April 30, 2025 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 7, 2025 at 9:00 AM at the Tohoqua Amenity Center, 1830 Fulfillment Drive, Kissimmee, Florida 34744. Following is the advance agenda for the meeting: Board of Supervisors Meeting 1. Roll Call 2. Public Comment Period 3. Approval of Minutes of the March 5, 2025 Board of Supervisors Meetings 4. Consideration of Resolution 2025-08 Approving the Fiscal Year 2026 Proposed Budget and Setting a Public Hearing to Adopt 5. Consideration of Resolution 2025-09 Conveyance of Real Property and Improvements From Lennar Homes, LLC 6. Consideration of Conveyance of Property from Pulte Home Company, LLC 7. Presentation of Series 2018 Arbitrage Rebate Report 8. Presentation of Series 2023 Phase 4B/ 5B Project Arbitrage Rebate Report 9. Discussion of Environmental Resource Permit Transfer 10. Staff Reports A. Attorney B. Engineer C. Field Manager’s Report i. Consideration of Proposal for Pond Maintenance ii. Consideration of Service Agreement Addendum for Landscape Maintenance at Phase 4C Amenity Center iii. Consideration of Service Agreement Addendum for Landscape Maintenance at Phase 7 D. Amenity Manager’s Report E. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement iii. Presentation of Registered Voters- 1,474 11. Other Business 12. Supervisor 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 Wednesday, March 5, 2025 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 Asif Qureshi Assistant Secretary Terry Knight Assistant Secretary Also present were: George Flint District Manager Kristen Trucco District Counsel Stephen Saha District Engineer Alan Scheerer Field Manager Chris Horter GMS Marcia Calleja CALM FIRST ORDER OF BUSINESS Roll Call Mr. Flint called the meeting to order at 9:00 a.m. and called the roll. A quorum was present. SECOND ORDER OF BUSINESS Public Comment Period Mr. Flint: Next is the public comment period. We just have the Board Members and staff in attendance. THIRD ORDER OF BUSINESS Approval of Minutes of the December 4, 2024 Board of Supervisors Meeting Mr. Flint: Next is the approval of the minutes of the December 4, 2024 Board of Supervisors meeting. Did the Board have any comments or corrections to the minutes? Hearing none, we need a motion to approve them. On MOTION by Mr. Vidrine seconded by Mr. Hooker with all in favor the Minutes of the December 4, 2024 Board of Supervisors Meeting were approved as presented. FOURTH ORDER OF BUSINESS Discussion of Amenity Policy Violation and Consideration of Amenity Privileges, Suspension and Restitution of Costs Mr. Flint: Item four is the only business item that we have, which is related to an Amenity Policy violation that occurred, that requires the Board to consider an action related to that. So, I'll let Marcia give a summary of incident and then Kristen can give a summary, as a result of reviewing the facts and our Rules of Procedure, of what the recommended action would be as a result. Then the Board can discuss that. If you have any questions or don't agree with the recommendation, the Board can discuss that as well. Marcia? Ms. Calleja: So, on Monday, February 10th, it was observed over by the barbecue grills inside of our gates, that several tables were turned over, one of which was actually damaged. An empty bottle of liquor was also found on scene, as well as trash thrown throughout the area. We went back and checked the security camera and were able to observe that a group of young men were hanging out in that area, starting from about 2:00 p.m. until about 8:30 p.m. The pool closes at 6:00 p.m., so they were also there past the time allowed. We were also able to track back the access card that was used to enter the facility, with the excessive amount of guests and we were able to track it back to a property owner. A violation letter was sent to them. Mr. Flint: It was a renter and the letter was sent to the renter and the owner. Ms. Trucco: Yes, that's correct. Based on that information, we reviewed the current Amenity Policy that the CDD has right now. You can see that the District Manager has the power to immediately suspend access to the facilities, if there's a public safety, health or welfare concern or there's a concern that the District's property can be damaged. That was the step that GMS took. I certainly agree with that step. Then the next step was coming back to the Board, because the rules state that the decision of how to handle, the level of offense that we're going to categorize this incident as, is up to the Board to determine. So, in the rules, it sets the suspension and termination option, for the Board to consider today. Since the notice went out, I've had additional conversations with Marcia and GMS's team and it's occurred to me that at least three offenses occurred. Number one, it appears that there were more than four guests present and the policy only allows for up to four guests. The guest must be accompanied by the resident or renter. It appears that has not occurred. Then as Marcia pointed out, the sign says that the pool closed at 6:00 p.m. through February. Based on the information that we've seen so far, it appears that they were there later than that. So, we think that constitutes at least three offenses. In the rules, it states that three offenses allow for automatic suspension of privileges for one week. A prior or written report will be created, signed by the patron and guests and kept on file at the Tohoqua Clubhouse. If there's another incident with more offenses, we could potentially look at a fourth offense and the Board could suspend access privileges for up to one calendar year at that time. So, that's where we're at right now. We're still in the process of reviewing all of the evidence, but today, this was the most recent Board meeting to occur after the notice letter was sent out and that is the recommendation that we’re making today, based on the rule language and evidence we're seeing so far. Mr. Flint: I think the recommendation would be a week from this meeting, not a week from the incident. It would be approximately 30 days suspension in total. We probably don't want to go into a lot of the detail on the record, but there are some reasons why we're not recommending stronger penalties. We would like to see restitution for damage, but there are some reasons why we're limited in our ability to seek that and we're addressing those, which deals with camera location and that sort of thing. Mr. Vidrine: So, 30 days, right? Mr. Flint: It would be a week from today. I think their privileges were suspended on the 10th. Mr. Calleja: Yes, that's correct. Mr. Flint: So, in effect, that would be approximately 30 to 31 days. The renter did come in yesterday, the mother and father of the son who is 16? Ms. Calleja: Yes. Mr. Flint: And spoke with Marcia. They didn't feel comfortable coming to the meeting today, but as a result of the letter, they did come in and speak with Marcia. They conceded that their son was there, that he did bring guests, that he did leave early and his guests stayed. That's one of the violations, but they stopped short of conceding that they were responsible for any damage. Ms. Calleja: Right. Mr. Flint: So, we think this is the best that we can do right now. We are going to recommend that we review the Amenity Policies as part of the budget process, to see if we can tighten up this section of the rules. Ms. Trucco: That's at the discretion of the Board. Just so you know, the Board can adopt amendments to that. There is a procedure that you have to file. There has to be public hearing, which we will advertise for, but we'll do that. It would be helpful now that we have more residents and there are some residents sitting on the Board, to get their feedback on how they would like that to be structured and the penalty process, so we tailor it more to the residents that are living here and the incidents that we see occurring. Mr. Vidrine: Since I live here, I will deal with it more, but we’re looking for some of your feedback as well. Mr. Qureshi: I think 30 days is good actually, as a first offense, but I do believe that if we amend our policy, we have to be clear that it's the three strike rule, where after the third strike, they will be paying fines. I mean, if you have to go that far out, we can ask them to pay for punitive damages for what happened to our property, but for right now, I think 30 days sounds fair, but if they do this a second time, then obviously, we need to escalate that. Mr. Vidrine: Yeah. Mr. Flint: The fourth offense does give you the ability to go up to a year. Mr. Vidrine: I like one year. Mr. Flint: So, there are some things, I think, we want to look at in the rules, that give the Board a little more flexibility too. So, we'll discuss that one. I'm calling it a rule, but I think it was adopted as a policy. We may want to look at making it a rule, as it is a Board policy right now. Ms. Trucco: But we did go through that public hearing process. Mr. Flint: Oh, we did? Ms. Trucco: Yeah. So, we're fully protected. Mr. Flint: Okay, so it is a rule then. Mr. Vidrine: The fact that they came and they acknowledged it and talked to you somewhat, I feel a little bit better