Tohoqua
Community Development District Agenda
November 3, 2025

Agenda

Tohoqua
Community Development District

October 27, 2025
Board of Supervisors Tohoqua Community Development District

Dear Board Members:

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

The regular meeting of the Board of Supervisors of Tohoqua Community Development District will be held Monday, November 3, 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

Roll Call
Public Comment Period
Approval of Minutes of the October 1, 2025, Board of Supervisors Meeting
Consideration of Resolution 2026-02 Approving Conveyance of Utilities
Presentation of Series 2023 (Phase 4C Project) Arbitrage Rebate Report
Staff Reports
Attorney
Engineer
Field Manager’s Report
Amenity Manager’s Report
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Other Business
Supervisor Requests
Adjournment

Minutes

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, October 1, 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
Sean Bailey	Assistant Secretary

Also present were:

George Flint	District Manager
Kristen Trucco	District Counsel
Stephen Saha by phone	District Engineer
Alan Scheerer	Field Manager
Chris Horter	GMS
Marcia Calleja	CALM
Sara Zare by phone	MBS Capital Markets
Tim Bramwell by phone	Akerman Residents

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the meeting to order at 9:00 a.m. and called the roll. All Supervisors were present.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint: Next is the Public Comment Period. This would be an opportunity for members of the public to provide comment on anything on the agenda or not on the agenda that you would like to bring to the Board's attention. If you would like to provide comment, state your name and address and try to limit your comments to three minutes if possible. I know a number of

members of the Tohoqua Reserve community have concerns about the ponds. We will be discussing that under the Field Manager's Report, but if you have comments that you want to provide to the Board, now would be the opportunity. Are there any public comments?
Resident (Joseph Cook, 2740 Serenity Meadow Drive): It was going to be a pond issue, but I just wanted to make some point that I had seen in some of the texts and things, that somebody had mentioned that fountains and bubblers don't do anything for the pond. I strongly object to that. It's a well-known fact that it aerates the water and fish don't die when the water is aerated. So, to say that fountains and bubblers don't have any effect on the water, that's all I'm saying. I believe that that kind of a comment is uneducated.
Mr. Flint: Thank you for your input. Are there any other comments?
Resident (Jeff Muller, 1851 Spring Shower Circle): You may not be able to answer this question or it may be inappropriate to ask, but behind 1851, over where that water remediation thing was, they're doing a lot of work behind there. Nobody seems to know what's going on with that property. They cleared the road that comes to the back of my house. I know Pulte doesn't own it, but I was wondering if there was anybody that was connected to anything that knows what is going in there and if there's any kind of a time schedule. If you don't have an answer, that's fine, but I figured that I would ask.
Mr. Vidrine: This is the property north of the Phase 5.
Resident (Jeff Muller, 1851 Spring Shower Circle): It is north, yes.
Mr. Vidrine: Okay. You’re talking about the property between Neptune Boulevard and Tohoqua Reserve. Is that right?
Resident (Jeff Muller, 1851 Spring Shower Circle): It is actually behind where the fence

is.

parcel.

Mr. Vidrine: Okay.
Resident (Jeff Muller, 1851 Spring Shower Circle): Behind the fence there's a huge

Mr. Vidrine: This is behind the canal?
Resident (Jeff Muller, 1851 Spring Shower Circle): No, not behind the canal. I know

where you're talking about. It is close to the Turnpike. My point is that somebody knows what is going in there. When they drop stuff off of that little double road that comes off of Neptune, nobody knows it's there.

Mr. Vidrine: I think we're talking about the same thing. I just want to pull up a map, so I don't misspeak on what I know and what I don't know.
Mr. Flint: Do you want to address that under Other Business? Mr. Vidrine: Sure.
Mr. Flint: You can confirm in the meantime. We're under public comment at the beginning of the meeting. Did you have any comment for the Board? If you do, if you could state your name and address and try to limit your comments to three minutes, please.
Resident (Tania Galinanes): I just got here. Does anybody want to go before me? Mr. Flint: We've already taken some public comment.
Resident (Tania Galinanes): I am right across from the Community Center. I need to know what we're going to do. I know the community is expanding, but I have that corner lot over there. We have requested a fence around it, because people think that that corner lot is part of the common area and it's not. I have been denied multiple times. Again, we pay extra for that corner lot. It's not for people to go ahead and drive their car through it. I had an issue with a contractor last week. Did I know he was a contractor? No, because he had no identifying marks or anything on his truck. He had blocked four driveways. I very nicely went at 12:15 p.m. and said, “Hey, I'm leaving in half an hour. Can you make sure that you move your car?” They said, “Oh, yeah, no problem.” Did he move it? Nope. They all ignored me and I don't know who to call. I had to call the police and yes, I was obnoxious. I honked my horn. I was extremely mad. I had to go to work and I had to wait for the police. He came in and I'm like, “I need you to get out” and he just totally ignored me. The police came over and he's like, “Oh yeah, he gave me an attitude too.” This is where I want to talk to the developers, because the HOA have their hands tied. But I know they listen to you guys. I know that you know the contractor, the foreman, whoever it is. They need to understand that there's actual people who live in there.
Mr. Vidrine: Sure.
Resident (Tania Galinanes): And guess what? The guy was like, “Go back, just back out, I'm working.” So first of all, he had nothing identifying him as a contractor. He had no cones. My husband works for AT&T, so I know they need to have at least cones. He had no cones, no flashing light, no nothing. He mouthed off to the cop. The cop apparently didn't think that was a big deal. I knew. Watch me mouth out to a cop, I’ll be in the psych house. So that's a problem. We sent a video to the HOA. There again, that is a one-way street. People don't respect that,

especially people from Lennar area that come in. If anybody's from Lennar, I'm sorry, but they don't understand that that is a one-way street. So, guess what happens, people coming in, have the right of way. People coming out, don't have the right of way because they don't want to back out. So, guess what happens. They just go through my yard. So, I need the big guns to come in and either put more signs up saying that it is a one-way street, let your people know that those alleys are a one-way street and please talk to St. Cloud Police, because I'm just one person. But you guys have the power to actually go to the government and say, “We need more signage. We need more police presence.” That four way stop at Blowing Breeze Avenue and Fulfillment Drive, is absolutely ridiculous. One of these days somebody is going to hit somebody, because they think that's a suggestion. Somebody is going to hit somebody and it's going to be awful. I can call the police. I have them on speed dial. They probably go like, “Oh my gosh, this woman again.” But it’s true. Something is going to happen. I'm only one person. Unfortunately, a lot of people like to complain on Facebook. I'm not on Facebook, but a lot of people that complain, they don't do anything. I'm asking you guys to please do something. That was it.
Mr. Flint: Okay, thank you.
Mr. Vidrine: No, thank you. I understand your concern and frustration. Resident (Tania Galinanes): It is very frustrating.
Mr. Vidrine: What I listened to, was the request for more signs that are one way. Resident (Tania Galinanes): Yes.
Mr. Vidrine: That's very useful. That's not a hard one. I'm not a home builder, so I can't speak to that side of things, but I understand your frustration for sure. We'll talk afterwards about additional signage. Okay?
Resident (Tania Galinanes): I appreciate that.
Mr. Vidrine: That's the extent of what I can do on my side. Mr. Flint: Yeah.
Ms. Trucco: Did you notice any insignia or do you know who the contractor was?
Resident (Tania Galinanes): I don’t know who it was, because he refused to give the cop his name. But I was like, “I'm not leaving until I have a name, phone number, something.” I did email it to the HOA and I emailed it to the Police Department as well.
Ms. Trucco: Okay, if you can provide that, we would appreciate it.
Mr. Flint: Kristen, we've been dealing with this issue. We're familiar with it.

Ms. Trucco: You're dealing with it. Okay. We'll work with GMS to see what we can do.
Resident (Tania Galinanes): We appreciate it, because me backing out, if another car would have come in and not following the 35 miles-per-hour (mph), guess what's going to happen? I would get hit, because I'm going the wrong way.
Ms. Trucco: Okay. We've noted your comment. We're going to look into it and see what we can do.
Resident (Tania Galinanes): I appreciate it.
Mr. Flint: Is there any comment from staff on this? Do you want to give an update on what we've done to this point?
Ms. Calleja: Yeah. So, one of the things we've done, is we did reach out to the City of St. Cloud to request signage. We also recommend that homeowners also go on the website that Chris provided to you and also request that, because they listen to you guys more than us. But we did proceed with that. We also have an email going out to both builders; Pulte Homes and Lennar Homes, to help out with their subcontractors and let them know of the situation.
Resident (Tania Galinanes): I appreciate it because it's not just him. He was awful, but it's not just him. It's constant. The reason I'm here, is because I'm fed up.
Mr. Flint: Okay. Thank you for your input. Are there any other public comments for the
Board?
Resident (Joseph Cook, 2740 Serenity Meadow Drive): I have one more question. Does
the HOA for Tohoqua Reserve, need to get permission from the CDD, to go with a solar powered fountain or a solar powered bubbler?
Mr. Flint: Yes.
Resident (Joseph Cook, 2740 Serenity Meadow Drive): Are we allowed to do that?
Mr. Flint: You would come to the CDD with a request. I don't believe if the HOA was willing to pay for that, there would be any reason that the CDD would be opposed to it. I can't speak for the Board, but there would need to be a License Agreement, that would allow that fountain to be on a CDD pond and it would obligate the HOA to own and maintain it. In the event it didn't own and maintain it, it would give us the authority to remove it, that sort of thing. It would provide indemnification, that sort of thing. So, it's fairly common for CDDs to enter into those sorts of agreements with HOAs, because the CDD really is operating a stormwater utility. I understand fountains do have beneficial effects on water quality. Normally we don't do aeration

or fountains, unless we have midge issues or there's some reason that the water quality is degraded. You drive through and see the fountains along Cross Prairie Parkway. Those are really aesthetic fountains. So, the CDD typically would not do an aesthetic fountain. But in the case of an HOA wanting a fountain in a pond, the process would be to make the request to the CDD. We only have one pond in Tohoqua that has a fountain and that's 4C. That was put in because the City of St. Cloud required the builder to install it. It wasn't put in at the request of the CDD or Pulte. They were obligated to put it in. So, that's really the only pond we have a fountain in. That's a long answer to a short question. Are there any other public comments? Alright.

