement of at least 103% marked to market weekly by the Holder of the Collateral (as defined below) with collateral with a domestic or foreign bank or corporation (other than life or property casualty insurance company) the long-term debt of which, or, in the case of a financial guaranty insurance company, claims paying ability, of the guarantor is rated at least “AA” by S&P and “Aa” by Moody’s provided that the repurchase agreement shall provide that if during its term the provider’s rating by either S&P or Moody’s falls below “AA-” or “Aa3,” respectively, the provider shall immediately notify the District and the Trustee and the provider shall at its option, within ten (10) Business Days of receipt of publication of such downgrade, either (A) maintain Collateral at levels, sufficient to maintain an “AA” rated investment from S&P and an “Aa” rated investment from Moody’s, or (B) repurchase all collateral and terminate the repurchase agreement. Further, if the provider’s rating by either S&P or Moody’s falls  below “A-” or “A3,” respectively, the provider must immediately notify the District and the Trustee and, at the direction of the District through the Trustee, within ten (10) Business Days, either (1) maintain collateral at levels sufficient to maintain an “AA” rated investment from S&P and an “Aa” rated investment from Moody’s, or (2) repurchase all collateral and terminate the

repurchase agreement without penalty. In the event the provider has not satisfied the above conditions within ten (10) Business Days of the date such conditions apply, then the repurchase agreement shall provide that the Trustee shall be entitled to, and in such event, the Trustee shall withdraw the entire amount invested plus accrued interest within ten (10) Business Days. Any repurchase agreement entered into pursuant to this Thirtieth Supplemental Indenture shall contain the following additional provisions:

Failure to maintain the requisite collateral percentage will require the District or the Trustee to liquidate the collateral as provided above;

The Holder of the Collateral, as hereinafter defined, shall have possession of the collateral or the collateral shall have been transferred to the Holder of the Collateral, in accordance with applicable state and federal laws (other than by means of entries on the transferor’s books);

The repurchase agreement shall state and an opinion of counsel in form and in  substance satisfactory to the District shall be rendered and addressed to the District and the Trustee that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession);

The repurchase agreement shall be a “repurchase agreement” as defined in the United States Bankruptcy Code and, if the provider is a domestic bank, a “qualified financial contract” as defined in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) and such bank is subject to FIRREA;

The repurchase transaction shall be in the form of a written agreement, and such agreement shall require the provider to give written notice to the Issuer and the Trustee of any change in its long-term debt rating;

The District or its designee shall represent that it has no knowledge of any fraud involved in the repurchase transaction;

The District and the Trustee shall receive the opinion of counsel (which opinion shall be addressed to the District and the Trustee and shall be in form and substance satisfactory to the District) that such repurchase agreement complies with the terms of this section and is legal, valid, binding and enforceable upon the provider in accordance with its terms;

The term of the repurchase agreement shall be no longer than ten years;

The interest with respect to the repurchase transaction shall be payable no less frequently than quarterly;

The repurchase agreement shall provide that the Trustee may withdraw funds without penalty at any time, or from time to time, for any purpose permitted or required under this Thirtieth Supplemental Indenture;

Any repurchase agreement shall provide that a perfected security interest in such investments is created for the benefit of the Beneficial Owners under the Uniform Commercial Code of Florida, or book-entry procedures prescribed at 31 C.F.R. 306.1 et seq. or 31 C.F.R. 350.0 et seq. are created for the benefit of the Beneficial Owners; and

The collateral delivered or transferred to the Trustee, or a third-party acceptable to, and acting solely as agent for, the Trustee (the “Holder of the Collateral”) shall be delivered and transferred in compliance with applicable state and federal laws (other than by means of entries on provider’s books) free and clear of any third-party liens or claims pursuant to a custodial agreement subject to the prior written approval of the Majority Owners. The custodial agreement shall provide that the Trustee must have disposition or control over the collateral of the repurchase agreement, irrespective of an event of default by the provider of such repurchase agreement.

If such investments are held by a third-party, they shall be held as agent for the benefit of the Trustee as fiduciary for the Beneficial Owners and not as agent for the bank serving as Trustee in its commercial capacity or any other party and shall be segregated from securities owned generally by such third party or bank;

any other investment approved in writing by the Majority Owners;

bonds, notes and other debt obligations of any corporation organized under the laws of the United States, any state or organized territory of the United States or the District of Columbia, if such obligations are rated in one of the three highest rating categories by both Moody’s and S&P or in one of the two highest categories by either S&P or Moody’s; and

investment agreements with a bank, insurance company or other financial institution, or the subsidiary of a bank, insurance company or other financial institution if the parent guarantees the investment agreement, which bank, insurance company, financial institution or parent has an unsecured, uninsured and unguaranteed obligation (or claims- paying ability) rated in the highest short-term rating category by Moody’s or S&P (if the term of such agreement does not exceed 365 days), or has an unsecured, uninsured and unguaranteed obligation (or claims paying ability) rated by Aa2 or better by Moody’s and AA or better by S&P or Fitch Ratings, respectively (if the term of such agreement is more than 365 days) or is the lead bank of a parent bank holding company with an uninsured, unsecured and unguaranteed obligation of the aforesaid ratings, provided:

interest is paid on any date interest is due on the 2020 Bonds (not more frequently than quarterly) at a fixed rate (subject to adjustments for yield restrictions required by the Code) during the entire term of the agreement;

moneys invested thereunder may be withdrawn without penalty, premium, or charge upon not more than two (2) Business Days’ notice unless otherwise specified in this Thirtieth Supplemental Indenture;

the same guaranteed interest rate will be paid on any future deposits made to restore the account to its required amount;

the Trustee receives an opinion of counsel that such agreement is an enforceable obligation of such insurance company, bank, financial institution or parent;

in the event of a suspension, withdrawal, or downgrade below Aa3, AA- or AA- by Moody’s, S&P or Fitch Ratings, respectively, the provider shall notify the District and the Trustee within five (5) Business Days of such downgrade event and the provider shall at its option, within ten (10) Business Days after notice is given to the Trustee take any one of the following actions:

collateralize the agreement at levels, sufficient to maintain an “AA” rated investment from S&P and an “Aa2” from Moody’s with a market to market approach, or

assign the agreement to another provider, as long as the minimum rating criteria of “AA” rated investment from S&P and an “Aa2” from Moody’s with a market to market approach; or

have the agreement guaranteed by a provider which results in a minimum rating criteria of an “AA” rated investment from S&P or Fitch and an “Aa2” from Moody’s with a market to market approach; or

repay all amounts due and owing under the agreement.

In the event the provider has not satisfied any one of the above conditions within three (3) Business Days of the date such conditions apply, then the agreement shall provide that the Trustee shall be entitled to withdraw the entire amount invested plus accrued interest without penalty or premium.

the Local Government Surplus Funds Trust Fund as described in Florida Statutes, Section 218.405 or the corresponding provisions of subsequent laws provided that such fund is rated at least “AA” by S&P (without regard to gradation) or at least “Aa” by Moody’s (without regard to gradation); and

other investments permitted by Florida law.

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

“2020 Project” shall mean that portion of the Lorraine Lakes CIP acquired and/or constructed with proceeds of the 2020 Bonds.

“2020 Reserve Account Requirement” shall  mean, as calculated from time to time, as of
any   date  of  calculation, 	percent   (    %)   of   the   Maximum   Annual   Debt Service
Requirement, which as of the date of issuance of the 2020 Bonds is $ 	.

“Acquisition Agreement” shall mean the Agreement between the District and the Developer Regarding the Acquisition of Certain Work Product and Infrastructure (Lorraine Lakes), dated October , 2020.

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

“Assessment Methodology” shall mean the Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Lorraine Lakes Project Area dated June 2020, as updated from time to time, and as supplemented by the Supplemental Assessment Methodology Report Series Lakewood Ranch Stewardship District Northeast Sector Lorraine Lakes Project Area Series 2020 Bonds, dated 	, 2020.

“Assessment Principal” shall mean the principal amount of Series 2020 Assessments received by the District which are pledged to the 2020 Bonds, other than Delinquent Assessment Principal and Prepayment Principal.

“Assessment Proceedings” shall mean the Assessment Resolution and the Assessment Methodology.

“Assessment Resolution” shall mean, collectively, Resolution Nos. 2020-21, 2020-22, 2020-30, 2021- , and any supplemental resolutions of the District with respect to the establishment, levy and collection of the Series 2020 Assessments.

“Beneficial Owner” shall mean the owners from time to time of the 2020 Bonds for federal income tax purposes.

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

“Bond Participant” shall mean those broker-dealers, banks and other financial institutions from time to time for which the Bond Depository holds 2020 Bonds as securities depository.

“Collateral Assignment Agreement” shall mean the Collateral Assignment and Assumption of Development and Contract Rights Relating to the Lorraine Lakes Project between the District and the Developer dated October , 2020.

“Completion Agreement” shall mean the agreement or agreements between the Developer and the District pursuant to which, among other matters, the Developer has agreed to provide funds to pay all Costs of the Lorraine Lakes CIP not paid for by the District from proceeds of the 2020 Bonds or prior or future Bonds issued by the District.

“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.

“Date of Completion” with respect to the 2020 Project shall mean: either (a) the date upon which the 2020 Project and all components thereof have been acquired or constructed and are capable of performing the functions for which they were intended, as evidenced by a certificate of the District Engineer filed with the Trustee and the District; or (b) the date on which the District determines, upon the recommendation of or consultation with the District Engineer, that it cannot complete the 2020 Project in a sound and economical manner within a reasonable period of time as evidenced by a certificate of the District Engineer filed with the Trustee and the District; provided that in each case such certificate of the District Engineer shall set forth the amount of all Costs of such 2020 Project which has theretofore been incurred, but which on the Date of Completion is or will be unpaid or unreimbursed. In the absence of its receipt of such certifications, the Trustee may assume the Date of Completion has not occurred.

“Declaration of Consent to Jurisdiction” shall mean the Declaration of Consent to Jurisdiction of Lakewood Ranch Stewardship District and to Imposition of Special Assessments (Lorraine Lakes) dated as of October , 2020.

“Delinquent Assessment Interest” shall mean the interest on Series 2020 Assessments received by the District which is pledged to the 2020 Bonds and deposited with the Trustee after the date on which such Assessment Interest has become due and payable.

“Delinquent Assessment Principal” shall mean the principal amount of Series 2020 Assessments received by the District which are pledged to the 2020 Bonds and deposited with the Trustee after the date on which such Assessment Principal has become due and payable.

“Developer” shall mean [Lennar Homes, LLC, a Florida limited liability company], or any successor or assign thereof.

“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.

“Interest Payment Date” shall mean each May 1 and November 1, commencing May 1,
2021.

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

“Maximum Assessment Levels” shall mean the following per unit annual gross debt service assessment levels as shall be evidenced by a Maximum Assessment Level Certification:

Product	Maximum Annual
Assessment Levels(1)	
Townhomes	$1,480	
Villas	$1,830	
40' - 49'	$1,830	
50' - 59'	$2,080	
60' - 69'	$2,330	
70' - 79'	$2,680	
80' - 89'	$2,930	
90' - 99'	$2,930	

(1) Inclusive of the Series 2020 Assessments.

“Maximum Assessment Level Certification” shall mean a certificate of the District’s District Manager that the Assessments for capital projects pledged to any Series of Bonds do not exceed the Maximum Assessment Levels and on which the Trustee may conclusively rely as to the matters set forth therein.

“Nominee” shall mean the nominee of the Bond Depository, which may be the Bond Depository, as determined from time to time pursuant to this Thirtieth Supplemental Indenture.

“Participating Underwriter” shall have the meaning ascribed to it in the Continuing Disclosure Agreement.

“Prepayment Principal” shall mean the excess amount (identified by the District as such in writing to the Trustee) of Assessment Principal received by the District over the Assessment Principal then due, but shall not include Delinquent Assessment Principal. Prepayment Principal shall not include the proceeds of any refunding bonds.

“Quarterly Redemption Date” shall mean each February 1, May 1, August 1 and November 1.

“Series 2020 Assessments” shall mean the non-ad valorem special assessments including the interest thereon designated as pledged to secure the 2020 Bonds in the Assessment Proceedings.

“Substantially Absorbed” shall mean the date on which the principal amount of the Series 2020 Assessments equaling at least ninety percent (90%) of the then Outstanding principal amount of the 2020 Bonds are levied on tax parcels within the District with respect to

which a certificate of occupancy has been issued for a structure thereon. Satisfaction of the foregoing definition shall be evidenced by the delivery by the District to the Trustee of a written certificate of the District Manager to such effect and upon which the Trustee may conclusively rely.

“True Up Agreement” shall mean that document or documents pursuant to which the Developer agrees to pay any “debt reduction payments” required pursuant to the Assessment Proceedings as it pertains to the lands owned by the Developer.

All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa.

ARTICLE II
AUTHORIZATION, ISSUANCE AND PROVISIONS OF THE 2020 BONDS

Section 201.   Authorization of 2020 Bonds. The 2020 Bonds are hereby authorized to   be issued in the aggregate principal amount of $ 	for the purposes enumerated in the recitals hereto. The 2020 Bonds shall be substantially in the form set forth as Exhibit “B” to this Thirtieth Supplemental Indenture. Each 2020 Bond shall bear the designation “2020-R” and 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 of 2020 Bonds. Upon initial issuance, the ownership of 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 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 such Bond Participant or to any Beneficial Owner. 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 may 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 payment 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 therein with respect to Record Dates, the words “Cede & Co.” in this Thirtieth 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, 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 the Beneficial Owners shall designate, in accordance with the provisions hereof.

Section 202.     Terms of 2020 Bonds.   The 2020 Bonds shall be  issued as 	([ ]) Term Bonds, which Term Bonds shall bear interest at the fixed interest rate per annum and shall mature in the amounts and on the dates set forth below:

Principal Amount	Interest Rate	Maturity	
$	%	May 1, 20  	
$	%	May 1, 20  	
$	%	May 1, 20  	
$	%	May 1, 20  	

Section 203. Dating; Interest Accrual. Each 2020 Bond shall be dated the date  of delivery thereof. Each 2020 Bond shall also 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 May 1, 2021, and shall be computed on the basis of a 360-day year of twelve 30- day months.

Section 204. Denomination. The 2020 Bonds may be issued in Authorized Denominations provided that delivery to the initial Beneficial Owners shall be in initial minimum denominations of $100,000 or integral multiples of $5,000 in excess thereof.

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 the 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 by the Trustee to the Participating Underwriter 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 Thirtieth Supplemental Indenture;

A Bond Counsel opinion substantially to the effect that: (i) the Indenture has been duly authorized, executed and delivered by the District and constitutes a valid and binding obligation of the District; (ii) the 2020 Bonds have been duly authorized, executed and delivered by the District and are valid and binding special obligations of the District, payable solely from the sources provided therefor in the Indenture; and (iii) that the interest on the 2020 Bonds is excludable from gross income for federal income tax purposes;

An opinion of Counsel to the District substantially to the effect that (i)  the District has been duly established and validly exists as a special district under the Act, (ii) based on certificates of the District Engineer and the Developer and an opinion of Developer’s Counsel, the District has good right and lawful authority under the Act to undertake the 2020 Project being financed with the proceeds of the 2020 Bonds, subject to obtaining such licenses, orders or other authorizations as are, at the date of such opinion, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to undertake the 2020 Project,
(iii) all proceedings undertaken by the District with respect to the Series 2020 Assessments have been in accordance with Florida law, (iv) the District has taken all action necessary to levy and impose the Series 2020 Assessments, and (v) the Series 2020 Assessments are legal, valid and

binding liens upon the property against which such Series 2020 Assessments are made, coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid;

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 Thirtieth Supplemental Indenture;

An Engineers’ Certificate or Engineers’ Certificates certifying as to the accuracy of the information set forth in the Engineer’s Report attached hereto as Exhibit A regarding the Lorraine Lakes CIP;

A certified copy of the final judgment of validation together with a certificate of no appeal, both in respect of the Bonds; and

Executed copies of the Acquisition Agreement, Completion Agreement, Collateral Assignment Agreement, Declaration of Consent to Jurisdiction, and Developer True-Up Agreement.

The opinions referenced in Sections 207(c) and 207(d) shall either be addressed to the Trustee or have reliance letters to the Trustee that the Trustee is entitled to rely upon such opinions.
Payment of the net proceeds of the 2020 Bonds as set forth in Section 402 hereof shall constitute conclusive evidence that the foregoing conditions have been met to the satisfaction of the District and the Underwriter of the 2020 Bonds.

Section 208. Continuing Disclosure. The District hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Agreement. Notwithstanding any other provisions of the Indenture, failure of the District to comply with the Continuing Disclosure Agreement shall not be considered an Event of Default; however, the Trustee shall, at the written request of the Participating Underwriter or the Owners of at least twenty-five percent (25%) aggregate principal amount of Outstanding 2020 Bonds and receipt of indemnity satisfactory to the Trustee, or any such Owner, may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the District to comply with its obligations under this Section.

ARTICLE III REDEMPTION OF 2020 BONDS

Section 301. 2020 Bonds Subject to Redemption and Purchase. The 2020 Bonds are subject to redemption prior to maturity as provided in the form thereof set forth as Exhibit “B” to this Thirtieth Supplemental Indenture. The 2020 Bonds may be purchased as provided in the Master Indenture.

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.

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

Section 401.	Establishment of Accounts.

There are hereby established within the Acquisition and Construction Fund held by the Trustee the following accounts:

a 2020 Acquisition and Construction Account; and

a 2020 Costs of Issuance Account.

There are hereby established within the Debt Service Fund held by the Trustee:
a 2020 Sinking Fund Account; (ii) a 2020 Interest Account; (iii) a 2020 Capitalized Interest Account; and (iv) a 2020 Redemption Account and therein a 2020 Prepayment Subaccount;

There is hereby established within the Reserve Fund held by the Trustee a 2020 Reserve Account, which account shall be held for the benefit of all of the 2020 Bonds without distinction as to 2020 Bonds and without privilege or priority of one 2020 Bond over another;

There is hereby established within the Revenue Fund held by the Trustee a 2020 Revenue Account; and

There is hereby established within the Rebate Fund held by the Trustee a 2020 Rebate Account.

Section 402. Use of 2020 Bond Proceeds. The net proceeds of sale of the 2020 Bonds,
$ 	(which is the face amount of 2020 Bonds, less Underwriter’s Discount of $ 	              and [plus/less] net  original issue [discount/premium]  of $ 	) shall be delivered to the Trustee by the District and be applied as follows:

$ 	of 2020 Bond proceeds, representing the initial 2020 Reserve Account Requirement, shall be deposited to the 2020 Reserve Account; and

$ 	of 2020 Bond proceeds, representing the amount of interest to
become due on the 2020 Bonds through November 1, 2021, shall be deposited to the credit of the 2020 Capitalized Interest Account; and

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

$ 	of 2020 Bond proceeds remaining after the deposits above shall be deposited to the credit of the 2020 Acquisition and Construction Account.

Section 403.	2020 Acquisition and Construction Account.

Amounts on deposit in the 2020 Acquisition and Construction Account shall be applied to pay the Costs of the 2020 Project upon compliance with the requirements of the requisition provisions set forth in the Master Indenture and/or as otherwise provided herein. The Trustee is not responsible to determine if money requested to be paid by the Issuer is for an appropriate use of such moneys.

Any balance remaining in the 2020 Acquisition and Construction Account after the Date of Completion of the 2020 Project and after retaining the amount, if any, of all remaining unpaid Costs of the 2020 Project set forth in the Engineer’s Certificate establishing such Date of Completion, shall be transferred to and deposited in the 2020 Prepayment Subaccount of the 2020 Redemption Account and applied to the extraordinary mandatory redemption of the 2020 Bonds in the manner prescribed in the form of 2020 Bond set forth as Exhibit “B” hereto. At such time as there are no amounts on deposit in the 2020 Acquisition  and Construction Account, such account shall be closed.

Section 404.  2020 Costs of Issuance Account.  There shall be deposited in the 2020  Costs  of  Issuance Account $ 	which shall, at the written direction of an Authorized Officer of the District, be used to pay the costs of issuance relating to the 2020 Bonds. After March 1, 2021, any amounts deposited in the 2020 Costs of Issuance Account for which there is not pending with the Trustee a requisition shall be transferred to the 2020 Reserve Account if there is any deficiency therein and the remainder to the 2020 Acquisition and Construction Account if the Date of Completion has not yet occurred and if the Date of Completion has already occurred to the 2020 Revenue Account. At such time as there are no amounts on  deposit in the 2020 Costs of Issuance Account, such account shall be closed.

Section 405. 2020 Reserve Account. Amounts on deposit in the 2020 Reserve Account, except as provided elsewhere in the Indenture, shall be used only for the purposes set forth in Section 609 hereof and for making payments into the 2020 Interest Account and the 2020 Sinking Fund Account to pay the 2020 Bonds, without distinction as to 2020 Bonds and without privilege or priority of one 2020 Bond over another, when due when the moneys on deposit in such Accounts and available therefor are insufficient.

The Trustee, on or before the forty-fifth (45th) day (or if such day is not a Business Day, on the Business Day next preceding such day) next preceding each Quarterly Redemption Date, after taking into account all payments and transfers made as of such date, shall compute the value of the 2020 Reserve Account and shall promptly notify the District of the amount of any deficiency or surplus as of such date in such account. The District shall immediately pay the amount of any deficiency to the Trustee, for deposit in such account, from the first legally available sources of the District. Any excess monies in the 2020 Reserve Account (except excess

from investment earnings), shall be deposited in the 2020 Acquisition and Construction  Account until the Date of Completion of the 2020 Project and on and after the Date of Completion of the 2020 Project shall be deposited in the 2020 Prepayment Subaccount. Unless and until the Trustee receives the Engineer's Certificate establishing the Date of Completion has occurred, the Trustee may rely that such condition has not occurred.

All earnings on investments in the 2020 Reserve Account, provided no deficiency exists in the 2020 Reserve Account, shall until the Date of Completion be deposited to the 2020 Acquisition and Construction Account and then on and after the Date of Completion, shall be deposited to the 2020 Revenue Account. To the extent a deficiency exists in the 2020 Reserve Account, investment earnings in such account shall remain in that account. Such account shall consist only of cash and 2020 Investment Obligations.

Notwithstanding the foregoing, on the earliest date on which there is on deposit in the 2020 Reserve Account, sufficient monies, taking into account other monies available therefore, to pay and redeem all of the Outstanding 2020 Bonds, together with accrued interest, if any, on such 2020 Bonds to the earliest date of redemption, then the Trustee shall use the amount on deposit in the 2020 Reserve Account to pay and redeem all of the Outstanding 2020 Bonds on the earliest possible date.

The District may provide that the difference between the amounts on deposit in the 2020 Reserve Account and the 2020 Reserve Account Requirement shall be an amount covered by obtaining bond insurance or a surety bond issued by a municipal bond insurer, rated in one of the two highest categories (at least AA by Fitch, and/or S&P and/or at least Aa by Moody’s without reference to gradations) by two nationally recognized rating agencies, (the “Reserve Account Credit Instrument”). At any time after the issuance of the 2020 Bonds, the District may withdraw any or all of the amount of money on deposit in the 2020 Reserve Account and substitute in its place a Reserve Account Credit Instrument as described above in the face amount of such withdrawal and such withdrawn moneys shall, after payment of the premium for such Reserve Account Credit Instrument, be (a) until the Date of Completion, transferred to the Series 2020 Acquisition and Construction Account to be used to pay Costs of the 2020 Project, (b) after the Date of Completion, transferred to the 2020 Prepayment Subaccount and used to redeem 2020 Bonds, or (c) upon receipt of an opinion of Bond Counsel, transferred to the District to be used for any lawful purpose of the District.

Section 406. Application of Prepayment Principal. All Prepayment Principal  shall upon receipt by the Trustee be deposited to the 2020 Prepayment Subaccount of the 2020 Redemption Account. At the time the District deposits Prepayment Principal with the Trustee it shall notify the Trustee in writing as to the amount of Prepayment Principal. The Trustee may rely upon the notification from the District which amounts paid hereunder are Prepayments and in the absence of notification as to any amounts being a Prepayment, the Trustee shall deposit such funds in the 2020 Revenue Account. Amounts on deposit in the 2020 Prepayment Subaccount shall be applied to the redemption of the 2020 Bonds in the manner provided in the

Master Indenture and as provided for the extraordinary mandatory redemption in Exhibit “B”
hereto.

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

Section 408. Establishment of 2020 Revenue Account in Revenue Fund; Application  of Revenues and Investment Earnings.

The Trustee shall, except as provided below or otherwise provided herein, deposit the 2020 Pledged Revenues to the 2020 Revenue Account and any other amounts or payments specifically designated by the District pursuant to a written direction 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. Amounts on deposit in the 2020 Revenue Account, 2020 Interest Account and 2020 Capitalized Interest Account, 2020 Sinking Fund Account, 2020 Redemption Account, 2020 Reserve Account, each Account and Subaccount therein, shall be used as provided in the Master Indenture except as otherwise provided herein.

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

Assessment Interest, which shall be deposited into the 2020 Interest Account;

Assessment Principal, which shall be deposited into the 2020 Sinking Fund Account;

Prepayment Principal, which shall be deposited into the 2020 Prepayment Subaccount of the 2020 Redemption Account.

Delinquent Assessment Principal shall first be applied to restore the amount of any withdrawal from the 2020 Reserve Account to pay the principal of 2020 Bonds to the extent that less than the 2020 Reserve Account Requirement is on deposit in the 2020 Reserve Account, and, the balance, if any, shall be deposited into the 2020 Sinking Fund Account;

Delinquent Assessment Interest, shall first be applied to restore the amount of any withdrawal from the 2020 Reserve Account to pay the interest on 2020 Bonds to the extent that less than the 2020 Reserve Account Requirement is on deposit in

the 2020 Reserve Account, and, the balance, if any, shall be deposited into the 2020 Interest Account; and

the balance shall remain in the 2020 Revenue Account.

On the forty-fifth (45th) day preceding each Quarterly 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 2020 Prepayment Subaccount of the 2020 Redemption Account, and, if the balance therein is greater than zero, shall transfer, but only after determining that following such transfer sufficient amounts will remain on deposit in the 2020 Revenue Account to make the transfers required by (d) below, from the 2020 Revenue Account for deposit into such 2020 Prepayment Subaccount, an amount sufficient to increase the amount on deposit therein to the next integral multiple of $5,000, and, shall thereupon give notice and cause the extraordinary mandatory redemption of 2020 Bonds on the next succeeding Quarterly Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in such 2020 Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of 2020 Bonds as set forth in Exhibit “B” hereto, and Article III of the Master Indenture and Section 301 hereof. Interest due in regard to such extraordinary mandatory redemption shall be paid from the 2020 Interest Account.

Unless otherwise provided below, no later than each May 1 and November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such date), the Trustee shall transfer from amounts on deposit in the 2020 Revenue Account to the Funds and Accounts designated below, the following amounts in the following order of priority and apply such amounts as provided in the Master Indenture and the provisions hereof:

FIRST, to the 2020 Interest Account of the Debt Service Fund, an amount equal to the amount of interest payable on all 2020 Bonds then Outstanding on such May 1 or November 1, less any other amount already on deposit in the 2020 Interest Account not previously credited. On May 1, 2021, and November 1, 2021, the Trustee shall transfer from the 2020 Capitalized Interest Account to the 2020 Interest Account an amount equal to the lesser of the amount of interest due on the 2020 Bonds on such date or the amount on deposit in the 2020 Capitalized Interest Account. After making the foregoing transfer on November 1, 2021, any amounts remaining in the Capitalized Interest Account shall be transferred to the 2020 Reserve Account if there is any deficiency therein and the remainder to the 2020 Acquisition and Construction Account if the Date of Completion has not yet occurred and if the Date of Completion has already occurred to the 2020 Revenue Account;

SECOND, on each May 1, commencing May 1, 2021, to the 2020 Sinking Fund Account, an amount equal to the Amortization Installments or principal of 2020 Bonds due on such May 1, less any amounts already on deposit in such Account not previously credited;

THIRD, to the 2020 Reserve Account, the amount, if any, which is necessary to make the amount on deposit therein equal to the then applicable 2020 Reserve Account Requirement; and

FOURTH, the balance shall be retained in the 2020 Revenue Account.

On any date required by the Tax Regulatory Covenants, the District shall give  the Trustee written direction, 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 and the Tax Regulatory Covenants, 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. To the extent insufficient moneys are on deposit in the 2020 Revenue Account to make the transfer provided for in the immediately preceding sentence the District shall deposit with the Trustee from available moneys of the District the amount of any such insufficiency.

On or after each November 2, beginning November 2, 2021, the balance on deposit in the 2020 Revenue Account on such November 2 shall (i) before the Date of Completion, be transferred into the 2020 Acquisition and Construction Account, and (ii) on and after the Date of Completion, shall be paid over to the District at the written direction of an Authorized Officer and used for any lawful purpose of the District; provided, however, that on the date of such proposed transfer the amount on deposit in the 2020 Reserve Account shall be equal to the 2020 Reserve Account Requirement, and, provided further, that the Trustee shall not have actual knowledge of an Event of Default under the Master Indenture or hereunder relating to the 2020 Bonds, including the payment of Trustee’s fees and expenses then due.

Anything herein or in the Master Indenture to the contrary notwithstanding, earnings on investments in all of the Funds and Accounts held as security for the 2020 Bonds shall be invested only in 2020 Investment Obligations, and further, earnings on investments in the 2020 Acquisition and Construction Account, 2020 Costs of Issuance Account, 2020 Capitalized Interest Account, 2020 Revenue Account and any Subaccounts within said Accounts shall be retained as realized, in such Accounts of Subaccount and used for the purpose of such Accounts or Subaccounts. Earnings on investments in the 2020 Sinking Fund Account, 2020 Interest Account, and the 2020 Redemption Account, including any subaccounts therein, 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 provided  in Section 405 hereof.

ARTICLE V
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 or for as long as any 2020 Bonds remain Outstanding, in any proceeding involving the District, any Insolvent Taxpayer, the 2020 Bonds or the Series 2020 Assessments or the Trustee. 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, the District shall not be required to collect Series 2020 Assessments using the Uniform Collection Method provided for in Section 197.3631, 197.3632 and 197.3635, Florida Statutes, until such time as the property subject to such Series 2020 Assessments is platted and a distinct ad valorem property tax identification number has been assigned by the Property Appraiser thereto. In addition, the District is not required to use the Uniform Collection Method when the property is owned by a government or includes structures owned by a government.

All Series 2020 Assessments that are collected directly by the District and not via the Uniform Method shall be due and payable by the landowner no later than thirty (30) days prior to each Interest Payment Date.

In addition, and not in limitation of the covenants contained elsewhere in this Thirtieth 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 and to levy the Series 2020 Assessments and any required true-up payments set forth in the Assessment Methodology, in such manner as will generate funds sufficient to pay the principal of and interest on the 2020 Bonds, when due.

Notwithstanding anything in the Indenture to the contrary, upon the occurrence of an Event of Default, the collection of Series 2020 Assessments shall be in the manner directed by the Majority Owners.

Section 503. No Parity Bonds; Limitation on  Additional  Bonds.  Other  than Refunding Bonds issued to refund the Outstanding 2020 Bonds, the District shall not, while any 2020 Bonds are Outstanding, issue or incur any debt payable in whole or in part from the 2020 Trust Estate. The District further covenants and agrees that so long as the 2020 Bonds are Outstanding, it will not impose debt service Assessments for capital projects on any lands then subject to the Series 2020 Assessments without the written consent of the Majority Owners; provided, however, such consent shall not be required if (i) such Assessments do not exceed the Maximum Assessment Levels or (ii) the Series 2020 Assessments have been Substantially Absorbed evidence of which shall be provided by the District to the Trustee in a written certificate upon which the Trustee may conclusive rely. Notwithstanding the foregoing, the District is not precluded from imposing capital Assessments (or the issuance of Bonds secured by such Assessments) on property then subject to the Series 2020 Assessments which are necessary for health, safety or welfare reasons, or to remediate a natural disaster, or to effect repairs to or replacement of property, facilities or equipment of the District.

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 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.

ARTICLE VI MISCELLANEOUS PROVISIONS

Section 601. Additional Events of Default and Remedies. Section 902 of the Master Indenture is hereby amended with respect to the 2020 Bonds by inserting at the conclusion thereof the following paragraphs:

More than twenty percent (20%) of the operation and maintenance assessments levied by the District are not paid by the date such are due and payable.

The Trustee is authorized to withdraw funds from the 2020 Reserve Account in an amount greater than twenty-five percent (25%) of the 2020 Reserve Account Requirement to pay debt service on the 2020 Bonds (regardless of whether the Trustee does or does not, per the direction of the Majority Owners, actually withdraw such funds from the 2020 Reserve Account to pay debt service on the 2020 Bonds) and any such amount withdrawn is not replenished within ninety (90) days of the date of such withdrawal.

Material breach by the District of any material covenant made by it in the Indenture, whether or not notice of such breach has been given.

The District covenants and agrees that it will 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. The District acknowledges and agrees that
upon failure of any property owner to pay Series 2020 Assessments collected directly by the District when due, that the entire Series 2020 Assessments on the delinquent property, with interest and penalties thereon, shall immediately become due and payable and the District shall promptly cause to be commenced the necessary legal proceedings for the foreclosure of liens of delinquent Series 2020 Assessments, including interest and penalties and (ii) the foreclosure proceedings shall be prosecuted to a sale and conveyance of the property involved in said proceedings.

Section 602. Foreclosure of Assessment Lien. Notwithstanding any provisions 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 for such property (principal, interest, penalties and costs, plus attorneys’ fees, if any), the property may then be purchased by the District for an amount greater than or 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 taken pursuant to this Section. 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 2020 Revenue Account. 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 sixty (60) days after the 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 District pursuant to this paragraph from any moneys legally available for such purpose held under the Indenture.

Section 603. Interpretation of Thirtieth Supplemental Indenture. This Thirtieth 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 Thirtieth Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and this Thirtieth Supplemental Indenture  shall be read and construed as one document.

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

Section 605. Counterparts. This Thirtieth 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 606. Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this Thirtieth Supplemental Indenture are hereby incorporated herein and made a part of this Thirtieth Supplemental Indenture for all purposes.

Section 607. 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 608. No Rights Conferred on Others. Nothing herein  contained shall confer any right upon any Person other than the parties hereto and the Owners of the 2020 Bonds.

Section 609. Use of 2020 Acquisition and Construction Account Moneys and Other Trust Funds. Upon the occurrence of an Event of Default, moneys in the Series 2020  Acquisition and Construction Account and the 2020 Trust Estate may be used to pay the fees and the expenses and costs of litigation and other remedies of the Trustee incurred to pursue remedies under the Indenture.

Section 610. 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.

ARTICLE VII
THE TRUSTEE; THE PAYING AGENT AND BOND REGISTRAR

Section 701. Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created and agrees to perform such trusts upon the terms and conditions set forth in the Indenture. The Trustee agrees to act as Paying Agent and Bond Registrar for the 2020 Bonds.

Section 702. Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this Thirtieth Supplemental Indenture by the District or for the recitals contained herein (except for the certificate of authentication on the 2020 Bonds), all of which are made solely by the District. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlement inuring to the Trustee under the Master Indenture.

Section 703. 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 704. Assignment of District’s Rights under  Collateral  Assignment Agreement. The District hereby assigns its rights under the Collateral Assignment Agreement to the Trustee for the benefit of the Owners, from time to time, of the 2020 Bonds. The Trustee shall not be deemed to have accepted or assumed any obligation under the Collateral Assignment Agreement by virtue of such assignment.

Section 705. 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.

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 officer.

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”

Engineer’s Report for Lorraine Lakes, dated May 2020

EXHIBIT “B”

Form of the 2020 Bonds

No. 2020-R-	$[ 	]
United States of America State of Florida
LAKEWOOD RANCH STEWARDSHIP DISTRICT SPECIAL ASSESSMENT REVENUE BOND, SERIES 2020 (LORRAINE LAKES PROJECT)

Interest
Rate	Maturity
Date	Dated
Date	
CUSIP	
[ 	]%	May 1, 20  	October , 2020	51265K  		

Registered Owner:	Cede & Co.

Principal Amount:	[ 	] DOLLARS

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 2020 Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture mentioned hereinafter) 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 May 1, 2021, 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 (i) of Section 902 of the Master Indenture (hereinafter defined), the payment of interest and principal or Redemption Price 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 2020 Bond. Except as otherwise applicable to bonds held pursuant to a book  entry system, any payment of principal, or Redemption Price shall be made only upon presentation hereof at the designated office of U.S. Bank National Association, located in Fort Lauderdale, Florida, or any alternate or successor paying agent (collectively, the “Paying Agent”). Except as otherwise applicable to bonds held in a book-entry system, 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 payment by wire transfer 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 $100,000 in aggregate principal amount of the 2020 Bonds or all of the then Outstanding 2020 Bonds, as defined below. Interest on this 2020 Bond will be computed on the basis of a 360-day year of twelve 30-day months.

This 2020 Bond is one of a duly authorized issue of bonds of the District designated “Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project)” (the “2020 Bonds”) issuable under and governed by the terms of a Master Trust Indenture, dated as of September 1, 2005 (the “Master Indenture”), between the District and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by a Thirtieth Supplemental Trust Indenture, dated as of October 1, 2020 (the “Supplemental Indenture”), between the District and the Trustee (the Master Indenture as supplemented by the Supplemental Indenture is hereafter referred to as the “Indenture”). The 2020 Bonds are secured by the 2020 Pledged Revenues and 2020 Pledged Funds as provided for in the Indenture. The 2020 Bonds are issued in an aggregate principal amount  of 	, for the purpose of (i) financing the Cost of the acquisition, construction, installation and equipping of the 2020 Project; (ii) paying certain costs associated with the issuance of the 2020 Bonds; (iii) paying the interest to become due on the 2020 Bonds through November 1, 2021; and (iv) funding the 2020 Reserve Account.

NEITHER THIS 2020 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 2020 BOND 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 AUTHORIZING THE ISSUANCE OF THE 2020 BONDS. 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 PLEDGED REVENUES AND THE 2020 PLEDGED FUNDS PLEDGED TO THE 2020 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

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 2020 Bond and the execution of the Indenture, have happened, exist and have been performed as so required. This 2020 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.

This 2020 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 designated 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 2020 Bonds, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal, and Redemption Price of, and the interest on, the 2020 Bonds, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Series 2020 Assessments (as defined in the Indenture), the terms and conditions under which the 2020 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 Registered Owners and Beneficial Owners of the 2020 Bonds, and, by the acceptance of this 2020 Bond, the Registered Owner and Beneficial Owners hereof assent to all of the provisions of the Indenture. Terms not otherwise defined herein shall have the meaning ascribed to them in 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. Subject to certain exceptions, the District has covenanted in the Indenture not to issue or incur any obligations payable from the 2020 Trust Estate other than Refunding Bonds issued in accordance with the provisions of the Master Indenture. The District or other governmental entities may, however, impose and levy assessments or ad valorem taxes payable on a parity with the Series 2020 Assessments securing 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”); provided however, the 2020 Bonds will initially be delivered in denominations of $100,000 and integral multiples of $5,000 in excess thereof. This 2020 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 2020 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 2020 Bond or 2020 Bonds, in the same aggregate principal amount as the 2020 Bond or 2020 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 Indenture and without cost, except for any tax or other governmental charge, 2020 Bonds may be exchanged for an equal aggregate principal amount of 2020 Bonds of the same maturity, in Authorized Denominations and bearing interest at the same rate or rates.

The District has established a book-entry system of registration for the 2020 Bonds. Except as specifically provided otherwise in the Indenture, an agent will hold this 2020 Bond on behalf of the beneficial owner hereof. By acceptance of a confirmation of purchase, delivery or transfer, the beneficial owner of this 2020 Bond shall be deemed to have agreed to such arrangement.

Optional Redemption

The 2020 Bonds are subject to redemption prior to maturity at the option of the District, in whole or in part at any time on or after May 1, 20 (less than all 2020 Bonds to be selected by lot), at the Redemption Price of the principal amount of the 2020 Bonds or portions thereof to be redeemed, plus accrued interest to the redemption date.

Mandatory Redemption

The 2020 Bonds are subject to mandatory redemption in part by the District by lot prior to their scheduled maturity from moneys in the 2020 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the redemption date, on May 1 of the years and in the principal amounts set forth below:
$ 	Term Bond maturing May 1, 20  

May 1 of
the Year	Amortization
Installment	
	$	

*		

*Maturity

$ 	Term Bond maturing May 1, 20  

May 1 of
the Year	Amortization
Installment	
	$	

*		

*Maturity

$ 	Term Bond maturing May 1, 20  

May 1 of
the Year	Amortization
Installment	
	$	

*		

*Maturity

$ 	Term Bond maturing May 1, 20  

May 1 of
the Year	Amortization
Installment	
	$	

*		

*Maturity

Upon redemption or purchase of the 2020 Bonds (other than redemption in accordance with scheduled Amortization Installments), the District shall cause to be recalculated and delivered to the Trustee revised Amortization Installments recalculated so that Debt Service on such 2020 Bonds is amortized in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of such 2020 Bonds (the annual principal amounts so determined are hereinafter referred to as the “Aggregate Amortization Installments”). The Amortization Installments as so recalculated shall not result in an increase in Aggregate Amortization Installments in any year.

Extraordinary Mandatory Redemption

The 2020 Bonds are subject to extraordinary mandatory redemption prior to scheduled maturity, in whole on any date or in part on any Quarterly Redemption Date, and if in part on a pro rata basis as calculated by the District determined by the ratio of the Outstanding principal amount of each maturity of the 2020 Bonds treating for such purposes each Amortization Installment as a maturity divided by the aggregate principal amount of Outstanding  2020 Bonds and as otherwise provided in the Indenture, at the Redemption Price of 100% of the principal amount thereof, without premium plus accrued interest to the redemption date, if and to the extent that any one or more of the following shall have occurred:

On or after the Date of Completion of the 2020 Project, by application of moneys transferred from the 2020 Acquisition and Construction Account to the 2020 Prepayment Subaccount of the 2020 Redemption Account in accordance with the terms of the Indenture; or

Amounts are deposited into the 2020 Prepayment Subaccount of the 2020 Redemption Account from the prepayment of Series 2020 Assessments and from amounts deposited into the 2020 Prepayment Subaccount from the 2020 Reserve Account; or

When the amount on deposit in the 2020 Reserve Account, together with other moneys available therefor are sufficient to pay and redeem all 2020 Bonds then Outstanding as provided in the Supplemental Indenture.

Except as otherwise provided in the Indenture, if less than all of the 2020 Bonds subject to redemption shall be called for redemption, the particular maturities of such 2020 Bonds or portions of particular maturities of such 2020 Bonds to be redeemed shall be selected by the Bond Registrar on a pro rata basis as determined by the ratio of the Outstanding principal amount of each maturity of the 2020 Bonds divided by the aggregate principal amount of Outstanding 2020 Bonds and as otherwise provided in the Indenture and then by lot within each maturity, as determined by Cede & Co.

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 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 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.

The Owner of this 2020 Bond shall have no right to enforce the provisions of the Indenture or to institute 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 maturity thereof, with the interest accrued thereon.

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

If the District deposits or causes to be deposited with the Trustee funds or Federal Securities (as defined in the Indenture) 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 2020 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 2020 Bond is issued with the intent that the laws of the State of Florida shall govern its construction.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, Lakewood Ranch Stewardship District has caused this 2020 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 2020 Bond is one of the Bonds of the Series designated herein, described in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Bond Registrar

By:		 Vice President

Date of Authentication: October , 2020

CERTIFICATE OF VALIDATION

This 2020 Bond is one 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

[FORM OF ASSIGNMENT FOR 2020 BONDS]

The following abbreviations, when used in the inscription on the face of the within 2020 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 tenant by the entireties
JT TENas joint tenants with the right of survivorship and not as tenants in common

UNIFORM TRANS MIN ACT -	 	

Custodian	 	

under	Uniform

Transfers to Minors Act 	(State)

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

For value received, the undersigned hereby sells, assigns and transfers unto
 	 the within 2020 Bond and all rights thereunder, and   hereby   irrevocably   constitutes  and  appoints 	, attorney to transfer the said 2020 Bond on the books of the District, with full power of substitution in the premises.

Dated this       day of 	, .

Social Security Number of Employer:  	

Identification Number of Transferee:  	

Signature guaranteed: 	

By:		 Authorized Signatory

NOTICE: The assignor’s  signature to this Assignment must correspond with the name as it appears on the face of the within 2020 Bond in  every particular without alteration or any change whatever.

EXHIBIT B

FORM OF BOND PURCHASE CONTRACT

$ 	
LAKEWOOD RANCH STEWARDSHIP DISTRICT
Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes 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 Limited Offering Memorandum (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 Bonds, Series 2020 (Lorraine Lakes Project) (the "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 September 4,

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 Thirtieth Supplemental Trust Indenture between the District and the Trustee dated as of October 1, 2020 (the "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 will be levied by the District on lands within the District specially benefited by the 2020 Project (as defined in the Supplemental Indenture) 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. The District and Lennar Homes, LLC, a Florida limited liability company (the "Landowner") will enter into or have already entered into the Acquisition Agreement, Collateral Assignment Agreement, Completion Agreement and Landowner True-Up Agreement all as defined in the Supplemental Indenture. The documents described in the immediately preceding sentence are collectively referred to as the "Ancillary Documents."

Offering. The Underwriter intends to offer and sell the Bonds only to accredited investors within the meaning of Chapter 517, Florida Statutes and the rules promulgated thereunder 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 Limited Offering Memorandum (hereinafter defined); however, subject to the provisions of Section 4 hereof, it may subsequently change such offering prices without any requirement of prior notice. 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 “I” 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 “I”, 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 accredited investors constituting 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 “I” attached hereto, except as otherwise set forth therein. Schedule A to Exhibit “I” 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,
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 Limited Offering Memorandum relating to the Bonds dated September , 2020, including the cover page  and all appendices thereto (the "Preliminary  Limited Offering Memorandum") 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 limited offering of the Bonds. The District has, prior to the date hereof, authorized the Preliminary Limited Offering Memorandum to be circulated and used by the Underwriter in connection with the limited 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 Limited Offering Memorandum dated the date hereof (such Limited Offering Memorandum, 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 "Limited Offering Memorandum" and, together with the Preliminary Limited Offering Memorandum, the "Limited Offering Memoranda"). The District hereby ratifies the use of the Preliminary Limited Offering Memorandum and approves the execution, circulation and use of the Limited Offering Memorandum by the Underwriter.

Definitions. For purposes hereof, this Bond Purchase Contract, the Indenture, the DTC Blanket Issuer Letter of Representations (hereinafter defined) the Continuing Disclosure Agreement in substantially the form attached as an appendix to the Preliminary Limited Offering Memorandum (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 and the Ancillary Documents to which it is a party; 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 Limited Offering Memorandum; authorize the distribution of the Preliminary Limited Offering Memorandum and the use and execution of the Limited Offering Memorandum; carry out and

consummate the transactions contemplated by the Bond Resolution, the Assessment Resolution, the Financing Documents, the Ancillary Documents to which it is a party and the Limited Offering Memorandum; acquire and construct the 2020 Project; issue the Bonds; and levy and collect the Series 2020 Assessments as provided in the Indenture and the Assessment Proceedings (as defined in the 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 Ancillary Documents to which it is a party, 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 Ancillary Documents to which it is a party, the Bonds and the Limited Offering Memorandum, has duly authorized and approved the performance by the District of the obligations on its part contained in, the Financing Documents, the Ancillary 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 and Ancillary Documents to which is a party, 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, the Ancillary Documents to which is a party and the Limited Offering Memorandum 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 or the Ancillary 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, the Financing Documents, the Ancillary Documents, the Capital Improvement Program and the 2020 Project in the Preliminary Limited Offering Memorandum conform in all material respects to the Bonds, the Financing Documents, the Ancillary Documents, the Lorraine Lakes CIP and the 2020 Project, 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 Limited Offering Memorandum, 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 Limited Offering Memorandum 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 construction and/or acquisition of 2020 Project, 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 Ancillary Documents to which the District is a party, or the application of the proceeds of the Bonds for the purposes set forth in the Limited Offering Memorandum; contesting the validity or federal or state tax status of the interest on the Bonds; contesting the completeness or accuracy of the Preliminary Limited Offering Memorandum or Limited Offering Memorandum 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 Limited Offering Memorandum (other than "permitted omissions" as permitted by Rule 15c2-12 as such term is defined below) and in the Limited Offering Memorandum (excluding for purposes hereof the statements and information under the captions "DESCRIPTION OF THE 2020 BONDS – Book-Entry Only System," "FUNDS AND ACCOUNTS," "BONDHOLDERS' RISKS," "LAKEWOOD RANCH," "TAX MATTERS," "THE DEVELOPMENT," “THE DEVELOPER,” "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," "LITIGATION - The Developer” and “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 Limited Offering Memorandum 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 Limited Offering Memorandum 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 Limited Offering Memorandum under the captions "DESCRIPTION OF THE 2020 BONDS - Book-Entry Only System," "FUNDS AND ACCOUNTS," "BONDHOLDERS' RISKS", "LAKEWOOD RANCH," "THE DEVELOPMENT," “THE DEVELOPER,” "TAX MATTERS," "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," "LITIGATION" - The Developer” and “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 Limited Offering Memorandum 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 Limited Offering Memorandum, 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 Limited Offering Memorandum, the District will at its expense supplement

or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter (unless such supplement or amendment is a result of information provided by the Landowner or the Underwriter, in which case, the Landowner or the Underwriter, as applicable, will at its expense supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter). This covenant shall survive the Closing;

Reserved;

Except as disclosed in the Preliminary Limited Offering Memorandum, 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, or the Ancillary Documents to which it is a party, direct or contingent, other than as set forth in or contemplated by the Limited Offering Memorandum;

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 Resolution and the Assessment Reports, included as an appendix to the Limited Offering Memorandum (the "Methodology"), 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 Limited Offering Memorandum, 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 October , 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, the Financing Documents, and the Ancillary 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 Limited Offering Memorandum 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 Limited Offering Memorandum 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 and the Ancillary 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 Limited Offering Memorandum 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, 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;

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 Limited Offering Memorandum were, as of the date of the Limited Offering Memorandum, 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 Limited Offering Memorandum under the captions "DESCRIPTION OF THE 2020 BONDS - Book- Entry Only System," "FUNDS AND ACCOUNTS," "BONDHOLDERS' RISKS", "LAKEWOOD RANCH," "THE DEVELOPMENT," “THE DEVELOPER,” "TAX MATTERS," "LEGALITY FOR INVESTMENT," "SUITABILITY FOR INVESTMENT," "LITIGATION" - The Developer”, “LITIGATION – SMR” and "DISCLOSURE OF MULTIPLE ROLES"; and no event affecting the District has occurred since the date of the Limited Offering Memorandum which should be disclosed in the Limited Offering Memorandum 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;

Evidence of compliance  with  the  requirements  of  Section 189.051, Florida Statutes;

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");

A certificate of the Landowner, in substantially the form of the certificate included herein as Exhibit F and opinion(s) of counsel to the Landowner in substantially the form included herein as Exhibit G (which may be addressed to such parties in one or more separate opinions);

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

A certificate from the District's Consulting Engineer, in substantially the form attached hereto as Exhibit E and a certificate of the Landowner Engineer in substantially the form attached hereto as Exhibit H dated the Closing Date and addressed to the District and the Underwriter;

a certificate of the Methodology Consultant as described in the Limited Offering Memorandum stating that: (i) the Methodology Consultant consents to the use of the Methodology as an appendix to the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum (the "Report") and consents to the references to the firm in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum; (ii) the information contained in the Limited Offering Memorandum 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 Limited Offering Memorandum and the Limited Offering Memorandum, 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.

A Declaration of Consent to Jurisdiction of Lakewood Ranch Stewardship District and to Imposition of Special Assessments or similarly titled document (the "Declaration of Consent") executed and delivered by each owner of real property within the District which is subject to the Series 2020 Assessments;

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 Methodology reflects such structure;

of the Bonds;

Evidence of a final, non-appealable judgment of validation

Such additional documents as may be required by the

Indenture to be delivered as a condition precedent to the issuance of the Bonds;

A special assessment acknowledgement from any party holding a mortgage on any property within the boundaries of the District owned by the Landowner;

Executed copy of Internal Revenue Service Form 8038-G relating to the Bonds;

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

Such additional legal opinions, certificates, instruments and
other documents as the Underwriter may reasonably request including certifications and opinions regarding information contained in the Limited Offering Memorandum, 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 Limited Offering Memorandum 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 or the Landowner 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 Limited Offering Memorandum or which is not reflected in the Limited Offering Memorandum 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 Limited Offering Memorandum 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 Limited Offering Memorandum 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 including but not limited to a pandemic 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 Limited Offering Memorandum; 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 Limited Offering Memorandum; 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 Limited Offering Memorandum.

