Ranches at Lake McLeod Community Development District

Meeting Agenda February 11, 2025

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Ranches at Lake McLeod
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
February 4, 2025

Board of Supervisors Meeting
Ranches at Lake McLeod Community Development District
Dear Board Members:

A meeting of the Board of Supervisors of the Ranches at Lake McLeod Community Development District will be held on Tuesday, February 11, 2025, at 10:00 AM at the Lake Alfred Public Library, 245 N Seminole Ave., Lake Alfred, FL 33850.

Zoom Video Link: https://us06web.zoom.us/j/83453124755
Call-In Information: 1-646-876-9923
Meeting ID: 834 5312 4755

Following is the advance agenda for the meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period (1Speakers will fill out a card and submit it to the District Manager prior to the beginning of the meeting)
Approval of Minutes of the November 12, 2024 Board of Supervisors Meeting
Presentation and Consideration of Supplemental Engineer’s Report dated February 10, 2025
Presentation and Consideration of Supplemental Assessment Methodology Report for Assessment Area Two dated February 11, 2025
Consideration of Resolution 2025-02 Delegation Resolution (Series 2025—Assessment Area Two Bonds)
Consideration of Underwriter Services Agreement for Series 2025 Bonds with FMS Bonds
Ratification of License Agreement for Installation of Holiday Decorations with Ranches at Lake McLeod Community Association, Inc.
Ratification of TraceAir Proposal for Drone Flyovers, Data Processing & Cloud Software Subscription
Consideration of 2025 Data Sharing and Usage Agreement with Polk County Property Appraiser
Consideration of 2025 Contract Agreement with Polk County Property Appraiser
Staff Reports
Attorney
Engineer
Consideration of Assignment of District Engineering Services Agreement
Field Manager’s Report
Consideration of Addendum from Aquatic Weed Management, Inc. to Add Ranches at Lake McLeod CDD East Area Ponds to Current Aquatic Maintenance Services Contract

1 Comments will be limited to three (3) minutes

District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Project Development Update
Status of Property Conveyance
Status of Permit Transfers
Status of Construction Funds & Requisitions
Other Business
Supervisors Requests and Audience Comments
Adjournment

MINUTES

MINUTES OF MEETING RANCHES AT LAKE MCLEOD
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Ranches at Lake McLeod Community Development District was held on Tuesday, November 12, 2024 at 10:00 a.m. at the Lake Alfred Public Library, 245 N Seminole Ave., Lake Alfred Florida.
Present and constituting a quorum were:

Adam Morgan	Chairman
Rob Bonin	Vice Chairman
Brent Kewley	Assistant Secretary
Michelle Dudley	Assistant Secretary
Kayla Word	Appointed as Assistant Secretary Also present were:
Tricia Adams	District Manager, GMS
Jill Burns	District Manager, GMS
Rick Welch by Zoom	District Engineer, Connelly & Wicker
Mark Watts by Zoom	District Counsel, Cobb Cole
Allen Bailey	Field Services, GMS
Eduardo Rodas by Zoom	HOA Manager

The following is a summary of the discussions and actions taken at the November 12, 2024 Ranches at Lake McLeod Community Development District’s Board of Supervisors meeting.
FIRST ORDER OF BUSINESS	Roll Call
Ms. Adams called the meeting to order and called the roll. Four Board members were present constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period on Agenda Items
Ms. Adams opened the public comment period regarding agenda items.
Cheryl D’Andrea (1550 Marksman Rd.- Eagle Lake) stated she is at the meeting to listen and determine who has responsibility for a variety of things, the HOA or the CDD. She noted two line items from the tax bill, one is repayment to the CDD debt and the other is

for maintenance and asked if those numbers are derived on a total community build out such as the HOA has done or based on current occupation. The answer to #1 determines whether or not that number on maintenance is going to increase even though the number of participants will also rise. She noted the CDDs responsibility includes the roads, is that also the gutters and the sidewalks?

THIRD ORDER OF BUSINESS	Organizational Matters
Acceptance of Letter of Resignation from Pat Quaranta
Ms. Adams stated on page 7 is Pat Quaranta’s letter of resignation. She asked for a motion to accept Pat Quaranta’s resignation and declare that seat vacant.

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, Accepting the Letter of Resignation from Pat Quaranta, was approved.

Appointment to Fill Board Seat #1
Ms. Adams noted this is seat #1 with a term that expires in November 2025. Would the Board like to consider any appointments to seat #1? Mr. Morgan appointed Kayla Word.

On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, the Appointment of Kayla Word to Seat #1, was approved.

Administration of Oath to Newly Appointed Supervisor
Ms. Adams administered the oath to Kayla Word.

Consideration of Resolution 2025-01 Appointing an Assistant Secretary
Ms. Adams stated each time there is an election or appointment to the Board, Florida Statutes require they reorganize as officers. Currently, Adam Moran is serving as Chairman and Rob Bonin is serving as Vice Chairman.

On MOTION by Mr. Morgan, seconded by Mr. Kewley, with all in favor, Resolution 2025-01, Appointing Kayla Word as Assistant Secretary & Keeping Same Slate of Officers, was approved.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the August 13,
2024 Board of Supervisors & Audit Committee Meetings
Ms. Adams presented the minutes from the August 13, 2024 Board of Supervisors & Audit Committee meetings. These meeting minutes have been reviewed by District Management staff. If there are no corrections from Board members, is there a motion to approve as presented?

On MOTION by Mr. Morgan, seconded by Ms. Word, with all in favor, the Minutes of the August 13, 2024 Board of Supervisors & Audit Committee Meetings, were approved.

FIFTH ORDER OF BUSINESS	Presentation of Arbitrage Rebate Report
for Series 2023 Assessment Area One Bonds from AMTEC
Ms. Adams stated on page 22 of the agenda package is a rebate report prepared by AMTEC. The District has issued tax-exempt bonds and these are regulated by the IRS. The IRS has an interest if the District is earning more interest than what it is paying. There is no arbitrage rebate liability at this time.

On MOTION by Mr. Morgan, seconded by Ms. Word, with all in favor, the Arbitrage Rebate Report for Series 2023 Assessment Area One Bonds from AMTEC, was approved.

SIXTH ORDER OF BUSINESS	Ratification	of	Audit	Services	
	Engagement	Letter	with	Grau	&	
Associates for Fiscal Year 2024 through Fiscal Year 2028 Audit Services
Ms. Adams stated Grau & Associates was selected for five years of audit services. The first fiscal year audit being 2024. The District is required to undergo an annual independent audit to be filed by June 30th. The amount for FY2024 is $3,800. This audit engagement letter has been executed by the Chairman so asking for a motion to ratify the actions of the Chair.

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, the Audit Services Engagement Letter with Grau & Associates for Fiscal Year 2024 through Fiscal Year 2028 Audit Services, was ratified.

SEVENTH ORDER OF BUSINESS	Consideration of Proposal from TraceAir Ms. Adams presented the Trace Air proposal for bi-weekly service at $1,221.77 for 26 services from October 2024 to October 2025. She noted the Series 2023 bond construction funds have been depleted. There is a small amount of interest around $1,400 in that account. The next bond issue has been deferred until after the first of the calendar year. If the Board would like, this item can be deferred. Mr. Bonin wants to defer this item and confirm that North Ranches is not included and wants to see what their acreage is. He may want to discuss with them how they are factoring their cost on a cost per acreage and we may be able to lessen that. He wants one flight
done now for everything South so they have a current flight and then evaluate the balance.

EIGHTH ORDER OF BUISNESS	Staff Reports
Attorney
Mr. Watts had nothing to report.

Engineer
Mr. Welch had nothing to report.

Field Manager’s Report
Mr. Bailey presented the field manager’s report on page 51 of the agenda package. Mr. Bailey noted as for the roads, gutters and sidewalks, if it is not a homeowner’s property, the CDD is responsible for managing it unless in certain cases such as the back area where the boat docks will go will be the HOA. If you are looking for specifics on who owns what, you can go to the county property appraisers’ site for that information. He is aware that some of the sidewalks have cracks in them and those will eventually be addressed. It is the sidewalk in the park in East. Mr. Bailey will review the sidewalk to determine if it’s a CDD or Lennar issue.

Consideration of Proposal for Pond Maintenance
Mr. Bailey presented a proposal for treatment of two ponds. Ms. Adams asked if the Board wanted to authorize one time treatment of these ponds.

On MOTION by Mr. Morgan, seconded by Ms. Word, with all in favor, Aquatic Weed Management - One Time Treatment of 2 Ponds, was approved.

District Manager
Approval of Check Registers
August 2, 2024 through September 30, 2024
October 1, 2024 through November 1, 2024
Ms. Adams presented the check register from August 2nd through September 30th totaling
$109,150.72. Following the check register is a detailed run summary. She presented the October 1st through November 1st check register totaling $24,323.78. The detailed run summary immediately follows that check register. If there are no questions, is there a motion to approve the check register as presented?

On MOTION by Mr. Morgan, seconded by Ms. Word, with all in favor, the Check Registers, were approved.

Balance Sheet and Income Statement
Ms. Adams stated the unaudited financials through the end of the fiscal year are on page 71 of the agenda package for review. No action is required from the Board. This item is for informational purposes. She stated the debt is assigned in assessment areas. When you are paying the CDD debt, you are paying for the benefits you receive in that area from the bond that was issued to construct the infrastructure of the community. The maintenance is shared throughout the District. All of the property that is within the District is assessed maintenance fees.

Reminder: 4 Hours of Ethics Training Must be Completed by 12/31/24
Ms. Adams reminded the Board of the ethics training to be completed by 12/31/2024.

Project Development Update
Status of Property Conveyance
Status of Permit Transfers
Ms. Adams stated all of the property for the North phase has been conveyed to the District. Mr. Welch noted they will be working on that on the South side of the highway going forward.

NINTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

TENTH ORDER OF BUSINESS	Supervisor’s	Requests	and	Audience
Comments
Cheryl D’Andrea (1550 Marksman Rd. – Eagle Lake) – Referred to TraceAir and asked why the CDD needs air flights. Mr. Bonin stated it’s twice a month drone footage that scans the entire area to keep track of all the things they have to be maintaining. She asked if there will be landscaping around the big pond that is a retention pond. There is nothing around the pond. She asked if the well would only irrigate common areas. Mr. Bonin stated yes. She asked again that someone review the sidewalk near the lift station as it is a liability. Mr. Kewley stated he has already sent a message to a land manager to review it and if it is broken to have it repaired.

ELEVENTH ORDER OF BUSINESS	Adjournment
Ms. Adams asked for a motion to adjourn the meeting.

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, the meeting was adjourned.

Secretary / Assistant Secretary	Chairman / Vice Chairman

Section IV

THIS ITEM HAS BEEN DIGITALLY SIGNED AND SEALED BY RICHARD C. WELCH ON THE DATE ADJACENT TO THE SEAL. PRINTED COPIES OF THIS DOCUMENT ARE NOT CONSIDERED SIGNED AND SEALED AND THE SIGNATURE MUST BE VERIFIED ON ANY ELECTRONIC COPIES.

Second Supplemental Engineer’s Report
For:
The Ranches at Lake McLeod Community Development District
Bomber Road
City of Eagle Lake, Florida February 10, 2025 Prepared for:
The Ranches at Lake McLeod Community Development District
Prepared by:
Connelly & Wicker Inc.
10060 Skinner Lake Drive, Suite 500
Jacksonville, FL 32246
(904)265-3030

Richard C. Welch, P.E. Florida P.E. # 40279

SECOND SUPPLEMENTAL ENGINEER’S REPORT FOR THE RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT
February 10, 2025

PURPOSE
This report supplements the District’s Engineer’s Report, dated August 4, 2022 (“Master Report”) for the purpose of describing the second phase of the District’s CIP1 to be known as the “2025 Project” a/k/a “Assessment Area Two Project.”

2025 PROJECT

The District’s 2025 Project includes the portion of the CIP that is necessary for the development of what is known as the South Parcel (“Assessment Area Two”) of the District. A legal description and sketch for Assessment Area Two are shown in Exhibit A.

Product Mix
Land development for Assessment Area Two has been broken into five subphases. The table below shows the product types that will be part of the 2025 Project:

Product Types

Product Type	South Ph 1	South Ph 2	South Ph 3	South Ph 4	South Ph 5	Total AA2	
SF 40	22	77	49	88	39	275	
SF 50	43	77	66	81	50	317	
SF 60	12	14	38	81	16	161	
TOTAL	77	168	153	250	105	753	

List of 2025 Project Improvements

The various improvements that are part of the overall CIP – including those that are part of the 2025 Project – are described in detail in the Master Report, and those descriptions are incorporated herein. The 2025 Project includes, generally stated, the following items relating to Assessment Area Two: stormwater management, utilities, perimeter roadways/hardscape/landscape/irrigation, the differential cost of undergrounding electrical conduit, and soft costs.

Permits

The status of the applicable permits necessary for the 2025 Project is as shown below. All permits and approvals necessary for the development of the 2025 Project have been obtained or are reasonably expected to be obtained in due course.

1 All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Master Report.

Permit Table

Phase	Agency	Permit & Number	Date Approved/Status	

All or portions of Phases 1-4	FDEP	Wastewater	– Central South Area	
CS53-0035697-148-DWC/CM	November 17, 2023
Phases	1-2	Certified
Complete,	Phase	3-4 Under Construction	
Phases 4-5	FDEP	Wastewater	– Central West Area	CS53-0035697-148-DWC/CG	November 15, 2023 Under Construction	

Portions	of Phases 1-3	
FDEP Potable Water	
South Ranch 0157040-041 DS	July 19, 2021
Phases 1-2 Certified Complete, Phase 3 under construction	

Portions	of Phases 1-5	
FDEP Potable Water	
Central Ranch 0157040-036	April 2, 2021 Phases 1-2 Certified	Complete,
Phases	3-5	under construction	
Phase 4	FDEP Potable Water	West Ranch 0157040-042	July 20, 2021
Under Construction	

Portions	of Phases 1-5	

SWFWMD Central Ranch	

#43044948.001	June 9, 2021 Under Construction / Updating permit underway at the request of SWFWMD to match   Phase   1-5
Boundaries	

Portions	of Phases 1-3	

SWFWMD South Ranch	

#43044948.004	August 4, 2021 Under Construction / Updating permit underway at the request of SWFWMD to match   Phase   1-5
Boundaries	

Phase 4	

SWFWMD West Ranch	

#43044948.003	August 4, 2021 Under Construction / Updating permit underway at the request of SWFWMD to match   Phase   1-5
Boundaries	
Phases 1-5	SWFWMD – Elimination of Littoral Shelfs on all ponds	#43044948.005	June 3, 2022 Under Construction	

Phases 4-5	Polk County R/W permit Bomber	Road Improvements	LDRES-2024-37	Updated previous permit January 17, 2025	
Phae 1-5	City of Eagle Lake Civil Approval	Civil Approval	November 22, 2023	

Estimated Costs

The table below shows the costs that are necessary for delivery of the Assessment Area Two lots for the 2025 Project, which includes the roads, utilities, and other improvements specific to Assessment Area Two as well as “master” improvements that may be outside of those phases such as offsite roads and utilities, the amenity, etc..

ESTIMATED COSTS OF DELIVERING THE 2025 PROJECT

Improvement	2025 Project Estimated Cost	
Soft Costs	$  2,615,449	
Roadways/Paving	$  5,517,417	
Utilities	$  6,802,390	
Earthwork	$  3,971,352	
Stormwater Management	$  5,032,791	
Landscaping/Pedestrian Improvements	$  2,867,969	
Signage/Lighting/Power	$  2,036,787	
Recreation	$  3,455,634	
Impact Fees	$ 12,093,821	
Contingency	$  4,018,088	
TOTAL	$ 48,411,698	
The probable costs estimated herein do not include anticipated carrying cost, interest reserves or other anticipated CDD expenditures that may be incurred.
The developer reserves the right to finance any of the improvements outlined above, and have such improvements owned and maintained by a property owner’s or homeowner’s association, in which case such items would not be part of the CIP.
The District may enter into an agreement with a third-party, or an applicable property owner’s or homeowner’s association, to maintain any District-owned improvements, subject to the approval of the District’s bond counsel.
Impact fee credits may be available from master roadway and utility improvements. Impact/Connection fees are fees assessed and/or collected by local governments which are intended to help local governments fund infrastructure projects made necessary by new construction. Impact fees are assessed at construction (typically paid prior to the issuance of a certificate of occupancy) and will be paid by the Developer on behalf of the District.
The developer and the District will enter into an acquisition agreement whereby the developer may elect to keep any such credits, provided that consideration is provided to the District in the form of improvements, land, a prepayment of debt assessments, or other consideration.

While the delivery of the 2025 Project will necessarily involve the installation of certain “master” improvements, the District’s 2025 Project is a part of the entire CIP, which functions as a system of improvements that includes the entire CIP for Ranches at Lake McLeod CDD. Accordingly, the 2025 Project lots only receive a pro-rated benefit from the overall CIP based on “ERU” factors as established under the District’s assessment reports.

CONCLUSION

The 2025 Project will be designed in accordance with current governmental regulations and requirements. The 2025 Project will serve its intended function so long as the construction is in substantial compliance with the design. It is further our opinion that:

the estimated cost to the 2025 Project as set forth herein is reasonable based on prices currently being experienced in the jurisdiction in which the District is located, and is not greater than the lesser of the actual cost of construction or the fair market value of such infrastructure;

all of the improvements comprising the CIP are required by applicable development approvals issued pursuant to Section 380.06, Florida Statutes;

the 2025 Project is feasible to construct, there are no technical reasons existing at this time that would prevent the implementation of the 2025 Project, and it is reasonable to assume that all necessary regulatory approvals will be obtained in due course; and

the assessable property within the District will receive a special benefit from the 2025 Project that is at least equal to the costs of the 2025 Project.
As described above, this report identifies the benefits from the 2025 Project to the lands within the District. The general public, property owners, and property outside the District will benefit from the provisions of the District’s CIP; however, these are incidental to the District’s 2025 Project, which is designed solely to provide special benefits peculiar to property within the District. Special and peculiar benefits accrue to property within the District and enable properties within its boundaries to be developed.

The 2025 Project will be owned by the District or other governmental units and such 2024 Project is intended to be available and will reasonably be available for use by the general public (either by being part of a system of improvements that is available to the general public or is otherwise available to the general public) including nonresidents of the District. All of the 2025 Project is or will be located on lands owned or to be owned by the District or another governmental entity or on perpetual easements in favor of the District or other governmental entity. The 2025 Project, and any cost estimates set forth herein, do not include any earthwork, grading or other improvements on private lots or property. The District will pay the lesser of the cost of the components of the 2025 Project or the fair market value.
Please note that the 2025 Project as presented herein is based on current plans and market conditions which are subject to change. Accordingly, the 2025 Project, as used herein, refers to sufficient public infrastructure of the kinds described herein (i.e., stormwater/floodplain management, sanitary sewer, potable water, etc.) to support the development and sale of the planned residential units in the District, which (subject to true-up determinations) number and type of units may be changed with the development of the site. Stated differently, during development and implementation of the public infrastructure improvements as described for the District, it may be necessary to make modifications and/or deviations for the plans, and the District expressly reserves the right to do so.

EXHIBIT A:	Legal Descriptions and Sketch of Assessment Area Two (a/k/a South Parcel Phases 1-5)

LEGAL DESCRIPTION

A PARCEL OF LAND COMPRISING A PORTION OF SECTION 13, TOWNSHIP 29 SOUTH, RANGE 25 EAST, A PORTION OF GOVERNMENT LOTS 4 AND 5 SECTION 18, TOWNSHIP 29 SOUTH, RANGE 26 EAST, A PORTION OF SECTION 19, TOWNSHIP 29 SOUTH, RANGE
26 EAST, CITY OF EAGLE LAKE, POLK COUNTY, FLORIDA, AND A PORTION OF TRACT D-
3, RANCHES AT LAKE MCLEOD II, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 198, PAGES 41 THROUGH 44 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA.

BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHEAST CORNER OF SAID SECTION 13; THENCE RUN NORTH 89°51'07" WEST ALONG THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 13 FOR A DISTANCE OF 1333.52 FEET TO THE SOUTHWEST CORNER OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SAID SECTION 13 AND THE SOUTHEAST CORNER OF WHEELER HEIGHTS MOBILE HOME PARK, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 62, PAGE 17, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE RUN NORTH 00°09'34" WEST ALONG THE WEST LINE OF SAID SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 13 AND ALONG THE EAST LINE OF SAID WHEELER HEIGHTS MOBILE HOME PARK FOR A DISTANCE OF 1285.84 FEET TO THE NORTHEAST CORNER OF SAID WHEELER HEIGHTS MOBILE HOME PARK, ALSO BEING A POINT ON THE SOUTH RIGHT OF WAY LINE OF STATE ROAD #559 (BOMBER ROAD); THENCE RUN SOUTH 89°58'30" EAST ALONG SAID SOUTH RIGHT OF WAY LINE FOR A DISTANCE OF 1328.05 FEET; THENCE RUN SOUTH 89°53'58" EAST, CONTINUING ALONG SAID SOUTH RIGHT OF WAY LINE, FOR A DISTANCE OF 1910.59 FEET; THENCE DEPARTING SAID SOUTH RIGHT-OF-WAY LINE, RUN SOUTH 00°04'12" WEST, FOR A DISTANCE OF 388.94 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 25.00 FEET, A CHORD BEARING OF SOUTH 45°13'01" EAST, AND A CHORD DISTANCE OF 35.53 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°34'26 FOR A DISTANCE OF 39.52 FEET TO A NON-TANGENT LINE LYING ON THE WEST LINE OF RANCHES AT LAKE MCLEOD II, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 198, PAGES 41 THROUGH 44, OF SAID PUBLIC RECORDS; THENCE RUN ALONG SAID WEST LINE OF SAID RANCHES AT LAKE MCLEOD II, THE FOLLOWING COURSES AND DISTANCES: THENCE RUN SOUTH 01°52'50" WEST FOR A DISTANCE OF 50.04 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE WESTERLY, HAVING A RADIUS OF 722.15 FEET, A CHORD BEARING OF SOUTH 15°49'25" WEST AND A CHORD DISTANCE OF 306.53 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24°30'25" FOR A DISTANCE OF
308.88 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY, HAVING A RADIUS OF 2091.90 FEET, A CHORD BEARING OF SOUTH 25°45'05" EAST AND A CHORD DISTANCE OF 1055.79 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 29°14'00" FOR A DISTANCE OF 1067.33 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHERLY, HAVING A RADIUS OF 300.00 FEET,

A CHORD BEARING OF NORTH 85°02'14" EAST AND A CHORD DISTANCE OF 46.06 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 08°48'20" FOR A DISTANCE OF 46.11 FEET TO THE POINT OF TANGENCY; THENCE RUN NORTH 89°26'25" EAST FOR A DISTANCE OF 91.83 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 25.00 FEET, A CHORD BEARING OF NORTH 44°26'25" EAST AND A CHORD DISTANCE OF 35.36 FEET; THENCE DEPARTING SAID WEST LINE, RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00'00" FOR A DISTANCE OF 39.27 FEET TO A POINT ON A NON-TANGENT LINE BEING THE WEST RIGHT-OF-WAY LINE OF DEEPWATER CIRCLE OF SAID RANCHES AT LAKE MCLEOD II; THENCE RUN SOUTH 00°33'35" EAST ALONG SAID WEST RIGHT-OF-WAY LINE AND AFORESAID WEST LINE OF RANCHES AT LAKE MCLEOD II FOR A DISTANCE OF 185.00 FEET; THENCE DEPARTING SAID WEST RIGHT-OF-WAY LINE, CONTINUE ALONG SAID WEST LINE THE FOLLOWING COURSES AND DISTANCES: RUN NORTH 89°26'25" EAST FOR A DISTANCE OF 160.00 FEET; THENCE RUN SOUTH 00°33'35" EAST FOR A DISTANCE OF 537.63 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY, HAVING A RADIUS OF 185.00 FEET, A CHORD BEARING OF SOUTH 44°44'25" WEST, AND A CHORD DISTANCE OF 263.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°36'00" FOR A DISTANCE OF 292.54 FEET TO A POINT ON A NON-TANGENT LINE; THENCE RUN SOUTH 00°02'25" WEST FOR A DISTANCE OF 30.11 FEET TO THE SOUTHWEST CORNER OF SAID RANCHES AT LAKE MCLEOD II AND A POINT ON THE SOUTH LINE OF THE NORTH 1/2 OF THE NORTHWEST 1/4 OF AFORESAID SECTION 19; THENCE RUN NORTH 89°57'22" WEST ALONG SAID SOUTH LINE FOR A DISTANCE OF 2434.72 FEET TO THE SOUTHWEST CORNER OF SAID NORTH 1/2; THENCE RUN NORTH 00°24'21" WEST ALONG THE WEST LINE OF THE NORTHWEST 1/4 OF SAID SECTION 19 FOR A DISTANCE OF 1330.49 FEET TO THE POINT OF BEGINNING.
CONTAINING 172.64 ACRES, MORE OR LESS.

Section V

SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

FOR
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

Date: February 11, 2025

Prepared by

Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Table of Contents
Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	9
Appendix	10
Table 1: Development Program	10
Table 2: Infrastructure Cost Estimates	11
Table 3: Bond Sizing	12
Table 4: Allocation of Benefit	13
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	14
Table 6: Par Debt and Annual Assessments	15
Table 7: Preliminary Assessment Roll	16
GMS-CF, LLC does not represent the Ranches at Lake McLeod Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Ranches at Lake McLeod Community Development District with financial advisory services or offer investment advice in any form.

Introduction

The Ranches At Lake McLeod Community Development District is a local unit of special- purpose government organized and existing under Chapter 190, Florida Statutes (the “District”), as amended. The District plans to issue approximately $11,130,000 of tax exempt bonds (the “Assessment Area Two Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within an assessment area within the District consisting of the South Phases 1-5, more specifically “Assessment Area Two” described in the Supplemental Engineer’s Report dated August 17, 2022 prepared by Connelly & Wicker Inc. as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the construction and/or acquisition of public infrastructure improvements consisting of improvements that benefit property owners within Assessment Area Two of the District.

Purpose

This Supplemental Assessment Methodology Report for Assessment Area Two (the “Assessment Report”) supplements the Master Assessment Methodology dated April 16, 2020 and provides for an assessment methodology for allocating the debt to be incurred by the District to benefiting properties within Assessment Area Two within the District. This Assessment Report allocates the debt to properties based on the special benefits each receives from the capital improvement plan (“CIP”) relating to Assessment Area Two (herein the “2025 Project” or “Assessment Area Two Project”). This Assessment Report is designed to conform to the requirements of Chapters 190, 197 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District will impose non ad valorem special assessments on the benefited lands within Assessment Area Two within the District based on this Assessment Report. It is anticipated that all of the proposed special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means of collection available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 278.5 acres located in the City of Eagle Lake, Polk County, Florida. The development program for Assessment Area Two currently envisions 753 residential units (herein the “Assessment Area Two Development Program”). The proposed Assessment Area Two Development Program is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the 2025 Project will provide facilities that benefit the assessable property within Assessment Area Two of the District. The 2025 Project is delineated in the Engineer’s Report. Specifically, the District may construct and/or acquire certain soft costs, roadway/paving, utilities, earthwork, stormwater management, landscaping/pedestrian improvements, signage/lighting/power, recreation, impact fees, and contingency. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements and services that may be provided by the District and the costs to implement the 2025 Project.
The District Engineer determines the assessable acres within Assessment Area Two that benefit from the District’s 2025 Project.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the 2025 Project.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis within Assessment Area Two. Ultimately, as the land is platted, this amount will be assigned to each of the benefitted properties based on the equivalent residential unit (“ERU”) for each of the platted units.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to the assessable property within Assessment Area Two, different in kind and degree than general benefits, for properties within it’s borders but outside of Assessment Area Two, as well as general benefits to the public at large.

However, as discussed within this Assessment Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits to the platted lots within Assessment Area Two, which accrue to the platted lots within Assessment Area Two of the District. The implementation of the 2025 Project enables properties within Assessment Area Two to be developed. Without the District’s 2025 Project, there would be no infrastructure to support development of land within Assessment Area Two of the District and these improvements, development of the property within Assessment Area Two the District would be prohibited by law.

There is no doubt that the general public and property owners outside of Assessment Area Two within the District will benefit from the provision of the District’s 2025 Project. However, these benefits will be incidental to the District’s 2025 Project, which is designed solely to meet the needs of property within Assessment Area Two within

the District. Properties outside the District boundaries and outside Assessment Area Two do not depend upon the District’s 2025 Project. The property owners within Assessment Area Two are therefore receiving special benefits not received by those outside the District’s boundaries and outside of Assessment Area Two within the District’s boundaries.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within Assessment Area Two of the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s 2025 Project that is necessary to support full development of property within Assessment Area Two will cost approximately
$48,411,698. The District’s Underwriter projects that financing costs required to fund the infrastructure improvements, including project costs, the cost of issuance of the Bonds, funding of capitalized interest and a debt service reserve account, will be approximately $11,130,000. Additionally, funding required to complete the 2025 Project not funded with the proceeds of the Bonds is anticipated to be funded by Developer. Without the 2025 Project, the property within Assessment Area Two would not be able to be developed and occupied by future residents of the community.

Assessment Methodology

Overview

The District plans to issue approximately $11,130,000 in Bonds to fund a portion of the District’s 2025 Project for Assessment Area Two, fund capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Assessment Report to allocate the $11,130,000 in debt to the properties within Assessment Area Two benefiting from the 2025 Project.

Table 1 identifies the land uses as identified by the Developer of the land within Assessment Area Two of the District. The District has a proposed Engineer’s Report

for the 2025 Project needed to support the Assessment Area Two Development, these construction costs relating to are outlined in Table 2. The improvements needed to support the Assessment Area Two Development Program within Assessment Area Two are described in detail in the Engineer’s Report and are estimated to cost
$48,411,698. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for a portion of the 2025 Project and related costs is projected by the District’s Underwriter to total $11,130,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the Assessment Area Two Development Program is completed. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits. The debt relating to the Bonds will be allocated to the platted property within Assessment Area Two first, and then to the remaining acreage within Assessment Area Two on an equal gross acreage basis.

When platting, site planning, or the recording of declaration of condominium, (“Assigned Properties”) occurs, the assessments will be levied to the Assigned Properties based on the benefits they receive. The Unassigned Properties, defined a property that has not been platted, assigned development rights or subjected to t a declaration of condominium, will continue to be assessed on a per acre basis (“Unassigned Properties”). Eventually the Assessment Area Two Development Program will be completed and the debt relating the Bonds will be allocated to the planned 753 single family residential units within Assessment Area Two within the District, which are the beneficiaries of the 2025 Project, as depicted in Table 5 & Table
6. If there are changes to the Assessment Area Two Development Program which reduce the number of platted units, a true up of the assessments will be calculated to determine if a debt reduction or true-up payment from the Developer is required. The process is outlined in Section 3.0

In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. This is reflected on Table 5. Based on the product type and number of units anticipated to absorb expected Bond principal, it is estimated that the CDD will recognize a developer contribution equal to $10,000 in eligible infrastructure.

Until all of the platted land within Assessment Area Two within the District has been sold to end users, the assessments on the portion of the land that has not been sold to end users are not fixed and determinable. The reasons for this are (1) the lands are subject to re-plat, which may result in changes in development density and product type; and (2) until the lands are sold it is unclear of the timing of the absorptions. Only after the property has been sold to end users will the developable acreage be

determined, the final plat be certain, the developable density known, the product types be confirmed, and the timing of the sales solidified.

The assignment of debt in this Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, this Assessment Report may be supplemented from time to time.

Allocation of Benefit

The 2025 Project consists of soft costs, roadways/paving, utilities, earthwork, stormwater	management,	landscaping/pedestrian	improvements, signage/lighting/power, recreation, impact fees, and contingency. There are three residential product types within the planned development as reflected in Table 1. The single family 50’ home has been set as the base unit and has been assigned one equivalent residential unit (“ERU”). The 2025 Project for Assessment Area Two is reflected in Table 2. There may be other improvements constructed in Assessment Area Two, but not funded by the bonds. It is contemplated that the Developer will fund these costs and may be reimbursed from a future bond issue. Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the 2025 Project on the particular units exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed 2025 Project relating to Assessment Area Two will provide several types of systems, facilities and services for its residents. These include soft costs, roadways/paving, utilities, earthwork, stormwater	management,	landscaping/pedestrian	improvements, signage/lighting/power, recreation, impact fees, and contingency. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

For the provision of 2025 Project relating to the Assessment Area Two Development Program, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report relating to the Assessment Area Two Development is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the District’s 2025 Project relating to the development of Assessment Area Two have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, each assessable parcel of property within the boundaries of Assessment Area Two within the District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Assessment Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned, and the entire proposed 2025 Project is developed or acquired and financed by the District.

True Up Mechanism

Although the District does not process plats, declaration of condominiums, site re-plat plans or revisions thereto for the Developer, it does have an important role to play during the course of platting or re-platting and site planning. Whenever a plat, re- plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted or re-platted without all of the debt being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, re-plat or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service, then no debt reduction or true-up payment is required. In the case that the revenue generated is less than the

required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

The District will distribute liens across the platted property within Assessment Area Two of the District, and the to the remaining acreage within Assessment Area Two on an equal acreage basis. Assigned Property becomes know with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in Table 6. If the land use plan changes, then the District will update Tables 1, 4, 5, 6 & 7 to reflect the changes. As a result, the assessment liens are neither fixed nor are they determinable with certainty on any acre of land within the District prior to the time final Assigned Properties are known. The preliminary assessment roll is attached as Table 7.

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Product Types	Assessment Area Two Units	
ERUs per Unit (1)	
Total ERUs	
Single Family 40'	275	0.80	220.00	
Single Family 50'	317	1.00	317.00	
Single Family 60'	161	1.20	193.20	
Total Units	753		730.20	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with Single Family 50' = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Assessment Area Two Project (the "2025 Project")(1)	Amount

Soft Cost	$2,615,449
Roadways/Paving	$5,517,417
Utilities	$6,802,390
Earthwork	$3,971,352
Stormwater Management	$5,032,791
Landscaping/Pedestrian Improvements	$2,867,969
Signage/Lighting/Power	$2,036,787
Recreation	$3,455,634
Impact Fees	$12,093,821

Total Improvements	$48,411,698

Contingency	$4,018,088

(1) A detailed description of these improvements is provided in the Supplemental Engineer's Report dated August 17, 2022

Prepared by: Governmental Management Services - Central Florida, LLC

Bond Sizing		
Description	Amount	
Construction Funds	$10,203,419	
Debt Service Reserve	$378,726	
Capitalized Interest	$150,255	
Underwriters Discount	$197,600	
Cost of Issuance	$200,000	
Par Amount*	$11,130,000	

Bond Assumptions:		
Average Coupon	5.40%	
Amortization	30 years	
Capitalized Interest	3 months	
Debt Service Reserve	50% Max Annual D/S	
Underwriters Discount	2%	
*Preliminary, subject to change based on the actual terms at the sale of the Bonds

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	

No. of Units *	

ERU
Factor	

Total ERUs	

% of Total ERUs	Total Improvement Costs Per Product Type	

Improvement Costs Per Unit	
Single Family 40'	275	0.80	220	30.13%	$14,585,831	$53,039	
Single Family 50'	317	1.00	317	43.41%	$21,016,856	$66,299	
Single Family 60'	161	1.20	193.2	26.46%	$12,809,011	$79,559	
Totals	753		730.20	100.00%	$48,411,698		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	
No. of Units *	
Total Improvements Costs Per Product Type	Potential Allocation of Par Debt Per Product Type	
Developer Contributions	
Allocation of Par Debt Per Product Type	
Par Debt Per Unit	
Single Family 40'	275	$14,585,831	$3,356,341	($5,060)	$3,351,281	$12,186.47	
Single Family 50'	317	$21,016,856	$4,836,182	($1,643)	$4,834,538	$15,250.91	
Single Family 60'	161	$12,809,011	$2,947,477	($3,296)	$2,944,181	$18,286.84	
Totals	753	$48,411,698	$11,140,000	($10,000)	$11,130,000		

* Unit mix is subject to change based on marketing and other factors

** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the Bond Principal, it is estimated that the CDD will recognize a developer contribution equal to $10,000 in eligible infrastructure.

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	

No. of Units *	
Allocation of Par Debt Per Product Type	

Total Par Debt Per Unit	
Maximum Annual Debt Service	Net Annual Debt Assessment Per Unit	

If Paid in November	Gross Annual Debt Assessment Per Unit (1)	
Single Family 40'	275	$3,351,281	$12,186.47	$228,071.25	$829.35	$855.00	$891.77	
Single Family 50'	317	$4,834,538	$15,250.91	$329,014.30	$1,037.90	$1,070.00	$1,116.02	
Single Family 60'	161	$2,944,181	$18,286.84	$200,366.11	$1,244.51	$1,283.00	$1,338.18	
Totals	753	$11,130,000		$757,451.66				

(1) This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL - ASSESSMENT AREA TWO
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Platted		
					Net Annual Debt	Gross Annual	
				Total Par Debt	Assessment	Debt Assessment	
Owner	Property*	Units/Acres	Type	Allocated	Allocation	Allocation (1)	
KL LHB3 AIV LLC	262918689955004080	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004090	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004100	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004110	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004120	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004130	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004140	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004150	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004160	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004170	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004180	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004190	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004200	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004210	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004220	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004230	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004240	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004250	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004260	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004270	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004280	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004290	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004300	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004310	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004320	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004330	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004340	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004350	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004360	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004370	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004380	1	50	$15,250.91	$1,037.90	$1,116.02	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955004390	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004400	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004410	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004420	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004430	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004440	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004450	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004460	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004470	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004480	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004490	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004500	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004510	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004520	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004530	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004540	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004550	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004560	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004570	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004580	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004590	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004600	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004610	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004620	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004630	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004640	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004650	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004660	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004670	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004680	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004690	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004700	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004710	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004720	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004730	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004740	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004750	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004760	1	60	$18,286.84	$1,244.51	$1,338.18	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955004770	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955004780	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004790	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004800	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004810	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004820	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004830	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004840	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955004850	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004860	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004870	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004880	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004890	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004900	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004910	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004920	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004930	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004940	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004950	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004960	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004970	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004980	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955004990	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005000	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005010	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005020	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005030	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005040	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005050	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005060	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005070	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005080	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005090	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005100	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005110	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005120	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005130	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005140	1	60	$18,286.84	$1,244.51	$1,338.18	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955005150	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955005160	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005170	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005180	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005190	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005200	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005210	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005220	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005230	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005240	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005250	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005260	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005270	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005280	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005290	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005300	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005310	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005320	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005330	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005340	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005350	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005360	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005370	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005380	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005390	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005400	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005410	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005420	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005430	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005440	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005450	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005460	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005470	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005480	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005490	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005500	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005510	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005520	1	50	$15,250.91	$1,037.90	$1,116.02	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955005530	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005540	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005550	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005560	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005570	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005580	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005590	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005600	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005610	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005620	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005630	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005640	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005650	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005660	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005670	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005680	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005690	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005700	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005710	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005720	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005730	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005740	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955005750	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005760	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005770	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005780	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005790	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005800	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005810	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005820	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005830	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005840	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005850	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005860	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005870	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005880	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005890	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005900	1	50	$15,250.91	$1,037.90	$1,116.02	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955005910	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005920	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005930	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955005940	1	60	$18,286.84	$1,244.51	$1,338.18	
KL LHB3 AIV LLC	262918689955005950	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005960	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955005970	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005980	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955005990	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006000	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006010	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006020	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006030	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006040	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006050	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006060	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006070	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006080	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006090	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006100	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006110	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006120	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006130	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006140	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006150	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006160	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006170	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006180	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006190	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006200	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006210	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006220	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006230	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006240	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006250	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006260	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006270	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006280	1	40	$12,186.47	$829.35	$891.77	

Owner	

Property*	

Units/Acres	

Type	Total Par Debt Allocated	Net Annual Debt Assessment
Allocation	Gross Annual Debt Assessment
Allocation (1)	
KL LHB3 AIV LLC	262918689955006290	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006300	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006310	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006320	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006330	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006340	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006350	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006360	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006370	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006380	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006390	1	50	$15,250.91	$1,037.90	$1,116.02	
KL LHB3 AIV LLC	262918689955006400	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006410	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006420	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006430	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006440	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006450	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006460	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006470	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006480	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006490	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006500	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006510	1	40	$12,186.47	$829.35	$891.77	
KL LHB3 AIV LLC	262918689955006520	1	40	$12,186.47	$829.35	$891.77	
Totals		245		$3,512,027.99	$239,010.91	$257,000.98	

Unplatted							
					Net Annual Debt	Gross Annual	
			Allocated	Total Par Debt	Assessment	Debt Assessment	
Owner	Property*	Acres	Debt Per Acre	Allocated	Allocation	Allocation (1)	
KL LHB3 AIV LLC	262918689955006630	22.32	$61,060.87	$1,362,829.69	$92,747.31	$99,728.30	
KL LHB3 AIV LLC	262918689955006530	102.44	$61,060.87	$6,255,142.32	$425,693.44	$457,734.88	
		124.76		$7,617,972.01	$518,440.75	$557,463.17	
							
Combined Total				$11,130,000.00	$757,451.66	$814,464.15	

This amount includes 7% to cover collection fees and early payment discounts when collected utilizing the uniform method

Net Annual Debt	Gross Annual Total Par Debt	Assessment

Owner

Property*

Units/Acres

Type

Allocated

Debt Assessment
Allocation	Allocation (1)

Annual Assessment Periods	30	
Average Coupon Rate (%)	5.40%	
Maximum Annual Debt Service	$757,452	

*See legal description for Assessment Area Two attached as Exhibit A Prepared by: Governmental Management Services - Central Florida, LLC

EXHIBIT A:	Legal Descriptions and Sketch of Assessment Area Two (a/k/a South Parcel Phases 1-5)

LEGAL DESCRIPTION

A PARCEL OF LAND COMPRISING A PORTION OF SECTION 13, TOWNSHIP 29 SOUTH, RANGE 25 EAST, A PORTION OF GOVERNMENT LOTS 4 AND 5 SECTION 18, TOWNSHIP 29 SOUTH, RANGE 26 EAST, A PORTION OF SECTION 19, TOWNSHIP 29 SOUTH, RANGE
26 EAST, CITY OF EAGLE LAKE, POLK COUNTY, FLORIDA, AND A PORTION OF TRACT D-
3, RANCHES AT LAKE MCLEOD II, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 198, PAGES 41 THROUGH 44 OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA.

BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE SOUTHEAST CORNER OF SAID SECTION 13; THENCE RUN NORTH 89°51'07" WEST ALONG THE SOUTH LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 13 FOR A DISTANCE OF 1333.52 FEET TO THE SOUTHWEST CORNER OF THE SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SAID SECTION 13 AND THE SOUTHEAST CORNER OF WHEELER HEIGHTS MOBILE HOME PARK, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 62, PAGE 17, OF THE PUBLIC RECORDS OF POLK COUNTY, FLORIDA; THENCE RUN NORTH 00°09'34" WEST ALONG THE WEST LINE OF SAID SOUTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 13 AND ALONG THE EAST LINE OF SAID WHEELER HEIGHTS MOBILE HOME PARK FOR A DISTANCE OF 1285.84 FEET TO THE NORTHEAST CORNER OF SAID WHEELER HEIGHTS MOBILE HOME PARK, ALSO BEING A POINT ON THE SOUTH RIGHT OF WAY LINE OF STATE ROAD #559 (BOMBER ROAD); THENCE RUN SOUTH 89°58'30" EAST ALONG SAID SOUTH RIGHT OF WAY LINE FOR A DISTANCE OF 1328.05 FEET; THENCE RUN SOUTH 89°53'58" EAST, CONTINUING ALONG SAID SOUTH RIGHT OF WAY LINE, FOR A DISTANCE OF 1910.59 FEET; THENCE DEPARTING SAID SOUTH RIGHT-OF-WAY LINE, RUN SOUTH 00°04'12" WEST, FOR A DISTANCE OF 388.94 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 25.00 FEET, A CHORD BEARING OF SOUTH 45°13'01" EAST, AND A CHORD DISTANCE OF 35.53 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°34'26 FOR A DISTANCE OF 39.52 FEET TO A NON-TANGENT LINE LYING ON THE WEST LINE OF RANCHES AT LAKE MCLEOD II, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 198, PAGES 41 THROUGH 44, OF SAID PUBLIC RECORDS; THENCE RUN ALONG SAID WEST LINE OF SAID RANCHES AT LAKE MCLEOD II, THE FOLLOWING COURSES AND DISTANCES: THENCE RUN SOUTH 01°52'50" WEST FOR A DISTANCE OF 50.04 FEET TO A POINT ON A NON-TANGENT CURVE, CONCAVE WESTERLY, HAVING A RADIUS OF 722.15 FEET, A CHORD BEARING OF SOUTH 15°49'25" WEST AND A CHORD DISTANCE OF 306.53 FEET; THENCE RUN SOUTHERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 24°30'25" FOR A DISTANCE OF
308.88 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHWESTERLY, HAVING A RADIUS OF 2091.90 FEET, A CHORD BEARING OF SOUTH 25°45'05" EAST AND A CHORD DISTANCE OF 1055.79 FEET; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 29°14'00" FOR A DISTANCE OF 1067.33 FEET TO THE CUSP OF A CURVE, CONCAVE SOUTHERLY, HAVING A RADIUS OF 300.00 FEET,

A CHORD BEARING OF NORTH 85°02'14" EAST AND A CHORD DISTANCE OF 46.06 FEET; THENCE RUN EASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 08°48'20" FOR A DISTANCE OF 46.11 FEET TO THE POINT OF TANGENCY; THENCE RUN NORTH 89°26'25" EAST FOR A DISTANCE OF 91.83 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 25.00 FEET, A CHORD BEARING OF NORTH 44°26'25" EAST AND A CHORD DISTANCE OF 35.36 FEET; THENCE DEPARTING SAID WEST LINE, RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00'00" FOR A DISTANCE OF 39.27 FEET TO A POINT ON A NON-TANGENT LINE BEING THE WEST RIGHT-OF-WAY LINE OF DEEPWATER CIRCLE OF SAID RANCHES AT LAKE MCLEOD II; THENCE RUN SOUTH 00°33'35" EAST ALONG SAID WEST RIGHT-OF-WAY LINE AND AFORESAID WEST LINE OF RANCHES AT LAKE MCLEOD II FOR A DISTANCE OF 185.00 FEET; THENCE DEPARTING SAID WEST RIGHT-OF-WAY LINE, CONTINUE ALONG SAID WEST LINE THE FOLLOWING COURSES AND DISTANCES: RUN NORTH 89°26'25" EAST FOR A DISTANCE OF 160.00 FEET; THENCE RUN SOUTH 00°33'35" EAST FOR A DISTANCE OF 537.63 FEET TO THE POINT OF CURVATURE OF A CURVE, CONCAVE NORTHWESTERLY, HAVING A RADIUS OF 185.00 FEET, A CHORD BEARING OF SOUTH 44°44'25" WEST, AND A CHORD DISTANCE OF 263.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°36'00" FOR A DISTANCE OF 292.54 FEET TO A POINT ON A NON-TANGENT LINE; THENCE RUN SOUTH 00°02'25" WEST FOR A DISTANCE OF 30.11 FEET TO THE SOUTHWEST CORNER OF SAID RANCHES AT LAKE MCLEOD II AND A POINT ON THE SOUTH LINE OF THE NORTH 1/2 OF THE NORTHWEST 1/4 OF AFORESAID SECTION 19; THENCE RUN NORTH 89°57'22" WEST ALONG SAID SOUTH LINE FOR A DISTANCE OF 2434.72 FEET TO THE SOUTHWEST CORNER OF SAID NORTH 1/2; THENCE RUN NORTH 00°24'21" WEST ALONG THE WEST LINE OF THE NORTHWEST 1/4 OF SAID SECTION 19 FOR A DISTANCE OF 1330.49 FEET TO THE POINT OF BEGINNING.
CONTAINING 172.64 ACRES, MORE OR LESS.

Section VI

RESOLUTION NO. 2025-02
A RESOLUTION OF THE BOARD OF SUPERVISORS (THE “BOARD”) OF THE RANCHES AT MCLEOD COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $13,000,000 RANCHES AT MCLEOD COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO) (THE “2025 BONDS”) TO FINANCE CERTAIN PUBLIC INFRASTRUCTURE WITHIN A DESIGNATED ASSESSMENT AREA WITHIN THE DISTRICT REFERRED TO AS “ASSESSMENT AREA TWO”; DETERMINING THE NEED FOR A NEGOTIATED LIMITED OFFERING OF THE 2025 BONDS AND PROVIDING FOR A DELEGATED AWARD OF SUCH BONDS; APPOINTING THE UNDERWRITER FOR THE LIMITED OFFERING OF THE 2025 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT WITH RESPECT TO THE 2025 BONDS; APPROVING THE USE OF THAT CERTAIN MASTER TRUST INDENTURE DATED AS OF JUNE 1, 2023 WITH RESPECT TO THE 2025 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A SECOND SUPPLEMENTAL TRUST INDENTURE GOVERNING THE 2025 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY LIMITED OFFERING MEMORANDUM; APPROVING THE EXECUTION AND DELIVERY OF A FINAL LIMITED OFFERING MEMORANDUM; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A CONTINUING DISCLOSURE AGREEMENT, AND APPOINTING A DISSEMINATION AGENT; APPROVING THE APPLICATION OF BOND PROCEEDS; AUTHORIZING CERTAIN MODIFICATIONS TO THE ASSESSMENT METHODOLOGY REPORT AND ENGINEER’S REPORT; PROVIDING FOR THE REGISTRATION OF THE 2025 BONDS PURSUANT TO THE DTC BOOK-ENTRY ONLY SYSTEM; AUTHORIZING THE PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE 2025 BONDS; AND PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, Ranches at McLeod Community Development District (the “District”), is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created by Ordinance No. O-21-01 of the City Commission of Eagle Lake, Florida, on October 5, 2020;
WHEREAS, the District was created for the purpose of delivering certain community development services and facilities within and outside its jurisdiction; and

WHEREAS, the Board of Supervisors of the District (herein, the “Board”) has previously adopted Resolution No. 2022-07 on February 2, 2022 (the “Initial Bond Resolution”), pursuant to which the District authorized the issuance of not to exceed $73,390,000 of its Special Assessment Bonds to be issued in one or more Series to finance all or a portion of the District’s capital improvement program to be built in one or more phases; and
WHEREAS, to coincide with the multiple phases of planned development, the Board hereby designates an assessment area within the District referred to as “Assessment Area Two” with respect to the second phase of the planned development; and
WHEREAS, any capitalized term used herein and not otherwise defined shall have the meaning ascribed to such term in the Initial Bond Resolution; and
WHEREAS, pursuant to the Initial Bond Resolution, the Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), and a First Supplemental Indenture dated as of June 1, 2023, both by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), the District issued its $5,665,000 Special Assessment Bonds, Series 2023 (Assessment Area One); and
WHEREAS, the Board hereby determines it is necessary to create a designated assessment area within the District known as “Assessment Area Two,” which area will be subject to the Series 2025 Special Assessments (as defined in the herein referred to Second Supplemental); and
WHEREAS, the Board hereby determines to issue its Ranches at McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “2025 Bonds”) in the principal amount of not exceeding $13,000,000 for the purpose of providing funds to finance a portion of the public infrastructure within the District for the benefit of Assessment Area Two, as described in the District’s Master Engineer’s Report for the Ranches at McLeod Community Development District dated March 2, 2021, as supplemented and amended from time to time (“Engineer’s Report” and the portion of the described improvements financed with the 2025 Bonds, the “2025 Project”); and
WHEREAS, the 2025 Project is hereby determined to be necessary to coincide with the developer’s plan of development; and
WHEREAS, there has been submitted to this meeting, with respect to the issuance and sale of the 2025 Bonds, and submitted to the Board forms of:
a Bond Purchase Contract with respect to the 2025 Bonds by and between FMSbonds, Inc., as the underwriter (the “Underwriter”) and the District, together with the form of a disclosure statement attached to the Bond Purchase Contract pursuant to Section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit A (the “Bond Purchase Contract”);
a Preliminary Limited Offering Memorandum substantially in the form attached hereto as Exhibit B (the “Preliminary Limited Offering Memorandum”);

a Continuing Disclosure Agreement among the District, the dissemination agent named therein and the obligated parties named therein, substantially in the form attached hereto as Exhibit C; and
a Second Supplemental between the District and the Trustee, substantially in the form attached hereto as Exhibit D and, together with the existing Master Indenture, the “2025 Indenture.”
WHEREAS, in connection with the sale of the 2025 Bonds, it may be necessary that certain modifications be made to the Master Special Assessment Methodology Report dated February 2, 2022, as supplemented and amended from time to time (“Assessment Methodology Report”) and the Engineer’s Report to conform such reports to the final terms of the 2025 Bonds; and
WHEREAS, the proceeds of the 2025 Bonds shall also fund a debt service reserve account, pay capitalized interest, if any, and pay the costs of the issuance of the 2025 Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the Ranches at McLeod Community Development District (the “Board”), as follows:
Section 1.  Negotiated Limited Offering of 2025 Bonds. The District hereby finds that because of the complex nature of assessment bond financings in order to better time the sale of the 2025 Bonds and secure better interest rates, it is necessary and in the best interest of the District that the 2025 Bonds, in the aggregate principal amount of not exceeding $13,000,000, be sold on a negotiated limited offering basis. The District hereby further finds that it will not be adversely affected if the 2025 Bonds are not sold pursuant to competitive sales.
Section 2.  Purpose. The District has authorized its capital improvement plan for the development of the District, as set forth in the Engineer’s Report, and hereby authorizes the financing of a portion of the acquisition and construction of certain public infrastructure benefiting certain assessable lands within Assessment Area Two within the District by issuing the 2025 Bonds to finance a portion of such public infrastructure described in the Engineer’s Report and constituting the 2025 Project. The 2025 Project includes, but is not limited to, public roadway improvements, stormwater drainage facilities including related earthwork, water, sewer and reclaimed water facilities, landscaping, hardscaping and irrigation in public rights of way, amenities, differential cost of undergrounding electric utilities, all as more particularly described in the Engineer’s Report.
Section 3.   Sale of the 2025 Bonds. Except as otherwise provided in the last sentence of this Section 3, the proposal submitted by the Underwriter offering to purchase the 2025 Bonds at the purchase price established pursuant to the parameters set forth below and on the terms and conditions set forth in the Bond Purchase Contract (attached hereto as Exhibit A), are hereby approved and adopted by the District in substantially the form presented. Subject to the last sentence of this Section 3, the Chairperson (or, in the absence of the Chairperson, any other member of the Board) is hereby authorized to execute and deliver on behalf of the District, and the Secretary of the District is hereby authorized (if so required) to affix the seal of the District and attest to the execution of the Bond Purchase Contract in substantially the form presented at this

meeting. The disclosure statements of the Underwriter, as required by Section 218.385, Florida Statutes, to be delivered to the District prior to the execution of the Bond Purchase Contract, a copy of which is attached as an exhibit to the Bond Purchase Contract, will be entered into the official records of the District. The Bond Purchase Contract, in final form as determined by counsel to the District and the Chairperson, may be executed by the District without further action provided that (i) the 2025 Bonds mature not later than the statutory permitted period; (ii) the principal amount of the 2025 Bonds issued does not exceed $13,000,000; (iii) the interest rate on the 2025 Bonds shall not exceed the maximum rate permitted under Florida law; (iv) if the 2025 Bonds are subject to optional redemption which determination will be made on or before the sale date of the 2025 Bonds, the first optional call date and the redemption price shall be determined on or before the execution of the Bond Purchase Contract; and (v) the purchase price to be paid by the Underwriter for the 2025 Bonds is not less than 98% of the par amount of the 2025 Bonds issued (exclusive of any original issuance discount).
Section 4. The Limited Offering Memorandum. The Limited Offering Memorandum, in substantially the form of the Preliminary Limited Offering Memorandum (subject to the other conditions set forth herein) attached hereto as Exhibit B, with such changes as are necessary to conform to the details of the 2025 Bonds and the requirements of the Bond Purchase Contract, is hereby approved. The District hereby authorizes the execution of the Limited Offering Memorandum and the District hereby authorizes the Limited Offering Memorandum, when in final form, to be used in connection with the limited offering and sale of the 2025 Bonds. The District hereby authorizes and consents to the use by the Underwriter of a Preliminary Limited Offering Memorandum substantially in the form attached hereto as Exhibit B, in connection with the limited offering of the 2025 Bonds. The final form of a Preliminary Limited Offering Memorandum shall be determined by the Underwriter and the professional staff of the District. The Limited Offering Memorandum may be modified in a manner not inconsistent with the substance thereof and the terms of the 2025 Bonds as shall be deemed advisable by Bond Counsel and counsel to the District, with final approval by the Chairperson. The Chairperson (or, in the absence of the Chairperson, any other member of the Board) is hereby further authorized to execute and deliver on behalf of the District, the Limited Offering Memorandum and any amendment or supplement thereto, with such changes, modifications and deletions as the member of the Board executing the same may deem necessary and appropriate with the advice of Bond Counsel and counsel to the District, with final approval by the Chairperson, such execution and delivery to be conclusive evidence of the approval and authorization thereof by the District. The District hereby authorizes the Chairperson (or, in the absence of the Chairperson, any other member of the Board) to deem “final” the Preliminary Limited Offering Memorandum except for permitted omissions all within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 and to execute a certificate in that regard.
Section 5.  Details of the 2025 Bonds. The proceeds of the 2025 Bonds shall be applied in accordance with the provisions of the 2025 Indenture. The 2025 Bonds shall mature in the years and in the amounts, bear interest at such rates and be subject to redemption, all as provided in the Second Supplemental. The execution of the Second Supplemental shall constitute approval of such terms as set forth in the 2025 Indenture and this Resolution. The maximum aggregate principal amount of the 2025 Bonds authorized to be issued pursuant to this Resolution and the 2025 Indenture shall not exceed $13,000,000.

