Holly Hill Road East Community Development District Agenda October 10, 2023 October 3, 2023 Board of Supervisors Holly Hill Road East Community Development District Dear Board Members: A meeting of the Board of Supervisors of Holly Hill Road East Community Development District will be held Tuesday, October 10, 2023 at 11:00 AM at the Lake Alfred Public Library, 245 N. Seminole Ave, Lake Alfred, FL 33850. Those members of the public wishing to attend the meeting can do so using the information below: Zoom Video Link: https://us06web.zoom.us/j/81664804962 Zoom Call-In Information: 1-646-876-9923 Meeting ID: 816 6480 4962 Following is the advance agenda for the meeting: 1. Roll Call 2. Public Comment Period 3. Approval of Minutes of the August 15, 2023 Board of Supervisors Meeting 4. Consideration of Dewberry Work Authorization for Fiscal Year 2024 Engineering Services 5. Consideration of Fiscal Year 2023 Audit Engagement Letter from McDirmit Davis 6. Consideration of Resolution 2024-01 Certifying Assessment Area 3 Project Complete 7. Consideration of Resolution 2024-02 Certifying Assessment Area 4 Project Complete 8. Presentation of Arbitrage Rebate Calculation Reports A. Series 2020 – Assessment Area 3 B. Series 2020 Assessment Area 4 9. Staff Reports A. Attorney B. Engineer C. Field Manager’s Report D. District Manager’s Report i. Approval of Check Register ii. Balance Sheet & Income Statement 10. Other Business 11. Supervisors Requests and Audience Comments 12. Adjournment Sincerely, Tricia L. Adams Tricia L. Adams District Manager MINUTES OF MEETING HOLLY HILL ROAD EAST COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Holly Hill Road East Community Development District was held on Tuesday, August 15, 2023 at 10:00 a.m. at the Lake Alfred Public Library, 245 N. Seminole Ave, Lake Alfred, Florida and via Zoom. Present and constituting a quorum were: Adam Morgan Chairman Brent Kewley Vice Chairman Kayla Word Assistant Secretary Rob Bonin Assistant Secretary Barry Bichard Assistant Secretary Also, present were: Tricia Adams District Manager, GMS Jill Burns District Manager, GMS Grace Kobitter District Counsel, KVW Law Chace Arrington by Zoom District Engineer Clayton Smith Field Services Manager, GMS Marshall Tindall Field Services, GMS Allen Bailey Field Services, GMS The following is a summary of the discussions and actions taken at the August 15, 2023 Holly Hill Road East Community Development District’s Regular Board of Supervisor’s Meeting. FIRST ORDER OF BUSINESS Roll Call Ms. Adams called the meeting to order. There were five Board members present constituting a quorum. SECOND ORDER OF BUSINESS Public Comment Period Ms. Adams stated that there were no members of the public present nor any members attending via Zoom. THIRD ORDER OF BUSINESS Public Hearing for Fiscal Year 2024 Budget Ms. Adams asked for a motion to open the public hearings. On MOTION by Mr. Morgan, seconded by Mr. Bichard, with all in favor, Opening the Public Hearing, was approved. Ms. Adams stated there were no members of the public present nor did we have any members of the public on Zoom, is there a motion to close the public hearings? On MOTION by Mr. Morgan, seconded by Mr. Bichard, with all in favor, Closing the Public Hearing, was approved. A. Public Comment Ms. Adams noted that there were no members of the public present to provide comments. B. Consideration of Resolution 2023-06 Adopting Fiscal Year 2024 Budget and Relating to the Annual Appropriations Ms. Adams stated included in the agenda packet is Resolution 2023-06 which will adopt your Fiscal Year 2024 budget. It also provides for appropriations and budget amendments. She noted attached to the exhibit is the proposed budget for Fiscal Year 2024. We have an exhaustive table of contents that outlines the layout for the budget and starting on page one of the budget or page 12 of the agenda packet, you will see the revenue section for Fiscal Year 2024 budget. This budget cycle starts October 1, 2023 and ends September 30, 2024. In the form of revenue, we have assessments. All of the property has been platted and is on the tax roll. We also have some intragovernmental revenue where we have amenities that have reciprocity with another nearby CDD and they share in the expense of the amenity operation. We are also recognizing a portion of the carry forward surplus in order to balance the budget. She noted the total revenue being $692,391. The administrative section is the next on the budget, which is the cost to operate the District, is very similar to last year. Previously the Board members reviewed the expenditures section, and we noted any line items that had any increase or variance from the current fiscal year. If there is no question on this section, we will move to the field expenses. We are proposing $268,708 in field expenses based on history and the current expenses for the District. Next are the amenity expenses, there are some increases due to increased cost for pool chemicals and labor. She stated happy to answer any questions should there be any. There are 628 assessable units, and they are all assessed for the operations and maintenance fee at one ERU and the gross per unit which is the amount that will be on the property tax bill for operations and maintenance fees is $968.48. This amount also allows for some funding to go into the capital reserve budget. She noted the debt service funds start on page 19. These are all set up in a similar fashion where it shows the expenditures for your proposed budget Fiscal Year 2024. There are interest and principal payments due in November and in May and that information is populated based on your amortization schedule. At the bottom of each debt service fund, it shows the number of units within that phase and the gross per unit debt service fee. The amount of the operations and maintenance fee and the debt service fee aggregated together will be what is on the Polk County property tax bill in the non-ad valorem section. On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, Resolution 2023-06 Adopting Fiscal Year 2024 Budget and Relating to the Annual Appropriations. C. Consideration of Resolution 2023-07 Imposing Special Assessments and Certifying an Assessment Roll Ms. Adams stated now that the budget has been adopted, we need to fund it. Resolution 2023-07 proposes that it is funded with the operations and maintenance fees and the debt service fees that you just approved. She asked for a motion to approve Resolution 2023-07. On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, Resolution 2023-07 Imposing Special Assessments and Certifying an Assessment Roll, was approved. FOURTH ORDER OF BUSINESS Approval of Minutes of the July 11, 2023 Board of Supervisors Meeting Ms. Adams presented the minutes of the July 11, 2023 Board of Supervisors meeting. These are included in the agenda package on page 57. The meeting minutes have been reviewed by staff. If there are no corrections from Board members, we would be looking for a motion to approve. On MOTION by Mr. Morgan seconded by Mr. Kewley, with all in favor, the Minutes of the July 11, 2023 Board of Supervisors Meeting, were approved. FIFTH ORDER OF BUSINESS Consideration of Resolution 2023-08 Approving the Proposed Fiscal Year 2024 Meeting Schedule Ms. Adams stated this District has been meeting the second Tuesday of the month here at Lake Alfred Library. She noted they are proposing that this District meet at 11:00 a.m. The reason for this is that Holly Hill Road East from time to time has residents who come and participate in public comments. By scheduling