THIRD ORDER OF BUSINESS	Approval of Minutes of the August 25,
2025, Board of Supervisors Meeting
Mr. Flint: We’ll move on to the approval of the minutes from the August 25, 2025 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 August 25, 2024 Board of Supervisors Meeting were approved as presented.

FOURTH ORDER OF BUSINESS	Financing Matters
Presentation and Approval of Eighth Supplemental Engineer’s Report for
Phase 8 (Phase 8 Project) Dated September 30, 2025
Mr. Flint: Financing matters. I did hand out a revised agenda this morning. We added one item. It's actually Item 5 on your revised agenda and we'll get to that. But otherwise, this section of the agenda, is related to the bond issue for Phase 8. This is the last phase being developed within Tohoqua. You'll see the first item under this, is the Eighth Supplemental Engineers Report. This is for Phase 8. Mr. Steven Saha, who is your District Engineer, is on the phone. What this report does, is it identifies all of the improvements within Phase 8, that would be eligible to be financed as CDD improvements. Stephen, do you want to just summarize your report for the Board?
Mr. Saha: Yeah. I'll give a quick summary, so hopefully everyone can hear me okay. This is the Eighth Supplemental Engineers Report for Phase 8, which is sometimes referred to as 8A and 8B. But within this phase, there are 67 townhomes and 379 single family homes. The

infrastructure includes a couple of stormwater ponds. The facilities that are included, as part of the CDD eligibility, it's got all of the standard facilities, but included is stormwater, potable water, sanitary reclaim, landscaping and hardscaping. The total value of that comes to $6.3 million. The total, including contingency, also professional fees and inspection items, comes out to be about $8 million for this phase.
Mr. Flint: Okay and the costs are summarized on Exhibit 12 in the report, which is page 54 of the PDF. Are there any questions on the Engineer's Report? If not, we need a motion to approve it.

On MOTION by Mr. Qureshi seconded by Mr. Bailey with all in favor the Eighth Supplemental Engineer’s Report for Phase 8 (Phase 8 Project) dated September 30, 2025 was approved.

Presentation and Approval of Supplemental Assessment Methodology for Assessment Area Eight dated October 1, 2025
Mr. Flint: Then the next item is the Supplemental Assessment Methodology for Phase 8. We took the Engineer's Report and the improvements that are proposed and we allocated the benefit of those improvements across the proposed properties within the development. So, if you refer to the tables, which start on Page 67 of the PDF, it's Page 9 of the report. Table 1 shows you the proposed Development Plan. As Steven indicated, there are 446 planned units and it's a mix of townhomes and three different single family product types; 32-, 40- and 50-foot lots. Table 2 reflects the estimated capital improvements, the $8,046,000. Table 3 is a conservative bond sizing, based on target assessment levels. It's not based on the assessments that would be necessary to fund all $8 million. So, based on the target assessment levels, we're estimating a par amount of $3,760,000. That would generate $3,379,000 in construction funds. The remainder of the estimated $8 million in improvements, would be developer funded. There's an allowance for a debt service reserve, payment of the underwriter's costs and cost of issuance for the bonds. This does anticipate an average coupon rate of 5.6%. Is that right, Sarah?
Ms. Zare: That was an estimate at the time that we did the report. For strong credits with the Pulte name, I would expect us to be in that 5.6% to 5¾% range. But we'll certainly know more, as we get closer to pricing. That gives Pulte and the team more direction on exactly where we think we'll land.

Mr. Flint: Right. This is what's called a pre pricing methodology. This is just an estimate of what we think the bond sizing will be. Once the underwriter actually markets and prices the bonds, this report will be updated for the final terms and interest rates. So, the construction funds generated may be less than what we have here. Table 4 shows the allocation of the improvement costs and demonstration of benefit, based on improvement costs. Table 5 shows the allocation of benefit, based on the par debt. Table 6 shows the debt service assessments that would result. You can see these are the target assessment levels. So, for a townhome, it would be $495, up to a 50- foot single family, which would be $825. Those are the gross amounts that would be reflected on the Tax Bill. Then Table 7 is the Preliminary Assessment Roll. Are both phases platted? Phase 8A is platted and Phase 8B is still unplatted, but this reflects all the property in Phase 8. Are there any questions on the report, understanding this is a preliminary report, that will be revised once the bonds are priced. If not, is there a motion to approve the report?

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor the Supplemental Assessment Methodology for Assessment Area Eight dated October 1, 2025 was approved.

Consideration of Resolution 2026-01 Delegation Resolution (Series 2025 Phase 8 Project)
Mr. Flint: The next item is Resolution 2026-01, which is what's called the Delegation Resolution. Mr. Tim Bramwell with Akerman Senterfitt or Akerman, is the District's Bond Counsel. Tim, do you want to present the Delegation Resolution to the Board?
Mr. Bramwell: Sure. Good morning. Hopefully everybody can hear me. Okay. I'll start off with a little background and summarizing the resolution. On September 25, 2017, the Board adopted Bond Resolution 2017-21, authorizing the District to issue its special assessment revenue bonds in an aggregate amount not-to-exceed $94,500,000, pursuant to a Master Trust Indenture, in the form approved pursuant to that Bond Resolution. The Bond Resolution, Master Trust Indenture and the bonds were then validated on December 5, 2017. Since validation, the District has previously adopted a Delegation Resolution supplementing the Bond Resolution to authorize and issue seven bond issues, with an aggregate principal amount totaling $18,465,000, pursuant to seven supplemental indentures under the Master Trust Indenture. This Delegation Resolution 2026-01, now before the Board, further supplements the Bond Resolution to

authorize eight series of bonds, in an aggregate principal amount not-to-exceed $5,500,000, in order to finance the Phase 8 project. The resolution delegates authority to the District's officers, to issue the Phase 8 bonds, under certain circumstances and approves forms to the related principal bond documents, including the Eighth Supplemental Trust Indenture, Bond Purchase Agreement, Preliminary Limited Offering Memorandum (PLOM) and Continuing Disclosure Agreement. This Delegation Resolution authorizes the Board to engage MBS Capital Markets (MBS) as its underwriter and authorizes MBS to market the Phase 8 bonds, using the PLOM. So long as MBS delivers an offer to purchase the Phase 8 bonds, that meets the parameters in Section 5 of this Delegation Resolution, then the Delegation Resolution authorizes the District officers, to enter into a Bond Purchase Agreement with MBS, in the form approved. It also authorizes the District officers to finalize, execute and deliver the other documents approved, in forms pursuant to this Delegation Resolution. The parameters in Section 5 are summarized as follows: The aggregate principal amount of the Phase 8 bonds, do not exceed $5.5 million. The average interest rate on the bonds shall not exceed the maximum interest rate allowed under Florida Law, which for bonds priced during October of this year, the statutory max will be 7.9% or 300 basis points over the bond buyer 20 geo bond index rate published on September 25, 2025 of 4.9%. Third, the underwriter's discount should not exceed 2%, excluding fees and expenses of the underwriters counsel. Number four, the bonds shall be subject to optional redemption not later than May 1, 2037, at a redemption price of 100% and the principal amount to be redeemed and fifth, the final maturity of the bonds shall be no later than May 1, 2057. The Delegation Resolution also approves the form of an Acquisition Agreement, collateral assignment and True- Up Agreement, to be entered into with the developer. Does anybody have any questions about any of that?
Mr. Flint: Are there any questions on the Delegation Resolution? So basically, what this resolution allows the Board to do, it allows the underwriter to go out and price the bonds. It authorizes the Chair to sign the Bond Purchase Agreement and then later, a Finalizing Resolution will be brought back to you. But this basically authorizes the bonds to be priced without having a special Board meeting between the pricing and signing of the Bond Purchase Agreement. Are there any questions on the resolution? If not, is there a motion to approve it?