The District or Landowner 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 or Landowner 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 Limited Offering Memorandum and the Limited Offering Memorandum 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 Limited Offering Memorandum; 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; 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 Ancillary 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 Group Consulting 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.

18

SIGNATURE PAGE FOR BOND PURCHASE CONTRACT
Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020
(Lorraine Lakes 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:		 Vice 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 Bonds, Series 2020 (Lorraine Lakes 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 to: (i) finance the cost of acquiring, constructing and equipping the assessable improvements comprising the 2020 Project, (ii) pay certain costs associated with the issuance of the Bonds, (iii) pay the interest to become due on the Bonds through November 1, 2021, and (iv) fund the 2020 Reserve Account. The Bonds are expected to be repaid over a period of approximately 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 2020 Project (as defined in the Supplemental Indenture). 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 	, 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:

$	%	Term Bonds Due May 1,	Price:	
$	%	Term Bonds Due May 1,	Price:	
$	%	Term Bonds Due May 1,	Price:	
$	%	Term Bonds Due Nay 1,	Price:	

Redemption Provisions:

Optional Redemption.

The Bonds are subject to redemption at the option of the District prior to maturity in whole or in part at any time on or after May 1, (less than all Bonds to be selected by lot), 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 Sinking Fund Redemption.

The Bond maturing on May 1,  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 a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
   of the Year       		Amortization
Installment		
	$	

*		

Maturity

The Bond maturing on May 1,  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 a Redemption Price of 100% of the principal amount thereof, without premium,

plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
   of the Year       		Amortization
Installment		
	$	

*		

Maturity
The Bond maturing on May 1,  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 Thirtieth Supplemental Indenture in satisfaction of applicable Amortization Installments at a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
   of the Year       		Amortization
Installment		
	$	

*		

Maturity

The Bond maturing on May 1,  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 Thirtieth Supplemental Indenture in satisfaction of applicable Amortization Installments at a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
   of the Year       		Amortization
Installment		
	$	

*		

Maturity

Upon redemption or purchase of the Bonds (other than redemption in accordance with scheduled Amortization Installments), the District shall cause to be recalculated and delivered to the Trustee revised Amortization Installments recalculated so that Debt Service on such Bonds is amortized in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of such Bonds (the annual principal amounts so determined referred to as the "Aggregate Amortization Installments"). The Amortization Installments as so recalculated shall not result in an increase in Aggregate Amortization Installments in any year.

Extraordinary Mandatory Redemption.

The Bonds are subject to extraordinary mandatory redemption prior to scheduled maturity, in whole on any date or in part on any Quarterly Redemption Date, and if in part on a pro rata basis determined by the ratio of the Outstanding principal amount of each maturity of the Bonds treating for such purposes each Amortization Installment as a maturity divided by the aggregate principal amount of Outstanding Bonds, and as otherwise provided in the Indenture, at the Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption, if and to the extent that any one or more of the following shall have occurred:

On or after the Date of Completion of the 2020 Project, by application of moneys transferred from the 2020 Acquisition and Construction Account to the 2020 Prepayment Subaccount of the 2020 Redemption Account in accordance with the terms of the Indenture; or

Amounts are deposited into the 2020 Prepayment Subaccount of the 2020 Redemption Account from the prepayment of Series 2020 Assessments and from amounts deposited into the 2020 Prepayment Subaccount from the 2020 Reserve Account; or

When the amount on deposit in the 2020 Reserve Account, together with other moneys available therefor are sufficient to pay and redeem all Bonds then Outstanding as otherwise provided in the Thirtieth Supplemental Indenture.

EXHIBIT C

BOND COUNSEL'S SUPPLEMENTAL OPINION

October 	, 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 Bonds, Series 2020 (Lorraine Lakes 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  its $ 	_ Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (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 September 4, 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 Thirtieth Supplemental Trust Indenture dated as of October 1, 2020 (the “Thirtieth 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.

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 Limited Offering Memorandum under the sections “DESCRIPTION OF THE 2020 BONDS”, “SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS” (excluding statements contained in the subsections “Agreement for Assignment or Development Rights,” “True-Up Agreement” and “Completion Agreement,” as to which no view is expressed) “COLLECTION OF SERIES 2020 ASSESSMENTS,” and “FUNDS AND ACCOUNTS” and believe that insofar as such statements

purport to summarize certain provisions of the Indenture 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 Limited Offering Memorandum 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 Limited Offering Memorandum, 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

October     , 2020

Lakewood Ranch Stewardship District Manatee and Sarasota Counties, Florida

MBS Capital Markets, LLC Winter Park, Florida

U.S. Bank National Association as Trustee Fort Lauderdale, Florida
(solely for reliance upon Section C.1 and C.3)

Re:	$ 		Lakewood	Ranch	Stewardship	District	Special
Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project)

Ladies and Gentlemen:

We serve as counsel to the Lakewood Ranch Stewardship District (“District”), a local unit of special-purpose government established pursuant to the laws of the State of Florida, in connection with the sale by the District of its $ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (“Bonds”). This letter is delivered to you pursuant to Section 207 of the Master Indenture (defined below), Section 207 of the Supplemental Trust Indenture (defined below), and Section 9 of the Bond Purchase Contract (referenced below), and is effective as of the date written above. Each capitalized term not otherwise defined herein has the meaning given to it in the Indenture (defined herein).

DOCUMENTS EXAMINED
In rendering the opinions set forth below, we have examined and/or relied upon the following documents and have made such examination of law as we have deemed necessary or appropriate:

Chapter 2005-338, Laws of Florida, effective as of June 17, 2005, as amended by Chapter 2009-263, Laws of Florida, effective as of June 16, 2009, Chapter 2018-178, Laws of Florida, effective as of March 23, 2018, and Chapter 2020-180, Laws of Florida, effective as of May 23, 2020, each of which were enacted by the Florida Legislature;
the Master Trust Indenture, dated as of September 1, 2005 (“Master Indenture”), as supplemented by the Thirtieth Supplemental Trust Indenture, dated as of October 1, 2020 (“Supplemental Trust Indenture,” and together with the Master Indenture, “Indenture”), each by and between the District and U.S. Bank National Association, as successor trustee and trustee, respectively (“Trustee”);
Resolutions Nos. 2005-16 and 2020- adopted by the District on August 23, 2005 and September 4, 2020, respectively (collectively, “Bond Resolution”);

[The Engineer’s Report for 	, dated 	2020 (“Engineer’s Report”), which describes among other things, the “Project;” ]
the Master Assessment Methodology Report Lakewood Ranch Stewardship District Northeast Sector Lorraine Lakes Project Area, dated October 4, 2020, and the Supplemental Assessment Methodology Report Lakewood Ranch Stewardship District Northeast   Sector   Lorraine  Lakes   Project Area,  dated 	, 2020 (collectively, “Assessment Methodology”);
Resolution Nos. 2020-       and 2020-       adopted by the District on 	, and

Resolution  Nos.  2020- 	

and  2020- 	

adopted  by  the  District  on   	

(collectively, “Assessment Resolution”), establishing the debt service special assessments (“Debt Assessments”) securing the Bonds;
the Final Judgment issued on December 20, 2005 by the Circuit Court for the Twelfth Judicial Circuit in and for Manatee and Sarasota Counties, Florida in Case No. 2005- CA-005205, and Certificate of No Appeal issued on January 30, 2006;
the Preliminary Limited Offering Memorandum dated September _ , 2020  (“PLOM”) and Limited Offering Memorandum dated August , 2020 (“LOM”);
certain certifications by MBS Capital Markets, LLC (“Underwriter”), as underwriter to the sale of the Bonds;
certain certifications of Stantec Consulting Services, Inc., as District Engineer;
certain certifications of Lennar Homes, LLC, as Developer;
certain certifications of Kimley Horn and Associates, as Developer’s Engineer;
certain certifications of PFM Group Consulting LLC, as District Manager and PFM Financial Advisors LLC as Assessment Consultant;
general and closing certificate of the District;
an opinion of Bryant Miller Olive P.A. (“Bond Counsel”) issued to the District in connection with the sale and issuance of the Bonds;
an opinion of Holland & Knight LLP (“Trustee Counsel”) issued to the District and Underwriter in connection with the sale and issuance of the Bonds;
an opinion of Pavese Law Firm, issued to the District and the Underwriter in connection with the sale and issuance of the Bonds (“Developer’s Counsel”);
an opinion of Schroeder-Manatee Ranch, Inc.’s in-house counsel, issued to the Underwriter in connection with the sale and issuance of the Bonds (“SMR Counsel”);
the following agreements (“Bond Agreements”):
the Acquisition Agreement between the District and the Developer, and dated October 	, 2020;
the Bond Purchase Contract between the Underwriter and the District, and dated
 	, 2020 (“BPC”);
the Collateral Assignment and Assumption Agreement between the District and the Developer, and dated October 	, 2020;
the Completion Agreement between the District and the Developer, and dated October 	, 2020;
the Continuing Disclosure Agreement between the District, the Developer, and the District Manager as dissemination agent, and dated December 	, 2020;
the True-Up Agreement between the District and the Developer, and dated October 	, 2020;

a Declaration of Consent to Jurisdiction and to Imposition of Special Assessments (Lorraine Lakes Project) executed by the Developer and dated October 	, 2020;
the Mortgagee Special Assessment and Collateral Assignment Subordination Acknowledgment executed by 	; and
such other documents as we have deemed necessary or appropriate in rendering the opinions set forth below.
We have also attended various meetings of the District and have participated in conferences from time to time with representatives of the District, the District Engineer, the District Manager and Assessment Consultant, Bond Counsel, the Underwriter, counsel to the Underwriter, the Developer, Developer’s Engineer, Developer’s Counsel, SMR Counsel, and others relative to the Limited Offering Memorandum and the related documents described herein.

RELIANCE
This opinion is solely for the benefit of the (i) District; (ii) the Underwriter; and (iii) the Trustee; however, the Trustee may only rely on this opinion for the limited purposes of the opinions stated in Sections C.1 and C.3. This opinion may not be relied on by any other party or for any other purpose without our prior written consent. Notwithstanding the foregoing, no attorney-client relationship has existed or exists between the undersigned and the Underwriter or Trustee in connection with the Bonds by virtue of this opinion

OPINIONS
Based on the foregoing, and subject to the qualifications and assumptions set forth herein, we are of the opinion that:

Authority – Under the Florida Constitution and laws of the State, the District has been duly established and validly exists as a local unit of special purpose government and a special district under Chapter 2005-338, Laws of Florida, as amended, and Chapter 189, Florida Statutes (collectively, the “Act”), with such powers as set forth in the Act, and with good, right and lawful authority: (a) to enter into and to consummate the transactions contemplated by the Bond Resolution, the Assessment Resolution, the Indenture, the Bonds and the Bond Agreements; (b) to issue the Bonds for the purposes for which they are issued; (c) to impose, levy, collect and enforce the Debt Assessments and pledge the 2020 Trust Estate to secure the Bonds as provided in the Indenture; (d) to adopt the Bond Resolution and the Assessment Resolution; and (e) to perform its obligations under the terms and conditions of the Bond Resolution, the Assessment Resolution, the Bond Agreements, the Bonds and the Indenture.

Assessments – The proceedings by the District with respect to the Debt Assessments have been in accordance with Florida law. The District has taken all action necessary to authorize and execute the Assessment Resolution and to levy and impose the Debt Assessments as set forth in the Assessment Resolution, Assessment Methodology, and/or other applicable documents. The Debt Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Debt Assessments are assessed, co-equal with the lien of all state, county, district and municipal taxes and assessments, and superior in dignity to all other liens, titles and claims, until paid.

Agreements – The (a) Bond Resolution, (b) Bonds, (c) Indenture, and (d) Bond Agreements (assuming due authorization, execution and delivery of documents (b) – (d) listed herein by any parties thereto other than the District) have been duly and validly authorized, executed and delivered by the District, have been duly approved and adopted and/or issued by the District, are in full force and effect, constitute legal, valid and binding obligations of the District, and are enforceable against the District in accordance with their respective terms. All conditions prescribed in the Indenture as precedent to the issuance of the Bonds have been fulfilled.

Validation – The Bonds have been validated by a final judgment of the Circuit Court in and for Manatee and Sarasota Counties, Florida, of which no timely appeal was filed.

Governmental Approvals – As of the date hereof, all necessary consents, approvals, waivers or other actions by or filings with any governmental authority or other entity that are required for: (a) the adoption of the Bond Resolution and the Assessment Resolution; (b) the issuance, sale, execution and delivery of the Bonds upon the terms set forth in the BPC, PLOM, and LOM; (c) the execution and delivery of the Indenture and Bond Agreements; and (d) the performance by the District of the transactions required hereby, have been duly obtained or made and are in full force and effect.

PLOM and LOM – The District has duly authorized the execution, delivery and distribution by the Underwriter of the PLOM and LOM. To our knowledge, and based upon our review of the PLOM and LOM and without having undertaken to determine independently the accuracy, completeness or fairness of the statements contained in the PLOM and LOM, and as of the date of their respective issuances, and with respect to the PLOM, the date of the BPC, and with respect to the LOM, the date hereof, nothing has come to our attention which would lead us to believe that the PLOM and LOM contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading, provided however that the opinions stated herein extend only to the following provisions of the PLOM and LOM: “INTRODUCTION,” “SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS – Agreement for Assignment of Development Rights, Completion Agreement, and True Up Agreement,” “ENFORCEMENT OF ASSESSMENT COLLECTIONS,” “THE DISTRICT” (excluding the subcaption “The District Manager”), “ASSESSMENT METHODOLOGY,” “AGREEMENT BY THE STATE,” CONTINUING DISCLOSURE” (as it relates to the District only), “LITIGATION” (as it relates to the District only), and “VALIDATION,” and further provided however that the opinions stated herein do not extend to any statements that constitute descriptions of the Bonds or the Indenture. No information or opinion is offered as to any remaining provisions of the PLOM or LOM.

Litigation –Based on inquiry of the District’s Registered Agent for service of process and the fact that we have not been served with notice, there is no litigation pending or, to the best of our knowledge, threatened against the District:
seeking to restrain or enjoin the issuance or delivery of the Bonds or the application of the proceeds thereof, or the imposition, levy or collection of the Debt Assessments or the 2020 Trust Estate pledged for the payment of the debt service on the Bonds; (b) contesting or affecting the authority for the authority for the Debt Assessments, the authority for the issuance of the Bonds or the validity or enforceability of the Bonds, the Indenture, the Bond Agreements or the transactions contemplated thereunder; (c) contesting or affecting the establishment or existence of the District or any of its Supervisors, officers or employees, its assets, property or condition, financial or otherwise, or contesting or affecting any of the powers of the District, including its power to enter into the Indenture or the Bond Agreements, or its power to determine, assess, levy, collect and pledge the Debt Assessments for the payment of the debt service on the Bonds; or (d) specifically contesting the exclusion from federal gross income of interest on the Bonds.

Compliance with Laws – To the best of our knowledge, the District is not, in any manner material to the issuance of the Bonds or the Debt Assessments, in breach of or default under any applicable provision of the Act or constitutional provision, statute, or administrative regulation of the State of Florida, or any applicable judgment or decree, any loan agreement, indenture, bond, note, resolution, agreement (including the Bond Agreements and Indenture), or any 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 to the best of our knowledge, 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 event of default by the District under any such instrument; provided, however, that no opinion is expressed as to compliance with any state or federal tax or securities laws.

Authority to Undertake the Project - Based on certificates of the District Engineer, the Developer’s Engineer, and the Developer, and an opinion of Developer’s Counsel, the District has good right and lawful authority under the Act to undertake the Project being financed with the proceeds of the Bonds, subject to obtaining such licenses, orders or other authorizations as are, at the date of hereof, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to undertake the Project.

CERTAIN ASSUMPTIONS
In rendering the foregoing opinions, we have assumed the following: (1) that all public records, certifications, agreements and other documents examined by us that have been executed or certified by public officials acting within the scope of their official capacities are authentic, truthful and accurate; (2) that copies of such public records, certifications, agreements, and other documents furnished to us are authentic and conform to the originals; (3) that all signatures on executed public records, certifications, agreements and other documents are genuine; and (4) that

all public records, certifications, agreements and other documents have been properly authorized and are binding on each of the other parties thereto. Such assumptions do not apply to District documents.

CERTAIN QUALIFICATIONS
The foregoing opinions are subject to the following qualifications:

The opinions or statements expressed above are based solely on the laws of Florida in effect at the time of issuance of the Bonds. Accordingly, we express no opinion nor make any statement regarding the effect or application of the laws of the federal government (including but not limited to the Internal Revenue Code or any proposed changes thereto), or any other state or other jurisdiction.

Our opinion as to enforceability of any document is subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium, liquidation, readjustment of debt, or similar laws, relating to or affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and to the exercise of judicial discretion in appropriate cases, including the fact that specific performance and other equitable remedies are granted only in the discretion of a court.

Nothing herein shall be construed as an opinion regarding the possible applicability of state securities or “blue sky” laws or federal securities laws, as to which no opinion is expressed.

We further express no opinion as to the necessity for an interest rate waiver under Florida law, or the applicability of any provision or section of the Internal Revenue Code.

We express no opinion and make no representations with regard to financial information or statistical data. We express no opinion as to compliance with any state or federal tax laws.

We have not reviewed, and therefore express no opinion, regarding any land use, real property or other related items, including but not limited to whether any entity is able to convey good and marketable title to any particular real property or interest therein and related to the Project.

With respect to any of the opinions set forth in this letter which are based on or qualified by the phrase “to our knowledge,” the words “to our knowledge” signify that, in the course of our representation of the District, no facts have come to our attention that would give us actual knowledge that any such opinions or other matters are not accurate. Except to the extent expressly set forth herein, we have not undertaken any independent investigation to determine the existence or absence of any such facts, and no inference as to our knowledge of the existence of such facts should be drawn from the fact of our representation of District.

The opinions set forth herein are based on factual representations made to us as of the date hereof. We assume no duty to update or supplement our opinions to reflect any facts or circumstances that may thereafter come to our attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, our opinions are not a guarantee of a particular result, and are not binding on the courts or any other entity; rather, our opinions represent our professional judgment based on our review of existing law, and in reliance on the representations and covenants that we deem relevant to such opinions.

Very truly yours,

HOPPING GREEN & SAMS, P.A.

EXHIBIT E

CERTIFICATE OF ISSUER'S CONSULTING ENGINEER

October 	, 2020

Lakewood Ranch Stewardship District Manatee County, Florida

MBS Capital Markets, LLC Winter Park, Florida

U.S. Bank National Association Orlando, Florida

Re:	$ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (the "Bonds")

Ladies and Gentlemen:

The undersigned serves as the Consulting Engineer to Lakewood Ranch Stewardship District (the "Issuer"). This Certificate is furnished pursuant to Section 9 of the Bond Purchase Contract dated 	, 2020 between the Issuer and MBS Capital Markets, LLC relating to the sale of the above-captioned Bonds (the "Bonds"). Terms used herein in capitalized form and not otherwise defined herein shall have the meaning ascribed thereto in said Bond Purchase Contract or in the Limited Offering Memorandum dated 	, 2020 relating to the Bonds (the "Limited Offering Memorandum").

All governmental permits and approvals required to commence and complete construction, acquisition and installation of the 2020 Project have been obtained or can reasonably be obtained in the ordinary course.  The 2020 Project is expected to be completed by 	 ,

20

dated

.

The  information  contained  in  the  Preliminary  Limited  Offering Memorandum
, 2020 and the Limited Offering Memorandum under the caption "THE CAPITAL

IMPROVEMENT PROGRAM,” does not, to the best of our knowledge, 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.

STANTEC CONSULTING SERVICES INC.

By:  	

Title:

EXHIBIT F CERTIFICATE OF LANDOWNER
 	, 2020

Lakewood Ranch Stewardship District
c/o PFM Financial Consultants LLC., as District Manager Orlando, Florida

MBS Capital Markets, LLC Winter Park, Florida

U.S. Bank National Association Fort Lauderdale, Florida

Re:	$ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (the "Bonds")

The undersigned, a duly authorized representative of Lennar Homes, LLC, a Florida limited liability company (the "Landowner") hereby certifies that:

This Certificate is furnished pursuant to Section 9 of the Bond Purchase Contract (the   "Bond   Purchase Contract")  dated 	, 2020, between the Lakewood Ranch Stewardship District (the "District") and MBS Capital Markets, LLC relating to the sale of the above referenced Bonds. Terms used herein in capitalized from and not otherwise defined herein shall have the meaning ascribed thereto in said Bond Purchase Contract.

The Landowner is a Florida limited liability company organized, existing and in good standing under the laws of the State of Florida and has the power to conduct its business as described in the Limited Offering Memorandum.

The information contained in the Preliminary Limited Offering Memorandum dated 	, 2020, and the Limited Offering Memorandum dated    , 2020, each relating to the Bonds, under the captions or subcaptions "INTRODUCTION" (to the extent it describes the Landowner, Lorraine Lakes or the 2020 Project), “THE DEVELOPMENT,” “THE DEVELOPER,” "BONDHOLDERS' RISKS" (to the extent it describes the Landowner, Lorraine Lakes or the 2020 Project) –"LITIGATION – The Developer” and CONTINUING DISCLOSURE – The Developer” is true and correct in all material respects and does not contain any untrue statement of a 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. The Landowner agrees that if between the date hereof and the earlier of: (i) 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 (ii) the time when the Limited Offering Memorandum is available to any person from a nationally recognized municipal securities information repository (but in no event less than twenty-five (25) days following the end of the Underwriting Period), any event shall occur of which the Landowner shall have actual knowledge, which might or would cause the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact relating to the Landowner or the Lorraine Lakes or the 2020 Project, or to omit to state a material fact relating to the Landowner or Lorraine Lakes or 2020 Project necessary to make the statements therein, in the circumstances under which were made, not misleading, the Landowner 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 Limited Offering Memorandum, the Landowner will, at its expense, supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter.

Each of the Ancillary Documents to which the Landowner is a party of and the Declaration of Consent and the Continuing Disclosure Agreement (collectively, the "Landowner Documents"), is a valid and binding obligation of the Landowner, enforceable against the Landowner in accordance with its terms, subject to the effect of bankruptcy and similar laws and general equitable principles that may limit enforcement. To the knowledge of the undersigned, the execution and delivery by the Landowner of the Landowner Documents does not violate the Landowner organizational documents or any judgment, order, writ, injunction or decree binding on Landowner or any indenture, agreement, or other instrument to which the Landowner is a party. The Landowner has reviewed and approved the Landowner Documents.

All information provided by the Landowner to the Underwriter and/or Underwriter's counsel in response to the Underwriter's due diligence request in connection with the Bonds or provided to the Underwriter for distribution to potential purchasers of the Bonds or provided directly to such potential purchasers by the Landowner 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. There is no litigation threatened or pending against the Landowner which may result in any material adverse change in the business, properties, assets or financial condition of the Landowner.

As of the date hereof, there has been no material adverse change in the business, properties, assets or financial condition of the Landowner that would have a material and adverse impact on the value of Lorraine Lakes or the ability of Landowner to develop such lands which has not been disclosed to the Underwriter.

The Landowner consents to the levy of the Series 2020 Assessments on the lands in the District owned by Landowner. The levy of the Series 2020 Assessments on the lands in the District owned by Landowner will not conflict with or constitute a breach of or default under any agreement, mortgage, lien or other instrument to which the Landowner is a party or to which its property or assets are subject.

There is no litigation pending or, to our knowledge, threatened which would prevent or prohibit the development of Lorraine Lakes or the 2020 Project in accordance with the description thereof in the Limited Offering Memorandum and the Consulting Engineers' Report

annexed thereto. The Landowner is proceeding in its normal course of business to develop Lorraine Lakes. Except as otherwise disclosed in the Limited Offering Memorandum, there is no action, suit or proceedings at law or in equity by or before any court or public board or body pending or, solely to the best of our knowledge, threatened against the Landowner (or any basis therefor) (a) seeking to restrain or enjoin the execution or delivery of Landowner Documents,
contesting or affecting the validity or enforceability of the Landowner Documents, or any and all such other agreements or documents as may be required to be executed, or the transactions contemplated thereunder, (c) contesting or affecting the establishment or existence, of the Landowner, or of the Landowner 's business, assets, property or conditions, financial or otherwise, or contesting or affecting any of the powers of the Landowner or the development of Lorraine Lakes or the 2020 Project as described in the Limited Offering Memorandum.

The Landowner has not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Landowner has not indicated its consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee. The Landowner is not insolvent.

There are no mortgages or similar liens on the real property owned or to be owned by the Landowner within the area subject to the Series 2020 Assessments as of the date hereof other than as disclosed in the Limited Offering Memorandum.

All 2019 and prior years taxes relating to the lands in the District owned by the Landowner have been paid and there are no real estate taxes currently due with respect to such lands which are unpaid.

Nothing has occurred which would lead the Landowner to believe that all water and sewer utilities necessary to serve Lorraine Lakes, as such is described in the Limited Offering Memorandum, are, or will be, available as and when needed. The lands in Lorraine Lakes have the appropriate land use, zoning and other governmental approvals and development agreements to permit the development thereof as contemplated by the Limited Offering Memorandum and the Consulting Engineer's Report attached thereto. Except as otherwise disclosed in the Limited Offering Memorandum, all material conditions of the governmental development approvals and agreements applicable to the land in Lorraine Lakes have been complied with as of the date hereof or will be complied with in due course and there are no conditions therein that must be complied with in the future that would limit the development of Lorraine Lakes (including infrastructure improvements needed for Lorraine Lakes not included in the 2020 Project) as described in the Limited Offering Memorandum.

The Landowner acknowledges that it will have no rights under Chapter 170, Florida Statutes, as amended, to prepay, without interest, the Series 2020 Assessments imposed on lands in the District owned by it within thirty (30) days following completion of the 2020 Project and acceptance thereof by the District.

The Landowner acknowledges that the Bonds have the debt service requirements set forth under the heading "DEBT SERVICE REQUIREMENTS FOR 2020 BONDS" in the

Limited Offering Memorandum and that the Series 2020 Assessments will be levied by the District at times, and in amounts sufficient, to enable the District to pay debt service on the Bonds when due.

The Landowner has complied as described in the Limited Offering Memorandum with all continuing disclosure commitments undertaken by it pursuant to Rule 15c2-12 prior to the date hereof.
All contracts for sale entered into by Landowner for real property to be encumbered by Series 2020 Assessments have contained the disclosure language required by Chapter 2005- 338(6)(28) Laws of Florida.

The consummation of the transactions described in the Limited Offering Memorandum, including the execution and delivery of the Landowner Documents and the performance thereof, does not on the date hereof and will not at the time of such consummation, conflict with or constitute on the part of the Landowner a breach or violation of the terms and provisions of, or constitute a default under any existing agreement or indenture, mortgage, lease, deed of trust, note or other instrument, to which the Landowner is subject or by which it or its properties are or may be bound. The consummation of the transactions described in the Limited Offering Memorandum, applicable to the Landowner does not, on the date hereof, and will not at the time of such consummation, to the Landowner's knowledge, conflict with or constitute on the part of the Landowner a breach or violation of the terms and provisions of, or constitute a default under any existing constitution, laws, court or administrative rule or regulations, to which it is subject, or any decree, order or judgment to which it is a party or by which it is bound in force and effect on the date hereof.

The Landowner is not in material default under the Landowner Documents or any resolution, agreement or indenture, mortgage, lease, deed of trust, note or other instrument to which the Landowner is subject, or by which its properties are or may be bound, which would have a material adverse effect on the Development.

The Landowner is complying in all material respects with all provisions of applicable law in all material matters relating to Lorraine Lakes and its undertaking as described in the Limited Offering Memorandum, including applying for all remaining necessary permits and approvals and modifications thereof as contemplated by the Limited Offering Memorandum and the Consulting Engineer's Report attached thereto. The Landowner hereby certifies that: (a) the lands in Lorraine Lakes have the appropriate governmental approvals to permit the development of Lorraine Lakes; (b) the Landowner has not taken any action that would cause it to be in default of and has no knowledge of any default under, any zoning condition, permit or development agreement which would adversely affect the District's ability to complete development of the capital improvement program as described in the Limited Offering Memorandum and all appendices thereto or the Landowner 's ability to complete Lorraine Lakes as described in the Limited Offering Memorandum and all appendices thereto; and (c) assuming compliance with the material conditions of the governmental orders, permits and approvals applicable to Lorraine Lakes, all of which conditions are within the control of the Landowner, Lorraine Lakes will be able to be developed as described in the Limited Offering Memorandum.

As of the date hereof, there has been no material adverse change in the business, properties, assets or financial condition of the Landowner which has not been disclosed to the Underwriter.

Pursuant to the terms of that certain Completion Agreement between the District and the Landowner, the Landowner agrees to fund all District capital improvements described in the Engineer's Report and needed for Lorraine Lakes not financed by the District.

The Landowner is not aware of any condition related to Lorraine Lakes which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.

The Landowner is not in default of any obligations to pay special assessments.

There has been no action taken by or omitted by the Landowner that impairs the contemplated transactions by the District with respect to the Bonds, including: (a) the issuance and sale of the Bonds upon the terms set forth in the Bond Purchase Contract; (b) the approval of the Limited Offering Memorandum and the signing of the Limited Offering Memorandum by a duly authorized officer of the District; (c) the acquisition and construction of the 2020 Project (as described in the Limited Offering Memorandum); and (d) the execution, delivery and receipt of the Bond Purchase Contract, the Bonds, the Master Trust Indenture dated as of September 1, 2005 (the "Master Indenture"), and the Thirtieth Supplemental Trust Indenture, dated as of October 1, 2020 and together with the Master Indenture, the "Indenture"), the Continuing Disclosure Agreement, any of the Ancillary Documents and any and all such other agreements or documents as may be required to be executed, delivered and received by the District in order to carry out, give effect to, and consummate the transactions contemplated by the Limited Offering Memorandum and the Indenture. The Landowner acknowledges and consents to those provisions of the Bond Purchase Contract which reference it.

The Landowner recognizes that the  certifications,  representations  and  warranties provided by the Landowner in this certificate and by its agents pursuant to the Bond Purchase Contract (collectively, the "Certifications") serve as a material inducement for the District to issue the Bonds which will provide infrastructure, services and facilities benefiting the property within the District's boundaries, including property within Lorraine Lakes, and for the Underwriter to underwrite and purchase the Bonds. The Landowner hereby holds the District and the Underwriter harmless from and against any and all proceedings, judgments, obligations, losses, damages, deficiencies, settlements, assessments, charges, costs and expenses (including without limitation reasonable attorneys' fees, paralegals' fees, investigation expenses, court costs, interest and penalties through all negotiations, trial and appellate levels) arising out of or in connection with, or caused directly or indirectly by, any breach or failure of any of the Certifications or any of such Certifications being incorrect or misleading in any material respect or having omitted any information necessary to make such Certifications not misleading.

Capitalized terms not defined herein have the meaning ascribed to them in the Bond Purchase Contract for the Bonds.

Dated: 	, 2020.

LENNAR HOMES, LLC,
a Florida limited liability company

By:  	

EXHIBIT G

[Form of Opinion of Counsel to the Developer]

October 	, 2020

MBS Capital Markets, LLC 152 Lincoln Avenue Winter Park, FL 32789

Re:	$ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (the "Bonds")

Ladies and Gentlemen:

We have served as counsel to Lennar Homes, LLC, a Florida limited liability company (the "Landowner" or “Developer”) in connection with the issuance by Lakewood Ranch Stewardship District (the "District") of the above-referenced Bonds as described in the District's Preliminary Limited  Offering Memorandum, dated 	, 2020 (the "Preliminary Limited Offering Memorandum") and the Limited Offering Memorandum dated 	_, 2020 (the "Limited Offering Memorandum"). Unless otherwise expressly defined herein, capitalized terms used herein have the respective meanings assigned to them in the Limited Offering Memorandum or in the Bond Purchase Contract for the Bonds (the "Contract of Purchase").

In our capacity as counsel to the Landowner, we have examined such documents and have made such examination of laws as we have deemed necessary or appropriate in rendering the opinions set forth below.

Based on the foregoing, we are of the opinion that:

The Landowner is a Florida limited liability company, duly organized and lawfully existing and duly qualified to do business in the State of Florida. The Landowner has all requisite power and authority to conduct its business as described in the Limited Offering Memorandum including the development of the Development and to enter into the Landowner’s Documents hereinafter described.

The Landowner has lawful authority to undertake the development of the Development as described in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum and we are not aware of any action taken or omitted by the Landowner that impairs the completion of the Development.

There has been no action taken by or omitted by the Landowner that prevents any of the following transactions of the District; (a) the issuance and sale of the Bonds upon the terms set forth in the Contract of Purchase and in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum; (b) the approval of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum by a duly authorized officer of the District;
the acquisition and construction of 2020 Project; and (d) the execution, delivery and receipt of the Financing Documents and the Ancillary Documents to which it is a party. Such Ancillary Documents, the Declaration of Consent and the Continuing Disclosure Agreement and all the documents executed and delivered by the Landowner in connection with the decision of the Bonds are collectively referred to as the “Landowner Documents”.

The consummation of the transactions described in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum do not on the date hereof and will not at the time of such consummation, conflict with or constitute on the part of the Landowner a breach or violation of the terms and provisions of, or constitute a default under any existing agreement, indenture, mortgage, lease, deed of trust, not or other instrument to which the Landowner is subject or by which it or its properties are or may be bound. The consummation by the Landowner of the transactions described in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum applicable to the Landowner do not on the date hereof and will not at the time of such consummation, conflict with or constitute a default under its organizational documents or under any existing constitution, laws, court or administrative rule or regulation, to which the Landowner is subject, or any decree, order or judgment to which it is party or by which it is bound in force an effect on the date hereof.

To our knowledge, the Landowner is not in default under any other resolution, agreement, development agreement, zoning condition, permit, indenture, mortgage, lease, deed of trust, note or other instrument to which the Landowner is subject or by which it or its properties are or may be bound.

Based upon inquiry with the Clerk of the Courts for Manatee County through
          , 2020, there was at that time no action, suit or proceedings at law or in equity by or before any such courts, public board or body pending or threatened against the Landowner (a) seeking to restrain or enjoin the issuance or delivery of the Bonds or the application of the proceeds thereof, or the levy or collection of the Series 2020 Assessments, (b) contesting or affecting the authority for the issuance of the Bonds or the validity or enforceability of the Bonds, the Financing Documents, the Landowner Documents or the transactions contemplated thereunder, (c) contesting or affecting the establishment or existence, of the Landowner or any of its officers or employees, its assets, property or conditions, financial or otherwise, or contesting or affecting any of the powers of the Landowner, including its power to develop the Development and its ownership interest in Development which could if determined adversely to the Landowner have a material adverse effect upon the construction of the Development by the Landowner or the District, or (d) which, if determined adversely to the Landowner, would have a material adverse impact on the ability of the Landowner to sell lands in the Development as contemplated by the Limited Offering Memorandum.

The Landowner has complied with all provisions of applicable law in all matters relating to the Development and its undertaking as described in the Preliminary Limited Offering

Memorandum and the Limited Offering Memorandum and the Indenture including receiving all permits, consents or licenses and making all notices to or filings with governmental authorities required as of this date, except as set forth in the Limited Offering Memorandum. The Development lands are completely vested and zoned for their intended use. All government permits and approvals, as described in the Limited Offering Memorandum, including the consulting engineer's report attached thereto, have been received or are expected to be received as needed. We have no reason to believe that any permits, consent and licenses required to complete the Development as described in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum and the Indenture will not be obtained as required.

To our knowledge after reasonable investigation, the information contained in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum under the heading "THE DEVELOPMENT,” “THE DEVELOPER,” "LITIGATION – The Developer," and "CONTINUING DISCLOSURE," as it relates to the Developer."

In  reliance  upon  the  Ownership  and  Encumbrance  Report  No.  dated prepared by 	, at that time, all of the assessable properties that are owned by the Landowner were free and clear of any liens or  encumbrances  (without  regard  to priority of lien, as to which no opinion is expressed) that would impede the construction of the Development as contemplated in the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum, and all appendices. The levy of the Series 2020 Assessments on the property      in the District subject thereto  and  owned  by  the  Landowner  will  not  conflict  with, constitute a breach of, or default under any indenture or other mortgage instrument relative to the property in the District which the Landowner is a party. There are not mortgages on the property subject to the Series 2020 Assessments owned by the Landowner, other than as described in the Limited Offering Memorandum.

Assuming due authorization and execution by the other parties thereto, the Landowner Documents constitute legal, valid and binding obligations of the Landowner, enforceable in accordance with their respective terms (except to the extent that such enforceability may be limited by bankruptcy, insolvency, reorganization and similar law affecting creditors, rights generally and general principles of equity).

This opinion is solely for the benefit of the addressees and this opinion may not be relied upon in any manner, nor used, by any other person or entities. This opinion is as of the date set forth above and we assume no duty to subsequently update the opinion.

Whereas herein we have issued an opinion as to enforceability of a document, such opinion is subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditor's rights generally and general principles of equity (regardless of whether such enforceability is considered in proceeding in equity or a law) and to the exercise of judicial discretion in appropriate cases.

The opinion or statements expressed above are solely on the laws of Florida and of the United States of America. Accordingly, we express no opinion nor make any statements regarding the effect or application of the laws of any other state or jurisdiction.

Very truly yours,

EXHIBIT H 

CERTIFICATE OF LANDOWNER ENGINEER

October 	, 2020

Lakewood Ranch Stewardship District Manatee County, Florida

MBS Capital Markets, LLC Winter Park, Florida

U.S. Bank National Association Fort Lauderdale, Florida

Re:	$ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project) (the "Bonds")

Ladies and Gentlemen:

The undersigned has been engaged to provide engineering services to LENNAR HOMES, LLC (the "Landowner ") in connection with the development known as Lorraine Lakes located within the boundaries of Lakewood Ranch Stewardship District (the "Issuer"). This Certificate is furnished pursuant to Section 9 of the Bond Purchase Contract dated 	, 2020, between the Issuer and MBS Capital Markets, LLC relating to the sale of the above-captioned Bonds. Terms used herein in capitalized form and not otherwise defined herein shall have the meaning ascribed thereto in said Bond Purchase Contract or in the Limited Offering Memorandum dated 	, 2020 relating to the Bonds (the "Limited Offering Memorandum").

The information under the subcaption “Zoning and Permitting” under the caption “THE DEVELOPMENT” and under the caption “THE CAPITAL IMPROVEMENT PROGRAM” in  the Preliminary  Limited  Offering Memorandum dated 	, 2020 and the Limited Offering Memorandum is true and correct in all material respects and does not contain 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.

To the best of our knowledge, after reasonable investigation, the governmental permits and approvals currently required to complete the Lorraine Lakes as described in the Limited Offering Memorandum and to complete the infrastructure needed to serve the Lorraine Lakes are in place or are reasonably obtainable in the ordinary course. The infrastructure needed for Lorraine Lakes not included in 2020 Project being undertaken by the Issuer is expected to be complete by         , 20      . All material conditions of the land use and zoning ordinances and other governmental development orders, approvals, and agreements applicable to Lorraine Lakes have been complied with as of the date hereof and there are no conditions therein that must be

complied with in the future that would limit the development thereof (including internal subdivision improvements and master infrastructure) as described in the Limited Offering Memorandum.

The plans and specifications for Lorraine Lakes have been approved by all regulatory bodies required to approve them (such regulatory bodies consisting of those referred to in Engineer's Report) or such approval can reasonably be expected to be obtained.

All water and sewer utilities necessary to serve the lands specially benefited by 2020 Project as described in the Limited Offering Memorandum, are, or will be, available as and when needed.

The portion of the 2020 Project heretofore constructed has been constructed in a sound workmanlike manner and in accordance with industry standards and the plans and specifications therefor.

The purchase price to be paid by the Issuer for any portion of the 2020 Project being acquired by the Issuer is no more than the lesser of: (i) the fair market value of such improvements and (ii) the actual cost of construction of such improvements.

The  Report  prepared  by us entitled 	_ and dated 	, 2020 (the “Report”) attached as an appendix to the Preliminary Limited Offering Memorandum and Limited Offering Memorandum was prepared in accordance with generally accepted engineering practices. The information in the Report is true and complete in all material respects containing no untrue statement of material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.

We hereby consent to the inclusion of the Report as an appendix to the Limited Offering Memoranda and to the references to the Engineers in the Limited Offering Memoranda.

KIMLEY-HORN AND ASSOCIATES

By:		 Title:

EXHIBIT I

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 Bonds, Series 2020 (Lorraine Lakes 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: 	, 2020.	MBS CAPITAL MARKETS, LLC

By:		 Title: Managing Partner

EXHIBIT J

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 Bonds, Series 2020 (Lorraine Lakes Project) (the "Series 2020 Bonds") and have participated in the preparation of the Preliminary Limited Offering Memorandum  dated 	, 2020 and the final Limited Offering Memorandum dated
 	, 2020, related to the Series 2020 Bonds (collectively, the Limited Offering Memoranda").

As District Manager, nothing has come to our attention that would lead us to believe that the Limited Offering Memoranda, as it relates to the District, the 2020 Project 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 caption or subcaptions "THE DISTRICT", ASSESSMENT METHODOLOGY," "FINANCIAL STATEMENTS," "LITIGATION – The District," "DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS," "CONTINUING DISCLOSURE," (as it relates to the District), "MUNICIPAL ADVISOR", "DISCLOSURE OF MULTIPLE ROLES," CONTINGENT FEES," and APPENDIX F, “AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FOR THE YEAR ENDED SEPTEMBER 30, 2019” did not as of the respective dates of the Limited Offering Memoranda 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: 	, 2020.	PFM GROUP CONSULTING LLC

By:	 Title:  	

EXHIBIT C

FORM OF PRELIMINARY LIMITED OFFERING MEMORANDUM

THIS PRELIMINARY LIMITED OFFERING MEMORANDUM DATED SEPTEMBER 	, 2020

NEW ISSUE - BOOK-ENTRY ONLY	NOT RATED
LIMITED OFFERING

This Preliminary Limited Offering Memorandum 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 Limited Offering Memorandum is delivered in final form. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the 2020 Bonds in 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.

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 Bonds, Series 2020 (Lorraine Lakes 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 Bonds, Series 2020 (Lorraine Lakes Project) (the "2020 Bonds") in fully registered form, without coupons, in denominations of $5,000 or any integral multiple thereof; provided that the 2020 Bonds will be deliverable to the initial purchasers thereof only in denominations of $100,000 or any integral multiple of $5,000 in excess 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 May 1, 2021. See "DESCRIPTION OF THE 2020 BONDS" herein.
Proceeds of the 2020 Bonds will be used to (i) finance the acquisition, construction, installation and equipping of the 2020 Project (ii) fund the 2020 Reserve Account in an amount equal to the initial 2020 Reserve Account Requirement, (iii) capitalize interest on the 2020 Bonds through November 1, 2021 and (iv) pay costs of issuance of the 2020 Bonds. See "ESTIMATED SOURCES AND USES OF PROCEEDS" 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 Thirtieth Supplemental Trust Indenture dated as of October 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 (except for the 2020 Rebate Account and the 2020 Cost of Issuance Account) established by the Supplemental Indenture (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 PLEDGED REVENUES AND THE 2020 PLEDGED FUNDS 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' RISKS" and "SUITABILITY FOR INVESTMENT" herein. The Underwriter is limiting this offering of the 2020 Bonds to accredited investors within the meaning of the rules of the Florida Department of Financial Services; the limitation of the initial offering of 2020 Bonds to Accredited Investors does not denote restrictions on transfer in any secondary market for the 2020 Bonds. The 2020 Bonds are not credit enhanced, are not rated and no application has been made for a rating or credit enhancement with respect to the 2020 Bonds, nor is there any reason to believe that the District would have been successful in obtaining either credit enhancement for the 2020 Bonds or a rating for the 2020 Bonds had application been made. Potential investors are solely responsible for evaluating the merits and risks of an investment in the 2020 Bonds.
This cover page contains certain information for quick reference only. It is not a summary of the 2020 Bonds. Investors must read the entire Limited Offering Memorandum to obtain information essential to the making of an informed investment decision. This Limited Offering Memorandum speaks only as of its date and information contained herein is subject to change.

MATURITY SCHEDULE
$ 	- 	% Term Bond due May 1, 	; Price: 	, CUSIP 	**
$ 	- 	% Term Bond due May 1, 	; Price: 	, CUSIP 	**
$ 	- 	% Term Bond due May 1, 	; Price: 	, CUSIP 	**
$ 	- 	% Term Bond due May 1, 	; Price: 	, CUSIP 	**

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., Tampa, 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, for the Developer (hereinafter defined) by Pavese Law Firm, Fort, Myers and for the Trustee by Holland & Knight, LLP, Miami, Florida. PFM Financial Advisors LLC 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 	, 2020.

Dated: 	, 2020

MBS Capital Markets, LLC

*	Preliminary, subject to change.
** 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 Limited Offering Memorandum.

54434581;1

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

DISTRICT ENGINEER

Stantec Consulting Services Inc.
Sarasota, Florida

BOND COUNSEL

Bryant Miller Olive P.A. Tampa, 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 LIMITED OFFERING MEMORANDUM, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE DISTRICT. THIS LIMITED OFFERING MEMORANDUM 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 THE DEVELOPER AND 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 OR THE DISTRICT WITH RESPECT TO INFORMATION PROVIDED BY OTHERS OR THE UNDERWRITER NAMED ON THE COVER PAGE OF THIS LIMITED OFFERING MEMORANDUM. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS LIMITED OFFERING MEMORANDUM 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 LIMITED OFFERING MEMORANDUM, 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 THE DEVELOPER OR SMR OR IN THE STATUS OF LAKEWOOD RANCH, THE DEVELOPMENT OR THE 2020 PROJECT (AS SUCH TERMS ARE HEREINAFTER DEFINED) SINCE THE DATE HEREOF. THE TRUSTEE HAS NOT PARTICIPATED IN THE PREPARATION OF THIS LIMITED OFFERING MEMORANDUM AND MAKES NO REPRESENTATION WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF ANY OF THE MATERIAL CONTAINED IN THIS LIMITED OFFERING MEMORANDUM. 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.

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 LIMITED OFFERING MEMORANDUM.

"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, THE DEVELOPER AND SMR'S CONTROL. BECAUSE THE DISTRICT, THE DEVELOPER AND SMR 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, THE DEVELOPER AND SMR DO 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.

THIS LIMITED OFFERING MEMORANDUM 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 LIMITED OFFERING MEMORANDUM MAY BE RELIED UPON ONLY IF IT IS IN ITS ORIGINAL BOUND FORMAT OR AS PRINTED IN ITS ENTIRELY DIRECTLY FROM SUCH WEBSITE.

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 LIMITED OFFERING MEMORANDUM FOR ANY PURPOSE INCLUDING FOR PURPOSES OF RULE 15C2-12 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

THE LIMITED OFFERING MEMORANDUM 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.

THE DISTRICT HAS DEEMED THIS PRELIMINARY LIMITED OFFERING MEMORANDUM "FINAL," EXCEPT FOR PERMITTED OMISSIONS, WITHIN THE CONTEMPLATION OF RULE 15C2-12 PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

TABLE OF CONTENTS

Page

SUMMARY STATEMENT	vi
Bond Owners' Risks; Limited Offering	vi
The District	vi
The 2020 Bonds	vi
Purpose of the 2020 Bonds	vi
Lorraine Lakes Lakewood Ranch	vi
Security for the 2020 Bonds	vii
INTRODUCTION	1
SUITABILITY FOR INVESTMENT	2
DESCRIPTION OF THE 2020 BONDS	3
General	3
Redemption Provisions	3
Notice and Effect of Redemption	5
Book-Entry Only System	5
ESTIMATED SOURCES AND USES OF PROCEEDS	7
DEBT SERVICE REQUIREMENTS FOR 2020 BONDS	8
SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS	8
General	8
Developer Prepayment Waiver	10
Indenture Provisions Relating to Bankruptcy or Insolvency of Landowner	10
No Parity Bonds; Limitation on Additional Bonds	11
Events of Default and Remedies	12
Agreement for Assignment of Development Rights	13
Completion Agreement	13
True Up Agreement	13
COLLECTION OF SERIES 2020 ASSESSMENTS	13
ENFORCEMENT OF ASSESSMENT COLLECTIONS	13
Judicial Proceedings	14
Tax Collection Procedures	15
Sale of Tax Certificates	16
FUNDS AND ACCOUNTS	17
Acquisition and Construction Fund	17
2020 Reserve Account	17
Application of Prepayment Principal	18
Tax Covenants and Rebate Accounts	18
Establishment of 2020 Revenue Account in Revenue Fund; Application of Pledged Revenues and
Investment Earnings	18
BONDHOLDERS' RISKS	20
THE DISTRICT	26
General	26
Governance	26
Powers and Authority	27
The District Manager	27

THE CAPITAL IMPROVEMENT PROGRAM	29
ASSESSMENT METHODOLOGY	29
LAKEWOOD RANCH	30
General	30
Existing Development	30
THE DEVELOPMENT	41
General	41
Land Acquisition/ Development Financing	41
Northeast Sector – Development Agreement	42
Zoning and Permitting	43
Product Type/Phasing	44
Home Construction/Sales Activity	44
Projected Absorption	45
Assessment Area	45
Product Offerings/Pricing	45
Recreational Amenities	46
Utilities	46
Schools	46
Marketing	46
Fees and Assessments	46
Competition	47
THE DEVELOPER	47
TAX MATTERS	48
General	48
Information Reporting and Backup Withholding	48
Other Tax Matters Relating to the 2020 Bonds	49
Tax Treatment of the Original Issue Discount	50
AGREEMENT BY THE STATE	50
LEGALITY FOR INVESTMENT	50
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	50
CONTINUING DISCLOSURE	50
FINANCIAL STATEMENTS	51
ENFORCEABILITY OF REMEDIES	51
LITIGATION	51
NO RATING OR CREDIT ENHANCEMENT	51
UNDERWRITING	52
DISCLOSURE OF MULTIPLE ROLES	52
EXPERTS	52
CONTINGENT FEES	52
LEGAL MATTERS	52
MUNICIPAL ADVISOR	52

VALIDATION	53
MISCELLANEOUS	53

APPENDIX A – ENGINEER'S REPORT APPENDIX B – INDENTURE
APPENDIX C – FORM OF OPINION OF BOND COUNSEL
APPENDIX D – FORM OF CONTINUING DISCLOSURE AGREEMENT APPENDIX E – ASSESSMENT REPORTS
APPENDIX F – AUDITED FINANCIAL STATEMENTS OF THE DISTRICT FOR THE YEAR ENDED SEPTEMBER 30, 2019

SUMMARY STATEMENT

This Summary Statement is part of this Limited Offering Memorandum and is subject in all respects to the more complete information and definitions contained in or incorporated in this Limited Offering Memorandum. 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 Bonds, Series 2020 (Lorraine Lakes Project) (the "2020 Bonds") is made only by means of this entire Limited Offering Memorandum. No person is authorized to detach this Summary Statement from this Limited Offering Memorandum or to otherwise use it without the entire Limited Offering Memorandum. 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 Limited Offering Memorandum.

Bond Owners' Risks; Limited Offering

NO APPLICATION HAS BEEN MADE FOR A RATING WITH RESPECT TO THE 2020 BONDS. 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" AND "SUITABILITY FOR INVESTMENT" 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 by and between the District and U.S. Bank National Association as successor to Wachovia Bank, National Association (the "Master Indenture") as trustee (the "Trustee") as supplemented by a Thirtieth Supplemental Trust Indenture dated as of October 1, 2020 from the District to 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; provided that the 2020 Bonds will be deliverable to the initial purchasers thereof only in principal amounts of
$100,000 or integral multiples of $5,000 in excess of $100,000. The 2020 Bonds will bear interest at the fixed rates set forth on the 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 May 1, 2021. 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

The 2020 Bonds are being issued in order to provide funds to (i) construct, acquire, equip and install the 2020 Project, (ii) fund the 2020 Reserve Account in an amount equal to the initial 2020 Reserve Account Requirement,
pay costs of issuance of the 2020 Bonds, and (iv) to capitalize the interest on the 2020 Bonds through November 1, 2021. See "ESTIMATED SOURCES AND USES OF PROCEEDS" herein.

