Deer Run Community Development District

Agenda

Augus• t 24, 2017

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Deer Run
Community Development District
135 W. Central Blvd., Suite 320, Orlando, Florida 32801
Phone: 407-841-5524- Fax: 407-839-1526

August 17, 2017

Board of Supervisors Deer Run Community Development District

Dear Board Members:
The Board of Supervisors of Deer Run Community Development District will meet Thursday£ August 24, 2017 at 3:00 PM at the Government Services Building, 1769 E. Moody Blvd, Bunnell, FL. Following is the advance agenda for the meeting:
Roll Call
Public Comment Period
Approval of Minutes of the May 25, 2017 Meeting
Public Hearing
Consideration of Resolution 2017-07 Adopting the Fiscal Year 2018 Budget and Relating to the Annual Appropriations
Consideration    of  Resolution   2017-08	Imposing Special Assessments and Certifying an Assessment Roll
Consideration of Deficit Funding Agreement
Ratification of Construction and Access Agreement
Review and Acceptance of Fiscal Year 2016 Audit Report
Presentation of JLAC Letter
Financing Matters
Consideration of Engineer's Report
Consideration of Assessment Methodology
Consideration of Resolution 2017-09 Declaring	Special	Assessments	and Approval of Assessment Methodology
Consideration of Resolution 2017-10 Setting	Public	Hearing	for	Special Assessments
Consideration of Resolution 2017-11 Bond Delegation
Consideration of Acquisition Agreement
Consideration of Settlement Agreement
Consideration of Completion Agreement
Consideration of Collateral Assignment Agreement
Consideration of True-Up Agreement
Staff Reports
Attorney
Engineer
District Manager's Report
Approval of Check Register
Balance Sheet and Income Statement
Field Manager's Report

Discussion of Landscape Proposal
Approval of Fiscal Year 2018 Meeting Schedule
Other Business
Supervisors Requests
Adjournment

The second order of business of the Board of Supervisors Meeting is the Public Comment Period where the public has an opportunity to be heard on propositions coming before the Board as reflected on the agenda, and any other items.

The third order of business is approval of the minutes from the May 25, 2017 meeting A copy of the minutes are enclosed for your review.

Section A of the fourth order of business opens the public hearing to adopt the Fiscal Year 2018 budget and assessments. Section 1 is the consideration of Resolution 2017-04 adopting the Fiscal Year 2018 budget and relating to the annual appropriations. A copy of the Resolution and approved budget are enclosed for your review. Section Bis the consideration of Resolution 2017-05 imposing special assessments and certifying an assessment roll. A copy of the Resolution is enclosed for your review.

The fifth order of business is the consideration of the deficit funding agreement. A copy of the agreement is enclosed for your review.

The sixth order of business is the ratification of construction and access agreement. The agreement is enclosed for your review.

The seventh order of business is the review and acceptance of Fiscal Year 2016 audit report. A copy of the report will be provided under separate cover.

The eighth order of business opens the financing matters. Section A is the consideration of the Engineer's Report. A copy of the report is enclosed for your review. Section B is the consideration of the assessment methodology report. A copy of the report is enclosed for your review. Section C is the of Resolution 2017-06 authorizing the issuance of bonds and authorizing the commencement of validation proceedings. A copy of the resolution is enclosed for your review. Section D is the consideration of resolution 2017-07 declaring special assessments and approval of the assessment methodology. A copy of the resolution is enclosed for your review. Section E is the consideration of resolution 2017-08 setting a public hearing for special assessments. A copy of the resolution is enclosed for your review. Section F is the consideration of resolution 2017-09 bond delegation. A copy of the resolution and back-up is enclosed for  your review. Section G is the consideration of the acquisition agreement. The agreement is enclosed for your review. Section His the consideration of settlement agreement. A copy of the agreement is enclosed for your review. Section I is the consideration of the completion agreement. A copy of the agreement is enclosed for your review. Section J is the collateral assignment agreement. A copy of the agreement is enclosed for your review. Section K is the true-up agreement. A copy of the agreement is enclosed for your review.

Section C of the ninth order of business is the District Manger's report. Section 1 includes the check register being submitted for approval and Section 2 includes the balance sheet and

income statement for your review. Section 3 is the Field Manager's Report that will update you on the status of any field or maintenance issues around the community. Section 1 of section 3 is the discussion of landscape proposal. The report will be provided under separate cover. Section 4 is the approval of the Fiscal Year 2018 meeting schedule. A copy of the  schedule  is  enclosed for your review.
The balance of the agenda will be discussed at the meeting. In the meantime, if you have any questions, please contact me.
Sincerely,

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District Manager
CC:	Roy Van Wyk, District Counsel Rey Malave, District Engineer
Gina Grimes, Hill Ward Henderson Irvin Weinstein, Roger Towers, P.A. Darrin Mossing, GMS
Enclosures

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MINUTES OF MEETING DEER RUN
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Deer Run Community Development District was held Thursday, MJay 25, 2017 at 3:00 p.m. in the Government Services Building, 1769 E. Moody Boulevard, Bunnell, Florida.

Present and constituting a quorum through organizational matters were:

James Marvin Duane Owen Jan Doan

Chairman Assistant Secretary Assistant Secretary

Present and constituting a quorum after organizational matters were:

Robert Porter Mark Dearing Duane Owen James Teagle Jan Doan
Also present were:
Jason Showe Sarah Warren Rey Malave Alan Scheerer

FIRST ORDER OF BUSINESS
Mr. Showe called the meeting to order.

SECOND ORDER OF BUSINESS

Chairman Vice Chairman
Assistant Secretary Assistant Secretary Assistant Secretary

District Manager
District Counsel (by phone) District Engineer
Field Manager

Roll Call

Public Comment Period

There being none, the next item followed.

TIDRD ORDER OF BUSINESS	Organizational Matters
Consideration of Resolution 2017-01 Canvassing and Certifying the Results of the Landowners' Election
Mr. Showe stated Resolution 2017-01 canvasses and certifies the results of the
landowners' election.

May 25, 2017	DeerRunCDD

On MOTION by Mr. Marvin seconded by Mr. Owen with all in favor Resolution 2017-01 was approved.

Acceptance	of Resignations	of  Board	Members	and	Appointment	of Individuals to Fill Board Vacancies
Mr. Showe stated we have resignations from David Jae and Scott Campbell and in order to keep a quorum we will need to accept those resignations then appoint two individuals to fill those seats then we will take the last resignation.

On MOTION by Mr. Marvin seconded by Mr. Owen with all in favor Mr. Campbell's and Mr. Jae's resignations were accepted.

Mr. Showe stated we have vacancies in Seats 5 and 3, seat 5 has a term that goes through 2020 and Seat 3 has a term that goes through 2018. Are there any appointments to fill those vacancies?

On MOTION by Mr. Marvin seconded by Mr. Owen with all in favor Bob Porter was appointed to fill seat 5 with a term ending in 2020 and Mark Dearing was appointed to Seat 3 with a term ending in 2018.

Mr. Showe being a Notary Public of the State of Florida administered the Oaths of Office to Mr. Porter and Mr. Dearing.

Mr. Showe stated Mr. Marvin has also submitted his resignation.

On MOTION by Mr. Dearing seconded by Mr. Porter with all in favor Mr. Marvin's resignation was accepted.

Mr. Showe stated that leaves a vacancy in Seat I with a term ending in 2018. Is there an appointment to fill this seat?

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May 25, 2017	DeerRunCDD

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor James Teagle was appointed to Seat 1 with a term ending in 2018.

Administration of Oath of Office
Mr. Showe being a Notary Public of the State of Florida administered the Oath of Office to Mr. Teagle.
Mr. Showe stated I will go through the packet of information. The second page is your information form and if you will fill that out and provide it to me after the meeting we will have all of your contact information. Next is the form 1 statement offinancial interests and is required to be filled out and submitted to the Supervisor of Elections in the county in which you reside within 30 days of today. We recommend that you get a signed copy or something dated that shows that you turned it in because there are potential fines if it is not turned in on time. Behind that is a form lF that is a final statement of financial interests and you will complete this form in the event you were to leave the Board and that is to be filed within 60 days of leaving the Board. Next is a W4 and 1-9 forms and as a member ofthe Board you are eligible to receive up to $200 per meeting and do you choose to accept or waive that compensation?
All new Board members accepted compensation.
Mr. Showe stated you will need to complete the W4 and 1-9 and turn that in to our office. After that is a memorandum of voting conflict and in the event you feel you have a conflict of interest on an item that may come before the Board we would ask that you talk to myself or District Counsel to make sure you have a conflict of interest and in the event you do have one, this is the form that you would file with our office. Finally, there is a booklet on the guide to the Sunshine Amendment and government ethics. You are now a public official and you are required to follow Sunshine laws, which means you are not allowed to have conversations with other Board members outside of a publicly noticed meeting about things that may reasonably come before the Board for a vote, that is any conversation, text, phone calls, emails. When we send out emails from our office it will have a note at the bottom that says please do not reply to all. If there is something you need distributed to the entire Board, send that to our office and we can distribute that to the Board. It is our function as District Manager to keep all the records of the District and you don't have to keep any of the records. However, if you do keep them we recommend you separate those into a separate file so that in the event there is a public records

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May 25, 2017	DeerRunCDD

request your personal or business items are not comingled with District records. If you already have those forms on file with the Supervisor of Elections you can add this District to that when you receive the annual renewal form.
Ms. Warren rejoined the meeting by telephone conference at this time.

Consideration of Resolution 2017-02 Electing Officers
Mr. Showe stated Resolution 2017-02 is a resolution electing officers. We ask that from our office if you could put Ariel Lovera as Treasurer, George Flint as Secretary and myself as Assistant Secretary that will help facilitate paperwork on our end.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor Resolution 2017-02 electing the following officers was approved: Bob Porter Chairman, Mark Dearing Vice Chairman, Ariel Lovera Treasurer, George Flint Secretary, Duane Owen, James Teagle and Jason Showe Assistant Secretaries.

FOURTH ORDER OF BUSINESS	Approval of the Minutes of the September 14,
2016 Board of Supervisors Meeting and Acceptance of the Minutes of the November 17, 2016 Landowners' Meeting

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the minutes of the September 14, 2016 Board meeting were approved and the November 17, 2016 Landowners' Meeting minutes were accepted.

FIFTH ORDER OF BUSINESS	Consideration	of	Resolution	2017-03
Adopting Prompt Payment Policies

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor Resolution 2017-03 was approved.

SIXTH ORDER OF BUSINESS	Consideration	of	Resolution	2017-04
Approving the Fiscal Year 2018 Budget and Setting a Public Hearing
Mr. Showe stated this is the start of the Fiscal Year 2018 budget process and this resolution approves the proposed budget, attached as Exhibit A and sets the public hearing to

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May 25, 2017	DeerRunCDD

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adopt the final budget for August 24 in this location. You can check your calendars to see if you are available on that date and if not we can change that. The resolution also directs us to transmit this to Flagler County and City of Bunnell at least 60 days in advance of the public hearing.
Mr. Porter asked are all our meetings typically on a Thursday afternoon?
Mr. Showe stated that is when the District has met and August is the last meeting scheduled for Fiscal Year 2017 and we will look at a meeting schedule for 2018.
Mr. Porter stated I have a routine conflict at 1:00 p.m. and it would be hard for me but 3:00 p.m. works great ifthat works for everybody else.
Mr. Showe stated we will adjust that resolution to reflect a 3:00 p.m. start time. After talking to Mr. Porter we have mirrored the 2017 budget for 2018. We contemplate keeping the assessment level and will enter into a developer funding agreement for Fiscal Year 2018 for any additional expenses outside of the budget. Going into Fiscal Year 2019 we will have a better handle on where the assessments need to be.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor Resolution 2017-04 approving the proposed Fiscal Year 2018 budget and setting the public hearing for August 24, 2017 at 3:00
p.m. in the same location was approved.

SEVENTH ORDER OF BUSINESS	Presentation of Upland Buffer and Wetland
Restoration Annual Monitoring Report 2016 Grand Reserve
Mr. Showe stated there is no action required by the Board on this item but it is the upland buffer and wetland restoration annual monitoring report for last year and we included that as part of your agenda package and is part of the contract we have for those services.
Mr. Scheerer stated they have been out here doing the report for the last two years, it seems complete and indicates there was some failure of some of the plant material and we will have to look at replacement on that going forward but for the most part it appears to be a good report and plants are adapting quite nicely.
Mr. Dearing asked what is the term?
Mr. Scheerer responded it is a five-year monitoring report. After that we can look at any ongoing maintenance in addition to the five-year monitoring report.

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May 25, 2017	DeerRunCDD

EIGHTH ORDER OF BUSINESS	Consideration	of  Proposal	from  Applied
Aquatic Management for Additional Pond Services at Main Entrance
Mr. Scheerer stated we had an onsite meeting as everyone from D.R. Horton is aware of with Mr. Teagle, myself and several contractors. It was requested that we clean up the water feature at the U.S. 1 entrance that happened relatively quickly if you have been on property before and look at it today I think it looks quite nice. With all the plants and everything that was sprayed around the pond it is recommended that we do some ongoing maintenance to keep it that way. We asked Applied Aquatic who did a lot of the work out there for proposal and David Beck's group from EcoTec Environmental to provide us with a proposal for monthly maintenance. Included in your agenda package is a proposal for the year for a total annual cost of $1,320 to come out and spray and maintain all the invasive species within that body of water going forward. In talking with Mr. Teagle he had a desire to thin out some of the lily pads and that wouldn't be an additional cost we would just work with the vendor. We didn't want to go too far and we can always do more.
Mr. Dearing asked is this for one lake?
Mr. Scheerer responded this is the one lake out front, the water feature out front. Mr. Porter asked what about the other lakes do they need it?
Mr. Scheerer stated they need it too. A little history on that is Sarah had forwarded a year or two years ago a master plan of all the lakes and there was supposed to have been some sort of shared costs. Perhaps the golf course would maintain the banks on their side, the homeowners or the developer or CDD would maintain on the home site side, and there would be CDD costs and golfcourse costs but we were not asked to pursue that at that time.
Mr. Showe stated I think the agreement is in place; however, we were asked by the previous Board to not do any of the lake maintenance until such time as development warranted it.
Mr. Scheerer stated we can forward that information to you so you can see the
documents.
Mr. Porter stated I don't even need to see them. I will move approval of what you have now but ask you to go ahe'ad and arrange to get us a proposal for the rest.
Mr. Scheerer asked all the lakes?

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May 25, 2017	DeerRun CDD

Mr. Porter stated all the lakes that are visible to anyone who is going to be a resident, anything that backs up to any of the lots or is visible from the parkway.
Mr. Scheerer stated I understand everything on the first phase coming in U.S. 1 where you are building the current homes. Golf course ponds as well or not golf course ponds? Mr. Teagle do you want to work on that with me and we will bring back a proposal? There is a Jot of lake bank work that needs to be done.
Mr. Porter stated let's get it right. You don't have to do the golf course at this point. Mr. Scheerer stated I will have it for the next meeting.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the proposal from Applied Aquatic Management for additional pond maintenance services at the main entrance in the amount of$1,320 was approved.