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor Resolution 2026-01 Supplementing its Resolution 2017-21, Authorizing the Issuance of Special Assessment Revenue Bonds, Series 2025 (Phase 8 Project) in a Principal Amount of Not Exceeding $5,500,000 for the Principal Purpose of Acquiring and Constructing Assessable Improvements; Delegating to the Chair or Vice Chair of the Board of Supervisors of the District, Subject to Compliance with the Applicable Provisions Hereof, the Authority to Award the Sale of Such Phase 8 Bonds to MBS Capital Markets, LLC by Executing and Delivering to Such Underwriter a Bond Purchase Agreement and Approving the Form Thereof; Approving the Form Thereof; Approving the Form of and Authorizing the Execution of an Eighth Supplemental Trust Indenture; Approving
U.S. Bank Trust Company, National Association as the Trustee, Bond Registrar and Paying Agent for Such Phase 8 Bonds; Making Certain Findings; Approving the Form of Said Phase 8 Bonds; Approving the Form of the Preliminary Limited Offering Memorandum and Authorizing the Use by the Underwriter of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum and the Execution of the Limited Offering Memorandum; Approving the Form of the Continuing Disclosure Agreement and Authorizing the Execution Thereof; Approving the Form of and Authorizing the Execution and Delivery of an Acquisition Agreement, a Collateral Assignment and a True-Up Agreement; Authorizing Certain Officials of the Tohoqua Community Development District and Others to Take All Actions Required in Connection with the Issuance, Sale and Delivery of Said Phase 8 Bonds; Providing Certain Other Details with Respect to Said Phase 8 Bonds and Providing an Effective Date was adopted.

Consideration of Series 2025 Ancillary Documents
True-Up Agreement
Collateral Assignment Agreement
Acquisition Agreement
Declaration of Consent
Notice of Lien and Imposition of Special Assessments
Notice of Collection Agent for Special Assessments
Mr. Flint: We've listed what are called the ancillary documents. Kristen, I think the first three as Tim said, were approved as part of the Delegation Resolution.
Ms. Trucco: I'll just briefly describe these quickly and then if you have any questions, we can go through each one individually. Attached to the Delegation Resolution, is an Acquisition Agreement. That's basically assurance from the developer, that they're going to construct the

Phase 8 Project, in accordance with the Engineers Report, that you saw an initial draft of today and approved. Then also it's the CDD's assurance, that in exchange for constructing the project, the CDD is acknowledging that it will reimburse the developer for the completed work, in accordance with the bond documents, like the indenture that is included in your agenda today. The Collateral Assignment Agreement, basically, is if the developer fails to complete the project, then the developer agrees to assign their permits and development rights and entitlements to the CDD, so that the CDD can proceed with completing the project in accordance with the Engineer's Report. The True-Up Agreement is if the developer fails to construct the anticipated 446 lots, that are going to pay the debt service to pay back the bond. Basically, the True-Up Agreement states that the developer will reimburse the CDD for the difference of that debt service amount. The Declaration of Consent, Notice of Lien, imposition of special assessments and the Notice of Collection Agent, are recorded documents in the public record. The purpose of them, is basically to put the world and purchasers on notice, that there's a lien on Phase 8, in order to pay back this series of bonds, through a debt service assessment and GMS is the collection agent authorized to collect those debt service assessments, in order to pay back the bonds. So, this is the same form of agreements that we used with all of the prior issuances. There are no substantial changes on these, but we provide a copy of them to you, in case you have any questions.
Mr. Flint: Are there any questions on the ancillary documents? Do you need any other action on that?
Ms. Trucco: If you don't mind, we need a motion to approve in substantial final form, subject to staff sign off, since we've got them as an agenda item.

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor the ancillary documents as stated above were approved.

FIFTH ORDER OF BUSINESS	Consideration	of	Supplemental
Investment Banking Agreement
Mr. Flint: Item 5, we added to the agenda. It was really an oversight. Each time the Board issues bonds, you enter into an Investment Banking Agreement with MBS. They've been the underwriter on all of the other bond issues for the District. They're also required to make certain disclosures, which are included in that engagement letter. Ms. Sara Zare is on the phone, if you

have any questions on the agreement. The underwriter gets compensated through the issuance of the bonds. So, if we don't issue bonds, they don't get paid. If they do issue bonds, they get paid out of the proceeds of the bond issue. The rate that is in their letter for payment to the underwriter, is the same as the other seven bond issues. Are there any questions on the Investment Banking Agreement? Is there a motion to approve it?

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor the Supplemental Investment Banking Agreement with MBS Capital Markets was approved.

Mr. Flint: Alright. Thanks, Tim and Sara. We appreciate it. Stephen, we still have an Engineer's Report, later in the agenda.

SIXTH ORDER OF BUSINESS	Fiscal  Year  2025  Audit  Engagement
Letter
Mr. Flint: Item 6 is the engagement letter for the independent audit. You went through a statutory process to select the independent auditor and each year you enter into an engagement letter for performance of the audit. You selected Grau & Associates. This is the first day of the new fiscal year and the first day of Fiscal Year 2026. This engagement letter would be for the audit of Fiscal Year 2025, which ended yesterday. The fee for the service, is a not-to-exceed of
$11,400, which is consistent with what they provided when they submitted their proposal to you. Are there any questions on the engagement letter? Is there a motion to approve it?

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor the audit engagement letter with Grau & Associates in the amount of $11,400 was approved.

SEVENTH ORDER OF BUSINESS	Consideration of Proposal for Series 2024
Phase 7 Arbitrage Services
Mr. Flint: The next item is a proposal for arbitrage calculation services. The IRS requires the District to demonstrate that you're not earning more interest than you're paying. This is for the Series 2024 bonds. The proposal is from AMTEC. It's for five years at $450 a year. They prepare an Arbitrage Calculation Report annually for $450. Are there any questions on the proposal? If not, is there a motion to approve it?

On MOTION by Mr. Vidrine seconded by Mr. Qureshi with all in favor the Proposal from AMTEC for Series 2024 Phase 7 Arbitrage Services in the amount of $450 per year was approved.

EIGHTH ORDER OF BUSINESS	Staff Reports
Attorney
Mr. Flint: Staff Reports. Kristen?
Ms. Trucco: I don't have anything new to report to the Board, but we're still tracking and moving forward with the conveyances that the Board already approved, subject to staff sign off. I can report, however, that the Phase 8A lift station, was successfully conveyed. So that is all wrapped up now. There's one document that I need to follow up with Pulte’s counsel on for the outfall tract, but they've signed everything. We're all ready to go. I just have a quick question on that. Then we're also tracking and moving forward with the 4C conveniences, due to the CDD. So really, I think everything is on track. There are no surprises there. We're just monitoring that for now.
Mr. Flint: Are there any questions for District Counsel? Mr. Vidrine: No.

Engineer
Mr. Flint: Stephen is there anything for the Board? Mr. Saha: No, I don't have anything new to report.
Mr. Flint: Are there any questions for the District Engineer? Hearing none,

Field Manager’s Report
Mr. Flint: Field Manager's Report. Alan?
Mr. Scheerer: Yeah. I recognize many of the faces in this room for Tohoqua Reserve and I'm sorry you're here again, regarding the stormwater pond in your community. Just a little bit of updates. I know that you've been experiencing some blue green algae, some bad smells, due to the condition of the pond. As a bit of history, we had Sunshine Land Management out here doing the pond treatments for you guys for a couple of years, since we took over that pond. We had a lot of shoreline vegetation that was sprayed and obviously died off over the course of a couple years, creating some algae problems. We've been battling those algae problems for quite some

time. Not seeing the results that we wanted, we made a switch to Applied Aquatic. Mr. Kelly Smith, who is the senior applicator for Applied Aquatic, was scheduled to be here, but unfortunately had a medical emergency and couldn't attend. For the past five weeks, we've been treating the pond every week. We've been alternating chemicals. Captain. XER, which is like copper, deals with a lot of the regular algae and some of the shoreline vegetation. They've been applying another product that would address the planktonic. The planktonic algae is a fluorescent green algae, that you'll see on top of the pond. What you've been smelling, is what's called blue green algae. It's basically all of the nitrogen and all the chemicals that are washing out of the yards and into the street, which are just incubating into that stormwater pond. The stormwater ponds are all their own pond. No two ponds are exactly alike. So, we've been battling this for quite some time, which is why we decided to make a change and try a different vendor. They've been here every week for the last five weeks, treating weekly. We have to apply the chemicals per the EPA label. The EPA regulates how much chemical we can put down and how often we can put it down. If we put in too much chemical, then you're going to be dealing with wildlife disasters such as fish kills, maybe some birds, turtles and stuff like that. So, we're very cautious about what's going in. One of the bigger other challenges is, we do not have a dedicated easement to access that pond, meaning most of the ponds around here, if they're not up against the major street, where we can just drive into the pond and treat it or there's an actual piece of property that's dedicated to the CDD for maintenance of the pond. So, in talking with your HOA management team and a member of the HOA Board, we were granted permission to access between the bocce court and 2034 Spring Shower Circle. There's a home there. There's actually a driveway apron there and two manholes; one in the apron and one closer to the pond, which is how the water gets into your pond. I don't know if you heard, but the good news is we got an airboat into your pond this morning. The airboat will allow us to spray from the pond to the bank, as opposed to maybe a 10-to-15-foot spray from the pond bank. That limits the amount of chemical that we can apply to your pond. So, the green clean that they use today, that they're spraying today, is going to target mostly your planktonic algae, which is the fluorescent green algae. As of this morning, you have no blue green algae. I've walked the pond with the vendor before he accessed the pond with the airboat. We don't have that on the south end of the pond, because the wind is blowing that way. However, we do have a minor strip of the fluorescent rain plant tonic algae, which is going to be treated today. Now that the HOA has given us a point of