about it. But we need to clamp it down. As soon as it starts to be allowed to have that happen, we need to enforce it. Mr. Qureshi: Yeah, especially with the growth. There are going to be people who are not going to follow that. If you don't address that upfront, then five years from now, it will actually become a problem, because a policy was not put into place. I think it's the right time to put that policy in place and structure it that way, so that people understand. I firmly believe, this is only my belief, but when you start asking for money, people will listen. People will understand that this is serious business. We just cannot keep doing this, having people keep coming in and destroying our property, but I think after the first, second and third instance, we need to send them the notice that there's a hefty fine for that. Mr. Flint: Yeah. I think we have some limitations on fining, but we can't seek restitution for damage. Ms. Trucco: We can go through all of those options during that rule amendment process. We will talk about the enforcement of fees and what enforcement options for penalties the CDD has. My recommendation for this incident, is to go with the penalty that's set forth in your Amenity Policy, for the third offense. So, if. If the Board is comfortable with that, then we'll just need a motion directing staff to proceed in that manner. On MOTION by Mr. Vidrine seconded by Mr. Hooker with all in favor directing staff to follow the Amenity Policy for the third offense for the violation that occurred at the Amenity Center was approved. FIFTH ORDER OF BUSINESS Staff Reports A. Attorney Mr. Flint: Staff Reports. Kristen, do you have anything else for the Board? Ms. Trucco: The only other update is that we are continuing to monitor the Phase 8A lift station conveyance with the Tohopekaliga Water Authority (TWA), with Pulte and Pulte’s counsel. That has not been finalized yet. My understanding is that the final plat was being considered this past week for finalization with the city. So, we'll keep you updated on that progress, but we’re continuing to monitor that. We’re also monitoring the Phase 7 plat conveyance to the CDD from Lennar Homes LLC. The District Engineer is confirming if all of those tracks that are platted to be owned and maintained by the CDD, are ready now to be conveyed to the CDD by deed. He's also preparing the requisition which he might go into a little bit today. We're just monitoring those items, but other than that, there are no new legal items to report to you today. B. Engineer Mr. Flint: Alright. Stephen is there anything from the District Engineer? Mr. Saha: No, other than the fact that I'm working on the requisition. I have most of the documents and the cost that I need. So, I'm finishing that up this week. Mr. Flint: Okay. I drove through Phase 7 this morning and I think there are some things that need to be addressed before we process that requisition. Ms. Trucco: Absolutely. Okay. We'll work together on it. Mr. Saha: We’re seeing the same thing. Mr. Flint: I might be getting Phases 4C and 7 mixed up. Mr. Saha: Phase 7 is right here and Phase 4C is the Pulte section. Mr. Scheerer: I've been in communication with Pulte and Mr. Charlie Meyer as well as Lennar on Phase 7. Mr. Flint: Okay. We need to get on that. C. Field Manager’s Report Mr. Flint: Field Manager's Report. Alan? Mr. Scheerer: Yeah. I just have a couple things and I know Chris has a few things. We touched on Phases 4C and 7. I have been in communication with both Lennar and Pulte on site conditions and expectations, prior to them trying to schedule a turnover meeting. So, they're aware of that. The large Oak tree in the back of the pool, has been removed and stump grinded. You probably didn't notice, because they did such a great job. I was very impressed with the work that Brightview did. It's obviously sad to see the tree go, but unless you've seen it, you don't even know it was there right now. So, it looks really good. We do have another Oak tree that we're monitoring. We touched base on that with you folks before. It has Ganoderma in it. So, we are monitoring the progress of that tree and we will be coming back at some point in time, with a proposal to have that tree removed, more than likely by Brightview, because they were actually the low bidder on this one and they provided us with a price. We're in the monitoring stages of that right now. I did have a conversation with Lennar. They cut in this sidewalk parallel to the Amenity Center and there are some grading issues that they need to resolve. So, I've already talked with them. We actually had an in-house meeting at Lennar headquarters the other day and we touched base on a lot of things and obviously Tohoqua was one of them. We've been battling code enforcement, when it comes to shutting off our reclaimed water and our supply of irrigation water to the property. It's been off and on for days and weeks, but United Land has done a good job. We actually ran into some of the site supervisors out front, so we have an exchange of contact information with them. But we’re continuing to monitor the irrigation as well. Budget season is coming up, so we'll be dealing with some budget stuff soon. I have an onsite meeting with Sunshine Land Management on Friday at 1:00 p.m., to make sure that we're capturing all of the stormwater ponds. I've also had two phone call meetings with United Land, just to make sure that they're doing site visits to see what was on plan. Actually, what's being built on site, so we have accurate landscape maintenance numbers as well. We've been dealing with some duckweed in the Phase 3 pond. It's gotten a lot better. They brought out a boat and sprayed that pond. They're coming back again tomorrow to retreat the pond. You'll see some of the algae starting to turn from a bright green to a more of a white color, which means it's been treated. They probably hit it with some copper sulfate, so that's in transition mode. We do have some rain coming later today, so hopefully that will beat down some of the stuff in the pond. Alligator weed in the Phase 5 pond, is something that we're continuing to battle. They'll be out again to spray that this week as well. I know Chris has a couple things to add. Mr. Horter: Yeah, just a couple things. We're getting ready to schedule some mulch and pressure washing in the neighborhood. We've also done just some minor paver repairs around the pool deck and some plants were installed around the amenities as well. Does anyone have any questions? Mr. Flint: What is the status of the new amenity? Mr. Scheerer: The new amenity, according to Pulte Homes, is within 30 to 60 days. The pool is in. The fence is up. The shell has not been completed yet on the inside. I've not been inside the building. The backpacks and everything are in place. The parking lot has been paved. The new playground is there. According to Mr. Charlie Meyer, at Pulte, he's thinking within the next 30 to 60 days, they will be ready to turn that over, which won't occur until we have a walk through. As George said with Phases 4C and 7, we're definitely going to want to make sure that we have punch list items with both developers, to make sure that everything is where we want it. But staff is aware of it. We've been communicating for a while, to make sure that we're on top of our pool contractor and janitorial staff, so when the time comes to actually take it over, we'll be ready to go. Mr. Vidrine: Just as quick clarification on the bids you're getting for the maintenance, when they’re walking and looking at what's out there to maintain, are they actually looking at also what needs to be replaced, if anything needs to be replaced and will they include it as a separate line item? Mr. Scheerer: Well, in the budget for 2024/2025, there was an Excel spreadsheet that itemized all of the different phases, including Phase 8. Phase 8 in this year's budget, only contemplated for five months of maintenance. It may be less than that, depending on how long Pulte takes to develop Phase 8. The turnover process is a lot different. We actually take a copy of the actual landscape plan, notes are made on the plan, issues are identified and then that is circulated to, in this case, Lennar for Phase 7 and Pulte for Phase 4C. Any deficiencies will have to be corrected. They'll be noted. They have to be corrected prior to us taking over any maintenance of that. So, I know Phase 4C has a bunch of trees that are down. One of the things that I talked about for Phase 4C, is I don't want pond conditions in Phase 4C. I’m not picking on Phase 5, but Phase 5 had a lot of aquatic vegetation in it, when we took that pond over. We're not going to take the other ponds looking that same way. Mr. Vidrine: Right. Mr. Scheerer: I've been told by the developer, that those will be corrected prior to turnover. So, I know that they mowed the Pond 27, which is the large pond that takes in all of the stormwater. They have a lot of work to do on that one. I'm not sure if they're looking to turn that over to us at some point, but I know all of the ponds in Phase 4C. There are three ponds in Phase 7, one of which is right back here, the rectangle pond. You