Lorraine Lakes Lakewood Ranch

Lorraine Lakes (the “Development”) is located in the northeast quadrant of Lakewood Ranch and encompasses approximately 545 acres to be marketed as a highly amenitized residential community planned for 1,412 residential units. The Series 2020 Assessments are ultimately intended to be levied on all of the 1,412 planned units.

The grand opening of the Development is planned for September, 2020. See “THE DEVELOPMENT” and "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 (except for the 2020 Rebate Account and 2020 Cost of Issuance 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".

[END OF SUMMARY STATEMENT]

$ 	*
LAKEWOOD RANCH STEWARDSHIP DISTRICT
Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project)

INTRODUCTION

The purpose of this Limited Offering Memorandum, 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 Assessment Revenue Bonds, Series 2020 (Lorraine Lakes 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 Limited Offering Memorandum 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 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 portion of the District being developed with certain proceeds of the 2020 Bonds is a area known as Lorraine Lakes, an area of approximately 545 gross acres located in Manatee County, (the "County") in the northeastern portion of the District. Lorraine Lakes (the “Development”) is planned for 1,412 residential units. See “THE DEVELOPMENT” herein

The developer of the lands within the Development is Taylor Morrison of Florida, Inc. (the "Developer"), a Florida corporation. See "THE DEVELOPER" herein.

The 2020 Bonds are being issued pursuant to the Act and a Master Trust Indenture dated as of September 1, 2005 by and between the District and U.S. Bank National Association as successor to Wachovia Bank, National Association (the "Master Indenture") as trustee (the "Trustee") as supplemented by an Thirtieth Supplemental Trust Indenture dated as of October 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 (except for the 2020 Rebate Account and 2020 Cost of Issuance 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".

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 PLEDGED REVENUES AND THE 2020 PLEDGED FUNDS PLEDGED TO THE 2020 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

Proceeds of the 2020 Bonds will be used to (i) acquire, construct, install and equip the 2020 Project, (ii) fund the 2020 Reserve Account in an amount equal to the initial 2020 Reserve Account Requirement, (iii) pay costs of issuance of the 2020 Bonds, and (iv) capitalize interest on the 2020 Bonds through November 1, 2021. See "ESTIMATED SOURCES AND USES OF PROCEEDS" herein.

INVESTMENT IN THE 2020 BONDS POSES CERTAIN RISKS AND THE 2020 BONDS ARE NOT A SUITABLE INVESTMENT FOR ALL POTENTIAL INVESTORS. SEE "BONDHOLDERS' RISKS" AND "SUITABILITY FOR INVESTMENT" HEREIN.

THE 2020 BONDS ARE NOT CREDIT ENHANCED AND ARE NOT RATED. PROSPECTIVE INVESTORS IN THE 2020 BONDS ARE INVITED TO VISIT THE DISTRICT AND TO REQUEST FROM THE DISTRICT DOCUMENTS, INSTRUMENTS AND INFORMATION WHICH MAY NOT NECESSARILY BE REFERRED TO, SUMMARIZED OR DESCRIBED HEREIN. THEREFORE, PROSPECTIVE INVESTORS SHOULD RELY UPON THE INFORMATION APPEARING IN THIS LIMITED OFFERING MEMORANDUM WITHIN THE CONTEXT OF THE AVAILABILITY OF SUCH ADDITIONAL INFORMATION AND THE SOURCES THEREOF. PROSPECTIVE INVESTORS MAY REQUEST SUCH ADDITIONAL INFORMATION AND ARRANGE TO VISIT THE DISTRICT AS DESCRIBED HEREIN UNDER THE CAPTION "SUITABILITY FOR INVESTMENT."

There follows in this Limited Offering Memorandum a brief description of the District, the 2020 Project, Lakewood Ranch, the Development, the Developer, 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 Limited Offering Memorandum speaks only as of its date and the information contained herein is subject to change.

SUITABILITY FOR INVESTMENT

While the 2020 Bonds are not subject to registration under the Securities Act of 1933, as amended (the "Securities Act"), MBS Capital Markets, LLC (the "Underwriter") will, as required by Chapter 189, Florida Statutes, offer the 2020 Bonds only to "accredited investors," within the meaning of Chapter 517, Florida Statutes, and the rules promulgated thereunder. However, the limitation of the initial offering to Accredited Investors does not denote restrictions on transfers in any secondary market for the 2020 Bonds. 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 should have the ability to bear the economic risks of such prospective investment, including a complete loss of such 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 Limited Offering Memorandum. 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) 808-0685

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; provided that the 2020 Bonds will be deliverable to the initial purchasers thereof only in principal amounts of $100,000 or integral multiples of $5,000 in excess 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 cover page of this Limited Offering Memorandum. 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 May 1, 2021.

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 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 are subject to redemption at the option of the District prior to maturity in whole or in part at any time on or after May 1, (less than all 2020 Bonds to be selected by lot), 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 Sinking Fund Redemption. The 2020 Bond maturing on May 1, 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 a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
 	of the Year		Amortization
 	Installment		
	$	

*		

Maturity
The 2020 Bond maturing on May 1,   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 a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
 	of the Year		Amortization
 	Installment		
	$	

*		

Maturity

The 2020 Bond maturing on May 1,     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 a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
 	of the Year		Amortization
 	Installment		
	$	

*		

Maturity

The 2020 Bond maturing on May 1,     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 a Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
 	of the Year		Amortization
 	Installment		
	$	

*		

Maturity
Upon redemption or purchase of the 2020 Bonds (other than redemption in accordance with scheduled Amortization Installments), the District shall cause to be recalculated and delivered to the Trustee revised Amortization Installments recalculated so that Debt Service on such 2020 Bonds is amortized in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of such 2020 Bonds (the annual principal amounts so determined referred to as the "Aggregate Amortization Installments"). The Amortization Installments as so recalculated shall not result in an increase in Aggregate Amortization Installments in any year.

Extraordinary Mandatory Redemption. The 2020 Bonds are subject to extraordinary mandatory redemption prior to scheduled maturity, in whole on any date or in part on any Quarterly Redemption Date, and if in part on a pro rata basis as calculated by the District determined by the ratio of the Outstanding principal amount of each maturity of the 2020 Bonds treating for such purposes each Amortization Installment as a maturity divided by the aggregate principal amount of Outstanding 2020 Bonds and as otherwise provided in the Indenture, at the Redemption Price of 100% of the principal amount thereof, without premium, plus accrued interest to the date of redemption, if and to the extent that any one or more of the following shall have occurred:

On or after the Date of Completion of the 2020 Project, by application of moneys transferred from either subaccount of the 2020 Acquisition and Construction Account to the 2020 Prepayment Subaccount of the 2020 Redemption Account in accordance with the terms of the Indenture; or

Amounts are deposited into the 2020 Prepayment Subaccount of the 2020 Redemption Account from the prepayment of Series 2020 Assessments and from amounts deposited into the 2020 Prepayment Subaccount from the 2020 Reserve Account; or

When the amount on deposit in the 2020 Reserve Account, together with other moneys available therefor are sufficient to pay and redeem all 2020 Bonds then Outstanding as provided in the Supplemental Indenture.

Except as otherwise provided in the Indenture, if less than all of the 2020 Bonds subject to redemption shall be called for redemption, the particular maturities of such 2020 Bonds or portions of particular maturities of such 2020 Bonds to be redeemed shall be selected by the Bond Registrar on a pro rata basis as determined by the ratio of the Outstanding principal amount of each maturity of the 2020 Bonds divided by the aggregate principal amount of Outstanding 2020 Bonds and as otherwise provided in the Indenture and then by lot within each maturity, as determined by Cede & Co.

“Quarterly Redemption Date” means each February 1, May 1, August 1 and November 1.

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 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 2020 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 2020 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 2020 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, 2020 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, 2020 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 LIMITED OFFERING MEMORANDUM.

ESTIMATED SOURCES AND USES OF PROCEEDS

Proceeds from the issuance and delivery of the 2020 Bonds are expected to be applied as follows:

SOURCES		
Par Amount of 2020 Bonds	  $		
Less Net Original Issue Discount	 	(	) 	
TOTAL SOURCES:	$	

USES	

$	
Deposit to 2020 Acquisition and Construction Account		
Deposit to 2020 Reserve Account		
2020 Costs of Issuance Account (including Underwriter's Discount)		
Deposit to 2020 Capitalized Interest Account*	  $		
TOTAL USES:	

*Interest is being capitalized on the 2020 Bonds through November 1, 2021

[Remainder of page intentionally left blank]

DEBT SERVICE REQUIREMENTS FOR 2020 BONDS

Year Ending
November 1		
Principal		
Interest		
Total	

2020		
$		
$		
$	
2021							
2022							
2023							
2024							
2025							
2026							
2027							
2028							
2029							
2030							
2031							
2032							
2033							
2034							
2035							
2036							
2037							
2038							
2039							
2040							
2041							
2042							
2043							
2044							
2045							
2046							
2047							
2048							
2049							
2050							
2051*		 			 			 		
TOTALS		$		$		$	

*Final Maturity May 1, 2051.

General

SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS

The primary 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, as provided in the Assessment Reports (as defined herein) attached hereto as APPENDIX E. The principal of, premium, if any, and interest on the 2020 Bonds are equally and ratably secured under the Indenture by a first lien upon and pledge of revenues derived by the District

from the Series 2020 Assessments collected by or on behalf of the District (the "Series 2020 Assessments" or the "2020 Pledged Revenues"). Please refer to "ASSESSMENT METHODOLOGY" herein.

The Indenture provides that the pledge of the revenues derived by the District from the Series 2020 Assessments shall be valid and binding from and after the date of delivery of the 2020 Bonds, and the proceeds of the 2020 Bonds and Series 2020 Assessments, respectively, shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien against the 2020 Trust Estate (as defined in the Indenture) shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the District irrespective of whether such parties have notice thereof.

Delinquent Series 2020 Assessments consist  of  any  installment  of  any  Series 2020 Assessment  which is deposited with the Trustee after the date on which such installment is due and payable. The Series 2020 Assessments will be levied upon land within the District specially benefited by the 2020 Project. See "ASSESSMENT METHODOLOGY", and "THE CAPITAL IMPROVEMENT PROGRAM" herein, "APPENDIX A – ENGINEER'S
REPORT" and "APPENDIX E – ASSESSMENT REPORTS" attached hereto for a brief summary of such improvements.

Non-ad valorem assessments are not based on millage and can become a lien against the homestead as permitted in Section 4, Article X of the Florida State Constitution. Series 2020 Assessments 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 not be required to collect Series 2020 Assessments using the Uniform Collection Method provided for in Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, as amended (the "Uniform Method") until such time as the property subject to such Series 2020 Assessments has been platted and assigned a distinct ad valorem property tax identification number by the Property Appraiser. In addition, the District is not required to use the Uniform Collection Method when the property is owned by a government or includes structures owned by a government. Pursuant to the Indenture, all Series 2020 Assessments that are collected directly by the District and not via the Uniform Method shall be due and payable by a landowner no later than thirty (30) days prior to each Interest Payment Date. Pursuant to the Indenture, upon the occurrence of an Event of Default, the collection of Series 2020 Assessments shall be in the manner directed by the Majority Owners. 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 greater than or 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 Holders, but shall not be obligated, to direct the District with respect to any action to be so taken. 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 2020 Revenue Account. 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 sixty (60) 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 2020 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 Pledged Revenues and the 2020 Pledged Funds, 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.

Developer Prepayment Waiver

Pursuant to the terms of the Act and the Assessment Proceedings, the owner of property subject to Series 2020 Assessments may pay the entire balance of the Series 2020 Assessments used to finance capital improvements remaining due within thirty (30) days after such improvements have been completed and the Board has adopted a resolution accepting the improvements, without interest. The Developer will waive this right in writing prior to closing which waiver will run with the land.

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 or for as long as any of the 2020 Bonds remain Outstanding, in any proceeding involving the District, any Insolvent Taxpayer, the 2020 Bonds or the Series 2020 Assessments or the Trustee. 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, other than Refunding Bonds issued to refund the Outstanding 2020 Bonds, the District shall not, while any 2020 Bonds are Outstanding, issue or incur any debt payable in whole or in part from the 2020 Trust Estate. The District further covenants and agrees that so long as the 2020 Bonds are Outstanding, it will not impose debt service Assessments for capital projects on any lands then subject to the Series 2020 Assessments without the written consent of the Majority Owners; provided, however, that such consent shall not be required if (i) such Assessments do not exceed the Maximum Assessment Levels, or (ii) the Series 2020 Assessments have been Substantially Absorbed. Notwithstanding the above limitations, the District may impose capital Assessments (or the issuance of Bonds secured by such Assessments) on property then subject to the Series 2020 Assessments which are necessary for health, safety or welfare reasons, or to remediate a natural disaster or to effect repairs to or replacement of property, facilities or equipment of the District.

“Maximum Assessment Levels” shall mean the following per unit annual gross debt service assessment levels as shall be evidenced by a Maximum Assessment Level Certification:

Product	Maximum Annual Assessment Levels (1)	
Townhomes	$1,480	
Villas	$1,830	
40' - 49'	$1,830	
50' - 59'	$2,080	
60' - 69'	$2,330	
70' - 79'	$2,680	
80' - 89'	$2,930	
90' - 99'	$2,930	

Inclusive of the Series 2020 Assessments.

Substantially Absorbed means the date on which the principal amount of the Series 2020 Assessments equaling at least ninety percent (90%) of the then Outstanding principal amount of the 2020 Bonds are levied on tax parcels within the District with respect to which a certificate of occupancy has been issued for a structure thereon.

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 Master Indenture or under the Supplemental 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 for the whole or any part of the 2020 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 Master Indenture or in the Supplemental 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;

More than twenty percent (20%) of the operation and maintenance assessments levied by the District are not paid by the date such are due and payable.

The Trustee is authorized to withdraw funds from the 2020 Reserve Account in an amount greater than twenty-five percent (25%) of the 2020 Reserve Account Requirement to pay debt service on the 2020 Bonds (regardless of whether the Trustee does or does not, per the direction of the Majority Owners, actually withdraw such funds from the 2020 Reserve Account to pay debt service on the 2020 Bonds) and any such amount withdrawn is not replenished within ninety (90) days of the date of such withdrawal.

Material breach by the District of any material covenant made by it in the Indenture, whether or not notice of such breach has been given.

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. The District acknowledges and agrees that (i) upon failure of any property owner to pay Series 2020 Assessments collected directly by the District when due, that the entire Series 2020 Assessments on the delinquent property, with interest and penalties thereon, shall immediately become due and payable and the District shall promptly cause to be commenced the necessary legal proceedings for the foreclosure of liens of delinquent Series 2020 Assessments, including interest and penalties and
the foreclosure proceedings shall be prosecuted to a sale and conveyance of the property involved in said proceedings.

[Agreement for Assignment of Development Rights

Contemporaneously with the issuance of the 2020 Bonds, the Developer and the District will enter into a Collateral Assignment and Assumption of Development and Contract Rights (the "Assignment Agreement"). The Assignment Agreement provides, among other things, that in the event the Developer defaults in the payment of Series 2020 Assessments levied on lands owned by the Developer, the District may exercise its remedial rights to secure control and/or title to the Development and Contract Rights. Such right to exercise remedial rights was also granted to the District in connection with the issuance of the 2019 Lorraine Lakes Bonds. Such exercise of remedial rights by the District may include foreclosure proceedings, acceptance of a deed in lieu of foreclosure and the establishment of a special-purpose entity to hold title to such lands, as designee of the District. Pursuant to the Assignment Agreement, the Developer as it did in connection with the issuance of the 2019 Lorraine Lakes Bonds agrees subject to the provisions of the Assignment Agreement, to collaterally assign to the District all of its development rights and contract rights relating to lands benefited by the Lorraine Lakes CIP (the "Development and Contract Rights") as security for the Developer's payment and performance and discharge of its obligation to pay the Series 2020 Assessments levied against the lands within the Development. Such Development and Contract Rights specifically exclude any such portion of the Development and Contract Rights which relate solely to any property which has been conveyed resulting from the sale of land in the ordinary course of business, or to the County, the District, any applicable homeowner's association or other governing entity or association as may be required by applicable permits, approvals, plats, entitlements or regulations, if any.]

[Completion Agreement

The District and the Developer in connection with the issuance of the 2020 Bonds will enter into an Amendment to the Series 2019 Bonds Completion Agreement (the "Amended Completion Agreement") pursuant to which the Developer agrees to provide funds to complete the Lorraine Lakes CIP to the extent that proceeds of the 2020 Bonds and any other debt of the District are insufficient therefor. Remedies for a default under the Completion Agreement include damages and/or specific performance. Such obligation of the Developer is unsecured.]

[True Up Agreement

In connection with the issuance of the 2020 Bonds, the District and Developer will enter into an agreement pursuant to which the Developer agrees to timely pay all Series 2020 Assessments on lands owned by the Developer within the Development and to pay when requested by the District any amount of Series 2020 Assessments allocated to unplatted acres in excess of the allocation in place at the time of issuance of the 2020 Bonds.]

COLLECTION OF SERIES 2020 ASSESSMENTS

As stated above, the Indenture provides that the District shall not be required to collect Series 2020 Assessments using the Uniform Method until such time as the property subject to such Assessments has been platted and assigned a distinct ad valorem property tax identification number by the Property Appraiser. The Indenture provides that in the case of an event of default, the Series 2020 Assessments shall be collected as directed by the Majority Owners.

The Indenture further provides that in addition, 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, as described in "APPENDIX E – ASSESSMENT REPORTS", and to levy the Series 2020 Assessments and any required true-up payments set forth in such assessment reports, in such manner as will generate funds sufficient to pay the principal of and interest on the 2020 Bonds, when due.

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 Developer or other landowners in the Development 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.

Pursuant to the Indenture, 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 less than or 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 Holders, but shall not be obligated, to direct the District with respect to any action taken pursuant to the Indenture and as described in this paragraph. 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 2020 Revenue Account. 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 sixty (60) 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 actions taken by District pursuant to this paragraph from any moneys legally available for such purpose held under the Indenture. The District has the right but not the obligation to credit bid the amount of any delinquent Series 2020 Assessments but absent such credit bid, it should be noted that it is unlikely that the District will have sufficient funds to complete any purchases of property offered for sale for the nonpayment of Series 2020 Assessments.

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 REPORTS" 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 subsection.

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 Acquisition and Construction Account and Retainage Subaccount and a 2020 Costs of Issuance Account;

within the Debt Service Fund, a 2020 Sinking Fund Account, a 2020 Interest Account, a 2020 Capitalized Interest Account; and a 2020 Redemption Account (and therein a 2020 Prepayment Subaccount);

within the Reserve Fund, a 2020 Reserve Account;

within the Revenue Fund, a 2020 Revenue Account; and

within the Rebate Fund, a 2020 Rebate Account.

Acquisition and Construction Fund

2020 Acquisition and Construction Account. Amounts on deposit in the 2020 Acquisition and Construction Account shall be applied to pay the Costs of the 2020 Project upon compliance with the requirements of the requisition provisions set forth in the Master Indenture and/or as otherwise provided in the Supplemental Indenture.

Any balance remaining in he 2020 Acquisition and Construction Account after the Date of Completion of the 2020 Project and after retaining the amount, if any, of all remaining unpaid Costs of the 2020 Project set forth in the Engineers' Certificate establishing such Date of Completion, shall be transferred to and deposited in the 2020 Prepayment Subaccount in the 2020 Redemption Account and applied to the extraordinary mandatory redemption of the 2020 Bonds in the manner prescribed in the Supplemental Indenture.

Upon the occurrence of an Event of Default, moneys in the 2020 Acquisition and Construction Account and the 2020 Trust Estate may be used to pay the fees and the expenses and costs of litigation and other remedies of the Trustee incurred to pursue remedies under the Indenture.

2020 Costs of Issuance Account. Amounts deposited in the 2020 Costs of Issuance Account shall, at the written direction of an Authorized Officer of the District, be used to pay the costs of issuance relating to the 2020 Bonds. After March 1, 2021, amounts on deposit therein for which there is not pending with the Trustee, a requisition shall be transferred to the 2020 Reserve Account if there is any deficiency therein and the remainder to the 2020 Acquisition and Construction Account if the Date of Completion has not yet occurred and if the Date of Completion has already occurred to the 2020 Revenue Account and the 2020 Costs of Issuance Account shall be closed.

2020 Reserve Account

The 2020 Reserve Account will, at the time of delivery of the 2020 Bonds, be funded from a portion of the proceeds of the 2020 Bonds in an amount equal to the 2020 Reserve Account Requirement for the 2020 Bonds. Pursuant to the Indenture, the 2020 Reserve Account Requirement is as of any date of calculation % of the Maximum Annual Debt Service Requirement for the 2020 Bonds, initially $ 	. See "ESTIMATED SOURCES AND USES OF PROCEEDS" herein. Amounts on deposit in the 2020 Reserve Account, except as otherwise provided in the Supplemental Indenture, shall be used only for the purpose of making payments into the 2020 Interest Account and the 2020 Sinking Fund Account to pay the 2020 Bonds, without distinction as to 2020 Bonds and without privilege or priority of one 2020 Bond over another, when due when the moneys on deposit in such Accounts and available therefor are insufficient.

The Trustee, on or before the forty-fifth day (or if such day is not a Business Day, on the Business Day next preceding such day) next preceding each Quarterly Redemption Date, after taking into account all payments and transfers made as of such date, shall compute the value of the 2020 Reserve Account and shall promptly notify the District of the amount of any deficiency or surplus as of such date in such account. The District shall immediately pay the amount of any deficiency to the Trustee, for deposit in such account, from the first legally available sources of the District. Any excess monies in the 2020 Reserve Account (other than excess from investment earnings) shall be deposited in the 2020 Acquisition and Construction Account until the Date of Completion of the 2020 Project and on and after the Date of Completion of the 2020 Project shall be deposited into the 2020 Prepayment Subaccount.

All earnings on investments in the 2020 Reserve Account, provided no deficiency exists in the 2020 Reserve Account, shall, until the Date of Completion, be deposited to the 2020 Construction and Acquisition Account and on and after the Date of Completion, shall be deposited to the 2020 Revenue Account. To the extent a deficiency exists in the 2020 Reserve Account, investment earnings in such account shall remain in that account. Such account shall consist only of cash and 2020 Investment Obligations.

Notwithstanding the foregoing, on the earliest date on which there is on deposit in the 2020 Reserve Account, sufficient monies, taking into account other monies available therefor, to pay and redeem all of the Outstanding 2020 Bonds, together with accrued interest, if any, on such 2020 Bonds to the earliest date of redemption, then the Trustee shall use the amount on deposit in the 2020 Reserve Account to pay and redeem all of the Outstanding 2020 Bonds on the earliest possible date.

The District may provide that the difference between the amounts on deposit in the 2020 Reserve Account and the 2020 Reserve Account Requirement shall be an amount covered by obtaining bond insurance or a surety bond issued by a municipal bond insurer, rated in one of the two highest categories (at least AA by Fitch, and/or S&P and/or at least Aa by Moody's without reference to gradations) by two nationally recognized rating agencies, (the "Reserve Account Credit Instrument"). At any time after the issuance of the 2020 Bonds, the District may withdraw any or all of the amount of money on deposit in the 2020 Reserve Account and substitute in its place a Reserve Account Credit Instrument as described above in the face amount of such withdrawal and such withdrawn moneys shall, after payment of the premium for such Reserve Account Credit Instrument, be (a) until the Date of Completion, transferred to the General Subaccount of the Series 2020 Acquisition and Construction Account to be used to pay Costs of the 2020 Project, (b) after the Date of Completion, transferred to the 2020 Prepayment Subaccount and used to redeem 2020 Bonds, or (c) upon receipt of an opinion of Bond Counsel, transferred to the District to be used for any lawful purpose of the District.

Application of Prepayment Principal

All Prepayment Principal shall upon receipt by the Trustee be deposited to the 2020 Prepayment Subaccount of the 2020 Redemption Account. At the time the District deposits Prepayment Principal with the Trustee it shall notify the Trustee in writing as to the amount of Prepayment Principal. Amounts on deposit in the 2020 Prepayment Subaccount shall be applied to the redemption of the 2020 Bonds in the manner provided in the Indenture.

Tax Covenants and Rebate Accounts

In the Supplemental Indenture the District has covenanted to comply with the Tax Regulatory Covenants (including deposits to and payments from the 2020 Rebate Account) included as part of the closing transcript for the 2020 Bonds, as amended and supplemented from time to time in accordance with their terms.

Establishment of 2020 Revenue Account in Revenue Fund; Application of Pledged Revenues and Investment Earnings

The Trustee shall except as provided below or otherwise provided in the Supplemental Indenture deposit the 2020 Pledged Revenues to the 2020 Revenue Account and any other amounts or payments specifically designated by the District pursuant to a written direction 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. Amounts on deposit in the 2020 Revenue Account, 2020 Interest Account, 2020 Capitalized Interest Account, 2020 Sinking Fund Account, 2020 Redemption Account, 2020 Reserve Account and each account and subaccount therein shall be used as provided in the Master Indenture except as otherwise provided in the Supplemental Indenture.

Immediately upon receipt the District shall deposit the 2020 Pledged Revenues with the Trustee together with a written accounting setting forth the amounts 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:

Assessment Interest, which shall be deposited into the 2020 Interest Account;

Assessment Principal, which shall be deposited into the 2020 Sinking Fund Account;

Prepayment Principal, which shall be deposited into the 2020 Prepayment Subaccount of the 2020 Redemption Account;

Delinquent Assessment Principal shall first be applied to restore the amount of any withdrawal, from the 2020 Reserve Account to pay the principal of 2020 Bonds to the extent that less than the 2020 Reserve Account Requirement is on deposit in the 2020 Reserve Account, and, the balance, if any, shall be deposited into the 2020 Sinking Fund Account.

Delinquent Assessment Interest, shall first be applied to restore the amount of any withdrawal from the 2020 Reserve Account to pay the interest on 2020 Bonds to the extent that less than the Reserve Account Requirement is on deposit in the 2020 Reserve Account, and, the balance, if any, deposited into the 2020 Interest Account; and

the balance shall remain in the 2020 Revenue Account.

On the forty-fifth day which precedes each Quarterly Redemption Date (or if such forty-fifth day is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the 2020 Prepayment Subaccount of the 2020 Redemption Account, and if the balance therein is greater than zero, shall transfer, but only after determining that following such transfer sufficient amounts will remain on deposit in the 2020 Revenue Account to make the transfers required in the following paragraph, from the 2020 Revenue Account for deposit into such 2020 Prepayment Subaccount, an amount sufficient to increase the amount on deposit therein to the next integral multiple of $5,000, and, shall thereupon give notice and cause the extraordinary mandatory redemption of 2020 Bonds on the next succeeding Quarterly Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in such 2020 Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of 2020 Bonds. Interest due in regard to such extraordinary mandatory redemption shall be paid from the 2020 Interest Account.

Except as otherwise provided below no later than each May 1 and November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such date), the Trustee shall transfer from amounts on deposit in the 2020 Revenue Account to the Funds and Accounts designated below, the following amounts in the following order of priority and apply such amounts as provided in the Indenture:

FIRST, to the 2020 Interest Account of the Debt Service Fund, an amount equal to the amount of interest payable on all 2020 Bonds then Outstanding on such May 1 or November 1, less any amount already on deposit in the 2020 Interest Account not previously credited. On May 1, 2021 and November 1, 2021 the Trustee shall transfer from the 2020 Capitalized Interest Account to the 2020 Interest Account an amount equal to the lesser of the amount of interest due on the 2020 Bonds on such date or the amount on deposit in the 2020 Capitalized Interest Account. After November 1, 2021, any amounts in the 2020 Capitalized Interest Account shall be transferred to the 2020 Reserve Account if there is any deficiency therein and the remainder to the 2020 Acquisition and Construction Account if the Date of Completion has not yet occurred and if the Date of Completion has already occurred, to the 2020 Revenue Account;

SECOND, on each May 1, commencing May 1, 2022, to the 2020 Sinking Fund Account, an amount equal to the Amortization Installments or principal of 2020 Bonds due on such May 1, less any amounts already on deposit in such Account not previously credited;

THIRD, to the 2020 Reserve Account, the amount, if any, which is necessary to make the amount on deposit therein equal to the then 2020 Reserve Account Requirement; and

FOURTH, the balance shall be retained in the 2020 Revenue Account.

On any date required by the Tax Regulatory Covenants, the District shall give the Trustee written direction, 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 and the Tax Regulatory Covenants, 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. To the extent insufficient moneys are on deposit in the 2020 Revenue Account to

make the transfer provided for in the immediately preceding sentence the District shall deposit with the Trustee from available moneys of the District the amount of any such insufficiency.

On or after November 2, beginning November 2, 2021 the balance on deposit in the 2020 Revenue Account on such November 2 shall (i) before the Date of Completion, be transferred into the 2020 Acquisition and Construction Account, and (ii) on and after the Date of Completion, shall be paid over to the District at the written direction of an Authorized Officer and used for any lawful purpose of the District; provided, however, that on the date of such proposed transfer the amount on deposit in the 2020 Reserve Account shall be equal to the 2020 Reserve Account Requirement, and, provided further, that the Trustee shall not have actual knowledge of an Event of Default under the Indenture relating to the 2020 Bonds, including payment of Trustee's fees and expenses then due.

Anything in the Indenture to the contrary notwithstanding, earnings on investments in all of the Funds and Accounts held as security for the 2020 Bonds shall be invested only in 2020 Investment Obligations, and further, earnings on investments in the 2020 Acquisition and Construction Account, 2020 Costs of Issuance Account, the 2020 Capitalized Interest Account, 2020 Revenue Account and any subaccount within said Accounts, shall be retained as realized, in such Accounts or subaccounts and used for the purpose of such Accounts or subaccounts. Earnings on investments in the 2020 Sinking Fund Account, 2020 Interest Account and the 2020 Redemption Account including any subaccounts therein 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 applied as provided under "2020 Reserve Account" above.

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 Limited Offering Memorandum. 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 Limited Offering Memorandum in its entirety for a more complete description of investment considerations relating to the 2020 Bonds.

As of the date hereof, the Developer owns all of the lands in the District subject to the Series 2020 Assessments securing the 2020 Bonds. Payment of the Series 2020 Assessments is primarily dependent upon their timely payment by the Developer and subsequent landowners in the District. See "THE DEVELOPER" herein. Non- payment of the Series 2020 Assessments by the Developer or any subsequent significant landowner would have a substantial adverse impact upon the District's ability to pay debt service on the 2020 Bonds.

In the event of the institution of bankruptcy or similar proceedings with respect to the Developer or any other owner of benefited property, delays could occur in the payment of debt service on the 2020 Bonds as such bankruptcy could negatively impact the ability of: (i) the Developer and any other landowner being able to pay the Series 2020 Assessments; (ii) the Tax Collector to sell tax certificates in relation to such property with respect to the Series 2020 Assessments being collected pursuant to the Uniform Method; and (iii) the District to foreclose the lien of the Series 2020 Assessments not being collected pursuant to the Uniform Method. In addition, the remedies available to the Owners of the 2020 Bonds 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, 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 Series 2020 Assessments and the ability of the District to foreclose the lien of the Series 2020 Assessments if not being collected pursuant to the Uniform Method, may not be readily available or may be limited. 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. The inability, either partially or fully, to enforce remedies available with respect to the 2020 Bonds could have a material adverse impact on the interest of the Owners thereof.

In addition to the general bankruptcy and similar proceedings risks discussed above, a 2011 bankruptcy court decision in Florida held that the governing body of a community development district, which is a special purpose government similar to the District, and not the bondholders or indenture trustee, was the creditor of the

landowner/debtors in bankruptcy with respect to claims for special assessments, and thus only the district could vote to approve or disapprove a reorganization plan submitted by the debtors in the case. The Indenture provides for the delegation of certain rights from the District to the Trustee in the event of a bankruptcy or similar proceeding with respect to an Insolvent Taxpayer. See "SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS – Indenture Provisions Relating to Bankruptcy or Insolvency of Landowner." The District cannot express any view whether such delegation would be enforceable and none of the legal opinions provided in connection with the issuance of the 2020 Bonds will specifically opine to the enforceability of such provision.

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 current and subsequent 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 any portion of 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. The determination of the benefits to be received by the land within the District as a result of implementation and development of the 2020 Project is not indicative of the realizable or market value of the land, which value may actually be higher or lower than the assessment of benefits. In other words, the value of the land could potentially be ultimately less than the debt secured by the Series 2020 Assessments associated with it. To the extent that the realizable or market value of the land is lower than the assessment of benefits, the ability of the County to sell tax certificates relating to such land may be adversely affected (to the extent that any portion of the Series 2020 Assessments are being collected by the Uniform Method of Collection). 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 principal 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 District has not granted, and may not grant under Florida law, a mortgage or security interest in the 2020 Project. Furthermore, the District has not pledged the revenues, if any, from the operation of the 2020 Project as security for, or a source of payment of, the 2020 Bonds. Neither has the District covenanted to establish rates, fees and charges for the 2020 Project at any specified levels. The 2020 Bonds are payable primarily from, and secured by, the Series 2020 Assessments. The Developer and any other landowner's obligation to pay the Series 2020 Assessments is limited solely to the obligation of any landowner to pay Series 2020 Assessments levied against its land. Neither the Developer nor any other landowner is a guarantor of payment on any Series 2020 Assessments and the recourse for the Developer's or any other 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 only 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 for the 2020 Reserve Account, and a corresponding obligation on the part of the District to replenish the 2020 Reserve Account to the 2020 Reserve Account Requirement, if in fact that account is accessed for any purpose, the District does not have a designated revenue source for replenishing that 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 development of the Development may be affected by changes in general economic conditions, fluctuations in the real estate market and other factors beyond the control of the Developer in developing property in the Development. Although such property is anticipated to be developed as described herein, there can be no assurance that such development will occur or be realized in the manner or schedule currently anticipated. In addition, the proposed development within the Development is subject to comprehensive federal, state, and local regulations and future changes to such regulations. Approval is required from various public agencies in connection with, among other things, the design, nature and extent of required improvements, both public and private which must be constructed in accordance with applicable zoning, land use and environmental regulations. The schedule of development as described herein will be affected by the ability to obtain any such approvals in a timely manner, which may negatively impact the Developer's desire or ability to develop the Development as contemplated. See "APPENDIX "A" – ENGINEER'S REPORT attached hereto for a discussion of certain permits and approvals applicable to the 2020 Project and the Development. See “THE DEVELOPMENT – Fees and 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 2020 Assessment Area unable to support development. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the Series 2020 Bonds. The Series 2020 Bonds are not insured, and the Districts’ casualty insurance policies do not insure against losses incurred on private lands within their respective boundaries

Proceeds of the 2020 Bonds will only fund a portion of the Lorraine Lakes CIP. Pursuant to a Completion Agreement with the District, the Developer has agreed to fund the remaining costs of the Lorraine Lakes CIP to the extent that proceeds of the 2020 Bonds and any future series of Bonds are not sufficient to do so (by providing funds to the District to enable it to complete that portion of the Lorraine Lakes CIP or by completing such portion of the Lorraine Lakes CIP and conveying it to the District); provided, however, such obligations are unsecured. In addition , the Developer will also execute and deliver to the District the Assignment Agreement, See "SECURITY FOR AND SOURCE OF PAYMENT OF THE 2020 BONDS – Agreement for Assignment of Development Rights" pursuant to which the Developer will collaterally assign to the District, to the extent assignable and to the extent that they are solely owned or controlled by the Developer, certain of its development rights relating to the Lorraine Lakes CIP and the Development as security for Developer's payment and performance and discharge of its obligation to pay the Series 2020 Assessments. Notwithstanding the Assignment Agreement there is no assurance that if there is a default by the Developer, and the District were to exercise remedies against the property within the District subject to the Series 2020 Assessments, that the District and/or Owners of the Bonds, as the case may be, will have all permits and development rights necessary to complete the Development or the 2020 Project.

The District may have incomplete information concerning the Development and the Developer. For example, the District has limited information concerning the condition of the land in the Development, its suitability for future development or its value. Furthermore, except to the extent described in this Limited Offering Memorandum under the captions "THE DEVELOPMENT" and “THE DEVELOPER”, the District has not been provided information regarding the Developer and the Development and has not undertaken to independently verify or confirm any such information.

Failure to complete development or substantial delays in the completion of the development of the lands subject to the Series 2020 Assessments due to litigation or other causes may reduce the value of lands subject to the Series 2020 Assessments and increase the length of time during which Series 2020 Assessments will be payable from undeveloped property and may affect the willingness and ability of the owners of such property to pay the Series 2020 Assessments when due.

The interest rates borne by the 2020 Bonds are in general, higher than interest rates borne by other bonds of political subdivisions with varied revenue sources that do not involve the same degree of risk as investment in the 2020 Bonds. These higher interest rates are intended to compensate investors in the 2020 Bonds for the risk inherent in a purchase of the 2020 Bonds. However, such higher interest rates, in and of themselves, increase the amount of Series 2020 Assessments that the District must levy in order to provide for payments of debt service on the 2020 Bonds, and, in turn, may increase the burden upon owners of lands within the District, thereby possibly increasing the likelihood of non-payment or delinquency in payment of such Series 2020 Assessments.

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 progress of development of the lands encumbered by the Series 2020 Assessments, existing real estate and financial market conditions. See Item No. 17 below for other matters that may adversely impact the availability of a liquid secondary market for the 2020 Bonds and the value of the 2020 Bonds. See BONDHOLDERS' RISKS—Item No. 17", and "SUITABILITY FOR INVESTMENT" herein.

The Internal Revenue Service (the "IRS") routinely examines bonds issued by state and local governments, including bonds issued by community development districts.

It has been reported that the IRS has recently closed audits of community development districts in Florida with no change to such districts' bonds' tax-exempt status, but has advised such districts that such districts must have public electors within five years of the issuance of tax-exempt bonds or their bonds may be determined to be taxable retroactive to the date of issuance. Currently, all members of the Board of the District were elected by affiliates of SMR and other landowners within the District and none were elected by qualified electors.

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 2020 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 for 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 AND/OR THE DISTRICT IS EVER DETERMINED TO NOT BE A POLITICAL SUBDIVISION FOR PURPOSES OF THE CODE AND/OR SECURITIES ACT (AS HEREINAFTER DEFINED).

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.

The District relies on a technological environment to conduct its operations. The District, its agents and other third parties the District does business with or otherwise relies upon are subject to cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other sensitive digital networks and systems. Entitles or individuals may attempt to gain unauthorized access to such parties’ digital systems for the purposes of misappropriating assets or information or causing operational disruption and damage. No assurance can be given that any such attack(s) will not materially impact the operations or finances of the District, which could impact the timely payment of debt service on the 2020 Bonds.

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.

The value of the land and successful development of the Development and the likelihood of timely payment of principal and interest on the 2020 Bonds could be affected by environmental factors with respect to such land. The District has not performed, nor has the District requested that there be performed on its behalf, any independent assessment of the environmental conditions within the District.

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. It is unclear whether this procedure applies to non-ad valorem assessments such as the Series 2020 Assessments and there are judicial decisions that support both views. Under the procedure, a taxpayer may bring suit to contest a “tax assessment” if the taxpayer pays the amount of “tax” that the taxpayer admits to owing. Upon the making of such payment, all procedures for the collection of the unpaid taxes are suspended until the suit is resolved. If it is determined that the procedure applies to non-ad valorem assessments such as the Series 2020 Assessments, it is possible that such a challenge could result in collection procedures for Delinquent Assessments being held in abeyance until the challenge is resolved. This would result in a delay in the collection of the Series 2020 Assessments which could have a material adverse effect upon the ability of the District to make full or punctual payment of debt service on the 2020 Bonds. If the Series 2020 Assessments are being collected along with ad valorem taxes pursuant to the United Method, tax certificates will not be sold while the challenge is pending with respect to the Series 2020 Assessments even if the landowner is not contesting the amount of such special assessments.

No application for credit enhancement or a rating on the 2020 Bonds has been made, nor is there any reason to believe that the District would have been successful in obtaining either for the 2020 Bonds had application been made.

A novel coronavirus outbreak is causing coronavirus disease (“COVID-19”), which was characterized by the World Health Organization on March 11, 2020, as a pandemic. COVID-19 has negatively affected travel, commerce, and financial markets globally, and is widely expected to continue to negatively affect economic growth and financial markets worldwide, including within Florida. How long this negative impact will last cannot be determined at this time; however, these negative impacts could reduce property values, slow or cease development and sales within the Development and/or otherwise have a negative financial impact on the Developer or subsequent landowners. While the foregoing describes certain risks related to the current outbreak of COVID-19, the same risks may be associated with any contagious epidemic or pandemic or disease.

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 Limited Offering Memorandum in its entirety (inclusive of Appendices) for a more complete description of investment considerations relating to the 2020 Bonds.

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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 to finance a portion of the costs of the Lorraine Lakes CIP (as hereinafter defined), 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;
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 other than the Special Assessment Bonds, Series 2018 (Northeast Sector Project – Phase1B). Please see “THE DEVELOPMENT – Fees and Assessments”, for an enumeration of the Series 2020 Assessments and the special assessments levied in connection with the Special Assessment Bonds, Series 2018 (Northeast Sector Project – Phase1B).

$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.

$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.

$19,195,000 Special Assessment Revenue Refunding Bonds, Series 2020 (Country Club East Project) issued on July 15, 2020 and currently outstanding in the amount of $19,195,000.
$X Special Assessment Revenue Refunding Bonds, Series 2020 (Lakewood Centre and NW Sector Projects) issued on September X, 2020 and currently outstanding in the amount of $X.

$X Special Assessment Revenue Bonds, Series 2020 (Azario Project) issued on September X, 2020 and currently outstanding in the amount of $X.

THE CAPITAL IMPROVEMENT PROGRAM

Kimley-Horn and Associates, serving as the District Project Engineer, has prepared the Engineer's Report dated June 2020 (the "Engineer's Report") describing the capital improvement program for the Development (the "Lorraine Lakes CIP") which is estimated to cost approximately $21.9 million. The Lorraine Lakes CIP includes the public infrastructure component of the Development which consists of stormwater, wastewater, drainage, professional costs and contingency. Enumeration of the costs of the Lorraine Lakes CIP are provided in the table below.

Cost Category	
Phase 1	
Phase 2	Future
Phases	Estimated
Cost	
Stormwater	$2,099,373	$1,066,183	$1,452,124	$4,617,680	
Wastewater	$1,169,284	$1,467,564	$4,969,311	$7,606,159	
Drainage	$2,606,662	$1,718,567	$2,176,294	$6,501,522	
Professional, Design and Permitting	$0	$0	$0	$1,310,000	
Contingency	$0	$0	$0	$1,872,600	
Total	$5,875,319	$4,252,314	$8,597,729	$21,907,961	
Proceeds of the 2020 Bonds will be utilized to acquire a portion of the Lorraine Lakes CIP in the approximate amount of $9.2 million. That portion of the Lorraine Lakes CIP funded with the proceeds of the 2020 Bonds is referred to herein as the "2020 Project." Detailed information concerning the Lorraine Lakes CIP is contained within the Engineer's Report. See Appendix A hereto.

The District does not currently intend to issue any additional series of Bonds to fund additional portions of the Lorraine Lakes CIP. As such, the remainder of the Lorraine Lakes CIP not funded with proceeds of the 2020 Bonds is anticipated to be funded with equity contributions by the Developer. The Developer will enter into a Completion Agreement whereby the Developer will agree to complete those portions of the Lorraine Lakes CIP not funded with proceeds of the 2020 Bonds. The District cannot make any representation that the Developer will have sufficient funds to complete the Lorraine Lakes CIP.

ASSESSMENT METHODOLOGY

The District's Methodology Consultant has prepared the Master Assessment Methodology Report (the "Master Report") and the Supplemental Assessment Report (collectively the “Assessment Reports”) attached hereto as APPENDIX E. The Assessments Reports provide a methodology to allocate the total benefit derived from the Lorraine Lakes CIP to each of the land uses planned in the Development on a fully financed basis. Initially, the special assessments are allocated on an equal acreage basis to the Development. As parcels of land are (i) sold by the Developer (herein defined) with specific entitlements assigned thereto or (ii) platted, the debt is then allocated to such parcel or parcels based upon the amount of transferred entitlements or units platted. The table below illustrates the principal and annual Series 2020 Assessments for the various product types planned within the Development. As described in more detail herein under the heading “THE DEVELOPMENT – Fees and Assessments”, the lands within the Development are also subject to special assessments levied in connection with the District’s Special Assessment Revenue Bonds, Series 2018 (Northeast Sector Project – Phase1B).

Land Use/Product Type	Est. 2020 Bonds
Principal Per Unit	Est. 2020 Bonds Gross Annual
Debt Service
Per Unit	
Townhomes	$0	$0	
Villas	$2,171	$135	
Single- Family 40' (Executive Homes)	$8,040	$500	
Single- Family 50' (Manor)	$12,060	$750	
Single- Family 60' (Estate Homes)	$17,688	$1,100	

LAKEWOOD RANCH

The information included under this heading has been furnished by SMR for the purpose of describing a brief history of Lakewood Ranch. Information regarding the land to be encumbered by the Series 2020 Assessments as well as information regarding the Development can be found under the heading "THE DEVELOPMENT." Although believed to be reliable, such information has not been independently verified by the District or its counsel, the Underwriter or its counsel, or Bond Counsel, and no person other than SMR, subject to certain qualifications and limitations, makes any representation or warranty as to the accuracy or completeness of such information. At the time of the issuance of the 2020 Bonds, SMR will represent in writing that the information herein under the captions "LAKEWOOD RANCH," do not contain any untrue statement of a material fact and does not omit to state any material fact necessary in order to make the statements made herein, in the light of the circumstances under which they are made, not misleading.

General

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
(55) 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.

SMR, through its subsidiaries, conducts or oversees a diversified base of activities at Lakewood Ranch including real estate sales, country club operations, commercial investment and development; raising beef cattle; turf farming and nursery operations. SMR also previously conducted a significant shell and aggregate mining operation that produced materials for road building and, as a by-product, created large lakes that serve as major amenities for the community. SMR's 33,000 square foot headquarters building is situated in Lakewood Ranch on Covenant Way just east of Lorraine Road and north of University Parkway.

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. Development activities in Manatee County (north of University Parkway) initially were governed by two (2) Developments of Regional Impact (DRIs) known as Cypress Banks and University Lakes, which are generally situated east of Interstate 75, south of State Road 70 and North of University Parkway (which generally is the Manatee and Sarasota County line). Five (5) community development districts have been established for the purpose of acquiring, constructing and maintaining a portion of the public infrastructure necessary to serve the lands within these two (2) DRIs. Until 2017, development activities in Sarasota County (south of University Parkway) were predominantly commercial and office oriented and have been governed by the Lakewood Ranch Corporate Park DRI. However, the approval of the Villages of Lakewood Ranch South Development of Regional Impact provided for

the development of residential land uses in portions of Lakewood Ranch located in Sarasota County where a new community known as "Waterside" is being developed that is approved for 5,144 residential entitlement units with transportation concurrency for all of the residential units as well as for two (2) retail village centers.

SMR has undertaken extensive long-term planning of its remaining undeveloped acreage serving to enhance the value of its land holdings. As part of that effort, SMR facilitated the establishment of the District, the boundaries of which include all 25,000+ acres of Lakewood Ranch land that was undeveloped at the time of establishment. Since the establishment of the District, a significant amount of entitlement and development activity has occurred including the approval of (i) a comprehensive plan amendment, providing for flexible land uses and densities for approximately 7,500 acres located north of State Road 70 and east of Lorraine Road in Manatee County, and (ii) two (2) developments of regional impact known as the Lakewood Centre DRI and Northwest Sector DRI that have been expanded to include additional land north of State Road 70 and west of Lorraine Road.

Sales activity at Lakewood Ranch commenced in 1994. Today, Lakewood Ranch is home to more than 14,300 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. From January 1, 2020 through June 30, 2020, approximately 838 new homes were sold in Lakewood Ranch. 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. Based upon information obtained by SMR from the Economic Development Council, Lakewood Ranch as a whole is currently exhibiting a rate of occupancy 10% greater than that of the Sarasota/Manatee County area as whole.

The following information is a description of certain of the aforementioned development and sales activity that has occurred through June 30, 2020.

Lakewood Ranch Community Development District 1: Summerfield/Riverwalk

Development activities in Summerfield commenced in 1994 and sales of finished lots to builders started shortly thereafter. Summerfield, together with Riverwalk, comprise approximately 980 acres of residential and commercial properties. These villages are bounded on the north by State Road 70, on the east by the Braden River and Country Club Village and on the south and west by the River Club development (an adjacent community which is not part of Lakewood Ranch). The residential component includes approximately 1,782 homesites situated within eighteen
(18) neighborhoods. Development of the homesites is complete and all of the lots were sold to builders at an average sales pace of approximately 225 per year. The builders in turn constructed and sold homes to retail buyers that originally ranged in size from 1,100 to 2,500 square feet and in price from the high $90,000's to $375,000 +. These villages are characterized by many lakes and a community park that contains ball fields for soccer and baseball/softball, basketball courts, tennis courts, a playground and tot lot. In addition, the Braden River Nature Trail forms a community park connecting two (2) large lakes with the 110-acre Herons Nest Nature Park. The buyer profile in Summerfield and Riverwalk included mostly first-time home buyers with some retirees and move-up buyers.

Adjacent to State Road 70 is an approximately nine- (9) acre retail/commercial site which contains, amongst other owners/tenants, M&I Bank, and approximately ten (10) retail tenants including Subway and Kids 'R' Kids Child Care Center that provides child care for infants through school age children in a structured educational environment.

Lakewood Ranch Community Development District 2: Edgewater Village/Country Club South

Development activities in Country Club South and Edgewater Village commenced in 1996 and sales of finished lots to builders started shortly thereafter. Country Club South together with Edgewater Village contain approximately 1,374 acres of residential and commercial property and are bounded on the south by University Parkway, on the east by Lorraine Road, on the north by Country Club North and on the west by Lakewood Ranch Boulevard. These two (2) villages include 1,033 single-family units and 728 condominium units nestled around Lake Uihlein and Main Street (hereinafter described). Since sales commenced, all of the single-family homesites and

substantially all of the condominium units have been sold to builders. The builders have in turn sold all of the single- family homes and 656 condominium units to retail buyers.

Edgewater Village includes neighborhoods with homes built around Lake Uihlein, a 160-acre lake, and is in close proximity to the Lakewood Ranch Town Center and the Athletic Club (discussed herein). Also located within Edgewater Village is The Wharf Park which includes places to fish, launch a boat or enjoy the sunsets and expansive views on the lake. Custom single-family homes in Edgewater Village were originally offered at prices ranging from the mid $100,000's to $400,000 and in size from 1,100 to over 3,000 square feet.

Country Club South includes neighborhoods built around the Arnold Palmer designed Legacy Golf Course, a daily fee course open to the public. Single-family homes range from full maintenance condos to detached villas with maintenance- free lawn service to grand scale estate residences. Home sizes range from 1,350 to over 4,000 square feet and in price from the mid $100,000's to $2 million +. Miles of sidewalks and trails offer easy access to the 10,000 square foot Legacy Clubhouse, the Athletic Club and all of Lakewood Ranch.

Located adjacent to the villages of Edgewater and Country Club South is the Athletic Club at Lakewood Ranch (the "Athletic Club") which opened its first phase tennis facility in the spring of 1998. Since then this facility has added more courts, a fitness center and aquatics club. Such facilities are part of the LWR G&CC (defined herein) and include the following:

Tennis Center
Twenty (20) Har-Tru Clay tennis courts with eighteen (18) lighted, including a stadium court, featuring an underground Hydro Grid watering system
Host to several Porfessional & Collegiate Tournaments, Group Clinics and more than 80 leagues.
12 newly installed pickleball courts, with leagues, lessons and clinics offered.
A full-service pro shop
Men's and women's locker rooms
Fitness Center
The 24-hour access Fitness Center has over sixty (60) pieces of the latest cardio equipment and state-of-the-art equipment. This facility is over 18,000 square feet and has four (4) full size fitness class studios. Other amenities include four fitness class studios, massage therapy, locker rooms and personal training.
Aquatic Center
Heated Jr. Olympic eight (8) lane pool
Heated resort style pool
Swim programs/teams & Aquatic Classes
Adjacent to the villages of Country Club South and Edgewater Village is Main Street (described in more detail herein), a downtown mixed-use development area featuring specialty shops, outdoor restaurants, cafes, and condominiums. SMR and former joint venture partner Casto Lifestyle Properties developed Main Street. SMR is now the sole owner and manager of the mixed-use development.