Section 6. Continuing Disclosure; Dissemination Agent. The Board does hereby authorize and approve the execution and delivery of a Continuing Disclosure Agreement by the Chairperson (or, in the absence of the Chairperson, any other member of the Board) substantially in the form presented to this meeting and attached hereto as Exhibit C. The Continuing Disclosure Agreement is being executed by the District and the other parties thereto in order to assist the Underwriter in the marketing of the 2025 Bonds and compliance with Rule 15c2-12 of the Securities and Exchange Commission. Governmental Management Services – Central Florida, LLC is hereby appointed the initial dissemination agent.
Section 7.  Authorization of Execution and Delivery of the Second Supplemental Trust Indenture; Application of Master Indenture. The Board does hereby authorize the use and application of the Master Indenture and does hereby authorize and approve the execution by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) and the Secretary or any Assistant Secretary to attest and authorize the delivery of the Second Supplemental between the District and the Trustee. The 2025 Indenture shall provide for the security of the 2025 Bonds and express the terms of the 2025 Bonds. The Second Supplemental shall be substantially in the form attached hereto as Exhibit D and is hereby approved, with such changes therein as are necessary or desirable to reflect the terms of the sale of the 2025 Bonds as shall be approved by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) executing the same upon the advice of Bond Counsel and counsel to the District, with such execution to constitute conclusive evidence of such officer’s approval and the District’s approval of any changes therein from the form of the Second Supplemental attached hereto as Exhibit D.
Section 8.  Authorization and Ratification of Prior Acts. All actions previously taken by or on behalf of District in connection with the issuance of the 2025 Bonds are hereby authorized, ratified and confirmed.
Section 9. Appointment of Underwriter. The Board hereby formally appoints FMSbonds, Inc., as the Underwriter for the 2025 Bonds.
Section 10. Book-Entry Only Registration System. The registration of the 2025 Bonds shall initially be by the book-entry only system established with The Depository Trust Company.
Section 11. Assessment Methodology Report. The Board hereby authorizes any modifications to the Assessment Methodology Report prepared by Governmental Management Services – Central Florida, LLC in connection with the 2025 Bonds if such modifications are determined to be appropriate in connection with the issuance of the 2025 Bonds.
Section 12.  Engineer’s Report. The Board hereby authorizes any modifications to the Engineer’s Report prepared by Connelly & Wicker Inc. if such modifications are determined to be appropriate in connection with the issuance of the 2025 Bonds or modifications to the 2025 Project.
Section 13. Further Official Action. The Chairperson, the Vice Chairperson, the Secretary and each other member of the Board and any other proper official or member of the professional staff of the District are each hereby authorized and directed to execute and deliver

any and all documents and instruments and to do and cause to be done any and all acts and things necessary or desirable for carrying out the transactions contemplated by this Resolution. In the event that the Chairperson, the Vice Chairperson or the Secretary is unable to execute and deliver the documents herein contemplated, such documents shall be executed and delivered by the respective designee of such officer or official or any other duly authorized officer or official of the District herein authorized. The Secretary or any Assistant Secretary is hereby authorized and directed to apply and attest the official seal of the District to any agreement or instrument authorized or approved herein that requires such a seal and attestation.
Section 14. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision.
Section 15.  Inconsistent Proceedings. All resolutions or proceedings, or parts thereof, in conflict with the provisions hereof are to the extent of such conflict hereby repealed or amended to the extent of such inconsistency.
PASSED in public session of the Board of Supervisors of the Ranches at McLeod Community Development District, this 11th day of February, 2025.
RANCHES AT MCLEOD COMMUNITY DEVELOPMENT DISTRICT
ATTEST:
By:			By:	 Name: Tricia Adams			Name: 	 Title:  Secretary		   Title: Chairperson/Vice Chairperson	
Board of Supervisors	

EXHIBIT A
FORM OF BOND PURCHASE CONTRACT

$[PAR]
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT (POLK COUNTY, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO)

Board of Supervisors

BOND PURCHASE CONTRACT
[Pricing Date]

Ranches at Lake McLeod Community Development District City of Eagle Lake, Florida
Ladies and Gentlemen:
FMSbonds, Inc. (the “Underwriter”) offers to enter into this Bond Purchase Contract (the “Purchase Contract”) with the Ranches at Lake McLeod Community Development District (the “District”). The District is located entirely within the incorporated area of the City of Eagle Lake, Florida (the “City”) within Polk County, Florida (the “County”). This offer of the Underwriter shall, unless accepted by the District, acting through its Board of Supervisors (the “Board”), expire at 10:00 P.M. prevailing time within the jurisdiction of the District on the date hereof, unless previously withdrawn or extended in writing by the Underwriter. This Purchase Contract shall be binding upon the District and the Underwriter upon execution and delivery. Any capitalized word not defined herein shall have the meaning ascribed thereto in the Preliminary Limited Offering Memorandum (as hereinafter defined). In conformance with Section 218.385, Florida Statutes, as amended, the Underwriter hereby delivers to the District the Disclosure and Truth-In-Bonding Statements attached hereto as Exhibit A.
Purchase and Sale. Upon the terms and conditions and upon the basis of the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the District and the District hereby agrees to sell and deliver to the Underwriter, all (but not less than all) of its aggregate principal amount of $[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). The Bonds shall be dated their date of delivery and shall mature on the dates, shall bear interest at the rates, and shall be subject to redemption prior to maturity, all as provided in Exhibit B attached hereto. The purchase price for the Bonds shall be $	 (representing the $[PAR].00 aggregate principal amount of the Bonds, [plus/less net original issue premium/discount] of $	 and less an underwriter’s discount of $		). The payment for and delivery of the Bonds and the other actions contemplated hereby to take place at the Closing Date (as hereinafter defined) being hereinafter referred to as the “Closing”.
The Bonds. The Bonds are to be issued by the District, a local unit of special- purpose government of the State of Florida (the “State”) created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended, any successor statute thereto, the Florida Constitution, and other applicable provisions of law (collectively, the “Act”), and created by Ordinance No. 0-21-01 enacted by the City Commission

of the City of Eagle Lake, Florida (the “City”) on October 5, 2020 and effective on October 15, 2020. The Bonds are being issued by the District pursuant to the Act, Resolution No. 2022-07 and Resolution No. [2025- ] duly adopted by the Board on February 2, 2022 and February 11, 2025, respectively (collectively, the “Bond Resolution”), and secured pursuant to the provisions of a Master Trust Indenture, dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Indenture” and, together with the Master Indenture, collectively the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Series 2025 Special Assessments comprising the Series 2025 Pledged Revenues for the Bonds have been levied by the District on those lands within the District specially benefited by the 2025 Project (as defined in the herein defined Preliminary Limited Offering Memorandum) pursuant to Resolution No. 2022-05, Resolution No. 2022-06, and Resolution No. 2022-09 of the District duly adopted on February 2, 2022, February 2, 2022, and April 6, 2022, respectively (collectively, the “Assessment Resolutions”).
Limited Offering; Establishment of Issue Price. It shall be a condition to the District’s obligation to sell and to deliver the Bonds to the Underwriter, and to the Underwriter’s obligation to purchase, accept delivery of and pay for the Bonds, that the entire principal amount of the Bonds be issued, sold and delivered by the District and purchased, accepted and paid for by the Underwriter at the Closing and that the District and the Underwriter receive the opinions, documents and certificates described in Section 8(c) hereof.
The Underwriter agrees to assist the District in establishing the issue price of the Bonds and shall execute and deliver to the District at Closing an “issue price” or similar certificate, together with the supporting pricing wires or equivalent communications, in the form reasonably satisfactory to Bond Counsel, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the District and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds.
The District will treat the first price at which 10% of each maturity of the Bonds (the “10% test”) is sold to the public as the issue price of that maturity. At or promptly after the execution of this Purchase Contract, the Underwriter shall report to the District the price or prices at which it has sold to the public each maturity of Bonds. For purposes of this Section, if Bonds mature on the same date but have different interest rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the Bonds.
The Underwriter acknowledges that sales of any Bonds to any person that is a related party to an underwriter participating in the initial sale of the Bonds to the public (each such term being used as defined below) shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:
“public” means any person other than an underwriter or a related
party,
“underwriter” means (A) any person that agrees pursuant to a
written contract with the District (or with the lead underwriter to form an underwriting

syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Bonds to the public), and
a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other).
Use of Documents. Prior to the date hereof, the District has caused to be prepared and has provided to the Underwriter a Preliminary Limited Offering Memorandum dated [PLOM Date] (such Preliminary Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Preliminary Limited Offering Memorandum”) of the District related to the Bonds that the District has deemed final as of its date, except for certain permitted omissions (the “Permitted Omissions”), as contemplated by Rule 15c2-12 of the Securities and Exchange Commission (“Rule 15c2-12”) in connection with the limited offering of the Bonds. The Underwriter has reviewed the Preliminary Limited Offering Memorandum prior to the execution of this Purchase Contract. The District has, prior to the date hereof, authorized the Preliminary Limited Offering Memorandum to be circulated and used by the Underwriter in connection with the limited offering of the Bonds. The District shall deliver or cause to be delivered, at its expense, to the Underwriter within seven (7) business days after the date hereof but not later than the Closing Date and in sufficient time to allow the Underwriter to comply with all requirements of Rule 15c2-12 and all applicable securities laws and the rules of the Municipal Securities Rulemaking Board (the “MSRB”), a final Limited Offering Memorandum dated the date hereof (such Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Limited Offering Memorandum” and, together with the Preliminary Limited Offering Memorandum, the “Limited Offering Memoranda”). The Underwriter agrees to file the Limited Offering Memorandum with the MSRB not later than two (2) business days after the Closing Date. The District hereby ratifies the execution and use of the Preliminary Limited Offering Memorandum and approves the circulation and use of the Limited Offering Memorandum by the Underwriter.
Definitions. For purposes hereof, (a) this Purchase Contract, the Indenture, the Bonds, the Continuing Disclosure Agreement to be dated as of the Closing Date, by and among the District, KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”), Lennar Homes, LLC, a Florida limited liability company (the “Development

Manager”), and Governmental Management Services – Central Florida, LLC, Orlando, Florida, as dissemination agent (the “Dissemination Agent”), in substantially the form attached to the Limited Offering Memorandum as Appendix E thereto (the “Disclosure Agreement”) and the DTC Blanket Issuer Letter of Representations entered into by the District, are referred to herein collectively as the “Financing Documents”, and (b) the Acquisition Agreement by and between the District and the Development Manager dated as of the Closing Date (the “Acquisition Agreement”), the Collateral Assignment and Assumption of Development and Contract Rights Relating to the Ranches at Lake McLeod Community Development District by and among the District, the Primary Landowner and the Development Manager to be dated as of the Closing Date in recordable form (the “Collateral Assignment”), the Agreement between Ranches at Lake McLeod Community Development District, the Primary Landowner and the Development Manager regarding the True-Up and Payment of Series 2025 Assessments to be dated as of the Closing Date (the “True-Up Agreement”), and the Completion Agreement to be entered into by and between the District and the Development Manager dated as of the Closing Date (the “Completion Agreement”) are collectively referred to herein as the “Ancillary Agreements.”
Representations, Warranties and Agreements. The District hereby represents, warrants and agrees as follows:
The Board is the governing body of the District and the District is and will be on the Closing Date duly organized and validly existing as a unit of special-purpose government created pursuant to the Constitution and laws of the State, including, without limitation, the Act;
The District has full legal right, power and authority to: (i) adopt the Bond Resolution and the Assessment Resolutions; (ii) enter into the Financing Documents and Ancillary Agreements; (iii) sell, issue and deliver the Bonds to the Underwriter as provided herein; (iv) apply the proceeds of the sale of the Bonds for the purposes described in the Preliminary Limited Offering Memorandum; (v) acknowledge and authorize the use of the Preliminary Limited Offering Memorandum and acknowledge and authorize the use and execution of the Limited Offering Memorandum; and (vi) carry out and consummate the transactions contemplated by the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Preliminary Limited Offering Memorandum, including but not limited to entering into the collection agreement with the Polk County Tax Collector to provide for the collection of the Series 2025 Special Assessments using the Uniform Method of collection in accordance with the Indenture. The District has complied, and on the Closing Date will be in compliance in all material respects, with the terms of the Act and with the obligations on its part contained in the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Bonds;
At meetings of the Board that were duly called and noticed and at which a quorum was present and acting throughout, the Board duly adopted the Bond Resolution and the Assessment Resolutions, and the same are in full force and effect and have not been supplemented, amended, modified or repealed, except as set forth therein. By all necessary official Board action, the District has duly authorized and approved the use and delivery of the Preliminary Limited Offering Memorandum and the execution and delivery of the Financing Documents, the Ancillary Agreements, the Bonds and the Limited Offering Memorandum, has duly authorized and approved the performance by the District of the obligations on its part contained in the Financing Documents,

the Ancillary Agreements and the Bonds and the consummation by it of all other transactions contemplated by this Purchase Contract and the Preliminary Limited Offering Memorandum in connection with the issuance of the Bonds. Upon execution and delivery by the District and the Trustee (and assuming the due authorization, execution and delivery of the Indenture by the Trustee), the Indenture will constitute a legal, valid and binding obligation of the District, enforceable in accordance with its terms, subject only to applicable bankruptcy, insolvency, and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Upon execution by the District and the other parties thereto (and assuming the due authorization, execution and delivery of such agreements by the other parties thereto) the Financing Documents and the Ancillary Agreements will constitute the legal, valid and binding obligations of the District, enforceable in accordance with their respective terms; subject only to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);
Except as disclosed in the Preliminary Limited Offering Memorandum, the District is not in material breach of or material default under any applicable provision of the Act or any applicable constitutional provision or statute or, to the best of its knowledge, administrative regulation of the State or the United States of America or any applicable judgment or decree, or any loan agreement, indenture, bond, note, resolution, agreement, or other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of its knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or material event of default under any such instrument; and the execution and delivery of the Bonds, the Financing Documents, the Ancillary Agreements and the Limited Offering Memorandum, the delivery of the Preliminary Limited Offering Memorandum and the adoption of the Bond Resolution and the Assessment Resolutions, and compliance with the provisions on the District’s part contained therein, will not conflict with or constitute a material breach of or material default under any applicable constitutional provision, or law, or, to the best of its knowledge, any administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement, or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption, or compliance result in the creation or imposition of any lien, charge, or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as provided by the Assessment Resolutions, the Bonds and the Indenture. To the best of its knowledge, no event has occurred which, with the lapse of time or the giving of notice, or both, would constitute an event of default under the Bonds, the Ancillary Agreements or the Financing Documents;
All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction of the matters which are required for the due authorization by, or which would constitute a condition precedent to, or the absence of which would materially adversely affect, the due performance by the District of its obligations, to issue the Bonds, or under the Bonds, the Bond Resolution, the Assessment Resolutions, the Financing Documents or the Ancillary Agreements have been duly

obtained, except for such approvals, consents and orders as may be required under the Blue Sky or securities laws of any state in connection with the offering and sale of the Bonds;
The descriptions of the Bonds, the Financing Documents, the Ancillary Agreements and the 2025 Project, to the extent referred to in the Preliminary Limited Offering Memorandum, conform (except for Permitted Omissions), or with respect to the Limited Offering Memorandum will conform, in all material respects to the Bonds, the Financing Documents, the Ancillary Agreements and the 2025 Project, respectively;
The Bonds, when issued, executed and delivered in accordance with the Indenture and when delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Purchase Contract, will be validly issued and outstanding obligations of the District, entitled to the benefits of the Indenture and upon such issuance, execution and delivery of the Bonds, the Indenture will provide, for the benefit of the holders from time to time of the Bonds, a legally valid and binding pledge of and first lien on the Series 2025 Pledged Revenues. On the Closing Date, all conditions precedent to the issuance of the Bonds set forth in the Indenture will have been complied with or fulfilled;
There is no claim, action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body, pending or, to its best knowledge, threatened against the District: (i) contesting the corporate existence or powers of the Board or the titles of the respective officers of the Board to their respective offices;
(ii) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Preliminary Limited Offering Memorandum or the collection of the Series 2025 Special Assessments or the pledge of and lien on the Series 2025 Pledged Revenues pursuant to the Indenture; (iii) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District in any respect relating to the authorization for the issuance of the Bonds, or the authorization of the 2025 Project, the Bond Resolution, the Assessment Resolutions, the Financing Documents and the Ancillary Agreements, or the application of the proceeds of the Bonds for the purposes set forth in the Preliminary Limited Offering Memorandum; (iv) contesting the federal tax status of the Bonds; or (v) contesting the completeness or accuracy of the Limited Offering Memoranda or any supplement or amendment thereto, except for Permitted Omissions with respect to the Preliminary Limited Offering Memorandum;
To the extent applicable, the District will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request in order to: (i) qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and (ii) determine the eligibility of the Bonds for investment under the laws of such states and other jurisdictions, and the District will use its best efforts to continue such qualifications in effect so long as required for the initial limited offering and distribution of the Bonds; provided, however, that the District shall not be required to execute a general or special consent to service of process or to qualify to do business in connection with any such qualification or determination in any jurisdiction or register as a broker/dealer;

As of its date (unless an event occurs of the nature described in paragraph
(1) of this Section 6) and at all times subsequent thereto, up to and including the Closing Date, the statements and information contained in the Preliminary Limited Offering Memorandum (other than Permitted Omissions) and in the Limited Offering Memorandum do not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2025 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE PRIMARY LANDOWNER  AND  THE  DEVELOPMENT  MANAGER,”  “TAX  MATTERS,”
“LITIGATION – The Primary Landowner” and “– The Development Manager” and “UNDERWRITING;”
If the Limited Offering Memorandum is supplemented or amended pursuant to paragraph (1) of this Section 6, at the time of each supplement or amendment thereto and (unless subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent thereto up to and including the Closing Date, the Limited Offering Memorandum as so supplemented or amended will be accurate in all material respects for the purposes for which their use is authorized and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2025 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,”  “THE  PRIMARY  LANDOWNER  AND  THE  DEVELOPMENT
MANAGER,” “TAX MATTERS,” “LITIGATION – The Primary Landowner” and “– The Development Manager” and “UNDERWRITING”;
If between the date of this Purchase Contract and the earlier of (i) date that is ninety (90) days from the end of the “Underwriting Period” as defined in Rule 15c2-12 or (ii) the time when the Limited Offering Memorandum is available to any person from the MSRB’s Electronic Municipal Market Access System (but in no event less than twenty-five (25) days following the end of the Underwriting Period), any event shall occur, of which the District has actual knowledge, which might or would cause the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the District shall notify the Underwriter thereof, and, if in the opinion of the Underwriter such event requires the preparation and publication of a supplement or amendment to the Limited Offering Memorandum, the District will at its expense supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter. The end of the Underwriting Period shall be the next business day after the Closing Date;
Since the date of the Preliminary Limited Offering Memorandum, there has been no material adverse change in the properties, businesses, results of operations, prospects, management or financial or other condition of the District, except as disclosed in the Preliminary Limited Offering Memorandum, and the District has not incurred liabilities that would materially adversely affect its ability to discharge its obligations under the Bond Resolution, the Assessment

Resolutions, the Bonds, the Financing Documents or the Ancillary Agreements, direct or contingent, other than as set forth in or contemplated by the Preliminary Limited Offering Memorandum;
The District is not now in default and has not been in default at any time after December 31, 1975 in the payment of the principal of or the interest on any governmental security issued or guaranteed by it which would require the disclosure pursuant to Section 517.051, Florida Statutes or Rule 69W- 400.003 of the Florida Department of Financial Services;
The District has never undertaken any continuing disclosure obligations in accordance with the continuing disclosure requirements of the Rule;
Any certificate signed by any official of the District and delivered to the Underwriter in connection with the Closing will be deemed to be a representation by the District to the Underwriter as to the statements made therein; and
From the date of this Purchase Contract through the Closing Date, the District will not issue any bonds (other than the Bonds), notes or other obligations payable from the Series 2025 Pledged Revenues.
Closing. At 10:00 a.m. prevailing time on [Closing Date] (the “Closing Date”) or at such later time as may be mutually agreed upon by the District and the Underwriter, the District will deliver or cause to be delivered, to the Underwriter, the Bonds in definitive book-entry-only form, duly executed and authenticated, together with the other documents hereinafter mentioned, and, subject to the terms and conditions hereof, the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in Section 1 hereof, in federal or other immediately available funds to the order of the District. Delivery of the Bonds as aforesaid shall be made pursuant to the FAST system of delivery of The Depository Trust Company, or at such other place as may be mutually agreed upon by the District and the Underwriter. The Bonds shall be typewritten, shall be prepared and delivered as fully registered bonds in book-entry-only form, with one bond for each maturity, registered in the name of Cede & Co. and shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection and packaging, unless otherwise agreed by the District and the Underwriter.
Closing Conditions. The Underwriter has entered into this Purchase Contract in reliance upon the representations, warranties and agreements of the District contained herein, and in reliance upon the representations, warranties and agreements to be contained in the documents and instruments to be delivered on the Closing Date and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter’s obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds are conditioned upon the performance by the District of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing Date, and are also subject to the following additional conditions:
The representations and warranties of the District contained herein shall be true, complete and correct, on the date hereof and on and as of the Closing Date, as if made on the Closing Date;

At the time of the Closing, the Bond Resolution, the Assessment Resolutions, the Bonds, the Ancillary Agreements and the Financing Documents shall each be in full force and effect in accordance with their respective terms and the Bond Resolution, the Assessment Resolutions, the Indenture and the Limited Offering Memoranda shall not have been supplemented, amended, modified or repealed, except in any such case as may have been agreed to by the Underwriter;
At or prior to the Closing Date, the Underwriter and the District shall have received each of the following:
The Limited Offering Memorandum and each supplement or amendment, if any, thereto, executed on behalf of the District by the Chairperson of the Board or such other authorized member of the Board;
A copy of each of the Bond Resolution and the Assessment Resolutions certified by the Secretary or an Assistant Secretary of the Board under seal as having been duly adopted by the Board of the District and as being in full force and effect;
An executed copy of each of the Financing Documents and the Ancillary Agreements in form acceptable to the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District, of Greenberg Traurig, P.A., Bond Counsel, in the form included in the Preliminary Limited Offering Memorandum as Appendix B, together with letters of such counsel, dated as of the Closing Date and addressed to the Underwriter and Trustee, to the effect that the foregoing opinion addressed to the District may be relied upon by the Underwriter and Trustee to the same extent as if such opinion were addressed to them;
The supplemental opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Greenberg Traurig, P.A., Bond Counsel, in the form annexed as Exhibit C hereto or in form and substance otherwise acceptable to the Underwriter and its Counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee, Bond Counsel and the Underwriter, of Cobb Cole, P.A., counsel to the District, in the form annexed as Exhibit D hereto or in form and substance otherwise acceptable to Bond Counsel, the Underwriter and its counsel, in their sole discretion;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter, of Godbold, Downing, Bill & Rentz, P.A., counsel to the Primary Landowner in form and substance acceptable to the District, Bond Counsel, Underwriter and Underwriter’s counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter, of Greenberg Traurig, P.A., counsel to the Development Manager in form and substance acceptable to the District, Bond Counsel, Underwriter and Underwriter’s counsel;

An opinion, dated as of the Closing Date and addressed to the Underwriter and the District, of counsel to the Trustee, in form and substance acceptable to Bond Counsel, the Underwriter, Underwriter’s Counsel and the District;
An opinion, dated as of the Closing Date and addressed to the Underwriter, of Squire Patton Boggs (US) LLP, Counsel to the Underwriter, in form and substance satisfactory to the Underwriter;
A customary authorization and incumbency certificate, dated as of the Closing Date, signed by authorized officers of the Trustee in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
The Closing Certificates of the Primary Landowner and the Development Manager, each dated as of the Closing Date, signed by an authorized officer of the Primary Landowner and the Development Manager, in the forms annexed as Exhibit E-1 and Exhibit E-2 hereto, respectively, or otherwise in form and substance satisfactory to Bond Counsel, the Underwriter, Underwriter’s counsel and counsel to the District.
A copy of the Ordinance;
A certificate, dated as of the Closing Date, signed by the Chairperson or Vice-Chairperson and the Secretary or an Assistant Secretary of the Board, setting forth that: (i) each of the representations of the District contained herein was true and accurate in all material respects on the date when made, has been true and accurate in all material respects at all times since, and continues to be true and accurate in all material respects on the Closing Date as if made on such date, and each of such representations relating to the Preliminary Limited Offering Memorandum and the statements contained therein, hereby also include the Limited Offering Memorandum, which representations relating to the Limited Offering Memorandum continue to be true and accurate in all material respects as of the Closing Date as if made on such date; (ii) the District has performed all of its obligations to be performed hereunder as of the Closing Date; (iii) the District has never been in default as to principal or interest with respect to any obligation issued or guaranteed by the District; (iv) upon platting, the District agrees to take all reasonable action necessary to use the Uniform Method as the means of collecting the Series 2025 Special Assessments in the manner described in the Indenture; and (v) the Limited Offering Memoranda (other than the information under the captions “DESCRIPTION OF THE SERIES 2025 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE PRIMARY LANDOWNER AND THE DEVELOPMENT
MANAGER,” “TAX MATTERS,” “LITIGATION – The Primary Landowner” and “– The Development Manager” and “UNDERWRITING,” as to which no view need be expressed) as of their respective dates, and as of the date hereof, do not contain any untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Limited Offering Memoranda are to be used, or which is necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading; and (vi) the District acknowledges its agreement to undertake its obligation under the Disclosure Agreement and is aware of the continuing disclosure requirements set forth in the Disclosure Agreement and the Rule;

A customary signature and no litigation certificate, dated as of the Closing Date, signed on behalf of the District by the Chairperson or Vice Chairperson and Secretary or an Assistant Secretary of the Board in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
Evidence of compliance by the District with the requirements of Section 189.051, Florida Statutes;
Executed copies of the District’s certification as to arbitrage and other matters relative to the tax status of the Bonds under Section 148 of the Internal Revenue Code of 1986, as amended, and a copy of the District’s Post Issuance Policies and Procedures;
Executed copy of Internal Revenue Service Form 8038-G relating
to the Bonds;
A certificate of the District’s consulting engineer, dated as of the
Closing Date, in the form annexed as Exhibit F hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the District Manager and Methodology Consultant in the form annexed as Exhibit G hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
To the extent required under the Second Supplemental Indenture, an investor letter from each initial beneficial owner of the Bonds in the form attached to the Second Supplemental Indenture;
Such additional documents as may be required by the Indenture to be delivered as a condition precedent to the issuance of the Bonds;
Evidence of compliance by the District with the requirements of Section 215.84, Florida Statutes;
A certified copy of the final judgment of the Tenth Judicial Circuit Court in and for Polk County, Florida, validating the Bonds and the certificate of no-appeal;
A copy of the [Supplemental Engineer’s Report for the Ranches at Lake McLeod Community Development District dated [	], 2025], relating to the Bonds, as supplemented from time to time;
A certificate of the District whereby the District has deemed the Preliminary Limited Offering Memorandum final as of its date, except for Permitted Omissions, as contemplated by Rule 15c2-12 in connection with the limited offering of the Bonds;
Copies of the Master Special Assessment Methodology Report dated February 2, 2022 and the final [Second] Supplemental Special Assessment

Methodology Report dated [Pricing Date], relating to the Bonds, as supplemented from time to time;
Acknowledgments in recordable form by all mortgage holder(s), if any, on lands within the District as to the superior lien of the Series 2025 Special Assessments in form and substance acceptable to Underwriter and Underwriter’s Counsel.
The Declaration of Consent to Jurisdiction of the Ranches at Lake McLeod Community Development District and to Imposition of Special Assessments (2025 Project) executed and delivered by the Primary Landowner and any other entity owning any land in the District as of the Closing Date with respect to all real property owned by such entity(ies) within the District which is subject to the Series 2025 Special Assessments in recordable form and otherwise in form and substance acceptable to the Underwriter and Underwriter’s Counsel and counsel to the District;
Evidence acceptable to the Underwriter in its sole discretion that the District has engaged a dissemination agent acceptable to the Underwriter (the “Dissemination Agent”) for the Bonds, with the execution of the Disclosure Agreement by the District and the other parties thereto being conclusive evidence of such acceptance by the Underwriter; and
Such additional legal opinions, certificates, instruments and other documents as the Underwriter, Underwriter’s Counsel, Bond Counsel or counsel to the District may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the District’s representations and warranties contained herein and of the statements and information contained in the Limited Offering Memoranda and the due performance or satisfaction by the District, the Primary Landowner and the Development Manager on or prior to the Closing of all the agreements then to be performed and conditions then to be satisfied by each.
If the District shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds contained in this Purchase Contract (unless waived by the Underwriter in its sole discretion), or if the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds shall be terminated for any reason permitted by this Purchase Contract, this Purchase Contract shall terminate and neither the Underwriter nor the District shall be under any further obligation hereunder, except that the respective obligations of the District and the Underwriter set forth in Section 10 hereof shall continue in full force and effect.
Termination. The Underwriter shall have the right to terminate its obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds by notifying the District in writing of its election to do so if, after the execution hereof and prior to the Closing: (i) legislation shall have been introduced in or enacted by the Congress of the United States or enacted by the State, or legislation pending in the Congress of the United States shall have been amended, or legislation shall have been recommended to the Congress of the United States or otherwise endorsed for passage (by press release, other form of notice or otherwise) by the President of the United States, the Treasury Department of the United States, the Internal

Revenue Service or the Chairperson or ranking minority member of the Committee on Finance of the United States Senate or the Committee on Ways and Means of the United States House of Representatives, or legislation shall have been proposed for consideration by either such committee, by any member thereof, or legislation shall have been favorably reported for passage to either House of Congress of the United States by a committee of such House to which such legislation has been referred for consideration, or a decision shall have been rendered by a court of the United States or the State, including the Tax Court of the United States, or a ruling shall have been made or a regulation shall have been proposed or made or a press release or other form of notice shall have been issued by the Treasury Department of the United States, or the Internal Revenue Service or other federal or State authority, with respect to federal or State taxation upon revenues or other income of the general character to be derived by the District or by any similar body, or upon interest on obligations of the general character of the Bonds, which may have the purpose or effect, directly or indirectly, of materially and adversely affecting the tax-exempt status of the District, its property or income, its securities (including the Bonds) or the interest thereon, or any tax exemption granted or authorized by the State or, which in the reasonable opinion of the Underwriter, affects materially and adversely the market for the Bonds, or the market price generally of obligations of the general character of the Bonds; (ii) the District or the Primary Landowner has, without the prior written consent of the Underwriter, offered or issued any bonds, notes or other obligations for borrowed money, or incurred any material liabilities, direct or contingent, or there has been an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of the District, the Primary Landowner or the Development Manager, other than in the ordinary course of its business; (iii) any event shall have occurred or shall exist which, in the reasonable opinion of the Underwriter, would or might cause the information contained in the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iv) the District fails to adopt the Assessment Resolutions or fails to perform any action to be performed by it in connection with the levy of the Series 2025 Special Assessments.
Expenses.
The District agrees to pay from the proceeds of the Bonds, and the Underwriter shall not be obligated to pay, any expenses incident to the performance of the District’s obligations hereunder, including, but not limited to: (i) the cost of the preparation of the Indenture; (ii) the cost of the preparation and printing, if applicable, of the Limited Offering Memoranda and any supplements thereto, together with a reasonable number of copies which the Underwriter may request; (iii) the cost of registering the Bonds in the name of Cede & Co., as nominee of DTC, which will act as securities depository for such Bonds; (iv) the fees and disbursements of counsel to the District, the District Manager, the Dissemination Agent, Bond Counsel, Underwriter’s Counsel, Primary Landowner’s counsel, Development Manager’s counsel as it relates to work incurred in connection with the Bonds, the District’s methodology consultant, the District Engineer, the Trustee, Trustee’s Counsel and any other experts or consultants retained by the District; and (v) the cost of recording in the Official Records of the County any Financing Documents, Ancillary Agreements or other documents or certificates that are required to be recorded pursuant to the terms of this Purchase Contract. It is anticipated that such expenses shall be paid from the proceeds of the Bonds. The District shall record all documents required to be

provided in recordable form hereunder within three business days after the Closing Date, which obligation shall survive the Closing.
The Underwriter agrees to pay all advertising expenses in connection with the Bonds, if any.
No Advisory or Fiduciary Role. The District acknowledges and agrees that (i) the purchase and sale of the Bonds pursuant to this Purchase Contract is an arm’s-length commercial transaction between the District and the Underwriter, (ii) in connection with such transaction and with the discussions, undertakings and procedures leading up to such transaction, the Underwriter is and has been acting solely as a principal and not as an advisor (including, without limitation, a Municipal Advisor (as such term is defined in Section 975(e) of the Dodd Frank Wall Street Reform and Consumer Protection Act)), agent or fiduciary of the District, (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the District with respect to the limited offering of the Bonds or the discussions, undertakings and procedures leading thereto (whether or not the Underwriter, or any affiliate of the Underwriter, has provided any services or is currently providing other services to the District on other matters) or any other obligation to the District, and the Underwriter has no obligation to the District with respect to the limited offering contemplated hereby except the obligations expressly set forth in this Purchase Contract, (iv) the District has consulted its own legal, financial and other advisors to the extent it has deemed appropriate in connection with the offering of the Bonds, (v) the Underwriter has financial and other interests that differ from those of the District and (vi) the Underwriter has provided to the District prior disclosures under Rule G-17 of the MSRB, which have been received by the District.
Notices. Any notice or other communication to be given to the District under this Purchase Contract may be given by delivering the same in writing to Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801, Attention: Jill Burns and any notice or other communication to be given to the Underwriter under this Purchase Contract may be given by delivering the same in writing to FMSbonds, Inc., 20660 W. Dixie Highway, North Miami Beach, Florida 33180, Attention: Jon Kessler.
Parties in Interest; Survival of Representations. This Purchase Contract is made solely for the benefit of the District and the Underwriter (including the successors or assigns of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. All of the District’s representations, warranties and agreements, contained in this Purchase Contract shall remain operative and in full force and effect and survive the closing on the Bonds, regardless of: (i) any investigations made by or on behalf of the Underwriter and (ii) delivery of and payment for the Bonds pursuant to this Purchase Contract.
Effectiveness. This Purchase Contract shall become effective upon the execution by the appropriate officials of the District and shall be valid and enforceable at the time of such acceptance. To the extent of any conflict between the provisions of this Purchase Contract and any prior contract between the parties hereto, the provisions of this Purchase Contract shall govern.
Headings. The headings of the sections of this Purchase Contract are inserted for convenience only and shall not be deemed to be a part hereof.

Amendment. No modification, alteration or amendment to this Purchase Contract shall be binding upon any party until such modification, alteration or amendment is reduced to writing and executed by all parties hereto.
Governing Law. This Purchase Contract shall be governed and construed in accordance with the laws of the State.
Counterparts; Facsimile. This Purchase Contract may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatures upon the same instrument. Facsimile and pdf signatures shall be deemed originals.

[Signature Page to Follow]

Very truly yours,

FMSBONDS, INC.

Accepted and agreed as of the date first written above.

By: 	
Theodore A. Swinarski,
Senior Vice President – Trading

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By: 	
Adam Morgan,
Chairperson, Board of Supervisors

16

EXHIBIT A
DISCLOSURE AND TRUTH-IN-BONDING STATEMENT
[Pricing Date]
Ranches at Lake McLeod Community Development District Polk County, Florida
Re:	$[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two)
Dear Ladies and Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and with respect to the issuance of the Bonds, FMSbonds, Inc. (the “Underwriter”), pursuant to a Bond Purchase Contract dated [Pricing Date] (the “Bond Purchase Contract”), between the Underwriter and Ranches at Lake McLeod Community Development District (the “District”), furnishes the following disclosures to the District in connection with the limited offering and sale of the Bonds:
The total underwriting discount paid to the Underwriter pursuant to the Bond Purchase Contract for the Bonds is approximately $	 per $1,000.00 or
$	.
The names, addresses and estimated amounts of compensation of any person who is not regularly employed by, or not a partner or officer of, the Underwriter, bank, banker, or financial consultant or advisor and who enters into an understanding with either the District or the Underwriter, or both, for any paid or promised compensation or valuable consideration directly, expressly or impliedly, to act solely as an intermediary between the District and the Underwriter for the purposes of influencing any transaction in the purchase of the Bonds are: None.
The nature and estimated amounts of expenses to be incurred by the Underwriter in connection with the issuance of the Bonds are set forth in Schedule I attached hereto.
The management fee charged by the Underwriter is: $0/$1,000 or $0.
Any other fee, bonus or other compensation estimated to be paid by the Underwriter in connection with the Bonds to any person not regularly employed or retained by the Underwriter in connection with the Bonds is as follows: None. Squire Patton Boggs (US) LLP has been retained as counsel to the Underwriter and will be compensated by the District.
Pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the following truth-in-bonding statements are made with respect to the Bonds:

The District is proposing to issue $[PAR] aggregate amount of the Bonds for the purpose of providing funds to: (i) pay the costs of acquiring all or a portion of the 2025 Project (as defined in the Preliminary Limited Offering Memorandum), (ii) fund the Series 2025 Reserve Account in an amount equal to the Series 2025 Reserve Requirement; (iii) [fund interest on the Series 2025 Bonds through at least December 15, 2025; and (iv)] pay the costs of issuance of the Bonds.
This debt or obligation is expected to be repaid over a period of approximately    years [and    months]. At a true interest cost rate of 	)%, total interest paid over the life of the Bonds will be $	.
The source of repayment for the Bonds are the Series 2025 Special Assessments imposed and collected by the District. Based solely upon the assumptions set forth in the paragraph above, the issuance of the Bonds will result in approximately $	 (representing the average annual debt service payments due on the Bonds) of the District’s special assessment revenues not being available to the District on an annual basis to finance other capital projects of the District; provided however, that in the event that the Bonds were not issued, the District would not be entitled to impose and collect the Series 2025 Special Assessments in the amount of the principal of and interest to be paid on the Bonds.
[Signature Page to Follow]

The name and address of the Underwriter is:
FMSbonds, Inc.
20660 W. Dixie Highway
North Miami Beach, Florida 33180

Sincerely,

FMSBONDS, INC.

By: 	
Theodore A. Swinarski,
Senior Vice President – Trading

Expenses for Bonds:
	Expense			Amount	
DALCOMP	$
CUSIP DTC
FINRA/SIPC MSRB
Misc.
TOTAL:	$

TERMS OF BONDS
Purchase Price for Bonds: $	 (representing the $[PAR].00 aggregate principal amount of the Series 2025 Bonds, [plus/less net original issue premium/discount] of
$	 and less an underwriter’s discount of $	).
Principal Amounts, Maturities, Interest Rates, Yields and Prices:
Maturity Date
Amount	(June 15)	Rate	Yield	Price
$	*	%	%

* Term Bond.
[** Yield to first optional redemption date of June 15, 20  .]
[The Underwriter represents that it has sold at least 10% of each maturity of the Series 2025 Bonds at the offering prices set forth above as of the sale date.]
Redemption Provisions:
Optional Redemption. The Series 2025 Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20  (less than all Series 2025 Bonds of a maturity to be selected by lot), at a Redemption Price equal to 100% of the principal amount of Series 2025 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2025 Optional Redemption Subaccount of the Series 2025 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2025 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2025 Bonds is substantially level.

[Remainder of page intentionally left blank.]

Mandatory Sinking Fund Redemption. The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount
$

*Maturity
The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity

[Remainder of page intentionally left blank.]

The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity
The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity
Upon any redemption or purchase of the Series 2025 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2025 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2025 Bonds.  The mandatory sinking fund

redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2025 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.

Extraordinary Mandatory Redemption in Whole or in Part. The Series 2025 Bonds are subject to extraordinary mandatory redemption prior to maturity by the District in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2025 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2025 Prepayment Principal deposited into the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account (taking into account the credit from the Series 2025 Reserve Account pursuant to the provisions of the Second Supplemental Indenture) following the payment in whole or in part of the Series 2025 Special Assessments on any assessable property within the District in accordance with the provisions of the Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2025 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2025 Rebate Fund, the Series 2025 Costs of Issuance Account and the Series 2025 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2025 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2025 Acquisition and Construction Account not otherwise reserved to complete the 2025 Project (including any amounts transferred from the Series 2025 Reserve Account) all of which have been transferred to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.

EXHIBIT C
BOND COUNSEL’S SUPPLEMENTAL OPINION
[Closing Date]
Ranches at Lake McLeod Community Development District Polk County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
Re:	$[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two)
Ladies and Gentlemen:
We have acted as Bond Counsel to the Ranches at Lake McLeod Community Development District (the “District”), a community development district established and existing pursuant to Chapter 190 of the Florida Statutes, as amended (the “Act”), in connection with the issuance by the District of its $[PAR] aggregate principal amount of Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). The Bonds are secured pursuant to that certain Master Trust Indenture, dated June 1, 2023 (the “Master Indenture”), as supplemented by that certain Second Supplemental Trust Indenture, dated as of February 1, 2025 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Indenture”) each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
In connection with the rendering of this opinion, we have reviewed records of the acts taken by the District in connection with the authorization, sale and issuance of the Bonds, were present at various meetings and participated in various discussions in connection therewith and have reviewed such other documents, records and other instruments as we deem necessary to deliver this opinion.
The District has entered into a Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) with the herein defined Underwriter, for the purchase of the Bonds. Capitalized words used, but not defined, herein shall have the meanings ascribed thereto in the Purchase Contract.
Based upon the forgoing, we are of the opinion that:
The sale of the Bonds by the District is not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption provided in Section 3(a)(2) of the Securities Act.
The Indenture is exempt from qualification pursuant to the Trust Indenture Act of 1939, as amended.

The information in the Limited Offering Memorandum under the captions “INTRODUCTION,” “DESCRIPTION OF THE SERIES 2025 BONDS” (other than the
subheading “Book-Entry Only System”), “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” (other than the subheading “Assessment Methodology / Projected Level of District Assessments”), and “APPENDIX A – PROPOSED FORMS OF INDENTURE” insofar as such statements constitute descriptions of the Bonds or the Indenture, are accurate as to the matters set forth or documents described therein and the information under the captions “TAX MATTERS,” and “AGREEMENT BY THE STATE” insofar as such information purports to describe or summarize certain provisions of the laws of the State of Florida (the “State”), and the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) is correct as to matters of law.
This letter is furnished by us as Bond Counsel. No attorney-client relationship has existed or exists between our firm and FMSbonds, Inc. (the “Underwriter”) in connection with the Bonds or by virtue of this letter. This letter is delivered to the Underwriter solely for its benefit as Underwriter and may not be used, circulated, quoted or otherwise referred to or relied upon by the Underwriter for any other purpose or by any other person other than the addressees hereto. This letter is not intended to, and may not be, relied upon by holders of the Bonds.

Very truly yours,

EXHIBIT D
OPINION OF DISTRICT COUNSEL
Ranches at Lake McLeod Community Development District Polk County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
Greenberg Traurig, P.A. West Palm Beach, Florida
Re:	$[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Series 2025 Bonds”)
Ladies and Gentlemen:
We have acted as counsel to the Ranches at Lake McLeod Community Development District, a community development district (the “District”) established pursuant to Chapter 190, Florida Statutes (the “Act”), and by Ordinance No. 0-21-01, enacted by the City Commission of the City of Eagle Lake, Florida on October 5, 2020 and becoming effective on October 15, 2020 (the “Ordinance”), in connection with the issuance by the District of the above-described Series 2025 Bonds.

The Series 2025 Bonds are being issued by the District pursuant to the Act, Resolution No. 2022-07 and Resolution No. [2025- ] adopted by the Board of Supervisors of the District (the “Board”) on February 2, 2022 and February 11, 2025, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Indentures”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Series 2025 Special Assessments have been levied by the District on the District Lands pursuant to Resolution Nos. 2022-05, 2022-06, and 2022-09, as may be amended from time to time (the “Assessment Resolutions”). Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Indentures.

The District adopted Master Special Assessment Methodology Report dated February 2, 2022 (the “Master Special Assessment Allocation Report”), as supplemented by the final [Second] Supplemental Special Assessment Methodology Report dated [Pricing Date] (collectively, the “Assessment Methodology”). The Assessment Methodology sets forth the terms of the Series 2025 Special Assessments securing the Series 2025 Bonds, and adopts a final special assessment roll for the Series 2025 Special Assessments.

In our capacity as counsel to the District, we have examined such documents as we have deemed necessary or appropriate in rendering the opinions set forth below, including, but not limited to (i) the Bond Resolution; (ii) the Assessment Resolutions (which, together with the Bond Resolutions, hereinafter, the “District Resolutions”); (iii) the Indentures; (iv) the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”); (v) the Continuing Disclosure Agreement dated as of [Closing Date] (the “Continuing Disclosure Agreement”); (vi) the Completion Agreement dated as of [Closing Date] (the “Completion Agreement”); (vii) the Acquisition Agreement dated as of [Closing Date] (the “Acquisition Agreement”); (viii) the Collateral Assignment and Assumption of Development and Contract Rights Relating to the Ranches at Lake McLeod Community Development District dated as of [Closing Date] (the “Collateral Assignment”), (ix) the Declaration of Consent to Jurisdiction of the Ranches at Lake McLeod Community Development District and to Imposition of Special Assessments (2025 Project) dated as of [Closing Date] (the “Declaration”), (x) the Agreement between Ranches at Lake McLeod Community Development District, the Primary Landowner and the Development Manager regarding the True-Up and Payment of Series 2025 Assessments dated [Closing Date] (the “True- Up Agreement”), and (xi) the Preliminary Limited Offering Memorandum dated [PLOM Date] and the final Limited Offering Memorandum dated [Pricing Date] (collectively, the “Offering Memoranda”), and such other documents as we have deemed necessary or appropriate in rendering the opinions set forth below. The Indentures, the Purchase Contract, the Continuing Disclosure Agreement, the Completion Agreement, the Acquisition Agreement, the Collateral Assignment, the Declaration, the True-Up Agreement and the Offering Memoranda shall be referred to herein as the “Financing Documents.”
In rendering the following opinion, we have reviewed certified proceedings, resolutions and documents, have relied, with your approval, as to factual matters that affect our opinion, solely on our examination of such documents (and we have assumed that all statements made therein are true, complete and accurate as of the effective date hereof), and have made no verification of the facts asserted to be true and correct therein.
In rendering our opinion, we have assumed in good faith (i) the genuineness of the signatures of all persons executing instruments or documents examined or relied upon by us (except for those of the District); (ii) the authenticity of all documents submitted to us as originals; and (iii) the conformity with the original documents of all documents submitted to us as certified or as photostatic or xerographic copies. In addition, we have relied in good faith upon certificates of public officials as to matters contained therein and upon the certificates of the District as to matters of fact. Any opinion expressed herein as being made “to the best of our knowledge” is based upon our having made due inquiry of the District or our having actual knowledge as a result of our representation of the District in other matters, but not upon our having made an independent investigation. We specifically exclude any opinion as to the applicability or effect of any federal or state laws, rules or regulations relating to taxation (including, but not limited to, the taxation of income).
Based on the foregoing, and on current laws, facts, circumstances, and upon such other information and documents furnished to us and such inquiries as we deem necessary or appropriate, and subject to the qualifications and assumptions set forth in this letter, we are of the opinion that:

The District has been established and validly exists as a community development district and independent local unit of special purpose government under applicable Florida law. The Financing Documents and the Series 2025 Bonds have been duly authorized, executed and delivered, and assuming due execution by the other party(s) thereto, if applicable, the Financing Documents and the District Resolutions constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms (except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and transfer, and similar law affecting the rights of creditors’ generally, and provided that no opinion need be expressed, nor is, as to the availability of equitable remedies). This does not mean that any particular remedy is available or enforceable upon a material default or that every provision of the referenced documents will be upheld or enforced in any or each circumstance by a court; nevertheless, subject to the bankruptcy and the equitable remedies limitations, such unenforceability will not render the Financing Documents invalid as a whole, or substantially interfere with the practical realization of the principal benefits purported to be provided by the Financing Documents.
To the best of our knowledge and based solely upon the District Certificate, the Certificate of the District Manager and our service as Registered Agent for the District, there is no action, suit or proceeding at law or in equity by or before any court or public board or body pending or, to our knowledge, threatened against the District: (a) contesting the existence or powers of the Board or the titles of the respective officers of the Board to their respective offices; (b) seeking to restrain or enjoin the issuance, sale, execution or delivery of the Series 2025 Bonds, (c) contesting or affecting, specifically as to the District, the validity or enforceability of the Act or any action of the District related to the authorization for the issuance of the Series 2025 Bonds, the District Resolutions, the Financing Documents or application of the proceeds of the Series 2025 Bonds for the purposes set forth in the Offering Memoranda; (d) specifically contesting the exclusion from federal gross income of interest on the Series 2025 Bonds, or (e) contesting the completeness or accuracy of the Offering Memoranda.
The District has duly authorized, executed (excluding the Preliminary Limited Offering Memorandum), and delivered the Offering Memoranda.
Based upon our participation in the preparation of the Offering Memoranda as District Counsel, nothing has come to our attention which would lead us to believe that the statements contained in the Offering Memoranda under the captions “INTRODUCTION,” “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS,” “ENFORCEMENT  OF  ASSESSMENT  COLLECTIONS,”  “THE  DISTRICT”  (excluding
information contained under the sub-caption, “The District Manager and Other Consultants”), “ASSESSMENT METHODOLOGY,” “THE DEVELOPMENT – Development Approvals,” “AGREEMENT BY THE STATE,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,” “LEGALITY FOR INVESTMENT,” “CONTINUING DISCLOSURE” (as it
relates to the District), “ENFORCEABILITY OF REMEDIES,” “LITIGATION – The District,” “VALIDATION” and “AUTHORIZATION AND APPROVAL,” contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements, in light of the circumstances under which they were made, not misleading.