have the two teardrops on either end of the project in Phase 7. I've already communicated with both developers, that those need to be cleaned prior to us taking them over. Then of course, we'll wait on the engineer to certify them complete and the RFPs have been transferred. Mr. Vidrine: I'm sure it's on your radar, but make sure you get the irrigation as-builts. Mr. Scheerer: Of course. Mr. Vidrine: Were you able to get the ones previously? Mr. Scheerer: Yes. Mr. Vidrine: So, we have them all. Mr. Scheerer: We're up to speed on all as-builts right now. The difference is, the Phase 5 area that was being built over in there, had a hand drawn as-built, whereas United Land had a digital as-built, which are great. They just redline it right on the document and send it to us electronically. We do have everything, so we'll request the same thing for Phases 4C and 7. Mr. Vidrine: Can I get a copy of whatever landscaping is in Tohoqua Boulevard, the big median there. Once it gets developed, I'll need the as built to tie in. Mr. Scheerer: Yes, sir. Mr. Vidrine: Thank you. Mr. Flint: The last island on Tohoqua Boulevard on the south end, looks like it has St. Augustine. Everything else is Zoysia. It's going to be on the list, right? Mr. Scheerer: Yes, of course. Just so you know, that's all part of the Phase 7 improvement. Mr. Flint: Right. Mr. Scheerer: None of that has been turned over. We've not accepting anything. We do have all of the landscape and irrigation plans for Phases 4C, 7 and 8. Mr. Flint: The parks in Phase 7 haven't been accepted either. We're not maintaining them. Mr. Scheerer: No, sir. Not a thing. Lennar, for Phase 7, I guess, came up with the idea for a mew in the middle of the townhomes and they put the fence up, to keep the contractors from destroying some of that. But none of that is ours yet. We have not been asked to take it over. We have not been asked to walk it and we'll have those conversations again with both Pulte and Lennar, that everything needs to be per plan. I know United Land does a really good job. Mr. John Borland does a really good job of using those plans to identify the location and what it is that's deficient and needs to be corrected, prior to the turnover. That will be sent out to each of the contractors. Once they tell us that's been completed, we'll do another walk to verify. Then once it's all been completed, we'll go ahead and recommend acceptance and bring a proposal back for United Land to go ahead and continue services. We have pricing for all eight phases. Anything budget-wise from the homeowner’s perspective, just get with Chris, Marcia or me. If there's something we need to look at that we haven't thought of, which I think we prep a pretty good extensive budget here, I will be happy to research it and see if there's any additional pricing that we need. Mr. Qureshi: Then on a side note, where can I find a drawing? You keep mentioning Phases 4C and 7. Where can I find a drawing which will identify what section is what? Mr. Scheerer: I have some maps that I can share with you. I actually have the landscape and irrigation plans, but I also have just an overview that highlights what's in Phases 4C and 7 and I'll be happy to share that with you. Mr. Qureshi: Because I usually walk on that side where they are building houses. When he was talking about the Clubhouse, 30 to 60 days is pretty fast. I think it's going to be lower than that. Mr. Scheerer: I can only go by what they're telling me, but if it's within 30 to 60 days great, but if not, okay. We're not going to take anything over that isn't ready to be accepted by the District, especially the Clubhouse, the pool and any of the hardscape, as we have an insurance component to that. Once we take it over, we want to make sure we have all of that information documented and sent to our insurance provider, so they can update the policy and include those assets in their policy. Mr. Qureshi: If you could help me out with the map. Mr. Scheerer: Yes, sir. I don’t have one with me. Mr. Flint: Let me check. Remind me. Mr. Scheerer: There's also an Engineer's Report that has all the phases in it. So, that's available as well. Mr. Qureshi: Okay. Mr. Scheerer: It will show all of the ponds and all of the different phases. But ours are color coded for landscape purposes. So, you'll be able to identify the tracks. We'll get that to you, sir. Mr. Qureshi: I would appreciate it. Thank you. D. Amenity Manager’s Report Mr. Flint: All right. Amenity report. Mr. Calleja: Your agenda package included the Amenity Report for the previous two months. It included an event recap for January and February, for some of the events that we held, as well as the upcoming events starting in March. We will be changing the pool hours for daylight savings time, starting this month. We have some wonderful events planned for the community. i. Discussion of Resident Request to Purchase Endurance Climbing Machine and Fitness Step Platform Ms. Calleja: Another item that I wanted to bring to the table today, was we received a request for a stepper machine, to replace an elliptical trainer. The price is a little over $7,000, but they are willing to give us a trade in value of $400 for our elliptical. Our elliptical is in good shape. It's in good working order. It's no longer under warranty, but it still works just fine. They are also asking for a fitness stepper, which is only $140, for the Board to consider. Mr. Flint: We wanted to bring it to the Board, because we had the request, but we would have to remove one piece of equipment that's working fine right now and then incur an expense of 7,000 or $8,000 for the climbing machine. It's not something that we budgeted for and I think it would make more sense, when we have to replace the current equipment, to re-evaluate the pieces and at that time, consider purchasing a stair stepper, unless the Board wants otherwise. But it would be our recommendation that we don't move forward at this point with that, if the Board agrees. Mr. Vidrine: Yeah, if the equipment's not broken and worn out. Mr. Flint: It's not. We're not incurring a significant maintenance expense with the current equipment, but it is getting toward the end of its useful life, when you look at how many years those pieces of equipment should last. But we're not having maintenance issues with the equipment right now. We can still get parts. So, I don't know that it makes sense to pull one of those out and replace it at this point. Mr. Vidrine: It's also a function of how many people are asking for it. Sometimes we do surveys to see what residents want. Is it just one person? Mr. Hooker: One person wants it for $7,000. Mr. Flint: Some people have strong opinions and desires. It appears there is Board consensus not to move forward at this point, so you can relay that back to the resident. Mr. Calleja: I sure will. Thank you for your time. That’s all I have. E. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement Mr. Flint: You have approval of the Check Register from December 1, 2024 through February 24, 2025, for the General Fund and Board compensation, in the total amount of $1,449,077.51. A significant amount of that, $1,031,910, is assessment revenue, which was disbursed from the county in one disbursement and includes operation and maintenance (O&M) and debt service. We have to transfer the debt service portion to the trustee. So, a significant amount of that $1 million plus, is just moving the debt service assessment revenue to the trustee. As, you know, you get a 4% discount if you pay taxes in November, 3% in December and 2% in January. So, we see a significant amount of assessment revenue coming in the December timeframe from the county, as a result of people paying their tax bills. Are there any questions on the Check Register? If not, we need a motion to approve it. On MOTION by Mr. Vidrine seconded by Mr. Hooker with all in favor the Check Register from December 1, 2024 through February 24, 2025 in the amount of $1,449,077.51 was approved. Mr. Flint: We also have the Unaudited Financials through January 31, 2025. This is for the four months of Fiscal Year 2025. We have a combined balance sheet, showing all of the funds and the Statement of Revenue and Expenditures for each of the funds. For the General Fund, you can see that we collected $1.42 million of the $1.46 million that we certified for collection, which is impressive. So, it appears a lot of people have already paid their taxes in November and December. That's a pretty high collection rate, at this point and we're ultimately going to be over 100% collected each year. Mr. Vidrine: That's great. Mr. Flint: For our expenses, you can see the prorated budget, which is in most cases, a one-twelfth month proration. Then our actuals in all categories, are under our prorated budget at this point in the year. Mr. Vidrine: We have a surplus, meaning that we’re budgeting appropriately, which is great. Mr. Flint: Yeah, we're doing well on the budget. Mr. Vidrine: Yes, it's a healthy budget that you put in here and you're not exceeding it, which is great. Mr. Flint: Our direct assessments, per the direct assessment schedule, are all paid and current as well. Are there