this meeting at 11:00 am it will be the last meeting for Tuesday’s line up. On MOTION by Mr. Morgan, seconded by Mr. Bichard, with all in favor, Resolution 2023-08 Approving the Proposed Fiscal Year 2024 Meeting Schedule, was approved. SIXTH ORDER OF BUSINESS Staff Reports A. Attorney Ms. Kobitter stated nothing to report. B. Engineer Ms. Adams stated the District Engineer is not present and there is no Engineer’s Report. C. Field Manager’s Report Mr. Tindall stated the Field Manager’s Report is on page 71 of the agenda. He stated toilet paper holders have been installed which should help with usage. The playgrounds were reviewed with no issues there. Landscaping overall looks good. The monthly mows have started in the ponds. On page 73 the two areas that have sod previously were a little rough, but rehabilitation has gone i. Review of Prince & Sons Pond Mowing Schedule well. The approved dog stations at Citrus Reserve were installed. Maintenance has begun on that with janitorial staff. The approved mulching was completed as of yesterday. In addition, were the Engineer Report items and many of those were done and will test them out over the next month. Mr. Morgan asked where they stood on the gate. Mr. Tindall stated the end of the month. Ms. Adams stated the pool has been heavily used and security reports have been received that identify the number of users there on the weekend hours. The pool has been very, very busy! Mr. Tindall presented on page 78 of the agenda you will find the pond mow schedule with the 32 mows that we bumped up to at the previous meeting. Again, weekly mows in the rainy season. D. District Manager’s Report i. Approval of Check Register ii. Balance Sheet & Income Statement Ms. Adams presented the check register found on page 81 of the agenda packet. You will see the check register is July 1, 2023 through July 31, 2023 totaling $44,855.98 and immediately following the register is a detailed run summary. If there are no questions, is there a motion to approve? On MOTION by Mr. Kewley, seconded by Mr. Morgan with all in favor, the Check Register, was approved. Ms. Adams reviewed the balance sheet & income statement through the end of June. These are for informational purposes only. No action was required for this item. SEVENTH ORDER OF BUSINESS Other Business There being no comments, the next item followed. EIGHTH ORDER OF BUSINESS Supervisors Requests and Audience Comments There being no comments, the next item followed. NINTH ORDER OF BUSINESS Adjournment On MOTION by Mr. Morgan, seconded by Mr. Bichard, with all in favor, the meeting was adjourned. Secretary/Assistant Secretary Chairman/Vice Chairman Sent Via Email: tadams@gmscfl.com September 15, 2023 Ms. Tricia Adams District Manager Holly Hill Road East Community Development District c/o Governmental Management Services 219 East Livingston Street Orlando, Florida 32801 Subject: Work Authorization Number 2024-1 Holly Hill Road East Community Development District District Engineering Services Dear Chairman, Board of Supervisors: Dewberry Engineers Inc. is pleased to submit this Work Authorization to provide professional consulting engineering services for the Holly Hill Road East Community Development District (CDD). We will provide these services pursuant to our current agreement (“District Engineering Agreement”) as follows: I. General Engineering Services The District will engage the services of Dewberry Engineers Inc. (Engineer) as District Engineer to perform those services as necessary, pursuant to the District Engineering Agreement, including attendance at Board of Supervisors meetings, review and approval of requisitions, or other activities as directed by the District’s Board of Supervisors. Our fee for this task will be based on time and materials, in accordance with the enclosed Schedule of Charges. The referenced Schedule of Charges is valid for fiscal year 2024 only. We estimate a budget of $10,000, plus other direct costs. II. Other Direct Costs Other direct costs include items such as printing, drawings, travel, deliveries, et cetera. This does not include any of the application fees for the various agencies, which are the owner’s responsibility and have not been accounted for in this proposal. We estimate a budget of $100. This Work Authorization, together with the referenced District Engineering Agreement, represents the entire understanding between the Holly Hill Road East Community Development District and Dewberry Engineers Inc. with regard to the referenced project. If you wish to accept this Work Authorization, please sign where indicated and return one complete copy to Aimee Powell, Senior Office Administrator in our Orlando office at 800 N. Magnolia Avenue, Suite 1000, Orlando, Florida 32803 (or via email at apowell@dewberry.com). Upon receipt, we will promptly schedule our services. Thank you for considering Dewberry. We look forward to helping you create a quality project. Sincerely, Reinardo Malavé, P.E. Associate Vice President RM:ap Q:\Holly Hill Road East CDD_50151880\Adm\Correspondence\AAS\Holly Hill Road CDD District Engineering Services – 09-15- 2023 Enclosures APPROVED AND ACCEPTED By: Authorized Representative of Holly Hill Road Community Development District Date: Attachment A STANDARD HOURLY BILLING RATE SCHEDULE Professional/Technical/Construction/Surveying Services LABOR CLASSIFICATION HOURLY RATES Professional Engineer I, II, III $115.00, $135.00, $155.00 Engineer IV, V, VI $170.00, $195.00, $225.00 Engineer VII, VIII, IX $250.00, $275.00, $305.00 Environmental Specialist I, II, III $105.00, $125.00, $150.00 Senior Environmental Scientist IV, V, VI $170.00, $190.00, $210.00 Planner I, II, III $105.00, $125.00, $150.00 Senior Planner IV, V, VI $170.00, $190.00, $210.00 Landscape Designer I, II, III $105.00, $125.00, $150.00 Senior Landscape Architect IV, V, VI $170.00, $190.00, $210.00 Principal $350.00 Technical CADD Technician I, II, III, IV, V $80.00, $100.00, $120.00, $140.00, $175.00 Designer I, II, III $110.00, $135.00, $160.00 Designer IV, V, VI $180.00, $200.00, $220.00 Construction Construction Professional I, II, III $125.00, $155.00, $185.00 Construction Professional IV, V, VI $215.00, $240.00, $285.00 Survey Surveyor I, II, III $68.00, $83.00, $98.00 Surveyor IV, V, VI $115.00, $125.00, $145.00 Surveyor VII, VIII, IX $160.00, $190.00, $235.00 Senior Surveyor IX $290.00 Fully Equipped 1, 2, 3 Person Field Crew $145.00, $175.00, $230.00 Administration Administrative Professional I, II, III, IV $70.00, $95.00, $115.00, $145.00 Other Direct Costs (Printing, Postage, Etc.) Cost + 15% Company Confidential and Proprietary: Use or disclosure of data contained on this sheet is subject to restriction on the title page of this report. Revised 05-01-23\Subject to Revision\Standard Hourly Billing Rate Schedule RESOLUTION 2024-01 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HOLLY HILL ROAD EAST COMMUNITY DEVELOPMENT DISTRICT ACCEPTING THE CERTIFICATION OF THE DISTRICT ENGINEER THAT THE ASSESSMENT AREA 3 PROJECT IS COMPLETE; DECLARING THE ASSESSMENT AREA 3 PROJECT COMPLETE; FINALIZING THE SPECIAL ASSESSMENTS SECURING THE DISTRICT’S ASSESSMENT AREA 3 BONDS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR SEVERABILITY, CONFLICTS, AND AN EFFECTIVE DATE. WHEREAS, the Holly Hill Road East Community Development District (“District”) was established by Ordinance No. 814 by the City Commission (the “City Commission”) of the City of Davenport, Florida (the “City”) enacted on July 10, 2017, as amended by Ordinance Nos. 841 and 864 enacted by the City Commission on March 5, 2018 and