The District is not, to the best of our knowledge, in any manner material to the issuance of the Series 2025 Bonds, in breach of or default under any applicable provision of the Act or constitutional provision, statute, or administrative regulation of the State or the United States, or, to the best of our knowledge, any applicable judgment or decree, any loan agreement, indenture, bond, note, resolution, agreement, or any other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of our knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or event of default by the District under any such instrument; provided, however, that no opinion is expressed as to compliance with any state or federal tax laws or with any state “Blue Sky” or other securities laws.
The execution and delivery of the Series 2025 Bonds, the Financing Documents, and the adoption of the District Resolutions and compliance with the provisions on the District’s part contained therein will not conflict with or constitute a breach of or default under any applicable constitutional provision or law, or to the best of our knowledge, under any administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as expressly provided by the Series 2025 Bonds and the Indentures. To the best of our knowledge after due inquiry, the District has taken no action which, with the lapse of time or the giving of notice, or both would constitute a material default or event of default by the District under the Series 2025 Bonds or the Financing Documents.
To the best of our knowledge, all consents, permits or licenses, and all notices to or filings with governmental authorities necessary for the consummation by the District of the transactions described in the Offering Memoranda and contemplated by the Indentures required to be obtained or made, have been obtained or made or there is no reason to believe they will not be obtained or made when required, provided that no opinion is expressed as to the applicability of or compliance with tax laws, any state “Blue Sky” or other securities laws. Further, except as otherwise described in the Offering Memoranda, (a) we have no knowledge that the Development Manager has not received all government permits, consents and licenses required in connection with the construction and completion of the development of the 2025 Project and the lands in the District as described in the Offering Memoranda; (b) we have no knowledge of any default of any zoning condition, land use permit or development agreement which would adversely affect the Development Manager’s ability to complete development of the 2025 Project and the lands in the District as described in the Offering Memoranda and all appendices thereto; and (c) we have no knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the development of the lands in the District as described in the Offering Memoranda will not be obtained in due course as required by the Development Manager.
The District has the right and authority under the Act and other state law to adopt the District Resolutions, to issue the Series 2025 Bonds, and to levy the Series 2025 Special Assessments that will secure the Series 2025 Bonds and has duly adopted the District Resolutions.

All proceedings undertaken by the District with respect to the Series 2025 Special Assessments were undertaken in accordance with Florida law, and the District has taken all necessary action as of the date hereof to levy and impose the Series 2025 Special Assessments. The Series 2025 Special Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Series 2025 Special Assessments are assessed, co-equal with the lien of all state, county, district and municipal taxes and assessments, and superior in dignity to all other liens, titles and claims, until paid.
The Bonds have been validated by a final judgment of the Tenth Circuit Court in and for Polk County, Florida, of which no timely appeal was filed.
The District has the full power and authority to own and operate the 2025 Project.
All conditions prescribed in the Indentures and the Purchase Contract to be performed by the District as precedent to the issuance of the Series 2025 Bonds have been fulfilled.
We do not express any opinion herein concerning any laws other than the laws of the State of Florida and the federal laws of the United States of America. To the extent that the opinions expressed herein relate to or are dependent upon the determination that the interest on the Series 2025 Bonds is excluded from gross income of the owners of the Series 2025 Bonds for federal income tax purposes, we understand that you are relying upon the opinions of Greenberg Traurig,
P.A. delivered on the date hereof, and no opinion is expressed herein as to such matters.
This opinion is rendered solely in connection with the transaction to which this opinion relates, as contemplated by the Indentures. This opinion may be relied upon by you only in connection with this transaction and may not be relied upon by any other person or entity (regardless of whether such other person or entity is related or affiliated with you), nor used for any other purpose or published in whole or part, in each instance, without, in each instance, our prior written consent.

Sincerely, COBB COLE

EXHIBIT E-1
CERTIFICATE OF PRIMARY LANDOWNER
KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”), DOES HEREBY CERTIFY that:
The Primary Landowner is a limited liability company organized and existing under the laws of the State of Delaware and is authorized to conduct business in the State of Florida.
Representatives of the Primary Landowner have provided information to Ranches at Lake McLeod Community Development District (the “District”) to be used in connection with the offering by the District of its $[PAR] aggregate principal amount of Special Assessment Bonds, Series 2025 (Assessment Area Two), pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date] and a final Limited Offering Memorandum dated [Pricing Date] (collectively, the “Limited Offering Memoranda”).
Each of the [Declaration of Consent to Jurisdiction of the Ranches at Lake McLeod Community Development District and to Imposition of Special Assessments by the Primary Landowner and Lennar Homes, LLC (the “Development Manager”) dated [Closing Date], the Collateral Assignment and Assumption of Development and Contract Rights Relating to the Ranches at Lake McLeod Community Development District by and among the District, the Primary Landowner and the Development Manager dated [Closing Date] in recordable form, the Agreement between Ranches at Lake McLeod Community Development District, the Primary Landowner and the Development Manager regarding the True-Up and Payment of Series 2025 Assessments] dated [Closing Date], and the Continuing Disclosure Agreement, dated [Closing Date] among the Primary Landowner, the Development Manager, the District and Governmental Management Services – Central Florida, LLC, as dissemination agent (collectively, the “Primary Landowner Documents”), is a valid and binding obligation of the Primary Landowner, enforceable against the Primary Landowner in accordance with its terms. The execution and delivery by the Primary Landowner of the Primary Landowner Documents does not violate any judgment, order, writ, injunction or decree binding on Primary Landowner or any indenture, agreement, or other instrument to which the Primary Landowner is a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to Primary Landowner which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the Primary Landowner’s ability to perform its obligations under the Primary Landowner Documents.
The Primary Landowner has reviewed and approved the Primary Landowner Documents and the information contained in the Limited Offering Memoranda under the captions “THE DEVELOPMENT” and “THE PRIMARY LANDOWNER AND THE DEVELOPMENT
MANAGER” and with respect to the Primary Landowner and the Development (as such terms are used in the Limited Offering Memoranda) under the captions “BONDHOLDERS’ RISKS,” “LITIGATION - The Primary Landowner” and “CONTINUING DISCLOSURE” and warrants and represents that such information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. In addition, the Primary Landowner

is not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
To the best of my knowledge, the Primary Landowner is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Primary Landowner and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits and approvals required in connection with the construction of the Development and the 2025 Project as described in the Limited Offering Memoranda, other than certain permits and approvals, which permits and approvals are expected to be received as needed, have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the Primary Landowner’s ability to complete development of the Development and the 2025 Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, approvals, consents and licenses required to complete development of the Development and the 2025 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Primary Landowner.
The Primary Landowner is not insolvent. The Primary Landowner has not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Primary Landowner has not indicated its consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
To the best of my knowledge, the levy of the Special Assessments (as defined in the Primary Landowner Documents) on the lands within the District will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which the Primary Landowner is a party or to which the Primary Landowner or any of its property or assets is subject.
To the best of my knowledge, the Primary Landowner is not in default under any mortgage, trust indenture, lease or other instrument to which it or any of its assets is subject, which default would have a material adverse effect on the Series 2025 Bonds or the District.
To the best of my knowledge and in reliance on the environmental site assessments provided to the Primary Landowner, the Primary Landowner is not aware of any condition related to the District which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.

Dated: [Closing Date].

KL LHB3 AIV LLC

By: 	 Name: 	 Title: 	

EXHIBIT E-2
CERTIFICATE OF DEVELOPMENT MANAGER
LENNAR HOMES, LLC, a Florida limited liability company (the “Development Manager”), DOES HEREBY CERTIFY that:
This Certificate of the Development Manager is furnished pursuant to Section 8(c)(12) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) between Ranches at Lake McLeod Community Development District (the “District”) and FMSbonds, Inc. relating to the sale by the District of its $[PAR] original aggregate principal amount of Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract.
The Development Manager is a limited liability company organized and existing under the laws of the State of Florida, pursuant to Articles of Organization of Developer, filed with the Florida Secretary of State on November 30, 2006, as Document No. L06000114706 and Limited Liability Company Agreement of Lennar Homes LLC, dated as of August 23, 2016, which remain in full force and affect without amendment. The Development Manager’s status is active with the State of Florida Department of State.
Representatives of the Development Manager have provided information to the District to be used in connection with the offering by the District of its Bonds, pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date] and a final Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
Each of the Declaration of Consent to Jurisdiction of the Ranches at Lake McLeod Community Development District and to Imposition of Special Assessments (2025 Project) by KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”) and the Development Manager dated [Closing Date], Completion Agreement, dated [Closing Date], by and between the District and the Development Manager, the Collateral Assignment and Assumption of Development and Contract Rights Relating to the Ranches at Lake McLeod Community Development District by and among the District, the Primary Landowner and the Development Manager dated [Closing Date], in recordable form, the Acquisition Agreement by and between the District and the Development Manager dated [Closing Date], the Agreement between Ranches at Lake McLeod Community Development District, the Primary Landowner and the Development Manager regarding the True-Up and Payment of Series 2025 Assessments dated [Closing Date], and the Continuing Disclosure Agreement, dated [Closing Date] among the Primary Landowner, the Development Manager, the District and Governmental Management Services – Central Florida, LLC, as dissemination agent (collectively, the “Development Manager Documents”), is a valid and binding obligation of the Development Manager, enforceable against the Development Manager in accordance with its terms.
The Development Manager has reviewed and approved the information contained in the Limited Offering Memoranda under the captions “BONDOWNERS’ RISKS” (as it relates

to the Development Manager and the Development Manager’s property within Assessment Area Two),  “THE  CAPITAL  IMPROVEMENT  PLAN  AND  THE  2025  PROJECT,”  “THE
DEVELOPMENT” (as it relates to the Development Manager and the Development Manager’s property within Assessment Area Two), “THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER” (as it relates to the Development Manager), “LITIGATION – The Development Manager” and “CONTINUING DISCLOSURE” (as it relates to the Development Manager) and warrants and represents that such information did not as of their respective dates, and does not as of the date hereof, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In addition, the Development Manager is not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
The Development Manager represents and warrants that it has complied with and will continue to comply with Chapter 190.048, Florida Statutes, as amended.
As of the date hereof, there has been no material adverse change in the business, properties, assets or financial condition of the Development Manager which has not been disclosed in the Limited Offering Memoranda.
The Development Manager hereby represents that it owns a portion of the land in Assessment Area Two within the District that will be subject to the Series 2025 Special Assessments, and hereby consents to the levy of the Series 2025 Special Assessments on such portion of the lands in Assessment Area Two within the District owned by the Development Manager. The levy of the Series 2025 Special Assessments on such portion of the lands in Assessment Area Two within the District will not conflict with or constitute a breach of or default under any agreement, mortgage, lien or other instrument to which the Development Manager is a party or to which its property or assets are subject.
The Development Manager has not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Development Manager has not indicated its consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
The Development Manager acknowledges that the Bonds have the debt service requirements set forth in the Limited Offering Memorandum and that the Series 2025 Special Assessments will be levied by the District at times, and in amounts sufficient, to enable the District to pay debt service on the Bonds when due.
To the best of our knowledge, the Development Manager is not in default under any other resolution, ordinance, agreement or indenture, mortgage, lease, deed of trust, note or other instrument to which the Development Manager is subject or by which the Development Manager or its properties are or may be bound, which would have a material adverse effect on the

consummation of the transactions contemplated by the Financing Documents, Development Manager Documents or on the Development and is current in the payment of all ad valorem, federal and state taxes associated with the Development.
Except as otherwise disclosed in the Limited Offering Memoranda, there is no action, suit or proceedings at law or in equity by or before any court or public board or body pending or, solely to the best of our knowledge, threatened against the Development Manager (or any basis therefor) (a) seeking to restrain or enjoin the execution or delivery of Financing Documents and/or Development Manager Documents to which the Development Manager is a party, (b) contesting or affecting the validity or enforceability of the Financing Documents and/or Development Manager Documents, or any and all such other agreements or documents as may be required to be executed, or the transactions contemplated thereunder, (c) contesting or affecting the establishment or existence, of the Development Manager, or of the Development Manager’s business, assets, property or conditions, financial or otherwise, or contesting or affecting any of the powers of the Development Manager, or (d) that would have a material and adverse effect upon the ability of the Development Manager to (i) complete the development of Development Manager’s lands within the District as described in the Limited Offering Memoranda, (ii) pay the Series 2025 Special Assessments imposed against the land within the District owned by the Development Manager, or (iii) perform its various obligations as described in the Limited Offering Memoranda.
To the best of our knowledge after due inquiry, the Development Manager is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Development as described in the Limited Offering Memoranda, including applying for all necessary permits. Except as otherwise described in the Limited Offering Memoranda, (a) the Development is zoned and properly designated for its intended use; (b) all government permits other than certain permits, which permits are expected to be received as needed, have been received; (c) the Development Manager is not aware of any default of any zoning condition, permit or development agreement which would adversely affect the Development Manager’s ability to complete or cause the completion of development of the Development as described in the Limited Offering Memoranda and all appendices thereto; and (d) there is no reason to believe that any permits, consents and licenses required to complete the Development as described in the Limited Offering Memoranda will not be obtained as required.
The Development Manager acknowledges that it will have no rights under Chapter 170, Florida Statutes, as amended, to prepay, without interest, the Series 2025 Special Assessments imposed on lands in the District owned by the Development Manager within thirty (30) days following completion of the 2025 Project and acceptance thereof by the District; provided, however, nothing herein shall limit the rights of property owners to prepay the Series 2025 Special Assessments with interest as set forth in the Assessment Proceedings.
Except as disclosed in the Limited Offering Memoranda, the Development Manager has not knowingly failed to timely comply with its continuing disclosure obligations in any material respects that resulted in the filing of a material event notice for any continuing disclosure agreements previously entered into in connection with the prior offering of securities.

The Development Manager is not in default of any obligations to pay special assessments and the Development Manager is not insolvent.
The Development Manager makes no representations regarding the Primary Landowner or the Primary Landowner’s development of its lands within Assessment Area Two.

Dated: [Closing Date].

LENNAR HOMES, LLC, a Florida limited liability company

By: 	 Name: 	 Title: 	

EXHIBIT F CERTIFICATE OF ENGINEER
CERTIFICATE OF CONNELLY & WICKER INC. (the “Engineers”), DOES HEREBY
CERTIFY, that:
This certificate is furnished pursuant to Section 8(c)(19) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), by and between Ranches at Lake McLeod Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Preliminary Limited Offering Memorandum dated [PLOM Date] and the Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”), as applicable.
The Engineers have been retained by the District as consulting engineers.
The plans and specifications for the 2025 Project (as described in the Limited Offering Memoranda) improvements were approved by all regulatory bodies required to approve them. All environmental and other regulatory permits or approvals required in connection with the construction of the 2025 Project were obtained.
The Engineers prepared a report entitled [Supplemental Engineer’s Report for the Ranches at Lake McLeod Community Development District dated [	], 2025], as may be amended and supplemented from time to time (the “Report”). The Report sets forth the estimated costs of the 2025 Project and is consistent with generally accepted engineering principles. The Report is included as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and a description of the Report and certain other information relating to the 2025 Project are included in the Limited Offering Memoranda under the captions “THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT” and “THE DEVELOPMENT.” The Report
and said information are true and complete in all material respects, contain no untrue statement of a material fact, and do not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The Engineers hereby consent to the inclusion of the Report as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and to the references to the Engineers in the Limited Offering Memoranda.
To the extent constructed, the 2025 Project improvements were constructed in sound workmanlike manner and in accordance with industry standards. The portion of the 2025 Project improvements to be acquired from the proceeds of the Bonds have been completed in accordance with the plans and specifications therefore.
The price being paid by the District to the Primary Landowner for acquisition of the improvements included within the 2025 Project did not exceed the lesser of the actual cost of the 2025 Project or the fair market value of the assets acquired by the District.

To the best of our knowledge, but without undertaking any independent investigation, the Primary Landowner is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Primary Landowner and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits required in connection with the construction of the Development and the 2025 Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the ability to complete development of the Development and the 2025 Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the Development and the 2025 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Primary Landowner, or any other person or entity, necessary for the development of the Development as described in the Limited Offering Memoranda and all appendices thereto.
There is adequate water and sewer service capacity to serve the Development within the District.
Date: [Closing Date]
CONNELLY & WICKER INC.

By: 	 Print Name: 	 Title: 	

EXHIBIT G
CERTIFICATE OF DISTRICT MANAGER AND METHODOLOGY CONSULTANT
The undersigned representative of Governmental Management Services – Central Florida, LLC, Orlando, Florida (“GMS”), DOES HEREBY CERTIFY:
This certificate is furnished pursuant to Section 8(c)(20) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), by and between Ranches at Lake McLeod Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Limited Offering Memoranda relating to the Bonds, as applicable.
GMS has acted as district manager and methodology consultant to the Ranches at Lake McLeod Community Development District (the “District”) in connection with the sale and issuance by the District of its Bonds and in connection with the preparation of the Preliminary Limited Offering Memorandum dated [PLOM Date] and the Limited Offering Memorandum dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
In connection with the issuance of the Bonds, we have been retained by the District to prepare the Master Special Assessment Methodology Report dated February 2, 2022, as supplemented by the final [Second] Supplemental Special Assessment Methodology Report dated [Pricing Date] (collectively, the “Assessment Methodology”), which Assessment Methodology has been included as an appendix to the Limited Offering Memoranda. We hereby consent to the use of such Assessment Methodology in the Limited Offering Memoranda and consent to the references to us therein.
As District Manager, nothing has come to our attention that would lead us to believe that the Limited Offering Memoranda, as they relate to the District, the 2025 Project, or any information provided by us, and the Assessment Methodology, as of their respective dates and as of this date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to be stated therein in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The information set forth in the Limited Offering Memoranda under the subcaptions “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS
– Assessment Methodology / Projected Level of District Assessments”, “THE DISTRICT,” “ASSESSMENT METHODOLOGY,” “FINANCIAL INFORMATION,” “LITIGATION – The District,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,” “CONTINUING  DISCLOSURE,”  “CONTINGENT  FEES,”  and  in  “APPENDIX  D:
ASSESSMENT METHODOLOGY” did not as of the respective dates of the Limited Offering Memoranda and does not as of the date hereof contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

To the best of our knowledge, there has been no change which would materially adversely affect the assumptions made or the conclusions reached in the Assessment Methodology and the considerations and assumptions used in compiling the Assessment Methodology are reasonable. The Assessment Methodology and the assessment methodology set forth therein were prepared in accordance with all applicable provisions of Florida law. As described in more detail in the Assessment Methodology, the benefit to the assessable lands within the District from the 2025 Project equals or exceeds the Series 2025 Special Assessments, and the Series 2025 Special Assessments are fairly and reasonably allocated across all benefitted properties within the District.
As District Manager for the District, we are not aware of any litigation pending or, to the best of our knowledge, threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the Bonds, or the existence or powers of the District.
The Series 2025 Special Assessments, as initially levied, and as may be reallocated from time to time as permitted by resolutions adopted by the District with respect to the Series 2025 Special Assessments are sufficient to enable the District to pay the debt service on the Bonds through the final maturity thereof.
Dated: [Closing Date]
GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC,
a Florida limited liability company

By: 	 Name: 	 Title: 	

EXHIBIT B
DRAFT COPY OF PRELIMINARY LIMITED OFFERING MEMORANDUM

B-1

This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment without notice. These securities may not be sold nor may an offer to buy be accepted prior to the time the Limited Offering Memorandum is delivered in final form. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED 	, 2025
NEW ISSUE - BOOK-ENTRY ONLY	NOT RATED
LIMITED OFFERING
In the opinion of Greenberg Traurig, P.A., Bond Counsel, assuming the accuracy of certain representations and certifications of the District and the Development Manager (as such terms are herein defined) and continuing compliance with certain tax covenants, under existing statutes, regulations, rulings and court decisions, interest on the Series 2025 Bonds (as hereinafter defined) is excludable from gross income for federal income tax purposes and further, interest on the Series 2025 Bonds will not be an item of tax preference for purposes of the alternative minimum tax imposed on individuals. In the case of the alternative minimum tax imposed by Section 55(b)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) on applicable corporations (as defined in Section 59(k) of the Code), interest on the Series 2025 Bonds is not excluded from the determination of adjusted financial statement income. See “TAX MATTERS” herein for a description of certain other federal tax consequences of ownership of the Series 2025 Bonds. Bond Counsel is further of the opinion that the Series 2025 Bonds and the income thereon are not subject to taxation under the laws of the State of Florida, except as to estate taxes and taxes under Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations as defined in said Chapter 220. See “TAX MATTERS” herein.
$[PAR]*
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT (POLK COUNTY, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO)

Dated: Date of Delivery	Due: June 15, as shown on the inside cover

The Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Series 2025 Bonds”) are being issued by the Ranches at Lake McLeod Community Development District (the “District”) only in fully registered form, without coupons, in denominations of $5,000 and any integral multiple thereof.
The District is a local unit of special purpose government of the State of Florida, created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and created by Ordinance No. 0-21-01 enacted by the City Commission of the City of Eagle Lake, Florida (the “City”) on October 5, 2020 and effective on October 15, 2020. The District was created for the purpose of delivering certain community development services and facilities for the benefit of District Lands (as hereinafter defined), and has previously determined to undertake the acquisition and/or construction of certain public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands.
The Series 2025 Bonds will bear interest at the fixed rates set forth on the inside cover, calculated on the basis of a 360- day year comprised of twelve 30-day months, payable semi-annually on each June 15 and December 15, commencing December 15, 2025. The Series 2025 Bonds, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”). Purchases of beneficial interests in the Series 2025 Bonds will be made only in book- entry form. Accordingly, principal of and interest on the Series 2025 Bonds will be paid from sources described below by U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (the “Trustee”) directly to DTC or its nominee as the registered owner thereof. Disbursements of such payments to the DTC Participants (as hereinafter defined) is the responsibility of DTC and disbursements of such payments to the beneficial owners is the responsibility of the DTC Participants and the Indirect Participants (as hereinafter defined), as more fully described herein. Any purchaser of a beneficial interest in a Series 2025 Bond must maintain an account with a broker or dealer who is, or acts through, a DTC Participant to receive payment of the principal of and interest on such Series 2025 Bond. See “DESCRIPTION OF THE SERIES 2025 BONDS – Book-Entry Only System” herein.
The Series 2025 Bonds are being issued by the District pursuant to the Act, Resolution No. 2022-07 and Resolution No. [2025- ] adopted by the Board of Supervisors of the District (the “Board”) on February 2, 2022 and February 11, 2025, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and the Trustee. Capitalized terms not defined herein shall have the meanings assigned to them in the Indenture.

* Preliminary, subject to change.

Proceeds of the Series 2025 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing a portion of the 2025 Project (as hereinafter defined); (ii) to fund the Series 2025 Reserve Account in an amount equal to the initial Series 2025 Reserve Requirement; [(iii) to fund interest on the Series 2025 Bonds through at least December 15, 2025;] and (iv) to pay the costs of issuance of the Series 2025 Bonds. See “THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2025 Bonds will be secured by a pledge of the Series 2025 Pledged Revenues. “Series 2025 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2025 Special Assessments (as herein defined) levied and collected on the assessable lands within Assessment Area Two within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2025 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2025 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2025 Bonds; provided, however, that Series 2025 Pledged Revenues shall not include (A) any moneys transferred to the Series 2025 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” herein.
The Series 2025 Bonds are subject to optional, mandatory sinking fund and extraordinary mandatory redemption at the times, in the amounts and at the redemption prices as more fully described herein. See “DESCRIPTION OF THE SERIES 2025 BONDS – Redemption Provisions” herein.
THE SERIES 2025 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE SERIES 2025 PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY, POLK COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2025 BONDS, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2025 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2025 BONDS. THE SERIES 2025 BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
The Series 2025 Bonds involve a degree of risk (see “BONDOWNERS’ RISKS” herein) and are not suitable for all investors (see “SUITABILITY FOR INVESTMENT” herein). The Underwriter named below is limiting this offering to “accredited investors” within the meaning of Chapter 517, Florida Statutes, and the rules of the Florida Department of Financial Services promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfers in any secondary market for the Series 2025 Bonds. The Series 2025 Bonds are not credit enhanced or rated and no application has been made for credit enhancement or a rating with respect to the Series 2025 Bonds.
This cover page contains information for quick reference only. It is not a summary of the Series 2025 Bonds. Investors must read this entire Limited Offering Memorandum to obtain information essential to the making of an informed investment decision.
The initial sale of the Series 2025 Bonds is subject to certain conditions precedent, including, without limitation, receipt of the opinion of Greenberg Traurig, P.A., West Palm Beach, Florida, Bond Counsel, as to the validity of the Series 2025 Bonds and the excludability of interest thereon from gross income for federal income tax purposes. Certain legal matters will be passed upon for the District by its counsel, Cobb Cole, P.A., Deland, Florida, for the Primary Landowner (as defined herein) by its counsel, Godbold, Downing, Bill & Rentz, P.A., Winter Park, Florida, for the Development Manager (as defined herein) by its counsel, Greenberg Traurig, P.A., West Palm Beach, Florida, and for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. It is expected that the Series 2025 Bonds will be delivered in book-entry form through the facilities of DTC on or about
	, 2025.

[FMSbonds, Inc. Logo]

Dated: 	, 2025

PRINCIPAL AMOUNTS, INTEREST RATES, MATURITIES, YIELDS, PRICES AND CUSIP NUMBERS
$[PAR]*
Ranches at Lake McLeod Community Development District (Polk County, Florida)
Special Assessment Bonds, Series 2025 (Assessment Area Two)

$	 – 	% Series 2025 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	
$	 – 	% Series 2025 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	
$	 – 	% Series 2025 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	

* Preliminary, subject to change.
† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright© 2025 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the District, the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers.

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS

Adam Morgan*, Chairperson Rob Bonin*, Vice Chairperson Kayla Word*, Assistant Secretary
Brent Kewley*, Assistant Secretary Michelle Dudley*, Assistant Secretary

* Employee of, or affiliated with, the Development Manager.

DISTRICT MANAGER/METHODOLOGY CONSULTANT

Governmental Management Services – Central Florida, LLC Orlando, Florida

DISTRICT COUNSEL

Cobb Cole, P.A. Deland, Florida

BOND COUNSEL
Greenberg Traurig, P.A. West Palm Beach, Florida

DISTRICT ENGINEER
Connelly & Wicker Inc. Jacksonville, Florida

NO DEALER, BROKER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED BY THE DISTRICT TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS LIMITED OFFERING MEMORANDUM, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE DISTRICT. THIS LIMITED OFFERING MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THE SERIES 2025 BONDS AND THERE SHALL BE NO OFFER, SOLICITATION, OR SALE OF THE SERIES 2025 BONDS BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH OFFER, SOLICITATION OR SALE.
THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER(AS SUCH TERMS ARE HEREINAFTER DEFINED), THE DISTRICT, PUBLIC DOCUMENTS, RECORDS AND OTHER SOURCES, WHICH SOURCES ARE BELIEVED TO BE RELIABLE BUT WHICH INFORMATION IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS BY, AND IS NOT TO BE CONSTRUED AS A REPRESENTATION OF, THE UNDERWRITER NAMED ON THE COVER PAGE OF THIS LIMITED OFFERING MEMORANDUM. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS LIMITED OFFERING MEMORANDUM IN ACCORDANCE WITH, AND AS PART OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN CONTAINED ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS LIMITED OFFERING MEMORANDUM, NOR ANY SALE MADE HEREUNDER, SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE DISTRICT, THE PRIMARY LANDOWNER OR THE DEVELOPMENT MANAGER OR IN THE STATUS OF THE DEVELOPMENT OR THE 2025 PROJECT (AS SUCH TERMS ARE HEREINAFTER DEFINED) SINCE THE DATE HEREOF.
THE TRUSTEE HAS NOT PARTICIPATED IN THE PREPARATION OF THIS LIMITED OFFERING MEMORANDUM AND MAKES NO REPRESENTATION WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF ANY OF THE MATERIAL CONTAINED IN THIS LIMITED OFFERING MEMORANDUM. THE TRUSTEE HAS NO DUTY OR OBLIGATION TO PAY THE SERIES 2025 BONDS FROM ITS OWN FUNDS, ASSETS OR CORPORATE CAPITAL OR TO MAKE INQUIRY REGARDING, OR INVESTIGATE THE USE OF, AMOUNTS DISBURSED UNDER THE INDENTURE.
THE SERIES 2025 BONDS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON CERTAIN EXEMPTIONS SET FORTH IN SUCH ACTS. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE SERIES 2025 BONDS IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF ANY JURISDICTIONS WHEREIN THESE SECURITIES HAVE BEEN OR WILL BE REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THE DISTRICT, THE CITY, THE COUNTY, THE STATE, NOR ANY OTHER POLITICAL SUBDIVISIONS THEREOF HAVE GUARANTEED OR PASSED UPON THE MERITS OF THE SERIES 2025 BONDS, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS LIMITED OFFERING MEMORANDUM.

“FORWARD-LOOKING STATEMENTS” ARE USED IN THIS DOCUMENT BY USING FORWARD LOOKING WORDS SUCH AS “MAY,” “WILL,” “SHOULD,” “INTENDS,” “EXPECTS,” “BELIEVES,” “ANTICIPATES,” “ESTIMATES,” OR OTHERS. THE READER IS CAUTIONED THAT FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A VARIETY OF UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM THE PROJECTED RESULTS. THOSE RISKS AND UNCERTAINTIES INCLUDE GENERAL ECONOMIC AND BUSINESS CONDITIONS, CONDITIONS IN THE FINANCIAL MARKETS AND REAL ESTATE MARKET, THE DISTRICT’S COLLECTION OF THE SERIES 2025 SPECIAL ASSESSMENTS, AND VARIOUS OTHER FACTORS WHICH MAY BE BEYOND THE DISTRICT’S, THE PRIMARY LANDOWNER’S AND THE DEVELOPMENT MANAGER’S CONTROL. BECAUSE THE DISTRICT, THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER CANNOT PREDICT ALL FACTORS THAT MAY AFFECT FUTURE DECISIONS, ACTIONS, EVENTS, OR FINANCIAL CIRCUMSTANCES, WHAT ACTUALLY HAPPENS MAY BE DIFFERENT FROM WHAT IS INCLUDED IN FORWARD-LOOKING STATEMENTS.
THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE DISTRICT, THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER DO NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED OCCUR, OTHER THAN AS DESCRIBED UNDER “CONTINUING DISCLOSURE” HEREIN.
THE DISTRICT HAS DEEMED THIS PRELIMINARY LIMITED OFFERING MEMORANDUM “FINAL,” EXCEPT FOR PERMITTED OMISSIONS WITHIN THE CONTEMPLATION OF RULE 15c2-12(b)(1) PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

Page
INTRODUCTION	1
DESCRIPTION OF THE SERIES 2025 BONDS	3
General Description	3
Redemption Provisions	4
Purchase of Series 2025 Bonds	6
Book-Entry Only System	7
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS	9
General	9
Assessment Methodology / Projected Level of District Assessments	10
Additional Obligations	10
Covenant Against Sale or Encumbrance	11
Series 2025 Reserve Account	11
Deposit and Application of the Series 2025 Pledged Revenues	13
Investments	14
Covenant to Levy the Series 2025 Special Assessments	14
Prepayment of Series 2025 Special Assessments	14
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners	15
Events of Default and Remedies	16
ENFORCEMENT OF ASSESSMENT COLLECTIONS	19
General	19
Alternative Uniform Tax Collection Procedure for Series 2025 Special Assessments	19
Foreclosure	22
BONDOWNERS’ RISKS	23
ESTIMATED SOURCES AND USES OF FUNDS	31
DEBT SERVICE REQUIREMENTS	32
THE DISTRICT	33
General Information	33
Legal Powers and Authority	33
Board of Supervisors	33
The District Manager and Other Consultants	35
Prior Indebtedness	35
THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT	36
THE DEVELOPMENT	38
General	38
Assessment Area One Status	39
Land Acquisition and the Option Agreement	40

Development Finance Plan	40
Assessment Area Two Development Plan / Status	41
Residential Product Offerings [Confirm table below]	41
Development Approvals	41
Environmental	42
Amenities	42
Utilities	42
Taxes, Fees and Assessments	42
Education	43
Competition	43
THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER	43
ASSESSMENT METHODOLOGY	45
General	45
Projected Level of District Assessments	45
True-Up Mechanism	46
TAX MATTERS	46
General	46
Original Issue Discount and Premium	47
Changes in Federal and State Tax Law	48
Information Reporting and Backup Withholding	48
AGREEMENT BY THE STATE	49
LEGALITY FOR INVESTMENT	49
SUITABILITY FOR INVESTMENT	49
ENFORCEABILITY OF REMEDIES	49
LITIGATION	50
The District	50
The Primary Landowner	50
The Development Manager	50
CONTINGENT FEES	50
NO RATING	50
EXPERTS	51
FINANCIAL INFORMATION	51
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	51

CONTINUING DISCLOSURE	52
UNDERWRITING	52
VALIDATION	53
LEGAL MATTERS	53
MISCELLANEOUS	53
AUTHORIZATION AND APPROVAL	54
APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF SECOND SUPPLEMENTAL INDENTURE
APPENDIX B – PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX C – ENGINEER’S REPORT
APPENDIX D – ASSESSMENT METHODOLOGY
APPENDIX E – PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT APPENDIX F – DISTRICT’S FINANCIAL STATEMENTS

v

$[PAR]*
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT (POLK COUNTY, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO)

INTRODUCTION
The purpose of this Limited Offering Memorandum is to set forth certain information in connection with the offering for sale by the Ranches at Lake McLeod Community Development District (the “District”) of its $[PAR]* Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Series 2025 Bonds”).
THE SERIES 2025 BONDS ARE NOT A SUITABLE INVESTMENT FOR ALL INVESTORS. PURSUANT TO APPLICABLE STATE LAW, THE UNDERWRITER IS LIMITING THIS INITIAL OFFERING OF THE SERIES 2025 BONDS TO ONLY ACCREDITED INVESTORS WITHIN THE MEANING OF CHAPTER 517, FLORIDA STATUTES, AND THE RULES OF THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES. THE LIMITATION OF THE INITIAL OFFERING TO ACCREDITED INVESTORS DOES NOT DENOTE RESTRICTIONS ON TRANSFERS IN ANY SECONDARY MARKET FOR THE SERIES 2025 BONDS. POTENTIAL INVESTORS ARE SOLELY RESPONSIBLE FOR EVALUATING THE MERITS AND RISKS OF AN INVESTMENT IN THE SERIES 2025 BONDS. SEE “BONDOWNERS’ RISKS” AND “SUITABILITY FOR INVESTMENT” HEREIN.
The District was created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and created by Ordinance No. 0-21-01 enacted by the City Commission of the City of Eagle Lake, Florida (the “City”) on October 5, 2020 and effective on October 15, 2020. The District was created for the purpose of financing the acquisition and construction of and managing the maintenance and operation of certain community development services and facilities for the benefit of District Lands (as defined in the herein defined Indenture), and has previously determined to undertake the acquisition and/or construction of certain public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands. The Act authorizes the District to issue bonds for the purpose of, among others, financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping water management, water supply, sewer and wastewater management, bridges or culverts, public roads and other basic infrastructure projects within or without the boundaries of the District as provided in the Act.
The boundaries of the District include approximately 278.50+/- gross acres of land located entirely within the incorporated area of the City within Polk County, Florida (the “County”). The District is planned to contain a residential community known as “Ranches at Lake McLeod” and referred to herein as the “Development.” The Development will be developed in phases and is planned to contain approximately 1,159 residential units, consisting of forty-foot (40’) single-family detached homes, fifty-foot (50’) single- family detached homes and sixty-foot (60’) single-family detached homes.
The District has created multiple assessment areas to facilitate the phased financing plan of the Development. Assessment Area One consists of approximately  +/- gross acres and contains 407 residential units consisting of 196 forty-foot (40’) single-family detached homes, 203 fifty-foot (50’) single- family detached homes and 8 sixty-foot (60’) single-family detached homes (“Assessment Area One”).

* Preliminary, subject to change.

Assessment Area Two consists of approximately   +/- gross acres and is planned to contain   +/- residential units, consisting of   forty-foot (40’) single-family detached homes,    fifty-foot (50’) single- family detached homes and    sixty-foot (60’) single-family detached homes (“Assessment Area Two”). [Future phases of the Development are planned to contain   residential units (“Future Phases”). The District may create one or more distinct assessment areas for such Future Phases.]
The Series 2025 Bonds are payable from and secured solely by the Series 2025 Pledged Revenues, which consist primarily of the Series 2025 Special Assessments (as hereinafter defined). The Series 2025 Special Assessments will at issuance be levied on the    platted lots within Assessment Area Two. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” herein.
The District previously issued Series 2023 Bonds (as hereinafter defined) to finance certain public improvements associated with Assessment Area One secured by Special Assessments levied on the assessable lands within Assessment Area One (the “Series 2023 Special Assessments”). The Series 2025 Pledged Revenues are not pledged to the payment of the principal of and interest on the Series 2023 Bonds, and the Series 2023 Special Assessments securing the Series 2023 Bonds are not pledged to the payment of the principal of and interest on the Series 2025 Bonds. After the issuance of the Series 2025 Bonds, the Series 2025 Special Assessments will be the only debt assessments levied on the lands within Assessment Area Two. The Series 2023 Special Assessments are the only debt assessments levied on the lands within Assessment Area One.
KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”) is the primary owner of the assessable lands within the Development. The Primary Landowner entered into a Construction Agreement dated November 18, 2021 (the “Construction Agreement”) with Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”) pursuant to which the Development Manager will manage the installation of infrastructure improvements for 942 lots within the Development (including the   lots in Assessment Area Two) and the Primary Landowner is obligated to fund the associated costs incurred under the Construction Agreement. In addition, the Primary Landowner entered into the Option Agreement (as hereinafter defined) with the Development Manager pursuant to which the Development Manager has the option to purchase such 942 lots within the Development in a series of takedowns. The Development Manager will construct and market such residential units for sale to end users. As of the date hereof, the Development Manager has taken down    lots within Assessment Area Two and the Primary Landowner owns the remaining   lots within Assessment Area Two. See “THE DEVELOPMENT” and “THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER”
herein for more information.
The Series 2025 Bonds are being issued by the District pursuant to the Act, Resolution No. 2022- 07 and Resolution No. [2025- ] adopted by the Board of Supervisors of the District (the “Board”) on February 2, 2022 and February 11, 2025, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Trust Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Capitalized terms not defined herein shall have the meanings assigned to them in the Indenture. See “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF SECOND SUPPLEMENTAL INDENTURE” herein.
Proceeds of the Series 2025 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing a portion of the 2025 Project (as hereinafter defined); (ii) to fund the Series 2025 Reserve Account in an amount equal to the initial Series 2025 Reserve Requirement (as hereinafter

defined); [(iii) to fund interest on the Series 2025 Bonds through at least December 15, 2025;] and (iv) to pay the costs of issuance of the Series 2025 Bonds. See “THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2025 Bonds will be secured by a pledge of the Series 2025 Pledged Revenues. “Series 2025 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2025 Special Assessments levied and collected on the assessable lands within Assessment Area Two within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2025 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2025 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2025 Bonds; provided, however, that Series 2025 Pledged Revenues shall not include (A) any moneys transferred to the Series 2025 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” herein.
There follows in this Limited Offering Memorandum a brief description of the District, the 2025 Project, the Development, the Primary Landowner, the Development Manager, a description of the terms of the Series 2025 Bonds and summaries of certain terms of the Indenture and certain provisions of the Act. All references herein to the Indenture and the Act are qualified in their entirety by reference to such document and the Act, and all references to the Series 2025 Bonds are qualified by reference to the definitive form thereof and the information with respect thereto contained in the Indenture. A copy of the Master Indenture and the proposed form of the Second Supplemental Indenture appear in APPENDIX A hereto.
This Limited Offering Memorandum speaks only as of its date and the information contained herein is subject to change.
DESCRIPTION OF THE SERIES 2025 BONDS
General Description
The Series 2025 Bonds are issuable only as fully registered bonds, without coupons, in the denominations of $5,000 and any integral multiple thereof. The Series 2025 Bonds will mature, subject to the redemption provisions set forth herein, on the dates and in the amounts set forth on the inside cover page hereof.
The Series 2025 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2025 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. “Interest Payment Date” means June 15 and December 15 of each year, commencing December 15, 2025, and any date principal of the Series 2025 Bonds is paid, including any Quarterly Redemption Date. “Quarterly Redemption Date” means March 15, June 15, September 15 and December 15 of any calendar year. Interest on the Series 2025 Bonds will be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a June 15 or December 15 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to December 15, 2025, in which case

from the date of initial delivery, or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date. Interest on the Series 2025 Bonds will be computed in all cases on the basis of a 360-day year of twelve 30-day months.
Upon initial issuance, the ownership of the Series 2025 Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), and purchases of beneficial interests in the Series 2025 Bonds will be made in book-entry only form. The Series 2025 Bonds will initially be sold only to “accredited investors” within the meaning under Chapter 517, Florida Statutes, as amended, and the rules of the Florida Department of Financial Services promulgated thereunder, although there is no limitation on resales of the Series 2025 Bonds. See “DESCRIPTION OF THE SERIES 2025 BONDS – Book-Entry Only System” and “SUITABILITY FOR INVESTMENT” below.
U.S. Bank Trust Company, National Association is initially serving as the Trustee, Registrar and Paying Agent for the Series 2025 Bonds.
Redemption Provisions
Optional Redemption. The Series 2025 Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20   (less than all Series 2025 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2025 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2025 Optional Redemption Subaccount of the Series 2025 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2025 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2025 Bonds is substantially level.
Mandatory Sinking Fund Redemption. The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity
The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity

The Series 2025 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity
Upon any redemption or purchase of the Series 2025 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2025 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2025 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2025 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2025 Bonds are subject to extraordinary mandatory redemption prior to maturity by the District in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2025 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:

from Series 2025 Prepayment Principal deposited into the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account (taking into account the credit from the Series 2025 Reserve Account pursuant to the provisions of the Second Supplemental Indenture) following the payment in whole or in part of the Series 2025 Special Assessments on any assessable property within the District in accordance with the provisions of the Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2025 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2025 Rebate Fund, the Series 2025 Costs of Issuance Account and the Series 2025 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2025 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2025 Acquisition and Construction Account not otherwise reserved to complete the 2025 Project (including any amounts transferred from the Series 2025 Reserve Account) all of which have been transferred to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Notice of Redemption and of Purchase. When required to redeem or purchase Series 2025 Bonds under any provision of the Indenture or directed to do so by the District, the Trustee shall give or cause notice of the redemption, either in whole or in part, to be given by Electronic Means or mailed by first class mail, postage prepaid, at least thirty (30) but not more than sixty (60) days prior to the redemption or purchase date to all Owners of Series 2025 Bonds to be redeemed or purchased (as such Owners appear on the Bond Register on the fifth (5th) day prior to such mailing), at their registered addresses, but failure to mail any such notice or defect in the notice or in the mailing thereof shall not affect the validity of the redemption or purchase of the Series 2025 Bonds for which notice was duly mailed in accordance with the Indenture. If the Trustee determines that the giving of notice by mail is not feasible, the Trustee may use any other industry acceptable means of giving notice including, but not limited to, facsimile or email provided the Trustee can establish such other means of giving notice was in fact given.
If at the time of mailing of notice of redemption or purchase, the District shall not have deposited with the Trustee or Paying Agent moneys sufficient to redeem or purchase all the Series 2025 Bonds called for redemption or purchase, such notice shall state that it is subject to the deposit of the redemption or purchase moneys with the Trustee or Paying Agent, as the case may be, not later than the opening of business on the redemption or purchase date, and such notice shall be of no effect unless such moneys are so deposited.
Purchase of Series 2025 Bonds
At the written direction of the District, the Trustee shall apply moneys from time to time available in the Series 2025 Sinking Fund Account to the purchase of Series 2025 Bonds which mature in the aforesaid years, at prices not higher than the principal amount thereof, in lieu of redemption as aforesaid, provided that firm purchase commitments can be made before the notice of redemption would otherwise be required to be given. In the event of purchases at less than the principal amount thereof, the difference between the amount in the Series 2025 Sinking Fund Account representing the principal amount of the Series 2025 Bonds so purchased and the purchase price thereof (exclusive of accrued interest) shall be transferred to the Series 2025 Interest Account of the Debt Service Fund.

Book-Entry Only System
The information in this caption concerning DTC (as defined below) and DTC’s book-entry system has been obtained from DTC and neither the District nor the Underwriter make any representation or warranty or take any responsibility for the accuracy or completeness of such information.
The Depository Trust Company (“DTC”) will act as securities depository for the Series 2025 Bonds. The Series 2025 Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Series 2025 Bond certificate will be issued for each maturity of the Series 2025 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has an S&P Global Ratings, a division of S&P Global Inc. rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.
Purchases of Series 2025 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2025 Bonds on DTC’s records. The ownership interest of each actual purchaser of each Series 2025 Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2025 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series 2025 Bonds, except in the event that use of the book-entry system for the Series 2025 Bonds is discontinued.
To facilitate subsequent transfers, all Series 2025 Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the Series 2025 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2025 Bonds;

DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2025 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Series 2025 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Series 2025 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Series 2025 Bond documents. For example, Beneficial Owners of Series 2025 Bonds may wish to ascertain that the nominee holding the Series 2025 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Series 2025 Bonds are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such Series 2025 Bonds to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2025 Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Series 2025 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Redemption proceeds, and principal and interest payments on the Series 2025 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or the Paying Agent on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC nor its nominee, the Trustee, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, and principal and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District and/or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Series 2025 Bonds at any time by giving reasonable notice to the District and the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Series 2025 Bond certificates are required to be printed and delivered.
The District may decide to discontinue, pursuant to the procedures of DTC, use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Series 2025 Bond certificates will be printed and delivered to DTC.

SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS
General
THE SERIES 2025 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE SERIES 2025 PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2025 BONDS, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2025 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2025 BONDS. THE SERIES 2025 BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
The Series 2025 Bonds will be secured by a pledge of the Series 2025 Pledged Revenues. “Series 2025 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2025 Special Assessments levied and collected on the assessable lands within Assessment Area Two within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2025 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2025 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2025 Bonds; provided, however, that Series 2025 Pledged Revenues shall not include (A) any moneys transferred to the Series 2025 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” herein.
The “Series 2025 Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area Two within the District as a result of the District’s acquisition and/or construction of the 2025 Project, corresponding in amount to the debt service on the Series 2025 Bonds and designated as such in the Assessment Methodology (as defined herein). The Assessment Methodology, which describes the methodology for allocating the Series 2025 Special Assessments to the assessable lands within the District is included as APPENDIX D hereto. The Series 2025 Special Assessments will be levied pursuant to Section 190.022 of the Act, and the Assessment Resolutions (as defined in the Second Supplemental Indenture) and assessment proceedings conducted by the District (together with the Assessment Resolutions, the “Assessment Proceedings”). Non-ad valorem assessments are not based on millage and are not taxes, but are a lien against the lands receiving special benefit, including, but not limited to, homestead property, as permitted in Section 4, Article X of the Florida State Constitution. The Series 2025 Special Assessments will constitute a lien against the land as to which the Series 2025 Special Assessments are imposed. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.

Assessment Methodology / Projected Level of District Assessments
[As set forth in the Assessment Methodology, the Series 2025 Special Assessments will at issuance be levied on the    platted lots within Assessment Area Two.] The Series 2025 Special Assessments will be allocated on a per unit basis as set forth below and in the Assessment Methodology. See “THE DEVELOPMENT – Development Plan/Status” and “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type	No. of Units

Annual Series 2025 Special Assessments Per Unit*/**

Single-Family – 40’	$ 	

Single-Family – 50’
Single-Family – 60’
Total

* Preliminary, subject to change. This amount is grossed up to include early payment discounts and County collection fees, currently 7%.
** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the principal amount of the Series 2025 Bonds, it is estimated that the District will recognize a Development Manager contribution equal to $55,000 in eligible infrastructure.
The District will levy assessments on residential units in the Development to cover its operation and maintenance costs that will be approximately $590.95 per residential unit annually; which amount is subject to change. In addition, residents within the Development will be required to pay homeowners association fees which are currently estimated to be [$138] per month per unit. The land within the District has been and is expected to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate imposed on taxable properties in the District for 2024 was approximately 19.7733 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2025 Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the City, the County and the School District of Polk County, Florida may each levy ad valorem taxes and/or special assessments upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current yea. See “THE DEVELOPMENT – Taxes, Fees and Assessments” for more information.
Additional Obligations
The District covenants not to issue any other Bonds or other debt obligations secured by the Series 2025 Special Assessments. Such covenant shall not prohibit the District from issuing refunding bonds. In addition, the District covenants not to issue any other Bonds or debt obligations for capital projects, secured by Special Assessments on the land within Assessment Area Two within the District which secure the Series 2025 Special Assessments, until the Series 2025 Special Assessments are Substantially Absorbed. The District’s covenants described above shall not preclude the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. “Substantially Absorbed” means the date at least 75% of the principal portion of the Series 2025 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy. The District shall provide the Trustee with a certification that the Series 2025 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2025 Special Assessments are Substantially Absorbed. Notwithstanding any provision in the Indenture to the

contrary, the District may issue other Bonds or debt obligations secured by Special Assessments levied on the same lands subject to the Series 2025 Special Assessments, at any time upon the written consent of the Majority Holders.
The District (subject to the preceding paragraph) and/or other public entities may impose taxes or other special assessments on the same properties encumbered by the Series 2025 Special Assessments without the consent of the Owners of the Series 2025 Bonds. The District expects to impose certain non- ad valorem special assessments called maintenance assessments, which are of equal dignity with the Series 2025 Special Assessments, on the same lands upon which the Series 2025 Special Assessments are imposed, to fund the maintenance and operation of the District. See “THE DEVELOPMENT – Taxes, Fees and Assessments” and “BONDOWNERS’ RISKS” herein for more information.
Covenant Against Sale or Encumbrance
In the Master Indenture, the District will covenant that (a) except for those improvements comprising any Project, including the 2025 Project, that are to be conveyed by the District to the City, the County, the State Department of Transportation or another governmental entity, and (b) except as otherwise permitted in the Indenture, it will not sell, lease or otherwise dispose of or encumber any Project or any part thereof.  See “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF
SECOND SUPPLEMENTAL INDENTURE” herein for more information.
Series 2025 Reserve Account
The Indenture establishes a Series 2025 Reserve Account within the Debt Service Reserve Fund for the Series 2025 Bonds. The Series 2025 Reserve Account will, at the time of delivery of the Series 2025 Bonds, be funded from a portion of the net proceeds of the Series 2025 Bonds in an amount equal to the Series 2025 Reserve Requirement. “Series 2025 Reserve Requirement” or “Reserve Requirement” shall mean an amount initially equal to fifty percent (50%) of the maximum annual debt service with respect to the initial principal amount of the Series 2025 Bonds determined on the date of issue. Upon satisfaction of the Release Conditions, the Series 2025 Reserve Requirement shall be reduced to an amount equal to ten percent (10%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2025 Bonds. “Release Conditions” shall mean all of the following: (a) all of the principal portion of the Series 2025 Special Assessments has been assigned to residential units that have been constructed and each have received a certificate of occupancy; and (b) no Event of Default under the Indenture has occurred, all as evidenced pursuant to the provisions of the Second Supplemental Indenture. If a portion of the Series 2025 Bonds are redeemed pursuant to the provisions of the Second Supplemental Indenture, the Reserve Requirement shall be reduced to fifty percent (50%) (prior to satisfaction of the Release Conditions) or ten percent (10%) (after satisfaction of the Release Conditions) of the maximum annual debt service of the Series 2025 Bonds after taking into account such extraordinary mandatory redemption. Any amount in the Series 2025 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2025 Bonds, be used to pay principal of and interest on the Series 2025 Bonds at that time. The initial Series 2025 Reserve Requirement shall be equal to $	.
On each May 1 and November 1 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2025 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2025 Bonds caused by investment earnings to be transferred to the Series 2025 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2025 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2025

Bonds to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2025 Special Assessments (as a result of non-payment of the Series 2025 Special Assessments) and applied to redeem a portion of the Series 2025 Bonds is less than the principal amount of Series 2025 Bonds indebtedness attributable to such lands.
Subject to the provisions of the Second Supplemental Indenture, on any date the District or the District Manager, on behalf of the District, receives notice a landowner wishes to prepay its Series 2025 Special Assessments relating to the benefited property of such landowner within Assessment Area Two within the District, or as a result of a mandatory true-up payment, the District shall, or cause the District Manager, on behalf of the District to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2025 Prepayment Principal due by the amount of money in the Series 2025 Reserve Account that will be in excess of the applicable Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2025 Reserve Account shall be transferred by the Trustee to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the District, shall make such calculation within ten (10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2025 Reserve Account to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2025 Bonds in accordance with the provisions of the Second Supplemental Indenture. The Trustee is authorized to make such transfers and has no duty to verify such calculations. Notwithstanding the foregoing, upon satisfaction of the Release Conditions, the Trustee shall deposit such excess on deposit in the Series 2025 Reserve Account as described in the next succeeding paragraph to the Series 2025 Acquisition and Construction Account and pay such amount deposited in the Series 2025 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached to the Second Supplemental Indenture submitted to the District by the Development Manager within thirty (30) days of such transfer which such requisition shall be executed by the District and the Consulting Engineer. Such payment is authorized notwithstanding that the Completion Date might have been declared provided the Development Manager can establish, to the satisfaction of the Consulting Engineer, Costs of the 2025 Project that were not paid from moneys initially deposited in the Series 2025 Acquisition and Construction Account. In the event that there are no unreimbursed Costs to pay to the Development Manager, such excess moneys transferred from the Series 2025 Reserve Account to the Series 2025 Acquisition and Construction Account shall be deposited into the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Upon satisfaction of the Release Conditions as evidenced by a written certificate of the District Manager delivered to the District and the Trustee, stating that the Release Conditions have been satisfied and setting forth the amount of the new Series 2025 Reserve Requirement, the Trustee shall without further direction reduce the Series 2025 Reserve Requirement to ten percent (10%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2025 Bonds as calculated by the District Manager. The excess amount in the Series 2025 Reserve Account shall be transferred to the Series 2025 Acquisition and Construction Account. The Trustee may conclusively rely on such written certificate of the District Manager.
In addition, in the event of an extraordinary mandatory redemption pursuant to the provisions of the Second Supplemental Indenture, the District Manager, on behalf of the District, shall calculate the applicable Reserve Requirement and communicate the same to the Trustee and the Trustee shall apply any excess in the Series 2025 Reserve Account toward such extraordinary mandatory redemption.

