Feed Mill Community Development District

Board of Supervisors’ Meeting
July 23, 2025
District Office: 2806 N. Fifth Street Unit 403
St. Augustine, FL 32084

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT
1845 Town Center Blvd, Suite 105, Fleming Island, FL 32003 Board of Supervisors	Daniel McCormick	Chairman
Vacant	Board Member
Gerald Agresti Clay Crevasse Liam O’Reilly	Assistant Secretary Assistant Secretary Assistant Secretary	
District Manager District Manager	Lesley Gallagher Melissa Dobbins	Rizzetta & Company, Inc. Rizzetta & Company, Inc.	
District Counsel	Katie Buchanan	Kutak Rock, LLP	
District Engineer	Daniel Welch	England-Thims & Miller	

All cellular phones must be placed on mute while in the meeting room.

The Audience Comments portion will be held at the beginning of the meeting. During this portion of the agenda, audience members may make comments on matters that concern the District (CDD) and will be limited to a total of three (3) minutes to make their comments.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (239) 936-0913. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY)
1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

District Office · St. Augustine, Florida · (904) 436-6270
Mailing Address – 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614

Board of Supervisors
Feed Mill Community	July 16, 2025
Development District

FINAL AGENDA

Dear Board Members:

The regular meeting of the Board of Supervisors of the Feed Mill Community Development District will be held on July 23, 2025 at 9:00 a.m. at 1845 Town Center Blvd., Suite 105 Fleming Island, Florida 32003.

CALL TO ORDER/ROLL CALL
AUDIENCE COMMENTS
BUSINESS ADMINISTRATION
Consideration of the Minutes of the Board of Supervisors’ Special Meeting Held May 27, 2025	Tab 1
Ratification of the Operation and Maintenance Expenditures for
May & June 2025	Tab 2
Appointment to Vacant Seat	Tab 3
1.) Oath of Office
Consideration of Resolution 2025-09, Redesignating Vice Chairman	Tab 4
Staff Reports
District Counsel
District Engineer
District Manager
Business Items
Ratification of Change Order #2 Phase 1A	Tab 5
Consideration of Acquisition of CCUA Project Design Work	Tab 6
Consideration of Request for Reimbursement CCUA
Supervisor Requests
Adjournment

We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call us at 904-436-6270.

Very truly yours,
Lesley Gallagher
District Manager

4927-6268-9551.1

Tab 1

On a motion by Mr. Crevasse, seconded by Mr. O’Reilly, with all in favor, the Board approved

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
April 23, 2025 Minutes of Meeting
Page 1

MINUTES OF MEETING

Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT

The special meeting of the Board of Supervisors of Feed Mill Community Development District was held on April 23, 2025 at 11:00 a.m. at 1845 Town Center Blvd, Suite 105, Fleming Island, FL 32003.

Present and constituting a quorum:

Daniel McCormick	Board Member, Chairman (via speakerphone)	
Liam O’Reilly	Board Member, Assistant Secretary	
Gerald Agresti	Board Member, Assistant Secretary	
Clayton Crevasse	Board Member, Assistant Secretary	
Also present were:		
Lesley Gallagher	District Manager, Rizzetta & Company, Inc.	
Kayla Connell	Manager, District Financial Svcs, Rizzetta & Co (via speakerphone)	
Katie Buchanan	District Counsel, Kutak Rock (via speakerphone)	
Daniel Welch	District Engineer, England, Thims & Miller Inc. (via speakerphone)	
Cynthia Wilhelm	Bond Counsel, Nabors, Giblin & Nickerson (via speakerphone)	
Sara Zare	MBS Capital Markets, LLC (via speakerphone)	

FIRST ORDER OF BUSINESS	CALL TO ORDER

Ms. Gallagher called the meeting to order at 11:03 a.m.

SECOND ORDER OF BUSINESS	AUDIENCE COMMENTS

There were no audience members present.

THIRD ORDER OF BUSINESS	CONSIDERATION OF THE MINUTES OF THE
BOARD	OF	SUPERVISORS’	SPECIAL MEETING HELD FEBRUARY 26, 2025

On a motion by Mr. McCormick, seconded by Mr. Crevasse, with all in favor, the Board

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
April 23, 2025 Minutes of Meeting
Page 2

FOURTH ORDER OF BUSINESS	RATIFICATION OF THE OPERATION AND
MAINTENANCE EXPENDITURES FOR FEBRUARY & MARCH 2025

On a motion by Mr. McCormick, seconded by Mr. O’Reilly, with all in favor, the Board ratified operation and maintenance expenditures for February 2025, in the amount of $3,442.95, and March 2025, in the amount of $3,263.45, for Feed Mill Community Development District.

FIFTH ORDER OF BUSINESS	STAFF REPORTS

District Counsel

Ms. Buchanan noted that the validation hearing went well and that we are currently on the 30-day waiting period, expecting the bonds to close near the end of May.
District Engineer
No report at this time.
District Manager

Ms. Gallagher updated the board that the website is underway, and she is working on the proposed budget for the May meeting. Discussion ensued regarding the meeting date, and she was directed to set the May meeting for the 27th at 2pm.

The board then moved to agenda item 5D – Public Hearing Special Assessments

SIXTH ORDER OF BUSINESS	PUBLIC HEARING ON SPECIAL ASSESSMENTS

On a motion by Mr. O’Reilly, seconded by Mr. Agresti, with all in favor, the Board opened the Public Hearing on Special Assessments, for Feed Mill Community Development District.

It was noted that Exhibit A of Resolution 2025-08 is the Feed Mill Community Development District Capital Improvement Plan, dated February 12, 2025, and Exhibit B is the Feed Mill Community Development Master Special Assessment Allocation Report, dated February 26, 2025.

Ms. Buchanan received testimony from Mr. Welch and Ms. O’Connell.
1.) Consideration of Resolution 2025-08; Imposing Special Assessments

On a motion by Mr. O’Reilly, seconded by Mr. Crevasse, with all in favor, the Board adopted Resolution 2025-07, Delegation Resolution, with all documents in substantial form, for Feed

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
April 23, 2025 Minutes of Meeting
Page 3

On a motion by Mr. Crevasse, seconded by Mr. O’Reilly, with all in favor, the Board closed the Public Hearing on Special Assessments, for Feed Mill Community Development District.

Board moved back to agenda item 5A- Presentation of Supplemental Engineer’s Report

SEVENTH ORDER OF BUSINESS	PRESENTATION OF SUPPLEMENTAL
ENGINEER’S REPORT, (Exhibit B)

Ms. Buchanan noted that the Supplemental Engineer’s Report, Supplemental Assessment Allocation report and PLOM are being reviewed in substantial form. Ms. Zare added that they will continue to work with the development team to finalize the PLOM with the goal to finalize to post and close in conjunction with the May meeting.

Mr. Welch reviewed the breakdown of assessment areas 1 and 4 and reviewed tabled 4A and 4B with infrastructure cost totals and improvements noting that the final boundary and legal description to be finalized.

On a motion by Mr. Crevasse, seconded by Mr. O’Reilly, with all in favor, the Board approved the Supplemental Engineer’s Report, dated April 22, 2025, in substantial form, for Feed Mill Community Development District.

EIGHTH ORDER OF BUSINESS	PRESENTATION	OF	SUPPLEMENTAL
SPECIAL	ASSESSMENT	ALLOCATION
REPORT, Exhibit C
Ms. Connell reviewed the Supplemental Special Assessment Allocation Report and tables 1 through 8 noting legal description to be added.

On a motion by Mr. McCormick, seconded by Mr. Crevasse, with all in favor, the Board approved the Supplemental Special Assessment Allocation Report, dated April 23, 2025, in substantial form, for Feed Mill Community Development District.

NINTH ORDER OF BUSINESS	CONSIDERATION OF RESOLUTION 2025-07,
DELEGATION RESOLUTION, EXHIBIT D

Ms. Wilhelm reviewed that this resolution has two purposes with the first being to delegate authority to the Chairman to enter into a bond purchase agreement under certain parameters so long as terms are within those outlined under schedule I, which she also reviewed. The second being to approve in substantial form the form of bond purchase agreement, forms of master, 1st and 2nd supplemental trust indentures, the form of PLOM, and the form of the two continuing disclosure agreements.

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
April 23, 2025 Minutes of Meeting
Page 4

TENTH ORDER OF BUSINESS	RATIFICATION OF CHANGE ORDER #1 –
VALLENCOURT PHASE 1A CONTRACT

On a motion by Mr. McCormick, seconded by Mr. Crevasse, with all in favor, the Board ratified Change Order #1 Vallencourt Phase 1A Contract, for Feed Mill Community Development District.

ELEVENTH ORDER OF BUSINESS	RATIFICATION OF CHANGE ORDER #1 –
VALLENCOURT PHASE 4A CONTRACT

On a motion by Mr. McCormick, seconded by Mr. Crevasse, with all in favor, the Board ratified Change Order #1 Vallencourt Phase 4A Contract, for Feed Mill Community Development District.

TWELFTH ORDER OF BUSINESS	SUPERVISOR REQUESTS

No Supervisor requests

THIRTEENTH ORDER OF BUSINESS	ADJOURNMENT

On a motion by Mr. Agresti, seconded by Mr. Crevasse, with all in favor, the Board adjourned meeting at 11:33 a.m., for Feed Mill Community Development District.

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
April 23, 2025 Minutes of Meeting
Page 5

Secretary/Assistant Secretary	Chairman/Vice Chairman

Exhibit A to Minutes

RESOLUTION 2025-08

[SECTION 170.08, F.S. DEBT ASSESSMENT RESOLUTION FOR FEED MILL CDD]
A RESOLUTION MAKING CERTAIN FINDINGS; AUTHORIZING A CAPITAL IMPROVEMENT PLAN; ADOPTING AN ENGINEER’S REPORT; PROVIDING AN ESTIMATED COST OF IMPROVEMENTS; ADOPTING AN ASSESSMENT REPORT; EQUALIZING, APPROVING, CONFIRMING AND LEVYING DEBT ASSESSMENTS; ADDRESSING THE FINALIZATION OF SPECIAL ASSESSMENTS; ADDRESSING THE PAYMENT OF DEBT ASSESSMENTS AND THE METHOD OF COLLECTION; PROVIDING FOR THE ALLOCATION OF DEBT ASSESSMENTS AND TRUE-UP PAYMENTS; ADDRESSING GOVERNMENT PROPERTY, AND TRANSFERS OF PROPERTY TO UNITS OF LOCAL, STATE AND FEDERAL GOVERNMENT; AUTHORIZING AN ASSESSMENT NOTICE; AND PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, the Feed Mill Community Development District (“District”) is a local unit of special- purpose government established pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (“Act”); and

WHEREAS, the District has previously indicated its intention to construct certain types of improvements and to finance such improvements through the issuance of bonds, notes or other specific financing mechanisms, which bonds, notes or other specific financing mechanisms would be repaid by the imposition of special assessments on benefited property within the District; and

WHEREAS, the District’s Board of Supervisors (“Board”) has noticed and conducted a public hearing pursuant to Chapters 170, 190 and 197, Florida Statutes, relating to the imposition, levy, collection and enforcement of such assessments, and now desires to adopt a resolution imposing and levying such assessments as set forth herein.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE FEED MILL COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

AUTHORITY. This Resolution is adopted pursuant to Chapters 170, 190 and 197, Florida Statutes, including without limitation, Section 170.08, Florida Statutes. The recitals stated above are incorporated herein; are adopted by the Board as true and correct statements; and are further declared to be findings made and determined by the Board.
FINDINGS. The Board further finds and determines as follows:

The Capital Improvement Plan

The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct stormwater management improvements, roadway improvements, water, reuse, sewer and electric improvements, landscaping and entranceway improvements, recreation facilities and other infrastructure projects and services necessitated by the development of, and serving lands within, the District; and

b.	On February 26, 2025, and pursuant to Section 170.03, Florida Statutes, among other
laws, the Board adopted Resolution 2025-05 (“Declaring Resolution”), and in doing so determined to undertake a capital improvement plan to install, plan, establish, construct or reconstruct, enlarge, equip, acquire, operate and/or maintain the District’s capital improvements planned for all lands within the District (“Project”); and	
c.	The Project is described in the Declaring Resolution and the Feed Mill Community Development District Capital Improvement Plan dated February 12, 2025 (“Engineer’s Report,” attached hereto as Exhibit A and incorporated herein by this reference), and the plans and specifications for the Project are on file in the offices of the District Manager at c/o Rizzetta & Company, Inc., 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614, (904) 436-6270 (“District Records Office”); and	
	The Debt Assessment Process	
d.	Also as part of the Declaring Resolution, the Board expressed an intention to issue bonds, notes or other specific financing mechanisms to provide a portion of the funds needed for the Project, and further declared its intention to defray the whole or any part of the expense of the Projects by levying special assessments (“Debt Assessments”) on specially benefited property within the District (“Assessment Area”); and	
e.	The Declaring Resolution was adopted in compliance with the requirements of Section 170.03, Florida Statutes, and prior to the time it was adopted, the requirements of Section 170.04, Florida Statutes, had been met; and	
f.	As directed by the Declaring Resolution, said Declaring Resolution was published as required by Section 170.05, Florida Statutes, and a copy of the publisher’s affidavit of publication is on file with the Secretary of the District; and	
g.	As directed by the Declaring Resolution, the Board caused to be made a preliminary assessment roll as required by Section 170.06, Florida Statutes; and	
h.	As required by Section 170.07, Florida Statutes, with Resolution 2025-06 the Board fixed the time and place of a public hearing at which owners of the property to be assessed and other persons interested therein could appear before the Board and be heard as to (i) the propriety and advisability of making the improvements, (ii) the cost thereof, (iii) the manner of payment therefore, and (iv) the amount thereof to be assessed against each specially benefited property or parcel, and the Board further authorized publication of notice of such public hearing and individual mailed notice of such public hearing in accordance with Chapters 170, 190, and 197, Florida Statutes; and	
i.	Notice of the scheduled public hearing was given by publication and also by mail as required by Sections 170.07 and 197.3632, Florida Statutes, and affidavits as to such publication and mailings are on file in the office of the Secretary of the District; and	
j.	On April 23, 2025, and at the time and place specified in Resolution 2025-06, the Board conducted such public hearing and heard and considered all complaints and testimony as to the matters described above; the Board further met as an “Equalization Board;” and	

the Board has made such modifications in the preliminary assessment roll as it deems necessary, just and right in the making of the final assessment roll; and

Equalization Board Additional Findings
Having considered the estimated costs of the Projects, the estimated financing costs and all comments and evidence presented at such public hearing, the Board further finds and determines that:

It is necessary to the public health, safety and welfare and in the best interests of the District that: (1) the District provide the Project as set forth in the Engineer’s Report; (2) the cost of such Project be assessed against the lands specially benefited by such Project, and within the Assessment Area, as set forth in the Assessment Report; and (3) the District issue bonds, notes or other specific financing mechanisms to provide funds for such purposes pending the receipt of such Debt Assessments; and

The provision of said Project, the levying of the Debt Assessments, and the sale and issuance of such bonds, notes, or other specific financing mechanisms serve a proper, essential, and valid public purpose and are in the best interests of the District, its landowners and residents; and

The estimated costs of the Project is as specified in the Engineer’s Report and Assessment Report (defined below), and the amount of such costs is reasonable and proper; and
It is reasonable, proper, just and right to assess the cost of such Projects against the properties specially benefited thereby in the Assessment Areas, using the method determined by the Board and set forth in the Master Special Assessment Allocation Report, dated February 26, 2025 (“Assessment Report,” attached hereto as Exhibit B and incorporated herein by this reference), which results in the Debt Assessments set forth on the final assessment roll; and

The Project benefits the Assessment Area as set forth in the Assessment Report; and

Accordingly, the Debt Assessments as set forth in the Assessment Report constitute a special benefit to the applicable parcels of real property listed on said final assessment roll, and the benefit, in the case of each such parcel, will be equal to or in excess of the Debt Assessments imposed thereon, as set forth in Exhibit B; and

All developable property within the Assessment Area is deemed to be benefited by the Project, and the Debt Assessments will be allocated in accordance with the Assessment Report at Exhibit B; and
The Debt Assessments are fairly and reasonably allocated across the benefitted property, as set forth in Exhibit B; and

It is in the best interests of the District that the Debt Assessments be paid and collected as herein provided; and
In order to provide funds with which to pay the costs of the Project which are to be assessed against the benefited properties, pending the collection of the Debt Assessments, it is necessary for the District to issue revenue bonds, notes or other specific financing mechanisms, including refunding bonds (together, “Bonds”).

AUTHORIZATION FOR THE PROJECT; ADOPTION OF ENGINEER’S REPORT. The Engineer’s
Report identifies and describes the infrastructure improvements to be financed in part with the Bonds, and sets forth the cost of the Project. The District hereby confirms that the Project serves a proper, essential, and valid public purpose. The use of the Engineer’s Report in connection with the sale of the Bonds is hereby authorized, approved and ratified, and the proper officers, employees and/or agents of the District are hereby authorized and directed to take such further action as may be necessary or desirable to cause the same to be made.
ESTIMATED COST OF IMPROVEMENTS. The total estimated cost of the Project and the cost to be paid by the Debt Assessments on all specially benefited property are set forth in Exhibits A and B, respectively, hereto.

ADOPTION OF ASSESSMENT REPORT. The Assessment Report setting forth the allocation of Debt Assessments to the benefitted lands within the Assessment Area is hereby approved, adopted, and confirmed. The District ratifies its use in connection with the sale of the Bonds.
EQUALIZATION, APPROVAL, CONFIRMATION AND LEVY OF DEBT ASSESSMENTS. The
Debt Assessments imposed on the parcels specially benefited by the Project within the Assessment Area, all as specified in the final assessment roll set forth in Exhibit B, attached hereto, are hereby equalized, approved, confirmed and levied. Immediately following the adoption of this Resolution, the lien of Debt Assessments as reflected in Exhibit B, attached hereto, shall be recorded by the Secretary of the District in the District’s “Improvement Lien Book.” The Debt Assessments levied against each respective parcel shown on such final assessment roll and interest, costs, and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on such parcel, coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

Supplemental Assessment Resolutions for Bonds. The lien for the Debt Assessments established hereunder shall be inchoate until the District issues Bonds. In connection with the issuance of any particular series of the Bonds, the District may adopt, without the need for further public hearing, a supplemental assessment resolution establishing specific Debt Assessments, in one or more separately enforceable Debt Assessment liens, securing such Bonds. Such subsequent resolutions shall be adopted at a noticed meeting of the District, and shall set forth the actual amounts financed, costs of issuance, expected costs of collection, and the total amount of the assessments pledged to that issue, which amount shall be consistent with the lien imposed by this Resolution. Among other things, the supplemental assessment resolutions may provide for the issuance of multiple series of Bonds each secured by one or more liens imposed on all or a portion of the Assessment Area.

Adjustments to Debt Assessments. The District may, by subsequent resolution, adjust the acreage assigned to particular parcel identification numbers listed on the final assessment roll to reflect accurate apportionment of acreage amongst individual parcel identification numbers. The District may make any other such acreage and boundary adjustments to parcels listed on the final assessment roll as may be necessary and in the best interests of the District, as determined by the Board by subsequent resolution. Any such adjustment in the assessment roll shall be consistent with the requirements of law.

Contributions. In connection with the issuance of a series of the Bonds, the project developer may request that any related Debt Assessments be reduced for certain product types. To accomplish any such requested reduction, and pursuant to the terms of an applicable acquisition agreement, and this resolution, the developer will agree to provide a contribution of infrastructure, work product, or land based on the lesser of cost basis or appraised value, comprising a portion of the Project and to meet the minimum requirements set forth in the Assessment Report, if any. Any such contributions shall not be eligible for payment under the Bonds.

FINALIZATION OF DEBT ASSESSMENTS. When the Project has been constructed or otherwise provided to the satisfaction of the Board, the Board shall adopt a resolution accepting the same and determining the actual costs (including financing costs) thereof, as required by Sections 170.08 and 170.09, Florida Statutes. Pursuant to Section 170.08, Florida Statutes, the District shall credit to each Debt Assessment the difference, if any, between the Debt Assessment as hereby made, approved and confirmed and the actual costs incurred in completing the Project. In making such credits, no credit shall be given for bond, note or other specific financing mechanism costs, capitalized interest, funded reserves or bond or other discounts. Such credits, if any, shall be entered in the Improvement Lien Book.

PAYMENT OF DEBT ASSESSMENTS AND METHOD OF COLLECTION.

Payment. The Debt Assessments, as further set forth in each supplemental assessment resolution, and securing the issuance of each series of the Bonds, may be paid in not more than thirty (30) yearly installments of principal and interest – beginning upon the issuance of the particular series of the Bonds (and after taking into account any capitalized interest periods), provided, however, that the Board shall at any time make such adjustments by resolution, and at a noticed meeting of the Board, to that payment schedule as may be necessary and in the best interests of the District to account for changes in long and short term debt as actually issued by the District.

Prepayment. Subject to the provisions of any supplemental assessment resolution, any owner of property subject to the Debt Assessments may, at its option, pre-pay the entire amount of the Debt Assessment any time, or a portion of the amount of the Debt Assessment up to two times, plus accrued interest to the next succeeding interest payment date (or the second succeeding interest payment date if such prepayment is made within forty-five (45) calendar days before an interest payment date (or such other time as set forth in the supplemental indenture for the applicable series of bonds secured by the Debt Assessments in question)), attributable to the property subject to Debt Assessments owned by such owner. Prepayment of Debt Assessments does not entitle the property owner to any discounts for early payment. If provided for under the

	supplemental indenture for the applicable series of bonds, the District may grant a	
	discount equal to any release from the applicable debt service reserve fund resulting from	
	the prepayment.	
c.	Uniform Method; Alternatives. The District may elect to use the method of collecting	
	Debt Assessments authorized by Sections 197.3632 and 197.3635, Florida Statutes	
	(“Uniform Method”). The District has heretofore taken all required actions to comply	
	with Sections 197.3632 and 197.3635, Florida Statutes. Such Debt Assessments may be	
	subject  to  all  of  the  collection  provisions  of  Chapter  197,  Florida  Statutes.	
	Notwithstanding the above, in the event the Uniform Method of collecting its Debt	
	Assessments is not available to the District in any year, or if determined by the District to	
	be in its best interests, and subject to the terms of any applicable trust indenture, the	
	Debt Assessments may be collected as is otherwise permitted by law. In particular, the	
	District may, in its sole discretion, collect Debt Assessments by directly billing landowners	
	and enforcing said collection in any manner authorized by law. Any prejudgment interest	
	on delinquent assessments that are directly billed shall accrue at the applicable rate of	
	any bonds or other debt instruments secured by the Debt Assessments. The decision to	
	collect Debt Assessments by any particular method – e.g., on the tax roll or by direct bill	
	– does not mean that such method will be used to collect Debt Assessments in future	
	years, and the District reserves the right in its sole discretion to select collection methods	
	in any given year, regardless of past practices.	
d.	Uniform Method Agreements Authorized. For each year the District uses the Uniform	
	Method, the District shall enter into an agreement with the County Tax Collector who may	
	notify each owner of a lot or parcel within the District of the amount of the special	
	assessment, including interest thereon, in the manner provided in Section 197.3635,	
	Florida Statutes.	
e.	Re-amortization. Any particular lien of the Debt Assessments shall be subject to re-	
	amortization where the applicable series of Bonds is subject to re-amortization pursuant	
	to the applicable trust indenture and where the context allows.	
9.	ALLOCATION OF DEBT ASSESSMENTS; APPLICATION OF TRUE-UP PAYMENTS.	
a.	At such time as parcels of land, or portions thereof, are included in a plat or site plan, it	
	shall be an express condition of the lien established by this Resolution that, prior to	
	County approval, any and all plats or site plans for any portion of the lands within the	
	District, as the District’s boundaries may be amended from time to time, shall be	
	presented to the District Manager for review. As parcels of land, or portions thereof, are	
	included in a plat or site plan, the District Manager shall review the plat or site plan and	
	cause the Debt Assessments securing each series of Bonds to be reallocated to the units	
	being included in the plat or site plan and the remaining property in accordance with	
	Exhibit B, and cause such reallocation to be recorded in the District’s Improvement Lien	
	Book.	
b.	Pursuant to the Assessment Report, attached hereto as Exhibit B, and which terms are	
	incorporated herein, there may be required from time to time certain true-up payments.	
	When a plat or site plan is presented to the District, the District Manager shall review the	

plat or site plan to determine whether, taking into account the plat or site plan, there is a net shortfall in the overall principal amount of assessments reasonably able to be assigned to benefitted lands within the Assessment Area. Such determination shall be made based on the language in this Resolution and/or the tests or other methods set forth in Exhibit B (if any), or any tests or methods set forth in a supplemental assessment resolution and corresponding assessment report. If the overall principal amount of assessments reasonably cannot be assigned, or is not reasonably expected to be assigned, as set forth in more detail in and subject to the terms of Exhibit B (or any supplemental resolution and report, as applicable), to the platted and site planned lands as well as the undeveloped lands, then a debt reduction payment (“True-Up Payment”) in the amount of such shortfall shall become due and payable that tax year by the landowner(s) of record of the land subject to the proposed plat or site plan and of the remaining undeveloped lands, in addition to any regular assessment installment. The District’s review shall be limited solely to this function and the enforcement of the lien established by this Resolution. In the event a True-Up Payment is due and unpaid, the lien established herein for the True-Up Payment amount shall remain in place until such time as the True-Up Payment is made. The District shall record all True-Up Payments in its Improvement Lien Book.

In connection with any true-up determination, affected landowner(s) may request that such true-up determination be deferred because the remaining undeveloped lands are able to support the development of all of the originally planned units within the Assessment Area. To support the request, the affected landowner(s) shall provide the following evidence for the District’s consideration: a) proof of the amount of entitlements remaining on the undeveloped lands within the Assessment Area, b) a revised overall development plan showing the number and type of units reasonably planned for the remainder of the development, c) evidence of allowable zoning conditions that would enable those entitlements to be placed in accordance with the revised development plan, and d) documentation prepared by a licensed engineer that shows the feasibility of implementing the proposed development plan. Any deferment shall be in the District’s reasonable discretion.

The foregoing is based on the District's understanding that the community would be developed with the type and number of units set forth in Exhibit B, on the developable acres. However, more than the stated number of units may be developed. In no event shall the District collect Debt Assessments pursuant to this Resolution in excess of the total debt service related to the Project, including all costs of financing and interest. The District recognizes that such things as regulatory requirements and market conditions may affect the timing and scope of the development in the District. If the strict application of the true-up methodology to any assessment reallocation pursuant to this paragraph would result in Debt Assessments collected in excess of the District's total debt service obligations for the Project, the Board shall by resolution take appropriate action to equitably reallocate the Debt Assessments.
As set forth in any supplemental assessment resolution and/or supplemental assessment report for a specific series of Bonds, the District may assign a specific debt service assessment lien comprising a portion of the Debt Assessments to the Assessment Area, and, accordingly, any related true-up determinations may be limited to determining

whether the planned units for such specified lands in the Assessment Area have been and/or will be developed.

GOVERNMENT PROPERTY; TRANSFERS OF PROPERTY TO UNITS OF LOCAL, STATE, AND
FEDERAL GOVERNMENT. Real property owned by units of local, state, and federal governments, or similarly exempt entities, shall not be subject to the Debt Assessments without specific consent thereto. If at any time, any real property on which Debt Assessments are imposed by this Resolution is sold or otherwise transferred to a unit of local, state, or federal government (without consent of such governmental unit to the imposition of Debt Assessments thereon), or similarly exempt entity, all future unpaid Debt Assessments for such tax parcel shall become due and payable immediately prior to such transfer without any further action of the District.

ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a general Notice of Assessments in the Official Records of the County in which the District is located, which notice shall be updated from time to time in a manner consistent with changes in the boundaries of the District.
SEVERABILITY. If any section or part of a section of this Resolution is declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.
EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

APPROVED AND ADOPTED THIS 23rd DAY OF APRIL, 2025.

ATTEST:	FEED MILL COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chairman / Vice Chairman

Exhibit A:	Engineer’s Report
Exhibit B:	Assessment Report

Exhibit A

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT PLAN

Prepared for

Board of Supervisors Feed Mill
Community Development District

Prepared by
England-Thims & Miller, Inc. 14775 Old St. Augustine Road Jacksonville, Florida 32258
904-642-8990

E 14-011-29005	February 12, 2025
V. 4

BACKGROUND
The Feed Mill Community Development District (the “District”) is a 1,035.55± acre community development district located in Clay County, Florida. (See Plate 1, Location Map). The land within the District is currently an undeveloped parcel with a defined wetland tributary of Peters Creek bifurcating the development into two Parcels referred to as Parcel 1 and Parcel 4. The authorized land uses within the District include residential development as well as open space and recreational amenities. The District is just south and adjacent to Cathedral Oak Parkway, which is under construction by Clay County with an anticipated completion date of Summer 2025. Cathedral Oak Parkway will provide a roadway connection between Parcel 1 and Parcel 4. The full development within the District’s boundaries is as depicted in Table 1 and Table 2.

TYPE	Parcel 1
Area (Acres)	Parcel 4
Area (Acres)	Total
Area (Acres)	
Residential	307.05	296.11	603.16	
Parks and Open Space	99.94	79.25	179.19	
Wetlands	109.91	113.56	223.47	
Upland Buffer	6.18	23.55	29.73	
TOTALS	523.08	512.47	1035.55	

TABLE 1 DEVELOPMENT ACREAGE SUMMARY

UNIT TYPE	Parcel 1	Parcel 4	TOTAL	
MFR 25'	250	0	250	
SF 40’	236	215	451	
SF 50’	416	514	930	
SF 60’	253	248	501	
TOTALS	1,155	977	2,132	

TABLE 2 DEVELOPMENT UNIT SUMMARY

Plate 2 depicts the District boundary, and Plate 3 provides the legal description of the District. The current proposed Neighborhood Master Plan is depicted on Plate 14.

To serve the landowners and residents of the District, the District has developed an improvement plan (the "Capital Improvement Plan") to allow it to finance and construct certain water, sewer, reclaimed water, drainage, stormwater management, recreational, amenity and transportation improvements necessary for development within the District. Summaries of the proposed Capital Improvement Plan and corresponding cost estimates follow in Table 3. A detailed description and basis of costs for each improvement is included in this report. The Capital Improvement Plan contained in this report reflects the current intentions of the District. However, the Capital Improvement Plan may be subject to modification in the future. The implementation of any improvement as outlined within the Capital Improvement Plan requires final approval by the District’s Board of Supervisors. Portions of the design and permitting for the improvements described in this Capital Improvement Plan are ongoing, and a tentative schedule is provided below:
Parcel 1 – Phase 1A (+/- 400 Units)

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA	Received January 2025	
2. SJRWMD	Received January 2025	
3. Clay County	Received January 2025	
4. ACOE Environmental	Anticipated April 2025	
*Phase 1A is currently anticipated to achieve substantial completion first quarter of 2027.

Parcel 4 – Phase 4A (+/- 201 Units)

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA	Received January 2025	
2. SJRWMD	Received January 2025	
3. Clay County	Received January 2025	
4. ACOE Environmental	N/A	
5. FDEP – Water and Sewer	Received January 2025	
*Phase 4A is currently anticipated to achieve substantial completion second quarter of 2026.

Offsite Utility Improvements

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA	Received November 2024	
2. SJRWMD	Received October 2024	
3. Clay County	Received November 2024	
4. ACOE Environmental	N/A	
5. FDEP – Water and Sewer	Received December 2024	
*Offsite Utility Improvements are currently anticipated to achieve substantial completion third quarter of 2026.

A jurisdictional wetland delineation for the entire property within the District has been completed and approved by the St. Johns River Water Management District (SJRWMD) and Army Corps of Engineers (ACOE). There is a reasonable expectation that the remaining required permits for the District improvements are obtainable, however, all permits are subject to final agency action.
Cost estimates contained in this report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the estimates to be accurate based upon the available information, however, actual costs will vary based on final engineering, planning and approvals from regulatory agencies.

PROJECT PHASING

The District consists of two Parcels referred to as Parcel 1 and Parcel 4. Each Parcel will be built in phases. The phasing of the project allows the infrastructure to be constructed as needed throughout the build-out of the District. The Capital Improvement Plan has been designed in such a manner so that the first Phase within each Parcel can be developed and be self-sufficient, completely separate from future Phases. Certain master infrastructure improvements will benefit all of the lands within the District (the "Shared Master Infrastructure") and certain master infrastructure will benefit only the lands in Parcel 1 or Parcel 4, respectively (the "Parcel 1 Master Infrastructure" and "Parcel 4 Master Infrastructure", respectively). The Parcel 1 Master Infrastructure and Parcel 4 Master Infrastructure are sometimes referred to collectively as the "Residential Master Infrastructure".

Parcel 1 is along the eastern boundary of the District, west and adjacent to CR 315. The proposed Parcel 1 development will be a non-gated development. All neighborhoods within the District are intended to have access to certain amenities within Parcel 1 of the District, including a large “agrihood” amenity as well as certain other amenities. Parcel 4 is along the western boundary of the District, west of Peters Creek and South of Cathedral Oak Parkway. The proposed Parcel 4 development will be a gated development with a private amenity center. Subdivision roadways and the private amenity within Parcel 4 are not proposed to be financed by the District.
The District area may be served by the improvements listed in the “Summary of Infrastructure Costs” in Table 3.
TABLE 3
Summary of Infrastructure Costs

Improvement Description	
Shared Master Infrastructure
Estimated Cost	
Parcel 1 Master Infrastructure
Estimated Cost	
Parcel 4 Master Infrastructure
Estimated Cost	
Total Estimated Cost	
CR315 Improvements	$1,500,000	$0	$0	$1,500,000	
Feed Mill Road (excluding Utilities)	$0	$0	$1,450,000	$1,450,000	
Amenity Access Road (excluding Utilities)	$2,940,000	$0	$0	$2,940,000	
Subdivision Roadway Construction	$0	$11,650,000	$0	$11,650,000	
Lift Stations, Potable Water, Reclaimed Water, and Sewer	$7,925,000	$23,503,500	$20,349,125	$51,777,625	
Hardscape, Landscape, Irrigation, Fencing, and
Signage	$4,525,000	$3,215,000	$1,480,000	$9,220,000	
Amenity Center and Community Parks	$7,870,000	$0	$0	$7,870,000	
Stormwater Management Facilities, Flood Control and Drainage Collection System	$0	$26,212,500	$22,300,875	$48,513,375	
Planning, Engineering, Survey, and Regulatory	$3,961,600	$10,332,960	$7,292,800	$21,587,360	
Contingency (20%)	$5,744,320	$14,982,792	$10,574,560	$31,301,672	
INFRASTRUCTURE COST TOTAL	$34,465,920	$89,896,752	$63,447,360	$187,810,032	
(Notes: Cost estimates in this report are based upon 2025 dollars.)

SHARED MASTER INFRASTRUCTURE IMPROVEMENTS

TRANSPORTATION IMPROVEMENTS

The District currently intends to finance certain transportation facilities necessary for development within and adjacent to the District boundaries. These transportation improvements will be owned and maintained by Clay County (as appropriate) upon completion of construction. These transportation improvements have been designed and will be constructed to Clay County and SJRWMD standards.
A description of the Shared Master Infrastructure transportation improvement follows.

AMENITY ACCESS ROAD

The proposed single-family development will require access roads from Cathedral Oak Parkway and CR315 to the proposed shared amenity center in Parcel 1. This proposed improvement includes approximately 8,500 linear feet of a two-lane urban section, a 2 land divided urban section, and a neighborhood roundabout. These improvements are depicted on Plate 6. The cost estimate in the Capital Improvement Plan includes design, permitting, roadway construction, stormwater infrastructure, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation.

C.R. 315 TURN LANES

The proposed single-family development will require two access points off C.R. 315. These access points will require improvements to C.R. 315 to accommodate left and right turn lanes off C.R. 315 into the development. One of the connections to C.R. 315 may require signalization. These improvements are depicted on Plate 6. The cost estimate in the Capital Improvement Plan includes design, permitting, demolition of the existing asphalt and associated infrastructure, signalization, roadway construction, stormwater infrastructure, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation.

UTILITY IMPROVEMENTS

The District currently intends to finance certain offsite and onsite utility infrastructure necessary for development within the District boundaries. These improvements will be designed and constructed to Clay County Utility Authority (CCUA) and Florida Department of Environmental Protection (FDEP) standards and will be owned and maintained by CCUA. Certain utility improvements may be funded by CCUA through an MSBU Program, which includes the water, sewer, and reclaimed water main.

WATER DISTRIBUTION SYSTEM

The proposed improvement involves the construction of approximately 6,300 linear feet of water main along Feed Mill Road North from Cathedral Oak Parkway to the Water Treatment Plant, approximately 1,700 linear feet of water main from Feed Mill North west to Bella Lago, and approximately 4,000 linear feet of water main along Cathedral Oak Parkway, as depicted on Plate 5.

FORCEMAIN COLLECTION SYSTEM

The proposed improvement involves the construction of approximately 11,400 linear feet of forcemain along Feed Mill Road South from Cathedral Oak Parkway to the Wastewater Treatment Plant and approximately 20,1750 linear feet of force main along subdivision local roads to the second lift station as depicted on Plate 5 and Plate 12.
RECLAIMED WATER DISTRIBUTION SYSTEM

The proposed improvement involves the construction of approximately 6,300 linear feet of reclaimed water main along Feed Mill Road North from Cathedral Oak Parkway to the Water Treatment Plant, approximately 1,700 linear feet of reclaimed water main from Feed Mill North west to Bella Lago, and approximately 4,000 linear feet of reclaimed water main along Cathedral Oak Parkway, as depicted on Plate 5.
PUMP STATIONS

The proposed improvement involves the construction of seven CCUA lift stations that will provide service to all of the lots within the District. This location is depicted on Plate 12.

RECREATIONAL IMPROVEMENTS

The District may finance and construct recreational facilities for the joint use of the District residents. The basic components of these facilities may include, but are not limited to:

Clubhouse
Fitness center and associated equipment
Tennis court
Bathrooms and locker area
Family pool
Playground equipment
Barbeque grills and picnic tables
Parking
Landscape, irrigation, hardscape and lighting
Trails
Community garden
Multi-use fields

BASIS OF COST ESTIMATE FOR SHARED MASTER INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the Shared Master Infrastructure cost estimates where actual project bid information is not available:

Water and sewer facilities have been designed in accordance with Clay County Utility Authority and FDEP Standards.

The stormwater management system has been designed in accordance with Clay County, FDEP and SJRWMD requirements.

Costs utilized for roadways include signage and were obtained from recent bids.
The typical roadway sections utilized for the roadway cost estimates are enclosed.
Costs have been included for excavation of material that may be unsuitable for the placement of structural fill.

The engineering/permitting fees and other professional fees, including but not limited to, design, permitting, geotechnical, environmental, construction engineering/inspection and legal services are included in the estimate.
For the purposes of this report, a 20% contingency factor has been included.

Cost estimates contained in this report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

RESIDENTIAL MASTER INFRASTRUCTURE IMPROVEMENTS

The District currently intends to finance, design and construct certain infrastructure improvements for the residential development within the District boundaries. The improvements that the District currently intends to finance include complete construction of the basic infrastructure for each neighborhood within the District, including but not limited to: clearing and onsite grubbing, earthwork, local roadways, stormwater management, flood control, subsurface drainage improvements, potable water, reclaimed water and sanitary sewer underground utility construction, drainage, grassing, and sodding. These items have been grouped into the broader categories listed in Table 3, as appropriate. Refer to Plates 7-12 for the Residential Infrastructure Improvements.

FEED MILL ROAD

The proposed development will require an extension of Feed Mill Road from the roundabout at Cathedral Oak Parkway to the southern District boundary. This proposed improvement includes approximately 2,950 linear feet of a two-lane urban section with appropriate turn lanes and taper. These improvements are depicted on Plate 6. The cost estimate in the Capital Improvement Plan includes design, permitting, demolition of the existing asphalt and associated infrastructure, roadway construction, roadway lighting, stormwater management construction, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation. This proposed improvement is part of the Parcel 4 Master Infrastructure.

LOCAL NEIGHBORHOOD ROADWAYS
The District currently intends to finance the local roadways within Parcel 1 of the District boundary. These improvements are based upon a 24 foot pavement width, curb and gutter section roadway, within a 60 foot wide right-of-way. These improvements shall be designed and constructed to Clay County and SJRWMD standards. These improvements are part of the Parcel 1 Master Infrastructure.

DRAINAGE/FLOOD CONTROL
The District currently intends to finance certain surface and subsurface drainage improvements necessary for development within the District boundaries. This section of infrastructure includes clearing, grubbing, roadway storm sewer collection system, stormwater management facilities, flood control, groundwater control, surface and subsurface drainage improvements. Cost estimates include stormwater pond construction, drainage catch basins, inlets, underground storm piping within roadways, control structures, grading, sod and seeding as required for sediment and erosion control, etc. The clearing, grubbing and earthwork estimates include all work necessary for the complete right-of-way area, include utility easements, and surrounding residential areas as necessary to provide a complete stormwater management system. Stormwater management facilities provide for the attenuation and treatment of stormwater runoff from the project in accordance with SJRWMD and Clay County standards. As part of the complete stormwater management system, earthwork will include portions of residential lots as needed to collect stormwater runoff into the stormwater management facilities. This earthwork will include placing fill above the pond 100-year pond design high water elevation to provide positive discharge from the residential lots to the storm sewer collection system. The District does not intend to finance any final lot grading. These improvements are part of both the Parcel 1 Master Infrastructure and the Parcel 4 Master Infrastructure.

LOCAL WATER, RECLAIMED WATER, AND SANITARY SEWER
Water, sanitary sewer and reclaimed water cost estimates included in the Residential Master Infrastructure consist of the underground water and reclaimed water transmission systems and wastewater (sewer) collection system serving the development. Costs include piping, manholes, valves, services, and all appurtenances required in order to construct the system in accordance with CCUA and FDEP standards. These improvements are part of both the Parcel 1 Master Infrastructure and the Parcel 4 Master Infrastructure.

BASIS OF COST ESTIMATE FOR RESIDENTIAL MASTER INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the Residential Master Infrastructure cost estimates:
Water and sewer facilities have been designed in accordance with Clay County Utility Authority and FDEP Standards.

The stormwater management system has been designed in accordance with Clay County, FDEP and SJRWMD requirements.

Costs utilized for roadways include signage and were obtained from recent bids.
The typical roadway sections utilized for the roadway cost estimates are enclosed.

Costs have been included for excavation of material that may be unsuitable for the placement of structural fill.

The engineering/permitting fees and other professional fees, including but not limited to, design, permitting, geotechnical, environmental, construction engineering/inspection and legal services are included in the estimate.

For the purposes of this report, a 20% contingency factor has been included.
Cost estimates contained in this report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

APPENDIX
Description

General Location Map
District Boundary
District Legal Description
Future Land Use Map
Master Utility Improvements
Water Transmission Facility
Sewer Transmission Facility
Reclaimed Water Transmission Facility
Shared Master Transportation Improvements
Local Roadway Typical Section
Reclaimed Water Distribution System
Water Distribution System
Sanitary Sewer Collection System
Stormwater Management System
Residential Roadways
Recreational Improvements
Neighborhood Master Plan

First Coast Expwy

General Location

Feed Mill Community Development District

Source: ETM, Clay County

Ct

Simmons Tr

Henley Rd

Sandridge Rd

Feed Mill CDD

Nipa Dr

n

Manhattan Av

V	Pl

op Bl

County Road 218

County Road 315

Medinah Ln

0	1	2

Miles

Toms Ct

N Kentucky Av

Little Dairy Rd

Paso Fino Rd

Ron Rd

Jims Ct

Eds Ct

Knowles Rd

105

Jacksonville

10

295

295

16

State Road 16 W

Whisper Tr

Haymon Av

Studio Rd

Wiseman Rd

Murrhee Rd

Dwight St Morton St

Saunders Rd

Gary Rd

Caroline Blvd

Springbank Rd

Adams Rd

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 -

Date: 4/16/2024

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 - CDD\LandDev\Design\Plots\Exhibits\Shadowlawn CDD Utilities Exhibits 8x11.dwg, 4/23/2024 9:23:32 AM, WelchD, 1:1

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 - CDD\LandDev\Design\Plots\Exhibits\Shadowlawn CDD Utilities Exhibits 8x11.dwg, 4/16/2024 7:11:32 AM, WelchD, 1:1

A PORTION OF SECTION 36, TOWNSHIP 5 SOUTH, RANGE 25 EAST, TOGETHER WITH A PORTION OF SECTIONS 31 AND 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, AND A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, ALL LYING IN CLAY COUNTY, FLORIDA, TOGETHER WITH TRACT “C”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, BEING A PORTION OF THOSE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE NORTHWEST CORNER OF SAID SECTION 6, SAID CORNER ALSO BEING THE NORTHEAST CORNER OF SECTION 1, TOWNSHIP 6 SOUTH, RANGE 25 EAST; THENCE SOUTH 89°29'14” WEST, ALONG THE NORTHERLY LINE OF SAID SECTION 1, A DISTANCE OF 5299.37 FEET TO THE NORTHWEST CORNER THEREOF, SAID CORNER ALSO BEING THE SOUTHEAST CORNER OF SECTION 35, TOWNSHIP 5 SOUTH, RANGE 25 EAST; THENCE NORTH 00°45'58” EAST, ALONG THE EAST LINE OF SAID SECTION 35, A DISTANCE OF 2672.52 FEET TO A POINT LYING ON THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE NORTHEASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 2380.00 FEET, THROUGH A CENTRAL ANGLE OF 05°40'46”, AN ARC LENGTH OF 235.92 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 62°04'08” EAST, 235.82 FEET; THENCE NORTH 59°13'45” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 71.83 FEET TO THE WESTERLY MOST CORNER OF TRACT “B”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, OF SAID PUBLIC RECORDS; THENCE SOUTHEASTERLY, EASTERLY AND NORTHEASTERLY ALONG THE BOUNDARY LINE OF SAID TRACT “B” THE FOLLOWING 5 COURSES: COURSE 1, THENCE SOUTHEASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 34.20 FEET, THROUGH A CENTRAL ANGLE OF 75°02'48”, AN ARC LENGTH OF 44.79 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 63°05'32” EAST, 41.66 FEET; COURSE 2, THENCE SOUTH 25°04'00” EAST, ALONG A NON-TANGENT LINE, 31.03 FEET; COURSE 3, THENCE NORTH 64°59'52” EAST, 92.00 FEET; COURSE 4, THENCE NORTH 24°59'20” WEST, 23.50 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 59.72 FEET; COURSE 5, THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 70°30'00”, AN ARC LENGTH OF 73.48 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 10°19'20” EAST, 68.93 FEET; THENCE EASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE THE FOLLOWING 37 COURSES: COURSE 1, THENCE NORTH 59°13'45” EAST, ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 1300.00 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 2, THENCE EASTERLY CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 23°57'17”, AN ARC LENGTH OF 928.16 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 71°12'24” EAST, 921.41 FEET; COURSE 3, THENCE SOUTH 00°13'32” WEST, ALONG A NON-TANGENT LINE, 101.98 FEET; COURSE 4, THENCE SOUTH 89°46'28” EAST, 88.00 FEET; COURSE 5, THENCE NORTH 00°13'32” EAST, 111.07 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 6, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 22°32'47”, AN ARC LENGTH OF 873.59 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°15'34” EAST, 867.96 FEET; COURSE 7, THENCE SOUTH 71°54'27” EAST, ALONG A NON-TANGENT LINE, 315.87 FEET; COURSE 8, THENCE SOUTH 17°55'18” WEST, 25.92 FEET; COURSE 9, THENCE SOUTH 72°00'40” EAST, 40.00 FEET; COURSE 10, THENCE NORTH 17°55'02” EAST, 26.00 FEET; COURSE 11, THENCE SOUTH
71°59'22” EAST, 828.15 FEET; COURSE 12, THENCE SOUTH 27°13'54” EAST, 66.33 FEET; COURSE 13, THENCE SOUTH 17°40'24” WEST, 15.75 FEET; COURSE 14, THENCE SOUTH 71°56'42” EAST, 50.09 FEET; COURSE 15, THENCE NORTH 17°53'18” EAST, 62.78 FEET; COURSE 16, THENCE SOUTH 71°59'11” EAST, 733.04 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 17, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°25'04”, AN ARC LENGTH OF 15.77 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 72°11'43” EAST, 15.77 FEET; COURSE 18, THENCE SOUTH 17°35'45” WEST, ALONG A NON-TANGENT LINE,
50.00 FEET; COURSE 19, THENCE SOUTH 73°21'50” EAST, 74.13 FEET; COURSE 20, THENCE NORTH 15°40'35” EAST, 50.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 21, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 19°44'10”, AN ARC LENGTH OF 745.06 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 84°11'29” EAST, 741.38 FEET; COURSE 22, THENCE SOUTH 04°34'58” EAST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2188.99 FEET; COURSE 23, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 01°02'27”, AN ARC LENGTH OF 39.76 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 85°24'50” EAST, 39.76 FEET; COURSE 24, THENCE NORTH 04°34'58” WEST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 25, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°20'41”, AN ARC LENGTH OF 503.78 FEET TO A POINT OF REVERSE CURVATURE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 78°12'54” EAST, 502.64 FEET; COURSE 26, THENCE EASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2003.00 FEET, THROUGH A CENTRAL ANGLE OF 21°53'04”, AN ARC LENGTH OF 765.05 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 82°29'50” EAST, 760.41 FEET; COURSE 27, THENCE SOUTH 03°25'34” WEST, ALONG A NON-TANGENT LINE, 5.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 1998.00 FEET; COURSE 28, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 24°44'50”, AN ARC LENGTH OF 862.97 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 74°12'00” EAST, 856.28 FEET; COURSE 29, THENCE NORTH 28°10'55” EAST, ALONG A NON-TANGENT LINE, 20.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 2018.00 FEET; COURSE 30, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°52'45”, AN ARC LENGTH OF 488.83 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 54°53'56” EAST, 487.64 FEET; COURSE 31, THENCE SOUTH 47°56'37” EAST, ALONG A NON-TANGENT LINE, 131.94 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 32, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 15°34'43”, AN ARC LENGTH OF 584.04 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 55°43'59” EAST, 582.24 FEET; COURSE 33, THENCE SOUTH 26°00'29” WEST, ALONG A NON-TANGENT LINE, 58.01 FEET; COURSE 34, THENCE SOUTH 64°05'01” EAST, 50.00 FEET; COURSE 35, THENCE NORTH 26°00'29” EAST, 58.10 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 36, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 26°29'04”, AN ARC LENGTH OF 992.90 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 78°05'54” EAST, 984.08 FEET; COURSE 37, THENCE NORTH 88°39'34” EAST, 396.90 FEET TO A POINT LYING ON THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED; THENCE SOUTH 01°47'04” WEST, DEPARTING SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTHERLY ALONG THE WESTERLY LINE OF LAST SAID LANDS THE FOLLOWING 3 COURSES: COURSE 1, THENCE SOUTH 04°05'13” WEST, DEPARTING SAID WESTERLY RIGHT OF WAY LINE, 300.17 FEET; COURSE 2, THENCE SOUTH 01°46'47” WEST, 440.22 FEET; COURSE 3, THENCE SOUTH 00°29'48” EAST, 302.09 FEET TO THE SOUTHERLY MOST CORNER THEREOF, SAID CORNER LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 108.24 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11499.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°17'06”, AN ARC LENGTH OF 57.22 FEET TO THE NORTHERLY MOST CORNER OF EXHIBIT “A”, DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4717, PAGE 1930, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°41'50” WEST, 57.22 FEET; THENCE SOUTH 19°41'34” WEST, ALONG THE WESTERLY LINE OF SAID EXHIBIT “A” AND ALONG A NON-TANGENT LINE, 47.89 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11514.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°29'51”, AN ARC LENGTH OF 100.00 FEET TO A POINT LYING ON THE EASTERLY PROLONGATION OF THE NORTHERLY LINE OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 3729, PAGE 53, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°04'46” WEST, 100.00 FEET; THENCE SOUTH 89°35'27” WEST, ALONG SAID EASTERLY PROLONGATION AND SAID NORTHERLY LINE, 1093.78 FEET TO THE NORTHWESTERLY CORNER THEREOF; THENCE SOUTH 01°01'02” EAST, ALONG THE WESTERLY LINE THEREOF, 853.28 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 89°35'27” EAST, ALONG THE SOUTHERLY LINE THEREOF AND ITS EASTERLY PROLONGATION, 1097.04 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO.
315; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 4497.42 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG SAID SOUTHERLY LINE, 1286.31 FEET TO THE SOUTHEASTERLY CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 659, PAGE 66, OF SAID PUBLIC RECORDS; THENCE NORTH 00°24'23” WEST, ALONG THE EASTERLY LINE THEREOF, 2227.59 FEET TO THE NORTHEASTERLY CORNER THEREOF; THENCE ALONG THE NORTHEASTERLY LINE THEREOF THE FOLLOWING 3 COURSES: COURSE 1, THENCE NORTH 75°24'05” WEST, 700.00 FEET; COURSE 2, THENCE NORTH 58°32'13” WEST, 1724.82 FEET; COURSE 3, THENCE NORTH 74°09'16” WEST, 1890.83 FEET TO THE NORTHWESTERLY CORNER THEREOF, SAID CORNER LYING ON THE EAST LINE OF SAID SECTION 1; THENCE NORTH 01°05'43” WEST, ALONG SAID EAST LINE, 1431.42 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT THE FOLLOWING DESCRIBED LANDS:

COMMERCIAL PARCEL 2

A PORTION OF SECTION 31 AND SECTION 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTH 04°05'13” WEST, ALONG THE WESTERLY LINE OF LAST SAID LANDS, 300.17 FEET; THENCE SOUTH 01°46'47” WEST, CONTINUING ALONG SAID WESTERLY LINE, 350.10 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF EXHIBIT “A”, AS DESCRIBED AND RECORDED IN ORDINANCE 2022-24, OF SAID PUBLIC RECORDS; THENCE NORTH 87°52'18” WEST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHERLY LINE,
942.57 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 01°47'04” EAST, ALONG THE WESTERLY LINE THEREOF, 1274.57 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY; THENCE EASTERLY, ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET, THROUGH A CENTRAL ANGLE OF 14°58'38”, AN ARC LENGTH OF 561.49 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°51'07” EAST, 559.89 FEET; THENCE NORTH 88°39'34” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 396.90 FEET TO THE POINT OF BEGINNING.

BYPASS R/W PARCEL

A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG THE SOUTHERLY LINE OF SAID SECTION 6, A DISTANCE OF 1142.79 FEET; THENCE NORTH 40°12'48” EAST, DEPARTING SAID SOUTHERLY LINE, 1113.51 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 1422.50 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 40°37'22”, AN ARC LENGTH OF 1008.55 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 19°54'08” EAST, 987.56 FEET; THENCE NORTH 89°35'27” EAST, ALONG A NON-TANGENT LINE, 75.00 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 1769.41 FEET TO THE POINT OF BEGINNING.

LESS ALL EXCEPTIONS, CONTAINING 1035.55 ACRES, MORE OR LESS.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

Feed Mill Community

Development District

Future Land Use

LA MPC

Source: ETM, Clay County

Maryland Av

Manhattan Av

LA AC

LA VC

MIX

CO

RF

COM

Ogl

Pebble Point Dr Medinah Ln

MUNI

Feed Mill CDD
Lake Asbury Future Land Use
RR: RURAL RESIDENTIAL
LA RC: LAKE ASBURY RURAL COMMUNITY RRSV: RURAL RESERVE
RF: RURAL FRINGE
LA MPC: LAKE ASBURY MASTER PLANNED COMMUNITY COM: COMMERCIAL
BP: BUSINESS PARK MIX: MIXED USE
LA VC: LAKE ASBURY VILLAGE CENTER LA AC: LAKE ASBURY ACTIVITY CENTER LA IVC: LAKE ASBURY IVC
CO: CONSERVATION
LA GW: LAKE ASBURY GREENWAY MUNI: MUNICIPAL
AG: AGRICULTURE
Clay County Conservation Overlay

0	2,200	4,400

Feet

105

Jacksonville

10

295

295

16

County Road 315

Perry Rd

LA RC

BP	RR

Ron Rd

Floyd Rd

AG	RRSV

LA GW

Knowles Rd

LA IVC

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 - CDD\GIS\Maps\PRO\Saratoga Springs.aprx

Date: 4/16/2024

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

WETLANDS

WETLANDS

WETLANDS

AMENITY ACCESS ROAD CDD BOUNDARY

FEED MILL ROAD

WETLANDS

COUNTY ROAD 315 IMPROVEMENTS

PARCEL 4	CDD BOUNDARY

PARCEL 1

AMENITY ACCESS ROAD

AMENITY ACCESS ROAD

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  6

	60' RESIDENTIAL ROW TYPICAL SECTION (24' PAVEMENT)	

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  7

WETLANDS

					
	WETLANDS				

					

					

					

					

					

				WETLANDS	

					
				CDD BOUNDARY	

					

					
FEED MILL ROAD					

					

				WETLANDS	

				LIMITS OF	
PARCEL 4	CDD BOUNDARY			PROPOSED REUSE	
				MAIN (TYP)	

					

					

					

				PARCEL 1	

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  8

WETLANDS

							
		WE	TL	ANDS			

							

							

							

							

							

						WETLANDS	

							
						CDD BOUNDARY	

							

							
FEED MILL ROAD							

							

							
						WETLANDS	

						LIMITS OF	
PARCEL 4		CDD BOUNDARY				PROPOSED WATER	
						MAIN (TYP)	

							

							

							

							
						PARCEL 1	

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  9

WETLANDS

					
	WE	TLANDS			

					

					

					

					

					
					
				WETLANDS	

					
				CDD BOUNDARY	

					

					

FEED MILL ROAD					

					

					
				WETLANDS	

				LIMITS OF	
PARCEL 4	CDD BOUNDARY			PROPOSED FORCE	
				MAIN (TYP)	

					
LIMITS OF					
GRAVITY SEWER					
MAIN (TYP)					

					

					

					
					
				PARCEL 1	

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  10

WETLANDS

				
	WETLANDS			

				

				

				

				

				

			WETLANDS	

				
			CDD BOUNDARY	

				

				
FEED MILL ROAD				

				

			WETLANDS	

			LIMITS OF	
PARCEL 4	CDD BOUNDARY		PROPOSED SMF'S	
			(TYP)	

				

				

				

			PARCEL 1	

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  11

WETLANDS

WETLANDS

WETLANDS

CDD BOUNDARY

FEED MILL ROAD

WETLANDS

LIMITS OF

NEIGHBORHOOD

PARCEL 4	CDD BOUNDARY		PROPOSED ROADS (TYP)

PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  12

WETLANDS

				
	WETLANDS			

				

				

				

				

				

			WETLANDS	

				
			CDD BOUNDARY	

				

				
FEED MILL ROAD				

				

			WETLANDS	

			LIMITS OF	
PARCEL 4	CDD BOUNDARY		PROPOSED	
			RECREATION (TYP)	

AMENITY AREA	

	

	

	
	
			PARCEL 1	

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  13

WETLANDS

WETLANDS

WETLANDS

CDD BOUNDARY

FEED MILL ROAD

WETLANDS

PARCEL 4

25' LOT

40' LOT

50' LOT

60' LOT

CDD BOUNDARY

PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 2/12/25
DRAWING NO.  14

Exhibit B

Feed Mill Community Development District
Master Special Assessment Allocation Report

3434 Colwell Ave
Suite 200
Tampa, FL 33614 rizzetta.com February 26, 2025

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

Table Of Contents

Page
INTRODUCTION ……………………………………….......………..……................…	1
DEFINED TERMS……..………………….................................................................	1
DISTRICT INFORMATION……………….……………….............................................	2
CAPITAL IMPROVEMENT PROGRAM………………………...…………………..……...	2
MASTER ASSESSMENT ALLOCATION – MAXIMUM ASSESSMENTS……………………..	3
ADDITIONAL STIPULATIONS..……………………………………………………………...…	6
EXB “A”	ALLOCATION METHODOLOGY………..…...….……………….…………………….……….	8

	Index Of Tables		
Table	Description	Page	
1	PRELIMINARY DEVELOPMENT PLAN........................................................................	A-1	
2	TOTAL CIP COST DETAIL……..…………………………..………..……..……...……	A-2	
3	Shared Master CIP Cost/Benefit Allocation……………………..……………	A-3	
4	PARCEL 1 CIP COST/BENEFIT ALLOCATION………………..…………………………	A-3	
5	PARCEL 4 CIP COST/BENEFIT ALLOCATION………………..…………………………	A-3	
6	Financing Information – Maximum Bonds………………………………………...	A-4	
7	Financing Information – Maximum Assessments………………………………...	A-4	
8	Assessment Allocation – Maximum Assessments……………………………….	A-5	
	Maximum Assessment Lien Roll……………………………………………………	A-6	
	*Legal Description		

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

Introduction

This Master Special Assessment Allocation Report (the “Master Report”) is being presented in anticipation of financing a capital infrastructure project by the Feed Mill Community Development District (“District”), a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes. Rizzetta & Company, Incorporated has been retained to prepare a methodology for allocating the special assessments related to financing of the District’s infrastructure project.

The District plans to issue bonds in one or more series to fund a portion of the capital infrastructure project, herein referred as the “Capital Improvement Program”. This Master Report will detail the maximum parameters for the future financing program the District will undertake, as well as determine the manner in which the special assessments will be allocated among all of the land uses within the District that will benefit from the Capital Improvement Program.

Defined Terms

“Capital Improvement Program” or “CIP” – Construction and/or acquisition of public infrastructure planned for the District. The total cost for the Capital Improvement Program is estimated to be $187,810,032 as specified in the Master Engineer’s Report.
“Developer” – SRTG DEV Owner, LLC & Saratoga Sagebrook LLC.

"District" – Feed Mill Community Development District.

“District Engineer” – England-Thims & Miller, Inc.

“End User” – The ultimate purchaser of a fully developed residential unit; typically, a resident homeowner.
“Equivalent Assessment Unit” or “EAU” – Allocation factor which reflects a quantitative measure of the amount of special benefit conferred by the District’s CIP on a particular land use, relative to other land uses.

“Master Engineer's Report” –Feed Mill Community Development District Capital Improvement Plan dated February 12, 2025, prepared by the District Engineer, as may be amended and supplemented from time to time.
“Maximum Assessments” – The maximum amount of special assessments to be levied against a parcel in relation to the CIP.
“Parcel 1” – A portion of the District consisting of 523.08 acres planned for 1,155 residential units.

“Parcel 4” – A portion of the District consisting of 512.47 acres planned for 977 residential units.

1

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

“Platted Units” – Lands configured into their intended end-use and subject to a recorded plat.

“Unplatted Parcels” – Undeveloped lands or parcels that are not yet subject to a recorded plat or their final end-use configuration.

DISTRICT INFORMATION

The District was established by the Board of County Commissioners of Clay County pursuant to Clay County Ordinance No. 2024-20, which became effective June 12, 2024. The District encompasses approximately 1,035.55 acres and is generally located south and adjacent to Cathedral Oak Parkway and bifurcated by Peters Creek, entirely within Clay County.

The District plans to issue bonds in one or more series to fund a portion of the Capital Improvement Program, as described below. This Master Report will detail the maximum parameters for the future financing program the District will undertake, as well as determine the manner in which the special assessments will be allocated among all the properties that will benefit from the Capital Improvement Program. The current development plan for the District includes approximately 1,155 planned residential units within Parcel 1 and approximately 977 planned residential units within Parcel 4, for a total of approximately 2,132 planned residential units.

Table 1 illustrates the District’s preliminary development plan.
CAPITAL IMPROVEMENT PROGRAM

Pursuant to the Master Engineer’s Report, the District’s Capital Improvement Program includes infrastructure cost estimates benefiting the entire District (“Shared Master Costs”), infrastructure cost estimates benefitting Parcel 1 (“Parcel 1 Master Costs”), and infrastructure cost estimates benefitting Parcel 4 (“Parcel 4 Master Costs”). The Shared Master Costs include, but are not limited to, CR315 improvements, an amenity access road, lift stations, potable water, reclaimed water, sewer, hardscape, landscape, irrigation, fencing, signage, amenity center and community parks, planning, engineering, surveying, and contingency. The Shared Master Costs total $34,465,920. The Parcel 1 Master Costs include, but are not limited to, subdivision roadway construction, lift stations, potable water, reclaimed water, and sewer, stormwater management facilities, flood control and drainage collection system, hardscape, landscape, irrigation, fencing, signage, planning, engineering, survey, and contingency. The Parcel 1 Master Costs total $89,896,752. The Parcel 4 Master Costs include, but are not limited to, lift stations, potable water, reclaimed water, and sewer, hardscape, landscape, irrigation, fencing, signage, stormwater management facilities, flood control and drainage collection system, planning, engineering, survey, and contingency. The Parcel 4 Master Costs total $63,447,360. The District’s entire CIP is estimated to cost $187,810,032 as shown on Table 2. It is expected that the District will issue bonds in on or more series to fund a portion of the CIP, with the balance funded by the Developer or other sources.

2

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

Master Assessment Allocation – Maximum Assessments

Unlike property taxes, which are ad valorem in nature, a special district may levy special assessments pursuant to Chapters 170, 190 and 197, Florida Statutes only if the parcels to be assessed receive special benefit from the infrastructure improvements acquired and/or constructed by the special district. Special benefits act as a logical connection to property from the improvement system or services and facilities being constructed. These special benefits are peculiar to certain assessable lands within the District and differ in nature to those general or incidental benefits that landowners outside the District or the general public may enjoy. A special district must also apportion or allocate its special assessments so that the assessments are fairly and reasonably distributed relative to the special benefit conferred. Generally speaking, this means the amount of special assessment levied on a parcel should not exceed the amount of special benefit received by that parcel. A special district typically may develop and adopt an assessment methodology based on front footage, square footage, or any other reasonable allocation method, so long as the assessment meets the benefit requirement, and so long as the assessments are fairly and reasonably allocated.
Benefit Analysis

Improvements undertaken by the District, as more clearly described in the Master Engineer’s Report, create both special benefits and general benefits. The general benefits also inure to the general public at large and are incidental and distinguishable from the special benefits which accrue to the specific property within the boundaries of the District or more precisely defined as the land uses which specifically receive benefit from the CIP as described in this Master Report and supplements thereto.
Valid special assessments under Florida law have two requirements. First, the properties assessed must receive a special benefit from the improvements paid for via the assessments. Second, the assessments must be fairly and reasonably allocated to the properties being assessed. If these two requirements are met, Florida law provides the District’s Board of Supervisors with the ability to use discretion in determining the allocation of the assessments as long as the manner in which the Board of Supervisors allocates the assessments is fairly and reasonably determined.

170.201, Florida Statutes, states that the governing body of a municipality may apportion costs of such special assessments based on:
The front or square footage of each parcel of land; or
An alternative methodology, so long as the amount of the assessment for each parcel of land is not in excess of the proportional benefits as compared to other assessments on other parcels of land.

Based on evaluation of the Master Engineer’s Report, consultation with the Developer regarding the CIP, and by resolution of the Board of Supervisors, it has been determined that the manner in which the governing body of the District believes is in the District’s best interest is to allocate the assessments for each bond issuance using

3

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

land-use based EAU factors, utilizing the single family 50’ lot frontage as the standard product.
Tables 3-5 demonstrate the allocation of the Shared Master Costs, Parcel 1 Master Costs, and Parcel 4 Master Costs between the various planned unit types within the District. As described further herein, and based in part on the Engineer's Report, it is our professional opinion that the Maximum Assessments are supported by sufficient benefit from the CIP, and that the Maximum Assessments are fairly and reasonably allocated to all assessable properties subject to the Maximum Assessments.

Anticipated Bond Issuance

As described above, it is expected that the District will issue bonds in one or more series to fund a portion of the CIP. Notwithstanding the description of the Maximum Assessments below, landowners will not have a payment obligation until the issuance of bonds, at which time the fixed assessment amounts securing those bonds, as well as a collection protocol, will be determined. Please note that the preceding statement only applies to capital assessments and shall have no effect on the ability of the District to levy maintenance special assessments and collect payments related to the operations and maintenance of the District.
A maximum bond sizing is included in Table 6 of this Master Report. This maximum bond amount has been calculated using conservative financing assumptions and represents a scenario in which the entire CIP is funded with bond proceeds. However, the District is not obligated to issue bonds at this time, is not obligated to finance the total CIP, and similarly may choose to issue bonds in an amount lower than the maximum amount, which is expected. Furthermore, the District may issue bonds in various par amounts, maturities and structures up to the maximum principal amount. Table 8 represents the Maximum Assessments necessary to support repayment of the maximum bonds.
Maximum Assessment Methodology

Initially, the District will be imposing a Maximum Assessment lien based on the maximum benefit conferred on each parcel by the CIP. Accordingly, Table 8 reflects the Maximum Assessment per Platted Unit. Because the District may issue bonds in various par amounts, maturities and structures, the special assessments necessary to secure repayment of those bonds will not exceed the amounts on Table 8. It is expected that the standard long-term special assessments levied against the assessable property within the District will be lower than the amounts in Table 8 and will reflect assessment levels which conform with the current market.

All of the lands within the District that will be subject to the Maximum Assessments at the time of this Master Report are Unplatted Parcels. Assessments will be initially levied on these Unplatted Parcels on an equal assessment per acre basis. At the time parcels are platted or otherwise subdivided into Platted Units, individual Maximum Assessments will be assigned to those Platted Units at the per- unit amounts described in Table 8, thereby reducing the Maximum Assessments

4

FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

encumbering the Unplatted Parcels by a corresponding amount. Any unassigned amount of Maximum Assessments encumbering the remaining Unplatted Parcels will continue to be calculated and levied on an equal assessment per acre basis.
Until all the land within the District has been platted and sold, the assessments on the portion of the land that has not been platted and sold are not fixed and determinable. The reasons for this are (1) until the lands are platted, the number of developable acres within each tract against which the assessments are levied is not determined; (2) the lands are subject to re-plat, which may result in changes in development density and product type; and (3) until the lands are sold, it is unclear of the timing of the absorptions. Only after the property has been platted and sold 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.
This Master Report is intended to establish, without the need for a further public hearing, the necessary benefit and fair and reasonable allocation findings for a master assessment lien, which may give rise to one or more individual assessment liens relating to individual bond issuances necessary to fund all or a portion of the CIP referenced herein. All such liens shall be within the benefit limits established herein using the allocation methodology described herein, and shall be described in one or more supplemental reports.

In the event an Unplatted Parcel is sold to a third party not affiliated with the Developer, Maximum Assessments will be assigned to the Unplatted Parcel based on the maximum total number of Platted Units assigned by the Developer to that Unplatted Parcel, subject to review by the District’s methodology consultant to ensure that any such assignment is reasonable, supported by current development rights and plans, and otherwise consistent with the methodology in this Master Report. The owner of the Unplatted Parcel will be responsible for the total assessments applicable to the Unplatted Parcel, regardless of the total number of Platted Units actually platted. These total assessments are fixed to the Unplatted Parcel at the time of the sale. If the Transferred Property is subsequently sub-divided into smaller parcels, the total assessments initially allocated to the Unplatted Parcel will be re-allocated to the smaller parcels pursuant to the methodology as described herein (i.e., equal assessment per acre until platting).
As set forth in any supplemental report, and for any particular bond issuance, the Developer may opt to “buy down” the assessments on particular product types and/or lands using a contribution of cash, infrastructure or other consideration, in order for assessments to be at certain target levels. Note that any “true-up,” as described herein, may require a payment to satisfy “true-up” obligations as well as additional contributions to achieve such target assessment levels. Any amounts contributed by the Developer to pay down assessments will not be eligible for “deferred costs,” if any are provided for in connection with any particular bond issuance.
In the event that the CIP is not completed, required contributions are not made, additional benefitted lands are added to the District and/or assessment

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FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

area(s), or under certain other circumstances, the District may elect to reallocate the special assessments, and the District expressly reserves the right to do so, provided however that any such reallocation shall not be construed to relieve any party of contractual or other obligations to the District.
True-Up Determination & Payments

This Master Report identifies the amount of Equivalent Assessment Units (and/or product types and unit counts) planned for the lands within the District. At such time as lands are to be platted (or re-platted) or site plans are to be approved (or re-approved), the plat or site plan (either, herein, “Proposed Plat”) shall be presented to the District for review pursuant to the terms herein. Such review shall be limited solely to the function and the enforcement of the District’s assessment liens. Nothing herein shall in any way operate to or be construed as providing any other plat approval or disapproval powers to the District. If such Proposed Plat is consistent with the development plan as identified herein, the District shall allocate the assessments to the product types being platted on a first platted, first assigned basis and the remaining property in accordance with this Master Report and cause the assessments to be recorded in the District’s Improvement Lien Book. If a change in development shows a net increase in the overall principal amount of assessments able to be assigned to the assessable property within the District, then the District may undertake a pro rata reduction of assessments for all assessed properties within the District, or may otherwise address such net increase as permitted by law.
However, if a change in development as reflected in a Proposed Plat results in a net decrease in the overall principal amount of assessments able to be assigned to the planned units described in this Master Report, including any designated assessment area, then the District shall require the landowner(s) of the lands encompassed by the Proposed Plat to pay a “True-Up Payment” equal to the shortfall in assessments resulting from the reduction of planned units. Any True-Up Payment shall become due and payable that tax year by the landowner of the lands subject to the Proposed Plat, shall be in addition to the regular assessment installment payable for such lands, and shall constitute part of the debt assessment liens imposed against the Proposed Plat property until paid. A True-Up Payment shall include any applicable accrued interest pursuant to the applicable assessment resolutions of the District. For further detail on the true-up process, please refer to the applicable assessment resolution(s).

Additional Stipulations
Certain financing, development, and engineering data was provided by members of District staff and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Rizzetta & Company, Incorporated makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this Master Report.
Rizzetta & Company, Incorporated, does not represent the District as a Municipal Advisor or Securities Broker nor is Rizzetta & Company, Incorporated, registered to provide

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FEED MILL COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Rizzetta & Company, Inc., does not provide the District with financial advisory services or offer investment advice in any form.

7

FEED MILL COMMUNITY DEVELOPMENT DISTRICT
	MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

EXHIBIT A:

MAXIMUM ALLOCATION METHODOLOGY

FEED MILL

TABLE 1: PRELIMINARY DEVELOPMENT PLAN

Preliminary Development Plan provided by the Developer and is subject to change.

COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

PRODUCT		AVG. FF
LOT SIZE		
EAU		
PARCEL 1	
PARCEL 4		
TOTAL	
Multifamily 25'		25		0.50		250	0		250	
Single Family 40'		40		0.80		236	215		451	
Single Family 50'		50		1.00		416	514		930	
Single Family 60'		60		1.20		253	248		501	
TOTAL:						1,155	977			2,132		

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

TABLE 2: TOTAL CIP COST DETAIL	
	SHARED MASTER	PARCEL 1	PARCEL 4		
DESCRIPTION	IMPROVEMENTS	IMPROVEMENTS	IMPROVEMENTS	TOTAL	
CR315 Improvements	$1,500,000	$0	$0	$1,500,000	
Feed Mill Road (excluding Utilities)	$0	$0	$1,450,000	$1,450,000	
Amenity Access Road (excluding Utilities)	$2,940,000	$0	$0	$2,940,000	
Subdivision Roadway Construction	$0	$11,650,000	$0	$11,650,000	
Lift Stations, Potable Water, Reclaimed Water, and Sewer	$7,925,000	$23,503,500	$20,349,125	$51,777,625	
Hardscape, Landscape, Irrigation, Fencing, and Signage	$4,525,000	$3,215,000	$1,480,000	$9,220,000	
Amenity Center and Community Parks	$7,870,000	$0	$0	$7,870,000	
Stormwater Management Facilities, Flood Control and Drainage Collection System	$0	$26,212,500	$22,300,875	$48,513,375	
Planning, Engineering, Survey, and Regulatory	$3,961,600	$10,332,960	$7,292,800	$21,587,360	
Contingency (20%)	$5,744,320	$14,982,792	$10,574,560	$31,301,672	
INFRASTRUCTURE COST TOTAL	$34,465,920	$89,896,752	$63,447,360	$187,810,032	

Note: Infrastructure cost estimates provided by the District Engineer.					

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

DESCRIPTION	TA	BLE 3: SH

EAU FACTOR	A	RED MASTER

UNITS		IMRPOVEM

TOTAL EAU'S	EN	TS COST/

% OF EAU'S	BEN	EFIT

TOTAL SHARED MASTER COSTS		

SHARED MASTER PER UNIT COST	
PARCEL 1													
Multifamily 25'		0.50		250		125.00		6.20%		$2,135,964		$8,544	
Single Family 40'		0.80		236		188.80		9.36%		$3,226,160		$13,670	
Single Family 50'		1.00		416		416.00		20.62%		$7,108,489		$17,088	
Single Family 60'		1.20		253		303.60		15.05%		$5,187,830		$20,505	
PARCEL 4													
Single Family 40'		0.80		215		172.00		8.53%		$2,939,087		$13,670	
Single Family 50'		1.00		514		514.00		25.48%		$8,783,085		$17,088	
Single Family 60'		1.20		248		297.60		14.75%		$5,085,304		$20,505	
					2,132			  2017.00				100%				$34,465,920				

TABLE 4: PARCEL 1 IMRPOVEMENTS COST/BENEFIT	
		
EAU				
TOTAL				
TOTAL PARCEL 1		PARCEL 1 MASTER PER	
DESCRIPTION		FACTOR		UNITS		EAU'S		% OF EAU'S		MASTER COSTS		UNIT COST	
Multifamily 25'		0.50		250		125.00		12.10%		$10,873,906		
$43,496	
Single Family 40'		0.80		236		188.80		18.27%		$16,423,947		$69,593	
Single Family 50'		1.00		416		416.00		40.26%		$36,188,358		$86,991	
Single Family 60'		1.20		253		303.60		29.38%		$26,410,542		$104,389	
				1,155		1033.40		100%		$89,896,752			

TABLE 5: PARCEL 4 IMRPOVEMENTS COST/BENEFIT	
		
EAU				
TOTAL				
TOTAL PARCEL 4		PARCEL 4 MASTER PER	
DESCRIPTION		FACTOR		UNITS		EAU'S		% OF EAU'S		MASTER COSTS		UNIT COST	
Single Family 40'		0.80		215		172.00		17.49%		$11,094,902		
$51,604	
Single Family 50'		1.00		514		514.00		52.26%		$33,155,696		$64,505	
Single Family 60'		1.20		248		297.60		30.26%		$19,196,761		$77,406	
				977		983.60		100%		$63,447,360			

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

TABLE 6: FINANCING INFORMATION - MAXIMUM BONDS

PARCEL 1	PARCEL 4
Term	30	30
Average Coupon Rate		7.50%		7.50% Maximum Annual Debt Service ("MADS")	$11,125,800	$8,306,248
SOURCES:
Maximum Par Amount	$131,400,000	$98,100,000
USES:
Construction Account	($107,555,196)	($80,254,836)
Debt Service Reserve Fund	($11,125,800)	($8,306,248)
Capitalized Interest	($9,855,000)	($7,357,500)
Cost of Issuance (estimated)	($236,004)	($219,416)
Underwriter's Discount	($2,628,000)	($1,962,000)
TOTAL USES	($131,400,000)	($98,100,000)

The District is not obligated to issue this amount of bonds.		

TOTAL MAXIMUM		
		BONDS (1)		
		30		
		7.50%		
		$19,432,049		
		
$229,500,000		
		($187,810,032)		
		($19,432,048)		
		($17,212,500)		
		($455,420)		
		($4,590,000)		
		
($229,500,000)		
				
TABLE 7: FINANCING INFORMATION - MAXIMUM ASSESSMENTS

PARCEL 1	PARCEL 4
Interest Rate	7.50%	7.50%
Aggregate Maximum Principal Amount	$131,400,000	$98,100,000

Aggregate Annual Installment		$11,125,800	$8,306,248 Estimated County Collection Costs	2%		$236,719		$176,729
Estimated Maximum Early Payment Discount	4%		$473,438		$353,457 Maximum Total Annual Installment		$11,835,958	$8,836,434

Based on MADS for the Maximum Bonds.
May vary as provided by law.		

TOTAL MAXIMUM		
		BONDS		
		7.50%		
		$229,500,000		
		$19,432,049	(1)	
		$413,448	(2)	
		$826,896	(2)	
		$20,672,392		

FEED MILL

Represents maximum assessments based on allocation of the CIP costs. Actual imposed amounts expected to be lower.
Product total shown for illustrative purposes only and are not fixed per product type.
Includes estimated Clay County collection costs/payment discounts, which may fluctuate.

TABLE 8: ASSESSMENT ALLOCATION - MAXIMUM ASSESSMENTS (1)	

PRODUCT	

UNITS	

EAU	

TOTAL EAU'S	

% OF EAU'S	PRODUCT TOTAL PRINCIPAL (2)	

PER UNIT PRINCIPAL	PRODUCT ANNUAL INSTLMT. (2)(3)	

PER UNIT INSTLMT. (3)	

COMMUNITY DEVELOPMENT DISTRICT MASTER SPECIAL ASSESSMENT ALLOCATION REPORT

Multifamily 25'		250		0.50		125.00		12.10%		$15,894,136		$63,577		$1,431,677		$5,727	
Single Family 40'		236		0.80		188.80		18.27%		$24,006,503		$101,722		$2,162,405		$9,163	
Single Family 50'		416		1.00		416.00		40.26%		$52,895,684		$127,153		$4,764,620		$11,453	
Single Family 60'		253		1.20		303.60		29.38%		$38,603,677		$152,584		$3,477,256		$13,744	
TOTAL PARCEL 1		  1,155					 1,033.40 		 100.00%		  $131,400,000					  $11,835,958 			
Single Family 40'		215		0.80		172.00		17.49%		$17,154,534		$79,789		$1,545,208		$7,187	
Single Family 50'		514		1.00		514.00		52.26%		$51,264,132		$99,736		$4,617,657		$8,984	
Single Family 60'		248		1.20		297.60		30.26%		$29,681,334		$119,683		$2,673,569		$10,781	
TOTAL PARCEL 4		977				983.60		100.00%		$98,100,000				$8,836,434			
																	
TOTAL DISTRICT		2132				2,017				$229,500,000				$20,672,392			

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT MAXIMUM ASSESSMENT LIEN ROLL	
Legal Description (2)	Acreage	Max Principal/Acre	Max Annual/Acre (1)	
Parcel 1	1	$251,204	$22,627	
Parcel 1 Total	523.08	$131,400,000	$11,835,958	
	
Parcel 4	1	$191,426	$17,243	
Parcel 4 Total	512.47	$98,100,000	$8,836,434	
	
TOTAL DISTRICT	1035.55	$229,500,000	$20,672,392	

(1) Includes estimated county collection costs/early payment discounts, which may fluctuate.
(2) Please see attached.

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VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

A PORTION OF SECTION 36, TOWNSHIP 5 SOUTH, RANGE 25 EAST, TOGETHER WITH A PORTION OF SECTIONS 31 AND 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, AND A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, ALL LYING IN CLAY COUNTY, FLORIDA, TOGETHER WITH TRACT “C”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, BEING A PORTION OF THOSE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE NORTHWEST CORNER OF SAID SECTION 6, SAID CORNER ALSO BEING THE NORTHEAST CORNER OF SECTION 1, TOWNSHIP 6 SOUTH, RANGE 25 EAST; THENCE SOUTH 89°29'14” WEST, ALONG THE NORTHERLY LINE OF SAID SECTION 1, A DISTANCE OF 5299.37 FEET TO THE NORTHWEST CORNER THEREOF, SAID CORNER ALSO BEING THE SOUTHEAST CORNER OF SECTION 35, TOWNSHIP 5 SOUTH, RANGE 25 EAST; THENCE NORTH 00°45'58” EAST, ALONG THE EAST LINE OF SAID SECTION 35, A DISTANCE OF 2672.52 FEET TO A POINT LYING ON THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE NORTHEASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 2380.00 FEET, THROUGH A CENTRAL ANGLE OF 05°40'46”, AN ARC LENGTH OF 235.92 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 62°04'08” EAST, 235.82 FEET; THENCE NORTH 59°13'45” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 71.83 FEET TO THE WESTERLY MOST CORNER OF TRACT “B”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, OF SAID PUBLIC RECORDS; THENCE SOUTHEASTERLY, EASTERLY AND NORTHEASTERLY ALONG THE BOUNDARY LINE OF SAID TRACT “B” THE FOLLOWING 5 COURSES: COURSE 1, THENCE SOUTHEASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 34.20 FEET, THROUGH A CENTRAL ANGLE OF 75°02'48”, AN ARC LENGTH OF 44.79 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 63°05'32” EAST, 41.66 FEET; COURSE 2, THENCE SOUTH 25°04'00” EAST, ALONG A NON-TANGENT LINE, 31.03 FEET; COURSE 3, THENCE NORTH 64°59'52” EAST, 92.00 FEET; COURSE 4, THENCE NORTH 24°59'20” WEST, 23.50 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 59.72 FEET; COURSE 5, THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 70°30'00”, AN ARC LENGTH OF 73.48 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 10°19'20” EAST, 68.93 FEET; THENCE EASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE THE FOLLOWING 37 COURSES: COURSE 1, THENCE NORTH 59°13'45” EAST, ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 1300.00 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 2, THENCE EASTERLY CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 23°57'17”, AN ARC LENGTH OF 928.16 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 71°12'24” EAST, 921.41 FEET; COURSE 3, THENCE SOUTH 00°13'32” WEST, ALONG A NON-TANGENT LINE, 101.98 FEET; COURSE 4, THENCE SOUTH 89°46'28” EAST, 88.00 FEET; COURSE 5, THENCE NORTH 00°13'32” EAST, 111.07 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 6, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 22°32'47”, AN ARC LENGTH OF 873.59 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°15'34” EAST, 867.96 FEET; COURSE 7, THENCE SOUTH 71°54'27” EAST, ALONG A NON-TANGENT LINE, 315.87 FEET; COURSE 8, THENCE SOUTH 17°55'18” WEST, 25.92 FEET; COURSE 9, THENCE SOUTH 72°00'40” EAST, 40.00 FEET; COURSE 10, THENCE NORTH 17°55'02” EAST, 26.00 FEET; COURSE 11, THENCE SOUTH
71°59'22” EAST, 828.15 FEET; COURSE 12, THENCE SOUTH 27°13'54” EAST, 66.33 FEET; COURSE 13, THENCE SOUTH 17°40'24” WEST, 15.75 FEET; COURSE 14, THENCE SOUTH 71°56'42” EAST, 50.09 FEET; COURSE 15, THENCE NORTH 17°53'18” EAST, 62.78 FEET; COURSE 16, THENCE SOUTH 71°59'11” EAST, 733.04 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 17, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°25'04”, AN ARC LENGTH OF 15.77 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 72°11'43” EAST, 15.77 FEET; COURSE 18, THENCE SOUTH 17°35'45” WEST, ALONG A NON-TANGENT LINE,

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 - CDD\LandDev\Design\Plots\Exhibits\Shadowlawn CDD Utilities Exhibits 8x11.dwg, 4/16/2024 7:11:32 AM, WelchD, 1:1

50.00 FEET; COURSE 19, THENCE SOUTH 73°21'50” EAST, 74.13 FEET; COURSE 20, THENCE NORTH 15°40'35” EAST, 50.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 21, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 19°44'10”, AN ARC LENGTH OF 745.06 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 84°11'29” EAST, 741.38 FEET; COURSE 22, THENCE SOUTH 04°34'58” EAST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2188.99 FEET; COURSE 23, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 01°02'27”, AN ARC LENGTH OF 39.76 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 85°24'50” EAST, 39.76 FEET; COURSE 24, THENCE NORTH 04°34'58” WEST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 25, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°20'41”, AN ARC LENGTH OF 503.78 FEET TO A POINT OF REVERSE CURVATURE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 78°12'54” EAST, 502.64 FEET; COURSE 26, THENCE EASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2003.00 FEET, THROUGH A CENTRAL ANGLE OF 21°53'04”, AN ARC LENGTH OF 765.05 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 82°29'50” EAST, 760.41 FEET; COURSE 27, THENCE SOUTH 03°25'34” WEST, ALONG A NON-TANGENT LINE, 5.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 1998.00 FEET; COURSE 28, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 24°44'50”, AN ARC LENGTH OF 862.97 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 74°12'00” EAST, 856.28 FEET; COURSE 29, THENCE NORTH 28°10'55” EAST, ALONG A NON-TANGENT LINE, 20.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 2018.00 FEET; COURSE 30, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°52'45”, AN ARC LENGTH OF 488.83 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 54°53'56” EAST, 487.64 FEET; COURSE 31, THENCE SOUTH 47°56'37” EAST, ALONG A NON-TANGENT LINE, 131.94 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 32, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 15°34'43”, AN ARC LENGTH OF 584.04 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 55°43'59” EAST, 582.24 FEET; COURSE 33, THENCE SOUTH 26°00'29” WEST, ALONG A NON-TANGENT LINE, 58.01 FEET; COURSE 34, THENCE SOUTH 64°05'01” EAST, 50.00 FEET; COURSE 35, THENCE NORTH 26°00'29” EAST, 58.10 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 36, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 26°29'04”, AN ARC LENGTH OF 992.90 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 78°05'54” EAST, 984.08 FEET; COURSE 37, THENCE NORTH 88°39'34” EAST, 396.90 FEET TO A POINT LYING ON THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED; THENCE SOUTH 01°47'04” WEST, DEPARTING SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTHERLY ALONG THE WESTERLY LINE OF LAST SAID LANDS THE FOLLOWING 3 COURSES: COURSE 1, THENCE SOUTH 04°05'13” WEST, DEPARTING SAID WESTERLY RIGHT OF WAY LINE, 300.17 FEET; COURSE 2, THENCE SOUTH 01°46'47” WEST, 440.22 FEET; COURSE 3, THENCE SOUTH 00°29'48” EAST, 302.09 FEET TO THE SOUTHERLY MOST CORNER THEREOF, SAID CORNER LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 108.24 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11499.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°17'06”, AN ARC LENGTH OF 57.22 FEET TO THE NORTHERLY MOST CORNER OF EXHIBIT “A”, DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4717, PAGE 1930, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°41'50” WEST, 57.22 FEET; THENCE SOUTH 19°41'34” WEST, ALONG THE WESTERLY LINE OF SAID EXHIBIT “A” AND ALONG A NON-TANGENT LINE, 47.89 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11514.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°29'51”, AN ARC LENGTH OF 100.00 FEET TO A POINT LYING ON THE EASTERLY PROLONGATION OF THE NORTHERLY LINE OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 3729, PAGE 53, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°04'46” WEST, 100.00 FEET; THENCE SOUTH 89°35'27” WEST, ALONG SAID EASTERLY PROLONGATION AND SAID NORTHERLY LINE, 1093.78 FEET TO THE NORTHWESTERLY CORNER THEREOF; THENCE SOUTH 01°01'02” EAST, ALONG THE WESTERLY LINE THEREOF, 853.28 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 89°35'27” EAST, ALONG THE SOUTHERLY LINE THEREOF AND ITS EASTERLY PROLONGATION, 1097.04 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO.
315; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 4497.42 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG SAID SOUTHERLY LINE, 1286.31 FEET TO THE SOUTHEASTERLY CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 659, PAGE 66, OF SAID PUBLIC RECORDS; THENCE NORTH 00°24'23” WEST, ALONG THE EASTERLY LINE THEREOF, 2227.59 FEET TO THE NORTHEASTERLY CORNER THEREOF; THENCE ALONG THE NORTHEASTERLY LINE THEREOF THE FOLLOWING 3 COURSES: COURSE 1, THENCE NORTH 75°24'05” WEST, 700.00 FEET; COURSE 2, THENCE NORTH 58°32'13” WEST, 1724.82 FEET; COURSE 3, THENCE NORTH 74°09'16” WEST, 1890.83 FEET TO THE NORTHWESTERLY CORNER THEREOF, SAID CORNER LYING ON THE EAST LINE OF SAID SECTION 1; THENCE NORTH 01°05'43” WEST, ALONG SAID EAST LINE, 1431.42 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT THE FOLLOWING DESCRIBED LANDS:

COMMERCIAL PARCEL 2

A PORTION OF SECTION 31 AND SECTION 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTH 04°05'13” WEST, ALONG THE WESTERLY LINE OF LAST SAID LANDS, 300.17 FEET; THENCE SOUTH 01°46'47” WEST, CONTINUING ALONG SAID WESTERLY LINE, 350.10 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF EXHIBIT “A”, AS DESCRIBED AND RECORDED IN ORDINANCE 2022-24, OF SAID PUBLIC RECORDS; THENCE NORTH 87°52'18” WEST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHERLY LINE,
942.57 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 01°47'04” EAST, ALONG THE WESTERLY LINE THEREOF, 1274.57 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY; THENCE EASTERLY, ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET, THROUGH A CENTRAL ANGLE OF 14°58'38”, AN ARC LENGTH OF 561.49 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°51'07” EAST, 559.89 FEET; THENCE NORTH 88°39'34” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 396.90 FEET TO THE POINT OF BEGINNING.

BYPASS R/W PARCEL

A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG THE SOUTHERLY LINE OF SAID SECTION 6, A DISTANCE OF 1142.79 FEET; THENCE NORTH 40°12'48” EAST, DEPARTING SAID SOUTHERLY LINE, 1113.51 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 1422.50 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 40°37'22”, AN ARC LENGTH OF 1008.55 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 19°54'08” EAST, 987.56 FEET; THENCE NORTH 89°35'27” EAST, ALONG A NON-TANGENT LINE, 75.00 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 1769.41 FEET TO THE POINT OF BEGINNING.

LESS ALL EXCEPTIONS, CONTAINING 1035.55 ACRES, MORE OR LESS.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

Exhibit B to Minutes

FEED MILL
COMMUNITY DEVELOPMENT DISTRICT FIRST SUPPLEMENTAL ENGINEERS REPORT TO THE
CAPITAL IMPROVEMENT PLAN

Prepared for

Board of Supervisors Feed Mill
Community Development District

Prepared by
England-Thims & Miller, Inc. 14775 Old St. Augustine Road Jacksonville, Florida 32258
904-642-8990

E 14-011-29005	April 22, 2025
V. 2

BACKGROUND
The Feed Mill Community Development District (the “District”) is a 1,035.55± acre community development district located in Clay County, Florida. (See Plate 1, Location Map). The land within the District is partially undeveloped with ongoing construction of infrastructure improvements and with a defined wetland tributary of Peters Creek bifurcating the development into two parcels referred to as Parcel 1 and Parcel 4. The authorized land uses within the District include residential development as well as open space and recreational amenities. The District is just south and adjacent to Cathedral Oak Parkway, which is under construction by Clay County with an anticipated completion date of Summer 2025. Cathedral Oak Parkway will provide a roadway connection between Parcel 1 and Parcel 4. The full development within the District’s boundaries is as depicted in Table 1 and Table 2.
The District previously adopted the Feed Mill Community Development District Capital Improvement Plan, dated February 12, 2025, describing public improvements planned for the District (the “Capital Improvement Plan”).

TYPE	Parcel 1 Area
(Acres)	Parcel 4 Area
(Acres)	Total Area
(Acres)	
Residential	307.05	296.11	603.16	
Parks and Open Space	99.94	79.25	179.19	
Wetlands	109.91	113.56	223.47	
Upland Buffer	6.18	23.55	29.73	
TOTALS	523.08	512.47	1035.55	

TABLE 1 DEVELOPMENT ACREAGE SUMMARY

UNIT TYPE	Parcel 1	Parcel 4	TOTAL	
MFR 25'	250	0	250	
SF 40’	236	215	451	
SF 50’	416	514	930	
SF 60’	253	248	501	
TOTALS	1,155	977	2,132	

TABLE 2 DEVELOPMENT UNIT SUMMARY

Plate 2A depicts the District boundary and Plate 3A provides the legal description of the District. The current proposed Neighborhood Master Plan is depicted on Plate 14. The currently proposed development program for the Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One projects are presented below in Table 3.
The currently proposed boundary and legal description for each of Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One are depicted on Plates 2B/2C and 3B/3C.

TABLE 3

Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One DEVELOPMENT PROGRAM

UNIT TYPE	Parcel 1 - Assessment Area One	Parcel 4 - Assessment Area One	
TOTAL	
MFR 25'	0	0	0	
SF 40’	134	66	200	
SF 50’	284	74	358	
SF 60’	193	61	254	
TOTALS	611	201	812	
To serve the residents of the District, the District has developed this Supplemental Engineer’s Report (this "Report") to describe the improvements included in the first phases of its Capital Improvement Plan within the Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One projects, including certain utility, stormwater management, amenity and transportation infrastructures necessary for development within the District. Summaries of the proposed improvements and corresponding cost estimates follow in Table 4. A description and basis of costs for each improvement category is included in this Report.

Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One Projects

Parcel 1 – Assessment Area One consists of approximately 208.94 gross acres and is planned to contain approximately 611 residential units. The District is issuing its Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) to finance a portion of the Parcel 1 – Assessment Area One project and its proportionate share of the Shared Master Infrastructure Improvements described herein. The Parcel 1 – Assessment Area One project consists of those portions of the Capital Improvement Plan associated with the development of Saratoga Springs Phase 1A & 1B and has a total estimated cost of $59,611,472 as more particularly described herein.

Parcel 4 – Assessment Area One consists of approximately 56.25 gross acres and is planned to contain approximately 201 residential units. The District is issuing its Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One) to finance a portion of the Parcel 4 – Assessment Area One project and its proportionate share of the Shared Master Infrastructure Improvements described herein. The Parcel 4 – Assessment Area One project consists of those portions of the Capital Improvement Plan associated with the development of Saratoga Springs Phase 4A and has a total estimated cost of $34,277,547 as more particularly described herein.

The description of the Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One projects contained in this Report reflects the current intentions of the District. However, the projects may be subject to modification in the future. The implementation of any improvement outlined within this Report requires final approval by the District’s Board of Supervisors.

Design and permitting for the improvements described in this Report is ongoing, and a tentative schedule is provided below:

Parcel 1 – Assessment Area One (Parcel 1 – Phase 1A and Phase 1B)

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA (Phase 1A)	Received January 2025	
2. SJRWMD (Phase 1A)	Received January 2025	
3. Clay County (Phase 1A)	Received January 2025	
4. CCUA (Phase 1B)	Anticipated June 2025	
5. SJRWMD (Phase 1B)	Received April 2025	
6. Clay County (Phase 1B)	Anticipated June 2025	
7. ACOE Environmental	Anticipated June 2025	
*Phase 1A is currently anticipated to achieve substantial completion first quarter of 2027. Currently, there are five lots within Parcel 1 – Assessment Area One that are within the ACOE Environmental wetland impact areas.
Parcel 4 – Assessment Area One (Parcel 4 – Phase 4A)

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA	Received January 2025	
2. SJRWMD	Received January 2025	
3. Clay County	Received January 2025	
4. ACOE Environmental	N/A	
5. FDEP – Water and Sewer	Received January 2025	
*Phase 4A is currently anticipated to achieve substantial completion second quarter of 2026.
Offsite Utility Improvements

ITEM	ESTIMATED AGENCY APPROVAL DATE	
1. CCUA	Received November 2024	
2. SJRWMD	Received October 2024	
3. Clay County	Received November 2024	
4. ACOE Environmental	N/A	
5. FDEP – Water and Sewer	Received December 2024	
*Offsite Utility Improvements are currently anticipated to achieve substantial completion third quarter of 2026.

A jurisdictional wetland delineation for the entire property within the District has been completed and approved by the St. Johns River Water Management District (SJRWMD) and Army Corps of Engineers (ACOE). There is a reasonable expectation that the remaining required permits for the District improvements are obtainable, however, all permits are subject to final agency action.
Cost estimates contained in this Report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the estimates to be accurate based upon the available information, however, actual costs will vary based on final engineering, planning and approvals from regulatory agencies.
The overall Capital Improvement Plan will be built in a series of phases. Such phasing allows the clearing, earthwork, stormwater management systems, roadways, water, sewer, reclaimed water, entry features, recreational areas, landscaping, sidewalks and paths to be constructed as needed throughout the build-out of the District. While the Capital Improvement Plan is a system of improvements, the Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One projects have been designed in such a manner so that Phase 1A can be developed and be self-sufficient, completely separate from Phase 4A, etc. The Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One projects comprise the first phases of development within the District and are enumerated in Table 4 below.

TABLE 4A

Parcel 1 – Assessment Area One Summary of Infrastructure Costs

Improvement Description	
Parcel 1 – Assessment Area One Shared Master Infrastructure
Estimated Cost	

Parcel 1 – Assessment Area One Master Infrastructure
Estimated Cost	

Total Estimated Cost	
CR315 Improvements	$254,440	$0	$254,440	
Feed Mill Road (excluding Utilities)	$0	$0	$0	
Amenity Access Roadway Road (excluding Utilities)	$0	$0	$0	
Subdivision Roadway Construction	$0	$6,581,995	$6,581,995	
Lift Stations, Potable Water, Reclaimed Water, and Sewer	$0	$11,311,003	$11,311,003	
Hardscape, Landscape, Irrigation, Fencing, and Signage	$833,250	$1,915,000	$2,748,250	
Amenity Center and Community Parks	$6,870,000	$0	$6,870,000	
Stormwater Management Facilities, Flood Control and Drainage Collection System	$0	$15,058,646	$15,058,646	
Planning, Engineering, Survey, and Regulatory	$1,273,230	$5,578,663	$6,851,893	
Contingency (20%)	$1,846,184	$8,089,061	$9,935,245	
INFRASTRUCTURE COST TOTAL	$11,077,104	$48,534,369	$59,611,472	

(Notes: Cost estimates in this Report are based upon 2025 dollars.)

TABLE 4B

Parcel 4 – Assessment Area One Summary of Infrastructure Costs

Improvement Description	
Parcel 4 – Assessment Area One Shared Master Infrastructure
Estimated Cost	

Parcel 4 – Assessment Area One Master Infrastructure
Estimated Cost	

Total Estimated Cost	
CR315 Improvements	$0	$0	$0	
Feed Mill Road (excluding Utilities)	$0	$271,919	$271,919	
Amenity Access Roadway Road (excluding Utilities)	$0	$0	$0	
Subdivision Roadway Construction	$0	$0	$0	
Lift Stations, Potable Water, Reclaimed Water, and Sewer	$7,925,000	$5,684,546	$13,609,546	
Hardscape, Landscape, Irrigation, Fencing, and Signage	$1,691,750	$740,000	$2,431,750	
Amenity Center and Community Parks	$0	$0	$0	
Stormwater Management Facilities, Flood Control and Drainage Collection System	$0	$8,311,460	$8,311,460	
Planning, Engineering, Survey, and Regulatory	$1,538,680	$2,401,268	$3,939,948	
Contingency (20%)	$2,231,086	$3,481,838	$5,712,924	
INFRASTRUCTURE COST TOTAL	$13,386,516	$20,891,031	$34,277,547	

(Notes: Cost estimates in this Report are based upon 2025 dollars.)

SHARED MASTER INFRASTRUCTURE IMPROVEMENTS

TRANSPORTATION IMPROVEMENTS

The District currently intends to finance certain transportation facilities necessary for development within and adjacent to the District boundaries. These transportation improvements will be owned and maintained by Clay County (as appropriate) upon completion of construction. These transportation improvements have been designed and will be constructed to Clay County and SJRWMD standards.
A description of the Shared Master Infrastructure transportation improvement follows.

AMENITY ACCESS ROAD

The proposed single-family development within Parcel 1 – Assessment Area One will require an access road from CR315 to the proposed shared amenity center in Parcel 1 and to the future Parcel 1 phases. This proposed improvement includes approximately 4,350 linear feet of a two-lane urban section and a two-lane divided urban section. These improvements are depicted on Plate 6. The cost estimate includes design, permitting, roadway construction, stormwater infrastructure, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation.

CR 315 TURN LANE

The proposed single-family development within Parcel 1 – Assessment Area One will require an access point off CR 315. The access point will require improvements to CR 315 to accommodate left and right turn lanes off CR 315 into the development. These improvements are depicted on Plate 6. The cost estimate includes design, permitting, demolition of the existing asphalt and associated infrastructure, signalization, roadway construction, stormwater infrastructure, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation

UTILITY IMPROVEMENTS

The District currently intends to finance certain offsite and onsite utility infrastructure necessary for development within the District boundaries. These improvements will be designed and constructed to Clay County Utility Authority (CCUA) and Florida Department of Environmental Protection (FDEP) standards and will be owned and maintained by CCUA. Certain utility improvements may be funded by CCUA through an MSBU Program, which includes the water, sewer, and reclaimed water main.

WATER DISTRIBUTION SYSTEM

The proposed improvement involves the construction of approximately 6,300 linear feet of water main along Feed Mill Road North from Cathedral Oak Parkway to the Water Treatment Plant, approximately 1,700 linear feet of water main from Feed Mill North west to Bella Lago, and approximately 4,000 linear feet of water main along Cathedral Oak Parkway, as depicted on Plate 5. These improvements are required to serve Parcel 4 – Assessment Area One and future Parcel 4 Phases.

FORCEMAIN COLLECTION SYSTEM

The proposed improvement involves the construction of approximately 11,400 linear feet of forcemain along Feed Mill Road South from Cathedral Oak Parkway to the Wastewater Treatment Plant and approximately 9,175 linear feet of force main along subdivision local roads to the second lift station as depicted on Plate 5 and Plate 12. These improvements are required to serve Parcel 1 – Assessment Area One, future Parcel 1 Phases, Parcel 4 – Assessment Area One, and future Parcel 4 Phases.
RECLAIMED WATER DISTRIBUTION SYSTEM

The proposed improvement involves the construction of approximately 6,300 linear feet of reclaimed water main along Feed Mill Road North from Cathedral Oak Parkway to the Water Treatment Plant, approximately 1,700 linear feet of reclaimed water main from Feed Mill North west to Bella Lago, and approximately 4,000 linear feet of reclaimed water main along Cathedral Oak Parkway, as depicted on Plate 5. These improvements are required to serve Parcel 4 – Assessment Area One and future Parcel 4 Phases.
PUMP STATIONS

The proposed improvement involves the construction of two CCUA lift stations that will provide service to all of the lots within the District. This location is depicted on Plate 12. These improvements are required to serve Parcel 1 – Assessment Area One, future Parcel 1 Phases, Parcel 4 – Assessment Area One, and future Parcel 4 Phases.

RECREATIONAL IMPROVEMENTS

The District may finance and construct recreational facilities for the joint use of the District residents. The basic components of these facilities may include, but are not limited to:

Clubhouse
Fitness center and associated equipment
Tennis court
Bathrooms and locker area
Family pool
Playground equipment
Barbeque grills and picnic tables
Parking
Landscape, irrigation, hardscape and lighting
Trails
Community garden
Multi-use fields

BASIS OF COST ESTIMATE FOR SHARED MASTER INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the Shared Master Infrastructure cost estimates where actual project bid information is not available:

Water and sewer facilities have been designed in accordance with CCUA and FDEP Standards.

The stormwater management system has been designed in accordance with Clay County, FDEP and SJRWMD requirements.

Costs utilized for roadways include signage and were obtained from recent bids.
The typical roadway sections utilized for the roadway cost estimates are enclosed.
Costs have been included for excavation of material that may be unsuitable for the placement of structural fill.

The engineering/permitting fees and other professional fees, including but not limited to, design, permitting, geotechnical, environmental, construction engineering/inspection and legal services are included in the estimate.
For the purposes of this Report, a 20% contingency factor has been included.

Cost estimates contained in this Report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

RESIDENTIAL MASTER INFRASTRUCTURE IMPROVEMENTS

The District currently intends to finance, design and construct certain infrastructure improvements for the residential development within the District boundaries. The improvements that the District currently intends to finance include complete construction of the basic infrastructure for each neighborhood within the District, including but not limited to: clearing and onsite grubbing, earthwork, local roadways, stormwater management, flood control, subsurface drainage improvements, potable water, reclaimed water and sanitary sewer underground utility construction, drainage, grassing, and sodding. These items have been grouped into the broader categories listed in Table 3, as appropriate. Refer to Plates 7-12 for the Residential Master Infrastructure Improvements.

FEED MILL ROAD

The proposed development will require an extension of Feed Mill Road from the roundabout at Cathedral Oak Parkway to the southern District boundary. This proposed improvement includes approximately 600 linear feet of a two-lane urban section with appropriate turn lanes and taper. These improvements are depicted on Plate 6. The cost estimate includes design, permitting, demolition of the existing asphalt and associated infrastructure, roadway construction, roadway lighting, stormwater management construction, maintenance of traffic, Construction Engineering and Inspection (CEI), signage, landscape, hardscape and irrigation. This improvement is required to access the Parcel 4 – Assessment Area One, and future Parcel 4 Phases.

LOCAL NEIGHBORHOOD ROADWAYS
The District currently intends to finance the local roadways within the Parcel 1 – Assessment Area One project within the District boundary. These improvements are based upon a 24 foot pavement width, curb and gutter section roadway, within a 60 foot wide right-of-way. These improvements shall be designed and constructed to Clay County and SJRWMD standards.

DRAINAGE/FLOOD CONTROL
The District currently intends to finance certain surface and subsurface drainage improvements necessary for development within the District boundaries. This section of infrastructure includes clearing, grubbing, roadway storm sewer collection system, stormwater management facilities, flood control, groundwater control, surface and subsurface drainage improvements. Cost estimates include stormwater pond construction, drainage catch basins, inlets, underground storm piping within roadways, control structures, grading, sod and seeding as required for sediment and erosion control, etc. The clearing, grubbing and earthwork estimates include all work necessary for the complete right- of-way area, utility easements, and surrounding residential areas as necessary to provide a complete stormwater management system. Stormwater management facilities provide for the attenuation and treatment of stormwater runoff from the project in accordance with SJRWMD and Clay County standards. As part of the complete stormwater management system, earthwork will include portions of residential lots as needed to collect stormwater runoff into the stormwater management facilities. This earthwork will include placing fill above the 100-year pond design high water elevation to provide positive discharge from the residential lots to the storm sewer collection system. The District does not intend to finance any final lot grading. These improvements are required to serve Parcel 1 – Assessment Area One, future Parcel 1 Phases, Parcel 4 – Assessment Area One, and future Parcel 4 Phases.

LOCAL WATER, RECLAIMED WATER, AND SANITARY SEWER
Water, sanitary sewer and reclaimed water cost estimates included in the Residential Master Infrastructure Improvements consist of the underground water and reclaimed water transmission systems andwastewater (sewer) collection system serving the development. Costs include piping, manholes, valves, services, and all appurtenances required in order to construct the system in accordance with CCUA and FDEP standards. These improvements are required to serve Parcel 1 – Assessment Area One, future Parcel 1 Phases, Parcel 4 – Assessment Area One, and future Parcel 4 Phases.

BASIS OF COST ESTIMATE FOR RESIDENTIAL MASTER  INFRASTRUCTURE IMPROVEMENTS

The following is the basis for the Residential Master Infrastructure cost estimates:
Water and sewer facilities have been designed in accordance with CCUA and FDEP Standards.

The stormwater management system has been designed in accordance with Clay County, FDEP and SJRWMD requirements.

Costs utilized for roadways include signage and were obtained from recent bids.
The typical roadway sections utilized for the roadway cost estimates are enclosed.

Costs have been included for excavation of material that may be unsuitable for the placement of structural fill.

The engineering/permitting fees and other professional fees, including but not limited to, design, permitting, geotechnical, environmental, construction engineering/inspection and legal services are included in the estimate.

For the purposes of this Report, a 20% contingency factor has been included.
Cost estimates contained in this Report are based upon year 2025 dollars and have been prepared based upon the best available information, but in some cases, without benefit of final engineering design and environmental permitting. England-Thims & Miller, Inc. believes the enclosed estimates to be accurate based upon the available information, however, actual costs will vary based upon final engineering, planning and approvals from regulatory authorities.

APPENDIX
Description

General Location Map
Boundary
District Boundary
Parcel 1 – Assessment Area One
Parcel 4 – Assessment Area One
Legal Description
District Boundary
Parcel 1 – Assessment Area One
Parcel 4 – Assessment Area One
Future Land Use Map
Master Utility Improvements
Water Transmission Facility
Sewer Transmission Facility
Reclaimed Water Transmission Facility
Shared Master Transportation Improvements
Local Roadway Typical Section
Reclaimed Water Distribution System
Water Distribution System
Sanitary Sewer Collection System
Stormwater Management System
Residential Roadways
Recreational Improvements
Neighborhood Master Plan

First Coast Expwy

General Location

Feed Mill Community Development District

Source: ETM, Clay County

Ct

Simmons Tr

Henley Rd

Sandridge Rd

Feed Mill CDD

Nipa Dr

n

Manhattan Av

V	Pl

op Bl

County Road 218

County Road 315

Medinah Ln

0	1	2

Miles

Toms Ct

N Kentucky Av

Little Dairy Rd

Paso Fino Rd

Ron Rd

Jims Ct

Eds Ct

Knowles Rd

105

Jacksonville

10

295

295

16

State Road 16 W

Whisper Tr

Haymon Av

Studio Rd

Wiseman Rd

Murrhee Rd

Dwight St Morton St

Saunders Rd

Gary Rd

Caroline Blvd

Springbank Rd

Adams Rd

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 -

Date: 4/16/2024

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

A PORTION OF SECTION 36, TOWNSHIP 5 SOUTH, RANGE 25 EAST, TOGETHER WITH A PORTION OF SECTIONS 31 AND 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, AND A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, ALL LYING IN CLAY COUNTY, FLORIDA, TOGETHER WITH TRACT “C”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, BEING A PORTION OF THOSE LANDS DESCRIBED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE NORTHWEST CORNER OF SAID SECTION 6, SAID CORNER ALSO BEING THE NORTHEAST CORNER OF SECTION 1, TOWNSHIP 6 SOUTH, RANGE 25 EAST; THENCE SOUTH 89°29'14” WEST, ALONG THE NORTHERLY LINE OF SAID SECTION 1, A DISTANCE OF 5299.37 FEET TO THE NORTHWEST CORNER THEREOF, SAID CORNER ALSO BEING THE SOUTHEAST CORNER OF SECTION 35, TOWNSHIP 5 SOUTH, RANGE 25 EAST; THENCE NORTH 00°45'58” EAST, ALONG THE EAST LINE OF SAID SECTION 35, A DISTANCE OF 2672.52 FEET TO A POINT LYING ON THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE NORTHEASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 2380.00 FEET, THROUGH A CENTRAL ANGLE OF 05°40'46”, AN ARC LENGTH OF 235.92 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 62°04'08” EAST, 235.82 FEET; THENCE NORTH 59°13'45” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 71.83 FEET TO THE WESTERLY MOST CORNER OF TRACT “B”, AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 REPLAT, RECORDED IN PLAT BOOK 71, PAGES 22 THROUGH 25, OF SAID PUBLIC RECORDS; THENCE SOUTHEASTERLY, EASTERLY AND NORTHEASTERLY ALONG THE BOUNDARY LINE OF SAID TRACT “B” THE FOLLOWING 5 COURSES: COURSE 1, THENCE SOUTHEASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 34.20 FEET, THROUGH A CENTRAL ANGLE OF 75°02'48”, AN ARC LENGTH OF 44.79 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 63°05'32” EAST, 41.66 FEET; COURSE 2, THENCE SOUTH 25°04'00” EAST, ALONG A NON-TANGENT LINE, 31.03 FEET; COURSE 3, THENCE NORTH 64°59'52” EAST, 92.00 FEET; COURSE 4, THENCE NORTH 24°59'20” WEST, 23.50 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 59.72 FEET; COURSE 5, THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 70°30'00”, AN ARC LENGTH OF 73.48 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 10°19'20” EAST, 68.93 FEET; THENCE EASTERLY ALONG SAID SOUTHERLY RIGHT OF WAY LINE THE FOLLOWING 37 COURSES: COURSE 1, THENCE NORTH 59°13'45” EAST, ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 1300.00 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 2, THENCE EASTERLY CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 23°57'17”, AN ARC LENGTH OF 928.16 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 71°12'24” EAST, 921.41 FEET; COURSE 3, THENCE SOUTH 00°13'32” WEST, ALONG A NON-TANGENT LINE, 101.98 FEET; COURSE 4, THENCE SOUTH 89°46'28” EAST, 88.00 FEET; COURSE 5, THENCE NORTH 00°13'32” EAST, 111.07 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2220.00 FEET; COURSE 6, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 22°32'47”, AN ARC LENGTH OF 873.59 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°15'34” EAST, 867.96 FEET; COURSE 7, THENCE SOUTH 71°54'27” EAST, ALONG A NON-TANGENT LINE, 315.87 FEET; COURSE 8, THENCE SOUTH 17°55'18” WEST, 25.92 FEET; COURSE 9, THENCE SOUTH 72°00'40” EAST, 40.00 FEET; COURSE 10, THENCE NORTH 17°55'02” EAST, 26.00 FEET; COURSE 11, THENCE SOUTH
71°59'22” EAST, 828.15 FEET; COURSE 12, THENCE SOUTH 27°13'54” EAST, 66.33 FEET; COURSE 13, THENCE SOUTH 17°40'24” WEST, 15.75 FEET; COURSE 14, THENCE SOUTH 71°56'42” EAST, 50.09 FEET; COURSE 15, THENCE NORTH 17°53'18” EAST, 62.78 FEET; COURSE 16, THENCE SOUTH 71°59'11” EAST, 733.04 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 17, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°25'04”, AN ARC LENGTH OF 15.77 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 72°11'43” EAST, 15.77 FEET; COURSE 18, THENCE SOUTH 17°35'45” WEST, ALONG A NON-TANGENT LINE,
50.00 FEET; COURSE 19, THENCE SOUTH 73°21'50” EAST, 74.13 FEET; COURSE 20, THENCE NORTH 15°40'35” EAST, 50.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 21, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 19°44'10”, AN ARC LENGTH OF 745.06 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 84°11'29” EAST, 741.38 FEET; COURSE 22, THENCE SOUTH 04°34'58” EAST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2188.99 FEET; COURSE 23, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 01°02'27”, AN ARC LENGTH OF 39.76 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 85°24'50” EAST, 39.76 FEET; COURSE 24, THENCE NORTH 04°34'58” WEST, ALONG A NON-TANGENT LINE, 25.95 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2162.99 FEET; COURSE 25, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°20'41”, AN ARC LENGTH OF 503.78 FEET TO A POINT OF REVERSE CURVATURE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 78°12'54” EAST, 502.64 FEET; COURSE 26, THENCE EASTERLY ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 2003.00 FEET, THROUGH A CENTRAL ANGLE OF 21°53'04”, AN ARC LENGTH OF 765.05 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 82°29'50” EAST, 760.41 FEET; COURSE 27, THENCE SOUTH 03°25'34” WEST, ALONG A NON-TANGENT LINE, 5.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHERLY HAVING A RADIUS OF 1998.00 FEET; COURSE 28, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 24°44'50”, AN ARC LENGTH OF 862.97 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 74°12'00” EAST, 856.28 FEET; COURSE 29, THENCE NORTH 28°10'55” EAST, ALONG A NON-TANGENT LINE, 20.00 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHWESTERLY HAVING A RADIUS OF 2018.00 FEET; COURSE 30, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 13°52'45”, AN ARC LENGTH OF 488.83 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 54°53'56” EAST, 487.64 FEET; COURSE 31, THENCE SOUTH 47°56'37” EAST, ALONG A NON-TANGENT LINE, 131.94 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 32, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 15°34'43”, AN ARC LENGTH OF 584.04 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 55°43'59” EAST, 582.24 FEET; COURSE 33, THENCE SOUTH 26°00'29” WEST, ALONG A NON-TANGENT LINE, 58.01 FEET; COURSE 34, THENCE SOUTH 64°05'01” EAST, 50.00 FEET; COURSE 35, THENCE NORTH 26°00'29” EAST, 58.10 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET; COURSE 36, THENCE EASTERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 26°29'04”, AN ARC LENGTH OF 992.90 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 78°05'54” EAST, 984.08 FEET; COURSE 37, THENCE NORTH 88°39'34” EAST, 396.90 FEET TO A POINT LYING ON THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED; THENCE SOUTH 01°47'04” WEST, DEPARTING SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTHERLY ALONG THE WESTERLY LINE OF LAST SAID LANDS THE FOLLOWING 3 COURSES: COURSE 1, THENCE SOUTH 04°05'13” WEST, DEPARTING SAID WESTERLY RIGHT OF WAY LINE, 300.17 FEET; COURSE 2, THENCE SOUTH 01°46'47” WEST, 440.22 FEET; COURSE 3, THENCE SOUTH 00°29'48” EAST, 302.09 FEET TO THE SOUTHERLY MOST CORNER THEREOF, SAID CORNER LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 108.24 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11499.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY RIGHT OF WAY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°17'06”, AN ARC LENGTH OF 57.22 FEET TO THE NORTHERLY MOST CORNER OF EXHIBIT “A”, DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4717, PAGE 1930, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°41'50” WEST, 57.22 FEET; THENCE SOUTH 19°41'34” WEST, ALONG THE WESTERLY LINE OF SAID EXHIBIT “A” AND ALONG A NON-TANGENT LINE, 47.89 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 11514.16 FEET; THENCE SOUTHERLY, CONTINUING ALONG SAID WESTERLY LINE AND ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 00°29'51”, AN ARC LENGTH OF 100.00 FEET TO A POINT LYING ON THE EASTERLY PROLONGATION OF THE NORTHERLY LINE OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 3729, PAGE 53, OF SAID PUBLIC RECORDS, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 01°04'46” WEST, 100.00 FEET; THENCE SOUTH 89°35'27” WEST, ALONG SAID EASTERLY PROLONGATION AND SAID NORTHERLY LINE, 1093.78 FEET TO THE NORTHWESTERLY CORNER THEREOF; THENCE SOUTH 01°01'02” EAST, ALONG THE WESTERLY LINE THEREOF, 853.28 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 89°35'27” EAST, ALONG THE SOUTHERLY LINE THEREOF AND ITS EASTERLY PROLONGATION, 1097.04 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO.
315; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 4497.42 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG SAID SOUTHERLY LINE, 1286.31 FEET TO THE SOUTHEASTERLY CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 659, PAGE 66, OF SAID PUBLIC RECORDS; THENCE NORTH 00°24'23” WEST, ALONG THE EASTERLY LINE THEREOF, 2227.59 FEET TO THE NORTHEASTERLY CORNER THEREOF; THENCE ALONG THE NORTHEASTERLY LINE THEREOF THE FOLLOWING 3 COURSES: COURSE 1, THENCE NORTH 75°24'05” WEST, 700.00 FEET; COURSE 2, THENCE NORTH 58°32'13” WEST, 1724.82 FEET; COURSE 3, THENCE NORTH 74°09'16” WEST, 1890.83 FEET TO THE NORTHWESTERLY CORNER THEREOF, SAID CORNER LYING ON THE EAST LINE OF SAID SECTION 1; THENCE NORTH 01°05'43” WEST, ALONG SAID EAST LINE, 1431.42 FEET TO THE POINT OF BEGINNING.

LESS AND EXCEPT THE FOLLOWING DESCRIBED LANDS:

COMMERCIAL PARCEL 2

A PORTION OF SECTION 31 AND SECTION 32, TOWNSHIP 5 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY, A VARIABLE WIDTH RIGHT OF WAY AS DEPICTED ON CATHEDRAL OAK PARKWAY PHASE 1 SECOND REPLAT, RECORDED IN PLAT BOOK 73, PAGES 6 THROUGH 14, OF SAID PUBLIC RECORDS; THENCE SOUTH 01°47'04” WEST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 609.24 FEET TO THE NORTHERLY MOST CORNER OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 4352, PAGE 1043, OF SAID PUBLIC RECORDS; THENCE SOUTH 04°05'13” WEST, ALONG THE WESTERLY LINE OF LAST SAID LANDS, 300.17 FEET; THENCE SOUTH 01°46'47” WEST, CONTINUING ALONG SAID WESTERLY LINE, 350.10 FEET TO A POINT LYING ON THE SOUTHERLY LINE OF EXHIBIT “A”, AS DESCRIBED AND RECORDED IN ORDINANCE 2022-24, OF SAID PUBLIC RECORDS; THENCE NORTH 87°52'18” WEST, DEPARTING SAID WESTERLY LINE AND ALONG SAID SOUTHERLY LINE,
942.57 FEET TO THE SOUTHWESTERLY CORNER THEREOF; THENCE NORTH 01°47'04” EAST, ALONG THE WESTERLY LINE THEREOF, 1274.57 FEET TO A POINT LYING ON SAID SOUTHERLY RIGHT OF WAY LINE OF CATHEDRAL OAK PARKWAY; THENCE EASTERLY, ALONG SAID SOUTHERLY RIGHT OF WAY LINE AND ALONG THE ARC OF A NON-TANGENT CURVE CONCAVE NORTHERLY HAVING A RADIUS OF 2148.00 FEET, THROUGH A CENTRAL ANGLE OF 14°58'38”, AN ARC LENGTH OF 561.49 FEET TO THE POINT OF TANGENCY OF SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF SOUTH 83°51'07” EAST, 559.89 FEET; THENCE NORTH 88°39'34” EAST, CONTINUING ALONG SAID SOUTHERLY RIGHT OF WAY LINE, 396.90 FEET TO THE POINT OF BEGINNING.

BYPASS R/W PARCEL

A PORTION OF SECTION 6, TOWNSHIP 6 SOUTH, RANGE 26 EAST, CLAY COUNTY, FLORIDA, BEING A PORTION OF THOSE LANDS DESCRIBED AND RECORDED IN OFFICIAL RECORDS BOOK 1863, PAGE 1745, OF THE PUBLIC RECORDS OF SAID COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

FOR A POINT OF BEGINNING, COMMENCE AT THE INTERSECTION OF THE WESTERLY RIGHT OF WAY LINE OF COUNTY ROAD NO. 315, AN 80 FOOT RIGHT OF WAY AS PRESENTLY ESTABLISHED, WITH THE SOUTHERLY LINE OF SAID SECTION 6; THENCE SOUTH 89°29'42” WEST, ALONG THE SOUTHERLY LINE OF SAID SECTION 6, A DISTANCE OF 1142.79 FEET; THENCE NORTH 40°12'48” EAST, DEPARTING SAID SOUTHERLY LINE, 1113.51 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE WESTERLY HAVING A RADIUS OF 1422.50 FEET; THENCE NORTHERLY ALONG THE ARC OF SAID CURVE, THROUGH A CENTRAL ANGLE OF 40°37'22”, AN ARC LENGTH OF 1008.55 FEET TO A POINT ON SAID CURVE, SAID ARC BEING SUBTENDED BY A CHORD BEARING AND DISTANCE OF NORTH 19°54'08” EAST, 987.56 FEET; THENCE NORTH 89°35'27” EAST, ALONG A NON-TANGENT LINE, 75.00 FEET TO A POINT LYING ON SAID WESTERLY RIGHT OF WAY LINE; THENCE SOUTH 00°24'33” EAST, ALONG SAID WESTERLY RIGHT OF WAY LINE, 1769.41 FEET TO THE POINT OF BEGINNING.

LESS ALL EXCEPTIONS, CONTAINING 1035.55 ACRES, MORE OR LESS.	

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.	

	

  	

	

  	

INSERT HERE	
	
w-TI 11
VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.
14775 Old St. Augustine Road, Jacksonville, FL 32258
TEL  (904) 642-8990, FAX (904) 646-9485
REG - 2584  LC - 0000316	EXHIBIT 3B - PARCEL 1 - ASSESSMENT AREA ONE DESCRIPTION	ETM NO. 14-011-29005	
		DRAWN BY	JES	
	FEED MILL COMMUNITY DEVELOPMENT DISTRICT
CLAY COUNTY, FLORIDA	DATE	4/15/25	
		DRAWING NO. 3B	

INSERT HERE	
	
w-TI 11
VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.
14775 Old St. Augustine Road, Jacksonville, FL 32258
TEL  (904) 642-8990, FAX (904) 646-9485
REG - 2584  LC - 0000316	EXHIBIT 3C- PARCEL 4-ASSESSMENT AREA ONE DESCRIPTION	ETM NO. 14-011-29005	
		DRAWN BY	JES	
	FEED MILL COMMUNITY DEVELOPMENT DISTRICT
CLAY COUNTY, FLORIDA	DATE	4/15/25	
		DRAWING NO. 3C	

Feed Mill Community

Development District

Future Land Use

LA MPC

Source: ETM, Clay County

Maryland Av

Manhattan Av

LA AC

LA VC

MIX

CO

RF

COM

Ogl

Pebble Point Dr Medinah Ln

MUNI

Feed Mill CDD
Lake Asbury Future Land Use
RR: RURAL RESIDENTIAL
LA RC: LAKE ASBURY RURAL COMMUNITY RRSV: RURAL RESERVE
RF: RURAL FRINGE
LA MPC: LAKE ASBURY MASTER PLANNED COMMUNITY COM: COMMERCIAL
BP: BUSINESS PARK MIX: MIXED USE
LA VC: LAKE ASBURY VILLAGE CENTER LA AC: LAKE ASBURY ACTIVITY CENTER LA IVC: LAKE ASBURY IVC
CO: CONSERVATION
LA GW: LAKE ASBURY GREENWAY MUNI: MUNICIPAL
AG: AGRICULTURE
Clay County Conservation Overlay

0	2,200	4,400

Feet

105

Jacksonville

10

295

295

16

County Road 315

Perry Rd

LA RC

BP	RR

Ron Rd

Floyd Rd

AG	RRSV

LA GW

Knowles Rd

LA IVC

G:\14-011\14-011-29 - Saratoga Springs\14-011-29005 - CDD\GIS\Maps\PRO\Saratoga Springs.aprx

Date: 4/16/2024

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

VISION - EXPERIENCE - RESULTS ENGLAND - THIMS & MILLER, INC.

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

AMENITY ACCESS ROAD CDD BOUNDARY

WETLANDS

COUNTY ROAD 315 IMPROVEMENTS

PARCEL 4	CDD BOUNDARY	PARCEL 1

AMENITY ACCESS ROAD

AMENITY ACCESS ROAD

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  6

	60' RESIDENTIAL ROW TYPICAL SECTION (24' PAVEMENT)	

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  7

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

LIMITS OF PROPOSED REUSE MAIN (TYP)
WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  8

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

LIMITS OF PROPOSED WATER MAIN (TYP)

WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  9

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

LIMITS OF GRAVITY SEWER MAIN (TYP)

LIMITS OF PROPOSED FORCE MAIN (TYP)

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  10

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

LIMITS OF PROPOSED SMF'S (TYP)
WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  11

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

LIMITS OF PROPOSED NEIGHBORHOOD ROADS (TYP)

WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  12

WETLANDS

WETLANDS

FEED MILL ROAD

WETLANDS

CDD BOUNDARY

LIMITS OF PROPOSED RECREATION (TYP)
WETLANDS

PARCEL 4	CDD BOUNDARY	PARCEL 1

AMENITY AREA

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  13

WETLANDS													

		WETLANDS											

FEED													
MILL													
ROAD						WETLANDS							

													

												CDD BOUNDARY	

		

WETLANDS											

PARCEL 4		
CDD BOUNDARY										PARCEL 1	
	25	' LOT											
	
40	
' LOT											

	50	' LOT											
													
	60	' LOT											

NOTE: NEIGHBORHOOD MASTER PLAN SUBJECT TO MODIFICATION DURING THE FINAL ENGINEERING AND PERMITTING PROCESSES.

14775 Old St. Augustine Rd., Jacksonville, FL 32258 TEL: (904) 642-8990	www.etminc.com
REG - 00002584 LC - 0000316

ETM NO.	14-011-29005 DRAWN BY:	DDM DATE: 4/15/25
DRAWING NO.  14

Exhibit C to Minutes

Feed Mill Community Development District
Preliminary Supplemental Special Assessment Allocation Report
Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) Series 2025-2 (Parcel 4 – Assessment Area One)

3434 Colwell Ave
Suite 200
Tampa, FL 33614 rizzetta.com April 23, 2025

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

Table Of Contents

Page
INTRODUCTION ……………………………………….......………..……................…	1
DEFINED TERMS……..………………….................................................................	1
DISTRICT INFORMATION……………….……………….............................................	2
SERIES 2025 PROJECTS………..................……………...…………………..……...	3
PRELIMINARY SERIES 2025 BONDS AND ASSESSMENTS………………………..……	3
PRELIMINARY SERIES 2025 ASSESSMENT ALLOCATION……..……………………....	5
PREPAYMENT OF SERIES 2025 ASSESSMENTS..….…………………………….……	7
ADDITIONAL STIPULATIONS..……………………………………………………………...…	7
EXB “A”	PRELIMINARY ALLOCATION METHODOLOGY……………………….…………,,,,,,,,,,,,,….	9

	Index Of Tables		
Table	Description	Page	
1	PRELIMINARY DEVELOPMENT PLAN..................................................................................	A-1	
2	CIP COST DETAIL…………………………………..……...………..……..……...…….…..…	A-2	
3	Prelim. Financing Information – Series 2025 Bonds….....………………….…..….…	A-3	
4	Prelim. Financing Information – Series 2025 Assessments………….…….…………	A-3	
5	Prelim. Assessment Allocation – Series 2025-1 Assessments……………………….	A-4	
6	Prelim. Assessment Allocation – Series 2025-2 Assessments…………..………….	A-4	
7	Contribution Calculation – Series 2025 Parcel 1 Project……….………………	A-5	
8	Contribution Calculation – Series 2025 Parcel 4 Project……….………………	A-5	
	PRELIM. SERIES 2025 ASSESSMENT ROLL…....................................................................	A-6	
	*Legal Descriptions Attached		

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

Introduction

This Preliminary Supplemental Special Assessment Allocation Report (herein the “Report”) is being presented in anticipation of financing a capital infrastructure project by the Feed Mill Community Development District (“District”), a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes. The District plans to issue Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) and Series 2025-2 (Parcel 4 – Assessment Area One) (together, the “Series 2025 Bonds”), and has retained Rizzetta & Company, Inc. to prepare a methodology for allocating the special assessments to be levied by the District in connection with the transaction.
Defined Terms

“Capital Improvement Program” or “CIP” – Construction and/or acquisition of public infrastructure planned for the District. The total cost for the Capital Improvement Plan is estimated to be $187,810,032 as specified in the Engineer’s Report.
“District Engineer” – England-Thims & Miller, Inc.

“End User” – The ultimate purchaser of a fully developed residential unit; typically, a resident homeowner.
“Engineer’s Report” - That certain Feed Mill Community Development District Capital Improvement Plan dated February 12, 2025, as supplemented by that certain Feed Mill Community Development District First Supplemental Engineer’s Report to the Capital Improvement Plan dated April 22, 2025.
“Equivalent Assessment Unit” or “EAU” – Allocation factor which reflects a quantitative measure of the amount of special benefit conferred by the District’s CIP on a particular land use, relative to other land uses.
“Indentures” – The Master Trust Indenture, First Supplemental Trust Indenture, and Second Supplemental Trust indenture each dated May 1, 2025.

“Landowner” – SRTG DEV Owner, LLC & Saratoga Sagebrook LLC.
“Master Report” – The Master Special Assessment Allocation Report dated February 26, 2025.

“Parcel 1 – Assessment Area One” – An assessment area within the District, consisting of approximately 208.94 acres or 611 planned residential units within Pods 1A through 1J of Parcel 1.

1

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

“Parcel 4 – Assessment Area One” – An assessment area within the District, consisting of approximately 56.25 acres or 201 planned residential units within Pods 4A through 4D of Parcel 4.

“Platted Units” – Lands configured into their intended end-use and subject to a recorded plat.

“Series 2025 Assessments” – Collectively, the “Series 2025-1 Assessments” and “Series 2025-2 Assessments”, as contemplated by Chapters 190, 170, and 197, Florida Statutes, levied to secure repayment of the District’s Series 2025 Bonds.

“Series 2025 Bonds” – Collectively, the Series 2025-1 Bonds and the Series 2025-2 Bonds.

“Series 2025-1 Bonds” - $15,250,000 (estimated) Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One).
“Series 2025-2 Bonds” - $4,930,000 (estimated) Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One).
“Series 2025 Projects” – Together, the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project.

“Series 2025 Parcel 1 Project” – A portion of the District’s CIP in the estimated amount of $59,611,472, expected to be partially funded by the Series 2025-1 Bonds, benefitting Parcel 1 – Assessment Area One.

“Series 2025 Parcel 4 Project” - A portion of the District’s CIP in the estimated amount of $34,277,547, expected to be partially funded by the Series 2025-2 Bonds, benefitting Parcel 4 – Assessment Area One.
“True-Up Agreement” – The Agreement(s) to be executed between the District and each Landowner, regarding the True-Up and Payment of Series 2025 Assessments.

“Unplatted Parcels” – Undeveloped lands or parcels not yet subject to a recorded plat in their final end-use configuration.

All capitalized terms not defined herein shall retain the meaning ascribed in the Master Report.

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FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

DISTRICT INFORMATION

The District was established by the Board of County Commissioners of Clay County pursuant to Clay County Ordinance No. 2024-20, which became effective June 12, 2024. The District encompasses approximately 1,035.55 acres and is generally located south and adjacent to Cathedral Oak Parkway and bifurcated by Peters Creek, entirely within Clay County.

The District is currently planned for a total of approximately 2,132 residential units. This Report will address the first areas of development planned within the District: Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One. Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One are anticipated to include 611 and 201 residential units, respectively.

Table 1 illustrates the District’s preliminary development plan for Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One.
SERIES 2025 PROJECTS

Series 2025 Parcel 1 Project

The Series 2025 Parcel 1 Project is the portion of the District’s total CIP necessary for the development of Parcel 1 – Assessment Area One. The cost of the Series 2025 Parcel 1 Project is estimated to be $59,611,472, and the District plans to issue Series 2025-1 Bonds to partially fund the Series 2025 Parcel 1 Project in the estimated amount of $12,363,324. The balance of the Series 2025 Parcel 1 Project will be funded by the applicable Landowner, future bonds or other funding sources.

SERIES 2025 PARCEL 4 PROJECT

The Series 2025 Parcel 4 Project is the portion of the District’s total CIP necessary for the development of Parcel 4 – Assessment Area One. The cost of the Series 2025 Parcel 4 Project is estimated to be $34,277,547, and the District plans to issue Series 2025-2 Bonds to partially fund the Series 2025 Parcel 4 Project in the estimated amount of $3,878,952. The balance of the Series 2025 Parcel 4 Project will be funded by the applicable Landowner, future bonds or other funding sources.

For more detailed information regarding the Series 2025 Projects, see Table 2 and the Engineer’s Report.

Preliminary Series 2025 Bonds And Assessments

In order to provide for the financing of a portion of the Series 2025 Projects described in Section IV above, the District plans to issue the Series 2025 Bonds in two separate series: Series

3

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

2025-1 (Parcel 1 - Assessment Area One) (“Series 2025-1 Bonds”) and the Series 2025-2 (Parcel 4 – Assessment Area One) (“Series 2025-2 Bonds”). These will be completely separate liens over distinct assessment areas.

SERIES 2025-1 BONDS
The District plans to issue the Series 2025-1 Bonds in the estimated principal amount of $15,250,000, which will be secured by the pledged revenues from the Series 2025-1 Assessments. The Series 2025-1 Assessments are expected to initially be levied in the estimated annual amount of $1,107,884, excluding early payment discounts and collection costs, and shall be structured in the same manner as the Series 2025-1 Bonds, so that revenues from the Series 2025-1 Assessments are sufficient to fulfill the debt service requirements for the Series 2025-1 Bonds.
The Series 2025-1 Bonds will be structured as amortizing current-interest bonds, with repayment occurring in annual installments of principal and interest. Interest payment dates shall occur every May 1 and November 1 from the date of issuance until final maturity anticipated on May 1, 2056. The first scheduled payment of coupon interest is anticipated to be due on November 1, 2025, although interest will be capitalized through November 1, 2026, and the first installment of principal due on May 1, 2027. The annual principal payment will be due each May 1 thereafter until final maturity. The Series 2025-1 Assessments are expected to initially be levied on the 208.94 acres within Parcel 1 – Assessment Area One.

SERIES 2025-2 BONDS
The District plans to issue the Series 2025-2 Bonds in the estimated principal amount of $4,930,000, which will be secured by the pledged revenues from the Series 2025-2 Assessments. The Series 2025-2 Assessments are expected to initially be levied in the estimated annual amount of $357,576, excluding early payment discounts and collection costs, and shall be structured in the same manner as the Series 2025-2 Bonds, so that revenues from the Series 2025-2 Assessments are sufficient to fulfill the debt service requirements for the Series 2025-2 Bonds.
The Series 2025-2 Bonds will be structured as amortizing current-interest bonds, with repayment occurring in annual installments of principal and interest. Interest payment dates shall occur every May 1 and November 1 from the date of issuance until final maturity anticipated on May 1, 2056. The first scheduled payment of coupon interest is anticipated to be due on November 1, 2025, although interest will be capitalized through November 1, 2026, and the first installment of principal due on May 1, 2027. The annual principal payment will be due each May 1 thereafter until final maturity. The Series 2025-2 Assessments are expected to initially be levied on the 56.25 acres within Parcel 4 – Assessment Area One.

4

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

It is expected that the Series 2025 Assessment installments assigned to Platted Units will be collected via the Clay County property tax bill process (Uniform Method) 1. Accordingly, the Series 2025 Assessments have been adjusted to allow for current County collection costs and the possibility that landowners will avail themselves of early payment discounts. Currently, the aggregate rate for costs and discounts is 6.0%, but this may fluctuate as provided by law. The Series 2025 Assessments levied on Unplatted Parcels are expected to be collected directly by the District and will not include any county collection costs or early payment discounts. However, for purposes of this Report, all units are inclusive of the associated costs and discounts for presentation purposes only.
Preliminary Series 2025 Assessment Allocation

The District’s Master Report contains specific special benefit findings relative to the Maximum Assessments and the District’s Capital Improvement Program. As stated therein, the CIP costs per unit and Maximum Assessments were allocated pursuant to an EAU-based methodology.
Per Section IV above, the Series 2025 Bonds will fund a portion of the District’s Series 2025 Projects, which are expected to be constructed in a manner generally proportionate to the construction of improvements for the CIP. Accordingly, it is expected that the improvements funded by the Series 2025 Bonds will confer benefit on the District’s developable parcels in a manner generally proportionate to and consistent with the allocation of benefit found in the Master Report. Therefore, it is proper to impose Series 2025 Assessments on the units specified in Tables 5 and 6, as well as the District’s Preliminary Series 2025 Assessment Roll on page A-6.
Assessment Allocation
The Series 2025-1 Assessments are expected to ultimately be allocated to the 611 Platted Units planned for development within Parcel 1 – Assessment Area One, and have been sized based on target annual assessments provided by the applicable Landowner. As allocated, the Series 2025-1 Assessments fall within the cost/benefit thresholds, as well as the Maximum Assessment levels, established by the Master Report. However, because the allocation of assessments differs from the assessments specified in the Master Report, the District will recognize an in-kind contribution of infrastructure from the applicable Landowner in the form of an assessment credit representing the difference between the target Series 2025-1 Assessments and a baseline allocation of assessments. The total amount of this minimum contribution to ensure that all debt assessments are fairly and reasonably allocated has been calculated to be approximately $143,551, as shown in Table 7.

The Series 2025-2 Assessments are expected to ultimately be allocated to the 201 Platted Units planned for development within Parcel 4 – Assessment Area One, and have

1 The ultimate collection procedure is subject to District approval. Nothing herein should be construed as mandating collections that conflict with the terms, privileges, and remedies provided in the Indentures, Florida law, assessment resolutions, and/or other applicable agreements.

5

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

been sized based on target annual assessments provided by the applicable Landowner. As allocated, the Series 2025-2 Assessments fall within the cost/benefit thresholds, as well as the Maximum Assessment levels, established by the Master Report. However, because the allocation of assessments differs from the assessments specified in the Master Report, the District will recognize an in-kind contribution of infrastructure from the applicable Landowner in the form of an assessment credit representing the difference between the target Series 2025-2 Assessments and a baseline allocation of assessments. The total amount of this minimum contribution to ensure that all debt assessments are fairly and reasonably allocated has been calculated to be approximately $51,254, as shown in Table 8.

The Preliminary Series 2025 Assessment Roll is located at page A-6.
Assignment of Assessments

The Series 2025-1 Bonds have been sized based on the expectation that the Series 2025-1 Assessments will be fully absorbed by the 611 Platted Units planned for development in Parcel 1 – Assessment Area One. The Series 2025-2 Bonds have been sized based on the expectation that the Series 2025-2 Assessments will be fully absorbed by the 201 Platted Units planned for development in Parcel 4 – Assessment Area One.

All of the lands subject to the Series 2025 Assessments currently consist of Unplatted Parcels. Series 2025-1 Assessments and Series 2025-2 Assessments will be initially levied on these Unplatted Parcels within Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One, respectively, on an equal assessment per acre basis. At the time parcels are platted or otherwise subdivided into Platted Units, individual Series 2025 Assessments will be assigned to those Platted Units at the per-unit amounts described in Tables 5 and 6, thereby reducing the Series 2025 Assessments encumbering the Unplatted Parcels by a corresponding amount. Any unassigned amount of Series 2025-1 Assessments or Series 2025-2 Assessments encumbering the remaining Unplatted Parcels within Parcel 1 – Assessment Area One and Parcel 4 – Assessment Area One, respectively, will continue to be calculated and levied on an equal assessment per acre basis.

In the event an Unplatted Parcel is sold to a third party not affiliated with the applicable Landowner, Series 2025 Assessments will be assigned to that Unplatted Parcel based on the maximum total number of Platted Units assigned by such Landowner to that Unplatted Parcel. The owner of that Unplatted Parcel will be responsible for the total assessments applicable to the Unplatted Parcel, regardless of the total number of Platted Units ultimately platted. These total assessments are fixed to the Unplatted Parcel at the time of the sale. If the Unplatted Parcel is subsequently sub-divided into smaller parcels, the total assessments initially allocated to the Unplatted Parcel will be re-allocated to the smaller parcels pursuant to the methodology as described herein (i.e. equal assessment per acre until platting).

6

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

In the event that developable lands that derive benefit from the Series 2025 Projects are added to the District boundaries, whether by boundary amendment or increase in density, Series 2025 Assessments will be allocated to such lands, pursuant to the methodology described herein.

PREPAYMENT AND TRUE-UP OF SERIES 2025 ASSESSMENTS
The Series 2025 Assessments encumbering a parcel may be prepaid in full at any time, without penalty, together with interest at the rate on the corresponding Series 2025 Bonds to the bond interest payment date that is more than forty-five (45) days next succeeding the date of prepayment. Notwithstanding the preceding provisions, the District does not waive the right to assess penalties which would otherwise be permissible if the parcel being prepaid is subject to an assessment delinquency.
Because this methodology assigns defined, fixed assessments to Platted Units, the District’s Series 2025 Assessment program is predicated on the development of lots in the manner described in Table 1. However, if a change in development results in net decrease in the overall principal amount of assessments able to be assigned to the units described in Table 1, then a true-up, or principal reduction payment, will be required to cure the deficiency. As the acreage within the assessment areas is developed, it will be platted. At such time as a plat is presented to the District that involves the earliest of at least 25% of residential units or developable acres within any assessment area and continuing at each time when a subsequent plat is presented to the District (each such date being a “True-Up Date”), the District shall determine if the debt per acre remaining on the unplatted developable land is greater than the debt per developable acre of such land at the time of imposition of the initial assessment and, if it is, a True-Up Payment in the amount of such excess shall become due and payable by the applicable Landowner in that tax year in accordance with this Report in addition to the regular assessment installment payable for lands owned by such Landowner. The District will ensure collection of such amounts in a timely manner in order to meet its debt service obligations and, in all cases, each Landowner agrees that such payments shall be made in order to ensure the District’s timely payments of the debt services obligations on the Series 2025 Bonds. The District shall record all True-Up Payments in its Improvement Lien book. For further detail and definitions related to the true-up process, please refer to the True-Up Agreement.

Similarly, if a reconfiguration of lands would result in the collection of substantial excess assessment revenue in the aggregate, then the District shall undertake a pro rata reduction of assessments for all assessed properties.

Additional Stipulations
Certain financing, development, and engineering data was provided by members of District staff, District underwriter, and/or the Landowner. The allocation methodology described herein was based on information provided by those professionals. Rizzetta & Company, Inc.

7

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

makes no representations regarding said information transactions beyond restatement of the factual information necessary for compilation of this Report.
Rizzetta & Company, Inc., does not represent the District as a Municipal Advisor or Securities Broker nor is Rizzetta & Company, Inc., registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Rizzetta & Company, Inc., does not provide the District with financial advisory services or offer investment advice in any form.

8

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

EXHIBIT A:

PRELIMINARY ALLOCATION METHODOLOGY

9

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 - ASSESSMENT AREA ONE)

TABLE 1: PRELIMINARY DEVELOPMENT PLAN

Preliminary Development Plan provided by the Developer and is subject to change.

CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 - ASSESSMENT AREA ONE)

	PARCEL 1	PARCEL 4	

PRODUCT	(ASSESSMENT AREA ONE)
POD 1A - 1J	(ASSESSMENT AREA ONE)
PODS 4A - 4D	
Single Family 40'	
134	
66	
Single Family 50'	284	74	
Single Family 60'	193	61	
TOTAL:	
	611		
	201		

A-1

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 - ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 - ASSESSMENT AREA ONE)

TABLE 2: CIP COST DETAIL	

DESCRIPTION	
SERIES 2025
PARCEL 1 PROJECT	
SERIES 2025
PARCEL 4 PROJECT	

TOTAL	
CR315 Improvements	$254,440	$0	$254,440	
Feed Mill Road (excluding Utilities)	$0	$271,919	$271,919	
Amenity Access Road (excluding Utilities)	$0	$0	$0	
Subdivision Roadway Construction	$6,581,995	$0	$6,581,995	
Lift Stations, Potable Water, Reclaimed Water, and Sewer	$11,311,003	$13,609,546	$24,920,549	
Hardscape, Landscape, Irrigation, Fencing, and Signage	$2,748,250	$2,431,750	$5,180,000	
Amenity Center and Community Parks	$6,870,000	$0	$6,870,000	
Stormwater Management Facilities, Flood Control and Drainage Collection System	$15,058,646	$8,311,460	$23,370,106	
Planning, Engineering, Survey, and Regulatory	$6,851,893	$3,939,948	$10,791,841	
Contingency (20%)	$9,935,245	$5,712,924	$15,648,169	
INFRASTRUCTURE COST TOTAL	$59,611,472	$34,277,547	$93,889,019	

SERIES 2025 PARCEL 1 PROJECT				

Estimated project costs to be funded by Series 2025-1 Bonds	$12,363,324			
Estimated recognized contribution of infrastruture to reach target assessment levels	$143,551			
Estimated remaining project costs to be funded by the Developer or future bonds	$47,104,597			
TOTAL SERIES 2025 PARCEL 1 PROJECT	$59,611,472			

SERIES 2025 PARCEL 4 PROJECT				

Estimated project costs to be funded by Series 2025-2 Bonds		$3,878,952		
Estimated recognized contribution of infrastruture to reach target assessment levels		$51,254		
Estimated remaining project costs to be funded by the Developer or future bonds		$30,347,341		
TOTAL SERIES 2025 PARCEL 4 PROJECT		$34,277,547		

Note: Infrastructure cost estimates provided by the District Engineer.				

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 - ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 - ASSESSMENT AREA ONE)

TABLE 3: PRELIMINARY FINANCING INFORMATION - SERIES 2025 BONDS

SERIES 2025-1	SERIES 2025-2	TOTAL SERIES 2025

Estimated Issue Date	May 2025	May 2025	May 2025
Final Maturity	May 1, 2056	May 1, 2056	May 1, 2055
Estimated Average Coupon Rate		6.00%		6.00%		6.00% Estimated Maximum Annual Debt Service ("MADS")	$1,107,884	$357,576	$1,465,460

SOURCES:

Bond Proceeds:
Estimated Par Amount		$15,250,000		$4,930,000		$20,180,000 TOTAL SOURCES		$15,250,000		$4,930,000		$20,180,000  USES:
Construction Account	($12,363,324)	($3,878,952)	($16,242,276) Debt Service Reserve Fund (100% of MADS)		($1,107,884)		($357,576)		($1,465,460) Capitalized Interest (17 months)		($1,298,792)		($419,872)		($1,718,664)
Cost of Issuance	($175,000)	($175,000)	($350,000)
Underwriter's Discount	($305,000)	($98,600)	($403,600)

TOTAL USES		($15,250,000)		($4,930,000)		($20,180,000)

Source: District Underwriter. Numbers are preliminary and subject to change.		
		
TABLE 4: PRELIMINARY FINANCING INFORMATION - SERIES 2025 ASSESSMENTS

SERIES 2025-1	SERIES 2025-2	TOTAL SERIES 2025

Estimated Interest Rate	6.00%	6.00%	6.00%

Estimated Aggregate Initial Principal Amount	$15,250,000	$4,930,000	$20,180,000

Estimated Aggregate Annual Installment		$1,107,884	$357,576	$1,465,460 Estimated County Collection Costs	2%		$23,572			$7,608		$31,180 Estimated Maximum Early Payment Discount  4%		$47,144		$15,216		$62,360 Estimated Total Annual Installment		$1,178,600	$380,400	$1,559,000

Based on estimated MADS for the Series 2025 Bonds.
May vary as provided by law.	

(1)
(2)
(2)	

TABLE 6: PRELIMINARY ASSESSMENT ALLOCATION - SERIES 2025-2 ASSESSMENTS (1)

(PARCEL 4 - ASSESSMENT AREA ONE)

PRODUCT

Allocation of preliminary Series 2025-2 Assessments to be levied based on target assessment levels. There will be a recognized in-kind contribution of infrastructure by the Developer as an assessment credit to certain unit types in order to reach target assessment levels. See Table
Product total shown for illustrative purposes only and are not fixed per product type.
Includes estimated Clay County collection costs/payment discounts, which may fluctuate.

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT

TABLE 5: PRELIMINARY ASSESSMENT ALLOCATION - SERIES 2025-1 ASSESSMENTS (1)

(PARCEL 1 - ASSESSMENT AREA ONE)

Allocation of preliminary Series 2025-1 Assessments to be levied based on target assessment levels. There will be a recognized in-kind contribution of infrastructure by the Developer as an assessment credit to certain unit types in order to reach target assessment levels. See Table
Product total shown for illustrative purposes only and are not fixed per product type.
Includes estimated Clay County collection costs/payment discounts, which may fluctuate.

CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (ASSESSMENT AREA ONE)

PRODUCT		

UNITS		PRODUCT TOTAL PRINCIPAL (2)		
PER UNIT PRINCIPAL		PRODUCT ANNUAL
INSTLMT. (2)(3)		PER UNIT INSTLMT. (3)	
Single Family 40'		134		$2,774,139		$20,703		$214,400		$1,600	
Single Family 50'		284		$6,981,928		$24,584		$539,600		$1,900	
Single Family 60'		193		$5,493,933		$28,466		$424,600		$2,200	
TOTAL		611		$15,250,000				$1,178,600			

				PRODUCT TOTAL		PER UNIT		ANNUAL		PER UNIT	
PRODUCT		UNITS		PRINCIPAL (2)		PRINCIPAL		INSTLMT. (2)(3)		INSTLMT. (3)	
Single Family 40'		66		$1,368,580		$20,736		$105,600		$1,600	
Single Family 50'		74		$1,822,182		$24,624		$140,600		$1,900	
Single Family 60'		61		$1,739,238		$28,512		$134,200		$2,200	
TOTAL		201		$4,930,000				$380,400			

TABLE 8: PRELIMINARY CONTRIBUTION CALCULATION - SERIES 2025 PARCEL 4 PROJECT (1)

201

$3,878,952

(2)

$51,254

All numbers are based on construction costs and thus are net of financing costs.
Total estimated Series 2025 Parcel 4 Project costs to be funded with Series 2025-2 Bonds. See Table 2.
Estimated per unit costs to be funded with Series 2025-2 Bonds based on target allocation.
Total contribution of infrastructure due to the difference between the target allocation and the EAU allocation. See Table 2 for the application of the contribution.

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (ASSESSMENT AREA ONE)

PRODUCT	TABLE 7: PRELIMINARY CONTRIBUTION CALCULATION - SERIES 2025 PARCEL 1 PROJECT (1)			

UNITS		

EAU		TOTAL COSTS FUNDED (TARGET)		
COST PER UNIT (TARGET) (3)		
COST PER UNIT (EAU)		
CONTRIBUTION PER UNIT		
TOTAL CONTRIBUTION (4)	
Single Family 40'	134	0.80	$2,249,021	$16,784	$15,881		$0		$0 Single Family 50'	284	1.00	$5,660,317	$19,931	$19,851		$0		$0 Single Family 60'	193	1.20	$4,453,986	$23,078	$23,821	$744	$143,551

611	$12,363,324	(2)	$143,551

All numbers are based on construction costs and thus are net of financing costs.
Total estimated Parcel 1 Project costs to be funded with Series 2025-1 Bonds. See Table 2.
Estimated per unit costs to be funded with Series 2025-1 Bonds based on target allocation.
Total contribution of infrastructure due to the difference between the target allocation and the EAU allocation. See Table 2 for the application of the contribution.	

PRODUCT	

UNITS		

EAU		TOTAL COSTS FUNDED
(TARGET)		COST PER UNIT (TARGET) (3)		COST PER UNIT (EAU)		CONTRIBUTION PER UNIT		TOTAL CONTRIBUTION (4)	
Single Family 40'	66		0.80		$1,076,807		$16,315		$15,516		$0		$0	
Single Family 50'	74		1.00		$1,433,703		$19,374		$19,395		$0		$0	
Single Family 60'	61		1.20		$1,368,442		$22,433		$23,274		$840		$51,254	

A-5

FEED MILL COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT
CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (ASSESSMENT AREA ONE) CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (ASSESSMENT AREA ONE)

Parcel (2)	SERIES 2025 PRELIMINARY ASSESSMENT ROLL
ESTIMATED
ACREAGE	PRINCIPAL/ACRE	

ESTIMATED ASSMT/ACRE (1)	
Pacel 1 - Assessment Area One	208.94	$72,987	$5,641	
	
	TOTAL SERIES 2025-1	$15,250,000	$1,178,600	
	
Parcel 4 - Assessment Area One	56.25	$87,644	$6,763	
	
	TOTAL SERIES 2025-2	$4,930,000	$380,400	
	
Includes estimated county collection costs/early payment discounts, which may fluctuate.
See Legal Descriptions Attached.

A-6

Exhibit D to Minutes

RESOLUTION NO. 2025-07
A RESOLUTION DELEGATING TO THE CHAIRMAN OF THE BOARD OF SUPERVISORS OF FEED MILL COMMUNITY DEVELOPMENT DISTRICT (THE "DISTRICT") THE AUTHORITY TO APPROVE THE SALE, ISSUANCE AND TERMS OF SALE OF FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE) AND FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE) (COLLECTIVELY, THE "SERIES 2025 BONDS"), AS SEPARATE SERIES OF BONDS UNDER THE MASTER TRUST INDENTURE IN ORDER TO FINANCE THE SERIES 2025 PARCEL 1 PROJECT AND THE SERIES 2025 PARCEL 4 PROJECT, RESPECTIVELY; ESTABLISHING THE PARAMETERS FOR THE PRINCIPAL AMOUNTS, INTEREST RATES, MATURITY DATES, REDEMPTION PROVISIONS AND OTHER DETAILS THEREOF; APPROVING THE FORM OF AND AUTHORIZING THE CHAIRMAN TO ACCEPT THE BOND PURCHASE AGREEMENT FOR THE SERIES 2025 BONDS; APPROVING A NEGOTIATED SALE OF THE SERIES 2025 BONDS TO THE UNDERWRITER; APPROVING THE FORMS OF THE MASTER TRUST INDENTURE, FIRST SUPPLEMENTAL TRUST INDENTURE AND SECOND SUPPLEMENTAL TRUST INDENTURE AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF BY CERTAIN OFFICERS OF THE DISTRICT; APPOINTING A TRUSTEE, PAYING AGENT AND BOND REGISTRAR FOR THE SERIES 2025 BONDS; APPROVING THE FORMS OF THE SERIES 2025 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE USE OF THE PRELIMINARY LIMITED OFFERING MEMORANDUM AND LIMITED OFFERING MEMORANDUM RELATING TO THE SERIES 2025 BONDS; APPROVING THE FORMS OF THE CONTINUING DISCLOSURE AGREEMENTS RELATING TO THE SERIES 2025 BONDS; AUTHORIZING CERTAIN OFFICERS OF THE DISTRICT TO TAKE ALL ACTIONS REQUIRED AND TO EXECUTE AND DELIVER ALL DOCUMENTS, INSTRUMENTS AND CERTIFICATES NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES 2025 BONDS; AUTHORIZING THE VICE CHAIRMAN AND ASSISTANT SECRETARIES TO ACT IN THE STEAD OF THE CHAIRMAN OR THE SECRETARY, AS THE CASE MAY BE; SPECIFYING THE APPLICATION OF THE PROCEEDS OF THE SERIES 2025 BONDS; AUTHORIZING CERTAIN OFFICERS OF THE DISTRICT TO TAKE ALL ACTIONS AND ENTER INTO ALL AGREEMENTS REQUIRED IN CONNECTION WITH THE ACQUISITION AND CONSTRUCTION OF THE SERIES 2025 PARCEL

1 PROJECT AND THE SERIES 2025 PARCEL 4 PROJECT; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Board of Supervisors of Feed Mill Community Development District (the "Board" and the "District," respectively) has determined to proceed at this time with the sale and issuance of Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) (the "Series 2025-1 Bonds") and Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One) (the "Series 2025-2 Bonds" and, collectively with the Series 2025-1 Bonds, the "Series 2025 Bonds") to be issued under and pursuant to a Master Trust Indenture, dated as of the first day of the first month and year in which Bonds are issued thereunder (the "Master Indenture"), between the District and U.S. Bank Trust Company, National Association, Orlando, Florida, as trustee (the "Trustee"), as supplemented by a First Supplemental Trust Indenture and a Second Supplemental Trust Indenture, each to be dated as of the first day of the first month and year in which the Series 2025 Bonds are issued thereunder (each a "Supplemental Indenture" and collectively with the Master Indenture, the "Indenture"), each between the District and the Trustee, in order to finance a portion of the Costs of the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project;
WHEREAS, the Board has determined that given the nature of the market, the necessity for moving rapidly and the nature of the security for the Series 2025 Bonds, it is necessary and desirable for the Series 2025 Bonds to be sold by negotiated sale rather than competitive bid;
WHEREAS, the Board has received a proposal from MBS Capital Markets, LLC (the "Underwriter") for the purchase of the Series 2025 Bonds within parameters to be established by the Board and the Board has determined that authorization of the Chairman or other designated person to enter into a Bond Purchase Agreement (the "Purchase Agreement") in substantially the form attached hereto as Exhibit A for the sale of the Series 2025 Bonds to the Underwriter within the Parameters (hereinafter defined) herein set forth is in the best interests of the District for the reasons hereafter indicated; and
WHEREAS, in conjunction with the sale and issuance of the Series 2025 Bonds, it is necessary to approve the forms of the Master Indenture and Supplemental Indentures, to establish the parameters for the delegated award of the Series 2025 Bonds as set forth in Schedule I attached hereto (the "Parameters"), to authorize the Chairman to approve the use of the Preliminary Limited Offering Memorandum relating to the Series 2025 Bonds and the form of the final Limited Offering Memorandum, to approve the forms of the Series 2025 Bonds and to provide for various other matters with respect to the Series 2025 Bonds and the undertaking of the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project.

NOW, THEREFORE, BE IT RESOLVED that:
Definitions. All words and phrases used herein in capitalized form, unless otherwise defined herein, shall have the meaning ascribed to them in the Indenture.
Award. The Purchase Agreement in the form attached hereto as Exhibit A is hereby approved in substantial form and the sale of the Series 2025 Bonds to the Underwriter upon the terms and conditions therein set forth, but within the Parameters, is hereby approved. The Chairman is hereby authorized and directed to execute and deliver the Purchase Agreement on behalf of the District, with such changes, additions, deletions and insertions as shall be approved by the official executing such Purchase Agreement, which approval shall be conclusively evidenced by the execution and delivery thereof. In the absence or unavailability of the Chairman, the Vice Chairman is authorized and directed to execute the Purchase Agreement, and in the absence or unavailability of the Vice Chairman, any other member of the Board is authorized and directed to execute the Purchase Agreement. The Purchase Agreement, when executed and delivered by the District and the Underwriter, shall be the legal, valid and binding obligation of the District, enforceable in accordance with its terms.
Negotiated Sale. The Board hereby determines that a negotiated sale of the Series 2025 Bonds to the Underwriter is in the best interests of the District because the market for instruments such as the Series 2025 Bonds is limited, because of prevailing market conditions and because the delays caused by soliciting competitive bids could adversely affect the District's ability to issue and deliver the Series 2025 Bonds.
Approval of Forms of Master Indenture and Supplemental Indentures; Appointment of Trustee, Paying Agent and Bond Registrar. Attached hereto as Exhibit B are the forms of the Master Indenture and each of the Supplemental Indentures, which are each hereby authorized and approved, subject to such changes, additions, deletions and insertions as shall be approved by the Chairman, which approval shall be conclusively evidenced by the execution thereof. The Chairman is hereby authorized to execute and the Secretary is authorized to attest the Master Indenture and each Supplemental Indenture and the Chairman is hereby authorized to deliver to the Trustee the Master Indenture and each Supplemental Indenture, each of which, when executed and delivered by the Trustee, shall each constitute the legal, valid and binding obligation of the District, enforceable in accordance with its respective terms. U.S. Bank Trust Company, National Association, is hereby appointed as Trustee, Paying Agent and Bond Registrar under the Indenture.

Description of Series 2025 Bonds. The Series 2025 Bonds shall be dated as of their date of delivery and may be issued in one or more Series having such details as shall be set forth in the Purchase Agreement and as reflected in the corresponding Supplemental Indenture, but within the Parameters. The Series 2025 Bonds of each Series may be signed by the manual or facsimile signature of the Chairman and attested by the manual or facsimile signature of the Secretary. The Series 2025 Bonds of each Series shall, subject to the Parameters, be subject to redemption on the terms, at the times and prices and in the manner provided in the Purchase Agreement and in the form of Series 2025 Bonds attached to the corresponding Supplemental Indenture, which forms are each hereby approved, subject to such changes, additions, deletions and insertions as shall be approved by the Chairman, which approval shall be conclusively evidenced by the execution thereof. The Chairman is hereby authorized to execute and the Secretary is authorized to attest and seal the Series 2025 Bonds and the Chairman is hereby authorized to deliver to the Trustee for authentication and delivery to the Underwriter upon payment by the Underwriter of the purchase price therefor, the Series 2025 Bonds which, when authenticated and delivered by the Trustee, shall be legal, valid and binding obligations of the District, enforceable in accordance with their respective terms.
Approval of Form of Preliminary Limited Offering Memorandum and Limited Offering Memorandum; Approval of Forms of Continuing Disclosure Agreements. The Chairman is hereby authorized to approve the form and content of the Preliminary Limited Offering Memorandum, which is attached hereto as Exhibit C (the "Preliminary Limited Offering Memorandum") with such changes, additions, deletions and insertions as shall be approved by the Chairman prior to its distribution and the final form of which is to be dated the date of execution and delivery of the Purchase Agreement (the "Limited Offering Memorandum") relating to the Series 2025 Bonds. The Chairman is hereby authorized to execute on behalf of the District such Limited Offering Memorandum with such changes, additions, deletions and insertions as the Chairman may approve (such approval to be conclusively evidenced by the execution of the Limited Offering Memorandum, if required), and to deliver such Limited Offering Memorandum to the Underwriter in sufficient quantities for use by the Underwriter in marketing the Series 2025 Bonds. The Chairman is hereby authorized to deem "final" the Preliminary Limited Offering Memorandum, as of its date, for the purposes and within the meaning of Rule 15c2-12 of the Securities and Exchange Commission (except for information concerning the offering prices, interest rates, selling compensation, aggregate principal amount, principal amount per maturity, delivery dates, ratings or other terms dependent upon such matters, and except for such technical and conforming changes which shall be approved by the Chairman which approval shall be evidenced by the execution thereof, if required).

The Continuing Disclosure Agreements relating to the Series 2025 Bonds in the forms attached hereto as Exhibit D are hereby approved, subject to such changes, additions, deletions and insertions as shall be approved by the Chairman, which approval shall be conclusively evidenced by the execution thereof. The Chairman is hereby authorized to execute and the Secretary is authorized to attest the Continuing Disclosure Agreements which, when executed and delivered by the District, shall be the legal, valid and binding obligations of the District, enforceable in accordance with their respective terms.
Open Meetings. It is hereby found and determined that all official acts of this Board concerning and relating to the issuance, sale, and delivery of the Series 2025 Bonds, including but not limited to adoption of this Resolution, were taken in open meetings of the members of the Board and all deliberations of the members of the Board that resulted in such official acts were in meetings open to the public, in compliance with all legal requirements including, but not limited to, the requirements of Section 286.011, Florida Statutes.
Other Actions. The Chairman, the Secretary, and all other members, officers and employees of the Board and the District are hereby authorized and directed to take all actions necessary or desirable in connection with the issuance and delivery of the Series 2025 Bonds and the consummation of all transactions in connection therewith, including the execution of all certificates, documents, papers, and agreements necessary to the undertaking and fulfillment of all transactions referred to in or contemplated by the Preliminary Limited Offering Memorandum, the Limited Offering Memorandum, the Indenture, this Resolution, the Continuing Disclosure Agreements and the Purchase Agreement, in all cases within the Parameters.
The Vice Chairman is hereby authorized to act in the stead of the Chairman in any undertaking authorized or required of the Chairman hereunder and any Assistant Secretary is hereby authorized to act in the stead of the Secretary in any undertaking authorized or required of the Secretary hereunder.
Deposits to Funds and Accounts. The Trustee is hereby authorized and directed to apply the proceeds of the Series 2025 Bonds of each Series in the amounts and in the manner set forth in Section 402 of the corresponding Supplemental Indenture.
Undertaking of the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project; Execution and Delivery of Other Instruments. The Board hereby authorizes the undertaking of the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project and authorizes and directs the District staff and Consulting Engineer to proceed with due diligence to the completion thereof in accordance  with  the  Indenture  and  as  described  in  the  Limited  Offering

Memorandum. The Board hereby authorizes the Chairman and the Secretary to execute and deliver, receive or enter into such agreements, contracts, documents, instruments, certificates and proceedings incident thereto or necessary in order to effect the undertaking of the Series 2025 Parcel 1 Project and the Series 2025 Parcel 4 Project and the issuance, sale and delivery of the Series 2025 Bonds, including but not limited to the execution and delivery of the DTC Letter of Representation.
Assessment Methodology Report; Engineer's Report. The Board hereby authorizes and approves modifications and supplements to the Assessment Methodology Report previously approved by the Board in connection with the marketing and sale of the Series 2025 Bonds. The Board hereby authorizes and approves modifications and supplements to the Engineer's Report previously approved by the Board in connection with the marketing and sale of the Series 2025 Bonds.
Approval of Prior Actions. All actions taken to date by the members of the Board and the officers, agents and consultants of the District in furtherance of the issuance of the Series 2025 Bonds are hereby approved, confirmed and ratified.
Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision.
Effective Date. This Resolution shall take effect immediately upon its adoption.
[Remainder of Page Intentionally Left Blank]

PASSED in Public Session of the Board of Supervisors of Feed Mill Community Development District, this 23rd day of April, 2025.

Attest:

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

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

Exhibit A – Form of Purchase Agreement
Exhibit B – Forms of Master Indenture and Supplemental Indentures Exhibit C – Form of Preliminary Limited Offering Memorandum Exhibit D – Forms of Continuing Disclosure Agreements

SCHEDULE I PARAMETERS

Series 2025-1 Bonds Maximum Principal Amount: Maximum Coupon Rate: Underwriting Discount:
Not to Exceed Maturity Date: Redemption Provisions:

Series 2025-2 Bonds Maximum Principal Amount: Maximum Coupon Rate: Underwriting Discount:
Not to Exceed Maturity Date: Redemption Provisions:

Not to Exceed $25,000,000 Maximum Statutory Rate Maximum 2.0%
May 1, 2057
The Series 2025-1 Bonds shall be subject to redemption as set forth in the form of Series 2025-1 Bond attached to the form of First Supplemental Indenture attached hereto and shall be subject to optional redemption no later than May 1, 2037 at par.

Not to Exceed $13,500,000 Maximum Statutory Rate Maximum 2.0%
May 1, 2057

The Series 2025-2 Bonds shall be subject to redemption as set forth in the form of Series 2025-2 Bond attached to the form of Second Supplemental Indenture attached hereto and shall be subject to optional redemption no later than May 1, 2037 at par.

Exhibit A

Form of Purchase Agreement
(under separate cover)

Exhibit B

Forms of Master Indenture and Supplemental Indentures

MASTER TRUST INDENTURE

BETWEEN

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

AND

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

Dated as of May 1, 2025

TABLE OF CONTENTS
ARTICLE I DEFINITIONS
Section 101. Meaning of Words and Terms	3
Section 102. Rules of Construction	17
ARTICLE II
FORM, EXECUTION, DELIVERY AND DESIGNATION OF BONDS
Section 201. Issuance of Bonds	17
Section 202. Details of Bonds	18
Section 203. Execution and Form of Bonds	18
Section 204. Negotiability, Registration and Transfer of Bonds	19
Section 205. Ownership of Bonds	19
Section 206. Special Obligations	19
Section 207. Authorization of Bonds	20
Section 208. Mutilated, Destroyed or Lost Bonds	22
Section 209. Parity Obligations Under Credit Agreements	22
Section 210. Bond Anticipation Notes	22
Section 211. Tax Status of Bonds	23
ARTICLE III REDEMPTION OF BONDS
Section 301. Redemption Generally	23
Section 302. Notice of Redemption; Procedure for Selection	24
Section 303. Effect of Calling for Redemption	25
Section 304. Cancellation	25
ARTICLE IV
ACQUISITION AND CONSTRUCTION FUND
Section 401. Acquisition and Construction Fund	26
Section 402. Payments from Acquisition and Construction Fund	26
Section 403. Cost of a Series Project	26
Section 404. Disposition of Balances in Acquisition and Construction
Fund	28
ARTICLE V
ESTABLISHMENT OF FUNDS AND APPLICATION THEREOF
Section 501. Lien	28
Section 502. Establishment of Funds	29
Section 503. Acquisition and Construction Fund	30
Section 504. Revenue Fund	31
Section 505. Debt Service Fund	31
Section 506. Optional Redemption	34
Section 507. Rebate Fund	36

Section 508. Investment of Funds and Accounts	37
Section 509. Deficiencies and Surpluses in Funds and Accounts	38
Section 510. Investment Income	39
Section 511. Cancellation of Bonds	39
ARTICLE VI CONCERNING THE TRUSTEE
Section 601. Acceptance of Trust	40
Section 602. No Responsibility for Recitals	40
Section 603. Trustee May Act Through Agents; Answerable Only for
Willful Misconduct or Gross Negligence	40
Section 604. Compensation and Indemnity	40
Section 605. No Duty to Renew Insurance	41
Section 606. Notice of Default; Right to Investigate	41
Section 607. Obligation to Act on Default	41
Section 608. Reliance by Trustee	41
Section 609. Trustee May Deal in Bonds	42
Section 610. Construction of Ambiguous Provision	42
Section 611. Resignation of Trustee	42
Section 612. Removal of Trustee	42
Section 613. Appointment of Successor Trustee	43
Section 614. Qualification of Successor Trustee	43
Section 615. Instruments of Succession	43
Section 616. Merger of Trustee	44
Section 617. Resignation of Paying Agent or Bond Registrar	44
Section 618. Removal of Paying Agent or Bond Registrar	44
Section 619. Appointment of Successor Paying Agent or Bond Registrar	45
Section 620.  Qualifications of Successor Paying Agent or Bond Registrar	45
Section 621. Acceptance of Duties by Successor Paying Agent or Bond Registrar	45
Section 622. Successor by Merger or Consolidation	45
Section 623. Brokerage Statements	46
Section 624. Patriot Act Requirements of the Trustee	46
ARTICLE VII
FUNDS CONSTITUTE TRUST FUNDS
Section 701. Trust Funds	46
ARTICLE VIII
COVENANTS AND AGREEMENTS OF THE DISTRICT
Section 801. Payment of Bonds	47
Section 802. Extension of Payment of Bonds	47
Section 803. Further Assurance	47
Section 804. Power to Issue Bonds and Create a Lien	47

Section 805. Power to Undertake Series Projects and to Collect
Pledged Revenues	48
Section 806. Sale of Series Projects	48
Section 807. Completion and Maintenance of Series Projects	49
Section 808. Accounts and Reports	49
Section 809. Arbitrage and Other Tax Covenants	50
Section 810. Enforcement of Payment of Assessments	50
Section 811. Method of Collection of Assessments and Benefit Special Assessments	50
Section 812. Delinquent Assessments	50
Section 813. Deposit of Proceeds from Sale of Tax Certificates	51
Section 814. Sale of Tax Deed or Foreclosure of Assessment or Benefit Special Assessment Lien	51
Section 815. Other Obligations Payable from Assessments or Benefit
Special Assessments	52
Section 816. Re-Assessments	52
Section 817. General	52
Section 818. Continuing Disclosure	53
ARTICLE IX
EVENTS OF DEFAULT AND REMEDIES
Section 901. Extension of Interest Payment	53
Section 902. Events of Default	54
Section 903. Acceleration of Maturities of Bonds of a Series Under
Certain Circumstances	55
Section 904. Enforcement of Remedies	56
Section 905. Pro Rata Application of Funds Among Owners of a Series of
Bonds	57
Section 906. Effect of Discontinuance of Proceedings	59
Section 907. Restriction on Individual Owner Actions	59
Section 908. No Remedy Exclusive	59
Section 909. Delay Not a Waiver	59
Section 910. Right to Enforce Payment of Bonds	59
Section 911. No Cross Default Among Series	60
Section 912. Indemnification	60
Section 913. Provisions Relating to Bankruptcy or Insolvency of
Landowner	60
ARTICLE X
EXECUTION OF INSTRUMENTS BY OWNERS AND PROOF OF OWNERSHIP OF BONDS
Section 1001. Execution of Instruments by Owners and Proof of
Ownership of Bonds	62
Section 1002. Deposit of Bonds	63

ARTICLE XI SUPPLEMENTAL INDENTURES
Section 1101. Supplemental Indentures Without Owner Consent	63
Section 1102. Supplemental Indentures With Owner Consent	64
Section 1103. Opinion of Bond Counsel With Respect to Supplemental Indenture	65
Section 1104. Supplemental Indenture Part of Indenture	66
Section 1105. Insurer or Issuer of a Credit Facility or Liquidity Facility
as Owner of Bonds	66
ARTICLE XII DEFEASANCE
Section 1201. Defeasance and Discharge of the Lien of this Master
Indenture and Supplemental Indentures	67
Section 1202. Moneys Held in Trust	71
ARTICLE XIII MISCELLANEOUS PROVISIONS
Section 1301. Effect of Covenant	71
Section 1302. Manner of Giving Notice to the District and the Trustee	72
Section 1303. Manner of Giving Notice to the Owners	72
Section 1304. Successorship of District Officers	72
Section 1305. Inconsistent Provisions	73
Section 1306. Further Acts; Counterparts	73
Section 1307. Headings Not Part of Indenture	73
Section 1308. Effect of Partial Invalidity	73
Section 1309. Attorneys' Fees	73
Section 1310. Effective Date	74
Exhibit A – Form of Requisition

MASTER TRUST INDENTURE
THIS MASTER TRUST INDENTURE is dated as of May 1, 2025, between FEED MILL COMMUNITY DEVELOPMENT DISTRICT, a local unit of special- purpose government organized and existing under the laws of the State of Florida (the  "District"),  and  U.S.  BANK  TRUST  COMPANY,  NATIONAL
ASSOCIATION, as trustee (the "Trustee"), a national banking association and having the authority to exercise corporate trust powers, with its designated corporate trust office located at 225 East Robinson Street, Suite 250, Orlando, Florida 32801, Attention: Corporate Trust Department.
WHEREAS, the District is a community development district duly organized and existing under the provisions of Chapter 190, Florida Statutes (the "Act"), for the purpose, among other things, of financing and managing the acquisition, construction, installation, maintenance, and operation of the major infrastructure within and without the boundaries of the District; and
WHEREAS, the District has the power and authority under the Act to issue special assessment bonds and revenue bonds and to use the proceeds thereof to finance the cost of acquiring and constructing assessable improvements (as defined in the Act) and, by virtue of Section 190.022 of the Act, to levy and collect special assessments therefor as provided in Chapter 170, Florida Statutes, and to levy and collect user charges and fees therefor as provided in Section 190.011, Florida Statutes; and
WHEREAS, additionally, the District has the power and authority under the Act to levy and collect Benefit Special Assessments (hereinafter defined) and Operation and Maintenance Assessments (hereinafter defined); and
WHEREAS, the District has found and determined and does hereby find and determine, that acquisition and construction of the Series Projects (hereinafter defined) is and will be necessary and desirable in serving the District's goal of properly managing the acquisition, construction, installation and operation of portions of the infrastructure within and without the boundaries of the District; and
WHEREAS, the execution and delivery of the Bonds (hereinafter defined) and of this Master Indenture (hereinafter defined) have been duly authorized by the Governing Body (hereinafter defined) of the District and all things necessary to make the Bonds, when executed by the District and authenticated by the Trustee, valid and binding legal obligations of the District and to make this Master Indenture a valid and binding agreement and a valid and binding lien on the Trust Estate (hereinafter defined) have been done;

NOW,	THEREFORE,	THIS	MASTER	TRUST	INDENTURE WITNESSETH:
GRANTING CLAUSES
That the District, in consideration of the premises and acceptance by the Trustee of the trusts hereby created and the purchase and acceptance of the Bonds by the Owners (hereinafter defined), and of the sum of ten dollars ($10.00), lawful money of the United States of America, to it duly paid by the Trustee at or before the execution and delivery of this Master Indenture, and for other good and valuable consideration, the receipt of which is hereby acknowledged, in order to secure the payment of the principal of, premium, if any, and interest on the Bonds of a Series (hereinafter defined) issued hereunder according to their tenor and effect and to secure the performance and observance by the District of all of the covenants expressed or implied herein, in the Supplemental Indenture authorizing the issuance of such Series of Bonds and in the Bonds of such Series, does hereby assign and grant a security interest in the following (herein called the "Trust Estate") to the Trustee and its successors in trust, and assigns forever, for the securing of the performance of the obligations of the District herein set forth: (a) the Pledged Revenues (hereinafter defined) and Pledged Funds (hereinafter defined); and (b) any and all property of every kind or description which may from time to time hereafter be sold, transferred, conveyed, assigned, hypothecated, endorsed, deposited, pledged, granted or delivered to, or deposited with, the Trustee as security for any Series of Bonds issued pursuant to this Master Indenture by the District or anyone on its behalf or with its consent, or which pursuant to any of the provisions hereof or of the Supplemental Indenture securing such Series of Bonds may come into the possession or control of the Trustee or of a lawfully appointed receiver, as such additional security, and the Trustee is hereby authorized to receive any and all such property as and for security for the payment of such Series of Bonds and the interest and premium, if any, thereon, and to hold and apply all such property subject to the terms hereof, it being expressly understood and agreed that except as otherwise provided herein or in a Supplemental Indenture, the Trust Estate established and held hereunder for Bonds of a Series shall be held separate and in trust solely for the benefit of the Owners of the Bonds of such Series and for no other Series;
TO HAVE AND TO HOLD the Trust Estate, whether now owned or held or hereafter acquired, forever;
IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth (a) for the equal and proportionate benefit and security of all present and future Owners of the Bonds of a Series, without preference of any Bond of such Series over any other Bond of such Series, (b) for enforcement of the payment of the Bonds of a Series, in accordance with their terms and the terms of this Master Indenture and the Supplemental Indenture authorizing the issuance of such Series of Bonds, and all other sums payable hereunder, under the Supplemental Indenture authorizing such

Series of Bonds or on the Bonds of such Series, and (c) for the enforcement of and compliance with the obligations, covenants and conditions of this Master Indenture except as otherwise expressly provided herein, as if all the Bonds at any time Outstanding (hereinafter defined) had been authenticated, executed and delivered simultaneously with the execution and delivery of this Master Indenture, all as herein set forth.
IT IS HEREBY COVENANTED, DECLARED AND AGREED that (a) this
Master Indenture creates a continuing lien equally and ratably to secure the payment in full of the principal of, premium, if any, and interest on all Bonds of a Series which may from time to time be Outstanding hereunder, except as otherwise expressly provided herein, (b) the Trust Estate shall immediately be subject to the lien of this pledge and assignment without any physical delivery thereof or further act, (c) the lien of this pledge and assignment shall be a first lien and shall be valid and binding against all parties having any claims of any kind in tort, contract or otherwise against the District, irrespective of whether such parties have notice thereof, and (d) the Bonds of a Series are to be issued, authenticated and delivered, and the Trust Estate is to be held, dealt with, and disposed of by the Trustee, upon and subject to the terms, covenants, conditions, uses, agreements and trusts set forth in this Master Indenture and the Supplemental Indenture authorizing the issuance of such Series of Bonds and the District covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective Owners from time to time of the Bonds of each respective Series, as follows:

ARTICLE I DEFINITIONS
Section 101. Meaning of Words and Terms. The following words and terms used in this Master Indenture shall have the following meanings, unless some other meaning is plainly intended:
"Accountant" shall mean the independent certified public accountant or independent certified public accounting firm retained by the District to perform the duties of the Accountant under this Master Indenture.
"Accountant's Certificate" shall mean an opinion signed by an independent certified public accountant or firm of certified public accountants (which may be the Accountant) from time to time selected by the District.
"Accounts" shall mean all accounts created hereunder or pursuant to a Supplemental Indenture, except the Series Rebate Account within the Rebate Fund.
"Accreted Value" shall mean, as of the date of computation with respect to any Capital Appreciation Bonds, an amount (truncated to three (3) decimal places) equal to the original principal amount of such Capital Appreciation Bonds at the date

of issuance plus the interest accrued on such Capital Appreciation Bonds from the date of original issuance of such Capital Appreciation Bonds to the date of computation, such interest to accrue at the rate of interest per annum of the Capital Appreciation Bonds (or in accordance with a table of compound accreted values set forth in such Capital Appreciation Bonds), compounded semi-annually on each Interest Payment Date; provided, however, that if the date with respect to which any such computation is made is not an Interest Payment Date, the Accreted Value of any Capital Appreciation Bond as of such date shall be the amount determined by compounding the Accreted Value of such Capital Appreciation Bond as of the immediately preceding Interest Payment Date (or the date of original issuance if the date of computation is prior to the first Interest Payment Date succeeding the date of original issuance) at the rate of interest per annum of the Capital Appreciation Bonds for the partial semi-annual compounding period determined by dividing (x) the number of days elapsed (determined on the basis of a 360-day year comprised of twelve (12) thirty (30) day months) from the immediately preceding Interest Payment Date (or the date of original issuance if the date of computation is prior to the first Interest Payment Date succeeding the date of original issuance), by (y) 180. A table of Accreted Values for the Capital Appreciation Bonds shall be incorporated in a Supplemental Indenture executed by the District upon issuance of any Capital Appreciation Bonds.
"Acquisition and Construction Fund" shall mean the fund so designated in, and created pursuant to, Section 502 hereof.
"Act" shall mean Chapter 190, Florida Statutes, as amended from time to time.
"Additional Bonds" shall mean Bonds ranking on a parity with a Series of Bonds issued under a Supplemental Indenture, provided that such Supplemental Indenture allows for the issuance of parity Bonds.
"Amortization Installments" shall mean the moneys required to be deposited in a Series Sinking Fund Account within a Series Debt Service Account within the Debt Service Fund for the purpose of redeeming and paying when due any Term Bonds, the specific amounts and dates of such deposits to be set forth in a Supplemental Indenture.
"Assessments" shall mean all assessments levied and collected by or on behalf of the District pursuant to Section 190.022 of the Act, together with the interest specified by resolution adopted by the Governing Body, the interest specified in Chapter 170, Florida Statutes, if any such interest is collected by or on behalf of the Governing Body, and any applicable penalties collected by or on behalf of the District, together with any and all amounts received by the District from the sale of tax certificates or otherwise from the collection of Delinquent Assessments and which are referred to as such and pledged to a Series of Bonds pursuant to the Supplemental Indenture authorizing the issuance of such Series of Bonds.

"Authorized Denomination" shall, except as provided in any Supplemental Indenture relating to a Series of Bonds, mean the denomination of $5,000 or any integral multiple thereof.
"Authorized Officer" shall mean any person authorized by the District in writing directed to the Trustee to perform the act or sign the document in question.
"Beneficial Owners" shall have the meaning given such term by DTC so long as it is the registered Owner through its nominee, Cede & Co., of the Bonds as to which such reference is made to enable such Bonds to be held in book-entry only form, and shall otherwise mean the registered Owner on the registration books of the District maintained by the Bond Registrar.
"Benefit Special Assessments" shall mean benefit special assessments levied and collected in accordance with Section 190.021(2) of the Act, together with any and all amounts received by the District from the sale of tax certificates or otherwise from the collection of Benefit Special Assessments which are not paid in full when due and which are referred to as such and pledged to a Series of Bonds pursuant to the Supplemental Indenture authorizing the issuance of such Series of Bonds.
"Bond Anticipation Notes" shall mean bond anticipation notes issued pursuant to a Supplemental Indenture in anticipation of the sale of an authorized Series of Bonds and in a principal amount not exceeding the principal amount of such anticipated Series of Bonds.
"Bond Counsel" shall mean an attorney or firm of attorneys of nationally recognized standing in the field of law relating to municipal bonds selected by the District.
"Bond Registrar" shall mean the bank or trust company designated as such by Supplemental Indenture with respect to a Series of Bonds for the purpose of maintaining the registration books of the District reflecting the names, addresses, and other identifying information of the Owners of Bonds of such Series.
"Bond Year" shall mean, unless otherwise provided in the Supplemental Indenture authorizing a Series of Bonds, the period commencing on the first day of May in each year and ending on the last day of April of the following year.
"Bonds" shall mean the Outstanding Bonds of all Series.
"Business Day" shall mean any day excluding Saturday, Sunday or any other day on which banks in the cities in which the designated corporate trust office of the Trustee or the Paying Agent are located are authorized or required by law or other governmental action to close and on which the Trustee or Paying Agent, or both, is closed.

"Capital Appreciation Bonds" shall mean Bonds issued under this Master Indenture and any Supplemental Indenture as to which interest is compounded periodically on each of the applicable periodic dates designated for compounding and payable in an amount equal to the then-current Accreted Value only at the maturity or earlier redemption thereof, all as so designated in a Supplemental Indenture of the District providing for the issuance thereof.
"Capitalized Interest" shall mean, with respect to the interest due or to be due on a Series of Bonds prior to, during and for a period not exceeding one year after the completion of the Series Project to be funded by such Series of Bonds, all or part of such interest which will be paid, or is expected to be paid, from the proceeds of such Series of Bonds.
"Chairman" shall mean the Chairman or Vice Chairman of the Governing Body of the District, or his or her designee, or the person succeeding to his or her principal functions.
"Code" shall mean the Internal Revenue Code of 1986, as amended, or any successor provisions thereto and the regulations promulgated thereunder or under the Internal Revenue Code of 1954, as amended, if applicable, or any successor provisions thereto.
"Completion Bonds" shall mean Bonds issued pursuant to a Supplemental Indenture ranking on a parity with the Series of Bonds issued under such Supplemental Indenture, the proceeds of which are to be used to complete the Series Project.
"Connection Fees" shall mean all fees and charges assessed by the District to users for the actual costs of connecting to a utility system of the District.
"Consulting Engineer" shall mean the independent engineer or engineering firm or corporation employed by the District in connection with any Series Project to perform and carry out the duties of the Consulting Engineer under this Master Indenture or any Supplemental Indenture.
"Continuing Disclosure Agreement" shall mean a Continuing Disclosure Agreement, by and among the District, the dissemination agent named therein, and any other "obligated person" under the Rule, in connection with the issuance of one or more Series of Bonds hereunder, pursuant to the requirements of the Rule.
"Cost" or "Costs" as applied to a Series Project, shall include the cost of acquisition and construction thereof and all obligations and expenses relating thereto including, but not limited to, those items of cost which are set forth in Section 403 hereof.

"Credit Facility" or "Liquidity Facility" shall mean a letter of credit, a municipal bond insurance policy, a surety bond or other similar agreement issued by a banking institution or other entity satisfactory to the District and providing for the payment of the principal of, interest on or purchase price of a Series of Bonds or any alternate or substitute Credit Facility or Liquidity Facility if then in effect.
"Current Interest Bonds" shall mean Bonds of a Series the interest on which is payable at least annually.
"Date of Completion" with respect to a Series Project shall mean: (a) the date upon which such Project and all components thereof have been acquired or constructed and are capable of performing the functions for which they were intended, as evidenced by a certificate of the Consulting Engineer filed with the Trustee and the District; or (b) the date on which the District determines, upon the recommendation of or in consultation with the Consulting Engineer, that it cannot complete such Project in a sound and economical manner within a reasonable period of time as evidenced by a certificate of the Consulting Engineer of the District filed with the Trustee and the District; provided that in each case such certificate of the Consulting Engineer shall set forth the amount of all Costs of such Project which has theretofore been incurred, but which on the Date of Completion is or will be unpaid or unreimbursed.
"Debt Service" shall mean collectively the principal (including Amortization Installments), interest, and redemption premium, if any, payable with respect to the Bonds.
"Debt Service Fund" shall mean the fund so designated in, and created pursuant to, Section 502 hereof.
"Delinquent Assessments" shall mean, collectively, any and all installments of any Assessments which are not paid when due, including any applicable grace period under State law or District proceedings.
"Depository" shall mean any bank or trust company duly authorized by law to engage in the banking business and designated by the District as a depository of moneys subject to the provisions of this Master Indenture.
"Direct Billed" shall mean Assessments, Benefit Special Assessments or Operation and Maintenance Assessments, as applicable within the context in which such reference is made, which are billed directly by the District rather than collected on the tax bill using the Uniform Method.
"District" shall mean the Feed Mill Community Development District, a community development district established pursuant to the Act, or any successor thereto which succeeds to the obligations of the District hereunder.

"DTC" shall mean The Depository Trust Company, and its successors and assigns.
"Engineer's Certificate" shall mean a certificate of the Consulting Engineer or of such other engineer or firm of engineers having a favorable repute for skill and experience in the engineering matters with respect to which such certification is required by this Master Indenture.
"Event of Default" shall mean any of the events described in Section 902 hereof.
"Federal Securities" shall mean, to the extent permitted by law for investment as contemplated in this Master Indenture and any Supplemental Indenture, (a) Government Obligations, (b) any Tax-Exempt Obligations which are fully secured as to principal and interest by an irrevocable pledge of Government Obligations, which Government Obligations are segregated in trust and pledged for the benefit of the holders of the Tax-Exempt Obligations, (c) certificates of ownership of the principal or interest of Government Obligations, which Government Obligations are held in trust, and (d) investment agreements at least one hundred percent (100%) collateralized by obligations described in clauses (a), (b) or (c) above.
"Fiscal Year" shall mean the fiscal year of the District in effect from time to time, which shall initially mean the period commencing on the first day of October of any year and ending on the last day of September of the following year.
"Funds" shall mean all funds, except the Rebate Fund, created pursuant to Section 502 hereof.
"Governing Body" shall mean the Board of Supervisors of the District.
"Government Obligations" shall mean direct obligations of, or obligations the payment of which is unconditionally guaranteed by, the United States of America.
"Indenture" shall mean this Master Indenture, as amended and supplemented from time to time by a Supplemental Indenture or indentures and shall mean when used with respect to a Series of Bonds issued hereunder, this Master Indenture, as amended and supplemented by the Supplemental Indenture relating to such Series of Bonds.
"Insurer" shall mean the issuer of any municipal bond insurance policy insuring the timely payment of the principal of and interest on Bonds or any Series of Bonds.
"Interest Payment Date" shall mean the dates specified in a Supplemental Indenture with respect to a Series of Bonds upon which the principal of and/or interest on Bonds of such Series shall be due and payable in each Bond Year.

"Investment Obligations" shall mean and include, except as otherwise provided in the Supplemental Indenture providing for the authorization of Bond Anticipation Notes or Bonds, any of the following securities, if and to the extent that such securities are legal investments for funds of the District;
Government Obligations;
Bonds, debentures, notes or other evidences of indebtedness issued by any of the following agencies or such other government-sponsored agencies which may presently exist or be hereafter created; provided that, such bonds, debentures, notes or other evidences of indebtedness are fully guaranteed as to both principal and interest by the Government National Mortgage Association (including participation certificates issued by such association); Fannie Mae (including participation certificates issued by such entity); Federal Home Loan Banks; Federal Farm Credit Banks; Tennessee Valley Authority; Federal Home Loan Mortgage Corporation and repurchase agreements secured by such obligations, which funds are rated in the highest categories for such funds by both Moody's and S&P at the time of purchase;
Direct and general obligations of any state of the United States, the payment of the principal of and interest on which the full faith and credit of such state is pledged, if at the time of their purchase such obligations are rated in either of the two highest rating categories without regard to gradations within any such categories by either S&P or Moody's;
Money market deposit accounts, time deposits, and certificates of deposits issued by commercial banks, savings and loan associations or mutual savings banks whose short-term obligations are rated, at the time of purchase, in one of the two highest rating categories, without regard to gradation, by Moody's and S&P;
Bank or broker repurchase agreements fully secured by securities specified in (a) or (b) above, which may include repurchase agreements with the commercial banking department of the Trustee, provided that such securities are deposited with the Trustee, with a Federal Reserve Bank or with a bank or trust company (other than the seller of such securities) having a combined capital and surplus of not less than $100,000,000;
A promissory note of a bank holding company rated in either of the two highest rating categories without regard to gradations within any such categories by either S&P or Moody's;
Any short-term government fund or any money market fund whose assets consist of (a), (b) and (c) above;

Commercial paper (having maturities of not more than 270 days) rated, at the time of purchase, in one of the two highest rating categories, without regard to gradation, by Moody's and S&P;
Certificates evidencing a direct ownership interest in non-callable Government Obligations or in future interest or principal payments thereon held in a custody account by a custodian satisfactory to the Trustee;
Obligations of any state of the United States of America or any political subdivision, public instrumentality or public authority of any such state which are not subject to redemption prior to the date on which the proceeds attributable to the principal of such obligations are to be used and which are fully secured by and payable solely from non-callable Government Obligations held pursuant to an escrow agreement; and
The Local Government Surplus Funds Trust Fund as described in Section 218.405, Florida Statutes, or the corresponding provisions of subsequent laws.
Under all circumstances, the Trustee shall be entitled to rely on the direction of an Authorized Officer that any investment directed by the District is permitted under the Indenture and is a legal investment for funds of the District.
"Letter of Credit Agreement" shall mean any financing agreement relating to a Credit Facility for so long as such agreement will be in effect.
"Liquidity Agreement" shall mean any financing agreement relating to a Liquidity Facility for so long as such agreement will be in effect.
"Majority Owners" shall mean the Beneficial Owners of more than fifty percent (50%) of the aggregate principal amount of the Bonds of a Series then Outstanding or all of the Bonds then Outstanding, as applicable in the context within which such reference is made.
"Master Indenture" shall mean this Master Trust Indenture, as amended and supplemented from time to time in accordance with the provisions hereof.
"Maturity Amount" shall mean the amount due at maturity with respect to a Capital Appreciation Bond.
"Maximum Annual Debt Service Requirement" shall mean, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

"Moody's" shall mean Moody's Investors Service, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and assigns, and, if such corporation is dissolved or liquidated or no longer performs the functions of a securities rating agency, Moody's will be deemed to refer to any other nationally recognized securities rating agency designated by the District by written notice to the Trustee.
"Operation and Maintenance Assessments" shall mean assessments described in Section 190.021(3) or 190.022(1) of the Act, for the maintenance of District facilities or the operations of the District.
"Option Bonds" shall mean Current Interest Bonds, which may be either Serial or Term Bonds, which by their terms may be tendered by and at the option of the Owner for purchase prior to the stated maturity thereof.
"Outstanding" when used with reference to Bonds, shall mean, as of a particular date, all Bonds theretofore authenticated and delivered under this Master Indenture, except:
Bonds theretofore canceled by the Trustee or delivered to the Trustee for cancellation;
Bonds (or portions of Bonds) for the payment or redemption of which moneys, equal to the principal amount or Redemption Price thereof, as the case may be, with interest to the date of maturity or redemption date, shall be held in trust under this Master Indenture or Supplemental Indenture with respect to Bonds of any Series and set aside for such payment or redemption (whether at or prior to the maturity or redemption date), provided that if such Bonds (or portions of Bonds) are to be redeemed, notice of such redemption shall have been given or provision satisfactory to the Trustee shall have been made for the giving of such notice as provided in Article III hereof or in the Supplemental Indenture relating to the Bonds of any Series;
Bonds in lieu of or in substitution for which other Bonds shall have been authenticated and delivered pursuant to this Master Indenture and the Supplemental Indenture with respect to Bonds of a Series unless proof satisfactory to the Trustee is presented that any such Bonds are held by a bona fide purchaser in due course; and
Bonds paid or deemed to have been paid as provided in this Master Indenture or in a Supplemental Indenture with respect to Bonds of a Series, including Bonds with respect to which payment or provision for payment has been made in accordance with Article XII hereof.

In addition, Bonds actually known by the Trustee to be held by or for the District will not be deemed to be Outstanding for the purposes and within the purview of Article IX and Article XI hereof.
"Owner" or "Owners" shall mean the registered owners from time to time of Bonds.
"Paying Agent" shall mean the bank or trust company designated by Supplemental Indenture with respect to a Series of Bonds as the place where Debt Service shall be payable with respect to such Series of Bonds and which accepts the duties of Paying Agent under this Master Indenture and under such Supplemental Indenture.
"Pledged Funds" shall mean all of the Series Pledged Funds.
"Pledged Revenues" shall mean all of the Series Pledged Revenues.
"Prepayments" shall mean any Assessments or Benefit Special Assessments, or portions thereof, which shall be paid to the District prior to the time such amounts become due, including but not limited to "true-up payments" due as part of the Assessments or an applicable agreement. Interest may be required to be paid with a Prepayment, but for purposes of this definition, Prepayments shall not include any interest paid on such Assessments.
"Property Appraiser" shall mean the Property Appraiser of Clay County, Florida, or the person succeeding to such officer's principal functions.
"Rebate Amount" shall mean the amount, if any, required to be rebated to the United States pursuant to Section 148(f) of the Internal Revenue Code of 1986, as amended, and the regulations and rulings thereunder.
"Rebate Analyst" shall mean the person or firm selected by the District to calculate the Rebate Amount, which person or firm shall have recognized expertise in the calculation of the Rebate Amount.
"Rebate Fund" shall mean the fund so designated in, and created pursuant to, Section 502 hereof.
"Record Date" shall mean the fifteenth (15th) day of the calendar month next preceding any Debt Service payment date or, in the case of any proposed redemption of Bonds, the fifth (5th) day next preceding the date of mailing of notice of such redemption, or if either of the foregoing days is not a Business Day, then the Business Day immediately preceding such day.
"Redemption Price" shall mean the principal of, premium, if any, and interest accrued to the date fixed for redemption of any Bond called for redemption

pursuant to the provisions thereof, hereof and of the Supplemental Indenture pursuant to which such Bond is issued.
"Refunding Bonds" shall mean Bonds issued pursuant to provisions of this Master Indenture, the proceeds of which are used to refund one or more Series of Bonds then Outstanding.
"Reserve Fund" shall mean the fund so designated in, and created pursuant to, Section 502 hereof.
"Revenue Fund" shall mean the fund so designated in, and created pursuant to, Section 502 hereof.
"Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time.
"S&P" shall mean S&P Global Ratings, a business unit of Standard & Poor's Financial Services LLC, a limited liability company organized and existing under the laws of the State of Delaware, its successors and assigns, and, if such entity is dissolved or liquidated or no longer performs the functions of a securities rating agency, S&P will be deemed to refer to any other nationally recognized securities rating agency designated by the District by written notice to the Trustee.
"Secretary" shall mean the Secretary or any Assistant Secretary to the Governing Body, or his or her designee, or the person succeeding to his or her principal functions.
"Serial Bonds" shall mean Bonds (other than Term Bonds) that mature in annual or semi-annual installments.
"Series" shall mean all of the Bonds authenticated and delivered on original issuance of a stipulated aggregate principal amount in a simultaneous transaction under and pursuant to the same Supplemental Indenture and any Bonds thereafter authenticated and delivered in lieu of or in substitution therefor pursuant to this Master Indenture and such Supplemental Indenture regardless of variations in maturity, interest rate or other provisions; provided, however, two or more Series of Bonds may be issued simultaneously under the same Supplemental Indenture if designated as separate Series of Bonds by the District upon original issuance.
"Series Acquisition and Construction Account" shall mean the account within the Acquisition and Construction Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.

"Series Capitalized Interest Account" shall mean the account within a Series Debt Service Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Costs of Issuance Account" shall mean the account within the Acquisition and Construction Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Debt Service Account" shall mean the account within the Debt Service Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Interest Account" shall mean the account within a Series Debt Service Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Optional Redemption Subaccount" shall mean the subaccount within a Series Redemption Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Pledged Funds" shall mean all amounts on deposit from time to time in the Funds and Accounts and designated in the Supplemental Indenture relating to such Series of Bonds as pledged to the payment of such Series of Bonds; provided, however, such term shall not include any amounts on deposit in a Series Rebate Account in the Rebate Fund.
"Series Pledged Revenues" shall mean the revenues designated as such by Supplemental Indenture and which shall constitute the security for and source of payment of a Series of Bonds and may consist of Assessments, Benefit Special Assessments, Connection Fees or other user fees or other revenues or combinations thereof imposed or levied by the District in accordance with the Act.
"Series Prepayment Subaccount" shall mean the subaccount within a Series Redemption Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Principal Account" shall mean the account within a Series Debt Service Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Project" or "Series Projects" shall mean the acquisition, construction, equipping and/or improvement of capital projects to be located within or without the District for the benefit of the District to be financed with all or a part of the proceeds of a Series of Bonds as shall be described in the Supplemental Indenture authorizing such Series of Bonds.

"Series Rebate Account" shall mean the account within the Rebate Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Redemption Account" shall mean the account within a Series Debt Service Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Reserve Account" shall mean the account within the Reserve Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Reserve Account Requirement" shall mean the amount of money or other security which may be in the form of a reserve fund insurance policy or other security as may be required by the terms of a Supplemental Indenture to be deposited in or credited to a Series Reserve Account for a Series of Bonds; provided, however, that unless otherwise provided in the Supplemental Indenture relating to a Series of Bonds, as of any date of calculation for a particular Series Reserve Account, the "Series Reserve Account Requirement" shall be an amount equal to the lesser of
(a) the Maximum Annual Debt Service Requirement for all Bonds of such Series then Outstanding, (b) 125% of the average annual debt service for all Bonds of such Series then Outstanding, or (c) the aggregate of ten percent (10%) of the proceeds of the Bonds of such Series calculated as of the date of original issuance thereof. In computing the Series Reserve Account Requirement in respect of any Series of Bonds that constitute Variable Rate Bonds, the interest rate on such Bonds shall be assumed to be the greater of (y) 110% of the daily average interest rate on such Variable Rate Bonds during the twelve (12) months ending with the month preceding the date of calculation, or such shorter period of time that such Series of Bonds shall have been Outstanding, or (z) the actual rate of interest borne by such Variable Rate Bonds on such date of calculation; provided, in no event shall the Series Reserve Account Requirement as adjusted on such date of calculation exceed the lesser of the amounts specified in the immediately preceding sentence. In computing the Series Reserve Account Requirement in accordance with clause (c) of this definition in respect of any Capital Appreciation Bonds, the principal amount of such Bonds shall be the original principal amount thereof, not the Accreted Value. A Supplemental Indenture may provide that the Series Reserve Account Requirement for a Series is zero.
"Series Revenue Account" shall mean the account within the Revenue Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.
"Series Sinking Fund Account" shall mean the account within a Series Debt Service Account with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.

"Series Trust Estate" shall mean the Trust Estate for a Series of Bonds established by Supplemental Indenture for such Series of Bonds.
"State" shall mean the State of Florida.
"Subordinate Debt" shall mean indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.
"Supplemental Indenture" shall mean an indenture supplemental hereto authorizing the issuance of a Series of Bonds hereunder and establishing the terms thereof and the security therefor and shall also mean any indenture supplementary hereto entered into for the purpose of amending the terms and provisions hereof with respect to all Bonds in accordance with Article XI hereof.
"Tax Collector" shall mean the Tax Collector of Clay County, Florida, or the person succeeding to such officer's principal functions.
"Tax-Exempt Bonds" shall mean Bonds of a Series the interest on which, in the opinion of Bond Counsel on the date of original issuance thereof, is excludable from gross income for federal income tax purposes.
"Tax-Exempt Obligations" shall mean any bond, note or other obligation issued by any person, the interest on which is excludable from gross income for federal income tax purposes.
"Tax Regulatory Covenants" shall mean the covenants of the District necessary for the preservation of the excludability of interest thereon from gross income for federal income tax purposes, as such covenants shall be amended from time to time upon written instructions from Bond Counsel.
"Taxable Bonds" shall mean Bonds of a Series which are not Tax-Exempt Bonds.
"Term Bonds" shall mean Bonds that mature on one date and that are subject to mandatory redemption from Amortization Installments or are subject to extraordinary mandatory or mandatory redemption upon receipt of unscheduled Pledged Revenues.
"Time Deposits" shall mean time deposits, certificates of deposit or similar arrangements with any bank or trust company, including the Trustee or an affiliate thereof, which is a member of the Federal Deposit Insurance Corporation and any federal or State savings and loan association which is a member of the Federal Deposit Insurance Corporation or its successors and which are secured or insured in the manner required by State law.

"Trust Estate" shall have the meaning ascribed to such term in the granting clauses hereof, including, but not limited to, the Pledged Revenues and Pledged Funds.
"Trustee" shall mean U.S. Bank Trust Company, National Association with its designated office in Orlando, Florida and any successor trustee appointed or serving pursuant to Article VI hereof.
"Uniform Method" shall mean the uniform method for the levy, collection and enforcement of Assessments afforded by Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, or any successor statutes.
"Variable Rate Bonds" shall mean Current Interest Bonds, which may be either Serial Bonds or Term Bonds, issued with a variable, adjustable, convertible or other similar interest rate which is not fixed in percentage for the entire term thereof at the date of issue, which Bonds may also be Option Bonds.
Section 102.  Rules of Construction. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words "Bond," "Owner," "person," "Paying Agent," and "Bond Registrar" shall include the plural as well as the singular number and the word "person" shall mean any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. All references to Florida Statutes or other provisions of State law shall be deemed to include any and all amendments thereto.

ARTICLE II
FORM, EXECUTION, DELIVERY AND DESIGNATION OF BONDS
Section 201. Issuance of Bonds. For the purpose of providing funds for paying all or part of the Cost of a Series Project, Bonds of a Series, without limitation as to aggregate principal amount, may be issued under this Master Indenture subject to the conditions hereinafter provided in Section 207 hereof. Debt Service on each Series of Bonds shall be payable solely from the Pledged Revenues and Pledged Funds pledged to such Series of Bonds in the Supplemental Indenture authorizing the issuance of such Series of Bonds and, as may be provided in such Supplemental Indenture, all of the provisions of this Master Indenture shall be for the benefit and security of the present and future Owners of such Series of Bonds so issued, without preference, priority or distinction, as to lien or otherwise, of any one Bond of such Series over any other Bond of such Series. The District may also issue from time to time, Additional Bonds, Completion Bonds and Refunding Bonds of a Series under and pursuant to the terms of the Supplemental Indenture authorizing the issuance of such Series of Bonds.

Section 202. Details of Bonds. Bonds of a Series shall be in such denominations, numbered consecutively, shall bear interest from their date until their payment at rates not exceeding the maximum rate permitted by law, shall be dated, shall be stated to mature in such year or years in accordance with the Act, and shall be subject to redemption prior to their respective maturities, subject to the limitations hereinafter provided, as provided for in the Supplemental Indenture authorizing the issuance of such Series of Bonds. Bonds of a Series may be Current Interest Bonds, Variable Rate Bonds, Capital Appreciation Bonds, Option Bonds or any combination thereof and may be secured by a Credit Facility or Liquidity Facility, all as shall be provided in the Supplemental Indenture authorizing the issuance of such Series of Bonds. Bonds of a Series (or a part of a Series) may be in book-entry form at the option of the District as shall be provided in the Supplemental Indenture authorizing the issuance of such Series of Bonds.
Debt Service shall be payable in any coin or currency of the United States of America which, at the date of payment thereof, is legal tender for the payment of public and private debts. Interest shall be paid to the registered Owner of Bonds at the close of business on the Record Date for such interest; provided, however, that on or after the occurrence and continuance of an Event of Default under clause (a) of Section 902 hereof, the payment of interest and principal or Redemption Price or Amortization Installments pursuant hereto shall be made by the Paying Agent to such person who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed payment, appears on the registration books of the Bond Registrar as the registered Owner of a Bond. Any payment of principal, Maturity Amount or Redemption Price shall be made only upon presentation of the Bond at the designated corporate trust office of the Paying Agent in Orlando, Florida; provided, however, that presentation shall not be required if the Bonds are in book-entry only form. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner if such Owner requests such method of payment by delivery of written notice to the Paying Agent prior to the Record Date for the respective interest payment to such account as shall be specified in such request, but only if the registered Owner owns not less than $1,000,000 in aggregate principal amount of the Bonds or, if less than such amount, all of the Bonds then Outstanding). Unless otherwise provided in the Supplemental Indenture authorizing a Series of Bonds, interest on a Series of Bonds will be computed on the basis of a 360-day year of twelve 30-day months.
Section 203.  Execution and Form of Bonds. The Bonds shall be signed by or bear the facsimile signature of the Chairman, shall be attested and countersigned by the Secretary, and the certificate of authentication appearing on the face of the Bonds shall be signed by the Trustee; provided, however, that each Bond shall be manually signed by either the Chairman, the Secretary or the Trustee. The official seal of the District shall be imprinted or impressed on each Bond. In case any officer whose signature or a facsimile of whose signature appears on any Bond shall cease to be such officer before the delivery of such Bond, such signature or such

facsimile shall nevertheless be valid for all purposes the same as if he or she had remained in office until such delivery. Any Bond may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such Bond shall be proper officers to execute such Bond although at the date of such Bond such persons may not have been such officers. The Bonds, and the provisions for registration and reconversion to be endorsed on such Bonds, shall be substantially in the form set forth in a Supplemental Indenture. The Trustee may appoint one or more authenticating agents.
Section 204. Negotiability, Registration and Transfer of Bonds. The District shall cause books for the registration and for the transfer of the Bonds as provided in this Master Indenture to be kept by the Bond Registrar. All Bonds shall be registered as to both principal and interest. Any Bond may be transferred only upon an assignment duly executed by the registered Owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed on the Bond by the Bond Registrar. No charge shall be made to any Owner for registration and transfer as hereinabove provided, but any Owner requesting any such registration or transfer shall pay any tax or other governmental charge required to be paid with respect thereto. The Bond Registrar shall not be required to transfer any Bond during the period between the Record Date and the Interest Payment Date next succeeding the Record Date of such Bond, during the period between the Record Date for the mailing of a notice of redemption and the date of such mailing, nor after such Bond has been selected for redemption. The Bonds shall be and have all the qualities and incidents of negotiable instruments under the laws of the State, and each successive Owner, in accepting any of the Bonds, shall be conclusively deemed to have agreed that such Bonds shall be and have all of the qualities and incidents of negotiable instruments under the laws of the State.
Section 205. Ownership of Bonds. The person in whose name any Bond shall be registered shall be deemed the absolute Owner thereof for all purposes, and payment of Debt Service shall be made only to or upon the order of the registered Owner thereof or his attorney or legal representative as herein provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. The Trustee, the District, the Bond Registrar and the Paying Agent may deem and treat the registered Owner of any Bond as the absolute Owner of such Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment thereof and for all other purposes whatsoever, and neither the Trustee, the District, the Bond Registrar nor the Paying Agent shall be affected by any notice to the contrary.
Section 206. Special Obligations. Each Series of Bonds shall be a special and direct obligation of the District. Neither the Bonds nor the interest and premium, if any, payable thereon shall constitute a general obligation or general indebtedness of the District within the meaning of the Constitution and laws of the State. The

Bonds and the interest and premium, if any, payable thereon do not constitute either a pledge of the full faith and credit of the District or a lien upon any property of the District other than as provided herein or in the Supplemental Indenture authorizing the issuance of such Series of Bonds. No Owner or any other person shall ever have the right to compel the exercise of any ad valorem taxing power of the District or any other public authority or governmental body to pay Debt Service or to pay any other amounts required to be paid pursuant to this Master Indenture, any Supplemental Indenture, or the Bonds. Rather, Debt Service and any other amounts required to be paid pursuant to this Master Indenture, any Supplemental Indenture, or the Bonds, shall be payable solely from, and shall be secured solely by, the Series Pledged Revenues and the Series Pledged Funds pledged to such Series of Bonds, all as provided herein and in such Supplemental Indenture.
Section 207.	Authorization of Bonds.
There shall be issued from time to time in Series, under and secured by this Master Indenture, Bonds without limitation as to aggregate principal amount for the purposes of:
paying all or part of the Cost of a Series Project or Series Projects or refunding a Series of Bonds or any portion thereof then Outstanding; and
depositing the Series Reserve Account Requirement to the Series Reserve Account for such Series of Bonds.
Each Series of Bonds, upon initial issuance thereof, shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the District or upon its order, but only upon the further receipt by the Trustee of the following:
an executed and attested original or certified copy of this Master Indenture;
an executed and attested original or certified copy of the Supplemental Indenture fixing the amount of and security for the Series of Bonds authorized to be issued thereby and establishing, among other things, the dates on which, and the amounts in which, such Series of Bonds will mature (provided that the final maturity date of such Series of Bonds shall be not later than permitted by the Act with respect to such Series of Bonds), designating the Paying Agent and Bond Registrar, fixing the Amortization Installments, if any, for the Term Bonds of such Series, awarding the Series of Bonds, specifying the interest rates or the method for calculating such interest rates with respect to such Series of Bonds, specifying the redemption provisions and prices thereupon, specifying other details of such Series of Bonds, and directing the delivery of such Series of Bonds to or upon the order

of the initial purchaser thereof upon payment of the purchase price therefor set forth in such Supplemental Indenture;
an opinion of counsel for the District substantially to the effect that the signer is of the opinion that this Master Indenture and the Supplemental Indenture relating to such Series of Bonds have been duly and validly authorized in accordance with the terms hereof and of the Act, and have been duly approved and adopted, that the issuance of such Series of Bonds has been duly authorized, and that this Master Indenture and the Supplemental Indenture constitute binding obligations of the District, enforceable against the District in accordance with their terms except as enforcement thereof may be affected by bankruptcy and other similar laws relating to creditor's rights generally; and
an opinion of Bond Counsel for the District substantially to the effect that the signer is of the opinion that the Bonds of such Series are valid, binding and enforceable obligations of the District and, if such Series of Bonds are Tax-Exempt Bonds, that interest thereon is excludable from gross income of the Owners under the income tax laws of the United States in effect on the date such Series of Bonds are delivered to the initial purchasers.
Execution of a Series of Bonds by the District shall be conclusive evidence of satisfaction of the conditions precedent set forth in this Section 207(b) as to the District and payment to the Trustee of the initial purchase price for a Series of Bonds shall be conclusive evidence of satisfaction of the conditions precedent set forth in this Section 207(b) as to the underwriter of such Series of Bonds.
The Trustee shall be provided with reliance letters with respect to the opinions required in paragraphs (iii) and (iv) above. When the documents mentioned in subsections (i) through (iv) above shall have been received, and when the Bonds of such Series shall have been executed and authenticated as required by this Master Indenture, such Series of Bonds shall be delivered to, or upon the order of, the District, but only upon payment to the Trustee of the purchase price of such Series of Bonds, together with accrued interest, if any, thereon as set forth in a certificate of delivery and payment executed by the Chairman of the District.
To the extent not set forth in the Supplemental Indenture authorizing the issuance of a Series of Bonds, the proceeds (including accrued interest and any premium) of each Series of Bonds shall be applied as soon as practicable upon delivery thereof to the Trustee as follows:
the amount received as accrued interest on the Bonds, if any, shall be deposited to the credit of the Series Interest Account and Capitalized Interest, if any, shall be deposited to the credit of the Series Capitalized Interest Account;

an amount equal to the Series Reserve Account Requirement or the initial cost of satisfying the Series Reserve Account Requirement if not satisfied by the deposit of cash, shall be deposited to the credit of the Series Reserve Account; and
the balance shall be deposited and applied as provided for in the Supplemental Indenture authorizing the issuance of such Series of Bonds.
Section 208. Mutilated, Destroyed or Lost Bonds. If any Bonds become mutilated, destroyed or lost, the District may cause to be executed and delivered a new Bond in substitution therefor upon the cancellation of such mutilated Bond or in lieu of and in substitution for such Bond destroyed or lost, and upon payment by the Owner of the reasonable expenses and charges of the District and the Trustee in connection therewith and, in the case of a Bond destroyed or lost, upon the Owner filing with the Trustee evidence satisfactory to it that such Bond was destroyed or lost and of his or her ownership thereof, and upon furnishing the District and the Trustee with indemnity satisfactory to them.
Section 209. Parity Obligations Under Credit Agreements. As may be provided for or required in any Supplemental Indenture, the District may incur financial obligations under a Letter of Credit Agreement or a Liquidity Agreement payable on parity with respect to the lien on the Trust Estate pledged to a Series of Bonds issued under this Master Indenture and a Supplemental Indenture, without meeting any financial test or requirement set forth in this Master Indenture or the corresponding Supplemental Indenture, but only if the Letter of Credit Agreement or Liquidity Agreement supports a related Series of Bonds then being issued which does meet such tests or requirements.
Section 210. Bond Anticipation Notes. Whenever the District shall authorize the issuance of a Series of Bonds, the District may by resolution authorize the issuance of Bond Anticipation Notes in anticipation of the sale of such authorized Series of Bonds in a principal amount not exceeding the principal amount of such Series of Bonds. The aggregate principal amount of Bonds of such Series and all other Bonds previously authenticated and delivered to pay the Cost of the Series Project or Series Projects for which the proceeds of the Bond Anticipation Notes will be applied shall not exceed such Cost. The interest on such Bond Anticipation Notes may be payable out of the related Series Interest Account to the extent provided in the resolution of the District authorizing such Bond Anticipation Notes. The principal of and interest on such Bond Anticipation Notes and renewals thereof shall be payable from any moneys of the District available therefor or from the proceeds of the sale of the Series of Bonds in anticipation of which such Bond Anticipation Notes are issued. The proceeds of sale of Bond Anticipation Notes shall be applied to the purposes for which the Bonds anticipated by such Bond Anticipation Notes are authorized and shall be deposited in the appropriate Fund or Account established by the Indenture for such purposes; provided, however, that the resolution or resolutions authorizing

such Bond Anticipation Notes may provide for the payment of interest on such Bond Anticipation Notes from the proceeds of sale of such Bond Anticipation Notes and for the deposit in the related Series Capitalized Interest Account. In the event that the District adopts a resolution authorizing the issuance of Bond Anticipation Notes, the District will promptly furnish to the Trustee a copy of such resolution, certified by an Authorized Officer, together with such information with respect to such Bond Anticipation Notes as the Trustee may reasonably request, including, without limitation, information as to the paying agent or agents for such Bond Anticipation Notes. The Trustee shall have no duties or obligations to the holders of such Bond Anticipation Notes unless specifically so authorized by the resolution of the District authorizing the issuance of such Bond Anticipation Notes and unless the Trustee accepts in writing such duties and obligations.
Section 211. Tax Status of Bonds. Any Series of Bonds issued under this Master Indenture may be issued either as Tax-Exempt Bonds or Taxable Bonds. The intended tax status of any Series of Bonds to be issued may be referenced in any Supplemental Indenture authorizing the issuance of such Series of Bonds.

ARTICLE III REDEMPTION OF BONDS
Section 301. Redemption Generally. The Bonds of any Series shall be subject to redemption, either in whole on any date or in part on any Interest Payment Date, and at such times, in the manner and at such prices, as may be provided by the Supplemental Indenture authorizing the issuance of such Series of Bonds. The District shall provide written notice to the Trustee of any optional redemption on or before the forty-fifth (45th) day next preceding the date to be fixed for such optional redemption. Notwithstanding any other provision of this Master Indenture, notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.
Unless otherwise provided in the Supplemental Indenture relating to a Series of Bonds, if less than all of the Bonds of a Series shall be called for redemption, the particular Bonds of such Series to be redeemed shall be selected by lot in such reasonable manner as the Bond Registrar in its discretion may determine. The portion of any Series of Bonds to be redeemed shall be in an Authorized Denomination and, in selecting the Bonds of such Series to be redeemed, the Bond Registrar shall treat each such Bond as representing that number of Bonds of such Series which is obtained by dividing the principal amount of such Bond by an Authorized Denomination (such amount being hereinafter referred to as the "unit of principal amount").

If it is determined that one or more, but not all, of the units of principal amount represented by any such Bond is to be called for redemption, then upon notice of intention to redeem such unit or units of principal amount as provided below, the registered Owner of such Bond, upon surrender of such Bond to the Paying Agent for payment to such registered Owner of the redemption price of the unit or units of principal amount called for redemption, shall be entitled to receive a new Bond or Bonds of such Series in the aggregate principal amount of the unredeemed balance of the principal amount of such Bond. New Bonds of such Series representing the unredeemed balance of the principal amount shall be issued to the Owner thereof without any charge therefor. If the Owner of any Bond of a denomination greater than the unit of principal amount to be redeemed shall fail to present such Bond to the Paying Agent for payment in exchange as aforesaid, such Bond shall, nevertheless, become due and payable on the date fixed for redemption to the extent of the unit or units of principal amount called for redemption.
Subject to the provisions of Section 506(b) hereof, the District may purchase a Bond or Bonds of a Series in the open market at a price no higher than the highest Redemption Price (including premium) for the Bond to be so purchased with any funds legally available therefor and any such Bonds so purchased shall be credited to the amounts otherwise required to be deposited for the payment of Bonds of such Series as provided in Section 506(b) hereof or as otherwise provided in the Supplemental Indenture relating to such Series of Bonds.
Section 302. Notice of Redemption; Procedure for Selection. The District shall establish each redemption date, other than in the case of a mandatory redemption, in which case the Trustee shall establish the redemption date, and the District or the Trustee, as the case may be, shall notify the Bond Registrar in writing of such redemption date on or before the forty-fifth (45th) day next preceding the date fixed for redemption, which notice shall set forth the terms of the redemption and the aggregate principal amount of Bonds to be redeemed. Except as otherwise provided herein, notice of redemption shall be given by the Bond Registrar not less than thirty
(30) nor more than forty-five (45) days prior to the date fixed for redemption by first- class mail, postage prepaid, to any Paying Agent for the Bonds to be redeemed and to the registered Owner of each Bond to be redeemed, at the address of such registered Owner on the registration books maintained by the Bond Registrar (and, for any Owner of $1,000,000 or more in principal amount of Bonds, to one additional address if written request therefor is provided to the Bond Registrar prior to the Record Date); and a second notice of redemption shall be sent by registered or certified mail at such address to any Owner who has not submitted his Bond to the Paying Agent for payment on or before the date sixty (60) days following the date fixed for redemption of such Bond, in each case stating: (a) the numbers of the Bonds to be redeemed, by giving the individual certificate number of each Bond to be redeemed (or stating that all Bonds between two stated certificate numbers, both inclusive, are to be redeemed or that all of the Bonds of one or more maturities have been called for redemption);
(b) the CUSIP numbers of all Bonds being redeemed; (c) in the case of a partial

redemption of Bonds, the principal amount of each Bond being redeemed; (d) the date of issue of each Bond as originally issued and the complete official name of the Bonds including the Series designation; (e) the rate or rates of interest borne by each Bond being redeemed; (f) the maturity date of each Bond being redeemed; (g) the place or places where amounts due upon such redemption will be payable; and (h) the notice date, redemption date, and Redemption Price. The notice shall require that such Bonds be surrendered at the designated corporate trust office of the Paying Agent for redemption at the Redemption Price and shall state that further interest on such Bonds will not accrue from and after the redemption date; provided, however, that such presentation shall not be required while such Bonds are registered in book-entry only format. CUSIP number identification with appropriate dollar amounts for each CUSIP number also shall accompany all redemption payments.
Any required notice or redemption shall also be sent by registered mail, overnight delivery service, telecopy or other secure means, postage prepaid, to any Owner of $1,000,000 or more in aggregate principal amount of Bonds to be redeemed, to certain municipal registered securities depositories in accordance with the then- current guidelines of the Securities and Exchange Commission, which are known to the Bond Registrar to be holding Bonds thirty-two (32) days prior to the redemption date and to at least two of the national information services that disseminate securities redemption notices in accordance with the then-current guidelines of the Securities and Exchange Commission, when possible, at least thirty (30) days prior to the redemption date; provided that neither failure to send or receive any such notice nor any defect in any notice so mailed shall affect the sufficiency of the proceedings for the redemption of such Bonds.
Failure to give notice by mailing to the Owner of any Bond designated for redemption or to any depository or information service shall not affect the validity of the proceedings for the redemption of any other Bond.
Section 303.  Effect of Calling for Redemption. On the date designated for redemption of any Bonds, notice having been filed and mailed in the manner provided above, the Bonds called for redemption shall be due and payable at the Redemption Price provided for the redemption of such Bonds on such date and, moneys for payment of the Redemption Price being held in a separate account by the Paying Agent in trust for the Owners of the Bonds to be redeemed, interest on the Bonds called for redemption shall cease to be entitled to any benefit under this Master Indenture, and the Owners of such Bonds shall have no rights in respect thereof, except to receive payment of the Redemption Price thereof, and interest, if any, accrued thereon to the redemption date, and such Bonds shall no longer be deemed to be Outstanding.
Section 304. Cancellation. Bonds called for redemption shall be canceled upon the surrender thereof pursuant to the provisions of Section 511 hereof.

ARTICLE IV
ACQUISITION AND CONSTRUCTION FUND
Section 401. Acquisition and Construction Fund. There is created and established by Section 502 hereof a fund designated as the "Acquisition and Construction Fund" which shall be held by the Trustee and there shall be deposited to the credit of the Series Acquisition and Construction Accounts the amounts specified in the Supplemental Indenture relating to such Series of Bonds.
Section 402. Payments from Acquisition and Construction Fund. Payments of the Cost of constructing and acquiring a Series Project shall be made from the Acquisition and Construction Fund as herein provided. All such payments shall be subject to the provisions and restrictions set forth in this Article IV and in Article V hereof, and the District covenants that it will not request any sums to be paid from the Acquisition and Construction Fund except in accordance with such provisions and restrictions. Moneys in the Acquisition and Construction Fund shall be disbursed by check, voucher, order, draft, certificate or warrant signed by any one or more officers or employees of the Trustee legally authorized to sign such items or by wire transfer to an account specified by the payee upon satisfaction of the conditions for disbursement set forth in Section 503(b) hereof.
Section 403. Cost of a Series Project. For the purposes of this Master Indenture, the Cost of a Series Project shall include, without intending thereby to limit or to restrict or expand any proper definition of such cost under the Act, other applicable provisions of State law, or this Master Indenture, the following:
Expenses of Bond Issuance. All expenses and fees relating to the issuance of the Bonds, including, but not limited to, initial Credit Facility or Liquidity Facility fees and costs, attorneys' fees, underwriting fees and discounts, the Trustee's acceptance fees and costs, Trustee's counsel fees and costs, rating agency fees, fees of financial advisors, engineer's fees and costs, administrative expenses of the District, the costs of preparing audits and engineering reports, the costs of preparing reports, surveys, and studies, and the costs of printing the Bonds and preliminary and final disclosure documents.
Accrued and Capitalized Interest. Any interest accruing on the Bonds from their date through the first Interest Payment Date received from the proceeds of the Bonds (to be deposited into the related Series Interest Account) and Capitalized Interest (to be deposited into the related Series Capitalized Interest Account) as may be authorized or provided for by a Supplemental Indenture related to a Series of Bonds. Notwithstanding the deposit of Capitalized Interest into the related Series Capitalized Interest Account, Capitalized Interest shall also include any amount directed by the District to the Trustee in writing to be withdrawn from the related Series Acquisition and Construction Account and deposited into such Series Capitalized Interest Account, provided that such direction includes a

certification that such amount represents earnings on amounts on deposit in the related Series Acquisition and Construction Account and that, after such deposit, the amount on deposit in such Series Acquisition and Construction Account, together with earnings thereon, will be sufficient to pay for the remaining Costs of the related Series Project which are to be funded from such Series Acquisition and Construction Account.
Acquisition Expenses. The costs of acquiring, by purchase or condemnation, all of the land, structures, improvements, rights-of-way, franchises, easements, plans and specifications and similar items and other interests in property, whether real or personal, tangible or intangible, which themselves constitute a Series Project or which are necessary or convenient to acquire, install and construct a Series Project and payments, contributions, dedications, taxes, assessments or permit fees or costs and any other exactions required as a condition to receive any government approval or permit necessary to accomplish any District purpose.
Construction Expense. All costs incurred, including interest charges, for labor and materials, including equipment, machinery and fixtures, by contractors, builders, and materialmen in connection with the acquisition, installation and construction of a Series Project, and including without limitation costs incident to the award of contracts.
Other Professional Fees and Miscellaneous Expenses.
All legal, architectural, engineering, survey, and consulting fees, as well as all financing charges, taxes, insurance premiums, and miscellaneous expenses, not specifically referred to in this Master Indenture that are incurred in connection with the acquisition and construction of a Series Project.
Expenses of determining the feasibility or practicality of acquisition, construction, installation, or reconstruction of a Series Project.
Costs of surveys, estimates, plans and specifications.
Costs of improvements.
Financing charges.
Creation of initial reserve and debt service funds.
Working capital.
Amounts to repay Bond Anticipation Notes or loans made to finance any costs permitted under the Act.

Costs incurred to enforce remedies against contractors, subcontractors, any provider of labor, material, services or any other person for a default or breach under the corresponding contract, or in connection with any dispute.
Premiums for contract bonds and insurance during construction and costs on account of personal injuries and property damage in the course of construction and insurance against the same.
Expenses of management and supervision of a Series Project.
Costs of effecting compliance with any and all governmental permits relating to a Series Project.
Payments, contributions, dedications, fair share or concurrency obligations and any other exactions as a condition to receive any government approval or permit necessary to accomplish any District purpose (including but not limited to impact fees, utility connection fees, school concurrency fees, etc.).
Any other "cost" or expense as provided by the Act.
Refinancing Costs. All costs described in (a) through (e) above or otherwise permitted by the Act associated with refinancing or repaying any loan or other debt obligation of the District.
Section 404. Disposition of Balances in Acquisition and Construction Fund. On the Date of Completion of a Series Project, the balance in the related Series Acquisition and Construction Account not reserved for the payment of any remaining part of the Cost of the Series Project shall be transferred by the Trustee to the credit of the Series Prepayment Subaccount in the Series Redemption Account, or as otherwise provided in the Supplemental Indenture, and used for the purposes set forth for such Subaccount in the Supplemental Indenture relating to such Series of Bonds.

ARTICLE V
ESTABLISHMENT OF FUNDS AND APPLICATION THEREOF
Section 501. Lien. There is hereby irrevocably pledged for the payment of the Bonds of each Series issued hereunder, subject only to the provisions of this Master Indenture and any Supplemental Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in this Master Indenture and any such Supplemental Indenture with respect to each Series of Bonds, the Trust Estate; provided, however, that unless otherwise specifically provided herein or in a Supplemental Indenture relating to a Series of Bonds with respect to the Series Trust Estate securing such Series of Bonds, the Pledged Funds

and Pledged Revenues securing a Series of Bonds shall secure only such Series of Bonds and shall not secure any other Bonds or Series of Bonds.
The foregoing pledge shall be valid and binding from and after the date of initial delivery of the Bonds and the proceeds of sale of the Bonds and all the moneys, securities and funds set forth in this Section 501 shall immediately be subject to the lien of the foregoing pledge, which lien is hereby created, without any physical delivery thereof or further act. Such lien shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the District or the Trustee, irrespective of whether such parties have notice thereof. Such lien shall be prior and superior to all other liens now existing or hereafter created.
Section 502. Establishment of Funds. The following funds are hereby established and shall be held by the Trustee:
Acquisition and Construction Fund, and within such Fund there may be established by Supplemental Indenture authorizing a Series of Bonds a separate Series Acquisition and Construction Account and a separate Series Costs of Issuance Account for each Series of Bonds issued hereunder;
Revenue Fund, and within such Fund there may be established by Supplemental Indenture authorizing a Series of Bonds a separate Series Revenue Account for each Series of Bonds issued hereunder;
Debt Service Fund, and within such Fund there may be established by Supplemental Indenture authorizing a Series of Bonds,
a Series Debt Service Account, and therein a Series Interest Account, a Series Principal Account, a Series Sinking Fund Account and a Series Capitalized Interest Account, and
a Series Redemption Account and therein a Series Prepayment Subaccount and a Series Optional Redemption Subaccount,
for each such Series of Bonds issued hereunder;
Reserve Fund, and within such Fund there may be established by Supplemental Indenture authorizing a Series of Bonds a separate Series Reserve Account for each such Series of Bonds issued hereunder and any Bonds issued on a parity with any such Series of Bonds hereunder; and
Rebate Fund, and within such Fund there may be established by Supplemental Indenture authorizing a Series of Bonds a separate Series Rebate Account for each such Series of Tax-Exempt Bonds issued hereunder.

Notwithstanding the foregoing, the Supplemental Indenture authorizing any Series of Bonds may establish such other Accounts or dispense with the Accounts set forth above as shall be deemed advisable by the District in connection with such Series of Bonds.
Section 503.	Acquisition and Construction Fund.
Deposits. The District shall pay to the Trustee, for deposit into the related Series Acquisition and Construction Account in the Acquisition and Construction Fund, as promptly as practicable, the following amounts received by it:
the amount set forth in the Supplemental Indenture relating to such Series of Bonds;
subject to Section 806 hereof, payments made to the District from the sale, lease or other disposition of the Series Project or any portion thereof;
the balance of insurance proceeds with respect to the loss or destruction of the Series Project or any portion thereof;
amounts received from a governmental entity pursuant to an interlocal agreement or other similar agreement between the District and such governmental entity providing for the payment by such governmental entity of a portion of the Costs of a Series Project;
amounts received from impact fee credits and/or utility connection fee credits; and
such other amounts as may be provided in a Supplemental Indenture.
Amounts in such Series Acquisition and Construction Account shall be applied to the Cost of the Series Project.
Disbursements. Unless otherwise provided in the Supplemental Indenture authorizing the issuance of such Series of Bonds, payments from a Series Acquisition and Construction Account shall be paid in accordance with the provisions of this subsection (b). Before any such payment shall be made, the District shall file with the Trustee a requisition in the form of Exhibit A attached hereto, signed by an Authorized Officer.
Upon receipt of each such requisition and accompanying certificate, the Trustee shall promptly withdraw from the Series Acquisition and Construction Account and pay to the person, firm or corporation named in such requisition the amount designated in such requisition. The Trustee shall have no duty to investigate either the accuracy or validity of the items delivered pursuant to this Section 503(b)

or whether such amount is properly payable hereunder or under the Supplemental Indenture for such Series of Bonds.
Inspection. All requisitions and certificates received by the Trustee pursuant to this Article V shall be retained in the possession of the Trustee, subject at all reasonable times to the inspection of the District, the Consulting Engineer, the Owner of at least twenty-five percent (25%) in principal amount of any Outstanding Bonds of the related Series, and the agents and representatives thereof.
Completion of Series Project. On the Date of Completion of a Series Project, the balance in the related Series Acquisition and Construction Account not reserved by the District for the payment of any remaining part of the Cost of acquiring or constructing the Series Project shall be applied in accordance with the provisions of Section 404 hereof. The Trustee shall have no duty to determine whether the Date of Completion has occurred and the Trustee shall not be deemed to have knowledge that the Date of Completion has occurred until the Trustee has received the certificate of the Consulting Engineer establishing such Date of Completion as specified in the definition of Date of Completion in Section 101 hereof.
Section 504. Revenue Fund. The District hereby covenants and agrees that it will assess, impose, establish and collect the Pledged Revenues with respect to each Series of Bonds in amounts and at times sufficient to pay, when due, the principal of, premium, if any, and interest on such Series of Bonds. The District hereby covenants and agrees to immediately deposit upon receipt all such Pledged Revenues with the Trustee (including Prepayments, which shall be identified as such by the District at the time of deposit with the Trustee), and the Trustee shall immediately deposit all such Pledged Revenues, when received, into the related Series Revenue Account and immediately deposit all Prepayments, when received, into the related Series Prepayment Subaccount in the Series Redemption Account, unless otherwise provided for in the Supplemental Indenture relating to a Series of Bonds.
Section 505.	Debt Service Fund.
Principal, Maturity Amount, Interest and Amortization Installments. Except as otherwise provided in a Supplemental Indenture, on the Business Day preceding each Interest Payment Date on the Bonds, the Trustee shall withdraw from the Series Revenue Account and, from the amount so withdrawn, shall make the following deposits in the following order of priority:
to the related Series Interest Account, an amount which, together with other amounts, if any, then on deposit therein, will equal the amount of interest payable on the Bonds of such Series on such Interest Payment Date;
to the related Series Principal Account, an amount which, together with other amounts, if any, then on deposit therein, will equal the

principal amount, if any, payable with respect to Serial Bonds of such Series on such Interest Payment Date;
in each Bond Year in which Term Bonds of such Series are subject to mandatory redemption from Amortization Installments, to the related Series Sinking Fund Account, an amount which, together with other amounts, if any, then on deposit therein, will equal the Amortization Installment payable on the Term Bonds of such Series on such Interest Payment Date;
in each Bond Year in which Capital Appreciation Bonds of such Series mature, to the related Series Principal Account, an amount which, together with other amounts, if any, then on deposit therein, will equal the Maturity Amount payable with respect to the Capital Appreciation Bonds of such Series maturing on such Interest Payment Date;
to the Series Reserve Account, an amount, if any, which, together with other amounts, if any, then on deposit therein, will equal the Series Reserve Account Requirement; and
to the Series Rebate Account, the Rebate Amount, if any, required to be deposited therein pursuant to the Supplemental Indenture related to a Series of Tax-Exempt Bonds.
Notwithstanding the foregoing, so long as there are moneys on deposit in the related Series Capitalized Interest Account on the date required for any transfer into the Series Interest Account as set forth above, the Trustee shall, prior to making any transfer into the related Series Interest Account from the related Series Revenue Account, transfer to the related Series Interest Account from the related Series Capitalized Interest Account, the lesser of the interest on such Series of Bonds coming due on the next succeeding Interest Payment Date or the amount remaining on deposit in the related Series Capitalized Interest Account.
Disposition of Remaining Amounts on Deposit in Series Revenue Account. The District shall authorize the withdrawal, from time to time, from the Series Revenue Account an amount sufficient to pay the fees and charges of the Trustee, Bond Registrar, and Paying Agent, when due. Subject to the provisions of Section 604 hereof, if (i) the amount on deposit in the Series Interest Account, Series Principal Account, Series Sinking Fund Account and Series Redemption Account in each Bond Year equals the interest payable on the Bonds of such Series in such Bond Year, the principal amount of all Serial Bonds payable in such Bond Year, the Maturity Amount of all Capital Appreciation Bonds due in such Bond Year and the Amortization Installments required to be paid in such Bond Year, and (ii) any amounts remain in the Series Revenue Account on November 2 of such Bond Year, then such amounts shall, at the written direction of the District, be applied to pay the commissions, fees, costs and any other charges of the Tax Collector and the Property

Appraiser or, if such commissions, fees, costs, or other charges have been paid by the District, then to reimburse the District for such payment upon written request of an Authorized Officer. If, after such amounts have been withdrawn, paid and provided for as provided above, any amounts remain in the Series Revenue Account, such amounts shall be disbursed to the District on written request of an Authorized Officer and applied to pay the operating and administrative costs and expenses of the District. After making the payments provided for in this subsection (b), the balance, if any, remaining in the Series Revenue Account shall be retained therein or, at the written direction of an Authorized Officer to the Trustee, transferred into the Series Prepayment Subaccount of the Series Redemption Account. Upon the occurrence and continuance of an Event of Default hereunder, the foregoing transfer to the Series Prepayment Subaccount shall not be made.
Series Reserve Account. Except as otherwise provided for herein or in a Supplemental Indenture, moneys held for the credit of a Series Reserve Account shall be used for the purpose of paying interest or principal or Amortization Installment or Maturity Amount on the Bonds of the related Series whenever amounts on deposit in the Series Debt Service Account shall be insufficient for such purpose.
Series Debt Service Account. Moneys held for the credit of a Series Interest Account, Series Principal Account and Series Sinking Fund Account in a Series Debt Service Account shall be withdrawn therefrom by the Trustee and transferred by the Trustee to the Paying Agent in amounts and at times sufficient to pay, when due, the interest on the Bonds of such Series, the principal of Serial Bonds of such Series, the Maturity Amount of Capital Appreciation Bonds of such Series and the Amortization Installments of Term Bonds of such Series, as the case may be.
Series Redemption Account. Moneys representing Prepayments on deposit in a Series Prepayment Subaccount to the full extent of a multiple of an Authorized Denomination shall, unless otherwise provided in the Supplemental Indenture relating to such Series of Bonds, be used by the Trustee to redeem Bonds of such Series on the earliest date on which such Bonds are permitted to be called without payment of premium by the terms hereof (including extraordinary mandatory redemption) and of the Supplemental Indenture relating to such Series of Bonds. Such redemption shall be made pursuant to the provisions of Article III hereof. The District shall pay all expenses incurred by the Trustee and Paying Agent in connection with such redemption. Moneys other than from Prepayments shall be held and applied in a Series Redemption Account as provided in Section 506(a) hereof.
Payment to the District. When no Bonds of a Series remain Outstanding, and after all expenses and charges herein and in the related Supplemental Indenture required to be paid have been paid as certified to the Trustee in writing by an Authorized Officer, and after all amounts due and owing to the Trustee have been paid in full, the Trustee shall pay any balance in the Accounts for

such Series of Bonds to the District upon the written direction of an Authorized Officer, free and clear of any lien and pledge created by this Master Indenture; provided, however, that if an Event of Default has occurred and is continuing in the payment of the principal or Maturity Amount of, or interest or premium on the Bonds of any other Series, the Trustee shall pay over and apply any such excess pro rata (based upon the ratio of the aggregate principal amount of such Series of Bonds to the aggregate principal amount of all Series of Bonds then Outstanding and for which such an Event of Default has occurred and is continuing) to each other Series of Bonds for which such an Event of Default has occurred and is continuing.
Section 506.	Optional Redemption.
Excess Amounts in Series Redemption Account. The Trustee shall, but only at the written direction of an Authorized Officer on or prior to the forty-fifth (45th) day preceding the date of redemption, call for redemption on each Interest Payment Date on which Bonds are subject to optional redemption, from moneys on deposit in a Series Redemption Account such amount of Authorized Denominations of Bonds of such Series then subject to optional redemption as, with the redemption premium, if any, will exhaust such amount as nearly as may be practicable. Such redemption shall be made pursuant to the provisions of Article III hereof. The District shall pay all expenses incurred by the Trustee and Paying Agent in connection with such redemption.
Purchase of Bonds of a Series. The District may purchase Bonds of a Series then Outstanding at any time, whether or not such Bonds shall then be subject to redemption, at the most advantageous price obtainable with reasonable diligence, having regard to maturity, option to redeem, rate and price, such price not to exceed the principal of such Bonds plus the amount of the premium, if any, which would be payable on the next redemption date to the Owners of such Bonds under the provisions of this Master Indenture and the Supplemental Indenture pursuant to which such Series of Bonds was issued if such Bonds were called for redemption on such date. Before making each such purchase, the District shall file with the Trustee a statement in writing directing the Trustee to pay the purchase price of the Bonds of such Series so purchased upon their delivery and cancellation, which statement shall set forth a description of such Bonds, the purchase price to be paid therefor, the name of the seller, and the place of delivery of the Bonds. The Trustee shall pay the interest accrued on such Bonds to the date of delivery thereof from the related Series Interest Account and the principal portion of the purchase price of Serial Bonds from the related Series Principal Account, but no such purchase shall be made after the Record Date in any Bond Year in which Bonds have been called for redemption. To the extent that insufficient moneys are on deposit in a related Series Interest Account to pay the accrued interest portion of the purchase price of any Bonds or in a related Series Principal Account to pay the principal amount of the purchase price of any Serial Bond, the Trustee shall transfer into such Accounts from the related Series Revenue Account sufficient moneys to pay such respective amounts. In the event that

there are insufficient moneys on deposit in the related Series Sinking Fund Account with which to pay the principal portion of the purchase price of any Term Bonds, the Trustee may, at the written direction of the District, transfer moneys into such related Series Sinking Fund Account from the related Series Revenue Account to pay the principal amount of such purchase price, but only in an amount no greater than the Amortization Installment related to such Series of Bonds coming due in the current Bond Year calculated after giving effect to any other purchases of Term Bonds during such Bond Year. The Trustee may pay the principal portion of the purchase price of Bonds from the related Series Redemption Account, but only upon delivery of written instructions from an Authorized Officer of the District to the Trustee accompanied by a certificate of an Authorized Officer: (A) stating that sufficient moneys are on deposit in the Series Redemption Account to pay the purchase price of such Bonds; (B) setting forth the amounts and maturities of Bonds of such Series which are to be redeemed from such amounts; and (C) containing cash flows which demonstrate that, after giving effect to the purchase of Bonds in the amounts and maturities set forth in clause (B) above, the Pledged Revenues to be received by the District in the current and each succeeding Bond Year will be sufficient to pay the principal, Maturity Amount and Amortization Installments of and interest on all Bonds of such Series. The Trustee may pay the principal portion of the purchase price of any Term Bonds from the related Series Sinking Fund Account, but only Term Bonds of a maturity having Amortization Installments in the current Bond Year and in the principal amount no greater than the Amortization Installment related to such Series of Bonds coming due in the current Bond Year (calculated after giving effect to any other purchases of Term Bonds during such Bond Year). The Trustee may pay the principal portion of the purchase price of Term Bonds having maturities different from or in amounts greater than set forth in the preceding sentence from amounts on deposit in the related Series Sinking Fund Account and the Trustee may transfer moneys from the related Series Revenue Account to the related Series Sinking Fund Account for such purpose, but only upon delivery of written instructions from an Authorized Officer to the Trustee accompanied by a certificate of an Authorized Officer: (X) stating that sufficient moneys are on deposit in the Series Sinking Fund Account, after giving effect to any transfers from the related Series Revenue Account, to pay the principal portion of the purchase price of such Term Bonds; (Y) setting forth the amounts and maturities of Term Bonds of such Series which are to be redeemed from such amounts and the Amortization Installments against which the principal amount of such purchases are to be credited; and (Z) containing cash flows which demonstrate that, after giving effect to the purchase of Term Bonds in the amounts and having the maturities and with the credits against Amortization Installments set forth in clause (Y) above and any transfers from the related Series Revenue Account, the Pledged Revenues to be received by the District in the current and in each succeeding Bond Year will be sufficient to pay the principal, Maturity Amount and Amortization Installments of and interest on all Bonds of such Series. If any Bonds are purchased pursuant to this subsection (b), the principal amount of the Bonds so purchased shall be credited as follows:

if the Bonds are to be purchased from amounts on deposit in the Series Prepayment Subaccount of a Series Redemption Account, against the principal coming due or Amortization Installments set forth in the certificate of the Authorized Officer accompanying the direction of the District to effect such purchase; or
if the Bonds are Term Bonds of a Series, against the Amortization Installments for Bonds of such Series first coming due in the current Bond Year or, if such Term Bonds so purchased are to be credited against Amortization Installments coming due in any succeeding Bond Year, against the Amortization Installments on Term Bonds of such Series maturing on the same date and designated in the certificate of the Authorized Officer accompanying the direction of the District to effect such purchase; or
against the principal or Maturity Amount of Serial Bonds coming due on the maturity date of such Serial Bonds.
Section 507.	Rebate Fund.
Creation. There is created and established by Section 502 hereof a Rebate Fund, and within the Rebate Fund a Series Rebate Account for each Series of Tax-Exempt Bonds. Moneys deposited and held in the Rebate Fund shall not be subject to the pledge of this Master Indenture.
Payment to United States. The Trustee shall pay to the District, upon written request of the District, the Rebate Amount required to be paid to the United States at the times, in the manner and as calculated in accordance with the Supplemental Indenture related to a Series of Tax-Exempt Bonds. The Trustee shall have no responsibility for computation of the Rebate Amount and instead the District shall cause the Rebate Amount to be calculated by the Rebate Analyst and shall cause the Rebate Analyst to deliver such computation to the Trustee as provided in the Supplemental Indenture related to a Series of Tax-Exempt Bonds but before the date of any required payment of the Rebate Amount to the Internal Revenue Service. The fees of, and expenses incurred by, the Rebate Analyst in computing the Rebate Amount shall be paid by the District, which amount shall be treated as administrative and operating expenses of the District payable or reimbursable from the Series Revenue Account in accordance with Section 505(b) hereof.
Deficiencies. If the Trustee does not have on deposit in the Series Rebate Account sufficient amounts to make the payments required by this Section 507, the District shall pay, from any legally available source, the amount of any such deficiency to the United States as provided in paragraph (b) above. The Trustee shall have no duty to pay such deficiency from its own funds.
Survival. The covenants and agreements of the District in this Section
507 and Section 809, and any additional covenants related to compliance with

provisions necessary in order to preserve the exclusion of interest on the Tax-Exempt Bonds of a Series from gross income for federal income tax purposes shall survive the defeasance of the Bonds of such Series in accordance with Article XII hereof.
Section 508. Investment of Funds and Accounts. Unless otherwise provided in the Supplemental Indenture authorizing the issuance of a Series of Bonds, moneys held for the credit of the Accounts for such Series of Bonds shall be invested as hereinafter in this Section 508 provided.
Series Acquisition and Construction Account, Series Revenue Account and Series Debt Service Account. Moneys held for the credit of a Series Acquisition and Construction Account, a Series Revenue Account, and a Series Debt Service Account shall, as nearly as may be practicable, be continuously invested and reinvested by the Trustee in Investment Obligations as directed in writing by an Authorized Officer, which Investment Obligations shall mature, or shall be subject to redemption by the holder thereof at the option of such holder, not later than the respective dates, as estimated by an Authorized Officer, when moneys held for the credit of each such Account will be required for the purposes intended.
Series Reserve Account. Moneys held for the credit of a Series Reserve Account shall be continuously invested and reinvested by the Trustee in Investment Obligations as directed in writing by an Authorized Officer.
Investment Obligations as a Part of Funds and Accounts. Investment Obligations purchased as an investment of moneys in any Fund or Account shall be deemed at all times to be a part of such Fund or Account, and the interest accruing thereon and profit realized from such investment shall be credited as provided in Section 510 hereof. Any loss resulting from such investment shall be charged to such Fund or Account. The foregoing notwithstanding, for purposes of investment and to the extent permitted by law, amounts on deposit in any Fund or Account may be commingled for purposes of investment, provided adequate care is taken to account for such amounts in accordance with the prior sentence. The Trustee may, upon the written direction of an Authorized Officer, transfer investments within such Funds or Accounts without being required to sell such investments. The Trustee shall sell at the best price obtainable or present for redemption any obligations so purchased whenever it shall be necessary so to do in order to provide moneys to meet any payment or transfer from any such Fund or Account. The Trustee shall not be liable or responsible for any loss resulting from any such investment or for failure to make an investment (except failure to make an investment in accordance with the written direction of an Authorized Officer) or for failure to achieve the maximum possible earnings on investments. The Trustee shall have no obligation to invest funds without written direction from an Authorized Officer.
Valuation. In computing the value of the assets of any Fund or Account, investments and earnings thereon shall be deemed a part thereof. The Trustee shall

value the assets in each of the Funds and Accounts established hereunder as of September 30 of each Fiscal Year, and as soon as practicable after each such valuation date (but no later than ten (10) days after each such valuation date) shall provide the District a report of the status of each Fund and Account as of the valuation date. For the purpose of determining the amount on deposit to the credit of any Fund or Account established hereunder, with the exception of a Series Reserve Account, obligations in which money in such Fund or Account shall have been invested shall be valued at the market value or the amortized cost thereof, whichever is lower, or at the Redemption Price thereof, to the extent that any such obligation is then redeemable at the option of the holder. For the purpose of determining the amount on deposit to the credit of a Series Reserve Account, obligations in which money in such Account shall have been invested shall be valued at par, if purchased at par, or at amortized cost, if purchased at other than par, plus, in each case, accrued interest. Amortized cost, when used with respect to an obligation purchased at a premium above or a discount below par, means the value as of any given time obtained by dividing the total premium or discount at which such obligation was purchased by the number of days remaining to maturity on such obligation at the date of such purchase and by multiplying the amount thus calculated by the number of days having passed since such purchase; and (i) in the case of an obligation purchased at a premium by deducting the product thus obtained from the purchase price, and (ii) in the case of an obligation purchased at a discount by adding the product thus obtained to the purchase price.
Section 509. Deficiencies and Surpluses in Funds and Accounts. For purposes of this Section 509, (a) a "deficiency" shall mean, in the case of a Series Reserve Account, that the amount on deposit therein is less than the Series Reserve Account Requirement (but only after the Bond Year in which the amount on deposit therein first equals the Series Reserve Account Requirement), and (b) a "surplus" shall mean in the case of a Series Reserve Account, that the amount on deposit therein is in excess of the Series Reserve Account Requirement.
At the time of any withdrawal from a Series Reserve Account that results in a deficiency therein, the Trustee shall promptly notify the District of the amount of any such deficiency and the Trustee shall withdraw the amount of such deficiency from the related Series Revenue Account and, if amounts on deposit therein are insufficient therefor, the District shall pay the amount of such deficiency to the Trustee, for deposit in such Series Reserve Account, from the first legally available sources of the District.
The Trustee, as of the close of business on the last Business Day in each Bond Year, after taking into account all payments and transfers made as of such date, shall compute, in the manner set forth in Section 508(d), the value of the Series Reserve Account and shall promptly notify the District of the amount of any deficiency or surplus as of such date in such Series Reserve Account. The District shall immediately pay the amount of any deficiency to the Trustee, for deposit in the Series

Reserve Account, from any legally available sources of the District. The Trustee, as soon as practicable after such computation, shall deposit any surplus, at the direction of an Authorized Officer, to the credit of the Series Revenue Account, or as otherwise provided in the related Supplemental Indenture.
Section 510. Investment Income. Unless otherwise provided in a Supplemental Indenture, earnings on Investments in a Series Acquisition and Construction Account, a Series Interest Account, a Series Capitalized Interest Account and a Series Revenue Account shall be retained, as realized, to the credit of such Account and used for the purpose of such Account. Unless otherwise provided in a Supplemental Indenture, earnings on investments in the Funds and Accounts other than a Series Reserve Account and other than as set forth above shall be deposited, as realized, to the credit of such Series Revenue Account and used for the purpose of such Account.
Earnings on investments in a Series Reserve Account shall, unless otherwise provided in a Supplemental Indenture, be disposed of as follows:
if there was no deficiency (as defined in Section 509 above) in the Series Reserve Account as of the most recent date on which amounts on deposit in the Series Reserve Account were valued by the Trustee, and if no withdrawals have been made from the Series Reserve Account since such date, then earnings on investments in the Series Reserve Account shall be deposited to the Series Revenue Account; or
if there was a deficiency (as defined in Section 509 above) in the Series Reserve Account as of the most recent date on which amounts on deposit in the Series Reserve Account were valued by the Trustee, or if after such date withdrawals have been made from the Series Reserve Account and have created such a deficiency, then earnings on investments in the Series Reserve Account shall be retained in the Series Reserve Account until the amount on deposit therein equals the Series Reserve Account Requirement and thereafter shall be deposited to the Series Revenue Account.
Section 511. Cancellation of Bonds. All Bonds paid, redeemed or purchased, either at or before maturity, shall be canceled upon the payment, redemption or purchase of such Bonds. All Bonds canceled under any of the provisions of this Master Indenture shall be destroyed by the Paying Agent, which shall upon request of the District execute a certificate in duplicate describing the Bonds so destroyed. One executed certificate shall be filed with the Trustee and the other executed certificate shall be retained by the Paying Agent.

ARTICLE VI CONCERNING THE TRUSTEE
Section 601. Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created, but only upon the additional terms set forth in this Article VI, to all of which the parties hereto and the Owners agree. The Trustee shall have only those duties expressly set forth herein, and no duties shall be implied against the Trustee.
Section 602. No Responsibility for Recitals. The recitals, statements and representations in this Master Indenture, in any Supplemental Indenture or in the Bonds, save only the Trustee's authentication certificate, if any, upon the Bonds, have been made by the District and not by the Trustee, and the Trustee shall be under no responsibility for the correctness thereof.
Section 603. Trustee May Act Through Agents; Answerable Only for Willful Misconduct or Gross Negligence. The Trustee may execute any powers hereunder and perform any duties required of it through attorneys, agents, officers or employees, and shall be entitled to advice of counsel concerning all questions hereunder, and the Trustee shall not be answerable for the default or misconduct of any attorney, agent or employee selected by it with reasonable care. In performance of its duties hereunder, the Trustee may rely on the advice of counsel and shall not be held liable for actions taken in reliance on the advice of counsel. The Trustee shall not be answerable for the exercise of any discretion or power under this Master Indenture or any Supplemental Indenture nor for anything whatsoever in connection with the trust hereunder, except only its own gross negligence or willful misconduct.
Section 604. Compensation and Indemnity. The District shall pay the Trustee reasonable compensation for its services hereunder, and also all its reasonable expenses and disbursements, including the reasonable fees and expenses of Trustee's counsel, and to the extent permitted under State law shall indemnify the Trustee and hold the Trustee harmless against any liabilities which it may incur in the exercise and performance of its powers and duties hereunder except with respect to its own negligence or misconduct. The Trustee shall have no duty in connection with its responsibilities hereunder to advance its own funds nor shall the Trustee have any duty to take any action hereunder without first having received indemnification satisfactory to it. If the District defaults in respect of the foregoing obligations, the Trustee may deduct the amount owing to it from any moneys received or held by the Trustee under this Master Indenture or any Supplemental Indenture other than moneys from a Credit Facility or Liquidity Facility. This Section 604 shall survive termination of this Master Indenture and any Supplemental Indenture, and as to any Trustee, its resignation or removal thereof. As security for the foregoing, the District hereby grants to the Trustee a security interest in and to the amounts on deposit in all Series Funds and Accounts (other than the Rebate Fund) thereby, in effect, granting the Trustee a first charge against these moneys following an Event

of Default for its fees and expenses (including legal counsel and default administration costs and expenses), subordinate and inferior to the security interest granted to the Owners of the Bonds from time to time secured thereby, but nevertheless payable in the order of priority as set forth in Section 905(a) upon the occurrence of an Event of Default.
Section 605.  No Duty to Renew Insurance. The Trustee shall be under no duty to effect or to renew any insurance policy nor shall it incur any liability for the failure of the District to require or effect or renew insurance or to report or file claims of loss thereunder.
Section 606. Notice of Default; Right to Investigate. The Trustee shall give written notice, as soon as practicable, by first-class mail to registered Owners of Bonds of all defaults of which the Trustee has actual knowledge, unless such defaults have been remedied (the term "defaults" for purposes of this Section 606 and Section 607 being defined to include the events specified as "Events of Default" in Section 902 hereof, but not including any notice or periods of grace provided for therein) or if the Trustee, based upon the advice of counsel upon which the Trustee is entitled to rely, determines that the giving of such notice is not in the best interests of the Owners of the Bonds. The Trustee will be deemed to have actual knowledge of any payment default under this Master Indenture or under any Supplemental Indenture and after receipt of written notice thereof by a Credit Facility issuer or Liquidity Facility issuer of a default under its respective reimbursement agreement, but shall not be deemed to have actual knowledge of any other default unless notified in writing of such default by the Owners of at least twenty-five percent (25%) in aggregate principal amount of the Bonds then Outstanding and affected by such default. The Trustee may, however, at any time require of the District full information as to the performance of any covenant hereunder; and if information satisfactory to it is not forthcoming, the Trustee may make or cause to be made, at the expense of the District, an investigation into the affairs of the District.
Section 607. Obligation to Act on Default. Before taking any action under this Master Indenture or any Supplemental Indenture in respect of an Event of Default, or any action that would require the Trustee to expend its own funds, the Trustee may require that a satisfactory indemnity bond be furnished for the reimbursement of all expenses to which it may be put and to protect it against all liability, except liability resulting from its own gross negligence or willful misconduct in connection with any such action.
Section 608. Reliance by Trustee. The Trustee may act on any requisition, resolution, notice, telegram, request, consent, waiver, opinion, certificate, statement, affidavit, voucher, bond, or other paper or document or telephone message which it in good faith believes to be genuine and to have been passed, signed or given by the proper persons or to have been prepared and furnished pursuant to any of the provisions of this Master Indenture or any Supplemental Indenture, and the Trustee

shall be under no duty to make any investigation as to any statement contained in any such instrument, but may accept the same as conclusive evidence of the accuracy of such statement.
Section 609.  Trustee May Deal in Bonds. The Trustee may in good faith buy, sell, own, hold and deal in any of the Bonds and may join in any action which any Owners may be entitled to take with like effect as if the Trustee were not a party to this Master Indenture or any Supplemental Indenture. The Trustee may also engage in or be interested in any financial or other transaction with the District.
Section 610. Construction of Ambiguous Provision. The Trustee may construe any ambiguous or inconsistent provisions of this Master Indenture or any Supplemental Indenture and any construction by the Trustee shall be binding upon the Owners. The Trustee shall give prompt written notice to the District of any intention to make such construal.
Section 611. Resignation of Trustee. The Trustee may resign and be discharged of the trusts created by this Master Indenture by written resignation filed with the Secretary of the District not less than sixty (60) days before the date when such resignation is to take effect; provided that notice of such resignation shall be sent by first-class mail to each Owner as its name and address appears on the Bond Register and to any Paying Agent, Bond Registrar, any Credit Facility issuer and any Liquidity Facility issuer, at least sixty (60) days before the resignation is to take effect. Such resignation shall take effect on the day specified in the Trustee's notice of resignation unless a successor Trustee is previously appointed, in which event the resignation shall take effect immediately on the appointment of such successor; provided, however, that notwithstanding the foregoing such resignation shall not take effect until a successor Trustee has been appointed. If a successor Trustee has not been appointed within sixty (60) days after the Trustee has given its notice of resignation, the Trustee may petition any court of competent jurisdiction for the appointment of a temporary successor Trustee to serve as Trustee until a successor Trustee has been duly appointed.
Section 612. Removal of Trustee. Any Trustee hereunder may be removed at any time by an instrument appointing a successor to the Trustee so removed, upon application of the District; provided, however, that if an Event of Default has occurred hereunder and is continuing with respect to a Series of Bonds, then the Trustee hereunder may be removed only by an instrument appointing a successor to the Trustee so removed executed by the Majority Owners of the Series of Bonds as to which such Event of Default exists and filed with the Trustee and the District. No such removal shall be effective until any amounts owed to the Trustee hereunder have been paid in full.
The Trustee may also be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in accordance with,

any provision of this Master Indenture or any Supplemental Indenture with respect to the duties and obligations of the Trustee, by any court of competent jurisdiction upon the application of the District; provided that no Event of Default has occurred hereunder and is continuing, or upon the application of the Owners of not less than twenty percent (20%) in aggregate principal amount of the Bonds then Outstanding.
Section 613. Appointment of Successor Trustee. If the Trustee or any successor Trustee resigns or is removed or dissolved, or if its property or business is taken under the control of any state or federal court or administrative body, a vacancy shall forthwith exist in the office of the Trustee, and the District shall appoint a successor and shall mail notice of such appointment, including the name and address of the applicable corporate trust office of the successor Trustee, by first-class mail to each Owner as its name and address appears on the Bond Register, and to the Paying Agent, Bond Registrar, any Credit Facility issuer and any Liquidity Facility issuer; provided, however, that the District shall not appoint a successor Trustee if an Event of Default has occurred and is continuing, unless the District shall have received the prior written consent, which consent shall not be unreasonably withheld, of the Majority Owners or, if there is a Credit Facility or Liquidity Facility with respect to any Series of Bonds, any Credit Facility issuer and any Liquidity Facility issuer, to the appointment of such successor Trustee. If an Event of Default has occurred hereunder and is continuing and the Trustee or any successor Trustee resigns or is removed or dissolved, or if its property or business is taken under the control of any state or federal court or administrative body, a vacancy shall forthwith exist in the office of the Trustee, and a successor may be appointed by any court of competent jurisdiction upon the application of the Owners of not less than twenty percent (20%) in aggregate principal amount of the Bonds then Outstanding and such successor Trustee shall mail notice of its appointment, including the name and address of the applicable corporate trust office of the successor Trustee, by first-class mail to each Owner as its name and address appears on the Bond Registrar, and to the Paying Agent, Bond Registrar, any Credit Facility issuer and any Liquidity Facility issuer.
Section 614. Qualification of Successor Trustee. A successor Trustee shall be a national bank with trust powers or a bank or trust company with trust powers, having a combined net capital and surplus of at least $50,000,000.
Section 615. Instruments of Succession. Except as provided in Section 616 hereof, any successor Trustee shall execute, acknowledge and deliver to the District an instrument accepting such appointment hereunder, and thereupon such successor Trustee, without any further act, deed, or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor in trust hereunder, with like effect as if originally named Trustee herein, except for the predecessor's rights under Section 604 hereof. After withholding from the funds on hand any amounts owed to itself hereunder, the Trustee ceasing to act hereunder shall pay over to the successor Trustee all moneys held by it hereunder; and the Trustee ceasing to act and the District shall execute

and deliver an instrument or instruments transferring to the successor Trustee all the estates, properties, rights, powers and trusts hereunder of the Trustee ceasing to act except for the rights granted under Section 604 hereof. The successor Trustee shall mail notice of its appointment, including the name and address of the applicable corporate trust office of the successor Trustee, by first-class mail to each Owner as its name and address appears on the Bond Registrar, and to the Paying Agent, Bond Registrar, any Credit Facility issuer and any Liquidity Facility issuer.
Section 616.  Merger of Trustee. Any corporation, entity or purchaser into which any Trustee hereunder may be merged or with which it may be consolidated or into which all or substantially all of its corporate trust assets shall be sold or its operations conveyed, or any corporation, entity or purchaser resulting from any merger, consolidation or sale to which any Trustee hereunder shall be a party, shall be the successor Trustee under this Master Indenture, without the execution or filing of any paper or any further act on the part of the parties thereto, anything herein to the contrary notwithstanding; provided, however, that any such successor corporation, entity or purchaser continuing to act as Trustee hereunder shall meet the requirements of Section 614 hereof, and if such corporation, entity or purchaser does not meet the aforesaid requirements, a successor Trustee shall be appointed pursuant to this Article VI.
Section 617. Resignation of Paying Agent or Bond Registrar. The Paying Agent or Bond Registrar may resign and be discharged of the duties created by this Master Indenture by executing an instrument in writing resigning such duties and specifying the date when such resignation shall take effect, and filing the same with the District and the Trustee not less than sixty (60) days before the date specified in such instrument when such resignation shall take effect, and by giving written notice of such resignation mailed not less than sixty (60) days prior to such resignation date to each Owner as its name and address appear on the registration books of the District maintained by the Bond Registrar. Such resignation shall take effect on the date specified in such notice, unless a successor Paying Agent or Bond Registrar is previously appointed in which event such resignation shall take effect immediately upon the appointment of such successor Paying Agent or Bond Registrar. If a successor Paying Agent or Bond Registrar shall not have been appointed within a period of sixty (60) days following the giving of notice, then the Trustee may appoint a successor Paying Agent or Bond Registrar as provided in Section 619 hereof.
Section 618. Removal of Paying Agent or Bond Registrar. The Paying Agent or Bond Registrar may be removed at any time prior to any Event of Default by the District by filing with the Paying Agent or Bond Registrar to be removed and the Trustee, an instrument or instruments in writing executed by an Authorized Officer appointing a successor. Such removal shall be effective thirty (30) days after delivery of the instrument (or such longer period as may be set forth in such instrument); provided, however, that no such removal shall be effective until the

successor Paying Agent or Bond Registrar appointed hereunder shall execute, acknowledge and deliver to the District an instrument accepting such appointment hereunder.
Section 619. Appointment of Successor Paying Agent or Bond Registrar. In case at any time the Paying Agent or Bond Registrar shall be removed, or be dissolved, or if its property or affairs shall be taken under the control of any state or federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a vacancy shall forthwith and ipso facto exist in the office of the Paying Agent or Bond Registrar, as the case may be, and a successor shall be appointed by the District; and in case at any time the Paying Agent or Bond Registrar shall resign, then a successor shall be appointed by the District. Upon any such appointment, the District shall give written notice of such appointment to the predecessor Paying Agent or Bond Registrar, the successor Paying Agent or Bond Registrar, the Trustee and all Owners. Any new Paying Agent or Bond Registrar so appointed shall immediately and without further act supersede the predecessor Paying Agent or Bond Registrar.
Section 620. Qualifications of Successor Paying Agent or Bond Registrar. Every successor Paying Agent or Bond Registrar shall (a) be a commercial bank or trust company duly organized under the laws of the United States or any state or territory thereof, authorized by law to perform all the duties imposed upon it by this Master Indenture, and capable of meeting its obligations hereunder, and (b) have a combined net capital and surplus of at least $50,000,000.
Section 621. Acceptance of Duties by Successor Paying Agent or Bond Registrar. Except as provided in Section 622 hereof, any successor Paying Agent or Bond Registrar appointed hereunder shall execute, acknowledge and deliver to the District an instrument accepting such appointment hereunder, and thereupon such successor Paying Agent or Bond Registrar, without any further act, deed or conveyance, shall become duly vested with all the estates property, rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named Paying Agent or Bond Registrar herein. Upon request of such Paying Agent or Bond Registrar, such predecessor Paying Agent or Bond Registrar and the District shall execute and deliver an instrument transferring to such successor Paying Agent or Bond Registrar all the estates, property, rights and powers hereunder of such predecessor Paying Agent or Bond Registrar and such predecessor Paying Agent or Bond Registrar shall pay over and deliver to the successor Paying Agent or Bond Registrar all moneys and other assets at the time held by it hereunder.
Section 622. Successor by Merger or Consolidation. Any corporation, entity or purchaser into which any Paying Agent or Bond Registrar hereunder may be merged, converted or sold or with which it may be consolidated or into which substantially all of its corporate trust assets shall be sold or otherwise conveyed, or any corporation, entity or purchaser resulting from any merger, consolidation or sale

to which any Paying Agent or Bond Registrar hereunder shall be a party, shall be the successor Paying Agent or Bond Registrar under this Master Indenture without the execution or filing of any paper or any further act on the part of the parties hereto, anything in this Master Indenture to the contrary notwithstanding.
Section 623. Brokerage Statements. The District acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the District the right to receive individual confirmations of security transactions at no additional cost, as they occur, the District specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the District periodic cash transaction statements that include detail for all investment transactions made by the Trustee hereunder.
Section 624. 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.

ARTICLE VII
FUNDS CONSTITUTE TRUST FUNDS
Section 701. Trust Funds. Subject to the provisions of Section 604 and Section 905(a) hereof, all amounts on deposit in Funds or Accounts for the benefit of a Series of Bonds shall:
be used only for the purposes and in the manner provided herein and in the Supplemental Indenture relating to such Series of Bonds and, pending such application, be held by the Trustee in trust for the benefit of the Owners of such Series of Bonds;
be irrevocably pledged to the payment of such Series of Bonds, except for amounts on deposit in the Series Rebate Account in the Rebate Fund;
be held and accounted for separate and apart from all other Funds and Accounts, including Accounts of other Series of Bonds, and other funds and accounts of the Trustee and the District;
until applied for the purposes provided herein, be subject to a first lien in favor of the Owners of such Series of Bonds and any parity obligations to issuers of Credit Facilities or Liquidity Facilities with respect to such Series of Bonds, which

lien is hereby created, prior and superior to all other liens now existing or hereafter created, and, to a second lien in favor of the Trustee, as security for the reasonable compensation for the services of the Trustee hereunder, and also all its reasonable expenses and disbursements, including the reasonable fees and expenses of Trustee's counsel, subordinate and inferior to the security interest granted to the Owners of such Series of Bonds and any parity obligations to issuers of Credit Facilities or Liquidity Facilities with respect to such Series of Bonds, but nevertheless payable in the order of priority as set forth in Section 905(a) or Section 905(b) hereof upon the occurrence of an Event of Default; and
shall not be subject to lien or attachment by any creditor of the Trustee or any creditor of the District or any other Series of Bonds other than the Owners of such Series of Bonds and the issuers of Credit Facilities or Liquidity Facilities with respect to such Series of Bonds.

ARTICLE VIII
COVENANTS AND AGREEMENTS OF THE DISTRICT
Section 801. Payment of Bonds. The District shall duly and punctually pay or cause to be paid, but only from the Series Trust Estate with respect to each Series of Bonds, Debt Service on the dates, at the places, and in the amounts stated herein, in any Supplemental Indenture, and in the Bonds of such Series.
Section 802. Extension of Payment of Bonds. Except as provided in Section 901 hereof, the District shall not directly or indirectly extend the time for payment of the interest on any Bonds. The time for payment of Bonds of any Series shall be the time prescribed in the Supplemental Indenture relating to such Series of Bonds.
Section 803.  Further Assurance. At any and all times the District shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge and deliver, all and every such further resolutions, acts, deeds, conveyances, assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, assigning and confirming all and singular the rights, moneys, securities and funds hereby pledged or assigned, or intended so to be, or which the District may become bound to pledge or assign after the date of execution of this Master Indenture.
Section 804. Power to Issue Bonds and Create a Lien. The District hereby represents to the Trustee and to the Owners that it is and will be duly authorized under all applicable laws to issue the Bonds of each Series, to execute this Master Indenture, to adopt Supplemental Indentures, and to pledge its moneys, securities and funds in the manner and to the extent provided herein. Except as provided herein, the District hereby represents that such moneys, securities and funds of the District are and will be free and clear of any pledge, lien, charge or

encumbrance thereon and all action on the part of the District to that end has been and will be duly and validly taken. The Bonds of each Series, this Master Indenture and any Supplemental Indenture are and will be the valid and legally enforceable obligations of the District, enforceable in accordance with their terms except to the extent that enforcement thereof may be subject to bankruptcy and other similar laws affecting creditors' rights generally. The District shall at all times, to the extent permitted by law, defend, preserve and protect the pledge and lien created by this Master Indenture and all the rights of the Owners hereunder against all claims and demands of all other persons whomsoever.
Section 805. Power to Undertake Series Projects and to Collect Pledged Revenues. The District has or will have upon the date of issuance of each Series of Bonds, and will have so long as any Bonds are Outstanding, good right and lawful power: (a) to undertake the Series Projects, or it will take such action on its part required which it deems reasonable in order to obtain licenses, orders, permits or other authorizations, if any, from any agency or regulatory body having lawful jurisdiction which must be obtained in order to undertake such Series Project; and
(b) to fix, levy and collect or cause to be collected any and all Pledged Revenues.
Section 806. Sale of Series Projects. The District covenants that, until such time as there are no Bonds of a Series Outstanding, it will not sell, lease or otherwise dispose of or encumber the related Series Project or any part thereof other than as provided herein. The District may, however, from time to time, sell any machinery, fixtures, apparatus, tools, instruments, or other movable property acquired by the District in connection with a Series Project, or any materials used in connection therewith, if the District shall determine that such articles are no longer needed or are no longer useful in connection with the acquisition, construction, operation or maintenance of a Series Project, and the proceeds thereof may be applied to the replacement of the properties so sold or disposed of and, if not so applied, shall be deposited to the credit of the related Series Acquisition and Construction Account or, after the Date of Completion of the Series Project, shall be applied as provided in the corresponding Supplemental Indenture. The District may from time to time sell or lease such other property forming part of a Series Project which it may determine is not needed or serves no useful purpose in connection with the maintenance and operation of such Series Project, if the Consulting Engineer shall in writing approve such sale or lease, and the proceeds of any such sale shall be disposed of as hereinabove provided for the proceeds of the sale or disposal of movable property. The proceeds of any lease as described above shall be applied as provided in the corresponding Supplemental Indenture.
Notwithstanding the foregoing, the District may: (a) dispose of all or any part of a Series Project, other than a Series Project the revenues to be derived from the operation of which are pledged to a Series of Bonds, by gift or dedication thereof to any unit of local government, or to the State or any agency or instrumentality of either of the foregoing or the United States Government; and/or (b) impose, declare

or grant title to or interests in the Series Project or a portion or portions thereof in order to create ingress and egress rights and public and private utility easements as the District may deem necessary or desirable for the development, use and occupancy of the property within the District; and/or (c) impose or declare covenants, conditions and restrictions pertaining to the use, occupancy and operation of the Series Projects.
Section 807. Completion and Maintenance of Series Projects. The District shall complete the acquisition and construction of a Series Project with all practical dispatch and in a sound and economical manner. So long as any Series Project is owned by the District, the District shall maintain, preserve and keep the same or cause the same to be maintained, preserved and kept, with the appurtenances and every part and parcel thereof, in good repair, working order and condition, and shall from time to time make, or cause to be made, all necessary and proper repairs, replacements and renewals so that at all times the operation thereof may be properly and advantageously conducted.
Section 808.	Accounts and Reports.
Annual Report. The District shall, within thirty (30) days of receipt and approval by the District, so long as any Bonds are Outstanding, deliver to each Requesting Owner (hereinafter defined), and otherwise as provided by law, a copy of its annual audit for such year, accompanied by an Accountant's Certificate, including
(i) statements in reasonable detail of its financial condition as of the end of such Fiscal Year and income and expenses for such Fiscal Year, and (ii) statements of all receipts and disbursements of the Pledged Revenues of each Series of Bonds (unless the Pledged Revenues of such Series are remitted directly to the Trustee). The Trustee shall, within ninety (90) days after the close of each Fiscal Year so long as any Bonds are Outstanding, file with the District a summary with respect to each Fund and Account of the deposits thereto and disbursements therefrom during such Fiscal Year and the amounts held therein at the end of such Fiscal Year, or at the option of the Trustee, such summary can be made on a monthly basis. For purposes of the foregoing, the term "Requesting Owner" shall mean the Owner (or Beneficial Owner in the case of Bonds held in book-entry form) of more than $1,000,000 aggregate principal amount of any Series of Bonds who requests such information in writing to the District.
No Default Certificate. The District shall file with the Trustee, so long as any Bonds are Outstanding, a certificate of an Authorized Officer upon the occurrence of an Event of Default as described in Section 902(h) hereof, such certificate to contain a description of the nature of such Event of Default and actions taken or to be taken to remedy such Event of Default.
Inspection. The reports, statements and other documents required to be furnished by the District to the Trustee and by the Trustee to the District pursuant to any provisions hereof shall be available for inspection by any Owner of at least

twenty-five percent (25%) in principal amount of any Series of Bonds Outstanding at the designated office of the District upon the giving of at least five (5) days advance written notice to the District or the Trustee, as the case may be.
Reports Pursuant to Uniform Special District Accountability Act of 1989. The District covenants and agrees that it will comply with the provisions of Chapter 189.01 et seq., Florida Statutes, the Uniform Special District Accountability Act of 1989, to the extent applicable to the District, including any reporting requirements contained therein which are applicable to the District. The District may contract with a service provider selected by the District to ensure such compliance.
Section 809. Arbitrage and Other Tax Covenants. The District hereby covenants that it will not take any action, and will not fail to take any action, which action or failure would cause any Tax-Exempt Bonds to become "arbitrage bonds" as defined in Section 148 of the Code. The District further covenants that it will take all such actions after delivery of any Tax-Exempt Bonds as may be required in order for interest on such Tax-Exempt Bonds to remain excludable from gross income (as defined in Section 61 of the Code) of the Owners. Without limiting the generality of the foregoing, the District hereby covenants that it will to the extent not remitted by the Trustee from funds held in the Rebate Account, remit to the United States the Rebate Amount at the time and place required by this Master Indenture, any Supplemental Indenture, and the Tax Regulatory Covenants.
Section 810. Enforcement of Payment of Assessments. The District will assess, levy, collect or cause to be collected and enforce the payment of Assessments, Benefit Special Assessments, and/or any other sources which constitute Pledged Revenues for the payment of any Series of Bonds in the manner prescribed by this Master Indenture, any Supplemental Indenture and all resolutions, ordinances or laws thereunto appertaining at times and in amounts as shall be necessary in order to pay, when due, the principal of and interest on the Series of Bonds to which such Pledged Revenues are pledged, and to pay or cause to be paid the proceeds of such Assessments, Benefit Special Assessments, and/or any other sources as received to the Trustee in accordance with the provisions hereof.
Section 811. Method of Collection of Assessments and Benefit Special Assessments. The District shall levy and collect Assessments and Benefit Special Assessments in accordance with applicable State law.
Section 812.  Delinquent Assessments. If the owner of any lot or parcel of land shall be delinquent in the payment of any Assessment or Benefit Special Assessment, pledged to a Series of Bonds, then such Assessment or Benefit Special Assessment shall be enforced in accordance with the provisions of Chapters 170 and/or 197, Florida Statutes, including but not limited to the sale of tax certificates and tax deeds as regards such Delinquent Assessment. In the event the provisions of Chapter 197, Florida Statutes, are inapplicable or unavailable, or in the event that

an Assessment or Benefit Special Assessment was directly collected by the District, as permitted by a Supplemental Indenture, then upon the delinquency of any such Assessment or Benefit Special Assessment, the District either on its own behalf, or through the actions of the Trustee may, and shall, if so directed in writing by the Majority Owners of the Bonds of such Series then Outstanding, declare the entire unpaid balance of such Assessment or Benefit Special Assessment, to be in default and, at its own expense, cause such delinquent property to be foreclosed in the same method now or hereafter provided by law for the foreclosure of mortgages on real estate, or pursuant to the provisions of Chapters 170 and 173, and Section 190.026, Florida Statutes, or otherwise as provided by law. The District further covenants to furnish, at its expense, to any Owner of Bonds of the related Series so requesting, sixty (60) days after the due date of each annual installment, a list of all Delinquent Assessments together with a copy of the District's annual audit (if available), and a list of foreclosure actions currently in progress and the current status of such Delinquent Assessments.
Section 813.  Deposit of Proceeds from Sale of Tax Certificates. If any tax certificates relating to Delinquent Assessments which are pledged to a Series of Bonds are sold by the Tax Collector pursuant to the provisions of Section 197.432, Florida Statutes, or if any such tax certificates are not sold but are later redeemed, the proceeds of such sale or redemption (to the extent that such proceeds relate to the Delinquent Assessments), less any commission or other charges retained by the Tax Collector, shall, if paid by the Tax Collector to the District, be paid by the District to the Trustee not later than five (5) Business Days following receipt of such proceeds by the District and shall be deposited by the Trustee to the credit of the related Series Revenue Account.
Section 814. Sale of Tax Deed or Foreclosure of Assessment or Benefit Special Assessment Lien. If any property shall be offered for sale for the nonpayment of any Assessment or Benefit Special Assessment, which is pledged to a Series of Bonds, and no person or persons shall purchase such property for an amount less than or equal to the full amount due on the Assessments or Benefit Special Assessments (principal, interest, penalties and costs, plus attorneys' fees, if any), the property may then be purchased by the District for an amount equal to the balance due on the Assessments or Benefit Special Assessments (principal, interest, penalties and costs, plus attorneys' fees, if any), from any legally available funds of the District and the District shall receive in its corporate name or in the name of a special purpose entity title to the property for the benefit of the Owners of the Series of Bonds to which such Assessments or Benefit Special Assessments were pledged; provided that the Trustee shall have the right, acting at the direction of the Majority Owners of the applicable Series of Bonds secured by such Assessments or Benefit Special Assessments, but shall not be obligated, to direct the District with respect to any action taken pursuant to this paragraph. The District, either through its own actions, or actions caused to be taken through the Trustee, shall have the power to lease or sell such property, and deposit all of the net proceeds of any such lease or sale into

the related Series Revenue Account. Not less than ten (10) days prior to the filing of any foreclosure action as herein provided, the District shall cause written notice thereof to be mailed to any designated agents of the Owners of the related Series of Bonds. Not less than thirty (30) days prior to the proposed sale of any lot or tract of land acquired by foreclosure by the District, it shall give written notice thereof to such representatives. The District, either through its own actions, or actions caused to be taken through the Trustee, agrees that it shall be required to take the measures provided by law for the listing for sale of property acquired by it as trustee for the benefit of the Owners of the related Series of Bonds within sixty (60) days after the receipt of the request therefor signed by the Trustee or the Majority Owners of the Bonds of such Series then Outstanding.
Section 815.  Other Obligations Payable from Assessments or Benefit Special Assessments. The District will not issue or incur any obligations payable from the proceeds of Assessments or Benefit Special Assessments securing a Series of Bonds nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge upon such Assessments or Benefit Special Assessments other than the lien of any Subordinate Debt except for fees, commissions, costs, and other charges payable to the Property Appraiser or to the Tax Collector pursuant to State law.
Section 816. Re-Assessments. If any Assessment or Benefit Special Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or the District shall be satisfied that any such Assessment or Benefit Special Assessment is so irregular or defective that it cannot be enforced or collected, or if the District shall have omitted to make such Assessment or Benefit Special Assessment when it might have done so, the District shall either: (a) take all necessary steps to cause a new Assessment or Benefit Special Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement; or (b) in its sole discretion, make up the amount of such Assessment or Benefit Special Assessment from legally available moneys, which moneys shall be deposited into the related Series Revenue Account. In case any such subsequent Assessment or Benefit Special Assessment shall also be annulled, the District shall obtain and make other Assessments or Benefit Special Assessments until a valid Assessment or Benefit Special Assessment shall be made.
Section 817. General. The District shall do and perform, or cause to be done and performed, all acts and things required to be done or performed by or on behalf of the District under law and this Master Indenture, in accordance with the terms of such provisions.
Upon the date of issuance of each Series of Bonds, all conditions, acts and things required by law and this Master Indenture and any Supplemental Indenture to exist, to have happened and to have been performed precedent to and in the issuance of such Series of Bonds shall exist, have happened and have been performed

and upon issuance, such Series of Bonds shall be within every debt and other limit prescribed by the laws of the State applicable to the District.
The District shall not enter into any contract or take any action by which the rights of the Trustee or the Owners may be impaired and shall, from time to time, execute and deliver such further instruments and take such further action as may be required to carry out the purposes of this Master Indenture and any Supplemental Indenture. For so long as any Bonds are Outstanding hereunder, unless otherwise provided by the Act, the District shall maintain its corporate existence as a local unit of special purpose government under the Act and shall provide for or otherwise require all Series Projects, and all parts thereof owned by the District to be (a) continuously operated, repaired, improved and maintained as shall be necessary to provide adequate service to the lands benefited thereby, and (b) in compliance with all valid and applicable laws, acts, rules, regulations, permits, orders, requirements and directions of any competent public authority.
Section 818. Continuing Disclosure. The District covenants and agrees that it will comply with and carry out all of the provisions of any Continuing Disclosure Agreement. Notwithstanding any other provision of this Master Indenture or any Supplemental Indenture, failure of the District or any other obligated person to comply with any Continuing Disclosure Agreement shall not be considered an Event of Default hereunder; however, the Trustee may (and, at the request of any participating underwriter or the Owners of at least twenty-five percent (25%) aggregate principal amount of Bonds of a Series then Outstanding and receipt of indemnity to its satisfaction, shall) or any Owner or Beneficial Owner of the Bonds of a Series then Outstanding may take such actions as may be necessary and appropriate, including seeking specific performance by court order, to cause the District to comply with its obligations under this Section 818. For purposes of this Section, "Beneficial Owner" means 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.

ARTICLE IX
EVENTS OF DEFAULT AND REMEDIES
Section 901. Extension of Interest Payment. If the time for payment of interest of a Bond of any Series shall be extended, whether or not such extension be by or with the consent of the District, such interest so extended shall not be entitled in case of default hereunder to the benefit or security of this Master Indenture unless the aggregate principal amount of such Bonds then Outstanding and of all accrued interest the time for payment of which shall not have been extended, shall have previously been paid in full.

Section 902. Events of Default. Each of the following events is hereby declared an Event of Default with respect to a Series of Bonds, but no other Series of Bonds unless otherwise provided in the Supplemental Indenture relating to such Series:
Any payment of Debt Service on such Series of Bonds is not made when
due;
The District shall for any reason be rendered incapable of fulfilling its
obligations hereunder or under the Supplemental Indenture relating to such Series of Bonds;
The District admits in writing its inability to pay its debts generally as they become due, or files a petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of a receiver or trustee for itself or for the whole or any part of the related Series Project;
The District is adjudged insolvent by a court of competent jurisdiction, or is adjudged bankrupt on a petition in bankruptcy filed against the District, or an order, judgment or decree be entered by any court of competent jurisdiction appointing, without the consent of the District, a receiver or trustee of the District or of the whole or any part of its property and if the aforesaid adjudications, orders, judgments or decrees shall not be vacated or set aside or stayed within ninety (90) days from the date of entry thereof;
The District shall file a petition or answer seeking reorganization or any arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof;
Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the District's assets or any part thereof, and such custody or control shall not be terminated within ninety
(90) days from the date of assumption of such custody or control;
Any portion of the Assessments or Benefit Special Assessments pledged to a Series of Bonds shall have become Delinquent Assessments and, as the result thereof, the Indenture provides for the Trustee to withdraw funds in an amount greater than twenty-five percent (25%) of the amount on deposit in a Series Reserve Account to pay Debt Service on the corresponding Series of Bonds (regardless of whether the Trustee does or does not, per the direction of the Majority Owners, actually withdraw such funds from the Series Reserve Account to pay Debt Service on the corresponding Series of Bonds);
The District shall default in the due and punctual performance of any of the material covenants, conditions, agreements and provisions contained in the Bonds of such Series or in this Master Indenture or in the Supplemental Indenture

relating to such Series of Bonds on the part of the District to be performed (other than a default in the payment of Debt Service on the related Series of Bonds when due, which is an Event of Default under subsection (a) above) and such default shall continue for thirty (30) days after written notice specifying such default and requiring the same to be remedied shall have been given to the District by the Trustee or, if the Trustee is unwilling or unable to act, by Owners of not less than ten percent (10%) in aggregate principal amount of the Bonds of such Series then Outstanding and affected by such default; and
More than twenty percent (20%) of the Operation and Maintenance Assessments levied by the District on tax parcels subject to Assessments or Benefit Special Assessments pledged to a Series of Bonds are not paid by the date such are due and payable.
Section 903. Acceleration of Maturities of Bonds of a Series Under Certain Circumstances. Upon the happening and continuance of any Event of Default specified in clauses (a) through (i) of Section 902 above with respect to a Series of Bonds, the Trustee shall, upon written direction of the Majority Owners of the Bonds of such Series then Outstanding, by a notice in writing to the District, declare the aggregate principal amount of all of the Bonds of such Series then Outstanding (if not then due and payable) to be due and payable immediately and, upon such declaration, the same shall become and be immediately due and payable, anything contained in the Bonds of such Series or in this Master Indenture or in the Supplemental Indenture authorizing such Series of Bonds to the contrary notwithstanding; provided, however, that no such declaration of acceleration shall occur in the case of Bonds of a Series secured by Assessments, except to the extent that the Assessments have been accelerated and are currently due and payable in accordance with applicable law; and provided further, however, that if at any time after the aggregate principal amount of the Bonds of any Series then Outstanding shall have been so declared to be due and payable, and before the entry of final judgment or decree in any suit, action or proceeding instituted on account of such default, or before the completion of the enforcement of any other remedy under this Master Indenture or the related Supplemental Indenture, moneys shall have accumulated in the related Series Revenue Account sufficient to pay the principal of all matured Bonds of such Series and all arrears of interest, if any, upon all Bonds of such Series then Outstanding (except the aggregate principal amount of any Bonds of such Series then Outstanding that is only due because of a declaration under this Section 903, and except for the interest accrued on the Bonds of such Series since the last Interest Payment Date), and all amounts then payable by the District hereunder shall have been paid or a sum sufficient to pay the same shall have been deposited with the Paying Agent, and every other default (other than a default in the payment of the aggregate principal amount of the Bonds of such Series then Outstanding that is due only because of a declaration under this Section 903) shall have been remedied, then the Trustee or, if the Trustee is unable or unwilling to act, the Majority Owners of such Series of Bonds then Outstanding not then due except by virtue of a

declaration under this Section 903, may, by written notice to the District, rescind and annul such declaration and its consequences, but no such rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon.
Section 904. Enforcement of Remedies. Upon the happening and continuance of any Event of Default specified in Section 902 above with respect to a Series of Bonds, the Trustee may protect and enforce the rights of the Owners of the Bonds of such Series under State law, and under this Master Indenture, the related Supplemental Indenture and the Bonds of such Series, by such proceedings in equity or at law, either for the specific performance of any covenant or agreement contained herein or in aid or execution of any power herein or in the related Supplemental Indenture granted or for the enforcement of any proper legal or equitable remedy, as the Trustee shall deem most effectual to protect and enforce such rights.
The Majority Owners of the Bonds of such Series then Outstanding shall, subject to the requirements of Section 607, have the right, by an instrument or instruments in writing executed and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings by the Trustee hereunder, provided that such directions shall not be in conflict with any rule of law or this Master Indenture and that the Trustee shall have the right to decline to follow any such direction which in the opinion of the Trustee would be unduly prejudicial to the rights of the Owners of such Series of Bonds not parties to such direction or would subject the Trustee to personal liability or expense. Notwithstanding the foregoing, the Trustee shall have the right to select and retain legal counsel of its choosing to represent it in any such proceedings. The Trustee may take any other action which is not inconsistent with any direction under this second paragraph of this Section 904.
No Owner of such Series of Bonds shall have any right to pursue any other remedy under this Master Indenture or such Series of Bonds unless: (a) an Event of Default shall have occurred and is continuing; (b) the Majority Owners of the Bonds of such Series then Outstanding have requested the Trustee, in writing, to exercise the powers granted in the first paragraph of this Section 904 or to pursue such remedy in its or their name or names; (c) the Trustee has been offered indemnity satisfactory to it against costs, expenses and liabilities reasonably anticipated to be incurred; (d) the Trustee has declined to comply with such request, or has failed to do so, within sixty (60) days after its receipt of such written request and offer of indemnity; and (e) no direction inconsistent with such request has been given to the Trustee during such sixty (60) day period by the Majority Owners of the Bonds of such Series then Outstanding. The provisions of the immediately preceding sentence of this Section 904 are conditions precedent to the exercise by any Owner of such Series of Bonds of any remedy hereunder. The exercise of such rights is further subject to the provisions of Sections 907, 909, 910, 912 and the second paragraph of this Section 904. No Owner

or Owners of such Series of Bonds shall have any right in any manner whatsoever to enforce any right under this Master Indenture, except in the manner herein provided.
The District covenants and agrees that upon the occurrence and continuance of an Event of Default, it will take such actions to enforce the remedial provisions of the Indenture, the provisions for the collection of Delinquent Assessments, including delinquent Direct Billed Operation and Maintenance Assessments, the provisions for the foreclosure of liens of Delinquent Assessments, including delinquent Direct Billed Operation and Maintenance Assessments, and will take such other appropriate remedial actions as shall be directed by the Trustee acting at the direction of, and on behalf of, the Majority Owners, from time to time, of the Bonds of a Series. Notwithstanding anything to the contrary herein, and unless otherwise directed by the Majority Owners of the Bonds of a Series and allowed pursuant to federal or State law, the District acknowledges and agrees that (y) upon failure of any property owner to pay an installment of Assessments collected directly by the District when due, that the entire Assessment on the tax parcel as to which such Delinquent Assessment appertains, with interest and penalties thereon, shall immediately become due and payable as provided by applicable law and the District shall promptly, but in any event within 120 days, cause to be brought the necessary legal proceedings for the foreclosure of liens of Delinquent Assessments, including interest and penalties with respect to such tax parcel and (z) the foreclosure proceedings shall be prosecuted to a sale and conveyance of the property involved in said proceedings as now provided by law in suits to foreclose mortgages.
Section 905. Pro Rata Application of Funds Among Owners of a Series of Bonds. Anything in this Master Indenture to the contrary notwithstanding, if at any time the moneys in the Series Funds and Accounts shall not be sufficient to pay Debt Service on the related Series of Bonds when due, such moneys together with any moneys then available or thereafter becoming available for such purpose, whether through the exercise of the remedies provided for in this Article IX or otherwise, shall be applied as follows:
Unless the aggregate principal amount of all the Bonds of such Series shall have become due and payable or shall have been declared due and payable pursuant to the provisions of Section 903 hereof, all such moneys shall be applied:
FIRST: to the payment of any then-due fees and expenses of the Trustee, including reasonable counsel fees and expenses, to the extent not otherwise paid;
SECOND: to payment to the persons entitled thereto of all installments of interest then due and payable on the Bonds of such Series, in the order in which such installments become due and payable 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 discrimination or preference except as to any difference in the rates of interest specified in the Bonds of such Series; and
THIRD: to the payment to the persons entitled thereto of the unpaid principal of any of the Bonds of such Series which shall have become due (other than Bonds of such Series called for redemption for the payment of which sufficient moneys are held pursuant to this Master Indenture), in the order of their due dates, with interest upon the Bonds of such Series at the rates specified therein from the dates upon which they become due to their payment date, and, if the amount available shall not be sufficient to pay in full the principal of Bonds of such Series due on any particular date, together with such interest, then to the payment first of such interest, ratably according to the amount of such interest due on such date, and then to the payment of such principal, ratably according to the amount of such principal due on such date, to the Owners of the Bonds of such Series entitled thereto without any discrimination or preference except as to any difference in the foregoing rates of interest.
If the aggregate principal amount of all the Bonds of a Series shall have become due and payable in accordance with their terms or shall have been declared due and payable pursuant to the provisions of Section 903 hereof, all such moneys shall be applied first to the payment of any fees and expenses of the Trustee, including reasonable counsel fees and expenses, to the extent not otherwise paid, and then the payment of the whole amount of principal and interest then due and unpaid upon the Bonds of such Series, without preference or priority of principal or of interest or of any installment of interest over any other, or of any Bond over any other Bond of such Series, ratably, according to the amounts due respectively for principal and interest, to the persons entitled thereto without any discrimination or preference except as to any difference in the respective rates of interest specified in the Bonds of such Series.
If the principal of all the Bonds of a Series shall have been declared due and payable pursuant to the provisions of Section 903 hereof, and if such declaration shall thereafter have been rescinded and annulled pursuant to the provisions of Section 903 hereof, then, if the aggregate principal amount of all of the Bonds of such Series shall later become due or be declared due and payable pursuant to the provisions of Section 903 hereof, the moneys remaining in and thereafter accruing to the related Series Revenue Fund shall be applied in accordance with subsection (b) above.
The provisions of this Section 905 are in all respects subject to the provisions of Section 901 hereof.
Whenever moneys are to be applied pursuant to this Section 905, such moneys shall be applied by the Trustee at such times as the Trustee in its sole discretion shall determine, having due regard to the amount of such moneys available for application

and the likelihood of additional moneys becoming available for such application. The deposit of such moneys with the Paying Agent shall constitute proper application by the Trustee, and the Trustee shall incur no liability whatsoever to any Owner or to any other person for any delay in applying any such funds, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies such moneys in accordance with such provisions of this Master Indenture as may be applicable at the time of application. Whenever the Trustee shall exercise such discretion in applying such funds, it shall fix the date upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date and shall not be required to make payment to any Owner until such Bond shall be surrendered to him for appropriate endorsement.
Section 906. Effect of Discontinuance of Proceedings. If any proceeding taken by the Trustee or any Owner on account of any default shall have been discontinued or abandoned for any reason, then the District and the Owner shall be restored to their former positions and rights hereunder, respectively, and all rights and remedies of the Owners shall continue as though no such proceeding had been taken.
Section 907. Restriction on Individual Owner Actions. Except as provided in Section 910 below, no Owner of any Bonds of a Series shall have any right in any manner whatsoever to affect, disturb or prejudice the security of this Master Indenture or any Supplemental Indenture, or to enforce any right hereunder or thereunder except in the manner herein or therein provided, and all proceedings at law or in equity shall be instituted and maintained for the benefit of all Owners of the Bonds of such Series.
Section 908. No Remedy Exclusive. No remedy conferred upon the Trustee or the Owners is intended to be exclusive of any other remedy herein or in any Supplemental Indenture provided, and each such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or thereunder.
Section 909. Delay Not a Waiver. No delay or omission of the Trustee or any Owner to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy given to the Trustee and the Owners may be exercised from time to time and as often as may be deemed expedient.
Section 910. Right to Enforce Payment of Bonds. Nothing in this Article IX shall affect or impair the right of any Owner to enforce the payment of Debt Service on the Bond of which such person is the registered Owner, or the obligation of the District to pay Debt Service to the Owner at the time and place specified in such Bond.

Section 911. No Cross Default Among Series. The occurrence of an Event of Default hereunder or under any Supplemental Indenture with respect to any Series of Bonds shall not constitute an Event of Default with respect to any other Series of Bonds, unless the event giving rise to the Event of Default also constitutes an Event of Default hereunder or under the Supplemental Indenture with respect to such other Series of Bonds.
Section 912. Indemnification. Other than to make proper draws under a Credit Facility, the Trustee shall be under no obligation to institute any suit or to take any remedial proceeding under this Master Indenture or any Supplemental Indenture or to enter any appearance or in any way defend in any suit in which it may be made defendant, or to advance its own money, or to take any steps in the execution of the trusts hereby created or in the enforcement of any rights and powers hereunder, until it shall be indemnified to its satisfaction against any and all costs and expenses, outlays and counsel fees and other reasonable disbursements, and against all liability. Notwithstanding the foregoing, the indemnification provided by this Section 912 shall not be applicable in cases of the Trustee's gross negligence or willful misconduct.
Section 913. Provisions Relating to Bankruptcy or Insolvency of Landowner.
The provisions of this Section 913 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, or tax parcels which are in the aggregate, subject to at least five percent (5%) of the Assessments pledged to the Bonds of a Series then Outstanding (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").
The District acknowledges and agrees that, although the Bonds of a Series were issued by the District, the Owners of the Bonds of a Series are categorically the party with the ultimate financial stake in the transaction and, consequently, the party with a vested and pecuniary interest in a Proceeding. In the event of any Proceeding involving an Insolvent Taxpayer:
the District hereby agrees that it shall make a reasonable attempt to timely seek to secure the written consent of the Trustee, acting at the direction of the Majority Owners of the Bonds of a Series then Outstanding, prior to 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 Assessments relating to the Bonds of a Series then Outstanding, the Bonds of such Series then Outstanding or any rights of the Trustee under the Indenture (provided, however, the Trustee

shall be deemed to have consented, on behalf of the Majority Owners of the Bonds of such Series then Outstanding, to the proposed action if the District does not receive a written response from the Trustee within sixty (60) days following delivery to the Trustee and the Majority Owners of a written request for consent);
the District hereby 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 Assessments relating to the Bonds of a Series then Outstanding, the Bonds of such Series then Outstanding or any rights of the Trustee under the Indenture that are inconsistent with any written consent received (or deemed received) from the Trustee;
the District hereby agrees that it shall make a reasonable attempt to timely seek the written consent of the Trustee prior to filing and voting in any such Proceeding (provided, however, the Trustee shall be deemed to have consented, on behalf of the Majority Owners of the Bonds of such Series then Outstanding, to the proposed action if the District does not receive a written response from the Trustee within sixty (60) days following delivery to the Trustee and the Majority Owners of a written request for consent);
the Trustee shall have the right, by interpleader or otherwise, to seek or oppose any relief in any such Proceeding that the District, as claimant with respect to the Assessments relating to the Bonds of a Series then Outstanding, would have the right to pursue, and, if the Trustee chooses to exercise any such rights, the District shall not oppose the Trustee in seeking to exercise 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 and/or defend any claims and proofs of claims, to vote to accept or reject a plan, to seek dismissal of the Proceeding, to seek stay relief to commence or continue foreclosure or pursue any other available remedies as to the Assessments relating to the Bonds of a Series then Outstanding, to seek substantive consolidation, to seek to shorten the Insolvent Taxpayer's exclusivity periods or to oppose any motion to extend such exclusivity periods, to oppose any motion for use of cash collateral or for authority to obtain financing, to oppose any sale procedures motion or any sale motion, to propose a competing plan of reorganization or liquidation, or to make any election under Section 1111(b) of the Bankruptcy Code; and
the District shall not challenge the validity or amount of any claim submitted in good faith by the Trustee in such Proceeding or any valuations of the lands owned by any Insolvent Taxpayer submitted in good

faith by the Trustee in such Proceeding or take any other action in such Proceeding, which is adverse to the Trustee's enforcement of the District's claim and rights with respect to the Assessments relating to the Bonds of a Series then Outstanding 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 to (A) file a proof of claim with respect to the Assessments pledged to the Bonds of a Series then Outstanding, (B) deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (C) defend any objection filed to said proof of claim.
The District acknowledges and agrees that it shall not be a defense to a breach of the foregoing covenants that it has acted on advice of counsel in not complying with the foregoing covenants.
Nothing in this Section 913 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 a claim for Operation and Maintenance Assessments in such manner as it shall deem appropriate in its sole and absolute discretion; provided, however, that such claim shall not seek to reduce the amount or receipt of Assessments. 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 Assessments relating to the Bonds of a Series then Outstanding whether such claim is pursued by the District or the Trustee; provided, however, that the District shall not oppose any relief sought by the Trustee under the authority granted to the Trustee in clause (b)(iv) above.

ARTICLE X
EXECUTION OF INSTRUMENTS BY OWNERS AND PROOF OF OWNERSHIP OF BONDS
Section 1001. Execution of Instruments by Owners and Proof of Ownership of Bonds. Any request, direction, consent or other instrument in writing required or permitted by this Master Indenture or any Supplemental Indenture to be signed or executed by Owners may be in any number of concurrent instruments of similar tenor and may be signed or executed by Owners or their attorneys or legal representatives. Proof of the execution of any such instrument shall be sufficient for any purpose of this Master Indenture and shall be conclusive in favor of the District with regard to any action taken by it under such instrument if verified by any officer in any jurisdiction who, by the laws thereof, has power to take affidavits within such jurisdiction, to the effect that such instrument was subscribed and sworn to before him, or by an affidavit of a witness to such execution. Where such execution is on behalf of a person other than an individual such verification or affidavit shall also constitute sufficient proof of the authority of the signer thereof.

Nothing contained in this Article X shall be construed as limiting the Trustee to such proof, it being intended that the Trustee may accept any other evidence of the matters herein stated which it may deem sufficient. Any request or consent of the Owner of any Bond shall bind every future Owner of the same Bond in respect of anything done by the Trustee or the District in pursuance of such request or consent.
Section 1002. Deposit of Bonds. Notwithstanding the foregoing, neither the District nor the Trustee shall be required to recognize any person as an Owner of any Bond or to take any action at his request unless such Bond shall be deposited with the Trustee.

ARTICLE XI SUPPLEMENTAL INDENTURES
Section 1101. Supplemental Indentures Without Owner Consent. The Governing Body from time to time may authorize such indentures supplemental hereto or amendatory hereof as shall not be inconsistent with the terms and provisions hereof (which Supplemental Indenture shall thereafter form a part hereof), without the consent of the Owners, for the following purposes:
to provide for the initial issuance of a Series of Bonds or Refunding Bonds; or
to make any change whatsoever to the terms and provisions of this Master Indenture, but only as such change relates to a Series of Bonds upon the original issuance thereof (or upon the original issuance of Refunding Bonds which defease and discharge the Supplemental Indenture of the Series of Bonds to be refunded) under and pursuant to the terms of the Supplemental Indenture effecting such change; or
to cure any ambiguity or formal defect or omission or to correct any inconsistent provisions in this Master Indenture; or
to grant to the Owners or to the Trustee on behalf of the Owners any additional rights or security that may lawfully be granted; or
to add to the covenants and agreements of the District in this Master Indenture other covenants and agreements thereafter to be observed by the District to the benefit of the Owners of the Bonds then Outstanding; or
to make such changes as may be necessary in order to reflect amendments to Chapters 170, 190, 197 and 298, Florida Statues, or any other Florida Statutes, so long as, in the opinion of counsel to the District, such changes either: (i) do not have a material adverse effect on the Owners of each Series of Bonds to which such changes relate; or (ii) if such changes do have a material adverse effect, that they nevertheless are required to be made as a result of such amendments; or

to modify the provisions of this Master Indenture or any Supplemental Indenture provided that such modification does not, in the written opinion of Bond Counsel, materially adversely affect the interests of the Owners of Bonds then Outstanding, upon which opinion the Trustee may conclusively rely.
Section 1102. Supplemental Indentures With Owner Consent.
Subject to the provisions contained in this Section 1102, and not otherwise, the Majority Owners of Bonds then Outstanding shall have the right, from time to time, anything contained in this Master Indenture to the contrary notwithstanding, to consent to and approve the adoption of such indentures supplemental hereto or amendatory hereof as shall be deemed desirable by the District for the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the provisions of this Master Indenture; provided, however, that nothing herein contained shall permit, or be construed as permitting, without the consent of all Owners of Bonds then Outstanding and affected by such supplement or amendment,
an extension of the maturity of, or an extension of the Interest Payment Date on, any Bond;
a reduction in the principal, premium, or interest on any Bond;
a preference or priority of any Bond over any other Bond; or
a reduction in the aggregate principal amount of the Bonds required for consent to such Supplemental Indenture.
In addition to the foregoing, the Majority Owners of any Series of Bonds then Outstanding shall have the right, from time to time, anything contained in this Master Indenture or in the Supplemental Indenture relating to such Series of Bonds to the contrary notwithstanding, to consent to and approve the adoption of such indentures supplemental to the Supplemental Indenture relating to such Series of Bonds or amendatory thereof, but not hereof, as shall be deemed desirable by the District for the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the provisions of such Supplemental Indenture or of any indenture supplemental thereto; provided, however, that nothing herein contained shall permit, or be construed as permitting, without the consent of all Owners of Bonds of such Series then Outstanding and affected by such amendment,
an extension of the maturity of, or an extension of the Interest Payment Date on, any Bond of such Series;
a reduction in the principal, premium, or interest on any Bond of such Series;

a preference or priority of any Bond of such Series over any other Bond of such Series; or
a reduction in the aggregate principal amount of the Bonds of such Series required for consent to such indenture supplemental to the Supplemental Indenture.
If at any time the District shall determine that it is desirable to approve any Supplemental Indenture pursuant to this Section 1102, the District shall cause the Trustee to mail, at the expense of the District, notice of the proposed approval to the Owners whose approval is required. Such notice shall be prepared by the District and shall briefly set forth the nature of the proposed Supplemental Indenture or indenture supplemental to a Supplemental Indenture and shall state that copies thereof are on file with the Secretary for inspection by all affected Owners. The District shall not, however, be subject to any liability to any Owner by reason of its failure to cause the notice required by this Section 1102 to be mailed and any such failure shall not affect the validity of such Supplemental Indenture or indenture supplemental to a Supplemental Indenture when consented to and approved as provided in this Section 1102.
Whenever, at any time within one (1) year after the date of the first mailing of such notice, there shall be delivered to the District an instrument or instruments in writing purporting to be executed by the Owners of the requisite principal amount of the Bonds of such Series then Outstanding, which instrument or instruments shall refer to the proposed Supplemental Indenture or indenture supplemental to a Supplemental Indenture described in such notice and shall specifically consent to and approve the execution thereof in substantially the form of the copy thereof referred to in such notice, thereupon, but not otherwise, the Governing Body and the Trustee may approve such Supplemental Indenture and cause it to be executed, in substantially such form, without liability or responsibility to any Owner.
Section 1103. Opinion of Bond Counsel With Respect to Supplemental Indenture. In addition to the other requirements herein set forth with respect to Supplemental Indentures or indentures supplemental to a Supplemental Indenture, no such indenture shall be effective unless and until there shall have been delivered to the Trustee, at the expense of the District, an opinion of Bond Counsel to the effect that such indenture is permitted pursuant to this Master Indenture and that such indenture is the valid and binding obligation of the District enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or general equitable principles, upon which opinion the Trustee may conclusively rely. In addition, if such indenture relates to a Series of Tax-Exempt Bonds, such opinion shall also state that such indenture will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the related Series of Bonds.

Section 1104. Supplemental Indenture Part of Indenture. Any Supplemental Indenture executed in accordance with this Article XI and approved as to legality by counsel to the District shall thereafter, except as otherwise provided therein, form a part of this Master Indenture. Except as applicable only to Bonds of a Series, all of the terms and conditions contained in any such Supplemental Indenture amendatory of this Master Indenture shall be part of the terms and conditions hereof. The Trustee is not obligated to execute any amendment that is adverse to the interests of the Trustee.
Section 1105. Insurer or Issuer of a Credit Facility or Liquidity Facility as Owner of Bonds.
As long as a Credit Facility or Liquidity Facility securing all or a portion of the Bonds of a Series then Outstanding is in effect and the issuer thereof is not in default of any of its obligations under such Credit Facility or Liquidity Facility, as the case may be, the issuer of the Credit Facility or Liquidity Facility or the Insurer, to the extent so authorized in the applicable Supplemental Indenture, will be deemed to be the Owner of the Bonds of such Series secured by the Credit Facility or Liquidity Facility:
at all times for the purpose of the execution and delivery of a Supplemental Indenture or of any amendment, change or modification of the Master Indenture or the applicable Supplemental Indenture or the initiation by Owners of any action to be undertaken by the Trustee at the Owner's request, which under the Master Indenture or the applicable Supplemental Indenture requires the written approval or consent of or can be initiated by the Majority Owners of the Bonds of such Series then Outstanding;
at all times for the purpose of the mailing of any notice to Owners under the Master Indenture or the applicable Supplemental Indenture; and
following an Event of Default for all other purposes.
Notwithstanding the foregoing, neither an Insurer nor the issuer of a Credit Facility or Liquidity Facility with respect to a Series of Bonds will be deemed to be an Owner of the Bonds of such Series with respect to any such Supplemental Indenture or of any amendment, change or modification of the Master Indenture which would have the effect of permitting:
a change in the terms of redemption or maturity of any Bonds of a Series then Outstanding or of any installment of interest thereon; or
a reduction in the principal amount or the Redemption Price thereof or in rate of interest thereon; or

reducing the percentage or otherwise affecting the classes of Bonds the consent of the Owners of which is required to effect any such modification or amendment; or
creating any preference or priority of any Bond of a Series over any other Bond of such Series.

ARTICLE XII DEFEASANCE
Section 1201. Defeasance and Discharge of the Lien of this Master Indenture and Supplemental Indentures.
If the District pays or causes to be paid, or there shall otherwise be paid, to the Owners of all Bonds, the principal or Redemption Price, if applicable, and interest due or to become due thereon and the obligations under any Letter of Credit Agreement and any Liquidity Agreement, at the times and in the manner stipulated therein and in this Master Indenture and pays or causes to be paid all other moneys owing hereunder and under any Supplemental Indenture (including, without limitation the fees and expenses of the Trustee, including reasonable counsel fees and expenses), then the lien of this Master Indenture and all covenants, agreements and other obligations of the District to the Owners and the issuer of any Credit Facility or Liquidity Facility shall thereupon cease, terminate and become void and be discharged and satisfied. In such event, the Trustee upon the request of the District shall execute and deliver to the District all such instruments as may be desirable to evidence such discharge and satisfaction, and the Trustee and the Paying Agent shall pay over or deliver, as directed by the District, all moneys or securities held by them pursuant to this Master Indenture which are not required for the payment of principal or Redemption Price, if applicable, on Bonds not theretofore surrendered for such payment or redemption or for payment of obligations under any Letter of Credit Agreement and any Liquidity Agreement. If the District pays or causes to be paid, or there shall otherwise be paid, to the Owners of all Bonds then Outstanding or of a particular maturity, of a particular Series or of any part of a particular maturity or Series, the principal or Redemption Price, if applicable, and interest due or to become due thereon, at the times and in the manner stipulated therein and in this Master Indenture, such Bonds shall cease to be entitled to any lien, benefit or security under this Master Indenture, and all covenants, agreements and obligations of the District to the Owners of such Bonds shall thereupon cease, terminate and become void and be discharged and satisfied. Anything to the contrary in this Section 1201 notwithstanding, this Master Indenture shall not be discharged nor shall any Bonds with respect to which moneys or Federal Securities have been deposited in accordance with the provisions of this Section 1201 cease to be entitled to the lien, benefit or security under this Master Indenture, except to the extent that the lien, benefit and security of this Master Indenture and the obligations of the District hereunder shall

be limited solely to and such Bonds shall be secured solely by and be payable solely from the moneys or Federal Securities so deposited.
Bonds or interest installments for the payment or redemption of which moneys shall have been set aside and shall be held in trust by the Trustee (through deposit pursuant to this Master Indenture of funds for such payment or redemption or otherwise) at the maturity or redemption date thereof shall be deemed to have been paid within the meaning and with the effect expressed in this Section 1201. All Bonds of any particular maturity or Series then Outstanding shall, prior to the maturity or redemption date thereof, be deemed to have been paid within the meaning and with the effect expressed in subsection (a) of this Section 1201 if:
in case any of such Bonds are to be redeemed on any date prior to their maturity, the District shall have given to the Trustee or the Bond Registrar irrevocable instructions accepted in writing by the Trustee or the Bond Registrar to mail as provided in Article III hereof notice of redemption of such Bonds on such date;
there shall have been deposited with the Trustee either moneys in an amount which shall be sufficient, or Federal Securities, the principal of and the interest on which when due shall, as demonstrated in an Accountant's Certificate, provide moneys which, together with the moneys, if any, deposited with the Trustee at the same time, shall be sufficient, to pay when due the principal or Redemption Price, if applicable, and interest due and to become due on said Bonds on or prior to the redemption date or maturity date thereof, as the case may be;
the District shall have given the Trustee or the Bond Registrar in form satisfactory to it irrevocable instructions to mail, postage prepaid, to each registered Owner of Bonds then Outstanding at the address, if any, appearing upon the registration books of the District, a notice to the registered Owners of such Bonds and to the Bond Registrar that the deposit required by (ii) above has been made with the Trustee and that such Bonds are deemed to have been paid in accordance with this Section 1201 and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price, if applicable, on such Bonds; and
the Trustee shall have received an opinion of Bond Counsel to the effect that such defeasance is permitted under this Master Indenture and the Supplemental Indenture relating to the Series of Bonds so defeased and that, in the case of Tax-Exempt Bonds, such defeasance will not adversely affect the tax-exempt status of such Series of Bonds.
Neither Federal Securities nor moneys deposited with the Trustee pursuant to this Section 1201 nor principal or interest payments on any such Federal

Securities shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal or Redemption Price, if applicable, and interest on such Bonds; provided that any cash received from such principal or interest payments on such Federal Securities deposited with the Trustee:
to the extent such cash shall not be required at any time for such purpose as evidenced by an Accountant's Certificate, and to the extent all obligations under any Letter of Credit Agreement and any Liquidity Agreement are satisfied, as determined by an Insurer or an issuer of any Credit Facility or Liquidity Facility securing the Bonds with respect to which such Federal Securities have been so deposited, shall be paid over upon the direction of the District as received by the Trustee, free and clear of any trust, lien, pledge or assignment securing such Bonds or otherwise existing under this Master Indenture; and
to the extent such cash shall be required for such purpose at a later date, shall, to the extent practicable, be reinvested in Federal Securities maturing at times and in amounts sufficient to pay when due the principal or Redemption Price, if applicable, and interest to become due on such Bonds, or obligations under any Letter of Credit Agreement and any Liquidity Agreement, on or prior to such redemption date or maturity date thereof, as the case may be, and interest earned from such reinvestments shall be paid over as received by the Trustee to the District, free and clear of any lien, pledge or security interest securing such Bonds or otherwise existing under this Master Indenture.
For the purposes of this provision, Federal Securities means and includes only such securities which shall not be subject to redemption prior to their maturity other than at the option of the holder thereof.
As to any Variable Rate Bonds, whether discharged and satisfied under the provisions of subsection (a) or (b) above, the amount required for the interest thereon shall be calculated at the maximum rate permitted by the terms of the provisions which authorized the issuance of such Variable Rate Bonds; provided, however, that if on any date, as a result of such Variable Rate Bonds having borne interest at less than such maximum rate for any period, the total amount of moneys and Investment Obligations on deposit for the payment of interest on such Variable Rate Bonds is in excess of the total amount which would have been required to be deposited on such date in respect of such Variable Rate Bonds in order to fully discharge and satisfy such Bonds and obligations under any Letter of Credit Agreement and any Liquidity Agreement pursuant to the provisions of this Section 1201, the District may use the amount of such excess free and clear of any trust, lien, security interest, pledge or assignment securing said Variable Rate Bonds or otherwise existing under this Master Indenture, any Letter of Credit Agreement or any Liquidity Agreement.

Notwithstanding any of the provisions of this Master Indenture to the contrary, Option Bonds may only be fully discharged and satisfied either pursuant to subsection (a) above or by depositing in the Series Interest Account, the Series Principal Account, the Series Sinking Fund Account and the Series Redemption Account, or in such other accounts which are irrevocably pledged to the payment of the Option Bonds, as the District may create and establish by Supplemental Indenture, moneys which together with other moneys lawfully available therefor shall be sufficient at the time of such deposit to pay when due the maximum amount of principal of and Redemption Price, if any, and interest on such Option Bonds which could become payable to the Owners of such Bonds upon the exercise of any options provided to the Owners of such Bonds; provided however, that if at the time a deposit is made pursuant to this subsection (e) the options originally exercisable by the Owner of an Option Bond are no longer exercisable, such Bond shall not be considered an Option Bond for purposes of this subsection (e). If any portion of the moneys deposited for the payment of the principal of and Redemption Price, if any, and interest on Option Bonds is not required for such purpose and is not needed to reimburse an Insurer or an issuer of any Credit Facility or Liquidity Facility, for obligations under any Letter of Credit Agreement and any Liquidity Agreement, the District may use the amount of such excess free and clear of any trust, lien, security interest, pledge or assignment securing such Option Bonds or otherwise existing under this Master Indenture, any Letter of Credit Agreement or any Liquidity Agreement.
Anything in this Master Indenture to the contrary notwithstanding, any moneys held by the Trustee or any Paying Agent in trust for the payment and discharge of any of the Bonds which remain unclaimed for two (2) years after the date when such Bonds have become due and payable, either at their stated maturity dates or by call for earlier redemption, if such moneys were held by the Trustee or any Paying Agent at such date, or for two (2) years after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bonds became due and payable, shall at the written request of the District be repaid by the Trustee or Paying Agent to the District, as its absolute property and free from trust, and the Trustee or Paying Agent shall thereupon be released and discharged with respect thereto and the Owners shall look only to the District for the payment of such Bonds; provided, however, that before being required to make any such payment to the District, the Trustee or Paying Agent shall, at the expense of the District, cause to be mailed, postage prepaid, to any Insurer or any issuer of any Credit Facility or Liquidity Facility, and to each registered Owner of Bonds then Outstanding at the address, if any, appearing upon the registration books of the District, a notice that such moneys remain unclaimed and that, after a date named in such notice, which date shall be not less than thirty (30) days after the date of the mailing of such notice, the balance of such moneys then unclaimed shall be returned to the District.
In the event that the principal and Redemption Price, if applicable, and interest due on the Bonds shall be paid by the Insurer pursuant to a municipal bond

insurance policy, the assignment and pledge and all covenants, agreements and other obligations of the District to the Owners of such Bonds shall continue to exist and the Insurer shall be subrogated to the rights of such Owners.
Anything in this Master Indenture to the contrary notwithstanding, the provisions of the foregoing subsections (b) through (g) shall apply to the discharge of Bonds of a Series and to the discharge of the lien of any Supplemental Indenture securing such Series of Bonds as though each reference to the "Master Indenture" were a reference to such "Supplemental Indenture" and as though each reference to "Bonds then Outstanding" were a reference to the "Bonds of such Series then Outstanding."
Section 1202. Moneys Held in Trust. All moneys and obligations held by an escrow or paying agent or trustee pursuant to this Section 1202 shall be held in trust and the principal and interest of said obligations when received, and said moneys, shall be applied to the payment, when due, of the principal, interest and premium, if any, of the Bonds to be paid or to be called for redemption.

ARTICLE XIII MISCELLANEOUS PROVISIONS
Section 1301. Effect of Covenant. All covenants, stipulations, obligations and agreements of the District contained in this Master Indenture shall be deemed to be covenants, stipulations, obligations and agreements of the District and of the Governing Body of the District to the full extent authorized or permitted by law and all such covenants, stipulations, obligations and agreements shall bind or inure to the benefit of the successor or successors thereof from time to time and any officer, board, body or commission to whom or to which any power or duty affecting such covenants, stipulations, obligations and agreements shall be transferred by or in accordance with law.
Except as otherwise provided herein, all rights, powers and privileges conferred, and duties and liabilities imposed, upon the District or the Governing Body, by this Master Indenture shall be exercised or performed by the Governing Body, or by such other officers, board, body or commission as may be required by law to exercise such powers or to perform such duties.
No covenant, stipulation, obligation or agreement herein contained shall be deemed to be a covenant, stipulation, obligation or agreement of any member, agent or employee of the Governing Body in his or her individual capacity, and neither the members of the Governing Body nor any official executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof.

Section 1302. Manner of Giving Notice to the District and the Trustee. Any notice, demand, direction, request or other instrument authorized or required by this Master Indenture to be given to or filed with the District or the Governing Body or the Trustee shall be deemed to have been sufficiently given or filed for all purposes of this Master Indenture if and when sent by certified mail, return receipt requested:
To the District, addressed to:
Feed Mill Community Development District c/o Rizzetta & Company, Incorporated
3434 Colwell Avenue
Suite 200
Tampa, Florida 33614
To the Trustee, addressed to:
U.S. Bank Trust Company, National Association 225 East Robinson Street
Suite 250
Orlando, Florida 32801
Attention: Corporate Trust Department
or to such other address as shall be provided to the other party hereto in writing.
All documents received by the District and the Trustee under this Master Indenture shall be retained in their possession, subject at all reasonable times to the inspection of any Owner and the agents and representatives thereof.
Section 1303. Manner of Giving Notice to the Owners. Any notice, demand, direction, request, or other instrument authorized or required by this Master Indenture to be mailed to the Owners shall be deemed to have been sufficiently mailed if mailed by first class mail, postage pre-paid, to the Owners at their addresses as they appear at the time of mailing on the registration books maintained by the Bond Registrar.
Section 1304. Successorship of District Officers. If the offices of Chairman or Secretary shall be abolished or any two or more of such offices shall be merged or consolidated, or in the event of a vacancy in any such office by reason of death, resignation, removal from office or otherwise, or in the event any such officer shall become incapable of performing the duties of his office by reason of sickness, absence from the District or otherwise, all powers conferred and all obligations and duties imposed upon such officer shall be performed by the officer succeeding to the principal functions thereof or by the officer upon whom such powers, obligations and duties shall be imposed by law.

Section 1305. Inconsistent Provisions. All provisions of any resolutions, and parts thereof, which are inconsistent with any of the provisions of this Master Indenture are hereby declared to be inapplicable to this Master Indenture.
Section 1306. Further Acts; Counterparts. The officers and agents of the District are hereby authorized and directed to do all acts and things required of them by the Bonds and this Master Indenture, for the full, punctual and complete performance of all of the terms, covenants, provisions and agreements contained in the Bonds and this Master Indenture.
This Master Indenture and any Supplemental Indenture may be executed in duplicate counterparts each of which shall constitute one and the same agreement.
Section 1307. Headings Not Part of Indenture. Any headings preceding the texts of the several Articles and Sections hereof and any table of contents, marginal notes or footnotes appended to copies hereof shall be solely for convenience of reference and shall not constitute a part of this Master Indenture, nor shall they affect its meaning, construction or effect.
Section 1308. Effect of Partial Invalidity. In case any one or more of the provisions of this Master Indenture or of any Bonds shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Master Indenture or of the Bonds, but this Master Indenture and the Bonds shall be construed and enforced as if such illegal or invalid provision had not been contained therein. The Bonds are issued and this Master Indenture is adopted with the intent that the laws of the State shall govern their construction.
Section 1309. Attorneys' Fees. Any reference herein to the term "attorneys' fees," "counsel fees" or "legal fees" or words of like import shall include but not be limited to fees of legal assistants and paralegals and fees incurred in any and all legal proceedings, including any trial or appellate level proceedings, and any sales tax thereon.
[Remainder of Page Intentionally Left Blank]

Section 1310. Effective Date. This Master Indenture shall be effective as of the date first written above.

(SEAL)

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

ATTEST:

By:			 Chairman/Vice Chairman

By:			 Secretary/Assistant Secretary

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

By:			 Vice President

EXHIBIT A
FORM OF REQUISITION
The undersigned, an Authorized Officer of Feed Mill 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, Orlando, Florida, as trustee (the "Trustee"), dated as of May 1, 2025, as amended and supplemented by the [	] Supplemental Trust Indenture between the District and the Trustee, dated as of [	] (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.
Requisition Number:
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 or state costs of issuance, if applicable):
Fund, Account or subaccount from which disbursement is to be made: The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the [	] Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the [	] Project and each represents a Cost of the [	] Project, and has not previously been paid out of such Account or subaccount;
OR
this requisition is for costs of issuance payable from the [	] Costs of Issuance Account that has not previously been paid out of such Account.
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 contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.
FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By: 		 Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the [	] Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the [	] Project and is consistent with (i) the applicable acquisition or construction contract, (ii) the plans and specifications for the portion of the [	] Project with respect to which such disbursement is being made, and (iii) the report of the Consulting Engineer attached as an Exhibit to the [	] Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer

FIRST SUPPLEMENTAL TRUST INDENTURE

BETWEEN

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

AND

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

Dated as of May 1, 2025

$[Bond Amount] Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One)

TABLE OF CONTENTS
This Table of Contents is incorporated herein for ease of reference only and shall not be deemed a part of this First Supplemental Trust Indenture.
ARTICLE I DEFINITIONS
Section 101.	Definitions	4
ARTICLE II
AUTHORIZATION, ISSUANCE AND PROVISIONS OF SERIES 2025-1 BONDS
Section 201.	Authorization of Series 2025-1 Bonds; Book-Entry Only Form	8
Section 202.	Terms	10
Section 203.	Dating; Interest Accrual	10
Section 204.	Denominations	11
Section 205.	Paying Agent	11
Section 206.	Bond Registrar	11
Section 207.	Conditions Precedent to Issuance of Series 2025-1 Bonds	11
ARTICLE III REDEMPTION OF SERIES 2025-1 BONDS
Section 301.	Bonds Subject to Redemption	12
ARTICLE IV
DEPOSIT OF SERIES 2025-1 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF
Section 401.	Establishment of Accounts	12
Section 402.	Use of Series 2025-1 Bond Proceeds	12
Section 403.	Series 2025-1 Acquisition and Construction Account; Series 2025-
1 Costs of Issuance Account	13
Section 404.	Series 2025-1 Capitalized Interest Account	14
Section 405.	Series 2025-1 Reserve Account	14
Section 406.	Amortization Installments; Selection of Bonds for Redemption	15
Section 407.	Tax Covenants	15
Section 408.	Series 2025-1 Revenue Account; Application of Revenues and Investment Earnings	16
ARTICLE V CONCERNING THE TRUSTEE
Section 501.	Acceptance by Trustee	18
Section 502.	Limitation of Trustee's Responsibility	18

Section 503.	Trustee's Duties	18
ARTICLE VI ADDITIONAL BONDS
Section 601.	No Parity Bonds; Limitation on Parity Assessments	19
ARTICLE VII MISCELLANEOUS
Section 701.	Confirmation of Master Indenture	19
Section 702.	Continuing Disclosure Agreement	19
Section 703.	Additional Covenant Regarding Assessments	19
Section 704.	Collection of Assessments	20
Section 705.	Owner Direction and Consent with Respect to Series 2025-1 Acquisition and Construction Account Upon Occurrence of Event
of Default	20
Section 706.	Assignment of District's Rights Under Collateral Assignment	21
Section 707.	Enforcement of True-Up Agreement and Completion Agreement	21
Section 708.	Payment of Rebate Amount	21
Exhibit A – Description of Series 2025 Parcel 1 Project Exhibit B – Form of Series 2025-1 Bonds
Exhibit C – Form of Requisition for Series 2025 Parcel 1 Project

FIRST SUPPLEMENTAL TRUST INDENTURE
THIS	FIRST	SUPPLEMENTAL	TRUST	INDENTURE	(this	"First
Supplemental Indenture") is dated as of May 1, 2025, between FEED MILL COMMUNITY DEVELOPMENT DISTRICT (the "District") and U.S. BANK
TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (the "Trustee"), a national banking association, authorized to accept and execute trusts of the character herein set forth, with its designated corporate trust office located at 225 East Robinson Street, Suite 250, Orlando, Florida 32801, Attention: Corporate Trust Department.
WHEREAS, the District entered into a Master Trust Indenture, dated as of May 1, 2025 (the "Master Indenture" and together with this First Supplemental Indenture, the "Indenture") with the Trustee to secure the issuance of its Feed Mill Community Development District Capital Improvement Revenue Bonds (the "Bonds"), issuable in one or more Series from time to time; and
WHEREAS, pursuant to Resolution No. 2025-01, adopted by the Governing Body of the District on October 18, 2024, the District has authorized the issuance, sale and delivery of not to exceed $285,000,000 of Bonds, to be issued in one or more Series of Bonds as authorized under the Master Indenture, which Bonds were validated by final judgment of the Fourth Judicial Circuit of Florida, in and for Clay County on March 26, 2025, the appeal period for which expired with no appeal having been taken; and
WHEREAS, the Governing Body of the District duly adopted Resolution No. 2025-05, on February 26, 2025, providing for the acquisition, construction and installation of assessable capital improvements (the "Capital Improvement Program"), providing estimated Costs of the Capital Improvement Program, defining assessable property to be benefited by the Capital Improvement Program, defining the portion of the Costs of the Capital Improvement Program with respect to which Assessments will be imposed and the manner in which such Assessments shall be levied against such benefited property within the District, directing the preparation of an assessment roll, and stating the intent of the District to issue Bonds of the District secured by such Assessments to finance the Costs of the acquisition, construction and installation of the Capital Improvement Program and the Governing Body of the District duly adopted Resolution No. 2025-07, on April [23], 2025, following a public hearing conducted in accordance with the Act, to fix and establish the Assessments and the benefited property; and
WHEREAS, pursuant to Resolution No. 2025-06, adopted by the Governing Body of the District on April [23], 2025 (the "Award Resolution"), the District has authorized the issuance, sale and delivery of, among other things, its $[Bond Amount] Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) (the "Series 2025-1 Bonds"), which are issued hereunder as an issue of Bonds under the Master

Indenture, and has authorized the execution and delivery of the Master Indenture and this First Supplemental Indenture to secure the issuance of the Series 2025-1 Bonds and to set forth the terms of the Series 2025-1 Bonds; and
WHEREAS, the District will apply the proceeds of the Series 2025-1 Bonds to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 1 Project (as defined herein), (b) pay certain costs associated with the issuance of the Series 2025-1 Bonds, (c) make a deposit into the Series 2025-1 Reserve Account to be held for the benefit of all of the Series 2025-1 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-1 Bonds; and
WHEREAS, simultaneously with the issuance of the Series 2025-1 Bonds and pursuant to the Award Resolution, the Master Indenture and a Second Supplemental Trust Indenture dated as of even date herewith (the "Second Supplemental Indenture"), the District has authorized the issuance, sale and delivery of its $[2025-2 Amount] Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One) (the "Series 2025-2 Bonds"), which will be separately secured as a separate Series of Bonds under the Master Indenture and are issued to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 4 Project (as defined in the Second Supplemental Indenture), (b) pay certain costs associated with the issuance of the Series 2025-2 Bonds, (c) make a deposit into the Series 2025-2 Reserve Account to be held for the benefit of all of the Series 2025-2 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-2 Bonds; and
WHEREAS, the Series 2025-1 Bonds will be payable from and secured in part by revenues derived from Assessments imposed, levied and collected by the District with respect to property specially benefited by the Series 2025 Parcel 1 Project (the "Series 2025-1 Assessments"); and
WHEREAS, the execution and delivery of the Series 2025-1 Bonds and of this First Supplemental Indenture have been duly authorized by the Governing Body of the District and all things necessary to make the Series 2025-1 Bonds, when executed by the District and authenticated by the Trustee, valid and binding legal obligations of the District and to make this First Supplemental Indenture a valid and binding agreement and, together with the Master Indenture, a valid and binding lien on the Series 2025-1 Trust Estate (hereinafter defined) have been done;
NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:
That the District, in consideration of the premises, the acceptance by the Trustee of the trusts hereby created, the mutual covenants herein contained, the purchase and acceptance of the Series 2025-1 Bonds by the purchaser or purchasers

thereof, and other good and valuable consideration, receipt of which is hereby acknowledged, and in order to further secure the payment of the principal and Redemption Price of, and interest on, all Series 2025-1 Bonds Outstanding from time to time, according to their tenor and effect, and such other payments required to be made under the Master Indenture or hereunder, and to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this First Supplemental Indenture and in the Series 2025-1 Bonds (a) has executed and delivered this First Supplemental Indenture and (b) does hereby, in confirmation of the Master Indenture, grant, bargain, sell, convey, transfer, assign and pledge unto the Trustee, and unto its successors in the trusts established under the Master Indenture, and to them and their successors and assigns forever, all right, title and interest of the District, in, to and under, subject to the terms and conditions of the Master Indenture and the provisions of the Master Indenture pertaining to the application thereof for or to the purposes and on the terms set forth in the Master Indenture, the revenues derived by the District from the Series 2025-1 Assessments (the "Series 2025-1 Pledged Revenues") and the Funds and Accounts (except for the Series 2025-1 Rebate Account) established hereby (the "Series 2025-1 Pledged Funds") which shall constitute the Trust Estate securing the Series 2025-1 Bonds (the "Series 2025-1 Trust Estate");
TO HAVE AND TO HOLD all the same by the Master Indenture granted, bargained, sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in said trust and to it and its assigns forever;
IN TRUST NEVERTHELESS, except as in each such case may otherwise be provided in the Master Indenture, upon the terms and trusts in the Indenture set forth for the equal and proportionate benefit, security and protection of all and singular the present and future Owners of the Series 2025-1 Bonds issued or to be issued under and secured by this First Supplemental Indenture, without preference, priority or distinction as to lien or otherwise, of any one Series 2025-1 Bond over any other Series 2025-1 Bond by reason of priority in their issue, sale or execution;
PROVIDED HOWEVER, that if the District, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal and Redemption Price of the Series 2025-1 Bonds or any Series 2025-1 Bond of a particular maturity issued, secured and Outstanding under this First Supplemental Indenture and the interest due or to become due thereon, at the times and in the manner mentioned in the Series 2025-1 Bonds and this First Supplemental Indenture, according to the true intent and meaning thereof, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Master Indenture and this First Supplemental 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 of the Master Indenture and this First Supplemental Indenture, then upon such final payments, this First Supplemental Indenture and the rights hereby granted shall cease and terminate, with respect to all Series 2025- 1 Bonds or any Series 2025-1 Bond of a particular maturity, otherwise this First Supplemental Indenture shall remain in full force and effect;
THIS	FIRST	SUPPLEMENTAL	INDENTURE	FURTHER
WITNESSETH, and it is expressly declared, that all Series 2025-1 Bonds issued and secured hereunder are to be issued, authenticated and delivered and all of the rights and property pledged to the payment thereof are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as expressed in the Master Indenture (except as amended directly or by implication by this First Supplemental Indenture) and this First Supplemental Indenture, and the District has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective Owners, from time to time, of the Series 2025-1 Bonds, as follows:

ARTICLE I DEFINITIONS
Section 101. Definitions. All terms used herein that are defined in the recitals hereto are used with the same meaning herein unless the context clearly requires otherwise. All terms used herein that are defined in the Master Indenture are used with the same meaning herein (including the use of such terms in the recitals hereto and the granting clauses hereof) unless (a) expressly given a different meaning herein or (b) the context clearly requires otherwise. In addition, unless the context clearly requires otherwise, the following terms used herein shall have the following meanings:
"Arbitrage Certificate" shall mean the Certificate as to Arbitrage and Certain Other Tax Matters of the District, dated as of [Closing Date].
"Assessment Methodology" shall mean the Master Special Assessment Allocation Report, dated [February 26], 2025, as supplemented by the [First Supplemental Special Assessment Allocation Report], dated [	], 2025, each prepared by the Methodology Consultant.
"Beneficial Owners" shall have the meaning given such term by DTC so long as it is the registered Owner through its Nominee, Cede & Co., of the Series 2025-1 Bonds as to which such reference is made to enable such Series 2025-1 Bonds to be held in book-entry only form, and shall otherwise mean the registered Owner on the registration books of the District maintained by the Bond Registrar.

"Bond Depository" shall mean the securities depository from time to time under Section 201 hereof, which may be the District.
"Bond Participants" shall mean those broker-dealers, banks and other financial institutions from time to time for which the Bond Depository holds Series 2025-1 Bonds as securities depository.
"Collateral Assignment" shall mean the [Collateral Assignment] between the District and the Master Landowner, dated as of [Closing Date].
"Completion Agreement" shall mean the [Completion Agreement] between the District and the Master Landowner, dated as of [Closing Date].
"Continuing Disclosure Agreement" shall mean the Continuing Disclosure Agreement, by and among the District, the Developer and Rizzetta & Company, Incorporated, as dissemination agent, dated [as of] [Closing Date].
"Delinquent Assessment Interest" shall mean Series 2025-1 Assessment Interest deposited by the District with the Trustee on or after May 1 of the year in which such Series 2025-1 Assessment Interest has, or would have, become delinquent under State law or the Series 2025-1 Assessment Proceedings applicable thereto.
"Delinquent Assessment Principal" shall mean Series 2025-1 Assessment Principal deposited by the District with the Trustee on or after May 1 of the year in which such Series 2025-1 Assessment Principal has, or would have, become delinquent under State law or the Series 2025-1 Assessment Proceedings applicable thereto.
"Delinquent Assessments" shall mean, collectively, Delinquent Assessment Principal and Delinquent Assessment Interest.
"Engineer's Report" shall mean the Feed Mill Community Development District Capital Improvement Plan, dated [February 12], 2025, as supplemented by the [Supplemental Engineer's Report], dated [	], 2025, each prepared by England, Thims & Miller, Inc., copies of which are attached hereto as Exhibit A.
"Interest Payment Date" shall mean each May 1 and November 1, commencing November 1, 2025.
"Majority Owners" shall mean the Beneficial Owners of more than fifty percent (50%) in principal amount of the Outstanding Series 2025-1 Bonds.
"Master Landowner" shall mean SRTG Dev Owner, LLC, a Delaware limited liability company.
"Methodology Consultant" shall mean Rizzetta & Company, Incorporated.

"Nominee" shall mean the nominee of the Bond Depository, which may be the Bond Depository, as determined from time to time pursuant to this First Supplemental Indenture.
"Parcel 1 – Assessment Area One" shall mean the [  ] gross acres within Pods 1A through 1J of Parcel 1, planned to include 609 residential units, as more fully described in the Engineer's Report and the Assessment Methodology.
"Quarterly Redemption Date" shall mean each February 1, May 1, August 1 and November 1.
"Redemption Date" shall mean a Quarterly Redemption Date in the case of a partial redemption of Outstanding Series 2025-1 Bonds, or any date in the case of the redemption of all of the Outstanding Series 2025-1 Bonds.
"Reserve Account Release Conditions #1" shall mean, collectively, that (a) all lots subject to the Series 2025-1 Assessments have been developed, platted and sold to homebuilders, (b) all Series 2025-1 Assessments are being collected pursuant to the Uniform Method, and (c) there are no Events of Default occurring or continuing under the Indenture with respect to the Series 2025-1 Bonds. The Consulting Engineer shall provide a written certification to the District and the Trustee certifying that the event in clause (a) has occurred and the District Manager shall provide a written certification to the District and the Trustee certifying that the event in clause (b) has occurred and affirming clause (c), on which certifications the Trustee may conclusively rely.
"Reserve Account Release Conditions #2" shall mean, collectively, that (a) all of the Reserve Account Release Conditions #1 have been satisfied, (b) all homes within Parcel 1 – Assessment Area One have been built and have received a certificate of occupancy, and (c) there are no Events of Default occurring or continuing under the Indenture with respect to the Series 2025-1 Bonds. The District Manager shall provide a written certification to the District and the Trustee certifying that the events in clauses (a) and (b) have occurred and affirming clause (c), on which certifications the Trustee may conclusively rely.
"Series 2025 Parcel 1 Project" shall mean that portion of the Capital Improvement Program to be financed in part with the proceeds of the Series 2025-1 Bonds on deposit in the Series 2025-1 Acquisition and Construction Account, as more particularly described in the Engineer's Report.
"Series 2025-1 Assessment Interest" shall mean the interest on the Series 2025-1 Assessments which is pledged to the Series 2025-1 Bonds.
"Series 2025-1 Assessment Principal" shall mean the principal amount of Series 2025-1 Assessments received by the District which represents a proportionate amount of the principal of and Amortization Installments of the

Series 2025-1 Bonds, other than applicable Delinquent Assessment Principal and Series 2025-1 Prepayments.
"Series 2025-1 Assessment Proceedings" shall mean the proceedings of the District with respect to the establishment, levy and collection of the Series 2025-1 Assessments which include Resolution Nos. 2025-05, 2025-06, 2025-07 and 2025- [ ], adopted by the Governing Body of the District, and any supplemental proceedings undertaken by the District with respect to the Series 2025-1 Assessments and the Assessment Methodology as approved thereby.
"Series 2025-1 Assessment Revenues" shall mean all revenues derived by the District from the Series 2025-1 Assessments, including Delinquent Assessments, proceeds from any foreclosure of the lien of Delinquent Assessments and any statutory interest on the Delinquent Assessments collected by the District in excess of the rate of interest on the Series 2025-1 Bonds.
"Series 2025-1 Investment Obligations" shall mean and includes any of the following securities, if and to the extent that such securities are legal investments for funds of the District:
Government Obligations that have a maturity of not more than 365 days from the date of acquisition;
Both (i) shares of a diversified open-end management investment company (as defined in the Investment Company Act of 1940) or a regulated investment company (as defined in Section 851(a) of the Code) that is a money market fund that is rated in the highest rating category for such funds by Moody's and S&P at the time of purchase (Aaa-mf and AAAm, respectively), and (ii) shares of money market mutual funds that invest only in Government Obligations;
Money market deposit accounts, time deposits, and certificates of deposits issued by commercial banks, savings and loan associations or mutual savings banks and which bank at the time of purchase has its short-term deposits rated at least "A-1" by S&P or "P-1" by Moody's; and
commercial paper of any entity formed under the laws of the United States of America or any state thereof (having maturities of not more than 270 days) and which commercial paper has a short term rating at the time of purchase of at least "A-1" by S&P and "P-1" by Moody's.
Under all circumstances, the Trustee shall be entitled to conclusively rely that any investment directed in writing by an Authorized Officer of the District is permitted under the Indenture and is a legal investment for funds of the District.
"Series 2025-1 Prepayment Interest" shall mean the interest on the Series 2025-1 Prepayments received by the District.

"Series 2025-1 Prepayments" shall mean the excess amount of Series 2025- 1 Assessment Principal received by the District over the Series 2025-1 Assessment Principal included within a Series 2025-1 Assessment appearing on any outstanding and unpaid tax bill or direct collect invoice, whether or not mandated to be prepaid in accordance with the Series 2025-1 Assessment Proceedings. Anything herein or in the Master Indenture to the contrary notwithstanding, the term Series 2025-1 Prepayments shall not mean the proceeds of any Refunding Bonds or other borrowing of the District.
"Series 2025-1 Reserve Account Requirement" shall mean an amount equal to the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-1 Bonds, as of the time of any such calculation, until such time as the Reserve Account Release Conditions #1 are met, at which time and thereafter, Series 2025-1 Reserve Account Requirement shall mean an amount equal to fifty percent (50%) of the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-1 Bonds, as of the time of any such calculation, until such time as the Reserve Account Release Conditions #2 are met, at which time and thereafter, Series 2025-1 Reserve Account Requirement shall mean an amount equal to ten percent (10%) of the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-1 Bonds, as of the time of any such calculation. On the date of initial issuance of the Series 2025-1 Bonds, the Series 2025-1 Reserve Account Requirement shall be
$[RAR].
"Substantially Absorbed" shall mean the date on which the principal amount of the Series 2025-1 Assessments equaling at least ninety percent (90%) of the then Outstanding principal amount of the Series 2025-1 Bonds is levied on tax parcels within Parcel 1 – Assessment Area One with respect to which a certificate of occupancy has been issued for a structure thereon, as certified by an Authorized Officer and upon which the Trustee may conclusively rely.
"True-Up Agreement" shall mean the [True-Up Agreement] between the District and the Master Landowner, dated as of [Closing Date].
"Underwriter" shall mean MBS Capital Markets, LLC, the underwriter of the Series 2025-1 Bonds.

ARTICLE II
AUTHORIZATION, ISSUANCE AND PROVISIONS OF SERIES 2025-1 BONDS
Section 201. Authorization of Series 2025-1 Bonds; Book-Entry Only Form. The Series 2025-1 Bonds are hereby authorized to be issued in one Series in the aggregate principal amount of $[Bond Amount] for the purposes enumerated in the recitals hereto to be designated "Feed Mill Community Development District

Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One)." The Series 2025-1 Bonds shall be substantially in the form attached hereto as Exhibit B. Each Series 2025-1 Bond shall bear the designation "2025-1R" and shall be numbered consecutively from 1 upwards.
The Series 2025-1 Bonds shall be initially issued in the form of a separate single certificated fully registered Series 2025-1 Bond for each maturity thereof. Upon initial issuance, the ownership of each such Series 2025-1 Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the initial Bond Depository. Except as provided in this Section 201, all of the Outstanding Series 2025-1 Bonds shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC.
With respect to Series 2025-1 Bonds registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation to any such Bond Participant or to any indirect Bond Participant. Without limiting the immediately preceding sentence, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation with respect to (a) the accuracy of the records of DTC, Cede & Co., or any Bond Participant with respect to any ownership interest in the Series 2025-1 Bonds, (b) the delivery to any Bond Participant or any other person other than an Owner, as shown in the registration books kept by the Bond Registrar, of any notice with respect to the Series 2025-1 Bonds, including any notice of redemption, or (c) the payment to any Bond Participant or any other person, other than an Owner, as shown in the registration books kept by the Bond Registrar, of any amount with respect to principal of, premium, if any, or interest on the Series 2025-1 Bonds. The District, the Trustee, the Bond Registrar and the Paying Agent shall treat and consider the person in whose name each Series 2025-1 Bond is registered in the registration books kept by the Bond Registrar as the absolute Owner of such Series 2025-1 Bond for the purpose of payment of principal, premium and interest with respect to such Series 2025-1 Bond, for the purpose of giving notices of redemption and other matters with respect to such Series 2025-1 Bond, for the purpose of registering transfers with respect to such Series 2025-1 Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal of, premium, if any, and interest on the Series 2025-1 Bonds only to or upon the order of the respective Owners, as shown in the registration books kept by the Bond Registrar, or their respective attorneys duly authorized in writing, as provided herein and all such payments shall be valid and effective to fully satisfy and discharge the District's obligations with respect to payment of principal of, premium, if any, and interest on the Series 2025-1 Bonds to the extent of the sum or sums so paid. No person other than an Owner, as shown in the registration books kept by the Bond Registrar, shall receive a certificated Series 2025-1 Bond evidencing the obligation of the District to make payments of principal, premium, if any, and interest pursuant to

the provisions hereof. Upon delivery by DTC to the District of written notice to the effect that DTC has determined to substitute a new Nominee in place of Cede & Co., and subject to the provisions herein with respect to Record Dates, the words "Cede & Co." in this First Supplemental Indenture shall refer to such new Nominee of DTC, and upon receipt of such a notice the District shall promptly deliver a copy of the same to the Trustee, the Bond Registrar and the Paying Agent.
Upon receipt by the Trustee or the District of written notice from DTC (a) confirming that DTC has received written notice from the District to the effect that a continuation of the requirement that all of the Outstanding Series 2025-1 Bonds be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, is not in the best interest of the Beneficial Owners of the Series 2025-1 Bonds, or (b) to the effect that DTC is unable or unwilling to discharge its responsibilities and no substitute Bond Depository willing to undertake the functions of DTC hereunder can be found which is willing and able to undertake such functions upon reasonable and customary terms, the Series 2025-1 Bonds shall no longer be restricted to being registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, but may be registered in whatever name or names Owners transferring or exchanging the Series 2025-1 Bonds shall designate, in accordance with the provisions hereof.
Section 202.  Terms. The Series 2025-1 Bonds shall be issued as [  ] ([ ]) Term Bonds, shall be dated as of the date of their issuance and delivery to the initial purchasers thereof, shall bear interest at the fixed interest rates per annum and shall mature in the amounts and on the dates set forth below:
Number  Principal Amount  Maturity Date  Interest Rate   CUSIP

Section 203.  Dating; Interest Accrual. Each Series 2025-1 Bond shall be dated [Closing Date]. Each Series 2025-1 Bond shall also bear its date of authentication. Each Series 2025-1 Bond shall bear interest from the Interest Payment Date to which interest has been paid next preceding the date of its authentication, unless the date of its authentication (a) is an Interest Payment Date to which interest on such Series 2025-1 Bond has been paid, in which event such Series 2025-1 Bond shall bear interest from its date of authentication, or (b) is prior to the first Interest Payment Date for the Series 2025-1 Bonds, in which event such Series 2025-1 Bond shall bear interest from its date. Interest on the Series 2025-1 Bonds shall be due and payable on each May 1 and November 1, commencing November 1, 2025, and shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months.

Section 204. Denominations. The Series 2025-1 Bonds shall be issued in Authorized Denominations; provided, however, that the Series 2025-1 Bonds shall be delivered to the initial purchasers thereof only in aggregate principal amounts of
$100,000 or integral multiples of Authorized Denominations in excess of $100,000.
Section 205. Paying Agent. The District appoints the Trustee as Paying Agent for the Series 2025-1 Bonds.
Section 206. Bond Registrar. The District appoints the Trustee as Bond Registrar for the Series 2025-1 Bonds.
Section 207. Conditions Precedent to Issuance of Series 2025-1 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2025-1 Bonds, all the Series 2025-1 Bonds shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the District or upon its order, but only upon the further receipt by the Trustee of:
certified copies of the Series 2025-1 Assessment Proceedings;
executed copies of the Master Indenture and this First Supplemental Indenture;
a customary Bond Counsel opinion;
the District Counsel opinion required by the Master Indenture;
a certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2025-1 Bonds, the District will not be in default in the performance of the terms and provisions of the Master Indenture or this First Supplemental Indenture;
an Engineer's Certificate and a copy of the Engineer's Report, which sets forth the estimated Costs of the Series 2025 Parcel 1 Project;
a certificate of the Methodology Consultant addressing the validity of the Series 2025-1 Assessments;
a certified copy of the final judgment of validation in respect of the Bonds together with a certificate of no appeal; and
an executed Collateral Assignment, Completion Agreement and True- Up Agreement.
Payment to the Trustee of the net proceeds of the Series 2025-1 Bonds in the amount of $[NP] shall conclusively evidence that the foregoing conditions precedent have been met to the satisfaction of the District and the Underwriter.

ARTICLE III REDEMPTION OF SERIES 2025-1 BONDS
Section 301.  Bonds Subject to Redemption. The Series 2025-1 Bonds are subject to redemption prior to maturity as provided in the form thereof attached hereto as Exhibit B. Interest on Series 2025-1 Bonds which are called for redemption shall be paid on the date of redemption from the Series 2025-1 Interest Account or from the Series 2025-1 Revenue Account to the extent moneys in the Series 2025-1 Interest Account are insufficient for such purpose. Moneys in the Series 2025-1 Optional Redemption Subaccount shall be applied in accordance with Section 506 of the Master Indenture to the optional redemption of Series 2025-1 Bonds.

ARTICLE IV
DEPOSIT OF SERIES 2025-1 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF
Section 401.  Establishment of Accounts. There are hereby established, as needed, the following Accounts:
within the Acquisition and Construction Fund held by the Trustee, a Series 2025-1 Acquisition and Construction Account and a Series 2025-1 Costs of Issuance Account;
within the Debt Service Fund held by the Trustee: (i) a Series 2025-1 Debt Service Account and therein a Series 2025-1 Sinking Fund Account, a Series 2025-1 Interest Account and a Series 2025-1 Capitalized Interest Account; and (ii) a Series 2025-1 Redemption Account and therein a Series 2025-1 Prepayment Subaccount and a Series 2025-1 Optional Redemption Subaccount;
within the Reserve Fund held by the Trustee, a Series 2025-1 Reserve Account, which shall be held for the benefit of all of the Series 2025-1 Bonds, without distinction as to Series 2025-1 Bonds and without privilege or priority of one Series 2025-1 Bond over another;
within the Revenue Fund held by the Trustee, a Series 2025-1 Revenue Account; and
within the Rebate Fund held by the Trustee, a Series 2025-1 Rebate Account.
Section 402. Use of Series 2025-1 Bond Proceeds. The net proceeds of sale of the Series 2025-1 Bonds in the amount of $[NP] (consisting of $[Bond

Amount].00 principal amount of Series 2025-1 Bonds [less/plus] [net] original issue [discount/premium] in the amount of $[OID/OIP] and less underwriter's discount in the amount of $[UD]), shall as soon as practicable upon the delivery thereof to the Trustee by the District pursuant to Section 207 of the Master Indenture, be applied as follows:
$[RAR], representing the Series 2025-1 Reserve Account Requirement at the time of issuance of the Series 2025-1 Bonds, shall be deposited to the credit of the Series 2025-1 Reserve Account;
$[COI], representing the costs of issuance relating to the Series 2025-1 Bonds, shall be deposited to the credit of the Series 2025-1 Costs of Issuance Account;
$[CAPI], representing Capitalized Interest on the Series 2025-1 Bonds through and including November 1, 2026, shall be deposited to the credit of the Series 2025-1 Capitalized Interest Account; and
$[CD] shall be deposited to the credit of the Series 2025-1 Acquisition and Construction Account.
Section 403. Series 2025-1 Acquisition and Construction Account; Series 2025-1 Costs of Issuance Account. (a) Amounts on deposit in the Series 2025-1 Acquisition and Construction Account shall be applied to pay Costs of the Series 2025 Parcel 1 Project upon compliance with the requisition provisions set forth in Section 503(b) of the Master Indenture and on the form attached hereto as Exhibit C. The Trustee shall have no duty to verify that any requested disbursement from the Series 2025-1 Acquisition and Construction Account is for a Cost of the Series 2025 Parcel 1 Project. The Consulting Engineer shall establish a Date of Completion for the Series 2025 Parcel 1 Project, and any balance remaining in the Series 2025-1 Acquisition and Construction Account after such Date of Completion (taking into account the moneys then on deposit therein to pay any accrued but unpaid Costs of the Series 2025 Parcel 1 Project which are required to be reserved in the Series 2025-1 Acquisition and Construction Account in accordance with the certificate of the Consulting Engineer delivered to the District and the Trustee establishing such Date of Completion), shall be transferred to the Series 2025-1 Prepayment Subaccount and applied to the extraordinary mandatory redemption of the Series 2025-1 Bonds in accordance with Section 301 hereof and in the manner prescribed in the form of Series 2025-1 Bond attached hereto as Exhibit
B. Notwithstanding the foregoing, the District shall not establish a Date of Completion until both the Reserve Account Release Conditions #1 and the Reserve Account Release Conditions #2 have been satisfied and moneys have been transferred from the Series 2025-1 Reserve Account to the Series 2025-1 Acquisition and Construction Account as a result of such satisfaction pursuant to Section 405 hereof. At such time as there are no amounts on deposit in the Series 2025-1 Acquisition and Construction Account, such Account shall be closed.

The amount deposited in the Series 2025-1 Costs of Issuance Account shall, at the written direction of an Authorized Officer to the Trustee, be used to pay the costs of issuance relating to the Series 2025-1 Bonds. On the date of issuance of the Series 2025-1 Bonds, costs of issuance shall be paid pursuant to the instructions in the closing memorandum prepared by the Underwriter. On the earlier to occur of
(x) the written direction of an Authorized Officer or (y) six (6) months from the date of issuance of the Series 2025-1 Bonds, any amounts deposited in the Series 2025-1 Costs of Issuance Account for which the Trustee has not received a requisition to pay such costs shall be transferred over and deposited into the Series 2025-1 Acquisition and Construction Account and used for the purposes permitted therefor. Any deficiency in the amount allocated to pay the costs of issuance relating to the Series 2025-1 Bonds shall be paid from excess moneys on deposit in the Series 2025-
1 Revenue Account pursuant to Section 408(d) FOURTH hereof. When such deficiency has been satisfied and no moneys remain therein, the Series 2025-1 Costs of Issuance Account shall be closed.
Section 404. Series 2025-1 Capitalized Interest Account. Amounts on deposit in the Series 2025-1 Capitalized Interest Account shall, until and including November 1, 2026, be transferred into the Series 2025-1 Interest Account and applied to the payment of interest first coming due on the Series 2025-1 Bonds in accordance with Section 408(d) hereof, and thereafter transferred into the Series 2025-1 Acquisition and Construction Account, whereupon the Series 2025-1 Capitalized Interest Account shall be closed.
Section 405. Series 2025-1 Reserve Account. The Series 2025-1 Reserve Account shall be funded and maintained at all times in an amount equal to the Series 2025-1 Reserve Account Requirement. Except as otherwise provided herein or in the Master Indenture, amounts on deposit in the Series 2025-1 Reserve Account shall be used only for the purpose of making payments into the Series 2025-1 Interest Account and the Series 2025-1 Sinking Fund Account to pay Debt Service on the Series 2025-1 Bonds, when due, without distinction as to Series 2025-1 Bonds and without privilege or priority of one Series 2025-1 Bond over another, to the extent the moneys on deposit in such Accounts available therefor are insufficient and for no other purpose. The Series 2025-1 Reserve Account shall consist only of cash and Series 2025-1 Investment Obligations.
Anything herein or in the Master Indenture to the contrary notwithstanding, on the forty-fifth (45th) day preceding each Quarterly Redemption Date (or, if such forty-fifth (45th) day is not a Business Day, on the Business Day preceding such forty-fifth (45th) day), an Authorized Officer of the District shall recalculate the Series 2025-1 Reserve Account Requirement and shall direct the Trustee in writing to transfer any excess on deposit in the Series 2025-1 Reserve Account (a) resulting from Prepayments of Series 2025-1 Assessments into the Series 2025-1 Prepayment Subaccount and applied as a credit against the Prepayment otherwise required to be made by the owner of such lot or parcel subject to such Prepayment and

thereafter applied to the extraordinary mandatory redemption of the Series 2025-1 Bonds, (b) resulting from a reduction of the Series 2025-1 Reserve Account Requirement as the result of either the Reserve Account Release Conditions #1 or the Reserve Account Release Conditions #2 being met into the Series 2025-1 Acquisition and Construction Account and used for the purposes of such Account, or
resulting from investment earnings as provided in Section 408(f) herein. The Trustee is hereby authorized to make such transfers and has no duty to verify such calculations.
On the earliest date on which there is on deposit in the Series 2025-1 Reserve Account sufficient moneys, after taking into account other moneys available therefor, to pay and redeem all of the Outstanding Series 2025-1 Bonds, together with accrued interest and redemption premium, if any, on such Series 2025-1 Bonds to the earliest Redemption Date permitted therein and herein, then the Trustee shall transfer the amount on deposit in the Series 2025-1 Reserve Account into the Series 2025-1 Prepayment Subaccount to pay and redeem all of the Outstanding Series 2025-1 Bonds on the earliest Redemption Date permitted for redemption therein and herein.
Anything herein or in the Master Indenture to the contrary notwithstanding, amounts on deposit in the Series 2025-1 Reserve Account shall, upon the occurrence and continuance of an Event of Default, be subject to a first charge by the Trustee for its fees and expenses, including fees and expenses of collection of Delinquent Assessments.
Section 406. Amortization Installments; Selection of Bonds for Redemption. (a) The Amortization Installments established for the Series 2025-1 Bonds shall be as set forth in the form of Series 2025-1 Bonds attached hereto.
(b)  Upon any redemption of Series 2025-1 Bonds (other than Series 2025-1 Bonds redeemed in accordance with scheduled Amortization Installments and other than Series 2025-1 Bonds redeemed at the direction of the District accompanied by a cash flow certificate as required by Section 506(b) of the Master Indenture), the Trustee shall cause Series 2025-1 Bonds to be redeemed in such amounts and having such maturities so as to result in Amortization Installments recalculated, which recalculation shall be performed by the District, in such manner as shall amortize all the Outstanding Series 2025-1 Bonds of all of the maturities in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining terms of all of the Series 2025-1 Bonds.
Section 407. Tax Covenants. The District shall comply with the Arbitrage Certificate, including but not limited to the Tax Regulatory Covenants set forth as an exhibit to the Arbitrage Certificate, as amended and supplemented from time to time in accordance with their terms.

Section 408. Series 2025-1 Revenue Account; Application of Revenues and Investment Earnings. (a) The Trustee is hereby authorized and directed to deposit any and all amounts required to be deposited in the Series 2025- 1 Revenue Account by this Section 408 or by any other provision of the Master Indenture or this First Supplemental Indenture, and any other amounts or payments specifically designated by the District pursuant to a written direction or by a Supplemental Indenture for said purpose. The Series 2025-1 Revenue Account shall be held by the Trustee separate and apart from all other Funds and Accounts held under the Indenture and from all other moneys of the Trustee.
The Trustee shall deposit into the Series 2025-1 Revenue Account (i) Series 2025-1 Assessment Revenues other than Series 2025-1 Prepayments (which Series 2025-1 Prepayments shall be identified by the District to the Trustee as such in writing upon deposit, upon which certification the Trustee may conclusively rely, and which shall be deposited into the Series 2025-1 Prepayment Subaccount), (ii) Series 2025-1 Prepayment Interest, and (iii) any other revenues required by other provisions of the Indenture to be deposited into the Series 2025-1 Revenue Account.
On the forty-fifth (45th) day preceding each Quarterly Redemption Date (or if such forty-fifth (45th) day is not a Business Day, on the Business Day preceding such forty-fifth (45th) day), the Trustee shall determine the amount on deposit in the Series 2025-1 Prepayment Subaccount and, if the balance therein is greater than zero, shall, upon written direction from the District, transfer from the Series 2025-1 Revenue Account for deposit into the Series 2025-1 Prepayment Subaccount an amount sufficient to increase the amount on deposit therein to the nearest integral multiple of $5,000 (provided that there are sufficient funds remaining in the Series 2025-1 Revenue Account to pay Debt Service coming due on the Series 2025-1 Bonds on the next succeeding Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of the Series 2025-1 Bonds on the next succeeding Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in the Series 2025-1 Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of the Series 2025-1 Bonds set forth in the form of Series 2025-1 Bonds attached hereto, Section 301 hereof, and Article III of the Master Indenture.
On May 1 and November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November 1), the Trustee shall first transfer from the Series 2025-1 Capitalized Interest Account to the Series 2025-1 Interest Account the lesser of (x) the amount of interest coming due on the Series 2025-1 Bonds on such May 1 or November 1, less the amount already on deposit in the Series 2025-1 Interest Account, or (y) the amount remaining in the Series 2025-1 Capitalized Interest Account. Following the foregoing transfer, on such May 1 or November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November 1), the

Trustee shall then transfer amounts on deposit in the Series 2025-1 Revenue Account to the Accounts designated below in the following amounts and in the following order of priority:
FIRST, to the Series 2025-1 Interest Account, the amount, if any, equal to the difference between the amount of interest payable on all Series 2025-1 Bonds then Outstanding on such May 1 or November 1, and (i) the amount transferred from the Series 2025-1 Capitalized Interest Account in accordance with Sections 404 and 408(d) and (ii) the amount already on deposit in the Series 2025-1 Interest Account not previously credited;
SECOND, on May 1, 20[27], and on each May 1 thereafter, to the Series 2025-1 Sinking Fund Account, the amount, if any, equal to the difference between the Amortization Installments of all Series 2025-1 Bonds subject to mandatory sinking fund redemption on such May 1 and the amount already on deposit in the Series 2025-1 Sinking Fund Account not previously credited;
THIRD, to the Series 2025-1 Reserve Account, the amount, if any, which is necessary to make the amount on deposit therein equal to the Series 2025-1 Reserve Account Requirement with respect to the Series 2025-1 Bonds; and
FOURTH, the balance shall first be deposited into the Series 2025-1 Costs of Issuance Account to fund any deficiencies in the amount allocated to pay the costs of issuance relating to the Series 2025-1 Bonds, and then the balance shall be retained in the Series 2025-1 Revenue Account.
On any date required by the Arbitrage Certificate, the District shall give the Trustee written direction to, and the Trustee shall, transfer from the Series 2025-1 Revenue Account to the Series 2025-1 Rebate Account the amount due and owing to the United States, which amount shall be paid to the United States when due in accordance with such Arbitrage Certificate.
Anything herein or in the Master Indenture to the contrary notwithstanding, moneys on deposit in all of the Funds and Accounts held as security for the Series 2025-1 Bonds shall be invested only in Series 2025-1 Investment Obligations. Earnings on investments in the Series 2025-1 Acquisition and Construction Account, the Series 2025-1 Interest Account and the Series 2025-1 Capitalized Interest Account shall be retained, as realized, in such Accounts and used for the purpose of such Accounts. Earnings on investments in the Funds and Accounts other than the Series 2025-1 Reserve Account, and other than as set forth above, shall be deposited, as realized, to the credit of the Series 2025-1 Revenue Account and used for the purpose of such Account.
Earnings on investments in the Series 2025-1 Reserve Account shall be disposed of as follows:

if there was no deficiency (as defined in Section 509 of the Master Indenture) in the Series 2025-1 Reserve Account as of the most recent date on which amounts on deposit in the Series 2025-1 Reserve Account were valued by the Trustee, and if no withdrawals have been made from the Series 2025-1 Reserve Account since such date which have created a deficiency, then earnings on investments in the Series 2025-1 Reserve Account shall be deposited into the Series 2025-1 Capitalized Interest Account through November 1, 2026, and thereafter shall be deposited into the Series 2025-1 Revenue Account and used for the purpose of such Account; or
if there was a deficiency (as defined in Section 509 of the Master Indenture) in the Series 2025-1 Reserve Account as of the most recent date on which amounts on deposit in the Series 2025-1 Reserve Account were valued by the Trustee, or if after such date withdrawals have been made from the Series 2025-1 Reserve Account and have created such a deficiency, then earnings on investments in the Series 2025-1 Reserve Account shall be retained in the Series 2025-1 Reserve Account until the amount on deposit therein is equal to the Series 2025-1 Reserve Account Requirement, and then earnings on investments in the Series 2025-1 Reserve Account shall be deposited into the Series 2025-1 Capitalized Interest Account through November 1, 2026, and thereafter shall be deposited into the Series 2025-1 Revenue Account and used for the purpose of such Account.
The foregoing determination and disbursement shall be made prior to any recalculation and transfer of excess amounts on deposit in the Series 2025-1 Reserve Account made pursuant to Section 405 hereof.

ARTICLE V CONCERNING THE TRUSTEE
Section 501. Acceptance by Trustee. The Trustee accepts the trusts declared and provided in this First Supplemental Indenture and agrees to perform such trusts upon the terms and conditions set forth herein and in the Master Indenture.
Section 502. Limitation of Trustee's Responsibility. The Trustee shall not be responsible in any manner for the due execution of this First Supplemental Indenture by the District or for the recitals contained herein, all of which are made solely by the District.
Section 503. Trustee's Duties. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlements inuring to the Trustee under the Master Indenture, including, particularly, Article VI thereof.

ARTICLE VI ADDITIONAL BONDS
Section 601. No Parity Bonds; Limitation on Parity Assessments. Other than Refunding Bonds issued to refund the then Outstanding Series 2025-1 Bonds, the issuance of which results in net present value Debt Service savings, the District shall not, while any Series 2025-1 Bonds are Outstanding, issue or incur any debt payable in whole or in part from the Series 2025-1 Trust Estate. The District further covenants and agrees that so long as the Series 2025-1 Assessments have not been Substantially Absorbed, it will not impose Assessments for capital projects on any lands subject to the Series 2025-1 Assessments without the written consent of the Majority Owners. Notwithstanding the immediately preceding sentence, the District may impose Assessments on property subject to the Series 2025-1 Assessments which are necessary for health, safety or welfare reasons, or to remediate a natural disaster, or to effect repairs to or replacement of property, facilities or equipment of the District without the consent of the Majority Owners.

ARTICLE VII MISCELLANEOUS
Section 701. Confirmation of Master Indenture. As supplemented by this First Supplemental Indenture, the Master Indenture is in all respects ratified and confirmed, and this First Supplemental Indenture shall be read, taken and construed as a part of the Master Indenture so that all of the rights, remedies, terms, conditions, covenants and agreements of the Master Indenture, except insofar as modified herein, shall apply and remain in full force and effect with respect to this First Supplemental Indenture and to the Series 2025-1 Bonds issued hereunder.
Section 702. Continuing Disclosure Agreement. Contemporaneously with the execution and delivery hereof, the District has executed and delivered the Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended. The District covenants and agrees to comply with the provisions of the Continuing Disclosure Agreement. However, as set forth therein, failure to so comply shall not constitute an Event of Default hereunder, but instead shall be enforceable as provided in the Continuing Disclosure Agreement.
Section 703. Additional Covenant Regarding Assessments. In addition to, and not in limitation of, the covenants contained elsewhere in this First Supplemental Indenture and in the Master Indenture, the District covenants to comply with the terms of the Series 2025-1 Assessment Proceedings heretofore adopted with respect to the Series 2025-1 Assessments, including the Assessment Methodology, and to levy the Series 2025-1 Assessments and collect any required

true-up payments set forth in the Assessment Methodology in such manner as will generate funds sufficient to pay the principal of and interest on the Series 2025-1 Bonds, when due.
Section 704. Collection of Assessments. (a) Anything herein or in the Master Indenture to the contrary notwithstanding, when permitted by law, Series 2025-1 Assessments levied on platted lots and pledged hereunder to secure the Series 2025-1 Bonds shall be collected pursuant to the Uniform Method, and Series 2025-1 Assessments levied on unplatted lands and pledged hereunder to secure the Series 2025-1 Bonds shall be collected directly by the District pursuant to the Act and Chapters 170 and 197, Florida Statutes, and not pursuant to the Uniform Method, in each case unless otherwise directed by the Trustee acting at the direction of the Majority Owners upon the occurrence and continuance of an Event of Default.
(b)  All Series 2025-1 Assessments that are collected directly by the District and not via the Uniform Method shall be due and payable by each landowner no later than thirty (30) days prior to each respective Interest Payment Date; provided, however, that such Series 2025-1 Assessments shall not be deemed Delinquent Assessments unless and until such Series 2025-1 Assessments are not paid by the applicable Interest Payment Date with respect to which they have been billed.
Section 705. Owner Direction and Consent with Respect to Series 2025-1 Acquisition and Construction Account Upon Occurrence of Event of Default. In accordance with the provisions of the Indenture, the Series 2025-1 Bonds are payable solely from the Series 2025-1 Pledged Revenues and the Series 2025-1 Pledged Funds held by the Trustee under the Indenture for such purpose. Anything in the Indenture to the contrary notwithstanding, the District hereby acknowledges that (a) the Series 2025-1 Pledged Funds includes, without limitation, all amounts on deposit in the Series 2025-1 Acquisition and Construction Account then held by the Trustee, (b) upon the occurrence of an Event of Default with respect to the Series 2025-1 Bonds, the Series 2025-1 Pledged Funds may not be used by the District (whether to pay Costs of the Series 2025 Parcel 1 Project or otherwise) without the consent of the Majority Owners, except to the extent that prior to the occurrence of the Event of Default the District had incurred a binding obligation with third parties for work on the Series 2025 Parcel 1 Project and payment is for such work, and (c) upon the occurrence of an Event of Default with respect to the Series 2025-1 Bonds, the Series 2025-1 Pledged Funds may be used by the Trustee, at the direction or with the approval of the Majority Owners, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The District shall not enter into any binding agreement with respect to the Series 2025 Parcel 1 Project that will cause the expenditure of additional funds from the Series 2025-1 Trust Estate after the

occurrence and during the continuance of an Event of Default unless authorized in writing by the Majority Owners.
Section 706. Assignment of District's Rights Under Collateral Assignment. Subject to the terms of the Collateral Assignment, the District hereby assigns its rights under the Collateral Assignment to the Trustee for the benefit of the Owners, from time to time, of the Series 2025-1 Bonds. The Trustee shall not be deemed to have accepted any obligation under the Collateral Assignment by virtue of such assignment.
Section 707. Enforcement of True-Up Agreement and Completion Agreement. The District, either through its own actions, or actions caused to be taken through the Trustee, covenants that it shall strictly enforce all of the provisions of the True-Up Agreement and the Completion Agreement and, upon the occurrence and continuance of a default under either or both of such Agreements, the District covenants and agrees that the Trustee, at the direction of the Majority Owners, may, subject to the provisions of Section 912 of the Master Indenture, act on behalf of and in the District's stead to enforce the provisions of such Agreements and to pursue all available remedies under applicable law or in equity. Anything herein or in the Master Indenture to the contrary notwithstanding, failure of the District to enforce, or permit the Trustee to enforce in its stead, all of the provisions of the True-Up Agreement and the Completion Agreement upon demand of the Majority Owners, or the Trustee at the direction of the Majority Owners, shall constitute an Event of Default under the Indenture, provided, however, that the District shall have a reasonable opportunity to cure.
Section 708. Payment of Rebate Amount. Anything herein or in the Master Indenture to the contrary notwithstanding, the District shall cause a Rebate Analyst to determine the Rebate Amount, if any, at the times and in the manner provided in the Tax Regulatory Covenants attached as an exhibit to the Arbitrage Certificate. If a Rebate Amount shall be due, the District shall deliver to the Trustee the written direction of an Authorized Officer to pay from the Series 2025-1 Rebate Account, or from any other available funds as shall be provided in such written direction, the Rebate Amount to the District for remittance to the Internal Revenue Service. The Trustee may conclusively rely on such written direction and shall have no responsibility for the calculation or payment of the Rebate Amount, if any. Notwithstanding Section 507(b) of the Master Indenture, the District shall not be required to provide the report of the Rebate Analyst to the Trustee.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Feed Mill Community Development District has caused this First Supplemental Indenture to be signed in its name and on its behalf by its Chair, and its official seal to be hereunto affixed and attested by its Assistant Secretary, thereunto duly authorized, and to evidence its acceptance of the trusts hereby created, the Trustee has caused this First Supplemental Indenture to be signed in its name and on its behalf by its duly authorized Vice President.

(SEAL)

Attest:

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By:	
Assistant Secretary	Chair, Board of Supervisors

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

By:		 Vice President

EXHIBIT A
DESCRIPTION OF SERIES 2025 PARCEL 1 PROJECT
[See Report of Consulting Engineer Attached Hereto]

EXHIBIT B
FORM OF SERIES 2025-1 BONDS
No. 2025-1R-	$[  ]
UNITED STATES OF AMERICA STATE OF FLORIDA
FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2025-1 (PARCEL 1 – ASSESSMENT AREA ONE)

Interest Rate	Maturity Date		Dated Date	CUSIP	

%	May 1, 20[  ]		 
[Closing Date]	
Registered Owner:
Principal Amount:	CEDE & CO.			
FEED MILL COMMUNITY DEVELOPMENT DISTRICT, a community
development district duly established and existing pursuant to Chapter 190, Florida Statutes (the "District"), for value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the registered Owner set forth above, or registered assigns, on the maturity date shown hereon, unless this Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture hereinafter mentioned) shall have been duly made or provided for, the principal amount shown above and to pay (but only out of the sources hereinafter mentioned) interest on the outstanding principal amount hereof from the most recent Interest Payment Date to which interest has been paid or provided for or, if no interest has been paid, from the Dated Date shown above on May 1 and November 1 of each year (each, an "Interest Payment Date"), commencing on November 1, 2025, until payment of said principal sum has been made or provided for, at the rate per annum set forth above. Notwithstanding the foregoing, if any Interest Payment Date is not a Business Day (as defined in the Indenture hereinafter mentioned), then all amounts due on such Interest Payment Date shall be payable on the first Business Day succeeding such Interest Payment Date, but shall be deemed paid on such Interest Payment Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (hereinafter defined), be paid to the registered Owner hereof at the close of business on the regular Record Date for such interest, which shall be the fifteenth (15th) day of the calendar month preceding such Interest Payment Date or, if such day is not a Business Day, on the Business Day immediately preceding such day; provided, however, that on or after the occurrence and continuance of an Event of Default under clause (a) of Section 902 of the Master Indenture  (hereinafter  defined),  the  payment  of  interest  and  principal  or

Redemption Price or Amortization Installments shall be made by the Paying Agent (hereinafter defined) to such person who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed payment, appears on the registration books of the Bond Registrar as the registered Owner of this Bond. Any payment of principal, Amortization Installment or Redemption Price shall be made only upon presentation hereof at the designated corporate trust office of U.S. Bank Trust Company, National Association, located in Orlando, Florida, or any alternate or successor paying agent (collectively, the "Paying Agent"), unless the Bonds are held in the book-entry system in which case presentation shall not be required. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner set forth above if such Owner requests such method of payment in writing on or prior to the regular Record Date for the respective interest payment to such account as shall be specified in such request, but only if the registered Owner set forth above owns not less than $1,000,000 in aggregate principal amount of the Series 2025-1 Bonds, as defined below). Interest on this Bond will be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months. During any period that this Bond is registered in the name of Cede & Co., as Nominee of DTC, the provisions of the Supplemental Indenture (hereinafter defined) relating to the book-entry only system shall apply, including the payment provisions thereof. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the hereinafter defined Indenture.
This Bond is one of a duly authorized issue of Bonds of the District designated "Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One)" in the aggregate principal amount of $[Bond Amount] (the "Series 2025-1 Bonds") issued under a Master Trust Indenture, dated as of May 1, 2025 (the "Master Indenture"), between the District and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by a First Supplemental Trust Indenture, dated as of May 1, 2025 (the "Supplemental Indenture" and together with the Master Indenture, the "Indenture"), between the District and the Trustee (the Series 2025- 1 Bonds together with any other Bonds issued under and governed by the terms of the Master Indenture are hereinafter collectively referred to as the "Bonds"). The District will apply the proceeds of the Series 2025-1 Bonds to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 1 Project, (b) pay certain costs associated with the issuance of the Series 2025-1 Bonds, (c) make a deposit into the Series 2025-1 Reserve Account to be held for the benefit of all of the Series 2025-1 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-1 Bonds.
Simultaneously herewith and pursuant to the Master Indenture and a Second Supplemental Trust Indenture dated as of May 1, 2025 (the "Second Supplemental Indenture"), the District has authorized the issuance, sale and delivery of its $[2025-2 Amount] Feed Mill Community Development District

Capital Improvement Revenue Bonds, Series 2025-2 (the "Series 2025-2 Bonds"), which will be separately secured as a separate Series of Bonds under the Master Indenture and issued to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 4 Project (as defined in the Second Supplemental Indenture), (b) pay certain costs associated with the issuance of the Series 2025-2 Bonds, (c) make a deposit into the Series 2025-2 Reserve Account to be held for the benefit of all of the Series 2025-2 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-2 Bonds.
NEITHER THIS BOND NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF FLORIDA. THIS BOND AND THE SERIES OF WHICH IT IS A PART AND THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON AND THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE SERIES 2025-1 PLEDGED REVENUES AND THE SERIES 2025-1 PLEDGED FUNDS PLEDGED TO THE SERIES 2025-1 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.
This Bond is issued under and pursuant to the Constitution and laws of the State of Florida, particularly Chapter 190, Florida Statutes, and other applicable provisions of law and pursuant to the Indenture, executed counterparts of which Indenture are on file at the corporate trust office of the Trustee. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of Series 2025-1 Bonds issued under the Indenture, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal, Amortization Installments and Redemption Price of, and the interest on, the Series 2025-1 Bonds, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Series 2025-1 Assessments, the terms and conditions under which the Series 2025-1 Bonds are or may be issued, the rights, duties, obligations and immunities of the District and the Trustee under the Indenture and the rights of the Owners of the Series 2025-1 Bonds and, by the acceptance of this Bond, the Owner hereof assents to all of the provisions of the Indenture. The Series 2025-1 Bonds are equally and ratably secured by the Series 2025-1 Trust Estate, without preference

or priority of one Series 2025-1 Bond over another. The Supplemental Indenture does not authorize the issuance of any additional Bonds ranking on parity with the Series 2025-1 Bonds as to the lien and pledge of the Series 2025-1 Trust Estate except, under certain circumstances, Refunding Bonds, and the Supplemental Indenture contains provisions limiting the imposition of capital Assessments on property subject to the Series 2025-1 Assessments.
The Series 2025-1 Bonds are issuable only as registered bonds without coupons in current interest form in denominations of $5,000 or any integral multiple thereof (an "Authorized Denomination"); provided, however, that the Series 2025-1 Bonds shall be delivered to the initial purchasers thereof only in aggregate principal amounts of $100,000 or integral multiples of Authorized Denominations in excess of $100,000. This Bond is transferable by the registered Owner hereof or his duly authorized attorney at the designated corporate trust office of the Trustee in Orlando, Florida, as Bond Registrar (the "Bond Registrar"), upon surrender of this Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature reasonably satisfactory to the Bond Registrar, subject to such reasonable regulations as the District or the Bond Registrar may prescribe, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new Bond or Bonds, in the same aggregate principal amount as the Bond or Bonds transferred, will be issued to the transferee. At the corporate trust office of the Bond Registrar in Orlando, Florida, in the manner and subject to the limitations and conditions provided in the Master Indenture and without cost, except for any tax or other governmental charge, Bonds may be exchanged for an equal aggregate principal amount of Bonds of the same maturity, of Authorized Denominations and bearing interest at the same rate or rates.
The Series 2025-1 Bonds are subject to redemption prior to maturity at the option of the District in whole or in part on any date on or after May 1, 20[ ], at the Redemption Price of the principal amount of the Series 2025-1 Bonds or portions thereof to be redeemed together with accrued interest to the date of redemption.
The Series 2025-1 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-1 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
[Remainder of Page Intentionally Left Blank]

May 1	Amortization	May 1	Amortization	
of the Year	Installment	of the Year	Installment	

* Final maturity
The Series 2025-1 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-1 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
May 1	Amortization	May 1	Amortization
	of the Year	 	Installment	 	of the Year	 	Installment	

* Final maturity
The Series 2025-1 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-1 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
May 1	Amortization	May 1	Amortization
	of the Year	 	Installment	 	of the Year	 	Installment	

* Final maturity

As more particularly set forth in the Indenture, any Series 2025-1 Bonds that are purchased by the District with amounts held to pay an Amortization Installment will be cancelled and the principal amount so purchased will be applied as a credit against the applicable Amortization Installment of Series 2025-1 Bonds. Amortization Installments are also subject to recalculation, as provided in the Supplemental Indenture, as the result of the redemption of Series 2025-1 Bonds other than from scheduled Amortization Installments so as to reamortize the remaining Outstanding principal balance of the Series 2025-1 Bonds as set forth in the Supplemental Indenture.
The Series 2025-1 Bonds are subject to extraordinary mandatory redemption prior to maturity in whole or in part on any Redemption Date at the Redemption Price of 100% of the principal amount thereof, without premium, together with accrued interest to the Redemption Date, if and to the extent that any one or more of the following shall have occurred:
on or after the Date of Completion of the Series 2025 Parcel 1 Project, by application of moneys transferred from the Series 2025-1 Acquisition and Construction Account to the Series 2025-1 Prepayment Subaccount as provided for in the Indenture; or
from amounts, including Series 2025-1 Prepayments, required by the Indenture to be deposited into the Series 2025-1 Prepayment Subaccount; or
from amounts transferred from the Series 2025-1 Reserve Account to the Series 2025-1 Prepayment Subaccount resulting from a reduction in the Series 2025-1 Reserve Account Requirement as provided for in the Indenture; or
on the date on which the amount on deposit in the Series 2025-1 Reserve Account, together with other moneys available therefor, are sufficient to pay and redeem all of the Series 2025-1 Bonds then Outstanding, including accrued interest thereon.
If less than all of the Series 2025-1 Bonds shall be called for redemption, the particular Series 2025-1 Bonds or portions of Series 2025-1 Bonds to be redeemed shall be selected by lot by the Bond Registrar as provided in the Indenture, or as provided or directed by DTC.
Notice of each redemption of Series 2025-1 Bonds is required to be mailed by the Bond Registrar, postage prepaid, not less than thirty (30) nor more than forty- five (45) days prior to the date of redemption to each registered Owner of Series 2025-1 Bonds to be redeemed at the address of such registered Owner recorded on the bond register maintained by the Bond Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Paying Agent, all as provided in the Indenture, the Series 2025-1 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 Series 2025-1 Bonds or such portions thereof on such date, interest on such Series 2025-1 Bonds or such portions thereof so called for redemption shall cease to accrue, such Series 2025-1 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 Series 2025-1 Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent. Further notice of redemption shall be given by the Bond Registrar 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.
Pursuant to the Indenture, notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute an 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.
In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all the Series 2025-1 Bonds then Outstanding under the Indenture may become and may be declared due and payable before the stated maturities thereof, with the interest accrued thereon.
Modifications or alterations of the Master Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Master Indenture.
Any moneys held by the Trustee or any Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for two (2) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption, if such moneys were held by the Trustee or any Paying Agent at such date, or for two (2) years after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bond became due and payable, shall be paid to the District, and thereupon and thereafter no claimant shall have any rights against the Paying Agent to or in respect of such moneys.

If the District deposits or causes to be deposited with the Trustee cash or Federal Securities sufficient to pay the principal or Redemption Price of any Series 2025-1 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 the Series 2025-1 Bonds as to the Series 2025-1 Trust Estate 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.
This Bond is issued with the intent that the laws of the State of Florida shall govern its construction.
All acts, conditions and things required by the Constitution and laws of the State of Florida and the resolutions of the District to happen, exist and be performed precedent to and in the issuance of this Bond and the execution of the Indenture, have happened, exist and have been performed as so required. 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 the execution by the Trustee of the Certificate of Authentication endorsed hereon.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Feed Mill Community Development District has caused this Bond to bear the signature of the Chair of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Assistant Secretary to the Board of Supervisors.
Attest:	FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By:	
Assistant Secretary	Chair, Board of Supervisors

(SEAL)

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the Series designated herein, described in the within-mentioned Indenture.
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee

Date of Authentication:
By:	
[Closing Date]		Vice President

CERTIFICATE OF VALIDATION
This Bond is one of a Series of Bonds which were validated by judgment of the Fourth Judicial Circuit of Florida, in and for Clay County rendered on March 26, 2025.

Chair, Board of Supervisors, Feed Mill
Community Development District

[FORM OF 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 the right of survivorship and not as tenants in common
UNIFORM TRANSFER MIN ACT - 			 Custodian 		 under Uniform Transfer to Minors Act 		(Cust.)		(Minor)
(State)
Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT]
For value received, the undersigned hereby sells, assigns and transfers unto
	 the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints 	, attorney to transfer the said Bond on the books of the District, with full power of substitution in the premises.
Dated:
Social Security Number or Employer:
Identification Number of Transferee:
Signature guaranteed:
NOTICE: Signature(s) must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program.
NOTICE: The assignor's signature to this Assignment must correspond with the name as it appears on the face of the within Bond in every particular without alteration or any change whatsoever.

EXHIBIT C
FORM OF REQUISITION FOR SERIES 2025 PARCEL 1 PROJECT
The undersigned, an Authorized Officer of Feed Mill 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, Orlando, Florida, as trustee (the "Trustee"), dated as of May 1, 2025 (the "Master Indenture"), as supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of May 1, 2025 (the "Supplemental Indenture" and together with the Master Indenture, the "Indenture") (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
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 or state costs of issuance, if applicable):
Fund or Account and subaccount, if any, from which disbursement to be made:
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025-1 Acquisition and Construction Account referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Parcel 1 Project and each represents a Cost of the Series 2025 Parcel 1 Project, and has not previously been paid out of such Account;
OR
this requisition is for costs of issuance payable from the Series 2025-1 Costs of Issuance Account that has not previously been paid out of such Account.
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 services rendered with respect to which disbursement is hereby requested are on file with the District.
FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By: 		 Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025-1 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Parcel 1 Project and is consistent with (a) the applicable acquisition or construction contract, (b) the plans and specifications for the portion of the Series 2025 Parcel 1 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an exhibit to the Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer

SECOND SUPPLEMENTAL TRUST INDENTURE

BETWEEN

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

AND

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

Dated as of May 1, 2025

$[Bond Amount] Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One)

TABLE OF CONTENTS
This Table of Contents is incorporated herein for ease of reference only and shall not be deemed a part of this Second Supplemental Trust Indenture.
ARTICLE I DEFINITIONS
Section 101.	Definitions	4
ARTICLE II
AUTHORIZATION, ISSUANCE AND PROVISIONS OF SERIES 2025-2 BONDS
Section 201.	Authorization of Series 2025-2 Bonds; Book-Entry Only Form	8
Section 202.	Terms	10
Section 203.	Dating; Interest Accrual	10
Section 204.	Denominations	10
Section 205.	Paying Agent	11
Section 206.	Bond Registrar	11
Section 207.	Conditions Precedent to Issuance of Series 2025-2 Bonds	11
ARTICLE III REDEMPTION OF SERIES 2025-2 BONDS
Section 301.	Bonds Subject to Redemption	12
ARTICLE IV
DEPOSIT OF SERIES 2025-2 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF
Section 401.	Establishment of Accounts	12
Section 402.	Use of Series 2025-2 Bond Proceeds	12
Section 403.	Series 2025-2 Acquisition and Construction Account; Series 2025-
2 Costs of Issuance Account	13
Section 404.	Series 2025-2 Capitalized Interest Account	14
Section 405.	Series 2025-2 Reserve Account	14
Section 406.	Amortization Installments; Selection of Bonds for Redemption	15
Section 407.	Tax Covenants	15
Section 408.	Series 2025-2 Revenue Account; Application of Revenues and Investment Earnings	16
ARTICLE V CONCERNING THE TRUSTEE
Section 501.	Acceptance by Trustee	18
Section 502.	Limitation of Trustee's Responsibility	18

Section 503.	Trustee's Duties	18
ARTICLE VI ADDITIONAL BONDS
Section 601.	No Parity Bonds; Limitation on Parity Assessments	19
ARTICLE VII MISCELLANEOUS
Section 701.	Confirmation of Master Indenture	19
Section 702.	Continuing Disclosure Agreement	19
Section 703.	Additional Covenant Regarding Assessments	19
Section 704.	Collection of Assessments	20
Section 705.	Owner Direction and Consent with Respect to Series 2025-2 Acquisition and Construction Account Upon Occurrence of Event
of Default	20
Section 706.	Assignment of District's Rights Under Collateral Assignment	21
Section 707.	Enforcement of True-Up Agreement and Completion Agreement	21
Section 708.	Payment of Rebate Amount	21
Exhibit A – Description of Series 2025 Parcel 4 Project Exhibit B – Form of Series 2025-2 Bonds
Exhibit C – Form of Requisition for Series 2025 Parcel 4 Project

SECOND SUPPLEMENTAL TRUST INDENTURE
THIS SECOND SUPPLEMENTAL TRUST INDENTURE (this "Second
Supplemental Indenture") is dated as of May 1, 2025, between FEED MILL COMMUNITY DEVELOPMENT DISTRICT (the "District") and U.S. BANK
TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (the "Trustee"), a national banking association, authorized to accept and execute trusts of the character herein set forth, with its designated corporate trust office located at 225 East Robinson Street, Suite 250, Orlando, Florida 32801, Attention: Corporate Trust Department.
WHEREAS, the District entered into a Master Trust Indenture, dated as of May 1, 2025 (the "Master Indenture" and together with this Second Supplemental Indenture, the "Indenture") with the Trustee to secure the issuance of its Feed Mill Community Development District Capital Improvement Revenue Bonds (the "Bonds"), issuable in one or more Series from time to time; and
WHEREAS, pursuant to Resolution No. 2025-01, adopted by the Governing Body of the District on October 18, 2024, the District has authorized the issuance, sale and delivery of not to exceed $285,000,000 of Bonds, to be issued in one or more Series of Bonds as authorized under the Master Indenture, which Bonds were validated by final judgment of the Fourth Judicial Circuit of Florida, in and for Clay County on March 26, 2025, the appeal period for which expired with no appeal having been taken; and
WHEREAS, the Governing Body of the District duly adopted Resolution No. 2025-05, on February 26, 2025, providing for the acquisition, construction and installation of assessable capital improvements (the "Capital Improvement Program"), providing estimated Costs of the Capital Improvement Program, defining assessable property to be benefited by the Capital Improvement Program, defining the portion of the Costs of the Capital Improvement Program with respect to which Assessments will be imposed and the manner in which such Assessments shall be levied against such benefited property within the District, directing the preparation of an assessment roll, and stating the intent of the District to issue Bonds of the District secured by such Assessments to finance the Costs of the acquisition, construction and installation of the Capital Improvement Program and the Governing Body of the District duly adopted Resolution No. 2025-07, on April [23], 2025, following a public hearing conducted in accordance with the Act, to fix and establish the Assessments and the benefited property; and
WHEREAS, pursuant to Resolution No. 2025-06, adopted by the Governing Body of the District on April [23], 2025 (the "Award Resolution"), the District has authorized the issuance, sale and delivery of, among other things, its $[Bond Amount] Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One) (the "Series 2025-2 Bonds"), which are issued hereunder as an issue of Bonds under the Master

Indenture, and has authorized the execution and delivery of the Master Indenture and this Second Supplemental Indenture to secure the issuance of the Series 2025-2 Bonds and to set forth the terms of the Series 2025-2 Bonds; and
WHEREAS, the District will apply the proceeds of the Series 2025-2 Bonds to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 4 Project (as defined herein), (b) pay certain costs associated with the issuance of the Series 2025-2 Bonds, (c) make a deposit into the Series 2025-2 Reserve Account to be held for the benefit of all of the Series 2025-2 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-2 Bonds; and
WHEREAS, simultaneously with the issuance of the Series 2025-2 Bonds and pursuant to the Award Resolution, the Master Indenture and a First Supplemental Trust Indenture dated as of even date herewith (the "First Supplemental Indenture"), the District has authorized the issuance, sale and delivery of its $[2025-1 Amount] Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-1 (Parcel 1 – Assessment Area One) (the "Series 2025-1 Bonds"), which will be separately secured as a separate Series of Bonds under the Master Indenture and are issued to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 1 Project (as defined in the First Supplemental Indenture), (b) pay certain costs associated with the issuance of the Series 2025-1 Bonds, (c) make a deposit into the Series 2025-1 Reserve Account to be held for the benefit of all of the Series 2025-1 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-1 Bonds; and
WHEREAS, the Series 2025-2 Bonds will be payable from and secured in part by revenues derived from Assessments imposed, levied and collected by the District with respect to property specially benefited by the Series 2025 Parcel 4 Project (the "Series 2025-2 Assessments"); and
WHEREAS, the execution and delivery of the Series 2025-2 Bonds and of this Second Supplemental Indenture have been duly authorized by the Governing Body of the District and all things necessary to make the Series 2025-2 Bonds, when executed by the District and authenticated by the Trustee, valid and binding legal obligations of the District and to make this Second Supplemental Indenture a valid and binding agreement and, together with the Master Indenture, a valid and binding lien on the Series 2025-2 Trust Estate (hereinafter defined) have been done;
NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:
That the District, in consideration of the premises, the acceptance by the Trustee of the trusts hereby created, the mutual covenants herein contained, the purchase and acceptance of the Series 2025-2 Bonds by the purchaser or purchasers

thereof, and other good and valuable consideration, receipt of which is hereby acknowledged, and in order to further secure the payment of the principal and Redemption Price of, and interest on, all Series 2025-2 Bonds Outstanding from time to time, according to their tenor and effect, and such other payments required to be made under the Master Indenture or hereunder, and to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this Second Supplemental Indenture and in the Series 2025-2 Bonds (a) has executed and delivered this Second Supplemental Indenture and (b) does hereby, in confirmation of the Master Indenture, grant, bargain, sell, convey, transfer, assign and pledge unto the Trustee, and unto its successors in the trusts established under the Master Indenture, and to them and their successors and assigns forever, all right, title and interest of the District, in, to and under, subject to the terms and conditions of the Master Indenture and the provisions of the Master Indenture pertaining to the application thereof for or to the purposes and on the terms set forth in the Master Indenture, the revenues derived by the District from the Series 2025-2 Assessments (the "Series 2025-2 Pledged Revenues") and the Funds and Accounts (except for the Series 2025-2 Rebate Account) established hereby (the "Series 2025-2 Pledged Funds") which shall constitute the Trust Estate securing the Series 2025-2 Bonds (the "Series 2025-2 Trust Estate");
TO HAVE AND TO HOLD all the same by the Master Indenture granted, bargained, sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in said trust and to it and its assigns forever;
IN TRUST NEVERTHELESS, except as in each such case may otherwise be provided in the Master Indenture, upon the terms and trusts in the Indenture set forth for the equal and proportionate benefit, security and protection of all and singular the present and future Owners of the Series 2025-2 Bonds issued or to be issued under and secured by this Second Supplemental Indenture, without preference, priority or distinction as to lien or otherwise, of any one Series 2025-2 Bond over any other Series 2025-2 Bond by reason of priority in their issue, sale or execution;
PROVIDED HOWEVER, that if the District, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal and Redemption Price of the Series 2025-2 Bonds or any Series 2025-2 Bond of a particular maturity issued, secured and Outstanding under this Second Supplemental Indenture and the interest due or to become due thereon, at the times and in the manner mentioned in the Series 2025-2 Bonds and this Second Supplemental Indenture, according to the true intent and meaning thereof, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Master Indenture and this Second Supplemental 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 of the Master Indenture and this Second Supplemental Indenture, then upon such final payments, this Second Supplemental Indenture and the rights hereby granted shall cease and terminate, with respect to all Series 2025-2 Bonds or any Series 2025-2 Bond of a particular maturity, otherwise this Second Supplemental Indenture shall remain in full force and effect;
THIS	SECOND	SUPPLEMENTAL	INDENTURE	FURTHER
WITNESSETH, and it is expressly declared, that all Series 2025-2 Bonds issued and secured hereunder are to be issued, authenticated and delivered and all of the rights and property pledged to the payment thereof are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as expressed in the Master Indenture (except as amended directly or by implication by this Second Supplemental Indenture) and this Second Supplemental Indenture, and the District has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective Owners, from time to time, of the Series 2025-2 Bonds, as follows:

ARTICLE I DEFINITIONS
Section 101. Definitions. All terms used herein that are defined in the recitals hereto are used with the same meaning herein unless the context clearly requires otherwise. All terms used herein that are defined in the Master Indenture are used with the same meaning herein (including the use of such terms in the recitals hereto and the granting clauses hereof) unless (a) expressly given a different meaning herein or (b) the context clearly requires otherwise. In addition, unless the context clearly requires otherwise, the following terms used herein shall have the following meanings:
"Arbitrage Certificate" shall mean the Certificate as to Arbitrage and Certain Other Tax Matters of the District dated as of [Closing Date].
"Assessment Methodology" shall mean the Master Special Assessment Allocation Report, dated [February 26], 2025, as supplemented by the [First Supplemental Special Assessment Allocation Report], dated [	], 2025, each prepared by the Methodology Consultant.
"Beneficial Owners" shall have the meaning given such term by DTC so long as it is the registered Owner through its Nominee, Cede & Co., of the Series 2025-2 Bonds as to which such reference is made to enable such Series 2025-2 Bonds to be held in book-entry only form, and shall otherwise mean the registered Owner on the registration books of the District maintained by the Bond Registrar.

"Bond Depository" shall mean the securities depository from time to time under Section 201 hereof, which may be the District.
"Bond Participants" shall mean those broker-dealers, banks and other financial institutions from time to time for which the Bond Depository holds Series 2025-2 Bonds as securities depository.
"Collateral Assignment" shall mean the [Collateral Assignment] between the District and the Parcel 4 Developer, dated as of [Closing Date].
"Completion Agreement" shall mean the [Completion Agreement] between the District and the Parcel 4 Developer, dated as of [Closing Date].
"Continuing Disclosure Agreement" shall mean the Continuing Disclosure Agreement, by and among the District, the Developer and Rizzetta & Company, Incorporated, as dissemination agent, dated [as of] [Closing Date].
"Delinquent Assessment Interest" shall mean Series 2025-2 Assessment Interest deposited by the District with the Trustee on or after May 1 of the year in which such Series 2025-2 Assessment Interest has, or would have, become delinquent under State law or the Series 2025-2 Assessment Proceedings applicable thereto.
"Delinquent Assessment Principal" shall mean Series 2025-2 Assessment Principal deposited by the District with the Trustee on or after May 1 of the year in which such Series 2025-2 Assessment Principal has, or would have, become delinquent under State law or the Series 2025-2 Assessment Proceedings applicable thereto.
"Delinquent Assessments" shall mean, collectively, Delinquent Assessment Principal and Delinquent Assessment Interest.
"Engineer's Report" shall mean the Feed Mill Community Development District Capital Improvement Plan, dated [February 12], 2025, as supplemented by the [Supplemental Engineer's Report], dated [	], 2025, each prepared by England, Thims & Miller, Inc., copies of which are attached hereto as Exhibit A.
"Interest Payment Date" shall mean each May 1 and November 1, commencing November 1, 2025.
"Majority Owners" shall mean the Beneficial Owners of more than fifty percent (50%) in principal amount of the Outstanding Series 2025-2 Bonds.
"Methodology Consultant" shall mean Rizzetta & Company, Incorporated.
"Nominee" shall mean the nominee of the Bond Depository, which may be the Bond Depository, as determined from time to time pursuant to this Second Supplemental Indenture.

"Parcel 4 – Assessment Area One" shall mean the [  ] gross acres within Pods 4A through 4D of Parcel 4, planned to include 201 residential units, as more fully described in the Engineer's Report and the Assessment Methodology.
"Parcel 4 Developer" shall mean Saratoga Sagebrook LLC, a Delaware limited liability company.
"Quarterly Redemption Date" shall mean each February 1, May 1, August 1 and November 1.
"Redemption Date" shall mean a Quarterly Redemption Date in the case of a partial redemption of Outstanding Series 2025-2 Bonds, or any date in the case of the redemption of all of the Outstanding Series 2025-2 Bonds.
"Reserve Account Release Conditions #1" shall mean, collectively, that (a) all lots subject to the Series 2025-2 Assessments have been developed, platted and sold to homebuilders, (b) all Series 2025-2 Assessments are being collected pursuant to the Uniform Method, and (c) there are no Events of Default occurring or continuing under the Indenture with respect to the Series 2025-2 Bonds. The Consulting Engineer shall provide a written certification to the District and the Trustee certifying that the event in clause (a) has occurred and the District Manager shall provide a written certification to the District and the Trustee certifying that the event in clause (b) has occurred and affirming clause (c), on which certifications the Trustee may conclusively rely.
"Reserve Account Release Conditions #2" shall mean, collectively, that (a) all of the Reserve Account Release Conditions #1 have been satisfied, (b) all homes within Parcel 4 – Assessment Area One have been built and have received a certificate of occupancy, and (c) there are no Events of Default occurring or continuing under the Indenture with respect to the Series 2025-2 Bonds. The District Manager shall provide a written certification to the District and the Trustee certifying that the events in clauses (a) and (b) have occurred and affirming clause (c), on which certifications the Trustee may conclusively rely.
"Series 2025 Parcel 4 Project" shall mean that portion of the Capital Improvement Program to be financed in part with the proceeds of the Series 2025-2 Bonds on deposit in the Series 2025-2 Acquisition and Construction Account, as more particularly described in the Engineer's Report.
"Series 2025-2 Assessment Interest" shall mean the interest on the Series 2025-2 Assessments which is pledged to the Series 2025-2 Bonds.
"Series 2025-2 Assessment Principal" shall mean the principal amount of Series 2025-2 Assessments received by the District which represents a proportionate amount of the principal of and Amortization Installments of the Series 2025-2 Bonds, other than applicable Delinquent Assessment Principal and Series 2025-2 Prepayments.

"Series 2025-2 Assessment Proceedings" shall mean the proceedings of the District with respect to the establishment, levy and collection of the Series 2025-2 Assessments which include Resolution Nos. 2025-05, 2025-06, 2025-07 and 2025- [ ], adopted by the Governing Body of the District, and any supplemental proceedings undertaken by the District with respect to the Series 2025-2 Assessments and the Assessment Methodology as approved thereby.
"Series 2025-2 Assessment Revenues" shall mean all revenues derived by the District from the Series 2025-2 Assessments, including Delinquent Assessments, proceeds from any foreclosure of the lien of Delinquent Assessments and any statutory interest on the Delinquent Assessments collected by the District in excess of the rate of interest on the Series 2025-2 Bonds.
"Series 2025-2 Investment Obligations" shall mean and includes any of the following securities, if and to the extent that such securities are legal investments for funds of the District:
Government Obligations that have a maturity of not more than 365 days from the date of acquisition;
Both (i) shares of a diversified open-end management investment company (as defined in the Investment Company Act of 1940) or a regulated investment company (as defined in Section 851(a) of the Code) that is a money market fund that is rated in the highest rating category for such funds by Moody's and S&P at the time of purchase (Aaa-mf and AAAm, respectively), and (ii) shares of money market mutual funds that invest only in Government Obligations;
Money market deposit accounts, time deposits, and certificates of deposits issued by commercial banks, savings and loan associations or mutual savings banks and which bank at the time of purchase has its short-term deposits rated at least "A-1" by S&P or "P-1" by Moody's; and
commercial paper of any entity formed under the laws of the United States of America or any state thereof (having maturities of not more than 270 days) and which commercial paper has a short term rating at the time of purchase of at least "A-1" by S&P and "P-1" by Moody's.
Under all circumstances, the Trustee shall be entitled to conclusively rely that any investment directed in writing by an Authorized Officer of the District is permitted under the Indenture and is a legal investment for funds of the District.
"Series 2025-2 Prepayment Interest" shall mean the interest on the Series 2025-2 Prepayments received by the District.
"Series 2025-2 Prepayments" shall mean the excess amount of Series 2025- 2 Assessment Principal received by the District over the Series 2025-2 Assessment Principal  included  within  a  Series  2025-2  Assessment  appearing  on  any

outstanding and unpaid tax bill or direct collect invoice, whether or not mandated to be prepaid in accordance with the Series 2025-2 Assessment Proceedings. Anything herein or in the Master Indenture to the contrary notwithstanding, the term Series 2025-2 Prepayments shall not mean the proceeds of any Refunding Bonds or other borrowing of the District.
"Series 2025-2 Reserve Account Requirement" shall mean an amount equal to the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-2 Bonds, as of the time of any such calculation, until such time as the Reserve Account Release Conditions #1 are met, at which time and thereafter, Series 2025-2 Reserve Account Requirement shall mean an amount equal to fifty percent (50%) of the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-2 Bonds, as of the time of any such calculation, until such time as the Reserve Account Release Conditions #2 are met, at which time and thereafter, Series 2025-2 Reserve Account Requirement shall mean an amount equal to ten percent (10%) of the Maximum Annual Debt Service Requirement for all Outstanding Series 2025-2 Bonds, as of the time of any such calculation. On the date of initial issuance of the Series 2025-2 Bonds, the Series 2025-2 Reserve Account Requirement shall be
$[RAR].
"Substantially Absorbed" shall mean the date on which the principal amount of the Series 2025-2 Assessments equaling at least ninety percent (90%) of the then Outstanding principal amount of the Series 2025-2 Bonds is levied on tax parcels within Parcel 4 – Assessment Area One with respect to which a certificate of occupancy has been issued for a structure thereon, as certified by an Authorized Officer and upon which the Trustee may conclusively rely.
"True-Up Agreement" shall mean the [True-Up Agreement] between the District and the Parcel 4 Developer, dated as of [Closing Date].
"Underwriter" shall mean MBS Capital Markets, LLC, the underwriter of the Series 2025-2 Bonds.

ARTICLE II
AUTHORIZATION, ISSUANCE AND PROVISIONS OF SERIES 2025-2 BONDS
Section 201. Authorization of Series 2025-2 Bonds; Book-Entry Only Form. The Series 2025-2 Bonds are hereby authorized to be issued in one Series in the aggregate principal amount of $[Bond Amount] for the purposes enumerated in the recitals hereto to be designated "Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One)." The Series 2025-2 Bonds shall be substantially in the form attached hereto

as Exhibit B. Each Series 2025-2 Bond shall bear the designation "2025-2R" and shall be numbered consecutively from 1 upwards.
The Series 2025-2 Bonds shall be initially issued in the form of a separate single certificated fully registered Series 2025-2 Bond for each maturity thereof. Upon initial issuance, the ownership of each such Series 2025-2 Bond shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the initial Bond Depository. Except as provided in this Section 201, all of the Outstanding Series 2025-2 Bonds shall be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC.
With respect to Series 2025-2 Bonds registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation to any such Bond Participant or to any indirect Bond Participant. Without limiting the immediately preceding sentence, the District, the Trustee, the Bond Registrar and the Paying Agent shall have no responsibility or obligation with respect to (a) the accuracy of the records of DTC, Cede & Co., or any Bond Participant with respect to any ownership interest in the Series 2025-2 Bonds, (b) the delivery to any Bond Participant or any other person other than an Owner, as shown in the registration books kept by the Bond Registrar, of any notice with respect to the Series 2025-2 Bonds, including any notice of redemption, or (c) the payment to any Bond Participant or any other person, other than an Owner, as shown in the registration books kept by the Bond Registrar, of any amount with respect to principal of, premium, if any, or interest on the Series 2025-2 Bonds. The District, the Trustee, the Bond Registrar and the Paying Agent shall treat and consider the person in whose name each Series 2025-2 Bond is registered in the registration books kept by the Bond Registrar as the absolute Owner of such Series 2025-2 Bond for the purpose of payment of principal, premium and interest with respect to such Series 2025-2 Bond, for the purpose of giving notices of redemption and other matters with respect to such Series 2025-2 Bond, for the purpose of registering transfers with respect to such Series 2025-2 Bond, and for all other purposes whatsoever. The Paying Agent shall pay all principal of, premium, if any, and interest on the Series 2025-2 Bonds only to or upon the order of the respective Owners, as shown in the registration books kept by the Bond Registrar, or their respective attorneys duly authorized in writing, as provided herein and all such payments shall be valid and effective to fully satisfy and discharge the District's obligations with respect to payment of principal of, premium, if any, and interest on the Series 2025-2 Bonds to the extent of the sum or sums so paid. No person other than an Owner, as shown in the registration books kept by the Bond Registrar, shall receive a certificated Series 2025-2 Bond evidencing the obligation of the District to make payments of principal, premium, if any, and interest pursuant to the provisions hereof. Upon delivery by DTC to the District of written notice to the effect that DTC has determined to substitute a new Nominee in place of Cede & Co.,

and subject to the provisions herein with respect to Record Dates, the words "Cede & Co." in this Second Supplemental Indenture shall refer to such new Nominee of DTC, and upon receipt of such a notice the District shall promptly deliver a copy of the same to the Trustee, the Bond Registrar and the Paying Agent.
Upon receipt by the Trustee or the District of written notice from DTC (a) confirming that DTC has received written notice from the District to the effect that a continuation of the requirement that all of the Outstanding Series 2025-2 Bonds be registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, is not in the best interest of the Beneficial Owners of the Series 2025-2 Bonds, or (b) to the effect that DTC is unable or unwilling to discharge its responsibilities and no substitute Bond Depository willing to undertake the functions of DTC hereunder can be found which is willing and able to undertake such functions upon reasonable and customary terms, the Series 2025-2 Bonds shall no longer be restricted to being registered in the registration books kept by the Bond Registrar in the name of Cede & Co., as Nominee of DTC, but may be registered in whatever name or names Owners transferring or exchanging the Series 2025-2 Bonds shall designate, in accordance with the provisions hereof.
Section 202.  Terms. The Series 2025-2 Bonds shall be issued as [  ] ([ ]) Term Bonds, shall be dated as of the date of their issuance and delivery to the initial purchasers thereof, shall bear interest at the fixed interest rates per annum and shall mature in the amounts and on the dates set forth below:
 Number   Principal Amount   Maturity Date   Interest Rate   CUSIP  

Section 203.  Dating; Interest Accrual. Each Series 2025-2 Bond shall be dated [Closing Date]. Each Series 2025-2 Bond shall also bear its date of authentication. Each Series 2025-2 Bond shall bear interest from the Interest Payment Date to which interest has been paid next preceding the date of its authentication, unless the date of its authentication (a) is an Interest Payment Date to which interest on such Series 2025-2 Bond has been paid, in which event such Series 2025-2 Bond shall bear interest from its date of authentication, or (b) is prior to the first Interest Payment Date for the Series 2025-2 Bonds, in which event such Series 2025-2 Bond shall bear interest from its date. Interest on the Series 2025-2 Bonds shall be due and payable on each May 1 and November 1, commencing November 1, 2025, and shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months.
Section 204. Denominations. The Series 2025-2 Bonds shall be issued in Authorized Denominations; provided, however, that the Series 2025-2 Bonds shall

be delivered to the initial purchasers thereof only in aggregate principal amounts of
$100,000 or integral multiples of Authorized Denominations in excess of $100,000.
Section 205. Paying Agent. The District appoints the Trustee as Paying Agent for the Series 2025-2 Bonds.
Section 206. Bond Registrar. The District appoints the Trustee as Bond Registrar for the Series 2025-2 Bonds.
Section 207. Conditions Precedent to Issuance of Series 2025-2 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2025-2 Bonds, all the Series 2025-2 Bonds shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the District or upon its order, but only upon the further receipt by the Trustee of:
certified copies of the Series 2025-2 Assessment Proceedings;
executed copies of the Master Indenture and this Second Supplemental Indenture;
a customary Bond Counsel opinion;
the District Counsel opinion required by the Master Indenture;
a certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2025-2 Bonds, the District will not be in default in the performance of the terms and provisions of the Master Indenture or this Second Supplemental Indenture;
an Engineer's Certificate and a copy of the Engineer's Report, which sets forth the estimated Costs of the Series 2025 Parcel 4 Project;
a certificate of the Methodology Consultant addressing the validity of the Series 2025-2 Assessments;
a certified copy of the final judgment of validation in respect of the Bonds together with a certificate of no appeal; and
an executed Collateral Assignment, Completion Agreement and True- Up Agreement.
Payment to the Trustee of the net proceeds of the Series 2025-2 Bonds in the amount of $[NP] shall conclusively evidence that the foregoing conditions precedent have been met to the satisfaction of the District and the Underwriter.

ARTICLE III REDEMPTION OF SERIES 2025-2 BONDS
Section 301.  Bonds Subject to Redemption. The Series 2025-2 Bonds are subject to redemption prior to maturity as provided in the form thereof attached hereto as Exhibit B. Interest on Series 2025-2 Bonds which are called for redemption shall be paid on the date of redemption from the Series 2025-2 Interest Account or from the Series 2025-2 Revenue Account to the extent moneys in the Series 2025-2 Interest Account are insufficient for such purpose. Moneys in the Series 2025-2 Optional Redemption Subaccount shall be applied in accordance with Section 506 of the Master Indenture to the optional redemption of Series 2025-2 Bonds.

ARTICLE IV
DEPOSIT OF SERIES 2025-2 BOND PROCEEDS AND APPLICATION THEREOF; ESTABLISHMENT OF ACCOUNTS AND OPERATION THEREOF
Section 401.  Establishment of Accounts. There are hereby established, as needed, the following Accounts:
within the Acquisition and Construction Fund held by the Trustee, a Series 2025-2 Acquisition and Construction Account and a Series 2025-2 Costs of Issuance Account;
within the Debt Service Fund held by the Trustee: (i) a Series 2025-2 Debt Service Account and therein a Series 2025-2 Sinking Fund Account, a Series 2025-2 Interest Account and a Series 2025-2 Capitalized Interest Account; and (ii) a Series 2025-2 Redemption Account and therein a Series 2025-2 Prepayment Subaccount and a Series 2025-2 Optional Redemption Subaccount;
within the Reserve Fund held by the Trustee, a Series 2025-2 Reserve Account, which shall be held for the benefit of all of the Series 2025-2 Bonds, without distinction as to Series 2025-2 Bonds and without privilege or priority of one Series 2025-2 Bond over another;
within the Revenue Fund held by the Trustee, a Series 2025-2 Revenue Account; and
within the Rebate Fund held by the Trustee, a Series 2025-2 Rebate Account.
Section 402. Use of Series 2025-2 Bond Proceeds. The net proceeds of sale of the Series 2025-2 Bonds in the amount of $[NP] (consisting of $[Bond

Amount].00 principal amount of Series 2025-2 Bonds [less/plus] [net] original issue [discount/premium] in the amount of $[OID/OIP] and less underwriter's discount in the amount of $[UD]), shall as soon as practicable upon the delivery thereof to the Trustee by the District pursuant to Section 207 of the Master Indenture, be applied as follows:
$[RAR], representing the Series 2025-2 Reserve Account Requirement at the time of issuance of the Series 2025-2 Bonds, shall be deposited to the credit of the Series 2025-2 Reserve Account;
$[COI], representing the costs of issuance relating to the Series 2025-2 Bonds, shall be deposited to the credit of the Series 2025-2 Costs of Issuance Account;
$[CAPI], representing Capitalized Interest on the Series 2025-2 Bonds through and including November 1, 2026, shall be deposited to the credit of the Series 2025-2 Capitalized Interest Account; and
$[CD] shall be deposited to the credit of the Series 2025-2 Acquisition and Construction Account.
Section 403. Series 2025-2 Acquisition and Construction Account; Series 2025-2 Costs of Issuance Account. (a) Amounts on deposit in the Series 2025-2 Acquisition and Construction Account shall be applied to pay Costs of the Series 2025 Parcel 4 Project upon compliance with the requisition provisions set forth in Section 503(b) of the Master Indenture and on the form attached hereto as Exhibit C. The Trustee shall have no duty to verify that any requested disbursement from the Series 2025-2 Acquisition and Construction Account is for a Cost of the Series 2025 Parcel 4 Project. The Consulting Engineer shall establish a Date of Completion for the Series 2025 Parcel 4 Project, and any balance remaining in the Series 2025-2 Acquisition and Construction Account after such Date of Completion (taking into account the moneys then on deposit therein to pay any accrued but unpaid Costs of the Series 2025 Parcel 4 Project which are required to be reserved in the Series 2025-2 Acquisition and Construction Account in accordance with the certificate of the Consulting Engineer delivered to the District and the Trustee establishing such Date of Completion), shall be transferred to the Series 2025-2 Prepayment Subaccount and applied to the extraordinary mandatory redemption of the Series 2025-2 Bonds in accordance with Section 301 hereof and in the manner prescribed in the form of Series 2025-2 Bond attached hereto as Exhibit
B. Notwithstanding the foregoing, the District shall not establish a Date of Completion until both the Reserve Account Release Conditions #1 and the Reserve Account Release Conditions #2 have been satisfied and moneys have been transferred from the Series 2025-2 Reserve Account to the Series 2025-2 Acquisition and Construction Account as a result of such satisfaction pursuant to Section 405 hereof. At such time as there are no amounts on deposit in the Series 2025-2 Acquisition and Construction Account, such Account shall be closed.

The amount deposited in the Series 2025-2 Costs of Issuance Account shall, at the written direction of an Authorized Officer to the Trustee, be used to pay the costs of issuance relating to the Series 2025-2 Bonds. On the date of issuance of the Series 2025-2 Bonds, costs of issuance shall be paid pursuant to the instructions in the closing memorandum prepared by the Underwriter. On the earlier to occur of
(x) the written direction of an Authorized Officer or (y) six (6) months from the date of issuance of the Series 2025-2 Bonds, any amounts deposited in the Series 2025-2 Costs of Issuance Account for which the Trustee has not received a requisition to pay such costs shall be transferred over and deposited into the Series 2025-2 Acquisition and Construction Account and used for the purposes permitted therefor. Any deficiency in the amount allocated to pay the costs of issuance relating to the Series 2025-2 Bonds shall be paid from excess moneys on deposit in the Series 2025-
2 Revenue Account pursuant to Section 408(d) FOURTH hereof. When such deficiency has been satisfied and no moneys remain therein, the Series 2025-2 Costs of Issuance Account shall be closed.
Section 404. Series 2025-2 Capitalized Interest Account. Amounts on deposit in the Series 2025-2 Capitalized Interest Account shall, until and including November 1, 2026, be transferred into the Series 2025-2 Interest Account and applied to the payment of interest first coming due on the Series 2025-2 Bonds in accordance with Section 408(d) hereof, and thereafter transferred into the Series 2025-2 Acquisition and Construction Account, whereupon the Series 2025-2 Capitalized Interest Account shall be closed.
Section 405. Series 2025-2 Reserve Account. The Series 2025-2 Reserve Account shall be funded and maintained at all times in an amount equal to the Series 2025-2 Reserve Account Requirement. Except as otherwise provided herein or in the Master Indenture, amounts on deposit in the Series 2025-2 Reserve Account shall be used only for the purpose of making payments into the Series 2025-2 Interest Account and the Series 2025-2 Sinking Fund Account to pay Debt Service on the Series 2025-2 Bonds, when due, without distinction as to Series 2025-2 Bonds and without privilege or priority of one Series 2025-2 Bond over another, to the extent the moneys on deposit in such Accounts available therefor are insufficient and for no other purpose. The Series 2025-2 Reserve Account shall consist only of cash and Series 2025-2 Investment Obligations.
Anything herein or in the Master Indenture to the contrary notwithstanding, on the forty-fifth (45th) day preceding each Quarterly Redemption Date (or, if such forty-fifth (45th) day is not a Business Day, on the Business Day preceding such forty-fifth (45th) day), an Authorized Officer of the District shall recalculate the Series 2025-2 Reserve Account Requirement and shall direct the Trustee in writing to transfer any excess on deposit in the Series 2025-2 Reserve Account (a) resulting from Prepayments of Series 2025-2 Assessments into the Series 2025-2 Prepayment Subaccount and applied as a credit against the Prepayment otherwise required to be made by the owner of such lot or parcel subject to such Prepayment and

thereafter applied to the extraordinary mandatory redemption of the Series 2025-2 Bonds, (b) resulting from a reduction of the Series 2025-2 Reserve Account Requirement as the result of either the Reserve Account Release Conditions #1 or the Reserve Account Release Conditions #2 being met into the Series 2025-2 Acquisition and Construction Account and used for the purposes of such Account, or
resulting from investment earnings as provided in Section 408(f) herein. The Trustee is hereby authorized to make such transfers and has no duty to verify such calculations.
On the earliest date on which there is on deposit in the Series 2025-2 Reserve Account sufficient moneys, after taking into account other moneys available therefor, to pay and redeem all of the Outstanding Series 2025-2 Bonds, together with accrued interest and redemption premium, if any, on such Series 2025-2 Bonds to the earliest Redemption Date permitted therein and herein, then the Trustee shall transfer the amount on deposit in the Series 2025-2 Reserve Account into the Series 2025-2 Prepayment Subaccount to pay and redeem all of the Outstanding Series 2025-2 Bonds on the earliest Redemption Date permitted for redemption therein and herein.
Anything herein or in the Master Indenture to the contrary notwithstanding, amounts on deposit in the Series 2025-2 Reserve Account shall, upon the occurrence and continuance of an Event of Default, be subject to a first charge by the Trustee for its fees and expenses, including fees and expenses of collection of Delinquent Assessments.
Section 406. Amortization Installments; Selection of Bonds for Redemption. (a) The Amortization Installments established for the Series 2025-2 Bonds shall be as set forth in the form of Series 2025-2 Bonds attached hereto.
(b)  Upon any redemption of Series 2025-2 Bonds (other than Series 2025-2 Bonds redeemed in accordance with scheduled Amortization Installments and other than Series 2025-2 Bonds redeemed at the direction of the District accompanied by a cash flow certificate as required by Section 506(b) of the Master Indenture), the Trustee shall cause Series 2025-2 Bonds to be redeemed in such amounts and having such maturities so as to result in Amortization Installments recalculated, which recalculation shall be performed by the District, in such manner as shall amortize all the Outstanding Series 2025-2 Bonds of all of the maturities in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining terms of all of the Series 2025-2 Bonds.
Section 407. Tax Covenants. The District shall comply with the Arbitrage Certificate, including but not limited to the Tax Regulatory Covenants set forth as an exhibit to the Arbitrage Certificate, as amended and supplemented from time to time in accordance with their terms.

Section 408. Series 2025-2 Revenue Account; Application of Revenues and Investment Earnings. (a) The Trustee is hereby authorized and directed to deposit any and all amounts required to be deposited in the Series 2025- 2 Revenue Account by this Section 408 or by any other provision of the Master Indenture or this Second Supplemental Indenture, and any other amounts or payments specifically designated by the District pursuant to a written direction or by a Supplemental Indenture for said purpose. The Series 2025-2 Revenue Account shall be held by the Trustee separate and apart from all other Funds and Accounts held under the Indenture and from all other moneys of the Trustee.
The Trustee shall deposit into the Series 2025-2 Revenue Account (i) Series 2025-2 Assessment Revenues other than Series 2025-2 Prepayments (which Series 2025-2 Prepayments shall be identified by the District to the Trustee as such in writing upon deposit, upon which certification the Trustee may conclusively rely, and which shall be deposited into the Series 2025-2 Prepayment Subaccount), (ii) Series 2025-2 Prepayment Interest, and (iii) any other revenues required by other provisions of the Indenture to be deposited into the Series 2025-2 Revenue Account.
On the forty-fifth (45th) day preceding each Quarterly Redemption Date (or if such forty-fifth (45th) day is not a Business Day, on the Business Day preceding such forty-fifth (45th) day), the Trustee shall determine the amount on deposit in the Series 2025-2 Prepayment Subaccount and, if the balance therein is greater than zero, shall, upon written direction from the District, transfer from the Series 2025-2 Revenue Account for deposit into the Series 2025-2 Prepayment Subaccount an amount sufficient to increase the amount on deposit therein to the nearest integral multiple of $5,000 (provided that there are sufficient funds remaining in the Series 2025-2 Revenue Account to pay Debt Service coming due on the Series 2025-2 Bonds on the next succeeding Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of the Series 2025-2 Bonds on the next succeeding Redemption Date in the maximum aggregate principal amount for which moneys are then on deposit in the Series 2025-2 Prepayment Subaccount in accordance with the provisions for extraordinary mandatory redemption of the Series 2025-2 Bonds set forth in the form of Series 2025-2 Bonds attached hereto, Section 301 hereof, and Article III of the Master Indenture.
On May 1 and November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November 1), the Trustee shall first transfer from the Series 2025-2 Capitalized Interest Account to the Series 2025-2 Interest Account the lesser of (x) the amount of interest coming due on the Series 2025-2 Bonds on such May 1 or November 1, less the amount already on deposit in the Series 2025-2 Interest Account, or (y) the amount remaining in the Series 2025-2 Capitalized Interest Account. Following the foregoing transfer, on such May 1 or November 1 (or if such May 1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November 1), the

Trustee shall then transfer amounts on deposit in the Series 2025-2 Revenue Account to the Accounts designated below in the following amounts and in the following order of priority:
FIRST, to the Series 2025-2 Interest Account, the amount, if any, equal to the difference between the amount of interest payable on all Series 2025-2 Bonds then Outstanding on such May 1 or November 1, and (i) the amount transferred from the Series 2025-2 Capitalized Interest Account in accordance with Sections 404 and 408(d) and (ii) the amount already on deposit in the Series 2025-2 Interest Account not previously credited;
SECOND, on May 1, 20[27], and on each May 1 thereafter, to the Series 2025-2 Sinking Fund Account, the amount, if any, equal to the difference between the Amortization Installments of all Series 2025-2 Bonds subject to mandatory sinking fund redemption on such May 1 and the amount already on deposit in the Series 2025-2 Sinking Fund Account not previously credited;
THIRD, to the Series 2025-2 Reserve Account, the amount, if any, which is necessary to make the amount on deposit therein equal to the Series 2025-2 Reserve Account Requirement with respect to the Series 2025-2 Bonds; and
FOURTH, the balance shall first be deposited into the Series 2025-2 Costs of Issuance Account to fund any deficiencies in the amount allocated to pay the costs of issuance relating to the Series 2025-2 Bonds, and then the balance shall be retained in the Series 2025-2 Revenue Account.
On any date required by the Arbitrage Certificate, the District shall give the Trustee written direction to, and the Trustee shall, transfer from the Series 2025-2 Revenue Account to the Series 2025-2 Rebate Account the amount due and owing to the United States, which amount shall be paid to the United States when due in accordance with such Arbitrage Certificate.
Anything herein or in the Master Indenture to the contrary notwithstanding, moneys on deposit in all of the Funds and Accounts held as security for the Series 2025-2 Bonds shall be invested only in Series 2025-2 Investment Obligations. Earnings on investments in the Series 2025-2 Acquisition and Construction Account, the Series 2025-2 Interest Account and the Series 2025-2 Capitalized Interest Account shall be retained, as realized, in such Accounts and used for the purpose of such Accounts. Earnings on investments in the Funds and Accounts other than the Series 2025-2 Reserve Account, and other than as set forth above, shall be deposited, as realized, to the credit of the Series 2025-2 Revenue Account and used for the purpose of such Account.
Earnings on investments in the Series 2025-2 Reserve Account shall be disposed of as follows:

if there was no deficiency (as defined in Section 509 of the Master Indenture) in the Series 2025-2 Reserve Account as of the most recent date on which amounts on deposit in the Series 2025-2 Reserve Account were valued by the Trustee, and if no withdrawals have been made from the Series 2025-2 Reserve Account since such date which have created a deficiency, then earnings on investments in the Series 2025-2 Reserve Account shall be deposited into the Series 2025-2 Capitalized Interest Account through November 1, 2026, and thereafter shall be deposited into the Series 2025-2 Revenue Account and used for the purpose of such Account; or
if there was a deficiency (as defined in Section 509 of the Master Indenture) in the Series 2025-2 Reserve Account as of the most recent date on which amounts on deposit in the Series 2025-2 Reserve Account were valued by the Trustee, or if after such date withdrawals have been made from the Series 2025-2 Reserve Account and have created such a deficiency, then earnings on investments in the Series 2025-2 Reserve Account shall be retained in the Series 2025-2 Reserve Account until the amount on deposit therein is equal to the Series 2025-2 Reserve Account Requirement, and then earnings on investments in the Series 2025-2 Reserve Account shall be deposited into the Series 2025-2 Capitalized Interest Account through November 1, 2026, and thereafter shall be deposited into the Series 2025-2 Revenue Account and used for the purpose of such Account.
The foregoing determination and disbursement shall be made prior to any recalculation and transfer of excess amounts on deposit in the Series 2025-2 Reserve Account made pursuant to Section 405 hereof.

ARTICLE V CONCERNING THE TRUSTEE
Section 501. Acceptance by Trustee. The Trustee accepts the trusts declared and provided in this Second Supplemental Indenture and agrees to perform such trusts upon the terms and conditions set forth herein and in the Master Indenture.
Section 502. Limitation of Trustee's Responsibility. The Trustee shall not be responsible in any manner for the due execution of this Second Supplemental Indenture by the District or for the recitals contained herein, all of which are made solely by the District.
Section 503. Trustee's Duties. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlements inuring to the Trustee under the Master Indenture, including, particularly, Article VI thereof.

ARTICLE VI ADDITIONAL BONDS
Section 601. No Parity Bonds; Limitation on Parity Assessments. Other than Refunding Bonds issued to refund the then Outstanding Series 2025-2 Bonds, the issuance of which results in net present value Debt Service savings, the District shall not, while any Series 2025-2 Bonds are Outstanding, issue or incur any debt payable in whole or in part from the Series 2025-2 Trust Estate. The District further covenants and agrees that so long as the Series 2025-2 Assessments have not been Substantially Absorbed, it will not impose Assessments for capital projects on any lands subject to the Series 2025-2 Assessments without the written consent of the Majority Owners. Notwithstanding the immediately preceding sentence, the District may impose Assessments on property subject to the Series 2025-2 Assessments which are necessary for health, safety or welfare reasons, or to remediate a natural disaster, or to effect repairs to or replacement of property, facilities or equipment of the District without the consent of the Majority Owners.

ARTICLE VII MISCELLANEOUS
Section 701. Confirmation of Master Indenture. As supplemented by this Second Supplemental Indenture, the Master Indenture is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be read, taken and construed as a part of the Master Indenture so that all of the rights, remedies, terms, conditions, covenants and agreements of the Master Indenture, except insofar as modified herein, shall apply and remain in full force and effect with respect to this Second Supplemental Indenture and to the Series 2025-2 Bonds issued hereunder.
Section 702. Continuing Disclosure Agreement. Contemporaneously with the execution and delivery hereof, the District has executed and delivered the Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as amended. The District covenants and agrees to comply with the provisions of the Continuing Disclosure Agreement. However, as set forth therein, failure to so comply shall not constitute an Event of Default hereunder, but instead shall be enforceable as provided in the Continuing Disclosure Agreement.
Section 703. Additional Covenant Regarding Assessments. In addition to, and not in limitation of, the covenants contained elsewhere in this Second Supplemental Indenture and in the Master Indenture, the District covenants to comply with the terms of the Series 2025-2 Assessment Proceedings heretofore adopted with respect to the Series 2025-2 Assessments, including the Assessment Methodology, and to levy the Series 2025-2 Assessments and collect any

required true-up payments set forth in the Assessment Methodology in such manner as will generate funds sufficient to pay the principal of and interest on the Series 2025-2 Bonds, when due.
Section 704. Collection of Assessments. (a) Anything herein or in the Master Indenture to the contrary notwithstanding, when permitted by law, Series 2025-2 Assessments levied on platted lots and pledged hereunder to secure the Series 2025-2 Bonds shall be collected pursuant to the Uniform Method, and Series 2025-2 Assessments levied on unplatted lands and pledged hereunder to secure the Series 2025-2 Bonds shall be collected directly by the District pursuant to the Act and Chapters 170 and 197, Florida Statutes, and not pursuant to the Uniform Method, in each case unless otherwise directed by the Trustee acting at the direction of the Majority Owners upon the occurrence and continuance of an Event of Default.
(b)  All Series 2025-2 Assessments that are collected directly by the District and not via the Uniform Method shall be due and payable by each landowner no later than thirty (30) days prior to each respective Interest Payment Date; provided, however, that such Series 2025-2 Assessments shall not be deemed Delinquent Assessments unless and until such Series 2025-2 Assessments are not paid by the applicable Interest Payment Date with respect to which they have been billed.
Section 705. Owner Direction and Consent with Respect to Series 2025-2 Acquisition and Construction Account Upon Occurrence of Event of Default. In accordance with the provisions of the Indenture, the Series 2025-2 Bonds are payable solely from the Series 2025-2 Pledged Revenues and the Series 2025-2 Pledged Funds held by the Trustee under the Indenture for such purpose. Anything in the Indenture to the contrary notwithstanding, the District hereby acknowledges that (a) the Series 2025-2 Pledged Funds includes, without limitation, all amounts on deposit in the Series 2025-2 Acquisition and Construction Account then held by the Trustee, (b) upon the occurrence of an Event of Default with respect to the Series 2025-2 Bonds, the Series 2025-2 Pledged Funds may not be used by the District (whether to pay Costs of the Series 2025 Parcel 4 Project or otherwise) without the consent of the Majority Owners, except to the extent that prior to the occurrence of the Event of Default the District had incurred a binding obligation with third parties for work on the Series 2025 Parcel 4 Project and payment is for such work, and (c) upon the occurrence of an Event of Default with respect to the Series 2025-2 Bonds, the Series 2025-2 Pledged Funds may be used by the Trustee, at the direction or with the approval of the Majority Owners, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The District shall not enter into any binding agreement with respect to the Series 2025 Parcel 4 Project that will cause the expenditure of additional funds from the Series 2025-2 Trust Estate after the

occurrence and during the continuance of an Event of Default unless authorized in writing by the Majority Owners.
Section 706. Assignment of District's Rights Under Collateral Assignment. Subject to the terms of the Collateral Assignment, the District hereby assigns its rights under the Collateral Assignment to the Trustee for the benefit of the Owners, from time to time, of the Series 2025-2 Bonds. The Trustee shall not be deemed to have accepted any obligation under the Collateral Assignment by virtue of such assignment.
Section 707. Enforcement of True-Up Agreement and Completion Agreement. The District, either through its own actions, or actions caused to be taken through the Trustee, covenants that it shall strictly enforce all of the provisions of the True-Up Agreement and the Completion Agreement and, upon the occurrence and continuance of a default under either or both of such Agreements, the District covenants and agrees that the Trustee, at the direction of the Majority Owners, may, subject to the provisions of Section 912 of the Master Indenture, act on behalf of and in the District's stead to enforce the provisions of such Agreements and to pursue all available remedies under applicable law or in equity. Anything herein or in the Master Indenture to the contrary notwithstanding, failure of the District to enforce, or permit the Trustee to enforce in its stead, all of the provisions of the True-Up Agreement and the Completion Agreement upon demand of the Majority Owners, or the Trustee at the direction of the Majority Owners, shall constitute an Event of Default under the Indenture, provided, however, that the District shall have a reasonable opportunity to cure.
Section 708. Payment of Rebate Amount. Anything herein or in the Master Indenture to the contrary notwithstanding, the District shall cause a Rebate Analyst to determine the Rebate Amount, if any, at the times and in the manner provided in the Tax Regulatory Covenants attached as an exhibit to the Arbitrage Certificate. If a Rebate Amount shall be due, the District shall deliver to the Trustee the written direction of an Authorized Officer to pay from the Series 2025-2 Rebate Account, or from any other available funds as shall be provided in such written direction, the Rebate Amount to the District for remittance to the Internal Revenue Service. The Trustee may conclusively rely on such written direction and shall have no responsibility for the calculation or payment of the Rebate Amount, if any. Notwithstanding Section 507(b) of the Master Indenture, the District shall not be required to provide the report of the Rebate Analyst to the Trustee.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Feed Mill Community Development District has caused this Second Supplemental Indenture to be signed in its name and on its behalf by its Chair, and its official seal to be hereunto affixed and attested by its Assistant Secretary, thereunto duly authorized, and to evidence its acceptance of the trusts hereby created, the Trustee has caused this Second Supplemental Indenture to be signed in its name and on its behalf by its duly authorized Vice President.

(SEAL)

Attest:

FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By:	
Assistant Secretary	Chair, Board of Supervisors

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

By:		 Vice President

EXHIBIT A
DESCRIPTION OF SERIES 2025 PARCEL 4 PROJECT
[See Report of Consulting Engineer Attached Hereto]

EXHIBIT B
FORM OF SERIES 2025-2 BONDS
No. 2025-2R-	$[  ]
UNITED STATES OF AMERICA STATE OF FLORIDA
FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BOND, SERIES 2025-2 (PARCEL 4 – ASSESSMENT AREA ONE)

Interest Rate	Maturity Date		Dated Date	CUSIP	

%	May 1, 20[  ]		 
[Closing Date]	
Registered Owner:
Principal Amount:	CEDE & CO.			
FEED MILL COMMUNITY DEVELOPMENT DISTRICT, a community
development district duly established and existing pursuant to Chapter 190, Florida Statutes (the "District"), for value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the registered Owner set forth above, or registered assigns, on the maturity date shown hereon, unless this Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture hereinafter mentioned) shall have been duly made or provided for, the principal amount shown above and to pay (but only out of the sources hereinafter mentioned) interest on the outstanding principal amount hereof from the most recent Interest Payment Date to which interest has been paid or provided for or, if no interest has been paid, from the Dated Date shown above on May 1 and November 1 of each year (each, an "Interest Payment Date"), commencing on November 1, 2025, until payment of said principal sum has been made or provided for, at the rate per annum set forth above. Notwithstanding the foregoing, if any Interest Payment Date is not a Business Day (as defined in the Indenture hereinafter mentioned), then all amounts due on such Interest Payment Date shall be payable on the first Business Day succeeding such Interest Payment Date, but shall be deemed paid on such Interest Payment Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (hereinafter defined), be paid to the registered Owner hereof at the close of business on the regular Record Date for such interest, which shall be the fifteenth (15th) day of the calendar month preceding such Interest Payment Date or, if such day is not a Business Day, on the Business Day immediately preceding such day; provided, however, that on or after the occurrence and continuance of an Event of Default under clause (a) of Section 902 of the Master Indenture  (hereinafter  defined),  the  payment  of  interest  and  principal  or

Redemption Price or Amortization Installments shall be made by the Paying Agent (hereinafter defined) to such person who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed payment, appears on the registration books of the Bond Registrar as the registered Owner of this Bond. Any payment of principal, Amortization Installment or Redemption Price shall be made only upon presentation hereof at the designated corporate trust office of U.S. Bank Trust Company, National Association, located in Orlando, Florida, or any alternate or successor paying agent (collectively, the "Paying Agent"), unless the Bonds are held in the book-entry system in which case presentation shall not be required. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner set forth above if such Owner requests such method of payment in writing on or prior to the regular Record Date for the respective interest payment to such account as shall be specified in such request, but only if the registered Owner set forth above owns not less than $1,000,000 in aggregate principal amount of the Series 2025-2 Bonds, as defined below). Interest on this Bond will be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months. During any period that this Bond is registered in the name of Cede & Co., as Nominee of DTC, the provisions of the Supplemental Indenture (hereinafter defined) relating to the book-entry only system shall apply, including the payment provisions thereof. Capitalized terms used herein and not otherwise defined shall have the same meaning as set forth in the hereinafter defined Indenture.
This Bond is one of a duly authorized issue of Bonds of the District designated "Feed Mill Community Development District Capital Improvement Revenue Bonds, Series 2025-2 (Parcel 4 – Assessment Area One)" in the aggregate principal amount of $[Bond Amount] (the "Series 2025-2 Bonds") issued under a Master Trust Indenture, dated as of May 1, 2025 (the "Master Indenture"), between the District and U.S. Bank Trust Company, National Association, as trustee (the "Trustee"), as supplemented by a Second Supplemental Trust Indenture, dated as of May 1, 2025 (the "Supplemental Indenture" and together with the Master Indenture, the "Indenture"), between the District and the Trustee (the Series 2025- 2 Bonds together with any other Bonds issued under and governed by the terms of the Master Indenture are hereinafter collectively referred to as the "Bonds"). The District will apply the proceeds of the Series 2025-2 Bonds to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 4 Project, (b) pay certain costs associated with the issuance of the Series 2025-2 Bonds, (c) make a deposit into the Series 2025-2 Reserve Account to be held for the benefit of all of the Series 2025-2 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-2 Bonds.
Simultaneously herewith and pursuant to the Master Indenture and a First Supplemental Trust Indenture dated as of May 1, 2025 (the "First Supplemental Indenture"), the District has authorized the issuance, sale and delivery of its
$[2025-1  Amount]  Feed  Mill  Community  Development  District  Capital

Improvement Revenue Bonds, Series 2025-1 (the "Series 2025-1 Bonds"), which will be separately secured as a separate Series of Bonds under the Master Indenture and issued to (a) finance a portion of the Cost of acquiring, constructing and equipping assessable improvements comprising the Series 2025 Parcel 1 Project (as defined in the First Supplemental Indenture), (b) pay certain costs associated with the issuance of the Series 2025-1 Bonds, (c) make a deposit into the Series 2025-1 Reserve Account to be held for the benefit of all of the Series 2025-1 Bonds, and (d) pay a portion of the interest to become due on the Series 2025-1 Bonds.
NEITHER THIS BOND NOR THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND LAWS OF FLORIDA. THIS BOND AND THE SERIES OF WHICH IT IS A PART AND THE INTEREST AND PREMIUM, IF ANY, PAYABLE HEREON AND THEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF. RATHER, DEBT SERVICE AND ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THE TERMS HEREOF SHALL BE PAYABLE SOLELY FROM, AND SHALL BE SECURED SOLELY BY, THE SERIES 2025-2 PLEDGED REVENUES AND THE SERIES 2025-2 PLEDGED FUNDS PLEDGED TO THE SERIES 2025-2 BONDS, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.
This Bond is issued under and pursuant to the Constitution and laws of the State of Florida, particularly Chapter 190, Florida Statutes, and other applicable provisions of law and pursuant to the Indenture, executed counterparts of which Indenture are on file at the corporate trust office of the Trustee. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of Series 2025-2 Bonds issued under the Indenture, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal, Amortization Installments and Redemption Price of, and the interest on, the Series 2025-2 Bonds, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Series 2025-2 Assessments, the terms and conditions under which the Series 2025-2 Bonds are or may be issued, the rights, duties, obligations and immunities of the District and the Trustee under the Indenture and the rights of the Owners of the Series 2025-2 Bonds and, by the acceptance of this Bond, the Owner hereof assents to all of the provisions of the Indenture. The Series 2025-2 Bonds are equally and ratably secured by the Series 2025-2 Trust Estate, without preference

or priority of one Series 2025-2 Bond over another. The Supplemental Indenture does not authorize the issuance of any additional Bonds ranking on parity with the Series 2025-2 Bonds as to the lien and pledge of the Series 2025-2 Trust Estate except, under certain circumstances, Refunding Bonds, and the Supplemental Indenture contains provisions limiting the imposition of capital Assessments on property subject to the Series 2025-2 Assessments.
The Series 2025-2 Bonds are issuable only as registered bonds without coupons in current interest form in denominations of $5,000 or any integral multiple thereof (an "Authorized Denomination"); provided, however, that the Series 2025-2 Bonds shall be delivered to the initial purchasers thereof only in aggregate principal amounts of $100,000 or integral multiples of Authorized Denominations in excess of $100,000. This Bond is transferable by the registered Owner hereof or his duly authorized attorney at the designated corporate trust office of the Trustee in Orlando, Florida, as Bond Registrar (the "Bond Registrar"), upon surrender of this Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature reasonably satisfactory to the Bond Registrar, subject to such reasonable regulations as the District or the Bond Registrar may prescribe, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new Bond or Bonds, in the same aggregate principal amount as the Bond or Bonds transferred, will be issued to the transferee. At the corporate trust office of the Bond Registrar in Orlando, Florida, in the manner and subject to the limitations and conditions provided in the Master Indenture and without cost, except for any tax or other governmental charge, Bonds may be exchanged for an equal aggregate principal amount of Bonds of the same maturity, of Authorized Denominations and bearing interest at the same rate or rates.
The Series 2025-2 Bonds are subject to redemption prior to maturity at the option of the District in whole or in part on any date on or after May 1, 20[ ], at the Redemption Price of the principal amount of the Series 2025-2 Bonds or portions thereof to be redeemed together with accrued interest to the date of redemption.
The Series 2025-2 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-2 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
[Remainder of Page Intentionally Left Blank]

May 1	Amortization	May 1	Amortization	
of the Year	Installment	of the Year	Installment	

* Final maturity
The Series 2025-2 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-2 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
May 1	Amortization	May 1	Amortization
	of the Year	 	Installment	 	of the Year	 	Installment	

* Final maturity
The Series 2025-2 Bond maturing May 1, 20[ ], is subject to mandatory redemption in part by the District by lot prior to its scheduled maturity from moneys in the Series 2025-2 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Amortization Installments at the Redemption Price of the principal amount thereof, without premium, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:
May 1	Amortization	May 1	Amortization
	of the Year	 	Installment	 	of the Year	 	Installment	

* Final maturity

As more particularly set forth in the Indenture, any Series 2025-2 Bonds that are purchased by the District with amounts held to pay an Amortization Installment will be cancelled and the principal amount so purchased will be applied as a credit against the applicable Amortization Installment of Series 2025-2 Bonds. Amortization Installments are also subject to recalculation, as provided in the Supplemental Indenture, as the result of the redemption of Series 2025-2 Bonds other than from scheduled Amortization Installments so as to reamortize the remaining Outstanding principal balance of the Series 2025-2 Bonds as set forth in the Supplemental Indenture.
The Series 2025-2 Bonds are subject to extraordinary mandatory redemption prior to maturity in whole or in part on any Redemption Date at the Redemption Price of 100% of the principal amount thereof, without premium, together with accrued interest to the Redemption Date, if and to the extent that any one or more of the following shall have occurred:
on or after the Date of Completion of the Series 2025 Parcel 4 Project, by application of moneys transferred from the Series 2025-2 Acquisition and Construction Account to the Series 2025-2 Prepayment Subaccount as provided for in the Indenture; or
from amounts, including Series 2025-2 Prepayments, required by the Indenture to be deposited into the Series 2025-2 Prepayment Subaccount; or
from amounts transferred from the Series 2025-2 Reserve Account to the Series 2025-2 Prepayment Subaccount resulting from a reduction in the Series 2025-2 Reserve Account Requirement as provided for in the Indenture; or
on the date on which the amount on deposit in the Series 2025-2 Reserve Account, together with other moneys available therefor, are sufficient to pay and redeem all of the Series 2025-2 Bonds then Outstanding, including accrued interest thereon.
If less than all of the Series 2025-2 Bonds shall be called for redemption, the particular Series 2025-2 Bonds or portions of Series 2025-2 Bonds to be redeemed shall be selected by lot by the Bond Registrar as provided in the Indenture, or as provided or directed by DTC.
Notice of each redemption of Series 2025-2 Bonds is required to be mailed by the Bond Registrar, postage prepaid, not less than thirty (30) nor more than forty- five (45) days prior to the date of redemption to each registered Owner of Series 2025-2 Bonds to be redeemed at the address of such registered Owner recorded on the bond register maintained by the Bond Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Paying Agent, all as provided in the Indenture, the Series 2025-2 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 Series 2025-2 Bonds or such portions thereof on such date, interest on such Series 2025-2 Bonds or such portions thereof so called for redemption shall cease to accrue, such Series 2025-2 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 Series 2025-2 Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent. Further notice of redemption shall be given by the Bond Registrar 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.
Pursuant to the Indenture, notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute an 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.
In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all the Series 2025-2 Bonds then Outstanding under the Indenture may become and may be declared due and payable before the stated maturities thereof, with the interest accrued thereon.
Modifications or alterations of the Master Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Master Indenture.
Any moneys held by the Trustee or any Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for two (2) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption, if such moneys were held by the Trustee or any Paying Agent at such date, or for two (2) years after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bond became due and payable, shall be paid to the District, and thereupon and thereafter no claimant shall have any rights against the Paying Agent to or in respect of such moneys.

If the District deposits or causes to be deposited with the Trustee cash or Federal Securities sufficient to pay the principal or Redemption Price of any Series 2025-2 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 the Series 2025-2 Bonds as to the Series 2025-2 Trust Estate 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.
This Bond is issued with the intent that the laws of the State of Florida shall govern its construction.
All acts, conditions and things required by the Constitution and laws of the State of Florida and the resolutions of the District to happen, exist and be performed precedent to and in the issuance of this Bond and the execution of the Indenture, have happened, exist and have been performed as so required. 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 the execution by the Trustee of the Certificate of Authentication endorsed hereon.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Feed Mill Community Development District has caused this Bond to bear the signature of the Chair of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Assistant Secretary to the Board of Supervisors.
Attest:	FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By:	
Assistant Secretary	Chair, Board of Supervisors

(SEAL)

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the Series designated herein, described in the within-mentioned Indenture.
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee

Date of Authentication:
By:	
[Closing Date]		Vice President

CERTIFICATE OF VALIDATION
This Bond is one of a Series of Bonds which were validated by judgment of the Fourth Judicial Circuit of Florida, in and for Clay County rendered on March 26, 2025.

Chair, Board of Supervisors, Feed Mill
Community Development District

[FORM OF 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 the right of survivorship and not as tenants in common
UNIFORM TRANSFER MIN ACT - 			 Custodian 		 under Uniform Transfer to Minors Act 		(Cust.)		(Minor)
(State)
Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT]
For value received, the undersigned hereby sells, assigns and transfers unto
	 the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints 	, attorney to transfer the said Bond on the books of the District, with full power of substitution in the premises.
Dated:
Social Security Number or Employer:
Identification Number of Transferee:
Signature guaranteed:
NOTICE: Signature(s) must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program.
NOTICE: The assignor's signature to this Assignment must correspond with the name as it appears on the face of the within Bond in every particular without alteration or any change whatsoever.

EXHIBIT C
FORM OF REQUISITION FOR SERIES 2025 PARCEL 4 PROJECT
The undersigned, an Authorized Officer of Feed Mill 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, Orlando, Florida, as trustee (the "Trustee"), dated as of May 1, 2025 (the "Master Indenture"), as supplemented by the Second Supplemental Trust Indenture between the District and the Trustee, dated as of May 1, 2025 (the "Supplemental Indenture" and together with the Master Indenture, the "Indenture") (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
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 or state costs of issuance, if applicable):
Fund or Account and subaccount, if any, from which disbursement to be made:
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the Series 2025-2 Acquisition and Construction Account referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the Series 2025 Parcel 4 Project and each represents a Cost of the Series 2025 Parcel 4 Project, and has not previously been paid out of such Account;
OR
this requisition is for costs of issuance payable from the Series 2025-2 Costs of Issuance Account that has not previously been paid out of such Account.
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 services rendered with respect to which disbursement is hereby requested are on file with the District.
FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By: 		 Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
If this requisition is for a disbursement from other than the Series 2025-2 Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the Series 2025 Parcel 4 Project and is consistent with (a) the applicable acquisition or construction contract, (b) the plans and specifications for the portion of the Series 2025 Parcel 4 Project with respect to which such disbursement is being made, and (c) the report of the Consulting Engineer attached as an exhibit to the Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer

Exhibit C

Form of Preliminary Limited Offering Memorandum
(under separate cover )

Exhibit D

Forms of Continuing Disclosure Agreements
(under separate cover)

Tab 2

Feed Mill Community Development District

District Office · St. Augustine, Florida · (904) 436-6270
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614

Operations and Maintenance Expenditures
May 2025
For Board Approval

Attached please find the check register listing the Operation and Maintenance expenditures paid from May 1, 2025 through May 31, 2025. This does not include expenditures previously approved by the Board.

The total items being presented:   $21,713.14

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Feed Mill Community Development District
Paid Operation & Maintenance Expenditures
May 1, 2025 Through May 31, 2025

Clay Today	300010	
Clay Today	300010	
Clay Today	300010	
Clay Today	300015	
Clay Today	300015	

Vendor Name	 Check Number  Invoice Number	 Invoice Description	  Invoice Amount	

	2025-295317	Account #69376 - Legal Advertising 03/06/25	$	63.45	
	2025-295649	Account #69376 - Legal Advertising 03/13/25	$	66.15	
	2025-295827	Account #69376 - Legal Advertising 03/27/25	$	551.04	
	2025-295827 03/20	Account #69376 - Legal Advertising 03/20/25	$	648.00	
	2025-297294	Account #69376 - Legal Advertising 05/08/25	$	64.80	
England, Thims & Miller, Inc. 300016	218691	Engineering Services 02/25	$	3,640.00	
England, Thims & Miller, Inc. 300016	219311 - 1	Engineering Services 03/25	$	387.50	
Gannett Florida LocaliQ	300011	0006985287	Account #1491978 - Legal Advertising 02/18/25	$	439.20	
Kutak Rock, LLP	300012	3526766	Legal Services 12/24	$	5,501.00	
Kutak Rock, LLP	300012	3536569	Legal Services 01/25	$	3,952.00	

Feed Mill Community Development District
Paid Operation & Maintenance Expenditures
May 1, 2025 Through May 31, 2025

Vendor Name		Check Number  Invoice Number		Invoice Description		 Invoice Amount		
Rizzetta & Company, Inc.	300013	INV0000097466	District Management Services 03/25	$	3,200.00	
Rizzetta & Company, Inc.	300014	INV0000098311	District Management Services 04/25	 $		3,200.00 	

Total				
 $		
21,713.14 	

Feed Mill Community Development District

District Office · St. Augustine, Florida · (904) 436-6270
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614

Operations and Maintenance Expenditures
June 2025
For Board Approval

Attached please find the check register listing the Operation and Maintenance expenditures paid from June 1, 2025 through June 30, 2025. This does not include expenditures previously approved by the Board.

The total items being presented:   $10,427.25

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Feed Mill Community Development District
Paid Operation & Maintenance Expenditures
June 1, 2025 Through June 30, 2025

Vendor Name	 Check Number  Invoice Number	 Invoice Description	  Invoice Amount	

Clayton Crevasse, Jr.	300018 Daniel Edwin McCormick 300019 England, Thims & Miller, Inc. 300020 Kutak Rock, LLP	300021
Rizzetta & Company, Inc.   300017	052725 Crevasse Board of Supervisors Meeting 05/27/25 052725 McCormick Board of Supervisors Meeting 05/27/25 219794	Engineering Services 04/25
3550222	Legal Services 02/25

INV0000098936   District Management Services 05/25	

Total		

$	200.00	
$	200.00	
$	3,888.75	
$	2,938.50	
 $		3,200.00 	

 $		
10,427.25 	

Tab 3

FEED MILL COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISOR OATH OF OFFICE

I,	, A CITIZEN OF THE STATE OF FLORIDA AND OF THE UNITED STATES OF AMERICA, AND BEING EMPLOYED BY OR AN OFFICER OF THE FEED MILL COMMUNITY DEVELOPMENT DISTRICT AND A RECIPIENT OF PUBLIC FUNDS AS SUCH EMPLOYEE OR OFFICER, DO HEREBY SOLEMNLY SWEAR OR AFFIRM THAT I WILL SUPPORT THE CONSTITUTION OF THE UNITED STATES AND THE STATE OF FLORIDA.

Signature ACKNOWLEDGMENT OF OATH BEING TAKEN
STATE OF FLORIDA COUNTY OF CLAY

On  this       day  of 	2025,  before  me,  personally  appeared
	 to me well known and known to me to be the person described herein and who took the aforementioned oath as a Board Member of the Board of Supervisors of Feed Mill Community Development District and acknowledged to and before me that they took said oath for the purposes therein expressed.

WITNESS my hand and official seal the date aforesaid.

Notary Public
STATE OF FLORIDA

My commission expires on:

Tab 4

RESOLUTION 2025-09

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE FEED MILL COMMUNITY DEVELOPMENT DISTRICT REDESIGNATING THE ASSISTANT SECRETARY OF THE DISTRICT, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Feed Mill Community Development District (the "District") is a local unit of special-purpose government organized and existing in accordance with Chapter 190, Florida Statutes, and situated entirely within Clay County, Florida; and

WHEREAS, the Board of Supervisors (hereinafter the “Board”) previously designated Michael McCollum as Vice Chairman pursuant to Resolution 2025-03.

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

Section 1.  	 is appointed Vice Chairman.

Section 2.   This Resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 27th DAY OF MAY 2025.

ATTEST:	FEED MILL
COMMUNITY DEVELOPMENT DISTRICT

ASSISTANT SECRETARY	CHAIRMAN/VICE CHAIRMAN

Tab 5

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Die of lssuanre: 06-27-2025
C»mer:	Feed MIii O:>mmunity Developnent District O:>ntractor:	 Vallenoowt Chnstrud:ion 0:Jmpany, Inc.
8tj neer:	ETM
A'oject:		Ontructlon S!rvioesfor S3ratoga Phase 1A(CDD Improvements)

�	O'der No.	2 Effective Cate: 06-27-2025
ONner'sO:>ntrac:t No.: O:mtrac:tor'sA'oject No.: 202518 Btjneer'sA'oject No.:

Cbntract Name: lilDCSandard Formd Ageement 8!tween Owner and Qmtractorfor Q:,nstrudlon O>ntract (aip.dated Price)

1he Qmtract is modified asfollows upon exerution of thisOlange 0-der:
Description: Utility Fevisions
Atta::hments: Behl	k. S:hedule of Values for Olan	Order 'lf2..
OIANGEIN CX>NlRACf FRICE

Qiginal 0:>ntract A'ire:
$21,531,836.88	OiANGEIN CX>NTRACr11ME5
[note changesInMilestonesIf applicable]
Qiginal Cbntrac:t limes:
SJbstantia O,mpletion: 	_
Feacly for Ana Pclyment: 	_
d	ordates	
[Ina-ease] [Oeaease) from previously approved Olange 0-ders No. Q to No.1:
$188,389.92	[Ina-ease] [Deaecs3] from previously approved Olange
0-ders No.	to No._
SJbstcl'ltial 0,mpletion: 		_ Feaclyfor Rnal Pdyment: 	_
d	
O,ntract A'ire prior to thisOlange Qder:
$21,343,446.96	0,ntract limesprior to this0,ange 0-der:
SJbstantial O,mpletion: 		_ Fea:fyfor Anal Payment: 	 _
or dates	
[Increase] [Oeaease] ofthis01ange0-der:
$145,465.75	[lnaease] [Deaease] of this01ange 0-der:
8.Jbstantial 0,mpletion: 		_ Fea:iyfor Anal Payment: 	 _
d	ordaes	
O:mtrac:t A'ire incorporating thisOlange 0-der:
$21,197,981.21	O,ntract limeswith all approved Olange 0-ders: SJbsta,tial O,mpletion: 	_
R3adyfor Anal Payment: 	_
d	ordates	

�MENOO):
-�N/.,_,_A		BJ:

CE"ntrac:tor (Auth

B19neer (if required)	Ormer (Authorized Sgiature)
---------	Title --C�L.t1t-r.......,-,,J,.------ Title Vice President
---------	Date	7.. 9-2cz.<	Date 06-27-2025

EIDODC&41, Olanga Order.
Prepared and published 2013 by the Bvnee,s.blnt 0:nract DoamentsO:mnittee.
Paga1 of1

Attachment No. Schedule of Values
Change Order #2	
A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	

Job	
Cost Code	
Task No.	
Work	ORIGINAL CONTRACT Dated: 02.11.2025	TOTAL PRIOR CHANGE ORDERS	CURRENT CHANGE ORDER Dated: 06.24.2025	TOTALS	
				Unit	Quantity	Unit Price	Original Total	Prior Change in
Qt.	Prior Change in
Unit Price	Prior Change in
Total	Change In
Qt.	Change In Unit
Price	Current Change in
Total	Revised Tot.
Qt	Revised Tot.
Unit Price	TOTAL	
Site Preparation and Grading	
Allocation Table	12.01.015.005	1	Mobilization / General Conditions	LS	0.56	$ 319,585.08	$	180,245.99	(0.40)		(127,672.49)				0.16	319,585.08	$	52,573.49	
Allocation Table	12.01.015.010	2	Site Contractor - Survey	LS	0.56	$  58,953.00	$	33,249.49							0.56	58,953.00	$	33,249.49	
Allocation Table	12.01.015.015	3	Site Contractor - Bonds	LS	0.56	$ 226,369.67	$	127,672.49							0.56	226,369.67	$	127,672.49	
Allocation Table	12.01.015.020	4	Site Contractor - Asbuilts	LS	0.56	$  44,214.75	$	24,937.12				‐			0.56	44,214.75	$	24,937.12	
Allocation Table	12.01.025.005	5	Clearing & Grub	AC	40.89	$	5,058.19	$	206,829.39	0.56		2,852.82	‐			41.45	5,058.19	$	209,682.21	
Allocation Table	12.01.040.005	6	Mass Grading (Cut)	CY	574,807.93	$	3.33	$	1,914,808.85	‐	(7,158.19)		(23,845.48)	‐			567,649.74	3.33	$	1,890,963.37	
Allocation Table	12.01.040.010	7	Mass Grading (Fill)	CY	574,957.96	$	1.10	$	633,843.50	‐	(14,904.08)	‐	‐	(16,430.52)	‐		‐	560,053.87	1.10	$	617,412.99	
Allocation Table	12.01.040.050	8	Topsoil Strip and Respread	CY	43,094.11	$	9.61	$	413,959.58	‐	(495.36)	‐	‐	(4,758.45)	‐	‐	‐	42,598.75	9.61	$	409,201.13	
Allocation Table	12.01.050.005	9	Finish Grading Streets	SY	77,224.00	$	2.08	$	160,435.63			‐	‐	‐	‐	77,224.00	2.08	$	160,435.63	
Allocation Table	12.01.050.010	10	Finish Grading Other - Including Lots	SY	365,660.94	$	0.60	$	220,395.52				‐		‐	365,660.94	0.60	$	220,395.52	
Allocation Table	12.01.065.040	11	Silt Fence	LF	10,434.00	$	1.26	$	13,146.84	1,579.20		1,989.79	‐		‐	12,013.20	1.26	$	15,136.63	
Allocation Table	12.01.065.045	12	Silt Fence Maintain	LF	10,434.00	$	1.70	$	17,737.80				‐		‐	10,434.00	1.70	$	17,737.80	
Allocation Table	12.01.065.015	13	Sod on Pond Banks	SF	436,383.00	$	0.31	$	137,218.21	‐			‐		‐	436,383.00	0.31	$	137,218.21	
Allocation Table	12.01.065.020	14	ROW Sod Strip	SF	61,947.00	$	0.31	$	19,478.89	‐	‐	‐	‐		‐	61,947.00	0.31	$	19,478.89	
Allocation Table	12.01.065.030	15	ROW Hydroseed	SF	555,327.00	$	0.06	$	31,468.53		‐	‐	‐	‐	‐	555,327.00	0.06	$	31,468.53	
Allocation Table	12.01.065.055	16	Curb Inlet Protection	EA	93.06	$	169.78	$	15,799.73	‐	4.51	‐	766.05	‐	‐	‐	97.57	169.78	$	16,565.77	
Allocation Table	12.01.065.075	17	NPDES Monitoring	LS	13.54	$	5,489.89	$	74,311.15	‐		‐	‐		‐	13.54	5,489.89	$	74,311.15	
Allocation Table	12.01.070.066	18	Construction Entrance	EA	1.13	$	7,247.93	$	8,175.67	‐	‐	‐	‐	‐	‐	1.13	7,247.93	$	8,175.67	
Sanitary Sewer	‐	‐	‐		‐	‐	‐				
Allocation Table	12.10.120.025	19	FM-8" PVC DR-18	LF	1,800.00	73.86	$	132,947.93	216.75	‐	‐	16,009.03	‐		‐	2,016.75	73.86	$	148,956.96	
Allocation Table	12.10.120.030	20	FM-10" PVC DR-18	LF	3,660.00	61.53	$	225,200.01	‐	(88.19)	‐	(5,426.03)	‐	‐	‐	3,571.81	61.53	$	219,773.98	
Allocation Table	12.10.110.005	21	Connect to Existing Stub	EA	1.00	17,654.21	$	17,654.21	‐	‐	‐			‐	1.00	17,654.21	$	17,654.21	
Allocation Table	12.10.120.040	22	FM - Air Release Valves	EA	8.00	10,437.55	$	83,500.40		‐	‐	‐	‐	‐	8.00	10,437.55	$	83,500.40	
Allocation Table	12.10.120.040	23	FM-8" Gate Valves	EA	1.00	2,779.02	$	2,779.02	1.00		2,779.02	‐		‐	2.00	2,779.02	$	5,558.04	
Allocation Table	12.10.120.040	24	FM-10" Gate Valves	EA	6.00	1,643.49	$	9,860.94	0.14		233.71	‐			6.14	1,643.49	$	10,094.65	
Allocation Table	12.10.120.055	25	Lift Station	EA	1.00	633,905.01	$	633,905.01	‐	0.09		53,997.30	‐		‐	1.09	633,905.01	$	687,902.31	
Allocation Table	12.10.110.020	26	Sewer- 8" PVC SDR-26 Sewer Main 0-8'	LF	5,592.00	44.48	$	248,755.19	‐	510.36	‐	‐	22,703.06	‐		‐	6,102.36	44.48	$	271,458.25	
Allocation Table	12.10.110.025	27	Sewer- 8" PVC SDR-26 Sewer Main 8'-12'	LF	6,829.00	54.72	$	373,702.11	(403.39)	‐	‐	(22,074.62)	‐	‐	‐	6,425.61	54.72	$	351,627.49	
Allocation Table	12.10.110.030	28	Sewer- 8" PVC SDR-26 Sewer Main 12'-16'	LF	4,889.00	71.24	$	348,279.59	(420.65)	‐	(29,966.06)	‐	‐	‐	4,468.35	71.24	$	318,313.53	
Allocation Table	12.10.110.035	29	Sewer- 8" PVC SDR-26 Sewer Main 16'+	LF	1,345.00	106.44	$	143,167.03				‐		‐	1,345.00	106.44	$	143,167.03	
Allocation Table	12.10.110.045	30	Sewer- 10" PVC SDR-26 Sewer Main 0-8'	LF	575.00	69.33	$	39,865.18	(351.85)		(24,393.78)	‐		‐	223.15	69.33	$	15,471.40	
Allocation Table	12.10.110.050	31	Sewer- 10" PVC SDR-26 Sewer Main 8'-12'	LF	175.00	64.77	$	11,334.75	1,040.14		67,369.78	‐		‐	1,215.14	64.77	$	78,704.53	
Allocation Table	12.10.130.050	32	Sewer - Testing & Acceptance	LF	19,405.00	32.94	$	639,245.22	(60.29)		(1,986.25)	‐		‐	19,344.71	32.94	$	637,258.97	
Allocation Table	12.10.115.035	33	Sewer- Manholes 0-8'	EA	31.00	5,064.29	$	156,992.99	‐	(0.22)		(1,098.02)	‐		‐	30.78	5,064.29	$	155,894.97	
Allocation Table	12.10.115.040	34	Sewer- Manholes 8'-12'	EA	33.00	7,388.62	$	243,824.41	(3.64)	‐	‐	(26,900.84)	‐		‐	29.36	7,388.62	$	216,923.57	
Allocation Table	12.10.115.045	35	Sewer- Manholes 12'-16'	EA	17.00	9,541.08	$	162,198.41	(0.97)	‐	(9,228.09)	‐	‐	‐	16.03	9,541.08	$	152,970.32	
Allocation Table	12.10.115.050	36	Sewer- Manholes 16'+	EA	4.00	12,564.51	$	50,258.03	1.00		12,588.28	‐		‐	5.00	12,564.51	$	62,846.31	
Allocation Table	12.10.115.055	37	Sewer- Drop Manholes 0-8'	EA	3.00	6,597.30	$	19,791.89	2.08		13,701.20	‐		‐	5.08	6,597.30	$	33,493.09	
Allocation Table	12.10.115.065	38	Sewer- Drop Manholes 12'-16'	EA	4.00	9,848.57	$	39,394.28	0.97		9,565.10	‐		‐	4.97	9,848.57	$	48,959.38	
Allocation Table	12.10.115.070	39	Sewer- Drop Manholes 16'+	EA	1.00	11,974.61	$	11,974.61	1.10		13,216.17	‐		‐	2.10	11,974.61	$	25,190.78	
Storm Drainage			‐		‐				
Allocation Table	12.20.210.180	40	15" RCP Storm Drain 0-8'	LF	3,042.00	86.50	$	263,138.84	342.83		29,655.51	‐		‐	3,384.83	86.50	$	292,794.35	
Allocation Table	12.20.210.185	41	15" RCP Storm Drain 8'-12'	LF	28.00	126.25	$	3,535.00	167.00		21,083.75	‐		‐	195.00	126.25	$	24,618.75	
Allocation Table	12.20.210.195	42	18" RCP Storm Drain 0-8'	LF	2,480.00	98.88	$	245,210.95	20.26		2,002.84			‐	2,500.26	98.88	$	247,213.79	
Allocation Table	12.20.210.200	43	18" RCP Storm Drain 8'‐12'	LF		87.09	$	437.00	‐	38,058.33	‐	‐	‐	437.00	87.09	$	38,058.33	
Allocation Table	12.20.210.210	44	24" RCP Storm Drain 0-8'	LF	4,167.00	121.11	$	504,678.42	(248.50)		(30,096.48)	‐		‐	3,918.50	121.11	$	474,581.94	
Allocation Table	12.20.210.215	45	24" RCP Storm Drain 8'-12'	LF	877.00	131.28	$	115,136.65	(62.16)		(8,161.19)	‐			814.84	131.28	$	106,975.46	
Allocation Table	12.20.210.225	46	30" RCP Storm Drain 0-8'	LF	459.00	167.31	$	76,793.31	3.23		540.23	‐		‐	462.23	167.31	$	77,333.54	
Allocation Table	12.20.210.230	47	30" RCP Storm Drain 8'-12'	LF	‐	1,073.00	185.33	$	198,860.16	(114.01)		(21,129.28)	‐		‐	958.99	185.33	$	177,730.88	
Allocation Table	12.20.210.235	48	30" RCP Storm Drain 12'-16'	LF	216.00	188.94	$ ‐	40,811.04		‐		‐	‐	‐	216.00	188.94	$	40,811.04	
Allocation Table	12.20.210.240	49	36" RCP Storm Drain 0-8'	LF	1,457.00	198.81	$	289,658.96	(113.73)	‐	(22,610.56)	‐	‐	‐	1,343.27	198.81	$	267,048.40	
Allocation Table	12.20.210.245	50	36" RCP Storm Drain 8'-12'	LF	1,900.00	214.63	$	407,802.68	227.93		48,922.25	‐		‐	2,127.93	214.63	$	456,724.93	

‐
‐
‐	‐
Exhibit H	‐

‐	‐	‐
‐	‐	‐
‐	‐	‐

Allocation Table	12.20.210.255	51	42" RCP Storm Drain 0-8'	LF	342.00	255.34	$	87,326.28	(43.00)		(10,979.62)				299.00	255.34	$	76,346.66	
Allocation Table	12.20.210.260	52	42" RCP Storm Drain 8'-12'	LF	978.00	268.86	$	262,947.39	(523.31)		(140,697.57)				454.69	268.86	$	122,249.82	
Allocation Table	12.20.210.265	53	42" RCP Storm Drain 12'-16'	LF	269.00	278.93	$	75,032.17	110.00		30,682.30				379.00	278.93	$	105,714.47	
Allocation Table	12.20.210.270	54	48" RCP Storm Drain 0‐8'	LF		278.59	$	190.00		52,932.10	‐			190.00	278.59	$	52,932.10	
Allocation Table	12.20.210.275	55	48" RCP Storm Drain 8'-12'	LF	291.00	320.56	$	93,282.96	(16.00)		(5,128.96)	‐			275.00	320.56	$	88,154.00	
Allocation Table	12.20.210.280	56	48" RCP Storm Drain 12'-16'	LF	78.00	348.43	$	27,177.54	99.00		34,494.57	‐			177.00	348.43	$	61,672.11	
Allocation Table	12.20.210.410	57	Storm Drain - Testing and Accept	LF	17,657.00	35.62	$	628,948.97	402.95		14,353.24	‐		‐	18,059.95	35.62	$	643,302.21	
Allocation Table	12.20.225.015	58	Curb Inlets Single 0-8'	EA	‐	55.00	5,414.05	$	297,772.97	(3.57)		(19,348.68)	‐		‐	51.43	5,414.05	$	278,424.29	
Allocation Table	12.20.225.020	59	Curb Inlets Single 8'-12'	EA	10.00	8,103.50	$ ‐	81,034.96	0.63	‐	5,131.61	‐	‐	‐	10.63	8,103.50	$	86,166.57	
Allocation Table	12.20.225.025	60	Curb Inlets Single 12'-16'	EA	1.00	18,034.45	$	18,034.45	1.29	‐	23,181.20	‐	‐	‐	2.29	18,034.45	$	41,215.65	
Allocation Table	12.20.225.030	61	Curb Inlets Double 0-8'	EA	34.00	9,190.90	$	312,490.76	4.00		36,769.80	‐		‐	38.00	9,190.90	$	349,260.56	
Allocation Table	12.20.225.035	62	Yard Drains	EA	18.00	2,427.21	$	43,689.78	2.00		4,854.42	‐		‐	20.00	2,427.21	$	48,544.20	
Allocation Table	12.20.225.050	63	Grated Inlet Type E 0-8'	EA	6.00	4,181.76	$	25,090.56	0.99		4,137.31	‐		‐	6.99	4,181.76	$	29,227.87	
Allocation Table	12.20.225.055	64	Grated Inlet Type E 8'-12'	EA	1.00	11,044.09	$	11,044.09	(0.11)		(1,170.40)	‐		‐	0.89	11,044.09	$	9,873.69	
Allocation Table	12.20.225.065	65	Storm Manhole 0-8'	EA	11.00	4,326.41	$	47,590.52	(1.07)		(4,622.49)	‐		‐	9.93	4,326.41	$	42,968.03	
Allocation Table	12.20.225.070	66	Storm Manhole 8'-12'	EA	10.00	7,717.27	$	77,172.72	(0.11)		(864.13)	‐		‐	9.89	7,717.27	$	76,308.59	
Allocation Table	12.20.225.075	67	Storm Manhole 12'-16'	EA	2.00	8,313.14	$	16,626.28				‐		‐	2.00	8,313.14	$	16,626.28	
Allocation Table	12.20.210.025	68	24" MES	LF	23.00	2,276.85	$	52,367.58	(3.02)		(6,876.84)	‐		‐	19.98	2,276.85	$	45,490.74	
Allocation Table	12.20.210.030	69	30" MES	LF	7.00	3,215.27	$	22,506.89	(1.00)		(3,215.27)	‐		‐	6.00	3,215.27	$	19,291.62	
Allocation Table	12.20.210.035	70	36" MES	LF	4.00	3,989.55	$	15,958.20	1.00		3,989.55	‐		‐	5.00	3,989.55	$	19,947.75	
Allocation Table	12.20.210.040	71	42" MES	LF	2.00	14,816.21	$	29,632.42	‐	(1.00)		(14,816.21)	‐		‐	1.00	14,816.21	$	14,816.21	
Allocation Table	12.20.210.045	72	48" MES	LF	3.00	15,440.76	$	46,322.28	1.00	‐	‐	15,440.76	‐		‐	4.00	15,440.76	$	61,763.04	
Allocation Table	12.20.225.090	73	Underdrain	EA	15,960.00	41.53	$	662,821.20	85.66	‐	3,557.60	‐	‐	‐	16,045.66	41.53	$	666,378.80	
Allocation Table	12.20.225.095	74	Underdrain Cleanouts	EA	60.00	672.78	$	40,366.80				‐		‐	60.00	672.78	$	40,366.80	
Allocation Table	12.20.225.170	75	Control Structures	EA	7.00	18,285.90	$	128,001.30	1.03		18,831.14	‐		‐	8.03	18,285.90	$	146,832.44	
Domestic Water														‐			‐							
Allocation Table	12.10.110.005	76	Connect to Existing Stub	EA	1.00	20,129.86	$	20,129.86	2.74		55,100.70	‐		‐	3.74	20,129.86	$	75,230.56	
Allocation Table	12.30.310.090	77	WM-2" PVC	LF	500.00	18.21	$	9,105.00	‐	160.00		2,913.60	‐		‐	660.00	18.21	$	12,018.60	
Allocation Table	12.30.310.095	78	WM-4" PVC DR-18	LF	140.00	30.71	$	4,300.08	57.11	‐	‐	1,754.09			‐	197.11	30.71	$	6,054.17	
Allocation Table	12.30.310.100	79	WM-6" PVC DR-18	LF	520.00	36.69	$	19,080.70	11,940.93	‐	438,156.20	‐	1,368.24	‐	‐	50,205.75	13,829.17	36.69	$	507,442.65	
Allocation Table	12.30.310.105	80	WM-8" PVC DR-18	LF	17,100.00	52.18	$	892,237.61	(10,050.12)		(524,391.52)	‐	(77.51)		‐	(4,044.26)	6,972.37	52.18	$	363,801.83	
Allocation Table	12.30.310.110	84	WM-10" PVC DR-18	LF	-	73.40	$	1,480.00		108,627.83	‐	(1,480.00)		(108,627.83)		73.40	$	
Allocation Table	12.30.310.115	81	WM-12" PVC DR-18	LF	2,540.00	120.13	$	305,133.36	(193.71)		(23,271.01)			‐	2,346.29	120.13	$	281,862.35	
Allocation Table	12.30.310.335	82	WM - Test & Chlorinate	LF	20,800.00	8.84	$	183,821.60	745.43	‐	6,587.76	(8,921.22)	‐
‐	‐	(78,841.96)	12,624.21	8.84	$	111,567.40	
Allocation Table	12.30.315.005	83	WM-4" Gate Valves	EA	2.00	1,470.76	$	2,941.52					‐	‐	‐	2.00	1,470.76	$	2,941.52	
Allocation Table	12.30.315.010	84	WM-6" Gate Valves	EA	32.00	1,807.94	$	57,854.08	29.00		52,430.26	‐	4.00		7,231.76	65.00	1,807.94	$	117,516.10	
Allocation Table	12.30.315.015	85	WM-8" Gate Valves	EA	41.00	3,232.20	$ ‐	132,520.23	(21.45)		(69,336.29)				19.55	3,232.20	$	63,183.94	
Allocation Table	12.30.315.020	92	WM-10" Gate Valves	EA		4,189.48		4.00	‐	16,757.92	‐	(4.00)	‐
‐	(16,757.92)		4,189.48	$ ‐	
Allocation Table	12.30.315.025	86	WM-12" Gate Valves	EA	9.00	5,232.19	$	47,089.71	‐	‐				‐	9.00	5,232.19	$	47,089.71	
Allocation Table	12.30.320.010	87	WM-Fire Hydrants	EA	32.00	5,353.18	$	171,301.76	4.00	‐	‐	21,412.72	‐	2.00	‐	10,706.36	38.00	5,353.18	$	203,420.84	
Allocation Table	12.30.320.015	88	WM-2" Flushing Hydrant	EA	18.00	2,154.11	$	38,773.98		‐		1.00		‐	2,154.11	‐	19.00	2,154.11	$	40,928.09	
Reclaimed Water														‐		‐								
Allocation Table	12.35.360.090	89	RW-2" PVC	LF	500.00	18.48	$	9,240.00	‐					‐	500.00	18.48	$	9,240.00	
Allocation Table	12.35.360.095	90	RW-4" PVC DR-18	LF	40.00	49.64	$	1,985.54	(7.61)	‐	‐	(377.69)		‐		32.39	49.64	$ ‐	1,607.85	
Allocation Table	12.35.360.100	91	RW-6" PVC DR-18	LF	840.00	40.49	$	34,013.06	‐	16,930.38	‐	685,540.61		‐	‐	17,770.38	40.49	$	719,553.67	
Allocation Table	12.35.360.105	92	RW-8" PVC DR-18	LF	14,800.00	60.26	$	891,888.34	(13,182.73)	‐	‐	(794,427.45)	‐			1,617.27	60.26	$	97,460.89	
Allocation Table	12.35.360.115	93	RW-12" PVC DR-18	LF	2,660.00	133.06	$	353,951.13	‐	(289.19)		(38,481.23)	‐			2,370.81	133.06	$	315,469.90	
Allocation Table	12.35.360.210	94	RW - Testing & Acceptance	EA	18,840.00	7.76	$	146,153.68		‐	‐	‐			18,840.00	7.76	$	146,153.68	
Allocation Table	12.35.365.010	95	RW-4" Gate Valves	EA	2.00	1,470.76	$	2,941.52		‐		‐	‐	‐	2.00	1,470.76	$	2,941.52	
Allocation Table	12.35.365.015	96	RW-6" Gate Valves	EA	2.00	1,846.89	$	3,693.78	34.00		62,794.26	‐		‐	36.00	1,846.89	$	66,488.04	
Allocation Table	12.35.365.020	97	RW-8" Gate Valves	EA	37.00	3,069.82	$	113,583.37	(30.36)		(93,187.41)	‐		‐	6.64	3,069.82	$	20,395.96	
Allocation Table	12.35.365.030	98	RW-12" Gate Valves	EA	10.00	5,232.19	$	52,321.90	‐	(1.00)		(5,232.19)	‐		‐	9.00	5,232.19	$	47,089.71	
Allocation Table	12.35.370.020	99	RW-2" Flushing Hydrant	EA	18.00	2,160.68	$	38,892.24	‐	‐	‐	‐		‐	18.00	2,160.68	$	38,892.24	
Street Improvements											‐	‐		‐		‐	‐							
Allocation Table	12.40.410.020	100	Subgrade Prep. - 12" Stabilized Subgrade	SY	77,197.00	10.36	$	799,657.51	468.81		4,856.28	‐	(60.60)		‐	(627.76)	77,605.21	10.36	$	803,886.03	
Allocation Table	12.40.440.015	101	4" Limerock Base (12.0' Multiuse Path)	SY	1,666.00	17.39	$	28,974.02				‐		‐	1,666.00	17.39	$	28,974.02	
Allocation Table	12.40.425.015	102	6" Limerock Base	SY	60,501.00	16.90	$	1,022,508.41	‐	4,380.36		74,031.07			‐	64,881.36	16.90	$	1,096,539.48	
Allocation Table	12.40.425.025	103	8" Limerock Base	SY	5,832.00	22.85	$	133,232.31	(4,730.96)	‐	‐	(108,079.11)			‐	1,101.04	22.85	$	25,153.20	
Allocation Table	12.40.415.020	104	Prime	SY	67,999.00	1.13	$	76,797.24	3,704.99		4,184.37	‐	‐	‐	71,703.99	1.13	$	80,981.61	
Allocation Table	12.40.415.010	105	1" Asphalt (First Lift) - Neighborhood Roadways	SY	65,568.00	8.87	$	581,499.28	‐	437.11		3,876.56	‐			66,005.11	8.87	$	585,375.84	

‐
‐	‐	‐	‐	
‐
‐		‐	‐
‐	‐	

‐
Exhibit H	‐

Allocation Table	12.40.415.015	106	1.5" Asphalt (First Lift) - CR 315	SY	765.00	56.24	$	43,023.60							765.00	56.24	$	43,023.60	
Allocation Table	12.40.430.015	107	1" Asphalt (Second Lift) - CR315	SY	1,688.00	12.75	$	21,515.13							1,688.00	12.75	$	21,515.13	
Allocation Table	12.40.440.015	108	1.0" Asphalt - 12.0' Multiuse Path	SY	1,666.00	7.44	$	12,395.04							1,666.00	7.44	$	12,395.04	
Allocation Table	12.40.415.025	109	Mill and Resurface Existing Asphalt - CR315	SY	923.00	62.73	$	57,900.86	183.06		11,483.68	‐			1,106.06	62.73	$	69,384.54	
Allocation Table	12.40.425.060	110	Stabilized Access Roads	SY	9,392.00	30.35	$	285,047.20	‐	(4,360.30)		(132,335.20)	‐	‐		5,031.70	30.35	$	152,712.00	
Allocation Table	12.40.435.025	111	Miami Curb and Gutter	LF	29,425.00	11.90	$	350,157.50	‐	181.00	‐	‐	2,153.90	‐			29,606.00	11.90	$	352,311.40	
Allocation Table	12.40.435.010	112	18" Standard Curb and Gutter	LF	10,200.00	23.61	$	240,833.31	‐	(1,435.64)	‐	‐	(33,896.97)	‐	‐	‐	8,764.36	23.61	$	206,936.34	
Allocation Table	12.40.435.030	113	Ribbon Curb	LF	6,952.00	24.64	$	171,297.28	358.00	‐
‐	‐	8,821.12	‐	‐
‐	‐	7,310.00	24.64	$	180,118.40	
Allocation Table	12.40.435.045	114	24" Valley Gutter	LF	2,640.00	32.65	$	86,196.00		‐		‐	‐	‐	2,640.00	32.65	$	86,196.00	
Allocation Table	12.40.440.010	115	5.0' Sidewalks - Concrete	SF	86,670.00	6.24	$	541,206.26	(13,527.47)	‐	(84,471.60)	‐  (1,099.22)	‐	‐	(6,864.00)	72,043.31	6.24	$	449,870.66	
Allocation Table	12.60.625.030	116	8.0' Asphalt Multiuse Trail	SY	4,117.00	7.44	$	30,630.48	283.00	‐	2,105.52	‐	‐	‐	4,400.00	7.44	$	32,736.00	
Allocation Table	12.60.625.030	117	4" Limerock Base (8.0' Multiuse Path)	SY	4,117.00	17.16	$	70,647.72	7,427.27	‐	127,452.00	‐	‐	‐	11,544.27	17.16	$	198,099.72	
Allocation Table	12.60.625.030	118	Subgrade for Multiuse Trail	SY	8,400.00	12.43	$	104,412.00	‐	(335.00)		(4,164.05)		‐	‐	8,065.00	12.43	$	100,247.95	
Allocation Table	12.40.445.010	119	ADA Handicap Ramps	EA	89.00	1,208.42	$	107,549.38	3.41	‐	‐	4,117.38	‐	‐	‐	92.41	1,208.42	$	111,666.76	
Allocation Table	12.40.460.045	120	Thermoplastic Pavement Markings	LS	1.00	122,339.18	$	122,339.18	0.04	‐
‐	5,212.46	‐	‐	‐	1.04	122,339.18	$	127,551.64	
Allocation Table	12.40.460.040	121	Temporary Pavement Markings (After 1st Lift)	LS	1.00	9,152.45	$	9,152.45		‐		‐	‐		1.00	9,152.45	$	9,152.45	
Allocation Table	12.40.460.085	122	6" PVC	LF	1,000.00	24.70	$	24,700.00		‐		‐	‐	‐	1,000.00	24.70	$	24,700.00	
							$		‐	‐	‐	‐	‐			$	
‐	Total Contract Price under Original Contract:
‐	‐	‐	$	21,531,836.88	
‐	‐	‐	Total Contract Price change by Prior Change Orders:	$	(188,389.92)	
‐	‐	‐	T‐otal Contract Price change by Current Change Order: #2	$	(145,465.75)	
‐	‐	‐	Total Contract Pr‐ice including this Change Order:
‐	‐	‐	$	21,197,981.21	
Notes: "TM/NTE" shall mean "time and materials, not to exceed"; "NTE" shall mean "not to exceed;" "LS"shall mean "lump sum;" "LF" shall mean "linear foot";‐"CY" shall mean "cubic yard"; "SF" shall‐ mean "square foot"; "SY" shall mean "square yard"; "EA" shall mean "ea‐ch;" "WK" shall	‐ "week;" "MTH" shall mean "month."‐ UNIT PRICES ARE FOR INFORMATION
‐	‐	mean
PURPOSES ONLY AND FOR ESTABLISHING COSTS FOR CHANGES IN THE SCOPE OF THE WORK. THIS IS A STIPULATED SUM CONTRACT – NOT A UNIT PRICE CONTRACT.	‐
‐	
‐

Exhibit H
Schedule of Values Change Order No.

Tab 6

	, 2025

Feed Mill Community Development District c/o Rizzetta & Company, Inc.
3434 Colwell Avenue, Suite 200
Tampa, Florida 33614

RE:	Acquisition of Engineering Design Services (Saratoga Springs - CCUA Transmission Main Project Design) – England, Thims & Miller, Inc.

Dear District Manager,

SRTG Dev Owner, LLC (“Developer”), has completed and wishes to convey to the Feed Mill Community Development District (“District”) certain work product, as further detailed in Exhibit A attached hereto (“Work Product”). The Developer wishes to convey the Work Product to the District in exchange for the payment of $507,891.88, representing the actual cost of producing the Work Product. Payment by the District is contingent upon receiving payment for the Work Product from Clay County Utility Authority in equal value.

Sincerely,

SRTG Dev Owner, LLC

Printed Name: 	 Title: 		

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product
Engineering Design Services for Feed Mill CDD (Saratoga Springs - CCUA Transmission Main Project Design)

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated June 14, 2024, and Amendment No. 1 dated October 7, 2024, between SRTG Dev Owner, LLC and England, Thims & Miller, Inc., and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$529,505.00	$529,505.00	$507,891.88	$507,891.88	

AFFIDAVIT REGARDING COSTS PAID

Engineering Design Services for Feed Mill CDD (Saratoga Springs - CCUA Transmission Main Project Design)

STATE OF FLORIDA COUNTY OF ST. JOHNS

I, 	, of SRTG Dev Owner, LLC (“Developer”), a limited liability company, being first duly sworn, do hereby state for my affidavit as follows:

I have personal knowledge of the matters set forth in this affidavit.

My name is 	, and I am 	 of the Developer. I have authority to make this affidavit on behalf of Developer.

The Developer is the developer of certain lands within Feed Mill Community Development District, a special purpose unit of local government established pursuant to Chapter 190, Florida Statutes (“District”).

The Master Engineer’s Report, dated February 12, 2025, among other applicable reports related to the District’s current and future bond series (together, “Engineer’s Report”) describes certain work product for improvements that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter 190, Florida Statutes.

Pursuant to the agreement and invoices (“Agreement”) described in Exhibit A hereto, Developer has expended funds to develop work product described in the Engineer’s Report. The attached Exhibit A accurately identifies the work product completed to date and states the amounts that Developer has spent on the work product.

In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring the infrastructure improvements and/or work product identified in Exhibit A.

[CONTINUED ON NEXT PAGE]

Under penalties of perjury, I declare that I have read the foregoing Affidavit Regarding Costs Paid and the facts alleged are true and correct to the best of my knowledge and belief.

Executed this 	 day of 	, 2025.

SRTG Dev Owner, LLC, a limited liability company

Name: 	 Title: 		

STATE OF FLORIDA COUNTY OF ST. JOHNS

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this 	 day of 	,  2025,  by
	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	  My Commission Expires: 	 

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product
Engineering Design Services for Feed Mill CDD (Saratoga Springs - CCUA Transmission Main Project Design)

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated June 14, 2024, and Amendment No. 1 dated October 7, 2024, between SRTG Dev Owner, LLC and England, Thims & Miller, Inc., and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$529,505.00	$529,505.00	$507,891.88	$507,891.88	

ACKNOWLEDGMENT OF ACQUISITION OF CERTAIN WORK PRODUCT AND THE RIGHT TO RELY UPON ANY WARRANTIES AND CONTRACT TERMS FOR THE PRODUCTION OF SAME

(Engineering Design Services for Feed Mill CDD -
Saratoga Springs - CCUA Transmission Main Project Design)

This Acquisition and Warranty Acknowledgment is made the     day of
	, 2025, by ENGLAND,THIMS & MILLER, INC., a Florida corporation, with a mailing address of 14775 Old St. Augustine Road, Jacksonville, FL 32258 (“Professional”), in favor of the FEED MILL COMMUNITY DEVELOPMENT DISTRICT (“District”), which is a local unit of special- purpose government situated in St. Johns County, Florida, and having offices located at c/o Rizzetta and Company, Inc., 2806 N. Fifth Street, Suite 403, St. Augustine, Florida 32084.

SECTION 1.	DESCRIPTION OF PROFESSIONAL’S SERVICES. Professional has created certain drawings, plans, specifications and related documents and/or has undertaken services in connection with the construction of certain infrastructure improvements (“Work Product”) for SRTG Dev Owner, LLC, developer of lands within the District (“Developer”). A copy of the contract for said Work Product is attached as Exhibit A (“Professional Contract”). The Work Product produced and acquired is more specifically described in the attached Exhibit B.

Section 2. Acquisition of Work Product. Professional acknowledges that the District is acquiring or has acquired the Work Product, produced by Professional in connection with the Professional Contract, from Developer, thereby securing the unrestricted right to rely upon the terms of the Professional Contract for same. Professional further acknowledges that the District has let a construction contract for construction of the improvements set forth in said Work Product and therefore requires the unrestricted right to use, reproduce, rely and otherwise own said Work Product.

Section 3. Warranty. Professional hereby expressly acknowledges the District’s right to enforce the terms of the Professional Contract, including any warranties provided therein and to rely upon and enforce any other warranties provided under Florida law.
Section 4.  Releases. Premised upon the District’s agreement to make no revisions or modifications to the Work Product without prior written permission of Professional, Professional confirms the release of all restrictions upon the District’s right to use and rely upon the Work Product for any and all purposes, including the purposes for which it is intended. Professional hereby affirmatively agrees that the Work Product is free of all claims, security agreement, encumbrances or liens.

Section 5. Indemnification. Professional indemnifies and holds the District harmless from any claims, demands, liabilities, judgments, costs, or other actions that may be brought against or imposed upon the District in connection with the Work Product because of any act or omission of Professional, its agents, employees, or officers. Said indemnification shall include, but not be limited to, any reasonable attorney’s fees and costs incurred by the District.

Section 6.  Certificate of Payment. Professional hereby acknowledges that it has

been fully compensated for its services and work related to completion of the Work Product. Professional further certifies that no outstanding requests for payment exist related to the Work Product, including any payments to subcontractors, materialmen, suppliers or otherwise, and that there is no disagreement as to the appropriateness of payment made for the Work Product. This document shall constitute a final waiver and release of lien for any payments due to Professional by Developer for the Work Product.

Section 7.	Effective Date. This Acquisition and Warranty Acknowledgement shall take effect upon execution.

ATTEST	England,Thims & Miller, inc., a
Florida corporation

By: 	
[print name]	Its: Principal/President

[print name]

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this 	 day of 	,  2025,  by
	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	 

Exhibit A: Professional Contract
Exhibit B: Description of Work Product

Exhibit A
Professional Contract

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

DESIGN PROFESSIONAL SERVICES AGREEMENT

AGREEMENT made as of June 14, 2024

BETWEEN

"Owner ":	SRTG Dev Owner, LLC
c/o 500 Boylston Street, Suite 2010
Boston, MA 02116
Telephone: 617-221-8400
Email: Contracts@freeholdcm.com
and the "Consultant":	England, Thims & Miller, Inc.
Bradley Weeber
14775 Old St. Augustine Road Jacksonville, FL 32258
Telephone: 904-265-3192 Email: weeberb@etminc.com

The "Development Manager" is:	FCM FL, LLC dba Freehold Communities
Attn: Dan McCormick Telephone: 561-631-0697
Email: dem@freeholdcommunities.com Copy to: Contracts@Freeholdcm.com
The "Project" (of which the Services	Saratoga Springs Master 1A CCUA Mains Project located in Clay County, FL
under this Agreement are a part) is generally identified as:

THIS DESIGN PROFESSIONAL SERVICES AGREEMENT ("Agreement"), effective as of the date set forth above
(”Effective Date”), is between Owner and Consultant, who state and agree as follows:

CONSULTANT’S SERVICES AND OBLIGATIONS
Services. The Consultant shall provide the professional services for the Project as set forth in the “Scope of Services” attached to this Agreement as Exhibit A (the, “Services”); provided, however, that Consultant shall only provide those Services for which Owner has issued a written authorization to proceed.
The standard of care for all Services performed or furnished by Consultant and the Consultant Parties (as such term is defined below) under this Agreement, shall be that care and skill ordinarily exercised by experienced members of Consultant's profession practicing under similar conditions and like circumstances on similar projects in the State in which the Project is located. The Consultant shall perform and complete the Services in the most expeditious and economical manner that is consistent with such professional skill and care, the interests and intended use of Owner, and the orderly progress of the Project.
The Consultant shall be responsible for the acts and omissions of its agents, its representatives, directors, officers, principals, owners, employees, and the Subconsultants (as such term is defined below), and the agents representatives, directors, officers, principals, owners, and employees of its Subconsultants (of every tier), any other persons or entities providing or to provide Services to the Project on behalf of or at the request of the Consultant, and any other persons or entities for which the Consultant is responsible (collectively the "Consultant Parties"). The

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

Consultant shall not remove or replace any Subconsultant or key personnel working on the Project or assign them to other projects in a manner that adversely affects their ability to perform their duties on the Project, unless and until the Owner has approved such removal, replacement or assignment in writing. In the event that any of the Consultant Parties fail to properly perform the Services or otherwise hinder or impair the Project’s progress, the Consultant shall replace such person or entity as reasonably requested by the Owner in writing. Consultant shall promptly correct any errors or omissions of Consultant and/or the Consultant Parties and re-perform any service otherwise not meeting requisite standard of care at no additional cost to Owner.
To the extent that the Services call for Consultant to provide the same during actual construction of the Project, Consultant shall oversee and monitor the construction using that care and skill ordinarily exercised by experienced members of Consultant's profession practicing under similar conditions and like circumstances on similar projects in the State in which the Project is located. Consultant shall observe and become familiar with the general quality of construction, as well as the general construction means, methods, materials, techniques, sequences and procedures used by the contractor and its subcontractors, and, upon becoming aware of the same, promptly report in writing to Owner any instance where the materials or workmanship or the general quality of construction is not in conformance with the plans and specifications, code requirements, or generally accepted industry standards of quality. Notwithstanding such Services, Consultant shall have no authority to bind Owner unless expressly authorized in writing by an Authorized Signatory of Owner (as identified below). Consultant shall use that care and skill ordinarily exercised by experienced members of Consultant's profession practicing under similar conditions and like circumstances on similar projects in the State in which the Project is located to ensure that defects and deficiencies do not occur during construction of the Project. If a defect or deficiency is discovered by Consultant or the Consultant Representatives, Consultant shall bring the same to the attention of Owner and Development Manager immediately. Further, except as expressly set forth herein, the Consultant shall not have control over, or charge of, and shall not be responsible for, construction means, methods, schedules, or delays, or for safety precautions and programs in connection with the construction of the Project.
Time of Performance. TIME IS OF THE ESSENCE with regard to the Consultant’s and Consultant Parties’ performance of Services under this Agreement. Within ten (10) days following the Effective Date, the Consultant shall prepare and submit for Owner’s written approval a total Project time schedule for performance of the Services which shall be adjusted, if necessary, and with prior approval from Owner, as the Project proceeds. In addition, within ten (10) days following the Effective Date, the Consultant shall prepare and submit to Owner, and (with Owner’s written approval) periodically update, a detailed Project design time schedule showing design phases, specific milestones, work activities, meeting dates, and a list of expected deliverable items resulting from the Services. This schedule shall include allowances for periods of time required for Owner’s review and written approval, for the performance by Owner’s other consultants, and for approval of submissions by authorities having jurisdiction over the Project. Time limits established by this schedule approved in writing by the Owner shall not be exceeded by Consultant or the Consultant Parties without the Owner’s or Development Manager’s prior written consent. The Consultant’s review and approval of any documents from the Owner or Owner’s contractor(s) including submittals or payment applications, shall take place promptly so as to avoid delay in the orderly and sequential progress of the Project and in no case longer than required by the agreed upon Project schedule or in the contract for construction of the Project (as applicable). Consultant agrees to perform its Services continuously, diligently, and energetically and to complete the Services in accordance with the Project schedule.
Certificates and Licensure. During the term of this Agreement, Consultant and the Consultant Parties shall maintain all Federal, State and local certificates and licenses required for the respective Services contemplated by this Agreement in current status and good standing.
Services of Others. The Consultant shall coordinate its Services with the Owner’s and Owner’s general contractor(s) subcontractors or other consultants as reasonably necessary for consistency of the Consultant’s documents and Services with those of such subcontractors or other consultants. Except as expressly set forth herein, the Consultant shall not have control over, or charge of, and shall not be responsible for, construction means, methods, schedules, or delays, or for safety precautions and programs in connection with the construction of the Project.

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

Safety. Notwithstanding the foregoing Section 1.4, Consultant is solely responsible for and has sole control over (i) means, methods, techniques, and procedures for its Services, including without limitation those related to or required under the Laws pertaining to Covid 19 or any other form of viral, respiratory or health-related pandemic or epidemic and (ii) initiating, maintaining, and supervising all safety precautions in connection with the performance of any on-site Services. Consultant shall take all necessary precautions for safety and security of persons or property in connection with any on-site Services, and shall provide protection to prevent damage, injury, or loss to persons or property, including employees performing the Services, other persons that may encounter or be affected by the Services, the property itself, and any other personal or real property that may be affected by the Services.
Owner’s Development Manager. Owner has engaged the Development Manager identified above to manage the Project. Consultant agrees that it shall render and furnish to Development Manager the Services and materials to which Owner is entitled under this Agreement, at the times when Owner is entitled to the same and shall otherwise fully cooperate with the Development Manager in regards to the Project and the Services it has been retained to provide to Owner. Except as otherwise provided hereunder, Consultant shall endeavor to communicate with Owner through the Development Manager.
Certain Representations and Warranties. The Consultant hereby represents and warrants that the Consultant (i) is financially solvent; (ii) has sufficient experience and competence to perform the Services set forth in this Agreement; (iii) is authorized to do business in the state in which the Project is located; (iv) maintains professional liability insurance in the amounts and with the coverage required hereunder; (v) has complied with all licensing requirements in the state in which the Project is located; and (vi) properly holds in good standing a current applicable professional’s license in the state in which the Project is located.
SUBCONTRACTING
Subcontracting Covenants. Consultant shall not contract with or otherwise engage, employ or use the services of any other consultants, contractors or other third parties (each, a "Subconsultant" and collectively, the "Subconsultants") in connection with the performance of Consultant’s obligations hereunder, without Owner’s prior written consent in each instance. No subcontracting by Consultant (nor Owner’s approval thereof) shall release Consultant of its obligations under this Agreement. The fees of all Subconsultants for the Services are included in the respective fees detailed in the “Fee Schedule” attached hereto as Exhibit B, whether or not expressly itemized therein. Consultant shall be responsible for all fees and expenses payable to any Subconsultants and shall promptly pay the same to avoid any claim of lien against the Project.
Subcontracts. All Services of the Subconsultants shall be provided pursuant to written agreements with the Consultant that specifically bind such Subconsultants to the terms of this Agreement, to the extent applicable, and protect Owner’s rights under this Agreement with respect to the Services to be performed by Subconsultants, so that subcontracting those Services will not prejudice Owner’s rights. Such agreements shall, without limiting the foregoing, require the consultants to carry and maintain insurance coverage required Subconsultants in Exhibit G, “Insurance Required of Consultants and Service Providers.” Nothing contained herein shall create any relationship of contract or agency between Owner and any Subconsultant, notwithstanding Owner's consent to that Subconsultant. No dealings of any kind whatsoever between Owner and any Subconsultant shall be deemed a waiver of the foregoing. Owner shall be a third-party beneficiary of the obligations of Subconsultants under their respective agreements with Consultant. The Consultant shall furnish the Owner with copies of such agreements and any proofs of insurance at Owner’s request.
CHANGES, ADDITIONAL SERVICES
Additional Services. Owner, without invalidating this Agreement, may order changes in the Services, consisting of additions, deletions, or other revisions to the Scope of Services (any such additions, "Additional Services"). Additional Services shall not include tasks that are reasonably inferable from the Services, necessary as part of the Services or otherwise necessary in connection with the completion of the Scope of Services under this Agreement, whether or not they are specifically identified on Exhibit A. Further, making revisions in any Instruments of Service or other deliverables under this Agreement shall not constitute Additional Services when such revisions:
(i) are requested before Owner has finally approved the applicable phase of drawings, specifications or other

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deliverables unless such revisions are inconsistent with a prior written directive or approval of Owner; (ii) are required by reason of Consultant's or a Consultant Party’s fault, inaccuracy, error or negligence; (iii) are required by reason of a change that is not substantial; or (iv) are initiated by Consultant as a result of Consultant's reevaluation of a previous design judgment, or which are minor or ministerial in nature.
Change Process. Consultant specifically acknowledges and agrees that Owner has a strict policy with respect to the procedures applicable to obtaining payment for changes in the Services and compensation therefor or the allocation thereof among the Services. Such policy requires that all such changes must be authorized by means of a Change Order or Amendment signed by the Owner’s Authorized Signatory identified in Section 12.12. If Consultant wishes to request any such change for any reason, the Consultant shall provide Owner with a written proposal describing the change, including the scope for the Additional Services, an itemized schedule of any additional fees and expenses and/or additional time associated, as applicable. Any Additional Services will be separately compensated at a mutually agreed lump sum fee or at the hourly rates set forth in Exhibit C, “Rate Card”. Consultant shall not perform any Additional Services, and the Owner shall have no obligation to pay additional compensation or expenses associated with any such change, unless and until the same is authorized by the Owner in writing pursuant to this Section 3. Additional Services shall be provided pursuant to the applicable written authorization from Owner and in accordance with the terms of this Agreement. Notwithstanding any of the provisions of this Agreement, the Consultant shall not be entitled to compensation or an extension of time for any Services required due to the negligence, willful misconduct or breach of contract of the Consultant or any of the Consultant Parties.

A written Amendment or Change Order executed in accordance with this Agreement is a strict condition precedent for the payment for Additional Services or other changes to any Not-To-Exceed amounts set established under this Agreement, including those in any Exhibits hereto. The parties agree that under no circumstances will an act or failure to act on the part of Owner or any of its representatives constitute a waiver of this requirement or other procedures and requirements for extra services. Accordingly, no course of conduct or dealings between the parties, no oral agreement, no expressed or implied acceptance of alterations or additions to the Services, and no claim that the Owner has been unjustly enriched by any alterations or additions to the Services shall be the basis of any claim for an increase in any amount due under the Agreement or other modification of any term of this Agreement and Consultant hereby expressly waives any such claim.
OWNER’S OBLIGATIONS
Supply of Information. Upon the Consultant’s reasonable written request and to the extent applicable to the Services, the Owner shall furnish information in a reasonably timely manner regarding requirements for and limitations of the Project, including, if requested, a written program that shall set forth the Owner’s objectives, schedule, constraints and criteria such as space requirements and relationships, flexibility, expandability, special equipment, systems and site requirements.
Owner’s Review. The Owner shall use commercially reasonable efforts to examine the documents submitted by Consultant and render decisions pertaining thereto in a timely manner in order to avoid unreasonable delay in the orderly and sequential progress of the Services. Owner’s approvals shall not relieve Consultant of any of its duties and obligations hereunder. Any audits, reviews, or other services provided by Owner’s other consultants shall be solely for Owner’s benefit and shall not relieve Consultant of any of its duties and obligations in this Agreement.
Owner’s Other Consultants. The Owner shall use commercially reasonable efforts to coordinate the services of its own consultants with those Services provided by the Consultant. The Owner shall furnish the services of consultants other than those designated in this Agreement, or authorize the Consultant to furnish them as an Additional Service, when the Consultant requests such services and demonstrates that they are reasonably required by the scope of the Project and obtains the Owner’s prior authorization in accordance with Section 3.
Administrative Services. Except as otherwise required in Section 6 or elsewhere in this Agreement, the Owner shall furnish all legal, insurance and accounting services, including auditing services, that the Owner

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determines in its sole discretion are necessary at any time for the Project to meet the Owner’s needs and interests.
The Consultant shall be responsible for its own legal, insurance and accounting costs hereunder.
Notice of Defect. The Owner shall provide prompt written notice to the Consultant if the Owner becomes actually aware of any fault or defect in the Project including, but not limited to, errors, omissions or inconsistencies in the Consultant’s Instruments of Service, but the Owner’s failure to do so shall not relieve Consultant of its duties and responsibilities hereunder, and Owner shall have no independent duty of observation, inspection, or investigation.
Testing, Inspection and Reports. Notwithstanding anything to the contrary in this Agreement, the Consultant shall have an independent duty to notify the Owner in writing of any additional tests, inspections, reports, or any portions thereof that, in the Consultant’s professional judgment, are required, but the Consultant’s failure to do so shall not limit the Owner’s rights hereunder or under any applicable Laws (as defined below) to raise and/or pursue any claims against Consultant for Consultant’s acts or omissions or breach of this Agreement. If Consultant observes tests, inspections or reports, that are flawed or defective, Consultant shall promptly notify Owner in writing but the Consultant’s failure to do so shall not limit the Owner’s rights hereunder or under any applicable Laws to raise and/or pursue any claims against Consultant for Consultant’s acts or omissions or breach of this Agreement.
INTELLECTUAL PROPERTY
Instruments of Services. The “Instruments of Service” are drawings, specifications, and other documents and representations, including, but not limited to, those in digital or electronic form, prepared by the Consultant and the Consultant Parties, in performance of the Services. The Consultant and the Consultant Parties shall ensure that their Services and the Instruments of Service comply with all applicable laws, statutes, codes, ordinances, rules, regulations, and lawful orders and requirements of public authorities, including, but not limited to, those that relate to hazardous materials, accessibility for the physically challenged, privacy and protection of confidential information (collectively the "Laws"). Without limiting the forgoing, the term “Laws” shall include Laws related to Covid 19 or any other form of viral, respiratory or health-related pandemic or epidemic.
Assignment of Rights. The Consultant represents that it and the Consultant Parties are the authors and owners of their respective Instruments of Service, and, upon their preparation, shall initially hold all common law, statutory and other reserved rights, including copyrights. The Consultant hereby irrevocably assigns, transfers and sets over to Owner all right, title and interest in and to such Instruments of Service, with all common law, statutory and other reserved rights, including copyrights and all intellectual property rights therein; provided, however, that the Owner hereby grants to the Consultant a nonexclusive, non-transferable and royalty-free license to use, reproduce and distribute all or any portions of such Instruments of Service solely for purposes related to the Project, archival records, and marketing materials, subject to the Non-Disclosure and Non-Publicity sections below. The Consultant shall obtain from its consultants all rights in such Instruments of Service necessary to comply with this Section 5. Submission or distribution of Instruments of Service to meet official regulatory or permitting requirements, financing requirements, or for similar purposes in connection with the Project is not to be construed as publication in derogation of the reserved rights of the Owner, the Consultant or the Consultant’s consultants.
No Other Rights. Except for the transfers, assignments and licenses granted in this Section 5, no other license or intellectual property right in any Instruments of Service shall be deemed granted or implied under this Agreement. Neither the Consultant nor the Owner shall assign, delegate, sublicense, pledge or otherwise transfer any license granted in this Section 5 to another party without the prior written consent of the other party, except the Owner may and its successor, owners and developers of the Project may transfer or assign any license or any other rights or interests granted in this Section 5 to a buyer or grantee of all or a part of the Project, an entity affiliated with the Owner, or a lender or equity investor. After assignment of any particular Instruments of Service has been accomplished, the Owner may authorize other similarly credentialed professionals to reproduce and make changes, corrections or additions to such Instruments of Service to the extent allowed by Laws, and without liability of the Consultant in connection with such changes, corrections or additions.

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INSURANCE
The Consultant shall, at its expense, maintain insurance that meets or exceeds the minimum requirements detailed in Exhibit G hereto for the duration of this Agreement or such longer duration as may be required in Exhibit G or otherwise hereunder. This section shall survive the expiration and termination of this Agreement and the completion of the Services.
CLAIMS
Time for Commencement. The Owner and Consultant shall commence all claims and causes of action, whether in contract, tort, or otherwise, against the other arising out of or related to this Agreement in accordance with the requirements of the method of binding dispute resolution established in this Agreement within the period specified by the Laws, but in any case not more than any express repose period as established by applicable Laws.
Waivers of Subrogation. To the extent damages are recovered by builder’s risk property insurance applicable to the Work prior to Substantial Completion, the Owner and Consultant waive all rights, (including rights of subrogation) against each other and the Additional Insureds and the contractors, subcontractors, consultants, agents and employees of the other for damages, except such rights as they may have to the proceeds of such insurance. The Owner or the Consultant, as appropriate, shall require of the contractors, consultants, agents, and employees of any of them, similar waivers in favor of the other parties enumerated herein. Furthermore, the Consultant waives, and shall cause all of its consultants to waive, all rights of recovery (including rights of subrogation) now existing or hereafter acquired against the Owner and each other Additional Insured for any claim, injury, loss or damage arising from any occurrence that is covered by any insurance maintained by the Consultant or its consultants or would have been covered by any insurance required to be maintained under this Agreement. The Consultant shall cause all insurance policies maintained by the Consultant and its consultants to include a waiver of subrogation clause or endorsement denying to the insurer rights of subrogation against the Owner and each other Additional Insured.

INDEMNIFICATION.
Notwithstanding anything to the contrary in this Agreement, the Consultant and Owner agree as follows:

Indemnification Obligations. To the fullest extent permitted by applicable Laws, Consultant shall defend, save, indemnify and hold free and harmless Owner, FCM FL, LLC and Owner’s construction lender(s) providing financing for the Project (if any), and such other persons or entities required to be named as “Additional Insureds” in Exhibit G incorporated herein, and each of their employees, directors, owners, members, managers, partners, officers, parents (of every tier), subsidiaries, affiliates, agents, joint venturers and representatives (with all of the foregoing hereinafter referred to individually as an “Indemnified Party” and collectively as the “Indemnified Parties”) from and against any and all loss, cost, damage, expense, claim, demand and liability, including, without limitation, reasonable attorneys’ fees, expert fees and court costs arising out of or resulting from (i) the active or passive negligent acts, error, or omissions, the gross negligence or willful misconduct of Consultant or any Consultant Party, in the performance by Consultant under this Agreement (ii) breach of this Agreement by Consultant or any Consultant Party (iii) violation of law by the Consultant or any Consultant Party or (iv) any claim asserted against for an infringement of a patent, trademark, copyright or other intellectual property rights in connection with the preparation or use of any Instruments of Service.
Florida Statute § 725.06. In the event that the Project is in Florida and the indemnity obligations hereunder violate
§ 725.06, then the indemnity obligation described herein is limited to the amount of CGL insurance (including umbrella policies) required by the Agreement or Five Million ($5,000,000), whichever is greater, it being agreed that such limitation if effectuated would bear a reasonable commercial relationship to the contract. Further the parties agree that said limitation on the Consultant’s indemnity obligation bears a reasonable commercial relationship to the Agreement and the risks associated with Consultant’s performance thereunder. The indemnity obligation

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described herein is intended to be consistent with the scope of indemnity obligations authorized by Florida Statute
§ 725.06, the provisions of which are incorporated herein by reference. Therefore in the event any portion of the indemnity obligations described in the Agreement is determined to be inconsistent with Florida Statute § 725.06, the provisions of Florida Statute § 725.06 shall control, the indemnity provisions shall be deemed amended so that they provided the greatest amount of indemnity that is consistent with the law of the state where the Project is located, it being the intention of the parties that Consultant shall indemnify the Indemnified Parties to the fullest extent authorized by Florida law. Additionally, the parties agree that the indemnity provisions set out herein shall be deemed to be incorporated into the project specifications or bid documents for the project, if any.
Notwithstanding the foregoing: (1) Consultant’s obligation to “defend” the Indemnified Parties (as contrasted with Consultant’s obligation to “indemnify” the Indemnified Parties and “hold the Indemnified Parties harmless” , which remain as stated above) only applies to a Claim arising from Consultant or the Consultant Parties’ negligent performance of professional services to the extent that a defense of an Indemnified Party is available under the insurance coverages maintained by Consultant (which shall in no event shall be less than the limits and coverage Consultant is required to maintain under this Agreement); and (2) the indemnifiable damages shall not exceed the amount and types of damages that are recoverable under Florida law.
The indemnification obligations assumed under this Section 8 shall not be limited by a limitation on the amount or type of damages which might otherwise be recoverable by Owner against the Consultant.
Survival. The Consultant’s obligations under this Section 8 shall survive the termination or expiration of
this Agreement and completion of the Services required hereunder.
DISPUTES
Lien Disputes. If any dispute or other matter in question arising out of or related to this Agreement relates to or is the subject of a lien arising out of the Consultant’s Services, the Consultant or Owner may proceed in accordance with the Laws to comply with the lien notice or filing deadlines, or to defend against or obtain the discharge of such lien, prior to or during resolution of the matter. Consultant shall satisfy and discharge any lien filed by any Subconsultant in accordance with Section 11.9.
Dispute Resolution Procedure. The Owner and Consultant agree to negotiate in good faith regarding claims, disputes and other matters in question arising out of or relating to this Agreement ("Claims") as follows: Any party may give the other party written notice of any Claim not resolved in the normal course of business. Owner and Consultant agree to meet at a mutually acceptable time and place within ten (10) days after delivery of such notice and thereafter as often as reasonably necessary to attempt to resolve the Claim. If a party intends to be accompanied at a meeting by legal counsel, the other party shall be given at least three (3) working days’ notice of such and also may be accompanied by legal counsel. All negotiations pursuant to this clause are confidential and shall be treated as inadmissible compromise and settlement negotiations for purposes of all rules of evidence. If the matter is not resolved within thirty (30) days from the initial written notice of the Claim, or if no meeting takes place within fifteen
(15) days after such initial notice, then either party may initiate mediation as provided herein.
In the event a Claim is not wholly resolved through negotiation by the parties within thirty (30) days from the initial written notice of the Claim, or if no meeting takes place within fifteen (15) days after such initial notice as provided for in Section 9.2 above, the Owner and the Consultant, unless they agree otherwise in writing, shall endeavor to resolve the Claim through mediation as a condition precedent to the institution of legal or equitable proceedings by either party. Unless otherwise agreed to by the parties, such mediation shall be conducted in accordance with the Construction Industry Mediation Rules of the American Arbitration Association in effect at the time of the dispute. The request for mediation shall be filed in writing with the other party and with the American Arbitration Association. The parties shall share the mediator’s fee and any filing files equally, and the mediation shall be held in the state and county where the Project is located, unless otherwise agreed to in writing by the parties. If mediation is not successful, any disputes may be resolved through litigation in a court of competent jurisdiction. The pre-litigation mediation shall be deemed to have complied with and satisfied any standing orders or other judicial mandates requiring the parties’ participation in alternative dispute resolution prior to trial. Except as

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expressly stated herein, the Services shall otherwise be performed continually and expeditiously by Consultant, including during the pendency of a Claim(s), a dispute or the dispute resolution process contemplated herein.
Binding Dispute Resolution. If the parties do not resolve a dispute through mediation, the method of binding dispute resolution shall be litigation in a court of competent jurisdiction in the state and county where the Project is located.
Notwithstanding the foregoing, negotiation or mediation shall not be a condition precedent to a lien or legal or equitable proceedings if: (a) the legal or equitable proceedings concern a temporary restraining order, preliminary injunction, or other emergency relief; or (b) despite good faith efforts, the negotiation or mediation cannot be completed before the expiration of an applicable lien filing or notice deadline, or before the expiration of an applicable statute of limitations, statute of repose, or other legal time limit.
Joinder. Notwithstanding the foregoing, with respect to any claim, lawsuit or arbitration brought by or against any of the Indemnified Parties arising out of or related to the Project, Services or Agreement, Consultant hereby consents to be joined as a party in such dispute resolution process, lawsuit or arbitration. If the Consultant is joined as a party to an arbitration proceeding, the award rendered by the arbitrator shall be final, and judgment may be entered against Consultant thereon in accordance with applicable Laws in any court having jurisdiction thereof. In addition, in connection with any such arbitration proceedings, each party shall include by joinder as part of the arbitration persons or entities substantially involved in a common question of law or fact whose presence is necessary if complete relief is to be accorded in arbitration, provided that the party sought to be joined consents in writing to such joinder or is otherwise required to arbitrate such disputes.
Jury Trial Waiver. IN THE EVENT LITIGATION IS BROUGHT FOR THE RESOLUTION OF ANY CONSTRUCTION DISPUTE OR ANY OTHER CLAIM OR DISPUTE ARISING FROM THE PROJECT, SERVICES OR THIS AGREEMENT, THE PARTIES DO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY SUCH LITIGATION AND THE ISSUES TO BE TRIED THEREIN. IT IS THE INTENT OF THE PARTIES THAT, IN ANY SUCH LITIGATION BETWEEN THE PARTIES, ALL ISSUES IN SUCH LITIGATION SHALL BE TRIED TO A JUDGE AND NOT A JURY.
Attorney’s Fees. If any action at law or in equity, including an arbitration proceeding, is necessary to enforce or interpret the terms of this Agreement or to recover damages for breach of contract, negligence or misconduct arising out of or in connection with the performance of the Services hereunder, the Court or the arbitrator(s), as applicable, shall determine the prevailing party and award to such prevailing party, in addition to any other relief to which such party is entitled to recover, its reasonable attorneys' fees, expert witness fees, costs, and other reasonable expenses incurred in such proceeding.

Effect on Performance. Except as provided in Section 10, no claim, dispute or controversy of any kind shall interfere with the progress or performance of the Services (including any Additional Services), and Consultant shall continue performing the Services without interruption notwithstanding any dispute arising out of or related to the Services or this Agreement, and Owner shall continue to make payments of amounts not subject to dispute or withholding.
Survival. The provisions of this Section 9 shall survive the termination or expiration of this Agreement and completion of the Services.
TERM, TERMINATION OR SUSPENSION
10.1  Term. The Agreement shall take effect on the Effective Date and, unless earlier terminated pursuant to Section 10.2 and 10.3, shall expire when Consultant has completed the Services to Owner’s satisfaction and satisfied the conditions for Final Payment provided for herein and Owner has made the Final Payment to Consultant (the “Term”).
Termination or Suspension by Consultant. The Consultant shall give the Owner fourteen (14) days’ written notice of the Consultant’s intention to terminate or suspend provision of the Services due to the Owner’s failure to

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make undisputed payments that are properly due to the Consultant in accordance with this Agreement (which period shall constitute an opportunity to cure). This notice shall detail the Consultant’s specific reason(s) for its intended termination or suspension and shall state with specificity the means by which the Owner may cure the alleged default. If the Owner fails to cure the alleged default or justify its lack of payment in accordance the terms of this Agreement, the Consultant may give notice of termination or suspension of its Services five (5) days thereafter. Services shall otherwise be performed continually and expeditiously, including during the pendency of disputes.
Termination or Suspension by Owner. The Owner may terminate this Agreement upon not less than seven
(7) days’ written notice (which period shall constitute an opportunity to cure) should the Consultant or any of the Consultant Parties fail substantially to perform in accordance with the terms of this Agreement through no fault of the Owner. Following a termination by the Owner under this paragraph, if a court or arbitrator(s) of competent jurisdiction determines that the Consultant did not fail to substantially perform in accordance with the terms of this Agreement, then such termination shall be deemed a termination for convenience as provided for below.
Defaults under this Agreement by Consultant shall include, but not be limited to (i) the Consultant’s failure to perform the Services in accordance with: (A) the terms of this Agreement; (B) the Laws; or (C) any rules, standards or practices established by Owner or Owner’s lenders or investors as being reasonably necessary to conduct operations on Owner’s premises including the Project; (ii) at Owner’s sole discretion, if Owner deems that the Consultant is insolvent; or (iii) if the Consultant makes an assignment for the benefit of creditors or is a party to a voluntary or involuntary bankruptcy proceeding.
The Owner for its convenience and at its sole discretion may at any time suspend or terminate this Agreement upon not less than seven (7) days’ written notice to the Consultant without cause. Upon receipt of notice, the Consultant shall immediately cease rendering Services except to the extent reasonably necessary to conclude Services in an orderly fashion after Consultant has provided written notice thereof to Owner; provided that, upon Owner’s request in the case of termination, which request shall be at Owner’s sole discretion, Consultant agrees to continue to work with Owner in good faith for thirty (30) days following the effective date of such termination to transition or conclude the Services.
If the Owner voluntarily suspends the Project for reasons other than the fault of the Consultant or any of the Consultant Parties, the Consultant shall be compensated for Services performed prior to notice of such suspension. When the Project is resumed, the Consultant shall be compensated for expenses reasonably incurred in the interruption and resumption of the Services. The Consultant’s fees for the remaining Services and the time schedules may, after thirty (30) days of Consultant’s resumption of Services, be equitably adjusted by mutual agreement between the Owner and the Consultant if requested and appropriate under the circumstances.

If the Owner suspends the Project for more than one hundred twenty (120) cumulative days for reasons other than
(i) the fault of the Consultant or any of the Consultant Parties, (ii) a national emergency from which the Services or construction work contemplated thereby are exempted or “deemed essential”, or (iii) arising from Covid 19 or any other form of viral, respiratory or health-related pandemic or epidemic, the Consultant may terminate this Agreement by giving not less than fourteen (14) days’ written notice to Owner.
In the event of termination not the fault of the Consultant, the Consultant will be compensated only for (i) Services performed by Consultant or the Consultant Parties in accordance with this Agreement prior to the effective date of termination, (ii) Reimbursable Expenses due in accordance with this Agreement, upon the effective date of termination, plus (iii) those Reimbursable Expenses reasonably and properly incurred in the conclusion of Services in progress. The Owner’s rights to use the Consultant’s Instruments of Service in the event of a termination of this Agreement are set forth in Section 5.
Consultant Parties. The Consultant shall include provisions consistent with this Section 10 in all of its agreements with its Subconsultants.
Survival. All obligations, in addition to and without limiting those expressly identified herein, arising prior to the termination or expiration of this Agreement and all provisions of this Agreement allocating responsibility or liability between the Owner and the Consultant that logically should survive completion or termination or expiration

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of this Agreement shall survive completion of the Consultant’s Services under this Agreement and termination or
expiration of this Agreement.
COMPENSATION, EXPENSES AND PAYMENT
Compensation. In consideration for Consultant providing the Services required under this Agreement, Consultant will be paid at the rates and fees set forth in the Fee Schedule attached hereto as Exhibit B. Owner will compensate Consultant for Services satisfactorily completed in accordance with this Agreement, pursuant to the Payment Section below. Service costs shall not exceed the rates, fees and total set forth in Exhibit B unless authorized in writing by Owner pursuant to a change order or amendment executed in accordance with this Agreement.

Unit prices, Hourly Rates. To the extent they become applicable in connection with Services billed on a time and materials/hourly basis pursuant to Exhibit B or any Additional Services requested by Owner in writing, the unit prices and/or hourly billing rates are those set forth in Exhibit C to this Agreement, which are the maximum respective rates allowed under this Agreement.
Reimbursable Expenses. Consultant may be reimbursed for reasonable, necessary and approved out-of- pocket expenses incurred by the Consultant and the Consultant Parties directly related to the performance of the Services (collectively, "Reimbursable Expenses") as identified and limited to the following, which expenses will be invoiced at direct cost and shall not exceed the maximum amount therefor listed in Exhibit B without prior written authorization from Owner pursuant to this Agreement:
Transportation and authorized out-of-town travel and subsistence, if authorized in advance by Owner;
Fees paid for securing approval of authorities having jurisdiction over the Project;
Printing, reproductions, plots, standard form documents created for meetings, filings with agencies, distribution to builders or contractors other than those incidental to the development of Instruments of Service as part of the Services required under this Agreement;
Postage, handling and delivery;
Renderings, and presentation materials requested by the Owner; and
Other similar Project-related expenditures authorized by Owner in writing.

Supporting Documentation. The Consultant shall provide receipts as backup for all Reimbursable Expenses for which it requests compensation. Records of Reimbursable Expenses and Services performed on the basis of hourly or unit rates shall be available to the Owner at Owner’s request.
Payments. Except as otherwise provided hereunder, payment for Services shall be made monthly in proportion to Services performed. Consultant shall submit application(s) for payment to Owner at the address above, to the attention of “Accounts Payable” or via email at accounting@freeholdcm.com before the 5th of each month, for Services rendered in the preceding month. Applications for payment shall be in the format of Exhibit E (or a similar format acceptable to Owner in its sole discretion). Provided that Consultant delivers a properly completed Application for payment, Owner shall pay the same or each undisputed portion thereof, if any, within forty-five (45) days from receipt. Payment of applications for payment shall not constitute acceptance of Services and in no way will be considered a waiver of any rights or remedies available to Owner for Consultant’s nonperformance or failure to otherwise comply with the terms of this Agreement.
Notwithstanding any provision herein to the contrary, Owner may adjust or reject a current or previous application for payment, and withhold amounts, (a) that Owner disputes are payable, pending resolution of the dispute, and (b) as Owner deems necessary to protect itself due to loss or damage incurred by or sought from Owner or other persons to whom Owner may be liable arising out of (i) the negligence of Consultant or the Consultant Parties or their failure to comply with this Agreement, (ii) defective work product not remedied, and/or (iii) claims related to the Services asserted or reasonable evidence that a claim may be asserted. In the event of any such withholding or adjustment Owner will provide Consultant a written explanation setting forth the basis therefore and to negotiate with the

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Consultant in good faith to attempt to resolve such dispute. This Section in no way limits Owner’s other rights and
remedies against Consultant under this Agreement, whether at law or in equity.
Lien Releases. As a condition precedent to payment from the Owner to the Consultant pursuant to each application for payment, the Consultant shall, provide interim and final releases of liens, including interim and final releases of liens from the Consultant Parties and, if requested, evidence of payment to the Consultant Parties. Releases shall be in submitted in the format of Exhibit D hereto (or such other format as may be acceptable to Owner in its sole discretion).

Proof of Insurance. As a condition precedent to payment from the Owner to the Consultant pursuant to each application for payment, current certificates of insurance and endorsements evidencing that the Required Insurance (as such term is defined in Exhibit G) or insurance otherwise required hereunder is current and in effect must have been received by Owner. The Consultant’s failure to furnish, or the Owner’s failure to obtain, such certificates, endorsements or other proof of insurance shall not constitute a waiver by the Owner of such requirements or any other provision of this Agreement.
Final Payment to Consultant. Final payment, constituting the entire unpaid and outstanding balance of the Consultant’s compensation under this Agreement, will be made by the Owner to the Consultant only after the following conditions precedent are satisfied:

Consultant’s Services hereunder are fully performed in accordance with the requirements of this Agreement and the Owner has accepted Consultant’s completed Services;
The Consultant has provided to the Owner the consent of Consultant’s surety, if any, to final
payment;
The Consultant has provided proof of insurance in effect and in compliance with the requirements of this Agreement; and
The Consultant has provided the Owner final lien waivers and releases, in a form satisfactory to the Owner in its sole discretion, from the Consultant, and Consultant’s Subconsultants, laborers, sub-subcontractors, suppliers and material men.

Final payment to the Consultant shall in no way relieve the Consultant of liability for any obligations assumed under this Agreement, or for faulty or defective work discovered before or after final payment. Acceptance of Final payment by Consultant shall constitute a full waiver and release by Consultant of all claims, of any nature whatsoever, against Owner arising out of or relating to this Agreement.
Lien Recordation. If a lien is recorded against the Project by one of the Consultant Parties then the Consultant shall remove said lien from the Project. The Owner may make a written demand upon the Consultant to discharge such lien from the Project. Upon receipt of a written demand to discharge lien, the Consultant shall cause the lien to be discharged within ten (10) days. If the Consultant fails to cause the lien to be discharged within ten
(10) days of receipt of a demand from Owner, the Owner shall be entitled to discharge the lien, and Consultant will be deemed to have waived any objection which it may have to the amount of the lien claimed by the lienor and Owner shall be entitled to retain, setoff or withhold payment to Consultant in the amount of the cost to discharge the lien. Owner shall be entitled to either a credit on any remaining balance due on any agreement between the Owner and the Consultant, in the amount the Owner paid to discharge the lien as well as any costs and attorney’s fees incurred to discharge the lien, or, if the balance due on any agreement between the Owner and Consultant is not sufficient to cover said costs and fees, immediate payment of such outstanding amount from the Consultant upon Owner’s demand therefor. Should there prove to be any claim, claim of lien or lien by the Consultant Parties after Final Payment is made, the Consultant shall, upon demand, refund to the Owner all monies that the Owner shall pay in satisfying, discharging, or defending against any such claim, claim of lien or lien, or any action brought or judgment recovered, including all costs and expenses, and legal fees (including those for appeals), incurred in connection therewith. This Section 11.9 shall survive the expiration or termination of this Agreement. Consultant’s obligations under Section 8.1 include claims, damages, liabilities, losses, and expenses, including attorneys’ fees, arising out of any claim, claim of lien or lien under this Section.

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

GENERAL PROVISIONS
Governing Law. This Agreement shall be governed by the Laws of the place where the Project is located.
Interpretation, Entire Agreement. As used herein, unless the context clearly indicates otherwise, the disjunctive "or" shall include the conjunctive "and," and vice versa; the singular shall include the plural, and vice versa, and the use of the masculine, feminine or neuter gender shall include all other genders, as appropriate. The words "include," "includes" and "including" are deemed to be followed by the words "without limitation. "The words "herein," "hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein to sections, schedules, attachments and exhibits mean the sections of, and schedules and attachments, exhibits attached to, this Agreement. The Owner and Consultant agree and acknowledge that this Agreement was jointly prepared by them. Any uncertainty or ambiguity in this Agreement shall not be interpreted or construed against either the Owner or Consultant because either was a drafter of the Agreement. This Agreement, including all Exhibits, Attachments and Amendments, represents the entire and integrated Agreement between the Owner and the Consultant and supersedes all prior negotiations, representations or agreements, either written or oral. This Agreement may be amended only by written instrument signed by both Owner and Consultant.
Assignment. The Owner and Consultant, respectively, bind themselves, their agents, successors, assigns and legal representatives to this Agreement. Consultant shall not assign this Agreement without the written consent of the Owner. Owner may assign this Agreement to any person or entity without the consent or approval of Consultant, provided that the assignee agrees to assume the Owner’s rights and obligations under this Agreement with the exception that Owner may provide a collateral assignment of this Agreement to a lender or equity investor without such party’s assumption of all the Owner’s rights and obligations under this Agreement.
Cooperation. The Consultant shall sign all documents and consents reasonably required to facilitate assignment to a lender or equity investor, or otherwise reasonably required for the Owner to obtain financing for the Project. The proposed language of such certificates will be submitted to the Consultant for review at least 7 days prior to the requested dates of signing.
Independent Contractor. Each of Consultant and Owner acknowledge and agree that Consultant is an independent contractor. This Agreement shall in no way create or imply a partnership, joint venture, agency or employment relationship between Consultant and the Owner. Consultant is not authorized to bind Owner or otherwise make any representation, agreement or commitment on Owner’s behalf. In engaging Consultant’s Representatives, Consultant acknowledges that, except as expressly set forth in this Agreement, Consultant shall be solely responsible for any and all obligations to Consultant Parties, and the Owner shall have no liability therefor, including without limitation withholding of income taxes, and the payment and withholding of social security and other payroll taxes, unemployment insurance, workers' compensation payments and disability benefits, as applicable.
No Third-Party Beneficiary. Except as otherwise expressly provided in this Agreement, nothing contained in this Agreement is intended to or shall be construed to create a third-party beneficiary to this Agreement or a cause of action in favor of a third party against either the Owner or Consultant.
Hazardous Materials. The Consultant shall not specify or otherwise cause: (1) any hazardous or toxic substances, wastes or materials to be brought onto the Project site or incorporated into the Project, except in full compliance with applicable Law, (2) any asbestos-containing materials or lead-based paint to be brought onto the Project site or incorporated into the Project, or (3) without the Owner’s prior written consent, any underground or above-ground storage tanks to be specified for, or placed on, the Project site. If the Consultant becomes aware of any suspected hazardous or toxic materials, asbestos-containing materials, lead-based paint or storage tanks being brought onto or encountered at the Project site in violation of applicable Laws, the Consultant shall promptly notify and consult with the Owner. To the fullest extent permitted by applicable Laws, the Consultant shall defend, indemnify and hold the Indemnitees harmless from and against any and all liability, claims, damages, losses and expenses, including reasonable attorneys’ fees and expenses, arising out of or resulting from any breach of, or negligent or willful act or omission of, the Consultant or any of the Consultant Parties in connection with, this Section

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

12.7, except to the extent caused by any negligent or willful act or omission of the Indemnified Parties or their separate consultant or contractors (other than the Consultant or the Consultant Parties), and regardless of whether or not such claim, damage, loss or expense is caused in part by the concurrent or partial negligence of an Indemnified Party. Except as provided above or elsewhere in this Agreement or under Laws, the Consultant shall have no responsibility for the discovery, presence, handling, removal or disposal of, or exposure of persons to, hazardous materials or toxic substances in any form at the Project site.
Non-publicity. If, and only to the extent, expressly authorized in writing by Owner (in its sole discretion) in each instance, the Consultant shall have the right to include photographic or artistic representations of the design of the Project among the Consultant’s promotional and professional materials. If so authorized, the Consultant shall be given reasonable access to the completed Project to make such representations. However, the Consultant’s materials shall not include the Owner’s confidential or proprietary information, including without limitation the name of Owner or its affiliates. This section shall survive the termination or expiration of this Agreement.
Non-Disclosure. If the Consultant or Owner receives, or becomes aware of information related to the business plans, activities, operations, services, methods, policies, procedures, techniques, trade secrets, financial information or other business details of the other party in connection with his/her or its performance under this Agreement or on the Project, the receiving party shall keep such information strictly confidential and shall not disclose, whether directly or indirectly, it to any other person except to those who need to know the content of such information in order to perform Services or construction solely and exclusively for the Project, unless disclosure is otherwise required by the Laws. This section shall survive the termination or expiration of this Agreement.
No Conflict. Except with the Owner’s knowledge and consent, the Consultant shall not engage in any activity, or accept any employment, interest or contribution that would reasonably appear to compromise the Consultant’s professional judgment with respect to this Project.
Notices. Any written notice given under this Agreement shall be deemed duly served and received (1) immediately upon hand delivery to the intended applicable representative(s) identified below; (2) three business days after depositing in the U.S. Mail to the applicable address provided in this Agreement, by registered, certified, or regular mail; (3) one business day after depositing with a nationally recognized courier service that provides confirmation of delivery to the applicable address provided herein, by express or overnight delivery. Owner’s Development Manager shall be copied on all notices to Owner and (4) upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "delivery receipt" function, as available, return e-mail or other written acknowledgment).
Authorized Representatives. The Consultant’s representative identified in this Section is authorized to act on behalf of the Consultant with respect to the Project. The Consultant’s representative shall not change unless approved by the Owner in writing. The Owner’s Authorized Signatory(ies) identified in below is authorized to sign on the Owner’s behalf with respect to the Project. The Owner also may designate, in writing, other representatives who are authorized to act on the Owner’s behalf with respect to the Project, and may change, modify or revoke the authority of any such representatives at the Owner’s sole discretion, with or without cause.

The Consultant’s Authorized Representative is:
England, Thims & Miller, Inc. Bradley Weeber
14775 Old St. Augustine Road Jacksonville, FL 32258
Telephone: 904-265-3192 Email: weeberb@etminc.com

The Owner’s Authorized Signatories are:
Casey Tischer and Jesse Baker c/o 500 Boylston St. Ste. 2010

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

Boston, MA 02116
Tel.: (617) 221-8400
Email: CT@freeholdcm.com or JRB@freeholdcm.com

Severability. If a court, arbitrator, or panel of arbitrators finds any provision of this Agreement to be invalid or unenforceable in whole or in part, such finding shall not affect the validity or enforceability of any other provisions of the Agreement or the remainder of the provision in question. In lieu of each provision of the Agreement, or part thereof, that is determined to be invalid or unenforceable, it is understood and agreed that there shall be added as part of the Agreement a provision as similar in terms to such invalid or unenforceable provision as is possible, valid and enforceable.
Waiver. No action or failure to act by the Owner or Consultant shall constitute a waiver of any right, remedy, obligation or duty afforded them under this Agreement or applicable Laws, nor shall such action or failure to act constitute approval of or acquiescence in any breach of contract, negligence or willful misconduct of the other party, except as provided herein or executed in writing by the party making the waiver (Owner’ Authorized Signatory, if Owner).
Electronic and Counterpart Signatures. Electronic and Counterpart Signatures. The execution of this Agreement may occur in one or more separate counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same instrument. Email, tif, pdf and other forms of electronic signatures to this Agreement, or any amendment to either of the foregoing shall be valid as if manually signed.
Prior Services. The parties agree that to the extent any portion of the Services required hereunder were performed prior to the execution of this Agreement, all of such activities and Services shall be governed by the terms and conditions of this Agreement and shall be deemed to be a part of the Services.
Books and Records. Consultant shall keep organized and detailed books, records, and other back-up documentation relating to the Services and compensation payable to Consultant under this Agreement. Consultant shall keep this documentation for five (5) years after the termination of this Agreement, and shall make this documentation available to Owner, upon reasonable notice, for inspection and copying (at Owner’s expense) in normal working hours during such time. Consultant and Owner shall otherwise reasonably cooperate with each other to defend audits by tax authorities or any other governmental authorities having jurisdiction over the Project.

Governmental Approvals. Consultant shall cooperate with Owner in obtaining those governmental approvals necessary or helpful to the Project and shall, when expressly requested by Owner, attend public and private meetings with governmental officials in the furtherance of the Project, provided that Consultant shall under no circumstances meet with such officials without a representative of Owner present during such meeting, unless express prior written permission shall have been given by Owner.
12.19  Individual Professional Liability Limitation.
PURSUANT TO §558.0035, FLORIDA STATUTES, CONSULTANT'S INDIVIDUAL EMPLOYEES AND/OR AGENTS MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE OR DAMAGES OCCURRING WITHIN THE COURSE AND SCOPE OF THEIR WORK ON THIS AGREEMENT.
LIST OF EXHIBITS

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8749
Project: 316 Vendor: ETM

This Agreement is comprised of the following Exhibits, which are hereby incorporated herein by this reference: Exhibit A:	Scope of Services
Exhibit B:	Fee Schedule
Exhibit C:	Hourly Rates
Exhibit D:	Lien Release Forms
Exhibit E:	Payment Application
Exhibit F:	Intentionally Omitted
Exhibit G:	Insurance Required Of Consultants and Service Providers

In the event of any ambiguities or inconsistencies, the following priority shall apply:
Addenda and/or modifications entered after this Agreement
This Agreement
Exhibits and Attachments to this Agreement

[Signature pages on next page ]

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8749
Project: 316 Vendor: ETM

This Agreement entered into as of the day and year first written above.