any questions on the financials? No action is required on those, but if you have any questions, we can discuss them. SIXTH ORDER OF BUSINESS Other Business Mr. Flint: Is there any Other Business? Hearing none, SEVENTH ORDER OF BUSINESS Supervisors Requests Mr. Flint: Any there any Supervisors Requests? Mr. Vidrine: Not at this time. EIGHTH 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 2025-08 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOHOQUA COMMUNITY DEVELOPMENT DISTRICT APPROVING PROPOSED BUDGET(S) FOR FISCAL YEAR 2025/2026 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”) prior to June 15, 2025, proposed budget(s) (“Proposed Budget”) for the fiscal year beginning October 1, 2025, and ending September 30, 2026 (“Fiscal Year 2025/2026”); 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 THE TOHOQUA COMMUNITY DEVELOPMENT DISTRICT: 1. PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager for Fiscal Year 2025/2026 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 6, 2025 HOUR: 9:00 AM LOCATION: 1830 Fulfilment Drive Kissimmee, FL 34744 3. TRANSMITTAL OF PROPOSED BUDGET TO LOCAL GENERAL PURPOSE GOVERNMENT(S). The District Manager is hereby directed to submit a copy of the Proposed Budget to the local general-purpose governments 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 7th DAY OF MAY, 2025. ATTEST: TOHOQUA COMMUNITY DEVELOPMENT DISTRICT _____________________________ Secretary / Assistant Secretary Chair/Vice Chair, Board of Supervisors Exhibit A: Proposed Budget RESOLUTION 2025-09 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOHOQUA COMMUNITY DEVELOPMENT DISTRICT APPROVING THE CONVEYANCE OF REAL PROPERTY AND IMPROVEMENTS FROM LENNAR HOMES, LLC TO THE TOHOQUA COMMUNITY DEVELOPMENT DISTRICT; AUTHORIZING DISTRICT STAFF AND THE CHAIRMAN TO REVIEW, EXECUTE AND ACCEPT ALL DOCUMENTS TO EFFECTUATE SUCH CONVEYANCE; PROVIDING FOR SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, the Tohoqua Community Development District (the “District”) is a local unit of special purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), for the purpose of, among other things, financing and managing the acquisition, construction, maintenance and operation of certain infrastructure within and without the boundaries of the premises to be governed by the District; WHEREAS, the District has the authority, generally under the Act, and specifically under Section 190.012, Florida Statutes, to acquire real property and improvements for, among other things, the purposes of operating and maintaining systems, facilities, and basic infrastructure within the District; WHEREAS, the District has the authority, generally under Florida Law and the Act, and specifically under Section 190.011(7)(a), Florida Statutes, to acquire, dispose of any real property, dedications or platted reservations in any manner so long as it is in the best interest of the District; WHEREAS, Lennar Homes, LLC, a Florida limited liability company (hereinafter “LENNAR”), has requested the transfer and acceptance of real property and infrastructure improvements, as more particularly described in the Special Warranty Deed, Bills of Sale Absolute and Agreement, Agreement Regarding Taxes, Owner’s Affidavit and Certificate of District Engineer, attached hereto as Exhibit “A” (the “Conveyance Documents”); WHEREAS, the District Counsel and the District Manager have reviewed the Conveyance Documents and the District Engineer has also reviewed the conveyances and has provided a Certificate of District Engineer for each conveyance, attached hereto as part of Exhibit “A,” to evidence compliance with the requirements of the District for approving and accepting the conveyances. NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the District (the “Board”), as follows: 1. Incorporation of Recitals. The above recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Resolution. 2. Approval of Acquisition and Transfer of the Real Property and Improvements. The Board hereby approves the transfer and acceptance of the real property and improvements described in Exhibit “A,” from LENNAR to the District, and approves and accepts the documents evidencing such conveyances in Exhibit “A.” 3. Authorization of District Staff. The Chairman, the Vice Chairman, the Secretary, any Assistant Secretary and the District Manager of the District, and any authorized designee thereof (collectively, the "District Officers"), District Counsel, and the District Engineer are hereby authorized and directed to take all actions necessary or desirable in connection with the conveyance of the real property and improvements described in Exhibit “A,” and all transactions in connection therewith. The District Officers are hereby authorized and directed to execute all necessary or desirable certificates, documents, papers, and agreements necessary to the undertaking and fulfillment of all transactions contemplated by this Resolution. 4. Ratification of Prior Actions. All actions taken to date by the District Officers, District Manager, District Counsel, District Engineer, are hereby ratified and authorized on behalf of the District. 5. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision. 6. Effective Date. This Resolution shall take effect immediately upon its adoption. [Continues on the Following Pages] PASSED in public meeting of the Board of Supervisors of the Tohoqua Community Development District, this 7th day of May, 2025. TOHOQUA COMMUNITY DEVELOPMENT DISTRICT Attest: ______________________________ By: __________________________________ Print: _________________________ Name: _______________________________ Secretary/Asst. Secretary Title: _________________________________ EXHIBIT “A” CONVEYANCE DOCUMENTS 1. Special Warranty Deed 2. Bill of Sale Absolute and Agreement to the District 3. Owner’s Affidavit 4. Agreement Regarding Taxes 5. Certificate of District Engineer 6. Affidavit Regarding Human Trafficking THIS INSTRUMENT PREPARED BY AND TO BE RETURNED TO: Kristen E. Trucco, Esq. Latham, Luna, Eden & Beaudine, LLP P.O. Box 3353 Orlando, Florida 32802 SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED made as of this ___ day of _____________, 2025 by LENNAR HOMES, LLC, a Florida limited liability company (the “Grantor”), whose principal address is 5505 Waterford District Drive, Miami, Florida 33126 to TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, a Florida community development district (the “Grantee”), whose address is c/o Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801. (Whenever used herein the terms “Grantor” and “Grantee” include all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations). That the Grantor, for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee, all that certain land situate in Osceola County, Florida, more particularly described as follows (the “Property”). SEE EXHIBIT “A” ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. TOGETHER WITH all tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO HAVE AND TO HOLD, the same in fee simple forever. AND the Grantor does hereby covenant with Grantee that the Grantor is lawfully seized of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey this land; that the Grantor hereby warrants that title to the land is free from all encumbrances except for restrictions, covenants, conditions, easements and other matters of record (provided, however, that reference thereto shall not serve to re-impose same) and taxes for the year 2025 and subsequent years, and that the Grantor will defend title to the land against the lawful claims of all persons claiming by, through or under Grantor, but against none other. NOTE TO RECORDER: This deed is a conveyance of unencumbered property for no consideration and is exempt from documentary stamp tax pursuant to Florida Administrative Code Rule 12B-4.014(2)(b). Minimum documentary stamp tax of $0.70 is being paid herein. [SIGNATURES ON FOLLOWING PAGE] IN WITNESS WHEREOF, the said Grantor has caused these presents to be executed in its name, the day and year first above written. Signed, sealed and delivered in our presence: (Signature) (Print Name) Address: 5505 Waterford District Drive, Miami, Florida 33126 (Signature) (Print Name) Address: 5505 Waterford District Drive, Miami, Florida 33126 “GRANTOR” LENNAR HOMES, LLC, a Florida limited liability company By: ________________________________ Print: Mark McDonald Title: Vice President Address: 5505 Waterford District Drive, Miami, Florida 33126 STATE OF FLORIDA COUNTY OF ORANGE The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online notarization, this _____ day of ______________, 2025, 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” LIST AND DESCRIPTION OF IMPROVEMENTS & EQUIPMENT -Storm Drainage -Landscaping, Irrigation -Hardscape Features -Professional Fees – Eng. Design, Permitting, Surveying Testing & Inspection The foregoing Improvements are located on the following tracts: Tract OS-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-4, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-5, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-6, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. BILL OF SALE ABSOLUTE AND AGREEMENT Tohoqua Community Development District THIS BILL OF SALE ABSOLUTE AND AGREEMENT (“Agreement”) is made as of this ___ day of ________, 2025, 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 the “Developer”), whose address is 5505 Waterford District Drive, Miami, Florida 33126. 