It shall be an Event of Default under the Indenture if at any time the amount in the Series 2025 Reserve Account is less than the Series 2025 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement for the Series 2025 Bonds and such amount has not been restored within thirty (30) days of such withdrawal.
Deposit and Application of the Series 2025 Pledged Revenues
Pursuant to the Indenture, the Trustee shall transfer from amounts on deposit in the Series 2025 Revenue Account to the Funds, Accounts and subaccounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each December 15 commencing December 15, 2025, to the Series 2025 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2025 Bonds becoming due on the next succeeding December 15, less any amounts on deposit in the Series 2025 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each June 15 commencing June 15, 2026, to the Series 2025 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2025 Bonds becoming due on the next succeeding June 15, less any amount on deposit in the Series 2025 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each June 15, commencing June 15, 20 , to the Series 2025 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2025 Bonds subject to sinking fund redemption on such June 15, less any amounts on deposit in the Series 2025 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding the June 15, which is a principal payment date for any Series 2025 Bonds, to the Series 2025 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2025 Bonds Outstanding maturing on such June 15, less any amount on deposit in the Series 2025 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2025 Bonds are subject to redemption on a date which is not a June 15 or December 15 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2025 Revenue Account to the Series 2025 Interest Account, the amount necessary to pay interest on the Series 2025 Bonds subject to redemption on such date;
SIXTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2025 Bonds remain Outstanding, to the Series 2025 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2025 Bonds; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2025 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2025 Bonds and next, any balance in the Series 2025 Revenue Account shall remain on deposit in such Series 2025 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2025 Rebate Fund, in which case, the District shall direct the Trustee to make such deposit thereto.

Investments
The Trustee shall, as directed by the District in writing, invest moneys held in any Accounts in the Debt Service Fund, any Account within the Bond Redemption Fund and the Series 2025 Reserve Account in Government Obligations and other Investment Securities. All deposits in time accounts shall be subject to withdrawal without penalty and all investments shall mature or be subject to redemption by the holder without penalty, not later than the date when the amounts will foreseeably be needed for the purposes set forth in the Indenture. All securities securing investments shall be deposited with a Federal Reserve Bank, with the trust department of the Trustee, as authorized by law with respect to trust funds in the State, or with a bank or trust company having a combined net capital and surplus of not less than $50,000,000. The interest and income received upon such investments and any interest paid by the Trustee or any other depository of any Fund or Account and any profit or loss resulting from the sale of securities shall be added or charged to the Fund or Account for which such investments are made; provided, however, that if the amount in any Fund or Account equals or exceeds the amount required to be on deposit therein, subject to the provisions of the Indenture, any interest and other income so received shall be deposited in the Series 2025 Revenue Account except that prior to the Completion Date, amounts on deposit in the Series 2025 Reserve Account in excess of the Reserve Requirement caused by investment earnings shall be transferred into the Series 2025 Acquisition and Construction Account, and after the Completion Date to the Series 2025 Revenue Account. Upon request of the District, or on its own initiative whenever payment is to be made out of any Fund or Account, the Trustee shall sell such securities as may be requested to make the payment and restore the proceeds to the Fund or Account in which the securities were held. The Trustee shall not be accountable for any depreciation in the value of any such security or for any loss resulting from the sale thereof. The Trustee shall not be liable or responsible for any loss or failure to achieve the highest return, or entitled to any gain, resulting from any investment or sale upon the investment instructions of the District or otherwise. The Trustee may make any investments through its own bond department or investment department. The Trustee shall value the assets in each of the Funds and Accounts forty-five
(45) days prior to each Interest Payment Date, and as soon as practicable after each such valuation date (but no later than ten (10) Business Days after each such valuation date) and shall provide the District a report of the status of each Fund and Account as of the valuation date. See “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF SECOND SUPPLEMENTAL INDENTURE” hereto.
Covenant to Levy the Series 2025 Special Assessments
The District will covenant to levy the Series 2025 Special Assessments to the extent and in the amount sufficient to pay debt service on the Series 2025 Bonds when due. If any Series 2025 Special Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or if the District shall be satisfied that any such Series 2025 Special Assessment is so irregular or defective that the same cannot be enforced or collected, or if the District shall have omitted to make such Series 2025 Special Assessment when it might have done so, the District has additionally covenanted to either (i) take all necessary steps to cause a new Series 2025 Special Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement, or (ii) in its sole discretion, make up the amount of such Series 2025 Special Assessment from legally available moneys, which moneys shall be deposited into the Series 2025 Revenue Account. In case such second Series 2025 Special Assessment shall be annulled, the District shall obtain and make other Series 2025 Special Assessments until a valid Series 2025 Special Assessment shall be made.
Prepayment of Series 2025 Special Assessments
Pursuant to the Indenture, at any time any owner of property subject to the Series 2025 Special Assessments may, at its option, or as a result of acceleration of the Series 2025 Special Assessments because

of non-payment thereof (if not collected pursuant to the Uniform Method, as herein described), or as a result of a true-up payment, require the District to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2025 Special Assessments by paying or causing there to be paid, to the District all or a portion of the Series 2025 Special Assessment, which shall constitute Series 2025 Prepayment Principal, plus accrued interest to the next succeeding Interest Payment Date (or the next succeeding Interest Payment Date if such Prepayment is made within forty-five (45) calendar days before an Interest Payment Date), attributable to the property subject to the Series 2025 Special Assessments owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2025 Reserve Account will exceed the applicable Reserve Requirement as a result of a Prepayment in accordance with the Second Supplemental Indenture and the resulting redemption of the Series 2025 Bonds in accordance with the Second Supplemental Indenture, the excess amount shall be transferred from the Series 2025 Reserve Account to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account as a credit against the Series 2025 Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager upon which the Trustee may conclusively rely, on behalf of the District, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2025 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2025 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2025 Bonds, there will be sufficient Series 2025 Pledged Revenues to pay the principal and interest, when due, on all Series 2025 Bonds that will remain Outstanding.
Pursuant to the Act, an owner of property subject to the levy of Series 2025 Special Assessments may pay the entire balance of the Series 2025 Special Assessments remaining due, without interest, within thirty (30) days after the 2025 Project has been completed or acquired by the District, and the Board has adopted a resolution accepting the 2025 Project pursuant to Chapter 170.09, Florida Statutes. Each of the Primary Landowner and the Development Manager, as the owners of all of the property within Assessment Area Two of the District, will covenant to waive this right on behalf of itself and its respective successors and assigns in connection with the issuance of the Series 2025 Bonds.
Any prepayment of Series 2025 Special Assessments will result in the extraordinary mandatory redemption of a portion of the Series 2025 Bonds as indicated under “DESCRIPTION OF THE SERIES 2025 BONDS – Redemption Provisions – Extraordinary Mandatory Redemption.” The prepayment of Series 2025 Special Assessments does not entitle the owner of the property to a discount for early payment.
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners
The following provisions of the Master Indenture shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action by or against any owner of any tax parcel subject to the Series 2025 Special Assessments (an “Insolvent Taxpayer”) under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or relief of debtors (a “Proceeding”). For as long as any Series 2025 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Series 2025 Bonds or the Series 2025 Special Assessments, the District, to the extent permitted by applicable law, shall be obligated to act in accordance with any direction from the Trustee with regard to all matters directly or indirectly affecting at least three percent (3%) of the Outstanding aggregate principal amount of the Series 2025 Bonds or for as long as any Series 2025 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Series 2025 Bonds or the Series 2025 Special Assessments or the Trustee. The District agrees in the Master Indenture that it shall not be a defense to a breach of the foregoing covenant that it has acted upon advice of counsel in not complying with this covenant.

In the Indenture, the District acknowledges and agrees that, although the Series 2025 Bonds were issued by the District, the Owners of the Series 2025 Bonds are categorically the party with the ultimate financial stake with respect to the Series 2025 Bonds and, consequently, the party with a vested and pecuniary interest in a Proceeding. In the event of any Proceeding involving any Insolvent Taxpayer: (a) the District, to the extent permitted by applicable law, hereby agrees that it shall follow the direction of the Trustee in making any election, giving any consent, commencing any action or filing any motion, claim, obligation, notice or application or in taking any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2025 Special Assessments, the Series 2025 Bonds or any rights of the Trustee under the Indenture, (b) to the extent permitted by applicable law, the District agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2025 Special Assessments, the Series 2025 Bonds or any rights of the Trustee under the Indenture that is inconsistent with any direction from the Trustee, (c) to the extent permitted by applicable law, the Trustee shall have the right, but is not obligated to, (i) vote in any such Proceeding any and all claims of the District, or (ii) file any motion, pleading, plan or objection in any such Proceeding on behalf of the District, including without limitation, motions seeking relief from the automatic stay, dismissal of the Proceeding, valuation of the property belonging to the Insolvent Taxpayer, termination of exclusivity, and objections to disclosure statements, plans of liquidation or reorganization, and motions for use of cash collateral, seeking approval of sales or post-petition financing. If the Trustee chooses to exercise any such rights, the District shall be deemed to have appointed the Trustee as its agent and granted to the Trustee an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to the District in connection with any Proceeding of any Insolvent Taxpayer, including without limitation, the right to file and/or prosecute any claims, to propose and prosecute a bankruptcy plan to vote to accept or reject a plan, and to make any election under Section 1111(b) of the Bankruptcy Code and (d) the District shall not challenge the validity or amount of any claim submitted in such Proceeding by the Trustee in good faith or any valuations of the lands owned by any Insolvent Taxpayer submitted by the Trustee in good faith in such Proceeding or take any other action in such Proceeding, which is adverse to Trustee’s enforcement of the District claim and rights with respect to the Series 2025 Special Assessments or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Without limiting the generality of the foregoing, the District agrees that the Trustee shall have the right (i) to file a proof of claim with respect to the Series 2025 Special Assessments, (ii) to deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (iii) to defend any objection filed to said proof of claim. Notwithstanding the provisions of the immediately preceding paragraphs, nothing in the Indenture shall preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments and the District shall be free to pursue such claim in such manner as it shall deem appropriate in its sole and absolute discretion. Any actions taken by the District in pursuance of its claim for operation and maintenance assessments in any Proceeding shall not be considered an action adverse or inconsistent with the Trustee’s rights or consents with respect to the Special Assessments relating to the Bonds Outstanding whether such claim is pursued by the District or the Trustee.
Events of Default and Remedies
Events of Default Defined. The Indenture provides that each of the following shall be an “Event of Default” under the Indenture, with respect to the Series 2025 Bonds:
if payment of any installment of interest on any Series 2025 Bond is not made when it becomes due and payable; or

if payment of the principal or Redemption Price of any Series 2025 Bond is not made when it becomes due and payable at maturity or upon call or presentation for redemption; or
if the District, for any reason, fails in, or is rendered incapable of, fulfilling its obligations under the Indenture or under the Act which failure or incapacity may reasonably be determined solely by the Majority Holders; or
if the District proposes or makes an assignment for the benefit of creditors or enters into a composition agreement with all or a material part of its creditors, or a trustee, receiver, executor, conservator, liquidator, sequestrator or other judicial representative, similar or dissimilar, is appointed for the District or any of its assets or revenues, or there is commenced any proceeding in liquidation, bankruptcy, reorganization, arrangement of debts, debtor rehabilitation, creditor adjustment or insolvency, local, state or federal, by or against the District and if such is not vacated, dismissed or stayed on appeal within ninety (90) days; or
if the District defaults in the due and punctual performance of any other covenant in the Indenture or in the Series 2025 Bonds and such default continues for sixty (60) days after written notice requiring the same to be remedied shall have been given to the District by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of the Holders of not less than a majority in aggregate principal amount of the Outstanding Series 2025 Bonds; provided, however, that if such performance requires work to be done, actions to be taken, or conditions to be remedied, which by their nature cannot reasonably be done, taken or remedied, as the case may be, within such sixty (60) day period, no Event of Default shall be deemed to have occurred or exist if, and so long as the District shall commence such performance within such sixty (60) day period and shall diligently and continuously prosecute the same to completion; or
if at any time the amount in the Series 2025 Reserve Account is less than the Series 2025 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement on the Series 2025 Bonds and such amount has not been restored within thirty (30) days of such withdrawal; or
more than twenty percent (20%) of the “maintenance special assessments” levied by the District on District Lands upon which the Series 2025 Special Assessments are levied to secure the Series 2025 Bonds pursuant to Section 190.021(3), Florida Statutes, as amended, and collected directly by the District have become due and payable and have not been paid, within ninety (90) days when due.
The Trustee shall not be required to rely on any official action, admission or declaration by the District before recognizing that an Event of Default under (c) above has occurred.
No Acceleration; Redemption. No Series 2025 Bonds shall be subject to acceleration. Upon an Event of Default, no optional redemption or extraordinary mandatory redemption of the Series 2025 Bonds pursuant to the Indenture shall occur unless all of the Series 2025 Bonds where an Event of Default has occurred will be redeemed or if 100% of the Holders of the Outstanding Series 2025 Bonds agree to such redemption; provided, however an Event of Default shall not prohibit the disbursement of funds pursuant to the provisions of the Indenture.
Legal Proceedings by Trustee. If any Event of Default with respect to the Series 2025 Bonds has occurred and is continuing, the Trustee, in its discretion may, and upon the written request of the Majority Holders of the Outstanding Series 2025 Bonds and receipt of indemnity to its satisfaction shall, in its own name:

by mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Holders of the Series 2025 Bonds, including, without limitation, the right to require the District to carry out any agreements with, or for the benefit of, the Series 2025 Bondholders and to perform its or their duties under the Act;
bring suit upon the Series 2025 Bonds;
by action or suit in equity require the District to account as if it were the trustee of an express trust for the Holders of the Series 2025 Bonds;
by action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the Holders of the Series 2025 Bonds; and
by other proceeding in law or equity, exercise all rights and remedies provided for by any other document or instrument securing the Series 2025 Bonds.
Discontinuance of Proceedings by Trustee. If any proceeding taken by the Trustee on account of any Event of Default is discontinued or is determined adversely to the Trustee, then the District, the Trustee, the Paying Agent and the Bondholders shall be restored to their former positions and rights hereunder as though no such proceeding had been taken.
Bondholders May Direct Proceedings. The Majority Holders then subject to remedial proceedings under the Indenture shall have the right to direct the method and place of conducting all remedial proceedings by the Trustee under the Indenture, provided that such directions shall not be otherwise than in accordance with applicable law and the applicable provisions of the Indenture.
Application of Moneys in Event of Default. Any moneys received by the Trustee or the Paying Agent, as the case may be, in connection with any proceedings brought under Article X of the Master Indenture with respect to the Series 2025 Bonds shall be applied in the following order of priority:
to the payment of the costs of the Trustee and Paying Agent incurred in connection with actions taken under Article X of the Master Indenture with respect to such Series 2025 Bonds, including counsel fees and any disbursements of the Trustee and the Paying Agent and payment of unpaid fees and expenses owed to the Trustee.
then:
FIRST: to payment of all installments of interest then due on the Series 2025 Bonds in the order of maturity of such installments of interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any preference or priority of one installment of interest over any other installment; and
SECOND: to payment to the persons entitled thereto of the unpaid principal or Redemption Price of any of the Series 2025 Bonds which shall have become due in the order of their due dates, with interest on such Series 2025 Bonds from the respective dates upon which they become due and, if the amount available shall not be sufficient to pay in full the principal or Redemption Price coming due on such Series 2025 Bonds on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date,

to the persons entitled thereto without any preference or priority of one such Series 2025 Bond over another Bond or of any installment of interest over another.
Any surplus remaining after the payments described above shall be paid to the District or to the Person lawfully entitled to receive the same or as a court of competent jurisdiction may direct; provided however that the District shall be first entitled to recover any fees and costs of foreclosure or other proceedings incurred by the District in connection with enforcement of any delinquent Series 2025 Special Assessments.
ENFORCEMENT OF ASSESSMENT COLLECTIONS
General
The primary source of payment for the Series 2025 Bonds is the Series 2025 Special Assessments imposed on the assessable lands within Assessment Area Two within the District specially benefited by the 2025 Project pursuant to the Assessment Proceedings. See “ASSESSMENT METHODOLOGY” herein and “APPENDIX D – ASSESSMENT METHODOLOGY.”
The determination, order, levy, and collection of Series 2025 Special Assessments must be done in compliance with procedural requirements and guidelines provided by State law. Failure by the District, the Polk County Tax Collector (the “Tax Collector”) or the Polk County Property Appraiser (the “Property Appraiser”) to comply with such requirements could result in delay in the collection of, or the complete inability to collect, Series 2025 Special Assessments during any year. Such delays in the collection of Series 2025 Special Assessments, or complete inability to collect any of the Series 2025 Special Assessments, would have a material adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on such Series 2025 Bonds. See “BONDOWNERS’ RISKS.” To the extent that landowners fail to pay the Series 2025 Special Assessments or delay payments, the successful pursuance of collection procedures available to the District is essential to continued payment of principal of and interest on the Series 2025 Bonds. The Act provides for various methods of collection of delinquent Series 2025 Special Assessments by reference to other provisions of the Florida Statutes. See “BONDOWNERS’ RISKS” herein. The following is a description of certain statutory provisions of assessment payment and collection procedures appearing in the Florida Statutes but is qualified in its entirety by reference to such statutes.
Alternative Uniform Tax Collection Procedure for Series 2025 Special Assessments
Except as stated below, the District will covenant in the Indenture to collect the Series 2025 Special Assessments through the Uniform Method (as herein defined) with respect to platted lots. At such time as the Series 2025 Special Assessments are collected pursuant to the Uniform Method, the provisions under this heading shall become applicable.
The Florida Statutes provide that, subject to certain conditions, non-ad valorem special assessments may be collected by using the uniform method of collection (the “Uniform Method”). The Uniform Method is available only in the event the District complies with statutory and regulatory requirements and enters into agreements with the Tax Collector and Property Appraiser providing for the Series 2025 Special Assessments to be levied and then collected in this manner. The District’s election to use a certain collection method with respect to the Series 2025 Special Assessments does not preclude it from electing to use another collection method in the future. See “Foreclosure” below with respect to collection of delinquent assessments not collected pursuant to the Uniform Method.

If the Uniform Method is utilized, the Series 2025 Special Assessments will be collected together with the City, County, school board, special district, and other ad valorem taxes and non-ad valorem assessments, all of which will appear on the tax bill (also referred to as a “tax notice”) issued to each landowner in the District. The statutes relating to enforcement of ad valorem taxes and non-ad valorem assessments provide that such taxes and assessments become due and payable on November 1 of the year when assessed, or as soon thereafter as the certified tax roll is received by the Tax Collector, and constitute a lien upon the land from January 1 of such year until paid or barred by operation of law. Such taxes and assessments (including the Series 2025 Special Assessments, if any, being collected by the Uniform Method) are to be billed, and landowners in the District are required to pay all such taxes and assessments, without preference in payment of any particular increment of the tax bill, such as the increment owing for the Series 2025 Special Assessments.
All City, County, school and special districts, including the District, ad valorem taxes, non-ad valorem special assessments, including the Series 2025 Special Assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, are payable at one time, except for partial payment schedules as may be provided by Sections 197.374 and 197.222, Florida Statutes. Partial payments made pursuant to Sections 197.374 and 197.222, Florida Statutes, are distributed in equal proportion to all taxing districts and levying authorities applicable to that account. If a taxpayer does not make complete payment of the total amount, he or she cannot designate specific line items on his or her tax bill as deemed paid in full. Therefore, in the event the Series 2025 Special Assessments are to be collected pursuant to the Uniform Method, any failure to pay any one line item, would cause the Series 2025 Special Assessments to not be collected to that extent, which could have a significant adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on the Series 2025 Bonds.
Under the Uniform Method, if the Series 2025 Special Assessments are paid during November when due or during the following three months, the taxpayer is granted a variable discount equal to 4% in November and decreasing one percentage point per month to 1% in February. All unpaid taxes and assessments become delinquent on April 1 of the year following assessment. The Tax Collector is required to collect the ad valorem taxes and non-ad valorem special assessments on the tax bill prior to April 1 and, after that date, to institute statutory procedures upon delinquency to collect such taxes and assessments through the sale of “tax certificates,” as discussed below. Delay in the mailing of tax notices to taxpayers may result in a delay throughout this process.
Neither the District nor the Underwriter can give any assurance to the holders of the Series 2025 Bonds (1) that the past experience of the Tax Collector with regard to tax and special assessment delinquencies is applicable in any way to the Series 2025 Special Assessments, (2) that future landowners and taxpayers in the District will pay such Series 2025 Special Assessments, (3) that a market may exist in the future for tax certificates (as described below) in the event of sale of such certificates for taxable units within the District, and (4) that the eventual sale of tax certificates for real property within the District, if any, will be for an amount sufficient to pay amounts due under the Assessment Proceedings to discharge the lien of the Series 2025 Special Assessments and all other liens that are coequal therewith.
Collection of delinquent Series 2025 Special Assessments under the Uniform Method is, in essence, based upon the sale by the Tax Collector of “tax certificates” and remittance of the proceeds of such sale to the District for payment of the Series 2025 Special Assessments due. In the event of a delinquency in the payment of taxes and assessments on real property, the landowner may, prior to the sale of tax certificates, pay the total amount of delinquent ad valorem taxes and non-ad valorem assessments plus the cost of advertising and the applicable interest charge on the amount of such delinquent taxes and assessments. If the landowner does not act, the Tax Collector is required to attempt to sell tax certificates on such property to the person who pays the delinquent taxes and assessments owing, penalties and interest thereon and

certain costs, and who accepts the lowest interest rate per annum to be borne by the certificates (but not more than 18%). Tax certificates are sold by public bid. If there are no bidders, the tax certificate is issued to the County. During the pendency of any litigation arising from the contest of a landowner’s tax assessment collected through the Uniform Method, which may possibly include non-ad valorem special assessments such as the Series 2025 Special Assessments, it is possible that the tax collector will not sell tax certificates with respect to such property. The County is to hold, but not pay for, the tax certificate with respect to the property, bearing interest at the maximum legal rate of interest (currently 18%). The Tax Collector does not collect any money if tax certificates are “struck off” (issued) to the County. The County may sell such certificates to the public at any time at the principal amount thereof plus interest at the rate of not more than 18% per annum and a fee. Proceeds from the sale of tax certificates are required to be used to pay taxes and assessments (including the Series 2025 Special Assessments), interest, costs and charges on the real property described in the certificate. The demand for such certificates is dependent upon various factors, which include the rate of interest that can be earned by ownership of such certificates and the underlying value of the land that is the subject of such certificates and which may be subject to sale at the demand of the certificate holder. Therefore, the underlying market value of the property within Assessment Area Two within the District may affect the demand for certificates and the successful collection of the Series 2025 Special Assessments, which are the primary source of payment of the Series 2025 Bonds. Legal proceedings under Federal bankruptcy law brought by or against a landowner who has not yet paid his or her property taxes or assessments would likely result in a delay in the sale of tax certificates.
Any tax certificate in the hands of a person other than the County may be redeemed and canceled, in whole or in part (under certain circumstances), at any time before a tax deed is issued (unless full payment for a tax deed is made to the clerk of court, including documentary stamps and recording fees), at a price equal to the face amount of the certificate or portion thereof together with all interest, costs, charges and omitted taxes due. Regardless of the interest rate actually borne by the certificates, persons redeeming tax certificates must pay a minimum interest rate of 5% to the holders thereof, unless the rate borne by the certificates is zero percent. The proceeds of such a redemption are paid to the Tax Collector who transmits to the holder of the tax certificate such proceeds less service charges, and the certificate is canceled. Redemption of tax certificates held by the County is effected by purchase of such certificates from the County, as described in the preceding paragraph.
Any holder, other than the County, of a tax certificate that has not been redeemed has seven years from the date of issuance of the tax certificate during which to act against the land that is the subject of the tax certificate. After an initial period ending two years from April 1 of the year of issuance of a certificate, during which period actions against the land are held in abeyance to allow for sales and redemptions of tax certificates, and before the expiration of seven years from the date of issuance, the holder of a certificate may apply for a tax deed to the subject land. The applicant is required to pay to the Tax Collector at the time of application all amounts required to redeem or purchase all outstanding tax certificates covering the land, plus interest, any omitted taxes or delinquent taxes and interest, and current taxes, if due (as well as any costs of resale, if applicable). If the County holds a tax certificate on property valued at $5,000 or more and has not succeeded in selling it, the County must apply for a tax deed two years after April 1 of the year of issuance of the certificate. The County pays costs and fees to the Tax Collector but not any amount to redeem any other outstanding certificates covering the land. Thereafter, the property is advertised for public sale.
In any such public sale conducted by the Clerk of the Circuit Court, the private holder of the tax certificate who is seeking a tax deed for non-homestead property is deemed to submit a minimum bid equal to the amount required to redeem the tax certificate, charges for the cost of sale, including costs incurred for the service of notice required by statute, redemption of other tax certificates on the land, and the amount

paid by such holder in applying for the tax deed, plus interest thereon. In the case of homestead property, the minimum bid is also deemed to include, in addition to the amount of money required for the minimum bid on non-homestead property, an amount equal to one-half of the latest assessed value of the homestead. If there are no higher bids, the holder receives title to the land, and the amounts paid for the certificate and in applying for a tax deed are credited toward the purchase price. If there are other bids, the holder may enter the bidding. The highest bidder is awarded title to the land. The portion of proceeds of such sale needed to redeem the tax certificate, and all other amounts paid by such person in applying for a tax deed, are forwarded to the holder thereof or credited to such holder if such holder is the successful bidder. Excess proceeds are distributed first to satisfy governmental liens against the land and then to the former title holder of the property (less service charges), lienholder of record, mortgagees of record, vendees of recorded contracts for deeds, and other lienholders and any other person to whom the land was last assessed on the tax roll for the year in which the land was assessed, all as their interest may appear.
Except for certain governmental liens and certain restrictive covenants and restrictions, no right, interest, restriction or other covenant survives the issuance of a tax deed. Thus, for example, outstanding mortgages on property subject to a tax deed would be extinguished.
If there are no bidders at the public sale, the County may, at any time within ninety (90) days from the date of offering for public sale, purchase the land without further notice or advertising for a statutorily prescribed opening bid. After ninety (90) days have passed, any person or governmental unit may purchase the land by paying the amount of the opening bid. Ad valorem taxes and non-ad valorem assessments accruing after the date of public sale do not require repetition of the bidding process but are added to the minimum bid. Three years from the date of delinquency, unsold lands escheat to the county in which they are located and all tax certificates and liens against the property are canceled and a deed is executed vesting title in the governing board of such county.
Foreclosure
The following discussion regarding foreclosure is not applicable if the Series 2025 Special Assessments are being collected pursuant to the Uniform Method. In the event that the District, itself, directly levies and enforces, pursuant to Chapters 170 and 190, Florida Statutes, the collection of the Series 2025 Special Assessments levied on the land within Assessment Area Two within the District, Section 170.10, Florida Statutes provides that upon the failure of any property owner to pay all or any part of the principal of a special assessment, including a Series 2025 Special Assessment, or the interest thereon, when due, all of the Series 2025 Special Assessments levied on the land owned by such property owner shall be accelerated and the governing body of the entity levying the assessment, including such Series 2025 Special Assessments, is authorized to commence legal proceedings for the enforcement of the payment thereof, including commencement of an action in chancery, commencement of a foreclosure proceeding in the same manner as the foreclosure of a real estate mortgage, or commencement of an action under Chapter 173, Florida Statutes relating to foreclosure of municipal tax and special assessment liens. Such proceedings would be in rem, meaning that each would be brought against the land not against the owner. In light of the one year tolling period required before the District may commence a foreclosure action under Chapter 173, Florida Statutes, it is likely the District would commence an action to foreclose in the same manner as the foreclosure of a real estate mortgage rather than proceeding under Chapter 173, Florida Statutes.
Enforcement of the obligation to pay Series 2025 Special Assessments and the ability to foreclose the lien of such Series 2025 Special Assessments, not being collected pursuant to the Uniform Method, upon the failure to pay such Series 2025 Special Assessments may not be readily available or may be limited as such enforcement is dependent upon judicial action which is often subject to discretion and delay.

BONDOWNERS’ RISKS
There are certain risks inherent in an investment in bonds issued by a public authority or governmental body in the State and secured by special assessments. Certain of these risks are described under other headings of this Limited Offering Memorandum. Certain additional risks are associated with the Series 2025 Bonds offered hereby and are set forth below. Prospective investors in the Series 2025 Bonds should have such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment in the Series 2025 Bonds and have the ability to bear the economic risks of such prospective investment, including a complete loss of such investment. The information under this heading does not purport to summarize all risks that may be associated with purchasing or owning the Series 2025 Bonds and prospective purchasers are advised to read this Limited Offering Memorandum in its entirety for a more complete description of investment considerations relating to the Series 2025 Bonds.
As of the date hereof, the Primary Landowner and the Development Manager own all of the lands within Assessment Area Two within the District, which are the lands that will be subject to the Series 2025 Special Assessments securing the Series 2025 Bonds. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS” herein. Payment of the Series 2025 Special Assessments is primarily dependent upon their timely payment by the Primary Landowner, the Development Manager and subsequent landowners in the District. See “THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER” herein. In the event of the institution of bankruptcy or similar proceedings with respect to the Primary Landowner, the Development Manager or any other owner of benefited property, delays could occur in the payment of debt service on the Series 2025 Bonds as such bankruptcy could negatively impact the ability of: (i) the Primary Landowner, the Development Manager and any other landowner being able to pay the Series 2025 Special Assessments; (ii) the Tax Collector to sell tax certificates in relation to such property with respect to the Series 2025 Special Assessments being collected pursuant to the Uniform Method; and (iii) the District to foreclose the lien of the Series 2025 Special Assessments not being collected pursuant to the Uniform Method. The Uniform Method will not be used with respect to any assessable lands which are still owned by the Primary Landowner, the Development Manager or an entity affiliated with the Primary Landowner or the Development Manager until such time lots are platted, or the timing for using the Uniform Method will not yet allow for using such method, unless the Trustee at the direction of the Majority Holders directs the District otherwise. In addition, the remedies available to the Owners of the Series 2025 Bonds under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, the remedies specified by federal, state and local law and in the Indenture and the Series 2025 Bonds, including, without limitation, enforcement of the obligation to pay Series 2025 Special Assessments and the ability of the District to foreclose the lien of the Series 2025 Special Assessments if not being collected pursuant to the Uniform Method, may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2025 Bonds (including Bond Counsel’s approving opinion) will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery. The inability, either partially or fully, to enforce remedies available with respect to the Series 2025 Bonds could have a material adverse impact on the interest of the Owners thereof.
The principal security for the payment of the principal and interest on the Series 2025 Bonds is the timely collection of the Series 2025 Special Assessments. The Series 2025 Special Assessments do not constitute a personal indebtedness of the landowners of the land subject thereto, but are secured by a lien on such land. There is no assurance that the landowners will be able to pay the Series 2025 Special Assessments or that they will pay such Series 2025 Special Assessments even though

financially able to do so. Beyond legal delays that could result from bankruptcy or other legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the Tax Collector to sell tax certificates in regard to delinquent Series 2025 Special Assessments collected pursuant to the Uniform Method will be dependent upon various factors, including the interest rate which can be earned by ownership of such certificates and the value of the land which is the subject of such certificates. The assessment of the benefits to be received by the benefited land within Assessment Area Two within the District as a result of implementation and development of the 2025 Project is not indicative of the realizable or market value of the land, which value may actually be higher or lower than the assessment of benefits. To the extent that the realizable or market value of the land benefited by the 2025 Project is lower than the assessment of benefits, the ability of the Tax Collector to sell tax certificates relating to such land or the ability of the District to realize sufficient value from a foreclosure action to pay debt service on the Series 2025 Bonds may be adversely affected. Such adverse effect could render the District unable to collect delinquent Series 2025 Special Assessments and provided such delinquencies are significant, could negatively impact the ability of the District to make the full or punctual payment of debt service on the Series 2025 Bonds.
The value of the lands subject to the Series 2025 Special Assessments could also be adversely impacted by flooding or wind damage caused by hurricanes, tropical storms, or other catastrophic events. In addition to potential damage or destruction to any existing development or construction in or near the District, such catastrophic events could potentially render the District lands unable to support future development. Changing weather patterns have increased the likelihood of flooding within the County. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the Series 2025 Bonds. The Series 2025 Bonds are not insured and the District’s casualty insurance policies do not insure against losses incurred on private lands within its boundaries.
The development of the 2025 Project is subject to comprehensive federal, state and local regulations and future changes to such regulations. Approval is required from various public agencies in connection with, among other things, the design, nature and extent of planned improvements, both public and private, and construction of the infrastructure in accordance with applicable zoning, land use and environmental regulations. Although all such approvals required to date have been received and any further approvals are anticipated to be received as needed, failure to obtain any such approvals in a timely manner could delay or adversely affect the completion of the development of the District Lands. See “THE DEVELOPMENT – Development Approvals,” and “– Environmental” herein for more information. Moreover, the Primary Landowner and the Development Manager have the right to modify or change the plan for development of Assessment Area Two, from time to time, including, without limitation, land use changes, changes in the overall land and phasing plans, and changes to the type, mix, size and number of units to be developed, and may seek in the future, in accordance with, and subject to the provisions of the Act, to contract or expand the boundaries of the District.
The successful sale of the residential units, once such homes are built within Assessment Area Two may be affected by unforeseen changes in general economic conditions, fluctuations in the real estate market and other factors beyond the control of the Primary Landowner and the Development Manager. See “BONDOWNERS’ RISKS – No. 20” herein.
Neither the Primary Landowner, the Development Manager nor any other subsequent landowner within Assessment Area Two within the District has any obligation to pay the Series 2025 Special Assessments. As described in paragraph 2 above, the Series 2025 Special Assessments are an imposition against the land only. Neither the Primary Landowner, the Development Manager nor any other subsequent landowner is a guarantor of payment of any Series 2025 Special Assessment and the recourse for the failure of the Primary Landowner, the Development Manager or any other landowner to pay the

Series 2025 Special Assessments is limited to the collection proceedings against the land in Assessment Area Two as described herein.
The willingness and/or ability of an owner of benefited land to pay the Series 2025 Special Assessments could be affected by the existence of other taxes and assessments imposed upon such property by the District, the City, the County or any other local special purpose or general purpose governmental entities. City, County, school, special district taxes and special assessments, and voter- approved ad valorem taxes levied to pay principal of and interest on debt, including the Series 2025 Special Assessments, collected pursuant to the Uniform Method are payable at one time. Public entities whose boundaries overlap those of the District, could, without the consent of the owners of the land within the District, impose additional taxes on the property within the District. The District anticipates imposing operation and maintenance assessments encumbering the same property encumbered by the Series 2025 Special Assessments. In addition, lands within the District may also be subject to assessments or fees by property and home owner associations.
The Series 2025 Bonds may not constitute a liquid investment, and there is no assurance that a liquid secondary market will exist for the Series 2025 Bonds in the event an Owner thereof determines to solicit purchasers of the Series 2025 Bonds. The Series 2025 Bonds are being sold pursuant to exemptions from registration under applicable securities laws. No secondary market may develop and an owner may not be able to resell the Series 2025 Bonds. Even if a liquid secondary market exists, there can be no assurance as to the price for which the Series 2025 Bonds may be sold. Such price may be lower than that paid by the current Owners of the Series 2025 Bonds, depending on the progress of development of the Development and the lands within Assessment Area Two of the District, existing real estate and financial market conditions and other factors.
In addition to legal delays that could result from bankruptcy or legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the District to enforce collection of delinquent Series 2025 Special Assessments will be dependent upon various factors, including the delay inherent in any judicial proceeding to enforce the lien of the Series 2025 Special Assessments and the value of the land which is the subject of such proceedings and which may be subject to sale. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS – Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners” herein. If the District has difficulty in collecting the Series 2025 Special Assessments, the Series 2025 Reserve Account could be rapidly depleted and the ability of the District to pay debt service would be materially adversely affected. In addition, during an Event of Default under the Indenture, the Trustee may withdraw moneys from the Series 2025 Reserve Account and such other Funds, Accounts and subaccounts created under the Indenture to pay its extraordinary fees and expenses incurred in connection with such Event of Default. If in fact the Series 2025 Reserve Account is accessed for such purpose, the District does not have a designated revenue source for replenishing such account. Moreover, the District may not be permitted to re-assess real property then burdened by the Series 2025 Special Assessments in order to provide for the replenishment of the Series 2025 Reserve Account.
The value of the land within Assessment Area Two, the success of the development of the Development and the likelihood of timely payment of principal and interest on the Series 2025 Bonds could be affected by environmental factors with respect to the land in the District. Should the land be contaminated by hazardous materials, this could materially and adversely affect the value of the land within Assessment Area Two, which could materially and adversely affect the success of the development of the lands within Assessment Area Two and the likelihood of the timely payment of the Series 2025 Bonds. The District has not performed, nor has the District requested that there be performed on its behalf, any independent assessment of the environmental conditions within the District. Except as described under “THE DEVELOPMENT – Environmental”, the Primary Landowner and the Development Manager are not

aware of any condition which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment. See “THE DEVELOPMENT – Environmental” for more information on the environmental site assessments. Nevertheless, it is possible that hazardous environmental conditions could exist within the District and that such conditions could have a material and adverse impact upon the value of the benefited lands within Assessment Area Two within the District and no assurance can be given that unknown hazardous materials, protected animals or vegetative species, etc., do not currently exist or may not develop in the future whether originating within the District or from surrounding property, and what effect such may have on the development of the Development.
If the District should commence a foreclosure action against a landowner for nonpayment of Series 2025 Special Assessments if the Series 2025 Special Assessments are not being collected pursuant to the Uniform Method, such landowners may raise affirmative defenses to such foreclosure action, which although such affirmative defenses would likely be proven to be without merit, could result in delays in completing the foreclosure action. In addition, the District is required under the Indenture to fund the costs of such foreclosure. It is possible that the District will not have sufficient funds and will be compelled to request the Series 2025 Bondholders to allow funds on deposit under the Indenture to be used to pay the costs of the foreclosure action. Under the Code, there are limitations on the amounts of Series 2025 Bond proceeds that can be used for such purpose.
Under Florida law, a landowner may contest the assessed valuation determined for its property which forms the basis of ad-valorem taxes such landowner must pay. During this contest period, the sale of a Tax Certificate under the Uniform Method will be suspended. If the Series 2025 Special Assessments are being collected along with ad valorem taxes pursuant to the Uniform Method, tax certificates will not be sold with respect to the Series 2025 Special Assessment even though the landowner is not contesting the amount Series 2025 Special Assessment. However, Section 194.014, Florida Statutes, requires taxpayers to pay all non-ad valorem taxes and at least 75% of their ad valorem taxes before they become delinquent. Likewise, taxpayers who challenge the denial of an exemption or classification or a determination that their improvements were substantially complete must pay all non-ad valorem assessments and the amount of ad valorem taxes that they admit in good faith to be owing. In the event a taxpayer fails to pay their property taxes by April 1, the Value Adjustment Board is required to deny their petition by written decision by April 20 of such year.
The Internal Revenue Service (the “IRS”) routinely examines bonds issued by state and local governments, including bonds issued by community development districts. In 2016, the IRS concluded its lengthy examination of certain issues of bonds (for purposes of this subsection, the “Audited Bonds”) issued by Village Center Community Development District (the “Village Center CDD”). During the course of the audit of the Audited Bonds, Village Center CDD received a ruling dated May 30, 2013, in the form of a non-precedential technical advice memorandum (“TAM”) concluding that Village Center CDD is not a political subdivision for purposes of Section 103(a) of the Code because Village Center CDD was organized and operated to perpetuate private control and avoid indefinitely responsibility to an electorate, either directly or through another elected state or local government body. Such a conclusion could lead to the further conclusion that the interest on the Audited Bonds was not excludable from gross income of the owners of such bonds for federal income tax purposes. Village Center CDD received a second TAM dated June 17, 2015, which granted relief to Village Center CDD from retroactive application of the IRS’s conclusion regarding its failure to qualify as a political subdivision. Prior to the conclusion of the audits, the Audited Bonds were all refunded with taxable bonds. The audit of the Audited Bonds that were issued for utility improvements were closed without change to the tax exempt status of those Audited Bonds on April 25, 2016, and the audit of the remainder of the Audited Bonds (which funded recreational amenity acquisitions from entities related to the principal landowner in the Village Center CDD) was closed

on July 14, 2016, without the IRS making a final determination that the interest on the Audited Bonds in question was required to be included in gross income. However, the IRS letter to the Village Center CDD with respect to this second set of Audited Bonds noted that the IRS found that the Village Center CDD was not a “proper issuer of tax-exempt bonds” and that those Audited Bonds were private-activity bonds that did not fall in any of the categories that qualify for tax-exemption. Although the TAMs and the letters to the Village Center CDD from the IRS referred to above are addressed to, and binding only on, the IRS and Village Center CDD in connection with the Audited Bonds, they reflect the audit position of the IRS, and there can be no assurance that the IRS would not commence additional audits of bonds issued by other community development districts raising issues similar to the issues raised in the case of the Audited Bonds based on the analysis set forth in the first TAM or on the related concerns addressed in the July 14, 2016 letter to the Village Center CDD.
On February 23, 2016, the IRS published proposed regulations designed to provide prospective guidance with respect to potential private business control of issuers by providing a new definition of political subdivision for purposes of determining whether an entity is an appropriate issuer of bonds the interest on which is excluded from gross income for federal tax purposes. The proposed regulations require that a political subdivision (i) have the power to exercise at least one sovereign power, (ii) be formed and operated for a governmental purpose, and (iii) have a governing body controlled by or have significant uses of its funds or assets otherwise controlled by a government unit with all three sovereign powers or by an electorate that is not controlled by an unreasonably small number of unrelated electors. On October 4, 2017, the Treasury Department (“Treasury”) announced that it will withdraw the proposed regulations, stating that, “while Treasury and the IRS continue to study the legal issues relating to political subdivisions, Treasury and the IRS believed that these proposed regulations should be withdrawn in their entirety.” On October 20, 2017 a notice of withdrawal was published in the Federal Register. Treasury and the IRS may propose more targeted guidance in the future after further study of the relevant legal issues.
It has been reported that the IRS has closed audits of other community development districts in the State with no change to such districts’ bonds’ tax-exempt status, but has advised such districts that they must have qualified electors within five years of the issuance of tax-exempt bonds or their bonds may be determined to be taxable retroactive to the date of issuance. Pursuant to the Act, general elections are not held until the later of six years and there are 250 qualified electors in the district. The District, unlike Village Center CDD, was formed with the intent that it will contain a sufficient number of residents to allow for a transition to control by resident landowners unaffiliated with the Primary Landowner and the Development Manager. Currently, all members of the Board of the District are employees of, or affiliated with, the Development Manager and none were elected by qualified electors or resident landowners. The Development Manager will certify as to its expectations as to the timing of the transition of control of the Board of the District to qualified electors or resident landowners pursuant to the Act, and its expectations as to compliance with the Act by any members of the Board that they elect; thus, if the District does not reach the minimum of 250 qualified electors after the sale of units to homebuyers, although the Board will continue to be elected by landowners, these landowners will be homebuyers, in the District. Such certification by the Development Manager does not ensure that such certification shall be determinative of, or may influence the outcome of any audit by the IRS, or any appeal from such audit, that may result in an adverse ruling that the District is not a political subdivision for purposes of Section 103(a) of the Code. Further, there can be no assurance that an audit by the IRS of the Series 2025 Bonds will not be commenced. The District has no reason to believe that any such audit will be commenced, or that any such audit, if commenced, would result in a conclusion of noncompliance with any applicable state or federal law.
Owners of the Series 2025 Bonds are advised that, if the IRS does audit the Series 2025 Bonds, under its current procedures, at least during the early stages of an audit, the IRS will treat the District as the taxpayer, and the Owners of the Series 2025 Bonds may have limited rights to participate in those

proceedings. The commencement of such an audit could adversely affect the market value and liquidity of the Series 2025 Bonds until the audit is concluded, regardless of the ultimate outcome. In addition, in the event of an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2025 Bonds, it is unlikely the District will have available revenues to enable it to contest such determination or enter into a voluntary financial settlement with the IRS. Further, an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2025 Bonds would adversely affect the availability of any secondary market for the Series 2025 Bonds. Should interest on the Series 2025 Bonds become includable in gross income for federal income tax purposes, not only will Owners of Series 2025 Bonds be required to pay income taxes on the interest received on such Series 2025 Bonds and related penalties, but because the interest rate on such Series 2025 Bonds will not be adequate to compensate Owners of the Series 2025 Bonds for the income taxes due on such interest, the value of the Series 2025 Bonds may decline.
THE INDENTURE DOES NOT PROVIDE FOR ANY ADJUSTMENT IN THE INTEREST RATE ON THE SERIES 2025 BONDS IN THE EVENT OF AN ADVERSE DETERMINATION BY THE IRS WITH RESPECT TO THE TAX-EXEMPT STATUS OF INTEREST ON THE SERIES 2025 BONDS. PROSPECTIVE PURCHASERS OF THE SERIES 2025 BONDS SHOULD EVALUATE WHETHER THEY CAN OWN THE SERIES 2025 BONDS IN THE EVENT THAT THE INTEREST ON THE SERIES 2025 BONDS BECOMES TAXABLE AND/OR THE DISTRICT IS EVER DETERMINED TO NOT BE A POLITICAL SUBDIVISION FOR PURPOSES OF THE CODE AND/OR SECURITIES ACT (AS HEREINAFTER DEFINED).
In addition to a possible determination by the IRS that the District is not a political subdivision for purposes of the Code, and regardless of the IRS determination, it is possible that federal or state regulatory authorities could also determine that the District is not a political subdivision for purposes of the federal and state securities laws. Accordingly, the District and purchasers of Series 2025 Bonds may not be able to rely on the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), relating to securities issued by political subdivisions. In that event the Owners of the Series 2025 Bonds would need to ensure that subsequent transfers of the Series 2025 Bonds are made pursuant to a transaction that is not subject to the registration requirements of the Securities Act.
Various proposals are mentioned from time to time by members of the Congress of the United States of America and others concerning reform of the internal revenue (tax) laws of the United States. In addition, the IRS may, in the future, issue rulings that have the effect of changing the interpretation of existing tax laws. Certain of these proposals and interpretations, if implemented or upheld, could have the effect of diminishing the value of obligations of states and their political subdivisions, such as the Series 2025 Bonds, by eliminating or changing the tax-exempt status of interest on certain of such bonds. Whether any of such proposals will ultimately become or be upheld as law, and if so, the effect such proposals could have upon the value of bonds such as the Series 2025 Bonds, cannot be predicted. However, it is possible that any such law or interpretation could have a material and adverse effect upon the availability of a liquid secondary market and/or the value of the Series 2025 Bonds. See also “TAX MATTERS.”
There can be no assurance, in the event the District does not have sufficient moneys on hand to complete the 2025 Project, that the District will be able to raise through the issuance of bonds, or otherwise, the moneys necessary to complete the 2025 Project. Further, pursuant to the Second Supplemental Indenture, the District covenants not to issue any other Bonds or other debt obligations secured by the Series 2025 Special Assessments. Such covenant shall not prohibit the District from issuing refunding bonds. In addition, the District covenants not to issue any other Bonds or debt obligations for capital projects, secured by Special Assessments on the land within Assessment Area Two within the

District which secure the Series 2025 Special Assessments, until the Series 2025 Special Assessments are Substantially Absorbed, provided the foregoing shall not preclude the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. Notwithstanding any provision in the Indenture to the contrary, the District may issue other Bonds or debt obligations secured by Special Assessments levied on the same lands subject to the Series 2025 Special Assessments, at any time upon the written consent of the Majority Holders. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS – Additional Obligations” for more information. The Development Manager will enter into a completion agreement with the District with respect to any unfinished portions of the 2025 Project not funded with the proceeds of the Series 2025 Bonds. The Primary Landowner and the Development Manager will execute and deliver to the District a collateral assignment agreement, pursuant to which the Primary Landowner and the Development Manager will collaterally assign to the District, to the extent assignable and to the extent that they are solely owned or controlled by the Primary Landowner or the Development Manager, development rights relating to the 2025 Project. Notwithstanding such collateral assignment agreement, in the event the District forecloses on the lands subject to the Series 2025 Special Assessments as a result of the Primary Landowner’s, the Development Manager’s or subsequent landowners’ failure to pay such assessments, there is a risk that the District will not have all permits and entitlements necessary to complete the development of the Development. All such obligations of the Primary Landowner and the Development Manager are unsecured obligations. See “THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT” and “THE DEVELOPMENT” herein for
more information.
It is impossible to predict what new proposals may be presented regarding ad valorem tax reform and/or community development districts during upcoming legislative sessions, whether such new proposals or any previous proposals regarding the same will be adopted by the Florida Senate and House of Representatives and signed by the Governor, and, if adopted, the form thereof. On October 31, 2014, the Auditor General of the State released a 31-page report which requests legislative action to establish parameters on the amount of bonds a community development district may issue and provide additional oversight for community development district bonds. This report renews requests made by the Auditor General in 2011 that led to the Governor of the State issuing an Executive Order on January 11, 2012 (the “Executive Order”) directing the Office of Policy and Budget in the Executive Office of the Governor (“OPB”) to examine the role of special districts in the State. As of the date hereof, the OPB has not made any recommendations pursuant to the Executive Order nor has the Florida legislature passed any related legislation. It is impossible to predict with certainty the impact that any future legislation will or may have on the security for the Series 2025 Bonds. It should be noted that Section 190.16(14) of the Act provides in pertinent part that “The state pledges to the holders of any bonds issued under the Act that it will not limit or alter the rights of the district to levy and collect the … assessments… and to fulfill the terms of any agreement made with the holders of such bonds … and that it will not impair the rights or remedies of such holders.”
In the event a bank forecloses on property within Assessment Area Two because of a default on a mortgage on such property in favor of such bank and then the bank itself fails, the Federal Deposit Insurance Corporation (the “FDIC”), as receiver will then become the fee owner of such property. In such event, the FDIC will not, pursuant to its own rules and regulations, likely be liable to pay the Series 2025 Special Assessments levied on such property. In addition, the District would require the consent of the FDIC prior to commencing a foreclosure action.
The District relies on a technological environment to conduct its operations. The District, its agents and other third parties the District does business with or otherwise relies upon are subject to cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other

sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized access to such parties’ digital systems for the purposes of misappropriating assets or information or causing operational disruption and damage. No assurances can be given that any such attack(s) will not materially impact the operations or finances of the District, which could impact the timely payment of debt service on the Series 2025 Bonds.
The COVID-19 pandemic severely impacted global financial markets, unemployment levels and commerce generally. It is possible that, in the future, the spread of epidemic or pandemic diseases and/or government health and public safety restrictions imposed in response thereto could adversely impact the District, the Development Manager, the timely and successful completion of the 2025 Project, Assessment Area Two, and the construction and sale to purchasers of residential units in Assessment Area Two. Such impacts could include delays in obtaining development approvals, construction delays, supply chain delays, or increased costs. See also “BONDOWNERS’ RISKS – No. 5” and “‒ No. 16” herein.
In addition to being subject to optional and mandatory sinking fund redemptions, the Series 2025 Bonds are subject to extraordinary mandatory redemption as a result of prepayments of the Series 2025 Special Assessments by owners of the property within the Development. Any such redemptions of the Series 2025 Bonds would be at the principal amount of such Series 2025 Bonds being redeemed plus accrued interest to the date of redemption. In such event, owners of the Series 2025 Bonds may not realize their anticipated rate of return on the Series 2025 Bonds and owners of any Premium Bonds (as defined herein) may receive less than the price they paid for the Series 2025 Bonds. See “DESCRIPTION OF THE SERIES 2025 BONDS – Redemption Provisions” and “SECURITY FOR AND
SOURCE OF PAYMENT OF THE SERIES 2025 BONDS – Prepayment of Series 2025 Special Assessments” herein for more information.