Lakewood Ranch Community Development District 4: Greenbrook and Greenbrook East (Greenbrook Village)

Development activities in Greenbrook Village commenced in 2000 and sales to builders followed shortly thereafter. Greenbrook Village encompasses approximately 748 acres of residential property that is bounded on the north by State Road 70, on the east and the south by the Braden River and on the west by Summerfield Village. This village includes 1,462 single-family residential lots, along with 226 condominiums. Also included within Greenbrook Village is a recreational complex called Adventure Park with fields for soccer and baseball/softball, an in-line skate/hockey rink, basketball courts, a tot lot and dog park. In addition to Adventure Park, which is owned by Lakewood Ranch Community Development District 4 with reciprocal agreements with the other community development districts in Lakewood Ranch to ensure this amenity is enjoyed by all residents of Lakewood Ranch, SMR donated fifteen (15) acres for a public county park located in the eastern portion of Greenbrook Village.

Greenbrook Village is a family-oriented community that has primarily attracted young families. Homes in Greenbrook Village were originally being offered at prices ranging from the mid $100,000's to $700,000 + and in size

from 1,250 to 3,500 square feet. All 1,462 single-family homesites and land for 226 condominium units have been sold to builders and the builders in turn have sold all of the homes and condominiums to retail buyers.

Lakewood Ranch Community Development District 5: Lakewood Ranch Golf and Country Club (Country Club North)

Development activities in Country Club North commenced in 2001 and sales to builders followed shortly thereafter. Country Club North consists of approximately 1,173 acres of residential property that is bounded on the north by the Braden River, on the east by Lorraine Road, on the west by existing development within Lakewood Ranch and on the south by The Masters Avenue. Country Club North includes 942 single-family residential units and two
eighteen-hole private golf courses designed by the Palmer Course Design Co., along with a 42,000 square foot clubhouse.

Country Club North is an upscale country club community that has primarily attracted retirees and move-up buyers mostly consisting of professionals with families. Homes in Country Club North were originally being offered at prices ranging from the mid $200,000's to over $5 million and in size from 1,960 to 17,000 square feet. All 942 homes sites have been sold to builders who in turn have sold all 942 homes to retail buyers.

Located within the village of Country Club North is the Lakewood Ranch Golf and Country Club (LWR G&CC), a private membership club with over 2,000 active members that is owned and operated by Lakewood Ranch Golf Company, LLC, a wholly owned subsidiary of SMR. LWR G&CC includes:

Thirty-six (36) holes of golf designed by Palmer Course Design Co.
A practice range and a practice chipping and putting green
A 42,000 square foot grand Italian villa style clubhouse
A formal dining room, grill and lounge, banquet facilities and private dining rooms
Men's and ladies' lounges
Golf pro shop
Locker rooms
Cart storage and administrative facilities
An extension of LWR G&CC facilities and amenities located in Country Club East (described herein) featuring an additional eighteen (18) holes of golf designed by Robbins & Associates International (Rick Robbins) and a practice range with a chipping & putting green.
Also located within Country Club East, an additional 29,600 square foot clubhouse that includes dining facilities, a golf pro shop and locker rooms.

In addition to the above referenced facilities, depending on the level of membership, LWR G&CC members have access to the Tennis Center, Aquatics Center and Fitness Center. A complete list of the types of membership currently being offered at LWR G&CC can be found on the Lakewood Ranch website at www.lakewoodranchgolf.com.

Lakewood Ranch Community Development District 6: Country Club West

In 2005, Neal Communities of Southwest Florida, Inc. purchased 369 acres of undeveloped land and developed the community within Lakewood Ranch known as Country Club West. The property is bounded on the west by Lakewood Ranch Boulevard, on the north by the Riverwalk subdivision and on the east and south by the Country Club North and South. Country Club West consists of 443 single-family residences and is an upscale country club community that has primarily attracted retirees and move-up buyers consisting of mostly professionals with families. Nine (9) holes of the LWR G&CC run through Country Club West and many of the homesites front either the golf course, lakes or preservation areas. Homes range in size from 1,450 square feet up to 4,500 square feet and range in price from the $250,000's to over $3 million. The development is complete and over 440 homes have been sold to retail buyers.

Residents of Country Club West have access to the extensive amenities currently available to residents of Lakewood Ranch, including: (i) the LWR G&CC amenities via membership, (ii) Lakewood Ranch homeowner associations and various activities, (iii) scenic drive and walkways, (iv) treed conservation and water areas, and (v) extensive landscaping.

Residents of Country Club West have access to the extensive amenities currently available to residents of Lakewood Ranch, including: (i) the LWR G&CC amenities via membership, (ii) Lakewood Ranch homeowner

associations and various activities, (iii) scenic drive and walkways, (iv) treed conservation and water areas, and
(v) extensive landscaping.

Lakewood Ranch Stewardship District: The Lake Club

Development activities in the Lake Club commenced in 2005 and sales to builders followed shortly thereafter. The Lake Club comprises approximately 1,465 acres in Manatee County and is located within District, approximately four (4) miles east of Interstate 75. It is bounded on the south by University Parkway, on the east by The Isles at Lakewood Ranch (described in more detail below) and on the west by Lorraine Road and the sold-out village of Country Club North which contains the LWR G&CC and to the north by Country Club East, an extension of the existing Country Club village and the LWR G&CC.

The Lake Club is an upscale residential village within Lakewood Ranch that will be developed in four (4) phases and is planned to include approximately 708 single-family residential homesites ranging in size from one-third to one acre. The first two (2) phases of 328 single-family homesites are complete along with the 16,000 square foot clubhouse. Of the 328 single-family homesites, 327 have been sold to builders or directly to retail buyers. Approximately 279 homes have been sold to retail buyers ranging in price from slightly less than $1 million to over
$5 million. Phase 3 and 4 of Lake Club planned for approximately sixty-eight (68) and 312 units, respectively, was purchased by an affiliate of Stock Development. Development activities in Phase 3 are complete with homebuilding activity underway and thirty-nine (39) homes have been sold to retail buyers. Development activities in Phase 4 are also underway with model homes recently completed and ninety-three (93) homes sold to retail buyers.

The Lake Club's target customer is the affluent, upscale buyer as the community has attracted retirees and move-up buyers comprised mostly of professionals with families. The Lake Club is a unique, upscale master planned gated community with an exclusive "non-golf' lifestyle distinctive to the community by including amenities such as series of lakes, natural green spaces, open spaces, a linear park system and a 16,000 square foot clubhouse. The community clubhouse includes two (2) large swimming facilities, tennis courts, fitness area, day spa, card room, multipurpose function room, concierge services and a catering kitchen.

In addition, residents of the Lake Club have access to the extensive amenities currently available to residents of Lakewood Ranch, including: (i) the LWR G&CC amenities via membership, (ii) Lakewood Ranch homeowner associations and various activities, (iii) scenic drive and walkways, (iv) treed conservation and water areas, (v) and extensive landscaping.

In addition to the LWR G&CC, the Lake Club is also located near two (2) other high-end golf courses: The Ritz-Carlton and The Concession. The Ritz-Carlton is an eighteen (18) hole golf course designed by Tom Fazio that is located within Lakewood Ranch and north of the Lake Club and Country Club East developments. This golf course serves the downtown Sarasota Ritz Carlton and Ritz Carlton Beach Club owners and guests. The only residential component of this community will be golf cottages currently being planned for future development. The Concession is an eighteen (18) hole golf course immediately east of Lakewood Ranch designed by Jack Nicklaus. The Concession is planned to include 255 homes at prices ranging from slightly less than $1 million to over $5 million.

Lakewood Ranch Stewardship District: Country Club East

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 (18) 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 (described herein) and on the west by Lorraine Road and the sold-out village of Country Club North which contains the 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. The community is attracting professionals with families, move-up buyers and retirees. All 1,352 homesites have been sold to builders and 1,249 homes have been sold to retail buyers at prices ranging from the $300,000's to over $1 million.

Lakewood Ranch Stewardship District: Central Park

In 2009, Neal Communities of Southwest Florida, Inc. ("Neal Communities") started the development of the Central Park community within Lakewood Ranch on 372 acres of land. Central Park is bounded on the west by Lakewood Ranch Boulevard, on the north by 44th Avenue East, on the east by the future construction/extension of White Eagle Boulevard (f/k/a Pope Road) and the south by Malachite Drive. Generally inspired by New York's Central Park, this development includes 826 single-family residential units situated in five (5) distinct communities, each with a distinctive Central Park — related theme (e.g., "Great Lawn", "Conservatory Garden", etc.) The community is designed to encourage foot traffic, employing meandering walkways, fountains and park areas. Central Park was primarily marketed to families but also attracted a broader demographic range of buyers. Homesite sizes are planned to range from forty-two (42) to seventy-six (76) feet in width. Homes in the Central Park range in size from 1,040 square feet up to over 3,000 square feet and were originally offered at prices ranging from $127,000 to $350,000. Features are a gated entry, pocket parks and the "Central Park" which includes such amenities as tennis courts, playgrounds, a splash park, a dog park, softball field and open area parks and pavilions. Development of all 826 single-family homesites is complete and all 826 units have been sold to retail buyers.

Lakewood Ranch Stewardship District: Esplanade Golf and Country Club (Lakewood Centre/NW Sector)
In August 2011 and December 2012, Taylor Morrison purchased approximately 600 acres of undeveloped land and started construction and home sales of their Esplanade community located at the northeast corner of Rangeland Parkway and White Eagle Boulevard (f/k/a Pope Road). Esplanade was initially planned as a 450-unit age targeted community that was subsequently expanded and is currently being marketed as 1,250-unit active lifestyle community. Residents of Esplanade have full use of the community's eighteen (18) hole golf course and pro shop. Additional amenities include a clubhouse with fitness and aerobics center, grand ballroom, card and craft room, catering kitchen, billiard room and library. In addition, Esplanade includes a heated lagoon-style pool and spa, resistance pool, outdoor barbeque space, fire pit, tennis, pickle ball and bocce courts. Homes are currently being offered from 1,686 to over 3,000 square feet, with base prices ranging from $234,900 to $384,900. Through June 30, 2020, 1,202 homes have been sold to retail buyers. Both the homes and the amenities are designed to appeal to the senior, empty nester and seasonal resident. The entire community is planned to be maintenance free via the homeowner's association.
Lakewood Ranch Stewardship District: Bridgewater Community (Lakewood Centre/NW Sector)

In November 2012, Lennar Homes purchased approximately 172 acres of undeveloped land and started construction and home sales of their Bridgewater community located at the southeast corner of Rangeland Parkway and White Eagle Boulevard (f/k/a Pope Road). Bridgewater is a 275 single family home family community that includes a park and trail system. Homes were originally being offered from 1,677 to over 3,800 square feet, with base prices ranging from the low $300,000's to mid $400,000's. All 275 homes have been sold to retail buyers.
Lakewood Ranch Stewardship District: Harmony (Lakewood Centre/NW Sector)

In December 2013, Mattamy Homes purchased approximately 245 acres of undeveloped land located east of Lakewood Ranch Boulevard, south of Malachite Blvd and north of Rangeland Parkway. Mattamy is developing a community known as "Harmony" that is planned to include 677 homes consisting of 142 single-family homes and 535 townhomes and duplex homes. Single family homes are currently being offered from 1,626 to over 2,700 square feet, with base prices ranging from the mid $200,000's to the low $300,000's. The townhomes and duplex homes are currently being offered at base prices ranging from the high $100,000's to the mid $200,000's. Combined, approximately 677 homesites and townhomes have been developed, 511 of which have been sold and are occupied by retail buyers with another twelve (12) under contract with retail buyers.

Lakewood Ranch Stewardship District: Indigo (Lakewood Centre North)

In August 2014, an entity affiliated with Neal Communities purchased approximately 111 acres of undeveloped land located on the northwest corner of 44th avenue and White Eagle Boulevard (f/k/a Pope Road). Additional lands were later purchased by the same entity and the District subsequently expanded its boundaries to

include approximately eight-seven (87) acres. A community known as "Indigo" is being developed that is planned to include 681 single family homes which are currently being offered from 1,400 to over 2,980 square feet, with base prices starting in the mid $200,000's. Out of the 681 single family homes, 359 are sold and occupied by retail buyers and another forty-six (46) are under contract with retail buyers.
Lakewood Ranch Stewardship District: Mallory Park (Lakewood Centre North)

In September 2015, DiVosta Homes purchased approximately 150 acres of undeveloped land located to the west of White Eagle Boulevard (f/k/a Pope Road) and south of State Road 64. DiVosta is developing a residential community call "Mallory Park" on the site, consisting of 328 single family units and 108 multi-family units. Surrounded by thirty-six (36) acres of wetlands and lakes, walking trails throughout the community take you to the private clubhouse and other amenities. Home prices range from the high $200,000's to the mid $400,000's. Approximately 436 homesites have been developed with 259 homes sold and occupied by retail buyers and an additional seventy (70) homes are under contract with retail buyers.
Lakewood Ranch Stewardship District: Arbor Grande (Lakewood Centre North)

In December 2014, CalAtlantic Homes purchased approximately 100 acres of undeveloped land located on to the west of White Eagle Boulevard (f/k/a Pope Road) and south of State Road 64. CalAtlantic is developing a community known as "Arbor Grande" on the site, consisting of 183 single family units and 122 multi-family units. Home prices range from the mid $400,000's to the mid $600,000's. Approximately 305 homesites have been developed with 216 homes sold and closed to retail buyers and an additional thirty-nine (39) homes are under contract with retail buyers.

Lakewood Ranch Stewardship District: Savannah (Lakewood Centre North)
In December 2014, Meritage Homes of Florida, Inc. purchased approximately 304 acres of undeveloped land located to the west of Lorraine Road and south of State Road 64. Meritage Homes is developing a community known as "Savannah" on the site, consisting of 475 single-family homes with prices ranging from the mid $300,000's to the high $400,000's. Approximately 475 homesites have been developed with 258 homes sold and closed to retail buyers and an additional seventeen (17) homes are under contract with retail buyers.

Lakewood Ranch Stewardship District: Del Webb Lakewood Ranch

In December 2014, Pulte Home Company purchased approximately 643 acres to be developed as a Del Webb branded 55+ community planned to include 1,300 residential units, a clubhouse and associated recreational facilities. Development activities commenced in January 2015 and 1,300 homesites have been developed. Further, construction of the recreational facilities including an approximately 21,000 square foot clubhouse is complete. Sales activity within the Del Webb Lakewood Ranch commenced in January 2016. To date, there have been 736 homes sold and closed to retail buyers and an additional eighty-seven (87) homes are under contract with retail buyers. Home prices range from $240,000 to $450,000.

Lakewood Ranch Stewardship District: Lakewood National/Polo Run

In December 2015, Lennar Homes, LLC ("Lennar") purchased approximately 1,390 acres of undeveloped land located on the north side of State Road 70 and east of Lorraine Road. Lennar is developing two (2) neighborhoods known as Lakewood National and Polo Run. Lakewood National is a bundled-golf community planned to include 1,576 residential units, two (2) eighteen (18) hole golf courses and associated recreational facilities. Polo Run is planned to include 423 residential units and associated recreational facilities. Development activities commenced in December 2015 with the first eighteen (18) holes of the golf course and 1,000 homesites in Lakewood National complete. Development of the initial 212 homesites in Polo Run is also complete. Homes sales commenced from an off-site sales center in May 2016. Home prices range from $175,000 to $500,000. To date, within Lakewood National there have been 817 homes sold and closed to retail buyers and an additional 153 homes are under contract with retail buyers. To date, within Polo Run there have been 238 homes sold and closed to retail buyers and an additional twenty- eight (28) homes are under contract with retail buyers.

Lakewood Ranch Stewardship District Palisades: (Lakewood Centre/NW Sector)

In December 2017, a land banking entity on behalf of D.R. Horton closed on undeveloped acreage located north of State Road 70, and east of Lorraine Road planned for 150-residential units. Model homes are currently open and home sales commenced in the fourth quarter of 2018. To date, within Palisades, fifty (50) homes have been sold and closed to retail buyers and an additional sixteen (16) homes are under contract with retail buyers.

Lakewood Ranch Stewardship District: The Isles of Lakewood Ranch

December 2017, Toll Brothers acquired approximately 339 acres of undeveloped land bound on the east by the future Bourneside Boulevard and on the south by the existing University Parkway serving as the primary access road to this development. The development is planned to include 450 single-family homes and is being marketed as "The Isles at Lakewood Ranch". Model homes are currently open and home sales commenced in the fourth quarter of 2018. To date, forty-seven (47) homes have been sold and closed to retail buyers and an additional thirty-three
(33) homes are under contract with retail buyers.

Lakewood Ranch Stewardship District: Lakewood Ranch Waterside

Development activities commenced in the first quarter of 2018 on an approximately 3,518-acre development area in the southwestern portion of the District representing the first residential development in the Sarasota County portion of Lakewood Ranch. The lands within this area are known as "Waterside" and are intended to be developed into twelve (12) neighborhoods planned for approximately 5,144 residential units of varying product type. In addition, approximately 390,000 square feet of mixed-use space and 60,000 square feet of public/civic space is planned to be developed in two (2) village centers. Land sales commenced in the fourth quarter of 2016. To date, the following development activity has taken place within Waterside.

In December 2016, Homes by Towne purchased 291 acres of undeveloped land within the Waterside project. Homes by Towne is developing a residential community on the site called "Lakehouse Cove" to include sixty (60) multi-family and 331 single-family units. Development activity commenced in early 2018 and to date, 128 homes have been sold and closed to retail buyers and an additional fifty-seven (57) homes are under contract with retail buyers.

In December 2016, Pulte Homes purchased 322 acres of undeveloped land within the Waterside project. Pulte is developing a residential community on the site called "Shoreview" to include 246 single-family units. Development activity commenced in early 2018 and to date 110 homes have been sold and closed to retail buyers and an additional twenty-five (25) homes are under contract with retail buyers.

In December 2016, Davis Development purchased twenty-five (25) acres of undeveloped land within the Waterside project, located on the western side of the development along Interstate-75. Davis Development has completed and opened a 290-unit apartment complex on the site.

In February 2018, Ryan Company purchased approximately five (5) acres of undeveloped land within the Waterside project on the South East corner of Lorraine Road and University Parkway. Ryan Company has completed development of a 172-unit assisted living facility on the site called Grand Living at LWR.

In December 2018, Davis Development purchased approximately fourteen (14) acres of undeveloped land within the Waterside project, specifically located within the Waterside Place development off of Deer Drive. This purchase is phase one of their Waterside Place projects and will include 320 apartment units. Davis Development is under contract to purchase three (3) additional phases over a three to four-year period, with these additional phases to include an additional 534 apartments and twenty-one (21) townhomes.

Waterside Place is an approximately 36-acre entertainment hub situated on an approximately 280-acre lake which is planned to include waterfront dining, plazas, a marina, retail and office space, children’s exploration park, event pavilion and the Players Centre for Performing Arts theatre complex and 1,400 apartments. Development activities on Waterside Place commenced in October 2018 and are projected to be complete in April 2021.
Lakewood Ranch Stewardship District: Northeast Sector

The northeast quadrant of Lakewood Ranch consists of approximately 3,853 gross acres and is planned to be developed into multiple residential and commercial tracts. Five (5) tracts within the northeast quadrant have been sold to an affiliate of The Kolter Group, Taylor Morrison Homes, Lennar Homes, Pulte Home Company and a land bank entity on behalf of D.R. Horton.

The Kolter community is planned to include 648 residential units and is being marketed as a highly amenitized aged-restricted residential community known as "Cresswind Lakewood Ranch". Horizontal development activity within Cresswind Lakewood Ranch commenced in October 2018 and to date ten (10) homes have been sold and closed to retail buyers and an additional thirty-two (32) homes are under contract with retail buyers

The Taylor Morrison community is planned for 1,825 single family homes and is being marketed as “Azario”. This neighborhood is an extension of their Esplanade development located within Lakewood Ranch just to the west and includes eighteen (18) holes of golf. Initial development activity commenced in January 2019 and to date no homes have been closed to retail buyers, however forty-eight (48) homes are under contract with retail buyers and under construction.

The Lennar community is planned for up to 1,500 single family homes and will be known as “Lorraine Lakes”. The approximately 550 acres for this community was purchased by Lennar in the second quarter of 2019 with development activities commencing immediately thereafter. Home sales have not yet commenced.

The D.R. Horton community planned for 675 single-family residential units is being marketed as "Solera at Lakewood Ranch". Horizontal development activities in Solera at Lakewood Ranch commenced in December 2018 and the first retail contract with a homebuyer was signed in the second quarter of 2020.

The Pulte community is planned for 472 units and will be known as “Sapphire Lakes”. Pulte purchased the approximately 181 acres for this community in the fourth quarter of 2019 with development activities commencing immediately thereafter. Home sales have not yet commenced.

An additional two (2) tracts of land within the northeast quadrant are under contract with Forestar Real Estate Group and M&I Homes. These two (2) developments are planned for 1,500 units and 500 units respectively, both of with are anticipated to close in early 2021.

Sarasota Polo Club

Located in the southeastern portion of Lakewood Ranch is the Sarasota Polo Club. Facilities include nine (9) world-class polo fields, a regulation size arena, paddocks, stables and clubhouse. Five (5) to ten (10) acre parcels were sold directly to retail buyers for custom home and horse stable construction. More information on the Sarasota Polo Club and the events held there can be found by visiting www.sarasotapolo.com.

Main Street

Main Street is a mixed-use development offering shopping, dining and luxury housing and is currently home to 113,000 square feet of boutique-style shops, upscale restaurants, residential condominiums and 44,700 square feet of distinctive, class-A office space. Situated along Lake Uihlein, Main Street is reminiscent of Princeton's Palmer Square or Tampa's Hyde Park Village. Currently, occupancy is running approximately 99%.

Main Street includes a wide variety of retail stores such as Vanessa Fine Jewelry, Naples Soap Company and more. The Ana Molinari Day Spa offers complete salon and spa services, along with a clothing line. Respected national retail chains such as Starbucks add a familiar feel to the mix.

Dining choices at Main Street vary from very elegant to casual and include the recently opened "Grove", an elegant restaurant with banquet facilities that will be operated by the owner of the long-time favorite Pier 22 on the Bradenton Waterfront. Other dining options at Main Street include Paris Bistro, Main Street Trattoria featuring Italian cuisine and El Lago Ranchero featuring Mexican cuisine. Main Street offers casual dining options including Pinchers Crab Shack, Fast N Fresh, Station 400 (family-oriented breakfast and lunch eatery), Ed's Tavern (a family friendly sports restaurant), and the dessert shop Big Olaf Ice Creamery. Other tenants include The Fish Hole, an eighteen (18) hole miniature golf course; Premier Sotheby's International Realty and Knot Awl Beads.

The Lakewood Ranch Cinema, an extension of the Sarasota Film Society, is a six (6) screen movie theater at Main Street offering first run Hollywood, foreign language and American independent films. The cinema offers state of-the-art film projection with Dolby-digital sound and stadium seating.

Main Street also features a multi-million-dollar condominium complex with sixty-four (64) upscale units. Residents can choose among the existing Lofts on Main, with its downtown Main Street location or two (2) offerings of lakefront units (one existing and one planned) that will overlook Lake Uihlein.

Town Center

Town Center is a 470-acre commercial development that is bounded on the south by the Manatee and Sarasota County line, on the east by Lakewood Ranch Boulevard, on the north by the River Club development and on the west by Interstate 75. It is estimated that more than 2,500 people are currently employed in Town Center which currently

includes a mix of multi-family residential, office, commercial, retail and institutional uses. Such uses include approximately 500,000 square feet of occupied commercial and retail space including a Publix grocery store anchored shopping center, service stations, banks, drug stores, restaurants and hotels; 525 apartments; approximately 925,000 square feet of office space with in excess of 92% occupancy; and medical and institutional uses including a 120-bed hospital, an eighty (80) unit assisted living facility and medical offices. A Marriot Fairfield Inn & Suites and a Hyatt Place are within the Town Center next to the Interstate-75 entrance.

Corporate Park

Located in the southwestern portion of Lakewood Ranch is the Lakewood Ranch Corporate Park which is situated in the Lakewood Ranch Corporate Park DRI encompassing approximately 1,375 acres that are situated east of Interstate 75, south of University Parkway, west of the Sarasota Polo and north of vacant land. It is estimated that more than 4,000 people are employed in the Corporate Park which includes a mix of office, commercial, retail, medical, religious and educational uses. Approximately 232 acres have been sold on which have been developed 1,450,000 square feet of office space including a community college, medical offices, a church and private school. Currently, occupancy within Corporate Park is running over 90%.

Commerce Park

Located just south of the northern boundary of Lakewood Ranch is the Lakewood Ranch Commerce Park, which encompasses approximately 900 acres that are situated just south of State Road 64 on the east and west side of Lakewood Ranch Boulevard. Commerce Park includes the Lakewood Ranch Business Park and acreage zoned as light industrial. Within Commerce Park, approximately 150 acres have been sold which comprises 532,500 square feet of space with approximately 95% occupancy, and includes a grocery store anchored shopping center, local retail space, banks, service station and restaurants, as well as office and light industrial space. Site improvements are in place for an additional 225,000 square feet. Also, the Lakewood Ranch Business Park, located in the southwest corner of Commerce Park, has site improvements in place for an additional 940,000 square feet.

Based upon information obtained by SMR from the Economic Development Council, Lakewood Ranch as a whole is currently exhibiting a rate of occupancy 10% greater than that of the Sarasota/Manatee County area as whole. Such fact is primarily attributed to SMR's deliberate limitation of speculative sales in the various mixed-use areas located throughout Lakewood Ranch. A complete business directory for the Lakewood Ranch Town Center, Corporate Park and Commerce Park can be found on the Lakewood Ranch website by visiting www.lakewoodranch.com.

Educational and Religious Institutions

Lakewood Ranch offers, or is in close proximity to, educational facilities and religious institutions that include the following:

Pre School and Day Care

	Located within Lakewood Ranch is Kids 'R' Kids Child Care Center ("KRK"), Primrose School, The Goddard School, The Learning Experience day care and Kiddie Academy which offers childcare for infants through school age children in a structured educational environment. KRK offers full day care, before and after school care and school holiday care including summer camp.

Elementary and Middle Schools

Located within Lakewood Ranch (adjacent to Summerfield/Riverwalk) are the Braden River Elementary School and Braden River Middle School, among the highest academically rated elementary and middle schools, respectively, in the Manatee and Sarasota two (2) county area. Located in Greenbrook East is McNeal Elementary School which opened in August 2003, and
R. Dan Nolan Middle School which opened in 2004. Adjacent to Country Club East and The Lake Club is Willis Elementary School, which opened in late 2005. East of Lakewood Ranch Boulevard, between State Road 70 and State Road 64, is B. D. Gullett Elementary School which opened in 2007. Imagine School, a charter school with both elementary and middle school grade levels, opened in 2009 south of State Road 64 and west of Lakewood Ranch Boulevard. Further, a future middle school is planned next to B. D. Gullett Elementary School.

High School

Located within Lakewood Ranch on Lakewood Ranch Boulevard between State Road 70 and State Road 64 is the Lakewood Ranch High School ("LRHS"), a state-of-the-art facility that opened in 1998. LRHS is Manatee County's first school designed and built specifically as a high school. Situated on 104 acres donated by SMR, the school's next-door neighbor is a regional county park. In addition, Manatee County purchased 150 acres from SMR in 2007 for a second Lakewood Ranch High School complex to be located north of State Road 64 and adjacent to the eastern boundary of Lakewood Ranch. Pursuant to a land exchange contract, that high school site will be relocated south to a site next to the Premier Sports Campus.

Private/Preparatory Schools

The Out of Door Academy, a prestigious private school since 1924, opened its high school at Lakewood Ranch in 1997 and now also includes middle school classes. The academy provides a college preparatory curriculum, with a full range of academic courses, including honors and advanced placement classes. Pinnacle Academy which serves the educational needs of autistic children, is located near the southeast corner of State Road 70 and Lorraine Road.

Undergraduate/Graduate/Continuing Education

Keiser University and Everglades University as well as a satellite campus for State College of Florida are located in Lakewood Ranch. The Lake Erie School of Osteopathic Medicine is also located in Lakewood Ranch and has expanded their campus to include dental and pharmacy schools. Located close by are other campuses for State College of Florida which are also expanding, University of South Florida/New College and other campuses in Tampa and St. Petersburg.

Religious Institutions

Currently located within Lakewood Ranch are several places of worship including churches of the Lutheran, Episcopal, Catholic, Methodist, Jewish, Presbyterian and Baptist denominations.

Medical Facilities

Lakewood Ranch offers a myriad of medical facilities that include the following:

120-bed for-profit Lakewood Ranch hospital with emergency room with two adjacent medical office buildings with combined medical office space of more than 200,000 square feet.
Extensive and multiple dental, general practice, pediatrician and specialist medical facilities.

Premier Sports Campus

The Premier Sports Campus ("PSC"), a Manatee County - owned and operated multi-purpose sports complex, is situated on approximately 145 acres located off State Road 70 East of Lorraine Road. Since opening in 2011, the PSC has hosted over 500,000 players, coaches and officials, hosting a variety of amateur, professional and world — class events including soccer, lacrosse, field hockey, rugby, archery, senior games, Ultimate Frisbee, Special Olympics, flag football, youth football and Frisbee golf. Features and events include:

A $5 million complex with twenty-two (22) FIFA regulation full-sized soccer fields, mixed use fields, including eight (8) fully lighted for night play, a 4,000-seat stadium around the main field with scoreboard, concession stand, bathrooms, locker rooms and meeting rooms.
Features Celebration grass and a state-of-the-art underground irrigation system.
A three (3) year agreement with the United States Soccer Federation, hosting the US Soccer Winter Showcase and Nike International Friendlies. This is the Country's most prestigious Youth Soccer Event, attracting 25,000 people with an approximate economic impact of $11 million.
Host the annual Labor Day Soccer Tournament with over 300 teams and an approximate economic impact of $15 million.

Host the largest annual Preseason High School Lacrosse in America, with 250 teams.
Various professional camps in both soccer and Lacrosse.
Averaging twenty-five (25) events annually with seven (7) or more attracting over 7,000 people.
Average 1,000 parents and players each night in a variety of league play.
Five (5) full time tenants in soccer, football, and lacrosse.
The Lakewood Ranch Chargers club league (soccer) and Lakewood Ranch Monster Lacrosse.

THE DEVELOPMENT

The following information herein appearing under the captions "THE DEVELOPMENT" and "THE DEVELOPER" have been furnished by the Developer for inclusion in this Limited Offering Memorandum as a means for the prospective Bondholders to understand the anticipated development plan and risks associated with the Development and the provision of infrastructure to the real property within the District. Although believed to be reliable, such information has not been independently verified by the District or its counsel, the Underwriter or its counsel, or Bond Counsel, and no person other than the Developer, subject to certain qualifications and limitations, makes any representation or warranty as to the accuracy or completeness of such information. At the time of the issuance of the 2020 Bonds, the Developer will represent in writing that the information herein under the captions "THE DEVELOPER," "THE DEVELOPMENT," and "LITIGATION" (as it pertains to the Developer) does not contain any untrue statement of a material fact and does not omit to state any material fact necessary in order to make the statements made herein, in the light of the circumstances under which they are made, not misleading.

The Developer's obligation to pay the Series 2020 Assessments is limited solely to its obligation as a landowner, just as any other landowner within the District. The Developer is not a guarantor of payment on any property within the District and the recourse for the Developer's failure to pay or otherwise comply with its obligations to the District is limited to its ownership interest in the land subject to the Series 2020 Assessments.

General
Lorraine Lakes (the “Development”) encompasses approximately 545 acres located in the northeast quadrant
of Lakewood Ranch just south of Taylor Morrison’s newest development Azario Lakewood Ranch between 44th Avenue East and Rangeland Boulevard. Primary access will be available from Uihlein Road to the east with secondary access points located on 44th Avenue East and Rangeland Parkway.

The Development is anticipated to be marketed as a highly amentized residential community and is currently planned to include 1,412 residential units. The landowner and developer of the Development is Lennar Homes, LLC (the “Developer”), a wholly owned subsidiary of Lennar Corporation, (“Lennar”), as more fully described under the heading “THE DEVELOPER”. The Developer has had a long-standing presence in Lakewood Ranch as the developer of three (3) of Lakewood Ranch’s neighborhoods including Bridgewater, Lakewood National and Polo Run. Construction and home sales in their 275-unit Bridgewater community is complete. As of June 30, 2020, 817 of the planned 1,576 residential units within Lakewood National, a bundled-golf community, have sold and closed to retail buyers with an additional 153 homes under contract with retail buyers. Further, 238 of the 423 residential units planned within their Polo Run neighborhood have sold and closed to retail buyers and an additional twenty-eight (28) homes are under contract with retail buyers.

The Development is intended to be developed in two (2) phases with subphases therein. Horizontal infrastructure improvements on Phase 1 of the Development consisting of 378 units commenced in the third quarter of 2019 and are anticipated to be complete in the first quarter of 2021. Further, early development activities have commenced in Subphases 2A-1 and 2A-4 planned for 138 residential units. As detailed further herein, home pre-sale activities have commenced with a grand opening of the Development scheduled for September 2020.

Land Acquisition/ Development Financing

In July 2019, the Developer acquired approximately 545 acres constituting the Development from SMR Northeast, LLC, a Florida limited liability company (“SMR Northeast”) and a wholly owned subsidiary of SMR for a fixed purchase price of $23,000,912. An additional purchase price will be paid to SMR Northeast equal to 10.5% of the sales price of a completed home less a credit calculated using the purchase price less the aggregate of all applied credits divided by unsold homes.

The District currently does not intend to issue any additional series of Bonds to fund additional portions of the Lorraine Lakes CIP. As such, the Developer anticipates using equity to fund the remaining portions of the Lorraine Lakes CIP not funded with proceeds of the 2020 Bonds as well as the other development costs not included within the Lorraine Lakes CIP (the “Developer-Funded Improvements”). Such Developer-Funded Improvements include, without limitation, private roads, security features, landscaping, recreational amenities, and associated professional fees and are estimated to cost $X million. As discussed further herein, development activities commenced in the third quarter of 2019. The Developer estimates it has expended approximately $23.0 million to acquire the lands constituting the Development and $10.5M million in development-related expenditures to-date, including $X million towards the Lorraine Lakes CIP and $X million towards the Developer-Funded Improvements.

Environmental (Environmental mentions need for Gopher Tortoise Survey needed to determine need for permitting. Status? Status for Crested Caracara? Potential Bald Eagles?)

In conjunction with its the purchase of the current lands within the Development consisting of 545 acres, the Developer commissioned a Phase I Environmental Site Assessment (the “Phase I ESA”) from Environmental Consulting Technology, Inc. [The Phase I ESA revealed one (1) occupied gopher tortoise burrow located within the Development with a potential abutting eastern indigo snack habitat. The Developer has obtained the necessary permitting via the U.S. Fish and Wildlife Service which provides for relocation of these gopher tortoises and potential eastern indigo snack habitats. Further, an active crested caracara is located within the Development and will require coordination with the U.S. Fish and Wildlife Service for necessary permitting and removal of such nests if any work is proposed within a 4,920 foot radius of such site.]

Northeast Sector – Development Agreement

The area of Lakewood Ranch in which the Development is located is referred to as the “Northeast Sector” which consists of approximately 3,853 gross acres and is planned to be developed into multiple residential and commercial tracts. Currently, there are five (5) residential communities under development within the Northeast Sector inclusive of the Development. The Northeast Sector is located entirely within the County and the boundaries of the District and is bound on the north by State Road 64, on the south by State Road 70, on the west by Lorraine Road and on the east by the future Bourneside Boulevard. The four (4) major roadways serving the Northeast Sector include State Road 70, State Road 64, Lorraine Road and Bourneside Boulevard. Additional access ways include Uihlein Road, Rangeland Parkway, 44th Avenue East and Post Road. The lands within the Northeast Sector are currently planned to include approximately 8,176 residential units, eighty-five (85) acres planned for approximately 627,000 square feet of commercial space, parks and 120 acres planned for a public K-8 school and high school.

In order to facilitate the sale of the parcels within the Northeast Sector to developers (including the Development), SMR Northeast as the landowner of the lands in the Northeast Sector entered into a Local Development Agreement (the "Development Agreement") with the County on March 6, 2018 that governs and provides for traffic concurrency for the entire Northeast Sector. The Northeast Sector has a Manatee County Comprehensive Plan designation of MU-C which allows for it to be developed with a variety of land uses and densities. However, each parcel must undergo approval through the County’s normal zoning and site plan process.

Per the Development Agreement, SMR Northeast is required to complete certain transportation improvements prior to or in conjunction with the development of the Northeast Sector to meet County concurrency requirements. The Development Agreement does allow for a proportionate share contribution to be made by SMR Northeast in lieu of such transportation improvements. However, construction and dedication activities are underway for the following roadways identified as thoroughfares and the right of way of each to the County (the "Mitigation Improvements") to mitigate the transportation impacts of the proposed development within the Northeast Sector:

Construct Uihlein Road from its current northern terminus at the north end of the Lakewood National development to State Road 64 as a four-lane divided roadway within a 120-foot right of way.

Construct 44th Avenue East Extension from Lorraine Road to Bourneside Boulevard as a four-lane divided roadway within a 120-foot right of way.

Dedicate 120 feet of right of way for Bourneside Boulevard from the northern entrance of Lakewood National to State Road 64 to accommodate build-out as a four-lane divided roadway within a 120-foot right of way. The construction of Bourneside Boulevard as a two-lane road shall not be considered a Mitigation Improvement because it serves as site-related access for the Northeast Sector.

Additional roadway improvements (the "Initiated Improvements" and together with the "Mitigation Improvements", the "Northeast Sector Improvements") required under the Development Agreement to be initiated by the SMR Northeast to enhance the development value of the Northeast Sector rather than mitigate against transportation impacts are identified below.

Rangeland Parkway from Lorraine Road to Bourneside Boulevard as a four-lane divided roadway within a 120-foot right of way.

Bourneside Boulevard as a two-lane roadway within the right of way.

Post Road, as a four-lane facility with a 120-foot right of way, from its current terminus at 59th Avenue East to Rangeland Parkway.

Construction of the aforementioned Northeast Sector Improvements have a required completion date of three
years from receiving County approval for zoning of the first development tract, subject to extensions. The first development tract in Northeast Sector obtained rezoning approval from the County on April 5, 2018 thus the required completion date is April 2021. Failure to meet the completion date will result in a suspension of the certificate level of service ("CLOS") for all development tracts until completion of such improvements.

A CLOS for transportation, recreational/open space, solid waste, and storm water is provided upon approval of final site plan for each development tract or a portion thereof and has an expiration date on the earlier of (i) December 31, 2032 or (ii) ten (10) years from the date of issuance of the CLOS for each respective development tract.

The District is undertaking the construction of the Northeast Sector Improvements described herein. All of the Northeast Sector Improvements are under active development. The District has previously issued its Special Assessment Revenue Bonds, Series 2018 (Northeast Sector – Phase 1A Project), its Special Assessment Revenue Bonds, Series 2018 (Northeast Sector – Phase 1B Project) and its Special Assessment Revenue Bonds, Series 2019 (Northeast Sector – Phase 2A Project) to fund a portion of the construction of Northeast Sector Improvements. The District further anticipates issuing additional series of Bonds to construct the remainder of the Northeast Sector Improvements which will be secured by special assessments on certain acreage within the Northeast Sector exclusive of the acreage constituting the Development which is not yet subject to special assessments levied in connection with bonds issued for the Northeast Sector Improvements.

Zoning and Permitting

On October 4, 2018, the Development received rezoning and preliminary site plan approval from the County for up to 1,500 single-family residential units. The zoning ordinance sets forth certain stipulations pertaining to design and land use, storm water, environmental and utilities. Below is a description of certain of those stipulations.

Design and Land Use –

Provide notice to prospective buyers of the planned thoroughfares adjacent to the project, Uihlein Road and Rangeland Parkway and the potential noise associated with the planned roadways.

Provide notice to prospective buyers of certain internal streets within the subdivision that are privately owned and maintained by the Homeowner's Association.

Provide notice to prospective buyers of active agriculture operations in the area and their potential impacts.

All applicable state and federal permits must be obtained prior to commencing development.

Recreational centers/amenities require a Final Site Plan ("FSP") review and approval.

Utilities – mandatory connection to the County wastewater system. Environmental –

Provide an updated study for threatened and endangered plant or animal species prior to FSP approval.

Prior to FSP review and approval, if wells are encountered, provide proper protection and abandonment of existing wells by submitting a plan to the County.

No lots shall be platted through post-development wetlands, wetland buffers or upland preservations. Before FSP approval, lots will need to be drawn so they do not encroach into the wetlands or wetland buffers.

As previously discussed above, a CLOS for the entire Northeast Sector has been obtained and will expire on the earlier of (i) December 31, 2032 or (ii) ten (10) years from the date of issuance of the CLOS for the Development. The CLOS provides for concurrency for transportation, recreational/open space, solid water, and stormwater. The CLOS for potable water and sanitary water shall be obtained at each final site plan approval.

As described in further detail in Engineer’s Report, the Developer has obtained U.S. Army Corps of Engineers ("USACE") permitting for wetland mitigation for the entire Development. Southwest Florida Water Management District ("SWFWMD") Environmental Resource Permit ("ERP") for Phase 1 and Subphase 2A of the Development have been obtained. Further, all necessary permits and approvals have been obtained for the infrastructure to serve Phase 1 and all subphases therein and Subphase 2A of the Development planned for 818 residential units including, without limitation, construction plan (“CP”), and final site plan (“FSP”) approval from the County. Future phases which include the remaining 594 residential units planned within the Development will be permitted as development and home sale activities warrant the same.

Upon issuance of the 2020 Bonds, the District Project Engineer will certify that any permits and approvals necessary for the infrastructure specific to the Development that have not previously been obtained are expected to be obtained in the ordinary course of business.

Product Type/Phasing

The Development is planned to be developed in two (2) phases with subphases therein for the development of approximately 1,412 residential units. The information in the table below depicts the number of units by product type for the two (2) planned development phases, which information is subject to change.

				 	Phase 1								Phase 2			
								
Sub-Phase 2A	Sub-Phase 2B	

Product Type	Sub- Phase
     1A		Sub- Phase
1B-1		Sub- Phase
1B-2		Sub- Phase
1C-1		Sub- Phase
1C-2		Sub- Phase
1D		Sub- Phase
1E		Sub- Phase
2A-1	Sub- Phase
2A-2	Sub- Phase
2A-3	Sub- Phase
2A-4	Sub- Phase
2A-5	Sub- Phase
2A-6		
Townhomes										
Villas										
Single- Family 40'										
Single- Family 50'										
Single- Family 60'										

Development activities for Phase 1 planned for 378 residential units are currently underway with initial certification of Sub-Phases 1A, 1B-1, 1B-2 and 1C-2 anticipated to be compete in the fourth quarter of 2020 and completion of the remaining three (3) subphases within Phase 1 of the Development expected to follow soon thereafter in the first quarter of 2021. Early development activities in the first two (2) subphases in Phase 2 of the Development, Subphase 2A-1 and Subphase 2A-4, planned for 138 residential units are currently underway and anticipated to be complete in third quarter of 2021. Development on each subsequent subphase is anticipated to commence in the second quarter of 2022, subject to market conditions.

Home Construction/Sales Activity

The Development is planned to feature eight (8) model homes including a model center. Construction on the five (5) single-family model homes and the model center are underway and expected to be complete and open in

September 2020 to coincide with the grand opening of the Development. Home pre-sales recently commenced in Phase 1 of the Development in July 2020. As of August 31, 2020, approximately X (X) home sale contracts had been written with retail buyers. An additional six (6) quick delivery homes are also under construction.

Projected Absorption

In its capacity as both the developer and homebuilder, the Developer intends on developing finished lots for subsequent home construction thereon and eventual sale to retail buyers. Home pre-sales activity in the Development commenced in July 2020. The following table sets forth the Developer’s anticipated pace of residential home closings to retail buyers.

Product Type	2020	2021	2022	2023	2024	2025	2026	2027	2028	Total	
Townhomes	X	42	42	42	42	42	42	X	0	292	
Villas	X	42	42	42	42	42	42	X	0	262	
Single- Family 40'	X	48	48	48	48	48	48	48	48	396	
Single- Family 50'	X	36	36	36	36	36	36	36	36	278	
Single- Family 60'	X	24	24	24	24	24	24	24	X	184	
Total	X	192	192	192	192	192	192	X	X	1,412	

The projections in the table above are based upon estimates and assumptions that are inherently uncertain, though considered reasonable, and are subject to significant business, economic and competitive uncertainties and contingencies, all of which are difficult to predict. As a result, there can be no assurance that such projections will occur or be realized in the time frames anticipated. See "BONDOWNERS' RISKS" herein.

Assessment Area

The Development is currently planned for be developed in two (2) phases with subphases therein to ultimately provide infrastructure supporting the development of 1,412 residential units and recreational amenities. As previously discussed under the heading “CAPITAL IMRPOVEMENT PROGRAM”, proceeds of the 2020 Bonds will be utilized to acquire a portion of the Lorraine Lakes CIP in the approximate amount of $9.2 million.

As more fully described under the heading “ASSESSMENT METHODOLOGY”, the Assessment Reports initially allocate the Series 2020 Assessments over the gross acreage within the Development. As such acreage is developed and platted, the Series 2020 Assessments are allocated to those parcels that are platted. Based on the sizing of the 2020 Bonds, the Series 2020 Assessments will be allocated to all 1,412 residential units located in the Development. Based upon the preliminary plat for the X residential units located within Phase 1 and [Sub-Phase 2A- X] of the Development, approximately   % or $X million of the principal amount of the Series 2020 Assessments  are allocated to platted lots with the X% remaining allocated to land currently under development or undeveloped acreage within the Development.

As previously discussed herein, the District previously issued its Special Assessment Revenue Bonds, Series 2018 (Northeast Sector – Phase 1B Project) (the “2018 Northeast Sector Phase 1B Bonds”) to construct a portion of the Northeast Sector Improvements which are partially secured by special assessments levied on the same lands encumbered by the 2020 Bonds secured by the Series 2020 Assessments. A detail of the overlapping assessments levied in the Development in connection with the 2018 Northeast Sector Phase 1B Bonds and the 2020 Bonds is provided herein under the heading “Fees and Assessments.”

Product Offerings/Pricing

The Developer is currently planned to offer five (5) home collections with sixteen (16) distinctive floor plans ranging in size from 1,417 to over 3,900 square feet with home prices starting in the mid $200’s. The information in the table below illustrates the current estimated price ranges and square footage for the residential units planned within the Development, which information is subject to change.

Product Type/Collection	Estimated
Square Footage	Estimated
Price Range	
Townhomes	1,871 – 1,879	$220,999 – $X	
Villas	1,417 – 1,564	$239,999 - $247,999	
Single- Family 40' (Executive Homes)	1,849 – 3,231	$319,999 - $409,999	

Single- Family 50' (Manor)	2,244 – 3,867	$359,999 - $479,999	
Single- Family 60' (Estate Homes)	2,361 – 3,945	$412,999 - $544,999	

Recreational Amenities

The Development is planned to include a clubhouse featuring a state-of-the-art fitness and aerobics facilities, social rooms, coffee bar, indoor basketball, lockers, sauna and an arcade. Outside amenities include a pool and spa, poolside café, tennis courts, basketball and pickleball courts. Construction on the recreational facilities is scheduled to commence in the fourth quarter of 2020 with completion expected by the third quarter of 2021. All recreational facilities will be privately funded, constructed and retained for ownership by the Developer for use by residents within the Development. See “Fees and Assessments” herein for a description of the annual fees to be paid by residents within the Development for use of the recreational facilities.

Utilities

Water and sewer for the Development will be provided by the County. Further, re-use will be provided by
Braden River Utilities which is owned by an affiliate of SMR. Electric power will be provided by Peace River Electric Company and gas service will be provided by Tampa Electric Company. The Development is located within the franchise areas of Verizon and Spectrum for telephone, cable and internet services.

Schools

Based upon current school zoning, children residing in the Development would generally attend B.D. Gullett
Elementary School, R. Dan Nolan Middle School and Lakewood Ranch High School all 'A' rated schools for 2020 according to the Florida Department of Education.

Marketing

SMR and its affiliates undertake a comprehensive marketing effort for Lakewood Ranch in its entirety and estimate that their calendar year 2020 marketing expenditures will be approximately $9.0 million. Such expenditures are primarily funded with a 3% marketing fee each developer/homebuilder, inclusive of the Developer, is required to pay upon the closing of the sale of a new home in Lakewood Ranch.

Further, the Developer has employed its own marketing efforts to market their neighborhood within Lakewood Ranch. The Developer anticipates utilizing a marketing campaign that includes branded content, social media, a website, events, frontage and signage, and public relations. In addition, the Developer is currently under construction with five (5) model homes including the model center within the Development.

Fees and Assessments

Each homeowner residing in the Development will pay annual taxes, assessments and fees on an ongoing basis including ad valorem property taxes, the Series 2020 Assessments, special assessments levied in connection with the 2018 Northeast Sector Phase 1B Bonds, homeowner’s association (“HOA”) fees, and administrative, operation and maintenance assessments levied by the District as described in more detail below.

Property Taxes:

The current millage rate for the area of the County where the Development is located is approximately 15.6694 mills. Accordingly, by way of example, the annual property taxes for a $350,000 taxable value home would be $5,484.

Homeowner’s Association Fee:

The Development will have HOA fees for common ground maintenance and recreational amenities as well as any other HOA-owned facilities that will vary annually based on the adopted budget by the HOA for a particular year. The anticipated monthly HOA fees for the Development by product type are detailed below and are subject to change.

Land Use/Product Type	Monthly HOA
Per Unit	

Townhomes	$450	
Villas	$348	
Single- Family 40' (Executive Homes)	$385	
Single- Family 50' (Manor)	$391	
Single- Family 60' (Estate Homes)	$398	

District Special Assessments:

All homeowners residing in the Development will be subject to the Series 2020 Assessments levied in connection with the 2020 Bonds and special assessments levied in connection with the 2018 Northeast Sector Phase 1B Bonds (the “Northeast Sector Assessments”). In addition, all homeowners will be subject to annual operation and maintenance assessments levied by the District which are derived from the District’s annual budget and are subject to change each year. The table below illustrates the principal and estimated annual Series 2020 Assessments, Northeast Sector Assessments, and Fiscal Year 2020 Operation and Maintenance Assessment (“O&M”) that will be levied by the District for each respective product-types.

Product Type	

# Units	Annual Series 2020
Assessment Per Unit (Gross)	
Est. 2020
Bonds Principal Per Unit	Annual Northeast Sector Assessment Per
Unit (Gross)	2018 Northeast Sector Phase 1B Bonds Principal Per
Unit	Est. Annual Fiscal Year 2020 O&M Assessment Per
Unit	
Townhomes	292	$0	$0	$864	$11,837	$301	
Villas	262	$135	$2,171	$864	$11,837	$301	
Single- Family 40'	396	$500	$8,040	$864	$11,837	$301	
Single- Family 50'	278	$750	$12,060	$864	$11,837	$301	
Single- Family 60'	184	$1,100	$17,688	$864	$11,837	$301	
	1,412						

Competition

Lakewood Ranch is its own submarket and as such it is anticipated the primary competitors for the Development will include actively selling neighborhoods within Lakewood Ranch with similar product offerings and price points. Please see “LAKEWOOD RANCH”, for a more detailed description of such neighborhoods.

This section does not purport to summarize all of the existing or planned communities in the area of the Development, but rather to provide a description of those that the Developer feels may pose primary competition to the Development.