November 5, 2018, respectively (together, the “Ordinance”) for the purpose of providing infrastructure improvements, facilities, and services to the lands within the District as provided in Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors (the “Board”) of the District adopted Resolution Nos. 2017-25 and 2020-05 on July 19, 2017 and January 15, 2020, respectively, as amended by Resolution No. 2020-10 on May 20, 2020, authorizing the issuance of its Holly Hill Road East Community Development District Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) (the, “Assessment Area 3 Bonds”), for the purpose of funding the construction, installation, and acquisition of public infrastructure, improvements, and services; and WHEREAS, the Assessment Area 3 Bonds financed a portion of the District’s master project infrastructure for Assessment Area 3 (the “Assessment Area 3 Project”), as such is further identified and described in that certain Third Amended and Restated Engineer’s Report for Capital Improvements, dated January 23, 2019, which is attached to this Resolution as Exhibit A (the “Engineer’s Report”); and WHEREAS, the Engineer’s Report estimates capital costs totaling $5,090,350 for the Assessment Area 3 Project (the “Total Project Costs”); and WHEREAS, pursuant to the terms of the Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 3, dated May 20, 2020, attached to this Resolution as Composite Exhibit B (collectively, the “Assessment Methodology”), the estimated total costs of the Assessment Area 3 Project to be funded by the sale of bonds and secured by assessments, inclusive of capital costs, financing costs, capitalized interest, reserve funds, original issue discounts, and contingencies totaled approximately $5,090,350; and WHEREAS, on July 19, 2017, the Board adopted Resolution 2017-23, declaring that such Total Project Costs would be defrayed by the imposition of special assessments pursuant to Chapters 170 and 190, Florida Statutes, and that such special assessments would be paid in annual installments commencing in the year in which the special assessments were confirmed; and WHEREAS, on February 20, 2019, the Board, after notice and public hearing, met as an Equalizing Board pursuant to the provision of Section 170.08, Florida Statutes, and adopted Resolution 2019-09, authorizing the projects described therein, equalizing and levying special assessments to defray all or a portion of the Total Project Costs and providing that this levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district, municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes; and WHEREAS, the Assessment Area 3 Project specially benefits the developable acreage in the District as set forth in Resolution 2019-19 and the Assessment Methodology, and it is reasonable, proper, just and right to assess the portion of the costs of the Assessment Area 3 Project financed with the Assessment Area 3 Bonds to the specially benefitted properties within the District as set forth in Resolution 2019-19 and this Resolution; and WHEREAS, pursuant to Chapter 170, Florida Statutes, and the Master Trust Indenture dated November 1, 2017 (the “Master Indenture”), as supplemented by that Third Supplemental Trust Indenture dated June 1, 2020 (the “Third Supplemental Indenture” and, together with the Master Indenture, the “Indenture”) both by and between the District and U.S. Bank Trust National Association, as Trustee, the District Engineer executed and delivered a Certificate of Completion of the Assessment Area 3 Project dated September 19, 2023, (the “Engineer’s Certification”) attached hereto as Exhibit C, wherein the District Engineer certified the Assessment Area 3 Project to be complete; and WHEREAS, upon receipt of and in reliance upon the Engineer’s Certification evidencing the completion date of the Assessment Area 3 Project as described above, the Board desires to certify the Assessment Area 3 Project complete in accordance with the Indenture; and WHEREAS, the actual costs incurred to complete the Assessment Area 3 Project did not exceed all amounts on deposit in the Assessment Area 3 Acquisition and Construction Fund within the Acquisition and Construction Fund. Of the remaining balance of One Cent ($0.01) in the Assessment Area 3 Acquisition and Construction Fund within the Acquisition and Construction Fund, One Cent ($0.01) in such Assessment Area 3 Acquisition and Construction Fund is reserved by the District for the payment of the remaining Costs of the Assessment Area 3 Project. NOW, THEREFORE, be it resolved by the Board of Supervisors of the Holly Hill Road East Community Development District: SECTION 1. RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Resolution. SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170 and 190, Florida Statutes, and in accordance with the provisions of Resolution 2019- 19, as supplemented. SECTION 3. ACCEPTANCE AND CERTIFICATION OF COMPLETION OF THE ASSESSMENT AREA 3 PROJECT. The Board of Supervisors hereby accepts the Engineer’s Certification, attached hereto as Exhibit C, certifying the Assessment Area 3 Project complete and upon reliance thereon, certifies the Assessment Area 3 Project complete in accordance with Resolution 2019-19 and the Indenture. The Completion Date, as that term is defined in the Indenture, for the Assessment Area 3 Project shall be the date of the Engineer’s Certification. SECTION 4. FINALIZATION OF SPECIAL ASSESSMENTS SECURING ASSESSMENT AREA 3 BONDS. Pursuant to Section 170.08, Florida Statutes, and Resolution 2019-19, special assessments securing the Assessment Area 3 Bonds are to be credited the difference in the assessment as originally made, approved, and confirmed and the proportionate part of the total actual costs of the Assessment Area 3 Project. The remaining balance of the Assessment Area 3 Acquisition and Construction Account within the Assessment Area 3 Acquisition and Construction Fund, together with any interest earning therein, shall be retained by the District to complete the Remaining Improvements, pursuant to Section 4.01(a) of the Third Supplemental Trust Indenture, dated as of June 1, 2020. Exhibit D attached hereto and incorporated herein by this reference reflects the amortization schedule of the Assessment Area 3 Bonds after the closing of the Assessment Area 3 Acquisition and Construction Account within the Assessment Area 3 Acquisition and Construction Fund. As provided in Resolution 2019-19, the assessments levied reflect the outstanding debt due on the Assessment Area 3 Bonds. Pursuant to Section 170.08, Florida Statutes, and Resolution 2019-19, the special assessments on parcels specially benefitted by the Assessment Area 3 Project are hereby finalized in accordance with the Assessment Methodology, attached hereto as Composite Exhibit B, which reflects the assessments on the parcels benefitted by the Assessment Area 3 Bonds. SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s “Improvement Lien Book.” The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be co-equal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims. SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to supplement Resolution 2019-19, which remains in full force and effect. This Resolution and Resolution 2019-19 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. SECTION 7. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional. SECTION 8. CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed. SECTION 9. EFFECTIVE DATE. This Resolution shall become effective upon its adoption. APPROVED AND ADOPTED this 10th day of October 2023. ATTEST: HOLLY HILL ROAD EAST COMMUNITY DEVELOPMENT DISTRICT Secretary/Assistant Secretary Chairperson, Board of Supervisors Exhibit A: Third Amended and Restated Engineer’s Report for Capital Improvements, dated January 23, 2019 Comp. Exhibit B: Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 3, dated May 20, 2020 Exhibit C: Engineer’s Certification, dated September 19, 2023 Exhibit D: Amortization Schedule of the Assessment Area 3 Bonds EXHIBIT A Third Amended and Restated Engineer’s Report for Capital Improvements, dated January 23, 2019 COMPOSITE EXHIBIT B Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 3, dated May 20, 2020 EXHIBIT C Engineer’s Certification EXHIBIT D Amortization Schedule of the Assessment Area 3 Bonds RESOLUTION 2024-02 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE HOLLY HILL ROAD EAST COMMUNITY DEVELOPMENT DISTRICT ACCEPTING THE CERTIFICATION OF THE DISTRICT ENGINEER THAT THE ASSESSMENT AREA 4 PROJECT IS COMPLETE; DECLARING THE ASSESSMENT AREA 4 PROJECT COMPLETE; FINALIZING THE SPECIAL ASSESSMENTS SECURING THE DISTRICT’S ASSESSMENT AREA 4 BONDS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR SEVERABILITY, CONFLICTS, AND AN EFFECTIVE DATE. WHEREAS, the Holly Hill Road East Community Development District (“District”) was established by Ordinance No. 814 by the City Commission (the “City Commission”) of the City of Davenport, Florida (the “City”) enacted on July 10, 2017, as amended by Ordinance Nos. 841 and 864 enacted by the City Commission on March 5, 2018 and November 5, 2018, respectively (together, the “Ordinance”) for the purpose of providing infrastructure improvements, facilities, and services to the lands within the District as provided in Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors (the “Board”) of the District adopted Resolution Nos. 2017-25 and 2020-05 on July 19, 2017 and January 15, 2020, respectively, as amended by Resolution No. 2020-10 on May 20, 2020, authorizing the issuance of its Holly Hill Road East Community Development District Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) (the, “Assessment Area 4 Bonds”), for the purpose of funding the construction, installation, and acquisition of public infrastructure, improvements, and services; and WHEREAS, the Assessment Area 4 Bonds financed a portion of the District’s master project infrastructure for Assessment Area 4 (the “Assessment Area 4 Project”), as such is further identified and described in that certain Third Amended and Restated Engineer’s Report for Capital Improvements, dated June 10, 2020, which is attached to this Resolution as Exhibit A (the “Engineer’s Report”); and WHEREAS, the Engineer’s Report estimates capital costs totaling $3,920,000 for the Assessment Area 4 Project (the “Total Project Costs”); and WHEREAS, pursuant to the terms of the Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 4, dated July 22, 2020, attached to this Resolution as Composite Exhibit B (collectively, the “Assessment Methodology”), the estimated total costs of the Assessment Area 4 Project to be funded by the sale of bonds and secured by assessments, inclusive of capital costs, financing costs, capitalized interest, reserve funds, original issue discounts, and contingencies totaled approximately $3,920,000; and WHEREAS, on July 19, 2017, the Board adopted Resolution 2017-23, declaring that such Total Project Costs would be defrayed by the imposition of special assessments pursuant to Chapters 170 and 190, Florida Statutes, and that such special assessments would be paid in annual installments commencing in the year in which the special assessments were confirmed; and WHEREAS, on February 20, 2019, the Board, after notice and public hearing, met as an Equalizing Board pursuant to the provision of Section 170.08, Florida Statutes, and adopted Resolution 2019-09, authorizing the projects described therein, equalizing and levying special assessments to defray all or a portion of the Total Project Costs and providing that this levy shall be a lien on the property so assessed co-equal with the lien of all state, county, district, municipal or other governmental taxes, all in accordance with Section 170.08, Florida Statutes; and WHEREAS, the Assessment Area 4 Project specially benefits the developable acreage in the District as set forth in Resolution 2019-19 and the Assessment Methodology, and it is reasonable, proper, just and right to assess the portion of the costs of the Assessment Area 4 Project financed with the Assessment Area 4 Bonds to the specially benefitted properties within the District as set forth in Resolution 2019-19 and this Resolution; and WHEREAS, pursuant to Chapter 170, Florida Statutes, and the Master Trust Indenture dated November 1, 2017 (the “Master Indenture”), as supplemented by that Third Supplemental Trust Indenture dated June 1, 2020 (the “Third Supplemental Indenture” and, together with the Master Indenture, the “Indenture”) both by and between the District and U.S. Bank Trust National Association, as Trustee, the District Engineer executed and delivered a Certificate of Completion of the Assessment Area 4 Project dated September 19, 2023, (the “Engineer’s Certification”) attached hereto as Exhibit C, wherein the District Engineer certified the Assessment Area 4 Project to be complete; and WHEREAS, upon receipt of and in reliance upon the Engineer’s Certification evidencing the completion date of the Assessment Area 4 Project as described above, the Board desires to certify the Assessment Area 4 Project complete in accordance with the Indenture; and WHEREAS, the actual costs incurred to complete the Assessment Area 4 Project did not exceed all amounts on deposit in the Assessment Area 4 Acquisition and Construction Fund within the Acquisition and Construction Fund. Of the remaining balance of Twenty-Five Cents ($0.25) in the Assessment Area 4 Acquisition and Construction Fund within the Acquisition and Construction Fund, Twenty-Five Cents ($0.25) in such Assessment Area 4 Acquisition and Construction Fund is reserved by the District for the payment of the remaining Costs of the Assessment Area 4 Project. NOW, THEREFORE, be it resolved by the Board of Supervisors of the Holly Hill Road East Community Development District: SECTION 1. RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Resolution. SECTION 2. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170 and 190, Florida Statutes, and in accordance with the provisions of Resolution 2019- 19, as supplemented. SECTION 3. ACCEPTANCE AND CERTIFICATION OF COMPLETION OF THE ASSESSMENT AREA 4 PROJECT. The Board of Supervisors hereby accepts the Engineer’s Certification, attached hereto as Exhibit C, certifying the Assessment Area 4 Project complete and upon reliance thereon, certifies the Assessment Area 4 Project complete in accordance with Resolution 2019-19 and the Indenture. The Completion Date, as that term is defined in the Indenture, for the Assessment Area 4 Project shall be the date of the Engineer’s Certification. SECTION 4. FINALIZATION OF SPECIAL ASSESSMENTS SECURING ASSESSMENT AREA 4 BONDS. Pursuant to Section 170.08, Florida Statutes, and Resolution 2019-19, special assessments securing the Assessment Area 4 Bonds are to be credited the difference in the assessment as originally made, approved, and confirmed and the proportionate part of the total actual costs of the Assessment Area 4 Project. The remaining balance of the Assessment Area 4 Acquisition and Construction Account within the Assessment Area 4 Acquisition and Construction Fund, together with any interest earning