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ESTIMATED SOURCES AND USES OF FUNDS
The table that follows summarizes the estimated sources and uses of proceeds of the Series 2025
Bonds:
Source of Funds
Par Amount of Series 2025 Bonds	$
[Plus][Less][Net] Original Issue [Premium][Discount]		
Total Sources	$	
Use of Funds

Deposit to Series 2025 Acquisition and Construction Account	$	 Deposit to Series 2025 Interest Account (1)
Deposit to Series 2025 Reserve Account
Costs of Issuance, including Underwriter’s Discount(2)
Total Uses	$	

(1) To be applied to fund interest on the Series 2025 Bonds through at least December 15, 2025.
(2) Costs of issuance includes, without limitation, legal fees and other costs associated with the issuance of the Series 2025 Bonds.

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DEBT SERVICE REQUIREMENTS
The following table sets forth the scheduled debt service on the Series 2025 Bonds:

Period Ending December 15	Principal (Amortization)	Interest	Total Debt Service	
2025	$	$	$	
2026				
2027				
2028				
2029				
2030				
2031				
2032				
2033				
2034				
2035				
2036				
2037				
2038				
2039				
2040				
2041				
2042				
2043				
2044				
2045				
2046				
2047				
2048				
2049				
2050				
2051				
2052				
2053	 		 		 		
2054
2055*
TOTALS	
$		
$		
$		

* The Series 2025 Bonds mature on June 15, 20 .

THE DISTRICT
General Information
The District was established under the provisions of the Act and created by Ordinance No. 0-21-01 enacted by the City Commission of the City of Eagle Lake, Florida (the “City”) on October 5, 2020 and effective on October 15, 2020, pursuant to the provisions of the Act. The boundaries of the District include approximately 278.50+/- gross acres of land (the “District Lands”) located entirely within the incorporated area of the City within the County.
Legal Powers and Authority
The District is an independent unit of local government created pursuant to, and established in accordance with, the Act. The Act was enacted in 1980 to provide a uniform method for the establishment of independent districts to manage and finance basic community development services, including capital infrastructure required for community developments throughout the State of Florida. The Act provides legal authority for community development districts (such as the District) to finance the acquisition, construction, operation and maintenance of the major infrastructure for community development pursuant to its general law charter. The District is classified as an independent district under Chapter 189, Florida Statutes.
Among other provisions, the Act gives the District’s Board of Supervisors the authority to, among other things, (a) plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate and maintain systems and facilities for, among other things: (i) water management and control for lands within the District and to connect any of such facilities with roads and bridges; (ii) water supply, sewer and waste- water management, reclamation and reuse systems or any combination thereof and to construct and operate connecting intercept or outlet sewers and sewer mains and pipes and water mains, conduits, or pipelines in, along, and under any street, alley, highway, or other public place or ways, and to dispose of any effluent, residue, or other byproducts of such system or sewer system; (iii) District roads equal to or exceeding the specifications of the county in which such District roads are located and street lights, landscaping, hardscaping and undergrounding of electric utility lines; and (iv) with the consent of the local general- purpose government within the jurisdiction of which the power is to be exercised, parks and facilities for indoor and outdoor recreational uses and security; (b) borrow money and issue bonds of the District; (c) impose and foreclose special assessments liens as provided in the Act; and (d) exercise all other powers, necessary, convenient, incidental or proper in connection with any of the powers or duties of the District stated in the Act.
The Act does not empower the District to adopt and enforce any land use plans or zoning ordinances and the Act does not empower the District to grant building permits; these functions are to be performed by general purpose local governments having jurisdiction over the lands within the District.
The Act exempts all property owned by the District from levy and sale by virtue of an execution and from judgment liens, but does not limit the right of any owner of Bonds of the District to pursue any remedy for enforcement of any lien or pledge of the District in connection with its bonds, including the Series 2025 Bonds.
Board of Supervisors
The governing body of the District is its Board of Supervisors (the “Board”), which is composed of five Supervisors (the “Supervisors”). The Act provides that, at the initial meeting of the landowners,

Supervisors must be elected by the landowners with the two Supervisors receiving the highest number of votes to serve for four years and the remaining Supervisors to serve for a two-year term. Three of the five Supervisors are elected to the Board every two years in November. At such election the two Supervisors receiving the highest number of votes are elected to four-year terms and the remaining Supervisor is elected to a two-year term. Until the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, or such earlier time as the Board may decide to exercise its ad valorem taxing power, the Supervisors are elected by vote of the landowners of the District. Ownership of the land within the District entitles the owner to one vote per acre (with fractions thereof rounded upward to the nearest whole number and, for purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre and shall not be aggregated for determining the number of voting units held). Upon the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, the Supervisors whose terms are expiring will be elected (as their terms expire) by qualified electors of the District, except as described below. A qualified elector is a registered voter who is at least eighteen years of age, a resident of the District and the State of Florida and a citizen of the United States. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, both to four-year terms. Thereafter, as terms expire, all Supervisors must be qualified electors and are elected to serve four-year terms. If there is a vacancy on the Board, whether as a result of the resignation or removal of a Supervisor or because no elector qualifies for a seat to be filled in an election, the remaining Board members are to fill such vacancy for the unexpired term.
Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, prior to the exercise of such power, it shall call an election at which all Supervisors shall be qualified electors and shall be elected by qualified electors in the District. Elections subsequent to such decision shall be held in a manner such that the Supervisors will serve four-year terms with staggered expiration dates in the manner set forth in the Act.
The Act provides that it shall not be an impermissible conflict of interest under Florida law governing public officials for a Supervisor to be a stockholder, officer or employee of a landowner or of any entity affiliated with a landowner.
The current members of the Board and the expiration of the term of each member are set forth
below:
Name	Title	Term Expires
Adam Morgan*	Chairperson	November 2027
Rob Bonin*	Vice-Chairperson	November 2027
Kayla Word*	Assistant Secretary	November 2025
Brent Kewley*	Assistant Secretary	November 2025
Michelle Dudley*	Assistant Secretary	November 2025

* Employee of, or affiliated with, the Development Manager.

A majority of the members of the Board constitutes a quorum for the purposes of conducting its business and exercising its powers and for all other purposes. Action taken by the Board shall be upon a vote of a majority of the members present unless general law or a rule of the District requires a greater number. All meetings of the Board are open to the public under Florida’s open meeting or “Sunshine” law.

The District Manager and Other Consultants
The chief administrative official of the District is the District Manager (as hereinafter defined). The Act provides that a district manager has charge and supervision of the works of the District and is responsible for preserving and maintaining any improvement or facility constructed or erected pursuant to the provisions of the Act, for maintaining and operating the equipment owned by the District, and for performing such other duties as may be prescribed by the Board.
The District has retained Governmental Management Services – Central Florida, LLC, Orlando, Florida, to serve as its district manager (“District Manager”). The District Manager’s office is located at 219 E. Livingston Street, Orlando, Florida 32801.
The Act further authorizes the Board to hire such employees and agents as it deems necessary. Thus, the District has employed the services of Greenberg Traurig, P.A., West Palm Beach, Florida, as Bond Counsel; Connelly & Wicker Inc., Jacksonville, Florida, as District Engineer; and Cobb Cole, P.A., Deland, Florida, as District Counsel. The Board has also retained the District Manager to serve as Methodology Consultant and to prepare the Assessment Methodology and to serve as dissemination agent for the Series 2025 Bonds.
Prior Indebtedness
The District previously issued its $5,665,000 aggregate principal amount Special Assessment Bonds, Series 2023 (Assessment Area One) (the “Series 2023 Bonds”), currently outstanding in the principal amount of $5,585,000, to finance certain master public infrastructure improvements (the “2023 Project”).
The Series 2025 Pledged Revenues are not pledged to the payment of the principal of and interest on the Series 2023 Bonds, and the Series 2023 Special Assessments securing the Series 2023 Bonds are not pledged to the payment of the principal of and interest on the Series 2025 Bonds. After the issuance of the Series 2025 Bonds, the Series 2025 Special Assessments will be the only debt assessments levied on the lands securing the Series 2025 Bonds. The Series 2023 Special Assessments are the only debt assessments levied on the lands within Assessment Area One.

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THE CAPITAL IMPROVEMENT PLAN AND THE 2025 PROJECT
Connelly & Wicker Inc. (the “District Engineer”) prepared a report entitled [Supplemental Engineer’s Report] for the Ranches at Lake McLeod Community Development District dated February 11, 2025, as may be amended and supplemented from time to time (the “Engineer’s Report”). The Engineer’s Report sets forth certain public infrastructure improvements necessary for the development of approximately 1,159 residential units planned for the Development (the “Capital Improvement Plan”). The Engineer’s Report estimates the total cost of the Capital Improvement Plan to be approximately $	. See “APPENDIX C – ENGINEER’S REPORT” for more information.
Land development associated with the Development will occur in phases. Assessment Area One contains 407 residential units consisting of 196 forty-foot (40’) single-family detached homes, 203 fifty- foot (50’) single-family detached homes and 8 sixty-foot (60’) single-family detached homes. Assessment Area Two is planned to contain   residential units, consisting of   forty-foot (40’) single-family detached homes,   fifty-foot (50’) single-family detached homes and   sixty-foot (60’) single-family detached homes. [Future phases of the Development are planned to contain    residential units (“Future Phases”). The District may create one or more distinct assessment areas for such Future Phases.] The Series 2025 Bonds are being issued to finance a portion of the Capital Improvement Plan referred to herein as the “2025 Project.” The “2025 Project” consists of: [(i)] the infrastructure improvements supporting the development of the lots within Assessment Area Two, [(ii) the costs associated with the Amenity (as hereinafter defined) and (iii) impact fees].
In June 2023, the District issued the Series 2023 Bonds to finance a portion of the 2023 Project. The 2023 Project [is substantially complete] and all 407 residential units have been developed and platted. See “THE DEVELOPMENT – Assessment Area One Status” herein for more information.
The Series 2025 Bonds are being issued to finance a portion of the 2025 Project. The District Engineer, in the Engineer’s Report estimates the total cost of the 2025 Project to be approximately
$	, as more particularly described below.

Description

Assessment Area Two (2025 Project)

Soft Cost	$
Roadways/Paving Utilities Earthwork
Stormwater Management Landscaping/Pedestrian Improvements Signage/Lighting
Recreation* Impact Fees
Contingency (10%)
Total	$

[* The proceeds of the Series 2025 Bonds will not fund the Amenity.]
[The Series 2025 Bonds will be secured by the Series 2025 Special Assessments which at issuance will be levied on the    platted lots within Assessment Area Two.] See “APPENDIX D – ASSESSMENT METHODOLOGY” and “THE DEVELOPMENT – Taxes, Fees and Assessments” herein for more information.

The net proceeds of the Series 2025 Bonds to be deposited into the Series 2025 Acquisition and Construction Account will be approximately $   million* and such proceeds will be used by the District towards the funding and/or acquisition of a portion of the 2025 Project. The Development Manager will enter into a completion agreement that will obligate the Development Manager to complete any portions of the 2025 Project not funded with proceeds of the Series 2025 Bonds. All such obligations of the Development Manager are unsecured obligations. See “BONDOWNERS’ RISKS – No. 16” herein.
[The status of land development within Assessment Area Two is as follows: (i)   lots are developed; (ii)    lots are under development and expected to be completed in 	 20 ; and (iii)   lots are expected to be completed in the 	 calendar quarter of 20 . All    lots within Assessment Area Two have been platted.] The cost of the 2025 Project is approximately $		, of which approximately $   million has been spent to date.
[The District anticipates issuing one or more additional series of bonds in the future to finance the remaining portions of the Capital Improvement Plan associated with the Future Phases. Such additional series of bonds will be secured by land that is separate and distinct from the lands comprising Assessment Area Two. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS –
Additional Obligations” herein for more information.]
The District Engineer has indicated that all permits necessary to construct the 2025 Project have either been obtained or are reasonably expected to be obtained in the ordinary course. See “APPENDIX C – ENGINEER’S REPORT” for more information.

[Remainder of page intentionally left blank.]

* Preliminary, subject to change.

The information appearing below under the captions “THE DEVELOPMENT” and “THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER” has been furnished by either the Primary Landowner or the Development Manager for inclusion in this Limited Offering Memorandum and, although believed to be reliable, such information has not been independently verified by Bond Counsel, the District or its counsel, or the Underwriter or its counsel, and no persons other than the Primary Landowner or the Development Manager make any representation or warranty as to the accuracy or completeness of such information supplied by them. The following information is provided by either the Primary Landowner or the Development Manager as a means for the prospective bondholders to understand the anticipated development plan and risks associated with the Development. Neither the Primary Landowner, the Development Manager nor any other party is guaranteeing payment of the Series 2025 Bonds or the Series 2025 Special Assessments.
THE DEVELOPMENT
General
The boundaries of the District include approximately 278.50+/- gross acres of land located entirely within an incorporated area of the City within the County. The District is planned to contain an approximate 1,159 unit residential community known as “Ranches at Lake McLeod” and referred to herein as the “Development.” The Development is located between Bomber Road and Gerber Dairy Road and is centrally located between Tampa and Orlando, between U.S. Highway 17 and U.S. Highway 27, with access to Interstate 4. Development residents will have access to Central Florida attractions such as Walt Disney World Resort and LEGOLAND. Due to its proximity to Tampa and Orlando, the Development serves as a “bedroom community” to those markets, offering price points substantially below that of similarly sized homes in those markets. The immediately surrounding area has numerous retail establishments and businesses, most notably the regional headquarters of State Farm. Major employers in the area include State Farm and LEGOLAND. Below is a map of the approximate location of the Development.

Land development associated with the Development will occur in phases. Assessment Area One contains 407 residential units consisting of 196 forty-foot (40’) single-family detached homes, 203 fifty- foot (50’) single-family detached homes and 8 sixty-foot (60’) single-family detached homes. Assessment Area Two is planned to contain   residential units, consisting of   forty-foot (40’) single-family detached homes,   fifty-foot (50’) single-family detached homes and   sixty-foot (60’) single-family detached homes. [Future Phases are planned to contain   residential units.] The 2023 Project is [substantially complete] and all 407 residential units have been developed and platted. [The District may create one or more distinct assessment areas for such Future Phases.] The 2025 Project consists of: [(i)] the infrastructure improvements supporting the development of the lots within Assessment Area Two, [(ii) the costs associated with the Amenity and (iii) impact fees]. See “THE DEVELOPMENT – Assessment Area Two Development Plan / Status” herein.
[The Series 2025 Bonds will be secured by the Series 2025 Special Assessments which at issuance will be levied on the    platted lots within Assessment Area Two.] The District anticipates issuing one or more additional series of bonds in the future to finance the remaining portions of the Capital Improvement Plan associated with the Future Phases. Such additional series of bonds will be secured by land that is separate and distinct from the lands comprising Assessment Area Two. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2025 BONDS – Additional Obligations” herein for more information.
KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”) is the primary owner of the assessable land within the Development. The Primary Landowner entered into the Construction Agreement with Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”) pursuant to which the Development Manager will manage the installation of infrastructure improvements for 942 lots within the Development (including the    lots in Assessment Area Two) and the Primary Landowner is obligated to fund the associated costs incurred under the Construction Agreement. In addition, the Primary Landowner entered into the Option Agreement (as hereinafter defined) with the Development Manager pursuant to which the Development Manager has the option to purchase 942 developed lots within the Development in a series of takedowns. As of the date hereof, the Development Manager has taken down    lots within Assessment Area Two and the Primary Landowner owns the remaining    lots within Assessment Area Two. See “THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER” herein for more information.
The Development is planned to contain approximately 1,159 single-family residential units at build-out, consisting of forty-foot (40’) single-family detached homes, fifty-foot (50’) single-family detached homes and sixty-foot (60’) single-family detached homes. Residential units are expected to range in size from 1,444 square feet to 3,253 square feet with prices ranging from $289,990 to $450,990. The target market for the Development is first-time homebuyers and move-up buyers. See “- Residential Product Offerings” below for expected square footage and starting price points per unit and target customers.
As of the date hereof,  residential units within Assessment Area Two have been sold to homebuyers,   residential units are under construction, with closings with homebuyers expected to commence by     20  .
Assessment Area One Status
[In June 2023, the District issued the Series 2023 Bonds to finance a portion of the 2023 Project. The 2023 Project is [substantially complete] and all 407 residential units have been developed and platted. Pursuant to the Option Agreement (as herein defined), [the Development Manager has taken down all 407 platted lots within Assessment Area One].  As of 	, 20  , approximately   homes within

Assessment Area One have closed with homebuyers and an additional 	 homes are under contract pending closing.]
Land Acquisition and the Option Agreement
In January 2021, the Development Manager (Lennar Homes, LLC) entered into an agreement to acquire the lands comprising the Development for $18 million in three takedowns. As of the date hereof, the Development Manager has acquired land planned for 942 residential units (including the land in Assessment Area Two) and subsequently sold such lands to the Primary Landowner.
Concurrently with the Primary Landowner’s acquisition of such lands within the District, the Primary Landowner entered into a Construction Agreement dated November 18, 2021, as may be amended and supplemented from time to time (the “Construction Agreement”) with the Development Manager pursuant to which the Development Manager will manage the installation of infrastructure improvements for 942 lots within the Development (including the   lots in Assessment Area Two) and the Primary Landowner is obligated to fund the associated costs incurred under the Construction Agreement. Pursuant to the Construction Agreement, the Development Manager is obligated to complete the Development’s infrastructure budget, plus fund any cost over runs.
The Development Manager and the Primary Landowner entered into an Option Agreement dated November 18, 2021, as may be amended and supplemented from time to time (the “Option Agreement”). Pursuant to the Option Agreement, the Development Manager has paid the Primary Landowner an initial option payment of $5,293,618.50 (the “Option Payment”) for the right for the Development Manager to acquire 942 developed lots within the Development at the following average prices: $47,852.53 per forty- foot (40’) lot, $51,223.48 per fifty-foot (50’) lot, and $59,605.20 per sixty-foot (60’) lot, plus monthly interest on the outstanding balance due under the Option Agreement. The Option Payment is nonrefundable except in the event of a default by the Primary Landowner and is to be applied against lot takedowns in accordance with the terms of the Option Agreement. [The 407 platted lots in Assessment Area One have been taken down by the Development Manager. The initial takedown of   lots in Assessment Area Two occurred in 	 20  and the remaining takedowns are expected to occur every [90] days thereafter until all lots have been acquired. As of the date hereof, the Development Manager has taken down    lots within Assessment Area Two and the Primary Landowner owns the land planned for the remaining    lots within Assessment Area Two.]
The Development Manager has the right to acquire the lots early, subject to an early purchase premium, and to terminate the Option Agreement at any time upon delivery of written notice to the Primary Landowner. Upon the termination of the Option Agreement for any reason other than the Primary Landowner’s default, the Development Manager shall within five (5) days deliver to the Primary Landowner a deferred initial option payment of no more than $[5,293,618.50]. See “BONDOWNERS’ RISKS – No. 16” herein.
Development Finance Plan
The 2025 Project consists of: [(i)] the infrastructure improvements supporting the development of the lots within Assessment Area Two, [(ii) the costs associated with the Amenity (iii) impact fees]. The cost of the 2025 Project is approximately $	, of which approximately $	 has been spent to date. The net proceeds of the Series 2025 Bonds to be deposited into the Series 2025 Acquisition and

Construction Account will be approximately $	* and such proceeds will be used by the District towards the funding and/or acquisition of a portion of the 2025 Project. The Development Manager will enter into a completion agreement that will obligate the Development Manager to complete any portions of the 2025 Project not funded with proceeds of the Series 2025 Bonds. All such obligations of the Development Manager are unsecured obligations. See “BONDOWNERS’ RISKS – No. 16” herein.
Assessment Area Two Development Plan / Status
Assessment Area Two is expected to contain   residential units, consisting of    forty-foot (40’) single-family detached homes,    fifty-foot (50’) single-family detached homes and    sixty-foot (60’) single-family detached homes. [All    lots within Assessment Area Two have been platted.] The status of land development within Assessment Area Two is as follows: (i)    lots are developed; (ii)    lots are under development and expected to be completed in 		 20 ; and (iii)    lots are expected to be completed in the 	 calendar quarter of 20 . As of the date hereof,    residential units within Assessment Area Two have been sold to homebuyers,   residential units are under construction, with closings with homebuyers expected to commence by 	 20 .
It is expected that approximately    homes within Assessment Area Two will be delivered to end users per annum commencing in   20  until buildout. This anticipated absorption is based upon estimates and assumptions made by the Development Manager that are inherently uncertain, though considered reasonable by the Development Manager, and are subject to significant business, economic, and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond the control of the Development Manager. As a result, there can be no assurance such absorption rate will occur or be realized in the time frame anticipated.
Residential Product Offerings [Confirm table below]
The target customers for units within the Development are first time homebuyers and move-up buyers. Below is a summary of the expected types of units and starting price ranges for units in the Development.

Product Type	Square Footage	Beds/Baths	Starting Price Range	
Single-Family – 40’	1,444 to 2,575	3 to 6 Bedrooms, 2 to 3 Baths	$289,990 to $362,990	
Single-Family – 50’	1,555 to 2,203	3 to 4 Bedrooms, 2 to 3 Baths	$301,990 to $385,490	
Single-Family – 60’	2,278 to 3,253	4 to 5 Bedrooms, 2 to 3.5 Baths	$316,999 to $450,990	

Development Approvals
The land within the Development, including, without limitation, the land therein subject to the Series 2025 Special Assessments, is zoned to allow for the contemplated residential uses described herein. All permits have been received by jurisdictional agencies to allow for the development contemplated herein or are reasonably expected to be received in the ordinary course. The District was required to construct certain offsite utilities and resurface Bomber Road and adjacent turn lanes, which have been completed. The approximate cost of such construction and resurfacing was [$2.3 million.]

* Preliminary, subject to change.

Environmental
A Phase I Environmental Site Assessment was prepared by Kleinfelder, Inc. dated March 9, 2021 (the “Phase I ESA”) covering the District. The Phase I ESA revealed no evidence of recognized environmental conditions. See “BONDOWNERS’ RISK – No. 10” herein for more information regarding potential environmental risks.
Amenities
The Development is planned to contain multiple active park spaces that will be owned and maintained by the District. There are two main amenity areas planned for the Development, the “North Ranch Amenity” and the “Central Ranch Amenity” which will be owned and maintained by the homeowner’s association. The North Ranch Amenity is an aquatic amenity located lakeside, consisting of a boat ramp, dock, and parking area. The Central Ranch Amenity will have an approximate 6,000 square foot clubhouse and resort-style swimming pool (collectively, with the North Ranch Amenity, the “Amenity”). Construction of the Amenity is underway and is expected to be completed by 	 2026. The estimated cost of the Amenity is approximately $[3.9 million], a portion of which will be funded by the Primary Landowner in accordance with the terms of the Construction Agreement, and the balance of which will be funded by the Development Manager.
Utilities
Potable water, wastewater treatment and reclaimed wastewater (reuse services) for the Development are expected to be provided by City of Eagle Lake Utilities. Electric power is expected to be provided by Tampa Electric. Cable television and broadband cable services are expected to be provided by Frontier Communications. All utility services are available to the property.
Taxes, Fees and Assessments
[As set forth in the Assessment Methodology, the Series 2025 Special Assessments will at issuance be levied on the    platted lots within Assessment Area Two.] The Series 2025 Special Assessments will be allocated on a per unit basis as set forth below and in the Assessment Methodology. See “THE DEVELOPMENT – Development Plan/Status” and “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type	No. of Units

Annual Series 2025 Special Assessments Per Unit*/**/***

Series 2025 Bonds Par Debt Per Unit*

Single-Family – 40’			$ 		$	 Single-Family – 50’
		
Single-Family – 60’
		
Total

* Preliminary, subject to change.
** This amount is grossed up to include early payment discounts and County collection fees, currently 7%.
*** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the principal amount of the Series 2025 Bonds, it is estimated that the District will recognize a Development Manager contribution equal to $55,000 in eligible infrastructure.

The District will levy assessments on residential units in the Development to cover its operation and maintenance costs that will be approximately $590.95 per residential unit annually; which amount is

subject to change. In addition, residents within the Development will be required to pay homeowners association fees and an amenity fee which are currently estimated to be [$138] per month per unit. The land within the District has been and is expected to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate imposed on taxable properties in the District for 2024 was approximately 19.7733 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2025 Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the County and the School District of Polk County, Florida may each levy ad valorem taxes and/or special assessments upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year.
Education
Students in elementary school are expected to attend Wahneta Elementary School, which was rated “C” by the Florida Department of Education for 2024. Students in middle school are expected to attend Westwood Middle School, which was rated “C” by the Florida Department of Education for 2024. Students in high school are expected to attend Lake Region High School, which was rated “C” by the Florida Department of Education for 2024. There are also several private and charter school alternatives in the vicinity of the Development.
Competition
The following communities have been identified by the Development Manager as being competitive with the Development because of their proximity to the Development, price ranges and product types: 	, 	, and 	.
This heading does not purport to list all the existing or planned communities in the area of the Development, but rather provide a list of those that the Development Manager feels pose primary competition to the Development.
THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER
The Primary Landowner
KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”), was organized on October 26, 2021. The Primary Landowner is a special purpose entity whose primary assets are various properties subject to option agreements. The Primary Landowner is wholly owned by investment funds managed by Kennedy Lewis Management LP (“Kennedy Lewis”), a Delaware limited partnership and SEC-registered investment advisor. Kennedy Lewis is a credit manager of private funds and CLOs with over $10 billion under management. Kennedy Lewis has invested a material amount in homebuilder and land development financings since launching its homebuilder finance investment strategy in 2021.
David Valiaveedan leads Kennedy Lewis’ homebuilder finance investment strategy. Mr. Valiaveedan is responsible for evaluating the acquisition of the Development and simultaneous negotiation and execution of the Option Agreement to provide the Development Manager with the option to acquire the Development in accordance with the terms of the Option Agreement. Mr. Valiaveedan has over 30 years of experience in real estate focused on the structuring and placement of debt and equity for public and private companies across the homebuilding, multifamily, office and hotel segments. Prior to joining

Kennedy Lewis in 2021, Mr. Valiaveedan spent six years at DW Partners, LP where he led the formation of Domain Real Estate Partners and targeted residential investment. Prior to joining DW Partners in August 2015, David was Vice President of Finance & Treasurer at Hovnanian Enterprises, Inc, a national homebuilder. At Hovnanian, he was a member of senior management responsible for the treasury and corporate finance functions and served as a member of the company’s land acquisition committee. He focused on raising debt and equity capital at both the entity level through senior notes and share issuances, and at the community level through project debt and joint venture equity including land banking. Prior to joining Hovnanian in 2005, Mr. Valiaveedan was a Vice President at AIG Global Real Estate where he led capital markets for a portfolio of six AIG sponsored global private equity funds and direct portfolio investments with a gross invested balance of over $6 billion. Prior to AIG, from 2000-2002, he was a Vice President in Real Estate Investment Banking at Credit Suisse; he held the same position at Donaldson, Lufkin & Jenrette before it was acquired by Credit Suisse. At both firms he was involved in the structuring and placement of debt and equity capital as well as mergers and acquisitions for real estate companies. From 1997-2000, Mr. Valiaveedan was a Vice President at Credit Re Mortgage Capital, a merchant bank focused on credit enhancement for affordable housing. From 1994-1997, he was an Associate in Real Estate Investment Banking at Bankers Trust (now Deutsche Bank) and participated in the acquisition of distressed and non-performing loan portfolios from various sellers, including the Resolution Trust Corporation. Mr. Valiaveedan holds a BS in Finance from Georgetown University and an MBA from the Darden Graduate School of Business Administration at the University of Virginia.
The Development Manager
Lennar Homes, LLC, a Florida limited liability company, is an indirectly wholly-owned subsidiary of Lennar Corporation (“Lennar”). Lennar, founded in 1954, has homebuilding operations in fifteen states and is one of the nation’s leading builders of quality homes for all generations, building affordable, first- time, move-up and retirement homes. Lennar stock trades on the New York Stock Exchange under the symbol LEN. Lennar is subject to the informational requirements of the Securities and Exchange Commission Act of 1934, as amended (the “Exchange Act”), and in accordance therewith files reports, proxy statements, and other information with the Securities and Exchange Commission (the “SEC”). Such filings, particularly Lennar’s annual and quarterly reports filed on Form 10-K and Form 10-Q, set forth certain data relative to the consolidated results of operations and financial position of Lennar and their subsidiaries as of such date. The SEC maintains an Internet web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including Lennar. The address of such Internet web site is www.sec.gov.
All documents subsequently filed by Lennar pursuant to the requirements of the Exchange Act after the date of this Limited Offering Memorandum will be available for inspection in such manner as the SEC prescribes. Lennar is not guaranteeing any of the Development Manager’s obligations incurred in connection with the issuance of the Series 2025 Bonds.
NEITHER THE PRIMARY LANDOWNER, THE DEVELOPMENT MANAGER NOR LENNAR CORPORATION ARE GUARANTEEING THE PAYMENT OF THE SERIES 2025 BONDS OR THE SERIES 2025 SPECIAL ASSESSMENTS. NONE OF THE ENTITIES LISTED HEREIN, OTHER THAN THE PRIMARY LANDOWNER AND THE DEVELOPMENT MANAGER, HAVE ENTERED INTO ANY AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2025 BONDS.

ASSESSMENT METHODOLOGY
General
The Master Special Assessment Methodology Report dated February 2, 2022 (the “Master Methodology”) prepared by Wrathell, Hunt and Associates, LLC, as supplemented by [a Second] Supplemental Special Assessment Methodology Report to be dated the sale date of the Series 2025 Bonds (the “Supplemental Methodology” and, together with the Master Methodology, the “Assessment Methodology”) prepared by Governmental Management Services – Central Florida, LLC, Orlando, Florida (the “Methodology Consultant”), describes the methodology for allocation of the Series 2025 Special Assessments to lands within the District. See “EXPERTS” herein for more information. The Assessment Methodology is included herein as APPENDIX D. Once the final terms of the Series 2025 Bonds are determined, the Supplemental Methodology will be amended to reflect such final terms.
Once levied and imposed, the Series 2025 Special Assessments are a first lien on the land against which assessed until paid or barred by operation of law, co-equal with other taxes and assessments levied by the District and other non-federal units of government. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
Projected Level of District Assessments
[As set forth in the Assessment Methodology, the Series 2025 Special Assessments will at issuance be levied on the    platted lots within Assessment Area Two.] The Series 2025 Special Assessments will be allocated on a per unit basis as set forth below and in the Assessment Methodology. See “THE DEVELOPMENT – Development Plan/Status” and “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type	No. of Units

Annual Series 2025 Special Assessments Per Unit*/**/***

Series 2025 Bonds Par Debt Per Unit*

Single-Family – 40’			$ 		$	 Single-Family – 50’
		
Single-Family – 60’
Total

* Preliminary, subject to change.
** This amount is grossed up to include early payment discounts and County collection fees, currently 7%.
*** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the principal amount of the Series 2025 Bonds, it is estimated that the District will recognize a Development Manager contribution equal to $55,000 in eligible infrastructure.

The District anticipates levying assessments to cover its operation and administrative costs that are currently approximately $590.95 per residential unit annually, net of early payment discounts, which amount is subject to change. In addition, residents will be required to pay homeowners association fees which are currently estimated to be $[138] per month per unit, which amount is subject to change. The land within the District has been and will continue to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate applicable to lands within the District for 2024 was approximately 19.7733 mills, which millage rate is subject to change in future tax years. These taxes are payable in addition to the Series 2025 Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which

no limit applies, the City, the County and the Polk County Public Schools each levy ad valorem taxes upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year.
True-Up Mechanism
The Assessment Methodology sets forth a “true-up mechanism” which prevents any buildup of debt on replatted land (“Unassigned Properties”). At the time Unassigned Properties becomes platted (“Assigned Properties”), the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed replat or revised site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is less than the required amount to pay debt service on the Series 2025 Bonds, then a debt reduction payment by the Primary Landowner and the Development Manager, as applicable, in the amount necessary to reduce the par amount of the outstanding Series 2025 Bonds plus accrued interest to a level that will be supported by the new maximum annual debt service will be required. This debt reduction payment would result in the extraordinary mandatory redemption of a portion of the Series 2025 Bonds. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein for additional information regarding the “true-up mechanism.”
TAX MATTERS
General
The Internal Revenue Code of 1986, as amended (the “Code”), includes requirements which the District must continue to meet after the issuance of the Series 2025 Bonds in order that the interest on the Series 2025 Bonds be and remain excludable from gross income for federal income tax purposes. The District’s failure to meet these requirements may cause the interest on the Series 2025 Bonds to be included in gross income for federal income tax purposes retroactively to the date of issuance of the Series 2025 Bonds. The District has covenanted in the Indenture to take the actions required by the Code in order to maintain the exclusion from gross income for federal income tax purposes of interest on the Series 2025 Bonds.
In the opinion of Greenberg Traurig, P.A., Bond Counsel, assuming the accuracy of certain representations and certifications of the District and the Development Manager and continuing compliance by the District with the tax covenants referred to above, under existing statutes, regulations, rulings and court decisions, the interest on the Series 2025 Bonds is excludable from gross income of the holders thereof for federal income tax purposes. Interest on the Series 2025 Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. In the case of the alternative minimum tax imposed by Section 55(b)(2) of the Code on applicable corporations (as defined in Section 59(k) of the Code), interest on the Series 2025 Bonds is not excluded from the determination of adjusted financial statement income. Bond Counsel is further of the opinion that the Series 2025 Bonds and the income thereon are not subject to taxation under the laws of the State, except as to estate taxes and taxes under Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations as defined in said Chapter 220. Bond Counsel will express no opinion as to any other tax consequences regarding the Series 2025 Bonds. Prospective purchasers of the Series 2025 Bonds should consult their own tax advisors as to the status of interest on the Series 2025 Bonds under the tax laws of any state other than the State.
The above opinion on federal tax matters with respect to the Series 2025 Bonds will be based on and will assume the accuracy of certain representations and certifications of the Development Manager and

the District, and compliance with certain covenants of the District and the Development Manager to be contained in the transcript of proceedings and that are intended to evidence and assure the foregoing, including that the Series 2025 Bonds will be and will remain obligations, the interest on which is excludable from gross income for federal income tax purposes. Bond Counsel will not independently verify the accuracy of those certifications and representations. Bond Counsel will express no opinion as to any other consequences regarding the Series 2025 Bonds.
Except as described above, Bond Counsel will express no opinion regarding the federal income tax consequences resulting from the receipt or accrual of the interest on the Series 2025 Bonds, or the ownership or disposition of the Series 2025 Bonds. Prospective purchasers of Series 2025 Bonds should be aware that the ownership of Series 2025 Bonds may result in other collateral federal tax consequences, including (i) the denial of a deduction for interest on indebtedness incurred or continued to purchase or carry the Series 2025 Bonds, (ii) the reduction of the loss reserve deduction for property and casualty insurance companies by the applicable statutory percentage of certain items, including the interest on the Series 2025 Bonds,
(iii) the inclusion of the interest on the Series 2025 Bonds in the earnings of certain foreign corporations doing business in the United States for purposes of a branch profits tax, (iv) the inclusion of the interest on the Series 2025 Bonds in the passive income subject to federal income taxation of certain Subchapter S corporations with Subchapter C earnings and profits at the close of the taxable year, (v) the inclusion of interest on the Series 2025 Bonds in the determination of the taxability of certain Social Security and Railroad Retirement benefits to certain recipients of such benefits, (vi) net gain realized upon the sale or other disposition of property such as the Series 2025 Bonds generally must be taken into account when computing the Medicare tax with respect to net investment income or undistributed net investment income, as applicable, imposed on certain high income individuals and specified trusts and estates and (vii) receipt of certain investment income, including interest on the Series 2025 Bonds, is considered when determining qualification limits for obtaining the earned income credit provided by Section 32(a) of the Code. The nature and extent of the other tax consequences described above will depend on the particular tax status and situation of each owner of the Series 2025 Bonds. Prospective purchasers of the Series 2025 Bonds should consult their own tax advisors as to the impact of these and any other tax consequences.
Bond Counsel’s opinion is based on existing law, which is subject to change. Such opinion is further based on factual representations made to Bond Counsel as of the date of issuance of the Series 2025 Bonds. Bond Counsel assumes no duty to update or supplement its opinion to reflect any facts or circumstances that may thereafter come to Bond Counsel’s attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, Bond Counsel’s opinion is not a guarantee of a particular result, and are not binding on the IRS or the courts; rather, such opinion represents Bond Counsel’s professional judgment based on its review of existing law, and in reliance on the representations and covenants that it deems relevant to such opinion.
Original Issue Discount and Premium
Certain of the Series 2025 Bonds (“Discount Bonds”) may be offered and sold to the public at an original issue discount (“OID”). OID is the excess of the stated redemption price at maturity (the principal amount) over the “issue price” of a Discount Bond determined under Code Section 1273 or 1274 (i.e., for obligations issued for money in a public offering, the initial offering price to the public (other than to bond houses and brokers) at which a substantial amount of the obligation of the same maturity is sold pursuant to that offering). For federal income tax purposes, OID accrues to the owner of a Discount Bond over the period to maturity based on the constant yield method, compounded semiannually (or over a shorter permitted compounding interval selected by the owner). The portion of OID that accrues during the period of ownership of a Discount Bond (i) is interest excludable from the owner’s gross income for federal income tax purposes to the same extent, and subject to the same considerations discussed above, as other interest

on the Series 2025 Bonds, and (ii) is added to the owner’s tax basis for purposes of determining gain or loss on the maturity, redemption, prior sale or other disposition of that Discount Bond.
Certain of the Series 2025 Bonds (“Premium Bonds”) may be offered and sold to the public at a price in excess of their stated redemption price (the principal amount) at maturity (or earlier for certain Premium Bonds callable prior to maturity). That excess constitutes bond premium. For federal income tax purposes, bond premium is amortized over the period to maturity of a Premium Bond, based on the yield to maturity of that Premium Bond (or, in the case of a Premium Bond callable prior to its stated maturity, the amortization period and yield may be required to be determined on the basis of an earlier call date that results in the lowest yield on that Premium Bond), compounded semiannually (or over a shorter permitted compounding interval selected by the owner). No portion of that bond premium is deductible by the owner of a Premium Bond. For purposes of determining the owner’s gain or loss on the sale, redemption (including redemption at maturity) or other disposition of a Premium Bond, the owner’s tax basis in the Premium Bond is reduced by the amount of bond premium that accrues during the period of ownership. As a result, an owner may realize taxable gain for federal income tax purposes from the sale or other disposition of a Premium Bond for an amount equal to or less than the amount paid by the owner for that Premium Bond.
Owners of Discount and Premium Bonds should consult their own tax advisers as to the determination for federal income tax purposes of the amount of OID or bond premium properly accruable in any period with respect to the Discount or Premium Bonds and as to other federal tax consequences, and the treatment of OID and bond premium for purposes of state and local taxes on, or based on, income.
Changes in Federal and State Tax Law
From time to time, there are legislative proposals suggested, debated, introduced or pending in Congress or in the State legislature that, if enacted into law, could alter or amend one or more of the federal tax matters, or state tax matters, respectively, described above including, without limitation, the excludability from gross income of interest on the Series 2025 Bonds, adversely affect the market price or marketability of the Series 2025 Bonds, or otherwise prevent the holders from realizing the full current benefit of the status of the interest thereon. It cannot be predicted whether or in what form any such proposal may be enacted, or whether, if enacted, any such proposal would affect the Series 2025 Bonds. Prospective purchasers of the Series 2025 Bonds should consult their tax advisors as to the impact of any proposed or pending legislation.
Information Reporting and Backup Withholding
Interest paid on tax-exempt bonds such as the Series 2025 Bonds is subject to information reporting to the Internal Revenue Service in a manner similar to interest paid on taxable obligations. This reporting requirement does not affect the excludability of interest on the Series 2025 Bonds from gross income for federal income tax purposes. However, in conjunction with that information reporting requirement, the Code subjects certain non-corporate owners of Series 2025 Bonds, under certain circumstances, to “backup withholding” at the rates set forth in the Code, with respect to payments on the Series 2025 Bonds and proceeds from the sale of Series 2025 Bonds. Any amount so withheld would be refunded or allowed as a credit against the federal income tax of such owner of Series 2025 Bonds. This withholding generally applies if the owner of Series 2025 Bonds (i) fails to furnish the payor such owner’s social security number or other taxpayer identification number (“TIN”), (ii) furnished the payor an incorrect TIN, (iii) fails to properly report interest, dividends, or other “reportable payments” as defined in the Code, or (iv) under certain circumstances, fails to provide the payor or such owner’s securities broker with a certified statement, signed under penalty of perjury, that the TIN provided is correct and that such owner is not subject to

backup withholding. Prospective purchasers of the Series 2025 Bonds may also wish to consult with their tax advisors with respect to the need to furnish certain taxpayer information in order to avoid backup withholding.
AGREEMENT BY THE STATE
Under the Act, the State of Florida pledges to the holders of any bonds issued thereunder, including the Series 2025 Bonds, that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the 2025 Project subject to the Act or to levy and collect taxes, assessments, rentals, rates, fees, and other charges provided for in the Act and to fulfill the terms of any agreement made with the holders of such bonds and that it will not in any way impair the rights or remedies of such holders.
LEGALITY FOR INVESTMENT
The Act provides that the Series 2025 Bonds are legal investments for savings banks, banks, trust companies, insurance companies, executors, administrators, trustees, guardians, and other fiduciaries, and for any board, body, agency, instrumentality, county, municipality or other political subdivision of the State of Florida, and constitute securities which may be deposited by banks or trust companies as security for deposits of state, county, municipal or other public funds, or by insurance companies as required or voluntary statutory deposits.
SUITABILITY FOR INVESTMENT
In accordance with applicable provisions of Florida law, the Series 2025 Bonds may initially be sold by the District only to “accredited investors” within the meaning of Chapter 517, Florida Statutes and the rules promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfers in any secondary market for the Series 2025 Bonds. Investment in the Series 2025 Bonds poses certain economic risks. No dealer, broker, salesperson or other person has been authorized by the District or the Underwriter to give any information or make any representations, other than those contained in this Limited Offering Memorandum.
The Series 2025 Bonds will be issued in fully registered form, without coupons, in authorized denominations of $5,000 and any integral multiple thereof, provided, however, if any initial beneficial owner of Series 2025 Bonds does not purchase at least $100,000 of the Series 2025 Bonds at the time of initial delivery of the Series 2025 Bonds, such beneficial owner must execute and deliver to the District and the Underwriter on the date of delivery of the Series 2025 Bonds the investor letter in the form attached to the Second Supplemental Indenture or otherwise establish to the satisfaction of the Underwriter that such beneficial owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
ENFORCEABILITY OF REMEDIES
The remedies available to the Owners of the Series 2025 Bonds upon an Event of Default under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including the federal bankruptcy code, the remedies specified by the Indenture and the Series 2025 Bonds may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2025 Bonds will be qualified as to the enforceability of the remedies provided in the various legal

instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery.
LITIGATION
The District
There is no litigation against the District of any nature now pending or, to the knowledge of the District threatened, seeking to restrain or enjoin the issuance, sale, execution or delivery of the Series 2025 Bonds, or in any way contesting or affecting (i) the validity of the Series 2025 Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, (ii) the pledge or application of any moneys or security provided for the payment of the Series 2025 Bonds, (iii) the existence or powers of the District or (iv) the validity of the Assessment Proceedings.
The Primary Landowner
There is no litigation of any nature now pending or, to the knowledge of the Primary Landowner, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2025 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the Primary Landowner to pay the Series 2025 Special Assessments imposed against the land within the District owned by the Primary Landowner or materially and adversely affect the ability of the Primary Landowner to perform its various obligations described in this Limited Offering Memorandum.
The Development Manager
There is no litigation of any nature now pending or, to the knowledge of the Development Manager, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2025 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the Development Manager to pay the Series 2025 Special Assessments imposed against the land within the District owned by the Development Manager or materially and adversely affect the ability of the Development Manager to perform its various obligations described in this Limited Offering Memorandum.
CONTINGENT FEES
The District has retained Bond Counsel, District Counsel, the District Engineer, the Methodology Consultant, the Underwriter (who has retained Underwriter’s counsel) and the Trustee (who has retained Trustee’s Counsel), with respect to the authorization, sale, execution and delivery of the Series 2025 Bonds. Except for the payment of fees to District Counsel, the District Engineer and the Methodology Consultant, the payment of fees of the other professionals is each contingent upon the issuance of the Series 2025 Bonds.
NO RATING
No application for a rating for the Series 2025 Bonds has been made to any rating agency, nor is there any reason to believe that an investment grade rating for the Series 2025 Bonds would have been obtained if application had been made.

EXPERTS
The Engineer’s Report included in APPENDIX C to this Limited Offering Memorandum has been prepared by Connelly & Wicker Inc. APPENDIX C should be read in its entirety for complete information with respect to the subjects discussed therein. The Master Methodology included in APPENDIX D to this Limited Offering Memorandum has been prepared by Wrathell, Hunt and Associates, LLC. The consent of Wrathell, Hunt and Associates, LLC for the use of the Master Methodology herein has not been sought as the Master Methodology is a publicly available document. The District recently engaged Governmental Management Services – Central Florida, LLC, Orlando, Florida as the new Methodology Consultant for the District, who has adopted the Master Methodology set forth in Appendix D. Governmental Management Services – Central Florida, LLC, Orlando, Florida, as Methodology Consultant, has prepared the Supplemental Methodology set forth as APPENDIX D hereto. APPENDIX D should be read in its entirety for complete information with respect to the subjects discussed therein. As a condition to closing on the Series 2025 Bonds, both the District Engineer and the Methodology Consultant have consented to the inclusion of their reports in this Limited Offering Memorandum.
FINANCIAL INFORMATION
Since its creation, the limited expenses of the District have been funded entirely by voluntary contributions from the Primary Landowner and the Development Manager. Therefore, as of the date of this Limited Offering Memorandum, the financial statements of the District would not contain any information material to an investment decision with respect to the Series 2025 Bonds.
The District will covenant in the Disclosure Agreement (as defined below), the form of which is set forth in APPENDIX E hereto to provide its annual audit to the Municipal Securities Rulemaking Board’s (“MSRB”) Electronic Municipal Markets Access repository (“EMMA”) as described in APPENDIX E, commencing with the audited financial statements of the District for the Fiscal Year ending September 30, 2025. Attached hereto as APPENDIX F are copies of the District’s most recent unaudited financial statements for the fiscal year ended September 30, 2024 and the audited financial statements for the fiscal year ended September 30, 2023. The audited financial statements for the fiscal year ended September 30, 2024 and September 30, 2025 are expected to be available on or before June 30, 2025 and June 30, 2026, respectively. The Series 2025 Bonds are not general obligation bonds of the District and are payable solely from the Series 2025 Pledged Revenues.
Each community development district in Florida must have a separate website with certain information as set forth in Section 189.069, F.S. Under such statute, each district must post its proposed budget and final budget and a link to the auditor general’s website (and the district’s audit) on a district website or the website of the municipal or county government. The District currently has a website in place.
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS
Rule 69W-400.003, Rules of Government Securities under Section 517.051(1), Florida Statutes, promulgated by the Florida Department of Financial Services, Office of Financial Regulation, Division of Securities and Finance (“Rule 69W-400.003”), requires the District to disclose each and every default as to the payment of principal and interest with respect to obligations issued or guaranteed by the District after December 31, 1975. Rule 69W-400.003 further provides, however, that if the District, in good faith, believes that such disclosures would not be considered material by a reasonable investor, such disclosures may be omitted. The District is not and has not since the date of its creation been in default as to principal and interest on its bonds or other debt obligations.

CONTINUING DISCLOSURE
The District, the Development Manager and the Primary Landowner will enter into a Continuing Disclosure Agreement (the “Disclosure Agreement”), the proposed form of which is set forth in APPENDIX E, for the benefit of the Series 2025 Bondholders (including owners of beneficial interests in such Series 2025 Bonds), respectively, to provide certain financial information and operating data relating to the District and the Development by certain dates prescribed in the Disclosure Agreement (the “Reports”) through EMMA. In addition, certain listed events must be disclosed through EMMA within a prescribed time period. The specific nature of the information to be contained in the Reports is set forth in “APPENDIX E – PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT.” Under certain
circumstances, the failure of the District, the Development Manager or the Primary Landowner to comply with their respective obligations under the Disclosure Agreement constitutes an event of default thereunder. Such a default will not constitute an Event of Default under the Indenture, but such event of default under the Disclosure Agreement would allow the Series 2025 Bondholders (including owners of beneficial interests in such Bonds), as applicable, to bring an action for specific performance.
The District has previously entered into continuing disclosure obligations in connection with Rule 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Rule”), relating to the Series 2023 Bonds. During the past two years, the District has been in material compliance with such continuing disclosure obligation, however, the annual report of the District for fiscal year ended September 30, 2023 was filed 5 days late. The District appointed the District Manager to serve as the dissemination agent under the Disclosure Agreement.
Pursuant to the Disclosure Agreement, the Primary Landowner and the Development Manager will covenant to provide certain financial information and operating data relating to the District, the Development Manager and the Primary Landowner, as applicable, on a quarterly basis, upon the written request of the Dissemination Agent. The Primary Landowner and the Development Manager have represented and warranted that to their knowledge they have provided on a timely basis all reporting information requested by the applicable dissemination agent with respect to prior continuing disclosure agreements entered into pursuant to the Rule. The Development Manager has been made aware of instances where the information required to be provided to the dissemination agents was not timely requested, not filed with the appropriate repository or, if filed, not filed on a timely basis. The Development Manager has represented that it has instituted internal processes to provide information to the dissemination agents on a timely basis and obtained assurances from the dissemination agents that they will in turn request the required reporting information timely and file such information timely with the appropriate repository. See “APPENDIX E – PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT.”
UNDERWRITING
FMSbonds, Inc. (the “Underwriter”) has agreed, pursuant to a contract with the District, subject to certain conditions, to purchase the Series 2025 Bonds from the District at a purchase price of $	 (representing the par amount of the Series 2025 Bonds, [plus] [less] [net] original issue [premium] [discount] of $	 and less an Underwriter’s discount of $	). The Underwriter’s obligations are subject to certain conditions precedent and upon satisfaction or waiver of such conditions, the Underwriter will be obligated to purchase all of the Series 2025 Bonds if any are purchased.
The Underwriter intends to offer the Series 2025 Bonds to accredited investors at the offering prices set forth on the inside cover page of this Limited Offering Memorandum, which may subsequently change without prior notice. The Series 2025 Bonds may be offered and sold to certain dealers, banks and others

at prices lower than the initial offering prices set forth on the inside cover page of this Limited Offering Memorandum, and such initial offering prices may be changed from time to time by the Underwriter.
VALIDATION
The Series 2025 Bonds to be issued pursuant to the Indenture were validated by final judgment of the Circuit Court of the Tenth Judicial Circuit of Florida in and for the County, rendered on April 21, 2022. The period of time for appeal of the judgment of validation of the Series 2025 Bonds has expired with no appeals being taken.
LEGAL MATTERS
Certain legal matters related to the authorization, sale and delivery of the Series 2025 Bonds are subject to the approval of Greenberg Traurig, P.A., West Palm Beach, Florida, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. Certain legal matters will be passed upon for the District by its counsel, Cobb Cole, P.A., Deland, Florida. Certain legal matters will be passed upon for the Development Manager by its counsel, Greenberg Traurig, P.A., West Palm Beach, Florida. Certain legal matters will be passed upon for the Primary Landowner by its counsel, Godbold, Downing, Bill & Rentz, P.A., Winter Park, Florida.
Bond Counsel’s opinion included herein is based on existing law, which is subject to change. Such opinion is further based on factual representations made to Bond Counsel as of the date of such. Bond Counsel assumes no duty to update or supplement its opinion to reflect any facts or circumstances that may thereafter come to Bond Counsel’s attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, Bond Counsel’s opinion is not a guarantee of a particular result, and is not binding on the Internal Revenue Service or the courts; rather, such opinion represents Bond Counsel’s professional judgment based on its review of existing law, and in reliance on the representations and covenants that it deems relevant to such opinion.
Greenberg Traurig, P.A. has served and continues to serve as special counsel to Lennar Homes, LLC on unrelated matters.
MISCELLANEOUS
Any statements made in this Limited Offering Memorandum involving matters of opinion or estimates, whether or not expressly so stated, are set forth as such and not as representations of fact, and no representations are made that any of the estimates will be realized.
The references herein to the Series 2025 Bonds and other documents referred to herein are brief summaries of certain provisions thereof. Such summaries do not purport to be complete and reference is made to such documents for full and complete statements of such provisions.
This Limited Offering Memorandum is submitted in connection with the limited offering of the Series 2025 Bonds and may not be reproduced or used, as a whole or in part, for any other purpose. This Limited Offering Memorandum is not to be construed as a contract with the purchasers or the Beneficial Owners of any of the Series 2025 Bonds.