THE DEVELOPER

The lands within the Development are owned by Lennar Homes, LLC, a Florida limited liability company (the “Developer”). The Developer is a wholly owned subsidiary of Lennar Corporation (“Lennar”). Lennar, founded in 1954, is one of the nation’s leading builders of quality homes for all generations, building affordable, first-time, move-up and retirement homes. As a national homebuilder operating in various states, new home deliveries totaled 51,491 homes for the 2019 fiscal year. Lennar trades on the New York Stock Exchange under the symbol LEN. Lennar is subject to the informational requirements of the Securities and Exchange Commission Act of 1934, as amended, and in accordance therewith files reports, proxy statements, and other information with the Securities and Exchange Commission (the “SEC”). The file number for Lennar is No-1-11749. Such reports, proxy statements, and other information is available at the SEC's website at https://www.sec.gov and at the SEC's Public Reference Room at the SEC's Headquarters, located at 100 F Street, NE, Washington, D.C. 20549. All documents subsequently filed by Lennar pursuant to the requirements of the Securities and Exchange Commission Act of 1934 after the date of this Limited Offering Memorandum will be available for inspection in the same manner as described above.

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 (including any original issue discount properly allocable to the owner thereof) 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 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.

In 2016, the Internal Revenue Service (“IRS”) issued a notice of proposed rulemaking containing proposed regulations (the “Proposed Regulations”) that provide guidance as to the definition of a political subdivision (including community development districts such as the District) for purposes of the rules for tax-exempt bonds. Although the Proposed Regulations were later withdrawn in 2017, the Secretary of the Treasury advised that Treasury and the IRS will continue to study the legal issues relating to political subdivisions and may propose more targeted guidance in the future.

Beginning in 2013, the IRS conducted a lengthy examination challenging the tax-exempt status of bonds issued by the Village Center CDD, a Florida special district established under Chapter 190, Florida Statutes. The IRS concluded in a technical advice memorandum (the “Villages TAM”) that the Village Center CDD is not a political subdivision permitted to issue tax-exempt bonds based on a number of facts including that its governing board is elected by a small group of landowners, and that it “was organized and operated to perpetuate private control and avoid indefinitely responsibility to a public electorate, either directly or through another state or local governmental body.”

Although the IRS closed the examination of the Village Center CDD with no change to the tax-exempt status of the bonds, the Villages TAM and the Proposed Regulations may reflect the disfavor of the IRS toward governmental entities with governing boards elected by landowners, and this position may lead the enforcement branch of the IRS to select bonds of other issuers with landowner-controlled boards for examination.

Like the board of the Village Center CDD, the Board of Supervisors of the District is elected by the landowners in the District. However, the District was formed with the intent that it will contain a sufficient number of residents to allow for a transition to control by a general electorate. The Act, which contains the uniform statutory charter for all community development districts and by which the District is governed, delegates to the District certain traditional sovereign powers including, but not limited to, eminent domain, ad valorem taxation and regulatory authority over rates, fees and charges for district facilities. On the basis of the Act and certain representations by the District as to its reasonable expectations of transition to a resident-elected Board of Supervisors, it does not appear from the facts and circumstances that the District was organized to avoid indefinitely responsibility to a public electorate. On the basis of the foregoing and other factors, Bond Counsel has concluded that under current law the District is a political subdivision for purposes of Section 103 of the Code, notwithstanding that its Board of Supervisors is temporarily elected by landowners. Bond counsel intends to deliver its unqualified approving opinion in the form attached hereto as “APPENDIX C: FORM OF OPINION OF BOND COUNSEL.”

Owners of the 2020 Bonds are advised that if the IRS does audit the Series 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 such procedure. The Indenture does not provide for any adjustment to the interest rates borne by the Series 2020 Bonds in the event of a change in the tax-exempt status of the 2020 Bonds. The commencement of an audit or an adverse determination by the IRS with respect to the tax- exempt status of interest on the Series 2020 Bonds could adversely impact both liquidity and pricing of the 2020 Bonds in the secondary market.

Tax Treatment of the Original Issue Discount

Under the Code, the difference between the maturity amount of the 2020 Bonds maturing on May 1,   ,  May 1,    and May 1,     (each a "Discount Bond"), 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 Bond was sold is "original issue discount." Original issue discount will accrue over the term of the Discount Bond at a constant interest rate compounded periodically. A purchaser who acquires the Discount Bond 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 Bond, and will increase his or her adjusted basis in the Discount Bond by the amount of such accruing discount for purposes of determining taxable gain or loss on the sale or disposition of the Discount Bond. The federal income tax consequences of the purchase, ownership and redemption, sale or other disposition of the Discount Bond 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 Bond 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 Bond and with respect to the state and local tax consequences of owning and disposing of the Discount Bond.

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, the Developer and PFM Group Consulting LLC, as dissemination agent (the "Dissemination Agent") will enter into a Continuing Disclosure Agreement (the "District/Developer Disclosure Agreement"), the form of which is attached hereto as APPENDIX D. Pursuant to the District/Developer Disclosure Agreement, the District has covenanted for the benefit of 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.

Pursuant to the District/Developer Disclosure Agreement, the Developer has covenanted for the benefit of Bondholders to provide to the District and the Dissemination Agent certain financial information and operating data relating to the Developer and the Development and the properties subject to the Series 2020 Assessments (the

"Developer Report"). Such covenant by the Developer will apply only until the earlier to occur of (x) the payment and redemption of the 2020 Bonds, or (y) the Developer is no longer an Obligated Person.

The District Annual Report and the Developer Report (together, the "Reports") will each 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 District/Developer 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 Reports and the notices of material events are described in APPENDIX D. The District/Developer 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 parties other than the District or the Developer are 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.

The Developer previously entered into continuing disclosure obligations pursuant to the Rule in connection with other offerings of community development district bonds in the State. A review of filings made pursuant to such prior undertakings indicates [	].

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

The District. There is no litigation of any nature now pending or threatened 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.

The Developer. There is no litigation pending, or to the knowledge of the Developer, threatened against the Developer that could in any way affect the Development to be undertaken by the Developer as described herein.

SMR. There is no litigation pending, or to the knowledge of SMR, threatened against SMR that could in any way affect the development of Lakewood Ranch as described herein.

NO RATING OR CREDIT ENHANCEMENT

The 2020 Bonds are neither rated nor credit enhanced. No application for a rating or credit enhancement with respect to the 2020 Bonds was made.

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 original issue discount of $ 	). See "ESTIMATED SOURCES AND USES OF PROCEEDS" herein. 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 cover page of this Limited Offering Memorandum, 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 REPORTS attached hereto as "APPENDIX E – ASSESSMENT REPORTS" and as the District's Municipal Advisor.

EXPERTS

The references herein to Stantec Consulting Services Inc., as the District Engineer and Kimley-Horn and Associates, as the District Project Engineer and the inclusion of "APPENDIX A – ENGINEER'S REPORT" prepared by Kimley-Horn and Associates, attached hereto, have been approved by said firms. The Engineer's Report should be read in its entirety for complete information with respect to the subjects discussed therein. PFM Financial Advisors LLC has prepared the Assessment Reports 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., Tampa, 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. Certain legal matters will be passed upon for the Developer by Pavese Law Firm, Fort Myers, 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 Bonds are included within the validated amount.

MISCELLANEOUS

Any statements made in this Limited Offering Memorandum 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 Limited Offering Memorandum 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 Limited Offering Memorandum is not to be construed as a contact with the purchaser or the Owner or Beneficial Owners of any of the 2020 Bonds.

This Limited Offering Memorandum has been duly authorized, executed and delivered by the District.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

By:		 Chair, Board of Supervisors

53

APPENDIX A ENGINEER'S REPORT

APPENDIX B INDENTURE

APPENDIX C

FORM OF OPINION OF BOND COUNSEL

APPENDIX D

FORM OF CONTINUING DISCLOSURE AGREEMENT

APPENDIX E ASSESSMENT REPORTS

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 October , 2020 is executed and delivered by the LAKEWOOD RANCH STEWARDSHIP DISTRICT (the “District” or the “Issuer”), LENNAR HOMES, LLC, a Florida limited liability company (the “Landowner”) and joined in by the Disclosure Representative and the Trustee (as such terms are herein defined), in connection with the issuance
of $ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds,
Series 2020 (Lorraine Lakes Project) (the “Bonds”). The Bonds are being issued pursuant to a Master Trust Indenture dated as of September 1, 2005, as supplemented by a Thirtieth Supplemental Trust Indenture dated as of October 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 and the Landowner covenant and agree as follows:

Purpose of the Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the District and the Landowner 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 and the Landowner understand and acknowledge 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 or the Landowner to provide additional information, the District and the Landowner, as applicable, agree 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.

“Series 2020 Assessments” shall mean the non ad valorem special assessments pledged to the payment of the Bonds pursuant to the Indenture.

“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 (i) 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; and (ii) as to any entity other than the District while it is an Obligated Person, the individual executing this Disclosure Agreement on behalf of such entity or such person(s) as such entity shall designate in writing to the Dissemination Agent from time to time as the person(s) 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 7(a) of this Disclosure Agreement.

“Lorraine Lakes” shall mean Lorraine Lakes as described in the Limited Offering Memorandum.

“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) 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 which person(s) shall include the District and the Landowner or any other landowner in the District, while the Landowner or such other landowner is the owner of lands within the District responsible for payment of at least twenty percent (20%) of the Series 2020 Assessments.

“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.

“Quarterly Report” shall mean any Quarterly Report provided by the Landowner, its successors or assigns or any other Obligated Person other than the District and as described in, Sections 5 and 6 of this Disclosure Agreement.

“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.”

“State” shall mean the State of Florida.

“2020 Project” shall mean the public improvements and other capital assets acquired and constructed with proceeds of the Bonds.

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:

Fiscal Year.

(i)	The amount of Series 2020 Assessments levied for the most recent

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 11 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.

(b) 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 7(a). Dissemination Agent shall file the Annual Report and the Audited Financial Statements with each Repository within thirty
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 7(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.

Content of Quarterly Reports.

The Landowner, until its obligations hereunder have been terminated pursuant to Section 9 hereof, shall prepare a Quarterly Report no later than thirty (30) days after the end of each calendar quarter commencing, with the calendar quarter ending December 31, 2020; provided, however, that so long as Landowner is a reporting company, such thirty (30) days shall be extended to the date of filing of its respective 10K or 10Q if later, as the case may be (each, a “Quarterly Receipt Date”).

Each Quarterly Report shall also address the following information if such information is not otherwise provided pursuant to subsection (c) of this Section 5:

Status of the development of the infrastructure and improvement described in the Limited Offering Memorandum under the subheadings

"THE DEVELOPMENT - General" and “THE DEVELOPMENT –
Recreational Amenities”.

The number of single-family homes planned subject to the Series 2020 Assessments.

The number of single-family units sold to end users subject to the Series 2020 Assessments.

The number of multi-family homes planned subject to the Series 2020 Assessments.

The number of multi-family units sold to end users subject to the Series 2020 Assessments.

The estimated date of complete build-out of residential units subject to the Series 2020 Assessments.

Any bulk sale of the land subject to the Series 2020 Assessments other than as contemplated by the Limited Offering Memorandum.

The status of development approvals for the infrastructure described in the Limited Offering Memorandum under the heading "THE DEVELOPMENT – Zoning and Permitting".

Materially adverse changes or determinations to permits/approvals for Lorraine Lakes which necessitate changes to the land-use or other plans for Lorraine Lakes.

Updated plan of finance (i.e., status of any credit enhancement, issuance of additional bonds to complete project, mortgage debt, etc.).

Any event that would have a material adverse impact on the implementation of Lorraine Lakes as described in the Limited Offering Memorandum or on the ability to undertake the development of Lorraine Lakes as described in the Limited Offering Memorandum.

Any amendment or waiver of the provisions hereof pursuant to Section 11 hereof.

Any of the items listed in subsection (b) above may be incorporated by reference from other documents which have been submitted to each of the Repositories or the SEC. The Landowner shall clearly identify each other document so incorporated by reference.

If the Landowner sells, assigns or otherwise transfers ownership of real property in Lorraine Lakes subject to the Series 2020 Assessments to a third party, which will in turn be an Obligated Person for purposes of the Disclosure Agreement as a result thereof (a “Transfer”), the Landowner hereby agrees to require such third party to comply with the disclosure

obligations of the Landowner hereunder for so long as such third party is an Obligated Person hereunder, to the same extent as if such third party were a party to this Disclosure Agreement. The Landowner involved in such Transfer shall promptly notify the District and the Dissemination Agent in writing of the Transfer. For purposes of Sections 5, 6 and 9 hereof, the term “Landowner” shall be deemed to include any third party that becomes an Obligated Person hereunder as a result of a Transfer. In the event that the Landowner remains an Obligated Person hereunder following any Transfer, nothing herein shall be construed to relieve the Landowner from their obligations hereunder.

Provision of Quarterly Reports.

The Landowner shall provide a Quarterly Report which contains the information in Sections 5(b) and (c) of this Disclosure Agreement to the Dissemination Agent no later than the Quarterly Receipt Date for such Quarterly Report. Within thirty (30) days of the Quarterly Receipt Date, the Dissemination Agent shall file the Quarterly Report provided to it by the Landowner with each Repository (the “Quarterly Filing Date”).

If on the seventh (7th) day prior to each Quarterly Receipt Date the Dissemination Agent has not received a copy of the Quarterly Report due on such Quarterly Receipt Date, the Dissemination Agent shall contact the Landowner by telephone and in writing (which may be by e-mail) to remind the Landowner of its undertaking to provide the Quarterly Report pursuant to Sections 5 and 6. Upon such reminder, the Landowner shall either (i) provide the Dissemination Agent with an electronic copy of the Quarterly Report in accordance with Section 6(a) above, or (ii) instruct the Dissemination Agent in writing that the Landowner will not be able to file the Quarterly Report within the time required under this Disclosure Agreement and state the date by which such Landowner Report will be provided.

If the Dissemination Agent has not received a Quarterly Report that contains, at a minimum, the information in Section 5(b) of this Disclosure Agreement by 12:00 noon on the first business day following each Quarterly Receipt Date, a Listed Event described in Section 7(a)(xv) shall have occurred and the District and the Landowner hereby direct the Dissemination Agent to send a notice to each Repository in substantially the form attached as Exhibit A hereto, with a copy to the District. The Dissemination Agent shall file such notice no later than thirty (30) days following the applicable Quarterly Receipt Date.

The Dissemination Agent shall:

determine prior to each Quarterly Filing Date the name and address of each Repository; and

promptly upon fulfilling its obligations under subsection (a) above, file a notice with the Landowner and the District stating that the Quarterly Report has been provided pursuant to this Disclosure Agreement and stating the date(s) it was provided.

Reporting of Significant Events.

Pursuant to the provisions of this Section 7, 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

* Note: There are currently no credit or liquidity providers for the Bonds.
** Note: The Bonds are not rated.

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 or Quarterly Report as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) or Section 5(b) of this Disclosure Agreement, respectively;

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.

Each Obligated Person 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 7.

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. The Landowner’s obligations hereunder shall terminate at the earlier of the legal defeasance, prior redemption or payment in full of the Bonds or such time as it is no longer an Obligated Person. If such termination occurs prior to the final maturity of the Bonds, the Landowner shall give notice of such termination in the same manner as for a Listed Event under Section 7.

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, the Landowner 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, 5, 6 or 7(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 and/or the Landowner, 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, the Landowner 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 and the Landowner, as applicable, shall describe such amendment in its next Annual Report or Quarterly Report, as applicable, 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 or the Landowner, as applicable. 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.

Notwithstanding the above provisions of this Section 11, the District may amend this Disclosure Agreement in accordance with this Section 11 without the consent of the Landowner, provided that no amendment to the provisions of Sections 5 and 6 hereof may be made without the consent of the Landowner as long as the Landowner is an Obligated Person.

Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer or the Landowner 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 or the Landowner 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 or the Landowner 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 Landowner, the Disclosure Representative of the District, the Disclosure Representative of the Landowner 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 Landowner, the Disclosure Representative, of the District, the Disclosure Representative of the Landowner 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 Landowner, the Disclosure Representative of the District, the Disclosure Representative of the Landowner or a Dissemination Agent, to comply with the Disclosure Agreement shall be an action to compel performance.

Duties of Issuer, Landowner and Dissemination Agent. The District and the Landowner each represent and warrant that they 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 and the Landowner each acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the District, the Landowner, 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, the Landowner, 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. Notwithstanding anything to the contrary herein, the District shall have no responsibility for any information provided by the Landowner or others in connection with the Quarterly Reports or to cause the Quarterly Reports to be provided by the Landowner.

Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Landowner, 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 and the Landowner, respectively agree that the Dissemination Agent is a bona fide agent of the Issuer and the Landowner and may receive, on a timely basis, any information or reports it requests that the Issuer and the Landowner are 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)

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:		 Vice Chair, Board of Supervisors	
CONSENTED TO AND AGREED TO BY:
PFM GROUP CONSULTING LLC, as
Disclosure Representative

By:	 Title: Authorized Officer	LENNAR HOMES, LLC, a Florida limited liability company

By:		 Name:		 Title:  			
	
Acknowledged and agreed to for purposes of Section 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
Lennar Homes, LLC ("Landowner")

Name of Bond Issue:	$ 	Lakewood Ranch Stewardship District Special Assessment Revenue Bonds, Series 2020 (Lorraine Lakes Project)

Date of Issuance:	October 	, 2020

NOTICE IS HEREBY GIVEN that the [District][Landowner] has not provided an [Annual][Quarterly] Report with respect to the above-named Bonds as required by [Section 4][Section 6] of the Continuing Disclosure Agreement dated October , 2020, among the District, the Landowner, the Dissemination Agent and the Trustee named therein. The [District][Landowner] has advised the undersigned that it anticipates that the [Annual Report][Quarterly] will be filed by 	, 20 .

Dated:  	

 	, as Dissemination Agent, on behalf of the Issuer

cc:	Issuer
Obligated Person(s)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financing Matters Relative to the Northeast Sector Phase 2B Bonds

LAKEWOOD RANCH STEWARDSHIP DISTRICT

MBS Capital Markets, LLC IBA Supplement

MBS	CAPITAL MARKETS, LLC

SUPPLEMENT TO INVESTMENT BANKING AGREEMENT DATED NOVEMBER 2, 2012 REGARDING BOND ISSUANCES BY LAKEWOOD RANCH STEWARDSHIP DISTRICT

Septem ber 4, 2020

Board of Supervisors
Lakewood Ranch Stewardship District

Dear Superv iso rs:

MBS Ca pital Markets LLC ("Underwriter")  and  the  Board  of  Supervisors  of  the  Lakewood  Ranch  Stewardship District  ("District")  entered   into  an   Investment   Banking   Agreement   effective   ovember   2   2012  ('  Agreement") whe re in  the  Dis tric t  engaged  the  Underwriter  to  provide  inve  tment  banking  services  for  the  District.   The purpose of this letter is to supp le me nt the Agreeme nt by spec ify i ng  the  particular  planned  transaction  currently  being contemplated by the District for wh ic h s uc h  investment  banking  services are  to  be  provided  by  the Underwriter.

The District is considering the issuance of  its  Special  Assessment  Revenue  Bonds  (NE  Sector  -  Phase  28)  in 2020 for the purpose of acquiring/constructing  public  i n frastruct ure  improvements  for  the NE Sector  area.  It  is the District s intent to engage the Underwriter to provide i nvestme n t banking services for this transact ion .

The  scope  of  services  to  be  provided  in  a  non-fiduciary  capacity  by  the  Underwriter  for  this  transaction  will include those lis ted below.

Advice regarding the structure, timing, term , and other similar matters concerning the particular municipal sec ur ities described above.
Preparation of rating strategies and presentations related to the issue be i ng und erwr itten.
Preparations for and assistance with investor " road shows,"  if  any ,  and  investor  discussions related to the iss ue being underwritten.
Advice  regarding  retail  order  periods  and  in  titutional  marketing   if  the  District  decides  to  engage in a negotiated a le .
Assistance in the preparation of the Preliminary Official Statement, if any and the fina l Official Statement.

4890 WEST KENNEDY BLVD . SUITE 940
TAMPA, FLORIDA 33609
PHONE: 813.281.2700

152 LINCOLN A VEN UE
W IN TER PARK, FLORIDA 32789
PHONE: 407.622.0130

8583 STRA WBERR Y LANE LONGMONT, COLORADO 80503
PHONE: 303.652.0205

1001 BRADFORD WAY
KINGSTON, TENNESSEE 37763
PHONE: 865.717.0303

M BS	CAPITAL MARKETS, LLC
Assistance with the closing of the is s ue, in c ludin g negotiation and discussion with respect to all documents , ce1t ificates , and opinio ns needed for the clos ing.
Coordinat ion with respect to obtainin g CUSIP numbers and the regis tratio n with the Depository
Trust Comp any.
Preparatio n of post-sale reports for the issue , if any.
Structurin g of refundin g escrow cash flow requirements, but not the recommendation of and brokerage of particular municipal escrow in vestme nts.

All other terms of the Agreement shall rema in in e ffect, incl udin g spec ifically the Disclos ures Conce rnin g the Underwrit e r' s Ro le Required by MSRB Rule G-17 which is again being provided  in Exhibi t A he reto.  By  exec ution of this s upplem en t to the Agreement you are acknow ledging receipt of the same.

This s uppl e ment to the Agreement sha ll be effective upon your acceptance and shall remain in effect unti l s uch time as the financing described herein has been comp le ted or the Agreement is terminated as provided in Sec tio n 3 of the Agreement.

Sincerely ,

MBS Capital Markets, LLC

Approved and Accepted By:	 	                                                                 Tit le:	 	
Date:	 	

M BS	CAPITAL MARKETS, LLC

EXHIBIT A

Disclosures Concerning the Underwriter's Role

(i) Mu n ic ipal Sec uriti es Ru lem aking Boa rd Rul e G-1 7 requi res an underwrit er to dea l fairly at all time s wit h both municipal iss ue rs and in vestors:

(ii) The Und e rwr ite r' s prima ry role is to purchase sec uritie s with a vie w to dist ri but io n i n an arm's - lengt h commerc ial t ransaction with the  Dist ric t and  it  has  financial  and  other  inte rests  th at differ  from  those of the Dis t rict;

(ii i) Unlike a mun ici pal advisor, the U nderwrit e r does not  have a fiduciary  duty  to  t he  District  under the  federal sec ur it ies laws and is. there fore, not req ui red by federal law to act in the best in terests of the Dis t ric t without regard to its ow n financial or other int e rests:

The U nderwrite r has a duty to purchase secur i ties from the Dist rict at a fai r and reaso nable price, but must balance that duty with it s duty to sell mun ic ipal sec uriti es to in vestors at prices that are fai r and reasona ble: and

The Under write r will revie w the o ffic ial s tate ment fo r the Dis t rict' s sec urit ies in accordance with, and as part of, its res pons ibiliti es to in vestors under the federal sec urit ie s laws, as applied to the fac ts and c i rcum stances of the transaction.

Disclosure Conce rning the Underwriter' s C o mpensatio n

Underw riter's compen satio n that is con tin gent on the c los i ng of a trans actio n or the size of a transact io n prese nts a confl ict o f inte rest, because it may cause the Underwriter to recomme nd a transaction that it is un necessary or to recommend that the size of the transact io n be larger than is necess ary.

Con flicts of Interest

Payments to or from Third Parties . There are no undi sc lose d payments, value s. o r cred its to be received by the Underwriter in connection with it s unde rwr i ting of thi s ne w iss ue from parties other than the Dis tric t, and there are no undisc lo se d payments to be made by the Underwrite r in connection with this new iss ue to parties other than the District (in e ith e r case inc lu ding payments, values, or cred its that re late directly or ind irect ly to collateral transactions integ rally related to the issue  be in g  underwritten). In addition, there are no  third -party  arrangements for the market i ng of the Dis tric t' s sec uriti es.

Profit-Sha ring with Inv estors. Ther e are no ar range me nts between the Un derwriter and an in ves to r purcha s ing new iss ue se curitie s from the Underwrit e r ( inc lu d i ng purchases that are co nti nge nt u pon the de livery by the Dis trict to the Underwriter of the securitie s) according to wh ic h profits realized  from  the resa le  by suc h investor of the securitie s are direct ly or indirectly spli t or othe rwis e s hared with the Underwr i te r.

Credit Default Swaps. There will be no issu ance  o r  purchase  by  the  Underwriter  of credit  default  swa ps  for whic h the reference is the District for which the Underwriter is se rving as underwriter. or an obli g atio n of that District.

MBS	CAPITAL MARKETS, LLC

Retail Order Periods. For new iss ues in whic h there is a retail o rder perio d, the Un derwrite r will ho no r s uch agreement to provide the retail o rder period . No allocation of securiri es  in a mann er that is  inc o ns iste nt  with a Dis tricf s requirem ents will be made with o ut the Distric·t  s consent.  I n additio n. when the Underwriter has agreed to underwrite a transactio n with a retail o rder period. it will take reasonable measures to ens ure that reta il cl ients are bona fide.

Dealer Payments to District Personnel.  Reim  bursements  .  if any.  made to personnel of  the District  wi ll  be made in compl ia nce wit h MSRB Rule G-20, on gifts. g ratuiti es. and no n-c ash co mpe nsatio n. and Ru le G- 1 7. in connection with ce rtain payments made to . and expe nses reimb ursed for, Dis trict perso nne l dur ing the mun ic ipal bond iss uance process.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Other Matters

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Bid Award for Blue Lake Road

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Award Recommendation Letter and Bid Tabulation

August 20, 2020

File:	215615146 240

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

Via: E-Mail (rex.jensen@smrranch.com)

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, FL 34202

Attn:	Mr. Rex Jensen
Chairman of the Board

Reference:	Blue Lake Road
Contract Recommendation

Dear Mr. Jensen:

On July 31, 2020, we received and opened seven bids from Lakewood Ranch Stewardship District’s pre- qualified firms for the Blue Lake Road project. We received bids from E.T. MacKenzie of Florida, Inc., Frederick Derr & Company Inc., Ryangolf Corporation, Woodruff & Sons, Inc., Westra Construction Corp, RIPA & Associates, and Watson Civil Construction. Attached is a tabulation of the bids received.

Ryangolf Corporation submitted the lowest Base Bid for $5,022,550.19. We have reviewed the bid package provided and determined that it is responsive, and we find the Contractor acceptable to perform the work on this project based on the information received.

Therefore, we recommend that Lakewood Ranch Stewardship District award the contract to Ryangolf Corporation for the total bid of $5,022,550.19.
If you have any questions or comments, please contact our office. Sincerely,

Stantec Consulting Services Inc.

Robert A. Engel, P.E.
Assistant District Engineer/ Senior Principal
Tel: (941) 907-6900
E-Mail: rob.engel@stantec.com

Enclosure

Approved by LWRSD Board

C:	Bob Simmons, LWR Development LLC	 	 Mike Blackrick, LWR Development LLC
Roger Aman, LWR Development LLC
Kathy Horn, LWR Development LLC	 	
Date

08/20/2020 - JVEGA
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Bid Tabulation Blue Lake Road

	Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Blue Lake Road 								
Excavation	$826,883.44	$1,039,743.58	$963,944.00	$1,168,350.75	$1,086,402.67	$1,013,389.75	$1,244,513.55	
Potable Water	$35,820.25	$26,351.00	$16,715.00	$37,924.40	$38,656.41	$39,465.00	$20,439.00	
Sanitary Sewer	$21,979.00	$20,435.00	$9,812.00	$20,556.00	$18,121.17	$29,842.00	$13,913.00	
Drainage	$846,707.50	$753,648.25	$744,710.00	$783,308.75	$814,426.31	$871,295.00	$808,983.00	
Roadways & Pavement	$2,266,110.00	$2,318,772.17	$2,502,450.00	$2,465,335.35	$2,422,577.04	$2,717,763.70	$2,819,826.65	
General	$1,025,050.00	$1,011,050.00	$957,810.00	$950,956.00	$1,056,072.66	$1,234,000.00	$1,406,265.00	

Total	$5,022,550.19	$5,170,000.00	$5,195,441.00	$5,426,431.25	$5,436,256.26	$5,905,755.45	$6,313,940.20	

8/12/2020-11:32 AM
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Blue Lake Road

Excavation			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	

Clearing & Grubbing	
50	
AC	
$1,300.00	
$64,740.00	
$2,000.00	
$99,600.00	
$895.00	
$44,571.00	
$2,190.00	
$109,062.00	
$887.19	
$44,182.06	
$1,400.00	
$69,720.00	
$1,300.00	
$64,740.00	
Silt Fence	35,960	LF	$1.75	$62,930.00	$1.45	$52,142.00	$1.50	$53,940.00	$2.85	$102,486.00	$1.32	$47,467.20	$1.20	$43,152.00	$2.00	$71,920.00	
Excavation Lake 1 (insitu measure)	35,237	CY	$2.90	$102,187.30	$3.50	$123,329.50	$3.90	$137,424.30	$3.55	$125,091.35	$3.48	$122,624.76	$4.75	$167,375.75	$4.15	$146,233.55	
	43,638	CY	$2.90	$126,550.20	$3.50	$152,733.00	$4.00	$174,552.00	$3.65	$159,278.70	$3.48	$151,860.24	$5.00	$218,190.00	$4.15	$181,097.70	
Excavation Lake 4 (insitu measure)																	
Muck Excavation (unsuitable soils)	5,000	CY	$3.25	$16,250.00	$4.65	$23,250.00	$6.00	$30,000.00	$7.85	$39,250.00	$4.48	$22,400.00	$6.10	$30,500.00	$10.00	$50,000.00	
Grading (including 63,100 CY of place and compact compacted measure, lake bank, roadway, return slopes, and all final grading to complete project EXCEPT SWALES)	

1	

LS	

$82,500.00	

$82,500.00	

$145,000.00	

$145,000.00	

$133,600.00	

$133,600.00	

$147,385.00	

$147,385.00	

$209,820.10	

$209,820.10	

$130,000.00	

$130,000.00	

$172,000.00	

$172,000.00	
Excavation and grading of all swales (36,850 CY of excavation)	
1	
LS	
$67,500.00	
$67,500.00	
$125,000.00	
$125,000.00	
$20,520.90	
$20,520.90	
$95,690.00	
$95,690.00	
$127,932.95	
$127,932.95	
$21,000.00	
$21,000.00	
$147,900.00	
$147,900.00	
Sod ROW, Common Areas	100,000	SY	$1.89	$189,000.00	$1.98	$198,000.00	$2.30	$230,000.00	$2.45	$245,000.00	$2.16	$216,000.00	$2.10	$210,000.00	$2.45	$245,000.00	
Sod, Lakes	3,692	SY	$1.89	$6,977.88	$1.98	$7,310.16	$2.30	$8,491.60	$2.45	$9,045.40	$2.16	$7,974.72	$2.10	$7,753.20	$2.55	$9,414.60	
Sod, Swales & Berm	51,454	SY	$1.89	$97,248.06	$1.98	$101,878.92	$2.30	$118,344.20	$2.45	$126,062.30	$2.16	$111,140.64	$2.20	$113,198.80	$2.55	$131,207.70	
Seed & Mulch (including for temporary conveyance)	50,000	SY	$0.22	$11,000.00	$0.23	$11,500.00	$0.25	$12,500.00	$0.20	$10,000.00	$0.50	$25,000.00	$0.05	$2,500.00	$0.50	$25,000.00	

Excavation Grand Total =	
$826,883.44	
$1,039,743.58	
$963,944.00	
$1,168,350.75	
$1,086,402.67	
$1,013,389.75	
$1,244,513.55	

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Blue Lake Road

Potable Water			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	

8" PVC (DR-18) Water Main	
127	
LF	
$35.75	
$4,540.25	
$53.00	
$6,731.00	
$27.00	
$3,429.00	
$57.20	
$7,264.40	
$50.50	
$6,413.50	
$45.00	
$5,715.00	
$32.00	
$4,064.00	
Temp Blow Off	2	EA	$1,550.00	$3,100.00	$1,250.00	$2,500.00	$930.00	$1,860.00	$2,415.00	$4,830.00	$878.32	$1,756.64	$1,300.00	$2,600.00	$650.00	$1,300.00	
Adjust to Grade 24" Gate Valve	5	EA	$800.00	$4,000.00	$260.00	$1,300.00	$253.00	$1,265.00	$715.00	$3,575.00	$925.85	$4,629.25	$1,200.00	$6,000.00	$345.00	$1,725.00	
Adjust to Grade 12" Gate Valve	1	EA	$700.00	$700.00	$250.00	$250.00	$253.00	$253.00	$715.00	$715.00	$925.85	$925.85	$950.00	$950.00	$325.00	$325.00	
Adjust to Grade 8" Gate Valve	8	EA	$700.00	$5,600.00	$240.00	$1,920.00	$253.00	$2,024.00	$715.00	$5,720.00	$925.85	$7,406.80	$800.00	$6,400.00	$325.00	$2,600.00	
Adjust to Grade Fire Hydrant Assembly	5	EA	$1,625.00	$8,125.00	$1,150.00	$5,750.00	$1,120.00	$5,600.00	$1,875.00	$9,375.00	$2,314.47	$11,572.35	$1,300.00	$6,500.00	$855.00	$4,275.00	
Chlorination & Pressure Testing	1	LS	$1,600.00	$1,600.00	$1,900.00	$1,900.00	$448.00	$448.00	$3,720.00	$3,720.00	$2,198.43	$2,198.43	$1,800.00	$1,800.00	$1,025.00	$1,025.00	
Connect to Existing	2	EA	$3,250.00	$6,500.00	$3,000.00	$6,000.00	$710.00	$1,420.00	$1,200.00	$2,400.00	$1,017.70	$2,035.40	$3,500.00	$7,000.00	$2,100.00	$4,200.00	
Potable Water Main Fittings	1	LS	$1,655.00	$1,655.00	$0.00	$0.00	$416.00	$416.00	$325.00	$325.00	$1,718.19	$1,718.19	$2,500.00	$2,500.00	$925.00	$925.00	

Potable Water Grand Total =	
$35,820.25	
$26,351.00	
$16,715.00	
$37,924.40	
$38,656.41	
$39,465.00	
$20,439.00	

8/12/2020-11:32 AM
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Blue Lake Road

Sanitary Sewer			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	

6" PVC Forcemain (DR25)	
164	
LF	
$26.00	
$4,264.00	
$35.00	
$5,740.00	
$20.00	
$3,280.00	
$35.25	
$5,781.00	
$24.09	
$3,950.76	
$53.00	
$8,692.00	
$17.00	
$2,788.00	
6" Gate Valve & Cap Force Main	2	EA	$1,925.00	$3,850.00	$1,600.00	$3,200.00	$1,210.00	$2,420.00	$1,040.00	$2,080.00	$2,014.60	$4,029.20	$2,100.00	$4,200.00	$1,600.00	$3,200.00	
Adjust to Grade Air Release Valve	3	EA	$1,240.00	$3,720.00	$2,350.00	$7,050.00	$345.00	$1,035.00	$1,235.00	$3,705.00	$1,143.82	$3,431.46	$1,700.00	$5,100.00	$730.00	$2,190.00	
Adjust to Grade 12" Gate Valve	3	EA	$685.00	$2,055.00	$240.00	$720.00	$253.00	$759.00	$715.00	$2,145.00	$917.15	$2,751.45	$950.00	$2,850.00	$325.00	$975.00	
Connect to Existing Forcemain	2	EA	$3,245.00	$6,490.00	$1,500.00	$3,000.00	$740.00	$1,480.00	$2,195.00	$4,390.00	$1,685.69	$3,371.38	$2,000.00	$4,000.00	$1,930.00	$3,860.00	
Sanitary Sewer Testing	1	LS	$1,600.00	$1,600.00	$725.00	$725.00	$838.00	$838.00	$2,455.00	$2,455.00	$586.92	$586.92	$5,000.00	$5,000.00	$900.00	$900.00	

Sanitary Sewer Grand Total=	
$21,979.00	
$20,435.00	
$9,812.00	
$20,556.00	
$18,121.17	
$29,842.00	
$13,913.00	

8/12/2020-11:32 AM
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Blue Lake Road

Drainage			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	

15" RCP	
188	
LF	
$35.00	
$6,580.00	
$35.25	
$6,627.00	
$37.00	
$6,956.00	
$44.75	
$8,413.00	
$44.66	
$8,396.08	
$70.00	
$13,160.00	
$45.00	
$8,460.00	
18" RCP	2,200	LF	$46.75	$102,850.00	$46.25	$101,750.00	$45.00	$99,000.00	$49.85	$109,670.00	$50.15	$110,330.00	$49.00	$107,800.00	$52.40	$115,280.00	
24" RCP	765	LF	$66.00	$50,490.00	$56.25	$43,031.25	$59.00	$45,135.00	$70.60	$54,009.00	$62.28	$47,644.20	$60.00	$45,900.00	$64.50	$49,342.50	
30" RCP	125	LF	$88.00	$11,000.00	$74.25	$9,281.25	$75.00	$9,375.00	$90.65	$11,331.25	$84.44	$10,555.00	$80.00	$10,000.00	$88.00	$11,000.00	
FDOT Type 6 Inlet	44	EA	$4,700.00	$206,800.00	$4,750.00	$209,000.00	$4,250.00	$187,000.00	$4,510.00	$198,440.00	$4,685.37	$206,156.28	$5,000.00	$220,000.00	$3,865.00	$170,060.00	
Valley Gutter Inlet	16	EA	$3,400.00	$54,400.00	$3,600.00	$57,600.00	$3,590.00	$57,440.00	$3,365.00	$53,840.00	$3,845.32	$61,525.12	$4,000.00	$64,000.00	$3,550.00	$56,800.00	
Grate Inlet Type G	12	EA	$3,150.00	$37,800.00	$3,400.00	$40,800.00	$2,715.00	$32,580.00	$3,100.00	$37,200.00	$2,965.17	$35,582.04	$4,500.00	$54,000.00	$3,855.00	$46,260.00	
Control Structure - Bubble Box	8	EA	$3,350.00	$26,800.00	$3,300.00	$26,400.00	$2,560.00	$20,480.00	$3,685.00	$29,480.00	$3,667.20	$29,337.60	$3,700.00	$29,600.00	$4,300.00	$34,400.00	
Single Grate Control Structure	1	EA	$3,450.00	$3,450.00	$6,800.00	$6,800.00	$3,045.00	$3,045.00	$4,655.00	$4,655.00	$3,726.68	$3,726.68	$4,300.00	$4,300.00	$3,650.00	$3,650.00	
Rip-Rap 20 lb Min Complete w/ Filter Fabric (for pipe e	250	SY	$74.25	$18,562.50	$57.25	$14,312.50	$77.00	$19,250.00	$41.65	$10,412.50	$79.60	$19,900.00	$82.00	$20,500.00	$47.50	$11,875.00	
Rip-Rap 20 lb Min Complete w/ Filter Fabric (for Swale	1,000	SY	$74.25	$74,250.00	$57.25	$57,250.00	$67.00	$67,000.00	$41.65	$41,650.00	$79.70	$79,700.00	$75.00	$75,000.00	$47.50	$47,500.00	
15" Endwall (Includes Riprap and Filter Fabric)	1	EA	$2,625.00	$2,625.00	$1,400.00	$1,400.00	$1,590.00	$1,590.00	$1,520.00	$1,520.00	$2,188.70	$2,188.70	$4,100.00	$4,100.00	$2,400.00	$2,400.00	
18" Endwall (Includes Riprap and Filter Fabric)	3	EA	$2,925.00	$8,775.00	$1,450.00	$4,350.00	$1,765.00	$5,295.00	$1,565.00	$4,695.00	$2,375.32	$7,125.96	$4,200.00	$12,600.00	$2,450.00	$7,350.00	
Underdrain Cleanout	141	EA	$370.00	$52,170.00	$230.00	$32,430.00	$324.00	$45,684.00	$480.00	$67,680.00	$333.45	$47,016.45	$400.00	$56,400.00	$277.00	$39,057.00	
6" Underdrain	9,055	LF	$21.00	$190,155.00	$15.75	$142,616.25	$16.00	$144,880.00	$16.60	$150,313.00	$16.04	$145,242.20	$17.00	$153,935.00	$22.70	$205,548.50	

Drainage Grand Total =	
$846,707.50	
$753,648.25	
$744,710.00	
$783,308.75	
$814,426.31	
$871,295.00	
$808,983.00	

8/12/2020-11:32 AM
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Blue Lake Road

Roadways & Pavement			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	
																
4" Thick Concrete Sidewalk (Common Areas Only)	767	SY	$32.40	$24,850.80	$34.00	$26,078.00	$30.00	$23,010.00	$26.95	$20,670.65	$32.27	$24,751.09	$34.00	$26,078.00	$39.02	$30,373.20	
1.25" FDOT Type SP 12.5 (Traffic B)	51,807	SY	$6.15	$318,613.05	$6.75	$349,697.25	$6.50	$336,745.50	$6.20	$321,203.40	$6.41	$332,082.87	$5.95	$308,251.65	$6.50	$336,745.50	
0.75" FDOT Type SP 9.5) (Traffic B	51,807	SY	$4.30	$222,770.10	$4.65	$240,902.55	$4.50	$233,131.50	$4.35	$225,360.45	$4.47	$231,577.29	$4.15	$214,999.05	$4.50	$233,131.50	
Mill Existing Asphalt and Overlay 20' beyond Existing EO	187	SY	$18.60	$3,478.20	$24.50	$4,581.50	$20.00	$3,740.00	$18.80	$3,515.60	$9.36	$1,750.32	$18.00	$3,366.00	$19.65	$3,674.55	
Mill Existing Asphalt and Overlay 20' beyond Existing EO	767	SY	$18.60	$14,266.20	$24.50	$18,791.50	$19.75	$15,148.25	$18.80	$14,419.60	$9.32	$7,148.44	$18.00	$13,806.00	$19.65	$15,071.55	
Mill Existing Asphalt and Overlay 20' beyond Existing EO	192	SY	$18.60	$3,571.20	$24.50	$4,704.00	$20.50	$3,936.00	$18.80	$3,609.60	$9.32	$1,789.44	$18.00	$3,456.00	$19.65	$3,772.80	
8" FDOT GROUP 6 BASE	51,807	SY	$11.50	$595,780.50	$13.50	$699,394.50	$13.00	$673,491.00	$12.80	$663,129.60	$11.48	$594,744.36	$13.50	$699,394.50	$15.75	$815,960.25	
12" Stabilized Subgrade LBR 60	57,738	SY	$6.90	$398,392.20	$5.00	$288,690.00	$9.00	$519,642.00	$7.90	$456,130.20	$7.76	$448,046.88	$11.00	$635,118.00	$9.90	$571,606.20	
Type "F" Drop Curb	62	LF	$13.25	$821.50	$13.75	$852.50	$14.00	$868.00	$20.10	$1,246.20	$14.85	$920.70	$32.00	$1,984.00	$13.40	$830.80	
Type "F" Curb Modified	3,558	LF	$9.00	$32,022.00	$9.25	$32,911.50	$9.00	$32,022.00	$7.80	$27,752.40	$10.49	$37,323.42	$10.50	$37,359.00	$9.10	$32,377.80	
Type 'F' Curb	22,477	LF	$9.90	$222,522.30	$10.90	$244,999.30	$10.00	$224,770.00	$12.45	$279,838.65	$11.43	$256,912.11	$12.00	$269,724.00	$10.25	$230,389.25	
1.5" FDOT Type SP 12.5 (Traffic B) - Multi-Use Trail	10,987	SY	$8.35	$91,741.45	$9.00	$98,883.00	$9.00	$98,883.00	$8.35	$91,741.45	$8.61	$94,598.07	$8.00	$87,896.00	$8.75	$96,136.25	
FPL/Lift Station and Multi-Use Trail FDOT Group 1 Base	12,247	SY	$8.00	$97,976.00	$8.25	$101,037.75	$7.50	$91,852.50	$9.05	$110,835.35	$10.23	$125,286.81	$8.50	$104,099.50	$11.25	$137,778.75	
FPL/Lift Station 12" Stabilized Subgrade LBR 40	14,125	SY	$7.25	$102,406.25	$4.50	$63,562.50	$7.25	$102,406.25	$8.65	$122,181.25	$6.96	$98,310.00	$10.50	$148,312.50	$11.50	$162,437.50	
2' Valley Gutter	8,075	LF	$9.85	$79,538.75	$10.00	$80,750.00	$10.00	$80,750.00	$8.50	$68,637.50	$11.60	$93,670.00	$10.50	$84,787.50	$11.10	$89,632.50	
20' Access Road 12" Stabilization ofSubgrade LBR 40	164	SY	$8.75	$1,435.00	$4.50	$738.00	$7.25	$1,189.00	$5.30	$869.20	$7.31	$1,198.84	$10.50	$1,722.00	$10.50	$1,722.00	
20' Concrete Drive - 6" Concrete reinforced with 6"x6"	55	SY	$45.90	$2,524.50	$51.50	$2,832.50	$50.00	$2,750.00	$35.35	$1,944.25	$50.66	$2,786.30	$62.00	$3,410.00	$59.75	$3,286.25	
Roadway Striping	1	LS	$50,000.00	$50,000.00	$55,940.82	$55,940.82	$53,615.00	$53,615.00	$49,150.00	$49,150.00	$64,172.46	$64,172.46	$60,000.00	$60,000.00	$51,000.00	$51,000.00	
Adjust Electirc Manhole and Handhole to Grade	1	LS	$600.00	$600.00	$575.00	$575.00	$1,000.00	$1,000.00	$2,000.00	$2,000.00	$2,636.09	$2,636.09	$9,000.00	$9,000.00	$900.00	$900.00	
Permanent Control Points	1	LS	$2,800.00	$2,800.00	$2,850.00	$2,850.00	$3,500.00	$3,500.00	$1,100.00	$1,100.00	$2,871.55	$2,871.55	$5,000.00	$5,000.00	$3,000.00	$3,000.00	

Roadways & Pavement Grand Total =	
$2,266,110.00	
$2,318,772.17	
$2,502,450.00	
$2,465,335.35	
$2,422,577.04	
$2,717,763.70	
$2,819,826.65	

8/12/2020-11:32 AM
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Blue Lake Road

General			Ryan Golf	RIPA	ET MacKenzie	Frederick Derr	Woodruff & Sons	Watson Civil	Westra	
Item	Quantity	Unit	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	Unit Price	Total	

Mobilization	
1	
LS	
$75,000.00	
$75,000.00	
$40,000.00	
$40,000.00	
$53,850.00	
$53,850.00	
$56,325.00	
$56,325.00	
$95,847.41	
$95,847.41	
$300,000.00	
$300,000.00	
$452,000.00	
$452,000.00	
2" Conduit (Material & Install)	3,000	LF	$4.35	$13,050.00	$5.00	$15,000.00	$3.60	$10,800.00	$5.60	$16,800.00	$6.07	$18,210.00	$10.00	$30,000.00	$5.00	$15,000.00	
4" Conduit (Material & Install)	3,000	LF	$7.65	$22,950.00	$6.25	$18,750.00	$5.70	$17,100.00	$6.40	$19,200.00	$7.29	$21,870.00	$13.00	$39,000.00	$6.50	$19,500.00	
6" Conduit (Material & Install)	3,000	LF	$9.30	$27,900.00	$8.00	$24,000.00	$8.00	$24,000.00	$7.55	$22,650.00	$8.79	$26,370.00	$15.00	$45,000.00	$8.75	$26,250.00	
Construction Stakeout (as built data to be collected by Contractor and submitted to the Lakewood Ranch Stewardship District Engineer)	

1	

LS	

$85,000.00	

$85,000.00	

$89,000.00	

$89,000.00	

$102,285.00	

$102,285.00	

$68,850.00	

$68,850.00	

$90,564.18	

$90,564.18	

$10,000.00	

$10,000.00	

$94,000.00	

$94,000.00	
Demolition, per plan - Includes any demo work that needs to be done prior to clearing, i.e. removal of asphalt & curb, pipe, conduit, structures, fenceing, etc. not otherwise specified in Schedule of Values	

1	

LS	

$12,000.00	

$12,000.00	

$5,000.00	

$5,000.00	

$6,295.00	

$6,295.00	

$1,825.00	

$1,825.00	

$6,488.23	

$6,488.23	

$3,200.00	

$3,200.00	

$5,600.00	

$5,600.00	
General BMP and Inlet Protection	1	LS	$28,500.00	$28,500.00	$37,000.00	$37,000.00	$9,510.00	$9,510.00	$18,675.00	$18,675.00	$34,708.65	$34,708.65	$11,000.00	$11,000.00	$13,900.00	$13,900.00	
Temporary Emergency & Construction Entrance and Dust Control Measures	
1	
LS	
$4,250.00	
$4,250.00	
$11,000.00	
$11,000.00	
$6,370.00	
$6,370.00	
$2,610.00	
$2,610.00	
$32,496.67	
$32,496.67	
$55,000.00	
$55,000.00	
$9,750.00	
$9,750.00	
Performance & Payment Bond	1	LS	$48,000.00	$48,000.00	$51,500.00	$51,500.00	$43,200.00	$43,200.00	$57,860.00	$57,860.00	$26,186.10	$26,186.10	$50,000.00	$50,000.00	$40,300.00	$40,300.00	
Extended Warranty Bond	1	LS	$8,100.00	$8,100.00	$11,500.00	$11,500.00	$1,000.00	$1,000.00	$1.00	$1.00	$11,148.00	$11,148.00	$2,500.00	$2,500.00	$12,500.00	$12,500.00	
Street Lighting	1	LS	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	$683,300.00	
Street Lighting Sub-Consultant Management	1	LS	$17,000.00	$17,000.00	$25,000.00	$25,000.00	$100.00	$100.00	$2,860.00	$2,860.00	$8,883.42	$8,883.42	$5,000.00	$5,000.00	$34,165.00	$34,165.00	

General Grand Total=	
$1,025,050.00	
$1,011,050.00	
$957,810.00	
$950,956.00	
$1,056,072.66	
$1,234,000.00	
$1,406,265.00	

8/12/2020-11:32 AM
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LAKEWOOD RANCH STEWARDSHIP DISTRICT

Resolution 2020-40

RESOLUTION 2020-40

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT REGARDING THE AWARD OF A CONSTRUCTION CONTRACT; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Lakewood Ranch Stewardship District (the “District”), is a local unit of special-purpose government established pursuant to Chapter 2005-338, Laws of Florida to plan, construct, install, acquire, finance, manage and operate public improvements and community facilities for lands within the District; and

WHEREAS, the District has solicited bids from prequalified contractors interested in providing construction services related to the Blue Lake Road project (the “Project”); and

WHEREAS, the District has received and evaluated bids from seven (7) prequalified contractors interested in providing those services; and

WHEREAS, Ryangolf Corporation submitted a responsive bid with the lowest bid amount (the “Contractor”); and

WHEREAS, in the best interest of the District, the Board desires to award a contract to the Contractor.

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

SECTION 1. All of the representations, findings and determinations contained within  the recitals stated above are recognized as true and accurate and are expressly incorporated into this Resolution.

SECTION 2. The bid submitted by the Contractor is the bid which best serves the interests of the District.

SECTION 3. The Contractor shall be awarded a contract for construction services for  the Project.

SECTION 4. The Chairman and District Staff are hereby authorized to give notice of this award to all bidders to the extent required by law and to proceed with the execution of a contract with the selected proposer.

SECTION 5. If any provision of this Resolution is held to be illegal or invalid, the other provisions shall remain in full force and effect.

SECTION 6. This Resolution shall become effective upon its passage and shall remain in effect unless rescinded or repealed.

PASSED AND ADOPTED this 4th day of September, 2020.

ATTEST:	BOARD OF SUPERVISORS OF THE LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Rex Jensen, Chairman

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Altec Lakes and Natural Areas, Inc. (ALTEC) Proposal

September 1st, 2020

Garrett Hardy
Lakewood Ranch Stewardship District 14400 Covenant Way
Bradenton, FL 34202
Via Email: garrett.hardy@lakewoodranch.com

Subject:	Proposal of Services and Fees	LWRSD: Semiannual Palm Tree Trimming

Dear Mr. Hardy:

Pursuant to your request, Altec Lakes and Natural Areas, Inc. (ALTEC) respectfully provides the following proposal for the Lakewood Ranch Stewardship District’s biannual palm tree trimming . The following scope of work is based on information provided by the Lakewood Ranch Stewardship District.

1.0 Scope of Work 1.1 Semiannual Palm Tree Trimming
ALTEC will perform semiannual palm tree trimming within the area known as the Lakewood Ranch Stewardship District for a one (1) year period. Palm trees will be trimmed twice a year (May and December). This includes seed pods, dead and/or hanging fronds, and other material directly affecting the overall appearance of the palm.