therein, shall be retained by the District to complete the Remaining Improvements, pursuant to Section 4.01(a) of the Third Supplemental Trust Indenture, dated as of June 1, 2020. Exhibit D attached hereto and incorporated herein by this reference reflects the amortization schedule of the Assessment Area 4 Bonds after the closing of the Assessment Area 4 Acquisition and Construction Account within the Assessment Area 4 Acquisition and Construction Fund. As provided in Resolution 2019-19, the assessments levied reflect the outstanding debt due on the Assessment Area 4 Bonds. Pursuant to Section 170.08, Florida Statutes, and Resolution 2019-19, the special assessments on parcels specially benefitted by the Assessment Area 4 Project are hereby finalized in accordance with the Assessment Methodology, attached hereto as Composite Exhibit B, which reflects the assessments on the parcels benefitted by the Assessment Area 4 Bonds. SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s “Improvement Lien Book.” The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be co-equal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims. SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to supplement Resolution 2019-19, which remains in full force and effect. This Resolution and Resolution 2019-19 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. SECTION 7. SEVERABILITY. If any section or part of a section of this resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional. SECTION 8. CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed. SECTION 9. EFFECTIVE DATE. This Resolution shall become effective upon its adoption. APPROVED AND ADOPTED this 10th day of October 2023. ATTEST: HOLLY HILL ROAD EAST COMMUNITY DEVELOPMENT DISTRICT Secretary/Assistant Secretary Chairperson, Board of Supervisors Exhibit A: Third Amended and Restated Engineer’s Report for Capital Improvements, dated June 10, 2020 Comp. Exhibit B: Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 4, dated July 22, 2020 Exhibit C: Engineer’s Certification, dated September 19, 2023 Exhibit D: Amortization Schedule of the Assessment Area 4 Bonds EXHIBIT A Third Amended and Restated Engineer’s Report for Capital Improvements, dated June 10, 2020 COMPOSITE EXHIBIT B Third Amended & Restated Master Assessment Methodology Report, dated January 31, 2019, as supplemented by the Supplemental Assessment Methodology Report, Assessment Area 4, dated July 22, 2020 EXHIBIT C Engineer’s Certification EXHIBIT D Amortization Schedule of the Assessment Area 4 Bonds REBATE REPORT $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Dated: June 23, 2020 Delivered: June 23, 2020 _____________________________________________________ Rebate Report to the Computation Date June 23, 2025 Reflecting Activity To June 30, 2023 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Fund 13 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 15 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 16 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 17 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 18 September 15, 2023 Holly Hill Road East Community Development District c/o Ms. Katie Costa Directors of Operations – Accounting Division Governmental Management Services-CF, LLC 6200 Lee Vista Boulevard Orlando, FL 32822 Re: $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Holly Hill Road East 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 June 30, 2024. Thank you and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President David G. Mancuso, CPA, MBA Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the June 23, 2025 Computation Date Reflecting Activity from June 23, 2020 through June 30, 2023 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Acquisition and Construction Fund 0.006033% 44.47 (47,870.73) Cost of Issuance Fund 0.009021% 0.01 (7.25) Capitalized Interest Fund 0.004513% 1.02 (1,466.74) Debt Service Reserve Fund 0.928014% 4,194.25 (22,760.94) Totals 0.349019% $4,239.75 $(72,105.66) Bond Yield 5.148535% Rebate Computation Credits (6,482.59) Net Rebatable Arbitrage $(78,588.25) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from June 23, 2020, the date of the closing, to June 30, 2023, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of June 23, 2025. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between June 23, 2020 and June 30, 2023, the District made periodic payments into the Debt Service Fund that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date June 23, 2025. 7. Computation Period The period beginning on June 23, 2020, the date of the closing, and ending on June 30, 2023. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows: Fund / Account Account Number Revenue 242931000 Sinking 242931001 Interest 242931002 Prepayment 242931003 Debt Service Reserve 242931004 Project Rating Agency 242931005 Acquisition & Construction 242931006 Cost of Issuance 242931007 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 June 30, 2023, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to June 23, 2025. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on June 23, 2025, is the Rebatable Arbitrage. $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Delivered: June 23, 2020 Sources of Funds Par Amount $3,660,000.00 Net Original Issue Discount -88,663.45 Total $3,571,336.55 Uses of Funds Acquisition & Construction Fund $3,022,410.99 Debt Service Reserve Fund 238,250.00 Cost of Issuance Fund 174,400.00 Capitalized Interest Fund 63,075.56 Underwriter’s Discount 73,200.00 Total $3,571,336.55 Prepared by AMTEC (Finance 8.700) PROOF OF ARBITRAGE YIELD $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Present Value to 06/23/2020 Date Debt Service @ 5.1485349998% 11/01/2020 63,075.56 61,945.76 05/01/2021 88,700.00 84,925.02 11/01/2021 148,700.00 138,798.44 05/01/2022 87,500.00 79,623.86 11/01/2022 147,500.00 130,854.53 05/01/2023 86,300.00 74,639.57 11/01/2023 151,300.00 127,573.02 05/01/2024 85,000.00 69,871.56 11/01/2024 150,000.00 120,208.26 05/01/2025 83,700.00 65,392.82 11/01/2025 153,700.00 117,068.51 05/01/2026 82,300.00 61,112.16 11/01/2026 152,300.00 110,252.71 05/01/2027 80,725.00 56,971.68 11/01/2027 155,725.00 107,144.74 05/01/2028 79,037.50 53,016.04 11/01/2028 159,037.50 104,000.45 05/01/2029 77,237.50 49,240.84 11/01/2029 157,237.50 97,727.09 05/01/2030 75,437.50 45,709.63 11/01/2030 160,437.50 94,773.70 05/01/2031 73,525.00 42,342.70 11/01/2031 163,525.00 91,809.85 05/01/2032 71,500.00 39,135.67 11/01/2032 166,500.00 88,846.95 05/01/2033 69,125.00 35,960.44 11/01/2033 169,125.00 85,774.70 05/01/2034 66,625.00 32,942.02 11/01/2034 171,625.00 82,728.50 05/01/2035 64,000.00 30,075.73 11/01/2035 174,000.00 79,716.27 05/01/2036 61,250.00 27,356.81 11/01/2036 176,250.00 76,744.98 05/01/2037 58,375.00 24,780.46 11/01/2037 178,375.00 73,820.68 05/01/2038 55,375.00 22,341.86 11/01/2038 180,375.00 70,948.55 05/01/2039 52,250.00 20,036.19 11/01/2039 182,250.00 68,133.06 05/01/2040 49,000.00 17,858.62 11/01/2040 189,000.00 67,154.53 05/01/2041 45,500.00 15,761.10 11/01/2041 190,500.00 64,332.68 05/01/2042 41,875.00 13,786.47 11/01/2042 191,875.00 61,585.46 05/01/2043 38,125.00 11,929.75 11/01/2043 198,125.00 60,439.69 05/01/2044 34,125.00 10,148.86 11/01/2044 199,125.00 57,734.03 05/01/2045 30,000.00 8,479.86 11/01/2045 205,000.00 56,491.50 05/01/2046 25,625.00 6,884.22 11/01/2046 210,625.00 55,164.83 05/01/2047 21,000.00 5,362.08 11/01/2047 216,000.00 53,768.67 05/01/2048 16,125.00 3,913.24 11/01/2048 221,125.00 52,316.24 Prepared by AMTEC (Finance 8.700) PROOF OF ARBITRAGE YIELD $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Present Value to 06/23/2020 Date Debt Service @ 5.1485349998% 05/01/2049 11,000.00 2,537.19 11/01/2049 226,000.00 50,819.49 05/01/2050 5,625.00 1,233.12 11/01/2050 230,625.00 49,289.16 7,155,000.56 3,571,336.55 Proceeds Summary Delivery date 06/23/2020 Par Value 3,660,000.00 Premium (Discount) -88,663.45 Target for yield calculation 3,571,336.55 Prepared by AMTEC (Finance 8.700) BOND DEBT SERVICE $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 06/23/2020 11/01/2020 63,075.56 63,075.56 63,075.56 05/01/2021 88,700.00 88,700.00 11/01/2021 60,000 4.000% 88,700.00 148,700.00 237,400.00 05/01/2022 87,500.00 87,500.00 11/01/2022 60,000 4.000% 87,500.00 147,500.00 235,000.00 05/01/2023 86,300.00 86,300.00 11/01/2023 65,000 4.000% 86,300.00 151,300.00 237,600.00 05/01/2024 85,000.00 85,000.00 11/01/2024 65,000 4.000% 85,000.00 150,000.00 235,000.00 05/01/2025 83,700.00 83,700.00 11/01/2025 70,000 4.000% 83,700.00 153,700.00 237,400.00 05/01/2026 82,300.00 82,300.00 11/01/2026 70,000 4.500% 82,300.00 152,300.00 234,600.00 05/01/2027 80,725.00 80,725.00 11/01/2027 75,000 4.500% 80,725.00 155,725.00 236,450.00 05/01/2028 79,037.50 79,037.50 11/01/2028 80,000 4.500% 79,037.50 159,037.50 238,075.00 05/01/2029 77,237.50 77,237.50 11/01/2029 80,000 4.500% 77,237.50 157,237.50 234,475.00 05/01/2030 75,437.50 75,437.50 11/01/2030 85,000 4.500% 75,437.50 160,437.50 235,875.00 05/01/2031 73,525.00 73,525.00 11/01/2031 90,000 4.500% 73,525.00 163,525.00 237,050.00 05/01/2032 71,500.00 71,500.00 11/01/2032 95,000 5.000% 71,500.00 166,500.00 238,000.00 05/01/2033 69,125.00 69,125.00 11/01/2033 100,000 5.000% 69,125.00 169,125.00 238,250.00 05/01/2034 66,625.00 66,625.00 11/01/2034 105,000 5.000% 66,625.00 171,625.00 238,250.00 05/01/2035 64,000.00 64,000.00 11/01/2035 110,000 5.000% 64,000.00 174,000.00 238,000.00 05/01/2036 61,250.00 61,250.00 11/01/2036 115,000 5.000% 61,250.00 176,250.00 237,500.00 05/01/2037 58,375.00 58,375.00 11/01/2037 120,000 5.000% 58,375.00 178,375.00 236,750.00 05/01/2038 55,375.00 55,375.00 11/01/2038 125,000 5.000% 55,375.00 180,375.00 235,750.00 05/01/2039 52,250.00 52,250.00 11/01/2039 130,000 5.000% 52,250.00 182,250.00 234,500.00 05/01/2040 49,000.00 49,000.00 11/01/2040 140,000 5.000% 49,000.00 189,000.00 238,000.00 05/01/2041 45,500.00 45,500.00 11/01/2041 145,000 5.000% 45,500.00 190,500.00 236,000.00 05/01/2042 41,875.00 41,875.00 11/01/2042 150,000 5.000% 41,875.00 191,875.00 233,750.00 05/01/2043 38,125.00 38,125.00 11/01/2043 160,000 5.000% 38,125.00 198,125.00 236,250.00 05/01/2044 34,125.00 34,125.00 11/01/2044 165,000 5.000% 34,125.00 199,125.00 233,250.00 05/01/2045 30,000.00 30,000.00 11/01/2045 175,000 5.000% 30,000.00 205,000.00 235,000.00 05/01/2046 25,625.00 25,625.00 11/01/2046 185,000 5.000% 25,625.00 210,625.00 236,250.00 05/01/2047 21,000.00 21,000.00 11/01/2047 195,000 5.000% 21,000.00 216,000.00 237,000.00 05/01/2048 16,125.00 16,125.00 11/01/2048 205,000 5.000% 16,125.00 221,125.00 237,250.00 Prepared by AMTEC (Finance 8.700) BOND DEBT SERVICE $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 05/01/2049 11,000.00 11,000.00 11/01/2049 215,000 5.000% 11,000.00 226,000.00 237,000.00 05/01/2050 5,625.00 5,625.00 11/01/2050 225,000 5.000% 5,625.00 230,625.00 236,250.00 3,660,000 3,495,000.56 7,155,000.56 7,155,000.56 $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 06/23/20 Beg Bal -3,022,410.99 -3,897,066.01 07/20/20 152,687.28 196,124.27 07/20/20 96,666.73 124,166.81 07/20/20 37,773.36 48,519.25 07/23/20 26,423.00 33,925.53 07/23/20 163,184.87 209,519.47 07/23/20 9,400.00 12,069.03 07/23/20 49,055.00 62,983.64 07/29/20 260,106.88 333,678.63 07/29/20 326.20 418.47 07/29/20 11,950.00 15,330.08 09/14/20 427,856.33 545,399.72 09/14/20 174,109.34 221,941.76 09/14/20 3,000.00 3,824.18 09/14/20 96,093.24 122,492.58 09/14/20 16,286.27 20,760.54 09/14/20 339.75 433.09 09/14/20 315.56 402.25 09/14/20 9,098.00 11,597.46 09/14/20 38,760.00 49,408.39 09/14/20 6,300.00 8,030.78 09/14/20 1,500.00 1,912.09 09/21/20 -5,023.00 -6,396.62 09/21/20 -35,133.00 -44,740.71 09/23/20 3,000.00 3,819.32 09/25/20 571,727.23 727,664.62 09/25/20 -9,400.00 -11,963.83 09/28/20 467.50 594.76 10/06/20 3,000.00 3,812.32 10/22/20 2,373.65 3,009.56 10/26/20 3,000.00 3,801.57 10/27/20 378,280.60 479,285.25 11/05/20 -19,434.06 -24,595.35 11/06/20 298,125.94 377,248.78 11/06/20 53,361.17 67,523.26 11/06/20 3,000.00 3,796.20 11/18/20 29.00 36.63 11/24/20 49,931.55 63,023.03 11/30/20 16,700.00 21,060.70 12/01/20 12,749.73 16,076.66 12/01/20 58,500.00 73,765.08 12/08/20 3,000.00 3,779.09 12/23/20 9,000.00 11,313.27 12/23/20 3,225.00 4,053.92 12/23/20 607.50 763.65 12/23/20 40,133.75 50,449.35 03/15/21 -99,125.00 -123,168.71 $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 04/06/21 11,285.00 13,980.77 04/06/21 102.76 127.31 04/12/21 2,515.10 3,113.27 04/15/21 136.74 169.19 04/20/21 14,787.50 18,283.76 05/18/21 70,298.78 86,576.80 06/08/21 -2,000.00 -2,456.16 06/25/21 2,000.20 2,450.52 06/30/22 de minimis 0.01 0.01 ---------------------------------------------------------------- 06/23/25 TOTALS: 44.47 -47,870.73 ---------------------------------------------------------------- ISSUE DATE: 06/23/20 REBATABLE ARBITRAGE: -47,870.73 COMP DATE: 06/23/25 NET INCOME: 44.47 BOND YIELD: 5.148535% TAX INV YIELD: 0.006033% $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Cost of Issuance Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 06/23/20 Beg Bal -174,400.00 -224,869.59 06/23/20 40,000.00 51,575.59 06/23/20 5,000.00 6,446.95 06/23/20 30,000.00 38,681.70 06/23/20 48,000.00 61,890.71 06/23/20 45,000.00 58,022.54 06/29/20 4,900.00 6,312.66 06/30/20 1,500.00 1,932.17 06/30/22 de minimis 0.01 0.01 ---------------------------------------------------------------- 06/23/25 TOTALS: 0.01 -7.25 ---------------------------------------------------------------- ISSUE DATE: 06/23/20 REBATABLE ARBITRAGE: -7.25 COMP DATE: 06/23/25 NET INCOME: 0.01 BOND YIELD: 5.148535% TAX INV YIELD: 0.009021% $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 06/23/20 Beg Bal -63,075.56 -81,328.99 11/02/20 63,075.56 79,860.95 11/02/20 1.02 1.29 ---------------------------------------------------------------- 06/23/25 TOTALS: 1.02 -1,466.74 ---------------------------------------------------------------- ISSUE DATE: 06/23/20 REBATABLE ARBITRAGE: -1,466.74 COMP DATE: 06/23/25 NET INCOME: 1.02 BOND YIELD: 5.148535% TAX INV YIELD: 0.004513% $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 06/23/20 Beg Bal -238,250.00 -307,197.13 09/15/20 2.74 3.49 03/15/21 20,000.00 24,851.19 03/15/21 99,125.00 123,168.71 03/15/21 7.09 8.81 09/23/21 3.89 4.71 05/04/22 3.57 4.19 11/01/22 400.30 457.90 05/03/23 1,965.52 2,191.28 06/30/23 MMkt Bal 120,476.72 133,237.83 06/30/23 MMkt Acc 459.42 508.08 ---------------------------------------------------------------- 06/23/25 TOTALS: 4,194.25 -22,760.94 ---------------------------------------------------------------- ISSUE DATE: 06/23/20 REBATABLE ARBITRAGE: -22,760.94 COMP DATE: 06/23/25 NET INCOME: 4,194.25 BOND YIELD: 5.148535% TAX INV YIELD: 0.928014% $3,660,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 3 Project) Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.148535%) 06/23/21 -1,780.00 -2,181.36 06/23/22 -1,830.00 -2,131.48 06/23/23 -1,960.00 -2,169.75 ---------------------------------------------------------------- 06/23/25 TOTALS: -5,570.00 -6,482.59 ---------------------------------------------------------------- ISSUE DATE: 06/23/20 REBATABLE ARBITRAGE: -6,482.59 COMP DATE: 06/23/25 BOND YIELD: 5.148535% REBATE REPORT $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Dated: August 25, 2020 Delivered: August 25, 2020 _____________________________________________________ Rebate Report to the Computation Date August 25, 2025 Reflecting Activity To June 30, 2023 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Fund 13 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 15 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 16 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 17 Arbitrage Rebate Calculation Detail Report – Redemption Fund 18 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 19 September 15, 2023 Holly Hill Road East Community Development District c/o Ms. Katie Costa Governmental Management Services-CF, LLC 6200 Lee Vista Boulevard Suite 300 Orlando, FL 32822 Re: $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the Holly Hill Road East 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 the next Report as of July 31, 2024. Thank you and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President David G. Mancuso, CPA, MBA Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the August 25, 2025 Computation Date Reflecting Activity from August 25, 2020 through June 30, 2023 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Acquisition and Construction Fund 0.006071% 22.12 (17,561.21) Cost of Issuance Fund 0.006569% 0.04 (25.42) Capitalized Interest Fund 0.006125% 2.97 (2,317.40) Debt Service Reserve Fund8- 0.970607% 3,337.61 (12,049.59) Redemption Fund 0.000000% 0.00 0.00 Totals 0.442883% $3,362.74 $(31,953.62) Bond Yield 4.013727% Rebate Computation Credits (4,148.39) Net Rebatable Arbitrage $(36,102.01) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For purposes of computing Rebatable Arbitrage, investment activity is reflected from August 25, 2020, the date of the closing, to June 30, 2023, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of August 25, 2025. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between August 25, 2020 and June 30, 2023, the District made periodic payments into the Debt Service Fund that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date August 25, 2025. 7. Computation Period The period beginning on August 25, 2020, the date of the closing, and ending on June 30, 2023. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows: Fund / Account Account Number Revenue 268660000 Interest 268660001 Sinking 268660002 Debt Service Reserve 268660003 Prepayment 268660004 Acquisition & Construction 268660005 Cost of Issuance 268660006 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 June 30, 2023, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to August 25, 2025. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on August 25, 2025, is the Rebatable Arbitrage. $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Delivered: August 25, 2020 Sources of Funds Par Amount $3,325,000.00 Net Original Issue Discount -29,352.70 Total $3,295,647.30 Uses of Funds Acquisition & Construction Fund $2,534,072.49 Debt Service Reserve Fund 191,400.00 Cost of Issuance Fund 174,400.00 Capitalized Interest Fund 87,535.00 Redemption Fund 241,739.81 Underwriter’s Discount 66,500.00 Total $3,295,647.30 Prepared by AMTEC (Finance 8.700) PROOF OF ARBITRAGE YIELD $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Present Value to 08/25/2020 Date Debt Service @ 4.0137267151% 11/01/2020 23,485.00 23,314.52 05/01/2021 64,050.00 62,334.09 11/01/2021 64,050.00 61,107.74 05/01/2022 124,050.00 116,023.10 11/01/2022 63,150.00 57,901.75 05/01/2023 128,150.00 115,188.08 11/01/2023 62,175.00 54,786.72 05/01/2024 127,175.00 109,858.05 11/01/2024 61,200.00 51,826.53 05/01/2025 131,200.00 108,919.39 11/01/2025 60,150.00 48,952.81 05/01/2026 130,150.00 103,838.10 11/01/2026 58,925.00 46,087.46 05/01/2027 128,925.00 98,853.24 11/01/2027 57,700.00 43,371.08 05/01/2028 132,700.00 97,783.57 11/01/2028 56,387.50 40,733.19 05/01/2029 136,387.50 96,585.24 11/01/2029 54,987.50 38,174.27 05/01/2030 134,987.50 91,869.42 11/01/2030 53,587.50 35,752.92 05/01/2031 138,587.50 90,644.76 11/01/2031 52,100.00 33,406.19 05/01/2032 137,100.00 86,178.18 11/01/2032 50,400.00 31,057.11 05/01/2033 140,400.00 84,814.12 11/01/2033 48,600.00 28,781.14 05/01/2034 143,600.00 83,367.49 11/01/2034 46,700.00 26,578.46 05/01/2035 146,700.00 81,849.04 11/01/2035 44,700.00 24,449.03 05/01/2036 144,700.00 77,587.76 11/01/2036 42,700.00 22,445.18 05/01/2037 147,700.00 76,110.82 11/01/2037 40,600.00 20,509.85 05/01/2038 150,600.00 74,581.67 11/01/2038 38,400.00 18,642.71 05/01/2039 153,400.00 73,008.54 11/01/2039 36,100.00 16,843.26 05/01/2040 156,100.00 71,399.05 11/01/2040 33,700.00 15,110.89 05/01/2041 158,700.00 69,760.19 11/01/2041 31,200.00 13,444.85 05/01/2042 161,200.00 68,098.42 11/01/2042 28,600.00 11,844.28 05/01/2043 163,600.00 66,419.63 11/01/2043 25,900.00 10,308.22 05/01/2044 165,900.00 64,729.28 11/01/2044 23,100.00 8,835.62 05/01/2045 168,100.00 63,032.32 11/01/2045 20,200.00 7,425.36 05/01/2046 170,200.00 61,333.31 11/01/2046 17,200.00 6,076.25 05/01/2047 177,200.00 61,367.97 11/01/2047 14,000.00 4,753.10 05/01/2048 179,000.00 59,576.13 11/01/2048 10,700.00 3,491.19 05/01/2049 180,700.00 57,798.77 Prepared by AMTEC (Finance 8.700) PROOF OF ARBITRAGE YIELD $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Present Value to 08/25/2020 Date Debt Service @ 4.0137267151% 11/01/2049 7,300.00 2,289.04 05/01/2050 187,300.00 57,575.73 11/01/2050 3,700.00 1,115.00 05/01/2051 188,700.00 55,746.14 5,828,960.00 3,295,647.30 Proceeds Summary Delivery date 08/25/2020 Par Value 3,325,000.00 Premium (Discount) -29,352.70 Target for yield calculation 3,295,647.30 Prepared by AMTEC (Finance 8.700) BOND DEBT SERVICE $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Annual Period Debt Ending Principal Coupon Interest Debt Service Service 08/25/2020 11/01/2020 23,485.00 23,485.00 05/01/2021 64,050.00 64,050.00 87,535 11/01/2021 64,050.00 64,050.00 05/01/2022 60,000 3.000% 64,050.00 124,050.00 188,100 11/01/2022 63,150.00 63,150.00 05/01/2023 65,000 3.000% 63,150.00 128,150.00 191,300 11/01/2023 62,175.00 62,175.00 05/01/2024 65,000 3.000% 62,175.00 127,175.00 189,350 11/01/2024 61,200.00 61,200.00 05/01/2025 70,000 3.000% 61,200.00 131,200.00 192,400 11/01/2025 60,150.00 60,150.00 05/01/2026 70,000 3.500% 60,150.00 130,150.00 190,300 11/01/2026 58,925.00 58,925.00 05/01/2027 70,000 3.500% 58,925.00 128,925.00 187,850 11/01/2027 57,700.00 57,700.00 05/01/2028 75,000 3.500% 57,700.00 132,700.00 190,400 11/01/2028 56,387.50 56,387.50 05/01/2029 80,000 3.500% 56,387.50 136,387.50 192,775 11/01/2029 54,987.50 54,987.50 05/01/2030 80,000 3.500% 54,987.50 134,987.50 189,975 11/01/2030 53,587.50 53,587.50 05/01/2031 85,000 3.500% 53,587.50 138,587.50 192,175 11/01/2031 52,100.00 52,100.00 05/01/2032 85,000 4.000% 52,100.00 137,100.00 189,200 11/01/2032 50,400.00 50,400.00 05/01/2033 90,000 4.000% 50,400.00 140,400.00 190,800 11/01/2033 48,600.00 48,600.00 05/01/2034 95,000 4.000% 48,600.00 143,600.00 192,200 11/01/2034 46,700.00 46,700.00 05/01/2035 100,000 4.000% 46,700.00 146,700.00 193,400 11/01/2035 44,700.00 44,700.00 05/01/2036 100,000 4.000% 44,700.00 144,700.00 189,400 11/01/2036 42,700.00 42,700.00 05/01/2037 105,000 4.000% 42,700.00 147,700.00 190,400 11/01/2037 40,600.00 40,600.00 05/01/2038 110,000 4.000% 40,600.00 150,600.00 191,200 11/01/2038 38,400.00 38,400.00 05/01/2039 115,000 4.000% 38,400.00 153,400.00 191,800 11/01/2039 36,100.00 36,100.00 05/01/2040 120,000 4.000% 36,100.00 156,100.00 192,200 11/01/2040 33,700.00 33,700.00 05/01/2041 125,000 4.000% 33,700.00 158,700.00 192,400 11/01/2041 31,200.00 