access, you'll see the airboat in there on a weekly basis. Next week they'll be treating with copper. That copper will attack all of the other algae. We have what's called filamentous algae, which is a floating algae. It looks kind of like a little green pillow. That's a lot better than the planktonic algae. We definitely don't want the planktonic or the blue green algae. So, with that said, you'll see in the next couple of weeks, Applied Aquatic, is going to have a representative of SePRO onsite. SePRO is the chemical provider for a lot of the aquatic vendors in the state. There are a multiple of them, but this happens to be the one that Applied Aquatic chooses to use. They're going to come out and do multiple water quality samples, now that we can get actually into the lake itself, the stormwater pond, not a lake. They're also going to do a true depth of the pond, to make sure we know exactly how deep this pond is, because that also has a bearing on how much chemical can be used in the pond. Nobody wants this smell to go away more than me, because I know you guys don't want to spend time smelling it. I received emails multiple times from a lot of you folks over there, which I welcome. But we share your concern and the goal is to get the pond under control. Once SePRO comes out and does their analysis, they're going to issue us a report. That report should give us a path going forward to try to get the nutrient infiltration into that pond. Like I said, it has to do with the temperature. Algae occur usually between Spring and Fall. It is due to the massive amount of heat that we've had, the massive amounts of rains that we've had, all of the nutrients that wash out of the yards into the roads and grass clippings. You all have beautiful yards over there. It doesn't stay that way without fertilizer and other chemicals. So, all of that stuff eventually washes into the storm water system and into that lake. Like I said, no two ponds are exactly the same. You have about 50 homes surrounding that and the Amenity Center. So, you're in real close proximity than, say, some of the other ponds that have houses around them. We now have access, which should help. So, we're going to have the pedal to the metal, sort of speak. You'll see the airboat out there. It is a small airboat. It's not a big airboat that goes on Toho or Wild Florida. But it is their preferred method. They have the tanks. They'll be out there spraying them. The other thing, there was a comment on the fountain. That comment was generated by me in an email to a homeowner, based on the algae and not on the other benefits of fountains. Fountains are typically decorative. I think the District Manager alluded to aerators for midge control and stuff like that. They don't really move enough water to have an effect, according to Applied Aquatic, who is the aquatic vendor. It's not moving enough water to affect your algae problem in your pond. So, with that said, I can try to answer

any questions that you have. I'm here every week. I know your HOA manager is there every week and he's always keeping me updated when I'm not here. Like I said, we're going to have the airboat in there, now that we have access and permission from the Tohoqua Reserve HOA, which will allow us to spray from the water in. These guys can spray 20 to 30 feet with that airboat, as opposed to 10 or 15 feet from the shoreline. I do apologize for what you are all are going through. It's at no fault of anybody. It's just the nature of this particular pond. We'll continue to work to improve it and do whatever's necessary. At some point, if you should choose to reach out and want to put in a fountain, I'm sure it will look great. But according to the aquatic folks, it really doesn't provide enough water flow to address any algae concerns.
Mr. Hooker: Based on that idea of the fountain. I wasn't referring to the fountain bubbler idea to address any algae issues. I was presenting it as an idea for not killing the aquatic life, like fish and things. Otherwise, why do you have a pump in your fish tank at home?
Mr. Scheerer: That's providing the oxygen to the fish. Mr. Hooker: That's my point. They have a purpose.
Mr. Scheerer: I didn't say they didn't have a purpose, honestly. Mr. Hooker: You're just saying they don't address algae.
Mr. Scheerer: As far as algae, which is in the context of the half a dozen or so emails we received last week, in that context, we were dealing with algae. Now, there are elements of water quality that do affect fish and it's low dissolved oxygen. You could have a pocket in a pond where there is no oxygen whatsoever and you might get a handful of fish that go through there and they're going to unfortunately choke out and die. You're going to end up with a buzzard problem, which is a whole other problem. But I'm just saying, the whole comment on the fountain's ability to manage your algae problem, that's what the context of that conversation was. I've got properties in western Osceola County that have a fountain in every lake and they're just decorative. That's all. They do supply additional oxygen to the water, but I was referencing algae in that regard.
Mr. Flint: Are there any questions from the Board for Alan?
Mr. Vidrine: Alan, just a quick question. When subdivisions get built, ponds get dug and homes are under construction and there is all of this debris and everything, when people are living there for a while, it starts to stabilize. There's initially a battle you're fighting, but after that

battle occurs and it sounds like you're on it, so that's great, but when it finally gets to a good place, then that's something that's much more manageable to keep healthy. Is that right?
Mr. Scheerer: Yeah. Typically, most of the ponds that are not in this condition, are treated monthly. We come out, we spray some filamentous algae, maybe we have some torpedo grass. Those things are easily controlled with the chemicals. The same chemical that they're using, Captain XTR, which is a copper application. So those are easy. Those will go down to about once a month, maybe twice a month, depending on the site conditions. But again, all of those conditions are based on nutrient infiltration, weather, temperature and rain.
Mr. Vidrine: I guess I was just making sure. Is there light at the end of the tunnel?
Mr. Scheerer: I think so. Well, I think now that Tohoqua Reserve gave us permission to access where we went in this morning, we'll be using that access every week and keeping the HOA informed of what we're doing. I'm hoping we'll see some light at the end of the tunnel. I'm not saying it's going to be tomorrow or next week. It may be six or eight months from now, but we'll get the program from SePRO once they come out in a couple of weeks and then we'll follow that, because they're going to be the folks that tell us what we can do, how much we can use, what we can use and how to apply it, meaning the aquatic vendor. So, I would hope there would be like the end of the tunnel for all of our sakes.
Mr. Hooker: We did have our first fish kill, because I had a backyard full of buzzards. Mr. Scheerer: Oh really?
Mr. Hooker: Yeah. It's down at the very end, where we do have the wind blowing and it goes down there and is stagnant. Of course it's all cleaned up now.
Mr. Scheerer: Well more than likely and I wasn't aware that you had an issue like that. But that was probably the low oxygen level in that end of the pond. Like I said, all of a sudden you can come out one day and they hit a pocket of no oxygen. If that happens, you can email me if you need our assistance with that.
Mr. Flint: The low oxygen can be created by the treatment of the pond and the decomposition of the biomass or it can be created by rain or the wind. There's are a lot of different things that can cause that. Okay. Well, that was a great report, Alan. I appreciate it.
Mr. Qureshi: I will suggest this to the HOA, once your treatment is done, if you are doing it weekly or bi-weekly or monthly, I do believe that we should provide some kind of communication to the residents through the HOA, about what has taken place this month, what

improvement has been made, what we have eliminated. I think communication is the key, because I think people’s frustration increases when there's no communication. So, I would suggest that.
Mr. Scheerer: That's a great idea. I do have an email from Applied Aquatic that was sent in advance, after I was informed of Mr. Smith's emergency. So, I'll share that with the HOA Manager and we'll go through it and we'll try to send out some regular communication. I know in speaking with Chris, people are going to go, “What the heck is this guy doing in here with an airboat?” Well, it's all good and it's a plus. So, if there are no questions on the Phase 5 pond, we are gearing up for the holidays. You'll see some new mulch going in and some different things happening around the community. We'll have our mulch stages in different areas, because we do have a lot more areas within the actual Tohoqua community, that we'll be addressing. We are still experiencing some surface interruptions with water at the Neptune Road Tohoqua Boulevard construction project. Prince has done a pretty good job in keeping us informed. I received an email this morning via Marcia and we sent that over to our irrigation team. I guess they were doing some work and maybe hit a lateral line or something. So, we have been having pretty good communication with Prince who's doing the work. But we are seeing some service interruptions based on the roadway construction, which we're addressing as needed. We have our lines run from either side of the improvements, which is great, as far as irrigation water goes. So, once they get done doing their work, we can come back in and do our work. So far so good, but we are experiencing that. That's all I have unless you have any questions for me.
Mr. Flint: Kristin, we probably should pull the plat and see if there was an easement that may have been dedicated to the HOA that should have been dedicated to the CDD.
Ms. Trucco: Okay.
Mr. Flint: There would have been some provision for the CDD to access that pond.
Mr. Scheerer: I was on the Osceola Property Appraiser website, looking through that whole thing and I saw nothing.
Ms. Trucco: Okay.
Mr. Scheerer: Because there is a driveway apron. It kind of looks like that should have been an access easement.
Ms. Trucco: Okay, no problem. I'll take a look at that.

Mr. Flint: Maybe if there isn't, we can do a legal. I think we should formalize that arrangement with the HOA, so down the road there's no issue about it.
Mr. Scheerer: The address was 2034 Spring Shower Circle. There's a driveway apron right next to that. I think it's on the north side of that house. There's an actual apron with a stormwater manhole there and another one further down towards the pond. It kind of looks like it should have been, but it's really not right now.
Ms. Trucco: Okay.
Mr. Scheerer: I thank the HOA for letting us get in there. Mr. Flint: Thanks, Alan.

Amenity Manager’s Report
Mr. Flint: Amenity Manager’s Report.
Mr. Calleja: Good morning. We have a recap of the previous events for August and September. We had a Family Fun Fest, right before the kids went back to school. We had bounce houses, DJs, snacks and yard games. We also held coffee and donuts and beer, wine and cheese events. We've included those pictures in the Amenity Report. Upcoming, we've got some pumpkin decorating and Trunk and Treat. I've also included the Amenity Usage Report in the summary. If you have any questions, let me know.
Mr. Flint: Are there any questions on the Amenity Report? Okay. Thanks, Marcia.

District Manager’s Report
Approval of Check Register
Mr. Flint: You have approval of the Check Register from July 30th through September 21st for the General Fund and Board compensation. They total $272,796.65. The detailed register is behind the summary. If the Board has any questions, we can discuss those.
Mr. Vidrine: No.
Mr. Flint: Alright. If there are no questions, is there a motion to approve the Check Register?