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”); 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; 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 ____________ 2025, 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 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 ______________, 2025, 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 & EQUIPMENT -Storm Drainage -Landscaping, Irrigation -Hardscape Features -Professional Fees – Eng. Design, Permitting, Surveying Testing & Inspection The foregoing Improvements are located on the following tracts: Tract OS-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-4, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-5, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-6, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. OWNER’S AFFIDAVIT Tohoqua Community Development District 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 Waterford District 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 fee simple title holder to certain lands located in Osceola County, Florida (the “Property”) and of certain infrastructure improvements located within the boundary of the Tohoqua Community Development District (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 Property and Improvements, as described in the Special Warranty Deed and 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 following plats: (1) Tohoqua Phase 7 plat, as recorded in Plat Book 33, Page 139, of the Official Records of Osceola County, Florida (the “Plat”). The District can rely on the Property and Improvements being capable of being used for the purposes intended. 3. That Affiant knows of no facts by reason of which the title to, or possession of, the Property and Improvements might be disputed or questioned, or by reason of which any claim to any part of the Property and Improvements might be asserted adversely to Owner. 4. That there have been no liens filed against the Property or 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 Property or Improvements, either in the construction or repair of the Improvements, or otherwise in connection with the Property 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 Property or Improvements which is now pending in any state or federal court in the United States affecting the Property, 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 Property or Improvements. 7. That, except as set forth in the Plat, Affiant knows of no unrecorded easements, liens, or assessments for sanitary sewers, streets, roadways, paving, other public utilities or improvements against the Property, nor are there any 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 Property and Improvements to the District; the Property and Improvements are in a condition that allows the District to use the Property and Improvements for their intended use. 9. That there are no matters pending against Owner that could give rise to any lien(s) that could attach to the Property or the Improvements between the effective date of the Plat and the recording of the deed of conveyance, and that Affiant shall not execute nor permit the execution or recording of any instruments that would adversely affect title of the Property or the 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 5505 Waterford District 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: _________________ , 2025 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 Sworn to (or affirmed) and subscribed before me by means of [ ] physical presence or [ ] online notarization, this _____ day of _____________, 2025, by Mark McDonald, as Vice President of LENNAR HOMES, LLC, a Florida limited liability company. He has produced ________________________ as identification or is personally known to me. ______________________________ Notary Public Print Name:____________________ My Commission Expires: _________ My Commission No.: ____________ EXHIBIT “A” LIST AND DESCRIPTION OF IMPROVEMENTS & EQUIPMENT -Storm Drainage -Landscaping, Irrigation -Hardscape Features -Professional Fees – Eng. Design, Permitting, Surveying Testing & Inspection The foregoing Improvements are located on the following tracts: Tract OS-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-4, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-5, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-6, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. AGREEMENT REGARDING TAXES Tohoqua Community Development District THIS AGREEMENT REGARDING TAXES (“Agreement”) is entered into this ____ day of ___________, 2025, by and between LENNAR HOMES, LLC, a Florida limited liability company, whose address is 5505 Waterford District 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 real property located within the boundaries of the District, as such property is described on Exhibit “A” attached hereto and incorporated herein (the “Property”); WHEREAS, Developer is the owner and developer of infrastructure improvements and personal property, made in, on, over, under and through the Property and the land owned by the District, as described on Exhibit “A” attached hereto and incorporated herein (the “Improvements”); WHEREAS, the District is a Florida community development district and local unit of special-purpose government created pursuant to Chapter 190, Florida Statutes; 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 Property and the Improvements to the District by Special Warranty Deed and Bill of Sale Absolute and Agreement; 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 Property and 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 on the Property. 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 Property, or any portion thereof, for tax year 2024 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 Property for the tax year 2025. 4. Subsequent to the District’s acceptance of the Property and Improvements, and only in the event the Property is not conveyed to another governmental entity, the District shall endeavor to either obtain an exemption from ad-valorem taxes pertaining to the Property or, in the alternative, shall seek a minimal valuation of the Property, from the Osceola County Property Appraiser and, subsequent to tax year 2025, Developer shall have no further responsibility with regard to ad-valorem taxes or assessments levied against the Property and/or 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 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 TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, a Florida community development district ATTEST X ______________________________ By: ___________________________________ Print: _________________________ Print: Andre Vidrine Secretary/Asst. Secretary Title: Chairman EXHIBIT “A” LIST AND DESCRIPTION OF IMPROVEMENTS & EQUIPMENT -Storm Drainage -Landscaping, Irrigation -Hardscape Features -Professional Fees – Eng. Design, Permitting, Surveying Testing & Inspection The foregoing Improvements are located on the following tracts: Tract OS-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-4, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-5, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-6, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. CERTIFICATE OF DISTRICT ENGINEER Tohoqua Community Development District I, Stephen K. Saha, P.E. of Poulos & Bennett, LLC, a Florida limited liability company, authorized to transact business in Florida, and licensed to provide professional engineering services to the public in the State of Florida under Florida License No. 76903,with offices located at 2602 E. Livingston Street, Orlando, Florida, 32803 (“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”), for ownership, operation and maintenance, certain real property described in Exhibit “A” attached hereto and incorporated herein (collectively, the “Property”), plus infrastructure improvements and personal property, made in, on, over, under and through land located within the boundary of the District, as described more completely in Exhibit “A” attached hereto and incorporated herein (collectively, the “Improvements”). Any real property being conveyed to the District is being transferred at only nominal cost to the District, so 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 Property and Improvements from the Developer to the District and the District’s acceptance of such Property and Improvements. 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 any known 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. The Property and Improvements are in a condition acceptable for acceptance by the District and such conveyance is consistent with the development plans for the District. 