31,200.00 05/01/2042 130,000 4.000% 31,200.00 161,200.00 192,400 11/01/2042 28,600.00 28,600.00 05/01/2043 135,000 4.000% 28,600.00 163,600.00 192,200 11/01/2043 25,900.00 25,900.00 05/01/2044 140,000 4.000% 25,900.00 165,900.00 191,800 11/01/2044 23,100.00 23,100.00 05/01/2045 145,000 4.000% 23,100.00 168,100.00 191,200 11/01/2045 20,200.00 20,200.00 05/01/2046 150,000 4.000% 20,200.00 170,200.00 190,400 11/01/2046 17,200.00 17,200.00 05/01/2047 160,000 4.000% 17,200.00 177,200.00 194,400 11/01/2047 14,000.00 14,000.00 05/01/2048 165,000 4.000% 14,000.00 179,000.00 193,000 11/01/2048 10,700.00 10,700.00 05/01/2049 170,000 4.000% 10,700.00 180,700.00 191,400 Prepared by AMTEC (Finance 8.700) BOND DEBT SERVICE $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Annual Period Debt Ending Principal Coupon Interest Debt Service Service 11/01/2049 7,300.00 7,300.00 05/01/2050 180,000 4.000% 7,300.00 187,300.00 194,600 11/01/2050 3,700.00 3,700.00 05/01/2051 185,000 4.000% 3,700.00 188,700.00 192,400 3,325,000 2,503,960.00 5,828,960.00 5,828,960 $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/20 Beg Bal -2,534,072.49 -3,091,099.39 09/02/20 154,527.48 188,349.33 09/02/20 257,522.19 313,886.77 09/02/20 80.00 97.51 09/21/20 5,023.00 6,109.57 09/21/20 35,133.00 42,732.93 09/21/20 114,485.27 139,250.60 09/21/20 47,745.50 58,073.76 09/21/20 140,373.60 170,739.07 09/21/20 35,215.60 42,833.40 09/21/20 339.75 413.24 09/21/20 247.94 301.57 09/21/20 26,270.00 31,952.70 09/21/20 22,394.00 27,238.25 09/21/20 3,000.00 3,648.96 09/21/20 7,325.00 8,909.54 09/23/20 3,000.00 3,648.15 09/25/20 254,763.63 309,737.03 10/06/20 3,000.00 3,642.92 10/22/20 2,128.90 2,580.58 10/26/20 28.58 34.63 10/26/20 3,000.00 3,634.89 10/27/20 563,396.07 682,551.46 10/27/20 35,262.32 42,720.12 11/05/20 19,434.06 23,523.48 11/05/20 489,942.94 593,039.42 11/05/20 6,337.79 7,671.42 11/05/20 3,000.00 3,631.28 11/24/20 43,901.47 53,028.12 11/30/20 17,575.00 21,214.60 11/30/20 2,500.00 3,017.72 12/08/20 17,906.56 21,595.74 12/08/20 3,000.00 3,618.07 12/23/20 17,759.00 21,382.35 12/23/20 9,000.00 10,836.26 12/23/20 712.50 857.87 12/23/20 2,800.00 3,371.28 12/23/20 174,048.96 209,559.97 01/19/21 10,701.21 12,847.64 01/19/21 1,210.00 1,452.70 03/09/21 -31.36 -37.44 05/11/21 -95,700.00 -113,483.56 $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Acquisition and Construction Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 05/27/21 95,734.40 113,324.02 06/30/23 Balance 0.25 0.27 ---------------------------------------------------------------- 08/25/25 TOTALS: 22.12 -17,561.21 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: -17,561.21 COMP DATE: 08/25/25 NET INCOME: 22.12 BOND YIELD: 4.013727% TAX INV YIELD: 0.006071% $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Cost of Issuance Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/20 Beg Bal -174,400.00 -212,735.72 08/25/20 48,000.00 58,551.12 08/25/20 1,500.00 1,829.72 08/25/20 5,000.00 6,099.07 08/25/20 40,000.00 48,792.60 08/25/20 45,000.00 54,891.67 08/31/20 30,000.00 36,574.25 09/03/20 4,900.00 5,971.82 02/02/21 0.04 0.05 ---------------------------------------------------------------- 08/25/25 TOTALS: 0.04 -25.42 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: -25.42 COMP DATE: 08/25/25 NET INCOME: 0.04 BOND YIELD: 4.013727% TAX INV YIELD: 0.006569% $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/20 Beg Bal -87,535.00 -106,776.50 09/02/20 0.10 0.12 10/02/20 0.43 0.52 11/02/20 23,485.01 28,436.27 11/03/20 0.45 0.54 12/02/20 0.32 0.39 01/05/21 0.33 0.40 02/02/21 0.33 0.40 03/02/21 0.30 0.36 04/02/21 0.33 0.39 05/03/21 64,050.00 76,019.27 05/04/21 0.32 0.38 06/02/21 0.05 0.06 ---------------------------------------------------------------- 08/25/25 TOTALS: 2.97 -2,317.40 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: -2,317.40 COMP DATE: 08/25/25 NET INCOME: 2.97 BOND YIELD: 4.013727% TAX INV YIELD: 0.006125% $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Debt Service Reserve Fund8- ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/20 Beg Bal -191,400.00 -233,472.57 09/02/20 0.22 0.27 10/02/20 0.94 1.14 11/03/20 0.98 1.19 12/02/20 0.95 1.15 01/05/21 0.98 1.18 02/02/21 0.97 1.16 03/02/21 0.88 1.05 04/02/21 0.97 1.16 05/04/21 0.95 1.13 05/11/21 95,700.00 113,483.56 06/02/21 0.64 0.76 07/02/21 0.47 0.55 08/03/21 0.49 0.58 09/02/21 0.49 0.57 10/04/21 0.47 0.55 11/02/21 0.49 0.57 12/02/21 0.47 0.55 12/30/21 0.01 0.01 01/04/22 0.49 0.57 02/02/22 0.49 0.56 03/02/22 0.44 0.51 04/04/22 0.49 0.56 05/03/22 0.47 0.54 06/02/22 24.12 27.42 07/05/22 55.09 62.41 08/02/22 96.18 108.63 09/02/22 144.88 163.10 10/04/22 165.50 185.65 11/02/22 216.77 242.42 12/02/22 264.18 294.46 01/04/23 298.46 331.50 02/02/23 317.79 351.88 03/02/23 304.59 336.15 04/04/23 344.31 378.64 05/02/23 347.69 381.18 06/02/23 378.25 413.31 06/30/23 MMkt Bal 95,700.00 104,247.65 06/30/23 MMkt Acc 366.05 398.74 ---------------------------------------------------------------- 08/25/25 TOTALS: 3,337.61 -12,049.59 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: -12,049.59 COMP DATE: 08/25/25 NET INCOME: 3,337.61 BOND YIELD: 4.013727% TAX INV YIELD: 0.970607% $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Redemption Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/20 Beg Bal -241,739.81 -294,877.82 08/25/20 241,739.81 294,877.82 ---------------------------------------------------------------- 08/25/25 TOTALS: 0.00 0.00 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: 0.00 COMP DATE: 08/25/25 NET INCOME: 0.00 BOND YIELD: 4.013727% TAX INV YIELD: 0.000000% $3,325,000 Holly Hill Road East Community Development District (City of Davenport, Florida) Special Assessment Bonds, Series 2020 (Assessment Area 4 Project) Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (4.013727%) 08/25/21 -1,780.00 -2,086.68 08/25/22 -1,830.00 -2,061.71 ---------------------------------------------------------------- 08/25/25 TOTALS: -3,610.00 -4,148.39 ---------------------------------------------------------------- ISSUE DATE: 08/25/20 REBATABLE ARBITRAGE: -4,148.39 COMP DATE: 08/25/25 BOND YIELD: 4.013727% Holly Hill Road East CDD Field Management Report October 10, 2023 Marshall Tindall Field Services Manager GMS Hurricane Reviews orm Facilities have been well maintained by vendors. Basic maintenance items have been noted for upkeep in fall before holidays. Playgrounds reviewed: Supplemental ant treatments were done. Complete Complete Amenity Review Complete Complete Entrance and wall touchups were complete. Planters are neat, clean and well maintained. Pool plantings fared well through the busy season traffic. Landscape Review Complete Complete New tract access gate was installed for landscape access in Reserve as approved. A lock was added to restrict foot traffic to maintenance personnel. GFI outlet on Landing well was being abused by nearby construction. Cover was replaced and a lock added. A fence in a grassy area Description automatically generated Site Items Site Items In Progress Work has continued on the clearing the stormwater drains. The majority of drainage items have been addressed. Final items are being coordinated. A hole in the ground Description automatically generated A concrete drain hole with rocks in the ground Description automatically generated Normal cleaning of the amenity area and sidewalks is being planned for fall before the holidays. Routine Maintenance Upcoming For any questions or comments regarding the above information, please contact me by phone at 407-346-2453, or by email at mtindall@gmscfl.com. Thank you. Respectfully, Marshall Tindall Conclusion