On MOTION by Mr. Qureshi seconded by Mr. Hooker with all in favor the Check Register from July 30, 2025 through September 21, 2025 in the amount of $272,796.65 was approved.

Balance Sheet and Income Statement
Mr. Flint: We also provided you with the Unaudited Financials through August 31, 2025. They include the combined balance sheet, that shows the General Fund, Debt Service Fund, Capital Project Fund and capital reserve. Then you have the statements of revenue and expenditures for each fund. In the General Fund, we are 100% collected on our assessments. Our administrative costs are under our prorated budget. I think we probably are over on our operating costs, we're actually still under on our amenities and we're under on our operating, as far as compared to the pro-rated budget. Are there any questions on the unaudited financials? Hearing none,

Ratification of Phase 4C Requisition No. 10
Ratification of Phase 4C Requisition No. 11
Mr. Flint: We have ratification of the Phase 4C Requisitions 10 and 11. These are authorized to be executed. They're signed by the engineer and the Chair and submitted to the trustee for payment. These come out of the Construction Fund for the Phase 4C bond issue. Requisition 10 is for legal services and Requisition 11 is for the acquisition of the water, wastewater and reclaimed completed infrastructure from Pulte. It's approving that amount or the remaining balance in the construction account. So, that will zero out the construction account for Phase 4C. It's only related to the improvements that are complete and have been conveyed to Toho already. So, we still have some punch list items on the stormwater and the amenity. Those are not ready to be accepted by the District, but they're not included in this acquisition. Are there any questions on either requisition, if not, is there a motion to ratify those?

On MOTION by Mr. Vidrine seconded by Mr. Bailey with all in favor the approval of Requisitions No 10 and 11 for Phase 4C were ratified.

NINTH ORDER OF BUSINESS	Other Business
Mr. Flint: Andre, did you want to address the question that we had under public comment about that one area?
Mr. Vidrine: Sure. I want to make sure that I have that right. Ms. Trucco: Or you can do it after the meeting.
Mr. Vidrine: I'd rather just have a real discussion afterwards.

Ms. Trucco: Just to give you an opportunity to look at them.
Mr. Flint: A question came up under public comment about an area that there's some activity going on.
Mr. Vidrine: Let me confirm it.

TENTH ORDER OF BUSINESS	Supervisors Requests
Mr. Flint: While Andre is looking at that, are there any other Supervisor Requests?
Mr. Vidrine: So, the answer is, it's owned and approved for mixed use. That's the zone category. So, it can be apartments, retail, office or healthcare. There's a variety of uses that's allowed. There are a lot of trees everywhere. It floods and people's get irritable, because they can't go back there. So, the goal is to raise the land up, to keep the water flowing, so it doesn't have all of that ponding going on. So, as the fire station is under construction, we had fill over there. We're putting that fill on that tract.
Mr. Hooker: Just so you're aware, that's where that water mitigation remediation project was going in along Phase 8. Help me out. They dug up from corner to corner.
Mr. Scheerer: The pond excavation.
Mr. Hooker: No, behind 1851. They dug up and they took the fence down in April or January, February. I don't remember anymore. They took that all out, because we were getting flood issues. That's all in engineering. They kind of fixed all of that. So now they're going to start again and if they start putting stuff down there, it's going to change that. They just finished that and believe me; it impacted our lives for like two months.
Mr. Flint: Yeah.
Mr. Vidrine: So, there are plans to add a manhole top that's got a slot to allow the water to go. There's a stormwater system designed for that area. So now we're in the process of, when we do the fill, we're also modifying that inlet top, to allow the drainage to go in there. You're going to see that happen over the next four months or so. You're going to see earthwork happening in there.
Mr. Hooker: It’s just odd that they would clear that path that goes right into the back of the north neighborhood and they left the trees in the middle. They've been plowing and moving stuff and nobody knows what the plan is for that. Somebody must know, because they would never pay to clear all of that and do all of that work. They are here every day.

Mr. Vidrine: If that’s occurring, they can get rid of the standing water back there. At some point, we have the fill come in. The fire station has extra fill. They can put it over there, to improve your quality life.
Mr. Hooker: It’s a work in progress.
Ms. Trucco: We can't provide any insurance. Generally speaking, it sounds like there are plans for that area. The CDD is not providing any insurance on that. Maybe in the future, but we can’t now.
Mr. Flint: Okay. Are there any other Supervisors Requests before the Board adjourns? If not, is there a motion to adjourn.

ELEVENTH ORDER OF BUSINESS	Adjournment

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

Secretary / Assistant Secretary	Chairman / Vice Chairman

Section IV

RESOLUTION 2026-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE TOHOQUA COMMUNITY DEVELOPMENT DISTRICT APPROVING THE CONVEYANCE OF THE RECLAIMED WATER DISTRIBUTION SYSTEM, THE SANITARY SEWER SYSTEM AND THE POTABLE WATER DISTRIBUTION SYSTEM LOCATED IN PHASE 8A FROM PULTE HOME COMPANY, LLC TO THE DISTRICT AND FROM THE DISTRICT TO TOHOPEKALIGA WATER AUTHORITY; 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, Pulte Home Company, LLC, a Michigan limited liability company (hereinafter “Pulte”), has requested the transfer and acceptance of infrastructure improvements, including the reclaimed water distribution system, the sanitary sewer system and the potable water distribution system located in Phase 8A (collectively, the “Improvements”), from Pulte to the District and from the District to Tohopekaliga Water Authority (“TWA”), as more particularly described in the Bill of Sale to the District, the Bill of Sale to TWA, the Agreement Regarding Taxes, the Owner’s Affidavit and the Certificate of District Engineer, collectively attached hereto as Exhibit “A” (the “Conveyance Documents”); and

WHEREAS, the District Counsel and the District Manager have reviewed the aforementioned conveyances, and the District Engineer has also reviewed the conveyances and has provided a Certificate of District Engineer for the conveyances, attached hereto as part of Exhibit “A,” to evidence compliance with the requirements of the District for approving the conveyances.

NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the District
(the “Board”), as follows:
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.
Approval of Acquisition and Transfer of the Improvements to TWA. The Board hereby approves the transfer and acceptance of the Improvements from Pulte to the District and from the District to TWA, as described in the Conveyance Documents, and hereby approves and accepts the Conveyance Documents.
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 Improvements from Pulte to the District and from the District to TWA, as described in the Conveyance Documents, 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.
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.
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.
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 District, this 	day of
	, 2025.

Attest:

TOHOQUA COMMUNITY DEVELOPMENT DISTRICT

By: 		 Print: 		Name: 	 Secretary/Asst. Secretary		Title: 			

EXHIBIT “A”

CONVEYANCE DOCUMENTS

Bill of Sale – Pulte to the District
Bill of Sale – District to TWA
Owner’s Affidavit
Agreement Regarding Taxes
Certificate of District Engineer
Anti-Human Trafficking Affidavit

Toho Project Name:	Tohoqua Phase 8A Toho Project #:	230016

BILL OF SALE

KNOW ALL MEN BY THESE PRESENTS:

That PULTE HOME COMPANY, LLC, a Michigan limited liability company (the “Seller”), for and in consideration of the sum of Ten Dollars ($10.00) in lawful money (and other good and valuable considerations, the receipt and adequacy of which is hereby acknowledged) to it paid by the Tohoqua Community Development District, a local unit of special purpose government created pursuant to Chapter 190, Florida Statutes (“District”), has granted, bargained, sold, transferred, set over and delivered, and by these presents does hereby grant, bargain, sell, transfer, set over and deliver unto District, its successors and assigns, all the goods, rights, title, interests, chattels and properties owned by Seller which are used or held for use by Seller exclusively in connection with those water and/or wastewater systems of Seller located on the property described on Exhibit “A” attached hereto and incorporated herein by this reference, consisting of all water, wastewater, and reclaimed water lines and other related utility facilities (collectively the “Utility System”) constructed and used in connection with the provision of water, wastewater, and reclaimed water utility services. The assets being conveyed hereunder shall hereinafter be referred to as the “Utility Assets.”

TO HAVE AND TO HOLD the same unto District, its successors and assigns to its and their own use and benefit forever, from and after the date hereof.

Seller represents and warrants to District that (i) Seller is the sole owner of and has good and marketable title to the Utility Assets, free and clear of all liens, encumbrances, claims and demands; (ii) Seller has not previously sold or assigned the Utility Assets to any other party; and
(iii) Seller will freely and fully warrant and defend the Utility Assets against the lawful claims of any person claiming by, through, or under the Seller.
Seller hereby assigns any and all warranties and guaranties it possesses from any third parties relating to the construction and/or installation of the Utility Assets, to the extent such warranties and guaranties are assignable.

[SIGNATURES TO FOLLOW ON NEXT PAGE]

Seller has caused this instrument to be executed as of the date and year written below.

SELLER:

PULTE HOME COMPANY, LLC,
a Michigan limited liability company

By: 	 Doug Hoffman, Vice President – Land Development (Central Florida)

Address:	4901 Vineland Road, Suite 500
Orlando, FL  32811

Date:		

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of  [ ] physical presence or [ ] online notarization, this 	day of 	, 2025, by Doug Hoffman, as Vice President – Land Development (Central Florida) of Pulte Home Company, LLC, who is personally known to me or has produced 		as identification.