Limitations to Scope of Work
Owner will assure vehicular access to all sites. A set schedule will be set for the semiannual palm tree trimmings.

2.0 Cost
Description	Quantity	Cost	
Palm tree trimming (twice per year @ $19.00 per palm per event	2759	$52,421.00	
Total Contract Cost:	$104,842.00	

3.0 Duration of Contract
Once initiated, the terms of this agreement shall remain in effect for a one (1) year period beginning September 1st, 2020 and ending August 31st, 2021 with the option to renew without further action by either party, and inclusive of a fee adjustment in accordance with the Consumer Price Index (CPI) published by the US Department of Labor, Bureau of Labor Statistics at the time of renewal.

Termination
Termination of this agreement shall be effective with 30 days prior written notice by either party or immediately by mutual agreement of both parties. However, termination of this agreement shall not be effective until all fees due are paid.

Thank you for this opportunity to be of service to you. We trust the information contained in this letter is consistent with your understanding. If this proposal is acceptable to you please sign below in the space provided and return to our office.

Sincerely,
Daniel Fernandez Owner

ACCEPTANCE AND AUTHORIZATION TO PROCEED

This Agreement gives no rights or benefits to anyone other than the Client and the Service Provider, and all duties and responsibilities undertaken pursuant to this Agreement will be for the sole benefit of the Client and the Service Provider. The Client shall not assign or transfer any rights under or interest in this Agreement, or any claim arising out of the performance of Services by Service Provider, without the written consent of the Service Provider.

This Proposal/Agreement is open for acceptance by the Client for a period of 30 days, after which it will be withdrawn by Altec Lake and Natural Areas and may be subject to renegotiation.

If this Proposal/Agreement satisfactorily sets forth Clients entire understanding of the agreement, please sign the enclosed copy of this agreement in the space provided and return it to Altec Lake and Natural Areas, as authorization to proceed with the work.

Client Authorization

I HEREBY AUTHORIZE the performance of the services as described herein and agree to pay the charges resulting thereby. I Warrant and represent that I am authorized to enter into this agreement. Accepted this 1st day of September 2020.

Consultant (Authorized Signature0	Owner (Authorized Signature)	Contractor (Authorized Signature)

Print Name	Date	Print Name	Date	Print Name	Date

13194 US Hwy 301 South, Ste. 310, Riverview FL 33578 Phone: 800-630-0619 Fax: 813-634-3900

Lakewood Ranch Stewardship District Palm Tree Inventory
Altec Bi-Annual Pruning Rate

Price/Palm	$   19.00

Sarasota Sector							
Lorrane Rd South of University			84			
Deer Dv					45			
LWR Blvd - Communications - LWR Monument	192			
TOTAL					321		$	6,099.00	

South East Sector							
University - East of Lorraine			150			
Master Ave				59			
Bourneside - South of SR70			34			
TOTAL					243		$	4,617.00	

North West Sector							
White Eagle Blvd							
	SR70 - Rangeland		152				
	Rangeland - Malachite		97				
	Malachite - 44		84				
	44 - SR64			211				
					544			
Silver Falls					28			
Malachite					157			
Rangeland								
	Lorraine - Bonito		62				
	Bonito - White Eagle		47				
	White Eagle - LWR Blvd	130				
					239			
44th								
	West LWR Blvd		38				

Lakewood Ranch Stewardship District Palm Tree Inventory
Altec Bi-Annual Pruning Rate

	LWR Blvd - White Eagle	103				
	White Eagle - Lorraine		119				
					260			
Woodfern					59			
LWR Blvd					164			
Gatewood					7			
117th					14			
Pope Rd					6			
Silver Palm				17			
TOTAL					1495		$	28,405.00	

North East Sector							
Uiline Road							
	SR70 - 44th		158				
	44th - SR 64						
					158			
44th								
	Lorraine - Uiline		85				
	Uiline - Bourneside						
					85			
Rangeland								
	Lorraine - Post		30				
	Post - Uiline		76				
	Uiline - Bourneside		107				
					213			
Post					57			
Bourneside							
	SR70 - Rangeland		8				
	Rangeland - 44th						
	44th - SR64						
					8			
TOTAL					521		$	9,899.00	

Lakewood Ranch Stewardship District Palm Tree Inventory
Altec Bi-Annual Pruning Rate

North West Sector Parks						
Silver Falls Park				38			
Patton Park				6			
Roger Hill Park				22			
Bob Gardner Park				113			
TOTAL					179		$	3,401.00	

TOTAL SUM	$ 52,421.00

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Agreement between the District and Sun State Landscape Management

Lorraine Rd. South (Extension)

AGREEMENT FOR LANDSCAPE AND IRRIGATION MAINTENANCE SERVICES BETWEEN LAKEWOOD RANCH STEWARDSHIP DISTRICT AND
 	SUN STATE LANDSCAPE MANAGEMENT, INC.	
THIS AGREEMENT (the “Agreement”) is made and entered into this 1st day of September 2020, by and between:

Lakewood Ranch Stewardship District, a local unit of special-purpose government located in Sarasota and Manatee Counties, Florida, and whose mailing address is 12051 Corporate Boulevard, Orlando, Florida 32817 (the “District”); and

 	Sun State Landscape Management	
 	8920 Erie Lane, Parrish, Florida, 34219	

RECITALS

WHEREAS, the District was established pursuant to Chapter 2005-338, Laws of Florida, as amended, for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure improvements, including but not limited to, landscaping and irrigation improvements; and

WHEREAS, the District desires to retain an independent contractor to provide landscape and irrigation maintenance services to Lorraine Road South within an area of District known as the Sarasota Sector, the scope of which is as more particularly described in the attached Exhibit A, which is incorporated herein by this reference (the “Services”); and

WHEREAS, Contractor represents that it is qualified, willing and able to provide  landscape and irrigation maintenance services and desires to provide such services to the District; and

WHEREAS, the District and Contractor warrant and agree that they have all right, power and authority to enter into and be bound by this Agreement.

NOW, THEREFORE, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

SECTION 1. RECITALS. The recitals so stated are true  and  correct  and  by  this  reference are incorporated into and form a material part of this Agreement.

SECTION 2.	DESCRIPTION OF WORK AND SERVICES.

The duties, obligations, and responsibilities of the Contractor are to provide the services, labor and materials necessary for the provision of landscape and irrigation maintenance services within the District as described herein and in Exhibit A. Such lands on which Services shall be provided are as more particularly described and

shown on Composite Exhibit B, attached hereto and incorporated herein by reference.

This Agreement grants to Contractor the right to enter the lands that are subject to this Agreement, for those purposes described in this Agreement, and Contractor hereby agrees to comply with all applicable laws, rules, ordinances and regulations affecting the provision of the Services.

Contractor shall be solely responsible for the means, manner and methods by which its duties, obligations and responsibilities are met to the satisfaction of the District and in accordance with this Agreement. Contractor shall use industry best practices and procedures when carrying out the Services.

Pesticide applications shall be made by an individual licensed to perform pest control services in accordance with Chapter 487.011, Florida Statutes. Contractor shall provide proof of such licensure and certification to the District prior to commencement of the Services.

The Contractor shall report directly to the District’s Maintenance Manager who shall be Garrett Hardy. Contractor acknowledges and agrees that the District has the right to request that Contractor’s employees and/or subcontractors who do not behave in a professional manner, in the District’s sole determination, be removed from the Contractor’s landscape maintenance team(s) providing the Services to the District.

Contractor shall use all due care to protect the property of the District, its residents and landowners from damage and shall follow and be responsible for the Services set forth in Exhibit A on the property as provided in Composite Exhibit B. Contractor agrees to repair any damage resulting from Contractor’s activities and work within twenty-four (24) hours. This includes, but is not limited to, damage caused by Contractor to irrigation heads and lines, landscape, grasses or any other District or landowner properties or improvements.

In the event that the District notifies the Contractor that any of the Services performed by the Contractor pursuant to this Agreement are deemed to be inconsistent with the scope of services set forth in Exhibit A, Contractor shall have two (2) business days to correct minor deficiencies, and up to fifteen (15) business days, or another mutually agreed upon timeframe, to correct non-minor deficiencies. As it would be difficult to ascertain the exact amount of damages incurred by the District as a result of the Contractor’s failure to perform in accordance with the terms of the Agreement, in the event that the Contractor fails to timely remedy the deficiency(ies) as set forth herein, the District is entitled to reduce the current monthly payment to the Contractor by fifteen (15%) percent per day, as liquidated damages for non-performance (but not as a penalty), until such deficiencies are remedied.

In the event that time is lost due to heavy rains (“Rain Days”), the Contractor agrees to reschedule its employees and divide their time accordingly to complete all

scheduled services during the time during the same week as any Rain Days. The Contractor shall provide services on Saturdays if needed to make up Rain Days, but shall not provide services on Sundays.

SECTION 3.	COMPENSATION; TERM.

As compensation for the completion of the Services, the District agrees to pay the Seventy-Six Thousand Seventy Nine Dollars ($76,079.00) per year, which amount includes all tools, labor and materials necessary to complete the Services. The term  of this Agreement shall be from September 1st, 2020 through August 31st, 2021 unless terminated earlier in accordance with the terms of this Agreement or renewed for optional one (1) year renewals at the option of the parties hereto at the same price and terms as provided for herein.

If the District should desire additional work or services not provided in Exhibit A, or to add additional lands to be maintained not contained in Composite Exhibit B, the Contractor agrees to negotiate in good faith to undertake such additional work or services. Upon successful negotiations, the parties shall agree in writing to a work order, addendum, addenda, or change order to this Agreement as set forth in Section 4.

The District may require, as a condition precedent to making any payment to the Contractor that all subcontractors, material men, suppliers or laborers be paid and require evidence, in the form of Lien Releases or partial Waivers of Lien, to be submitted to the District by those subcontractors, material men, suppliers or laborers, and further require that the Contractor provide an Affidavit relating to the payment of said indebtedness. Further, the District shall have the right to require, as a condition precedent to making any payment, evidence from the Contractor, in a form satisfactory to the District, that any indebtedness of the Contractor, as to services to the District, has been paid and that the Contractor has met all of the obligations with regard to the withholding and payment of taxes, Social Security payments, Workmen’s Compensation, Unemployment Compensation contributions, and similar payroll deductions from the wages of employees.

The Contractor shall maintain records conforming to usual accounting practices. Further, the Contractor agrees to render an invoice to the District, in writing, which shall be delivered or mailed to the District by the fifth (5th) day of the next succeeding month. This invoice is due and payable within forty-five (45) days of receipt by the District, or in accordance with Florida’s Prompt Payment Act, whichever is sooner. The invoice shall include such supporting information as the District may reasonably require the Contractor to provide.

SECTION 4. CHANGE ORDERS. Contractor understands that the Services may be reduced, expanded or otherwise modified in scope. If any additional Services are proposed beyond those identified in this Agreement, Contractor shall perform them but only after receiving a written change order from the District. Contractor shall cooperate with and assist the District in

preparing and determining the scope of any change order. In the event the modification in services reflects a change to the scope of work as contained in Composite Exhibit B, Contractor’s compensation shall be adjusted for the added or deducted scope proposed by the change order in accordance with the unit prices established in the Agreement as set forth in Exhibit C. In the event the service is not represented by a lump sum or unit price set forth in  this Agreement, Contractor’s compensation shall be adjusted for the added or deducted services proposed by the change order as reasonably determined by the District in conference with the Contractor. All change orders shall be in the form attached hereto as Exhibit D.

SECTION 5.  WARRANTY AND COVENANT. The Contractor warrants to the District that  all materials furnished under this Agreement shall be new, and that all services and materials shall be of good quality, free from faults and defects. The Contractor hereby warrants any materials and Services for a period of one (1) year after acceptance by the District or longer as required under Florida law. With respect to any and all plant material provided pursuant to Section 2, all plant material shall be guaranteed to be in a satisfactory growing condition and to live for a period of one (1) year from planting except for annuals, which will be replaced seasonally. All plants that fail to survive under the guarantee shall be replaced as they fail with the same type and size as originally specified. Contractor further warrants to the District those warranties which Contractor otherwise warrants to others and the duration of such warranties is as provided by Florida law unless longer guarantees or warranties are provided for elsewhere in the Agreement (in which case the longer periods of time shall prevail). Contractor shall replace or repair warranted items to the District’s satisfaction and in the District’s discretion. Neither final acceptance of the Services, nor monthly or final payment therefore, nor any provision of the Agreement shall relieve Contractor of responsibility for defective or deficient materials or Services. If any of the Services or materials are found to be defective, deficient or not in accordance with the Agreement, Contractor shall correct remove and replace it promptly after receipt of a written notice from the District and correct and pay for any other damage resulting there from to District property or the property of landowners within the District. Contractor hereby certifies it is receiving the property in its as-is condition and has thoroughly inspected the property and addressed any present deficiencies, if any, with the District. Contractor shall be responsible for maintaining and warranting all plant material maintained by Contractor as of the first date of Services.

Contractor hereby covenants to the District that it shall perform the Services: (i) using its best skill and judgment and in accordance with generally accepted professional standards and (ii) in compliance with all applicable federal, state, county, municipal, building and zoning, land use, environmental, public safety, non-discrimination and disability accessibility laws, codes, ordinances, rules and regulations, including, without limitation, all professional registration (both corporate and individual) for all required basic disciplines that it shall perform. Contractor hereby covenants to the District that any work product of the Contractor shall not call for the use nor infringe any patent, trademark, services mark, copyright or other proprietary interest claimed or held by any person or business entity absent prior written consent from the District.

SECTION  6  INSURANCE.   Contractor shall, at its own expense, maintain insurance during the performance of its Services under this Agreement, with limits of liability not less than the following:

Workers Compensation	statutory

General Liability
Bodily Injury (including contractual)	$1,000,000/$2,000,000
Property Damage (including contractual)	$1,000,000/$2,000,000

Automobile Liability (if applicable)
Bodily Injury and Property Damage	$1,000,000
Contractor shall provide the District with a certificate naming the District, its officers, agents and employees as an additional insured prior to the commencement of the Services. At no time shall Contractor be without insurance in the above amounts. No policy may be canceled during the term of this Agreement without at least thirty (30) days written notice to the District. An insurance certificate evidencing compliance with this section shall be sent to the District prior to the commencement of any performance under this Agreement.

SECTION 7. INDEPENDENT CONTRACTOR.  It is understood and agreed that at all times the relationship of Contractor and its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor to the District is the relationship of an independent contractor and not that of an employee, agent, joint venturer or partner of the District. Nothing in this Agreement shall be interpreted or construed as creating or establishing the relationship of employer and employee between the District and Contractor or any of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor. The parties acknowledge that Contractor is not an employee for state or federal tax purposes. Contractor shall hire and pay all of Contractor’s employees, agents, subcontractors or anyone directly or indirectly employed by Contractor, all of whom shall be employees of Contractor and not employees of District and at all times entirely under Contractor's supervision, direction and control.

In particular, District will not: i) Withhold FICA (Social Security) from Contractor's payments; ii) Make state or federal unemployment insurance contributions on Contractor's behalf; iii) Withhold state or federal income tax from payment to Contractor; iv) Make disability insurance contributions on behalf of Contractor; or v) Obtain workers’ compensation insurance on behalf of Contractor. Moreover, Contractor shall provide the District with a completed IRS W-9 form prior to the commencement of the Services.

SECTION   8.	COMPLIANCE   WITH   LAWS,   ORDINANCES   AND   REGULATIONS.	In
performing its obligations under this Agreement, Contractor and each of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor shall comply with all applicable laws, ordinances, rules, regulations, and orders of any public or governmental authority having appropriate jurisdiction, including all laws, regulations and rules relating to immigration and/or the status of foreign workers. Contractor shall initiate, maintain, and supervise all safety precautions and programs in connection with its obligations herein. Contractor shall ensure that all of Contractor’s employees, agents, subcontractors or anyone directly or indirectly employed by Contractor observe Contractor’s rules and regulations of safety and conduct. Contractor shall take all reasonable precautions for the safety of and shall provide all reasonable protection to prevent damage, injury or loss to all of its employees, agents and subcontractors performing its obligations herein and other persons who may be affected, and

any material, equipment and other property. Contractor shall remedy all damage or loss to any property caused in whole or in part by Contractor, its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor, or by anyone for whose acts Contractor may be liable. Contractor shall indemnify District for all damage or losses it may incur or be exposed to because of Contractor or any of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor’s failure to comply with the provisions contained herein.

SECTION 9.	DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE. A
default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of actual damages and/or specific performance. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall limit  or impair the District’s right to protect its rights from interference by a third party to this Agreement.

SECTION 10. ENFORCEMENT OF AGREEMENT.  In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all fees and costs incurred, including reasonable attorney’s fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 11.  AMENDMENTS.  Amendments to and waivers of the provisions contained  in this Agreement may be made only by an instrument in writing which is executed by both the District and the Contractor.

SECTION 12. AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Contractor, both the District and the Contractor have complied with all the requirements of law, and both the District and the Contractor have full power and authority to comply with the terms and provisions of this instrument.

SECTION 13. NOTICES. All notices, requests, consents and other communications under this Agreement (“Notices”) shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the parties, as follows:

If to Contractor:	Sun State Landscape Management, Inc.
8920 Erie Lane
Parrish, FL 34219 Attn: Randal Hand

If to District:	Lakewood Ranch Stewardship District
12051 Corporate Boulevard
Orlando, Florida 32817 Attn: District Manager

With a copy to:	Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300 Post Office Box 6526
Tallahassee, Florida 32314 Attn: Jonathan T. Johnson

With a copy to:	Lakewood Ranch Stewardship District Operations
14400 Covenant Way Lakewood Ranch, FL 34202 Attn: Operations Manager

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non- business day, the Notice period shall be extended to the next succeeding business day.  Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Contractor may deliver Notice on behalf of the District and the Contractor. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

SECTION 14. ARM’S LENGTH TRANSACTION. This Agreement  has  been  negotiated fully between the District and the Contractor as an arm’s length transaction. Both parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Contractor.

SECTION 15. THIRD  PARTY  BENEFICIARIES.  This Agreement  is solely for the benefit of the District and the Contractor and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Contractor any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Contractor and their respective representatives, successors, and assigns.

SECTION 16. ASSIGNMENT. Neither the District nor the Contractor may assign this Agreement or any monies to become due hereunder without the prior written approval of the other.

SECTION 17. APPLICABLE LAW AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be in Manatee County, Florida.

SECTION 18.	INDEMNIFICATION.

Contractor, its employees, agents and subcontractors shall defend, hold harmless and indemnify the District and its supervisors, officers, staff, employees, representatives and agents against any claims, damages, liabilities, losses and costs, including, but not limited to, reasonable attorneys’ fees, to the extent caused by the acts or omissions of Contractor, and other persons employed or utilized by Contractor in the performance of this Agreement or the Services performed hereunder up to the amount of One Million Dollars ($1,000,000.00). By executing this Agreement, Contractor agrees such indemnification amount bears a reasonable commercial relationship to the Agreement.

Obligations under this section shall include the payment of all settlements, judgments, damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, arbitration and/or mediation costs, litigation expenses, attorney fees, paralegal fees and expert witness fees (incurred in court, out of court, on appeal, or in bankruptcy proceedings) as ordered.

SECTION 19.	LIMITATIONS	ON	GOVERNMENTAL	LIABILITY.	Nothing	in	this
Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law.

SECTION 20. TERMINATION. The District agrees that the Contractor may terminate this Agreement for cause by providing thirty (30) days written notice of termination to the District; provided, however, that the District shall be provided a reasonable opportunity to cure any failure under this Agreement. The Contractor agrees that the District may terminate this Agreement immediately for cause by providing written notice of termination to the Contractor. The District shall provide thirty (30) days written notice of termination without cause. Upon any termination of this Agreement, the Contractor shall be entitled to payment for all Services rendered up until the effective termination of this Agreement, subject to whatever claims or off sets the District may have against the Contractor as the sole means of recovery for termination.

SECTION 21. OWNERSHIP OF DOCUMENTS. All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation, inventions, reports, or other tangible work product originally developed by Contractor pursuant to this Agreement shall be and remain the sole and exclusive property of the District when developed and shall be considered work for hire.

SECTION 22.  PUBLIC RECORDS.  Contractor understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is Jane Gaarlandt (“Public Records Custodian”). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Contractor’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 723-5900, GAARLANDTJ@PFM.COM, OR AT 12051 CORPORATE BOULEVARD, ORLANDO, FLORIDA 32817.

SECTION 23. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

SECTION 24. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.

SECTION 25. ENTIRE AGREEMENT. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement.

[Signatures on Next Page]

Lorraine Rd. South (Extension)

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.

Attest:	Lakewood Ranch Stewardship District

Secretary	Chairman/Vice Chairman, Board of Supervisors

Witness:	 	Sun State Landscape Management, Inc.

By: 	

Signature of Witness

Print Name

Print Name: 	 Title:    	 

Exhibit A:	Description of Services
Composite Exhibit B:	Landscape Maintenance Scope Maps
Exhibit C:	Unit Pricing Scope Sheet
Exhibit D:	Form of Change Order

Lorraine Rd. South (Extension)

EXHIBIT A

Description of Services

Lakewood Ranch Stewardship District		Landscape & Irrigation Maintenance Agreement EXHIBIT A
Maintenance Specifications

Turf Maintenance

Mechanical: St. Augustine and Zoysia turfgrass shall be mowed weekly during the months of April through October and bi-weekly during the months of November through March; a minimum of 40 times per year. Bahia turfgrass shall be mowed according to seasonal needs and at frequencies necessary to sustain vigor and other desired conditions; a minimum of 25 times per year. All turf shall be maintained with rotary mower. Mower blades shall be sharp at all times to provide a quality cut. Mowing heights shall be 4” for Bahia, 3-3.5” for St. Augustine and 2-2.5” for Zoysia. Mulched areas and bodies of water must not be contaminated with turf clippings. If this occurs, the clippings must be removed.

All edging shall be accomplished using a metal blade edger. Sidewalks, curbs, pavement and other hard surfaces bordered by turf shall be edged at each mowing event. Landscaped beds and tree rings shall be edged at frequencies necessary to preserve a clean, defined appearance and to maintain shape and size.

Line trimmers shall be used at each mowing event to preserve a uniform turf appearance around fences, irrigation valve boxes and any other area not accessible to mowers. Turf around sprinkler heads will be mechanically removed so as to not interfere with or intercept water output.

All areas shall be kept free of debris and litter at all times.

Fertilization: Turf shall be fertilized at intervals necessary to promote and sustain desired conditions. Complete fertilizers shall be granular in composition and contain 30% to 50% or more of the nitrogen in a slow or controlled-release form. While nitrogen fertilization is based on the desired growth rate and type of turf grass being grown, the phosphorus fertilization rate should be based on the analysis of a turf soil sample and the recommendations obtained from it. The fertilizer shall also contain magnesium and micro-nutrients (i.e. manganese, iron, zinc, copper, etc.) Iron shall be in the sulfate, sucrate or chelated form. Fertilizer will be blown or swept off of sidewalks and other paved surfaces. Specific fertilizer formulation shall vary depending on type of turfgrass and based on soil analysis provided by Contractor. Fertilizer applications shall comply with all applicable laws and regulations, including local ordinances imposing seasonal restrictions.

Pest Control: Turf shall be inspected at each visit for indications of problems and methods of Integrated Pest Management (IPM) shall be utilized to prevent or mitigate damage caused by insects and disease.

Pesticide applications will be made by in accordance with the laws and regulations governing use of pesticides in Florida.

Accent Trees, Palms, Shrubs, Ground Covers Maintenance

Mechanical/Manual: ALL PRUNING TOOLS MUST BE CLEANED PRIOR TO USE ON STEWARDSHIP DISTRICT PROPERTIES. Shrubs and ornamental trees will be pruned as specified by District and to provide the desired shape, fullness and blooms. Pruning shall include removal of dead or diseased shrubs and ground covers. Pruning of palms under 12’ in height C.T. will be done as necessary to remove brown fronds, seed heads and hanging boots and any time they appear to maintain the palms looking their best. No pruning will be done during or immediately following growth flushes, branches will be pruned just outside the branch collar. Sucker growth will be removed by hand from the base of trees. No herbicides will be used for this purpose. Pruning of canopy trees shall be undertaken as necessary to maintain a minimum of 8’ clearance of the canopy as measured

Lakewood Ranch Stewardship District		Landscape & Irrigation Maintenance Agreement EXHIBIT A
from the ground. Contractor will remove and dispose of all biomass generated by pruning activities.

Fertilization: Shrubs, trees and ground covers shall be fertilized three times per year. Two of the annual applications are normally scheduled around February and October. A third application can be made during the summer. Rate will be 1 pound of nitrogen per 1,000 square feet per application.

Mature palms in the landscape shall be fertilized four times per year at the rate of 5 to 8 lbs. each application. Palms under 8 feet tall will receive 2-5 lbs. per application four times per year.

Fertilizers should contain equal amounts of nitrogen and potassium and 30% or more of both elements should be available in slow-release from. The fertilizer should also contain magnesium and a complete micronutrient amendment. The fertilizer analysis shall be similar to 8-2-8, 15-5-15, 14-3-14, 12-2-14, etc.

Established shrubs and trees in turf areas exposed to turf fertilizations will be fertilized on an as- needed basis to ensure plants maintain a healthy look. Fertilizer applied to shrubs and trees planted in beds shall be broadcasted over the entire plant bed. Nutrient deficiencies shall be treated with supplemental applications of the specific lacking nutrient according to University of Florida Cooperative Extension recommendations.

The specifications above shall be modified as necessary to comply with applicable laws and regulations.

Pest and Weed Control: Contractor shall practice Integrated Pest Management (IPM) in compliance with applicable laws and regulations to control insects, diseases and weeds on and around perennials, ground covers, shrubs, vines and trees. This will include frequent monitoring and spot treatment as necessary using the least toxic methods. All applications will be performed when temperatures are below 90 degrees F and when wind drift is negligible. First choice will be insecticidal soaps, horticultural oils and biological controls such as Bacillus thuringiensis (Br). Weeds in beds or mulched areas will usually be removed mechanically or be hand. Herbicides will be employed for heavy weed infestations.

Annuals Maintenance

Annual Flowers: Replacement of existing annuals will be done 4 times per year at a per-plant cost not included within the Agreement price. Renovation of annual beds with soil amendments shall be accomplished once per year in early March at no additional cost.

Replacement of dead or injured plants due to pests or Contractor negligence will be done without cost to District. Annuals and perennial bedding plants shall be fertilized at installation with time- release fertilizer. Supplemental fertilization with liquid 20-20-20 or comparable shall also be applied as necessary to promote color and vigor. Hand-pulled weed control will be performed during every maintenance service to ensure all areas are maintained weed-free. No herbicides are to be used on or near the annual beds.

Edging and trimming along the beds will be done to maintain the original straight line or smooth curve.

Lakewood Ranch Stewardship District		Landscape & Irrigation Maintenance Agreement EXHIBIT A
Irrigation Systems Maintenance

Irrigation Systems: Contractor shall inspect and test all components of the irrigation system for functionality on a routine monthly schedule. The monthly test shall include:

Verifying functionality of decoders and solenoid valves from the controller
Ensuring proper coverage of rotor and spray heads and maxi-jet emitters to maximize effectiveness and minimize over spray upon roads, sidewalks, etc.
Replacement of clogged emitters and spray nozzles
Identifying breaks or leaks in lateral lines
Clearing turfgrass, etc. from valve and control boxes
Identifying broken, non-functioning or missing rotors, spray heads and maxi jets
Verify functionality of rain sensors, soil moisture sensors and other automatic shut-off devices

Contractor shall take appropriate action as necessary to maintain the irrigation systems in accordance with the above; compensable at a time and materials basis. Repairs due to damage caused by Contractor’s maintenance activities will be made by Contractor at no expense to District.

Contractor shall be responsible for controller programming including seasonal adjustments, specific need adjustments, accommodating new plant material and otherwise as necessary to ensure adequate irrigation is applied.

Central Control: Contractor must communicate all changes made to controller programming, for approval & to prevent them from being deleted by periodic synchronization.

Optional Services

Thatch Control: Thatch removal is not included the basic contract charges. Removal of thatch (a spongy build-up of dead and living grass shoots, stems and roots) should be considered when thatch thickness exceeds one inch. The best time for thatch removal is March through August when the turf is rapidly growing. Verti-cutting, using a vertical mover is the recommended method of mechanically removing thatch from Zoysia lawns. Blade spacing shall be 1-2” for Zoysia grass.

Mulching: Re-mulching of planting beds shall be by the request of District and charged separately.

Palm and Canopy Tree Pruning: Pruning of palm trees in excess of 12’ C.T. shall be by the request of the District and charged separately. Structural pruning of canopy trees shall be by the request of District and be performed by an ISA Certified Arborist.

Other Services: Other compensable services outside of the Agreement Scope including, but not limited to:
Major clean-up due to storms, vandalism or otherwise
Hand watering
Fire Ant control

Lorraine Rd. South (Extension)

COMPOSITE EXHIBIT B

Landscape Maintenance Scope Maps

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2,283 sf

100 ft

160 ft

3,228 sf

   JUP 

35 ft

30 LA1 

FRUITVILLE ROAD

35 ft

3

ZAF 3

JUP

DIV 139

   MG 

   JUP 
   ICB 78

    PS 
5	 ICB 

   MG 

115

LA1
1

   TRI 
11

15	1

QV

QV

QV

QV

QV

LI

LI

LI

2,126 sf

5	103

62	104	105	106	107	108

   QV

QV

QV

109

MG

QV

QV

QV

QV

QV

QV

QV

110	111	11

2,380 sf

EXISTING TREES TO REMAIN

LORRAINE ROAD

EXISTING TREES TO REMAIN

15 ft

LA1
6 JUP 30

SPB 22

JUP 31

MATCH LINE

EXISTING TREES TO BE REMOVED

1,392 sf

GHARD
2020-08-25 10:13:41
--------------------------------------------
1,412 sf

LP-101a

35 ft

35 ft

LA1 12

JUP 31

SPB 23

JUP 30

 	PS	
   ICB 4

JUP	 MG	JUP 11

   LA1 
3 DIV 

MG

QV

QV

QV

MG

   QV

QV

QV

QV

QV

QV

   ZAF 

JUP

ZAF
5	LA1

DIV 142

JUP 31

SPB
23	31

20 ft

116	117

118	119

120	121

1	17283

124

120	1

114	5

QV

QV

QV

MG

LI

LI

LI

MATCH LINE

112	113 JUP 

LI

LI

LI

MG

QV

44

EXISTING TREES TO REMAIN

131

EXISTING TREES TO REMAIN

LORRAINE ROAD

EXISTING TREES TO REMAIN

TRI 62

MATCH LINE

   JUP 
31 LA1 
6

   SPB 23

   JUP 30

EXISTING TREES TO BE REMOVED

GHARD
2020-08-25 10:27:07
--------------------------------------------
14,911 sf

GHARD
2020-08-27 06:11:24
--------------------------------------------
15,885 sf

LP-101b

40 ft

Match Line

JUP 33

LA1 12

SPB 19

JUP 32

QV

124

PS
1	ICB 15

MG
125 1

QV

QV

QV

QV

QV

QV

QV

126	127	128	129	130

JUP 32
 	131	132	

SPB 19

JUP 32

MATCH LINE

EXISTING TREES TO BE REMOVED

LORRAINE ROAD

EXISTING TREES TO REMAIN

JUP 18

SPB 11

JUP 19

JUP 19

QV

MG

SPB 11

JUP 20

23 ft

LA1 6

JUP 32

SPB 19

JUP 32

 		LA1

23 ft

6 JUP 32

SPB
19 JUP 32

LP-102a

MG	JUP
1	78

ICB
11	TRI
62

PS	MG
5	ICB 1

23 ft

EXISTING TREES TO BE REMOVED

LORRAINE ROAD

EXISTING TREES TO REMAIN

GHARD
2020-08-25 07:49:36
--------------------------------------------
2,465 sf

GHARD
2020-08-25 07:49:36
--------------------------------------------
12,451 sf

GHARD
2020-08-25 08:45:22
--------------------------------------------
6,794 sf

GHARD
2020-08-25 08:43:22
--------------------------------------------
4,083 sf

GHARD
2020-08-25 08:45:45
--------------------------------------------
19,114 sf

GHARD
2020-08-25 08:42:42
--------------------------------------------
12,077 sf

LP-102b

MG
1   ICB 12

PS

30 sf

5   TRI 69

ICB 17

JUP	MG	QV
76	1	1

EXISTING TREES TO REMAIN

JUP 35

30 sf

30 sf

30 sf

30 sf

30 sf

JUP 35

LA1 12

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

2,005 sf

SPB
24

SPB
23 JUP 32

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

30 sf

DIV 111

JUP 32

30 sf

1,486 sf

EXISTING TREES TO BE REMOVED

LORRAINE ROAD

JUP 20

SPB 13

JUP 18

LA1 4

JUP
32 LA1
6	SPB
22

JUP 29

LP-103a

ZAF 3

LI

JUP 92

JUP 92

QV

QV

QV

ZAF 3

LI

LA1 5

DIV 143

30 ft

JUP 18

161

LI

SPB 13

JUP 20

EXISTING TREES TO REMAIN

QV

MG

GHARD
2020-08-05 09:20:45
--------------------------------------------
668 sf

LORRAINE ROAD

QV

QV

  QV

163	164

EXISTING TREES TO REMAIN

QV

QV

QV

QV

166	167

LI

LI

JUP
29 LA1 6

SPB 22

JUP 32

GHARD
2020-08-20 05:32:24
--------------------------------------------
5,887 sf

LP-103b

FINAL TREE STAKING DETAILS AND PLACEMENT TO BE
APPROVED BY THE OWNER OR REPRESENTATIVE.

PRUNE AND TIE FRONDS WITH HEMP TWINE. (WASHINGTONIA PALMS REMOVE PER SPECS, HURRICANE CUT SABAL PALM)

CONTRACTOR SHALL ASSURE
PERCOLATION OF ALL PLANTING PITS PRIOR TO INSTALLATION.

 NOTES:
SABAL PALMS W/ BOOTS REMOVED

SEE PLANS AND SPECS. FOR PALMS W/ BOOTS TO REMAIN ON TRUNK.
FINAL TREE STAKING DETAILS AND PLACEMENT TO BE APPROVED BY LANDSCAPE ARCHITECT.

CONTRACTOR SHALL ASSURE PERCOLATION OF ALL PLANTING PITS PRIOR TO

12" MIN.

NUT

2

41"

FIVE LAYERS OF BURLAP TO PROTECT TRUNK.

TWO STEEL BANDS TO SECURE BATTONS.
SIX - 2" x 4" x 8"L WOOD BATTONS @ 60D

4" x 4" WOOD BRACES. NAIL TO BATTONS AND FLAG AT MIDPOINT USE 3 @ 120D

3" MULCH AS SPECIFIED MIN.
2'-0" FROM TRUNK
BERM SOIL TO HOLD WATER

2" x 4" x 18"L WOOD STAKES.

MULCH CONTINUES -
SHRUB BED CONDITION

18" MIN.

2" NYLON STRAPPING

(3) 2"X2"X8' STAKES

MULCH TO BE KEPT 2" FROM BASE OF TRUNK

3" MULCH AS SPECIFIED

FINISHED GRADE - SOD CONDITION (SEE GRADING PLAN)

BERM SOIL TO HOLD WATER

B&B OR  CONTAINERIZED (SEE SPECIFICATIONS FOR ROOT BALL REQUIREMENTS).

PREPARED PLANTING SOIL AS SPECIFIED

 NOTE:
FINAL TREE STAKING DETAILS AND PLACEMENT TO BE
APPROVED BY THE OWNER OR REPRESENTATIVE.

CONTRACTOR  SHALL ASSURE

C.T. CLEAR TRUNK

PERCOLATION OF ALL PLANTING PITS PRIOR TO INSTALLATION.

DO NOT PRUNE FROND LENGTHS. REMOVE ONLY DEAD FRONDS.

TIE FRONDS WITH HEMP  TWINE. DO NOT CUT HEAD OPEN WITHOUT
LANDSCAPE ARCHITECT APPROVAL.

SPRAY BUD WITH APPROVED PRODUCTS PER SCHEDULE (SEE SPECIFICATIONS).
TRUNKS TO BE FREE OF DAMAGE  (IE. CHAIN MARKS, BURNS, GOUGES, ETC.) AND HAVE UNIFORM TAPER.

FIVE LAYERS OF BURLAP TO PROTECT TRUNK.
FOUR STEEL BANDS TO SECURE BATTONS.
SIX 2" X 4" X 18" WOOD BATTONS @ 60 .
4" X 4" WOOD BRACES.

4

SCALE:nts

INSTALLATION.

MIN

FINISH GRADE

 Multi-Trunk Tree	

CLEAR WOOD (C.W.)

3'-0" MIN.

NAIL TO BATTONS AND FLAG
AT MIDPOINT.

3" MIN. MULCH - SEE SPECIFICATIONS

PREPARED PLANTING SOIL AS SPECIFIED.

SOIL BERM TO HOLD WATER.

6"

FINISHED GRADE

 Cabbage Palm	

  1   SCALE: nts	

120

1. FINAL TREE STAKING DETAILS

ROOTBALL SIZE, SEE SPECIFICATIONS

1'-0"

             	FOR MINIMUM DIMENSIONS PER PALM HEIGHTS.
PREPARED PLANTING SOIL AS SPECIFIED.

AND PLACEMENT TO BE
APPROVED BY THE OWNER

 Date Palm	

PLAN

120

120

OR REPRESENTATIVE.

2.   CONTRACTOR SHALL ASSURE
PERCOLATION OF ALL PLANTING PITS PRIOR TO INSTALLATION.

7   SCALE: nts	

 NOTE:
CONTRACTOR SHALL ASSURE PERCOLATION OF ALL
PLANTING PITS/BEDS PRIOR TO INSTALLATION.

 NOTE: PLANT MATERIAL SHALL BE PLANTED 2" HIGH WITH
SOIL MOUNDING UP TO THE TOP OF ROOT BALL.

3" MINIMUM OF MULCH
BERM SOIL TO HOLD WATER MINIMUM DEPTH OF 12"
PLANTING SOIL FOR GROUNDCOVER BED.

EXCAVATE ENTIRE BED
SPECIFIED FOR GROUND- COVER BED.

2" NYLON STRAPPING-
WRAPPED 360 D AROUND TRUNK BEFORE TYING-
WRAP @ LATERAL BRANCH @ MINIMUM 4'-6' HT.

MULCH TO BE KEPT 2" FROM BASE OF TRUNK

3" MULCH AS SPECIFIED BERM SOIL TO HOLD
WATER

2" X 4" X 3' STAKES
BURIED 3" BELOW FINISHED GRADE.

  

FINISHED GRADE (SEE GRADING PLAN)

3" MIN.

FINISHED GRADE - SOD CONDITION
(SEE GRADING PLAN)

4" MIN.

6" TYP.

4" MIN.

PREPARED PLANTING SOIL AS SPECIFIED. NOTE: WHEN
GROUNDCOVERS AND SHRUBS USED IN MASSES, ENTIRE BED TO BE EXCAVATED TO RECEIVE PLANTING SOIL AND PLANT MATERIAL - EXCEPT WHEN
SPECIFIED.

ROOT BARRIER (WHEN LESS THAN
6' FT FROM SIDEWALK
OR SIDEWALK IS LESS THAN 5" THICK)

B&B OR CONTAINER (SEE SPECIFICATIONS FOR ROOT BALL REQUIREMENTS).

PREPARED PLANTING SOIL AS SPECIFIED.

 Shrub and Groundcover Planting Detail	

 Canopy Tree Planting Detail	

2   SCALE: nts	

5   SCALE: nts	

 NOTE:
FINAL TREE STAKING DETAILS AND PLACEMENT TO BE
APPROVED BY THE OWNER OR REPRESENTATIVE.

CONTRACTOR  SHALL ASSURE
PERCOLATION OF ALL PLANTING PITS PRIOR TO INSTALLATION.

PROTECT TREE TRUNK
WITH BLACK RUBBER HOSE. #10 GAUGE WIRE

TWO 2" X 4" X 6' STAKES PAINTED BROWN.

3" MIN. SPECIFIED MULCH.

(SETBACK FOR SHRUBS PLANTED 30" O.C. OR
GREATER)
AND ANNUALS) (SETBACK FOR GROUNDCOVER

18" MIN.

PROVIDE MIN. 18" SPACING BETWEEN DIFFERENT
PLANT TYPES.
 NOTE:

ALL SHRUBS AND GROUNDCOVER MASSES TO USE TRIANGULAR SPACING EXCEPT

18"
12"

WHERE NOTED REFER TO PLANT LIST FOR INDIVIDUAL PLANT SPACING 'X'.

CURB OR EDGE OF PAVEMENT.

6"

1'-0" MIN.

BERM SOIL TO HOLD WATER FINISHED GRADE
(SEE GRADING PLAN)

B&B OR  CONTAINERIZED (SEE SPECIFICATIONS FOR ROOT BALL REQUIREMENTS).
PREPARED PLANTING SOIL AS SPECIFIED

 Groundcover Spacing Plan Detail	

  3   SCALE: nts	

 Bald Cypress Tree	

  6   SCALE: nts	

L A N D S C A P E	N O T E S

CONTRACTOR SHALL FIELD VERIFY ALL INFORMATION PRIOR TO INITIATING PLANTING INSTALLATION.

CONTRACTOR SHALL NOTIFY ALL PERTINENT UTILITY COMPANIES 48 HOURS MINIMUM PRIOR TO DIGGING FOR
VERIFICATION OF ALL UNDERGROUND UTILITIES. PLANS ARE PREPARED ACCORDING TO THE BEST INFORMATION AVAILABLE AT THE TIME OF PREPARING THESE DOCUMENTS.

THE CONTRACTOR SHALL BECOME COMPLETELY FAMILIAR WITH EXISTING SITE CONDITIONS PRIOR TO BEGINNING
INSTALLATION. ALL EXISTING SITE IMPROVEMENTS, PAVING, LANDSCAPE, LIGHTING, AND OTHER SITE ELEMENTS TO REMAIN SHALL BE PROTECTED FROM DAMAGE UNLESS OTHERWISE NOTED.

UNLESS OTHERWISE NOTED, THE LIMITS OF CONSTRUCTION ARE THE CLEARING LIMITS NOTED ON THE PLANS.

THE CONTRACTOR SHALL REPORT ANY DISCREPANCIES BETWEEN THE CONSTRUCTION DRAWINGS AND ACTUAL FIELD CONDITIONS TO THE OWNER'S REPRESENTATIVE IMMEDIATELY.

THE CONTRACTOR SHALL COORDINATE ALL WORK WITH RELATED CONTRACTORS AND WITH THE GENERAL CONSTRUCTION OF THE PROJECT IN ORDER TO NOT IMPEDE THE PROGRESS OF WORK OF OTHERS OR THE CONTRACTOR'S OWN WORK.

CONTRACTOR SHALL BE RESPONSIBLE TO REMOVE ALL EXISTING GROUND COVERS FOR ALL NEW PLANTING BEDS BY APPROVED MEANS PRIOR TO PLANTING INSTALLATION. CONTRACTOR SHALL BE RESPONSIBLE TO REPLACE ALL
PORTIONS OF EXISTING PLANTING OR LAWN AREAS INDICATED TO REMAIN WHILE COMPLETING NEW PLANTING
INSTALLATION WORK WITH SAME KIND OF PLANTS OR GRASS TO THE SATISFACTION OF THE OWNER AT NO ADDITIONAL COST.

THE CONTRACTOR SHALL BEAR ALL COST ASSOCIATED WITH SOIL TESTING AND SOIL AMENDMENTS AS REQUIRED AS A RESULT OF THE SOIL TESTING LABORATORY'S RECOMMENDATIONS. PRIOR TO INITIATING INSTALLATION THE CONTRACTOR SHALL PROVIDE SOIL TEST FOR AT LEAST TWO ON-SITE LOCATIONS.

ALL PLANT CONTAINER SIZES NOTED ON THE PLANT LIST/MATERIAL SCHEDULE ARE MINIMUM. INCREASE SIZE OF CONTAINERS IF NECESSARY TO CONFORM TO THE PLANT SIZE AND SPECIFICATIONS.

EROSION CONTROL FABRIC SHALL BE INSTALLED IN ALL SHRUB AND GROUND COVER PLANTING AREAS AS PER THE DETAILS AND/OR SPECIFICATIONS FOR ALL SLOPES THAT ARE GREATER THAN 3:1 (SLOPES 1' VERTICAL FOR EVERY 3' HORIZONTAL). SEE CIVIL ENGINEERING PLANS FOR LOCATIONS WHERE SLOPES ARE GREATER THAN 3:1.

SHRUB AND GROUND COVER PLANTINGS ARE TYPICALLY SHOWN ON THE PLANS IN MASS PLANTING BEDS. PLANTS SHALL BE SET IN A TRIANGULAR SPACING PATTERN ( STAGGERED SPACING). PLANT CENTER TO CENTER DIMENSIONS (O.C.) ARE INDICATED IN THE PLANT LIST.

LANDSCAPE CONTRACTOR SHALL FIELD ADJUST THE LOCATION OF PLANT MATERIAL AS NECESSARY TO AVOID DAMAGE TO EXISTING TREES AND UNDERSTORY VEGETATION TO REMAIN, UNDERGROUND AND ABOVE GROUND UTILITIES AND
ALL OTHER ABOVE GROUND ELEMENTS. ALL CHANGES REQUIRED SHALL BE COORDINATED WITH THE OWNER'S REPRESENTATIVE AND THE LANDSCAPE ARCHITECT PRIOR TO INITIATING ANY CHANGES.

WHEN NECESSARY, PLANTING WITHIN THE DRIPLINE/CANOPY OF EXISTING TREES SHOULD BE DONE IN THE MOST
SENSITIVE MANNER POSSIBLE IN ORDER TO AVOID ROOT DAMAGE. ALL NEW PLANTINGS WITHIN THE DRIPLINE/CANOPY SHOULD BE HAND-DUG AND FIELD ADJUSTED TO AVOID ROOTS AS NECESSARY.

ANY SUBSTITUTIONS TO PLANT MATERIAL SIZE OR TYPE MUST BE APPROVED BY THE LANDSCAPE ARCHITECT PRIOR TO INSTALLATION. LANDSCAPE CONTRACTOR SHALL NOT MAKE ANY SUBSTITUTIONS OR ALTERATIONS TO THE LANDSCAPE PLANTING PLANS OR PLANT LIST & MATERIALS WITHOUT THE PRIOR APPROVAL OF THE LANDSCAPE ARCHITECT AND
OWNER'S REPRESENTATIVE. ANY LANDSCAPE PLANTING INSTALLED THAT DOES NOT CONFORM TO THE PLANS, PLANT LIST AND SPECIFICATIONS SHALL BE REPLACED IMMEDIATELY TO THE SATISFACTION OF THE OWNER'S REPRESENTATIVE AND LANDSCAPE ARCHITECT.

CONTRACTOR SHALL BE RESPONSIBLE FOR WATERING AS REQUIRED TO MAINTAIN AND ESTABLISH ALL PLANTING (NEW, EXISTING TO BE RELOCATED, AND EXISTING PLANTINGS TO REMAIN WHILE IRRIGATION SYSTEM IS BEING INSTALLED OR REPAIRED) TO SUPPLEMENT IRRIGATION AND RAINFALL. THE IRRIGATION SYSTEM IS DESIGNED TO MAINTAIN THE LANDSCAPE PLANTINGS AND NOT ESTABLISH THEM. THE CONTRACTOR IS RESPONSIBLE FOR WATERING IN ALL
PLANTING AREAS, REGARDLESS OF THE STATUS OF EXISTING OR PROPOSED IRRIGATION SYSTEMS.

CONTRACTOR IS RESPONSIBLE FOR MAINTAINING, IN FULL, ALL PLANTING AREAS (INCLUDING WATERING, SPRAYING, MULCHING, MOWING, FERTILIZING, AND WEEDING, ETC.) UNTIL THE JOB IS ACCEPTED.

CONTRACTOR SHALL ASSURE DRAINAGE AND PERCOLATION OF ALL PLANTING PITS PRIOR TO INSTALLATION OF PLANT MATERIAL. CORRECT IF REQUIRED TO ASSURE PERCOLATION. CONTRACTOR IS RESPONSIBLE FOR REPLACEMENT OF ALL PLANTS LOST DUE TO INADEQUATE DRAINAGE CONDITIONS.

CONTRACTOR SHALL CLEAN THE WORK AREAS AT THE END OF EACH WORKING DAY. LANDSCAPE RUBBISH AND DEBRIS SHALL BE COLLECTED AND DEPOSITED OR RECYCLED OFF-SITE DAILY. ALL MATERIALS, PRODUCTS, AND EQUIPMENT
STORED ON-SITE SHALL BE KEPT IN AN ORGANIZED MANNER DAILY.

CONTRACTOR SHALL RE-GRADE ALL AREAS DISTURBED BY PLANT REMOVAL, RELOCATION, AND/OR FROM INSTALLATION WORK. THE CONTRACTOR SHALL REPLACE BY EQUAL SIZE AND QUALITY ANY AND ALL EXISTING PLANT MATERIAL DISTURBED OR DAMAGED BY PLANTING REMOVAL, RELOCATION, AND/OR INSTALLATION.

EXISTING TREES OR OTHER PLANT MATERIAL INDICATED ON THE PLANS TO BE RELOCATED SHALL BE HANDLED, CARED FOR, AND MAINTAINED AS NEW PLANTINGS. THE CONTRACTOR IS RESPONSIBLE FOR ANY REQUIRED ROOT PRUNING, WRAPPING, TREE SPADING OR BALL AND BURLAPPING, ADDITIONAL SUPPLEMENTAL HAND WATERING, IRRIGATION MISTERS INSTALLED AT THE TREE CANOPY, OR ANY OTHER SOUND HORTICULTURAL PRACTICE REQUIRED TO ENSURE THE SURVIVAL OF ALL RELOCATED PLANT MATERIAL.

THE CONTRACTOR SHALL REFER TO THE LANDSCAPE PLANTING DETAILS, SPECIFICATIONS, PLANT LIST AND PLANS FOR FURTHER AND COMPLETE PLANTING INSTALLATION INSTRUCTIONS.

LANDSCAPE CONTRACTOR SHALL FULLY FAMILIARIZE HIMSELF / HERSELF WITH THE PROJECT PRIOR TO BIDDING THE WORK.

FOR SITE GRADING AND CONTOUR INFORMATION, EXISTING VEGETATION TO REMAIN, BUILDINGS AND OTHER SITE
FEATURE LOCATIONS AND THE LOCATION OF ALL ABOVE AND BELOW GROUND UTILITIES SEE THE MOST CURRENT AND UP TO DATE ARCHITECTURAL, CIVIL, ELECTRICAL, STRUCTURAL AND MECHANICAL ENGINEERING DRAWINGS AS
PROVIDED BY THE OWNER OR OWNER'S REPRESENTATIVE. FIELD LOCATE ALL UNDERGROUND UTILITIES, EXISTING
VEGETATION TO REMAIN AND ANY OTHER OBSTRUCTIONS AND COORDINATE WITH OWNER'S REPRESENTATIVE PRIOR TO INITIATING ANY LANDSCAPE PLANTING OR IRRIGATION INSTALLATION WORK. LANDSCAPE CONTRACTOR SHALL BE RESPONSIBLE FOR REPAIRING OR REPLACING ANY DAMAGE COMMITTED TO EXISTING OR PROPOSED ELEMENTS ABOVE OR BELOW GROUND TO ITS ORIGINAL CONDITION AND TO THE SATISFACTION OF THE OWNER AND OWNER'S REPRESENTATIVE.

LANDSCAPE CONTRACTOR SHALL FIELD STAKE THE LOCATION OF ALL PLANT MATERIAL AND EDGES OF PLANTING BEDS FOR THE REVIEW AND APPROVAL BY THE LANDSCAPE ARCHITECT PRIOR TO INITIATING ANY INSTALLATION OF THE LANDSCAPE PLANTINGS.

LANDSCAPE CONTRACTOR SHALL COORDINATE WORK WITH THE IRRIGATION CONTRACTOR AND ALL OTHER TRADES AS REQUIRED.