NINTH ORDER OF BUSINESS	Consideration of Agreement with Greenberg
Traurig,	P.A.	to Provide Bond Counsel Services
Mr. Showe stated the next two items have been added to the agenda and I have handed out those documents to you. The first is the agreement with Greenberg Traurig to provide Bond Counsel services.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the engagement letter with Greenberg Traurig to serve as Bond Counsel was approved.

TENTH ORDER OF BUSINESS	Consideration	of	Agreement	with	MBS
Capital	Markets,	LLC	to	Provide Underwriting Services
Mr. Showe stated next is an agreement with MBS Capital Markets for underwriting services.

On MOTION by Mr. Porter seconded by Mr. Doan with all in favor the agreement with MBS Capital Markets to serve as Underwriter was approved.

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May 25, 2017	DeerRun CDD

ELEVENTH ORDER OF BUSINESS	Ratification	of	Dissemination	Agent
Agreement with Lerner Reporting Services, Inc.
Mr. Showe stated next is ratification of the dissemination agent agreement with Lerner Reporting Services.
Mr. Porter asked do we still want to do this even though they are not on the Board?
Mr. Showe stated yes, the Board approved their proposal at the last meeting we just didn't have the full contract.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the dissemination agent agreement with Lerner Reporting Services, Inc. was ratified.

TWELFTH ORDER OF BUSINESS	Ratification of Fiscal Year 2016 Auditing
Services Agreement with Berger Toombs Elam Gaines & Frank
Mr. Showe stated we signed this agreement due to the timeframe to get the audit started since we didn't have a meeting.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the engagement letter with Berger Toombs Elam Gaines & Frank to perform the Fiscal Year 2016 audit was ratified.

TIDRTEENTH ORDER OF BUSINESS	Consideration of items Regarding Land Sale
Consideration of Resolution 2017-05 Declaring Special Assessments for Bond Refunding
Mr. Warren stated Resolution 2017-05 is going to declare the assessments to be sure the refunding bonds at the time those are issued.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor Resolution 2017-05 was approved.

Consideration of Fee Agreement for Bond Refunding with Hopping Green & Sams, P.A.

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May 25, 2017	DeerRunCDD

On MOTION by Mr. Porter seconded by Mr. Teagle with all in favor the fee agreement with Hopping Green & Sams for the bond refunding was approved.

Consideration of Resolution 2017-06 Approving and Confirming Special Assessments and Confirming Intention to Refund the Special Assessment Bonds
Ms. Warren stated Resolution 20 17-06 authorizes the refunding and confirms the 2008 proj ect that was set forth in the Engineer's report and confirms the lien of assessments with the Series 2008 Bonds and finds that the Board believes it is in the District's best interest to refund the bonds and authorizes staff to move forward with the process of procuring the necessary documents.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor Resolution 2017-06 was approved.

Consideration of Agreements with D.R. Horton, Inc.

1.

Bond Team Funding Agreement
Form of Budget Deficit Funding Agreement
License Agreement to Provide Sign Installation and Maintenance of Marketing Signs
Consideration of Temporary Construction and Maintenance Easement Agreement

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the above referenced agreements were approved.

FOURTEENTH ORDER OF BUSINESS	Approval of Request for Qualifications for
Engineering Services
Mr. Porter stated I talked with the folks from Dewberry whom I have not met before and I'm perfectly happy with what we have now.

FIFTEENTH ORDER OF BUSINESS	Staff Reports
Attorney
There being none, the next item followed.

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May 25, 2017	DeerRunCOD

Engineer
Mr. Malave stated we were authorized a while back to do a public facilities report as required by the state and I have a draft that I would like you to look at before I hand it in and also Roy or Sarah to look at it. I will send copies out this afternoon or tomorrow morning and we will go from there.
Mr. Porter stated I'm not accustomed to providing reuse. I have seen them expanding the reuse system.
Mr. Malave stated they are bringing a line that is coming right to our main entrance to be
connected to our irrigation. Sarah, isn't there a reuse agreement?
Ms. Warren stated there is a reuse agreement that was m place with the original developer.
Mr. Malave asked but it wasn't with the CDD?
Ms. Warren stated no, I believe it was with the original developer.
Mr. Malave stated there was contemplation at that time to do that and I don't remember without looking at the drawings, but they were supposed to use the aqua place as a place to discharge reuse water and then we can pump out of there using the same equipment. The intent was we were not going to tear out all the streets to put the reuse pipe in there and just use the irrigation system. That is as much as I remember for now.
Mr. Porter stated we don't want to be in the utility business if we can avoid it as you can understand. If that meant that we had to pay for a meter for everybody or whatever one time I think we could probably live with that. Would you get with the city and see if there is some basis? I don't mind installing it going forward and I don't mind paying meter fees but I do not want to own a reuse system.
Mr. Scheerer stated every lot already has a curb stop already on the property. The issue is from the storage pond through the system to who is going to bill and collect and it may be the City of Bunnell.
Mr. Malave stated the key is turning over the system to the city is what we would want.
Mr. Porter stated we don't want to be in that business. I would much rather us doing it one time and an upgrade ifwe need to and out of the business.

Manager

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May 25, 2017	DeerRunCDD

Approval of Check Register

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the check registers were approved.

Balance Sheet and Income Statement
A copy ofthe balance sheet and income statement was included in the agenda package.

Presentation of Number of Registered Voters - 10
A copy of the letter from the Supervisor or Elections indicating there are 10 registered voters in the District was included in the agenda package.

Field Manager's Report
Mr. Scheerer stated we have talked about a lot of the items. I did meet today with Yellowstone Landscaping we do that every month and review the community. A couple issues came up and I let Mr. Teagle know that the irrigation controller at the U.S. 1 entrance is gone and he and I will work on getting that replaced once the new landscape goes in. Also, one of the survey trucks backed over a valve at the 100 entrance and broke the main line and that happened today and we shut the water off immediately and will have it repaired as quickly as possible. We are happy you are here it has been a long time coming.
Mr. Porter stated we are happy to be here and congratulations on the way the place looks given the fact that you had to do it with their budget. I would like to authorize James to work with you and order whatever else we need to get started on trying to upgrade everything. I understand you have been short of money but if we need fertilizer or weeds pulled or mulch and so forth.
Mr. Scheerer stated one of the things that Mr. Teagle and I discussed was maybe reviewing the scope of services for the landscape contract and some ofthe areas ofresponsibility will change because the rights of ways we are currently maintaining under the $3,1 00 a month that we are spending with Yellowstone and that will go to the lot owner once the home is built and sidewalks are installed. I think we have good room for improvement once the landscaping goes in, the mulch goes in, some tree ring work and other things and I will work with Mr. Teagle on that.

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May 25, 2017	DeerRun CDD

Mr. Porter stated work with James and do whatever needs to be done and bring it back for ratification at the next meeting. I don't want to wait.

Presentation of Arbitrage Rebate Calculation Report
Mr. Showe stated the last item is presentation of the arbitration report that is required as part of the bond indenture and you will see that there is no rebate liability.

On MOTION by Mr. Porter seconded by Mr. Dearing with all in favor the arbitrage rebate calculation report was accepted.

SIXTEENTH ORDER OF BUSINESS	Other Business
There being none, the next item followed.

SEVENTEENTH ORDER OF BUSINESS	Supervisor's Requests
Mr. Porter asked what else has not been done that needs to be done?
Mr. Showe stated it's what Alan has been talking about. We have dialed back on the landscaping.
Mr. Scheerer stated the landscaping and the lakes. There is a great opportunity to provide a great view to new homeowners and it has been that way for a long time and I think if we can move forward to clean up some of these lake banks and Grand Reserve Boulevard and interior ponds I think that will go a long way and maybe the up lighting too at the entrances, cleaning the entry features and repainting. The only recommendation I have on the lighting is to get rid of the lights out front and replace them with LED. It is worth the expense and will give you a nicer look especially after you invest the time and money to redo the entrances.

On MOTION by Mr. Doan seconded by Mr. Teagle with all in favor the meeting adjourned at 1 :33 p.m.

Secretary/Assistant Secretary	ChairmanNice Chairman

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RESOLUTION 2017-07
THE ANNUAL APPROPRIATION RESOLUTION OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT") RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGETS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2017, AND ENDING SEPTEMBER 30, 2018; AUTHORIZING BUDGET AMENDMENTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the District Manager has, prior to the fifteenth (1 5th) day in June, 2017, submitted to the Board of Supervisors ("Board") proposed budgets for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the District, pursuant to the provisions of Section 1 90.008(2)(a), Florida Statutes; and
WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budgets ("Proposed Budget"), the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 1 90.008(2)(b), Florida Statutes; and
WHEREAS, on May 24, 201 7, at a duly noticed public meeting, the Board adopted Resolution 2017-04, approving the proposed budget for Fiscal Year 2017-201 8, and setting the public hearing on the proposed budget for August 24, 2017, at 1 :30 p.m., at the Government Services Building, 1769 E. Moody Blvd., Bunnell, Florida; and
WHEREAS, the District Manager posted the Proposed Budget on the District's website at least two days before the public hearing and timely transmitted the Proposed Budget to the manager or administrator of Flagler County and the City of Bunnell for posting on their websites; and
WHEREAS, Section 1 90.008(2)(a), Florida Statutes, requires that, prior to October 1st of each year, the District Board, by passage of the Annual Appropriation Resolution, shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures ofthe District during the ensuing fiscal year; and
WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT:
SECTION 1. BUDGET

The Board of Supervisors has reviewed the District Manager's Proposed Budget, a copy of which is on file with the office of the District Manager and at the District's Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.
The District Manager's Proposed Budget, attached hereto as Exhibit "A," as amended by • the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes, and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures.
The adopted budget, as amended, shall be maintained in the office of the District Manager and at the District' s Records Office and identified as "The Budget for the Deer Run Community Development District for the Fiscal Year Ending September 30, 20 1 8," as adopted by the Board of Supervisors on August 24, 201 7.
The final adopted budget shall be posted by the District Manager on the District's official website within thirty (30) days after adoption. The District Manager is directed to transmit the final adopted budget to the manager or administrator of Flager County and the City of Bunnell for posting on their websites.
SECTION 2. APPROPRIATIONS
There is hereby appropriated out of the revenues of the Deer Run Community Development District, for the fiscal year beginning October 1, 201 7, and ending September 30,
201 8, the sum of $___ 	- to  be  raised  by  the  levy  of assessments  and  otherwise, which sum is deemed by the Board of Supervisors to be necessary to defray all expenditures of
the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND DEBT SERVICE FUND(S) TOTAL ALL FUNDS

$

$

_

$ 	_ 	_

SECTION 3. BUDGET AMENDMENTS
Pursuant to Section 1 89.01 6, Florida Statutes, the District at any time within the fiscal year or within 60 days following the end of the fiscal year may amend its budgets for that fiscal year as follows:

The Board may authorize an increase or decrease in line item appropriations within a fund by motion recorded in the minutes if the total appropriations of the fund do not increase.
The District Manager or Treasurer may authorize an increase or decrease in line item appropriations within a fund if the total appropriations of the fund do not increase and if the aggregate change in the original appropriation item does not exceed $ 1 0,000 or 1 0% ofthe original appropriation.
By resolution, the Board may increase any appropriation item and/or fund to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance.
Any other budget amendments shall be adopted by resolution and consistent with Florida law.
The District Manager or Treasurer must establish administrative procedures to ensure that any budget amendments are in compliance with this Section 3 and Section 1 89.016 of the Florida Statutes, among other applicable laws. Among other procedures, the District Manager or Treasurer must ensure that any amendments to budget(s) under subparagraphs c. and d. above are posted on the District's website within 5 days after adoption. The District's Secretary is directed to transmit such amendments to the manager or administrator of Flagler County and the City of Bunnell for posting on their websites.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 24TH DAY OF August, 2017.

ATTEST:

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:_	____	_ 	__ 	_

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Exhibit A

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Deer Run Community Development District

Proposed Budget FY 2018 

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Table of Contents

1--2	General Fund

3-7	General Fund Narrative

Debt Service Fund - Series 2008

Debt Assessments Chart

Settlement Monitoring Fund

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
General Fund Budget

$31

Net Assessments	$182,971
Add: Discounts & Collections	�10,978
Gross Assessments	$193,949

Oak Branch

75'	I No. of Units 60'

Deer Run
Community Development District Operations & Maintenance Assessments

129

ERU Per Unit	Total ERUs	% of ERU 1.00		129.00		20.81%

50'	297	0.67	198.00	31.94%	$61,945.83	$208.57	$208.57	
Townhome	274	0.47	127.87	20.63%	$40,005.22	$146.00	$146.00	
Commercial	5,000	0.00	2.50	0.40%	$782.14	$0.16	$0.16	
Golf Course	3,382	0.00	1.69	0.27%	$529.04	$0.16	$0.16	
Townhome	250	0.47	116.67	18.82%	$36,500.o?	$146.00	$146.00	
Commercial	10,000	0.00	5.00	0.81%	p,564.29	$0.16	$0.16	
			619.93	100.00%	193,949.26			

0.80	39.20	6.32%

FY2018	FY2017
Per Unit Gross	Per Unit Gross Total Assessments     Assessments		Assessments
$40,358.65	$312.86	$312.86
$12,264.02	$250.29	$250.29

Deer Run

2

Deer Run
Community Development District
GENERAL FUND BUDGET

REVENUES:
Assessments

The District will levy a non-ad valorem special assessment on taxable property within the District to fund all general operating and maintenance expenditures for the Fiscal Year. It will also enter into a Deficit Funding Agreement with landowner to fund the District's general operating and maintenance expenses throughout the fiscal year.

Golf Course Lake Maintenance Contribution

The District's Lake Maintenance expense will be partially funded by contributions from the Golf Course.

EXPENDITURES:
Administrative:

SupeNisor Fees

The Florida Statutes allows each supervisor to be paid per meeting, for the time devoted to District business and board meetings. The amount is based upon 5 Supervisors attending 4 meetings during the fiscal year.

FICA ExJense
Represents the Employer's share of Social Security and Medicare taxes withheld from Board of Supervisor checks.
Enqineerinq

The District's engineer, Dewberry Engineers, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices, etc.
Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2- 12(b) (5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Lerner Reporting Services.

Attorney
The District's legal counsel, Hopping, Green & Sams, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements, resolutions, etc.

3

Deer Run
Community Development District
GENERAL FUND BUDGET

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District is contracted with Berger, Toombs, Elam Gaines & Frank to provide this service.

Trustee Fees

The District's Series 2008 capita l Improvement Revenue Bonds are held with a Trustee at Regions Bank.

Arbitrage

The District will contract with an independent certified public accountant, to annually calculate the District's Arbitrage Rebate Liability once the Bonds are issued. The District has contracted with AMTEC Corporation to provide this service.

Assessment Roll Services

Represents cost associated with certifying, invoicing and collections of annual operations and maintenance and debt service assessments.
Management Fees

The District has contracted with Governmental Management Services - Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but are not lim ited to, recording and transcription of board meetings, administrative services, budget preparation, all financials reporting, annual audits, etc.
Information Technology

The District incurs costs related to the District's accounting and information systems, District's website creation and maintenance, electronic compliance with Florida Statutes and other electronic data requirements.
Telephone

Telephone and fax machine.