(Stamp below)

Notary Public
Printed Name: 	 My Commission No. 		 My Commission Expires: 		

Exhibit “A”

LEGAL DESCRIPTION OF THE REAL PROPERTY

TOHOQUA – PHASE 8A, according to the plat thereof, as recorded in Plat Book 36, Page 86, Public Records of Osceola County, Florida.

Toho Project Name:	Tohoqua Phase 8A Toho Project #:	230016

BILL OF SALE

KNOW ALL MEN BY THESE PRESENTS:

That 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 “Seller”), for and in consideration of the sum of Ten Dollars ($10.00) in lawful money (and other good and valuable considerations, the receipt and adequacy of which is hereby acknowledged) to it paid by the Tohopekaliga Water Authority, an independent special district established and created pursuant to Chapter 189, Florida Statutes, by special act of the Florida Legislature (“Toho”), has granted, bargained, sold, transferred, set over and delivered, and by these presents does hereby grant, bargain, sell, transfer, set over and deliver unto Toho, its successors and assigns, all the goods, rights, title, interests, chattels and properties owned by Seller which are used or held for use by Seller exclusively in connection with those water and/or wastewater systems of Seller located on the property described on Exhibit “A” attached hereto and incorporated herein by this reference, consisting of all water, wastewater, and reclaimed water lines and other related utility facilities (collectively the “Utility System”) constructed and used in connection with the provision of water, wastewater, and reclaimed water utility services. The assets being conveyed hereunder shall hereinafter be referred to as the “Utility Assets.”

TO HAVE AND TO HOLD the same unto Toho, its successors and assigns to its and their own use and benefit forever, from and after the date hereof.

Seller represents and warrants to Toho that (i) Seller is the sole owner of and has good and marketable title to the Utility Assets, free and clear of all liens, encumbrances, claims and demands; (ii) Seller has not previously sold or assigned the Utility Assets to any other party; and
(iii) Seller will freely and fully warrant and defend the Utility Assets against the lawful claims of any person claiming by, through, or under the Seller.
Seller hereby assigns any and all warranties and guaranties it possesses from any third parties relating to the construction and/or installation of the Utility Assets, to the extent such warranties and guaranties are assignable.

[SIGNATURES TO FOLLOW ON NEXT PAGE]

Seller has caused this instrument to be executed as of the date and year written below.

SELLER:

TOHOQUA COMMUNITY DEVELOPMENT
DISTRICT, a Florida community development district

By: 		 Andre Vidrine, Chairman

Address: 	

Date: 	

STATE OF FLORIDA
COUNTY OF 	

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 Tohoqua Community Development District, who is personally known to me or has produced 		as identification.

(Stamp below)

Notary Public
Printed Name: 	 My Commission No. 		 My Commission Expires: 		

Exhibit “A”

LEGAL DESCRIPTION OF THE REAL PROPERTY

TOHOQUA – PHASE 8A, according to the plat thereof, as recorded in Plat Book 36, Page 86, Public Records of Osceola County, Florida.

OWNER’S AFFIDAVIT
Tohoqua Community Development District (Phase 8A)

STATE OF 	 COUNTY OF 	

BEFORE ME, the undersigned authority, personally appeared Doug Hoffman (“Affiant”) as Vice President – Land Development (Central Florida) of Pulte Home Company, LLC, a Michigan limited liability company, authorized to do business in Florida, whose principal address is 3350 Peachtree Road Northeast, Suite 1500, Atlanta, Georgia 30326 (the “Owner”), who being first duly sworn on oath says:
That Affiant knows of his own knowledge that the Owner is the owner of certain infrastructure improvements located in the City of St. Cloud, Florida (the “Improvements”), as more particularly described on Exhibit “A” attached hereto, and that Affiant as the Vice President – Land Development (Central Florida) of the Owner, is making this Affidavit in that capacity only, and that no recourse shall be made against Affiant individually.

That the Improvements, as described in the Bill of Sale Absolute and Agreement, dated as of the date hereof, are free and clear of all liens and encumbrances.

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

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

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.

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

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

That this Affidavit is given for the purposes of inducing the Tohoqua Community
Development District (the “District”), a Florida community development district and local unit

of special-purpose government, to accept the Owner’s conveyance of the Improvements and for
the District’s future conveyance of the Improvements to Tohopekaliga Water Authority.

That there are no matters pending against Owner that could give rise to any lien(s) that could attach to the Improvements between the effective date of the Plat and the effective date of the Bill of Sale and Assignment for this conveyance, and that Affiant shall not execute nor permit the execution or recording of any instruments that would adversely affect ownership of the Improvements.
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 38-1545089; (v) has a mailing address of 3350 Peachtree Road Northeast, Suite 1500, Atlanta, Georgia 30326. 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.

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)

PULTE HOME COMPANY, LLC, a
Michigan limited liability company

By:	 Print: Doug Hoffman
Title: Vice President – Land Development (Central Florida)

(Print Name)

STATE OF 	 COUNTY OF 	
The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ ] online notarization, this	day of October, 2025, by Doug Hoffman, as Vice President – Land Development (Central Florida) of PULTE HOME COMPANY, LLC, a Michigan limited liability company, on behalf of the limited liability company. Said person is [
] personally known to me or [ ] has produced	as identification.

Notary Public; State of Florida
(SEAL)	Print Name: 		 Comm. Exp.: 	; Comm. No.: 		

EXHIBIT “A”

DESCRIPTION OF THE IMPROVEMENTS

All the goods, rights, title, interests, chattels and properties owned by Pulte which are used or held for use by Pulte exclusively in connection with those water and/or wastewater systems of Pulte located on the property described below and incorporated herein by this reference, consisting of all water, wastewater, and reclaimed water lines and other related utility facilities constructed and used in connection with the provision of water, wastewater, and reclaimed water utility services.

The foregoing Improvements (“Improvements”) are located on the land described as follows:

TOHOQUA – PHASE 8A, according to the plat thereof, as recorded in Plat Book 36, Page 86, Public Records of Osceola County, Florida.

AGREEMENT REGARDING TAXES
Tohoqua Community Development District (Phase 8A)

THIS AGREEMENT REGARDING TAXES (“Agreement”) is entered into this    day of 	, 2025, by and between PULTE HOME COMPANY, LLC, a Florida limited liability company, whose principal address is 3350 Peachtree Road Northeast, Suite 1500, Atlanta, Georgia 30326 (the “Developer”), and the TOHOQUA COMMUNITY DEVELOPMENT DISTRICT, a Florida community development district, whose address is c/o Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801 (the “District”).

WITNESSETH

WHEREAS, Developer is the owner and developer of certain infrastructure improvements and personal property, located within the boundaries of the District, as described in the Bill of Sale, for Tohoqua Phase 8A, Project No. 230016, dated as of the Effective Date (the “Bill of Sale”), and described in 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 Improvements to the District by Bill of Sale;

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;

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

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

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

Developer hereby represents that all ad-valorem taxes and assessments relating to the Improvements, or any portion thereof, for tax year 2025 and all prior years have been paid in full.

Developer hereby agrees to pay in full, and prior to their becoming delinquent, any and all ad-valorem taxes and assessments, if any, levied on the Improvements for the tax year 2025.

Subsequent to the District’s acceptance of the Improvements, and only in the event the Improvements are not conveyed to another governmental entity, the District shall endeavor to either obtain an exemption from ad-valorem taxes pertaining to the Improvements, as applicable, or in the alternative, shall seek a minimal valuation of the Improvements, from the Osceola County Property Appraiser, as applicable, and subsequent to tax year 2025, Developer shall have no further responsibility with regard to ad-valorem taxes or assessments levied against the Improvements, as applicable.

[SIGNATURE PAGE FOLLOWS]

SIGNATURE PAGE TO AGREEMENT REGARDING TAXES
Tohoqua Community Development District (Phase 8A)

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.

WITNESSES:

X 	

PULTE HOME COMPANY, LLC, a Michigan
limited liability company

By: 	

Print: 	

X 	

Print: Doug Hoffman

Title: Vice President – Land Development (Central Florida)

Print: 	

SIGNATURE PAGE TO AGREEMENT REGARDING TAXES
Tohoqua Community Development District (Phase 8A)

ATTEST

TOHOQUA COMMUNITY DEVELOPMENT DISTRICT,
a Florida community development district

X 		By: 	

Print: 			Print: Andre Vidrine Secretary/Asst. Secretary
Title: Chairman

EXHIBIT “A”
DESCRIPTION OF THE IMPROVEMENTS IMPROVEMENTS
All the goods, rights, title, interests, chattels and properties owned by Pulte which are used or held for use by Pulte exclusively in connection with those water and/or wastewater systems of Pulte located on the property described below and incorporated herein by this reference, consisting of all water, wastewater, and reclaimed water lines and other related utility facilities constructed and used in connection with the provision of water, wastewater, and reclaimed water utility services.

The foregoing Improvements (“Improvements”) are located on the land described as follows:

TOHOQUA – PHASE 8A, according to the plat thereof, as recorded in Plat Book 36, Page 86, Public Records of Osceola County, Florida.

CERTIFICATE OF DISTRICT ENGINEER
Tohoqua Community Development District (Phase 8A)

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:

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

That the District proposes to accept from Pulte Home Company, LLC, a Florida limited liability company (“Developer”), and subsequently proposes to transfer to Tohopekaliga Water Authority (“TWA”), for ownership, operation and maintenance, certain infrastructure improvements and personal property described in Exhibit “A” attached hereto and incorporated herein by reference (collectively, the “Improvements”). Any Improvements being conveyed to the District are being transferred at only nominal cost to the District; therefore no review of an appraisal or similar documentation to reasonableness of purchase price or other valuation is required or being rendered.