AUTHORIZATION AND APPROVAL
The execution and delivery of this Limited Offering Memorandum has been duly authorized by the Board of the District.
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By: 	
Chairperson, Board of Supervisors

54

COPY OF MASTER INDENTURE AND
PROPOSED FORM OF SECOND SUPPLEMENTAL INDENTURE

A-1

PROPOSED FORM OF OPINION OF BOND COUNSEL

B-1

D-1

E-1

F-1

C-1

This Continuing Disclosure Agreement (this “Disclosure Agreement”) dated 	, 2025 is executed and delivered by the Ranches at Lake McLeod Community Development District (the “Issuer” or the “District”), Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”), KL LHB3 AIV LLC, a Delaware limited liability company (the “Primary Landowner”), and Governmental Management Services – Central Florida, LLC, Orlando, Florida, as dissemination agent (together with its successors and assigns, the “Dissemination Agent”) in connection with the Issuer’s Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Bonds”). The Bonds are secured pursuant to a Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each entered into by and between the Issuer and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office initially in Fort Lauderdale, Florida, as trustee (the “Trustee”). The Issuer, the Development Manager the Primary Landowner and the Dissemination Agent covenant and agree as follows:
Purpose of this Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Issuer, the Development Manager, the Primary Landowner and the Dissemination Agent for the benefit of the Beneficial Owners (as defined herein) of the Bonds and to assist the Participating Underwriter (as defined herein) of the Bonds in complying with the Rule (as defined herein). The Issuer, the Development Manager and the Primary Landowner have no reason to believe that this Disclosure Agreement does not satisfy the requirements of the Rule and the execution and delivery of this Disclosure Agreement is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction, a governmental regulatory agency, or an attorney specializing in federal securities law, that the Rule requires the Issuer, the Development Manager or the Primary Landowner to provide additional information, the Issuer, the Development Manager and Primary Landowner, as applicable, each agrees to promptly provide such additional information.
The provisions of this Disclosure Agreement are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the Issuer, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the Issuer, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.
Definitions. Capitalized terms not otherwise defined in this Disclosure Agreement shall have the meaning assigned in the Rule or, to the extent not in conflict with the Rule, in the Indenture. The following capitalized terms as used in this Disclosure Agreement shall have the following meanings:
“Annual Filing Date” means the date set forth in Section 3(a) hereof by which the Annual Report is to be filed with each Repository.

“Annual Financial Information” means annual financial information as such term is used in paragraph (b)(5)(i)(A) of the Rule and specified in Section 4(a)(viii) of this Disclosure Agreement.
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement.
“Assessment Area Two” shall mean the portion of the assessable lands within the District subject to the Assessments as more particularly described in the Limited Offering Memorandum.
“Assessments” shall mean the Series 2025 Special Assessments levied on the assessable lands within Assessment Area Two of the District pledged to the payment of the Bonds pursuant to the Indenture.
“Audited Financial Statements” means the financial statements (if any) of the Issuer for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Audited Financial Statements Filing Date” means the date set forth in Section 3(a) hereof by which the Audited Financial Statements are to be filed with each Repository if the same are not included as part of the Annual Report.
“Beneficial Owner” shall mean any person which, (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.
“Business Day” means any day other than (a) a Saturday, Sunday or a day on which banks located in the city in which the designated corporate trust office of the Trustee is located are required or authorized by law or executive order to close for business, and (b) a day on which the New York Stock Exchange is closed.
“Disclosure Representative” shall mean (i) as to the Issuer, the District Manager or its designee, or such other person as the Issuer shall designate in writing to the Dissemination Agent from time to time as the person responsible for providing information to the Dissemination Agent; and (ii) as to each entity constituting an Obligated Person (other than the Issuer), the individuals executing this Disclosure Agreement on behalf of such entity or such person(s) as such entity shall designate in writing to the Dissemination Agent from time to time as the person(s) responsible for providing information to the Dissemination Agent.
“Dissemination Agent” shall mean the Issuer or an entity appointed by the Issuer to act in the capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Issuer pursuant to Section 9 hereof. Governmental Management Services – Central Florida, LLC, Orlando, Florida, has been designated as the initial Dissemination Agent hereunder.

“District Manager” shall mean Governmental Management Services – Central Florida, LLC, Orlando, Florida, and its successors and assigns.
“EMMA” means the Electronic Municipal Market Access system for municipal securities disclosures located at http://emma.msrb.org/.
“EMMA Compliant Format” shall mean a format for any document provided to the MSRB (as hereinafter defined) which is in an electronic format and is accompanied by identifying information, all as prescribed by the MSRB.
“Financial Obligation” means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation, or (c) guarantee of an obligation or instrument described in either clause (a) or (b). Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
“Fiscal Year” shall mean the period commencing on October 1 and ending on September 30 of the next succeeding year, or such other period of time provided by applicable law.
“Limited Offering Memorandum” shall mean the final Limited Offering Memorandum dated 	, 2025, with respect to the Bonds.
“Listed Events” shall mean any of the events listed in Section 6(a) of this Disclosure Agreement.
“MSRB” means the Municipal Securities Rulemaking Board.
“Obligated Person(s)” shall mean, with respect to the Bonds, those person(s) who either generally or through an enterprise fund or account of such persons are committed by contract or other arrangement to support payment of all or a part of the obligations on such Bonds (other than providers of municipal bond insurance, letters of credit, or other liquidity facilities), which person(s) shall include the Issuer, and for the purposes of this Disclosure Agreement, the Development Manager, and its successors or assigns (excluding homebuyers who are end users), for so long as the Development Manager or its successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of at least 10% of the Assessments and the Primary Landowner and its successors or assigns (excluding homebuyers who are end users), for so long as the Primary Landowner or its successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of at least 10% of the Assessments.
“Participating Underwriter” shall mean FMSbonds, Inc.
“Quarterly Filing Date” shall mean for the quarter ending: (i) March 31, each May 1; (ii) June 30, each August 1; (iii) September 30, each November 1; and (iv) December 31, each February 1 of the following year. The first Quarterly Filing Date shall be November 1, 2025.

“Quarterly Report” shall mean any Quarterly Report provided by any Obligated Person (other than the Issuer) pursuant to, and as described in, Section 5 of this Disclosure Agreement.
“Repository” shall mean each entity authorized and approved by the SEC (as hereinafter defined) from time to time to act as a repository for purposes of complying with the Rule. The Repositories approved by the SEC may be found by visiting the SEC’s website at http://www.sec.gov/info/municipal/nrmsir.htm. As of the date hereof, the Repository recognized by the Securities and Exchange Commission for such purpose is the MSRB, which currently accepts continuing disclosure submissions through its EMMA web portal. As used herein, “Repository” shall include the State Repository, if any.
“Rule” shall mean Rule 15c2-12 adopted by the SEC under the Securities Exchange Act of 1934, as the same has and may be amended from time to time.
“SEC” means the Securities and Exchange Commission. “State” shall mean the State of Florida.
“State Repository” shall mean any public or private repository or entity designated by the State as a state repository for the purposes of the Rule.
Provision of Annual Reports.
Subject to the following sentence, the Issuer shall provide the Annual Report to the Dissemination Agent no later than one hundred eighty (180) days after the close of the Issuer’s Fiscal Year (the “Annual Filing Date”), commencing with the Annual Report for the Fiscal Year ending September 30, 2025, with the initial Annual Filing Date being March 29, 2026. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Agreement; provided that the Audited Financial Statements of the Issuer may be submitted separately from the balance of the Annual Report, and may be submitted in accordance with State law, which currently requires such Audited Financial Statements to be provided up to, but no later than, nine (9) months after the close of the Issuer’s Fiscal Year (the “Audited Financial Statements Filing Date”). The initial Audited Financial Statements Filing Date shall be June 30, 2026, which shall include the Audited Financial Statements for Fiscal Year ending September 30, 2025. The Issuer shall file unaudited financial statements if Audited Financial Statements are not ready by the Audited Financial Statements Filing Date, to be followed up with the Audited Financial Statements when available. The Issuer shall, or shall cause the Dissemination Agent to, provide to the Repository the components of an Annual Report which satisfies the requirements of Section 4(a) of this Disclosure Agreement within thirty (30) days after same becomes available, but in no event later than the Annual Filing Date or Audited Financial Statements Filing Date, if applicable. If the Issuer’s Fiscal Year changes, the Issuer shall give notice of such change in the same manner as for a Listed Event under Section 6.
If on the fifteenth (15th) day prior to each Annual Filing Date or the Audited Financial Statements Filing Date, as applicable, the Dissemination Agent has not received a copy of the Annual Report or Audited Financial Statements, as applicable, the

Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be via email) to remind the Issuer of its undertaking to provide the Annual Report or Audited Financial Statements, as applicable, pursuant to Section 3(a). Upon such reminder, the Disclosure Representative shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report or the Audited Financial Statements, as applicable, in accordance with Section 3(a) above, or (ii) advise the Dissemination Agent in writing that the Issuer will not be able to file the Annual Report or Audited Financial Statements, as applicable, within the times required under this Disclosure Agreement, state the date by which the Annual Report or the Audited Financial Statements for such year, as applicable, will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 6(a)(xvii) has occurred and to immediately send a notice to the Repository in substantially the form attached hereto as Exhibit A.
If the Dissemination Agent has not received an Annual Report by 12:00 noon on the first (1st) Business Day following the Annual Filing Date for the Annual Report or the Audited Financial Statements by 12:00 noon on the first (1st) Business Day following the Audited Financial Statements Filing Date for the Audited Financial Statements, then a Listed Event as described in Section 6(a)(xvii) shall have occurred and the Issuer irrevocably directs the Dissemination Agent to immediately send a notice to the Repository in substantially the form attached as Exhibit A.
The Dissemination Agent shall:
determine each year prior to the Annual Filing Date the name, address and filing requirements of the Repository; and
promptly upon fulfilling its obligations under subsection (a) above, file a notice with the Issuer stating that the Annual Report or Audited Financial Statement has been provided pursuant to this Disclosure Agreement, stating the date(s) it was provided, and listing all Repositories with which it was filed.
All documents, reports, notices, statements, information and other materials provided to the MSRB under this Disclosure Agreement shall be provided in an EMMA Compliant Format.
Content of Annual Reports.
Each Annual Report shall contain or incorporate by reference Annual Financial Information with respect to the Issuer, including the following:
The amount of Assessments levied for the most recent prior Fiscal
Year.
The amount of Assessments collected from the property owners
during the most recent prior Fiscal Year.

If available, the amount of delinquencies greater than one hundred fifty (150) days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of the Assessments due in any fiscal year, a list of delinquent property owners.
If available, the amount of tax certificates sold, if any, and the balance, if any, remaining for sale each with respect to the Assessments from the most recent Fiscal Year.
All fund balances in all Funds and Accounts for the Bonds. In addition, the Issuer shall provide any Bondholder with this information no more frequently than annually within thirty (30) days of the written request of the Bondholder.
The total amount of Bonds Outstanding.
The amount of principal and interest to be paid on the Bonds in the
current Fiscal Year.
The most recent Audited Financial Statements of the Issuer.
To the extent available, the certified tax roll for the current Fiscal
Year (certified in the prior Fiscal Year) that contains the folio numbers, the Assessments to be levied in the then current Fiscal Year (both debt assessments and operation and maintenance assessments broken out separately), the assessed value associated with each folio, and the total assessed value for all of the land within the District.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, a description of such amendment or waiver shall be included in the next Annual Report, and in each case shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
To the extent any of the items set forth in subsections (i) through (vii) above are included in the Audited Financial Statements referred to in subsection (viii) above, they do not have to be separately set forth (unless Audited Financial Statements are being delivered more than 180 days after the close of the Issuer’s Fiscal Year pursuant to Section 3(a) hereof). Any or all of the items listed above may be incorporated by reference from other documents, including limited offering memoranda and official statements of debt issues of the Issuer or related public entities, which have been submitted to the MSRB or the SEC. If the document incorporated by reference is a final limited offering memorandum or official statement, it must be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated by reference.

The Issuer agrees to supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The Issuer acknowledges and agrees that the information to be collected and disseminated by the Dissemination Agent will be provided by the Issuer, Obligated Persons and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the Issuer, an Obligated Person or others as thereafter disseminated by the Dissemination Agent.
Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.
The Primary Landowner and the Development Manager agree to assist the Issuer and the Dissemination Agent in providing the information necessary to prepare the Annual Report and the applicable Quarterly Reports described below. If the Primary Landowner or the Development Manager transfers the lands within the District to an entity which will in turn own or have the option to acquire lands within the District, which lands are responsible for the payment of at least 10% of the Assessments, the Primary Landowner and the Development Manager agree to assign and retain, if applicable, their respective obligations set forth herein to their successor in interest.
Quarterly Reports.
The Dissemination Agent shall, no later than (10) days prior to the end of each calendar quarter commencing with the calendar quarter ending September 30, 2025, provide a written request to the Primary Landowner and the Development Manager to provide the corresponding Quarterly Report and, upon receipt of such request, each of the Primary Landowner and the Development Manager, so long as it is an Obligated Person, shall provide such Quarterly Report no later than thirty (30) days after the end of each calendar quarter to the Dissemination Agent and to any Bondholders that request a Quarterly Report. Notwithstanding the foregoing, each of the Primary Landowner and the Development Manager, so long as it is an Obligated Person, shall prepare the Quarterly Report for the calendar quarter ending December 31 of each year no later than thirty (30) days after the end of such calendar quarter and provide such Quarterly Report to the Dissemination Agent, regardless of whether or not the Primary Landowner and the Development Manager receive a written request from the Dissemination Agent pursuant to the preceding sentence for such Quarterly Report. The Dissemination Agent shall provide all such Quarterly Reports to each Repository promptly upon receipt but in no event later than the corresponding Quarterly Filing Date. Notwithstanding the foregoing, if and for so long as the Primary Landowner and the Development Manager are each a reporting company, such thirty (30) days shall be extended to the date of filing of the Primary Landowner’s 10K or 10Q, if later, as the case may be. At such time as the Primary Landowner or the Development Manager (or their successors or assigns) is no longer an Obligated Person, the Primary Landowner or the Development Manager (or their successors or assigns) will no longer be obligated to prepare the Quarterly Reports as it relates to the District. Notwithstanding anything herein to the contrary, during such periods that the Development Manager and the

Primary Landowner are both Obligated Persons hereunder, the Development Manager shall prepare and provide the Quarterly Report required hereunder to the Dissemination Agent; provided, however, the Primary Landowner shall timely provide the Development Manager with any information reasonably requested by the Development Manager to complete such Quarterly Report, to the extent that Development Manager does not possess such information.
Each Quarterly Report shall contain an update of the following information for each Obligated Person to the extent available with respect to Assessment Area Two:
The number and type of units in Assessment Area Two subject to the Assessments (cumulative).
The number and type of units in Assessment Area Two owned by
the Obligated Person.
The number and type of units in Assessment Area Two under
contract, if any, with a home builder and the name of such builder.
The number and type of units under construction and the number and type of units constructed in Assessment Area Two (cumulative).
The number and type of units under contract with homebuyers in Assessment Area Two.
The number and type of units closed with homebuyers (delivered to end users) in Assessment Area Two (cumulative).
Materially adverse changes to (a) the development, (b) the development plan, or (c) the Obligated Person, including, but not limited to, changes in financial status, ownership and corporate structure.
The occurrence of any new or modified mortgage debt on the land owned by the Obligated Person in Assessment Area Two, including the amount, interest rate and terms of repayment.
If an Obligated Person sells, assigns or otherwise transfers ownership of real property in Assessment Area Two (a “Transferor Obligated Person”) to a third party (a “Transferee”), which will in turn be an Obligated Person for purposes of this Disclosure Agreement as a result thereof (a “Transfer”), the Transferor Obligated Person hereby agrees to use its best efforts to contractually obligate such Transferee to agree to comply with the disclosure obligations of an Obligated Person hereunder for so long as such Transferee is an Obligated Person hereunder, to the same extent as if such Transferee were a party to this Disclosure Agreement (an “Assignment”). The Transferor Obligated Person shall notify the District and the Dissemination Agent in writing of any Transfer within five (5) Business Days of the occurrence thereof. Nothing herein shall be construed to relieve the Primary Landowner or the Development Manager from its obligations hereunder except to the extent a written

Assignment from a Transferee is obtained and delivered to the Dissemination Agent and then only to the extent of such Assignment.
If the Dissemination Agent has not received a Quarterly Report from each Obligated Person (other than the Issuer) that contains, at a minimum, the information in Section 5(b) of this Disclosure Agreement by 12:00 noon on the first (1st) Business Day following each Quarterly Filing Date, a Listed Event described in Section 6(a)(xvii)(B) shall have occurred and the District and each Obligated Person hereby direct the Dissemination Agent to send a notice to the Repository in substantially the form attached as Exhibit A, with a copy to the District. The Dissemination Agent shall file such notice no later than thirty (30) days following the applicable Quarterly Filing Date.
Reporting of Listed Events.
This Section 6 shall govern the giving of notices of the occurrence of any of the following Listed Events with respect to the Bonds:
Principal and interest payment delinquencies.
Modifications to rights of Bond holders, if material.
Bond calls, if material, and tender offers.
Defeasances.
Rating changes.*
Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determination of taxability, Notices of Proposed Issue (IRS Form 5701- TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds.
Any unscheduled draw on the Debt Service Reserve Account established under the Indenture reflecting financial difficulties.
Any unscheduled draw on credit enhancements reflecting financial

difficulties. *

the Bonds, if material. perform.*

The release, substitution or sale of property securing repayment of

The substitution of credit or liquidity providers or their failure to

Non-payment related defaults, if material.

*Not applicable to the Bonds.

Bankruptcy, insolvency, receivership or similar event of the Issuer or any other Obligated Person (which is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer or any other Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer or any other Obligated Person).
The consummation of a merger, consolidation, or acquisition involving the Issuer or any other Obligated Person or the sale of all or substantially all of the assets of the Issuer or any other Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material.
The appointment of a successor or additional trustee or the change of name of the Trustee, if material.
The incurrence of a Financial Obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Obligated Person, any of which affect security holders, if material.
The default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Obligated Person, any of which reflect financial difficulties.
Failure to provide (A) any Annual Report or Audited Financial Statement as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) of this Disclosure Agreement, or
(B) any Quarterly Report that contains, in all material respects, the information required to be included therein under Section 5(b) of this Disclosure Agreement, which failure shall, in all cases, be deemed material under federal securities laws.
The Issuer shall give, or cause to be given, notice of the occurrence of any of the above subsection (a) Listed Events to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after its occurrence, with the exception of the Listed Event described in Section 6(a)(xvii), which notice will be given in a timely manner. Such notice shall instruct the Dissemination Agent to report the occurrence pursuant to subsection (d) below. Such notice shall identify the Listed Event that has occurred, include the text of the disclosure that the Issuer desires to make, contain the written authorization of the Issuer for the Dissemination Agent to disseminate such information, and identify the date the Issuer desires for the Disclosure Dissemination Agent to disseminate the information (provided

that such date is not later than the tenth (10th) Business Day after the occurrence of the Listed Event).
The Issuer shall, within six (6) Business Days of obtaining actual knowledge of the occurrence of any of the Listed Events, notify the Dissemination Agent in writing of such event and direct the Dissemination Agent to report, within four (4) Business Days of receiving notice from the Issuer, the event pursuant to subsection (d).
If the Dissemination Agent has been instructed by the Issuer to report the occurrence of a Listed Event, the Dissemination Agent shall immediately file a notice of such occurrence with each Repository.
Termination of Disclosure Agreement. This Disclosure Agreement shall terminate with respect to the Bonds upon the defeasance, prior redemption or payment in full of all of the Bonds.
Prior Undertakings. The Development Manager and the Primary Landowner hereby represent and warrant that to their knowledge they have provided on a timely basis all reporting information requested by the applicable dissemination agent with respect to prior continuing disclosure agreements entered into pursuant to the Rule. The Development Manager has been made aware of instances where the information required to be provided to the dissemination agents was not timely requested, not filed with the appropriate repository or, if filed, not filed on a timely basis. The Development Manager has instituted internal processes to provide information hereunder to the Dissemination Agent on a timely basis.
Dissemination Agent. Upon termination of the Dissemination Agent’s services as Dissemination Agent, whether by notice of the Issuer or the Dissemination Agent, the Issuer agrees to appoint a successor Dissemination Agent or, alternatively, agrees to assume all responsibilities of Dissemination Agent under this Disclosure Agreement for the benefit of the Holders of the Bonds. If at any time there is not any other designated Dissemination Agent, the District shall be deemed to be the Dissemination Agent. Notwithstanding any replacement or appointment of a successor, the Issuer shall remain liable until payment in full for any and all sums owed and payable to the Dissemination Agent hereunder. The initial Dissemination Agent shall be Governmental Management Services – Central Florida, LLC, Orlando, Florida. The acceptance of such designation is evidenced by the execution of this Disclosure Agreement by a duly authorized signatory of Governmental Management Services – Central Florida, LLC. Governmental Management Services – Central Florida, LLC may terminate its role as Dissemination Agent at any time upon delivery of thirty (30) days prior written notice to the District and each Obligated Person.
Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Issuer, the Development Manager, the Primary Landowner and the Dissemination Agent may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities laws, acceptable to the Issuer, to the effect that such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the

Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment and/or waiver in the next Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
Notwithstanding the above provisions of this Section 10, no amendment to the provisions of Section 5(b) hereof may be made without the consent of each Obligated Person, if any.
Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the Issuer shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.
Default. In the event of a failure of the Issuer, the Disclosure Representative, any Obligated Person or the Dissemination Agent to comply with any provision of this Disclosure Agreement, the Trustee shall, at the request of any Participating Underwriter or the Beneficial Owners of at least twenty-five percent (25%) aggregate principal amount of Outstanding Bonds and receipt of indemnity satisfactory to the Trustee, or any Beneficial Owner of a Bond may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer, the Disclosure Representative, any Obligated Person or a Dissemination Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement by any Obligated Person, the Disclosure Representative or Dissemination Agent shall not be deemed a default by the Issuer hereunder and no default hereunder shall be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer, the Disclosure Representative, any Obligated Person, or a Dissemination Agent, to comply with this Disclosure Agreement shall be an action to compel performance.
Duties of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement among the District, the Development Manager, the Primary Landowner and such Dissemination Agent. The Dissemination Agent shall have no obligation to notify any other party hereto of an event that

may constitute a Listed Event. The District, each Obligated Person and the Disclosure Representative covenant that they will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The District, the Development Manager, the Primary Landowner and the Disclosure Representative acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the District, Obligated Person(s), the Disclosure Representative and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the District, any Obligated Person or the Disclosure Representative as thereafter disseminated by the Dissemination Agent. Any filings under this Disclosure Agreement made to the MSRB through EMMA shall be in an EMMA Compliant Format and shall include the applicable CUSIP number(s) for the Bonds set forth in Exhibit A hereto, to which any such filing relates.
Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Development Manager, the Primary Landowner, the Dissemination Agent, the Trustee, the Participating Underwriter and the Owners of the Bonds (the Participating Underwriter and Owners of the Bonds being hereby deemed express third party beneficiaries of this Disclosure Agreement), and shall create no rights in any other person or entity.
Tax Roll and Budget. Upon the request of the Dissemination Agent, the Trustee or any Bondholder, the Issuer, through its District Manager, if applicable, agrees to provide such party with a certified copy of its most recent tax roll provided to the Miami-Dade County Tax Collector and the Issuer’s most recent adopted budget.
Governing Law. The laws of the State of Florida and Federal law shall govern this Disclosure Agreement and venue shall be any state or federal court having jurisdiction in Miami-Dade County, Florida.
Counterparts. This Disclosure Agreement may be executed in several counterparts and by PDF signature and all of which shall constitute but one and the same instrument.
Trustee Cooperation. The Issuer represents that the Dissemination Agent is a bona fide agent of the Issuer and the Issuer instructs the Trustee to deliver to the Dissemination Agent at the expense of the Issuer, any information or reports in the possession of or readily available to the Trustee which the Dissemination Agent requests in writing.
Binding Effect. This Disclosure Agreement shall be binding upon each party to this Disclosure Agreement and upon each successor and assignee of each party to this Disclosure Agreement and shall inure to the benefit of, and be enforceable by, each party to this Disclosure Agreement and each successor and assignee of each party to this Disclosure Agreement. Notwithstanding the foregoing, as to any entity comprising the Development Manager, the Primary Landowner or any assignee or successor thereto that becomes an Obligated Person pursuant to the terms of this Disclosure Agreement, only successor or assignees to such parties who are, by definition, Obligated Persons, shall be bound or benefited by this Disclosure Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Agreement as of the date and year set forth above.

[SEAL]

RANCHES AT LAKE MCLEOD COMMUNITY
DEVELOPMENT DISTRICT, as Issuer

ATTEST:

By: 	
Secretary

By: 	
Chairperson, Board of Supervisors

LENNAR HOMES, LLC, as Development Manager

By: 	 Name: 	 Title: 	

KL LHB3 AIV LLC, as Primary Landowner

By: 	
Name: Ryan Mott
Title: Authorized Signatory

GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC,
as Dissemination Agent

By: 	 Name: 	 Title: 	

CONSENTED TO AND AGREED TO BY: DISTRICT MANAGER
GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC,
as District Manager

By: 	 Name: 	 Title: 	

Acknowledged and agreed to for purposes of Sections 12, 14 and 18 only:

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

By: 	
Name: Scott A. Schuhle Title:	Vice President

16

EXHIBIT A

FORM OF NOTICE TO REPOSITORIES OF FAILURE TO FILE [ANNUAL REPORT] [AUDITED FINANCIAL STATEMENTS] [QUARTERLY REPORT]
Name of Issuer:	Ranches at Lake McLeod Community Development District
Name of Bond Issue:	$	 original aggregate principal amount of Special Assessment Bonds, Series 2025 (Assessment Area Two)
Obligated Person(s):	Ranches at Lake McLeod Community Development District; KL LHB3 AIV LLC, Lennar Homes, LLC
Original Date of Issuance:		, 2025 CUSIP Numbers:		

NOTICE IS HEREBY GIVEN that the [Issuer][Obligated Person] has not provided an [Annual Report] [Audited Financial Statements] [Quarterly Report] with respect to the above- named Bonds as required by [Section 3] [Section 5] of the Continuing Disclosure Agreement dated 	, 2025 by and among the Issuer, the Primary Landowner, the Development Manager and the Dissemination Agent named therein. The [Issuer][Obligated Person] has advised the undersigned that it anticipates that the [Annual Report] [Audited Financial Statements] [Quarterly Report] will be filed by 	, 20  .
Dated: 	
	, as Dissemination Agent

cc: Issuer
Trustee

By: 	 Name: 	 Title: 	

A-1

EXHIBIT D
FORM OF SECOND SUPPLEMENTAL TRUST INDENTURE

706858109v3

D-1

SECOND SUPPLEMENTAL TRUST INDENTURE

BETWEEN

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT AND
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

as Trustee

Dated as of February 1, 2025

Authorizing and Securing
$	
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025
(ASSESSMENT AREA TWO)

TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS	3
ARTICLE II THE SERIES 2025 BONDS	9
SECTION 2.01.	Amounts and Terms of Series 2025 Bonds; Issue of Series 2025 Bonds	9
SECTION 2.02.	Execution	9
SECTION 2.03.	Authentication	9
SECTION 2.04.	Purpose, Designation and Denominations of, and Interest Accruals on,
the Series 2025 Bonds	9
SECTION 2.05.	Details of the Series 2025 Bonds	10
SECTION 2.06.	Disposition of Series 2025 Bond Proceeds	11
SECTION 2.07.	Book-Entry Form of Series 2025 Bonds	11
SECTION 2.08.	Appointment of Registrar and Paying Agent	12
SECTION 2.09.	Conditions Precedent to Issuance of the Series 2025 Bonds	12
ARTICLE III REDEMPTION OF SERIES 2025 BONDS	14
SECTION 3.01.	Redemption Dates and Prices	14
SECTION 3.02.	Notice of Redemption	16
ARTICLE IV ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SPECIAL ASSESSMENT LIENS	17
SECTION 4.01.	Establishment of Certain Funds and Accounts	17
SECTION 4.02.	Series 2025 Revenue Account	20
SECTION 4.03.	Power to Issue Series 2025 Bonds and Create Lien	21
SECTION 4.04.	2025 Project to Conform to Consulting Engineers Report	22
SECTION 4.05.	Prepayments; Removal of the Special Assessment Liens	22
ARTICLE V COVENANTS AND DESIGNATIONS OF THE ISSUER	24
SECTION 5.01.	Collection of Series 2025 Special Assessments	24
SECTION 5.02.	Continuing Disclosure	24
SECTION 5.03.	Investment of Funds and Accounts	24
SECTION 5.04.	Additional Obligations	24
SECTION 5.05.	Acknowledgement Regarding Series 2025 Acquisition and Construction Account Moneys Following an Event of Default	25
ARTICLE VI THE TRUSTEE; THE PAYING AGENT AND REGISTRAR	26
SECTION 6.01.	Acceptance of Trust	26
SECTION 6.02.	Trustee’s Duties	26
SECTION 6.03.	Brokerage Confirmations	26
ARTICLE VII MISCELLANEOUS PROVISIONS	27
SECTION 7.01.	Interpretation of Second Supplemental Indenture	27
SECTION 7.02.	Amendments	27
SECTION 7.03.	Counterparts and Electronically Signed and/or Transmitted Signatures	27

SECTION 7.04.	Appendices and Exhibits	27
SECTION 7.05.	Payment Dates	27
SECTION 7.06.	No Rights Conferred on Others	27
SECTION 7.07.	Patriot Act Requirements of the Trustee	27
EXHIBIT A	DESCRIPTION OF 2025 PROJECT EXHIBIT B	FORM OF SERIES 2025 BOND EXHIBIT C	FORMS OF REQUISITIONS EXHIBIT D	FORM OF INVESTOR LETTER

THIS SECOND SUPPLEMENTAL TRUST INDENTURE (the “Second Supplemental Indenture”), dated as of February 1, 2025 between the RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT (together with its successors and assigns, the “Issuer”), a local unit of special-purpose government organized and existing under the laws of the State of Florida, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (said banking corporation and any bank or trust company becoming successor trustee under this Second Supplemental Indenture being hereinafter referred to as the “Trustee”);
W I T N E S S E T H:
WHEREAS, the Issuer 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”), by Ordinance No. O-21-01, duly enacted by the City Commission of Eagle Lake, Florida (the “City”), on October 5, 2020 and becoming effective on October 15, 2020 (the “Ordinance”); and
WHEREAS, the premises governed by the Issuer, as described more fully in the Ordinance, consisting of approximately 278.5 acres of land (herein, the “District Lands” or “District”), are located entirely within the incorporated area of the City; and
WHEREAS, the Issuer has been created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands; and
WHEREAS, the Issuer has determined to undertake, in one or more stages, the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands; and
WHEREAS, the Issuer has previously adopted Resolution No. 2022-07 on February 2, 2022 (the “Authorizing Resolution”), authorizing the issuance of not to exceed $73,390,000 in aggregate principal amount of its special assessment bonds in one or more Series (the “Bonds”) to finance a portion of the design, acquisition and construction costs of certain improvements pursuant to the Act for the special benefit of the District Lands or portions thereof and approving the form of and authorizing the execution and delivery of a master trust indenture and supplemental indenture; and
WHEREAS, to the extent not constructed by the Issuer, Lennar Homes, LLC, a Florida limited liability company (the “Developer”), as the master developer of a residential community to be located within the District and may construct all of the public infrastructure necessary to serve such residential community (herein, the “Development”), which such public infrastructure is necessary to develop the Development and will benefit certain District Lands and such public infrastructure will be constructed and/or purchased by the Issuer with a portion of the proceeds of the herein described Series 2025 Bonds (such public infrastructure as described on Exhibit A is herein collectively referred to as the “2025 Project”); and
WHEREAS, pursuant to the Initial Bond Resolution, the Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), and a First Supplemental Indenture dated as of June 1,

2023, both by and between the District and the Trustee, the District issued its $5,665,000 Special Assessment Bonds, Series 2023 (Assessment Area One); and
WHEREAS, the Issuer has determined to issue a second Series of Bonds, designated as the Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two) (the “Series 2025 Bonds”), pursuant to the Master Indenture and this Second Supplemental Indenture (hereinafter sometimes collectively referred to as the “2025 Indenture”); and
WHEREAS, in the manner provided herein, the proceeds of the Series 2025 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing a portion of the 2025 Project, (ii) paying interest on the Series 2025 Bonds through at least June 15, 2025, (iii) the funding of the Series 2025 Reserve Account, and (iv) the payment of the costs of issuance of the Series 2025 Bonds; and
WHEREAS, the Series 2025 Bonds will be secured by a pledge of Series 2025 Pledged Revenues (as hereinafter defined) to the extent provided herein; and
NOW,	THEREFORE,	THIS	SECOND	SUPPLEMENTAL	INDENTURE
WITNESSETH, that to provide for the issuance of the Series 2025 Bonds, the security and payment of the principal or Redemption Price thereof (as the case may be) and interest thereon, the rights of the Bondholders and the performance and observance of all of the covenants contained herein and in said Series 2025 Bonds, and for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Series 2025 Bonds by the Owners thereof, from time to time, and of the acceptance by the Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer does hereby assign, transfer, set over and pledge to U.S. Bank Trust Company, National Association, as Trustee, its successors in trust and its assigns forever, and grants a lien on all of the right, title and interest of the Issuer in and to the Series 2025 Pledged Revenues as security for the payment of the principal, redemption or purchase price of (as the case may be) and interest on the Series 2025 Bonds issued hereunder, all in the manner hereinafter provided, and the Issuer further hereby agrees with and covenants unto the Trustee as follows:
TO HAVE AND TO HOLD the same and any other revenues, property, contracts or contract rights, accounts receivable, chattel paper, instruments, general intangibles or other rights and the proceeds thereof, which may, by delivery, assignment or otherwise, be subject to the lien created by the Indenture with respect to the Series 2025 Bonds.
IN TRUST NEVERTHELESS, for the equal and ratable benefit and security of all present and future Owners of the Series 2025 Bonds issued and to be issued under this Second Supplemental Indenture, without preference, priority or distinction as to lien or otherwise (except as otherwise specifically provided in this Second Supplemental Indenture) of any one Series 2025 Bond over any other Series 2025 Bond, all as provided in the Indenture.
PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal or redemption price of the Series 2025 Bonds issued, secured and Outstanding hereunder and the interest due or to become due thereon, at the times and in the manner mentioned in such Series 2025 Bonds and

the Indenture, according to the true intent and meaning thereof and hereof, and the Issuer shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions hereof, then upon such final payments this Second Supplemental Indenture and the rights hereby granted shall cease and terminate, otherwise this Second Supplemental Indenture to be and remain in full force and effect.
ARTICLE I DEFINITIONS
In this Second Supplemental Indenture capitalized terms used without definition shall have the meanings ascribed thereto in the Master Indenture and, in addition to certain terms defined in the recitals above, the following terms shall have the meanings specified below, unless otherwise expressly provided or unless the context otherwise requires:
“Acquisition Agreement” shall mean that certain Acquisition Agreement relating to the acquisition of the 2025 Project, by and between the Developer and the Issuer.
“Arbitrage Certificate” shall mean that certain Arbitrage Certificate, including arbitrage rebate covenants, of the Issuer, dated the date of delivery of the Series 2025 Bonds, relating to certain restrictions on arbitrage under the Code with respect to the Bonds.
“Assessment Area Two” shall mean a designated assessment area within the District representing the north and east parcels and which area will be subject to the Series 2025 Special Assessments.
“Assessment Resolutions” shall mean Resolution No. 2022-05, Resolution No. 2022-06, and Resolution 2025-   of the Issuer adopted on February 2, 2022, February 2, 2022, and
	, 2025, respectively, as amended and supplemented from time to time.
“Authorized Denomination” shall mean, with respect to the Series 2025 Bonds, on the date of issuance, in the denominations of $5,000 and any integral multiple thereof provided, however, if any initial beneficial owner does not purchase at least $100,000 of the Series 2025 Bonds at the time of initial delivery of the Series 2025 Bonds, such beneficial owner must either execute and deliver to the Underwriter on the date of delivery of the Series 2025 Bonds the investor letter substantially in the form attached hereto as Exhibit D or otherwise establish to the satisfaction of the Underwriter that such Beneficial Owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
“Bonds” shall mean the Issuer’s Special Assessments Bonds issued pursuant to the Master Indenture.
“Consulting Engineer” shall mean Connelly & Wicker Inc. and its successors. “Continuing Disclosure Agreement” shall mean the Continuing Disclosure Agreement for
the benefit of the owners of the Series 2025 Bonds, dated the date of delivery of the Series 2025 Bonds, by and among the Issuer, the dissemination agent named therein, the Developer, the

Primary Landowner and joined by the other parties named therein, in connection with the issuance of the Series 2025 Bonds.
“Collateral Assignment” shall mean that certain instrument executed by the Developer and the Primary Landowner in favor of the Issuer whereby all of the Project Documents and other material documents necessary to complete the north and east parcels within the Development (comprising all of the development planned for the 2025 Project) are collaterally assigned as security for the Developer’s obligation to pay the Series 2025 Special Assessments imposed against lands within the District owned by the Developer or the Primary Landowner from time to time.
“District Manager” shall mean Governmental Management Services - Central Florida, LLC, and its successors and assigns.
“Indenture” shall mean collectively, the Master Indenture and this Second Supplemental Indenture.
“Interest Payment Date” shall mean June 15 and December 15 of each year, commencing June 15, 2025, and any date principal of the Series 2025 Bonds is paid including any Quarterly Redemption Date.
“Majority Holders” means the beneficial owners of more than fifty percent (50%) of the Outstanding principal amount of the Series 2025 Bonds.
“Master Indenture” shall mean the Master Trust Indenture, dated as of June 1, 2023, by and between the Issuer and the Trustee, as supplemented and amended with respect to matters pertaining solely to the Master Indenture or the Series 2025 Bonds (as opposed to supplements or amendments relating to any Series of Bonds other than the Series 2025 Bonds as specifically defined in this Second Supplemental Indenture).
“Paying Agent” shall mean U.S. Bank Trust Company, National Association, and its successors and assigns as Paying Agent hereunder.
“Prepayment” shall mean the payment by any owner of property within Assessment Area Two within the District of the amount of the Series 2025 Special Assessments encumbering its property, in whole or in part, prior to its scheduled due date, including optional prepayments. The term “Prepayment” also means any proceeds received as a result of accelerating and/or foreclosing the Series 2025 Special Assessments or as a result of a true-up payment. “Prepayments” shall include, without limitation, Series 2025 Prepayment Principal.
“Primary Landowner” shall mean KL LHB3 AIV LLC, a Delaware limited liability company.
“Quarterly Redemption Date” means March 15, June 15, September 15 and December 15 of any calendar year.
“Redemption Price” shall mean the principal amount of any Series 2025 Bond payable upon redemption thereof pursuant to this Second Supplemental Indenture.

“Registrar” shall mean U.S. Bank Trust Company, National Association and its successors and assigns as Registrar hereunder.
“Regular Record Date” shall mean the first day (whether or not a Business Day) of the calendar month for which an Interest Payment Date occurs.
“Release Conditions #1” shall mean collectively (i) all planned   lots have been developed and platted, as certified by the District Manager in writing and upon which the Trustee may conclusively rely, and (ii) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.
“Release Conditions #2” shall mean collectively (i) satisfaction of Release Conditions #1,
(ii) all planned lots that are subject to the Series 2025 Special Assessments contain homes that have each received a certificate of occupancy, (iii) all of the principal portion of the Series 2025 Special Assessments has been assigned to such homes, and (iv) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.
“Resolution” shall mean, collectively, (i) Resolution No. 2022-07 of the Issuer adopted on February 2, 2022, pursuant to which the Issuer authorized the issuance of not exceeding
$73,390,000 aggregate principal amount of its Bonds to finance the construction or acquisition of public infrastructure within the District, and (ii) Resolution No. 2025-02 of the Issuer adopted on February 11, 2025, pursuant to which the Issuer authorized, among other things, the issuance of the Series 2025 Bonds in an aggregate principal amount of $13,000,000 to finance a portion of the acquisition of the 2025 Project, specifying the details of the Series 2025 Bonds and awarding the Series 2025 Bonds to the purchasers of the Series 2025 Bonds.
“Series 2025 Acquisition and Construction Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this Second Supplemental Indenture.
“Series 2025 Bond Redemption Account” shall mean the Series 2025 Bond Redemption Account established as a separate Account within the Bond Redemption Fund pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2025 Bonds” shall mean the $	 aggregate principal amount of Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two), to be issued as fully registered Bonds in accordance with the provisions of the Master Indenture and this Second Supplemental Indenture, and secured and authorized by the Master Indenture and this Second Supplemental Indenture.
“Series 2025 Costs of Issuance Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this Second Supplemental Indenture.
“Series 2025 General Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2025 Bond Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.

“Series 2025 Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this Second Supplemental Indenture .
“Series 2025 Optional Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2025 Bond Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2025 Pledged Revenues” shall mean with respect to the Series 2025 Bonds (a) all revenues received by the Issuer from the Series 2025 Special Assessments levied and collected on the assessable lands within Assessment Area Two within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2025 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2025 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2025 Bonds; provided, however, that Series 2025 Pledged Revenues shall not include (A) any moneys transferred to the Series 2025 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) special assessments levied and collected by the Issuer under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the Issuer under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso).
“Series 2025 Prepayment Principal” shall mean the portion of a Prepayment corresponding to the principal amount of Series 2025 Special Assessments being prepaid pursuant to Section 4.05 of this Second Supplemental Indenture or as a result of an acceleration of the Series 2025 Special Assessments pursuant to Section 170.10, Florida Statutes, if such Series 2025 Special Assessments are being collected through a direct billing method.
“Series 2025 Prepayment Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2025 Bond Redemption Account pursuant to Section 4.01(g) of this Second Supplemental Indenture.
“Series 2025 Principal Account” shall mean the account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.01(c) of this Second Supplemental Indenture.
“Series 2025 Rebate Fund” shall mean the Fund so designated, established pursuant to Section 4.01(j) of this Second Supplemental Indenture.
“Series 2025 Reserve Account” shall mean the Series 2025 Reserve Account established as a separate Account within the Debt Service Reserve Fund pursuant to Section 4.01(f) of this Second Supplemental Indenture.
“Series 2025 Reserve Requirement” or “Reserve Requirement” shall mean an amount initially equal to fifty percent (50%) of the maximum annual debt service with respect to the initial principal amount of the Series 2025 Bonds determined on the date of issue. Upon satisfaction of

the Release Conditions #1, the Series 2025 Reserve Requirement shall be reduced to an amount equal to twenty-five percent (25%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2025 Bonds. Upon satisfaction of the Release Conditions #2, the Series 2025 Reserve Requirement shall be reduced to an amount equal to ten percent (10%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2025 Bonds. If a portion of the Series 2025 Bonds are redeemed pursuant to Section 3.01(b)(i) or Section 3.01(b)(iii), the Reserve Requirement shall be reduced to fifty percent (50%) of the maximum annual debt service of the Series 2025 Bonds after taking into account such extraordinary mandatory redemption (prior to satisfaction of the Release Conditions #1 or Release Conditions #2) or twenty-five percent (25%) after satisfaction of the Release Conditions #1 or ten percent (10%) after satisfaction of the Release Conditions #2 of the maximum annual debt service of the Series 2025 Bonds after taking into account such extraordinary mandatory redemption. Any amount in the Series 2025 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2025 Bonds be used to pay principal of and interest on the Series 2025 Bonds at that time. The initial Series 2025 Reserve Requirement shall be equal to $	.
“Series 2025 Revenue Account” shall mean the Account so designated, established as a separate Account within the Revenue Fund pursuant to Section 4.01(b) of this Second Supplemental Indenture.
“Series 2025 Sinking Fund Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(e) of this Second Supplemental Indenture.
“Series 2025 Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area Two within the District as a result of the Issuer’s acquisition and/or construction of the 2025 Project, corresponding in amount to the debt service on the Series 2025 Bonds and designated as such in the methodology report relating thereto.
“Substantially Absorbed” means the date at least 75% of the principal portion of the Series 2025 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy.
“2025 Project” shall mean all of the public infrastructure deemed necessary for the development of   platted residential units within Assessment Area Two within the District generally described on Exhibit A attached hereto.
“Underwriter” shall mean FMSbonds, Inc., the underwriter of the Series 2025 Bonds.
The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of Series 2025 Bonds), refer to the entire Indenture.
Every “request,” “requisition,” “order,” “demand,” “application,” “notice,” “statement,” “certificate,” “consent,” or similar action hereunder by the Issuer shall, unless the form or execution thereof is otherwise specifically provided, be in writing signed by the Chairperson or Vice Chairperson and the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary or Responsible Officer of the Issuer.

All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa.
[END OF ARTICLE I]

ARTICLE II
THE SERIES 2025 BONDS
SECTION 2.01.  Amounts and Terms of Series 2025 Bonds; Issue of Series 2025 Bonds. No Series 2025 Bonds may be issued under this Second Supplemental Indenture except in accordance with the provisions of this Article and Articles II and III of the Master Indenture.
The total principal amount of Series 2025 Bonds that may be issued under this Second Supplemental Indenture is expressly limited to $	. The Series 2025 Bonds shall be numbered consecutively from R-1 and upwards.
Any and all Series 2025 Bonds shall be issued substantially in the form attached hereto as Exhibit B, with such appropriate variations, omissions and insertions as are permitted or required by the Indenture and with such additional changes as may be necessary or appropriate to conform to the provisions of the Resolution. The Issuer shall issue the Series 2025 Bonds upon execution of this Second Supplemental Indenture and satisfaction of the requirements of Section 3.01 of the Master Indenture; and the Trustee shall, at the Issuer’s request, authenticate such Series 2025 Bonds and deliver them as specified in the request.
SECTION 2.02.   Execution. The Series 2025 Bonds shall be executed by the Issuer as set forth in the Master Indenture.
SECTION 2.03.  Authentication. The Series 2025 Bonds shall be authenticated as set forth in the Master Indenture. No Series 2025 Bond shall be valid until the certificate of authentication shall have been duly executed by the Trustee, as provided in the Master Indenture.
SECTION 2.04.  Purpose, Designation and Denominations of, and Interest Accruals on, the Series 2025 Bonds.
The Series 2025 Bonds are being issued hereunder in order to provide funds
(i) for the payment of the Costs of acquiring and/or constructing a portion of the 2025 Project, (ii) paying interest on the Series 2025 Bonds through at least June 15, 2025, (iii) to fund the Series 2025 Reserve Account in an amount equal to the Series 2025 Reserve Requirement; and (iv) to pay the costs of issuance of the Series 2025 Bonds. The Series 2025 Bonds shall be designated “Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two),” and shall be issued as fully registered bonds without coupons in Authorized Denominations.
The Series 2025 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2025 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. Interest on the Series 2025 Bonds shall be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a June 15 or December 15 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to June 15, 2025, in which case from the date of initial delivery or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date.

Except as otherwise provided in Section 2.07 of this Second Supplemental Indenture in connection with a book entry only system of registration of the Series 2025 Bonds, the principal or Redemption Price of the Series 2025 Bonds shall be payable in lawful money of the United States of America at the designated corporate trust office of the Paying Agent upon presentation of such Series 2025 Bonds. Except as otherwise provided in Section 2.07 of this Second Supplemental Indenture in connection with a book entry only system of registration of the Series 2025 Bonds, the payment of interest on the Series 2025 Bonds shall be made on each Interest Payment Date to the Owners of the Series 2025 Bonds by check or draft drawn on the Paying Agent and mailed on the applicable Interest Payment Date to each Owner as such Owner appears on the Bond Register maintained by the Registrar as of the close of business on the Regular Record Date, at his address as it appears on the Bond Register. Any interest on any Series 2025 Bond which is payable, but is not punctually paid or provided for on any Interest Payment Date (hereinafter called “Defaulted Interest”) shall be paid to the Owner in whose name the Series 2025 Bond is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be not more than fifteen (15) nor less than ten (10) days prior to the date of proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class, postage-prepaid, to each Owner of record as of the fifth (5th) day prior to such mailing, at his address as it appears in the Bond Register not less than ten (10) days prior to such Special Record Date. The foregoing notwithstanding, any Owner of Series 2025 Bonds in an aggregate principal amount of at least $1,000,000 shall be entitled to have interest paid by wire transfer to such Owner to the bank account number on file with the Paying Agent, upon requesting the same in a writing received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date, which writing shall specify the bank, which shall be a bank within the continental United States, and bank account number to which interest payments are to be wired. Any such request for interest payments by wire transfer shall remain in effect until rescinded or changed, in a writing delivered by the Owner to the Paying Agent, and any such rescission or change of wire transfer instructions must be received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date.
SECTION 2.05.	Details of the Series 2025 Bonds.
The Series 2025 Bonds will mature on June 15 in the years and in the principal amounts, and bear interest at the rates all as set forth below, subject to the right of prior redemption in accordance with their terms.
Year	Amount	Interest Rate
*
*
*

*Term Bonds
Interest on the Series 2025 Bonds will be computed in all cases on the basis of a 360 day year of twelve 30 day months. Interest on overdue principal and, to the extent lawful, on overdue interest will be payable at the numerical rate of interest borne by the Series 2025 Bonds on the day before the default occurred.

SECTION 2.06.   Disposition of Series 2025 Bond Proceeds. From the net proceeds of the Series 2025 Bonds received by the Trustee in the amount of $	.
$	 derived from the net proceeds of the Series 2025 Bonds shall be deposited in the Series 2025 Interest Account;
$	 derived from the net proceeds of the Series 2025 Bonds (which is an amount equal to the initial Series 2025 Reserve Requirement) shall be deposited in the Series 2025 Reserve Account of the Debt Service Reserve Fund;
$	 derived from the net proceeds of the Series 2025 Bonds shall be deposited into the Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund for payment of the costs of issuing the Series 2025 Bonds; and
$	 representing the balance of the net proceeds of the Series 2025 Bonds shall be deposited in the Series 2025 Acquisition and Construction Account of the Acquisition and Construction Fund which the Issuer shall cause to be applied in accordance with Article V of the Master Indenture and the terms of the Acquisition Agreement.
SECTION 2.07.  Book-Entry Form of Series 2025 Bonds. The Series 2025 Bonds shall be issued as one fully registered bond for each maturity of Series 2025 Bonds and deposited with The Depository Trust Company (“DTC”), New York, New York, which is responsible for establishing and maintaining records of ownership for its participants.
As long as the Series 2025 Bonds are held in book-entry-only form, Cede & Co. shall be considered the registered owner for all purposes hereof and in the Master Indenture. DTC shall be responsible for maintaining a book-entry-only system for recording the ownership interest of its participants (“Direct Participants”) and other institutions that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Direct Participants and Indirect Participants will be responsible for maintaining records with respect to the beneficial ownership interests of individual purchasers of the Series 2025 Bonds (“Beneficial Owners”).
Principal and interest on the Series 2025 Bonds registered in the name of Cede & Co. prior to and at maturity shall be payable directly to Cede & Co. in care of DTC. Disbursal of such amounts to Direct Participants shall be the responsibility of DTC. Payments by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners shall be the responsibility of Direct Participants and Indirect Participants and not of DTC, the Trustee or the Issuer.
Individuals may purchase beneficial interests in Authorized Denominations in book-entry- only form, without certificated Series 2025 Bonds, through Direct Participants and Indirect Participants.
During the period for which Cede & Co. is registered owner of the Series 2025 Bonds, any notices to be provided to any Beneficial Owner will be provided to Cede & Co. DTC shall be responsible for notices to Direct Participants and Direct Participants shall be responsible for

notices to Indirect Participants, and Direct Participants and Indirect Participants shall be responsible for notices to Beneficial Owners.
The Issuer and the Trustee, if appropriate, shall enter into a blanket letter of representations with DTC providing for such book-entry-only system. Such agreement may be terminated at any time by either DTC or the Issuer in accordance with the procedures of DTC. In the event of such termination, the Issuer shall select another securities depository and in that event, all references herein to DTC or Cede & Co., shall be deemed to be for reference to such successor. If the Issuer does not replace DTC, the Trustee will register and deliver to the Beneficial Owners replacement Series 2025 Bonds in the form of fully registered Series 2025 Bonds in accordance with the instructions from Cede & Co.
In the event DTC, any successor of DTC or the Issuer, but only in accordance with the procedures of DTC, elects to discontinue the book-entry only system, the Trustee shall deliver bond certificates in accordance with the instructions from DTC or its successor and after such time Series 2025 Bonds may be exchanged for an equal aggregate principal amount of Series 2025 Bonds in other Authorized Denominations upon surrender thereof at the designated corporate trust office of the Trustee.
SECTION 2.08.   Appointment of Registrar and Paying Agent. The Issuer shall keep, at the designated corporate trust office of the Registrar, books (the “Bond Register”) for the registration, transfer and exchange of the Series 2025 Bonds, and hereby appoints U.S. Bank Trust Company, National Association, as its Registrar to keep such books and make such registrations, transfers, and exchanges as required hereby. U.S. Bank Trust Company, National Association hereby accepts its appointment as Registrar and its duties and responsibilities as Registrar hereunder. Registrations, transfers and exchanges shall be without charge to the Bondholder requesting such registration, transfer or exchange, but such Bondholder shall pay any taxes or other governmental charges on all registrations, transfers and exchanges.
The Issuer hereby appoints U.S. Bank Trust Company, National Association as Paying Agent for the Series 2025 Bonds. U.S. Bank Trust Company, National Association hereby accepts its appointment as Paying Agent and its duties and responsibilities as Paying Agent hereunder.
SECTION 2.09.  Conditions Precedent to Issuance of the Series 2025 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2025 Bonds, all the Series 2025 Bonds shall be executed by the Issuer for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the Issuer or upon its order, but only upon the further receipt by the Trustee of:
Certified copies of the Assessment Resolutions;
Executed originals of the Master Indenture and this Second Supplemental
Indenture;
An opinion of Counsel to the District, also addressed to the Trustee,
substantially to the effect that (i) the Issuer has been duly established and validly exists as a community development district under the Act, (ii) the Issuer has good right and lawful authority under the Act to construct and/or purchase the 2025 Project being financed with the proceeds of

the Series 2025 Bonds, subject to obtaining such licenses, orders or other authorizations as are, at the date of such opinion, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to own and operate the 2025 Project, (iii) all proceedings undertaken by the Issuer with respect to the Series 2025 Special Assessments have been in accordance with Florida law, (iv) the Issuer has taken all action necessary to levy and impose the Series 2025 Special Assessments, and (v) the Series 2025 Special Assessments are legal, valid and binding liens upon the property against which such Series 2025 Special Assessments are made, coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid;
A certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2025 Bonds, the Issuer will not be in default in the performance of the terms and provisions of the Master Indenture or this Second Supplemental Indenture; and
A copy of the Collateral Assignment.
Receipt by the Trustee of the net proceeds from the initial sale of the Series 2025 Bonds shall constitute conclusive evidence of the fulfillment of the conditions precedent for the issuance of the Series 2025 Bonds set forth in this Section 2.09 to the satisfaction of the Issuer and the Underwriter.