Postage

Mailing of agenda packages, overnight deliveries, checks for vendors, and any other required correspondence, etc.

Insurance

Represents the District's general liability, public officials liability and property insurance coverage, which is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

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Deer Run
Community Development District
GENERAL FUND BUDGET

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

Leqal Advertisinq
Advertising of monthly board meetings, public hearings, and any services that a re required to be advertised for public bidding, i.e. audit services, engineering service, maintenance contracts and any other advertising that may be required .

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the fiscal year.

Office Supplies

The District incurs charges for supplies that need to be purchased during the fiscal year, including copier and printer toner cartridges, paper, file folders, binders, pens, paper clips, and other such office supplies.
Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Community Affa irs for
$175. This is the only expense under this category for the District.

Maintenance:
Field Manaqe.ment
The District is contracted with Governmental Management Services, Central Florida - LLC to provide onsite field management of contracts for District Services such as landscape maintenance. Services to include weekly site inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

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Deer Run
Community Development District
GENERAL FUND BUDGET

Electric

The District incurs cost for electric and street lighting. The District has the following accounts with Florida, Power & Light.

Description	Monthly	Annually	
Premium Lighting	$902	$10,824	
99 Grand Reserve Dr # Entrance		$776	
100 Grand Reserve Pkwy # Entrance	$150	$1,800	
410 Grand Reserve Dr # B	$150	$1,800	

$65

Decorative Lighting # Oak Branch
TOTAL
Water & Sewer

$650  	$......,..7,8_00---l
$23,000

The District incurs cost for water. The District has the following accounts with the City of Bunnell.

Description	Monthly	Annually

100 Grand Reserve Pkwy
TOTAL
Landsca e Maintenance

$433

----$-'---'-5,2-00---l
$5,200

The District will incur landscape maintenance expenses, which include mowing, edging, string-trimming, shrub pruning, weeding, fertilization, pest control and irrigation inspections during the fiscal year. Yellowstone Landscape is contracted to provide these services.

Description   Landscape Maintenance TOTAL

Monthly	Annually

$37,800

$3, 150
----'---'---I
$37,800

To record the cost of landscape enhancements as well as any miscellaneous landscape items currently not budgeted or covered in landscape contract.

Irrigation Repairs

To record the cost of repa irs to the irrigation system and preventative maintenance on the irrigation pump station.

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Deer Run Community Development District
GENERAL FUND BUDGET

Lake Maintenance

The monthly aquatic management service of 24 waterways for the District is provided by Applied Aquatic Management. Services include monthly inspections and treatment for the continued control of torpedo grass, cattails, spike rush and algae.

Description Aquatic Treatments TOTAL
Contingency

Monthly	Annually

j

$1,417  -----'-$ 1----'-7,0-00---I
$17,000

To record the cost of any maintenance expenses not properly classified in any of the other accounts.

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DEER RUN
COMMUN ITY DEVELOPMENT DISTRICT
Debt Service Fund Budget

ADOPTED	PROPOSED FY2017		FY2018
DESCRIPTION	BUDGET	BUDGET

Revenues		
Debt Assessments	$695,303	$695,303	
Other Revenue Sources	$2,716	$3, 185	
TOTAL REVENUES	$698,019	$698,488	
Ex enditures			

Interest - 1 1/1	
$286,509	
$281,744	
Principal - 5/1	$125,000	$135,000	
Interest - 5/1	$286,509	$281,744	
TOTAL EXPENDITURES	$698,0 19	$698,488	
EXCESS REVENUES	$0	$0	

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Deer Run
Community Development District Debt Service Assessments

Annual 2018 Per Unit

Annual 2018 Net

Product Tvoe Oak Branch

Units	Assessments Assessments

129	$1,057	$136,338

50'	297	$705	$209,263	
Townhome	274		$135, 141	
Commercial	5000	$0.50	$2,490	
Golf Course	1	$1,258	$1,258	
Deer Run
Multi Family	250	$658'	$164,405	
Commercial	10000	$0.50	$4,979	
Total			$695,303	

$846	$41,430

$493

9

$750

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
Settlement Monitoring Fund Budget

ADOPTED FY2017
DESCRIPTION	BUDGET	ACTUAL THRU 7/31/17	PROJ ECTED N EXT 2 MONTH	TOTAL AS OF 9/30/17	PROPOSED FY2018 BUDGET	
Revenues					
Carry Forward Surplus	$24,550	$0	$24,550	$23,800	
TOTAL REVENUES	$24,550		$24,550	$23,800	

Ex	nditures						
Permit Monitoring	$0	$750	$0	$750	$0	
TOTAL EXPENDITURES	$0				$0	
EXCESS REVENU ES[(EXPENDITU RES)	$0	$23,800	$0	$23,800	$23,800	

10 

RESOLUTION 2017-08
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS AND CERTIFYING AN ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Deer Ru.n Community Development District (the "District") is a local unit of special-purpose government established pursuant to Chapter 1 90, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and
services to the lands within the District; and
WHEREAS, the District is located in Flagler County, Florida (the "County"); and
WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District's adopted improvement plan and Chapter 190, Florida Statutes; and
WHEREAS, the Board of Supervisors (the "Board"), ofthe District hereby determines to undertake various operations and maintenance activities described in the District's budget for Fiscal Year 2017-2018 ("Operations and Maintenance Budget"), attached hereto as Exhibit "A" and incorporated by reference herein; and
WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the District's budget for Fiscal Year 201 7-2018; and
WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the district; and
WHEREAS, Chapters 1 90 and 1 97, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and
WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector ("Uniform Method"); and
WHEREAS, on February 13, 201 4, the District entered into a Settlement Agreement and a Tri-party Agreement (the "Agreements"), regarding the collection of the Series 2008 Debt Special Assessments and O&M Special Assessments (the "Special Assessments").
WHEREAS, pursuant to the Agreements, there will be no enforcement and collection of the Special Assessments on property owned by Deer Run CDD Holdings, Inc., ("Deer Run Parcels"), until the expiration or termination of the Agreements; and

1

W.HEREAS, the District has previously evidenced its intention to utilize this Uniform Method; and
WHEREAS, the District has previously levied an assessment for debt service, which the District desires to collect on the tax roll for platted lots owned by end users pursuant to the Uniform Method and which is also indicated on Exhibit "A"; and
WHEREAS, the District has approved an Agreement with the Property Appraiser and Tax Collector of the County to provide for the collection of the special assessments under the Uniform Method; and
WHEREAS, it is in the best interests of the District to proceed with the imposition of the special assessments for operations and maintenance ("O&M Special Assessments"), on platted lots owned by end users in the amount contained in the budget; and
WHEREAS, the District desires to collect O&M Funding on the "Deer Run Parcels", as defined in the Agreements, reflecting their portion of the District's operations and maintenance budget; and
WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Deer Run Community Development District (the "Assessment Roll"), attached to this Resolution as Exhibit "B" and incorporated as a material part of this Resolution by this reference, and to certify the Assessment Roll to the County Tax Collector pursuant to the Uniform Method; and
WHEREAS, it is in the best interests of the District to permit the District Manager to amend the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT:
SECTION 1. BENEFIT. The provision of the services, facilities, and operations as described in Exhibit "A" confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the assessments. The allocation of the costs to the specially benefitted lands are shown in Exhibits "A" and "B", and are fairly and reasonably apportioned among the benefitted lands.
SECTION 2. ASSESSMENT IMPOSITION. A special assessment for operation and maintenance as provided for in Chapters 190 and 197, Florida Statutes, is hereby imposed and levied on benefitted lands within the District in accordance with Exhibits "A" and "B." The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution.

2

SECTION 3. COLLECTION	AND	ENFORCEMENT;	PENALTIES;	INTEREST.	The
collection of the previously levied debt service assessments and O&M Special Assessments shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits "A" and "B." The previously levied debt service assessments on the Deer Run Parcels shall continue to be held in abeyance. The O&M Funding on all Deer Run Parcels will be collected as set forth in the Agreements and in Exhibits "A" and "B".
SECTION 4. ASSESSMENT ROLL. The District's Assessment Roll, attached to this Resolution as Exhibit "B," is hereby approved and certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds therefrom shall be paid to the Deer Run Community Development District.
SECTION 5. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep apprised of all updates made to the County property roll by the Property Appraiser after the date of this Resolution, and shall amend the District's Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall file the updates to the tax roll in the District records.
SECTION 6. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions ofthis Resolution, or any part thereof.
SECTION 7. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Deer Run Community Development District.
PASSED AND ADOPTED this 24th day ofAugust, 201 7.

ATTEST:

Secretary / Assistant Secretary

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

By:_ 	    	_____ 	 _ Its:----		--------	-

3

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FISCAL YEAR 2017/2018 BUDGET DEFICIT FUNDING AGREEMENT BETWEEN DEER RUN COMMUNITY DEVELOPMENT DISTRICT AND D.R. HORTON, INC. - JACKSONVILLE
Tms AGREEMENT (the "Agreement") is made and entered into the 1st day of October, 2017, by and between:
DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 190, Florida Statutes, and located in the City of Bunnel, Florida whose mailing address is 1 35 W. Central Boulevard, Suite 320, Orlando, Florida 32801 (the "District"); and
D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation and a landowner in the District whose address is 4220 Race Track Road, Saint Johns, Florida 32259 (the "Landowner").

Recitals
WHEREAS, the District was established pursuant to Chapter 190, Florida Statutes, for the purpose of planning, financing, constructing, operating and/or maintaining certain infrastructure improvements including but not limited on-site and off-site roadways improvements, water and sewer utility improvements, stormwater management system, open space and right-of-way improvements, recreation amenities, public park and other infrastructure; and
WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance ofthe District's activities and services; and
WHEREAS, Landowner presently owns and is developing the real property described in Exhibit A, attached hereto and incorporated herein by reference, which is located within the District and will benefit from the continued operations of the District (the "Property"); and
WHEREAS, the District has adopted its operating budget for the Fiscal Year 2017/201 8 (the "2018 O&M Budget"), which budget will commence on October 1, 201 7, and conclude on September 30, 201 8, a copy of which is attached hereto as Exhibit B and incorporated herein by reference; and
WHEREAS, following the adoption of the 2018 O&M Budget, the District has the option of levying non-ad valorem assessments on all land within its boundaries that will benefit from the activities,  operations  and  services  set  forth  in such budget  (hereinafter  referred  to  as  the "O&M Assessment(s)"), or utilizing such other revenue sources as may be available to it; and
WHEREAS, due to the nature of the ownership of the Property, the District is not able to predict with absolute certainty the amount of monies necessary to fund the District's activities, operations and services set forth in the 2018 O&M Budget; and

1

WHEREAS, the Parties have entered into a number of agreements, including a Tri-Party Agreement and a Settlement Agreement, requiring that no O&M Assessments shall be imposed on the Property so long as the SPE is not in default of its obligations pursuant to this Agreement; and

WHEREAS, in contemplation of the foregoing, and in lieu of levying O&M Assessments on the Property to fund the 201 8 O&M Budget, the Landowner desires to provide the monies necessary to fund the actual expenditures for the Fiscal Year 201 7/2018 (hereinafter referred to as the "O&M Budget Payment"), not otherwise funded by O&M Assessments levied upon other benefited lands located within the District.
Now, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the parties agree as follows:
SECTION 1. RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.
SECTION 2.	PAYMENT OF DISTRICT'S O&M BUDGET.

1.

Payment of O&M Budget Expenses. Upon the District Manager's written request, the Landowner agrees to make available to the District the monies necessary to fund all expenditures of the 201 7/20 18 O&M Budget not otherwise funded through O&M Assessments levied upon other benefited lands located within the District, on a continuing basis, within fifteen (1 5) days of written request by the District. Funds provided hereunder shall be placed in the District's general checking account. In no way shall the foregoing in any way affect the District's ability to levy special assessments upon the lands within the District, including the Property, in accordance with Florida law, to provide funds for any unfunded expenditures whether such expenditures are the result of an amendment to the District's 2018 O&M Budget or otherwise.

11.

Consent to Funding of 201 7 O&M Bude.et. The Landowner acknowledges and agrees that the O&M Budget Payment represents the funding of operations and maintenance expenditures that would otherwise be appropriately funded through O&M Assessments equitably allocated to the Property within the District in accordance with the District's Assessment Methodology. Landowner agrees to pay, or caused to be paid, the O&M Budget Payment regardless of whether Landowner owns the Property at the time of such payment subject to the terms set forth in Section l O herein. Landowner agrees that it will not contest the legality or validity of such imposition, collection or enforcement to the extent such imposition is made in accordance with the terms ofthis Agreement.
SECTION 3. CONTINUING LIEN. The District shall have the right to file a continuing lien upon the Property described in Exhibit A for all payments due and owing under the terms of this Agreement and for interest thereon, and for reasonable attorneys' fees, paralegals' fees,

2

expenses and court costs incurred by the District incident to the collection of funds under this Agreement or for enforcement of this lien, and all sums advanced and paid by the District for taxes and payment on account of superior interests, liens and encumbrances in order to preserve and protect the District's lien. The lien shall be effective as of the date and time of the recording of a "Notice of Lien for FY 2017120 18 O&M Budget" in the public records of Flagler County, Florida, stating among other things, the description of the real property and the amount due as of the recording of the Notice, and the existence of this Agreement. The District Manager, in its sole discretion, is hereby authorized by the District to file the Notice of Lien for FY 2017/2018 O&M Budget on behalf of the District, without the need of further Board action authorizing or directing such filing. At the District Manager's direction, the District may also bring an action at law against the record title holder to the Property to pay the amount due under this Agreement, or may foreclose the lien against the Property in any manner authorized by law. The District may partially release any filed lien for portions of the Property subject to a plat if and when the Landowner has demonstrated, in the District's sole discretion, such release will not materially impair the ability of the District to enforce the collection of funds hereunder. In the event the Landowner sells any of the Property described in Exhibit A after the execution of this Agreement, the Landowner's rights and obligations under this Agreement shall remain the same, provided however that the District shall only have the right to file a lien upon the remaining Property owned by the Landowner.
SECTION 4.	ALTERNATIVE COLLECTION METHODS.

1.

In the alternative or in addition to the collection method set forth in Section 3 above, the District may enforce the collection of the O&M Budget Payment(s) by action against the SPE in the appropriate judicial forum in and for Flagler County, Florida. The enforcement of the collection of funds in this manner shall be in the sole discretion of the District Manager on behalf of the District. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.

11.

The District hereby finds that the activities, operations and services funded by the O&M Budget Payment(s) provide a special and peculiar benefit to the Property, which benefit is initially allocated on an equal developable acreage basis. The SPE agrees that the activities, operations and services that will be funded by the O&M Budget Payment(s) provide a special and peculiar benefit to the Property in excess of the costs thereof on an equal developable acreage basis. Therefore, in the alternative or in addition to the other methods of collection set forth in this Agreement, the District, in its sole discretion, may choose to certify amounts due hereunder as a non-ad valorem assessment on all or any part of the Property for collection, either through the Uniform Method of Collection set forth in Chapter 1 97 or under any method of direct bill and collection authorized by Florida law. Such assessment, ifimposed, may be certified on the next available tax roll of the Flagler County property appraiser.