THE CONTRACTOR SHALL REQUEST INSPECTION OF THE PROJECT IN WRITING. IF ALL WORK IS SATISFACTORY AND COMPLETE IN ACCORDANCE WITH CONDITIONS OF CONTRACT DOCUMENTS, THEN THE OWNER AND LANDSCAPE
ARCHITECT SHALL DECLARE THE WORK SUBSTANTIALLY COMPLETE. THE CONTRACTOR IS TO REPLACE REJECTED PLANT MATERIAL WITHIN ONE (1) WEEK OF NOTICE.

GUYING/STAKING PRACTICES SHALL NOT PERMIT NAILS, SCREWS, WIRES, ETC., TO PENETRATE OUTER SURFACE OF THE TREE OR PALM. PLANT MATERIAL REJECTED DUE TO THIS PRACTICE SHALL BE REPLACED AT THE CONTRACTORS
EXPENSE. REMOVAL OF ALL STAKING AND GUYING OF TREES AND PALMS AFTER FINAL ACCEPTANCE SHALL BE THE RESPONSIBILITY OF THE OWNER.

ALL PLANT MATERIAL SHALL BE FLORIDA NO.1 OR BETTER AT TIME OF INSTALLATION AND SHALL BE MAINTAINED IN THIS SAME CONDITION UNTIL FINAL ACCEPTANCE. THE CONTRACTOR GUARANTEES THE PLANT MATERIAL FOR A PERIOD OF ONE (1) YEAR FOLLOWING DATE OF SUBSTANTIAL COMPLETION.

ALL PLANTS MUST BE HEALTHY, VIGOROUS MATERIAL, FREE OF PESTS AND DISEASE. ALL PLANT MATERIAL SHALL BE IN FULL AND STRICT ACCORDANCE TO FLORIDA NO.1 GRADE, ACCORDING TO THE GRADES AND STANDARDS FOR NURSERY PLANTS, PUBLISHED BY THE FLORIDA DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES. PLANT MATERIAL IN
SOME INSTANCES EXCEED NO.1 GRADE IN ORDER TO MEET THE MINIMUM REQUIREMENTS OF THIS PROJECT.

NUISANCE, EXOTIC PLANT SPECIES REMOVAL SHALL BE ACCOMPLISHED PER SECTION 701.4 OF THE LDC.

T R E E	P R O T E C T I O N	N O T E S

ALL TRIMMING UNDERTAKEN ON A TREE PROTECTED BY THE PROVISIONS OF THE LAND DEVELOPMENT CODE SHALL BE IN ACCORDANCE WITH THE AMERICAN NATIONAL STANDARDS INSTITUTE (ANSI) A-300 PRUNING

PLANT SCHEDULE
TREES	CODE	BOTANICAL NAME
LA1	L                 N       

COMMON NAME
N      C    M     

SIZE	SPECIFICATIONS
M    -T	12 H . 4 S .

QTY
97

REMARKS

MG

M                   

S M       

4" C .

14 7 S .

8

PS

P                 

S P   

M      

14 C.T.

20

QV

Q                 

L O  

5" C .

18 H . 5 S .

1

SHRUBS

CODE	BOTANICAL NAME
ZAF	Z               

COMMON NAME
C P   

SIZE
7    

SIZE
24" H . 24" S .

QTY
15

REMARKS

GROUND COVERS

CODE	BOTANICAL NAME
DIV	D V         

COMMON NAME
V           F   L   

CONT
3    

SIZE
12" 18" S .

SPACING
36" . .

QTY
655

REMARKS

ICB

I B N    

D B H    

3    

18" OA

36" . .

107

JUP

J P        

P J      

3    

12" 18" S .

36" . .

1,724

SPB

S              

S C G    

3    

18" OA

36" . .

306

TRI

T                    

D F G    

3    

18" OA

36" . .

255

SOD AND MULCH

CODE

 	    	        	   PAS

BOTANICAL NAME
P               

COMMON NAME
B G    

CONT

SIZE

SPACING

QTY
0   

MUL

P B N      

3" D    

0   

REMARKS
C             V       Q (SF). S   S  , S   G    , R , F W        
P   .
C               V       Q (CY).

ZOY

Z              

Z G    

   

0   

C             V       Q (SF). S   S  , S   G    , R , F W        
P .

STANDARDS.

PROPOSED LAND ALTERATION ACTIVITIES SHALL NOT UNNECESSARILY REMOVE EXISTING VEGETATION AND
ALTER EXISTING TOPOGRAPHY. ADEQUATE PROTECTION MEASURES (I.E., HAY BALES, BAFFLES, SODDING AND
SANDBAGGING) SHALL BE PROVIDED, AS NECESSARY, TO MINIMIZE EROSION AND DOWNSTREAM SEDIMENTATION CAUSED BY SURFACE WATER RUN-OFF ON EXPOSED LAND SURFACES.

DURING LAND ALTERATION AND CONSTRUCTION ACTIVITIES, IT SHALL BE UNLAWFUL TO REMOVE VEGETATION BY GRUBBING OR TO PLACE SOIL DEPOSITS, DEBRIS, SOLVENTS, CONSTRUCTION MATERIAL, MACHINERY OR OTHER EQUIPMENT OF ANY KIND WITHIN THE DRIPLINE OF A TREE TO REMAIN ON THE SITE UNLESS OTHERWISE
APPROVED BY THE COUNTY.

ANY AREAS SUBJECT TO EROSION MUST BE ADEQUATELY STABILIZED WITH VEGETATIVE MATERIAL THAT WILL, WITHIN A REASONABLE TIME FRAME, DETER SOIL DISTURBANCE. SODDING, PLUGGING, SPRIGGING OR SEEDING IS ACCEPTABLE FOR STABILIZATION; HOWEVER, SODDING MAY BE REQUIRED IN AREAS OF EROSION-PRONE
SOILS OR WHERE SLOPES ARE GREATER THAN 5:1. VEGETATION OTHER THAN GRASS IS ACCEPTABLE UNLESS OTHERWISE SPECIFIED.

INSTALL TREE BARRICADES TO THE FULLEST EXTENT OF THE DRIPLINE OF ALL TREES/PALMS AS POSSIBLE AND/OR TO THE MAXIMUM LIMIT OF IMPROVEMENT(S) AS POSSIBLE (OF COURSE REALIZING THAT THE TREE BARRICADES MAY HAVE TO BE "BACKED OFF" THE IMPROVEMENT(S) BY 1' TO 2' MAXIMUM TO INSTALL THE
IMPROVEMENT(S). DO NOT INSTALL TREE BARRICADES (SPECIFICALLY SILT FENCING MATERIAL) BY TRENCHING WITHIN THE DRIPLINE OF EXISTING TREES/PALMS.

LAND ALTERATION AND CONSTRUCTION ACTIVITIES SHALL BE APPROVED WITHIN THE DRIPLINE OF A TREE TO BE RETAINED ON THE SITE PROVIDED DESIGN TECHNIQUES ARE USED THAT MINIMIZE DAMAGE TO THE ROOT
SYSTEM OF THE TREE (E.G., RETAINING WALLS, TREE WELLS, ROOT AERATION DEVICES, PERVIOUS PAVERS, PERVIOUS CONCRETE, GREEN SPACE, AS APPROPRIATE). WHERE IT IS NOT PRACTICAL FOR UNDERGROUND UTILITY LINES TO BE ROUTED AROUND THE DRIPLINE, TUNNELING SHALL BE EMPLOYED TO ROUTE THE LINES THROUGH THIS AREA.

PRUNING OF A GRAND OAK, WITH THE EXCEPTION OF MINOR PRUNING, IS PROHIBITED UNLESS CONDUCTED IN
ACCORDANCE WITH THE ANSI A-300 PRUNING STANDARDS, AND PERFORMED BY AN ARBORIST CERTIFIED BY THE INTERNATIONAL SOCIETY OF ARBORICULTURE (ISA) OR A REGISTERED CONSULTING ARBORIST WITH THE
AMERICAN SOCIETY OF CONSULTING ARBORISTS (ASCA). MINOR PRUNING IS THE PRUNING OF A TREE BY THE REMOVAL OF BRANCHES NO GREATER THAN THREE (3) INCHES IN DIAMETER AT THE POINT OF CONNECTION TO A SUPPORTING BRANCH AND SHALL BE IN ACCORDANCE WITH THE ANSI A-300 PRUNING STANDARDS. A NOTARIZED AFFIDAVIT AFFIRMING AN ISA CERTIFIED ARBORIST OR AN ASCA REGISTERED CONSULTING ARBORIST WILL CONDUCT OR PROVIDE ONSITE SUPERVISION OF THE PRUNING SHALL BE SUBMITTED TO THE COUNTY PRIOR TO THE PRUNING OF A GRAND OAK. AN ISA CERTIFIED ARBORIST OR AN ASCA REGISTERED CONSULTING ARBORIST CONTRACTED BY A PROPERTY OWNER TO PRUNE A GRAND OAK SHALL ASSUME FULL RESPONSIBILITY FOR ALL PRUNING ACTIVITIES DETERMINED IN NONCOMPLIANCE WITH STANDARDS SPECIFIED WITHIN THE LAND DEVELOPMENT CODE.

18,225 sf

Match Line

Lorraine Rd. South (Extension)

EXHIBIT C

Unit Pricing Scope Sheet

updated on 8/28/2020		Lakewood Ranch Stewardship District SRQ Sector Landscape Maintenance Scope
'ENHANCED' Lorraine Road from Southern Boundary to Fruitville Road

Section I: Contract Scope	
	Unit $	Per Month $	Per Year$	
ImprovedTurf:	137,961	SF	$	0.25		$	34,490	
Non-Improved Turf	233,889	SF	$	0.12		$	28,067	
Beds/Shrubs/Ground Covers:	47,613	SF	$	0.33		$	15,712	
Irrigation:	45	LS	$	0.01		$	0	
Canopy Trees; 8' Clearance:	95	LS			$	-	
Accent Trees:	65	LS			$	-	
				$	78,270	

Section II: Non-Contract Scope	Unit $	Extension	
Canopy Trees; Structural Pruning:	95	LS	$	100.00	$	9,500	
Palm Tree Pruning:	20	LS	$	25.00	$	500	
Annuals:	0	LS		$	-	
Re-Mulch (at 1" depth):	159	CY	$	45.00	$	7,142	
Irrigation Repair:	PER HOUR	$30.00		

F:\LLAWM\STEWARDSHIP DISTRICT\Landscape and Irrigation\SRQ Sector\Lorraine Road\Lorraine South\2020 Improvements\Lorraine Road South Enhancement Landscape Scope Sheet; LWRSD Boundry to Fruitville.xlsx Lorraine South

EXHIBIT D

Form of Change Order

CHANGE ORDER
No.: 	
Project:					 Date of Issuance: 		Effective Date: 		

Owner:		 Owner’s Contract No.: 		
Contractor: 		Engineer: 	

You are requested to make the following changes in the Contract Documents. Description:
Reason for Change Order:

Attachments: (List documents supporting change)

Change in Contract Price
Original Contract Price

$ 	

Change in Contract Times
Original Contract Times

Substantial Completion: 	 Ready for Final Payment: 	
days or dates

Net changes from previous Change Orders No.

To No. 	

Net changes from previous Change Orders No.

To No.

$ 	
days

Contract Price prior to this Change Order

$ 	

Contract Times prior to this Change Order

Substantial Completion: 	 Ready for Final Payment: 	
days or dates

Net Increase (decrease) of this Change Order
$ 	

Net Increase (decrease) of this Change Order

days

Contract Price with all approved Change Orders

$ 	

Contract Times with all approved Change Orders

Substantial Completion: 	 Ready for Final Payment: 	

Garrett Hardy, Maintenance Manager

Louis Lawman, Project Manager

days or dates

Recommended:	Approved:	Accepted:	
By: 		By: 		By: 		
Consultant (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date: 		Date: 		Date: 		

Lorraine Rd. South (Extension)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Agreement between the District and SMR Farms, LLC

Pine Warbler Pl.

AGREEMENT BETWEEN LAKEWOOD RANCH STEWARDSHIP DISTRICT AND SMR FARMS, LLC FOR LANDSCAPE INSTALLATION
SERVICES AND MATERIALS (PINE WARBLER PLACE PROJECT)

THIS AGREEMENT (the “Agreement”) is made and entered into this 1st day of September 2020, by and between:

Lakewood Ranch Stewardship District, a local unit of special-purpose government established pursuant to Chapter 2005-338, Laws of Florida, and located in Sarasota and Manatee Counties, Florida whose address is 12051 Corporate Boulevard, Orlando, Florida 32817 (the “District”); and

SMR Farms, LLC, a Florida limited liability company, whose address is 14400 Covenant Way, Lakewood Ranch, Florida 34202 (the “Contractor”).

RECITALS

WHEREAS, the District is a local unit of special-purpose government established and existing pursuant Chapter 2005-338, Laws of Florida, as amended (the “Act”) and is located in Sarasota and Manatee Counties, Florida; and

WHEREAS, the District was established pursuant to the Act for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure improvements, including landscaping improvements; and

WHEREAS, the District desires to retain an independent contractor to provide landscape installation services and materials relative to its Pine Warbler Pl. project within the Sarasota Sector of the District, as described herein and in the attached Exhibit A, which is incorporated herein by reference (the “Services”); and

WHEREAS, the Contractor represents that it is capable of providing the Services and desires to contract with the District to do so in accordance with the terms of this Agreement; and

WHEREAS, the District and Contractor warrant and agree that they have all right, power and authority to enter into and be bound by this Agreement.

NOW, THEREFORE, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

SECTION 1. RECITALS. The recitals so stated are true  and  correct  and  by  this  reference are incorporated into and form a material part of this Agreement.

SECTION 2.	DESCRIPTION OF WORK AND SERVICES.

The duties, obligations, and responsibilities of the Contractor are to provide the services, labor and materials necessary for the installation of certain landscape improvements, including materials and related site preparation, as described herein and in the attached Exhibit A.

Contractor shall be solely responsible for the means, manner and methods by which its duties, obligations and responsibilities are met to the satisfaction of the District and in accordance with this Agreement. Contractor shall use industry best practices and procedures when carrying out the Services. Any additional compensation for additional duties shall be paid only as negotiated between the parties and upon the written authorization of the District.

This Agreement grants to Contractor the right to enter the lands that are subject to this Agreement, for those purposes described in this Agreement, and Contractor hereby agrees to comply with all applicable laws, rules, ordinances and regulations affecting the provision of the Services.

In the event that time is lost due to heavy rains (“Rain Days”), the Contractor agrees to reschedule its employees and divide their time accordingly to complete all scheduled services during the time during the same week as any Rain Days. The Contractor shall provide services on Saturdays if needed to make up Rain Days, but shall not provide services on Sundays.

The Contractor shall report directly to the District’s Designee who shall be Garrett Hardy. Contractor shall use all due care to protect the property of the District, its residents and landowners from damage and shall follow and be responsible for the Services set forth in Exhibit A. Contractor agrees to repair any damage resulting from Contractor’s activities and work within twenty-four (24) hours.

SECTION 3.	DATE OF COMPLETION.

Contractor shall complete the installation services within Sixty (60) calendar days of the execution of this Agreement, provided however that such completion date may be adjusted to address any delays caused by the District. Contractor shall be allowed additional days for adverse weather days. “Adverse Weather” is defined as the occurrence of one or more of the following conditions within a twenty-four (24) hour day that prevents construction activity exposed to weather conditions or access to the site: (1) precipitation (rain, snow, or ice) in excess of one-half inch (0.50”) liquid measure (“standard baseline”); or (2) sustained wind in excess of twenty-five (25)
m.p.h. Contractor must document such Adverse Weather and notify the District promptly of its occurrence.

The Contractor and District recognize that time is of the essence of this Agreement and that the District will suffer financial loss if the installation services are not completed within the times specified herein. The District and the Contractor also recognize the delays, expense, and difficulties involved in proving in a legal

proceeding and the actual loss suffered by District if the installation services are not completed on time. Accordingly, instead of requiring any such proof, District and Contractor agree that as liquidated damages for delay (but not as a penalty), Contractor shall pay the District Five Hundred Dollars ($500) for each day that expires after the time specified herein. Contractor must coordinate its work with others performing work for the District as the District directs. Contractor will work overtime or extra shifts as necessary to meet the timeframe provided for herein.

SECTION 4.	COMPENSATION; TERM.

As compensation for completion of the Services described in this Agreement, the District agrees to pay the Contractor One Hundred Thousand Two Hundred Twenty- Five Dollars ($100,225.00). Such amount includes all items, materials and labor necessary for the completion of the Services.

If the District should desire additional work or services not provided in Exhibit A,  the Contractor agrees to negotiate in good faith to undertake such additional work or services. Upon successful negotiations, the Parties shall agree in writing to a work order, addendum, addenda, or change order to this Agreement, as set forth in more detail in Section 5 herein.

The District may require, as a condition precedent to making any payment to the Contractor, that all subcontractors, material men, suppliers or laborers be paid and require evidence, in the form of Lien Releases or partial Waivers of Lien, to be submitted to the District by those subcontractors, material men, suppliers or laborers, and further require that the Contractor provide an Affidavit relating to the payment of said indebtedness. Further, the District shall have the right to require, as a condition precedent to making any payment, evidence from the Contractor, in a form satisfactory to the District, that any indebtedness of the Contractor, as to services to the District, has been paid and that the Contractor has met all of the obligations with regard to the withholding and payment of taxes, Social Security payments, Workmen’s Compensation, Unemployment Compensation contributions, and similar payroll deductions from the wages of employees.

The Contractor shall maintain records conforming to usual accounting practices. Further, the Contractor agrees to render monthly invoices to the District, in writing, which shall be delivered or mailed to the District by the fifth (5th) day of the next succeeding month. These monthly invoices are due and payable within thirty (30) days of receipt by the District. Each monthly invoice will include such supporting information as the District may reasonably require the Contractor to provide.

SECTION 5. CHANGE ORDERS. Contractor understands that the Services may  be  reduced, enlarged or otherwise modified in scope. If any additional Services are proposed beyond those identified in this Agreement, Contractor shall perform them but only after receiving a written change order from the District. Contractor shall not perform any service omitted from the Agreement by deductive change order. Contractor shall cooperate with and

assist the District in preparing and determining the scope of any change order. In the event the service is a unit price set forth in this Agreement, Contractor’s compensation shall be adjusted for the added or deducted services proposed by the change order in accordance with the unit prices established in the Agreement. In the event that the unit price for the additional services is not set forth in this Agreement, Contractor’s compensation shall be adjusted for the added or deducted services proposed by the change order as reasonably determined by the District in conference with the Contractor.

SECTION 6.  WARRANTY AND COVENANT. The Contractor warrants to the District that  all materials furnished under this Agreement shall be new, and that all services and materials shall be of good quality, free from faults and defects. The Contractor hereby warrants any materials and services for a period of twelve (12) months after acceptance by the District or longer as required under Florida law. With respect to any and all plant material provided, all plant material shall be guaranteed to be in a satisfactory growing condition and to live for a period of twelve (12) months from planting except plants damaged by acts of God, plants subjected to extreme weather conditions, or for annuals, which will be replaced seasonally. All plants that fail to survive under the guarantee shall be replaced as they fail with the same type and size as originally specified. Contractor further warrants to the District those warranties  which Contractor otherwise warrants to others and the duration of such warranties is as provided by Florida law unless longer guarantees or warranties are provided for elsewhere in the Agreement (in which case the longer periods of time shall prevail). Contractor shall replace or repair warranted items to the District’s satisfaction and in the District’s discretion. Neither final acceptance of the Services, nor final payment therefore, nor any provision of the Agreement shall relieve Contractor of responsibility for defective or deficient materials or Services. If any of the Services are found to be defective, deficient or not in accordance with the Agreement, Contractor shall correct, remove and replace it promptly after receipt of a written notice from the District and correct and pay for any other damage resulting there from to District property or the property of landowners within the District.

Contractor hereby covenants to the District that it shall perform the Services: (i) using its best skill and judgment and in accordance with generally accepted professional and design standards and practices for projects of similar design and complexity as the development occurring within the District; (ii) in compliance with all applicable federal, state, county municipal, building and zoning, land use, environmental, public safety, non-discrimination and disability accessibility laws, codes, ordinances, rules and regulations, including, without limitation, all professional registration (both corporate and individual) for all required basic disciplines that it shall perform; and (iii) in an expeditious and economical manner consistent with the best interest of the District. Contractor hereby covenants to the District that any work product of the Contractor shall not call for the use nor infringe any patent, trademark, services mark, copyright or other proprietary interest claimed or held by any person or business entity absent prior written consent from the District.

SECTION 7.	INSURANCE.

The Contractor shall, at its own expense, maintain insurance during the performance of the Services under this Agreement, with limits of liability not less than the

following:

Workers Compensation

General Liability	statutory	
Bodily Injury (including contractual)	$1,000,000/$2,000,000	
Property Damage (including contractual)	$1,000,000/$2,000,000	
Automobile Liability (if applicable)
Bodily Injury and Property Damage	
$1,000,000	

The District, its staff, consultants and supervisors shall be named as an additional insured. The Contractor shall furnish the District with the Certificate of Insurance evidencing compliance with this requirement. No certificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverages, as certified, shall not be effective within thirty
(30) days of prior written notice to the District. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the State of Florida, and such carrier shall have a Best’s Insurance Reports rating of at least A-VII.

If the Contractor fails to have secured and maintained the required insurance, the District has the right (without any obligation to do so, however), to secure such required insurance in which event the Contractor shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District’s obtaining the required insurance.

SECTION 8. INDEPENDENT CONTRACTOR.  It is understood and agreed that at all times the relationship of Contractor and its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor to the District is the relationship of an independent contractor and not that of an employee, agent, joint venturer or partner of the District. Nothing in this Agreement shall be interpreted or construed as creating or establishing the relationship of employer and employee between the District and Contractor or any of its employees, agents, subcontractors or anyone directly or indirectly employed by Contractor. The parties acknowledge that Contractor is not an employee for state or federal tax purposes. Contractor shall hire and pay all of Contractor's employees, agents, subcontractors or anyone directly or indirectly employed by Contractor, all of whom shall be employees of Contractor and not employees of the District and at all times entirely under Contractor's supervision, direction and control.

In particular, the District will not: i) Withhold FICA (Social Security) from Contractor’s payments; ii) Make state or federal unemployment insurance contributions on Contractor’s behalf; iii) Withhold state or federal income tax from payment to Contractor; iv) Make disability insurance contributions on behalf of Contractor; or v) Obtain workers’ compensation insurance on behalf of Contractor.

SECTION 9.  COMPLIANCE WITH GOVERNMENTAL REGULATIONS.  The Contractor shall
keep, observe, and perform all requirements of applicable local, state, and federal laws, rules,

regulations, or ordinances. If the Contractor fails to notify the District in writing within five (5) days of the receipt of any notice, order, required to comply notice, or a report of a violation or an alleged violation, made by any local, state, or federal governmental body or agency or subdivision thereof with respect to the services being rendered under this Agreement or any action of the Contractor or any of its agents, servants, employees, or materialmen, or with respect to terms, wages, hours, conditions of employment, safety appliances, or any other requirements applicable to provision of services, or fails to comply with any requirement of such agency within five (5) days after receipt of any such notice, order, request to comply notice, or report of a violation or an alleged violation, the District may terminate this Agreement, effective immediately upon the giving of notice of termination.

SECTION 10.	DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE. A
default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of actual damages and/or specific performance. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall limit  or impair the District’s right to protect its rights from interference by a third party to this Agreement.

SECTION 11. ENFORCEMENT OF AGREEMENT.  In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the substantially prevailing party shall be entitled to recover from the other all fees and costs incurred, including reasonable attorneys fees, paralegal fees and expert witness fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 12.  AMENDMENTS.  Amendments to and waivers of the provisions contained  in this Agreement may be made only by an instrument in writing which is executed by both the District and the Contractor.

SECTION 13. AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Contractor, both the District and the Contractor have complied with all the requirements of law, and both the District and the Contractor have full power and authority to comply with the terms and provisions of this Agreement.

SECTION 14. NOTICES. All notices, requests, consents and other communications under this Agreement (“Notices”) shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the parties, as follows:

If to Contractor:	SMR Farms, LLC 14400 Covenant Way
Lakewood Ranch, Florida 34202 Attn: Gary Bradshaw

If to District:	Lakewood Ranch Stewardship District 12051 Corporate Boulevard

Orlando, Florida 32817 Attn: District Manager

With a copy to:		Lakewood Ranch Stewardship District Operations 14400 Covenant Way
Lakewood Ranch, FL 34202 Attn: Operations Manager

With a copy to:	Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: District Counsel

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day.  If any time for giving Notice contained in this Agreement would otherwise expire on a non- business day, the Notice period shall be extended to the next succeeding business day.  Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Contractor may deliver Notice on behalf of the District and the Contractor. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

SECTION 15. ARM’S LENGTH TRANSACTION. This Agreement  has  been  negotiated fully between the District and the Contractor as an arm’s length transaction. Both parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Contractor.

SECTION 16. THIRD  PARTY  BENEFICIARIES.  This Agreement  is solely for the benefit of the District and the Contractor and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Contractor any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Contractor and their respective representatives, successors, and assigns.

SECTION 17. ASSIGNMENT. Neither the District nor the Contractor may assign this Agreement or any monies to become due hereunder without the prior written approval of the other.

SECTION 18. APPLICABLE LAW AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be in Manatee County, Florida.

SECTION 19.	INDEMNIFICATION.

	Contractor, its employees, agents and subcontractors shall defend, hold harmless and indemnify the District and its supervisors, officers, staff, employees, representatives and agents against any claims, damages, liabilities, losses and costs, including, but not limited to, reasonable attorneys’ fees, to the extent caused by the acts or omissions of Contractor, and other persons employed or utilized by Contractor in the performance of this Agreement or the Services performed hereunder.

Obligations under this section shall include the payment of all settlements, judgments, damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, arbitration and/or mediation costs, litigation expenses, attorney fees, and paralegal fees (incurred in court, out of court, on appeal, or in bankruptcy proceedings) as ordered.

SECTION 20.	LIMITATIONS	ON	GOVERNMENTAL	LIABILITY.	Nothing	in	this
Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law.

SECTION 21. EFFECTIVE DATE. This Agreement shall be effective upon the execution of the Agreement by each of the parties hereto and shall remain in effect until the completion of the Services, unless terminated earlier in accordance with the terms of this Agreement.

SECTION 22. TERMINATION. The District agrees that the Contractor may terminate this Agreement for cause by providing thirty (30) days written notice of termination to the District; provided, however, that the District shall be provided a reasonable opportunity to cure any failure under this Agreement. The Contractor agrees that the District may terminate this Agreement immediately for cause by providing written notice of termination to the Contractor. The District shall provide thirty (30) days written notice of termination without cause. Upon any termination of this Agreement, the Contractor shall be entitled to payment for all Services rendered up until the effective termination of this Agreement, subject to whatever claims or off sets the District may have against the Contractor as the sole means of recovery for termination.

SECTION 23. OWNERSHIP OF DOCUMENTS. All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation,

inventions, reports, or other tangible work product originally developed by Contractor pursuant to this Agreement shall be and remain the sole and exclusive property of the District when developed and shall be considered work for hire.

SECTION 24. PUBLIC RECORDS.  Contractor understands and agrees that all documents  of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is Jane Gaarlandt (“Public Records Custodian”). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Contractor’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE CONTRACTOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 382-3256, JANEG@FISHKIND.COM, OR AT 12051 CORPORATE BOULEVARD, ORLANDO, FLORIDA 32817.

SECTION 25. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.

SECTION 26. HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.

SECTION 27. ENTIRE AGREEMENT. This instrument shall constitute the final and complete expression of the Agreement between the parties relating to the subject matter of this Agreement.

[SIGNATURES ON NEXT PAGE]

Pine Warbler Pl.

IN WITNESS WHEREOF, the parties hereto have signed this Agreement on the day and year first written above.

Attest:	Lakewood Ranch Stewardship District

Secretary	Chairman/Vice Chairman, Board of Supervisors

Witness:	SMR Farms, LLC

Signature of Witness

By:		 Print Name:  	

Print Name	Title:    	

Exhibit A:	Landscape Site Plan Exhibit B:		Landscape Scope Sheet Exhibit C:	Form of Change Order

EXHIBIT A

Landscape Site Plan

F	F	F

F

F

F		

F			

F		

F		

F	

F	F	F	F	F	F	F	F

F

F	F	F	F              	

F

F	F

SEE STREETSCAPE PLANS

PINE WARBLER PLACE

F

F

F

F

F	F	F	F	F	F	F	F	F	F	F	F	F	F	F	F	F	F

ALL CONCEPTS, LAYOUTS, DELINEATIONS AND PLANS DEPICTED BY THIS DRAWING ARE THE PROPERTY OF HARDEMAN KEMPTON & ASSOCIATES, INC., AND WERE DEVELOPED FOR THIS SPECIFIC PROJECT. THESE CONCEPTS, LAYOUTS, PLANS AND DELINEATIONS ARE NOT TO BE TRANSFERRED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN APPROVAL OF HARDEMAN KEMPTON & ASSOCIATES, INC.

HARDEMAN KEMPTON
& ASSOCIATES, INC.
Landscape Architects
& Civil Engineers
2207 W. North A Street Tampa, Florida 33606
Ph: 813-258-0066
www.hka-design.com

  PROJ. NO. : C025018K	
  DATE :	07.13.2020	

  DESIGNED :  TAS/ JER	
  CHECKED :   JER	

THIS PLAN IS NOT VALID UNLESS S IGN ED , D AT ED & R AISED SE AL AFFIXED OR PERMANENT INK SEAL
SHEET:

Revisions:	
NO.	DATE :	DESCRIPTION :	
1	06/02/20	Revised pole and light fixture model numbers	
2	06/17/20	Light Pole Revisions	
3	06/30/20	Revised per landscape comments	

			

PROJECT NAME :	PREPARED FOR :

Landscape Architecture Certificate of Authorization #LC0000267

Engineering Business Certificate of Authorization No. #26775

L1.0

WATERSIDE PLACE		WATERSIDE PLACE. LLC 14400 COVENANT WAY LAKEWOOD RANCH, FL 34202
SHEET TITLE :
PINE WARBLER PLACE OVERALL LANDSCAPE SHEET

TJV 102

TJV 44

JP 24

LIN 6

PM 3

JP 50

LME 152

STREET LIGHT, TYP.

LME 73

"B" BOULDER

SR3 3

LME 53

"C" BOULDER

MATCHLINE '2'

LIMIT OF WORK

LIMIT OF WORK

TJV 43

JP 27

LIN 6

LME 138

SR3 3

"B" BOULDER
"C" BOULDER

SOD 

LME 46

PINE WARBLER PLACE

 	

LIMIT OF WORK

ALL CONCEPTS, LAYOUTS, DELINEATIONS AND PLANS DEPICTED BY THIS DRAWING ARE THE PROPERTY OF HARDEMAN KEMPTON & ASSOCIATES, INC., AND WERE DEVELOPED FOR THIS SPECIFIC PROJECT. THESE CONCEPTS, LAYOUTS, PLANS AND DELINEATIONS ARE NOT TO BE TRANSFERRED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN APPROVAL OF HARDEMAN KEMPTON & ASSOCIATES, INC.

HARDEMAN KEMPTON
& ASSOCIATES, INC.
Landscape Architects
& Civil Engineers
2207 W. North A Street Tampa, Florida 33606
Ph: 813-258-0066
www.hka-design.com

  PROJ. NO. : C025018K	
  DATE :	07.13.2020	

  DESIGNED :  TAS/ JER	

CHECKED :

THIS PLAN IS NOT VALID UNLESS SIGN ED , D A TED & R AISE D S EAL AFFIXED OR PERMANENT INK SEAL
SHEET:

Revisions:	
NO.	DATE :	DESCRIPTION :	
1	06/02/20	Revised pole and light fixture model numbers	
2	06/17/20	Light Pole Revisions	
3	06/30/20	Revised per landscape comments	

			

PROJECT NAME :	PREPARED FOR :

Landscape Architecture Certificate of Authorization #LC0000267

Engineering Business Certificate of Authorization No. #26775

JER

L1.1

WATERSIDE PLACE		WATERSIDE PLACE. LLC 14400 COVENANT WAY LAKEWOOD RANCH, FL 34202
SHEET TITLE :
PINE WARBLER PLACE LANDSCAPE PLAN

MATCHLINE '2'

"A" BOULDER

NG 3
QV 2

LME 49

QV 2

GIF 49

ZFU1 3

QV 2
LME 137

HARDEMAN KEMPTON
& ASSOCIATES, INC.
Landscape Architects

SR3 3

DU 31

ZFU1 3

SAV 18

IX 27

QV 1

LIMIT OF WORK

GIF 38

NG 3

LME 38

IX 33

SAV 6

SOD 

SR3 3

IX 21

GG 5

SR3 1

QV 1

ZP 31

DU 24

SR3 3

IX 33

NG 5

"C" BOULDER

SAV 5

SAV 12
SR3 3
IX 42
QV 1

NG 3

"B" BOULDER

& Civil Engineers
2207 W. North A Street Tampa, Florida 33606
Ph: 813-258-0066
www.hka-design.com

Landscape Architecture Certificate of Authorization #LC0000267

PREPARED FOR :
WATERSIDE PLACE. LLC 14400 COVENANT WAY LAKEWOOD RANCH, FL 34202

Engineering Business Certificate of Authorization No. #26775

"C" BOULDER

LME 11

LME 21

LIMIT OF WORK

PROJECT NAME :
WATERSIDE PLACE

SHEET TITLE :
PINE WARBLER PLACE LANDSCAPE PLAN

GIF 17

LME 20

PINE WARBLER PLACE

STREET LIGHT, TYP. "B" BOULDER
NG
3
QV 2
GIF 39
ZFU1 3

DU 34
JP 21
NG 3

"A" BOULDER "C" BOULDER
IX 10
JP 20

QV 2

GIF 45

SR3 1

GG 5

IX 25

SR3 3

DATE :
06/02/20

06/17/20

06/30/20

LME 49

"A" BOULDER "C" BOULDER
NG 3
QV 2

GIF 50

SR3 3
DU 35
JP 22

"C" BOULDER

NG 1

IX 14

Revisions:

NO.
1

DESCRIPTION :
Revised pole and light fixture model numbers

2

Light Pole Revisions

3

Revised per landscape comments

PROJ. NO. : C025018K

SOD 

"B" BOULDER

DATE :

07.13.2020

JP	DESIGNED : TAS/ JER

18	CHECKED :

JER

NG 2

JP 39

"A" BOULDER

VM 1
NG 3

ANN1 187

ANN2 140

"C" BOULDER

JP 40
VM 1
IX 16

THIS PLAN IS NOT VALID UNLESS SIGN ED , D A TED & R AISE D S EAL AFFIXED OR PERMANENT INK SEAL

ALL CONCEPTS, LAYOUTS, DELINEATIONS AND PLANS DEPICTED BY THIS DRAWING ARE THE PROPERTY OF HARDEMAN KEMPTON & ASSOCIATES, INC., AND WERE DEVELOPED FOR THIS SPECIFIC PROJECT. THESE CONCEPTS, LAYOUTS, PLANS AND DELINEATIONS ARE NOT TO BE TRANSFERRED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN APPROVAL OF HARDEMAN KEMPTON & ASSOCIATES, INC.

"B" BOULDER
IX 14

MATCHLINE '1'

SHEET:

L1.2

MATCHLINE '1'

IX 15
NG
3
VM 1

STREET LIGHT, TYP.

ANN1 176

ANN2 150

IX 14
"B" BOULDER
VM 1
NG
3

HARDEMAN KEMPTON
& ASSOCIATES, INC.

"C" BOULDER
JP 35

"B" BOULDER
NG 1
QV
2

JP 20
JP
13

IX 28
DU 30
SR3 3

LME 54

QV 2

SR3 1

GG 5

IX 16

"C" BOULDER

JP 33
"B" BOULDER

QV 2

"A" BOULDER

JP 19
IX
27
NG 3

DU 36

GIF 50

Landscape Architects
& Civil Engineers
2207 W. North A Street Tampa, Florida 33606
Ph: 813-258-0066
www.hka-design.com

Landscape Architecture Certificate of Authorization #LC0000267

Engineering Business Certificate of Authorization No. #26775

GIF 49

LME 28

GIF 51
SR3 3

SR3 3

LIMIT OF WORK

PREPARED FOR :
WATERSIDE PLACE. LLC 14400 COVENANT WAY LAKEWOOD RANCH, FL 34202

LME 34

LIMIT OF WORK

LME 37

GIF 35

SOD 

LME 24

SHEET TITLE :
PINE WARBLER PLACE LANDSCAPE PLAN

"C" BOULDER

PROJECT NAME :
WATERSIDE PLACE

NG 3

QV	GIF
1	36

ZP	NG
31	1
QV
1	QV
1

DESCRIPTION :
Revised pole and light fixture model numbers

SAV 8

JP 34

NG 3

"C" BOULDER

GIF 47

PINE WARBLER PLACE

QV 2

SR3 3

Light Pole Revisions

Revised per landscape comments

JP 32
SAV 8

SR3 3

JP 12

SAV 22

IX 16

SR3 3

GG 5

SAV 23

JP 17

Revisions:

NO.
1

DATE :
06/02/20

2

06/17/20

3

06/30/20

PROJ. NO. : C025018K

QV	QV
2	2

DATE :

07.13.2020

DESIGNED : TAS/ JER

SR3 1

LME 89

SR3 1

LME 58

SR3 3

LME 70

CHECKED :

JER

IX 24

NG 3

"C" BOULDER

LME 35

SOD 

VM 1

ZP 12

ANN1 190

NG 4

IX 25
"C" BOULDER
LME 36

THIS PLAN IS NOT VALID UNLESS SIGN ED , D A TED & R AISE D S EAL AFFIXED OR PERMANENT INK SEAL
SHEET:

ALL CONCEPTS, LAYOUTS, DELINEATIONS AND PLANS DEPICTED BY THIS DRAWING ARE THE PROPERTY OF HARDEMAN KEMPTON & ASSOCIATES, INC., AND WERE DEVELOPED FOR THIS SPECIFIC PROJECT. THESE CONCEPTS, LAYOUTS, PLANS AND DELINEATIONS ARE NOT TO BE TRANSFERRED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN APPROVAL OF HARDEMAN KEMPTON & ASSOCIATES, INC.

"A" BOULDER

REFER TO STREETSCAPE PLANS
QV

L1.3

PLANT SCHEDULE PINE WARBLER

TREES	KEY	QTY	BOTANICAL NAME	COMMON NAME	SIZE	SPECIFICATIONS

LIN	12	Lagerstroemia indica `Natchez`	Natchez Crape Myrtle	---	B/B, Multi, 2" cal., 8`-10` ht. x 4`-5` sprd.

PM	3	Phoenix dactylifera `Medjool`	Medjool Palm	---	B/B, min.16` c.t., Matched Specimens

QV	30	Quercus virginiana `SDLN`	Cathedral Live Oak	---	B/B, min. 10` ht. x 4`-5` spr., 2" caliper

VM	5	Veitchia merrillii	Adonidia Palm	---	Triple Trunk, 8`-10` c.t.

SHRUBS	KEY	QTY	BOTANICAL NAME	COMMON NAME	SIZE	SPECIFICATIONS

GG	20	Galphimia glauca	Thryallis	3 gal.	16"-18" ht. x 14"-16" sprd. @ 30" o.c.	                	          	              

NG	53	Neomarica caerulea `Regina`	Apostle`s Iris	3 gal.	16"-18" ht. x 14"-16" sprd. @ 30" o.c.

SAV	102	Schefflera arboricola `Variegata`	Dwarf Variegated Schefflera	3 gal.	16"-18" ht. x 14"-16" sprd. @ 30" o.c.

SR3	50	Strelitzia reginae	Bird Of Paradise	15 gal.	30"-36" ht. x 30"-36" sprd. @ 48" o.c.

ZFU1	9	Zamia furfuracea	Cardboard Palm	7 gal.	22"-26" ht. x 24"-26" sprd. @ 36" o.c.

GROUND COVERS	KEY	QTY	BOTANICAL NAME	COMMON NAME	SIZE	SPECIFICATIONS

ANN1	553	Bedding Plants By Season	Bedding Plants By Season	4" pot	4" dia. pots @ 9" o.c.

ANN2	290	Bedding Plants By Season	Bedding Plants By Season	4" pot	4" dia. pots @ 9" o.c.

DU	190	Duranta erecta `Gold Mound`	Gold Mound Duranta	3 gal.	16"-18" ht. x 14"-16" sprd. @ 24" o.c.

GIF	506	Ficus microcarpa `Green Island`	Green Island Fig	3 gal.	16"-18" ht. x 14"-16" sprd. @ 24" o.c.

IX	400	Ixora x `Maui`	Maui Ixora	3 gal.	16"-18" ht. x 14"-16" sprd. @ 24" o.c.

JP	476	Juniperus chinensis `Parsonii`	Parsoni Juniper	1 gal.	10"-12" ht. x 8"-10"sprd. @ 24" o.c.

LME	1,252	Liriope muscari `Emerald Goddess`	`Emerald Goddess` Lilyturf	1 gal.	10"-12" ht. x 8"-10"sprd. @ 18" o.c.

BOULDER IS TO BE BURIED INTO SOIL TO AVOID THE "PLACED" EFFECT. DIRTY OR UNATTRACTIVE FACE OF ROCK SHALL BE BURIED.

1/3 - 1/4
BURIED

2/3 - 3/4

FINISHED GRADE

GENERAL LANDSCAPE NOTES:
All landscape material shall be Fla. no. 1 grade or better, as specified in Grades and Standards for Nursery Plants, Parts I and II, by Division of Plant Industry, Florida Department of Agriculture and Consumer Services, and shall conform to current American Association of Nurseryman Standards for Nursery Stock. Landscape material shall be planted according to sound nursery practices.

All shrubs shall be a minimum of 36" high at the time of planting and spaced no greater than 30" on center. Shrubs shall not adversely impact existing tree root systems and shall be field adjusted if necessary.

All required shade trees shall be a minimum of 10' overall height with 4'-5' spread and a min. 2" trunk caliper at time of planting. Palms shall have a minimum 10' c.t. height. Adjust tree locations as necessary to avoid utilities, obstructions, etc. see materials list for exact specifications.

All required trees shall be located a minimum of 5 feet from impervious surfaces, all shrubs 2 feet.

An automatic underground irrigation system shall be installed to maintain the landscape area in a healthy manner and provide 100% coverage.

The contractor shall sod all disturbed areas. All planting shall be mulched to a 3" minimum depth. All designated landscape islands shall be mulched or contain shrubs and/ or groundcover to infill planting area.

The contractor shall be responsible for the clean up of premises and removal of all discarded and surplus materials, and rubbish.

Verify the locations of existing trees, lawns, and shrubs. Remove extraneous materials such as rocks, branches, building materials or unacceptable soils prior to planting sod, trees, and shrubs, where encountered. The contractor shall confirm that all landscape areas have suitable drainage and soil percolation that will not impact the immediate establishment and long term health of all plantings. Any concerns / issues shall be addressed prior to installation of material.

Contractor shall become acquainted with the related paving, site grading , and all utilities (including water, sewer, and electrical supply) to preclude any misunderstandings and ensure a trouble free installation.

The exact location of all existing structures, underground utilities, and pipes may not be as indicated on drawings; the contractor shall determine the location of these items and shall conduct his work in a manner to prevent interruption or damage to existing systems which must remain operational. The contractor shall protect existing structures and utility services which must remain operational and shall be responsible for

HARDEMAN KEMPTON
& ASSOCIATES, INC.
Landscape Architects
& Civil Engineers
2207 W. North A Street Tampa, Florida 33606
Ph: 813-258-0066
www.hka-design.com

Landscape Architecture Certificate of Authorization #LC0000267

PREPARED FOR :
WATERSIDE PLACE. LLC 14400 COVENANT WAY LAKEWOOD RANCH, FL 34202

Engineering Business Certificate of Authorization No. #26775

 		TJV

185	Trachelospermum jasminoides `Variegatum`	Variegated Star Jasmine	1 gal.	10"-12" ht. x 8"-10"sprd. @ 24" o.c.

their replacement if damaged by him.

ZP	74	Zamia pumila	Coontie	3 gal.	16"-18" ht. x 14"-16" sprd. @ 24" o.c.

SOD	N/A	Zoysia japonica 'Empire'	Empire Zoysia Grass	S.F., 95% weed free

MULCH    N/A	Pine Bark Mulch	Pine Bark Mulch

Contractor shall call Sunshine State One-Call at least 48 hours prior to digging. (1-800-432-4770).

DESCRIPTION :
Revised pole and light fixture model numbers

Quantities on plan take precedence over materials list. Quantities on materials list are provided as a courtesy only.

Revised per landscape comments

All landscape material shall be maintained in perpetuity to provided all required FDOT and local site clearance distances for vehicles.

Light Pole Revisions

Install a minimum 5' diameter mulch ring for all new trees unless contained within a landscape bed. Mulch ring diameter shall be enlarged as needed to contain tree staking within mulched area.

PROJECT NAME :
WATERSIDE PLACE

SHEET TITLE :
PINE WARBLER PLACE DETAILS & SPECIFICATIONS

SOIL	N/A	Potting Soil @ Seasonal Planting Beds

BLDR	N/A	Boulder	Boulder	"A" - Small: 2' x 2' x 18" ht.
"B" - Medium: 3' x 2.5' x 24" ht.

Revisions:

DATE :
06/02/20

06/17/20

06/30/20

"C" - Large: 4' x 3' x 30" ht.

The Landscape Plans shall comply with the Water Efficient Landscape Ordinance # 2001-081". This pertains to irrigation design, percent of sod allowed, and plant selection.

A Tree Permit will be required prior to any construction, native vegetative removal within the dripline of a tree, and/or tree removal.

No clearing with heavy equipment, filling, or placement of improvements or utility lines shall occur within the protected root zone of any canopy tree to be saved, per Section 54-588 (1) (b) of Sarasota County Code. The protected root zone is defined as the dripline of the tree. Only hand clearing or mowing is permitted within the protected root zone of canopy trees to be saved if authorized by the Administrator. Where unauthorized removal of native vegetation within the protected root zone occurs the Administrator may require the replanting of understory vegetation. Full dripline protection is required; however the Administrator may allow certain activities to be conducted within the barricaded dripline of a tree, so long as the County determines that the tree will not be adversely affected. The plans shall make note of this requirement.

NO.
1

2

3

PROJ. NO. : C025018K

A landscape warranty shall be provided for all installed landscaping which at a minimum shall include the following: (1) one year for trees/

DATE :

07.13.2020

palms, (90) ninety days for all shrubs, groundcover and sod.

DESIGNED : TAS/ JER

Soil testing shall be provided by the landscape contractor to confirm ph and soil nutrient composition throughout the project. Based on these tests, contractor shall determine if any soil amendments or additional fertilization will be needed for successful plant of sod establishment.

Current ANSI A300 standards are to be utilized for all tree planting and pruning. The appropriate approved ANSI model for planting with the stock type shall be utilized (bagged and burlapped versus container stock).

All mechanical equipment located at ground level shall be screened in accordance with 11.2.7.e.3.v.-vi.

CHECKED :

JER

ALL CONCEPTS, LAYOUTS, DELINEATIONS AND PLANS DEPICTED BY THIS DRAWING ARE THE PROPERTY OF HARDEMAN KEMPTON & ASSOCIATES, INC., AND WERE DEVELOPED FOR THIS SPECIFIC PROJECT. THESE CONCEPTS, LAYOUTS, PLANS AND DELINEATIONS ARE NOT TO BE TRANSFERRED TO ANY PERSON, FIRM, OR CORPORATION FOR ANY PURPOSE WHATSOEVER WITHOUT THE WRITTEN APPROVAL OF HARDEMAN KEMPTON & ASSOCIATES, INC.

THIS PLAN IS NOT VALID UNLESS S IGN ED , D AT ED & R AISED SEA L AFFIXED OR PERMANENT INK SEAL
SHEET:

L2.1

Exhibit B

Landscape Scope Sheet

13

Lakewood Ranch Stewardship District Project: Waterside; Pine Warbler Place Landscape Scope

DATE: 8118120						
Quantity	Description	Size	Specifications	Unit Price	Extension	
12	Natchez Crape Myrtle	30gal	B/B Multi, 2" cal., 8'-10'ht. x 4'-5' sprd	$	400.00	$	4,800.00	
3	Sylvester Palm		BIB min. 14' ct Special Cut	$	1,650.00	$	4,950.00	
30	Live Oak		FG, 20-22'ht, 12-16'spr, 8"cal	$	1,500.00	$	45,000.00	
5	Adonidia Palm		Triple Trunk, 8'-10' c.t.	$	725.00	$	3,625.00	
20	Thryallis	3gal	16"-18" ht. x 14'-16' sprd. @ 30" o.c.	$	12.00	$	240.00	
53	Apostle's iris	3gal	16"-18" ht. x 14'-16' sprd. @ 30" o.c.	$	14.00	$	742.00	
102	Dwarf Variegated Schefflera	3gal	16"-18" ht. x 14'-16' sprd. @ 30" o.c.	$	12.00	$	1,224.00	
50	Bird of Paradise	15gal	30"-36" ht. x 30"-36" sprd. @ 48"o.c.	$	135.00	$	6,750.00	
9	Cardboard Palm	?gal	22"-26" ht. x 24"-26" sprd. @ 36" o.c.	$	62.00	$	558.00	
553	Bedding Plants By Season	6" pot	4" dia. pots@ 9" o.c.	$	5.00	$	2,765.00	
290	Bedding Plants By Season	6" pot	4" dia. Pots @ 9" o.c.	$	5.00	$	1,450.00	
190	Gold Mound Duranta	3gal	16"-18" ht. x 14'-16' sprd. @ 24" o.c.	$	12.00	$	2,280.00	
506	Green Island Ficus	3gal	16"-18" ht. x 14'-16' sprd. @ 24" o.c.	$	12.00	$	6,072.00	
400	Maui ixora	3gal	16"-18" ht. x 14'-16' sprd. @24" o.c.	$	12.00	$	4,800.00	
476	Parsoni Juniper	1gal	10"-12" ht. x 8"-10"sprd. @ 24" o.c.	$	12.00	$	5,712.00	
1252	Green Liriope	1gal	10"-12" ht. x 8"-10"sprd. @ 18" o.c.	$	5.00	$	6,260.00	
185	Variegated Confederate Jasmine	1gal	10"-12" ht. x 8"-10"sprd. @ 24" o.c.	$	5.00	$	925.00	
74	Zamia Pumila	3gal	16"-18" ht. x 1 4'-16' sprd. @ 24" o.c.	$	28.00	$	2,072.00	
				ALL TOTAL:	$ 100,225.00	

For LWRSD:	For SMR FARMS:
8-26-20

Garrett Hardy Maintenance Manager

Dale Crosby President

Exhibit C

Form of Change Order

14

CHANGE ORDER
No.: 	
Project:					 Date of Issuance: 		Effective Date: 	

Owner:		 Owner’s Contract No.: 	
Contractor: 	Engineer: 	

Increase in contract scope

You are requested to make the following changes in the Contract Documents. Description:

Additional landscape maintenance services required.

Exhibit A contract scope

Reason for Change Order: Attachments:

Change in Contract Price
Original Contract Price

$ 	

Change in Contract Times
Original Contract Times

Substantial Completion: 	 Ready for Final Payment: 	
days or dates

Net changes from previous Change Orders No.

To No. 	

Net changes from previous Change Orders No.

To No.