5. That the Improvements are properly permitted by the appropriate governmental entities, and that copies of the applicable plans, specifications and permits relating to the Improvements, if any, that have actually been provided to Osceola Engineering 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 the District Engineer. SIGNATURE PAGE TO CERTIFICATE OF DISTRICT ENGINEER Tohoqua Community Development District DATED: _______________, 2025 Witness: ___________________________ _______________________________________ Print: ______________________________ Stephen K. Saha, P.E. State of Florida License No.: 76903 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 ___________, 2025 by STEPHEN S. SAHA, P.E. of Poulos & Bennett, LLC, a Florida limited liability company, on behalf of said company. Said person is [ ] personally known to me or [ ] has produced a valid driver’s license as identification. __________________________________ Notary Public; State of Florida (SEAL) Print Name: ________________________ Comm. Exp.: _______________________ Comm. No.: ________________________ EXHIBIT “A” LIST AND DESCRIPTION OF IMPROVEMENTS & EQUIPMENT -Storm Drainage -Landscaping, Irrigation -Hardscape Features -Professional Fees – Eng. Design, Permitting, Surveying Testing & Inspection The foregoing Improvements are located on the following tracts: Tract OS-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-4, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-5, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract OS-6, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract P-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-1, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-2, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. Tract SWP-3, according to the TOHOQUA PHASE 7 plat, as recorded in Plat Book 33, Page 139, Public Records of Osceola County, Florida. AFFIDAVIT OF COMPLIANCE WITH ANTI-HUMAN TRAFFICKING LAWS STATE OF FLORIDA COUNTY OF ORANGE In accordance with Section 787.06(13), Florida Statutes, the undersigned, on behalf of LENNAR HOMES, LLC (the “Contractor”), hereby attests under penalty of perjury that, the Contractor, to the best of my knowledge and reasonable belief, does not use coercion for labor or services as defined in Section 787.06, Florida Statutes, entitled “Human Trafficking.” The undersigned is authorized to execute this affidavit on behalf of the Contractor. Date: _______________________ LENNAR HOMES, LLC Signed: Name:__________________________ Title:___________________________ SUBSCRIBED AND SWORN TO before me by means of . physical presence or . online notarization, this ___ day of ____________, 2025, by ________________, as ________________ of LENNAR HOMES, LLC. Said person is (check one) . personally known to me or . has produced a valid driver's license as identification. [Notary Seal] Signature of person taking acknowledgment Name (typed, printed or stamped): __________________ Title or Rank: Serial number (if any): REBATE REPORT $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Dated: February 8, 2018 Delivered: February 8, 2018 _____________________________________________________ Rebate Report to the Computation Date February 8, 2028 Reflecting Activity To December 31, 2024 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 – Capitalized Interest Fund 14 Arbitrage Rebate Calculation Detail Report – Reserve Fund 15 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 17 March 5, 2025 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: $2,165,000 Tohoqua Community Development District (Osceola County, Florida), Special Assessment Revenue Bonds, Series 2018 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 January 31, 2026. 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 February 8, 2028 Computation Date Reflecting Activity from February 8, 2018 through December 31, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Project Fund 0.716018% 2,018.96 (17,106.86) Capitalized Interest Fund 0.256701% 112.44 (3,073.93) Reserve Fund 1.500289% 7,451.21 (21,824.06) Totals 1.159341% $9,582.61 $(42,004.85) Bond Yield 4.763052% Rebate Computation Credits (15,088.36) Net Rebatable Arbitrage $(57,093.21) 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 February 8, 2018, the date of the closing, to December 31, 2024, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of February 8, 2028. 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 February 8, 2018 and December 31, 2024, the District made periodic payments into the Interest Fund and Principal Fund (collectively, 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 February 8, 2028. 7. Computation Period The period beginning on February 8, 2018, the date of the closing, and ending on December 31, 2024. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the issuer. If no day is selected by the issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance. 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 Revenue 244446000 Interest 244446001 Principal 244446002 Reserve 244446003 Prepayment 244446004 Project 244446005 Capitalized Interest 244446006 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 December 31, 2024, 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 February 8, 2028. 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 February 8, 2028, is the Rebatable Arbitrage. $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Delivered: February 8, 2018 Sources of Funds Par Amount $2,165,000.00 Total $2,165,000.00 Uses of Funds Project Fund $1,798,838.22 Capitalized Interest Fund 75,123.03 Reserve Fund 69,038.75 Costs of Issuance 172,000.00 Underwriter’s Discount 50,000.00 Total $2,165,000.00 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Present Value to 02/08/2018 Date Debt Service @ 4.7630515318% 05/01/2018 23,708.03 23,452.12 11/01/2018 51,415.00 49,676.95 05/01/2019 86,415.00 81,551.63 11/01/2019 50,592.50 46,634.58 05/01/2020 85,592.50 77,061.25 11/01/2020 49,770.00 43,766.96 05/01/2021 84,770.00 72,811.39 11/01/2021 48,947.50 41,064.45 05/01/2022 88,947.50 72,886.60 11/01/2022 48,007.50 38,423.90 05/01/2023 88,007.50 68,800.31 11/01/2023 47,067.50 35,939.35 05/01/2024 92,067.50 68,664.76 11/01/2024 46,010.00 33,516.46 05/01/2025 91,010.00 64,755.02 11/01/2025 44,952.50 31,240.40 05/01/2026 89,952.50 61,059.66 11/01/2026 43,895.00 29,102.79 05/01/2027 93,895.00 60,805.16 11/01/2027 42,720.00 27,021.38 05/01/2028 92,720.00 57,283.32 11/01/2028 41,545.00 25,069.86 05/01/2029 96,545.00 56,903.81 11/01/2029 40,252.50 23,173.03 05/01/2030 95,252.50 53,560.52 11/01/2030 38,960.00 21,397.63 05/01/2031 98,960.00 53,086.59 11/01/2031 37,550.00 19,674.94 05/01/2032 97,550.00 49,923.99 11/01/2032 36,140.00 18,065.44 05/01/2033 101,140.00 49,381.21 11/01/2033 34,612.50 16,506.32 05/01/2034 104,612.50 48,728.07 11/01/2034 32,967.50 14,998.92 05/01/2035 102,967.50 45,756.48 11/01/2035 31,322.50 13,595.25 05/01/2036 106,322.50 45,074.86 11/01/2036 29,560.00 12,240.30 05/01/2037 109,560.00 44,311.66 11/01/2037 27,680.00 10,934.79 05/01/2038 107,680.00 41,548.74 11/01/2038 25,800.00 9,723.46 05/01/2039 110,800.00 40,786.78 11/01/2039 23,760.00 8,542.88 05/01/2040 113,760.00 39,950.85 11/01/2040 21,600.00 7,409.15 05/01/2041 116,600.00 39,065.36 11/01/2041 19,320.00 6,322.35 05/01/2042 119,320.00 38,138.47 11/01/2042 16,920.00 5,282.37 05/01/2043 121,920.00 37,177.64 11/01/2043 14,400.00 4,288.92 05/01/2044 124,400.00 36,189.62 11/01/2044 11,760.00 3,341.56 05/01/2045 126,760.00 35,180.55 11/01/2045 9,000.00 2,439.73 05/01/2046 129,000.00 34,156.00 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Present Value to 02/08/2018 Date Debt Service @ 4.7630515318% 11/01/2046 6,120.00 1,582.73 05/01/2047 131,120.00 33,120.97 11/01/2047 3,120.00 769.78 05/01/2048 133,120.00 32,079.99 4,140,243.03 2,165,000.00 Proceeds Summary Delivery date 02/08/2018 Par Value 2,165,000.00 Target for yield calculation 2,165,000.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 02/08/2018 05/01/2018 23,708.03 23,708.03 23,708.03 11/01/2018 51,415.00 51,415.00 05/01/2019 35,000 4.700% 51,415.00 86,415.00 137,830.00 11/01/2019 50,592.50 50,592.50 05/01/2020 35,000 4.700% 50,592.50 85,592.50 136,185.00 11/01/2020 49,770.00 49,770.00 05/01/2021 35,000 4.700% 49,770.00 84,770.00 134,540.00 11/01/2021 48,947.50 48,947.50 05/01/2022 40,000 4.700% 48,947.50 88,947.50 137,895.00 11/01/2022 48,007.50 48,007.50 05/01/2023 40,000 4.700% 48,007.50 88,007.50 136,015.00 11/01/2023 47,067.50 47,067.50 05/01/2024 45,000 4.700% 47,067.50 92,067.50 139,135.00 11/01/2024 46,010.00 46,010.00 05/01/2025 45,000 4.700% 46,010.00 91,010.00 137,020.00 11/01/2025 44,952.50 44,952.50 05/01/2026 45,000 4.700% 44,952.50 89,952.50 134,905.00 11/01/2026 43,895.00 43,895.00 05/01/2027 50,000 4.700% 43,895.00 93,895.00 137,790.00 11/01/2027 42,720.00 42,720.00 05/01/2028 50,000 4.700% 42,720.00 92,720.00 135,440.00 11/01/2028 41,545.00 41,545.00 05/01/2029 55,000 4.700% 41,545.00 96,545.00 138,090.00 11/01/2029 40,252.50 40,252.50 05/01/2030 55,000 4.700% 40,252.50 95,252.50 135,505.00 11/01/2030 38,960.00 38,960.00 05/01/2031 60,000 4.700% 38,960.00 98,960.00 137,920.00 11/01/2031 37,550.00 37,550.00 05/01/2032 60,000 4.700% 37,550.00 97,550.00 135,100.00 11/01/2032 36,140.00 36,140.00 05/01/2033 65,000 4.700% 36,140.00 101,140.00 137,280.00 11/01/2033 34,612.50 34,612.50 05/01/2034 70,000 4.700% 34,612.50 104,612.50 139,225.00 11/01/2034 32,967.50 32,967.50 05/01/2035 70,000 4.700% 32,967.50 102,967.50 135,935.00 11/01/2035 31,322.50 31,322.50 05/01/2036 75,000 4.700% 31,322.50 106,322.50 137,645.00 11/01/2036 29,560.00 29,560.00 05/01/2037 80,000 4.700% 29,560.00 109,560.00 139,120.00 11/01/2037 27,680.00 27,680.00 05/01/2038 80,000 4.700% 27,680.00 107,680.00 135,360.00 11/01/2038 25,800.00 25,800.00 05/01/2039 85,000 4.800% 25,800.00 110,800.00 136,600.00 11/01/2039 23,760.00 23,760.00 05/01/2040 90,000 4.800% 23,760.00 113,760.00 137,520.00 11/01/2040 21,600.00 21,600.00 05/01/2041 95,000 4.800% 21,600.00 116,600.00 138,200.00 11/01/2041 19,320.00 19,320.00 05/01/2042 100,000 4.800% 19,320.00 119,320.00 138,640.00 11/01/2042 16,920.00 16,920.00 05/01/2043 105,000 4.800% 16,920.00 121,920.00 138,840.00 11/01/2043 14,400.00 14,400.00 05/01/2044 110,000 4.800% 14,400.00 124,400.00 138,800.00 11/01/2044 11,760.00 11,760.00 05/01/2045 115,000 4.800% 11,760.00 126,760.00 138,520.00 11/01/2045 9,000.00 9,000.00 05/01/2046 120,000 4.800% 9,000.00 129,000.00 138,000.