OWNER	CONSULTANT	
SRTG Dev Owner, LLC a Delaware limited liability	England, Thims & Miller, Inc.	
company		

(Signature)
Jesse Baker		(Signature)
Bradley Weeber	
(Printed name)
Authorized Signatory

(Title)		(Printed name)
Bradley Weeber EVP

(Title)	

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387	Contract ID: 8825
Project: 316 Vendor: ETM

EXHIBIT A SCOPE OF SERVICES

SERVICES AND DELIVERABLES (“Consultant”)
Consultant’s Scope is for professional Services related to the offsite utilities for Saratoga Springs Force Main, Reclaimed Water, and Water Main Improvements. The Project shall consist of+/- 23,400 LF of Sewer Force Main, +/- 12,300 LF of Water Main, and +/- 12,300 LF of Reclaimed Water Main, including 4 directional drills, as part of the Clay County Utility Authority (CCUA) LAMP Trunk Main System. Design along Feed Mill Road shall include incorporation of proposed future roadway typical section. Consultant’s Scope of Services are outlined below:
TASK 1 - UTILITY PRELIMIANRY ENGINEERING, ROUTE SELECTION, AND CCUA COORDINATION:
Consultant shall assist with limited preliminary engineering services that include, but are not limited to the following:
Meetings with CCUA, Landowner, and Applicant
Utility Route Exhibits
Feed Mill Road Typical Sections
Preliminary Cost Estimates
Coordination with Subconsultants
TASK 2.1 – FEED MILL ROAD UTILITIES ROADWAY PRELIMINARY CENTERLINE PROFILE:
Consultant shall provide a preliminary centerline profile for the portion of Feed Mill Road that the proposed utilities will abut (+/- 14,000 LF). These designs are required to set the proposed utilities vertical elevation. This task does not include drainage design. This centerline profile is preliminary and for the purpose of setting utility elevations.

TASK 2.2 – FEED MILL ROAD UTILITIES SEWER FORCEMAIN, WATER MAIN and RECLAIMED WATER MAIN ENGINEERING:
Consultant shall design +/-7,600 LF of sewer forcemain, +/-7,200 LF of water main and +/- 7,200 LF of reclaimed water main utilizing the survey of the selected route and utility sizing provided by CCUA along future Feed Mill Road Rights of Way (+/- 22,000 LF total pipe). Design shall be in accordance with CCUA standards and specifications and Florida Department of Environmental Protection (FDEP) regulations. Construction documents shall be prepared in plan and profile format and shall include necessary details, horizontal directional drill design and details, erosion and sediment control and stormwater pollution prevention plan.

TASK 3.1 – CATHEDRAL OAK PARKWAY UTILITIES EXISTING ROAD DESIGN COORDINATION:
Consultant shall design the proposed utilities(+/- 7,000 LF) within the existing Cathedral Oaks Rights of Way. Cathedral Oaks Parkway is under construction and is anticipated to have the construction complete prior to the proposed utilities. Design for the proposed utilities shall take into consideration the proposed Cathedral Oaks Parkway infrastructure and the future widening of Cathedral Oaks Parkway.

TASK 3.2 - CATHEDRAL OAK PARKWAY UTILITIES SEWER FORCEMAIN, WATER MAIN and RECLAIMED WATER MAIN ENGINEERING:
Consultant shall design +/-7,000 LF of sewer forcemain, +/-3,800 LF of water main and +/- 3,800 LF of reclaimed water main utilizing the survey of the selected route and utility sizing provided by CCUA within Cathedral Oaks Parkway Rights of Way (+/-14,600 LF total pipe). Design shall be in accordance with CCUA standards and specifications and FDEP regulations. Construction documents shall be prepared in plan and profile format and will include necessary details, horizontal directional drill design and details, erosion and sediment control and stormwater pollution prevention plan.

TASK 3.3 – CATHEDRAL OAK PARKWAY UTILITIES MAINTENANCE OF TRAFFIC
Consultant shall prepare a Maintenance of Traffic Plan in accordance with Clay County Standards and Specifications.
TASK 4.1 – ADDITIONAL CCUA UTILITIES FEED MILL ROADWAY WEST WATER MAIN AND RECLAIMED WATER MAIN ENGINEERING:

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387	Contract ID: 8825
Project: 316 Vendor: ETM

Consultant shall design +/-1,300 LF of water main and +/- 1,300 LF of reclaimed water main utilizing the survey of the selected route and utility sizing provided by CCUA along a proposed 30' CCUA easement from the proposed Feed Mill Road utility improvements west along the Saratoga Springs property boundary to the western Saratoga Springs property boundary(+/- 2,600 LF total pipe). Design shall be in accordance with CCUA standards and specifications and FDEP regulations. Construction documents shall be prepared in plan and profile format and will include necessary details, erosion and sediment control and stormwater pollution prevention plan.

TASK 4.2 - ADDITIONAL CCUA UTILITIES FEED MILL ROADWAY EAST SEWER FORCEMAIN ENGINEERING:
Consultant shall design +/-4,000 LF of sewer forcemain utilizing the survey of the selected route and utility sizing provided by CCUA along a proposed 12' CCUA easement from the proposed Feed Mill Road utility improvements east along the existing FPL easement then due east to the CCUA Peters Creek WWTP property boundary. Design shall be in accordance with CCUA standards and specifications and FDEP regulations. Construction documents shall be prepared in plan and profile format and will include necessary details, horizontal directional drill design and details, erosion and sediment control and stormwater pollution prevention plan.

TASK 5-REGULATORY PERMITTING
Consultant shall prepare permit applications and coordinate the review process for the following permits. Fees are based on permitting all phases at the same time. If portions of the project are permitted at separate times, additional permit fees may apply. Consultant may propose an adjustment to the Fees for approval and authorization from Owner via an Amendment issued in accordance with the Agreement.

Clay County Site Plan/Typical Section Approval
Clay County Right of Way Permitting
Clay County Development Review Permitting (if required)
Clay County Utility Authority (CCUA) Permitting
Environmental Protection Agency National Pollutant Discharge Elimination System (NPDES) General Notice of Intent - Construction Permit.
Army Corps of Engineers (ACOE) and St. Johns River Water Management District (SJRWMD) Permitting Coordination.
(a) Owner’s other consultant ( SES Environmental Resource Solutions (or such other similar professional engaged by Owner), will be applying for the ACOE Nationwide and SJRWMD Standard Permits. Consultant shall support with the application, plans, exhibits, narrative explanations, and RAJ responses as required .
FDEP Water
FDEP Sewer
TASK 6 - PROJECT MANAGEMENT, COORDINATION, GRAPHICS, AND MISCELLANEOUS
Consultant shall assist Owner with project management, coordination, estimation, and miscellaneous services. Services shall include but are not limited to:
Meeting and negotiation assistance with adjacent property owner
Exhibit preparation
Graphics
Cost Estimates
Coordination and attendance of meetings with owners, contractors, and other consultants
Coordination with CCUA Independent Review Consultant

TASK 7: LIMITED TOPOGRAPHIC SURVEY (RECLAIMED & WATER MAIN IMPROVEMENTS)

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387	Contract ID: 8825
Project: 316 Vendor: ETM

Consultant shall prepare a Topographic Route Survey for design purposes of approximately 7,500 linear feet of proposed offsite reclaimed and water main improvements. The topographic survey data to be collected shall be surveyed as cross sections at 100-foot grid intervals along and perpendicular to proposed route, locating any major change in topography. The surveyed data shall be referenced to a published horizontal and vertical datum. The location and mapping of improvements and utilities shall be limited to above ground visible evidence only. Pipe sizes, types and inverts shall be obtained where accessible from the surface through manholes and inlets. These survey services do not include establishing baselines, parcel lines, or replacing missing property. corners for this survey. The deliverables will consist of CAD files of the survey suitable for civil engineering design with finalized maps of survey to follow.

Any and all surveys generated by Consultant shall be addressed to Owner and delivered to Owner upon completion or as otherwise requested by Owner from time to time. Consultant agrees to include reliance language or issue reliance letter(s) as requested by Owner in favor of any affiliates of Owner, Owner’s project manager(s), any Project lenders or holders of indebtedness secured by the Project, or any purchasers or grantees of the Project or any portion thereof.
TASK 8 - LIMITED TOPOGRAPHIC SURVEY (OFFSITE FORCE MAIN IMPROVEMENTS)
Consultant shall prepare a Topographic Route Survey for design purposes of approximately 10,300 linear feet of proposed offsite force main improvements. The topographic survey data to be collected shall be surveyed as cross sections at 100-foot grid intervals along and perpendicular to proposed route, locating any major change in topography. The surveyed data shall be referenced to a published horizontal and vertical datum. The location and mapping of improvements and utilities shall be limited to above ground visible evidence only. Pipe sizes, types and inverts shall be obtained where accessible from the surface through manholes and inlets. Survey services do not include establishing baselines, parcel lines, or replacing missing property corners. The deliverables shall consist of CAD files of the survey suitable for civil engineering design with finalized maps of survey to follow.

Any and all surveys generated by Consultant shall be addressed to Owner and delivered to Owner upon completion or as otherwise requested by Owner from time to time. Consultant agrees to include reliance language or issue reliance letter(s) as requested by Owner in favor of any affiliates of Owner, Owner’s project manager(s), any Project lenders or holders of indebtedness secured by the Project, or any purchasers or grantees of the Project or any portion thereof.

KEY PERSONNEL & KEY SUBCONSULTANTS
Danny Welch, P.E. – Principal Vice President / Shareholder

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

Exhibit B Fee Schedule	
	
A	B	C	D	E	F	G	H	

Job	

Cost Code	Task No.	

Service		
				
Quantity (NTE)	
Unit	
Unit Price (NTE)	Total Fees NTE	
316 - MST 1A	13.10.025.075	1	Utility Preliminary Engineering, Route Selection and CC	1.00	T&M/NTE	$	23,250.00	$	23,250.00	

316 - MST 1A	
13.10.025.075	
2.1	Feed Mill Road Utilities: Roadway Preliminary
Engineering and Preliminary Drainage	
1.00	
T&M/NTE	
$	22,000.00	
$	22,000.00	

316 - MST 1A	
13.10.025.075	
2.2	Feed Mill Road Utilities: Sewer Forcemain, Water Main
and Reclaimed Water Main Engineering	
1.00	
T&M/NTE	
$	132,000.00	
$	132,000.00	
316 - MST 1A	13.10.025.075	3.1	Cathedral Oaks Parkway Utilities: Existing Road Design	1.00	T&M/NTE	$	21,600.00	$	21,600.00	
316 - MST 1A	13.10.025.075	3.2	Cathedral Oaks Parkway Utilities: Sewer Forcemain, Wa	1.00	T&M/NTE	$	87,600.00	$	87,600.00	
316 - MST 1A	13.10.025.075	3.3	Cathedral Oaks Parkway Utilities: Maintenance of Traffic	1.00	T&M/NTE	$	18,900.00	$	18,900.00	
316 - MST 1A	13.10.025.075	4.1	Additional CCUA Utilities: Feed Mill Road West Water M	1.00	T&M/NTE	$	15,600.00	$	15,600.00	
316 - MST 1A	13.10.025.075	4.2	Additional CCUA Utilities: Feed Mill Road East Sewer Fo	1.00	T&M/NTE	$	28,000.00	$	28,000.00	
316 - MST 1A	13.10.025.075	5a	Regulatory Permitting: Clay County Site Plan/Typical Se	1.00	T&M/NTE	$	4,900.00	$	4,900.00	
316 - MST 1A	13.10.025.075	5b	Regulatory Permitting: Clay County Right-of-Way Permit	1.00	T&M/NTE	$	7,600.00	$	7,600.00	
316 - MST 1A	13.10.025.075	5c	Regulatory Permitting: Clay County Development Revie	1.00	T&M/NTE	$	14,600.00	$	14,600.00	
316 - MST 1A	13.10.025.075	5d	Regulatory Permitting: Clay County Utility Authority Perm	1.00	T&M/NTE	$	8,900.00	$	8,900.00	
316 - MST 1A	13.10.025.075	5e	Regulatory Permitting: NPDES General NOI Constructio	1.00	T&M/NTE	$	1,800.00	$	1,800.00	
316 - MST 1A	13.10.025.075	5f	Regulatory Permitting: ACOE and SJRWMD Permitting	1.00	T&M/NTE	$	3,500.00	$	3,500.00	
316 - MST 1A	13.10.025.075	5g	Regulatory Permitting: FDEP Potable Water and Reclai	1.00	T&M/NTE	$	2,200.00	$	2,200.00	
316 - MST 1A	13.10.025.075	5h	Regulatory Permitting: FDEP Sewer Forcemain	1.00	T&M/NTE	$	2,200.00	$	2,200.00	
316 - MST 1A	13.10.025.075	6	Project Management, Coordination, Graphics, and Misce	1.00	T&M/NTE	$	20,000.00	$	20,000.00	
316 - MST 1A	13.10.025.075	7	Limited Topography Survey (Reclaimed Water & Potable	1.00	T&M/NTE	$	39,900.00	$	39,900.00	
316 - MST 1A	13.10.025.075	8	Limited Topography Survey (Offsite Forcemain Improve	1.00	T&M/NTE	$	57,000.00	$	57,000.00	
Total Agreement Sum NTE: $	511,550.00	
Notes: TM/NTE" shall mean "time and materials, not to exceed;" "NTE" shall mean "not to exceed;" "LS"shall mean "lump sum;" "EA" shall mean "each." To the extent they become applicable in connection with services billed on an time and materials basis, Consultant's hourly billing rates are set forth in Exhibit C to the Agreement. Reimbursable Expenses shall be billed only as and to the extent incurred and are subject to the Agreement and as elsewhere provided in the Agreement and/or Exhibits and Attachments thereto. Prices listed above incorporate the full cost of the respective Services including all labor, miscellaneous supplies, equipment, taxes, overhead and profit. The estimated totals for items price on a unit price and TM/NTE basis are not guaranteed to Consultant. Payment on account of unit priced and TM/NTE services will be based on the number of units completed or time and materials expended in accordance with the Agreement, provided that Consultant shall not be entitled to payment in excess of the Not to Exceed amounts specified above unless expressly authorized by Owner via a Change Order or Amendment executed in accordance
with the Agreement.	

Exhibit B Fee Schedule Page 1 of 1

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

EXHIBIT C HOURLY RATES	Contract ID: 8825
Project: 316 Vendor: ETM

ENGLAND-THIMS & MILLER, INC.

HOURLY FEE SCHEDULE - 2024

CEO/CSO ...........................................................................................................................	$475.00	/Hr.	
President.................................................................................................................	$375.00	/Hr.	
Executive Vice President................................................................................................	$362.00	/Hr.	
Principal - Vice President.........................................................................................	$290.00	/Hr.	
Vice  President..........................................................................................................	$280.00	/Hr.	
Senior Advisor.............................................................................................................	$298.00	/Hr.	
Senior Engineer/ Senior Project Manager.................................................................	$244.00	/Hr.	
Project Manager.............................................................................................................	$216.00	/Hr.	
Director....................................................................................................................	$208.00	/Hr.	
Engineer...........................................................................................................................	$186.00	/Hr.	
Assistant  Project  Manager......................................................................................	$163.00	/Hr.	
Senior Planner/ Planning Manager.............................................................................	$223.00	/Hr.	
Senior  Environmental  Scientist...............................................................................	$230.00	/Hr.	
Planner.....................................................................................................................	$173.00	/Hr.	
CEI Senior Project Engineer.....................................................................................	$305.00	/Hr.	
Construction Project Manager/ Project Coordinator................................................	$219.00	/Hr.	
Senior Construction Owner's Representative.........................................................	$202.00	/Hr.	
Construction Owner's Representative....................................................................	$185.00	/Hr.	
CEI Senior Inspector/ Client Representative............................................................	$173.00	/Hr.	
CEI Inspector ...................................................................................................................	$140.00	/Hr.	
Senior Landscape Architect...........................................................................................	$195.00	/Hr.	
Landscape Architect.......................................................................................................	$186.00	/Hr.	
Senior Technician/ Senior Specialist...........................................................................	$169.00	/Hr.	
GIS Program Manager....................................................................................................	$185.00	/Hr.	
GIS Analyst ......................................................................................................................	$146.00	/Hr.	
GIS  Consultant.........................................................................................................	$157.00	/Hr.	
Senior Engineering Designer/ Senior LA Designer..................................................	$166.00	/Hr.	
Engineering/ Landscape Designer...............................................................................	$152.00	/Hr.	
Engineering Intern .........................................................................................................	$148.00	/Hr.	
CADD/GIS  Technician..............................................................................................	$139.00	/Hr.	
Project  Coordinator/ CSS........................................................................................	$116.00	/Hr.	
Administrative  Support...........................................................................................	$99.00	/Hr.	

*Rates are fixed for the term of Agreement

ENGLAND·THIMS & MILLER 	

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825	
Project: 316	
Vendor: ETM	
EXHIBIT D	
FLORIDA LIEN RELEASE FORMS	
FLA. STAT. § 713.20(4) WAIVER	
AND RELEASE OF LIEN UPON PROGRESS PAYMENT	

The undersigned lienor, in consideration of the sum of $	, the receipt and sufficiency of which is acknowledged, hereby waives and releases its lien and right to claim a lien for labor, services or materials furnished through England, Thims & Miller, Inc. to SRTG Dev Owner, LLC on the job of SRTG Dev Owner, LLC to the following property1:
Saratoga Springs Master 1A CCUA Mains Project, Clay County, Florida (“Project”) This waiver and release does not cover any retention or labor, services, or materials furnished after the date specified.
Dated on 	.
(Lienor Name) England, Thims & Miller, Inc.

By: 	  Its: 	

State of: 	 County of: 	
The foregoing instrument was acknowledged before me this 	 day of 	,	. By
	 who is personally known to me or who produced
	 as identification.

Notary Public 	

My Commission Expires: 	

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM
FLA. STAT. § 713.20(5) WAIVER
AND RELEASE OF LIEN UPON FINAL PAYMENT

The undersigned lienor, in consideration of the final payment in the amount of
$	, the receipt and sufficiency of which is hereby acknowledged, hereby waives and releases its lien and right to claim a lien for labor, services or materials furnished to SRTG Dev Owner, LLC on the job of SRTG Dev Owner, LLC to the following property2:
Saratoga Springs Master 1A CCUA Mains Project, Clay County, Florida (“Project”)
Lienor certifies that all sub-consultant(s) and/or agent(s) furnishing services to or for it in connection with the Project have been paid in full or will be paid by Lienor upon or prior to payment to Lienor of the amount hereby requested.
Furthermore, Lienor FOREVER RELEASES AND DISCHARGES the Owner of the Project and any party having an interest in the Project, (including but not limited to any mortgagees) and any party claiming from, under or through them and their agents, representatives and assigns ("Beneficiaries") from any legal or equitable claims, demands, actions or causes of action arising out of or in connection with any of the services furnished by or for Lienor in connection with the Project and Lienor INDEMNIFIES and SAVES HARMLESS the Beneficiaries from any loss, cost, attorneys’ fees or expense arising out of or in connection with any services furnished by or for Owner in connection with the Project.
Dated on 	.
(Lienor Name) England, Thims & Miller, Inc.

State of: 	 County of: 	

By: 	  Its: 	

The foregoing instrument was acknowledged before me this 	 day of 	,	. By
	 who is personally known to me or who produced
	 as identification.

Notary Public 	

My Commission Expires: 	

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Exhibit E	Contract ID: 8825
Payment Application	Project: 316
Vendor: ETM

	
Instructions: Please fill out columns I and K as applicable for this billing period. For quantity for LS and TM/NTE line items please enter percent complete as a fraction		Consultant: ETM CCUA Mains	Application No.:	1	
of 1, i.e. 50% would be .5. Where services are billed on a TM/NTE basis, please attach an accounting of the personnel providing services, hours worked, and material		Project: Saratoga Springs	Application Date:		
expenses incurred. All invoices shall be submitted to: accounting@freeholdcm.com			Billing Period:		

A	B	C	D	E	F	G	H	I	J	K	L	M	N	
Job	Cost
Code	No.	Service	Original Contract	Total Previous Billing	Current Billing	Total Billed to Date	
				Quantity	Unit	Unit Price	Amount	Quantity	Amount	Quantity	Amount	Quantity	Amount	
316 - MST 1A	13.10.025.075	1	Utility Preliminary Engineering, Route Selection and CCUA Coo	1.00	T&M/NTE	$	23,250.00	$	23,250.00							

316 - MST 1A	
13.10.025.075	
2.1	Feed Mill Road Utilities: Roadway Preliminary Engineering and
Preliminary Drainage	
1.00	
T&M/NTE	
$	22,000.00	
$	
22,000.00							

316 - MST 1A	
13.10.025.075	
2.2	Feed Mill Road Utilities: Sewer Forcemain, Water Main and
Reclaimed Water Main Engineering	
1.00	
T&M/NTE	
$ 132,000.00	
$	
132,000.00							
316 - MST 1A	13.10.025.075	3.1	Cathedral Oaks Parkway Utilities: Existing Road Design Coordi	1.00	T&M/NTE	$	21,600.00	$	21,600.00							
316 - MST 1A	13.10.025.075	3.2	Cathedral Oaks Parkway Utilities: Sewer Forcemain, Water Mai	1.00	T&M/NTE	$	87,600.00	$	87,600.00							
316 - MST 1A	13.10.025.075	3.3	Cathedral Oaks Parkway Utilities: Maintenance of Traffic	1.00	T&M/NTE	$	18,900.00	$	18,900.00							
316 - MST 1A	13.10.025.075	4.1	Additional CCUA Utilities: Feed Mill Road West Water Main and	1.00	T&M/NTE	$	15,600.00	$	15,600.00							
316 - MST 1A	13.10.025.075	4.2	Additional CCUA Utilities: Feed Mill Road East Sewer Forcemai	1.00	T&M/NTE	$	28,000.00	$	28,000.00							
316 - MST 1A	13.10.025.075	5a	Regulatory Permitting: Clay County Site Plan/Typical Section Ap	1.00	T&M/NTE	$	4,900.00	$	4,900.00							
316 - MST 1A	13.10.025.075	5b	Regulatory Permitting: Clay County Right-of-Way Permitting	1.00	T&M/NTE	$	7,600.00	$	7,600.00							
316 - MST 1A	13.10.025.075	5c	Regulatory Permitting: Clay County Development Review Permi	1.00	T&M/NTE	$	14,600.00	$	14,600.00							
316 - MST 1A	13.10.025.075	5d	Regulatory Permitting: Clay County Utility Authority Permitting	1.00	T&M/NTE	$	8,900.00	$	8,900.00							
316 - MST 1A	13.10.025.075	5e	Regulatory Permitting: NPDES General NOI Construction Permi	1.00	T&M/NTE	$	1,800.00	$	1,800.00							
316 - MST 1A	13.10.025.075	5f	Regulatory Permitting: ACOE and SJRWMD Permitting Coordin	1.00	T&M/NTE	$	3,500.00	$	3,500.00							
316 - MST 1A	13.10.025.075	5g	Regulatory Permitting: FDEP Potable Water and Reclaimed Wa	1.00	T&M/NTE	$	2,200.00	$	2,200.00							
316 - MST 1A	13.10.025.075	5h	Regulatory Permitting: FDEP Sewer Forcemain	1.00	T&M/NTE	$	2,200.00	$	2,200.00							
316 - MST 1A	13.10.025.075	6	Project Management, Coordination, Graphics, and Miscellaneou	1.00	T&M/NTE	$	20,000.00	$	20,000.00							
316 - MST 1A	13.10.025.075	7	Limited Topography Survey (Reclaimed Water & Potable Water	1.00	T&M/NTE	$	39,900.00	$	39,900.00							
316 - MST 1A	13.10.025.075	8	Limited Topography Survey (Offsite Forcemain Improvements)	1.00	T&M/NTE	$	57,000.00	$	57,000.00							
TOTAL
RETENTION TOTAL INVOICE							$	511,550.00	TOTALS	$	-	TOTALS	$	-	TOTALS	$	-	
					0.0%		$	-	RETENTION	$	-	RETENTION	$	-	RETENTION	$	-	
							$	511,550.00	TOTAL INV.	$	-	TOTAL INV.	$	-	TOTAL INV.	$	-	

Exhibit E Payment Application

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

EXHIBIT “G”
CONSULTANT’S INSURANCE REQUIREMENTS
Consultant shall maintain, cause to be maintained and comply with the insurance requirements set forth in this Exhibit G without interruption from the commencement of the Services under the Contract, through final completion of the Work and for any additional periods specified in this Exhibit and at any time thereafter when Consultant enters the worksite during warranty periods or otherwise.
Definitions. Capitalized terms not otherwise defined herein shall have the meanings set out therefor in the Contract to which this Exhibit is attached.
“Additional Insureds” shall have the meaning set forth in Section 2.3.
“Developer” shall mean FCM FL, LLC dba Freehold Communities.
“Contract” shall mean the agreement to which this Exhibit is attached and of which this Exhibit is a part.
“Property” means the property (the “Site” as such term is defined in the Contract) where the Services or Work is to be performed.
“Required Insurance” means the insurance policies required under this Exhibit, and the other requirements of this Exhibit.
“Subconsultant” means any individual or entity engaged by Consultant as an independent Consultant to perform the Services and includes Subconsultants of any tier.
“Work” means the Services identified in the Contract.
Commercial General Liability Insurance. Consultant shall maintain commercial general liability (“CGL”) on an “occurrence” basis, with a deductible no more than $50,000, and with limits of not less than $1,000,000 per occurrence for bodily injury and property damage,
$2,000,000 general aggregate, $2,000,000 products and completed operations aggregate, and
$1,000,000 for personal and advertising injury, covering, without limitation, the following:
Operations, Independent Contractors, Products and Completed Operations, liability assumed under an Insured Contract
Separation of Insured clause;
CGL insurance shall be written on ISO occurrence form CG 00 01 04 13 (or a substitute form providing equivalent coverage), and shall cover liability arising from premises, operations, independent contractors, property damage including completed operations, and personal injury and advertising injury.

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

The CGL policy form shall be primary and non-contributory to any insurance maintained by Owner and Developer and the other Additional Insureds.
Owner SRTG Dev Holdings JV I, LLC, SRTG Dev Owner, LLC, 360 FL SR, LLC, FCM FL, LLC, 360 Acquisitions, LLC, Freehold Capital Management, LLC and their respective affiliates, partners, members, agents, officers, directors, representatives and employees and all lenders and their representatives shall be named as additional insureds (collectively, the “Additional Insureds”) using a combination of ISO form CG 20 37 (07/04) and ISO form CG2010 (07/04) or an equivalent on Consultant’s CGL, and Business Automobile Liability Policy. Peters Creek Investments, LLP shall also be named as an Additional Insured with respect to services performed prior to Owner’s closing on the Property. The CGL insurance and any applicable excess liability or commercial umbrella insurance required under the Exhibit I shall apply on a primary and noncontributory basis as respects any other insurance or self-insurance programs afforded to, or maintained by, Owner or Developer or the other Additional Insureds.
Consultant waives all rights of recovery, by subrogation or otherwise, on its own behalf and on behalf of its Subconsultants against the Additional Insureds for payments made under the required commercial general liability insurance. The CGL policy will contain an appropriate waiver of subrogation endorsement acceptable to Owner.
Business Automobile Liability Insurance. Consultant shall maintain business auto insurance covering liability arising out of the maintenance and use of all owned, hired and non- owned autos utilized by Consultant with a combined single limit for bodily injury and property damage of at least One Million Dollars ($1,000,000) (but which shall apply to the full extent of the actual limits of Consultant’s coverages even if such actual limits exceed the minimum limits required by the Contract).
Consultant waives all rights of recovery, by subrogation or otherwise, on its own behalf and on behalf of its Subconsultants against the Additional Insureds for payments made under the required business auto liability insurance maintained by Consultant pursuant to the Contract or under any applicable auto physical damage coverage.
Workers Compensation Insurance. Consultant shall maintain workers compensation and employers liability insurance, as follows:
Workers compensation insurance covering statutory benefits in all states where services are to be performed under the Contract. Such insurance shall include “other states” insurance, so as to include all states not named on the declarations page of the insurance policy, except for the monopolistic states. Consultant is required to carry this insurance regardless of eligibility for waiver or exemption of coverage under state statute.
The employers liability, and if necessary commercial umbrella, limits shall not be less than $1,000,000 each accident for bodily injury by accident or $1,000,000 each employee and policy limit for bodily injury by disease.

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

The policy shall provide a waiver of subrogation in favor of the Additional
Insureds.
Umbrella/Excess Liability Insurance. Consultant shall maintain umbrella/excess liability insurance that shall be in excess of Consultant’s CGL, business auto, with a limit of not less than
$20,000,000 each occurrence. Coverage shall apply on a “follow form” basis to the required underlying coverages and must include the Additional Insureds as additional insureds with respect to Consultant’s CGL, business auto, and employers liability insurance and provide aggregate limits which apply in the same fashion as required by the underlying coverages. In addition, such policy shall have the same inception and expiration dates as the underlying liability policies (which shall be no less than the periods for which they are required to be maintained hereunder) and coverage no less broad than those in the primary policies or program
E&O Coverage (“E&O Insurance”). Consultant shall procure and maintain professional liability / errors & omissions insurance with a limit of liability of $10,000,000 per claim and
$15,000,000 in the aggregate annually. Consultant shall continue to maintain professional liability insurance with limits of liability set forth in the preceding sentence through the completion of the improvements on the Project and, for a period of eight (8) years from completion of the Project. The insurance shall have a retroactive date of placement prior to or coinciding with the commencement of any services under this Agreement. Such policy shall provide coverage against loss or liability caused by negligent errors or omissions of Consultant in performing its contractual and professional obligations, and shall include such endorsements as reasonably required by Owner.
Evidence of Insurance. Prior to commencing the Services, Consultant shall furnish Owner with a certificate(s) of insurance, including a copy of the additional insured endorsement naming each of Owner, Developer and the other Additional Insureds as additional insureds, and if requested by Owner, a copy of the policy declarations page.
Consultant shall require each such Subconsultant to provide and itself provide certificates of insurance or other satisfactory evidence of the Required Insurance prior to entry upon the Property or commencing any portion of the Services. Thereafter, Consultant shall provide copies of all required certificates of insurance within ten (10) days of Owner’s or Developer’s written request.
All certificates shall provide for ten (10) days prior written notice to Owner and Developer by Consultant for cancellation due to non-payment of premiums, and thirty (30) days prior written notice to Owner and Developer prior to any other cancellation or non-renewal of any insurance referred to therein.
Owner, Developer and the other Additional Insureds shall each have the right, but not the obligation, to prohibit Consultant or any Subconsultant from entering the Property until such certificates or other evidence that insurance has been placed in complete compliance with these requirements is received and approved by Owner. Failure to prohibit the same shall not constitute, or be construed as constituting, a waiver of any rights or remedies of Owner, the

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

Developer or the other Additional Insured or in any way relieve Consultant of its obligations hereunder.
Failure to maintain the insurance required shall constitute an event of default of the Contract with Consultant and shall allow Owner to terminate such agreement at Owner’s option. If Consultant fails to maintain the insurance as set forth herein, Owner shall have the right, but not the obligation, to purchase said insurance at Consultant’s expense and pay premiums from monies owed Consultant.
With respect to insurance maintained after final payment in compliance with a requirement above, an additional certificate(s) evidencing such coverage shall be promptly provided to Owner, Developer, and other Additional Insureds when requested.
Subconsultant Insurance Requirements. With the exception of the required minimum limits of insurance, which Consultant may adjust to amounts as is reasonably prudent in Consultant’s professional judgement in light of the services being provided in each case, Consultant shall be obligated to cause each Subconsultant to purchase and maintain insurance of the type specified for the Consultant. Notwithstanding the foregoing:
CGL limits shall be no less than those required of Consultant;
All required Additional Insured parties shall also be added to Subconsultants’ CGL policies;
Without limiting the provisions of Section 10 below, Consultant is solely responsible for the sufficiency of insurance carried by the Subconsultants and no approval acceptance or failure to object to Subconsultant insurance by or Owner or any person or entity acting on its behalf shall relieve Consultant of its responsibility to establish appropriate limits and or any other obligation, responsibility or liability of any Subconsultant or Consultant.
General Insurance Provisions.
The insurance maintained by Consultant and Subconsultants shall be written by insurance companies rated by AM Best Company as having financial strength rating of “A-” or better and a financial size category of “VII” or greater, and on forms acceptable to Owner, and of the types and amounts set forth herein.
The Consultant’s insurance requirements shall be independent from all other obligations of Consultant under any agreement with Consultant and shall apply whether or not required by any other provision of any such agreement.
A waiver of subrogation in favor of Owner and the other Additional Insureds will be provided by Consultant and Subconsultants on all policies.

DocuSign Envelope ID: 99A17AF7-A2C1-4515-B3A9-4A3777A2E387

Contract ID: 8825
Project: 316 Vendor: ETM

The cost of the Required Insurance (including deductibles and self-insured retentions related to claims), as well as the cost of any other insurance carried by Consultant or Subconsultants with respect to the Work, shall be borne solely by Consultant, without reimbursement by Owner.
If Consultant’s (or a Subconsultant’s) general liability, excess or umbrella policies (if any) or required endorsements hereunder limit the Additional Insureds’ coverage to the limits specified in a written agreement, then notwithstanding the minimum limits provided in this Exhibit the minimum limits required for this insurance are the greater of the limits specified in this Exhibit or the limits actually carried by Consultant or Subconsultant, respectively.
Any failure to require Consultant to provide evidence of the required insurance, or any acceptance of evidence that indicates insurance that fails to satisfy any requirements of this Exhibit I, will not constitute a waiver of the Required Insurance, nor shall be construed as such.
Requiring this insurance hereunder is in no way a representation that coverage and limits will necessarily be adequate to protect Consultant. Further, the minimum limits established in this Exhibit or otherwise allowed by Owner shall not limit or constrain Consultant (or any Subconsultant) in the prudent purchase of additional insurance.
Right to Withhold. Owner shall have the right to withhold payment otherwise owed to Consultant under the Contract, if Consultant has failed to comply with any of the requirements hereunder.

Docusign Envelope ID: CB777A5D-3C08-4170-A652-8B8ACABC38C9

AMENDMENT TO THE CONSULTING AGREEMENT
Amendment No. 1

Background Information:
Effective Date of the Agreement: June 14, 2024

Owner: SRTG Dev Owner, LLC

Consultant: England, Thims & Miller, Inc.

Contract ID: 8982
Project ID: 316 Consultant: ETM Engineering

Project: Saratoga Springs Master 1A CCUA Mains Project located in Clay County, FL

Nature of Amendment: In consideration of the mutual covenants and agreements of the parties contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to the modifications set forth below.

Description of Modifications:

Consultant shall perform or furnish the following Additional Services: See Attachment No. 1 Additional Services Amendment No. 1 attached hereto and incorporated herein.

The Scope of Services currently authorized to be performed by Engineer in accordance with the Agreement and previous amendments, if any, is modified as follows:	No Changes
The responsibilities of Owner are modified as follows: No Changes

For the Additional Services or the modifications to services set forth above, Owner shall pay Consultant the following additional or modified compensation: See Exhibit B Fee Schedule attached hereto and incorporated herein.

The schedule for rendering services is modified as follows: No Changes

Other portions of the Agreement (including previous amendments, if any) are modified as follows: No Changes

Agreement Summary (Reference only):
Original Agreement amount	$511,550.00
Net change for prior amendments:	$	.00
This amendment amount:	$ 17,955.00
Adjusted Agreement compensation (plus reimbursable expenses)
not to exceed:	$529,505.00

The foregoing Agreement Summary is for reference only and does not alter the terms of the Agreement as amended hereby.

Docusign Envelope ID: CB777A5D-3C08-4170-A652-8B8ACABC38C9

Contract ID: 8982
Project ID: 316 Consultant: ETM Engineering

Attachments:	Attachment No. 1 Additional Services Amendment No. 1 Exhibit B Fee Schedule Amendment No. 1
Other provisions:
Definitions. Capitalized terms used herein but not defined in this Amendment shall have the meanings specified in the Agreement.

No Waiver or Modification. Except as expressly provided herein, nothing contained in this Amendment shall be construed as modifying, waiving or affecting any of the provisions, covenants and conditions of or any of the parties’ rights or remedies under the Agreement.
Ratification. All terms and conditions of the Agreement, except as amended hereby, shall remain in full force and effect and shall govern the parties’ performance, obligations, responsibilities, duties, liabilities, rights and remedies under this Amendment.

Execution. The execution of this Amendment may occur in one or more separate counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same instrument. Facsimile, .tif, .pdf and other forms of electronic signatures to this Amendment shall be valid as if manually signed.

The parties hereby agree to modify the above-referenced Agreement as set forth in this Amendment. All provisions of the Agreement not modified by this or previous Amendments remain in effect. The Effective Date of this Amendment is October 7, 2024.

OWNER:	CONSULTANT	
SRTG Dev Owner, LLC a Delaware limited liability	England, Thims & Miller, Inc.	
company		

By: 		By: 	

Name:

Jesse Baker

Name:

Bradley Weeber

Title: Authorized Signatory	Title:

Bradley Weeber EVP

Docusign Envelope ID: CB777A5D-3C08-4170-A652-8B8ACABC38C9	Contract ID: 8982 Project: 316
Vendor: ETM Engineering

ATTACHMENT NO. 1
AMENDMENT NO. 1 ADDITIONAL SERVICES

SERVICES AND DELIVERABLES (“Consultant”)
Task 1 - CCUA Potable Water & Reclaimed Water Transmission Main Survey:
Consultant shall stake 2,800 LF of the CCUA potable water and reclaimed water transmission main easement centerline every fifty (50) feet OC. Consultant shall flag each staked point so it can be easily identified.

Task 2 - CCUA Sanitary Sewer Transmission Main Survey:
Consultant shall stake 8,800 LF of the CCUA sanitary sewer transmission main easement centerline every fifty (50) feet OC. Consultant shall flag each staked point so it can be easily identified.

Attachment No. 1
Page 1 of 1

Docusign Envelope ID: CB777A5D-3C08-4170-A652-8B8ACABC38C9

Contract ID: 8982
Project ID: 316 Consultant: ETM Engineering

Exhibit B Fee Schedule
Amendment No. 1	
A	B	C	D	D	F	G	H	I	J		K	L		M	N	H	

Job	

Cost Code	
Task No.	

Service Description	ORIGINAL AGREEMENT Dated: 6/14/2024	TOTAL PRIOR AMENDMENTS	CURRENT AMENDMENT Dated: 10/7/2024	AMENDED TOTALS	
				Unit	Quantity	Unit Price	Original Total Fee
(NTE)	Prior Change in
Qt.	Prior Change in
Unit Price	Prior Change in
Total Fee	Change In
Qt.	Change In Unit
Price	Current Change
in Total Fee	Amended
Tot. Qt	Amended Tot.
Unit Price	Amended Total Fee
(NTE)	
316 - MST 1A	13.10.025.075	1	Utility Preliminary Engineering, Route Selection and CCUA Coordination	T&M/NTE	1.00	$	23,250.00	$	23,250.00	-	-	-	-	-	-	1	$  23,250.00	$	23,250.00	
316 - MST 1A	13.10.025.075	2.1	Feed Mill Road Utilities: Roadway Preliminary Engineering and Preliminary Drainage	T&M/NTE	1.00	$	22,000.00	$	22,000.00	-	-	-	-	-	-	1	$  22,000.00	$	22,000.00	
316 - MST 1A	13.10.025.075	2.2	Feed Mill Road Utilities: Sewer Forcemain, Water Main and Reclaimed Water Main Engineering	T&M/NTE	1.00	$ 132,000.00	$	132,000.00	-	-	-	-	-	-	1	$ 132,000.00	$	132,000.00	
316 - MST 1A	13.10.025.075	3.1	Cathedral Oaks Parkway Utilities: Existing Road Design Coordination	T&M/NTE	1.00	$	21,600.00	$	21,600.00	-	-	-	-	-	-	1	$  21,600.00	$	21,600.00	
316 - MST 1A	13.10.025.075	3.2	Cathedral Oaks Parkway Utilities: Sewer Forcemain, Water Main, and Reclaimed Water Main Engineering	T&M/NTE	1.00	$	87,600.00	$	87,600.00	-	-	-	-	-	-	1	$  87,600.00	$	87,600.00	
316 - MST 1A	13.10.025.075	3.3	Cathedral Oaks Parkway Utilities: Maintenance of Traffic	T&M/NTE	1.00	$	18,900.00	$	18,900.00	-	-	-	-	-	-	1	$  18,900.00	$	18,900.00	
316 - MST 1A	13.10.025.075	4.1	Additional CCUA Utilities: Feed Mill Road West Water Main and Reclaimed Water Main Engineering	T&M/NTE	1.00	$	15,600.00	$	15,600.00	-	-	-	-	-	-	1	$  15,600.00	$	15,600.00	
316 - MST 1A	13.10.025.075	4.2	Additional CCUA Utilities: Feed Mill Road East Sewer Forcemain Engineering	T&M/NTE	1.00	$	28,000.00	$	28,000.00	-	-	-	-	-	-	1	$  28,000.00	$	28,000.00	
316 - MST 1A	13.10.025.075	5a	Regulatory Permitting: Clay County Site Plan/Typical Section Approval	T&M/NTE	1.00	$	4,900.00	$	4,900.00	-	-	-	-	-	-	1	$	4,900.00	$	4,900.00	
316 - MST 1A	13.10.025.075	5b	Regulatory Permitting: Clay County Right-of-Way Permitting	T&M/NTE	1.00	$	7,600.00	$	7,600.00	-	-	-	-	-	-	1	$	7,600.00	$	7,600.00	
316 - MST 1A	13.10.025.075	5c	Regulatory Permitting: Clay County Development Review Permitting (if required)	T&M/NTE	1.00	$	14,600.00	$	14,600.00	-	-	-	-	-	-	1	$  14,600.00	$	14,600.00	
316 - MST 1A	13.10.025.075	5d	Regulatory Permitting: Clay County Utility Authority Permitting	T&M/NTE	1.00	$	8,900.00	$	8,900.00	-	-	-	-	-	-	1	$	8,900.00	$	8,900.00	
316 - MST 1A	13.10.025.075	5e	Regulatory Permitting: NPDES General NOI Construction Permit	T&M/NTE	1.00	$	1,800.00	$	1,800.00	-	-	-	-	-	-	1	$	1,800.00	$	1,800.00	
316 - MST 1A	13.10.025.075	5f	Regulatory Permitting: ACOE and SJRWMD Permitting Coordination	T&M/NTE	1.00	$	3,500.00	$	3,500.00	-	-	-	-	-	-	1	$	3,500.00	$	3,500.00	
316 - MST 1A	13.10.025.075	5g	Regulatory Permitting: FDEP Potable Water and Reclaimed Water	T&M/NTE	1.00	$	2,200.00	$	2,200.00	-	-	-	-	-	-	1	$	2,200.00	$	2,200.00	
316 - MST 1A	13.10.025.075	5h	Regulatory Permitting: FDEP Sewer Forcemain	T&M/NTE	1.00	$	2,200.00	$	2,200.00	-	-	-	-	-	-	1	$	2,200.00	$	2,200.00	
316 - MST 1A	13.10.025.075	6	Project Management, Coordination, Graphics, and Miscellaneous	T&M/NTE	1.00	$	20,000.00	$	20,000.00	-	-	-	-	-	-	1	$  20,000.00	$	20,000.00	
316 - MST 1A	13.10.025.075	7	Limited Topography Survey (Reclaimed Water & Potable Water Mains)	T&M/NTE	1.00	$	39,900.00	$	39,900.00	-	-	-	-	-	-	1	$  39,900.00	$	39,900.00	
316 - MST 1A	13.10.025.075	8	Limited Topography Survey (Offsite Forcemain Improvements)	T&M/NTE	1.00	$	57,000.00	$	57,000.00	-	-	-	-	-	-	1	$  57,000.00	$	57,000.00	
Amendment #1:	
316 - MST 1A	13.10.025.075	9	CCUA Transmission Main Utility Corridor Staking: Potable Water & Reclaimed Water 2,800 LF	T&M/NTE			$	-	-	-	-	1	$	4,335.00	$	4,335.00	1	$	4,335.00	$	4,335.00	
316 - MST 1A	13.10.025.075	10	CCUA Transmission Main Utility Corridor Staking: Sanitary Sewer Forcemain 8,800 LF	T&M/NTE			$	-	-	-	-	1	$	13,620.00	$	13,620.00	1	$  13,620.00	$	13,620.00	
Total compensation under Original Agreement NTE:	$	511,550.00	
Total compensation change by Prior Amendments NTE:	$	-	
Total compensation change by Current Amendment No. 1 NTE:	$	17,955.00	
Total compensation including this Amendment No. 1 NTE:	$	529,505.00	
Notes: TM/NTE" shall mean "time and materials, not to exceed"; "NTE" shall mean "not to exceed;" "LS"shall mean "lump sum;" "EA" shall mean "each". To the extent they become applicable in connection with services billed on an time and materials basis, Consultant's billing rates are set forth in Exhibit C to the Agreement. Reimbursable Expenses shall be billed only as and to the extent incurred and are subject to the Agreement and as elsewhere provided in the Agreement and/or Exhibits and Attachments thereto. Prices listed above incorporate the full cost of the respective Services including all labor, miscellaneous supplies, equipment, taxes, overhead and profit. The estimated quantities and totals of items of unit price and TM/NTE services are not guaranteed. Payment on account of unit priced and TM/NTE services will be based on the number of units completed or time and materials expended in accordance with the Agreement, provided that Consultant shall not be entitled to payment in excess of the Not to Exceed amounts specified above unless expressly authorized by Owner via a Change Order or Amendment executed in accordance with the Agreement.	

Exhibit B Fee Schedule

Exhibit B
Description of Work Product
Engineering Design Services for Feed Mill CDD (Saratoga Springs - CCUA Transmission Main Project Design)

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated June 14, 2024, and Amendment No. 1 dated October 7, 2024, between SRTG Dev Owner, LLC and England, Thims & Miller, Inc., and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$529,505.00	$529,505.00	$507,891.88	$507,891.88	

DISTRICT ENGINEER’S CERTIFICATE

(Engineering Design Services for Saratoga Springs CCUA Transmission Main Project Design)

	, 2025

Board of Supervisors
Feed Mill Community Development District

Re:	Acquisition of Engineering Design Services (Saratoga Springs - CCUA Transmission Main Project Design)

Ladies and Gentlemen:

The undersigned, a representative of England, Thims & Miller, Inc. (“District Engineer”), as District Engineer for Feed Mill Community Development District (“District”), hereby makes the following certifications in connection with the District’s acquisition from SRTG Dev Owner, LLC (“Developer”) of certain work product (“Work Product”), all as more fully described in that certain bill of sale (“Bill of Sale”) dated as of or about the same date as this certificate. The undersigned, an authorized representative of the District Engineer, hereby certifies that:

I have reviewed the Work Product. I have further reviewed certain documentation relating to the same, including but not limited to, the Bill of Sale, agreements, invoices, plans, and other documents.

The Work Product is within the scope of the District’s capital improvement plan as set forth in the Master Engineer’s Report dated February 12, 2025, among other applicable reports related to the current and future bond series (“Engineer’s Report”), and specially benefits property within the District as further described in the Engineer’s Report.

I am unaware of any defects in the Work Product.

The total costs associated with the Work Product are as set forth in the Bill of Sale. Such costs are equal to or less than each of the following: (i) what was actually paid by the Developer to create and/or construct the Work Product, and (ii) the reasonable fair market value of the Work Product.

With this document, I hereby certify that it is appropriate at this time to acquire the Work Product.

[CONTINUED ON NEXT PAGE]

FURTHER AFFIANT SAYETH NOT.

Daniel Welch, P.E.
Its: Principal Vice President/ Shareholder Florida Registration No. 	 District Engineer

STATE OF FLORIDA COUNTY OF ST. JOHNS

The foregoing instrument was acknowledged before me this     day of 	, 2025, by Daniel Welch, P.E., Principal Vice President/ Shareholder of England, Thims & Miller, Inc., who is personally known to me or who has produced 		 as identification, and did [ ] or did not [ ] take the oath.

Notary Public, State of Florida
Print Name:		 Commission No.:	  My Commission Expires: 	

BILL OF SALE

Acquisition of Engineering Design Services
(Saratoga Springs - CCUA Transmission Main Project Design)

KNOW ALL MEN BY THESE PRESENTS, that SRTG Dev Owner, LLC, a limited liability company, whose mailing address for purposes hereof is 500 Boylston Street, Suite 2010, Boston, Massachusetts 02116 (“Seller”) for good and valuable consideration paid by Feed Mill Community Development District, a unit of special purpose local government established pursuant to Chapter 190, Florida Statutes, whose address is 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614 (“District”), the receipt and sufficiency of which are hereby acknowledged, has granted, bargained, sold, transferred and delivered to the District, its successors, heirs, executors, administrators and assigns forever, the following described property, assets and rights, to- wit:
Any and all site plans, construction and development drawings, plans and specifications, documents, surveys, engineering and soil reports and studies, environmental studies, licenses, permits, zoning approvals, entitlements, permits, drainage rights, bonds, and similar or equivalent private and governmental documents of every kind and character whatsoever pertaining or applicable to or in any way connected with the construction and ownership of the Saratoga Springs - CCUA Transmission Main Project Design public improvements, made part of the District’s capital improvement plan as described in the Master Engineer’s Report, dated February 12, 2025, all as more specifically described in Exhibit A attached hereto (“Work Product”); and

All of the right, title, interest, and benefit of Seller, if any, in, to and under any and all contracts, guaranties, affidavits, warranties, bonds, claims, lien waivers, and other forms of indemnification, given heretofore and with respect to the Work Product, by contract and in statute, and without waiving any right to enforcement of latent of patent defects, if any; and

All goodwill associated with the foregoing.
TO HAVE AND TO HOLD all of the foregoing unto the District, its successors and assigns, for its own use forever, free and clear and discharged of and from any and all obligations, claims or liens.

AND the Seller does hereby covenant to and with the District, its successors and assigns, that it is the lawful owner of the above-described Work Product; that said Work Product is free from all liens and encumbrances; that Seller has good right to sell said Work Product; that all contractors, subcontractors and materialmen furnishing labor or materials relative to the

production of the Work Product have been paid in full; and that Seller will warrant and defend the sale of its said Work Product hereby made, unto the District, its successors and assigns, against the lawful claims and demands of all persons whosoever.

The Seller represents that it has no knowledge of any latent or patent defects in the Work Product, and hereby assigns, transfers and conveys to the District any and all rights against any and all firms or entities which may have caused any latent or patent defects, including, but not limited to, any and all warranties and other forms of indemnification.

By execution of this document, the Seller affirmatively represents that it has the contractual right, consent and lawful authority of any and all forms to take this action in this document and in this form. Nothing herein shall be construed as a waiver of District’s limitations on liability as provided in Section 768.28, Florida Statutes, and other statutes and law.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the SELLER has hereunto set its hand and seal this 	 day of 	, 2025.

Signed, sealed and delivered by: SRTG Dev Owner, LLC, a limited liability company

By: 	 Print Name: 	 Its: 	

STATE OF FLORIDA	)	
	)	
COUNTY OF 		)	

I HEREBY CERTIFY that on this     day of 	, 2025, before me personally appeared 	, who acting on behalf of SRTG Dev Owner, LLC, signed the foregoing instrument and severally acknowledged the execution thereof to be his/her free act and deed for the uses and purposes therein mentioned. Said person is personally known to me or has produced 		 as identification and did (did not) take an oath.

EXECUTED and sealed in the County and State named above this 	 day of
	, 2025.

Print Name:
(NOTARIAL SEAL)	Notary Public, State of Florida My Commission No.:
My Commission Expires:

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product
Engineering Design Services for Feed Mill CDD (Saratoga Springs CCUA Transmission Main Project Design)

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated June 14, 2024, and Amendment No. 1 dated October 7, 2024, between SRTG Dev Owner, LLC and England, Thims & Miller, Inc., and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$529,505.00	$529,505.00	$507,891.88	$507,891.88	

	, 2025

Feed Mill Community Development District c/o Rizzetta & Company, Inc.
3434 Colwell Avenue, Suite 200
Tampa, Florida 33614

RE:	Acquisition of Work Product and Improvements: Saratoga Springs - CCUA Transmission Main Project

Dear District Manager,

SRTG Dev Owner, LLC (“Developer”) has completed and wishes to convey to the Feed Mill Community Development District (“District”) certain work product and improvements, as further detailed in Exhibit A attached hereto (“Work Product and Improvements”). The Developer wishes to convey the Work Product and Improvements, as described in the Acquisition Agreement between the Developer and the District, dated February 15, 2024, and the Master Engineer’s Report, dated February 12, 2025, to the District in exchange for the payment of
$167,189.89, representing the actual cost of producing the Work Product. Payment by the District is contingent upon receiving payment for the Work Product from Clay County Utility Authority in equal value.

Sincerely,

SRTG Dev Owner, LLC

Printed Name:	  Title:	

Exhibit A: Description of Work Product & Improvements

Exhibit A

Description of Work Product & Improvements
Environmental: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, and Amendment No. 1 dated October 1, 2024, between SRTG Dev Owner, LLC and SES Environmental Resource Solutions, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$58,300.00	$58,300.00	$51,233.04	$51,233.04	

Geotechnical: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, between SRTG Dev Owner, LLC and ECS Florida, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$13,700.00	$13,700.00	$13,700.00	$13,700.00	

Cultural Resources: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated November 29, 2024, between SRTG Dev Owner, LLC and SWCA, Incorporated d/b/a SWCA Environmental Consultants, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$8,110.00	$8,110.00	$8,110.00	$8,110.00	

Habitat Mitigation: The work product identified in the Gopher Tortoise Recipient Site Agreement, dated June 28, 2024, between SRTG Dev Owner, LLC and Chelone, LLC and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$66,500.00	$66,500.00	$14,468.42	$14,468.42	

Earthwork: The earthwork improvements associated with water, sewer, and stormwater management improvements as identified in the Shadowlawn Land Management Agreement, dated October 14, 2024, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$75,490.00	$75,490.00	$75,490.00	$75,490.00	

Miscellaneous Expenses:

Contract	Description	Amount Paid to Date	Requisition Amount	
Dan McCormick	Conservation Permit Application	$465.69	$465.69	
St. Johns River Water Management District	CCUA Transmission Main ERP Acquisition Fee	$250.00	$250.00	
Florida Fish & Wildlife Conservation Commission	Mitigation Payment for Tortoise Relocation	$4,493.42	$4,493.42	

AFFIDAVIT REGARDING COSTS PAID
Saratoga Springs - CCUA Transmission Main Project

STATE OF FLORIDA COUNTY OF CLAY

I,	, of SRTG Dev Owner, LLC (“Developer”), a limited liability company, being first duly sworn, do hereby state for my affidavit as follows:

I have personal knowledge of the matters set forth in this affidavit.

My name is	, and I am 	of the Developer. I have authority to make this affidavit on behalf of Developer.

The Developer is the developer of certain lands within Feed Mill Community Development District, a special purpose unit of local government established pursuant to Chapter 190, Florida Statutes (“District”).

The Master Engineer’s Report, dated February 12, 2025, among other applicable reports related to the District’s current and future bond series (together, “Engineer’s Report”) describes certain work product for improvements that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter 190, Florida Statutes.

Pursuant to the agreement and invoices (“Agreement”) described in Exhibit A hereto, Developer has expended funds to develop work product described in the Engineer’s Report. The attached Exhibit A accurately identifies the work product and improvements completed to date and states the amounts that Developer has spent on the work product.

In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring the infrastructure improvements and/or work product identified in Exhibit A.

[CONTINUED ON NEXT PAGE]

Under penalties of perjury, I declare that I have read the foregoing Affidavit Regarding Costs Paid and the facts alleged are true and correct to the best of my knowledge and belief.

Executed this 	 day of 	, 2025.

SRTG DEV OWNER, LLC, a limited liability company

Name: 	 Title: 		

STATE OF FLORIDA COUNTY OF CLAY

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this    day of 		, 2025, by 	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	  My Commission Expires: 	 

Exhibit A: Description of Work Product

Exhibit A

Description of Work Product & Improvements

Environmental: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, and Amendment No. 1 dated October 4, 2024, between SRTG Dev Owner, LLC and SES Environmental Resource Solutions, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$58,300.00	$58,300.00	$51,233.04	$51,233.04	

Geotechnical: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, between SRTG Dev Owner, LLC and ECS Florida, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$13,700.00	$13,700.00	$13,700.00	$13,700.00	

Cultural Resources: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated November 29, 2024, between SRTG Dev Owner, LLC and SWCA, Incorporated d/b/a SWCA Environmental Consultants, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$8,110.00	$8,110.00	$8,110.00	$8,110.00	

Habitat Mitigation: The work product identified in the Gopher Tortoise Recipient Site Agreement, dated June 28, 2024, between SRTG Dev Owner, LLC and Chelone, LLC and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$66,500.00	$66,500.00	$14,468.42	$14,468.42	

Earthwork: The improvements including, but not limited to utility corridor clearing and access road improvements, identified in the Shadowlawn Land Management Agreement, dated October 14, 2024, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$75,490.00	$75,490.00	$75,490.00	$75,490.00	

Miscellaneous Expenses:

Contract	Description	Amount Paid to Date	Requisition Amount	
Dan McCormick	Conservation Permit Application	$465.69	$465.69	
St. Johns River Water Management District	CCUA Transmission Main ERP Acquisition Fee	$250.00	$250.00	
Florida Fish & Wildlife Conservation Commission	Mitigation Payment for Tortoise Relocation	$4,493.42	$4,493.42	

ACKNOWLEDGMENT OF ACQUISITION OF CERTAIN WORK PRODUCT AND THE RIGHT TO RELY UPON ANY WARRANTIES AND CONTRACT TERMS FOR THE PRODUCTION OF SAME
Saratoga Springs - CCUA Transmission Main Project

This Acquisition and Warranty Acknowledgment is made the     day of 	,
2025, by SES ENVIRONMENTAL RESOURCE SOLUTIONS LLC, a limited liability company whose mailing address is 10101 Global Way, Knoxville, Tennessee 37932 (“Professional”), in favor of the FEED MILL COMMUNITY DEVELOPMENT DISTRICT (“District”), which is a local unit of special-purpose government situated in Clay County, Florida, whose mailing address is c/o Rizzetta and Company, Inc., 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614.

SECTION 1. DESCRIPTION OF PROFESSIONAL’S SERVICES. Professional has created certain drawings, plans, specifications and related documents and/or has undertaken services in connection with the construction of certain infrastructure improvements (“Work Product”) for SRTG Dev Owner, LLC, developer of lands within the District (“Developer”). The Work Product produced and acquired is more specifically described in the attached Exhibit A.

Section 2. Acquisition of Work Product. Professional acknowledges that the District is acquiring or has acquired the Work Product, produced by Professional in connection with the Professional Contract, from Developer, thereby securing the unrestricted right to rely upon the terms of the Professional Contract for same. Professional further acknowledges that the District has let a construction contract for construction of the improvements set forth in said Work Product and therefore requires the unrestricted right to use, reproduce, rely and otherwise own said Work Product.

Section 3. Warranty. Professional hereby expressly acknowledges the District’s right to enforce the terms of the Professional Contract, including any warranties provided therein and to rely upon and enforce any other warranties provided under Florida law.

Section 4. Releases. Premised upon the District’s agreement to make no revisions or modifications to the Work Product without prior written permission of Professional, Professional confirms the release of all restrictions upon the District’s right to use and rely upon the Work Product for any and all purposes, including the purposes for which it is intended. Professional hereby affirmatively agrees that the Work Product is free of all claims, security agreement, encumbrances or liens.

Section 5. Indemnification. Professional indemnifies and holds the District harmless from any claims, demands, liabilities, judgments, costs, or other actions that may be brought against or imposed upon the District in connection with the Work Product because of any act or omission of Professional, its agents, employees, or officers. Said indemnification shall include, but not be limited to, any reasonable attorney’s fees and costs incurred by the District.

Section 6. Certificate of Payment. Professional hereby acknowledges that it has been fully compensated for its services and work related to completion of the Work Product. Professional further certifies that no outstanding requests for payment exist related to the Work Product, including any payments to subcontractors, materialmen, suppliers or otherwise, and that there is no disagreement as to the appropriateness of payment made for the Work Product. This document shall constitute a final waiver

and release of lien for any payments due to Professional by Developer for the Work Product.

Section 7.	Effective Date. This Acquisition and Warranty Acknowledgement shall take effect upon execution.

SES ENVIRONMENTAL RESOURCE SOLUTIONS INC.

By:	  Its:	

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this    day of 		, 2025, by 	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	 

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, between SRTG Dev Owner, LLC and SES Environmental Resource Solutions, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$58,300.00	$58,300.00	$51,233.04	$51,233.04	

ACKNOWLEDGMENT OF ACQUISITION OF CERTAIN WORK PRODUCT AND THE RIGHT TO RELY UPON ANY WARRANTIES AND CONTRACT TERMS FOR THE PRODUCTION OF SAME
Saratoga Springs - CCUA Transmission Main Project

This Acquisition and Warranty Acknowledgment is made the 	day of 	,
2025, by ECS FLORIDA LLC, a limited liability company whose mailing address is 14030 Thunderbolt Place, Suite 500, Chantilly, Virginia 20151 (“Professional”), in favor of the FEED MILL COMMUNITY DEVELOPMENT DISTRICT (“District”), which is a local unit of special-purpose government situated in Clay County, Florida, whose mailing address is c/o Rizzetta and Company, Inc., 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614.

SECTION 1. DESCRIPTION OF PROFESSIONAL’S SERVICES. Professional has created certain drawings, plans, specifications and related documents and/or has undertaken services in connection with the construction of certain infrastructure improvements (“Work Product”) for SRTG Dev Owner, LLC, developer of lands within the District (“Developer”). The Work Product produced and acquired is more specifically described in the attached Exhibit A.

Section 2. Acquisition of Work Product. Professional acknowledges that the District is acquiring or has acquired the Work Product, produced by Professional in connection with the Professional Contract, from Developer, thereby securing the unrestricted right to rely upon the terms of the Professional Contract for same. Professional further acknowledges that the District has let a construction contract for construction of the improvements set forth in said Work Product and therefore requires the unrestricted right to use, reproduce, rely and otherwise own said Work Product.

Section 3. Warranty. Professional hereby expressly acknowledges the District’s right to enforce the terms of the Professional Contract, including any warranties provided therein and to rely upon and enforce any other warranties provided under Florida law.

Section 4. Releases. Premised upon the District’s agreement to make no revisions or modifications to the Work Product without prior written permission of Professional, Professional confirms the release of all restrictions upon the District’s right to use and rely upon the Work Product for any and all purposes, including the purposes for which it is intended. Professional hereby affirmatively agrees that the Work Product is free of all claims, security agreement, encumbrances or liens.

Section 5. Indemnification. Professional indemnifies and holds the District harmless from any claims, demands, liabilities, judgments, costs, or other actions that may be brought against or imposed upon the District in connection with the Work Product because of any act or omission of Professional, its agents, employees, or officers. Said indemnification shall include, but not be limited to, any reasonable attorney’s fees and costs incurred by the District.

Section 6. Certificate of Payment. Professional hereby acknowledges that it has been fully compensated for its services and work related to completion of the Work Product. Professional further certifies that no outstanding requests for payment exist related to the Work Product, including any payments to subcontractors, materialmen, suppliers or otherwise, and that there is no disagreement as to the appropriateness of payment made for the Work Product. This document shall constitute a final waiver and release of lien for any payments due to Professional by Developer for the Work Product.

Section 7.	Effective Date. This Acquisition and Warranty Acknowledgement shall take effect upon execution.

ECS FLORIDA LLC

By:	  Its:	

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this    day of 		, 2025, by 	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	 

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, between SRTG Dev Owner, LLC and ECS Florida, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$13,700.00	$13,700.00	$13,700.00	$13,700.00	

ACKNOWLEDGMENT OF ACQUISITION OF CERTAIN WORK PRODUCT AND THE RIGHT TO RELY UPON ANY WARRANTIES AND CONTRACT TERMS FOR THE PRODUCTION OF SAME
Saratoga Springs - CCUA Transmission Main Project

This Acquisition and Warranty Acknowledgment is made the 	day of 	,
2025, by SWCA, Incorporated d/b/a SWCA Environmental Consultants, an Arizona corporation whose mailing address is 20 E. Thomas Road, Suite 1700, Phoenix, Arizona 85012 (“Professional”), in favor of the FEED MILL COMMUNITY DEVELOPMENT DISTRICT (“District”), which is a local unit of special-purpose government situated in Clay County, Florida, whose mailing address is c/o Rizzetta and Company, Inc., 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614.

SECTION 1. DESCRIPTION OF PROFESSIONAL’S SERVICES. Professional has created certain drawings, plans, specifications and related documents and/or has undertaken services in connection with the construction of certain infrastructure improvements (“Work Product”) for SRTG Dev Owner, LLC, developer of lands within the District (“Developer”). The Work Product produced and acquired is more specifically described in the attached Exhibit A.

Section 2. Acquisition of Work Product. Professional acknowledges that the District is acquiring or has acquired the Work Product, produced by Professional in connection with the Professional Contract, from Developer, thereby securing the unrestricted right to rely upon the terms of the Professional Contract for same. Professional further acknowledges that the District has let a construction contract for construction of the improvements set forth in said Work Product and therefore requires the unrestricted right to use, reproduce, rely and otherwise own said Work Product.

Section 3. Warranty. Professional hereby expressly acknowledges the District’s right to enforce the terms of the Professional Contract, including any warranties provided therein and to rely upon and enforce any other warranties provided under Florida law.

Section 4. Releases. Premised upon the District’s agreement to make no revisions or modifications to the Work Product without prior written permission of Professional, Professional confirms the release of all restrictions upon the District’s right to use and rely upon the Work Product for any and all purposes, including the purposes for which it is intended. Professional hereby affirmatively agrees that the Work Product is free of all claims, security agreement, encumbrances or liens.

Section 5. Indemnification. Professional indemnifies and holds the District harmless from any claims, demands, liabilities, judgments, costs, or other actions that may be brought against or imposed upon the District in connection with the Work Product because of any act or omission of Professional, its agents, employees, or officers. Said indemnification shall include, but not be limited to, any reasonable attorney’s fees and costs incurred by the District.

Section 6. Certificate of Payment. Professional hereby acknowledges that it has been fully compensated for its services and work related to completion of the Work Product. Professional further certifies that no outstanding requests for payment exist related to the Work Product, including any payments to subcontractors, materialmen, suppliers or otherwise, and that there is no disagreement as to the appropriateness of payment made for the Work Product. This document shall constitute a final waiver and release of lien for any payments due to Professional by Developer for the Work Product.

Section 7.	Effective Date. This Acquisition and Warranty Acknowledgement shall take effect upon execution.

SWCA, INCORPORATED D/B/A SWCA ENVIRONMENTAL CONSULTANTS

By:	  Its:	

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this    day of 		, 2025, by 	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	 

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product

The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated November 29, 2024, between SRTG Dev Owner, LLC and SWCA, Incorporated d/b/a SWCA Environmental Consultants, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$8,110.00	$8,110.00	$8,110.00	$8,110.00	

ACKNOWLEDGMENT OF ACQUISITION OF CERTAIN WORK PRODUCT AND THE RIGHT TO RELY UPON ANY WARRANTIES AND CONTRACT TERMS FOR THE PRODUCTION OF SAME
Saratoga Springs - CCUA Transmission Main Project

This Acquisition and Warranty Acknowledgment is made the 	day of 	,
2025, CHELONE LLC, a Florida limited liability company whose mailing address is 20 E. Thomas Road, Suite 1700, Phoenix, Arizona 85012 (“Professional”), in favor of the FEED MILL COMMUNITY DEVELOPMENT DISTRICT (“District”), which is a local unit of special-purpose government situated in Clay County, Florida, whose mailing address is c/o Rizzetta and Company, Inc., 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614.

SECTION 1. DESCRIPTION OF PROFESSIONAL’S SERVICES. Professional has created certain drawings, plans, specifications and related documents and/or has undertaken services in connection with the construction of certain infrastructure improvements (“Work Product”) for SRTG Dev Owner, LLC, developer of lands within the District (“Developer”). The Work Product produced and acquired is more specifically described in the attached Exhibit A.

Section 2. Acquisition of Work Product. Professional acknowledges that the District is acquiring or has acquired the Work Product, produced by Professional in connection with the Professional Contract, from Developer, thereby securing the unrestricted right to rely upon the terms of the Professional Contract for same. Professional further acknowledges that the District has let a construction contract for construction of the improvements set forth in said Work Product and therefore requires the unrestricted right to use, reproduce, rely and otherwise own said Work Product.

Section 3. Warranty. Professional hereby expressly acknowledges the District’s right to enforce the terms of the Professional Contract, including any warranties provided therein and to rely upon and enforce any other warranties provided under Florida law.

Section 4. Releases. Premised upon the District’s agreement to make no revisions or modifications to the Work Product without prior written permission of Professional, Professional confirms the release of all restrictions upon the District’s right to use and rely upon the Work Product for any and all purposes, including the purposes for which it is intended. Professional hereby affirmatively agrees that the Work Product is free of all claims, security agreement, encumbrances or liens.

Section 5. Indemnification. Professional indemnifies and holds the District harmless from any claims, demands, liabilities, judgments, costs, or other actions that may be brought against or imposed upon the District in connection with the Work Product because of any act or omission of Professional, its agents, employees, or officers. Said indemnification shall include, but not be limited to, any reasonable attorney’s fees and costs incurred by the District.

Section 6. Certificate of Payment. Professional hereby acknowledges that it has been fully compensated for its services and work related to completion of the Work Product. Professional further certifies that no outstanding requests for payment exist related to the Work Product, including any payments to subcontractors, materialmen, suppliers or otherwise, and that there is no disagreement as to the appropriateness of payment made for the Work Product. This document shall constitute a final waiver and release of lien for any payments due to Professional by Developer for the Work Product.

Section 7.	Effective Date. This Acquisition and Warranty Acknowledgement shall take effect upon execution.

CHELONE LLC

By:	  Its:	

The foregoing instrument was sworn and subscribed before me by means of  physical presence or  online notarization this    day of 		, 2025, by 	, who [ ] is personally known to me or [ ] produced 	 as identification.

(NOTARY SEAL)

Notary Public Signature

(Name typed, printed or stamped) Notary Public, State of 	 Commission No. 	 

Exhibit A: Description of Work Product

Exhibit A
Description of Work Product

The work product identified in the Gopher Tortoise Recipient Site Agreement, dated June 28, 2024, between SRTG Dev Owner, LLC and Chelone, LLC and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$66,500.00	$66,500.00	$14,468.42	$14,468.42	

DISTRICT ENGINEER’S CERTIFICATE
Saratoga Springs - CCUA Transmission Main Project

	, 2025

Board of Supervisors
Feed Mill Community Development District

Re:	Acquisition of Environmental Services Work Product

Ladies and Gentlemen:

The undersigned, a representative of England, Thims & Miller, Inc. (“District Engineer”), as District Engineer for the Feed Mill Community Development District (“District”), hereby makes the following certifications in connection with the District’s acquisition from SRTG Dev Owner, LLC (“Developer”) of services in connection with the construction of certain design and infrastructure improvements (“Work Product and Improvements”), all as more fully described in that certain bill of sale (“Bill of Sale”) dated as of or about the same date as this certificate. The undersigned, an authorized representative of the District Engineer, hereby certifies that:

I have reviewed the Work Product and Improvements. I have further reviewed certain documentation relating to the same, including but not limited to, the Bill of Sale, agreements, invoices, plans, and other documents.

The Work Product is within the scope of the District’s capital improvement plan as set forth in the Master Engineer’s Report dated February 12, 2025, among other applicable reports related to the current and future bond series (“Engineer’s Report”), and specially benefits property within the District as further described in the Engineer’s Report.

Based on my review, I believe that the Improvements were installed in accordance with their specifications, and, subject to the design specifications, are capable of performing the functions for which they were intended. I am unaware of any defects in the Work Product.

The total costs associated with the Work Product are as set forth in the Bill of Sale. Such costs are equal to or less than each of the following: (i) what was actually paid by the Developer to create and/or construct the Work Product, and (ii) the reasonable fair market value of the Work Product.

All known plans, permits, and specifications produced or acquired in connection with the Work Product that are necessary for the operation and maintenance of those certain infrastructure improvements are complete and on file with the District and have been,

or are capable of being, transferred to the District for operation and maintenance responsibilities.

With this document, I hereby certify that it is appropriate at this time to acquire the Work Product.

FURTHER AFFIANT SAYETH NOT.

Daniel Welch, P.E.
Its: Principal Vice President/ Shareholder Florida Registration No. 	 District Engineer

STATE OF FLORIDA COUNTY OF CLAY
The foregoing instrument was acknowledged before me this     day of 	, 2025, by Daniel Welch, P.E., Principal Vice President/ Shareholder of England, Thims & Miller, Inc., who is personally known to me or who has produced 		 as identification, and did [ ] or did not [ ] take the oath.

Notary Public, State of Florida
Print Name:		 Commission No.:	  My Commission Expires: 	

BILL OF SALE
Saratoga Springs - CCUA Transmission Main Project

KNOW ALL MEN BY THESE PRESENTS, that SRTG Dev Owner, LLC, a limited liability company, whose mailing address for purposes hereof is 500 Boylston Street, Suite 2010, Boston, Massachusetts 02116 (“Seller”) for good and valuable consideration paid by Feed Mill Community Development District, a unit of special purpose local government established pursuant to Chapter 190, Florida Statutes, whose mailing address is 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614 (“District”), the receipt and sufficiency of which are hereby acknowledged, has granted, bargained, sold, transferred and delivered to the District, its successors, heirs, executors, administrators and assigns forever, the following described property, assets and rights, to-wit:
The work product associated with or made part of the District’s capital improvement plan as described in the Master Engineer’s Report, dated February 12, 2025, all as more specifically described in Exhibit A attached hereto (the “Work Product”); and

All of the right, title, interest, and benefit of Seller, if any, in, to and under any and all contracts, guaranties, affidavits, warranties, bonds, claims, lien waivers, and other forms of indemnification, given heretofore and with respect to the Work Product, by contract and in statute, and without waiving any right to enforcement of latent of patent defects, if any; and

All goodwill associated with the foregoing.

TO HAVE AND TO HOLD all of the foregoing unto the District, its successors and assigns, for its own use forever, free and clear and discharged of and from any and all obligations, claims or liens.
AND the Seller does hereby covenant to and with the District, its successors and assigns, that it is the lawful owner of the above-described Work Product; that said Work Product is free from all liens and encumbrances; that Seller has good right to sell said Work Product; that all contractors, subcontractors and materialmen furnishing labor or materials relative to the production of the Work Product have been paid in full; and that Seller will warrant and defend the sale of its said Work Product hereby made, unto the District, its successors and assigns, against the lawful claims and demands of all persons whosoever.

The Seller represents that it has no knowledge of any latent or patent defects in the Work Product, and hereby assigns, transfers and conveys to the District any and all rights against any and all firms or entities which may have caused any latent or patent defects, including, but not limited to, any and all warranties and other forms of indemnification.
By execution of this document, the Seller affirmatively represents that it has the contractual right, consent and lawful authority of any and all forms to take this action in this document and in this form. Nothing herein shall be construed as a waiver of District’s limitations on liability as provided in Section 768.28, Florida Statutes, and other statutes and law.

IN WITNESS WHEREOF, the SELLER has hereunto set its hand and seal this     day of 	, 2025.

Signed, sealed and delivered by:
SRTG Dev Owner, LLC

By: 	 Print Name: 	 Its: 	

STATE OF FLORIDA	)	
	)	
COUNTY OF 		)	

I HEREBY CERTIFY that on this     day of 	, 2025, before me personally appeared 	, who acting on behalf of SRTG Dev Owner, LLC, signed the foregoing instrument and severally acknowledged the execution thereof to be his/her free act and deed for the uses and purposes therein mentioned. Said person is personally known to me or has produced 		 as identification and did (did not) take an oath.
EXECUTED and sealed in the County and State named above this 	 day of 	,
2025.

Print Name:
(NOTARIAL SEAL)	Notary Public, State of Florida My Commission No.:
My Commission Expires:
Exhibit A: Description of Work Product

Exhibit A

Description of Work Product & Improvements
Environmental: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, and Amendment No. 1 dated October 4, 2024, between SRTG Dev Owner, LLC and SES Environmental Resource Solutions, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$58,300.00	$58,300.00	$51,233.04	$51,233.04	

Geotechnical: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated May 3, 2024, between SRTG Dev Owner, LLC and ECS Florida, LLC, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$13,700.00	$13,700.00	$13,700.00	$13,700.00	

Cultural Resources: The work product including, but not limited to, any and all site plans, construction and development drawings, layout services, plans and specifications, documents, licenses, permits, zoning approvals, entitlements, and similar or equivalent private and governmental documents prepared pursuant to, or pertaining or applicable to or in any way connected with, the development, construction, and ownership of the public improvements identified in the AE Design Professional Services Agreement (FL), dated November 29, 2024, between SRTG Dev Owner, LLC and SWCA, Incorporated d/b/a SWCA Environmental Consultants, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$8,110.00	$8,110.00	$8,110.00	$8,110.00	

Habitat Mitigation: The work product identified in the Gopher Tortoise Recipient Site Agreement, dated June 28, 2024, between SRTG Dev Owner, LLC and Chelone, LLC and more specifically

described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$66,500.00	$66,500.00	$14,468.42	$14,468.42	

Earthwork: The improvements including, but not limited to utility corridor clearing and access road improvements, identified in the Shadowlawn Land Management Agreement, dated October 14, 2024, and more specifically described as follows:

Total Contract Cost	CDD Eligible Cost	Amount Paid to Date	Requisition Amount	
$75,490.00	$75,490.00	$75,490.00	$75,490.00	

Miscellaneous Expenses:

Contract	Description	Amount Paid to Date	Requisition Amount	
Dan McCormick	Conservation Permit Application	$465.69	$465.69	
St. Johns River Water Management District	CCUA Transmission Main ERP Acquisition
Fee	$250.00	$250.00	
Florida Fish & Wildlife Conservation
Commission	Mitigation Payment for Tortoise
Relocation	$4,493.42	$4,493.42	

FEED MILL COMMUNITY DEVELOPMENT DISTRICT CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 	

FORM OF REQUISITION

The undersigned, an Authorized Officer of Feed Mill 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, Orlando, Florida, as trustee (the "Trustee"), dated as of May 1, 2025, as amended and supplemented by the [		] Supplemental Trust Indenture between the District and the Trustee, dated as of [	] (collectively, the "Indenture"). All capitalized terms used herein shall have the meaning ascribed to such term in the Indenture.
Requisition Number:
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 or state costs of issuance, if applicable):
Fund, Account or subaccount from which disbursement is to be made: The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District, that each disbursement set forth above is a proper charge against the [		] Acquisition and Construction Account and the subaccount, if any, referenced above, that each disbursement set forth above was incurred in connection with the acquisition and/or construction of the [	] Project and each represents a Cost of the [	] Project, and has not previously been paid out of such Account or subaccount;
OR
this requisition is for costs of issuance payable from the [	] Costs of Issuance Account that has not previously been paid out of such Account.
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 contractor of the improvements acquired or services rendered (or other equivalent supporting documents) with respect to which disbursement is hereby requested are on file with the District.
FEED MILL COMMUNITY DEVELOPMENT DISTRICT

By: 		 Authorized Officer

CONSULTING ENGINEER'S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY

If this requisition is for a disbursement from other than the [		] Costs of Issuance Account, the undersigned Consulting Engineer hereby certifies that this disbursement is for a Cost of the [	] Project and is consistent with (i) the applicable acquisition or construction contract, (ii) the plans and specifications for the portion of the [	] Project with respect to which such disbursement is being made, and (iii) the report of the Consulting Engineer attached as an Exhibit to the [	] Supplemental Indenture, as such report shall have been amended or modified on the date hereof.

Consulting Engineer