$ 	
days

Contract Price prior to this Change Order

$ 	

Contract Times prior to this Change Order

Substantial Completion: 	 Ready for Final Payment: 	
days or dates

Net Increase (decrease) of this Change Order
$ 	

Net Increase (decrease) of this Change Order

days

Contract Price with all approved Change Orders

$ 	

Contract Times with all approved Change Orders

Substantial Completion: 	 Ready for Final Payment: 	
days or dates

Recommended:	Approved:	Accepted:	
By: 		By: 		By: 		
Maintenance Manager or Operations Director	Stewardship District Board of Supervisors	Contractor	
Date: 		Date: 		Date: 		

LAKEWOOD RANCH STEWARDSHIP DISTRICT

First Amendment to Agreement between the District and VGlobalTech for Website Maintenance Services

FIRST ADDENDUM TO THE AGREEMENT BETWEEN THE LAKEWOOD RANCH STEWARDSHIP DISTRICT AND NEWAGETUTORS LLC, D/B/A VGLOBALTECH, FOR WEBSITE AUDITING, REMEDIATION, AND MAINTENANCE SERVICES

This First Addendum (“First Addendum”) is made and entered into this 4th day of September, 2020, by and between:

LAKEWOOD RANCH STEWARDSHIP DISTRICT, a local unit of special-purpose government, established and existing pursuant to Chapter 2005-338, Laws of Florida, with a mailing address of 12051 Corporate Boulevard, Orlando, Florida 32817 (the "District"), and
NEWAGETUTORS LLC, D/B/A VGLOBALTECH, a Florida limited liability company, with a mailing address of 636 Fanning Drive, Winter Springs, Florida 32708 ("Contractor" and, together with the District, the “Parties”).
RECITALS

WHEREAS, the District and the Contractor entered into that Agreement between the Lakewood Ranch Stewardship District And NewAgeTutors LLC, D/B/A VGlobalTech, for Website Auditing, Remediation and Maintenance Services, dated October 4, 2019 (the “Agreement”), incorporated herein by this reference; and

WHEREAS, Section 10(M) of the Agreement provides that the Agreement may be amended by an instrument in writing executed by both Parties; and

WHEREAS, the Parties desire to amend the Agreement to provide for additional services including additional maintenance, website hosting and e-mail hosting and related support, as more particularly described in Contractor’s proposal for services attached hereto as Exhibit A and incorporated herein by this reference; and

WHEREAS, each of the Parties hereto has the authority to execute this First Addendum and to perform its obligations and duties hereunder, and each Party has satisfied all conditions precedent to the execution of this First Addendum so that this First Addendum constitutes a legal and binding obligation of each Party hereto.

NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the Parties, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

SECTION 1. RECITALS; DEFINITIONS. The recitals  stated  above are true and  correct  and by this reference are incorporated into and form a material part of this First Addendum. Capitalized terms not otherwise defined herein shall have the meaning as defined in the Agreement.

SECTION 2. AFFIRMATION OF  THE  AGREEMENT.  The District and Contractor agree  that nothing contained herein shall alter or amend the Parties’ rights and obligations under the Agreement, except to the extent set forth in Section 3 of this First Addendum. The Agreement is hereby affirmed and continues to constitute a valid and binding agreement between the Parties, including but not limited to provisions regarding ADA and WCAG standards, public records, indemnification, and sovereign immunity. To the extent any of the provisions of this First Addendum or the Agreement conflict with the provisions of Exhibits A attached hereto, this First Addendum and the Agreement shall control.

SECTION 3. AMENDMENTS. Pursuant to Section 10(M) of the Agreement,  the  Agreement is hereby amended as follows:

The Agreement is hereby amended to add additional Services pursuant to Contractor’s proposal attached hereto as Exhibit A. Such Services shall also include hosting and maintaining the District’s website consistent with current ADA and WCAG standards, as such terms are defined in the Agreement, including but not limited to:

provide assistive support via telephone and/or email up to ten (10) hours per month, including regularly corresponding with the District staff regarding remediated documents, providing updates to the Website, and providing recommendations of remedial actions, as needed. Notwithstanding the foregoing, the District may request that Contractor attend a conference call or an in-person meeting of the District to review metrics, results and summaries of maintenance performed to-date;

remediate new documents identified by the District to accessible formats for assistive technologies, as needed, including new agenda materials;

provide and update Contractor’s Compliance Shield and Accessibility Policy, which may need to be updated from time to time, for display and use on the Website;

provide secure “https” certification and provide premium, secure “cloud” hosting with fail-over, automated, and regular back-up measures to ensure continued functionality and accessibility of the Website (collectively, “Hosting”). Hosting shall also include, but not be limited to, unlimited file space, bandwidth, fast website response, and 99.9% website uptime;

providing an e-mail account and an archiving system which will allow the District, its supervisors, staff or representatives, to respond to public records requests and maintain e-mails in compliance with applicable records retention law;

providing any and all other efforts reasonably necessary to allow the District to receive the maximum benefit of the additional Services contemplated by this First Addendum and the Agreement.

Compensation for the services shall be amended in accordance with Exhibit A.

Such payment shall be due and payable in accordance with the terms of the Agreement.

All additional services provided pursuant to this First Addendum shall meet the ADA and WCAG standards, as such terms are defined in the Agreement.

SECTION 4.	EFFECTIVE DATE. This First Addendum shall be effective upon execution by both Parties hereto, effective as of the date and year first written above.

IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed the day and year first above written.

Attest	LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary	Chairman, Board of Supervisors

Witness:	NEWAGETUTORS LLC, a Florida Limited Liability Company, d/b/a VGlobalTech

Signature of Witness	Name: Vaibhav V. Joshi
Title:	Manager

Print Name

Exhibit A:	Scope of Additional Services

EXHIBIT A

Website Maintenance Proposal For

Lakewood Ranch Stewardship District

Date	Version#	Comments	Author	
June 25, 2020	1.0	Created Proposal	VB Joshi	

VGlobalTech is the ADA, WCAG Compliance Expert and leading Web design company, with over 300 ADA & WCAG compliant websites created (….and counting) to-date! We have partnered with a non-profit agency to conduct Human Audit and Certification Seal.
Visit https://vglobaltech.com/website-compliance/ for details.

COPYRIGHT ©: This proposal and the contents within this document are solely created by VGlobalTech team for its customers and cannot be reproduced, copied, modified or distributed (including forwarding to other customers, competitors, web designers etc.) without the written consent of VGlobalTech. VGlobalTech company holds Intellectual Property* details along with company software details that must not be shared with others without the written permission of the company. The proposal and software details are customized for the requesting customer and cannot be applied to any other customer / asset / solution. This document does not apply to a case if it is not exclusively sent to you by VGlobalTech upon request.
Any violations are punishable under the law and shall be prosecuted.

* VGlobalTech has developed unique ADA and WCAG compliance expertise, optimized website templates, compliance multi-step procedure and quality control, document conversion software
and test procedures. Contact us for details of VGlobalTech’s Intellectual Property.

Table of Contents
Pricing	4
Monthly Maintenance, Hosting and Email Support	4
2.0	Proposal Acceptance:	6

Pricing
Monthly Maintenance, Hosting and Email Support

Maintenance contract is required for VGlobalTech’s proprietary document conversion software (PDF to RTF) to be used that allows faster, accurate and batch processing for document conversion.

	Task	
1.	Full content upload support to regularly keep site updated (includes all documents, audit reports, agendas, meeting minutes, events etc). Update turnaround time – less than 24 hrs from customer sending the content and documents to be updated to VGT team.	
2.	PDF Documents conversion (to Text, HTML etc) as needed (new documents during the maintenance year only) for ADA Compliance / Reader Compliance. VGlobalTech’s proprietary batch conversion software shall be used by our team for faster batch-conversion processing as long as the contract is valid (big time saver that creates compliant documents that can be uploaded to the website). If Auto conversion fails, VGlobalTech team shall perform manual OCR and conversion within 24 hrs.	
3.	Email accounts setup and support	
	
Total Monthly Maintenance with full content upload, document conversion:
$125 / month

*support beyond 10 hrs. / month / CDD shall be billed at $55 / hr. separately (VGlobalTech team shall be responsible to track and report hours exceeded, if any)
***Monthly maintenance must be paid before the 10th of every month	

This proposal includes following points, stipulations terms and conditions:
*(1) conference call or in person meetings per month with client to review metrics, results and monthly recaps *unless otherwise noted
* email and phone communication
*Anything out of the scope of work in the above proposal will be addressed and client will be immediately notified. After notification of additional work, a subsequent quote will be provided to cover that work.
*Client is responsible to adhering to timelines as far as information required to complete the task is concerned. If timelines are not adhered to and exceed 15 business days past the current marketing months, last day, all work will end. A new month with new allocated costs will be presented for future work to commence. No refunds and owed work will be due unless otherwise agreed upon. An Invoice will be provided once signature approval of this project proposal. Payments will be made to VGLOBALTECH
*Client is responsible for verifying quality of work, providing feedback, verifying that compliance has been met as required. VGlobalTech team shall not be responsible for any legal ramifications arising from work not done as per external agencies / organizations / associations needs if
proper feedback is not provided by the customer. VGlobalTech’s work will be in best faith but cannot guarantee all compliance / legal needs since we are not the final authority in the ADA or WCAG compliance area. VGlobalTech shall not be liable for any legal ramifications arising from compliance issues and cannot be held responsible for any legal or other lawsuits.
Refund Policy: The client may halt work and request for a refund within seven days of the date of signing this services agreement by mailing a signed letter to the main address listed on www.VGlobalTech.com website. If client requests a refund within seven days of the date of signing their agreement, they shall be liable to pay for all work completed and will be refunded the remaining balance of the initial payment if billable work has not exceeded a charge that would be greater than client’s initial payment. If client requests a refund after the seven days from the date of the signing of the agreement client is liable to pay for all work completed plus an additional 25% of any remaining balance that may still be due. Once line item projects are complete no refunds will be issued. Confidentiality: All information between client and service provider inclusive of technical and business information relating to proprietary ideas, patentable ideas and/or trade secrets, existing and/or contemplated products and services, research and development, production, costs, profit and margin information, finances and financial projections, customers, clients, marketing, and current or future business plans and models, regardless of whether such information is designated as “Confidential Information” at the time of its disclosure and will be treated as such and with absolute confidentiality and will
not be shared or used, which will be maintained at all times. The client is not allowed to disclose their price with any third parties. Doing so is in breach of this agreement. All information development will be shared and proprietary information and property between client and service providers.

Proposal Acceptance:

The VGlobalTech proposed solution and terms have been accepted by the customer and the VGlobalTech can proceed with the project. All payments shall be made according to this agreement.

Website, Monthly Maintenance w/ Hosting and Email support

Signatures:

For Customer	Date

VB Joshi

For VGlobalTech	Date

LAKEWOOD RANCH STEWARDSHIP DISTRICT

First Amendment to Agreement between the District and PFM for District Management Services

FIRST ADDENDUM TO DISTRICT MANAGEMENT AGREEMENT

This First Addendum to District Management Agreement (“Addendum”), is made and entered into as of this 4th day of September, 2020 (the “Effective Date”), by and between Lakewood Ranch Stewardship District, a local unit of special-purpose government established pursuant to Chapter 2005-338, Laws of Florida, located in Manatee and Sarasota Counties, Florida (the “District’), and PFM Group Consulting LLC (“Consultant”).

RECITALS

WHEREAS, the District and Consultant entered into that certain District Management Agreement dated June 5, 2020 (the “Agreement”);

WHEREAS, the District and the Consultant desire to amend the District Management Services set forth in Exhibit A of the Agreement (“Exhibit A”) and accordingly adjust the monthly compensation due to Consultant as set forth in Exhibit B of the Agreement (“Exhibit B”), as further described in this Addendum; and

WHEREAS, the District and the Consultant each has the authority to execute this Addendum and to perform its obligations and duties hereunder, and each party has satisfied all conditions precedent to the execution of this Addendum so that this Addendum constitutes a legal and binding obligation of each party hereto.

NOW, THEREFORE, based on good and valuable consideration and mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the District and the Consultant agree as follows:

RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Addendum.

AMENDMENT TO SCOPE OF SERVICES. The following services from the Agreement’s Exhibit A – Scope of Services, Section I. General Management Services are amended as follows (underline language added; strikethrough deleted):
The Manager will, either directly or ensure the District contracts with a third-party, for (i) the maintenance of maintain the District’s website in compliance with applicable law and (ii) ensure an e-mail system is in place which provides a separate “CDD e-mail address” for all Board members with an archiving system which will allow Manager to respond to public records requests and maintain e-mails in compliance with applicable records retention law.

AMENDMENT TO COMPENSATION. The first paragraph of the Agreement’s Exhibit B – Compensation for Services shall be amended as follows (underline language added; strikethrough deleted):

If the District directly contracts with a third-party for the website and email services listed below, Manager shall not charge District the fees set forth below.

AFFIRMATION OF AGREEMENT. Except as specifically amended above, the Agreement shall remain in full force and effect, unaltered by this Addendum.

IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed the day and year first above written.

Attest:	LAKEWOOD RANCH STEWARDSHIP DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Witness:	PFM GROUP CONSULTING LLC

Signature of Witness	Name:  	
Title:    	

Print Name of Witness

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Financial Matters

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Draw Requests

(provided under separate cover)

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Compilation Report

Lakewood Ranch Stewardship District
Statement of Financial Position As of 7/31/2020

Current Month	Prior Month	Variance

Assets

Current Assets
Cash-Operating Account Utilities Deposits
Total Current Assets

$88,300.76	$364,303.00	($276,002.24) 700.00		700.00		0.00

$89,000.76	$365,003.00	($276,002.24)

Total Assets	$89,000.76		$365,003.00		($276,002.24)	

Liabilities and Net Assets					
Current Liabilities
Accounts Payable	
$39,883.78		
$207,492.00		
($167,608.22)	
Total Current Liabilities	$39,883.78		$207,492.00		($167,608.22)	
Total Liabilities	$39,883.78		$207,492.00		($167,608.22)	

Net Assets

Retained Earnings - Prior Year	$17,716.01		$17,722.00		($5.99)	
Surplus (Deficit) for the Period	31,400.97		139,789.00		(108,388.03)	
Total Net Assets	$49,116.98		$157,511.00		($108,394.02)	
						
Total Liabilities and Net Assets	$89,000.76		$365,003.00		($276,002.24)	

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Modified Cash Basis For the Ten Months Ended July 31, 2020

Fiscal Year
2020 Budget	Current
Actual	Current
Budget	Current
Variance	YTD
Actual	YTD
Budget	YTD
Variance	

SOURCES OF FUNDS							
$641,172 Assessments - NE	$0		$53,431		-$53,431		$966,839		$534,310		$432,529	
1,852,414 Assessments - NW	25		154,368		-154,342		1,709,406		1,543,678		165,728	
1,611,033 Assessments - SE	0		134,253		-134,253		1,512,616		1,342,528		170,089	
408,258 Assessments - SRQ	4		34,022		-34,017		436,387		340,215		96,172	
3,061,057 Landowner Contributions	0		255,088		-255,088		90,580		2,550,881		-2,460,301	
1,000 Other Revenue	0		83		-83		20		833		-813	
$7,574,934 Total	$30		$631,245		-$631,215		$4,715,849		$6,312,445		-$1,596,596	

USES OF FUNDS GENERAL AND ADMINISTRATIVE	
$8,000 Insurance	$0		$667		-$667		$7,500		$6,667		$833	
15,000 Meeting Advertising	1,908		1,250		658		8,086		12,500		-4,414	
70,000 Engineering	7,265		5,833		1,432		86,233		58,333		27,900	
30,000 Bond Agent Fees	0		2,500		-2,500		16,547		25,000		-8,453	
100,000 Legal Fees	0		8,333		-8,333		64,592		83,333		-18,741	
32,000 Accounting	9,780		2,667		7,113		30,925		26,667		4,258	
150,000 Lien Book and Tax Roll	0		12,500		-12,500		93,750		125,000		-31,250	
17,000 Annual Audit	0		1,417		-1,417		15,000		14,167		833	
100,000 Trustee	0		8,333		-8,333		78,378		83,333		-4,955	
108,000 Manager	0		9,000		-9,000		87,852		90,000		-2,148	
1,500 Postage	0		125		-125		1,649		1,250		399	
1,500 Printing and Reproduction	0		125		-125		0		1,250		-1,250	
0 Office Supplies	264		0		264		587		0		587	
3,810 Other Current Charges	0		318		-318		755		3,175		-2,420	
22,000 Dues, Licenses & Subscriptions	0		1,833		-1,833		300		18,333		-18,033	
$658,810 Total	$19,217		$54,901		-$35,684		$492,154		$549,008		-$36,401	

RESERVES												
$152,578 Reserves	$0		$12,715		-$12,715		$0		$127,148		-$127,148	
$152,578 Total	$0		$12,715		-$12,715		$0		$127,148		-$127,148	

MAINTENANCE												
$300,000 Maintenance Management Fee	$0		$25,000		-$25,000		$225,000		$250,000		-$25,000	
383,400 General & Park Maintenance	23,776		31,950		-8,174		339,328		319,500		19,828	
96,240 Community Service admin Fee	0		8,020		-8,020		0		80,200		-80,200	
3,626,087 Contracted Landscape & Irrigation	10,085		302,174		-292,089		1,857,448		3,021,739		-1,164,292	
901,000 Non-Contracted Landscape & Irrigation	28,254		75,083		-46,830		698,868		750,833		-51,966	
1,016,846 Irrigation for Master Landscaping	0		84,737		-84,737		659,086		847,372		-188,286	
241,500 Environmental	11,925		20,125		-8,200		223,461		201,250		22,211	
55,273 Utilities	4,554		4,606		-52		63,078		46,061		17,018	
143,200 Other Maintenance	10,515		11,933		-1,418		125,933		119,333		6,600	
$6,763,546 Total	$89,109		$563,629		-$474,520		$4,192,202		$5,636,288		-$1,444,087	
												
$7,574,934 Total Uses of Funds	$108,325		$631,245		-$522,919		$4,684,355		$6,312,445		-$1,607,636	

$0 Surplus (Deficit) for the Period	-$108,296		$0		-$108,296		$31,494		$0		$11,040	

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Modified Cash Basis
Northeast Sector
For the Ten Months Ended July 31, 2020

Fiscal Year
2020 Budget	Current
Actual	Current
Budget	Current
Variance	YTD
Actual	YTD
Budget	YTD
Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
$24,740 Post Blvd & SR70 Intersection	$0		$2,062		-$2,062		$19,333		$20,617		-$1,284	
17,032 59th Ave-Lorraine to Post Blvd	0		1,419		-1,419		3,062		14,193		-11,131	
5,830 NE SR70 & Lorraine Rd Intersec	0		486		-486		0		4,858		-4,858	
173,473 Uihlein Road	0		14,456		-14,456		121,788		144,561		-22,773	
1,200 Lakebank and Swale Mowing	0		100		-100		800		1,000		-200	
92,000 Lorraine Corners	155		7,667		-7,511		70,538		76,667		-6,128	
50,000 Future Roads	0		4,167		-4,167		49,042		41,667		7,375	
140,000 44th Ave from Lorraine to Bour	0		11,667		-11,667		5,100		116,667		-111,567	
40,000 Post Blvd. from 59th Ave to Ra	0		3,333		-3,333		4,432		33,333		-28,901	
70,910 Uihlein Rd.; 44th Ave. to SR64	0		5,909		-5,909		0		59,092		-59,092	
120,000 Rangeland Pkwy.; Uihlein Rd. t	0		10,000		-10,000		10,664		100,000		-89,336	
127,379 Bourneside Blvd.; SR70 to SR64	0		10,615		-10,615		0		106,149		-106,149	
84,000 Rangeland Pkwy.; Lorraine Rd.	0		7,000		-7,000		31,586		70,000		-38,414	
$946,564 Total	$155		$78,880		-$78,725		$316,345		$788,803		-$472,458	
NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
$46,000 Irrigation Repairs - NE	$2,631		$3,833		-$1,202		$11,137		$38,333		-$27,196	
40,000 Plant Replacement - NE	1,062		3,333		-2,271		19,343		33,333		-13,990	
34,000 Mulching - NE	0		2,833		-2,833		12,513		28,333		-15,820	
76,000 Tree Trimming	0		6,333		-6,333		408		63,333		-62,925	
6,000 Other Landscape Maintenance	1,110		500		610		14,026		5,000		9,026	
$202,000 Total	$4,803		$16,833		-$12,030		$57,427		$168,333		-$110,906	
IRRIGATION FOR MASTER LANDSCAPING												

$8,868 Irrigation - Mthly - Meter Charge	
$0		
$739		
-$739		
$6,637		
$7,390		
-$753	
150,000 Irrgiation - Utilization - NE	0		12,500		-12,500		99,259		125,000		-25,741	
$158,868 Total	$0		$13,239		-$13,239		$105,896		$132,390		-$26,494	
ENVIRONMENTAL
$16,000 Lake maint. - lakes outside comm	
$0		
$1,333		
-$1,333		
$14,380		
$13,333		
$1,047	
800 Mitigation monitor. & maint-NE	0		67		-67		0		667		-667	
1,500 Littoral Shelf Plantings - NE	0		125		-125		0		1,250		-1,250	
12,000 Conservation areas - NE	2,025		1,000		1,025		11,075		10,000		1,075	
$30,300 Total	$2,025		$2,525		-$500		$25,455		$25,250		$205	
UTILITIES												
$100 Manatee County Utilities	$0		$8		-$8		$0		$83		-$83	
1,273 Peace River Utilities	1,825		106		1,719		16,856		1,061		15,795	
$1,373 Total	$1,825		$114		$1,710		$16,856		$1,144		$15,711	
OTHER MAINTENANCE
$12,000 Drainage Maintenance - Ne	
$0		
$1,000		
-$1,000		
$7,205		
$10,000		
-$2,795	
10,000 Storm Clean-Up - NE	0		833		-833		0		8,333		-8,333	
0 Sanitary Cleanup - NE	0		0		0		600		0		600	
3,200 Hardscape - NE	0		267		-267		644		2,667		-2,023	
1,200 Miscelllaneous Maintenance - NE	0		100		-100		0		1,000		-1,000	
$26,400 Total	$0		$2,200		-$2,200		$8,449		$22,000		-$13,551	
												
$1,365,505 TOTAL NE SECTOR	$8,808		$113,792		-$104,984		$530,428		$1,137,921		-$607,493	

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Modified Cash Basis
Northwest Sector
For the Ten Months Ended July 31, 2020

Fiscal Year
2020 Budget	Current
Actual	Current
Budget	Current
Variance	YTD
Actual	YTD
Budget	YTD
Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
$96,000  WhiteEagle - SR70 to Rangeland	$0		$8,000		-$8,000		$71,003		$80,000		-$8,997	
68,000  Rangeland- LWRBlvd to WhiteEag	0		5,667		-5,667		50,292		56,667		-6,375	
37,000  Kent Lake & Lake Bank Maint	0		3,083		-3,083		24,664		30,833		-6,169	
85,000  44th- LWR Blvd To WhiteEagle	0		7,083		-7,083		62,962		70,833		-7,871	
30,000  Malachite - LWR Blvd to White	0		2,500		-2,500		21,168		25,000		-3,832	
15,450  Lake Bank mowing	0		1,288		-1,288		29,637		12,875		16,762	
22,800  Rangeland-WhiteEagle to Esplan	0		1,900		-1,900		16,041		19,000		-2,959	
48,000 SR70 & LWR BLVD entrance	385		4,000		-3,615		35,482		40,000		-4,518	
88,000 LWR Blvd.; Malachite to SR64	723		7,333		-6,610		63,107		73,333		-10,226	
42,000  White Eagle/Malachite to 44th	0		3,500		-3,500		27,435		35,000		-7,565	
164,800  White Eagle/44th to Gatewood	0		13,733		-13,733		108,871		137,333		-28,462	
20,000  White Eagle/Gatewood to SR64	0		1,667		-1,667		2,000		16,667		-14,667	
7,440  Silver Palm Blvd	0		620		-620		3,924		6,200		-2,276	
53,560  Wood Fern Trail	0		4,463		-4,463		32,948		44,633		-11,685	
48,500 Gatewood Drive	0		4,042		-4,042		36,367		40,417		-4,050	
40,000  44th Ave/White Eagle to Indigo	0		3,333		-3,333		26,335		33,333		-6,998	
14,000  44th Ave from Indigo to Lorr	0		1,167		-1,167		6,898		11,667		-4,769	
30,000 Silver Falls	0		2,500		-2,500		39,049		25,000		14,049	
80,000 117th Street	0		6,667		-6,667		64,953		66,667		-1,714	
26,000  Rangeland Pkwy. from Esplanade	0		2,167		-2,167		2,000		21,667		-19,667	
$1,016,550 Total	$1,108		$84,713		-$83,604		$725,137		$847,125		-$121,988	

NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
$62,000 Irrigation Repairs - NW	$4,807		$5,167		-$360		$84,871		$51,667		$33,204	
42,000 Plant Replacement - NW	0		3,500		-3,500		68,245		35,000		33,245	
100,000 Mulching - NW	0		8,333		-8,333		69,409		83,333		-13,924	
64,000 Tree Trimming	0		5,333		-5,333		25,685		53,333		-27,648	
8,000 Other Landscape Maintenance	1,101		667		434		23,257		6,667		16,590	
$276,000 Total	$5,907		$23,000		-$17,093		$271,466		$230,000		$41,466	
IRRIGATION FOR MASTER LANDSCAPING												

$8,610 Irrigation - Mthly - Meter Charge	
$0		
$718		
-$718		
$6,637		
$7,175		
-$538	
310,000 Irrgiation - Utilization - NW	0		25,833		-25,833		218,520		258,333		-39,813	
$318,610 Total	$0		$26,551		-$26,551		$225,157		$265,508		-$40,351	
ENVIRONMENTAL
$32,000 Lake maint. - lakes outside comm	
$0		
$2,667		
-$2,667		
$24,003		
$26,667		
-$2,664	
75,000 Conservation areas - NW	1,275		6,250		-4,975		80,075		77,408		2,667	
$107,000 Total	$1,275		$8,917		-$7,642		$104,078		$104,075		$3	
UTILITIES												
$900 FPL - NW	$12		$75		-$63		$464		$464		$0	
24,000 Peace River Utilities	1,430		2,000		-570		20,990		20,989		0	
$24,900 Total	$1,442		$2,075		-$633		$21,454		$21,453		$0	
OTHER MAINTENANCE
$14,000  Drainage Maintenance - NW	
$0		
$1,167		
-$1,167		
$10,503		
$11,667		
-$1,164	
1,000 Sanitary Cleanup - NW	0		83		-83		0		833		-833	
32,000 Hardscape - NW	0		2,667		-2,667		20,634		26,667		-6,033	
4,000 Signs - NW	8,640		333		8,307		26,362		3,333		23,029	
1,200 MiscelllaNWous Maintenance - NW	0		100		-100		549		1,000		-451	
$52,200 Total	$8,640		$4,350		$4,290		$58,048		$43,500		$14,548	
												
$1,795,260 TOTAL NW SECTOR	$18,372		$149,605		-$131,233		$1,405,339		$1,511,661		-$106,322	

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Modified Cash Basis
Sarasota Sector
For the Ten Months Ended July 31, 2020

Fiscal Year
2020 Budget	Current
Actual	Current
Budget	Current
Variance	YTD
Actual	YTD
Budget	YTD
Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
$160,000 Deer Drive	$0		$13,333		-$13,333		$111,392		$133,333		-$21,941	
172,000 Lorrain Road; University Pkwy	0		14,333		-14,333		126,380		143,333		-16,953	
120,000 LWR Blvd; Comm Blvd to Deer Dr	0		10,000		-10,000		79,016		100,000		-20,984	
41,200 Lorraine Rd;South Boundary	0		3,433		-3,433		42,137		34,333		7,804	
200,000 Future Roads	0		16,667		-16,667		0		166,667		-166,667	
$693,200 Total	$0		$57,767		-$57,767		$358,925		$577,667		-$218,742	
NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
$20,000 Irrigation Repairs - SRQ	$3,043		$1,667		$1,376		$12,682		$16,667		-$3,985	
30,000 Plant Replacement - SRQ	0		2,500		-2,500		71,759		25,000		46,759	
60,000 Mulching - SRQ	0		5,000		-5,000		48,247		50,000		-1,753	
40,000 Tree Trimming	0		3,333		-3,333		5,475		33,333		-27,858	
10,000 Other Landscape Maintenance	6,952		833		6,119		33,184		8,333		24,851	
$160,000 Total	$9,995		$13,333		-$3,338		$171,347		$133,333		$38,014	
IRRIGATION FOR MASTER LANDSCAPING												

$8,868 Irrigation - Mthly - Meter Charge	
$0		
$739		
-$739		
$6,637		
$7,390		
-$753	
200,000 Irrgiation - Utilization - SRQ	0		16,667		-16,667		75,104		166,667		-91,563	
$208,868 Total	$0		$17,406		-$17,406		$81,741		$174,057		-$92,316	
ENVIRONMENTAL
$12,000 Lake maint. - lakes outside comm	
$1,900		
$1,000		
$900		
$5,875		
$10,000		
-$4,125	
$2,200 Littoral Shelf Plant	$0		183		-183		$0		77,408		-77,408	
16,000 Conservation areas - SRQ	1,850		1,333		517		7,985		77,408		-69,423	
$30,200 Total	$3,750		$2,517		$1,233		$13,860		$164,816		-$150,956	
UTILITIES
$28,000 FPL - SRQ	
$1,220		
$2,333		
-$1,114		
$23,714		
$464		
$23,250	
$28,000 Total	$1,220		$2,333		-$1,114		$23,714		$464		$23,250	
OTHER MAINTENANCE
$12,000  Drainage Maintenance - SRQ	
$0		
$1,000		
-$1,000		
$0		
$10,000		
-$10,000	
2,000 Sanitary Cleanup - SRQ	0		167		-167		0		1,667		-1,667	
10,000 Hardscape - SRQ	0		833		-833		11,592		8,333		3,259	
2,000 MiscelllaSRQous Maintenance - SRQ	0		167		-167		665		1,667		-1,002	
$26,000 Total	$0		$2,167		-$2,167		$12,257		$21,667		-$9,410	
												
$1,146,268 TOTAL SRQ SECTOR	$14,965		$95,522		-$80,558		$661,844		$1,072,003		-$410,160	

Lakewood Ranch Stewardship District
Statements of Revenues, Expenditures and Fund Balances - Modified Cash Basis
Southeast Sector
For the Ten Months Ended July 31, 2020

Fiscal Year
2020 Budget	Current
Actual	Current
Budget	Current
Variance	YTD
Actual	YTD
Budget	YTD
Variance	

MASTER LANDSCAPING & IRRIGATION REPAIRS CONTRACTS	
$350,000 U Pkwy/Lorraine to Concession	$8,821		$29,167		-$20,346		$114,522		$291,667		-$177,145	
204,000 The Masters Ave. Extension	0		17,000		-17,000		153,216		170,000		-16,784	
105,000 Lorraine Rd.- East Side	0		8,750		-8,750		50,870		87,500		-36,630	
20,173 CDD allocation/UP & Lorraine	0		1,681		-1,681		17,310		16,811		499	
108,000 Bournside Blvd Masters to SR70	0		9,000		-9,000		38,614		90,000		-51,386	
12,600 Covenant Way	0		1,050		-1,050		1,050		10,500		-9,450	
110,000 Masters Ave from Players Dr	0		9,167		-9,167		81,459		91,667		-10,208	
60,000 Bourneside Blvd from Masters	0		5,000		-5,000		0		50,000		-50,000	
$969,773 Total	$8,821		$80,814		-$71,994		$457,041		$808,144		-$351,103	
NON CONTRACTED LANDSCAPING & IRRIGATION REPAIRS	
$65,000 Irrigation Repairs - SE	$1,553		$5,417		-$3,863		$33,530		$54,167		-$20,636	
100,000 Plant Replacement - SE	2,965		8,333		-5,368		86,253		83,333		2,920	
60,000 Mulching - SE	0		5,000		-5,000		57,574		50,000		7,574	
30,000 Tree Trimming	1,365		2,500		-1,135		4,646		25,000		-20,354	
8,000 Other Landscape Maintenance	1,665		667		998		16,625		6,667		9,958	
$263,000 Total	$7,548		$21,917		-$14,368		$198,628		$219,167		-$20,538	
IRRIGATION FOR MASTER LANDSCAPING												

$10,500 Irrigation - Mthly - Meter Charge	
$0		
$875		
-$875		
$6,637		
$8,750		
-$2,113	
320,000 Irrgiation - Utilization - SE	0		26,667		-26,667		239,655		266,667		-27,012	
$330,500 Total	$0		$27,542		-$27,542		$246,292		$275,417		-$29,125	
ENVIRONMENTAL
$4,000 Lake maint. - lakes outside comm	
$4,875		
$333		
$4,542		
$15,938		
$3,333		
$12,605	
70,000 Conservation areas - SE	0		5,833		-5,833		64,130		77,408		-13,278	
$74,000 Total	$4,875		$6,167		-$1,292		$80,068		$80,741		-$673	
UTILITIES												
$1,000 FPL - SE	$69		$83		-$15		$1,056		$464		$592	
$1,000 Total	$69		$83		-$15		$1,056		$464		$592	
OTHER MAINTENANCE												
$2,000 Roads and sidewalks - SE	$0		$167		-$167		$0		$464		-$464	
20,000 Drainage Maintenance - SE	1,700		1,667		33		10,265		16,667		-6,402	
5,000 Sanitary Cleanup - SE	175		417		-242		2,079		4,167		-2,088	
10,000 Hardscape - SE	0		833		-833		13,153		8,333		4,820	
0 Signs	0		0		0		20,502		0		20,502	
1,200 Miscelllaneous Maintenance - SE	0		100		-100		0		1,000		-1,000	
400 Telephone-Irrigatiion, Sewer- SE	0		33		-33		0		333		-333	
$38,600 Total	$1,875		$3,050		-$1,142		$45,999		$30,500		$15,832	
												
$1,676,873 TOTAL SE SECTOR	$23,188		$139,573		-$116,352		$1,029,084		$1,414,433		-$385,016	

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Staff Reports

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Specific Authorization No. 118 Stantec

Stantec Consulting Services Inc. 6900 Professional Parkway East Sarasota FL 34240-8414
Tel: (941) 907-6900
Fax: (941) 907-6910

August 10, 2020

Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, Florida 34202

Attn:	Mr. Rex Jensen
Chairman

Reference: Specific Authorization No. 118
Services Associates with the Lakewood Ranch Stewardship District Lakewood Centre CORE Roadways

Dear Mr. Jensen:

Via: E-Mail

As requested, enclosed is Exhibit B118 for services to prepare a Master Development Plan; FDOT Plan; SWFWMD Plan; Final Site Plan, and Construction Plans along with permitting services for the proposed Development infrastructure within Parcels I & J of the Lakewood Centre DRI at Lakewood Ranch.

This Specific Authorization (S.A.) includes the Master Planning and FDOT driveway permitting for the entire project as well as Phase 1 construction plans. The master planning effort will include geometry computation, stormwater concept, wastewater concept and transportation analysis. Final Site Plan, Construction Plans; FDOT drainage connection plans and Environmental Resource Permits will be applied for to accommodate the first of 3 phases of the project. A FDOT driveway access permit will be applied for to account for all 4 project driveways.

Should you have any questions regarding this matter, please contact our office. Sincerely,

Robert A. Engel, PE
District Engineer/Senior Principal

Stantec Consulting Services Inc.

Keith E. Litzell, PE
Senior Project Manager
Tel: (941) 907-6900	Tel: (941) 907-6900
E-Mail: keith.litzell@stantec.com	E-Mail: rob.engel@stantec.com

Enclosure

Revised Exhibit A118 to General Provisions Attached to Agreement for Services Between Owner and Engineer
Dated September 29, 2005

Specific Authorization No. 118 Exhibit B118

Lakewood Centre CORE Roadways August 10, 2020

Further Description of Basic Engineering Services and Related Matters

Description of Work

Work includes the preparation of Construction Plans for roadways. Plans will be prepared in one (1) plan set and it is assumed that the project will be constructed in one phase. Completed plans will be provided to the Owner.
Please see Attachment A

Items to be furnished by Owner or Owners Consultant
Please see Attachment B

Definition of Work Products
Construction Plans (one set of plans)

Schedule
Please see Attachment C

Fee Proposal
Please see Attachment D

Accepted this 	day of 	, 2020.

Mr. Rex Jensen Chairman
Lakewood Ranch Stewardship District 14400 Covenant Way
Lakewood Ranch, Florida 34202

Revised Exhibit A118 to General Provisions Attached to Agreement for Services Between Owner and Engineer
Dated September 29, 2005

ATTACHMENT A – B118

Lakewood Centre CORE Roadways

Task 210 – Topographic Survey

Stantec has been asked to coordinate with the geotechnical consultant Driggers and provide double lath stakeout for 14 hand-auger and 4 standard penetration locations with elevations for geotechnical testing services. We are therefore requesting an increase to this task in the amount of
$2,800 bringing the new total for this Fixed Fee task to $36,500.

Task 220 – Plan and Permit Prep (Phase 1)
An increase to this task is requested to facilitate the following efforts:
Relocation of the required drainage easement outside of the PRECO utility easement.
Design a dry detention pond to accept FDOT runoff and discharge into adjacent wetland. This effort includes stormwater calculations and ICPR stormwater modeling efforts in compliance with FDOT.
Address plan revisions related to new FDOT comments after previous approval was given, this includes the addition of a formal traffic maintenance plan to the plan set.

Task 230 – Permit Processing (Phase 2)

Due to ongoing permitting efforts with Manatee County Public Works, we have exceeded the budget and are requesting an additional $8,000 be added to the task bringing the total for this T/M* task to $51,500.

Task 240 – FDOT Plan and Permit Prep (Phase 1)

Due to ongoing permitting efforts with the Florida Department of Transportation. we have exceeded the budget and are requesting an additional $8,000 be added to the task bringing the total for this T/M* task to $66,400.

Task 250 – Construction Phase Services (Phase 1)

We have exceeded the budget for the above task due to ongoing efforts related to the FDOT Lake Shared Use Agreement and the SWFWMD recent request for an additional separate record drawing and certification of the permit modification related to the removal of Lake 10. We are therefore requesting an increase to this T/M* task in the amount of $5,000 bringing the total for this task to
$62,000.

Task 950 – Project Expenses
Expenses and labor costs for copying and transmittal of electronic files, blueprinting, reproduction services, color graphics, local deliveries, and overnight express delivery services shall be payable under this task.
(hereinafter called the “SERVICES”)

Exhibit A118 to General Provisions Attached to Agreement for Services Between Owner and Engineer Dated September 29, 2005

ATTACHMENT B – 118

Lakewood Centre CORE Roadways

B.1	Roadway, Drainage and Utility Construction Plans As-Builts prepared by the Owner’s consultant (Atkins) in electronic format (AutoCAD and PDF)

B.2

Exhibit A118 to General Provisions Attached to Agreement for Services Between Owner and Engineer Dated September 29, 2005

ATTACHMENT C – Lorraine Road (Waterside Boundary to Fruitville Road) SCHEDULE

Task	Service	Start	Finish	
525	Plat Processing	TBD	1 month	
		TBD	2 months	

Note:	Start dates schedule are to be determined by the CLIENT.

Exhibit A118 to General Provisions Attached to Agreement for Services Between Owner and Engineer Dated September 29, 2005

ATTACHMENT D – 118

Lakewood Centre CORE Roadways

Task	Services	Fee Type	Fee Amount	
210	Topographic Survey	Fixed	$ 2,800	
220	Plan & Permit Prep	T/M*	(est.) $ 10,500	
230	Permit Processing	T/M*	(est.) $ 8,000	
240	FDOT Plan & Permit Prep	T/M*	(est.) $ 8,000	
250	Construction Phase Services	T/M*	(est.) $ 5,000	
950	Reimbursable Expenses	T/M*	(est.) $	500	
	Total		$ 34,800	

SCHEDULE OF FEES
Effective January 1, 2020

Staff Level	Rate	
Level 3	$ 98.00	
Level 4	$ 108.00	
Level 5	$ 123.00	
Level 6	$ 127.00	
Level 7	$ 132.00	
Level 8	$ 143.00	
Level 9	$ 149.00	
Level 10	$ 154.00	
Level 11	$ 165.00	
Level 12	$ 174.00	
Level 13	$ 183.00	
Level 14	$ 192.00	
Level 15	$ 204.00	
Level 16	$ 225.00	
Level 17	$ 232.00	
Level 18	$ 239.00	
Level 19	$ 248.00	
Level 20	$ 258.00	
Level 21	$ 274.00	
1 Person Field Crew	$ 95.00	
2 Person Field Crew	$ 135.00	
3 Person Field Crew	$ 155.00	
4 Person Field Crew	$ 175.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

LAKEWOOD RANCH STEWARDSHIP DISTRICT

Change Order No. 5 Woodruff & Sons, Inc.
Waterside Place Boulevard and Waterside Place Park Earthwork

Change Order
No. 	5	

Date of Issuance:      	August 25, 2020		Effective Date:	  September 4, 2020		
Project: Waterside Place Boulevard and Waterside Place Park Earthwork	Owner: Lakewood Ranch Stewardship District	Owner's Contract No.:	
Contract: $981,633.29			Date of Contract: November 6, 2018	
Contractor: Woodruff & Sons, Inc.		Engineer's Project No.: 215614294	
			Contractor’s Project No.: 2703	
The Contract Documents are modified as follows upon execution of this Change Order:	
Description:				
Additional sitework at Waterside Place - Park for earthwork, drainage, sanitary sewer, water main, road construction,	
conduits, sidewalks and area drains-off island for Phases 1 & 2.	
Attachments: (List documents supporting change):	
Woodruff & Sons, Inc – Proposal dated 8/17/20	
Job/Work Order No. 2703. Reference No. P003	

 	CHANGE IN CONTRACT PRICE:		 	CHANGE IN CONTRACT TIMES:		
Original Contract Price:	Original Contract Times:	 Working days	Calendar days	
Substantial completion (days or date):      270 Days		
$   981,633.29		Ready for final payment (days or date):    300 Days		
[Increase] [Decrease] from previously approved Change Orders No. 	1	to No. 	4	:	[Increase] [Decrease] from previously approved Change Orders No. 	1	to No. 	4	:	
Substantial completion (days):  		
$    173,755.27		Ready for final payment (days):  		

Contract Price prior to this Change Order:	
Contract Times prior to this Change Order:		
Substantial completion (days or date):      270 Days		
$ 1,155,388.56		Ready for final payment (days or date):    300 Days		

[Increase] [Decrease] of this Change Order:	
[Increase] [Decrease] of this Change Order:		
Substantial completion (days or date): 	0		
$    932,226.82		Ready for final payment (days or date): 	0		

Contract Price incorporating this Change Order:	
Contract Times with all approved Change Orders:	
Substantial completion (days or date): 	270 Days		
$ 2,087,615.38		Ready for final payment (days or date):     300 Days		

RECOMMENDED:	ACCEPTED:	ACCEPTED:	
By:  		By:  		By:  		
Engineer (Authorized Signature)	Owner (Authorized Signature)	Contractor (Authorized Signature)	
Date:  		Date:  		Date:  		

Approved by Funding Agency (if applicable):    			
Date:	
V:\2156\active\215614294\civil\construction_phase_documents\Woodruff & Sons\change_orders\received\con_waterside-blvd-park_co-5_932226-82_adtnl-sitework_ph-1-2_woodruff_ejcdc-c-941_kaw_20200826.docx

EJCDC No. C-941 (2002 Edition)	Page 1 of 1
Prepared by the Engineers' Joint Contract Documents Committee and endorsed by the

2703
P003 8/17/2020

To:	Lakewood Ranch Stewardship District
Address:	14400 Covenant Way
Bradenton, FL 34202 UNITED STATES	Contact:	Roger Aman
Phone:	(941) 757-1566
Fax:	
Project Name:	Waterside Park Sitework
Project Location:	Lakewood Ranch, FL	Bid Number:   2703-P003
Bid Date:	8/17/2020	
Thank you for the opportunity to quote.

Item #	Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
1. Phase 1 - General & Earthwork	
1	Mobilization	1.00	LS	$29,589.21	$29,589.21	
2	Layout & Asbuilts	1.00	LS	$21,436.87	$21,436.87	
3	Construction Entrance	1.00	EACH	$2,359.90	$2,359.90	
4	Silt Fence - Previously Installed	2,350.00	LF	$2.11	$4,958.50	
5	Silt Fence - Maintenance	2,350.00	LF	$1.00	$2,350.00	
6	Inlet Protection Device	8.00	EACH	$207.31	$1,658.48	
7	Finish Grade - Park Only	1.00	LS	$18,750.42	$18,750.42	
2. Phase 1 - Drainage	
8	18" RCP	440.00	LF	$66.03	$29,053.20	
9	24" RCP - Already Installed	367.00	LF	$75.00	$27,525.00	
10	24" Endwalls - Already Installed	5.00	EACH	$3,664.03	$18,320.15	
11	FDOT Type "C" Inlets	10.00	EACH	$2,939.11	$29,391.10	
12	FDOT Type "9" Inlets	2.00	EACH	$4,533.81	$9,067.62	
13	Finish Grade After Structure Installation	12.00	EACH	$511.37	$6,136.44	
14	12" ADS Storm Pipe	105.00	LF	$27.79	$2,917.95	
15	12" Yard Drain Cleanout	2.00	EACH	$716.84	$1,433.68	
16	Inlet Barrier Protection	12.00	EACH	$286.99	$3,443.88	
17	Testing - Drainage	1.00	LS	$2,814.65	$2,814.65	
3. Phase 1 -	Sanitary Sewer					
18	Connection To Ex. MH #13	1.00	EACH	$3,738.08	$3,738.08	
19	8" PVC (0' - 6' Cut)	178.00	LF	$36.07	$6,420.46	
20	8" PVC (6' - 8' Cut)	100.00	LF	$39.22	$3,922.00	
21	8" PVC (8' - 10' Cut)	71.00	LF	$42.21	$2,996.91	
22	8" PVC (10' - 12' Cut)	3.00	LF	$44.18	$132.54	
23	Standard Manhole (0' - 6' Cut)	1.00	EACH	$4,557.35	$4,557.35	
24	Standard Manhole (6' - 8' Cut)	1.00	EACH	$5,510.77	$5,510.77	
25	Sanitary Service Connection	1.00	EACH	$3,459.66	$3,459.66	
26	Sanitary Testing and TV	1.00	LS	$1,769.60	$1,769.60	
4. Phase 1 -	Water Main					
27	Remove Blow-off Assembly & Connection To Ex 12"	1.00	EACH	$2,583.76	$2,583.76	

To:	Lakewood Ranch Stewardship District
Address:	14400 Covenant Way
Bradenton, FL 34202 UNITED STATES	Contact:	Roger Aman
Phone:	(941) 757-1566
Fax:	
Project Name:	Waterside Park Sitework
Project Location:	Lakewood Ranch, FL	Bid Number:   2703-P003
Bid Date:	8/17/2020	

Item #	Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
	Gate Valve					
28	Temporary Jumper Connection	1.00	LS	$7,907.93	$7,907.93	
29	8" PVC Water Main	376.00	LF	$30.53	$11,479.28	
30	8" DIP Water Main	25.00	LF	$77.28	$1,932.00	
31	4" MJ Gate Valve	1.00	EACH	$1,340.43	$1,340.43	
32	Fittings - Water Main	1.00	LS	$5,467.61	$5,467.61	
33	Fire Hydrant Assembly	1.00	EACH	$5,845.62	$5,845.62	
34	2" Reduced Pressure Backflow	1.00	EACH	$6,348.09	$6,348.09	
35	2" Water Service	1.00	EACH	$2,040.82	$2,040.82	
36	Water Pressure Testing And Chlorination	1.00	LS	$3,258.25	$3,258.25	
5.	Phase 1 - Road Construction					
37	Asphalt & Striping (By Others)	0.00	UNIT	$0.00	$0.00	
38	Base Material - 7" Crushed Concrete	2,260.00	SY	$16.23	$36,679.80	
39	Subgrade Material - 7" Crushed Concrete	2,260.00	SY	$16.23	$36,679.80	
40	Grassed Parking - Subgrade Material - 6" Screenings	550.00	SY	$21.60	$11,880.00	
41	Grassed Parking - Bahia Sod - Parking Stalls Only	550.00	SY	$4.35	$2,392.50	
42	Type F Modified Curb	695.00	LF	$20.04	$13,927.80	
43	Type D Curb	155.00	LF	$20.94	$3,245.70	
6.	Phase 1 - Conduits					
44	2" PVC Conduit For Owners Sleeves	300.00	LF	$7.27	$2,181.00	
45	4" PVC Conduit For Owners Sleeves	300.00	LF	$8.73	$2,619.00	
46	2" PVC Conduit For Irrigation Sleeves	900.00	LF	$7.27	$6,543.00	
47	4" PVC Conduit For Irrigation Sleeves	200.00	LF	$8.73	$1,746.00	
48	8" PVC Conduit For Irrigation Sleeves	60.00	LF	$12.27	$736.20	
7.	Phase 2 - Sidewalks					
49	Concrete Sidewalk, 4" Thick (On Island Only)	31,690.00	SF	$4.38	$138,802.20	
50	Handicap Ramp (On Island)	1.00	EACH	$1,459.65	$1,459.65	
51	Concrete Sidewalk, 4" Thick (Off Island - Along Lake Banks)	32,760.00	SF	$4.38	$143,488.80	
8.	Phase 2 - Area Drains - Off Island					
52	Mobilization	1.00	LS	$11,813.00	$11,813.00	
53	Layout & Asbuilts	1.00	LS	$21,436.87	$21,436.87	

To:	Lakewood Ranch Stewardship District
Address:	14400 Covenant Way
Bradenton, FL 34202 UNITED STATES	Contact:	Roger Aman
Phone:	(941) 757-1566
Fax:	
Project Name:	Waterside Park Sitework
Project Location:	Lakewood Ranch, FL	Bid Number:   2703-P003
Bid Date:	8/17/2020	

Item #	Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
54	12" ADS Storm Pipe	1,696.00	LF	$27.36	$46,402.56	
55	18" RCP	78.00	LF	$67.79	$5,287.62	
56	24" RCP	58.00	LF	$75.00	$4,350.00	
57	36" RCP	73.00	LF	$128.80	$9,402.40	
58	12" Endwalls	6.00	EACH	$4,933.01	$29,598.06	
59	18" Endwalls	1.00	EACH	$6,125.73	$6,125.73	
60	24" Endwalls	1.00	EACH	$6,237.39	$6,237.39	
61	36" Endwalls	1.00	EACH	$9,178.47	$9,178.47	
62	FDOT Type "C" Inlets	1.00	EACH	$3,002.49	$3,002.49	
63	FDOT Type "E" Inlets	1.00	EACH	$5,081.55	$5,081.55	
64	Junction Box	2.00	EACH	$4,507.45	$9,014.90	
65	12" Yard Drain Cleanout	21.00	EACH	$747.02	$15,687.42	
66	Silt Fence	3,280.00	LF	$2.10	$6,888.00	
67	Inlet Barrier Protection	21.00	EACH	$207.31	$4,353.51	
68	Finish Grade	1.00	LS	$37,500.84	$37,500.84	
69	Testing - Drainage	1.00	LS	$6,566.35	$6,566.35	
				
Total Bid Price:	
$932,226.82	
Phase 1						
	1. Phase 1 - General & Earthwork				$81,103.38	
	2. Phase 1 - Drainage		$130,103.67	
	3. Phase 1 - Sanitary Sewer		$32,507.37	
	4. Phase 1 - Water Main		$48,203.79	
	5. Phase 1 - Road Construction		$104,805.60	
	6. Phase 1 - Conduits		$13,825.20	
		Total Price for above Phase 1 Items:	$410,549.01	
Phase 2				
	7. Phase 2 - Sidewalks		$283,750.65	
	8. Phase 2 - Area Drains - Off Island		$237,927.16	
		Total Price for above Phase 2 Items:	$521,677.81	

Notes:
Excluded from proposal: Geotechnical Testing, Permits, Bond, Volleyball Courts, and Rock Shaping.

To:	Lakewood Ranch Stewardship District
Address:	14400 Covenant Way
Bradenton, FL 34202 UNITED STATES	Contact:	Roger Aman
Phone:	(941) 757-1566
Fax:	
Project Name:	Waterside Park Sitework
Project Location:	Lakewood Ranch, FL	Bid Number:   2703-P003
Bid Date:	8/17/2020	
All material is guaranteed to be as specified. All work to be completed in a workmanlike manner according to standard practices.
Woodruff & Sons, Inc. will not be responsible for identifying or handling any hazardous or contaminated material that may be encountered.
Prices may be withdrawn by Woodruff & Sons, Inc. if not accepted within 45 days of receiving this proposal.
Payment Terms:
Payment due within 30 days of date of invoice, regardless of when payment is made by Owner.

Authorized Signature:

Estimator: Matt Anderson
(941) 756-1871 matta@woodruffandsons.com

CONFIRMED:
Woodruff & Sons, Inc. - Proposal

ACCEPTED:
The above prices, specifications and conditions are satisfactory and are hereby accepted.

Buyer: Signature:
Date of Acceptance: