Tohoqua 
Community Development District 
Agenda 
May 3, 2023 


April 26, 2023 



Board of Supervisors 

Tohoqua Community 

Development District 



Dear Board Members: 



The regular meeting of the Board of Supervisors of Tohoqua Community Development District will be 
held Wednesday, May 3, 2023 at 9:00 AM at the Tohoqua Amenity Center, 1830 Fulfillment Drive, 
Kissimmee, Florida 34744. Following is the advance agenda for the meeting: 








































1. Roll Call 
2. Public Comment Period 
3. Approval of Minutes of the March 1, 2023 Board of Supervisors Meeting 
4. Consideration of Resolution 2023-08 Approving the Fiscal Year 2024 Proposed Budget 
and Setting a Public Hearing 
5. Consideration of Resolution 2023-09 Extending Terms of Office to Coincide with the 
General Election 
6. Ratification of Series 2022 Requisition No. 1 
7. Ratification of Series 2022 Requisition No. 2 
A. Acceptance of Amended Resolution 2023-06 
8. Presentation of Series 2021 Phase 2 and Series 2021 Phase 4A/5A Arbitrage Rebate 
Calculation Reports 
9. Ratification of Easement Agreement for Tract C Stormwater for Pool Construction 
10. Staff Reports 
A. Attorney 
B. Engineer 
C. District Manager’s Report 
i. Approval of Check Register 
ii. Balance Sheet and Income Statement 
iii. Amenity Manager’s Report 
iv. Presentation of Registered Voters- 812 
11. Other Business 
12. Supervisors Requests 
13. Adjournment 


MINUTES OF MEETING 

TOHOQUA 

COMMUNITY DEVELOPMENT DISTRICT 



The regular meeting of the Board of Supervisors of the Tohoqua Community 
Development District was held on Monday, March 1, 2023 at 9:00 a.m. at Tohoqua Amenity 
Center, 1830 Fulfillment Drive, Kissimmee, Florida. 



Present and constituting a quorum: 



Andre Vidrine Chairman 

Marcus Hooker Vice Chairman 

Rob Bonin Assistant Secretary 

John Droor Assistant Secretary 





Also present were: 





George Flint District Manager 

Sara Zare by phone MBS Capital – Underwriter 

Eric Warren by phone District Engineer 

Marcia Calleja CALM Property Manager 

Larissa Diaz CALM 

Alan Scheerer Field Manager 

Daniel Srein United Land Services 

Chris Horton United Land Services 





FIRST ORDER OF BUSINESS Roll Call 

Mr. Flint called the meeting to order at 9:00 a.m. and called the roll. There were four 
Board members present constituting a quorum. 



SECOND ORDER OF BUSINESS Public Comment Period 

Mr. Flint: We just have Board Members and staff here. 



THIRD ORDER OF BUSINESS Approval of Minutes of the January 4, 
2023 Board of Supervisors Meeting 

Mr. Flint: Did the Board have any comments or corrections to the January 4, 2023 
meetings? 


Mr. Vidrine: No comments. 



On MOTION by Mr. Vidrine, seconded by Mr. Hooker, with all in 
favor, the Minutes of the January 4, 2023 Board of Supervisors 
Meeting, were approved. 



FOURTH ORDER OF BUSINESS Financing Matters 

A. Consideration of Resolution 2023-07 Phase 4B/5B Project Finalizing Resolution 


Mr. Flint: We have Resolution 2023-07 which is what we call the Finalizing Resolution 
for the Phase 4B/5B financing for Pulte and we have Sara Zare with MBS on the phone. Sara, do 
you want to give the Board an overview of the financing? 

Ms. Zare: Sure, good morning this is Sara Zare with MBS. We successfully sold $2.23 
million of bonds yesterday for the Phase 4B/5B project. Ultimately, we were able to secure bond 
yield at just about 5.52% and generated $1.83 million as construction proceeds. We do intend on 
closing on March 15th and certainly look forward to a successful close. 

Mr. Flint: District Counsel has prepared this resolution which basically finalizes and 
equalizes the assessments related to the bond issue and there are two exhibits to it, the engineers 
report and the final version of the supplemental assessment methodology reflecting the final 
pricing. Do you want to introduce the resolution? I can just briefly go over the methodology. 

Ms. Trucco: Absolutely, you have Resolution 2023-07 in front of you. This is a 
supplement to the levied resolution that was 2018-07 so we bring this back so the Board can 
approve the final amount of bonds being levied as assessments on the 4B/5B project in the 
amount of $2,230,000. This resolution will also approve the Secretary of the District recording 
the assessments in the amount of $2,330,000 in the District’s improvement lien book which will 
make this assessment coequal to all liens of the state, municipality and county and superior and 
primary to any other claim that is in the title. Again, this is going to approve levying the 
assessments in the amount $2,330,000 in accordance with the supplemental assessment 
methodology that is attached to the resolution as Exhibit ‘B’ in order to construct that 4B/5B 
project that is detailed in the Engineer’s Report attached as Exhibit ‘A.’ 

Mr. Flint: Exhibit B is the final version of the supplemental assessment methodology. We 
prepared a preliminary version that was printed in the offering memorandum and then once the 
bonds were priced yesterday, we updated this report for inclusion in the agenda today. If you turn 


to page 60 in the pdf, Table 1 this is the development plan. You can see there is a total of 259 
units, a mixture of duplex and single family, 32, 40’s and 50’s. Table 2 is the estimated 
construction cost for Phase 4B/5B from the Engineer’s Report prepared by Eric who is on the 
phone. Table 3 is the final bond sizing and you can see it reflects the par amount of $2,230,000, 
construction funds of $1,834,000, a 50% max annual debt service reserve capitalized interest 
through November 1, 2023 and then the underwriter’s discount and cost of issuance. Tables 4 
and 5 address the benefit received and then table 6 reflects the per-unit assessment amounts both 
net and gross. The far-right column in table 6 shows you based on product type what the per unit 
debt assessments will be annually that will be reflected on the tax bill. Table 7 is the assessment 
role and it shows all of the individually platted lots. I think the project 4B/5B is fully platted so 
you see the individual parcels reflected there with the per unit assessment amounts. Any 
questions on the resolution or the exhibits? If not, is there a motion to approve the resolution? 



On MOTION by Mr. Vidrine, seconded by Mr. Hooker, with all in 
favor, Resolution 2023-07 Phase 4B/5B Project Finalizing 
Resolution, was approved. 



FIFTH ORDER OF BUSINESS Consideration of Proposal for Palm Tree 
Replacement at Amenity Center 

Mr. Flint: Next is a proposal for palm tree replacement at the Amenity Center, Alan. 

Mr. Scheerer: Thank you George. Included in your agenda are a couple of proposals from 
United Land Services to replace the four diseased palms on the pool deck. As we have discussed 
over the past couple of meetings, we were looking at either Sabal palms which are on there right 
now and or Ribbon palms. Included in the agenda pack are prices for four 16 ft. Sabals and the 
associated cost with removal of the fence, putting down plywood, bringing in the equipment and 
man hours for three guys 10 hours a day for three days to get everything prepped, moved, and 
installed. The price for the Sabals is $8,125. There is also a price in there for a 16 ft. Ribbon 
palms with the same associated pricing and the cost is $9,975. We do have in our landscape 
replacement line item in the budget $25,000 that if the Board chooses to approve this today that 
we could use to fund the project. Daniel with United Land is our new account manager. He 
wanted to come and sit in on the Board meeting today so he is also here to answer any questions 
any of the Board members might have regarding this. 


Mr. Flint: I am not familiar with Ribbon palms. What do you recommend and United 
recommend? 

Mr. Srein: Both palms are about as messy as each other. Ribbon palms are going to get 
taller faster. They are skinnier and different in appearance so if you want variety, Ribbon palms 
would be ideal. They are both very hearty. Both are disease resistant. But the cost difference is 
just the Ribbon palm is more expensive. 

Mr. Scheerer: I know we have the Medjools that are out there now which is a highly 
decorative palm tree. The Ribbons have a clear trunk all the way up to the head of the tree. They 
are not quite like a Queen palm but they are similar in type. The Sabals, I don’t have a problem 
with those whatsoever. We would just remove what is out there and you would have a uniform 
look across the entire pool deck if that is something that the Board wanted to look at. 

Mr. Flint: Sabal would be closer to what you have. 

Mr. Scheerer: That is what we have now. 

Mr. Flint: Any preference from the Board? The cost is not substantially different. Most of 
the cost is the actual installation. The Sabal’s are only $325 apiece for four of them and the 
Ribbon’s are $725 apiece. 

Mr. Vidrine: I think a lot of intentionality went into the design of the plan and to stay 
consistent with the original intentions and look of the project with which homeowner’s would 
have seen when they came here to buy houses, so I think staying with the Sabal palms, not 
because of the price difference but because of the expectation of the home buyer. 

Mr. Flint: We are replacing the Medjools with the Sabal’s but you have got other Sabal’s 
out there so it would match up. You don’t really want to replace Medjools with Medjools 
because they will just get the same disease and it is in the soil too so you would have to excavate 
a significant amount of soil and that would not be realistic. 

Mr. Scheerer: The plan for this would be to do this after Spring Break. There is also some 
additional fence work that is going to be going on by the fitness center with respect to adding 
another barrier between the fitness center and the pool so people can’t go to fitness then get into 
the pool. The pool is closed so the plan would be to coordinate both of those projects at the same 
time after Spring Break. 


Mr. Vidrine: You brought up a good point there with the Medjools. They are a little bit 
taller than the Sabal’s, right? How much more would it be to get a bit taller Sabal so there is that 
height difference there? 

Mr. Srein: I could look into that. I am not sure off the top of my head. 

Mr. Flint: These Sabals that they are expecting are 16 ft. 

Mr. Srein: With their trunk the total height is going to be about 20 ft to 25 ft. 

Mr. Flint: Yeah, it’s going to be taller. 

Mr. Vidrine: Then we can go with the 16 ft. 

Mr. Flint: That sounds good. 

 

On MOTION by Mr. Vidrine, seconded by Mr. Hooker, with all in 
favor, the United Land proposal for the Sabal Palms totaling 
$8,125, was approved. 

 

SIXTH ORDER OF BUSINESS Staff Reports 

A. Attorney 


Mr. Flint: Kristen, anything else? 

Ms. Trucco: Nothing new, but we are continuing to work on the Contraction and 
Expansion Petition. We are nearly there. Eric has prepared the exhibits that we need for the 
petition so we are nearly there but we are waiting on title work which I was told that I was going 
to get at the end of last week, but still yet to get that. On that fidelity, we are trying to get the 
report as quickly as we can and then we will be in a position to proceed with filing that petition 
with the county and city. Again, that is to expand and contract the boundary of the District, but 
the Board has already approved that action by resolution. I will just continue to keep you updated 
on that progress. Otherwise, we are proceeding with the bond issuance for the Series 2023 4B/5B 
as you approved that finalizing assessment resolution today. No new updates from me other than 
that. 

 

B. Engineer 


Mr. Flint: Eric, anything new from the District’s Engineer? Are you still there Eric? 

Mr. Warren: I’m back, sorry. No, I do not have anything new unless there are any 
questions. 


Ms. Zare: George, sorry to interrupt, when the Phase 4B/5B project is complete, similar 
to Lennar Phase 3-6, we delegated the Chair the ability to sign the requisition. Do we want to do 
that in this case as well? 

Mr. Flint: Yes, the Chair can sign the requisition. I guess the question is if there are any 
conveyances that need to be approved. I think we delegated the authority to the Chair to execute 
any deeds or bills of sale associated with any conveyances. Have we done that yet? 

Ms. Trucco: I believe so. If there was a requisition that needed to be processed before the 
next Board meeting, we could ask the Chairman to sign that and then for it to be ratified at the 
following Board meeting but if the Board would like you can just make a motion to delegate 
authority to the Chairman to sign any requisition subject to District Engineer and District 
Counsel sign off in advance of the next meeting if that is prepared and ready for approval prior to 
the next meeting. 

Mr. Flint: The Chair can sign requisitions without Board approval but if there are any 
conveyances, they would want to delegate the authority on that as well. 

Ms. Trucco: Usually the approach I take is that could be done in advance of a Board 
meeting and ratified but certainly if the Board would like to set a motion to delegate authority to 
the Chairman to execute conveyance documents related to requisition for phase 4B & 5B subject 
to District Counsel and District Engineer sign off. 

Mr. Flint: Is the Board amenable to that? 

Mr. Hooker: Yes. 



On MOTION by Mr. Hooker, seconded by Mr. Droor, with all in 
favor, Delegating Authority to the Chair to Sign Conveyance 
Documents Related to Requisition for Phase 4B/5B subject to 
District Engineer and District Counsel Sign Off, was approved. 



C. District Manager’s Report 
i. Approval of Check Register 


Mr. Flint: You have the chest register from December 1, 2022 through January 31, 2023 
totaling $560,308.60 and the detailed register is behind the summary. If there are any questions, 
we can discuss those and if not, I ask for a motion to approve it. 




On MOTION by Mr. Vidrine seconded by Mr. Hooker with all in 
favor the Check Register from December 1, 2022 through January 
31, 2023 in the amount of $560,308.60, was approved. 



ii. Balance Sheet and Income Statement 


Mr. Flint: You also have the unaudited financial statements through January 31, 2023. 
You have the combined balance sheet and then the statement of revenue and expenditures. We 
have collected $617,000 of the $660,000 that has been certified for collection. That is good at 
this point. We still have a couple more months for people to pay their tax bills and the direct bills 
are all current, the direct bill payments. On the expense side, our actual expenses are under our 
prorated budget for all categories. Any questions on the financials? There is no motion required. 



iii. Amenity Manager’s Report 


Ms. Diaz: We have the Amenity Manager and Field Manager report. Do you want to do 
the amenity manager Larissa? 

Ms. Diaz: Good Morning, the amenity center was recently pressure washed. We had one 
event in January and two in February. In January, we had the Food Truck Social and in February 
we had our first Blast of Love which was our official Valentine Event. We were very surprised 
with the outcome considering it was a Tuesday, a week night. You will also see the events that 
we have scheduled for next month, the gym and pool usage report, and pictures of the Blast of 
Love event. 



iv. Field Manager’s Report 


Mr. Flint: Field Manager’s report? 

Mr. Scheerer: I know we talked about getting the street signs straightened up throughout 
the property. We have gone ahead and taken care of that over the last couple of months so those 
were done. Sunshine Land Management is on site again. We have been having some algae issues 
with the phase 2 pond. We are not sure why they keep treating it and it keeps coming back. They 
are working with their chemical rep to come up with a solution for that. They are out there again 
to apply the third application to that particular pond in hopes that it is going to clear it up once 
and for all, if not then we are going to have a meeting with the chemical rep again. We have a 
handful of alarms on the baseline system at the main entrance coming in so we are working on 
those and we have some irrigation pressure problems in phase 6 right now that we are working 


through. United’s irrigation team and Mark Todd was on site the last couple of days and again 
this morning along with Daniel working on that. I do not know where we are with that just yet 
but we are working on those. I will be making some phone calls to the two builders, Lennar and 
Pulte soon. We have budgets coming up and will be looking for the 2024 budget information 
which I have received some preliminary stuff from Pulte already for 4C. We are just looking for 
some Phase A information so we will be working through some of those. Other than that, we will 
be gearing up for Spring and summer which it almost feels like we are in summer right now. We 
will increase the run times on irrigation and will get all of the alarms cleared on baseline and 
make sure the system is working 100%. 

Mr. Flint: Any questions for Alan? Thanks Daniel for being here with United Land. We 
look forward to working with you on this project. 



SEVENTH ORDER OF BUSINESS Other Business 

Mr. Flint: Any other business the Board wants to discuss that was not on the agenda? 



EIGHTH ORDER OF BUSINESS Supervisors Requests 

There being none, the next item followed. 



NINTH ORDER OF BUSINESS Adjournment 



On MOTION by Mr. Vidrine seconded by Mr. Hooker with all in 
favor the meeting was adjourned. 









________________________________ ________________________________ 

Secretary / Assistant Secretary Chairman / Vice Chairman 


RESOLUTION 2023-08 



A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE 
TOHOQUA COMMUNITY DEVELOPMENT DISTRICT APPROVING A 
PROPOSED BUDGET FOR FISCAL YEAR 2024 AND SETTING A 
PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; 
ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION 
REQUIREMENTS; ADDRESSING SEVERABILITY; AND PROVIDING 
AN EFFECTIVE DATE. 



WHEREAS, the District Manager has heretofore prepared and submitted to the Board of 
Supervisors (“Board”) of the Tohoqua Community Development District (“District”) a proposed 
budget (“Proposed Budget”) for the fiscal year ending September 30, 2024 (“Fiscal Year 2023”); 
and 



WHEREAS, the Board has considered the Proposed Budget and desires to set the required 
public hearing thereon. 



NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF 
SUPERVISORS OF TOHOQUA COMMUNITY DEVELOPMENT 
DISTRICT: 



1. PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the 
District Manager for Fiscal Year 2024 attached hereto as Exhibit A is hereby approved as the basis 
for conducting a public hearing to adopt said Proposed Budget. 




2. SETTING A PUBLIC HEARING. A public hearing on said approved Proposed 
Budget is hereby declared and set for the following date, hour and location: 




DATE: August 2, 2023 



HOUR: 9:00 AM 



LOCATION: Tohoqua Amenity Center 

1830 Fulfilment Drive 

Kissimmee, FL 34744 







3. TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERALPURPOSE 
GOVERNMENTS. The District Manager is hereby directed to submit a copy of the 
Proposed Budget to Osceola County at least 60 days prior to the hearing set above. 




4. POSTING OF PROPOSED BUDGET. In accordance with Section 189.016, 
Florida Statutes, the District’s Secretary is further directed to post the approved Proposed Budget 



on the District’s website at least two days before the budget hearing date as set forth in Section 2 
and shall remain on the website for at least 45 days. 




5. PUBLICATION OF NOTICE. Notice of this public hearing shall be published 
in the manner prescribed in Florida law. 




6. SEVERABILITY. The invalidity or unenforceability of any one or more 
provisions of this Resolution shall not affect the validity or enforceability of the remaining portions 
of this Resolution, or any part thereof. 




7. EFFECTIVE DATE. This Resolution shall take effect immediately upon 
adoption. 




PASSED AND ADOPTED THIS ______ DAY OF ____________ 2023. 





ATTEST: TOHOQUA COMMUNITY 

DEVELOPMENT DISTRICT 





_____________________________ By:___________________________ 

Secretary / Assistant Secretary Its:____________________________ 





Exhibit A: Fiscal Year 2024 Proposed Budget 




Exhibit A 

Fiscal Year 2024 Proposed Budget 




RESOLUTION 2023-09 



A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE 
TOHOQUA COMMUNITY DEVELOPMENT DISTRICT EXTENDING 
THE TERMS OF OFFICE OF ALL CURRENT SUPERVISORS TO 
COINCIDE WITH THE GENERAL ELECTION PURSUANT TO SECTION 
190.006, FLORIDA STATUTES; PROVIDING FOR SEVERABILITY; 
AND PROVIDING AN EFFECTIVE DATE. 



WHEREAS, the Tohoqua Community Development District (“District”) is a local unit of 
special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and 



WHEREAS, the current members of the Board of Supervisors (“Board”) were elected by 
the landowners within the District based on a one acre/one vote basis; and 



WHEREAS, Chapter 190, Florida Statutes, authorizes the Board to adopt a resolution 
extending or reducing the terms of office of Board members to coincide with the general election 
in November; and 



WHEREAS, the Board finds that it is in the best interests of the District to adopt this 
Resolution extending the terms of office of all current Supervisors of the District. 



NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF 
SUPERVISORS OF THE TOHOQUA COMMUNITY DEVELOPMENT 
DISTRICT: 



SECTION 1. The following terms of office are hereby extended to coincide with the 
general election to be held in November of 2024: 



Seat # 3 (currently held by Patrick Bonin) 

Seat # 4 (currently held by Christopher Wrenn) 

Seat # 5 (currently held by Jon Droor) 



The following terms of office are hereby extended to coincide with the general election 
to be held in November of 2026: 



Seat # 1 (currently held by Marcus Hooker) 

Seat # 2 (currently held by Andre Vidrine) 



SECTION 2. If any provision of this Resolution is held to be illegal or invalid, the other 
provisions shall remain in full force and effect. 



SECTION 3. This Resolution shall become effective upon its passage and shall remain 
in effect unless rescinded or repealed. 




PASSED AND ADOPTED this _______ day of ______________ 2023. 





ATTEST: TOHOQUA 

COMMUNITY DEVELOPMENT DISTRICT 





_____________________________ ____________________________________ 

Secretary / Assistant Secretary Chairperson / Vice Chairperson, 

Board of Supervisors 










 Tohoqua 

 Community Development District 

PHASE 3 / 6 (PHASE 3 / 6 PROJECT) 

 ACQUISITION & REQUISITION #2 



Prepared For 

Tohoqua Community Development District 









Date 

April 25, 2023 


TOHOQUA COMMUNITY DEVELOPMENT DISTRICT 
SERIES 2022 (PHASE 3 / 6 PROJECT) BONDS 

PHASE 3 / 6 (PHASE 3 / 6 PROJECT) 

 

(Acquisition and Construction) 

The undersigned, a Responsible Officer of the Tohoqua Community Development District (the 
“District”) hereby submits the following requisition for disbursement under and pursuant to the 
terms of the Master Trust Indenture between the District and U.S. Bank National Association, as 
trustee (the “Trustee”), dated as of February 1, 2018, as supplemented by that certain Fifth 
Supplemental Trust Indenture dated as November 1, 2022 (collectively, the “Indenture”) (all 
capitalized terms used herein shall have the meaning ascribed to such term in the Indenture): 

(A) Requisition Number: Requisition No. 2 

(B) Identify Acquisition Agreement, if applicable; Series 2022 (Phase 3 / 6 Project) 
Bonds; 

(C) Name of Payee pursuant to Acquisition Agreement: Lennar Homes, LLC 

(D) Amount Payable: $984,235.00 

(E) Purpose for which paid or incurred (refer also to specific contract if amount is due 
and payable pursuant to a contract involving progress payments): 

 The enclosed Requisition No. 2 Includes Costs Associated with the following 
portions of development located within Phase 6: 

• Construction Costs (See Table 1) 

o Phase 6 Infrastructure 




DESCRIPTION 

TOTAL 
AMOUNT 

REQ #1 
QTY 

UNIT 

UNIT 
COST 

REQ #1 
AMOUNT 

REQ #1 % 

12" PVC WM 

$ 48,633.00 

1,118 

LF 

$ 43.50 


BILL OF SALE ABSOLUTE AND AGREEMENT 

Tohoqua Community Development District - Utility Conveyance (Phase 6) 



THIS BILL OF SALE ABSOLUTE AND AGREEMENT (“Agreement”) is made as of 
this _____ day of December, 2022, by and between TOHOQUA COMMUNITY 
DEVELOPMENT DISTRICT (hereinafter referred to as the “District”), a Florida community 
development district created pursuant to Chapter 190, Florida Statutes, whose address is c/o 
Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, 
Florida 32801, and LENNAR HOMES, LLC, a Florida limited liability company (hereinafter 
referred to as “Developer”) whose address is 5505 Blue Lagoon Drive, Miami, Florida 33126, and 

RECITALS 



WHEREAS, Developer owns certain improvements, equipment and personal property 
located within the boundaries of the District, and the extent, nature and location of such 
improvements and equipment is more fully set forth in Exhibit “A” attached hereto (collectively, the 
“Improvements”); and 



WHEREAS, both Developer and the District find it to be in the best interest of both parties 
for the District to perpetually own, operate and maintain the Improvements, as the District may deem 
reasonable or appropriate, within its sole discretion, for the benefit of the District; and 



WHEREAS, Developer desires to convey the Improvements to the District to allow such 
perpetual ownership, operation and maintenance, and the District desires to accept such ownership, 
operation and maintenance. 



NOW, THEREFORE, the parties hereto hereby agree to and acknowledge the following: 



1. The above recitals are true and correct and are hereby incorporated into this 
Agreement. 



2. KNOW ALL MEN BY THESE PRESENTS that Developer, of the County of 
Osceola and the State of Florida, for and in consideration of the sum of Ten Dollars ($10.00) lawful 
money of the United States, to it paid by the District, the receipt whereof is hereby acknowledged, 
has granted, bargained, sold, transferred and delivered, and by these presents does grant, bargain, 
sell, transfer, set over and deliver unto the District, its executors, administrators and assigns, and the 
District hereby accepts, all of Developer’s right, title and interest in and to the Improvements, to 
have and to hold the same unto the District, its executors, administrators and assigns forever, and the 
District hereby accepts, all of the Developer’s right, title and interest in and to the Improvements, to 
have and to hold the same unto the District, its executors, administrators and assigns forever, 
together with all of the Developer’s right and title to any and all contracts, warranties, guarantees, 
permits, approvals and similar rights in favor of or which may have accrued to the Developer from 
any and all persons, firms, agencies or corporations who have performed work or labor or supplied 
goods, materials or services to or for the benefit of or comprising any part of the Improvements to 
the extent they are assignable, together with any related documents, materials, data, letters, and 
agreements, to have and to hold unto District, its successors and assigns, to and for its or their use, 


forever. 



3. Developer agrees that any of the above-referenced contracts, warranties, permits, 
approvals and guarantees which are not assignable by their terms or in respect of which consents to 
their assignment are required but are not available, shall be held in trust for the District by the 
Developer (and, if required, performed by the Developer on behalf of the District) and all benefits 
derived thereunder shall be for the benefit of the District. 



4. The Developer represents and warrants to the District that the Developer has good 
and lawful right, title and interest in the Improvements and that the Improvements is free and clear of 
any and all liens or encumbrances, that the Improvements are in good working conditions, and as of 
the date hereof, there are no defaults or violations of the terms and conditions of any contracts, 
warranties, permits, approvals and guarantees. 



5. The above recitals are true and correct and are incorporated herein by reference. 



6. This Bill of Sale may be executed in any number of counterparts, each of which 
shall be deemed an original, but all of which shall constitute one and the same instrument. 





. 



[SIGNATURES APPEAR ON THE FOLLOWING PAGES] 
















































IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed in 
their respective names, by their proper officer thereunto duly authorized, as of the day and year first 
above written. 







Signed, sealed and delivered LENNAR HOMES, LLC, a Florida limited 

in the presence of: liability company 





____________________________ By:________________________________ 

Witness 

Print: Mark McDonald 

____________________________ 

Printed Name Title: Vice President 





____________________________ 

Witness 



____________________________ 

Printed Name 









STATE OF FLORIDA 

COUNTY OF ORANGE 



The foregoing instrument was acknowledged before me by means of [ ] physical presence 
or [ ] online notarization, this _____ day of December, 2022, by Mark McDonald as Vice President 
of LENNAR HOMES, LLC, a Florida limited liability company, on behalf of the limited liability 
company. Said person is [ ] personally known to me or [ ] has produced ___________________ 
as identification. 





Notary Public; State of Florida 

Print Name: 
My Commission Expires: 
My Commission No.: 












 COUNTERPART SIGNATURE PAGE TO BILL OF SALE 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 







TOHOQUA COMMUNITY 

DEVELOPMENT DISTRICT, 

a Florida community development district 



ATTEST: 

By:_________________________________ 



By: ____________________________ Print: Andre Vidrine 

Secretary/Asst. Secretary 

Title: Chairman 







STATE OF FLORIDA 

COUNTY OF ORANGE 



The foregoing instrument was acknowledged before me by means of [ ] physical presence 
or [ ] online notarization, this _____ day of December, 2022, by Andre Vidrine, as Chairman of the 
Board of Supervisors of the TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, a 
Florida community development district, on its behalf. Said person is [ ] personally known to me 
or [ ] has produced ______________________ as identification. 





Notary Public; State of Florida 

Print Name: 
My Commission Expires: 
My Commission No.: 














EXHIBIT “A” 



LIST AND DESCRIPTION OF IMPROVEMENTS 





1. Potable Water Distribution System 

2. Sanitary Sewer System 

3. Reclaimed Water Distribution System 

4. Master Stormwater Management System 



The Improvements are located on the following property: 



TOHOQUA – PHASE 6, according to the plat thereof, as recorded in Plat Book 31, Page 67, Public 
Records of Osceola County, Florida. 



The Improvements were completed in accordance with the following, as applicable: (1) FDEP 
Permit No. 0076597-509-DSGP; and (2) FDEP Permit No. 0354122-012-DWC/CG. 


BILL OF SALE ABSOLUTE AND AGREEMENT 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 



THIS BILL OF SALE ABSOLUTE AND AGREEMENT (the “Agreement”) is made 
as of this _____ day of December, 2022, is given to the CITY OF ST. CLOUD, FLORIDA, a 
municipality of the State of Florida, having an address at 1300 9th Street, St. Cloud, Florida 34769 
(hereinafter referred to as the “City”), by the TOHOQUA COMMUNITY DEVELOPMENT 
DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, 
Florida Statutes, whose address is c/o Governmental Management Services – Central Florida, 
LLC, 219 E. Livingston Street, Orlando, Florida 32801(hereinafter referred to as the “District”). 



RECITALS 



WHEREAS, the District owns certain infrastructure improvements, as more fully 
described in the attached Exhibit “A” (collectively, the “Improvements”); and 



WHEREAS, both the City and the District find it to be in the best interest of both parties 
for the District to transfer the Improvements to the City to own, operate and maintain the 
Improvements; and 



WHEREAS, the District desires to convey the Improvements to the City for perpetual 
ownership, operation and maintenance, and the City desires to accept the Improvements for 
perpetual ownership, operation and maintenance. 



WITNESSETH 



KNOW ALL MEN BY THESE PRESENTS that the District, for and in consideration 
of the sum of Ten and 00/100 Dollars ($10.00) lawful money of the United States, to it paid by the 
City, the receipt of which is hereby acknowledged, has granted, bargained, sold, transferred and 
delivered, and by these presents does grant, bargain, sell, transfer, set over and deliver unto the 
City, its executors, administrators and assigns, and the City hereby accepts, all of the District’s 
right, title and interest in and to the Improvements, to have and to hold the same unto the City, its 
executors, administrators and assigns forever, together with all of the District’s right and title to 
any and all contracts, warranties, guarantees, permits, approvals and similar rights in favor of or 
which may have accrued to the District from any and all persons, firms, agencies or corporations 
who have performed work or labor or supplied goods, materials or services to or for the benefit of 
or comprising any part of the Improvements to the extent they are assignable, together with any 
related documents, materials, data, letters, and agreements, to have and to hold unto City, its 
successors and assigns, to and for its or their use, forever. 



1. The District represents and warrants to the City that the District has good and lawful 
right, title and interest in the Improvements and that the Improvements are free and clear of any 
and all liens or encumbrances, that the Improvements are in good working condition, and as of the 
date hereof, there are no defaults or violations of the terms and conditions of any contracts, 
warranties, permits, approvals and guarantees. 




2. The above recitals are true and correct and are incorporated herein by reference. 



3. This Bill of Sale may be executed in any number of counterparts, each of which 
shall be deemed an original, but all of which shall constitute one and the same instrument. 






. 



[SIGNATURES ON FOLLOWING PAGE] 


COUNTERPART SIGNATURE PAGE TO 

BILL OF SALE ABSOLUTE AND AGREEMENT 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 





IN WITNESS WHEREOF, the City has executed this Bill of Sale Absolute and 
Agreement as of the date first above written 







WITNESSES: 



Signed, sealed and delivered in the 

presence of: 





Print Name: 





Print Name: 

 CITY OF ST. CLOUD, FLORIDA, a 

 municipality of the State of Florida 











By: 
Name: ______________________________ 

Title: _______________________________ 

























STATE OF FLORIDA 
COUNTY OF OSCEOLA 
The foregoing instrument was acknowledged before me by means of [ ] physical presence 
or [ ] online notarization, this ______ day of ________, 2023, by ________________________, 
as ________________________ of the City of St. Cloud, Florida, a municipality of the State of 
Florida. Said person is [ ] personally known to me or [ ] have produced ________________ as 
identification. 







Notary Public; State of Florida 

Print Name: 

My Commission Expires: 

My Commission No.: 



(NOTARY SEAL) 






COUNTERPART SIGNATURE PAGE TO 

BILL OF SALE ABSOLUTE AND AGREEMENT 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 





IN WITNESS WHEREOF, the District has accepted and agreed, and executed this Bill 
of Sale Absolute and Agreement as of the date first above written. 



 DISTRICT: 



ATTEST: 









Print Name: George S. Flint 

Title: Secretary 





TOHOQUA COMMUNITY 
DEVELOPMENT DISTRICT 





By: _ 

Name: Andre Vidrine 

Title: Chairman 













STATE OF FLORIDA 
COUNTY OF _________ 
The foregoing instrument was acknowledged before me by means of [ ] physical presence 
or [ ] online notarization, this ______ day of ________, 2023, by Andre Vidrine, as Chairman of 
the Board of Supervisors of the TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, 
and was attested to by George S. Flint, as Secretary of the TOHOQUA COMMUNITY 
DEVELOPMENT DISTRICT, both for and on behalf of the District. Said person is [ ] 
personally known to me or [ ] have produced ________________ as identification. 





Notary Public; State of Florida 

Print Name: 

My Commission Expires: 

My Commission No.: 



(NOTARY SEAL) 


EXHIBIT “A” 



DESCRIPTION OF THE IMPROVEMENTS 



1. Potable Water Distribution System 

2. Sanitary Sewer System 

3. Reclaimed Water Distribution System 



The foregoing Improvements are located on the following property: 



TOHOQUA – PHASE 6, according to the plat thereof, as recorded in Plat Book 31, Page 67, Public 
Records of Osceola County, Florida. 






AGREEMENT REGARDING TAXES 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 



THIS AGREEMENT REGARDING TAXES (“Agreement”) is entered into this ___ 
day of December, 2022, by and between LENNAR HOMES, LLC, a Florida limited liability 
company, whose principal address is 5505 Blue Lagoon Drive, Miami, Florida 33126 (the 
“Developer”), and TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, a Florida 
community development district, whose address is c/o Governmental Management Services – 
Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801 (the “District”). 



WITNESSETH 



WHEREAS, Developer is the owner and developer of certain infrastructure 
improvements and personal property, located within the boundaries of the District, as described 
on Exhibit “A” attached hereto and incorporated herein (the “Improvements”); and 



WHEREAS, the District is a Florida community development district and local unit of 
special-purpose government created pursuant to Chapter 190, Florida Statutes; and 



WHEREAS, as part of the ongoing development activities within the boundaries of the 
District, Developer has, simultaneously with the execution of this Agreement, conveyed the 
Improvements to the District by Bill of Sale Absolute and Agreement; and 



WHEREAS, all or a substantial portion of real property already owned by the District is 
either exempt from ad-valorem taxes or has been given a minimal valuation by the Osceola 
County Property Appraiser because of the District’s status as a governmental entity; and 



WHEREAS, in conjunction with the conveyance of the Improvements from Developer 
to District, Developer and District are desirous of setting forth in this Agreement their respective 
responsibilities with regard to applicable ad-valorem taxes and assessments. 



NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars ($10.00) 
and other valuable considerations, paid by each party to the other, the receipt and sufficiency of 
which is hereby acknowledged, and in further consideration of the mutual covenants and 
conditions contained herein, the parties hereto agree as follows: 



1. The above recitals are true and correct and are incorporated herein by reference. 



2. Developer hereby represents that all ad-valorem taxes and assessments relating to 
the Improvements, or any portion thereof, for tax year 2022 and all prior years have been paid in 
full. 



3. Developer hereby agrees to pay in full, and prior to their becoming delinquent, 
any and all ad-valorem taxes and assessments, if any, levied on the Improvements for the tax 
year 2022. 




4. Subsequent to the District’s acceptance of the Improvements, and only in the 
event the Improvements are not conveyed to another governmental entity, the District shall 
endeavor to either obtain an exemption from ad-valorem taxes pertaining to the Improvements, 
as applicable, or in the alternative, shall seek a minimal valuation of the Improvements, from the 
Osceola County Property Appraiser, as applicable, and subsequent to tax year 2022, Developer 
shall have no further responsibility with regard to ad-valorem taxes or assessments levied against 
the Improvements, as applicable. 



IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be 
executed on their behalf by their duly authorized representatives, all as of the date first set forth 
above. 





[SIGNATURE PAGE FOLLOWS] 




SIGNATURE PAGE TO AGREEMENT REGARDING TAXES 

Tohoqua Community Development District – Utility Improvements (Phase 6) 







WITNESSES: 





X ______________________________ 



Print: ___________________________ 





X ______________________________ 



Print: ___________________________ 







LENNAR HOMES, LLC, a Florida limited 
liability company 



By: ___________________________________ 



Print: Mark McDonald 



Title: Vice President 








































































SIGNATURE PAGE TO AGREEMENT REGARDING TAXES 

Tohoqua Community Development District – Utility Improvements (Phase 6) 











TOHOQUA COMMUNITY 

DEVELOPMENT DISTRICT, 

a Florida community development district 

ATTEST 



X ______________________________ By: ___________________________________ 



Print: _________________________ Print: Andre Vidrine 

Secretary/Asst. Secretary 

Title: Chairman 










EXHIBIT “A” 



DESCRIPTION OF THE IMPROVEMENTS 





IMPROVEMENTS 



1. Potable Water Distribution System 

2. Sanitary Sewer System 

3. Reclaimed Water Distribution System 

4. Master Stormwater Management System 



The Improvements are located on the following property: 



TOHOQUA – PHASE 6, according to the plat thereof, as recorded in Plat Book 31, Page 67, 
Public Records of Osceola County, Florida. 



The Improvements were completed in accordance with the following, as applicable: (1) FDEP 
Permit No. 0076597-509-DSGP; and (2) FDEP Permit No. 0354122-012-DWC/CG. 




OWNER’S AFFIDAVIT 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 



STATE OF FLORIDA 

COUNTY OF ORANGE 



BEFORE ME, the undersigned authority, personally appeared Mark McDonald 
(“Affiant”) as Vice President of Lennar Homes, LLC, a Florida limited liability company, 
authorized to do business in Florida, whose principal address is 5505 Blue Lagoon Drive, Miami, 
Florida 33126 (the “Owner”), who being first duly sworn on oath says: 

1. That Affiant knows of his own knowledge that the Owner is the owner of certain 
infrastructure improvements located in Osceola County, Florida (the “Improvements”), as more 
particularly described on Exhibit “A” attached hereto, and that Affiant is the Vice President of 
the Owner, is making this Affidavit in that capacity only, and that no recourse shall be made 
against Affiant individually. 



2. That the Improvements, as described in the Bill of Sale Absolute and Agreement, 
dated as of the date hereof, are free and clear of all liens and encumbrances except for those 
encumbrances and matters affecting title included in the plat of Tohoqua – Phase 6, as recorded 
in Plat Book 31, Page 174, of the Official Records of Osceola County, Florida (the “Plat”). 



3. That Affiant knows of no facts by reason of which the title to, or possession of, 
the Improvements might be disputed or questioned, or by reason of which any claim to any part 
of the Improvements might be asserted adversely to Owner. 



4. That there have been no liens filed against the Improvements as a result of any 
labor, materials, equipment or other work authorized by Owner, its employees, or agents or of 
which Owner has actual knowledge, nor any unpaid bills of any nature as a result of any labor, 
materials, equipment or other work authorized by Owner, its employees, or agents or of which 
Owner has actual knowledge either for services of any architect, engineer, or surveyor, or for 
labor or material that may have been placed on the Improvements, either in the construction or 
repair of the Improvements, or otherwise in connection with the Improvements which bills may 
have been incurred during the last ninety (90) days. 



5. That no proceedings in bankruptcy or receivership have ever been instituted by or 
against the Owner, nor has Owner ever made an assignment for the benefit of its creditors. 



6. That Affiant knows of no action or proceeding relating to the Improvements 
which is now pending in any state or federal court in the United States affecting the 
Improvements, nor does Affiant know of any state or federal judgment or any federal lien of any 
kind or nature that now constitutes a lien or charge upon the Improvements. 



7. Affiant knows of no special assessments or taxes which are not shown as existing 
liens by the public records. 




8. That this Affidavit is given for the purposes of inducing the Tohoqua Community 
Development District (the “District”), a Florida community development district and local unit 
of special-purpose government, to accept the Owner’s conveyance of the Improvements and for 
the District’s future conveyance of the Potable Water Distribution System, the Sanitary Sewer 
System and the Reclaimed Water Distribution System to the City of St. Cloud, Florida. 



9. That there are no matters pending against Owner that could give rise to any lien(s) 
that could attach to the Improvements between the effective date of the Plat and the effective 
date of the Bill of Sale and Assignment for this conveyance, and that Affiant shall not execute 
nor permit the execution or recording of any instruments that would adversely affect ownership 
of the Improvements. 

10. Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. 
real property interest must withhold tax if the transferor is a foreign person. To inform the 
District and Latham, Luna, Eden & Beaudine, LLP (“LLEB”), that withholding of tax is not 
required upon the disposition of a U.S. real property interest by Owner, Owner hereby swears, 
affirms and certifies the following to District and LLEB that Owner: (i) is not a foreign person, 
foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are 
defined in the Internal Revenue Code and Income Tax Regulations); (ii) is not a disregarded 
entity as defined in Section 1.1445-2(b)(2)(iii); (iii) is not a non-resident alien (as such term is 
defined in the Internal Revenue Code and Income Tax Regulations) for the purposes of U.S. 
income taxation; (iv) has an EIN/Federal Tax Identification Number of 59-0711505; (v) has a 
mailing address of is 5505 Blue Lagoon Drive, Miami, Florida 33126. Affiant understands that 
this certification may be disclosed to the Internal Revenue Service by Owner and that any false 
statement contained herein could be punished by fine, imprisonment, or both. Affiant 
understands that the District and LLEB are relying on this certification in determining whether 
withholding is required upon said transfer. 



11. That Affiant is familiar with the nature of an oath and with the penalties as 
provided by the laws of the State of Florida for falsely swearing to statements made in an 
instrument of this nature. Affiant further certifies that he has read the full facts set forth in this 
Affidavit and understands its content and context to be correct in all respects. 



[SIGNATURES ON FOLLOWING PAGE] 


FURTHER AFFIANT SAYETH NAUGHT. 

DATED: _________________ , 2022 

Signed, sealed and delivered in our presence: 









(Signature) 



(Print Name) 





(Signature) 



(Print Name) 





















LENNAR HOMES, LLC, a Florida limited 
liability company 



 By:________________________________ 



 Print: Mark McDonald 



 Title: Vice President 









STATE OF FLORIDA 

COUNTY OF ORANGE 

The foregoing instrument was acknowledged before me by means of [ ] physical 
presence or [ ] online notarization, this _____ day of December, 2022, by Mark McDonald, as 
Vice President of LENNAR HOMES, LLC, a Florida limited liability company, on behalf of 
the limited liability company. Said person is [ ] personally known to me or [ ] has produced 
___________________ as identification. 







_________________________________________ 

Notary Public; State of Florida 

(SEAL) Print Name: _______________________________ 

Comm. Exp.: __________; Comm. No.: _________ 




EXHIBIT “A” 



DESCRIPTION OF THE IMPROVEMENTS 





IMPROVEMENTS 



1. Potable Water Distribution System 

2. Sanitary Sewer System 

3. Reclaimed Water Distribution System 

4. Master Stormwater Management System 



The Improvements are located on the following property: 



TOHOQUA – PHASE 6, according to the plat thereof, as recorded in Plat Book 31, Page 67, 
Public Records of Osceola County, Florida. 



The Improvements were completed in accordance with the following, as applicable: (1) FDEP 
Permit No. 0076597-509-DSGP; and (2) FDEP Permit No. 0354122-012-DWC/CG. 




EXHIBIT “B” 



CERTIFICATE OF DISTRICT ENGINEER 





[See attached.] 






CERTIFICATE OF DISTRICT ENGINEER 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 



I, Eric E. Warren, P.E., of Poulos & Bennett, LLC, a Florida limited liability 
company, and licensed to provide professional engineering services to the public in the State of 
Florida under Florida License No. 45423, with offices located at 2602 E. Livingston Street, 
Orlando, Florida (“Poulos”), hereby acknowledge and certify the following, to the best of my 
knowledge, information and belief, to be true and correct in all respects: 



1. That I, through Poulos, currently serve as District Engineer to the Tohoqua 
Community Development District (the “District”). 




2. That the District proposes to accept from Lennar Homes, LLC, a Florida limited 
liability company (“Developer”), and in part, subsequently proposes to transfer to the City of St. 
Cloud, Florida (the “City”), for ownership, operation and maintenance, certain infrastructure 
improvements and personal property described in Exhibit “A” attached hereto and incorporated 
herein by reference (collectively, the “Improvements”), made in, on, over, under and through the 
land described in Exhibit “A” attached hereto and incorporated herein by reference. Any 
Improvements being conveyed to the District is being transferred at only nominal cost to the 
District; therefore no review of an appraisal or similar documentation to reasonableness of 
purchase price or other valuation is required or being rendered. 



3. That this certification (the “Certification”) is provided in conjunction with, and in 
support of, the District’s approval of the conveyance of the Improvements from the Developer to 
the District and the District’s conveyance of a portion of the Improvements, specifically the 
Potable Water Distribution System, the Sanitary Sewer System and the Reclaimed Water 
Distribution System, to the City. The District will rely on this Certification for such purposes. 




4. That the Improvements were constructed, installed, and/or completed, as 
appropriate, in accordance with known plans, specifications, contracts and permits required 
and/or approved by the appropriate governmental authorities, as applicable. I have reviewed the 
actual cost of the Improvements built or constructed by or at the direction of the Developer and 
the District is paying no more than the actual cost incurred, or the current value thereof, 
whichever is less, as applicable. The Improvements are in a condition acceptable for acceptance 
by the District and subsequent conveyance to the City, as applicable. 




5. That the Improvements are properly permitted by the appropriate governmental 
entities, as applicable, and that copies of the applicable plans, specifications and permits relating 
to the Improvements, if any, that have actually been provided to Poulos are being held by Poulos 
as records of the District on its behalf. 




6. That the actual cost of the Improvements built or constructed by or at the direction 
of the Developer, and the District shall pay no more than the actual cost incurred, or the current 
value thereof, whichever is less, as determined by Poulos. 




[Signature page to follow.] 


SIGNATURE PAGE TO CERTIFICATE OF DISTRICT ENGINEER 

Tohoqua Community Development District – Utility Conveyance (Phase 6) 







DATED: _______________, 2022 









Witness: ___________________________ _______________________________________ 

Print: ______________________________ Eric E. Warren, P.E. 
Professional License No.: FL 45423 

on behalf of the company, 

Poulos & Bennett, LLC 

Witness: ___________________________ 2602 East Livingston Street 

Print: ______________________________ Orlando, Florida 32814 





















STATE OF FLORIDA 
COUNTY OF ORANGE 
The foregoing instrument was acknowledged before me by means of (__) physical 
presence or (__) online notarization, this ___ day of _________, 2022, by ERIC E. 
WARREN, P.E., of POULOS & BENNETT, LLC, a Florida limited liability company, on 
behalf of said company. He or she is (__) personally known to me or (__) have produced a 
valid driver’s license for identification. 





__________________________________ 

Notary Public; State of Florida 



(SEAL) Print Name: ________________________ 

Comm. Exp.: _______________________ 

Comm. No.: ________________________ 














EXHIBIT “A” 



DESCRIPTION OF THE IMPROVEMENTS 





IMPROVEMENTS 



1. Potable Water Distribution System 

2. Sanitary Sewer System 

3. Reclaimed Water Distribution System 

4. Master Stormwater Management System 



The Improvements are located on the following property: 



TOHOQUA – PHASE 6, according to the plat thereof, as recorded in Plat Book 31, Page 67, 
Public Records of Osceola County, Florida. 



The Improvements were completed in accordance with the following, as applicable: (1) FDEP 
Permit No. 0076597-509-DSGP; and (2) FDEP Permit No. 0354122-012-DWC/CG. 










REBATE REPORT 



$2,580,000 



Tohoqua Community Development District 



(City of St. Cloud, Florida) 



Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 







Dated: March 5, 2021 

Delivered: March 5, 2021 

_____________________________________________________ 



Rebate Report to the Computation Date 

June 15, 2025 

Reflecting Activity To 

February 28, 2023 

















TABLE OF CONTENTS 







AMTEC Opinion 

3 





Summary of Rebate Computations 

4 





Summary of Computational Information and Definitions 

5 





Methodology 

7 





Sources and Uses 

8 





Proof of Arbitrage Yield 

9 





Bond Debt Service 

11 





Arbitrage Rebate Calculation Detail Report – Project Fund 

13 





Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 

14 





Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 

15 





Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 

16 





Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 

17 












March 24, 2023 





Tohoqua Community Development District 

 c/o Ms. Katie Costa 

Director of Operations – Accounting Division 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 





Re: 

$2,580,000 Tohoqua Community Development District (City of St. Cloud, Florida), 

Special Assessment Revenue Bonds, Series 2021 (Phase 2 Project) 







Dear Ms. Costa: 



AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at 
the request of the Tohoqua Community Development District (the “District”) 



The scope of our engagement consisted of preparing the computations shown in the attached schedules to 
determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, 
Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable 
Regulations issued thereunder. The methodology used is consistent with current tax law and regulations 
and may be relied upon in determining the rebate liability. Certain computational methods used in the 
preparation of the schedules are described in the Summary of Computational Information and Definitions. 



Our engagement was limited to the computation of Rebatable Arbitrage based upon the information 
furnished to us by the District. In accordance with the terms of our engagement, we did not audit the 
information provided to us, and we express no opinion as to the completeness, accuracy or suitability of 
such information for purposes of calculating the Rebatable Arbitrage. 



We have scheduled our next Report as of May 31, 2024. Thank you and should you have any questions, 
please do not hesitate to contact us. 





Very truly yours, 







Michael J. Scarfo 

Senior Vice President 

Trong M. Tran 

Assistant Vice President 





SUMMARY OF REBATE COMPUTATIONS 

 

Our computations, contained in the attached schedules, are summarized as follows: 

 

For the June 15, 2025 Computation Date 

Reflecting Activity from March 5, 2021 through February 28, 2023 

 

Fund 

Description 

Taxable 

Inv Yield 

Net 

Income 

Rebatable 

Arbitrage 

Project Fund 

0.005124% 

109.02 

(81,617.27) 

Debt Service Reserve Fund 

0.539992% 

776.35 

(4,588.61) 

Capitalized Interest Fund 

0.005788% 

1.84 

(1,230.68) 

Cost of Issuance Fund 

0.005387% 

0.50 

(361.13) 

Totals 

0.038382% 

$887.71 

$(87,797.69) 

Bond Yield 

3.418888% 

 

Rebate Computation Credits 

(4,064.40) 

Net Rebatable Arbitrage 

$(91,862.09) 



 

 

 

Based upon our computations, no rebate liability exists. 


SUMMARY OF COMPUTATIONAL INFORMATION 

AND DEFINITIONS 



COMPUTATIONAL INFORMATION 



1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from March 5, 2021, 
the date of the closing, to February 28, 2023, the Computation Period. All nonpurpose payments and 
receipts are future valued to the Computation Date of June 15, 2025. 




2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of 
each compounding interval. Compounding intervals end on a day in the calendar year corresponding 
to Bond maturity dates or six months prior. 




3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are 
assumed to be paid or received respectively, as shown on the attached schedules. 




4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length 
transaction. 




5. During the period between March 5, 2021 and February 28, 2023, the District made periodic payments 
into the Debt Service Fund that were used, along with the interest earned, to provide the required debt 
service payments. 




Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide 
debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily 
to achieve a proper matching of revenues with principal and interest payments within each bond 
year. The fund must be depleted at least once each bond year, except for a reasonable carryover 
amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year 
or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. 



We have reviewed the Debt Service Fund and have determined that the funds deposited have 
functioned as a bona fide debt service fund and are not subject to the rebate requirement. 



DEFINITIONS 



6. Computation Date 




June 15, 2025. 



7. Computation Period 




The period beginning on March 5, 2021, the date of the closing, and ending on February 28, 2023. 



8. Bond Year 




Each one-year period (or shorter period from the date of issue) that ends at the close of business on June 
15th, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 








9. Bond Yield 




The discount rate that, when used in computing the present value of all the unconditionally payable 
payments of principal and interest with respect to the Bonds, produces an amount equal to the present 
value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 



10. Taxable Investment Yield 




The discount rate that, when used in computing the present value of all receipts of principal and interest 
to be received on an investment during the Computation Period, produces an amount equal to the fair 
market value of the investment at the time it became a nonpurpose investment. 



11. Issue Price 




The price determined on the basis of the initial offering price at which price a substantial amount of the 
Bonds was sold. 



12. Rebatable Arbitrage 




The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments 
over the amount that would have been earned if such nonpurpose investments were invested at the Bond 
Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount 
be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the 
nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 



13. Funds and Accounts 




The Funds and Accounts activity used in the compilation of this Report was received from the District 
and US Bank, Trustee, as follows: 



Fund / Account 

Account Number 

Project Fund 

250329005 

Debt Service Reserve Fund 

250329003 

Capitalized Interest Fund 

250329007 

Cost of Issuance Fund 

250329006 

Principal 

250329002 

Interest 

250329001 

Revenue 

250329000 

Prepayment 

250329004 










METHODOLOGY 





Bond Yield 



The methodology used to calculate the bond yield was to determine the discount rate that produces the 
present value of all payments of principal and interest through the maturity date of the Bonds. 





Investment Yield and Rebate Amount 



The methodology used to calculate the Rebatable Arbitrage, as of February 28, 2023, was to calculate the 
future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond 
proceeds, at the yield on the Bonds, to June 15, 2025. This figure was then compared to the future value 
of the deposit of bond proceeds into the various investment accounts at the same yield. The difference 
between the future values of the two cash flows, on June 15, 2025, is the Rebatable Arbitrage. 


$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Delivered: March 5, 2021 





Sources of Funds 





Par Amount 

$2,580,000.00 

Original Issue Premium 

 33,139.85 

Total 

$2,613,139.85 







Uses of Funds 





Project Fund 

$2,256,979.90 

Debt Service Reserve Fund 

72,381.26 

Capitalized Interest Fund 

59,028.69 

Cost of Issuance Fund 

178,150.00 

Underwriter’s Discount 

 46,600.00 

Total 

$2,613,139.85 








Prepared by AMTEC (Finance 8.800) 
PROOF OF ARBITRAGE YIELD 
$2,580,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 2 Project) 
Present Value 
to 03/05/2021 
Date Debt Service @ 3.4188876366% 
05/01/2021 14,006.81 13,933.14 
11/01/2021 45,021.88 44,032.38 
05/01/2022 100,021.88 96,179.45 
11/01/2022 44,368.75 41,947.22 
05/01/2023 99,368.75 92,366.51 
11/01/2023 43,715.63 39,952.15 
05/01/2024 98,715.63 88,700.91 
11/01/2024 43,062.50 38,043.47 
05/01/2025 98,062.50 85,177.04 
11/01/2025 42,409.38 36,217.65 
05/01/2026 102,409.38 85,987.79 
11/01/2026 41,696.88 34,422.25 
05/01/2027 101,696.88 82,543.35 
11/01/2027 40,834.38 32,586.61 
05/01/2028 100,834.38 79,115.31 
11/01/2028 39,971.88 30,835.09 
05/01/2029 104,971.88 79,616.36 
11/01/2029 39,037.50 29,110.53 
05/01/2030 104,037.50 76,277.54 
11/01/2030 38,103.13 27,466.68 
05/01/2031 1,278,103.13 905,837.16 
11/01/2031 13,668.75 9,524.71 
05/01/2032 83,668.75 57,322.48 
11/01/2032 12,487.50 8,411.55 
05/01/2033 82,487.50 54,629.50 
11/01/2033 11,306.25 7,362.01 
05/01/2034 86,306.25 55,253.37 
11/01/2034 10,040.63 6,319.99 
05/01/2035 85,040.63 52,628.44 
11/01/2035 8,775.00 5,339.24 
05/01/2036 88,775.00 53,108.27 
11/01/2036 7,425.00 4,367.24 
05/01/2037 87,425.00 50,557.38 
11/01/2037 6,075.00 3,454.09 
05/01/2038 91,075.00 50,912.63 
11/01/2038 4,640.63 2,550.60 
05/01/2039 94,640.63 51,142.43 
11/01/2039 3,121.88 1,658.67 
05/01/2040 93,121.88 48,644.41 
11/01/2040 1,603.13 823.36 
05/01/2041 96,603.13 48,780.90 
3,588,738.17 2,613,139.85 
Proceeds Summary 
Delivery date 03/05/2021 
Par Value 2,580,000.00 
Premium (Discount) 33,139.85 
Target for yield calculation 2,613,139.85 

Prepared by AMTEC (Finance 8.800) 
PROOF OF ARBITRAGE YIELD 
$2,580,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 2 Project) 
Assumed Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To 
Component Date Rate Yield Date Price Call/Maturity 
TERM04 05/01/2042 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2043 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2044 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2045 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2046 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2047 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2048 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2049 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2050 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
TERM04 05/01/2051 4.000% 3.650% 05/01/2031 100.000 3.6509038% 
Rejected Call/Computation Dates for Premium Bonds 
Bond Maturity Call Call Yield To Increase 
Component Date Rate Yield Date Price Call/Maturity to Yield 
TERM04 05/01/2042 4.000% 3.650% 3.7965809% 0.1456771% 
TERM04 05/01/2043 4.000% 3.650% 3.8024629% 0.1515591% 
TERM04 05/01/2044 4.000% 3.650% 3.8078073% 0.1569035% 
TERM04 05/01/2045 4.000% 3.650% 3.8126812% 0.1617774% 
TERM04 05/01/2046 4.000% 3.650% 3.8171408% 0.1662370% 
TERM04 05/01/2047 4.000% 3.650% 3.8212339% 0.1703301% 
TERM04 05/01/2048 4.000% 3.650% 3.8250011% 0.1740973% 
TERM04 05/01/2049 4.000% 3.650% 3.8284774% 0.1775736% 
TERM04 05/01/2050 4.000% 3.650% 3.8316928% 0.1807890% 
TERM04 05/01/2051 4.000% 3.650% 3.8346735% 0.1837697% 

Prepared by AMTEC (Finance 8.800) 
BOND DEBT SERVICE 
$2,580,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 2 Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
03/05/2021 
05/01/2021 14,006.81 14,006.81 14,006.81 
11/01/2021 45,021.88 45,021.88 
05/01/2022 55,000 2.375% 45,021.88 100,021.88 145,043.76 
11/01/2022 44,368.75 44,368.75 
05/01/2023 55,000 2.375% 44,368.75 99,368.75 143,737.50 
11/01/2023 43,715.63 43,715.63 
05/01/2024 55,000 2.375% 43,715.63 98,715.63 142,431.26 
11/01/2024 43,062.50 43,062.50 
05/01/2025 55,000 2.375% 43,062.50 98,062.50 141,125.00 
11/01/2025 42,409.38 42,409.38 
05/01/2026 60,000 2.375% 42,409.38 102,409.38 144,818.76 
11/01/2026 41,696.88 41,696.88 
05/01/2027 60,000 2.875% 41,696.88 101,696.88 143,393.76 
11/01/2027 40,834.38 40,834.38 
05/01/2028 60,000 2.875% 40,834.38 100,834.38 141,668.76 
11/01/2028 39,971.88 39,971.88 
05/01/2029 65,000 2.875% 39,971.88 104,971.88 144,943.76 
11/01/2029 39,037.50 39,037.50 
05/01/2030 65,000 2.875% 39,037.50 104,037.50 143,075.00 
11/01/2030 38,103.13 38,103.13 
05/01/2031 65,000 2.875% 38,103.13 103,103.13 141,206.26 
11/01/2031 37,168.75 37,168.75 
05/01/2032 70,000 3.375% 37,168.75 107,168.75 144,337.50 
11/01/2032 35,987.50 35,987.50 
05/01/2033 70,000 3.375% 35,987.50 105,987.50 141,975.00 
11/01/2033 34,806.25 34,806.25 
05/01/2034 75,000 3.375% 34,806.25 109,806.25 144,612.50 
11/01/2034 33,540.63 33,540.63 
05/01/2035 75,000 3.375% 33,540.63 108,540.63 142,081.26 
11/01/2035 32,275.00 32,275.00 
05/01/2036 80,000 3.375% 32,275.00 112,275.00 144,550.00 
11/01/2036 30,925.00 30,925.00 
05/01/2037 80,000 3.375% 30,925.00 110,925.00 141,850.00 
11/01/2037 29,575.00 29,575.00 
05/01/2038 85,000 3.375% 29,575.00 114,575.00 144,150.00 
11/01/2038 28,140.63 28,140.63 
05/01/2039 90,000 3.375% 28,140.63 118,140.63 146,281.26 
11/01/2039 26,621.88 26,621.88 
05/01/2040 90,000 3.375% 26,621.88 116,621.88 143,243.76 
11/01/2040 25,103.13 25,103.13 
05/01/2041 95,000 3.375% 25,103.13 120,103.13 145,206.26 
11/01/2041 23,500.00 23,500.00 
05/01/2042 95,000 4.000% 23,500.00 118,500.00 142,000.00 
11/01/2042 21,600.00 21,600.00 
05/01/2043 100,000 4.000% 21,600.00 121,600.00 143,200.00 
11/01/2043 19,600.00 19,600.00 
05/01/2044 105,000 4.000% 19,600.00 124,600.00 144,200.00 
11/01/2044 17,500.00 17,500.00 
05/01/2045 110,000 4.000% 17,500.00 127,500.00 145,000.00 
11/01/2045 15,300.00 15,300.00 
05/01/2046 115,000 4.000% 15,300.00 130,300.00 145,600.00 
11/01/2046 13,000.00 13,000.00 
05/01/2047 120,000 4.000% 13,000.00 133,000.00 146,000.00 
11/01/2047 10,600.00 10,600.00 
05/01/2048 125,000 4.000% 10,600.00 135,600.00 146,200.00 
11/01/2048 8,100.00 8,100.00 
05/01/2049 130,000 4.000% 8,100.00 138,100.00 146,200.00 



Prepared by AMTEC (Finance 8.800) 
BOND DEBT SERVICE 
$2,580,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 2 Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
11/01/2049 5,500.00 5,500.00 
05/01/2050 135,000 4.000% 5,500.00 140,500.00 146,000.00 
11/01/2050 2,800.00 2,800.00 
05/01/2051 140,000 4.000% 2,800.00 142,800.00 145,600.00 
2,580,000 1,753,738.17 4,333,738.17 4,333,738.17 











$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Project Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.418888%) 



 03/05/21 Beg Bal -2,256,979.90 -2,609,200.94 

 05/25/21 683,601.73 784,352.54 

 08/27/21 from COI -9,617.33 -10,939.57 

 09/28/21 1,924.00 2,182.14 

 09/28/21 241.25 273.62 

 09/28/21 770.00 873.31 

 09/28/21 667.50 757.06 

 01/11/22 52.50 58.97 

 02/07/22 1,050.00 1,176.50 

 03/22/22 633.75 707.10 

 05/16/22 165.00 183.16 

 06/06/22 1,577,365.25 1,747,704.52 

 02/28/23 Bal 234.85 253.87 

 02/28/23 Acc 0.42 0.45 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 109.02 -81,617.27 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/05/21 REBATABLE ARBITRAGE: -81,617.27 

 COMP DATE: 06/15/25 NET INCOME: 109.02 

 BOND YIELD: 3.418888% TAX INV YIELD: 0.005124% 




$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Debt Service Reserve Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.418888%) 



 03/05/21 Beg Bal -72,381.26 -83,676.98 

 04/02/21 0.27 0.31 

 05/04/21 0.30 0.34 

 06/02/21 0.31 0.36 

 07/02/21 0.30 0.34 

 08/03/21 0.31 0.35 

 09/02/21 0.31 0.35 

 11/02/21 0.31 0.35 

 12/02/21 0.30 0.34 

 01/04/22 0.31 0.35 

 02/02/22 0.31 0.35 

 03/02/22 0.28 0.31 

 04/04/22 0.31 0.35 

 05/03/22 0.30 0.33 

 06/02/22 0.31 0.34 

 07/05/22 0.30 0.33 

 08/02/22 0.31 0.34 

 09/02/22 47.74 52.47 

 10/04/22 89.24 97.78 

 11/02/22 109.46 119.62 

 12/02/22 116.01 126.43 

 01/04/23 135.24 146.94 

 02/02/23 143.87 155.90 

 02/28/23 Bal 72,381.26 78,243.29 

 02/28/23 Acc 129.95 140.47 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 776.35 -4,588.61 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/05/21 REBATABLE ARBITRAGE: -4,588.61 

 COMP DATE: 06/15/25 NET INCOME: 776.35 

 BOND YIELD: 3.418888% TAX INV YIELD: 0.539992% 




$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Capitalized Interest Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.418888%) 



 03/05/21 Beg Bal -59,028.69 -68,240.62 

 04/02/21 -0.27 -0.31 

 05/03/21 14,006.80 16,104.48 

 05/04/21 -0.30 -0.34 

 06/02/21 -0.31 -0.36 

 07/02/21 -0.30 -0.34 

 08/02/21 -0.31 -0.35 

 09/02/21 -0.31 -0.35 

 10/04/21 -0.30 -0.34 

 11/01/21 45,021.88 50,904.01 

 11/02/21 -0.31 -0.35 

 12/02/21 -0.30 -0.34 

 01/04/22 -0.31 -0.35 

 02/02/22 -0.31 -0.35 

 03/02/22 -0.28 -0.31 

 04/04/22 -0.31 -0.35 

 05/02/22 5.54 6.16 

 05/03/22 -0.30 -0.33 

 06/02/22 -0.31 -0.34 

 07/05/22 -0.30 -0.33 

 08/02/22 -0.31 -0.34 

 09/02/22 -47.74 -52.47 

 10/04/22 -89.24 -97.78 

 10/28/22 138.26 151.16 

 11/02/22 0.17 0.19 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 1.84 -1,230.68 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/05/21 REBATABLE ARBITRAGE: -1,230.68 

 COMP DATE: 06/15/25 NET INCOME: 1.84 

 BOND YIELD: 3.418888% TAX INV YIELD: 0.005788% 




$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Cost of Issuance Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.418888%) 



 03/05/21 Beg Bal -178,150.00 -205,951.83 

 03/05/21 6,000.00 6,936.35 

 03/05/21 35,000.00 40,462.05 

 03/05/21 30,000.00 34,681.76 

 03/05/21 46,500.00 53,756.72 

 03/05/21 1,750.00 2,023.10 

 03/22/21 5,425.00 6,261.59 

 03/25/21 36,000.00 41,539.80 

 06/25/21 5,245.20 6,001.27 

 06/29/21 2,612.90 2,988.41 

 07/01/21 0.07 0.08 

 08/27/21 to PF 9,617.33 10,939.57 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 0.50 -361.13 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/05/21 REBATABLE ARBITRAGE: -361.13 

 COMP DATE: 06/15/25 NET INCOME: 0.50 

 BOND YIELD: 3.418888% TAX INV YIELD: 0.005387% 




$2,580,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 2 Project) 

Rebate Computation Credits 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.418888%) 



 06/15/21 -1,780.00 -2,038.50 

 06/15/22 -1,830.00 -2,025.90 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: -3,610.00 -4,064.40 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/05/21 REBATABLE ARBITRAGE: -4,064.40 

 COMP DATE: 06/15/25 

 BOND YIELD: 3.418888% 












REBATE REPORT 



$2,660,000 



Tohoqua Community Development District 



(City of St. Cloud, Florida) 



Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 







Dated: March 19, 2021 

Delivered: March 19, 2021 

_____________________________________________________ 



Rebate Report to the Computation Date 

June 15, 2025 

Reflecting Activity To 

February 28, 2023 

















TABLE OF CONTENTS 







AMTEC Opinion 

3 





Summary of Rebate Computations 

4 





Summary of Computational Information and Definitions 

5 





Methodology 

7 





Sources and Uses 

8 





Proof of Arbitrage Yield 

9 





Bond Debt Service 

11 





Arbitrage Rebate Calculation Detail Report – Project Fund 

13 





Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 

14 





Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 

15 





Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 

16 





Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 

17 














March 24, 2023 





Tohoqua Community Development District 

 c/o Ms. Katie Costa 

Director of Operations – Accounting Division 

Government Management Services – CF, LLC 

6200 Lee Vista Boulevard, Suite 300 

Orlando, FL 32822 





Re: 

$2,660,000 Tohoqua Community Development District (City of St. Cloud, Florida), Special 
Assessment Revenue Bonds, Series 2021 (Phase 4A/5A Project) 







Dear Ms. Costa: 



AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at 
the request of the Tohoqua Community Development District (the “District”) 



The scope of our engagement consisted of preparing the computations shown in the attached schedules to 
determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, 
Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable 
Regulations issued thereunder. The methodology used is consistent with current tax law and regulations 
and may be relied upon in determining the rebate liability. Certain computational methods used in the 
preparation of the schedules are described in the Summary of Computational Information and Definitions. 



Our engagement was limited to the computation of Rebatable Arbitrage based upon the information 
furnished to us by the District. In accordance with the terms of our engagement, we did not audit the 
information provided to us, and we express no opinion as to the completeness, accuracy or suitability of 
such information for purposes of calculating the Rebatable Arbitrage. 



We have scheduled our next Report as of May 31, 2024. Thank you and should you have any questions, 
please do not hesitate to contact us. 





Very truly yours, 







Michael J. Scarfo 

Senior Vice President 

Trong M. Tran 

Assistant Vice President 





SUMMARY OF REBATE COMPUTATIONS 



Our computations, contained in the attached schedules, are summarized as follows: 



For the June 15, 2025 Computation Date 

Reflecting Activity from March 19, 2021 through February 28, 2023 



Fund 

Description 

Taxable 

Inv Yield 

Net 

Income 

Rebatable 

Arbitrage 

Project Fund 

0.005017% 

102.44 

(86,404.89) 

Debt Service Reserve Fund 

0.550922% 

808.32 

(5,204.00) 

Capitalized Interest Fund 

0.005805% 

1.80 

(1,320.89) 

Cost of Issuance Fund 

0.000000% 

0.00 

0.00 

Totals 

0.041108% 

$912.56 

$(92,929.78) 

Bond Yield 

3.723500% 



Rebate Computation Credits 

(4,107.22) 

Net Rebatable Arbitrage 

$(97,037.00) 









Based upon our computations, no rebate liability exists. 


SUMMARY OF COMPUTATIONAL INFORMATION 

AND DEFINITIONS 



COMPUTATIONAL INFORMATION 



1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from March 19, 2021, 
the date of the closing, to February 28, 2023, the Computation Period. All nonpurpose payments and 
receipts are future valued to the Computation Date of June 15, 2025. 




2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of 
each compounding interval. Compounding intervals end on a day in the calendar year corresponding 
to Bond maturity dates or six months prior. 




3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are 
assumed to be paid or received respectively, as shown on the attached schedules. 




4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length 
transaction. 




5. During the period between March 19, 2021 and February 28, 2023, the District made periodic 
payments into the Debt Service Fund that were used, along with the interest earned, to provide the 
required debt service payments. 




Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide 
debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily 
to achieve a proper matching of revenues with principal and interest payments within each bond 
year. The fund must be depleted at least once each bond year, except for a reasonable carryover 
amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year 
or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. 



We have reviewed the Debt Service Fund and have determined that the funds deposited have 
functioned as a bona fide debt service fund and are not subject to the rebate requirement. 



DEFINITIONS 



6. Computation Date 




June 15, 2025. 



7. Computation Period 




The period beginning on March 19, 2021, the date of the closing, and ending on February 28, 2023. 



8. Bond Year 




Each one-year period (or shorter period from the date of issue) that ends at the close of business on June 
15th, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 








9. Bond Yield 




The discount rate that, when used in computing the present value of all the unconditionally payable 
payments of principal and interest with respect to the Bonds, produces an amount equal to the present 
value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 



10. Taxable Investment Yield 




The discount rate that, when used in computing the present value of all receipts of principal and interest 
to be received on an investment during the Computation Period, produces an amount equal to the fair 
market value of the investment at the time it became a nonpurpose investment. 



11. Issue Price 




The price determined on the basis of the initial offering price at which price a substantial amount of the 
Bonds was sold. 



12. Rebatable Arbitrage 




The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments 
over the amount that would have been earned if such nonpurpose investments were invested at the Bond 
Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount 
be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the 
nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 



13. Funds and Accounts 




The Funds and Accounts activity used in the compilation of this Report was received from the District 
and US Bank, Trustee, as follows: 



Fund 

Account Number 

Project Fund 

250036005 

Debt Service Reserve Fund 

250036003 

Capitalized Interest Fund 

250036007 

Principal 

250036002 

Interest 

250036001 

Revenue 

250036000 

Prepayment 

250036004 










METHODOLOGY 





Bond Yield 



The methodology used to calculate the bond yield was to determine the discount rate that produces the 
present value of all payments of principal and interest through the maturity date of the Bonds. 





Investment Yield and Rebate Amount 



The methodology used to calculate the Rebatable Arbitrage, as of February 28, 2023, was to calculate the 
future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond 
proceeds, at the yield on the Bonds, to June 15, 2025. This figure was then compared to the future value 
of the deposit of bond proceeds into the various investment accounts at the same yield. The difference 
between the future values of the two cash flows, on June 15, 2025, is the Rebatable Arbitrage. 


$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Delivered: March 19, 2021 





Sources of Funds 





Par Amount 

$2,660,000.00 

Original Issue Premium 

 20,371.75 

Total 

$2,680,371.75 







Uses of Funds 





Project Fund 

$2,294,934.75 

Debt Service Reserve Fund 

75,350.00 

Capitalized Interest Fund 

59,237.00 

Cost of Issuance Fund 

197,650.00 

Underwriter’s Discount 

 53,200.00 

Total 

$2,680,371.75 






Prepared by AMTEC (Finance 8.800) 
PROOF OF ARBITRAGE YIELD 
$2,660,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 4A/5A Project) 
Present Value 
to 03/19/2021 
Date Debt Service @ 3.7235001760% 
05/01/2021 11,207.00 11,158.87 
11/01/2021 48,030.00 46,949.63 
05/01/2022 103,030.00 98,871.74 
11/01/2022 47,342.50 44,601.40 
05/01/2023 102,342.50 94,654.71 
11/01/2023 46,655.00 42,361.69 
05/01/2024 101,655.00 90,613.45 
11/01/2024 45,967.50 40,225.71 
05/01/2025 100,967.50 86,740.77 
11/01/2025 45,280.00 38,188.88 
05/01/2026 105,280.00 87,169.64 
11/01/2026 44,530.00 36,196.03 
05/01/2027 104,530.00 83,413.83 
11/01/2027 43,592.50 34,150.56 
05/01/2028 103,592.50 79,671.53 
11/01/2028 42,655.00 32,205.77 
05/01/2029 107,655.00 79,797.04 
11/01/2029 41,639.38 30,300.22 
05/01/2030 106,639.38 76,181.22 
11/01/2030 40,623.75 28,490.44 
05/01/2031 110,623.75 76,165.17 
11/01/2031 39,530.00 26,719.22 
05/01/2032 109,530.00 72,680.66 
11/01/2032 38,270.00 24,930.62 
05/01/2033 113,270.00 72,440.00 
11/01/2033 36,920.00 23,180.04 
05/01/2034 111,920.00 68,984.09 
11/01/2034 35,570.00 21,523.55 
05/01/2035 115,570.00 68,653.73 
11/01/2035 34,130.00 19,904.17 
05/01/2036 114,130.00 65,342.62 
11/01/2036 32,690.00 18,373.86 
05/01/2037 117,690.00 64,940.26 
11/01/2037 31,160.00 16,879.55 
05/01/2038 121,160.00 64,433.46 
11/01/2038 29,540.00 15,422.39 
05/01/2039 119,540.00 61,269.34 
11/01/2039 27,920.00 14,048.64 
05/01/2040 122,920.00 60,719.78 
11/01/2040 26,210.00 12,710.53 
05/01/2041 121,210.00 57,706.38 
11/01/2041 24,500.00 11,450.92 
05/01/2042 124,500.00 57,125.82 
11/01/2042 22,500.00 10,135.25 
05/01/2043 127,500.00 56,383.37 
11/01/2043 20,400.00 8,856.45 
05/01/2044 130,400.00 55,577.14 
11/01/2044 18,200.00 7,615.16 
05/01/2045 133,200.00 54,714.26 
11/01/2045 15,900.00 6,411.83 
05/01/2046 135,900.00 53,801.39 
11/01/2046 13,500.00 5,246.83 
05/01/2047 138,500.00 52,844.72 
11/01/2047 11,000.00 4,120.34 
05/01/2048 141,000.00 51,849.99 
11/01/2048 8,400.00 3,032.48 
05/01/2049 143,400.00 50,822.55 

Prepared by AMTEC (Finance 8.800) 
PROOF OF ARBITRAGE YIELD 
$2,660,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 4A/5A Project) 
Present Value 
to 03/19/2021 
Date Debt Service @ 3.7235001760% 
11/01/2049 5,700.00 1,983.22 
05/01/2050 145,700.00 49,767.35 
11/01/2050 2,900.00 972.46 
05/01/2051 147,900.00 48,689.00 
4,513,718.26 2,680,371.75 
Proceeds Summary 
Delivery date 03/19/2021 
Par Value 2,660,000.00 
Premium (Discount) 20,371.75 
Target for yield calculation 2,680,371.75 

Prepared by AMTEC (Finance 8.800) 
BOND DEBT SERVICE 
$2,660,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 4A/5A Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
03/19/2021 
05/01/2021 11,207.00 11,207.00 11,207.00 
11/01/2021 48,030.00 48,030.00 
05/01/2022 55,000 2.500% 48,030.00 103,030.00 151,060.00 
11/01/2022 47,342.50 47,342.50 
05/01/2023 55,000 2.500% 47,342.50 102,342.50 149,685.00 
11/01/2023 46,655.00 46,655.00 
05/01/2024 55,000 2.500% 46,655.00 101,655.00 148,310.00 
11/01/2024 45,967.50 45,967.50 
05/01/2025 55,000 2.500% 45,967.50 100,967.50 146,935.00 
11/01/2025 45,280.00 45,280.00 
05/01/2026 60,000 2.500% 45,280.00 105,280.00 150,560.00 
11/01/2026 44,530.00 44,530.00 
05/01/2027 60,000 3.125% 44,530.00 104,530.00 149,060.00 
11/01/2027 43,592.50 43,592.50 
05/01/2028 60,000 3.125% 43,592.50 103,592.50 147,185.00 
11/01/2028 42,655.00 42,655.00 
05/01/2029 65,000 3.125% 42,655.00 107,655.00 150,310.00 
11/01/2029 41,639.38 41,639.38 
05/01/2030 65,000 3.125% 41,639.38 106,639.38 148,278.76 
11/01/2030 40,623.75 40,623.75 
05/01/2031 70,000 3.125% 40,623.75 110,623.75 151,247.50 
11/01/2031 39,530.00 39,530.00 
05/01/2032 70,000 3.600% 39,530.00 109,530.00 149,060.00 
11/01/2032 38,270.00 38,270.00 
05/01/2033 75,000 3.600% 38,270.00 113,270.00 151,540.00 
11/01/2033 36,920.00 36,920.00 
05/01/2034 75,000 3.600% 36,920.00 111,920.00 148,840.00 
11/01/2034 35,570.00 35,570.00 
05/01/2035 80,000 3.600% 35,570.00 115,570.00 151,140.00 
11/01/2035 34,130.00 34,130.00 
05/01/2036 80,000 3.600% 34,130.00 114,130.00 148,260.00 
11/01/2036 32,690.00 32,690.00 
05/01/2037 85,000 3.600% 32,690.00 117,690.00 150,380.00 
11/01/2037 31,160.00 31,160.00 
05/01/2038 90,000 3.600% 31,160.00 121,160.00 152,320.00 
11/01/2038 29,540.00 29,540.00 
05/01/2039 90,000 3.600% 29,540.00 119,540.00 149,080.00 
11/01/2039 27,920.00 27,920.00 
05/01/2040 95,000 3.600% 27,920.00 122,920.00 150,840.00 
11/01/2040 26,210.00 26,210.00 
05/01/2041 95,000 3.600% 26,210.00 121,210.00 147,420.00 
11/01/2041 24,500.00 24,500.00 
05/01/2042 100,000 4.000% 24,500.00 124,500.00 149,000.00 
11/01/2042 22,500.00 22,500.00 
05/01/2043 105,000 4.000% 22,500.00 127,500.00 150,000.00 
11/01/2043 20,400.00 20,400.00 
05/01/2044 110,000 4.000% 20,400.00 130,400.00 150,800.00 
11/01/2044 18,200.00 18,200.00 
05/01/2045 115,000 4.000% 18,200.00 133,200.00 151,400.00 
11/01/2045 15,900.00 15,900.00 
05/01/2046 120,000 4.000% 15,900.00 135,900.00 151,800.00 
11/01/2046 13,500.00 13,500.00 
05/01/2047 125,000 4.000% 13,500.00 138,500.00 152,000.00 
11/01/2047 11,000.00 11,000.00 
05/01/2048 130,000 4.000% 11,000.00 141,000.00 152,000.00 
11/01/2048 8,400.00 8,400.00 
05/01/2049 135,000 4.000% 8,400.00 143,400.00 151,800.00 



Prepared by AMTEC (Finance 8.800) 
BOND DEBT SERVICE 
$2,660,000 
Tohoqua Community Development District 
(City of St. Cloud, Florida) 
Special Assessment Revenue Bonds, Series 2021 
(Phase 4A/5A Project) 
Period Annual 
Ending Principal Coupon Interest Debt Service Debt Service 
11/01/2049 5,700.00 5,700.00 
05/01/2050 140,000 4.000% 5,700.00 145,700.00 151,400.00 
11/01/2050 2,900.00 2,900.00 
05/01/2051 145,000 4.000% 2,900.00 147,900.00 150,800.00 
2,660,000 1,853,718.26 4,513,718.26 4,513,718.26 











$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Project Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.723500%) 



 03/19/21 Beg Bal -2,294,934.75 -2,683,409.49 

 08/27/21 -18,839.97 -21,675.29 

 08/30/21 635,166.95 730,531.57 

 09/28/21 1,125.00 1,290.20 

 09/28/21 745.00 854.40 

 09/28/21 105.00 120.42 

 02/07/22 1,035.00 1,171.40 

 04/08/22 1,675,691.38 1,884,702.29 

 02/28/23 Bal 8.81 9.59 

 02/28/23 Acc 0.02 0.02 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 102.44 -86,404.89 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/19/21 REBATABLE ARBITRAGE: -86,404.89 

 COMP DATE: 06/15/25 NET INCOME: 102.44 

 BOND YIELD: 3.723500% TAX INV YIELD: 0.005017% 




$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Debt Service Reserve Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.723500%) 



 03/19/21 Beg Bal -75,350.00 -88,104.86 

 04/02/21 0.13 0.15 

 05/04/21 0.31 0.36 

 06/02/21 0.32 0.37 

 07/02/21 0.31 0.36 

 08/03/21 0.32 0.37 

 09/02/21 0.32 0.37 

 10/04/21 0.31 0.36 

 11/02/21 0.32 0.37 

 12/02/21 0.31 0.35 

 01/04/22 0.32 0.36 

 02/02/22 0.32 0.36 

 03/02/22 0.29 0.33 

 04/04/22 0.32 0.36 

 05/03/22 0.31 0.35 

 06/02/22 0.32 0.36 

 07/05/22 0.31 0.35 

 08/02/22 0.32 0.36 

 09/02/22 49.70 55.08 

 10/04/22 92.90 102.62 

 11/02/22 113.95 125.51 

 12/02/22 120.77 132.62 

 01/04/23 140.79 154.09 

 02/02/23 149.77 163.45 

 02/28/23 Bal 75,350.00 82,014.37 

 02/28/23 Acc 135.28 147.24 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 808.32 -5,204.00 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/19/21 REBATABLE ARBITRAGE: -5,204.00 

 COMP DATE: 06/15/25 NET INCOME: 808.32 

 BOND YIELD: 3.723500% TAX INV YIELD: 0.550922% 




$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Capitalized Interest Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.723500%) 



 03/19/21 -59,237.00 -69,264.33 

 04/02/21 -0.13 -0.15 

 05/03/21 11,207.01 13,045.12 

 05/04/21 -0.31 -0.36 

 06/02/21 -0.32 -0.37 

 07/01/21 -0.31 -0.36 

 08/03/21 -0.32 -0.37 

 09/02/21 -0.32 -0.37 

 10/04/21 -0.31 -0.36 

 11/01/21 48,030.00 54,897.02 

 11/02/21 -0.32 -0.37 

 12/02/21 -0.31 -0.35 

 01/04/22 -0.32 -0.36 

 02/02/22 -0.32 -0.36 

 03/02/22 -0.29 -0.33 

 04/04/22 -0.32 -0.36 

 05/02/22 5.45 6.11 

 05/03/22 -0.31 -0.35 

 06/02/22 -0.32 -0.36 

 07/05/22 -0.31 -0.35 

 08/02/22 -0.32 -0.36 

 09/02/22 -49.70 -55.08 

 10/04/22 -92.90 -102.62 

 10/28/22 143.92 158.59 

 11/02/22 -113.95 -125.51 

 11/02/22 0.18 0.20 

 11/04/22 113.95 125.49 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 1.80 -1,320.89 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/19/21 REBATABLE ARBITRAGE: -1,320.89 

 COMP DATE: 06/15/25 NET INCOME: 1.80 

 BOND YIELD: 3.723500% TAX INV YIELD: 0.005805% 




$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Cost of Issuance Fund 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.723500%) 



 03/19/21 Beg Bal -197,650.00 -231,107.17 

 03/19/21 197,650.00 231,107.17 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: 0.00 0.00 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/19/21 REBATABLE ARBITRAGE: 0.00 

 COMP DATE: 06/15/25 NET INCOME: 0.00 

 BOND YIELD: 3.723500% TAX INV YIELD: 0.000000% 




$2,660,000 

Tohoqua Community Development District 

(City of St. Cloud, Florida) 

Special Assessment Revenue Bonds, Series 2021 

(Phase 4A/5A Project) 

Rebate Computation Credits 





ARBITRAGE REBATE CALCULATION 

DETAIL REPORT 



 FUTURE VALUE @ 

 RECEIPTS BOND YIELD OF 

 DATE DESCRIPTION (PAYMENTS) (3.723500%) 



 06/15/21 -1,780.00 -2,063.05 

 06/15/22 -1,830.00 -2,044.17 

 ---------------------------------------------------------------- 

 06/15/25 TOTALS: -3,610.00 -4,107.22 

 ---------------------------------------------------------------- 



 ISSUE DATE: 03/19/21 REBATABLE ARBITRAGE: -4,107.22 

 COMP DATE: 06/15/25 

 BOND YIELD: 3.723500%