3

SECTION 5. NOTICE. All notices, payments and other communications hereunder ("Notices") shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or telecopied to the parties, as follows:

Ifto District:

With a copy to:

Ifto Landowner:

Deer Run Community Development District 1 35 W. Central Boulevard, Suite 320
Orlando, Florida 32801 Attn: District Manager
Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: District Counsel
D.R. Horton, Inc. - Jacksonville 4220 Race Track Road
Saint Johns, Florida 32259 Attn: Robert Porter

SECTION 6. AMENDMENT.  This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both ofthe parties hereto.
SECTION 7. AUTHORITY. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this instrument.
SECTION 8. ASSIGNMENT. This Agreement may not be assigned, in whole or in part, by either party except upon the written consent of the other, which consent shall not be unreasonably withheld.
SECTION 9. DEFAULT. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include, but not be limited to, the right ofdamages, injunctive relief and specific performance and specifically including the ability of the District to enforce any and all payment obligations under this Agreement in the matter described in Sections 3 and 4 above.
SECTION 10.	THIRD  PARTY  RIGHTS;  TRANSFER OF PROPERTY.	This Agreement is
solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and

4

shall be binding upon the parties hereto and their respective representatives, successors and assigns. In the event the Landowner sells or otherwise disposes of its business or of all or substantially all of its assets relating to improvements, work product, or lands within the District, including the Property, the Landowner shall continue to be bound by the terms of this Agreement and additionally shall expressly require that the purchaser agree to be bound by the terms of this Agreement. The Landowner shall give ninety (90) days prior written notice to the District under this Agreement of any such sale or disposition.
SECTION 11. APPLICABLE LAw AND VENUE. This Agreement and the prov1S1ons contained herein shall be construed, interpreted and controlled according to the laws of the State ofFlorida. The parties agree that venue shall be in Flagler County, Florida.
SECTION 12. NEGOTIATION AT ARM'S LENGTH. This Agreement has been negotiated fully between the parties as an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are each deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.
SECTION 13. EFFECTIVE DATE. The Agreement shall take effect as of October 1, 2017. The enforcement provisions of this Agreement shall survive its termination, until all payments due pursuant to this Agreement are paid in full.

[Signature pagefollows]

5

IN WITNESS WHEREOF, the parties execute this Agreement on the day and year first written above.

Attest:

Secretary/Assistant Secretary

Witness:

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairperson, Board of Supervisors

D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation

Witness	Name: ---------------

Title:

EXHIBIT A:	Description ofthe Property
EXHIBIT B:	Fiscal Year 201 8 O&M Budget

6

----	--	--	--

EXHIBIT A
Description of the Property

EXHIBIT B
Fiscal Year 2018 O&M Budget

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Prepared By and Return To
Roy Van Wyk, Esq. Hopping Green & Sams, P.A.
1 19 South Monroe Street, Suite 300
Tallahassee, Florida 32301 

rQ�STRUCTION AND ACCESS EASEM.ENT AGREEMENT

THIS	CONSTRUCTION	AND	ACCESS	EASEMENT	AGREEMENT
("Agreement") is made and entered into this __:_ day of���-' 201 7, by and between Deer Run Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, whose address is c/o Governmental Management Services, Central Florida, Inc., 135 W. Central Boulevard, Suite 320, Orlando, Florida 3280 1 ("Grantor" or the "District") in favor of City of Bunnell, a Florida municipal corporation, with a mailing address of 201 West Moody Drive, Bunnell, Florida 32 1 10, ("Grantee") (Granter and Grantee are sometimes together referred to herein as the "Parties", and separately as the "Party").

W IT N .ESSE T H.:
WHEREAS, Grantor is the owner in fee simple of certain real property located in the City of Bunnell, Flagler County, Florida, being more particularly described on Exhibit "A" attached hereto and by this reference incorporated herein (the "Easement Area"); and
WHEREAS, Grantee intends to complete within the Easement Area, the design, install ation and construction of re-use water lines and related utiliti.es, (collectively, the "Jmprovements")� and
WHEREAS, the Parties are in the process of transferring fee simple ownership of the real property upon which the Easement Area is located; and
WHEREAS, the Parties recognize that Grantee needs to have immediate access to the Easement Area for the purposes of designing and instal ling and constructing the Improvements; and

WHEREAS, Grantor desires to grant to Grantee a temporary, non-exclusive construction and access easement on, upon, over, under, across, and through the Easement Area for the sole purpose of constructing the Improvements, until such time as conveyance of the underlying real property and right of way is transferred from Grantee to Grantor

l

NOW, THEREFORE, for and in consideration of Ten and No/1 00 Doll ars ($ 1 0.00) in hand paid by the Grantee to the Granter, the mutual covenants and agreements herein set forth and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby expressly acknowledged by the Parties, the Parties do hereby agree as follows:
Recitals. The foregoing recitals are true and correct and are incorporated herein by this reference.
Construction Easement. Grantor does hereby grant, bargain, sell and convey to Grantee a temporary, non-exclusive easement on, upon, over, under, across and through the Easement Area for access, ingress, egress and to allow Grantee to complete the design, construction and installation of the Improvements (collectively, the "Easement").
Term of Easement. Upon the earlier of (i) the conveyance of the fee simple ownership of the real property upon which the Easement Area is located from Grantee to Grantor, or (ii) recordation of a release of the Easement in the Public Records of Flagler County, Florida, then this Agreement shall automatically terminate and be extinguished and all rights in the Easement granted by this Agreement shall immediately revert to the Grantor, its successors, transferees and assigns, without further action of the Grantor or Grantee being required with respect to such Easement Area. Upon termination of this Agreement, as provided herein, and upon request by Grantor, Grantee sha1l promptly execute and deli ver to Grantor a document in
recordabl e fom1 confirming termination of this Agreement and the Easement granted herein. Should the Grantee acquire the Easement Area from the Grantor prior to the occmTence of events
and (ii) enumerated herein, this Agreement shall automatically terminate and be extinguished
and all rights in the Easement granted by this Agreement shall immediately vest in the Grantee, its successors, transferees and assigns, without further action of the Grantor or Grantee being required with respect to such Easement Area.
Insurance and Indemnity. Grantee and/or any contractors performing work for Grantee on the Easement Area, shall at all times maintain general public liability insurance to afford protecti on against any and all claims for personal injury, death or property damage arising directly or i ndirectly out of the exercise of the rights and privileges granted. Said insurance maintained  by  any  contractors  performing  work for Grantee  on  the Easement  Area  shall  be
issued by solvent, reputable insurance companies authorized to do business in the State of Florida, naming Grantee and Grantor as insured, as their interests may appear, in a combined­ single limit of not less than One Million and 00/100 Dollars ($1 ,000,000.00) with respect to bodily injury or death and property damage. Said insurance shall also be primary, and not contributory, as to any insurance coverage main tained by Grantor. To the extent permitted by law and without waiving any of the protections afforded by Section 768. 28, Florida Statutes, C'JTantee h ereby agrees to indemnify  and  hold  harmless  Grantor  from  and  against any  and  all liability arising out of Grantee's constructi on activities within the Easement Area.
Obligations of Grantor and Grantee. The Parties acknowledge and agree that any rights granted hereunder shall be exercised by the Parties only in accordance and compliance with any and all applicable laws, ordinances, rules, regulations, permits and approvals, and any future modifications or amendments thereto. The Parties covenant and agree that neither party shall discharge into or within the Easement Area, any hazardous or toxic materials or substances,
2

any pollutants, or any other substances or materials prohibited or regulated under any federal, state or local law, ordinance, rule, regulations or permit, except in accordance with such laws, ordinances, rules, regulations and permits. To the extent pennitted by law and without waiving any of the protections afforded by  Section 768.28, Florida Statutes, each Party h ereby agrees to indemnify and hold harmless the other Party from and against any and all li ability ari sing out of such Party's breach of any provision of this Agreement, including, without l imitation, the matters set forth in this paragraph. 
Beneficiaries of Easement Rights. The Easement set forth in this Agreement shall be for the sole benefit and use of Grantee, its successors and assigns, and Grantee' s agents, employees, consultants, representatives, contractors and providers of emergency services and utility services.
Amendments and \Vaivers. This Agreement may not be tenninated or amended, modified, altered, or changed in any respect whatsoever, except by a further agreement in writing duly executed by the Parties and recorded in the Public Records of Flagler C ounty, Florida. No delay or omission ofany Party in the exerci se of any right accruing upon any default of any Party shall i mpair such right or be construed to be a waiver thereof, and every such right may be exerci sed at any time during the continuance of such default. A waiver by any Party of a breach of, or a default in, any of the terms and conditions of this Agreement by any other Party shall not be construed to be a waiver of any subsequent breach of or default in the same or any other provi sion of this Agreement. No breach of the provisions of this Agreement shall entitle any Party to cancel, rescind or otherwise terminate this Agreement, but such limitati on shall not affect, in any manner, any other rights or remedies which any Party may have by reason of any breach of the provisions of this Agreement.
Notices. Any notices which may be permitted or required hereunder shall be in writing and shall be deemed to have been duly given (i) three (3) days after depositing with the United States Postal Service, postage prepaid, (ii) one day after depositing with a nationally recognized overnight courier service, or (iii) on the day of hand delivery (provided such delivery occurs prior to 5:00 pm, E. S.T. or E.D.T., as applicable), to the address listed above or to such other address as either Party may from time to time designate by written notice in accordance with this paragraph.
Use ofEasement A ..ea. It is acknowledged and agreed that the Easement granted under this Agreement is not an exclusive easement and that Grantor shall h ave the right to use and enj oy the Easement Area in any manner not inconsistent with the easement rights created herein, and grant others the right to do so.
Liens. Grantee shall not pennit (and shall promptly satisfy or bond) any construction, mechanic' s lien or encumbrance against the Easement Area in connection with the exercise of rights hereunder.
11 . Effective Date. The Effective Date of the Agreement shall be the last day that this Agreement is signed by either Party

3

12.       l\'liscellaneous.  This Agreement contains the entire understanding of the Parties with respect to the matters set forth herein and no other agreement, oral or written, not set forth herein, nor any course of dealings of the Parties, shall be deemed to alter or affect the terms and conditions set forth herein . If any provision of this Agreement, or portion thereat: or the application thereof to any person or circumstances, shall, to the extent be held invalid, inoperative or unenforceable, the remainder of this Agreement, or the application of such provision or portion thereof to any other persons or circumstances, shal l not be affected thereby; it shall not be deemed that any such invalid provision affects the consideration for this Agreement; and each provision of this Agreement shall be valid and enforceable to the ful1est extent permitted by law. This Agreement shall be construed in accordance with the laws of the State of Florida. Venue for any proceeding brought hereunder shall be Flagler County, Florida. In the event ofany dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, the predominantly prevailing p arty shall be entitled to recover its reasonable attorneys' fees, costs and expenses, whether suit be brought or not, and whether in settlement, in any declaratoty action, at trial or on appeal. The section headings in this Agreement are for convenience only, shall in no way define or limit the scope or content of thi s Agreement, and shall not be considered in any constmction or interpretation of this Agreement or any part hereof. Where the sense of this Agreement requires, any reference to a term in the singular shall be deemed to include the plural of said term, and any reference to a term  in  the  plural  shall  be  deemed  to  include  the  singular  of said  term.    Nothing  in  this Agreement shall be construed to make the Parties hereto partners or joi nt venturers or render either of said parties liable for the debts or obligations of the other. This Agreement may be executed in counterparts, each of which shall constitute an original, but all taken together shall constitute one and the same Agreement. Time is of the essence of this Agreement. This Agreem ent shall be binding upon and inure to the benefit of Granter and Grantee and their respective successors and assigns. The rights, privileges and Easement granted and conveyed hereunder shall be a burden upon the Easement Area and shall ex.ist for the benefit of and tun with title to the Easement Area.

[SIGNATURES CONTAINED ON FOLLOWING PAGES]

4

GRANTORt
l)fi:ER R.liN COMMUNIT\'
Dl.i�VE.   tOPMENT
DISTRICT, a l£ical (mit of spccial-pmpost: govcrnmi;�nl �stabli•,hcd ptmmant tc Chapter l 90. Florida Srotmcs

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Th� ..fn.rcgoing	instrument	was	ackm,wlcdgcd	before	me	this	.:tt.�.:.':�--·aay	of A,)6r.J'.:.'·r	, 20i7, by Robert' S. Porter, as Chainnun of DEER RlJN COMMlJNlTY

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1i"i(v1,:LOPMENT DJSTRICT. a local unit of sp��fat:1:-pJ'l1rit)�vcEfi'iii'i�'h�taHishc::d pursua111 to   Chapter	J 90.   Florida   Siatwes.	I k.   is   (£.'.:���-1_!.L.:.1�-�1\\}:!._Jy_.111e-A)r   has   prndw..:cd

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Signed, sealed and delivered in the presence of:

Print Name.

Print Name:

GRANTEE:
CITY OF BUNNELL, a Florida Municipal Corporation

By:	_	 Name:
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STATE OF FLORIDA COUNTY OF FLAGLER)
The	foregoing	i nstrument	was	acknowledged	before	me	this

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of CITY OF BUNNELL, a Florida Municipal Corporation. He/She is personally known to me
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(Typed name ofNotary Public) Notary Public, State of Florida Commi ssion No.. 
My Commissi on Expires:

6

Exhibit A
The Platted ROW as shown in the Grand Reserve and Golf Club, RPUD, Unit 1 Plat Book 36 Pages 100 through 1 04 as recorded in the Public Records of Flagler County and together with the ROWs as shown on the Deer Run R-2 Plat Book 37 Pages 80 through 93 as recorded in the Public Records of Flagler County

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Deer Run Community	Development District
135 West Central Boulevard - Suite 320 - Orlando - Florida - 32801
May 30, 2017

Via Electronic and U.S. Mail:

The Honorable Debbie Mayfield, Chair The Florida Legislature
Joint Legislative Auditing Committee 111 West Madison Street, Room 876 Claude Pepper Building
Tallahassee, Florida 32399-1400

jlac@leg.state.fl.us

RE: Deer Run Community Development District ("District") ( Flagler County, Florida)

Dear Chairman Mayfield:

The following is an update to the District's response dated March 22, 2016 to a previous request for information related to certain findings in the District's Annual Audit Report for Fiscal Year 2015.

Please be advised the property subject to delinquent debt service assessments securing the repayment of the District's Special Assessment Bonds, Series 2008 ("Series 2008 Bonds") has been sold to a national builder. The national builder is in the process of negotiating with the holders of the Series 2008 Bonds to resolve all matters related to finding 2015-01 and 2015-02. The District is hopeful that the process will be finalized prior to the end of. this fiscal year therefore the District would issue their Fiscal Year 2017 Annual Audit Report having all findings 2015- 01 and 2015-02 being corrected.

The District's operating revenues continue to exceed its operating expenses and the District does not require any financial assistance from the state.

If the District or my office can provide any additional information, please feel free to contact me. Thank you.

Sincerely,

laso:Sh��

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District Manager

CC:	Board of Supervisors for the Deer Run Community Development District

JOE NEGRON
President ofthe Senate

Senator Dennis Baxley Senator Audrey Gibson Senator Kathleen Passldomo Senator Perry E. Thurston, Jr.

March 20, 2017

THE FLORIDA LEGISLATURE
JOINT LEG ISLATIVE AUDITING COMMITTEE

Senator Debbie Mayfield, Chair Representative Daniel D. Raulerson, Vice Chair

RICHARD CORCORAN
Speaker of the House

Representative Tracie Davis Representative Randy Fine RepresentitlveJoe Gruters Representative Roy Hardemon Representative Cyndi Stevenson

__,, ______

Roy Van Wyk, Registered Agent .
Deer Run Community Development District
_.Hopping, Green.& Sams,-?.A.------�------·----····-·----···-·-·-·--------·--·-•·-·----···-  ··· -------  ·---------···-----------··- ··•···-··-··---·_ 119 South Monroe Street, Suite 300
Tallahassee, -FL 32301
Dear Mr. Van Wyk:
Section 218.39(8), Florida Statutes, requires the Auditor General to notify the Joint Legislative Auditing Committee {Committee) when a special district has failed to correct an audit finding that has been reported In three successive audit reports. The Committee maythen require the special district to provide a written explanation of the status of corrective action that has been taken. If the explanation is either not provided or determlned to be not sufficient, the Committee may require the chair of the governing body ofthe special district to appear before the Committee.
On February 23, 2017, the Committee adopted a motion to direct the Deer Run Community Development District {District) to provide a written statement to the Committee explaining why full corrective action has hot been taken or, ifthe governing body intends to take full corrective action, describing the corrective action to be taken and when it will occur, for audit findings that were reported in the FY 2014-15 fiscal year audit report and also in the two preceding audit reports. See enclosure for the audit findings that require a response.
You may access this audit report from the Auditor General's website (www.myflorida.com/audgen) under the heading 'Reports Filed with the Auditor General.' Hover over 'Filed Reports,' select 'Special Districts,' and then select 'Deer Run Community Development District' and the report for the 'FY 2014-15 Fiscal Year.'

Kathryn H. DuBose, Coordinator
111 West Midlson Street, Room 876, Claude Pepper Building, Tallahassee, Florida 32399-1400 Telephone (850} 487-4110 Fax (850) 922•5667
Jlac@leg.st,te.fl.us

Roy Van Wyk, Registered Agent Page 2

The following guidance is provided to assist you in your response:
If a ny of the findings have been corrected and were no� included in the audit report for the FY 2015- 16 fiscal year, please Indicate such in the required statement.
If any ofthe findings have not been corrected and relate to areas that may never be fully resolved due to limited staffand resources ofa small entity, please explain such in the written statement and briefly describe any procedures that may have been implemented to help address the issue. One example is a separation of d uties finding. While It is understood and acknowledged that there are many small
-governmental entities in this state with limited resources, there a re always compensating controls that can be implemented to help mitigate some of the Inherent risk that exists when one individual atsuch an entity has a ccess to both physical assets and the related accounting records, orto all phases of a transaction. Another example is a finding related to the auditors assisting in the preparation of the District's financial statements and related note disclosures.
Ifany of the finding(s} have not been corrected and the previous bullet Is not applicable, please explain the corrective action(s) beingtakento resolve the audit finding(s). Whilewe understand thatthe audit report referenced in this letter contained a written response to the findings included in the audit report, we are requesting an updated status of the corrective actlon{s) being taken. Please do not
provide just a copy of the written respomnsoe from-�-y--o-u- -r-a·•-u--d--it·• •reportW, u�-n-l-e--s--s-it-in--c-l-u�de---s-d�e- -t-a--i-l,-s--a-n--d-w-·---a- s.

·--�-  ···:··: -· · • -- �-providedto the audftor'within"tne past

nth.

Please provide the written statement by June 1, 2017. You may address it to The Honorable Debbie Mayfield, Chair, Joint Legislative Auditing Committee, and send it to the Committee's office using one of the following methods:
E-mail: jlac@leg.state.fl.us F.ax:	850-922-5667
Mall:	111 W. Madison St., Rm. 876; Tallahassee, FL 32399-1400
Please note that your response will be posted on the Committee's website. Thank you for your cooperation.
Best rega rds,

. .

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Debbie Mayfield	·	Daniel Raulerson

Chair	· .

Enclosure

Vice Chair

Roy Van Wyk, Registered Agent Page 3

Deer Run Community Development District

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RESOLUTION 2017-09
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DEERRUN COMMUNITY DEVELOPMENT DISTRICT RESCINDING RESOLUTION 2017-05 IN ITS ENTIRITY; DECLARING SPECIAL ASSESSMENTS TO SECURE ITS ANTICIPATED SPECIAL ASSESSMENT REFUNDING AND IMPROVEMENT BONDS, SERIES 2017; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENTROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION.
WHEREAS, the Deer Run Community Development District ("District") is a local unit of special-purpose government located in the City ofBunnell, Flagler County, Florida, and established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes ("Uniform Act"), by the City of Bunnell Board of County Commissioners; and
WHEREAS, the Act authorizes the District to issue bonds for the purpose, among others, of planning, financing, acquiring, constructing, installing, operating, and/or maintaining certain infrastructure, including roadway improvements, stormwater management systems, landscaping, recreation andparks facilities, water and sewersystems and other infrastructure within or without the boundaries of the District; and
WHEREAS, the District previously issued its Series 2008 Special Assessment Bonds, Series 2008 in the par amount of$8,165,000 (the "Series 2008 Bonds") and levied special assessments to the secure the 2008 Bonds (the "Series 2008 Assessments"); and
WHEREAS, the infrastructure improvements and facilities financed, in part, by the Series 2008 Bonds (the "2008 Project") are more specifically described and identified in the District's Engineer 's Report dated July 26, 2007, as revised, (the "Master Project Report"), adopted and confirmed by the District; and
WHEREAS, pursuant to Resolutions 2007- 15, 2007-24 and 2008-03 (the "2008 Assessment Resolutions"), the District imposed Series 2008 Assessments on developable realproperty within the boundaries of the District that specially benefits from the 2008 Project as described in the Series 2008 Assessment Resolutions and as set forth in the District's First Supplemental Assessment

1

Methodology Report, dated April 25, 2008 (the "2008 Assessment Report"); and
WHEREAS, the District has previously adopted Resolution 201 7-05 regarding the imposition of special assessment which the District desires to rescind in its entirety and replace with this Resolution; and
WHEREAS, the District has determined that it is in the best interest of the District and its residents to refund the Series 2008 Bonds with refunding and improvement bonds to be issued in 20 1 7, and apply a portion of those proceeds to the construction, installation and/or acquisition of additional infrastructure improvements (the "20 17 Project") as more fully described in the Engineer 's Report dated July 16, 2007, as revised and supplemented in the Supplemental Engineer 's
Reportfor the 201 7 Improvements, dated August 20 17 (the "20 17 Report"); and
WHEREAS, the Board ofSupervisors of the District ("Board") hereby determines to ratify and approve the undertaking, installing, planning, establishing, constructing, enlarging or extending, equipping, acquiring, operating, and/or maintaining the public improvements described in the Engineer's Report and the 2017 Report (together the "Improvements"), all of which are attached hereto as Composite Exhibit A and incorporated herein by reference, which Improvements, and the
nature and specificity thereof, are more particularly described in Composite Exhibit A; and
WHEREAS, it is in the best interests of the District to continue to pay the cost of the Improvements through the levy of special assessments pursuant to Chapters 1 70 and 1 90, Florida Statutes (the "Series 2017 Special Assessments"); and
WHEREAS, notwithstanding the District's adoption ofthis resolution to begin the process of levying the Series 2017 Special Assessments, the 2008 Assessments shall remain valid and binding until such time as the District levies the Series 2017 Special Assessments and issues its Special Assessment Refunding and Improvement Bonds, Series 201 7, which may be issued in multiple series, to be secured by the Series 20 1 7 Special Assessments; and
WHEREAS, the District is empowered by Chapter 1 90, Florida Statutes, the Uniform Community Development District Act, and Chapter 1 70, Florida Statutes, Supplemental Alternative Method of Making Local and Municipal Improvements, and Chapter 1 97, Florida Statutes, to continue implementation ofthe Improvements and to levy the Series 2017 Special Assessments; and

WHEREAS, the District hereby determines that benefits have accrued and will continue to accrue to the property improved, the amount of those benefits, and that special assessments will be made in proportion to the benefits received as set forth in the District's First Supplemental Assessment Methodology Report, and the Second Supplemental Assessment Methodology Report dated  ---�'  201 7,  (the  "2017  Assessment  Report")  all  of which  are  attached  hereto  as
Composite Exhibit B incorporated herein by reference (the "Assessment Report"), and on file at
Governmental Management Services, Central Florida Inc. located at 1 35 W. Central Blvd, Suite 320, Orlando, Florida 3280 1 or 1 769 E. Moody Blvd., Bunnell, Florida, ("District Records Office"); and
WHEREAS, this Resolution shall serve as the "resolution required to declare special assessments" contemplated by section 1 70.03, Florida Statutes, for the assessment lien(s) levied

2

against certain property as described in Composite Exhibit A that collectively comprise the Series 2017 Special Assessments; and
WHEREAS, the District hereby determines that the Series 201 7 Special Assessments to be levied will not exceed the benefits to the property improved.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT:
Section 1.	Resolution 201 7-05 is hereby rescinded in its entirety.
Section 2. The Series 2017 Special Assessments shall be levied to defray the cost ofthe Improvements.
Section 3. The nature and general location of, and plans and specifications for, the Improvements are described in Composite Exhibit A, and are on file at the District's Records Office and available for public inspection.

Section 4.	The total cost ofthe Improvements is $__ 	 as the "Estimated Cost").

_ (hereinafter, referred to

Section 5.	The Series 20 17 Special Assessments will collectively defray approximately
$	 	which includes a portion ofthe Estimated Cost together with financing related
costs, capitalized interest, debt service reserve and contingency, as applicable. The lien for the Series 201 7 Special Assessments willbe allocatedacross all benefitted property to secure to the debt related to the District's Special Assessment Refunding and Improvement Bonds, Series 20 1 7. Should the District issue additional bonds for the purpose of funding additional portions of the Improvements, and seek to levy assessments to secure such bonds, the District shall adopt additional resolutions declaring assessments as contemplated by section 170.03, Florida Statutes and conduct a public hearing on such assessments.

Section 6. The manner in which the Series 2017 Special Assessments shall be apportioned and paid is set forth in Composite Exhibit B.
Section 7. The Series 2017 Special Assessments shall be levied, within the District, on certain lots and lands adjoining and contiguous or bounding and abutting upon such improvements or specially benefitted thereby and further designated by the assessment plat hereinafter provided for.

Section 8. There is on file, at the District Records Office an assessment plat showing the areas to be assessed, with certain plans and specifications describing the Improvements and the Estimated Cost ofthe Improvements, all of which shall be open to inspection by the public.
Section 9. Commencing with the year in which the Series 2017 Special Assessments are certified for collection, the Series 2017 Special Assessments shall be paid in not more than thirty

3

annual installments or the maximum period oftime permitted by law then in effect. The Series 2017 Special Assessments may be payable at the same time and in the same manner as are ad­ valorem taxes and collected pursuant to Chapter 197, Florida Statutes (the "Uniform Method"); provided, however, that in the event the Uniform Method is not available to the District in any year, or ifdetermined by the District to be in its best interest, the Series 2017 Special Assessments, or any portion thereof, may be collected as is otherwise permitted by law. The decision to collect special assessments by any particular method - e.g., by direct bill or on the tax roll - does not mean that such a method will be used to collect special 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.
Section 10. The District Manager has caused to be made a preliminary assessment roll, in accordance with the Assessment Report, attached as Composite Exhibit B hereto, which shows the lands assessed, the amount of benefit to and the assessment against each parcel of land and the number ofannual installments into which the assessment may be divided, which is hereby adopted and approved as the District' s preliminary assessment roll.
Section 11. The Board shalladopt a subsequent resolution to fix a time andplace at which the owners ofproperty to be assessed or any other persons interested therein may appear before the Board and be heard as to the propriety and advisability of the assessments or the making of the Improvements,  the  cost  thereof,  the  manner  of payment  therefor,  or  the  amount  thereof to be assessed against each property as improved.
Section 12. The District Manager is hereby directed to cause this resolution to be published twice (once a week for two (2) weeks) in a newspaper ofgeneral circulation within Flagler County, Florida, and to provide such other notice as may be required by law or desired in the best interests of the District.
Section 13.	This Resolution shall become effective upon its passage.

Attest:

PASSED AND ADOPTED this 24th day ofAugust, 201 7.

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Secretary
Composite Exhibit A: Composite Exhibit B:

Chairperson, Board of Supervisors Engineer's Reports dated July 1 6, 2007 and August, 2017
Assessment Methodology Reports dated April 25, 2008 and
 	_, 2017

4

C

RESOLUTION 2017-10
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT SETTING A PUBLIC HEARING  TO   BE  HELD  ON 	_-, 2017, AT              
_P.M.  AT  THE  GOVERNMENT  SERVICES  BUILDING,  1769  E. MOODY
BOULEYARD, BUNNELL, FLORIDA, FOR THE PURPOSE OF HEARING PUBLIC COMMENT ON IMPOSING SPECIAL ASSESSMENTS ON CERTAIN PROPERTY WITHIN THE DISTRICT GENERALLY DESCRIBED AS THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT IN ACCORDANCE WITH CHAPTERS 170, 1 90 AND 197, FLORIDA STATUTES.
WHEREAS, the Board of Supervisors of the Deer Run Community Development District, (the "Board") has previously adopted Resolution 20 1 7-07, entitled
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT RESCINDING RESOLUTION 2017-05 IN ITS ENTIRITY; DECLARING SPECIAL ASSESSMENTS TO SECURE ITS ANTICIPATED SPECIAL ASSESSMENT REFUNDING AND IMPROVEMENT BONDS, SERIES 2017; INDICATING THE LOCATION, NATURE AND ESTIMATED COST OF THOSE IMPROVEMENTS WHOSE COST IS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE PORTION OF THE ESTIMATED COST OF THE IMPROVEMENTS TO BE DEFRAYED BY THE SPECIAL ASSESSMENTS; PROVIDING THE MANNER IN WHICH SUCH SPECIAL ASSESSMENTS SHALL BE MADE; PROVIDING WHEN SUCH SPECIAL ASSESSMENTS SHALL BE PAID; DESIGNATING LANDS UPON WHICH THE SPECIAL ASSESSMENTS SHALL BE LEVIED; PROVIDING FOR AN ASSESSMENT PLAT; ADOPTING A PRELIMINARY ASSESSMENT ROLL; PROVIDING FOR PUBLICATION OF THIS RESOLUTION.
WHEREAS, in accordance with Resolution 201 7-07, a Preliminary Special Assessment Roll has been prepared and all other conditions precedent set forth in Chapters 1 70, 1 90 and 197, Florida Statutes, to the holding of the aforementioned public hearing have been satisfied, and the roll and
related documents are available  for  public  inspection  at the  offices  of Governmental  Management Services-Central Florida, located at 1 769 E. Moody B lvd., Bunnell, Florida (the "District Records Offices").
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT:

There  is  hereby  declared  a  public  hearing  to  be  held at    	
1

_.M.,   on

_, 201 7, at the offices of the Government Services Building,  1 769  E.  Moody Boulevard, Bunnell, Florida, for the purpose of hearing comment and objections to the proposed
special assessment program for District improvements as identified in the Preliminary Special Assessment Roll, a copy of which is on file. Affected parties may appear at that hearing or submit their comments in writing prior to the hearing to the office ofthe District Manager at 135 W. Central Boulevard, Suite 320, Orlando, Florida 3280 I, (407) 84 1 -5524.
Notice of said hearing shall be advertised in accordance with Chapters 1 70, 190 and 1 97, Florida Statutes, and the District Manager is hereby authorized and directed to place said notice in a newspaper(s) of general circulation within Flagler County (by two publications one week apart with the first publication at least twenty (20) days prior to the date of the hearing established herein).
The District Manager shall file a publisher's affidavit with the District Secretary verifying such publication ofnotice. The District Manager is further authorized and directed to give thirty (30) days
written notice by mail of the time and place of this hearing to the owners of all property to be
assessed and include in such notice the amount of the assessment for each such property owner, a description of the areas to be improved and notice that information concerning all assessments may be ascertained at the District Records Offices.  The District M anager shall file proof of such mailing by affidavit with the District Secretary.
This Resolution shall become effective upon its passage.

PASSED AND ADOPTED THIS 24th DAY OF AUGUST, 20 1 7.

ATTEST:

Secretary / Assistant Secretary

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairperson, Board of Supervisors

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m

RESOLUTION 2017-11
A RESOLUTION OF THE BOARD OF SUPERVISORS OF DEER RUN COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING THE ISSUANCE OF ITS DEER RUN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REVENUE AND REFUNDING BONDS, SERIES 2017, IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $13,000,000 (THE "SERIES 2017 BONDS") TO REFUND AND REDEEM ALL OF THE DISTRICT'S OUTSTANDING SPECIAL ASSESSMENT BONDS, SERIES 2008 AND TO FUND CERTAIN CAPITAL IMPROVEMENTS; DETERMINING CERTAIN DETAILS OF THE SERIES 2017 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A SECOND SUPPLEMENTAL TRUST INDENTURE; AUTHORIZING THE NEGOTIATED SALE OF THE SERIES 2017 BONDS; APPOINTING THE UNDERWRITER; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT WITH RESPECT TO THE SERIES 2017 BONDS AND AWARDING THE SERIES 2017 BONDS TO THE UNDERWRITER NAMED THEREIN PURSUANT TO THE PARAMETERS SET FORTH IN THIS RESOLUTION; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF THE PRELIMINARY LIMITED OFFERING MEMORANDUM AND ITS USE BY THE UNDERWRITER IN CONNECTION WITH THE OFFERING FOR SALE OF THE SERIES 2017 BONDS AND APPROVING THE EXECUTION AND DELIVERY OF A FINAL LIMITED OFFERING MEMORANDUM; AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT AND THE APPOINTMENT OF A DISSEMINATION AGENT; PROVIDING FOR THE APPLICATION OF SERIES 2017 BOND PROCEEDS; AUTHORIZING THE PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE SERIES 2017 BONDS; MAKING CERTAIN DECLARATIONS; APPOINTING A TRUSTEE; PROVIDING FOR THE REGISTRATION OF THE SERIES 2017 BONDS PURSUANT TO THE DTC BOOK-ENTRY SYSTEM; PROVIDING AN EFFECTIVE DATE AND FOR OTHER PURPOSES.

WHEREAS, Deer Run Community Development District (the " District") is a local unit of special purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 1 90, Florida Statutes, as amended (the "Act"), created pursuant to Ordinance No. 2007- 17 of the City Commissioners of the City of Bunnell, Florida, enacted on May 15, 2007, for the purposes of delivering community development services and facilities to property to be served by the District; and
WHEREAS, the premises governed by the District (referred to herein as the "District Lands") are described more fully in Exhibit A to the Master Trust Indenture between the District and the Trustee, dated as of May 1, 2008 (the "Master Indenture"), consisting of approximately 690 acres of land located entirely within the City of Bunnell, Florida (the "City"); and
WHEREAS, the District has been created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands; and
WHEREAS, the District has previously determined to undertake, in one or more stages, the planning, financing, acquisition, construction, reconstruction, equipping and installation of certain infrastructure improvements including roadways, a water/sewer distribution system, reuse water distribution system, a stormwater management and drainage system, landscaping and entrance features, and undergrounding of electrical systems, pursuant to the Act for the special benefit of the District Lands or portions thereof (the "Project"); and
WHEREAS, the Board of Supervisors of the District (the "Board") duly adopted Resolution No. 2007-14 on May 30, 2007 (the "Authorizing Resolution"), authorizing, among other things, the issuance in one or more series of not to exceed $40,000,000 aggregate principal amount ofits Special Assessment Bonds in order to finance the costs of the Project; and
WHEREAS, the Bonds authorized by the Authorizing Resolution were validated and confirmed by judgment of the Circuit Court of the Seventh Judicial Circuit of Florida, in and for Flagler, County, Florida, rendered on July 9, 2007; and
WHEREAS, on May 1, 2008, the District issued, pursuant to the Master Indenture and that certain First Supplemental Trust Indenture, dated as of May 1, 2008, between the District and the Trustee (the "First Supplemental Indenture" and together with the Master Indenture, the "2008 Trust Indenture"), its Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Bonds, Series 2008 (the "Series 2008 Bonds") in the principal amount of $8,165,000, which financed the Series 2008 Project (as such term is defined in the First Supplemental Indenture), which are currently outstanding in the principal amount of
$8,090,000; and
WHEREAS, the repayment of the Series 2008 Bonds is secured by special assessments levied and imposed pursuant to Chapters 1 70 and 190, Florida Statutes (the "Series 2008 Assessments"); and
WHEREAS, the owner of a portion of the lands within the District subject to the Series 2008 Assessments failed to pay the Series 2008 Assessments when due which in tum caused Events of Default to occur under the 2008 Trust Indenture; and

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WHEREAS, as a result of the Events ofDefault, the beneficial owners ofnot less than a majority of the outstanding Series 2008 Bonds have certain rights to direct remedial proceedings and to request and direct the District to undertake, or refrain from undertaking, remedial actions to which the District, as the assessing entity, may have the right under applicable law or with respect to which the District may be required to take under the 2008 Trust lndenture; and
WHEREAS, the District and the Owners of the Series 2008 Bonds now desire to tender to the Trustee, the Series 2008 Bonds, and cause the cancellation of the corresponding Series 2008 Assessments for the purpose ofrefunding all ofthe outstanding Series 2008 Bonds; and
WHEREAS, the District has also determined to undertake additional Project improvements involving the planning, financing, acquisition and construction of recreational facilities and landscaping (the " Series 2017 Project"), as further described in Exhibit A attached to the Second Supplemental Indenture (as defined herein); and
WHEREAS, in connection with refunding all of the outstanding Series 2008 Bonds and providing funds for the Series 2017 Project, the District has determined to issue its Deer Run Community Development District Special Assessment Revenue and Refunding Bonds, Series 2017 (the " Series 201 7 Bonds") under the Master Indenture. The Series 2017 Bonds are being issued for the purpose, among other things, of providing funds for (i) refunding all Outstanding Series 2008 Bonds; (ii) acquiring and constructing the Series 2017 Project; (iii) funding a deposit to the Series 2017 Debt Service Reserve Account; (iv) paying a portion of the interest coming due on the Series 2017 Bonds with respect to a portion of the Series 2017 Bonds allocable to the Series 2017 Project, through November 1, 2018; and (v) paying the costs of issuance of the Series 2017 Bonds; and
WHEREAS, there has been submitted to this meeting with respect to the issuance and sale ofthe Series 201 7 Bonds and submitted to the Board:
a form of Second Supplemental Trust Indenture ("Second Supplemental Indenture") between Regions Bank, as Trustee (the "Trustee") and the District attached hereto as Exhibit A, which will supplement the Master Indenture (together with the Second Supplemental Indenture, the "Indenture"); and
a form of Bond Purchase Contract with respect to the Series 2017 Bonds between MBS Capital Markets, LLC (the "Underwriter") and the District attached hereto as Exhibit B (the "Purchase Contract"), together with the form of disclosure statements attached to the Purchase Contract in accordance with Section 21 8.385, Florida Statutes; and
a form of Preliminary Limited Offering Memorandum attached hereto as Exhibit C (the "Preliminary Limited Offering Memorandum"); and
a form of Continuing Disclosure Agreement (the "Continuing Disclosure Agreement"), among the District, D.R. Horton, Inc. - Jacksonville (the "Developer") and Lerner Reporting Services, Inc., as dissemination agent (the "Dissemination Agent"), attached hereto as Exhibit D.

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NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Deer Run Community Development District, as follows:
Section 1. Definitions. Capitalized terms used herein without definitions shall have the meanings assigned thereto in the Second Supplemental Indenture described in Section 5 hereof, the form of which is set out as Exhibit A attached hereto, unless the context otherwise clearly requires.
Section 2. Authorization, Designation and Principal Amount of the Series 2017 Bonds. There are hereby authorized and directed to be issued the District's Special Assessment Revenue and Refunding Bonds, Series 201 7, in the aggregate principal amount not to exceed
$13,000,000, for the purposes, among others, of (i) refunding all Outstanding Series 2008 Bonds;
acquiring and constructing the Series 2017 Project; (iii) funding a deposit to the Series 201 7 Debt Service Reserve Account; (iv) paying a portion of the interest coming due on the Series 2017 Bonds with respect to a portion of the Series 201 7 Bonds allocable to the Series 2017 Project, through November 1, 2018; and (v) paying the costs of issuance of the Series 20 17 Bonds. The purchase price of the Series 201 7 Bonds shall be received and receipted by the District, or the Trustee on behalf of the District, and the Trustee shall apply the proceeds of the Series 201 7 Bonds as set forth in the Indenture and the Limited Offering Memorandum (as defined below).
Section 3. Designation of Attesting Members. The Chairman or the Secretary of the Board, or in the case of the absence of either or the inability to act of either, the Vice Chairman or Assistant Secretaries and members of the Board (each individually a "Designated Member"), are hereby designated and authorized on behalf of the Board to attest to the seal of the Board and to the signature of the Chairman or Vice Chairman of the Board as they appear on the Series 20 17 Bonds, the Indenture and any other documents which may be necessary or helpful in connection with the issuance and delivery of the Series 2017 Bonds and in connection with the application ofthe proceeds thereof.
Section 4. Details of the Series 2017 Bonds. The District hereby determines that the Series 20 17 Bonds shall be dated, have such interest payment dates, have such maturities, have such redemption provisions and bear interest at such rates, all as provided in the Purchase Contract and the Limited Offering Memorandum.
Section 5. Trust Indenture. The District hereby approves and authorizes the execution by the Chairman or any Designated Member and the Secretary and the delivery of the Second Supplemental Indenture in substantially the form thereof attached hereto as Exhibit A, with such changes therein as shall be approved by the Chairman or Designated Member executing the same, with such execution to constitute conclusive evidence of such officer's approval and the District's approval of any changes therein from the form of the Second Supplemental Indenture attached hereto.
Section 6. Appointment of Underwriter; Negotiated Sale. MBS Capital Markets, LLC, is hereby appointed the underwriter of the Series 201 7 Bonds (the " Underwriter"). The Series 2017 Bonds shall be sold by a negotiated sale to the Underwriter. It is hereby determined by the District that a negotiated sale of the Series 2017 Bonds to the Underwriter will best
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effectuate the purposes of the Act, is in the best interest of the District and is necessitated by, in general, the characteristics of the issue and prevailing market conditions and specifically, the following additional reasons: (i) because of the complexity of the financing structure of the Series 2017 Bonds and the institutional market for unrated securities such as the Series 2017 Bonds, it is desirable to sell the Series 2017 Bonds pursuant to a negotiated sale so as to have an underwriter involved from the outset of the financing to assist in these matters; (ii) because of changing market conditions for tax-exempt bonds and the necessity of being able to adjust the terms of the Series 2017 Bonds, it is in the best interests of the District to sell the Series 2017 Bonds by a negotiated sale; (iii) the Underwriter has participated in structuring the issuance of the Series 2017 Bonds and can assist the District in attempting to obtain the most attractive financing for the District; and (iv) the District will not be adversely affected if the Series 2017 Bonds are not sold pursuant to a competitive sale.
Section 7.	Purchase Contract.