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/01/2046 6,120.00 6,120.00 05/01/2047 125,000 4.800% 6,120.00 131,120.00 137,240.00 11/01/2047 3,120.00 3,120.00 05/01/2048 130,000 4.800% 3,120.00 133,120.00 136,240.00 2,165,000 1,975,243.03 4,140,243.03 4,140,243.03 $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Project Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.763052%) 02/08/18 Beg Bal -1,798,838.22 -2,880,209.35 03/16/18 1,799,045.21 2,866,263.63 07/09/18 -12,937.11 -20,309.28 09/28/21 735.00 991.58 01/31/25 Bal 13,962.35 16,096.91 01/31/25 Acc 51.73 59.64 ---------------------------------------------------------------- 02/08/28 TOTALS: 2,018.96 -17,106.86 ---------------------------------------------------------------- ISSUE DATE: 02/08/18 REBATABLE ARBITRAGE: -17,106.86 COMP DATE: 02/08/28 NET INCOME: 2,018.96 BOND YIELD: 4.763052% TAX INV YIELD: 0.716018% $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.763052%) 02/08/18 Beg Bal -75,123.03 -120,283.22 03/02/18 -7.94 -12.67 04/03/18 -11.73 -18.65 05/01/18 23,708.03 37,550.36 05/02/18 -14.09 -22.31 06/04/18 -14.66 -23.12 07/03/18 -14.19 -22.29 08/02/18 -17.50 -27.39 09/05/18 -17.59 -27.41 10/02/18 -17.02 -26.43 11/02/18 -17.59 -27.21 11/06/18 51,415.00 79,488.26 11/06/18 242.63 375.11 05/01/20 2.12 3.06 ---------------------------------------------------------------- 02/08/28 TOTALS: 112.44 -3,073.93 ---------------------------------------------------------------- ISSUE DATE: 02/08/18 REBATABLE ARBITRAGE: -3,073.93 COMP DATE: 02/08/28 NET INCOME: 112.44 BOND YIELD: 4.763052% TAX INV YIELD: 0.256701% $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.763052%) 02/08/18 Beg Bal -69,038.75 -110,541.38 03/02/18 7.94 12.67 04/03/18 11.73 18.65 05/02/18 14.09 22.31 06/04/18 14.66 23.12 07/03/18 14.19 22.29 08/02/18 17.50 27.39 09/05/18 17.59 27.41 10/02/18 17.02 26.43 11/02/18 17.59 27.21 12/04/18 17.02 26.22 01/03/19 17.59 26.99 02/04/19 17.59 26.88 03/04/19 15.89 24.19 04/02/19 17.59 26.68 05/02/19 17.02 25.71 06/04/19 17.59 26.46 07/02/19 17.02 25.51 08/02/19 14.66 21.89 09/04/19 11.73 17.44 10/02/19 10.21 15.13 11/04/19 8.80 12.98 12/03/19 8.51 12.51 01/03/20 8.80 12.88 02/04/20 8.77 12.79 03/03/20 7.26 10.55 04/02/20 3.27 4.73 05/04/20 0.57 0.82 06/02/20 0.58 0.83 07/02/20 0.34 0.49 08/04/20 0.32 0.46 09/02/20 0.29 0.41 10/02/20 0.28 0.40 11/03/20 0.29 0.41 12/02/20 0.28 0.39 01/05/21 0.29 0.40 02/02/21 0.29 0.40 03/02/21 0.26 0.36 04/02/21 0.29 0.40 05/04/21 0.28 0.38 06/02/21 0.29 0.40 07/02/21 0.28 0.38 08/03/21 0.29 0.39 09/02/21 0.29 0.39 10/04/21 0.28 0.38 11/02/21 0.29 0.39 12/02/21 0.28 0.37 $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.763052%) 01/04/22 0.29 0.39 02/02/22 0.29 0.38 03/02/22 0.26 0.34 04/04/22 0.29 0.38 05/03/22 0.28 0.37 06/02/22 0.29 0.38 07/05/22 0.28 0.36 08/02/22 0.29 0.38 09/02/22 45.54 58.81 10/04/22 85.12 109.47 11/02/22 104.41 133.79 12/02/22 110.65 141.23 01/04/23 129.00 163.96 02/02/23 137.23 173.78 03/02/23 124.46 156.99 04/04/23 167.96 210.98 05/02/23 209.58 262.30 06/02/23 216.95 270.46 07/05/23 215.63 267.66 08/02/23 251.28 310.81 09/05/23 313.70 386.35 10/03/23 303.58 372.52 11/02/23 313.74 383.53 12/04/23 301.41 366.91 01/03/24 309.77 375.66 02/02/24 307.00 370.90 03/04/24 287.23 345.56 04/02/24 307.12 368.14 05/01/24 297.14 354.83 06/03/24 307.04 365.12 07/01/24 297.14 352.06 08/02/24 306.86 362.10 09/04/24 306.81 360.53 10/02/24 285.59 334.37 11/04/24 277.56 323.61 12/03/24 257.83 299.47 01/03/25 256.81 297.12 01/31/25 Bal 69,038.75 79,593.35 01/31/25 Acc 256.81 296.07 ---------------------------------------------------------------- 02/08/28 TOTALS: 7,451.21 -21,824.06 ---------------------------------------------------------------- ISSUE DATE: 02/08/18 REBATABLE ARBITRAGE: -21,824.06 COMP DATE: 02/08/28 NET INCOME: 7,451.21 BOND YIELD: 4.763052% TAX INV YIELD: 1.500289% $2,165,000 Tohoqua Community Development District (Osceola County, Florida) Special Assessment Revenue Bonds, Series 2018 Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.763052%) 02/08/19 -1,730.00 -2,642.62 02/08/20 -1,760.00 -2,564.83 02/08/21 -1,780.00 -2,474.70 02/08/22 -1,830.00 -2,427.23 02/08/23 -1,960.00 -2,480.12 02/08/24 -2,070.00 -2,498.87 ---------------------------------------------------------------- 02/08/28 TOTALS: -11,130.00 -15,088.36 ---------------------------------------------------------------- ISSUE DATE: 02/08/18 REBATABLE ARBITRAGE: -15,088.36 COMP DATE: 02/08/28 BOND YIELD: 4.763052% REBATE REPORT $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Dated: March 15, 2023 Delivered: March 15, 2023 _____________________________________________________ Rebate Report to the Computation Date June 15, 2027 Reflecting Activity To February 28, 2025 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 Account 13 Arbitrage Rebate Calculation Detail Report – Costs of Issuance Account 14 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Account 15 Arbitrage Rebate Calculation Detail Report – Reserve Account 16 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 17 March 20, 2025 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: $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida), Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B 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, 2026. Thank you and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President David G. Mancuso, CPA, MBA Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the June 15, 2027 Computation Date Reflecting Activity from March 15, 2023 through February 28, 2025 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Project Account 3.718460% 3,821.44 (2,251.91) Costs of Issuance Account 3.629545% 220.44 (141.28) Capitalized Interest Account 4.452991% 1,791.18 (523.59) Reserve Account 4.871367% 7,267.97 (1,137.15) Totals 4.386175% $13,101.03 $(4,053.93) Bond Yield 5.517541% Rebate Computation Credits (4,873.89) Net Rebatable Arbitrage $(8,927.82) 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 15, 2023, the date of the closing, to February 28, 2025, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of June 15, 2027. 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 15, 2023 and February 28, 2025, 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, 2027. 7. Computation Period The period beginning on March 15, 2023, the date of the closing, and ending on February 28, 2025. 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 Revenue 278961000 Interest 278961001 Principal 278961002 Prepayment 278961003 Reserve 278961004 Project 278961005 Capitalized Interest 278961006 Costs of Issuance 278961007 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, 2025, 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, 2027. 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, 2027, is the Rebatable Arbitrage. $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Delivered: March 15, 2023 Sources of Funds Par Amount $2,230,000.00 Net Original Issue Discount -5,719.85 Total $2,224,280.15 Uses of Funds Project Account $1,833,587.43 Costs of Issuance Account 193,373.75 Capitalized Interest Account 75,618.97 Reserve Account 77,100.00 Underwriter’s Discount 44,600.00 Total $2,224,280.15 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Present Value to 03/15/2023 Date Debt Service @ 5.5175406675% 05/01/2023 15,391.47 15,284.80 11/01/2023 60,227.50 58,204.36 05/01/2024 90,227.50 84,855.65 11/01/2024 59,552.50 54,503.31 05/01/2025 94,552.50 84,212.59 11/01/2025 58,765.00 50,933.54 05/01/2026 93,765.00 79,087.34 11/01/2026 57,977.50 47,589.03 05/01/2027 92,977.50 74,268.78 11/01/2027 57,190.00 44,455.92 05/01/2028 97,190.00 73,521.14 11/01/2028 56,290.00 41,438.40 05/01/2029 96,290.00 68,981.72 11/01/2029 55,390.00 38,615.82 05/01/2030 95,390.00 64,716.93 11/01/2030 54,490.00 35,976.01 05/01/2031 99,490.00 63,922.93 11/01/2031 53,275.00 33,310.55 05/01/2032 98,275.00 59,797.43 11/01/2032 52,060.00 30,826.53 05/01/2033 102,060.00 58,810.82 11/01/2033 50,710.00 28,436.51 05/01/2034 100,710.00 54,958.70 11/01/2034 49,360.00 26,213.20 05/01/2035 104,360.00 53,933.69 11/01/2035 47,875.00 24,077.75 05/01/2036 107,875.00 