[END OF ARTICLE II]

ARTICLE III REDEMPTION OF SERIES 2025 BONDS
SECTION 3.01.  Redemption Dates and Prices. The Series 2025 Bonds shall be subject to redemption at the times and in the manner provided in Article VIII of the Master Indenture and in this Article III. All payments of the Redemption Price of the Series 2025 Bonds shall be made on the dates hereinafter required. Except as otherwise provided in this Section 3.01, if less than all the Series 2025 Bonds are to be redeemed pursuant to an extraordinary mandatory redemption, the Trustee shall select the Series 2025 Bonds or portions of the Series 2025 Bonds to be redeemed pursuant to Section 8.04 of the Master Indenture. Partial redemptions of Series 2025 Bonds shall be made in such a manner that the remaining Series 2025 Bonds held by each Bondholder shall be in Authorized Denominations, except for the last remaining Series 2025 Bond.
The Series 2025 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the Redemption Price of the Series 2025 Bonds shall be made on the dates specified below.
Optional Redemption. The Series 2025 Bonds may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20XX (less than all Series 2025 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2025 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2025 Optional Redemption Subaccount of the Series 2025 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2025 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2025 Bonds is substantially level.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2025 Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2025 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2025 Prepayment Principal deposited into the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account (taking into account the credit from the Series 2025 Reserve Account pursuant to Section 4.05 of this Second Supplemental Indenture) following the payment in whole or in part of the Series 2025 Special Assessments on any assessable property within Assessment Area Two within the District in accordance with the provisions of Section 4.05 of this Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2025 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2025 Rebate Fund, the Series 2025 Costs of Issuance Account and the Series 2025 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2025 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.

from any funds remaining on deposit in the Series 2025 Acquisition and Construction Account not otherwise reserved to complete the 2025 Project (including any amounts transferred from the Series 2025 Reserve Account) all of which have been transferred to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Mandatory Sinking Fund Redemption. The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity

The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
Upon any redemption of Series 2025 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2025 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2025 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2025 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
SECTION 3.02.  Notice of Redemption. When required to redeem Series 2025 Bonds under any provision of this Second Supplemental Indenture or directed to redeem Series 2025 Bonds by the Issuer, the Trustee shall give or cause to be given to Owners of the Series 2025 Bonds to be redeemed, notice of the redemption, as set forth in Article VIII of the Master Indenture.
[END OF ARTICLE III]

ARTICLE IV
ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SPECIAL ASSESSMENT LIENS
SECTION 4.01.	Establishment of Certain Funds and Accounts.
The Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2025 Acquisition and Construction Account.” Net proceeds of the Series 2025 Bonds shall be deposited into the Series 2025 Acquisition and Construction Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture, together with any moneys transferred to the Series 2025 Acquisition and Construction Account pursuant to the provisions of this Second Supplemental Indenture, and such moneys in the Series 2025 Acquisition and Construction Account shall be applied by the Issuer as set forth in Section 5.01 of the Master Indenture, this Section 4.01(a) and the Acquisition Agreement. Subject to the provisions of Section 4.01(f) hereof, any moneys remaining in the Series 2025 Acquisition and Construction Account after the Completion Date, and after the expenditure of all moneys remaining therein that have not been requisitioned after satisfaction of the Release Conditions #1 and Release Conditions #2 upon notice of the same given by the Developer to the Trustee and District Manager, except for any moneys reserved therein for the payment of any costs of the 2025 Project owed but not yet requisitioned, as evidenced in a certificate from the District Manager to the Trustee and the Issuer, upon which the Trustee may conclusively rely, and the adoption of a resolution by the Issuer accepting the 2025 Project, a copy of which shall be delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account. Subject to the provisions of Section 4.01(f) hereof, the Series 2025 Acquisition and Construction Account shall be closed upon the expenditure of all funds therein including moneys deposited therein as a result of satisfaction of the Release Conditions #1 and Release Conditions #2. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2025 Acquisition and Construction Account and make payment to the Person or Persons so designated in such requisition. Pursuant to the Master Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2025 Costs of Issuance Account.” Net proceeds of the Series 2025 Bonds shall be deposited into the Series 2025 Costs of Issuance Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture. Upon presentment by the District Manager or the Issuer to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2025 Costs of Issuance Account to pay the costs of issuing the Series 2025 Bonds. Six months after the issuance of the Series 2025 Bonds, any moneys remaining in the Series 2025 Costs of Issuance Account in excess of the amounts requested to be disbursed by the Issuer shall be deposited into the Series 2025 Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2025 Bonds shall be paid from excess Series 2025 Pledged Revenues on deposit in the Series 2025 Revenue Account in accordance with Section 4.02 SEVENTH. When there are no further moneys therein, the Series 2025 Costs of Issuance Account shall be closed.

Pursuant to Section 6.03 of the Master Indenture, the Trustee shall establish a separate Account within the Revenue Fund designated as the “Series 2025 Revenue Account.” Series 2025 Special Assessments (except for Prepayments of Series 2025 Special Assessments which shall be identified as such by the Issuer to the Trustee and deposited in the Series 2025 Prepayment Subaccount) shall be deposited by the Trustee into the Series 2025 Revenue Account which shall be applied as set forth in Section 6.03 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2025 Principal Account.” Moneys shall be deposited into the Series 2025 Principal Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture, and applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2025 Interest Account.” Moneys deposited into the Series 2025 Interest Account pursuant to Section 6.04 of the Master Indenture and Sections 2.06 and 4.02 of this Second Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish another separate Account within the Debt Service Fund designated as the “Series 2025 Sinking Fund Account.” Moneys shall be deposited into the Series 2025 Sinking Fund Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this Second Supplemental Indenture and applied for the purposes provided therein and in Section 3.01(c) of this Second Supplemental Indenture.
Pursuant to Section 6.05 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Reserve Fund designated as the “Series 2025 Reserve Account.” Net proceeds of the Series 2025 Bonds shall be deposited into the Series 2025 Reserve Account in the amount set forth in Section 2.06 of this Second Supplemental Indenture, and such moneys, together with any other moneys deposited into the Series 2025 Reserve Account shall be applied for the purposes provided therein and in this Section 4.01(f) of this Second Supplemental Indenture.
On each May 1 and November 1 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2025 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2025 Bonds caused by investment earnings to be transferred to the Series 2025 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2025 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2025 Bonds to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2025 Special Assessments and applied to redeem a portion of the Series 2025 Bonds is less than the principal amount of Series 2025 Bonds indebtedness attributable to such lands.

Subject to the provisions of Section 4.05 hereof, on any date the Issuer or the District Manager, on behalf of the Issuer, receives notice that a landowner wishes to prepay its Series 2025 Special Assessments relating to the benefited property of such landowner within Assessment Area Two within the District, or as a result of a mandatory true-up payment, the Issuer shall, or cause the District Manager, on behalf of the Issuer to, calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2025 Prepayment Principal due by the amount of money in the Series 2025 Reserve Account that will be in excess of the applicable Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2025 Reserve Account shall be transferred by the Trustee to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the Issuer, shall make such calculation within ten (10) Business Days after receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2025 Reserve Account to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2025 Bonds in accordance with Section 3.01(b)(i) hereof. The Trustee is authorized to make such transfers and has no duty to verify such calculations. Notwithstanding the foregoing, and as further described in the next succeeding paragraph, upon satisfaction of the Release Conditions #1 or Release Conditions #2, as the case may be, the Trustee shall deposit such excess on deposit in the Series 2025 Reserve Account to the Series 2025 Acquisition and Construction Account and pay such amount deposited in the Series 2025 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached hereto as Exhibit “C” submitted to the Issuer by the Developer which requisition shall be executed by the Issuer and the Consulting Engineer. Such payment is authorized notwithstanding that the Completion Date might have been declared provided that there are Costs of the 2025 Project that were not paid from moneys initially deposited in the Series 2025 Acquisition and Construction Account and the Trustee has on file one or more properly executed unfunded requisitions. In the event there are multiple unfunded requisitions on file with the Trustee, the Trustee shall fund such requisitions in the order the Trustee has received them (from oldest to newest). In the event that there are no unfunded requisitions on file with the Trustee, such excess moneys transferred from the Series 2025 Reserve Account to the Series 2025 Acquisition and Construction Account shall be deposited into the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Upon satisfaction of the Release Conditions #1 or Release Conditions #2 as evidenced by a written certificate of the District Manager delivered to the Issuer and the Trustee, stating that the Release Conditions #1 or Release Conditions #2 have been satisfied and setting forth the amount of the new Series 2025 Reserve Requirement, the Trustee shall without further direction reduce the Series 2025 Reserve Requirement to either twenty-five percent (25%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2025 Bonds, as calculated by the District Manager, upon satisfaction of Release Conditions #1 or ten percent (10%) upon satisfaction of Release Conditions #2 of the maximum annual debt service of the then Outstanding principal amount of the Series 2025 Bonds as calculated by the District Manager. The excess amount in the Series 2025 Reserve Account as a result of satisfaction of Release Conditions #1 or Release Conditions #2 shall be transferred to the Series 2025 Acquisition and Construction Account. The Trustee may conclusively rely on such written certificate of the District Manager.

In addition, in the event of an extraordinary mandatory redemption pursuant to Section 3.01(b)(iii), the District Manager, on behalf of the Issuer, shall calculate the applicable Reserve Requirement and communicate the same to the Trustee and the Trustee shall apply any excess in the Series 2025 Reserve Account toward such extraordinary mandatory redemption.
Pursuant to Section 6.06 of the Master Indenture, the Trustee shall establish a separate Series Bond Redemption Account within the Bond Redemption Fund designated as the “Series 2025 Bond Redemption Account” and within such Account, a “Series 2025 General Redemption Subaccount,” a “Series 2025 Optional Redemption Subaccount,” and a “Series 2025 Prepayment Subaccount.” Except as otherwise provided in this Second Supplemental Indenture regarding Prepayments or in connection with the optional redemption of the Series 2025 Bonds, moneys to be deposited into the Series 2025 Bond Redemption Account as provided in Section
6.06 of the Master Indenture, shall be deposited to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Moneys that are deposited into the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account (including all earnings on investments held therein) shall be used to call Series 2025 Bonds for the extraordinary mandatory redemption in whole, pursuant to Section 3.01(b)(ii) hereof or in part pursuant to Section 3.01(b)(iii) hereof.
Moneys in the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account (including all earnings on investments held in such Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account) shall be accumulated therein to be used to call for redemption pursuant to Section 3.01(b)(i) hereof an amount of Series 2025 Bonds equal to the amount of money transferred to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account for the purpose of such extraordinary mandatory redemption on the dates and at the price provided in such Section 3.01(b)(i) hereof.
The Issuer hereby directs the Trustee to establish a Series 2025 Rebate Fund designated as the “Series 2025 Rebate Fund.” Moneys shall be deposited into the Series 2025 Rebate Fund, as provided in the Arbitrage Certificate and applied for the purposes provided therein.
Any moneys on deposit in the Series 2025 Optional Redemption Subaccount shall be used to optionally redeem all or a portion of the Series 2025 Bonds pursuant to Section 3.01(a) hereof.
SECTION 4.02.  Series 2025 Revenue Account. The Trustee shall transfer from amounts on deposit in the Series 2025 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each June 15 commencing June 15, 2025, to the Series 2025 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2025 Bonds becoming due on the next succeeding June 15, less any amount on deposit in the Series 2025 Interest Account not previously credited;

SECOND, upon receipt but no later than the Business Day next preceding each December 15 commencing December 15, 2025, to the Series 2025 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2025 Bonds becoming due on the next succeeding December 15, less any amounts on deposit in the Series 2025 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each June 15, commencing June 15, 2026, to the Series 2025 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2025 Bonds subject to sinking fund redemption on such June 15, less any amount on deposit in the Series 2025 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding each June 15, which is a principal payment date for any Series 2025 Bonds, to the Series 2025 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2025 Bonds Outstanding maturing on such June 15, less any amounts on deposit in the Series 2025 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2025 Bonds are subject to redemption on a date which is not a June 15 or December 15 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2025 Revenue Account to the Series 2025 Interest Account, the amount necessary to pay interest on the Series 2025 Bonds subject to redemption on such date;
SIXTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2025 Bonds remain Outstanding, to the Series 2025 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2025 Bonds; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be deposited into the Series 2025 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2025 Bonds and next, any balance in the Series 2025 Revenue Account shall remain on deposit in such Series 2025 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2025 Rebate Fund , in which case, the Issuer shall direct the Trustee to make such deposit thereto.
SECTION 4.03.   Power to Issue Series 2025 Bonds and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Series 2025 Bonds, to execute and deliver the Indenture and to pledge the Series 2025 Pledged Revenues for the benefit of the Series 2025 Bonds to the extent set forth herein. The Series 2025 Pledged Revenues are not and shall not be subject to any other lien senior to or on a parity with the lien created in favor of the Series 2025 Bonds, except as otherwise permitted under the Master Indenture. The Series 2025 Bonds and the provisions of the Indenture are and will be valid and legally enforceable obligations of the Issuer in accordance with their respective terms. The Issuer shall, at all times, to the extent permitted by law, defend, preserve and protect the pledge created by the Indenture and all the rights

of the Owners of the Series 2025 Bonds under the Indenture against all claims and demands of all persons whomsoever.
SECTION 4.04.  2025 Project to Conform to Consulting Engineers Report. Upon the issuance of the Series 2025 Bonds, the Issuer will promptly proceed to construct or acquire the 2025 Project, as described in Exhibit A hereto and in the Consulting Engineer’s Report relating thereto, all pursuant to the terms and provisions of the Acquisition Agreement.
SECTION 4.05.	Prepayments; Removal of the Special Assessment Liens.
At any time any owner of property subject to the Series 2025 Special Assessments may, at its option, or as a result of acceleration of the Series 2025 Special Assessments because of non-payment thereof or as a result of true-up payment, shall require the Issuer to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2025 Special Assessments by paying or causing there to be paid, to the Issuer all or a portion of the Series 2025 Special Assessment, which shall constitute Series 2025 Prepayment Principal, plus accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to the Series 2025 Special Assessment owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2025 Reserve Account will exceed the applicable Reserve Requirement as a result of a Prepayment in accordance with this Section 4.05(a) and the resulting redemption of the Series 2025 Bonds in accordance with Section 3.01(b)(i) of this Second Supplemental Indenture, the excess amount shall be transferred from the Series 2025 Reserve Account to the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account as a credit against the Series 2025 Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager upon which the Trustee may conclusively rely, on behalf of the Issuer, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2025 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2025 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2025 Bonds, there will be sufficient Series 2025 Pledged Revenues to pay the principal and interest, when due, on all Series 2025 Bonds that will remain Outstanding.
Upon receipt of Series 2025 Prepayment Principal as described in paragraph
(a) above, subject to satisfaction of the conditions set forth therein, the Issuer shall immediately pay the amount so received to the Trustee, and the Issuer shall take such action as is necessary to record in the official records of the Issuer that the Series 2025 Special Assessment has been paid in whole or in part and that such Series 2025 Special Assessment lien is thereby reduced, or released and extinguished, as the case may be.
The Trustee may conclusively rely on the Issuer’s determination of what moneys constitute Series 2025 Prepayment Principal. The Trustee shall calculate the amount available for extraordinary mandatory redemption of the Series 2025 Bonds pursuant to Section 3.01(b)(i) hereof forty-five (45) days before each Quarterly Redemption Date and will withdraw money from the Series 2025 Reserve Account as a credit against the amount of Prepayment that is owed in an amount as directed by the Issuer or the District Manager on behalf of the Issuer in accordance with Section 4.01(f) hereof and Section 4.05(a)(a) hereof. No credit shall be given if

as a result the Reserve Requirement shall be less than is required after taking into account the proposed extraordinary mandatory redemption pursuant to Section 3.01(b)(i) hereof. At any time such Prepayment is not in an integral multiple of $5,000, the Trustee shall withdraw moneys from the Series 2025 Revenue Account to round-up to an integral multiple of $5,000 and deposit such amount into the Series 2025 Prepayment Subaccount. Notwithstanding the foregoing, the Trustee shall not be authorized to withdraw any moneys from the Series 2025 Revenue Account unless all of the deposits required under Section 4.02 hereof have or can be made to the next succeeding Interest Payment Date.

[END OF ARTICLE IV]

ARTICLE V
COVENANTS AND DESIGNATIONS OF THE ISSUER
SECTION 5.01.  Collection of Series 2025 Special Assessments. Pursuant to the terms and provisions of the Master Indenture and except as provided in the next succeeding sentence, the Issuer shall collect the Series 2025 Special Assessments relating to the acquisition and construction of the 2025 Project through the Uniform Method of Collection (the “Uniform Method”) afforded by Chapter 197, Florida Statutes. Pursuant to the terms and provisions of the Master Indenture, the Issuer shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Series 2025 Special Assessments levied in lieu of the Uniform Method with respect to any assessable lands which have not yet been platted, unless the Trustee at the direction of the Majority Holders directs the Issuer otherwise or the timing for using the Uniform Method will not yet allow for using such method. In addition, and not in limitation of, the covenants contained elsewhere in this Second Supplemental Indenture and in the Master Indenture, the Issuer covenants to comply with the terms of the proceedings heretofore adopted with respect to the Series 2025 Special Assessments, and to levy the Series 2025 Special Assessments in such manner as will generate funds sufficient to pay debt service on the Series 2025 Bonds when due. All Series 2025 Special Assessments that are collected directly by the Issuer shall be due and payable by the landowner not later than thirty (30) days prior to each Interest Payment Date.
SECTION 5.02.  Continuing Disclosure. Contemporaneously with the execution and delivery hereof, the Issuer has executed and delivered a Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities and Exchange Act of 1934. The Issuer covenants and agrees to comply with the provisions of such Continuing Disclosure Agreement applicable to it; however, as set forth therein, failure to so comply shall not constitute and Event of Default hereunder, but shall instead be enforceable by mandamus or any other means of specific performance.
SECTION 5.03.   Investment of Funds and Accounts. The provisions of Section 7.02 of the Master Indenture shall apply to the investment and reinvestment of moneys in the Series 2025 Accounts and subaccounts therein created hereunder.
SECTION 5.04.  Additional Obligations. The Issuer covenants not to issue any other Bonds or other debt obligations secured by the Series 2025 Special Assessments. Such covenant shall not prohibit the Issuer from issuing refunding Bonds. In addition, the Issuer covenants not to issue any other Bonds or debt obligations for capital projects, secured by special assessments on the land within Assessment Area Two within the District which secure the Series 2025 Special Assessments, until the Series 2025 Special Assessments are Substantially Absorbed. The Issuer’s covenants described above shall not preclude the imposition of Special Assessments or other non- ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. The Issuer shall provide the Trustee with a certification that the Series 2025 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2025 Special Assessments are Substantially Absorbed. Notwithstanding any provision in the Indenture to the contrary, the Issuer may issue other Bonds or debt obligations secured by Special Assessments levied on the same lands subject to the Series 2025 Special Assessments, at any time upon the written consent of the Majority Holders.

SECTION 5.05. Acknowledgement Regarding Series 2025 Acquisition and Construction Account Moneys Following an Event of Default. In accordance with the provisions of the Indenture, the Series 2025 Bonds are payable solely from the Series 2025 Pledged Revenues. Anything in the Indenture to the contrary notwithstanding, the Issuer hereby acknowledges that the Series 2025 Pledged Revenues include, without limitation, all amounts on deposit in the Series 2025 Acquisition and Construction Account of the Acquisition and Construction Fund then held by the Trustee, and upon the occurrence of an Event of Default with respect to the Series 2025 Bonds, (i) the Series 2025 Pledged Revenues may not be used by the Issuer (whether to pay costs of the 2025 Project or otherwise) without the consent of the Majority Holders, and (ii) the Series 2025 Pledged Revenues may be used by the Trustee, at the direction or with the approval of the Majority Holders, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The Issuer covenants not to enter into any contract regarding the 2025 Project from and after the occurrence of an Event of Default without the written direction of the Majority Holders.

[END OF ARTICLE V]

ARTICLE VI
THE TRUSTEE; THE PAYING AGENT AND REGISTRAR
SECTION 6.01.  Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created and agrees to perform such trusts upon the terms and conditions set forth in the Indenture. The Trustee agrees to act as Paying Agent and Registrar for the Series 2025 Bonds.
SECTION 6.02.   Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this Second Supplemental Indenture by the Issuer or for the recitals contained herein (except for the certificate of authentication on the Series 2025 Bonds), all of which are made solely by the Issuer. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlement inuring to the Trustee under the Master Indenture.
SECTION 6.03.  Brokerage Confirmations. The Issuer acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Issuer the right to receive individual confirmations of security transactions at no additional cost, as they occur, the Issuer specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Issuer periodic cash transaction statements that include detail for all investment transactions made by the Trustee hereunder.

[END OF ARTICLE VI]

ARTICLE VII MISCELLANEOUS PROVISIONS
SECTION 7.01. Interpretation of Second Supplemental Indenture. This Second Supplemental Indenture amends and supplements the Master Indenture with respect to the Series 2025 Bonds, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this Second Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and this Second Supplemental Indenture shall be read and construed as one document.
SECTION 7.02.  Amendments. Any amendments to this Second Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.
SECTION 7.03. Counterparts and Electronically Signed and/or Transmitted Signatures. This Second Supplemental Indenture may be executed in counterparts, and all counterparts together shall be construed as one document. Executed counterparts of this Second Supplemental Indenture with signatures sent by electronic mail (i.e., in PDF format) or signed electronically via DocuSign or other electronic means may be used in the place of original signatures on this Second Supplemental Indenture. The parties intend to be bound by the signatures of the electronically mailed or signed signatures and the delivery of the same shall be effective as delivery of an original executed counterpart of this Second Supplemental Indenture. The parties to this Second Supplemental Indenture hereby waive any defenses to the enforcement of the terms of this Second Supplemental Indenture based on the form of the signature, and hereby agree that such electronically mailed or signed signatures shall be conclusive proof, admissible in judicial proceedings, of the parties’ execution of this Second Supplemental Indenture. This Second Supplemental Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument.
SECTION 7.04.  Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this Second Supplemental Indenture are hereby incorporated herein and made a part of this Second Supplemental Indenture for all purposes.
SECTION 7.05.   Payment Dates. In any case in which an Interest Payment Date or the maturity date of the Series 2025 Bonds or the date fixed for the redemption of any Series 2025 Bonds shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.
SECTION 7.06.  No Rights Conferred on Others. Nothing herein contained shall confer any right upon any Person other than the parties hereto and the Holders of the Series 2025 Bonds.
SECTION 7.07.  Patriot Act Requirements of the Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an

account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Ranches at Lake McLeod Community Development District has caused this Second Supplemental Trust Indenture to be executed by the Chairperson or Vice Chairperson of its Board of Supervisors and its corporate seal to be hereunto affixed and attested by the Secretary of its Board of Supervisors and U.S. Bank Trust Company, National Association has caused this Second Supplemental Trust Indenture to be executed by one of its authorized signatories, all as of the day and year above written.

[SEAL]
Attest:

By:	 Name: Trish Adams	 Title:  Secretary, Board of Supervisors   

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By: 	 Name: Adam Morgan	 Title: Chairperson, Board of Supervisors  

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee,
Paying Agent and Registrar

By: 	 Name: Scott A. Schuhle	 Title:  Vice President	

STATE OF FLORIDA	)
) SS: COUNTY OF 	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this     day of 	, 2025, by Adam Morgan, Chairperson of Ranches at Lake McLeod Community Development District (the “Issuer”), who acknowledged that he did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is his free act and deed as such officer, and the free act and deed of said Issuer; and that the seal affixed to said instrument is the seal of said Issuer; that he appeared before me this day in person and severally acknowledged that he, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth. He is personally known to me or produced 	 as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF FLORIDA
My commission expires 	

STATE OF FLORIDA	)
) SS:
COUNTY OF ORANGE	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this     day of 	, 2025, by Trish Adams, Secretary of Ranches at Lake McLeod Community Development District (the “Issuer”), who acknowledged that she did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is her free act and deed as such officer, and the free act and deed of said Issuer; and that the seal affixed to said instrument is the seal of said Issuer; that she appeared before me this day in person and severally acknowledged that she, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth. She is personally known to me or produced 	 as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF FLORIDA
My commission expires 	

STATE OF FLORIDA	)
) SS:
COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this     day of 	, 2025, by Scott A. Schuhle, a Vice President of U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”), who acknowledged that he did so sign said instrument as such officer for and on behalf of the Trustee; that the same is his free act and deed as such officer, and the free act and deed of the Trustee; that he appeared before me on this day in person and acknowledged that he, being thereunto duly authorized, signed, for the uses and purposes therein set forth. He is personally known to me or has produced 	 as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF 	
My commission expires 	

EXHIBIT A DESCRIPTION OF 2025 PROJECT
The 2025 Project includes, but is not limited to, the following improvements, as described in the
Engineer’s Report, dated August 4, 2022, as supplemented:
Stormwater management and control facilities, including, but not limited to, related earthwork;
Public roadway improvements, including applicable impact fees; Landscaping and irrigation in public rights-of-way;
Water and wastewater facilities; Signage;
Public recreational facilities;
Differential cost of undergrounding electric utilities; and All related soft and incidental costs.

EXHIBIT B
[FORM OF SERIES 2025 BOND]
R-1	$	
UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF POLK
CITY OF EAGLE LAKE
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BOND, SERIES 2025
(ASSESSMENT AREA TWO)

Interest Rate	Maturity Date	Date of Original Issuance	CUSIP	
	%			752041	

Registered Owner:	Cede & Co. Principal Amount:--
KNOW ALL PERSONS BY THESE PRESENTS that the Ranches at Lake McLeod Community Development District (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof (except while the herein defined Series 2025 Bonds are in book-entry only form such presentation shall not be required), at the designated corporate trust office of U.S. Bank Trust Company, National Association, as paying agent (said U.S. Bank Trust Company, National Association and/or any bank or trust company to become successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above (with interest thereon at the Interest Rate per annum set forth above, computed on a 360-day year of twelve 30-day months), said principal payable on the Maturity Date stated above. Principal of this Bond is payable at the designated corporate trust office of U.S. Bank Trust Company, National Association, located in Fort Lauderdale, Florida, in lawful money of the United States of America. Interest on this Bond is payable by check or draft of the Paying Agent made payable to the registered owner and mailed on each June 15 and December 15, commencing June 15, 2025 to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by U.S. Bank Trust Company, National Association, as registrar (said U.S. Bank Trust Company, National Association and any successor registrar being herein called the “Registrar”) at the close of business on the first day (whether or not a Business Day) of the calendar month for which an interest payment date occurs (the “Record Date”). Such interest shall be payable from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a June 15 or December 15 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to June 15, 2025, in which case from the date of initial delivery, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be

payable to the registered owner on such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by U.S. Bank Trust Company, National Association, as Trustee (said
U.S. Bank Trust Company, National Association and any successor trustee being herein called the “Trustee”), notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any time in any other lawful manner, as more fully provided in the Indenture (defined below). Any capitalized term used in this Bond and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE SERIES 2025 PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, THE CITY OF EAGLE LAKE, FLORIDA (THE “CITY”), POLK COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS, EXCEPT THAT THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2025 SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee of the certificate of authentication endorsed hereon.
This Bond is one of an authorized issue of Bonds of the Ranches at Lake McLeod Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and Ordinance No. O-21-01 of the City Commission of Eagle Lake, Florida enacted on October 5, 2020 and becoming effective on October 15, 2020, designated as “Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two)” (the “Bonds”), in the aggregate principal amount of 	 MILLION 	 HUNDRED 	 THOUSAND AND 00/100 DOLLARS
($	.00) of like date, tenor and effect, except as to number, denomination, interest rate and maturity date. The Series 2025 Bonds are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to pay the costs of constructing and/or acquiring a portion of the 2025 Project (as defined in the herein referred to Indenture). The Series 2025 Bonds shall be issued as fully registered bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Master Trust Indenture dated as of June 1, 2023 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of February 1, 2025 (the “Second Supplemental Indenture” and together with the Master Indenture, the “Indenture”), each by and between the Issuer and the Trustee, executed

counterparts of which are on file at the designated corporate trust office of the Trustee in Fort Lauderdale, Florida.
Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Series 2025 Bonds issued under the Indenture, the operation and application of the Debt Service Fund, the Series 2025 Reserve Account within the Debt Service Reserve Fund and other Funds and Accounts (each as defined in the Indenture) charged with and pledged to the payment of the principal of and the interest on the Series 2025 Bonds, the levy and the evidencing and certifying for collection, of the Series 2025 Special Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Series 2025 Bonds are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of the Series 2025 Bonds, the conditions under which such Indenture may be amended with the consent of the Majority Holders of the Series 2025 Bonds outstanding, and as to other rights and remedies of the registered owners of the Series 2025 Bonds.
The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, the County, the State or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, the County, the State or any other political subdivision thereof, for the payment of the principal of and interest on this Bond or the making of any other sinking fund and other payments provided for in the Indenture, except for the Series 2025 Special Assessments to be assessed and levied by the Issuer as set forth in the Indenture.
By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture.
This Bond is payable from and secured by Series 2025 Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of the Series 2025 Special Assessments to secure and pay the Bonds.
The Series 2025 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Series 2025 Bonds shall be made on the dates specified below. Upon any redemption of Series 2025 Bonds other than in accordance with scheduled mandatory sinking fund redemption, the Issuer shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2025 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2025 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2025 Bonds in any year. In the

event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Optional Redemption
The Series 2025 Bonds may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20XX (less than all Series 2025 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2025 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2025 Optional Redemption Subaccount of the Series 2025 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2025 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2025 Bonds is substantially level.
Mandatory Sinking Fund Redemption
The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2025 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series

2025 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
The Series 2025 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2025 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2025 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity

Extraordinary Mandatory Redemption in Whole or in Part
The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date.
from Series 2025 Prepayment Principal deposited into the Series 2025 Prepayment Subaccount of the Series 2025 Bond Redemption Account (taking into account the credit from the Series 2025 Reserve Account pursuant to Section 4.05 of the Second Supplemental Indenture) following the payment in whole or in part of Series 2025 Special Assessments on any assessable lands within Assessment Area Two within the District in accordance with the provisions of Section 4.05 of the Second Supplemental Indenture.
from moneys, if any, on deposit in the Series 2025 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2025 Rebate Fund, the Series 2025 Costs of Issuance Account and the Series 2025 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2025 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2025 Acquisition and Construction Account not otherwise reserved to complete the 2025 Project (including any amounts transferred from the Series 2025 Reserve Account) all of which have been transferred to the Series 2025 General Redemption Subaccount of the Series 2025 Bond Redemption Account.
Except as otherwise provided in the Indenture, if less than all of the Bonds subject to redemption shall be called for redemption, the particular such Bonds or portions of such Bonds to be redeemed shall be selected randomly by the Trustee, as provided in the Indenture.
Notice of each redemption of the Bonds is required to be mailed by the Trustee by class mail, postage prepaid, not less than thirty (30) nor more than sixty (60) days prior to the redemption date to each Registered Owner of the Bonds to be redeemed at the address of such Registered Owner recorded on the bond register maintained by the Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Trustee or the Paying Agent, all as provided in the Indenture, the Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such Bonds or such portions thereof on such date, interest on such Bonds or such portions thereof so called for redemption shall cease to accrue, such Bonds or such portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Trustee or the Paying Agent. Further notice of redemption shall be given by the Trustee to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof

is given as above prescribed. Notwithstanding the foregoing, the Trustee is authorized to give conditional notice of redemption as provided in the Master Indenture.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
Modifications or alterations of the Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Indenture.
Any moneys held by the Trustee or Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for three (3) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption shall be paid to the Issuer, thereupon and thereafter no claimant shall have any rights against the Trustee or Paying Agent to or in respect of such moneys.
If the Issuer deposits or causes to be deposited with the Trustee funds or Defeasance Securities (as defined in the Master Indenture) sufficient to pay the principal or Redemption Price of any Bonds becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of such Bonds as to the trust estate with respect to such Bonds shall be discharged, except for the rights of the Owners thereof with respect to the funds so deposited as provided in the Indenture.
This Bond shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.
The Issuer shall keep books for the registration of the Bonds at the designated corporate trust office of the Registrar in Fort Lauderdale, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue) for the purpose of receiving payment

of or on account of the principal of and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary.
It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions.
IN WITNESS WHEREOF, Ranches at Lake McLeod Community Development District has caused this Bond to be signed by the manual signature of the Chairperson or Vice Chairperson of its Board of Supervisors and its seal to be imprinted hereon, and attested by the manual signature of the Secretary of its Board of Supervisors, all as of the date hereof.
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT
By:		
Chairperson/Vice Chairperson Board of Supervisors
(SEAL)

Attest:
By:		 Secretary, Board of Supervisors

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the within mentioned Indenture.
Date of Authentication: 	

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By:		
Vice President

STATEMENT OF VALIDATION
This Bond is one of a series of Bonds which were validated by judgment of the Circuit Court of the Tenth Judicial Circuit of Florida, in and for Polk County, Florida, rendered on the 21st day of April, 2022.
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

(SEAL)
Attest:

By:		
Secretary
Board of Supervisors

By:		
Chairperson/Vice Chairperson Board of Supervisors

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations:
TEN COM	-	as tenants in common TEN ENT	-	as tenants by the entireties
JT TEN	-	as joint tenants with rights of survivorship and not as tenants in common

UNIFORM TRANSFER MIN ACT	- 	 Custodian 	
(Cust)	(Minor)
Under Uniform Transfer to Minors Act	
(State)
Additional abbreviations may also be used though not in the above list.

ASSIGNMENT AND TRANSFER
FOR	VALUE	RECEIVED	the	undersigned	sells,	assigns	and	transfers	unto

(please print or typewrite name and address of assignee)

the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints

Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.
Signature Guarantee:

	

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever.

Please	insert	social	security	or	other identifying number of Assignee.

EXHIBIT C FORMS OF REQUISITIONS
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025
(ASSESSMENT AREA TWO)

(Acquisition and Construction)

The undersigned, a Responsible Officer of the Ranches at Lake McLeod Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of June 1, 2023, as supplemented by that certain Second Supplemental Trust Indenture dated as of February 1, 2025 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Identify Acquisition Agreement, if applicable;
Name of Payee:
Amount Payable:
Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2025 Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the 2025 Project; and
each disbursement represents a Cost of 2025 Project which has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested are on file with the District.
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By:		
Responsible Officer
Date:	

CONSULTING ENGINEER’S APPROVAL FOR
NON-COST OF ISSUANCE OR NON-OPERATING COSTS REQUESTS ONLY
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the 2025 Project and is consistent with: (i) the Acquisition Agreement; and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

Consulting Engineer

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025
(ASSESSMENT AREA TWO)

(Costs of Issuance)

The undersigned, a Responsible Officer of the Ranches at Lake McLeod Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of June 1, 2023, as supplemented by that certain Second Supplemental Trust Indenture dated as of February 1, 2025 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):

Requisition Number:

Amount Payable:

Purpose for which paid or incurred: Costs of Issuance

Fund or Account and subaccount, if any, from which disbursement to be made:

Series 2025 Costs of Issuance Account of the Acquisition and Construction Fund

The undersigned hereby certifies that:
this requisition is for costs of issuance payable from the Series 2025 Costs of Issuance Account that have not previously been paid;
each disbursement set forth above is a proper charge against the Series 2025 Costs of Issuance Account;
each disbursement set forth above was incurred in connection with the issuance of the Series 2025 Bonds; and
each disbursement represents a cost of issuance which has not previously been paid.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Attached hereto are originals or copies of the invoice(s) from the vendor of the services rendered with respect to which disbursement is hereby requested.
RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By:		
Responsible Officer

Date: 	

EXHIBIT D
FORM OF INVESTOR LETTER

[Date]
FMSbonds, Inc.
20660 W. Dixie Highway North Miami Beach, FL 33180

Re:	$	 Ranches at Lake McLeod Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two)

Ladies and Gentlemen:
The undersigned is authorized to sign this letter [on behalf of Name of Non-Individual Investor], as the beneficial owner (the “Investor”) of $	 of the above-referenced Bonds [state maturing on June 15, 	, bearing interest at the rate of   % per annum and CUSIP #] (herein, the “Investor Bonds”).
In connection with the purchase of the Investor Bonds by the Investor, the Investor hereby makes the following representations upon which you may rely:
The Investor has authority to purchase the Investor Bonds and to execute this letter, any other instruments and documents required to be executed by the Investor in connection with the purchase of the Investor Bonds.
The Investor meets the criteria of an “accredited investor” as described in one or more of the categories derived from Rule 501(a) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) summarized below, and therefore, has sufficient knowledge and experience in financial and business matters, including purchase and ownership of municipal and other tax-exempt obligations including those which are not rated or credit-enhanced, to be able to evaluate the risks and merits of the investment represented by the Bonds. Please check the appropriate box below to indicate the type of accredited investor:
a bank, registered broker, dealer or investment adviser (or investment adviser exempt from registration under Section 203(l) or (m) within the meaning of the Investment Advisers Act of 1940), insurance company, registered investment company, business development company, small business investment company; or rural business investment company;
an employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the employee benefit plan has total assets in excess of $5 million;
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, Massachusetts or similar business trust partnership, or limited liability company, not formed for the specific purpose of acquiring the Investor Bonds with assets exceeding $5 million;

a business in which all the equity owners are “accredited investors”;
a natural person who has individual net worth, or joint net worth with the person’s spouse or spousal equivalent, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person, except that mortgage indebtedness on the primary residence shall not be included as a liability;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse or spousal equivalent exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;
a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Investor Bonds whose purchase is directed by a sophisticated person;
an entity, of a type other than those set forth above, that owns investments in excess of $5,000,000 and that was not formed for the specific purpose of acquiring the Investor Bonds;
a natural person holding in good standing one or more professional certifications or designations or credentials from a designated accredited educational institution qualifying an individual for “accredited investor” status;
a “family office” with at least $5,000,000 in assets under management, that was not formed for the specific purpose of acquiring the Investor Bonds, and whose prospective investment is directed by a person capable of evaluating the merits and risks of the prospective investment; or
a “family client” of a family office described in the prior bullet point whose prospective investment is directed by that family office.
The Investor has been supplied with an (electronic) copy of the Preliminary Limited Offering Memorandum dated 	, 2025 of the Issuer and relating to the Bonds (the “Offering Document”) and has reviewed the Offering Document and represents that such Offering Document has provided full and meaningful disclosure in order to make an informed decision to invest in the Investor Bonds.

Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Indenture.
Very truly yours, [Name], [Type of Entity]
By: 	 Name: 	 Title: 	 Date: 	

Or

[Name], an Individual

706860288v4

Section VII

fffl!lilbonds
Municipal Bond Specialists

February 7, 2025

Ranches at Lake McLeod Community Development District c/o Governmental Management Services
Central Florida, LLC 219 E. Livingston St. Orlando, FL 32801 Attn: Jill Bums

Re:	Ranches at Lake McLeod CDD, Series 2025 Bonds Dear Ms. Burns:
We are writing to provide you, as the Summer Woods Community Development District (the "Issuer"), with ce1iain disclosures relating to the captioned bond issue (the "Bonds"), as required by the Municipal Securities Rulemaking Board (MSRB) Rule G-17 Disclosure, as set forth in the amended and restated MSRB Notice 2019-20 (November 8, 2019)1 (the "Notice"). We ask that you provide this letter to the appropriate person at the Issuer.
The Issuer recognizes that FMSbonds, Inc. will serve as the underwriter (the "Underwriter") and not as a financial advisor or municipal advisor, in connection with the issuance of the bonds relating to this financing (herein, the 'Bonds"). As paii of our services as Underwriter, FMSbonds, Inc. may provide advice concerning the structure, timing, terms, and other similai· matters concerning the issuance of the Bonds. Any such advice, if given, will be provided by FMSbonds, Inc. as Underwriter and not as your financial advisor or municipal advisor in this transaction. The Issuer may choose to engage the services of a municipal advisor with a fiduciary obligation to represent the Issuer's interest in this transaction.
The specific parameters under which FMS will underwrite the Bonds will be set forth in a Bond Resolution adopted by the Board.

Pursuant to the Notice, we are required by the MSRB to advise you that:

1 Interpretive Notice Concerning the Application of MSRB Rule G-17 to underwriters and Underwriters of Municipal Securities (effective March 31, 2021).

MSRB Rule G-17 requires a broker to deal fairly at all times with both municipal issuers and investors.
The Underwriter's primary role is to purchase the Bonds in an arm's-length commercial transaction with the Issuer. As such, the Underwriter has financial and other interests that differ from those of the Issuer.
Unlike a municipal advisor, the Underwriter does not have a fiduciary duty to the Issuer under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the Issuer without regard to its own financial or other interests.
The Underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable price, but must balance that duty with its duty to use its best efforts to resell the Bonds with purchases at prices that are fair and reasonable.
The Bonds may be sold into a trust either at the time of issuance or subsequent to issuance. In such instance FMSbonds, Inc., not in its capacity of Underwriter, may paiiicipate in such trust arrangement by performing certain administrative roles. Any compensation paid to FMSbonds, Inc. would not be derived from the proceeds of the Bonds or from the revenues pledged thereunder.
The Underwriter will be compensated in accordance with the terms of a bond purchase contract by and between the Underwriter and Issuer. Payment or receipt of the Underwriter's compensation will be contingent on the closing of the transaction. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since an Underwriter may have an incentive to recommend a transaction that is unnecessary or to recommend that the size of a transaction be lai·ger than is necessary. The Issuer acknowledges no such rec01mnendation has been made by the Underwriter.
Please note nothing in this letter is an expressed or an implied commitment by us to provide financing or to place or purchase the Bonds. Any such commitment shall only be set forth in a bond purchase contract or other appropriate form of agreement for the type of transaction unde1iaken by you.
Further, our participation in any transaction (contemplated herein or otherwise) remains subject to, ainong other things, the execution of a bond purchase contract (or other appropriate form of agreement), further internal review and approvals, satisfactory completion of our due diligence investigation and market conditions.
FMSbonds, Inc. is acting independently in seeking to act as Underwriter in the transaction contemplated herein and shall not be deemed for any purpose to be acting as an agent, joint venturer or paiiner of any other principal involved in the proposed financing. FMSbonds, Inc. assumes no responsibility, express or implied, for any actions or omissions of, or the performance of services by, the purchasers or any other brokers in connection with the transactions contemplated herein or otherwise.

If you or any other representative of the Issuer have any questions or concerns about these disclosures, please make those questions or concerns known immediately to the undersigned. In addition, you should consult with your own financial, municipal, legal, accounting, tax and other advisors, as applicable, to the extent deemed appropriate.
The MSRB requires that we seek the Issuer's acknowledgement that it has received this letter. We request that the person at the Issuer who has the authority to bind the Issuer (herein, "Authorized Issuer Representative") acknowledge this letter as soon as practicable and by nature of such acknowledgment that such person is not a paiiy to any conflict of interest relating to the subject transaction. If our understanding is incorrect, please notify the undersigned immediately.
Depending on the structure of the transaction that the Issuer decides to pursue, or if additional actual or perceived material conflicts are identified, we may be required to send you additional disclosures. At that time, we also will seek your acknowledgement of receipt of any such additional disclosures.
We look forward to working with you in connection with the issuance of the Bonds, and we appreciate the opportunity to assist you in this transaction. Thank you.
FMSbonds, Inc.

By: Na

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

By:		

Section VIII

Ranches at Lake McLeod Community Development District
219 E. Livingston Street, Orlando, Florida 32801
December 5, 2024

Via Electronic Mail & DocuSign
Ranches at Lake McLeod Community Association, Inc. c/o ICON Management Services., Inc.
5540 State Road 64 East
Suite 220
Bradenton, Florida 34208

Re:  Ranches at Lake McLeod Community Development District - Holiday Decorations License Dear Ranches at Lake McLeod Community Association, Inc.:
The Ranches at Lake McLeod Community Development District ("District" or "Licensor"), a special­ purpose unit of local government created under Chapter 190 of the Florida Statutes, hereby grants a temporary license ("License") to Ranches at Lake McLeod Community Association, Inc. ("Licensee"), for ingress and egress, and for the limited purpose of installing, maintaining, and removing holiday decorations onto the District owned property.
Licensee is permitted to install the holiday decorations beginning December 5, 2024, and Licensee is required to remove the holiday decorations by January 5, 2025. All decorations must be removable, and Licensee shall return the District's property to the previous condition. Nothing may be nailed or stapled to District property, and no open flames are permitted on District property. The following are prohibited: profanity, obscenity, references to illegal activity, and political messages. The District reserves the right to require removal of any decorations which, in its sole discretion, are not appropriate for a family-oriented community display.

Licensee shall ensure the exercise ofrights hereunder does not damage any property of the District or any third party's property, and, in the event of such damage, Licensee shall immediately repair the damage or compensate the District for such repairs, at the District's option. Licensee shall carry, and shall require that any of its Licensees doing work in connection with the License to carry, general liability insurance in the amount of at least $1,000,000, automobile liability insurance in the amount of at least $1,000,000, and worker's compensation insurance in the amounts required by state law. The District and its supervisors, staff, agents and representatives, and successors and assigns, shall be additional insureds under all such insurance. Licensee shall furnish the District with the Certificate of Insurance evidencing compliance with this requirement prior to installing any holiday decorations. In addition, Licensee certifies, by acceptance of this License, that neither it nor its principals utilize coercion for labor or services as defined in section 787.06, Florida Statutes. Licensee agrees to execute an affidavit, included as an attachment to this License and incorporated herein, in compliance with section 787.06(13), Florida Statutes.
Nothing in this License shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in section 768.28, Florida Statutes, or other statute. Licensee shall indemnify, defend and hold harmless the District and its supervisors, staff, agents and representatives, and successors and assigns, against all liability for damages and expenses resulting from, arising out of, or in any way connected with, this License Agreement or the exercise of the privileges granted hereunder. This License Agreement and the provisions contained in this License Agreement shall be construed, interpreted, and controlled according to the laws of the State of Florida. All actions and disputes shall be brought in the proper court and venue, which shall be Polk County, Florida The prevailing party in any litigation to enforce the terms of this License Agreement shall be entitled to reasonable attorney's fees and costs.

Licensee understands and agrees that all documents of any kind provided to the District in connection with this License Agreement may be public records, and, accordingly, Licensee agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Licensee acknowledges that the designated public records custodian for the District is Governmental Management Services - Central Florida, LLC ("Public Records Custodian"). Among other requirements and to the extent applicable by law, the Licensee shall A) keep and maintain public records required by the District to perform the service; B) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; C) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Licensee does not transfer the records to the Public Records Custodian of the District; and D) upon completion of the contract, transfer to the District, at no cost, all public records in Licensee's possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Licensee, the Licensee shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.
IF THE LICENSEE HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE LICENSEE'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 841-5524, OR BY EMAIL AT RECORDREQUEST@GMSCFL.COM, OR BY REGULAR MAIL AT 219 E. LIVINGSTON STREET, ORLANDO, FLORIDA 32801.
Thank you for your cooperation in this matter. If you have any questions, please do not hesitate to contact me.

IA

Sincerely,
DocuSigned by:

L=F F:::.
Adam Morgan
District Chairman, Ranches at Lake McLeod Community Development District

cc:	Mark Watts, District Counsel (via electronic mail only)
Michelle Dudley, Ranches at Lake McLeod Community Association, Inc.- President (via electronic mail on(v)

Enclosure

ANTI-HUMAN TRAFFICKING AFFIDAVIT
I, Michelle Dudley  as President	on behalf of Ranches at Lake McLeod Community Association, Inc., a Florida not for profit corporation (the "Licensee"), under penalty of perjury hereby attest as follows:

I.	I am over 21 years of age and an officer or representative of the Licensee.
The Licensee does not use coercion for labor or services as defined in Section 787.06(2)(a),
Florida Statutes.

More particularly, the Licensee does not participate in any of the following actions:

Using or threatening to use physical force against any person;

Restraining, isolating or confining or threatening to restrain, isolate or confine any person without lawful authority and against her or his will;

Using lending or other credit methods to establish a debt by any person when labor or services are pledged as a security for the debt, if the value of the labor or services as reasonably assessed is not applied toward the liquidation of the debt or the length and nature of the labor or services are not respectively limited and defined;

Destroying, concealing, removing, confiscating, withholding, or possessing any actual or purported passport, visa, or other immigration document, or any other actual or purported government identification document, of any person;

Causing or threatening to cause financial harm to any person;

Enticing or luring any person by fraud or deceit; or

Providing a controlled substance as outlined in Schedule I or Schedule II of Section 893.03, Florida Statutes, to any person for the purpose of exploitation of that person.
Dated: December 9	, 2024

[Remainder of page intentionally left blank]

FURTHER AFFIANT SAYETH NAUGHT.

Ranches at Lake McLeod Community Association, Inc.

By:
Name:
Title:	President

Ovef\SJ-

STATE OF FLORIDA COUNTY OF
swoRN TO AND SUBSCRIBED before mpe hysical presence or D remote notarization by

Michelle Dudley, as President, of Ranches at Lake McUeod Community AssS!f_ii\t_j{>n, Inc., who is per onally known to me or who produced 	 as identification this'---1'\Y \ day of \fi(ffi'1P£r ;4' 2024.		,
I	.......,	I

(;_( J:.

..-i v· ·-,	MELANIE MINIHAN
.,_j] MY COMMISSION# HH 431837
·•.1,-	..-...	EXPIRES: September 17,262T
· -. - -- ·
(Notary Seal)

Section IX

January 17, 2025 Adam Morgan Lennar, Orlando
6675 Westwood Blvd Fl 5, Orlando, Florida, 32821
813-316-3349
adam.morgan@lennar.com

Subject: Ranches at Lake McLeod
Flight Acreage: 264 +/-

Fee estimate for drone flyovers, data processing, and cloud software subscription (Jan 2025 - Feb 2025).

We are happy to begin services to track construction progress for this project on the following terms. Access to each project within the software is included for 60 days after the final scan date. This 60-day period restarts with contract extensions and renewals. Read-only software extensions are available. Contact your Account Executive for more details. Start and end dates are approximates. If services are delayed for any reason, this agreement automatically extends in duration to account for the quantities agreed herein.

TraceAir reserves the right to revise service fees upon requested change(s) to the project monitoring area.

Service (See Descriptions Below)	Frequency	Price	Quantity	Subtotal	
Gold Scans
Jan 20, 2025 – Feb 20, 2025	On-Demand	$2,550.00	1	$2,550.00	
Estimated Total Cost: $2,550.00 USD	

Initials:	 Initials: 	

Product Descriptions	
Service	Scope	
Gold Scans	– Drone flyover. Processing of photos and geo-referencing to create an ortho-photo & digital elevation model. Includes hosting, software and support. Important to note: Flight markers are required for the geo-referenced sites. The measurements (X, Y, & Z coordinates) and maintenance of these can be conducted by the grading contractor or surveyor at the customer’s expense. QA/QC: vertical accuracy assessment and report per each scan. One 360 panorama per scan (location on customer’s choice).	

Initials:	 Initials: 	

Billing Contact: Tricia Adams Email: tadams@gmcsfl.com PO/Project Number: 0000

By signing below both parties agree to the Terms & Conditions.

Agreed,

Will Johnson
Head of Sales, TraceAir Technologies

Adam Morgan
Lennar, Orlando

Boundary Image

Section X

POLK COUNTY PROPERTY APPRAISER
2025 Data Sharing and Usage Agreement

Revised 01/2025
ADA Compliant

This Data Sharing and Usage Agreement, hereinafter referred to as “Agreement,” establishes the terms and conditions

under which the Ranches at Lake McLeod Community Development District

hereinafter

referred to as “agency,” can acquire and use Polk County Property Appraiser data that is exempt from Public Records disclosure as defined in FS 119.071.

In accordance with the terms and conditions of this Agreement, the agency agrees to protect confidential data in accordance with FS 282.3185 and FS 501.171 and adhere to the standards set forth within these statutes.