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The District hereby approves the form of the Purchase Contract submitted by the Underwriter and attached as Exhibit B hereto, and the sale of the Series 2017 Bonds by the District upon the terms and conditions to be set forth in the Purchase Contract and in compliance with (ii) below are hereby approved. Provided the provisions of subparagraph (ii) have been complied with, the Chairman or a Designated Member are each hereby authorized, acting individually, to execute the Purchase Contract and to deliver the Purchase Contract to the Underwriter. The Purchase Contract shall be in substantially the form of the Purchase Contract attached hereto as Exhibit B with such changes, amendments, modifications, omissions and additions as may be approved by the Chairman or the Designated Member. The disclosure statements of the Underwriter as required by Section 218.385 of the Florida Statutes, to be delivered to the District prior to the execution of the Purchase Contract, a copy of which is attached as an exhibit to the Purchase Contract will be entered into the official records of the District. Execution by the Chairman or a Designated Member of the Purchase Contract shall be deemed to be conclusive evidence of approval of such changes;
Receipt by the Chairman of a written offer to purchase the Series 2017 Bonds by the Underwriter substantially in the form of the Purchase Contract, said offer to provide for, among other things, (A) the issuance of not exceeding $13,000,000 initial aggregate principal amount of Series 2017 Bonds at an interest rate not to exceed the maximum rate of interest as described  in  Chapter  215.84,. Florida  Statutes,  (B)  a  price  of not  less  than  98%,  excluding original issue discount, of the par amount of the Series 2017 Bonds, and (C) the final maturity of the Series 2017 Bonds shall not be later than May 1, 2048.
Section 8. Preliminary Limited Offering Memorandum; Final Limited Offering Memorandum. The District hereby authorizes and approves the distribution and use of the Preliminary Limited Offering Memorandum in substantially the form submitted to this meeting and attached hereto as Exhibit C in connection with the limited offering for sale of the Series 2017 Bonds. The preparation of a final Limited Offering Memorandum (the "Limited Offering Memorandum") is  hereby approved and the Chairman or any Designated Member is hereby
authorized to execute such final Limited Offering Memorandum to be dated the date of the award of the Series 2017 Bonds, and upon such award, to deliver the same to the Underwriter for use by it in connection with the sale and distribution of the Series 2017 Bonds. The Limited
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Offering Memorandum shall be substantially in the form as the Preliminary Limited Offering Memorandum, with such changes as shall be approved by the Chairman or Designated Member as necessary to conform to the details of the Series 2017 Bonds, the Purchase Contract and such other insertions, modifications and changes as may be approved by the Chairman or Designated Member. The execution and delivery of the Limited Offering Memorandum by the Chairman shall constitute evidence of the approval thereof. The District hereby authorizes the use of the Limited Offering Memorandum and the information contained therein in connection with the offering and sale of the Series 2017 Bonds. The District hereby authorizes the Chairman or a Designated Member to deem "final" the Preliminary Limited Offering Memorandum except for permitted omissions all within the meaning of Rule l 5c2-12 of the Securities Exchange Act of 1934 and to execute a certificate in that regard.
Section 9. Continuing Disclosure. The District does hereby authorize and approve the execution and delivery of a Continuing Disclosure Agreement by the Chairman or a Designated Member substantially in the form presented to this meeting and attached hereto as Exhibit D with the Developer and the Dissemination Agent (as defined below). The Continuing Disclosure Agreement is being executed by the District, the Developer and the Dissemination Agent in order to assist the Underwriter in complying with Securities and Exchange Commission Rule 15c2- 12(b)(5). Lerner Reporting Services, Inc., is hereby appointed as the initial dissemination agent (herein, the "Dissemination Agent").
Section 1 0.  Appointment of Trustee. Regions Bank is hereby appointed to serve as Trustee, Paying Agent, Registrar and Authenticating Agent under the Indenture.
Section 11. Application of Bond Proceeds. The proceeds of the Series 2017 Bonds shall be applied to (i) refund all Outstanding Series 2008 Bonds; (ii) acquire and construct the Series 2017 Project; (iii) fund a deposit to the Series 2017 Debt Service Reserve Account; (iv) pay a portion ofthe interest coming due on the Series 2017 Bonds with respect to a portion ofthe Series 2017 Bonds allocable to the Series 2017 Project, through November 1, 2018; and (v) pay the costs of issuance ofthe Series 2017 Bonds.
Section 12. Further Official Action; Ratification of Prior and Subsequent Acts. The Chairman, the Secretary and each member of the Board of Supervisors of the District and any other proper official of the District are each hereby authorized and directed to execute and
deliver  any and  all  documents  and  instruments  (including,  without  limitation,  any,,  documents
required by the Trustee to evidence its rights and obligations with respect to the Series 2017 Bonds, any documents required in connection with implementation of a book-entry system of registration and any agreements in connection with maintaining the exclusion of interest on the Series 201 7 Bonds from gross income of the holders thereof) and to do and cause to be done any and all acts and things necessary or desirable for carrying out the transactions contemplated by this Resolution. In the event that the Chairman or the Secretary is unable to execute and deliver the documents herein contemplated, such documents shall be executed and delivered by the respective designee of such officer or official or any other duly authorized officer or official of the District. The Secretary or any Assistant Secretary is hereby authorized and directed to apply and attest the official seal of the District to any agreement or instrument authorized or approved herein that requires such a seal and attestation. The Chairman or any Designated Member may, among other things, authorize the change of the date of any document accompanying this
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Resolution as an exhibit or incorporate the information and details related to the sale and pricing of the Series 2017 Bonds including any required changes to the District engineer's report or its assessment methodology. Execution by the Chairman or a Designated Member of such document shall be deemed to be conclusive evidence of approval of such change of date or the incorporation of information and details relating to the sale and pricing ofthe Series 2017 Bonds. All of the acts and doings of such members of the Board, the officers of the District, and the agents and employees of the District, which are in conformity with the intent and purposes of this Resolution, whether heretofore or hereafter taken or done, shall be and are hereby ratified, confirmed and approved, including the issuance of the Notice of Redemption for the Series 2017 Bonds.
Section 13.      Severability.     If  any  section,  paragraph,  clause  or  prov1.s1.0n  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 ofsuch section, paragraph, clause or provision.
Section 14. Inconsistent Proceedings. All resolutions or proceedings, or parts thereof, in conflict with the provisions hereof are to the extent of such conflict hereby repealed or amended to the extent of such inconsistency.
Section 15. Engineer's Report. The Board hereby approves of changes to the Engineer's Report previously approved by the Board and also authorizes further revisions and supplements to the Engineer's Report with respect to the marketing and sale of the Series 2017 Bonds relating to the 2017 Project.
Section 16. Assessment Methodology Report. The Board authorizes further modifications and supplements to the Assessment Methodology Report previously approved by the Board to conform such report to the marketing and sale of the Series 201 7 Bonds.
Section 17. Ratification of Authorizing Resolution. Except to the extent hereby modified, the Authorizing Resolution of the District is hereby ratified, confirmed and approved in all respects.
Section 18.      Effective  Date.   This Resolution  shall  take  effect  immediately  upon its adoption.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE
FOLLOWS]

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PASSED in Public Session of the Board of Supervisors of Deer Run Community Development District, this 24th day of August, 2017.

Attest:

Secretary,
Board of Supervisors

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairman,
Board of Supervisors

EXHIBIT A
FORM. OF SECOND SUPPLEMENT

EXHIBIT B
FORM: OF PURCHASE CONTRACT

EXHIBIT C
FORM OF PRELIMINARY LIMITED OFFERING MEMORANDUM

EXHIBIT D
FORM OF CONTINUING DISCLOSURE AGREEMENT

..,.,

AGREEMENT BETWEEN DEER RUN COMMUNITY DEVELOPMENT DISTRICT AND D.R. HORTON, INC. - JACKSONVILLE, REGARDING THE ACQUISITION OF CERTAIN WORK PRODUCT, IMPROVEMENTS AND REAL PROPERTY
THIS ACQUISITION AGREEMENT ("Agreement") is made and entered into this _ day of September, 2017, by and between:
DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 1 90, Florida Statutes, and located in the City of Bunnell, Florida, whose mailing address is 1 35 W. Central Boulevard, Suite 320, Orlando, Florida 3280 1 (the "District"), and
D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation and a landowner in the District, whose address is 4220 Race Track Road, Saint Johns, Florida 32259, and its successors and assigns (the "Landowner" and, together with the District, the "Parties").

RECITALS
WHEREAS, the District was established by ordinance adopted by the Board of City Commissioners in and for the City of Bunnell, Florida, pursuant to the Uniform Community Development District Act of 1 980, Chapter 1 90, Florida Statutes, as amended (the "Act"), and is validly existing under the Constitution and laws of the State of Florida; and
WHEREAS, the Act authorizes the District to issue bonds for the purpose, among others, of planning, financing, constructing, reconstructing, operating, and/or maintaining certain infrastructure, including roadways, stormwater management, wastewater management, utilities, parks and facilities for recreational, cultural, and educational activities, landscaping, signage, hardscaping, security systems and facilities, and other infrastructure improvements within or without the boundaries ofthe District; and
WHEREAS, the Landowner is the owner of certain lands located within the boundaries ofthe District; and
WHEREAS, the District has adopted an improvement plan to finance the planning, design, acquisition, construction, and installation of certain infrastructure improvements, facilities, and services, as detailed in the Supplemental Engineer 's Report dated 	,
2017 ("Engineer's Report"), attached to this Agreement as Exhibit A and incorporated herein by
this reference, and is referred to as the "Series 2017 Project"; and
WHEREAS, the District intends to finance a portion of the Series 2017 Project through the use of proceeds from the anticipated sale of Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Revenue and Refunding Bonds, Series 2017 ("Series 2017 Bonds"); and

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	1

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WHEREAS, the District has not had sufficient monies on hand to allow the District to contract directly for: (i) the preparation of the surveys, testing, reports, drawings, plans, permits, specifications, and related documents necessary to complete the Series 2017 Project ("Work Product"); or (ii) construction, reconstruction, and/or installation of all of the improvements comprising the Series 2017 Project ("Improvements"); and
WHEREAS, the District acknowledges the Landowner's need to have the Improvements constructed in an expeditious and timely manner in order to develop the development; and
WHEREAS, in order to avoid a delay in the commencement of the development of the Work Product and/or the Improvements, the Landowner has previously advance funded certain ofthe Work Product and/or Improvements; and
WHEREAS, the Landowner and the District are entering into this Agreement to set forth the process by which the District may acquire the Work Product, the Improvements, and any related real property interests ("Real Property") from Landowner.
NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants ofthe Parties, the receipt ofwhich and sufficiency ofwhich are hereby acknowledged, the District and the Landowner agree as follows:
INCORPORATION OF RECITALS. The recitals stated above are true and correct and by this reference are incorporated as a material part ofthis Agreement.
WORK PRODUCT AND IMPROVEMENTS. The Parties agree to cooperate and use good faith and best efforts to undertake and complete the acquisition process contemplated by this Agreement on such date or dates as the Parties may jointly agree upon ("Acquisition Date"). Subject to any applicable legal requirements (e.g., including, but not limited to, those laws governing the use of proceeds from tax exempt bonds), and the requirements of this Agreement, the District agrees to acquire completed Work Product and Improvements that are part ofthe Series 2017 Project.
Request for Conveyance and Supporting Documentation - When Work Product or Improvements are ready for conveyance by or on behalf of the Landowner to the District, the Landowner shall notify the District in writing, describing the nature of the Work Product and/or Improvement and estimated cost. Additionally, Landowner agrees to provide, at or prior to the Acquisition Date, the following: (i) documentation of actual costs paid, or if not available, evidence of value, (ii) instruments of conveyance such as bills of sale or such other instruments as may be requested by the District, and (iii) any other releases, warranties, indemnifications or documentation as may be reasonably requested by the District.
Costs - Subject to any applicable legal requirements (e.g., including, but not limited to, those laws governing the use of proceeds from tax exempt bonds), the availability of proceeds from the Series 2017 Bonds, and the requirements

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	2

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of this Agreement, the District shall pay the lesser of (i) the actual cost of the Work Product or Improvements, and (ii) the fair market value of the Work Product or Improvements. The Landowner shall provide copies of any and all invoices, bills, receipts, or other evidence of costs incurred by the Landowner for any Work Product and/or Improvements. The District Engineer shall review all evidence of cost and shall certify to the District whether the cost being paid is the lesser of (i) the actual cost of creation/construction of the Work Product or Improvements, and (ii) the fair market value of the Work Product or Improvements. The District Engineer's opinion as to cost shall be set forth in an Engineer's Certificate which shall accompany the requisition for the funds from the District's trustee for the Series 2017 Bonds ("Trustee").
Conveyances on ':4s ls" Basis - Unless otherwise agreed, all conveyances of Work Product and/or Improvements shall be on an "as is" basis. In addition, the Landowner agrees to assign, transfer, and convey 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.
Right to Rely on Work Product and Releases - The Landowner agrees to release to the District all right, title, and interest which the Landowner may have in and to any Work Product conveyed hereunder, as well as all common law, statutory, and other reserved rights, including all copyrights in the Work Product and extensions and renewals thereof under United States law and throughout the world, and all publication rights and all subsidiary rights and other rights in and to the Work Product in all forms, mediums, and media, now known or hereinafter devised. To the extent determined necessary by the District, the Landowner shall reasonably obtain all releases from any professional providing services in connection with the Work Product to enable the District to use and rely upon the Work Product. The District agrees to allow the Landowner access to and use of the Work Product without the payment of any fee by the Landowner. However, to the extent the Landowner's access to and use of the Work Product causes the District to incur any cost or expense, such as copying costs, the Landowner agrees to pay such cost or expense. Notwithstanding the foregoing, the Landowner shall maintain ownership of the copyrights and trademarks associated with marketing and advertising any development within the District but shall grant the District a license to use those copyrights or trademarks for the Improvements.
Transfers to Third Party Governments - If any item acquired is to be conveyed to a third party governmental body, then the Landowner agrees to cooperate and provide such certifications, documents, bonds, warranties, and/or forms of security as may be required by that governmental body, if any.
D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	3

Permits - The Landowner agrees to cooperate fully in the transfer of any permits to the District or a governmental entity with maintenance obligations for any Improvements conveyed pursuant to this Agreement, provided that the District or such governmental entity accepts the associated operation and maintenance obligations.
Engineer's Certification - The District shall accept any completed Work Product and/or Improvements where the District Engineer (or other consulting engineer reasonably acceptable to the District), in his/her professional opinion, is able to certify that, in addition to any other requirements of law:
the Work Product and/or Improvements are part of the Series 2017 Project;
the price for such Work Product and/or Improvements does not exceed the lesser of the cost of the Work Product and/or Improvements or the fair market value of the Work Product and/or Improvements; (iii) as to Work Product, the Work Product is capable of being used for the purposes intended by the District, and, as to any Improvements, the Improvements were installed in accordance with their specifications, and are capable of performing the functions for which they were intended; and (iv) as to any Improvements, all known plans, permits, and specifications necessary for the operation and maintenance of the Improvements are complete and on file with the District, and have been transferred, or are capable of being transferred, to the District for operations and maintenance responsibilities.
CONVEYANCE OF REAL PROPERTY. The Landowner agrees that it will convey to the District at or prior to the Acquisition Date as determined solely by the District, by a special warranty deed or other instrument acceptable to the District's Board of Supervisors together with a metes and bounds or other description, the Real Property upon which any Improvements are constructed or which are necessary for the operation and maintenance of, and access to, the Improvements.
Cost. The Parties agree that all Real Property shall be provided to the District at no cost. The Parties agree that the dedication of Real Property shall not negate the District's obligation to pay amounts attributable to the value of Improvements on the Real Property and other Improvements serving the Real Property that have been, or will be, funded by the District.
Fee Title and Other Interests - The District may determine in its reasonable discretion that fee title for Real Property is not necessary and in such cases shall accept such other interest in the lands upon which the Improvements are constructed as the District deems acceptable, such as non-exclusive easement interests.
Landowner Reservation - Any conveyance of Real Property hereunder by special warranty deed or other instrument shall be subject to a reservation by Landowner of its right and privilege to use the area conveyed to enable the construction by third parties of any Improvements and any future
D.R. Horton, Inc. - Jacksonville: Acqu isitionAgreement	4

improvements to such area for any related purposes (including, but not limited to, construction vehicle ingress and egress relating to the Development) not inconsistent with the District's use, occupation, or enjoyment thereof.
Fees, Taxes, Title Insurance - The Landowner shall pay the cost for recording fees and documentary stamps required, if any, for the conveyance of the Real Property upon which the Improvements are constructed. The Landowner shall be responsible for all taxes and assessments levied on the Real Property upon which the Improvements are constructed until such time as the Landowner conveys all said lands to the District. At the time of conveyance, the Landowner shall provide, at its expense, an owner's title insurance policy or other evidence oftitle in a form satisfactory to the District.
Boundary Adjustments - Landowner and the District agree that future boundary adjustments may be made as deemed reasonably necessary by the Parties in order to accurately describe Real Property conveyed to the District and lands which remain in Landowner's ownership. The Parties agree that any Real Property transfers made to accommodate such adjustments shall be accomplished by donation. However, the party requesting such adjustment shall pay any transaction costs resulting from the adjustment, including but not limited to taxes, title insurance, recording fees, or other costs. Landowner agrees that if a court or other governmental entity determines that a re-platting of the Real Property within the District is necessary, Landowner shall pay or cause a third party to pay all costs and expenses associated with such actions.
TAXES, ASSESSMENTS, AND COSTS.
Taxes and Assessments on Property Being Acquired. The District is an exempt governmental unit acquiring property pursuant to this Agreement for use exclusively for public purposes. Accordingly, in accordance with Florida law, the Landowner agrees to place in escrow with the Flagler County tax collector an amount equal to the current ad valorem taxes and non-ad valorem assessments (with the exception of those ad valorem taxes and non-ad valorem assessments levied by the District) prorated to the date of transfer of title, based upon the expected assessment and millage rates giving effect to the greatest discount available for early payment.
If and only to the extent the property acquired by the District is subject to ad valorem taxes or non-ad valorem assessments, the Landowner agrees to reimburse the District for payment, or pay on its behalf, any and all ad valorem taxes and non-ad valorem assessments imposed during the calendar year in which each parcel of property is conveyed.
Nothing in this Agreement shall prevent the District from asserting any rights to challenge any taxes or assessments imposed, if any, on any property ofthe District.