That this certification (the “Certification”) is provided in conjunction with, and in support of, the District’s approval of the conveyance of the Improvements from the Developer to the District and the District’s conveyance of the Improvements to TWA. The District will rely on this Certification for such purposes.

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

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

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

SIGNATURE PAGE TO CERTIFICATE OF DISTRICT ENGINEER
Tohoqua Community Development District (Phase 8A)

DATED: 	, 2025

Witness: 				 Print: 			Stephen Saha, P.E.
Professional License No.: FL 76903 on behalf of the company,
Poulos & Bennett, LLC Witness: 			2602 East Livingston Street Print: 			Orlando, Florida 32803

STATE OF FLORIDA COUNTY OF ORANGE

The foregoing instrument was acknowledged before me by means of ( ) physical presence or (  ) online notarization, this   day of October, 2025, by STEPHEN SAHA, P.E., of POULOS & BENNETT, LLC, a Florida limited liability company, on behalf of said company. He or she is ( ) personally known to me or ( ) have produced a valid driver’s license for identification.

Notary Public; State of Florida

(SEAL)	Print Name: 	 Comm. Exp.: 	 Comm. No.: 	 

EXHIBIT “A”

DESCRIPTION OF THE IMPROVEMENTS

IMPROVEMENTS

All the goods, rights, title, interests, chattels and properties owned by Pulte which are used or held for use by Pulte exclusively in connection with those water and/or wastewater systems of Pulte located on the property described below and incorporated herein by this reference, consisting of all water, wastewater, and reclaimed water lines and other related utility facilities constructed and used in connection with the provision of water, wastewater, and reclaimed water utility services.

The foregoing Improvements (“Improvements”) are located on the land described as follows:

TOHOQUA – PHASE 8A, according to the plat thereof, as recorded in Plat Book 36, Page 86, Public Records of Osceola County, Florida.

NONGOVERNMENTAL ENTITY ANTI-HUMAN TRAFFICKING AFFIDAVIT
Section 787.06(14), Florida Statutes

STATE OF 	 COUNTY OF 	

BEFORE ME, the undersigned, a Notary Public in and for the County and State aforesaid, personally appeared DOUG HOFFMAN ("Affiant") who, being first duly sworn, on oath, says:

Affiant is an officer or authorized representative of PULTE HOME COMPANY, LLC, a Michigan limited liability company (“Company”), and Affiant attests that Company does not use coercion for labor or services as defined in Section 787.06, Florida Statutes.

Under penalty of perjury, I hereby declare and affirm that the above stated facts are true and correct.

DATED as of 	, 2025.

DOUG	HOFFMAN,	Vice	President	–	Land Development of Pulte Home Company, LLC (Affiant)

SUBSCRIBED AND SWORN TO before me by means of ☐ physical presence or
online notarization, this 	 day of 	, 2025, by DOUG HOFFMAN, as Vice President – Land Development of PULTE HOME COMPANY, LLC, a Michigan limited
liability company. 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):	

Section V

REBATE REPORT
$1,990,000
Tohoqua Community Development District
(City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)

Dated: September 28, 2023
Delivered: September 28, 2023

Rebate Report to the Computation Date September 28, 2028
Reflecting Activity To September 30, 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 Fund	13	
Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund	14	
Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund	15	
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund	16	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	17	

October 16, 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:	$1,990,000 Tohoqua Community Development District (City of St. Cloud, Florida), Special
Assessment Revenue Bonds, Series 2023 (Phase 4C 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 September 30, 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 September 28, 2028 Computation Date
Reflecting Activity from September 28, 2023 through September 30, 2025

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Project Fund	4.823744%	138,826.43	(34,996.70)	
Debt Service Reserve Fund	4.848311%	6,834.67	(1,672.90)	
Capitalized Interest Fund	5.273992%	5,313.06	(684.11)	
Cost of Issuance Fund	5.220506%	268.12	(39.01)	
Totals	4.840415%	$151,242.28	$(37,392.72)	
Bond Yield	5.805414%		
Rebate Computation Credits	(5,119.54)	
Net Rebatable Arbitrage	$(42,512.26)	

Based upon our computations, no rebate liability exists.

SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from September 28, 2023, the date of the closing, to September 30, 2025, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of September 28, 2028.

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.

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.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between September 28, 2023 and September 30, 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

Computation Date
September 28, 2028.

Computation Period
The period beginning on September 28, 2023, the date of the closing, and ending on September 30, 2025.

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.

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.

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.

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

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.

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

Fund / Account	Account Number	
Project Fund	214768005	
Debt Service Reserve Fund	214768004	
Capitalized Interest Fund	214768006	
Cost of Issuance Fund	214768007	
Principal	214768002	
Interest	214768001	
Revenue	214768000	
Prepayment	214768003	

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 September 30, 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 September 28, 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 September 28, 2028, is the Rebatable Arbitrage.

$1,990,000
Tohoqua Community Development District (City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)
Delivered: September 28, 2023

Sources of Funds

Par Amount	$1,990,000.00	
Net Original Issue Discount	-3,254.40	
Total	$1,986,745.60	

Uses of Funds

Project Fund	$1,561,326.43	
Debt Service Reserve Fund	71,153.75	
Capitalized Interest Fund	124,002.42	
Cost of Issuance Fund	190,463.00	
Underwriter’s Discount	39,800.00	
Total	$1,986,745.60	

PROOF OF ARBITRAGE YIELD
$1,990,000
Tohoqua Community Development District (City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)

Date	

Debt Service	Present Value to 09/28/2023
@ 5.8054136512%	
11/01/2023	10,412.31	10,357.83	
05/01/2024	56,795.00	54,904.14	
11/01/2024	56,795.00	53,355.39	
05/01/2025	81,795.00	74,673.78	
11/01/2025	56,170.00	49,833.22	
05/01/2026	86,170.00	74,292.31	
11/01/2026	55,420.00	46,433.08	
05/01/2027	85,420.00	69,549.45	
11/01/2027	54,670.00	43,257.00	
05/01/2028	84,670.00	65,104.37	
11/01/2028	53,920.00	40,290.59	
05/01/2029	88,920.00	64,569.35	
11/01/2029	53,045.00	37,432.14	
05/01/2030	88,045.00	60,377.91	
11/01/2030	52,170.00	34,767.02	
05/01/2031	87,170.00	56,452.97	
11/01/2031	51,295.00	32,282.56	
05/01/2032	91,295.00	55,835.85	
11/01/2032	50,295.00	29,892.63	
05/01/2033	90,295.00	52,152.64	
11/01/2033	49,295.00	27,668.69	
05/01/2034	94,295.00	51,433.69	
11/01/2034	48,012.50	25,449.92	
05/01/2035	93,012.50	47,912.26	
11/01/2035	46,730.00	23,392.38	
05/01/2036	96,730.00	47,055.78	
11/01/2036	45,305.00	21,417.62	
05/01/2037	95,305.00	43,783.84	
11/01/2037	43,880.00	19,590.16	
05/01/2038	98,880.00	42,899.58	
11/01/2038	42,312.50	17,839.66	
05/01/2039	97,312.50	39,871.23	
11/01/2039	40,745.00	16,223.27	
05/01/2040	100,745.00	38,981.71	
11/01/2040	39,035.00	14,677.93	
05/01/2041	104,035.00	38,015.72	
11/01/2041	37,182.50	13,203.70	
05/01/2042	102,182.50	35,261.98	
11/01/2042	35,330.00	11,848.05	
05/01/2043	105,330.00	34,326.43	
11/01/2043	33,335.00	10,557.24	
05/01/2044	108,335.00	33,342.01	
11/01/2044	31,122.50	9,308.31	
05/01/2045	111,122.50	32,297.69	
11/01/2045	28,762.50	8,123.99	
05/01/2046	113,762.50	31,225.90	
11/01/2046	26,255.00	7,003.27	
05/01/2047	116,255.00	30,135.18	
11/01/2047	23,600.00	5,944.94	
05/01/2048	118,600.00	29,033.09	
11/01/2048	20,797.50	4,947.58	
05/01/2049	120,797.50	27,926.27	
11/01/2049	17,847.50	4,009.64	
05/01/2050	122,847.50	26,820.55	
11/01/2050	14,750.00	3,129.44	
05/01/2051	129,750.00	26,751.93	
11/01/2051	11,357.50	2,275.64	
05/01/2052	131,357.50	25,576.97	

PROOF OF ARBITRAGE YIELD
$1,990,000
Tohoqua Community Development District (City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)

Date	

Debt Service	Present Value to 09/28/2023
@ 5.8054136512%	
11/01/2052	7,817.50	1,479.23	
05/01/2053	137,817.50	25,342.24	
11/01/2053	3,982.50	711.66	
05/01/2054	138,982.50	24,134.99	
	4,319,677.31	1,986,745.60	
	
Proceeds Summary		

Delivery date	09/28/2023	
Par Value	1,990,000.00	
Premium (Discount)	-3,254.40	
Target for yield calculation	1,986,745.60	

BOND DEBT SERVICE
$1,990,000
Tohoqua Community Development District (City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
09/28/2023						
11/01/2023			10,412.31	10,412.31		
05/01/2024			56,795.00	56,795.00	67,207.31	
11/01/2024			56,795.00	56,795.00		
05/01/2025	25,000	5.000%	56,795.00	81,795.00	138,590.00	
11/01/2025			56,170.00	56,170.00		
05/01/2026	30,000	5.000%	56,170.00	86,170.00	142,340.00	
11/01/2026			55,420.00	55,420.00		
05/01/2027	30,000	5.000%	55,420.00	85,420.00	140,840.00	
11/01/2027			54,670.00	54,670.00		
05/01/2028	30,000	5.000%	54,670.00	84,670.00	139,340.00	
11/01/2028			53,920.00	53,920.00		
05/01/2029	35,000	5.000%	53,920.00	88,920.00	142,840.00	
11/01/2029			53,045.00	53,045.00		
05/01/2030	35,000	5.000%	53,045.00	88,045.00	141,090.00	
11/01/2030			52,170.00	52,170.00		
05/01/2031	35,000	5.000%	52,170.00	87,170.00	139,340.00	
11/01/2031			51,295.00	51,295.00		
05/01/2032	40,000	5.000%	51,295.00	91,295.00	142,590.00	
11/01/2032			50,295.00	50,295.00		
05/01/2033	40,000	5.000%	50,295.00	90,295.00	140,590.00	
11/01/2033			49,295.00	49,295.00		
05/01/2034	45,000	5.700%	49,295.00	94,295.00	143,590.00	
11/01/2034			48,012.50	48,012.50		
05/01/2035	45,000	5.700%	48,012.50	93,012.50	141,025.00	
11/01/2035			46,730.00	46,730.00		
05/01/2036	50,000	5.700%	46,730.00	96,730.00	143,460.00	
11/01/2036			45,305.00	45,305.00		
05/01/2037	50,000	5.700%	45,305.00	95,305.00	140,610.00	
11/01/2037			43,880.00	43,880.00		
05/01/2038	55,000	5.700%	43,880.00	98,880.00	142,760.00	
11/01/2038			42,312.50	42,312.50		
05/01/2039	55,000	5.700%	42,312.50	97,312.50	139,625.00	
11/01/2039			40,745.00	40,745.00		
05/01/2040	60,000	5.700%	40,745.00	100,745.00	141,490.00	
11/01/2040			39,035.00	39,035.00		
05/01/2041	65,000	5.700%	39,035.00	104,035.00	143,070.00	
11/01/2041			37,182.50	37,182.50		
05/01/2042	65,000	5.700%	37,182.50	102,182.50	139,365.00	
11/01/2042			35,330.00	35,330.00		
05/01/2043	70,000	5.700%	35,330.00	105,330.00	140,660.00	
11/01/2043			33,335.00	33,335.00		
05/01/2044	75,000	5.900%	33,335.00	108,335.00	141,670.00	
11/01/2044			31,122.50	31,122.50		
05/01/2045	80,000	5.900%	31,122.50	111,122.50	142,245.00	
11/01/2045			28,762.50	28,762.50		
05/01/2046	85,000	5.900%	28,762.50	113,762.50	142,525.00	
11/01/2046			26,255.00	26,255.00		
05/01/2047	90,000	5.900%	26,255.00	116,255.00	142,510.00	
11/01/2047			23,600.00	23,600.00		
05/01/2048	95,000	5.900%	23,600.00	118,600.00	142,200.00	
11/01/2048			20,797.50	20,797.50		
05/01/2049	100,000	5.900%	20,797.50	120,797.50	141,595.00	
11/01/2049			17,847.50	17,847.50		
05/01/2050	105,000	5.900%	17,847.50	122,847.50	140,695.00	
11/01/2050			14,750.00	14,750.00		
05/01/2051	115,000	5.900%	14,750.00	129,750.00	144,500.00	
11/01/2051			11,357.50	11,357.50		
05/01/2052	120,000	5.900%	11,357.50	131,357.50	142,715.00	

BOND DEBT SERVICE
$1,990,000
Tohoqua Community Development District (City of St. Cloud, Florida)
Special Assessment Revenue Bonds, Series 2023 (Phase 4C Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
11/01/2052			7,817.50	7,817.50		
05/01/2053	130,000	5.900%	7,817.50	137,817.50	145,635.00	
11/01/2053			3,982.50	3,982.50		
05/01/2054	135,000	5.900%	3,982.50	138,982.50	142,965.00	
	1,990,000		2,329,677.31	4,319,677.31	4,319,677.31	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.805414%)

09/28/23	Beg	Bal	-1,561,326.43	-2,078,555.86	
09/29/23			178,931.05	238,168.69	
10/16/23			4,970.00	6,597.53	
01/22/24			56.25	73.54	
01/22/24			4,243.75	5,548.14	
02/22/24			-11,070.18	-14,403.94	
05/16/24			112.50	144.44	
05/17/24			475.00	609.75	
11/07/24			-9,357.87	-11,692.27	
12/03/24			351.25	437.06	
12/06/24			1,036.00	1,288.49	
12/06/24			435.00	541.01	
09/25/25			780.00	926.54	
09/29/25			1,529,190.11	1,815,320.18	
09/28/28	TOTALS:	138,826.43	-34,996.70	

ISSUE DATE:	09/28/23	
REBATABLE ARBITRAGE:	
-34,996.70	
COMP DATE:	09/28/28	NET INCOME:	138,826.43	
BOND YIELD: 5.805414%	TAX INV YIELD:	4.823744%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.805414%)

09/28/23	Beg	Bal	-71,153.75	-94,725.25	
10/03/23			20.86	27.75	
11/02/23			323.31	428.09	
12/04/23			310.64	409.23	
01/03/24			319.25	418.64	
02/02/24			316.40	412.99	
03/04/24			296.03	384.44	
04/02/24			316.53	409.24	
05/02/24			306.24	394.05	
06/04/24			316.45	405.13	
07/02/24			306.24	390.31	
08/02/24			316.26	401.17	
09/04/24			316.20	399.06	
10/02/24			294.34	369.82	
11/04/24			286.06	357.59	
12/03/24			265.73	330.65	
01/02/25			264.67	327.82	
02/03/25			256.63	316.29	
03/04/25			231.79	284.28	
04/02/25			256.62	313.33	
05/02/25			248.35	301.79	
06/03/25			256.59	310.27	
07/02/25			248.35	298.92	
08/04/25			256.62	307.31	
09/03/25			256.39	305.62	
09/30/25	Bal		71,153.75	84,454.06	
09/30/25	Acc		248.12	294.50	
09/28/28	TOTALS:	6,834.67	-1,672.90	

ISSUE DATE:	09/28/23	
REBATABLE ARBITRAGE:	
-1,672.90	
COMP DATE:	09/28/28	NET INCOME:	6,834.67	
BOND YIELD: 5.805414%	TAX INV YIELD:	4.848311%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.805414%)

09/28/23	Beg	Bal	-124,002.42	-165,081.40	
10/03/23			-20.86	-27.75	
11/01/23			10,412.42	13,789.27	
11/02/23			-323.31	-428.09	
12/04/23			-310.64	-409.23	
01/03/24			-319.25	-418.64	
02/02/24			-316.40	-412.99	
03/04/24			-296.03	-384.44	
04/02/24			-316.53	-409.24	
05/01/24			56,795.00	73,092.54	
05/02/24			-306.24	-394.05	
06/04/24			-316.45	-405.13	
07/02/24			-306.24	-390.31	
08/02/24			-316.26	-401.17	
09/04/24			-316.20	-399.06	
10/02/24			-294.34	-369.82	
11/01/24			56,795.00	71,030.73	
11/04/24			-286.06	-357.59	
11/07/24			9,357.87	11,692.27	
09/28/28	TOTALS:	5,313.06	-684.11	

ISSUE DATE:	09/28/23	
REBATABLE ARBITRAGE:	
-684.11	
COMP DATE:	09/28/28	NET INCOME:	5,313.06	
BOND YIELD: 5.805414%	TAX INV YIELD:	5.273992%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.805414%)

09/28/23	Beg	Bal	-190,463.00	-253,558.75	
09/28/23			49,750.00	66,230.96	
09/28/23			35,000.00	46,594.65	
09/28/23			32,500.00	43,266.46	
09/28/23			8,000.00	10,650.21	
09/28/23			6,000.00	7,987.65	
09/28/23			2,250.00	2,995.37	
10/03/23			6,125.00	8,147.58	
10/04/23			40,000.00	53,200.26	
02/22/24			11,070.18	14,403.94	
09/30/25	Bal		35.81	42.50	
09/30/25	Acc		0.13	0.15	
09/28/28	TOTALS:	268.12	-39.01	

ISSUE DATE:	09/28/23	
REBATABLE ARBITRAGE:	
-39.01	
COMP DATE:	09/28/28	NET INCOME:	268.12	
BOND YIELD: 5.805414%	TAX INV YIELD:	5.220506%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @

DATE	
DESCRIPTION	RECEIPTS (PAYMENTS)	BOND YIELD OF (5.805414%)	
09/28/24		-2,070.00	-2,602.46	
09/28/25		-2,120.00	-2,517.08	
09/28/28	TOTALS:	-4,190.00	-5,119.54	

ISSUE DATE:	09/28/23 COMP DATE:	09/28/28
BOND YIELD: 5.805414%	
REBATABLE ARBITRAGE:	
-5,119.54	

Section VI

Section D

to be provided under separate cover

Section E

to be provided under separate cover

Section 1

Section 2