For the purposes of this Agreement, all data is provided. It is the responsibility of the agency to apply all statutory guidelines relative to confidentiality and personal identifying information.
The confidentiality of personal identifying information including: names, mailing address and OR Book and Pages pertaining to parcels owned by individuals that have received exempt / confidential status, hereinafter referred to as “confidential data,” will be protected as follows:
The agency will not release confidential data that may reveal identifying information of individuals exempted from Public Records disclosure.
The agency will not present the confidential data in the results of data analysis (including maps) in any manner that would reveal personal identifying information of individuals exempted from Public Records disclosure.
The agency shall comply with all state laws and regulations governing the confidentiality and exempt status of personal identifying and location information that is the subject of this Agreement.
The agency shall ensure any employee granted access to confidential data is subject to the terms and conditions of this Agreement.
The agency shall ensure any third party granted access to confidential data is subject to the terms and conditions of this Agreement. Acceptance of these terms must be provided in writing to the agency by the third party before personal identifying information is released.
The agency agrees to comply with all regulations for the security of confidential personal information as defined in FS 501.171.
The agency, when defined as “local government” by FS 282.3185, is required to adhere to all cybersecurity guidelines when in possession of data provided or obtained from the Polk County Property Appraiser.

The term of this Agreement shall commence on January 1, 2025, and shall run until December 31, 2025, the date of signature by the parties notwithstanding. This Agreement shall not automatically renew. A new agreement will be provided annually to ensure all responsible parties are aware of and maintain the terms and conditions of this Data Sharing and Usage Agreement.
In witness of their agreement to the terms above, the parties or their authorized agents hereby affix their signatures.

POLK COUNTY PROPERTY APPRAISER

Agency:

Ranches at Lake McLeod Community Develop

Signature: 	

Signature: 	

Print:

Neil Combee	

Print:		

Title: Date:

Polk County Property Appraiser	
January 7, 2025	

Title: Date:

Chairman 2/11/2025

Please email the signed agreement to pataxroll@polk-county.net.

Section XI

CONTRACT AGREEMENT
This Agreement made and entered into on Monday, January 13, 2025 by and between the Ranches at Lake McLeod Community Development District, a local unit of special purpose government of the State of Florida hereinafter referred to as the 'Special District', and Neil Combee, Polk County Property Appraiser, a Constitutional Officer of the State of Florida, whose address is 255 North Wilson Ave., Bartow, FL 33830, hereinafter referred to as the 'Property Appraiser'.
Section 197.3632 Florida Statutes, provides that special assessments of non-ad valorem taxes levied by the Special District may be included in the assessment rolls of the County and collected in conjunction with ad valorem taxes as assessed by the Property Appraiser. Pursuant to that option, the Property Appraiser and the Special District shall enter into an agreement providing for reimbursement to the Property Appraiser of administrative costs, including costs of inception and maintenance, incurred as a result of such inclusion.
The parties herein agree that, for the 2025 tax year assessment roll, the Property Appraiser will include on the assessment rolls such special assessments as are certified to her by the Ranches at Lake McLeod Community Development District.
The term of this Agreement shall commence on January 1, 2025 or the date signed below, whichever is later, and shall run until December 31, 2025, the date of signature by the parties notwithstanding. This Agreement shall not automatically renew.
The Special District shall meet all relevant requirements of Section 197.3632 & 190.021 Florida Statutes.
The Special District shall furnish the Property Appraiser with up-to-date data concerning its boundaries and proposed assessments, and other information as requested by the Property Appraiser to facilitate in administering the non-ad valorem assessment in question. Specifically, if assessments will be included on the 2025 TRIM Notice, the Special District shall provide proposed assessments no later than Friday, July 11, 2025. The Special District’s assessments shall, as far as practicable, be uniform (e.g. one uniform assessment for maintenance, etc.) to facilitate the making of the assessments by the mass data techniques utilized by the Property Appraiser.
The Special District shall certify to the Property Appraiser the Special District’s annual installment and levy no later than Monday, September 15, 2025. The Property Appraiser shall, using the information provided by the Special District, place the Special District’s non ad-valorem special assessments on properties within the district for inclusion on the 2025 tax roll.
The Property Appraiser shall be compensated by the Special District for the administrative costs incurred in carrying out this Agreement at the rate of 1% of the amount levied on the TRIM Notice or if the TRIM Notice is not used, the rate shall be 1% of the amount levied on the 2025 tax roll. For the TRIM Notice, the Property Appraiser will require payment on or before Monday, September 15, 2025 for processing within the Property Appraiser budget year (October 1st – September 30th).
If the actual costs of performing the services under this agreement exceed the compensation provided for in Paragraph 7, the amount of compensation shall be the actual costs of performing the services under this agreement.
If tax roll corrections are requested by the Special District, the Property Appraiser shall be compensated by the Special District for the administrative costs incurred at the rate of $5.00 for each tax roll correction exceeding ten (10) corrections per tax
year.
The Special District shall indemnify and hold harmless, to the extent permitted by Florida law and without waiving its right of any applicable sovereign immunity, the Property Appraiser and all respective officers, employees, agents and instrumentalities from any and all liability, losses or damages, including attorneys' fees and costs of defense, which the Property Appraiser and all respective officers, employees, agents or instrumentalities may incur as a result of claims, demands, suits, causes of actions or proceedings of any kind or nature arising out of, relating to or resulting from the negligent or intentional acts or omissions of the Special District or its employees, agents, servants, partners, principals, or subcontractors arising out of, relating to, or resulting from the performance of the Agreement. The Special District shall pay all claims and losses in connection therewith and shall investigate and defend all claims, suits or actions of any kind or nature in the name of the Property Appraiser where applicable, including appellate proceedings, and shall pay all costs, judgments, and attorneys' fees which may issue thereon.

EXECUTED By:

Special District Representative

Neil Combee
Polk County Property Appraiser By:

Print name

Title	Date

Neil Combee, Property Appraiser

Section XII

Section B

Section 1

RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

ASSIGNMENT OF DISTRICT ENGINEERING SERVICES AGREEMENT

The Ranches at Lake McLeod Community Development District (“District”) entered into a contract with Connelly & Wicker, Inc. (“Connelly”) for District Engineering services on
	. A copy of the contract is attached as Exhibit “A” (“District Engineer Contract”). Connelly was recently acquired by PRIME AE Group, Inc. (“PRIME”) and desires to continue providing engineering services to the District in accordance with the District Engineering Contract. In order to facilitate the provision of continuing engineering services to the District, the District and PRIME hereby agree that the District Engineering Contract is hereby assigned to PRIME. All terms and conditions set forth in the District Engineering Contract shall remain in full force and eNect.
NOW THEREFORE, PRIME and the District do hereby acknowledge and approve of the assignment of the District Engineering Contract to PRIME as of the date set forth below.
On behalf of the District:
Ranches at McLeod Community Development District, an independent special district organized under Fla. Stat. Ch. 190.

Print:	 Title:		 Date:			

On behalf of PRIME:
PRIME AE Group, Inc., a 	
corporation

Print:		 Title:	 Date:		

INTERIM ENGINEERING SERVICES AGREEMENT
THIS AGREEMENT ("Agreement") is made and entered into this 2v day of Jv..,- 
2022, by and between:

RANCHES AT LAKE McLEOD C0MMUNl1Y DEVELOPMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 190, Florida Statutes, with a mailing address of c/o Wrathell, Hunt and Associates, 2300 Glades Road, Suite 410W, Boca Raton, Florida 33431 (the "District"); and

CONNEUV & WICKER, INC,, a Florida corporation, with a mailing address of 10060 Skinner Lake Drive, Suite 500, Jacksonville, Florida 32246 ("Engineer").

RECITAIS

WHEREAS, the District is a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes, (the "Act"), as amended; and

WHEREAS, pursuant to the Act, the District was established for the purpose of planning, financing, constructing acquiring, and/or maintaining certain infrastructure improvements and services within the District; and

WHEREAS, the District intends to employ Engineer on an interim basis to perform engineering, surveying, planning, landscaping, construction administration, environmental management, and permitting, financial and economic studies, as defined by a separate work authorization or work authorizations; and

WHEREAS, Engineer shall serve as the District's professional representative in each service or project to which this Agreement applies and will give consultation and advice to the District during performance of its services.

Now, THEREFORE, for and in consideration of the mutual covenants herein contained, the acts and deeds to be performed by the parties and the payments by the District to Engineer of the sums of money herein specified, it is mutually covenanted and agreed as follows:

SECTION 1.	REOTALS. The Recitals stated above are true and correct and by this reference are incorporated herein and form a material part of this Agreement.

SECTION 2. SCOPE OF SERVICES. Engineer will provide general engineering planning and/or study services, as authorized by one or more Work Authorization(s), hereinafter defined, including:

A.  Preparation of any necessary reports and attendance at meetings of the District's Board of Supervisors ("Board");
Assistance in meeting with necessary parties involving bond issues, special reports, feasibility studies, or other tasks;
C.   Any other items requested by the Board.

SECTION 3.	REPRESENTATIONS. Engineer hereby represents to the District that:

It has the experience and skill to perform the services required to be performed by this Agreement;
It shall design to and comply with limitation, professional registration and licensing requirements (both corporate and individual for all required basic disciplines} in effect during the term of this Agreement, and shall, if requested by the District, provide certification of compliance with all registration and licensing requirements;
It shall perform said services in accordance with generally accepted professional standards, to the extent consistent with the best interests of the District; and

SECTION 4. METHOD OF AUTHORIZATION. Each service or project shall be authorized in writing by the District (''Work Authorization"). The Work Authorization shall include the scope of work, compensation, project schedule, and special provisions or conditions specific to the service or project being authorized. Authorization of services or projects under this Agreement shall be at the sole discretion of the District. Work Authorization Number 1 attached hereto as Exhibit A, and incorporated herein by this reference, is hereby approved.
SECTION s. COMPENSATION. It is understood and agreed that the payment of compensation for services under this Agreement shall be stipulated in each Work Authorization. Services rendered by Engineer under this Agreement shall not exceed the amounts specifically authorized by each written Work Authorization. One of the following methods will be utilized:

Lump Sum Amount: - The District and Engineer shall mutually agree to a lump sum amount for the services to be rendered payable monthly in direct proportion to the work accomplished.

Hourly Personnel Rates - For services or projects where scope of services is not clearly defined, or recurring services or other projects where the District desires the use of the hourly compensation rates, the District and Engineer shall use the hourly compensation rates outlined in Exhibit B attached hereto. The District and Engineer may agree to a "not to exceed" amount when utilizing hourly personnel rates for a specific Work Authorization.

SECTION 6. REIMBURSABLE EXPENSES. Reimbursable expenses consist of actual expenditures made by Engineer, its employees, or its consultants in the interest of the project for the incidental expenses as listed as follows:

Expenses of transportation and living when traveling in connection with a project, for long distance phone calls and telegrams, and fees paid for securing approval of authorities having jurisdiction over the project. All expenditures shall be made in accordance with Chapter 112, Florida Statutes, and in accordance with the District's travel policy.

Expense of reproduction, postage, and handling of drawings and specifications.

SECTION 7.	TERM OF AGREEMENT. It is understood and agreed that this Agreement is for interim engineering services. It is further understood and agreed that the term of this Agreement will be from the time of execution of this Agreement by the parties until such time as the District notifies Engineer that is has entered into a subsequent agreement for engineering services.

SEcnoN 8. SPECIAL CONsuLTANTS. When authorized in writing by the District, additional special consulting services may be utilized by Engineer and paid for on a cost basis.

SECTION 9. BooKs AND RECORDS. Engineer shall maintain comprehensive books and records relating to any services performed under this Agreement, which shall be retained by Engineer for a period of at least four (4) years from and after completion of any services hereunder. The District, or its authorized representative, shall have the right to audit such books and records at all reasonable times upon prior notice to Engineer.

SECTION 10.	OWNERSHIP Of DocuMENTS.

All rights in and title to all plans, drawings, specifications, ideas, concepts, designs, sketches, models, programs, software, creation, inventions, reports, or other tangible work product originally developed by Engineer pursuant to this Agreement ("Work Product"} shall be and remain the sole and exdusive property of the District when developed and shall be considered work for hire.

Engineer shall deliver all Work Product to the District upon completion thereof unless it is necessary for Engineer In the District's sole discretion, to retain possession for a longer period of time. Upon early termination of Engineer's services hereunder, Engineer shall deliver all such Work Product whether complete or not. The District shall have all rights to use any and all Work Product. Engineer shall retain copies of the Work Product for its permanent records, provided the Work Product is not used without the District's prior express written consent. Engineer agrees not to recreate any Work Product contemplated by this Agreement, or portions thereof, which if constructed or otherwise materialized, would be reasonably identifiable with the project.

The District exclusively retains all manufacturing rights to all materials or designs developed under this Agreement. To the extent the services performed under this Agreement produce or include copyrightable or patentable materials or designs, such materials or designs are work made for hire for the District as the author, creator, or inventor thereof upon creation, and the District shall have all rights therein including, without limitation, the right of reproduction, with respect to such work. Engineer hereby assigns to the District any and all rights Engineer may have including, without limitation, the copyright, with respect to such work. Engineer acknowledges that the District is the motivating factor for, and for the purpose of copyright or patent, has the right to direct and supervise the preparation of such copyrightable or patentable materials or designs.

SECTION 11. ACCOUNTING RECORDS. Records of Engineer pertaining to the services provided hereunder shall be kept on a basis of generally accepted accounting principles and shall be available to the District or its authorized representative for observation or audit at mutually agreeable times.

SECTION 12. REUSE OF DocuMENTS. All documents including drawings and specifications furnished by Engineer pursuant to this Agreement are instruments of service. They are not intended or represented to be suitable for reuse by the District or others on extensions of the work for which they were provided or on any other project. Any reuse without specific written consent by Engineer will be at the District's sole risk and without liability or legal exposure to Engineer. All documents including drawings, plans and specifications furnished by Engineer to the District are subject to reuse in accordance with Section 287.055(10), Florida Statutes.

SECTION 13. EmMATE OF Cosr. Since Engineer has no control over the cost of labor, materials, or equipment or over a contractor's(s') methods of determining prices, or over competitive bidding or market conditions, its opinions of probable cost provided as a service hereunder are to be made on the basis of its experience and qualifications and represent Its best judgment as a design professional familiar with the construction industry, but Engineer cannot and does not guarantee that proposals, bids, or the construction costs will not vary from opinions of probable cost prepared by it. If the District wishes greater assurance as to the construction costs, it shall employ an independent cost estimator at its own expense. Services
to modify approved documents to bring the construction cost within any limitation established
by the District will be considered additional services and justify additional fees.

SECTION 14. INSURANCE. Subject to the provisions of this Section, Engineer shall maintain insurance during the performance of its services under this Agreement, with limits of liability not less than the following:
Workers' Compensation	Statutory General Liability
Bodily Injury	$1,000,000/$2,000,000

{including Contractual) Property Damage
{including Contractual)

Automobile Liability
Bodily Injury/ Property Damage

Professional Liability for Errors and Omissions

$1,000,000/$2,000,000

Combined Single Limit $1,000,000

$1,000,000

If any such policy of insurance is a "claims madeN policy, and not an Noccurrence" policy, Engineer shall, without interruption, and at the District's option, maintain the insurance for at least five (S) years after the one-year anniversary of this Agreement.

The District, its officers, supervisors, agents, staff, and representatives shall be named as additional insured parties, except with respect to the Worker's Compensation Insurance and the Professional Liability for Errors and Omissions Insurance both for which only proof of insurance shall be provided. Engineer shall furnish the District with the Certificate of Insurance evidencing compliance with the requirements of this Section. No certificate shall be acceptable to the District unless it provides that any change or termination within the policy periods of the insurance coverage, as certified, shall not be effective within thirty (30) days of prior written notice to the District. Insurance coverage shall be from a reputable insurance carrier, licensed to conduct business in the state of Florida.

If Engineer fails to have secured and maintained the required insurance, the District has the right (without any obligation to do so, however), to secure such required Insurance in which event, Engineer shall pay the cost for that required insurance and shall furnish, upon demand, all information that may be required in connection with the District's obtaining the required insurance.

SECTION 15. CONTINGENT FEE. Engineer warrants that it has not employed or retained any company or person, other than a bona fide employee working solely for Engineer, to solicit or secure this Agreement and that it has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee working solely for Engineer, any fee, commission, percentage, gift, or other consideration contingent upon or resulting from the award or making of this Agreement.

SECTION 16. COMPLIANCE WITH GOVERNMENTAL REGULATIONS. In performing its obligations under this Agreement, Engineer and each of its agents, contractors, subcontractors, employees or anyone directly or indirectly employed by Engineer, shall comply with all applicable laws, ordinances, rules, regulations, and orders of any public or governmental authority having appropriate jurisdiction. If Engineer fails to notify the District in writing within five (S) days of the receipt of any notice, order, required to comply notice, or a report of a violation of an alleged violation, made by any local, State or Federal governmental body or agency or

subdivision thereof with respect to the services being rendered under this Agreement or any action of Engineer or any of its agents, servants, or employees, or fails to comply with any requirement of such agency within five (5) days after receipt of any such notice, order request to comply notice, or report of a violation or an alleged violation, the District may terminate this Agreement, such termination to be effective upon the giving of notice of termination.

SECTION 17. COMPLIANCE WITH PROFESSIONAL STANDARDS. In performing its obligations under this Agreement, Engineer and each of its agents, contractors, subcontractors, employees, or anyone directly or indirectly employed by Engineer, shall perform said services in accordance with generally accepted professional standards to the extent consistent with the best interests of the District. Any designs, drawings, reports, or specifications prepared or furnished by Engineer that contain errors, conflicts, or omissions will be promptly corrected by Engineer at no cost to the District.

SECTION 18. AUDIT. Engineer agrees that the District or any of its duly authorized representatives shall, until the expiration of four (4) years after expenditure of funds under this Agreement, have access to and the right to examine any books, documents, papers, and records of Engineer involving transactions related to this Agreement. Engineer agrees that payment made under this Agreement shall be subject to reduction for amounts charged thereto that are found on the basis of audit examination not to constitute allowable costs. All required records shall be maintained until an audit is completed and all questions arising therefrom are resolved, or three (3) years after completion of all work under this Agreement.
SECTION 19. INDEMNIFICATION. Engineer agrees to indemnify, defend, and hold the District and the District's officers and employees harmless from liabilities, damages, losses, and costs, including, but not limited to, reasonable attorneys' fees, which may come against the District and the District's officers and employees, to the extent caused wholly or in part by negligent, reckless, or intentionally wrongful acts, omissions, or defaults by Engineer or persons employed or utilized by Engineer the course of any work done under this Agreement. To the extent a limitation on liability is required by Section 725.06 of the Florida Statutes or other applicable law, liability under this section shall in no event exceed the greater of the insurance limits set forth herein or Two Million Dollars ($2,000,000}. Engineer agrees such limitation bears a reasonable commercial relationship to the contract and was part of the project specifications or bid documents.
PURSUANT TO FLORIDA STATUTES SECTION 558.0035 (2018), AN INDIVIDUAL EMPLOYEE OR AGENT MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE.

SECTION 20. Pueuc RECORDS. Engineer understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Engineer agrees to comply with all applicable provisions of Florida law in handling such records, including, but not limited, to Section 119.0701, Florida Statutes. Among other requirements and to the extent applicable by law, Engineer shall 1) keep and maintain public

records required by the District to perform the service; 2) upon request by the Public Records Custodian, hereinafter defined, provide the District with the requested public records or allow the records to be Inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of this Agreement term and following this Agreement term if Engineer does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of this Agreement, transfer to the District, at no cost, all public records in Engineer's possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Engineer, Engineer shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats. Engineer acknowledges that the designated Public Records Custodian for the District is Craig Wrathell.

IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (561) 571-0010, WRATHELLC@WHHASSOCIATES.COM, OR AT 2300 GLADES ROAD, SUITE 410W, BOCA RATON, FLORIDA 33431.
SECTION 21. NOTias. All notices, requests, consents, and other communications hereunder ("Notices") shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the parties, as follows:

If to the District:

With a copy to:

Ranches at Lake Mcleod Community Development District
2300 Glades Road, Suite 410W Boca Raton, Florida 33431 Attn: Craig Wrathell

Cobb Cole
231 N Woodland Blvd. Deland, Florida 32720 Attn: Mark Watts

8.	If to Engineer:		Connelly & Wicker Inc. 10060 Skinner Lake Drive Jacksonville, Florida 32246 Attn: Rick Welch, P.E.

Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address set forth herein. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the parties may deliver Notice on behalf of the parties. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

SECTION 22. EMPLOYMENT VEruFICATION. Engineer agrees that it shall bear the responsibility for verifying the employment status, under the Immigration Reform and Control Act of 1986, of all persons it employs in the performance of this Agreement.

SECTION 23. CONTROLLING lAw. The parties agree that this Agreement shall be controlled and governed by the laws of the State of Florida. Venue shall exclusively be in the court of appropriate jurisdiction, in and for St. Johns County, Florida.

SECTION 24. AsslGNMENT. Neither the District nor Engineer shall assign, sublet, or transfer any rights under or interest in this Agreement without the express written consent of the other. Nothing in this paragraph shall prevent Engineer from employing such independent professional associates and consultants as Engineer deems appropriate, pursuant to Section 8 herein.

SECTION 25. TERMINATION. The District may terminate this Agreement for cause immediately upon notice to Engineer. The District or Engineer may terminate this Agreement without cause upon thirty (30) days' written notice. At such time as Engineer receives notification of the intent of the District to terminate this Agreement, Engineer shall not perform any further services unless directed to do so in writing by the District. In the event of any termination or breach of any kind, Engineer shall not be entitled to consequential damages of any kind {including but not limited to lost profits), but instead Engineer's sole remedy will be to recover payment for services rendered to the date of the notice of termination, subject to any offsets the District may have against the Engineer.

SECTION 26. RECOVERY OF com AND FEES. In the event either party is required to enforce this Agreement by court proceedings or otherwise, then the substantially prevailing party shall be entitled to recover from the other party all costs incurred, including reasonable attorneys' fees, paralegal fees and expert witness fees and costs for trial, alternative dispute resolution, or appellate proceedings.

SECTION 27. AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto and formally approved by the Board.

SECTION 28. AGREEMENT. This Agreement reflects the negotiated agreement of the parties, each represented by competent legal counsel. Accordingly, this Agreement shall be construed as if both parties jointly prepared it, and no presumption against one party or the other shall govern the interpretation of any of the provisions of this Agreement.

SECTION 29. INDEPENDENT CONTRACTOR. The District and Engineer agree and acknowledge that Engineer shall serve as an independent contractor of the District. Neither Engineer nor employees of Engineer, if any, are employees of the District under the meaning or application of any federal or state unemployment, insurance laws, or any other potentially applicable laws. Engineer agrees to assume all liabilities or obligations by any one or more of such laws with respect to employees of Engineer, if any, in the performance of this Agreement. Engineer shall not have any authority to assume or create any obligation, express or implied, on behalf of the District and Engineer shall have no authority to represent as agent, employee, or in any other capacity the District unless set forth differently herein or authorized by vote of the Board.

SECTION 30. COuNnRPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

[Remainder of this page intentionally left blank)

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written.

ATTEST:	RANCHES AT LAKE MCLEOD COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chair/Vice Chair, Board of Supervisors

WITNESS:	CONNELLY & WICKER INC.

Witness

Exhibit A: Exhibit B: Exhibit C:

Work Authorization Number l
Schedule of Rates
Insurance Certificate & Endorsements

Exhibit A: Work Authorization Number 1

	,J2022
Ranches at lake Mcleod Community Development District Polk County, Florida

Subject:	Work Authorization Number 1

Dear Chair, Board of Supervisors:

Connelly & Wicker Inc., is pleased to submit this work authorization to provide interim engineering services for the Ranches at lake Mcleod Community Development District (the "District"). We will provide these services pursuant to our current agreement dated 	
{"Engineering Agreement") as follows:

I.	Scope of Work

The District will engage the services of Connelly & Wicker Inc., as the Interim Engineer to prepare an Engineer's Report to support the District's bond issuances and attendance at meetings and bond validation proceedings regarding the District's issuance of bonds. Engineer's Report will include a description of the District services and the following associated exhibits will be prepared and included as part of the report: a map of the District boundary with existing potable water, sewer and reuse water service; a conceptual site plan within the District boundary; a map of the land use within the District boundary and surroundings area; a location map of the District; and a legal description of the District boundary.

II,    Fees

The District will com ensate Connell  & Wicker Inc., a I	 of
($	_,rby hourly rate presented jn the Engmeenng AgreemeoJ)The District will reimburse all direct costs wn1t 1RE11ttae- items such as printing, drawings, travel, deliveries, etc., pursuant to the Agreement.

This proposal, together with Engineering Agreement, represents the entire understanding between the District and Connelly & Wicker Inc., with regard to the referenced work authorization. If you wish to accept this work authorization, please sign both copies where indicated, and return one complete copy to our office. Upon receipt, we will promptly schedule our services.

Thank you for considering Connelly& Wicker Inc. We look forward to helping you create a quality project.

APPROVED AND ACCEPTED

By: 	&, r--, -- -
Authorized Representative of Ranches at	By:	{?1.?j/4;U)
lake McLeod Community Development District	Connelly & Wicker Inc.

'9'+'I

Exhibit B: Schedule of Rates

Connelly &. Wicker Inc.
Planning	•	Engineering	•	Landscape Architecture
Terms and Conditions of the Agreement

SchedyJto[ Btkl flDd Job C1Mt1hcalign

..a!r,,-..1,..,	:r:.4		r	, ,. .II ,
14.,.,'	•1,•,	r!,, r;	
Pnl'lllbat Enaner	'25000	
Senior PmJOtl l.il et /Quolty Aaulance	$21000	
Senior PmlOCI Mal'1l!IHII'	$180.00	
ProjcCI Mena	1180.00	
C!	neer Slaff Eno,,_,	$145.00
$12000	
cadd Production Maia ger	$130.00	
Serlior ee-.Jner	$120.00	
o..ar..-	$10500	
Technic:TilelnelwlicilO	-	-	·Ssa95s.0o0o	
Secretary	S 65.00	
Certiled Atborisl	$200.00	
Pnnci1>1! l.andscc,pe /	Lind Planner	$185.00	
Land«ape Atchlect
iindacaiico.jgne,	!! .:?.?
$10000	-	
La pe Te,mtcien	$ 75.00	

Connely & r	lnc.'1 "'"  -  •w,ect to review Ind 9djuatmenl Octpber 1fl pf MdJmr, 

'

Cpntm;t IIUDli CQmeQy & Wctcer wll emar Im one of the two types ot ea,eerne,a. The ht !ype of contract wlll be a 4lmp Sum Contract ""1ere the IICOpe of lel'VIOM II dlfinable and I 11xed IN wll be etblbhhad. The eecond type of contract wtl be Hpyrty wtth a budqfl; lhla cornet type ¥All be ueed whml the acope of -	Is nol -9 dlfinad. In a--al, COnntlly & IMcker wil not exceed tie budget 111111,:,utb  CLIENT'S appnwal. In catee ftle
the hourty aclMllee exeeed the budget wltl-an • IIIOllltl)r billing cycle, the holl1y d111111ea may exc:eed the budget wllhoul rom.lly Mil the CUENT. If an	budget req.._ adjullment. Connely & Wlclcer ahall nol!l'f h CLIENT by e-	il or wrttlen conmunlcatlon requetttng a1Ahorlzlllan

BtiD!IYmw• §xP11Wn· Relmburubte c:ot11 llhlllt be pa1c1 a1 eanne11y & \Nick« 1nc.·• co11 p1111 19116. RelrnburAble coals may lndude rees uf ProfeNloliat Asaociates whoell expertae 1a ,.qwed to complete ine ptqect and other ,of..poc:kel OXpenMe. OUl -pod.i CXponNe wil lncklde, lid not be hmhd lo, peimt len. trwel experas (lodging, meall, elc.). Jo11-ratatec1 travel at Ille allowable IRS rnluge ra1a t,r h cunnl blllf11 cycle, courier services, Prin11111 and reproduction eDll9, and apeclal •	and materlall.

Appfcebfe un;  Unleu olherwiN speclfled, 1h11 BQrNfflllnl will be governed by 11w •- of !he stale ot Flodda. PURSUANT TO SECTION 558.0035 FLORIDA STATUTES, AN INDIVIDUAL EMPLOYEE OF CONNELLY & WICKER INC. MAY NOT BE HELD INDNIDUALLY LIABLE FOR NEGLIGENCE FOR ANY CLAIMS, DAMAGES, OR DISPUTES ARISING OUT OF AND SUBJECT TO THIS CONTRACT.

,  '.I• H	1-,.4,.lf",H
flfflctpf A'Ch1ftttl#f! HI  1C26C.,00Jll

EXHIBIT C: Insurance Certificate & Endorsements

ACORD..	CERTIFICATE OF LIABILITY INSURANCE

"'11....-rm,

TIN canFICA,a■ 	, Al A IIATTl!R OFDFCIRMA'IIIIIICINLYMD CONFIRI tD IIIOHn WCIITIII caml'ICA111HCILDIR. Ttla

aat2CIZ2

IELCJW. TH■C&IIACATEOF-ANC&OOUNCJrcmarnun!ACCINJRM:TIEnEBITHl--lmllB(9I,	 E  &&TA1MCIRPRCDUCa, AHD THl!Cl!R'IW'ICA,_IIOLDIR.

Cl!lllWICA'll!DcmNOi'N'PMA'IM!LYOIINNA'TM!LY AIBIIJ.IXTINDGIIALTlllffeCCJllajlaAWGIIDIIDIY'Dll!,e&,ca

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110

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Cenllllly. wtolllr, lno. 1tOIO	La1111Dr•
......
khIWlll.rLm41

211424

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1118 ■ 'JU CIKlff '!'HID' '1111 POLICEII CF lallWICE t.mTm aCJW HM/EIIEEN-,S lUllE NIM> INIED,-;JtE 1HE POIJC\'PIR00

NlllATED. NOIIW7HSl'ANDINO MN Rl!GJIREIIENI', TERM OR 00IUTICN0F NN CONIMCl'OA OIHER DOCUlliNT WITH IEIPllCT 10 Mll0H 1118

IMY IIIE -.s> 011 llo\Y PERTAIN, 'DE IBJIWICE N'RlRDl!D IY 'l1E POLICE8 Dl!ICMIED IERl!IN ■ ll&SI'10 MJ. '!ME Tl!Na,

EJal1810N1 NID CCNmCNI OF 8UCtt POUCE8. I.Ml$ IH0IIWI 1MY w.vE lliEN REDUCa:I IY IWD W;;,:;;;..	 ---1

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20WliGM1FYK

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lnllL PollullDn

V2Z2NalllOt

PwClllln.........

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1111: Raf. ACllllff'ltl2

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1HIIIPRAITIDII MTE ..,_, IICmCW WLL •e IIBMRID IN

IHOUUtNffOP11RA90WE--PCIUCB -     ...,._

ACCOIIMICI wmt 1H& NILIC'I ...,.,..._

Cllenla 19117	CONNWICK

ACGRDB   1of1
ID111'	111162

et11H111Am11DCGIIPOIIA1IOII.Alllgllla-Md.
'IIIIACOIID-andllDgD_NQldlrad_..fllACORD

Section C

Ranches at lake Mcleod CDD
Field Management Report

February 11th, 2025 Allen Bailey – Field Manager
GMS

The sidewalks have been repoured at Craftsman Rd in the dock area.

Dock Area Sidewalks

Complete

Monument Lights

Solar Lights have been installed at both Ranches North and East monuments.

The Ranches East landscape is rooting and maintaining a health appearance though the cold snap.

District Tower

Ranches East Landscape

Site Review

The tower of Ranches East has been completed and turned over.

The district fence is back up in Ranches North.

Site Review

District Fence

Conclusion

For any questions or comments regarding the above information, please contact me by phone at 407-460-4424, or by email at abailey@gmscfl.com. Thank you.

Respectfully, Allen Bailey

Section 1

ESTIMATE

Aquatic Weed Management, Inc.
PO Box 1259

The Ranches
Bill to
The Ranches
GMS - Central Fla 219 E. Livingston St Orlando, FL 32801

Estimate details
Estimate no.: 1392
Estimate date: 01/16/2024

Haines City, FL 33845

WATERWEED1@AOL.COM

+1 (863) 412-1919

#	Date	Product or service	SKU	Qty	Rate	Amount	
1.	Scope of Work			$600.00	$600.00	
Monthly pond herbicide maintenance on 2 ponds. Services include treatments for ALL vegetation (emerged, submerged and ﬂoating) within the ordinary high water level. Priced as $/treatment.

Total	$600.00

Note to customer
Thank you for your business!

Section D

Section 1

Ranches at Lake McLeod Community Development District

Summary of Check Register

November 2, 2024 to February 3, 2025

Fund	Date	Check No.'s	Amount

General Fund	
11/21/24	
95-98	
$	
13,327.00	
	11/25/24	99	$	5,041.90	
	12/9/24	100-102	$	1,630.00	
	12/18/24	103-106	$	14,060.74	
	12/19/24	107	$	140.00	
1/30/25	108-111	 $	14,747.55 	
		$	48,947.19	
Supervisor Fees - November 2024			
Adam Morgan	10107	$	184.70	
Brent Kewley	10108	$	184.70	
Patrick Bonin	10109	$	184.70	
Michelle Dudley	10110	$	184.70	
Kayla Word	10111	 $	184.70 	
		$	923.50	
	Total Amount	$	49,870.69	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/05/25	PAGE	1
*** CHECK DATES 11/02/2024 - 02/03/2025 ***	RANCHES AT LAKE MCLEOD
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
11/21/24 00019	9/24/24 18333	202409 320-53800-47000	*	125.00
POND MAINTENANCE SEP24
10/30/24 18473	202410 320-53800-47000	*	125.00
POND HERBICIDE OCT24
AQUATIC WEED MANAGEMENT, INC	250.00 000095
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/21/24 00004 11/04/24 57423	202410 310-51300-31500	*	37.00
GENERAL COUNSEL OCT24
COBB & COLE PA	37.00 000096
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/21/24 00031	9/26/24 13281	202409 320-53800-49000	*	200.00
CLEANING SVCS SEP24
10/30/24 13511	202410 320-53800-49000	*	200.00
CLEANING SVCS OCT24
CSS CLEAN STAR SERVICES OF CENTRAL	400.00 000097
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
11/21/24 00017 10/16/24 18356	202410 320-53800-46201	*	3,990.00
RESTAKE TREES/HURRICANE
11/01/24 18389	202411 320-53800-46200	*	6,500.00
LANDSCAPE MAINT NOV24
11/01/24 18390	202411 320-53800-46200	*	2,150.00
PARK LANDSCAPE NOV24
FRANK POLLY SOD, INC	12,640.00 000098

11/25/24 00013	11/01/24	
	11/01/24	
	11/01/24	
	11/01/24	
	11/01/24	
	11/01/24	
	11/01/24	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
37	202411 310-51300-34000	*	3,541.67
MANAGEMENT FEES NOV24
37	202411 310-51300-35200	*	100.00
WEBSITE ADMIN NOV24
37	202411 310-51300-35100	*	150.00
INFORMATION TECH NOV24
37	202411 310-51300-31300	*	416.67
DISSEMINATION SVCS NOV24
37	202411 310-51300-51000	*	.03
OFFICE SUPPLIES NOV24
37	202411 310-51300-42000	*	.20
POSTAGE NOV24
38	202411 320-53800-12000	*	833.33
FIELD MANAGEMENT NOV24
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,041.90 000099
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/09/24 00005 11/29/24 22040009 202411 310-51300-31100	*	300.00
ENGINEERING SVCS NOV24
CONNELLY & WICKER INC.	300.00 000100
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/09/24 00031 11/19/24 13724	202411 320-53800-49000	*	230.00
CLEANING SVCS NOV24
CSS CLEAN STAR SERVICES OF CENTRAL	230.00 000101
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
RALM RANCHES AT	KCOSTA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/05/25	PAGE	2
*** CHECK DATES 11/02/2024 - 02/03/2025 ***	RANCHES AT LAKE MCLEOD
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
12/09/24 00013 10/31/24 39	202410 320-53800-48000	*	1,100.00
MILTON-FENCE REPAIRS
GOVERNMENTAL MANAGEMENT SERVICES-CF	1,100.00 000102
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/18/24 00019 11/26/24 18622	202411 320-53800-47000	*	125.00
POND HERBICIDE NOV24
AQUATIC WEED MANAGEMENT, INC	125.00 000103
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/18/24 00004 12/02/24 58793	202411 310-51300-31500	*	203.00
GENERAL COUNSEL NOV24
COBB & COLE PA	203.00 000104
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/18/24 00017 11/27/24 18431	202412 320-53800-46200	*	6,500.00
LANDSCAPE MAINT DEC24
11/27/24 18432	202412 320-53800-46200	*	2,150.00
PARK LANDSCAPE DEC24
FRANK POLLY SOD, INC	8,650.00 000105
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/18/24 00013 12/01/24 40	202412 310-51300-34000	*	3,541.67
MANAGEMENT FEES DEC24
12/01/24 40	202412 310-51300-35200	*	100.00
WEBSITE ADMIN DEC24
12/01/24 40	202412 310-51300-35100	*	150.00
INFORMATION TECH DEC24
12/01/24 40	202412 310-51300-31300	*	416.67
DISSEMINATION SVCS DEC24
12/01/24 40	202412 310-51300-51000	*	2.53
OFFICE SUPPLIES DEC24
12/01/24 40	202412 310-51300-42000	*	38.54
POSTAGE DEC24
12/01/24 41	202412 320-53800-12000	*	833.33
FIELD MANAGEMENT DEC24
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,082.74 000106
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
12/19/24 00005	9/27/24 22040009 202409 300-20700-10100	*	140.00
ENGINEERING SVCS SEP24
CONNELLY & WICKER INC.	140.00 000107
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/30/25 00002	1/22/25 26765	202501 320-53800-45000	*	2,062.00
POLICY CHANGE 1.22.25
EGIS INSURANCE ADVISORS	2,062.00 000108
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/30/25 00013	1/01/25 43	202501 310-51300-34000	*	3,541.67
MANAGEMENT FEES-JAN25
1/01/25 43	202501 310-51300-35200	*	100.00
WEBSITE ADMIN-JAN25
RALM RANCHES AT	KCOSTA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	2/05/25	PAGE	3
*** CHECK DATES 11/02/2024 - 02/03/2025 ***	RANCHES AT LAKE MCLEOD
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#

*	150.00		
*	416.67			
*	.09			
*	41.15			
*	833.33			

1/01/25 43	202501 310-51300-35100
INFORMATION TECH-JAN25
1/01/25 43	202501 310-51300-31300
DISSEMINATION SVCS-JAN25 1/01/25 43	202501 310-51300-51000
OFFICE SUPPLIES-JAN25
1/01/25 43	202501 310-51300-42000
POSTAGE-JAN25
1/01/25 44	202501 320-53800-12000
FIELD MANAGEMENT-JAN25
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,082.91 000109
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/30/25 00023	1/15/25 70	202501 310-51300-42000	*	121.24
MAIL TAX NOTICES-FY25
JOE G TEDDER, TAX COLLECTOR	121.24 000110
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
1/30/25 00022	1/28/25 01282025 202501 300-20700-10000	*	844.23
EXCESS ASSESS TSFR-S2023
1/29/25 01292025 202501 300-20700-10000	*	6,637.17
ASSESSMENT TSFR-S2023
RANCHES AT LAKE MCLEOD CDD	7,481.40 000111
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	48,947.19
TOTAL FOR REGISTER	48,947.19

RALM RANCHES AT	KCOSTA

Section 2

Ranches at Lake McLeod
Community Development District

Unaudited Financial Reporting
December 31, 2024

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Debt Service Fund - Series 2023	

5	
	Capital Projects Fund - Series 2023	

6	
	Capital Reserve Fund	

7-8	
	Month to Month	

9	
	Assessment Receipt Schedule	

10	
	Long Term Debt Report	

			

Fund Balance:
Restricted for:			
Debt Service	$	-	$	578,844	$	-	$	-	$	578,844	
Capital Projects	$	-	$	-	$	1,492	$	-	$	1,492	
Assigned for:						
Capital Reserve	$	-	$	-	$	-	$	50,000	$	50,000	
Unassigned	$	535,423	$	-	$	-	$	-	$	535,423	
Total Fund Balances	$	535,423	$	578,844	$	1,492	$	50,000	$	1,165,759	
						
Total Liabilities & Fund Balance	$	894,688	$	578,844	$	1,492	$	50,000	$	1,525,024	

Ranches at Lake McLeod
Community Development District Combined Balance Sheet December 31, 2024

General
Fund

Debt Service
Fund

Capital Projects
Fund

Capital Reserve
Fund

Totals
Governmental Funds

Assets:
Cash	
$	894,688	
$	-	
$	
-	$	-	
$	894,688	
Capital Reserve Account	$	-	$	-	$	-	$	50,000	$	50,000	
Due from General Fund Investments:
Series 2023	$	-	$	359,265	$	-	$	-	$	359,265	
Construction	$	-	$	-	$	1,492	$	-	$	1,492	
Cost of Issuance	$	-	$	-	$	0	$	-	$	0	
Reserve	$	-	$	192,117	$	-	$	-	$	192,117	
Revenue	$	-	$	27,462	$	-	$	-	$	27,462	
Interest	$	-	$	-	$	-	$	-	$	-	
Prepaid Expenses	$	-	$	-	$	-	$	-	$	-	

Total Assets	$	894,688	$	578,844	$	1,492	
$	50,000	
$	1,525,024	
Liabilities:
Due to Debt Service	$	359,265	$	-	$	-	
$	-	
$	359,265	
Total Liabilites	$	359,265	$	-	$	-	$	-	$	359,265	

Revenues:		
Assessments - Tax Roll	$	623,453	$	360,789	$	360,789	$	-	
Assessments - Direct	$	13,441	$	13,441	$	119,077	$	105,636	
Developer Contributions	$	-	$	-	$	-	$	-	
Total Revenues	$	636,894	$	374,229	$	479,866	$	105,636	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	3,000	$	1,000	$	2,000	
FICA Expense	$	918	$	230	$	77	$	153	
Engineering	$	15,000	$	3,750	$	300	$	3,450	
Attorney	$	15,000	$	3,750	$	240	$	3,510	
Annual Audit	$	5,000	$	-	$	-	$	-	
Assessment Administration	$	6,500	$	6,500	$	6,500	$	-	
Arbitrage	$	900	$	-	$	-	$	-	
Dissemination	$	6,000	$	1,250	$	1,250	$	-	
Trustee Fees	$	4,020	$	3,192	$	3,192	$	-	
Management Fees	$	42,500	$	10,625	$	10,625	$	-	
Information Technology	$	1,800	$	450	$	450	$	-	
Website Maintenance	$	1,200	$	300	$	300	$	-	
Postage & Delivery	$	1,000	$	250	$	76	$	174	
Insurance	$	6,181	$	5,981	$	5,981	$	-	
Copies	$	500	$	125	$	-	$	125	
Legal Advertising	$	7,500	$	1,875	$	-	$	1,875	
Other Current Charges	$	2,500	$	625	$	116	$	509	
Office Supplies	$	500	$	125	$	3	$	122	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total General & Administrative	$	129,194	$	42,203	$	30,284	$	11,918	

Operations & Maintenance		
Field Expenditures
Property Insurance	

$	5,000	

$	7,761	

$	7,761	

$	-	
Field Management	$	10,000	$	2,500	$	2,500	$	0	
Landscape Maintenance	$	203,400	$	50,850	$	25,950	$	24,900	
Landscape Replacement	$	30,000	$	7,500	$	3,990	$	3,510	
Lake Maintenance	$	16,800	$	4,200	$	250	$	3,950	
Streetlights	$	80,000	$	20,000	$	17,599	$	2,401	
Electric	$	15,000	$	3,750	$	93	$	3,657	
Water & Sewer	$	45,000	$	11,250	$	3,585	$	7,665	
Irrigation Repairs	$	10,000	$	2,500	$	-	$	2,500	
Sidewalk & Asphalt Maintenance	$	5,000	$	1,250	$	-	$	1,250	
General Repairs & Maintenance	$	20,000	$	5,000	$	1,100	$	3,900	
Holiday Decorations	$	2,500	$	2,500	$	-	$	2,500	
Contingency	$	15,000	$	3,750	$	430	$	3,320	
Total Operations & Maintenance	$	457,700	$	122,811	$	63,259	$	59,553	
					
Total Expenditures	$	586,894	$	165,014	$	93,543	$	71,471	
					
Excess (Deficiency) of Revenues over Expenditures	$	50,000		$	386,323		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	(50,000)	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	(50,000)	$	-	$	-	$	-	
					
Net Change in Fund Balance	$	-		$	386,323		
					
Fund Balance - Beginning	$	-		$	149,100		
					
Fund Balance - Ending	$	-		$	535,423		

Revenues					
Assessments	$	382,769	$	358,420	$	358,420	$	-	
Interest	$	-	$	-	$	3,760	$	3,760	
Total Revenues	$	382,769	$	358,420	$	362,180	$	3,760	

Expenditures					
Interest - 12/15	$	148,428	$	148,428	$	148,428	$	-	
Prinicpal - 6/15	$	85,000	$	-	$	-	$	-	
Interest - 6/15	$	148,428	$	-	$	-	$	-	
Total Expenditures	$	381,856	$	148,428	$	148,428	$	-	
					
Excess (Deficiency) of Revenues over Expenditures	$	913		$	213,752		
					
Fund Balance - Beginning	$	173,774		$	365,092		
					
Fund Balance - Ending	$	174,687		$	578,844		

Revenues

Interest	

$	

-	$	21	

$	21	

$	

-	
Total Revenues	$	-	$	21	$	21	$	-	

Expenditures

Capital Outlay	

$	

-	$	-	

$	-	

$	

-	
Total Expenditures	$	-	$	-	$	-	$	-	
						
Excess (Deficiency) of Revenues over Expenditures	$	-	$	21			
						
Fund Balance - Beginning	$	-	$	1,471			
						
Fund Balance - Ending	$	-	$	1,492			

Revenues

Interest	

$	-	

$	

-	$	-	

$	

-	
Total Revenues	$	-	$	-	$	-	$	-	

Expenditures

Capital Outlay	

$	-	

$	

-	$	-	

$	

-	
Total Expenditures	$	-	$	-	$	-	$	-	
						
Excess (Deficiency) of Revenues over Expenditures	$	-		$	-			

Other Financing Sources/(Uses)

Transfer In/(Out)	

$	50,000	

$	

-	$	-	

$	

-	
Total Other Financing Sources (Uses)	$	50,000	$	-	$	-	$	-	
						
Net Change in Fund Balance	$	50,000		$	-			
						
Fund Balance - Beginning	$	50,000		$	50,000			
						
Fund Balance - Ending	$	100,000		$	50,000			

	Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total	

Revenues:														

Assessments - Tax Roll	
$	-	
$	6,681	
$	354,108	
$	-	
$	-	
$	-	
$	-	
$	-	
$	-	
$	-	
$	-	
$	-	
$  360,789	
Assessments - Direct	$	119,077	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  119,077	
Developer Contributions	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	
Total Revenues	$	119,077	$	6,681	$	354,108	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$  479,866	

Expenditures:					
General & Administrative:					
Supervisor Fees	$	-	$	1,000	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1,000	
FICA Expense	$	-	$	77	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	77	
Engineering	$	-	$	300	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	300	
Attorney	$	37	$	203	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	240	
Annual Audit	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Assessment Administration	$	6,500	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	6,500	
Arbitrage	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Dissemination	$	417	$	417	$	417	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1,250	
Trustee Fees	$	3,192	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	3,192	
Management Fees	$	3,542	$	3,542	$	3,542	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	10,625	
Information Technology	$	150	$	150	$	150	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	450	
Website Maintenance	$	100	$	100	$	100	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	300	
Postage & Delivery	$	37	$	0	$	39	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	76	
Insurance	$	5,981	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,981	
Copies	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Legal Advertising	$	-	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Other Current Charges	$	39	$	38	$	39	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	116	
Office Supplies	$	0	$	0	$	3	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	3	
Dues, Licenses & Subscriptions	$	175	$	-	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	175	
Total General & Administrative	$	20,170	$	5,826	$	4,288	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	30,284	

Oct	Nov	Dec	Jan	Feb	March	April	May	June	July	Aug	Sept	Total

Operations & Maintenance

Field Expenditures Property Insurance Field Management Landscape Maintenance Landscape Replacement Lake Maintenance Streetlights
Electric
Water & Sewer Irrigation Repairs
Sidewalk & Asphalt Maintenance General Repairs & Maintenance Holiday Decorations Contingency

$	7,761  $
$	833  $
$	8,650  $
$	3,990  $
$	125  $
$	11,733  $
$	61  $
$	1,010  $
$	-  $
$	-  $
$	1,100  $
$	-  $
$	200  $

-  $
833  $
8,650  $
-  $
125  $
-  $
-  $
1,003  $
-  $
-  $
-  $
-  $
230  $

-  $	-  $
833  $	-  $
8,650  $	-  $
-  $	-  $
-  $	-  $
5,866  $	-  $
32  $	-  $
1,573  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $
-  $	-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $
-  $	-  $

-  $	7,761
-  $	2,500
-  $	25,950
-  $	3,990
-  $	250
-  $	17,599
-  $	93
-  $	3,585
-  $	-
-  $	-
-  $	1,100
-  $	-
-  $	430

Other Financing Sources/(Uses):

Transfer In/(Out)

$

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-  $

-

Net Change in Fund Balance	$	63,444  $	(9,986) $	332,865  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  386,323

Total Other Financing Sources/(Uses)	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-

Excess (Deficiency) of Revenues over Expenditures	$	63,444  $	(9,986)  $	332,865  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $  386,323

Total Expenditures	$	55,633  $	16,667  $	21,242  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	93,543

Total Operations & Maintenance	$	35,463  $	10,841  $	16,954  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	63,259

Ranches At Lake Mcleod
Community Development District Special Assessment Receipts Fiscal Year 2025

ON ROLL ASSESSMENTS

Gross Assessment $ Net Assessments  $

414,300.36  $
385,299.33  $

411,580.56
382,769.92

$ 825,880.92
$ 768,069.26

50%	50%	100%

Date	Distribution	Gross Amount	Discount/Penalty	Commision	Interest	Property Appraiser	Net Receipts	General Fund	Debt Service	Total

11/19/24	11/01-11/07/24	$	6,016.59	$	(240.63)	$	(115.52)	$	-	$	-	$	5,660.44	$	2,839.54	$	2,820.90	$  5,660.44	
11/19/24	11/01-11/07/24	$	3,812.58	$	(152.52)	$	(73.20)	$	-	$	-	$	3,586.86	$	1,799.34	$	1,787.52	$  3,586.86	
11/26/24	11/08-11/15/24	$	8,022.12	$	(320.86)	$	(154.03)	$	-	$	-	$	7,547.23	$	3,786.04	$	3,761.19	$  7,547.23	
11/26/24	11/08-11/15/24	$	5,083.44	$	(203.36)	$	(97.60)	$	-	$	-	$	4,782.48	$	2,399.11	$	2,383.37	$  4,782.48	
11/30/24	INV#4652197	$	-	$	-	$	-	$	-	$	(4,115.81)	$	(4,115.81)	$	(2,064.68)	$	(2,051.13)	$  (4,115.81)	
11/30/24	INV#4652198	$	-	$	-	$	-	$	-	$	(4,143.00)	$	(4,143.00)	$	(2,078.32)	$	(2,064.68)	$  (4,143.00)	
12/6/24	11/16-11/26/24	$  145,074.25	$	(5,802.12)	$	(2,785.44)	$	-	$	-	$	136,486.69	$	68,468.08	$	68,018.61	$ 136,486.69	
12/6/24	11/16-11/26/24	$  244,640.55	$	(9,789.15)	$	(4,697.03)	$	-	$	-	$	230,154.37	$	115,456.16	$	114,698.21	$ 230,154.37	
12/19/24	11/27-11/30/24	$  212,580.99	$	(8,502.42)	$	(4,081.57)	$	-	$	-	$	199,997.00	$	100,327.82	$	99,669.18	$ 199,997.00	
12/19/24	11/27-11/30/24	$  135,346.59	$	(5,414.44)	$	(2,598.64)	$	-	$	-	$	127,333.51	$	63,876.42	$	63,457.09	$ 127,333.51	
12/26/24	12/01-12/15/24	$	4,659.90	$	(165.22)	$	(89.89)	$	-	$	-	$	4,404.79	$	2,209.65	$	2,195.14	$  4,404.79	
12/26/24	12/01-12/15/24	$	7,951.05	$	(283.16)	$	(153.36)	$	-	$	-	$	7,514.53	$	3,769.64	$	3,744.89	$  7,514.53	

Total	$  773,188.06  $	(30,873.88)  $  (14,846.28)  $	-	$	719,209.09  $	360,788.80  $	358,420.29  $ 719,209.09

93.64%
$	48,860.17

Net Percentage Collected Balance Remaining To Collect

DIRECT BILL ASSESSMENTS

Lennar
2025-01	Homes, LLC		
Net Assessments	
$	238,153.93	
$	238,153.93	
Date Received	Due Date	Check Number	Net Assessed	Amount Received	General Fund	
11/1/24	2329770	$	119,076.97	$	119,076.97	$	119,076.97	
2/1/25		$	59,538.48			
5/1/25		$	59,538.48			
		$	238,153.93	$	119,076.97	$	119,076.97	

Ranches at Lake McLeod
Community Development District Long Term Debt Report

Series 2023, Special Assessment Revenue Bonds	
Interest Rate:	4.625%, 5.250%, 5.500%	
Maturity Date:	6/15/2053	
Reserve Fund Definition	50% Maximum Annual Debt Service	
Reserve Fund Requirement	$191,384	
Reserve Fund Balance	$192,117	
Bonds Outstanding - 6/27/23	$5,665,000	
Less: Principal Payment 6/15/24	($80,000)	
Current Bonds Outstanding	$5,585,000