52,796.98 11/01/2036 46,255.00 22,030.69 05/01/2037 106,255.00 49,249.27 11/01/2037 44,635.00 20,132.94 05/01/2038 109,635.00 48,124.02 11/01/2038 42,880.00 18,316.75 05/01/2039 112,880.00 46,923.66 11/01/2039 40,990.00 16,581.88 05/01/2040 110,990.00 43,693.91 11/01/2040 39,100.00 14,979.42 05/01/2041 114,100.00 42,538.77 11/01/2041 37,075.00 13,451.22 05/01/2042 117,075.00 41,335.73 11/01/2042 34,915.00 11,996.50 05/01/2043 119,915.00 40,095.64 11/01/2043 32,620.00 10,614.24 05/01/2044 122,620.00 38,828.19 11/01/2044 30,100.00 9,275.42 05/01/2045 125,100.00 37,515.04 11/01/2045 27,440.00 8,007.80 05/01/2046 127,440.00 36,192.29 11/01/2046 24,640.00 6,809.76 05/01/2047 129,640.00 34,866.75 11/01/2047 21,700.00 5,679.54 05/01/2048 131,700.00 33,544.43 11/01/2048 18,620.00 4,615.25 05/01/2049 138,620.00 33,436.65 11/01/2049 15,260.00 3,582.06 05/01/2050 140,260.00 32,040.03 11/01/2050 11,760.00 2,614.25 05/01/2051 141,760.00 30,667.26 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Present Value to 03/15/2023 Date Debt Service @ 5.5175406675% 11/01/2051 8,120.00 1,709.46 05/01/2052 148,120.00 30,345.70 11/01/2052 4,200.00 837.36 05/01/2053 154,200.00 29,917.83 4,632,336.47 2,224,280.15 Proceeds Summary Delivery date 03/15/2023 Par Value 2,230,000.00 Premium (Discount) -5,719.85 Target for yield calculation 2,224,280.15 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 03/15/2023 05/01/2023 15,391.47 15,391.47 15,391.47 11/01/2023 60,227.50 60,227.50 05/01/2024 30,000 4.500% 60,227.50 90,227.50 150,455.00 11/01/2024 59,552.50 59,552.50 05/01/2025 35,000 4.500% 59,552.50 94,552.50 154,105.00 11/01/2025 58,765.00 58,765.00 05/01/2026 35,000 4.500% 58,765.00 93,765.00 152,530.00 11/01/2026 57,977.50 57,977.50 05/01/2027 35,000 4.500% 57,977.50 92,977.50 150,955.00 11/01/2027 57,190.00 57,190.00 05/01/2028 40,000 4.500% 57,190.00 97,190.00 154,380.00 11/01/2028 56,290.00 56,290.00 05/01/2029 40,000 4.500% 56,290.00 96,290.00 152,580.00 11/01/2029 55,390.00 55,390.00 05/01/2030 40,000 4.500% 55,390.00 95,390.00 150,780.00 11/01/2030 54,490.00 54,490.00 05/01/2031 45,000 5.400% 54,490.00 99,490.00 153,980.00 11/01/2031 53,275.00 53,275.00 05/01/2032 45,000 5.400% 53,275.00 98,275.00 151,550.00 11/01/2032 52,060.00 52,060.00 05/01/2033 50,000 5.400% 52,060.00 102,060.00 154,120.00 11/01/2033 50,710.00 50,710.00 05/01/2034 50,000 5.400% 50,710.00 100,710.00 151,420.00 11/01/2034 49,360.00 49,360.00 05/01/2035 55,000 5.400% 49,360.00 104,360.00 153,720.00 11/01/2035 47,875.00 47,875.00 05/01/2036 60,000 5.400% 47,875.00 107,875.00 155,750.00 11/01/2036 46,255.00 46,255.00 05/01/2037 60,000 5.400% 46,255.00 106,255.00 152,510.00 11/01/2037 44,635.00 44,635.00 05/01/2038 65,000 5.400% 44,635.00 109,635.00 154,270.00 11/01/2038 42,880.00 42,880.00 05/01/2039 70,000 5.400% 42,880.00 112,880.00 155,760.00 11/01/2039 40,990.00 40,990.00 05/01/2040 70,000 5.400% 40,990.00 110,990.00 151,980.00 11/01/2040 39,100.00 39,100.00 05/01/2041 75,000 5.400% 39,100.00 114,100.00 153,200.00 11/01/2041 37,075.00 37,075.00 05/01/2042 80,000 5.400% 37,075.00 117,075.00 154,150.00 11/01/2042 34,915.00 34,915.00 05/01/2043 85,000 5.400% 34,915.00 119,915.00 154,830.00 11/01/2043 32,620.00 32,620.00 05/01/2044 90,000 5.600% 32,620.00 122,620.00 155,240.00 11/01/2044 30,100.00 30,100.00 05/01/2045 95,000 5.600% 30,100.00 125,100.00 155,200.00 11/01/2045 27,440.00 27,440.00 05/01/2046 100,000 5.600% 27,440.00 127,440.00 154,880.00 11/01/2046 24,640.00 24,640.00 05/01/2047 105,000 5.600% 24,640.00 129,640.00 154,280.00 11/01/2047 21,700.00 21,700.00 05/01/2048 110,000 5.600% 21,700.00 131,700.00 153,400.00 11/01/2048 18,620.00 18,620.00 05/01/2049 120,000 5.600% 18,620.00 138,620.00 157,240.00 11/01/2049 15,260.00 15,260.00 05/01/2050 125,000 5.600% 15,260.00 140,260.00 155,520.00 11/01/2050 11,760.00 11,760.00 05/01/2051 130,000 5.600% 11,760.00 141,760.00 153,520.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/01/2051 8,120.00 8,120.00 05/01/2052 140,000 5.600% 8,120.00 148,120.00 156,240.00 11/01/2052 4,200.00 4,200.00 05/01/2053 150,000 5.600% 4,200.00 154,200.00 158,400.00 2,230,000 2,402,336.47 4,632,336.47 4,632,336.47 $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Project Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.517541%) 03/15/23 Beg Bal -1,833,587.43 -2,310,799.48 03/29/23 1,833,587.43 2,305,913.51 04/04/23 -116.60 -146.52 05/02/23 -234.05 -292.88 06/02/23 -242.28 -301.80 07/05/23 -240.81 -298.48 07/25/23 2,408.75 2,976.57 08/02/23 -280.63 -346.42 08/03/23 -13,794.19 -17,025.34 09/05/23 -350.33 -430.30 09/06/23 -4.04 -4.96 10/03/23 -339.03 -414.67 10/17/23 56.25 68.65 11/02/23 -350.38 -426.67 12/04/23 -336.60 -407.91 01/03/24 -345.93 -417.39 01/05/24 -1,791.18 -2,160.52 02/02/24 -342.84 -411.85 03/04/24 -320.77 -383.48 04/02/24 -342.98 -408.30 05/02/24 -331.83 -393.24 06/04/24 -342.89 -404.38 07/02/24 -331.83 -389.68 08/02/24 -342.69 -400.62 09/04/24 -342.63 -398.61 10/02/24 -318.94 -369.48 11/04/24 -309.97 -357.36 12/03/24 -287.94 -330.51 01/03/25 -286.79 -327.70 02/04/25 -278.07 -316.25 02/28/25 MMkt Bal 23,886.11 27,067.41 02/28/25 MMkt Acc 76.55 86.75 ---------------------------------------------------------------- 06/15/27 TOTALS: 3,821.44 -2,251.91 ---------------------------------------------------------------- ISSUE DATE: 03/15/23 REBATABLE ARBITRAGE: -2,251.91 COMP DATE: 06/15/27 NET INCOME: 3,821.44 BOND YIELD: 5.517541% TAX INV YIELD: 3.718460% $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Costs of Issuance Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.517541%) 03/15/23 Beg Bal -193,373.75 -243,701.47 03/15/23 49,750.00 62,698.01 03/15/23 35,000.00 44,109.15 03/15/23 32,500.00 40,958.50 03/15/23 6,000.00 7,561.57 03/15/23 2,650.00 3,339.69 03/17/23 5,900.00 7,433.29 03/21/23 40,000.00 50,364.75 03/23/23 8,000.00 10,069.90 08/03/23 13,794.19 17,025.34 ---------------------------------------------------------------- 06/15/27 TOTALS: 220.44 -141.28 ---------------------------------------------------------------- ISSUE DATE: 03/15/23 REBATABLE ARBITRAGE: -141.28 COMP DATE: 06/15/27 NET INCOME: 220.44 BOND YIELD: 5.517541% TAX INV YIELD: 3.629545% $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Capitalized Interest Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.517541%) 03/15/23 Beg Bal -75,618.97 -95,299.67 05/01/23 15,391.47 19,262.84 11/01/23 60,227.50 73,352.71 01/05/24 1,791.18 2,160.52 ---------------------------------------------------------------- 06/15/27 TOTALS: 1,791.18 -523.59 ---------------------------------------------------------------- ISSUE DATE: 03/15/23 REBATABLE ARBITRAGE: -523.59 COMP DATE: 06/15/27 NET INCOME: 1,791.18 BOND YIELD: 5.517541% TAX INV YIELD: 4.452991% $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Reserve Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.517541%) 03/15/23 Beg Bal -77,100.00 -97,166.15 04/04/23 116.60 146.52 05/02/23 234.05 292.88 06/02/23 242.28 301.80 07/05/23 240.81 298.48 08/02/23 280.63 346.42 09/05/23 350.33 430.30 10/03/23 339.03 414.67 11/02/23 350.38 426.67 12/04/23 336.60 407.91 01/03/24 345.93 417.39 02/02/24 342.84 411.85 03/04/24 320.77 383.48 04/02/24 342.98 408.30 05/02/24 331.83 393.24 06/04/24 342.89 404.38 07/02/24 331.83 389.68 08/02/24 342.69 400.62 09/04/24 342.63 398.61 10/02/24 318.94 369.48 11/04/24 309.97 357.36 12/03/24 287.94 330.51 01/03/25 286.79 327.70 02/04/25 278.07 316.25 02/05/25 315.00 358.20 02/28/25 MMkt Bal 76,785.00 87,011.70 02/28/25 MMkt Acc 251.16 284.61 ---------------------------------------------------------------- 06/15/27 TOTALS: 7,267.97 -1,137.15 ---------------------------------------------------------------- ISSUE DATE: 03/15/23 REBATABLE ARBITRAGE: -1,137.15 COMP DATE: 06/15/27 NET INCOME: 7,267.97 BOND YIELD: 5.517541% TAX INV YIELD: 4.871367% $2,230,000 Tohoqua Community Development District (City of St. Cloud, Florida) Special Assessment Revenue Bonds, Series 2023 (Phase 4B/5B Project) Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.517541%) 06/15/23 -1,960.00 -2,436.73 06/15/24 -2,070.00 -2,437.16 ---------------------------------------------------------------- 06/15/27 TOTALS: -4,030.00 -4,873.89 ---------------------------------------------------------------- ISSUE DATE: 03/15/23 REBATABLE ARBITRAGE: -4,873.89 COMP DATE: 06/15/27 BOND YIELD: 5.517541% 1B MARCH & APRIL 20255 FACILITY REPORT: •Pool Attendant services began in March •Pool bucket has been cleaned •Additional bike rack installed •Clubhouse Rentals in March: 3 •Clubhouse Rentals in April: 4 2 RESIDENTS’ CLUB FACILITY REPORT: •Pool Attendant services began in March•Pool bucket has been cleaned•Additional bike rack installed•Clubhouse Rentals in March: 3•Clubhouse Rentals in April: 4 •Pool Attendant services began in March•Pool bucket has been cleaned•Additional bike rack installed•Pool Attendant services began in March •Pool Attendant services began in March •Pool bucket has been cleaned •Pool bucket has been cleaned •Additional bike rack installed• Additional bike rack installed•Clubhouse Rentals in March: 3•Clubhouse Rentals in April: 4 •Clubhouse Rentals in March: 3• New Bike Rack March & April Events Kids Paint Party Spring Break Luau Happy Hoppy Easter 5