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	5

Notice. The Parties agree to provide notice to the other within thirty (30) calendar days of receipt of any notice ofpotential or actual taxes, assessments, or costs, as a result of any transaction pursuant to this Agreement, or notice of any other taxes, assessments, or costs imposed on the property acquired by the District as described in subsection a. above. The Landowner covenants to make any payments due hereunder in a timely manner in accordance with Florida law. In the event that the Landowner fails to make timely payment of any such taxes, assessments, or costs, the Landowner acknowledges the District's right to make such payment. If the District makes such payment, the Landowner agrees to reimburse the District within thirty (30) calendar days of receiving notice of such payment, and to include in such reimbursement any fees, costs, penalties, or other expenses which accrued to the District as a result of making such a payment, including interest at the maximum rate allowed by law from the date of the payment made by the District.
Tax liability not created. Nothing herein is intended to create or shall create any new or additional tax liability on behalf of the Landowner or the District. Furthermore, the Parties reserve all respective rights to challenge, pay under protest, contest or litigate the imposition of any tax, assessment, or cost in good faith they believe is unlawfully or inequitably imposed and agree to cooperate in good faith in the challenge ofany such imposition.
ACQUISITION IN ADVANCE  OF RECEIPT OF PROCEEDS. The District agrees to pursue the issuance of the Series 2017 Bonds in good faith and may in the future, and in its sole discretion, elect to issue additional bonds ("Future Bonds") that may be used to finance portions of work acquired hereunder that are not financed with the Series 2017 Bonds. In the event that the District issues the Series 2017 Bonds (or any Future Bonds) and has bond proceeds available to pay for any portion of the Series 2017 Project acquired by the District, and subject to the terms of the applicable documents relating to the Series 2017 Bonds (or any Future Bonds, as applicable), then the District shall promptly make payment for any such acquired Work Product, Improvements or Real Property pursuant to the terms of this Agreement; provided, however, that in the event the District's bond counsel determines that any such acquisitions are not properly compensable for any reason, including, but not limited to federal tax restrictions imposed on tax-exempt financing, the District shall not be obligated to make payment for such acquisitions.
DEFAULT. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of damages and/or specific performance.
ATTORNEYS' FEES AND COSTS. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the Parties agree that the substantially prevailing party shall be entitled to recover from the other all costs incurred,
D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	6

including reasonable attorneys' fees, paralegal fees, and expert witness fees and costs for trial, alternative dispute resolution, or appellate proceedings.
AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Landowner. Additionally, this Agreement may not be amended without the prior written consent of the Trustee acting at the direction of the bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then outstanding, which consent shall not be unreasonably withheld.
AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Landowner; both the District and the Landowner have complied with all the requirements of law; and both the District and the Landowner have full power and authority to comply with the terms and provisions of this instrument.
. NOTICES. All notices, requests, consents and other communications under this Agreement ("Notices") shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the Parties, as follows:

If to the District:

With a copy to:

If to Landowner:

With a copy to:

And copy to:

Deer Run Community Development District 135 W. Central Boulevard, Suite 320
Orlando, Florida 3280 1 Attn: District Manager
Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300 Post Office Box 6526
Tallahassee, Florida 32314 Attn: Roy Van Wyk
D.R. Horton, Inc., - Jacksonville 4220 Race Track Road,
Saint Johns, Florida 32259 Attn:  Bob Porter
Hopping Green & Sams, P.A.
1 19 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: Brian Crumbaker
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attn: Paul Romanowski, Florida Region President

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	7

D.R. Horton, Inc. 1341 Horton Circle
Arlington, Texas 76011
Attn: Ted I. Harbour, Chief Legal Counsel
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attn: Charbel J. Barakat, Chief Counsel
Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5 :00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non­ business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Landowner may deliver Notice on behalf of the District and the Landowner, respectively. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the Parties and addressees set forth herein.
ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully between the District and the Landowner as an arm's length transaction. The Parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both Parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Landowner.
THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the District and the Landowner and no right or cause ofaction shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Landowner any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Landowner and their respective representatives, successors, and assigns. Notwithstanding anything in this Agreement to the contrary, the Trustee for the Series 2017 Bonds shall be a direct third party beneficiary of the terms and conditions of this Agreement and, acting at the direction of and on behalf of the bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds outstanding, shall be entitled to cause the District to enforce the Landowner's obligations hereunder. The Trustee shall not be deemed to have assumed any obligations under this Agreement.

D.R. Horton, Inc. - Jacksonville: Acqu isition Agreement	8

ASSIGNMENT. Neither the District nor the Landowner may assign this Agreement or any monies to become due hereunder without the prior written approval of the other and the Trustee and bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds outstanding, which consent shall not be unreasonably withheld. Such consent shall not be required in the event of a sale of the majority of the lands within the District then owned by the Landowner pursuant to which the unaffiliated purchaser agrees to assume any remaining obligations of the Landowner under this Agreement, provided however that no such assignment shall be valid where the assignment is being made for the purpose of avoiding the Landowner's obligations hereunder. Notwithstanding the foregoing, nothing herein shall prevent Landowner from selling condo units to end users.
APPLICABLE  LAW  AND  VENUE.    This  Agreement  and  the  prov1.s1.ons contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be Flagler County.
PUBLIC RECORDS. The Landowner understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records and treated as such in accordance with Florida law.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.
LIMITATIONS ON GOVERNMENTAL LIABILITY. Nothing in this Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other law, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred by sovereign immunity or by other operation oflaw.
HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions ofthis Agreement.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.
EFFECTIVE DATE. This Agreement shall be effective upon its execution by the District and the Landowner.

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	9

IN WITNESS WHEREOF, the Parties execute this Agreement the day and year first written above.

ATTEST:

SecretaryIAssistant Secretary

Witness

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairperson, Board of Supervisors

D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation

By: _ 	_ 	_ 	_ 	_

Its: ---------------

Exhibit A:	Supplemental Engineer 's Report dated  		_, _ 2017

D.R. Horton, Inc. - Jacksonville: Acquisition Agreement	10

Exhibit A
Supplemental Engineer 's Report dated _

__ _, 2017

D.R. Horton, Inc. - Jacksonville: AcquisitionAgreement	11 

SETTLEMENT AGREEMENT
RELATING TO THE REFUNDING OF SERIES 2008 BONDS

THIS SETTLEMENT AGREEMENT (this "Agreement") is made and entered into this _ day of September, 2017 ("Effective Date"), by and between:
DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 1 90, Florida Statutes, being situated in the City of Bunnell, Florida, and whose mailing address is 135 W. Central Boulevard, Suite 320, Orlando, Florida 32801 (the "District"); and
REGIONS BANK,  an Alabama banking corporation,  whose  mailing  address  1s 1 0245 Centurion Road, Jacksonville, Florida 32256 (the "Trustee"); and
D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation, whose address is 4220 Race Track Road, Saint Johns, Florida 32259 ("D.R. Horton").
RECITALS

WHEREAS, the District is a local unit of special-purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 1 90, Florida Statutes, as amended (the "Act"), established by Ordinance No. 2007- 17 ofthe City Commissioners ofthe City of Bunnell, Florida, enacted on May 1 5, 2007, for the purpose, among other things, of financing and managing the acquisition, construction, maintenance, and operation of public infrastructure within and without the boundaries of the District; and
WHEREAS, the District has previously determined to undertake the acquisition and construction of certain public infrastructure pursuant to the Act (the "Improvements"), as more fully set forth in that certain Engineer 's Report dated as ofAugust 31, 2007, as amended by the Supplemental Engineer 's Report dated April 8, 2008 (the "Series 2008 Project"), for the benefit of the developable lands within the District; and
WHEREAS, pursuant to the terms and provisions of that certain Master Trust Indenture by and between the District and Trustee dated as of May 1, 2008 (the "Master Indenture"), as supplemented by that certain First Supplemental Trust Indenture dated as of May 1, 2008 (the "First Supplemental Indenture," and together with the Master Indenture, the "2008 Trust Indenture"), entered into in connection with the Series 2008 Bonds the District financed a portion ofthe cost ofacquisition and/or construction ofthe Series 2008 Project by the issuance of one or more Series of Bonds (as such terms are defmed in the Master Indenture); and
WHEREAS, pursuant to the 2008 Trust Indenture, the District issued its $8, 165,000 Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Bonds, Series 2008 (the "Series 2008 Bonds"), repayment of which is secured by special assessments levied pursuant to Chapters 1 70 and 190, Florida Statutes (the "Series 2008 Assessments"); and

WHEREAS, to the extent that certain landowners within the District fail to pay all or a portion of the Series 2008 Assessments and the Operations and Maintenance Assessments (collectively, the "Assessments") allocated to their respective lands and such Assessments are not collected and enforced pursuant to the Uniform Method of Collection provided for in Chapter 197, Florida Statutes (the "Uniform Method"), the District is required by the applicable Trust Indenture, the Act and the resolutions levying and imposing the Assessments to take certain remedial actions; and

WHEREAS, the owner of a portion of the lands within the District subject to the Series 2008 Assessments failed to pay the Series 2008 Assessments when due (the "Delinquent Assessments"); and

WHEREAS, at the direction of the Trustee, the District brought a lawsuit seeking foreclosure ofthe Delinquent Assessments; and

WHEREAS, on February 14, 2014, the District entered into a tri-party settlement agreement with the Trustee and the  delinquent property owner,  as amended (the "First Settlement Agreement") whereby the District agreed hold the foreclosure action in  abeyance and to accept a deed in lieu of foreclosure, and the Trustee arranged for a special purpose entity to own, manage, maintain, sell and/or dispose of the subject lands for the benefit of the bondholders (the "Company"); and

WHEREAS, on June 25, 201 5, the District entered into a second tri-party settlement agreement with the Trustee and the Company (the "Second Settlement Agreement") pursuant to which the Trustee authorized the Company to own, maintain, sell and/or dispose of the subject property for the benefit ofthe bondholders; and

WHEREAS, as of the date of this Agreement, the Delinquent Assessments relating to the Series 2008 Assessments remain outstanding; and

WHEREAS, the District is authorized under the Act, Chapter 1 70, Florida Statutes, and other applicable provisions of law, to pursue certain remedial actions against the owners of property subject to the Delinquent Assessments to recover the  still  outstanding  Series 2008 Assessments which have not been paid for the benefit of the owners of the Series 2008 Bonds and the District and, in furtherance thereof, to commence foreclosure proceedings against such property in the Circuit Court; and

WHEREAS, as a result of the Default, the beneficial owners of not less than a majority of the outstanding Series 2008 Bonds (the "Majority Owners") have certain rights to direct remedial proceedings and to request and direct the District to undertake, or refrain from undertaking, remedial actions to which the District, as the assessing entity, may have the right under applicable law or with respect to which the District may be required to take under the 2008 Trust Indenture; and

WHEREAS, the Trustee at the direction of the Owners of the Series 2008 Bonds, requested that the District accept the tender of the Series 2008 Bonds and cancel the

2

corresponding Series 2008 Assessments for the purpose of refunding all of the Series 2008 Bonds; and
WHEREAS, the District adopted Resolution 2017-_ accepting the tender of the Series 2008 Bonds and canceling the Series 2008 Assessments; and
WHEREAS, the District and D.R. Horton, with the consent ofthe Majority Owners as set forth on Exhibit A attached hereto and incorporated herein by reference, desire to resolve and settle the Delinquent Assessments related to the lands described in Exhibit B, attached hereto, (the "2008 Assessment Parcels"), in accordance with the terms set forth below; and
WHEREAS, the Parties desire to enter into this Agreement and warrant that they have the right, power and authority to enter into and be bound by this Agreement.
Now, THEREFORE, based upon good and valuable consideration and the mutual covenants of the Parties, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
INCORPORATION OF RECITALS AND EXHIBITS. The recitals stated above are true and correct and they are hereby incorporated by reference as a material part of this Agreement. Each exhibit attached to this Agreement is hereby incorporated by reference as a material part of this Agreement.
SETTLEMENT OF DELINQUENT PRINCIPAL, INTEREST AND PENALTIES DUE ON THE DELINQUENT ASSESSMENT PARCELS. Within thirty (30) days of the Effective Date, the District, the Trustee, with the direction and consent of the owner of the Series 2008 Bonds (the "Bondholder"), per the Bondholder direction attached hereto as Exhibit A and D.R. Horton, agree to issue its Deer Run Community Development District (City of Bunnell, Florida), Special Assessment Revenue and Refunding Bonds, Series 2017 (the "Series 2017 Bonds"), for the purpose of refunding $8,165,000 principal amount of the outstanding Series 2008 Bonds at a tender price of $ (the "Settlement Payment"), which represents full and complete settlement of $8,165,000 principal amount of the outstanding Series 2008 Bonds together with all past due interest, and penalties on the Delinquent Assessment Parcels through the date of issuance of the Refunding Bonds. The District and the Bondholders further agree to a one-time waiver of acceleration of the Series 2008 Assessments on the Delinquent Assessment Parcels including all amounts due and owing to the District for interest penalties and costs of collection. Further, as set forth in the Bondholder direction, the Bondholder has waived any redemption notice provisions required from the District to the Trustee. To the extent it is necessary to clear any encumbrance on the Delinquent Assessment Parcels subject to the Series 2008 Assessments, the District shall record a notice of satisfaction of lien for the outstanding Series 2008 Assessments in the Official Records of Flagler County, Florida.
ISSUANCE OF SERIES 2017 BONDS. As additional consideration for this Agreement, within thirty (30) days of the effective date, the District agrees to pursue the issuance of its Deer Run Community Development District (City ofBunnell, Florida), Special
Assessment  Revenue  and Refunding Bonds,  Series  2017  in the  amount  of $_	__ to
refund the Series 2008 Bonds and to fund the costs of additional improvements within the 3

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District benefiting certain lands within the District as set forth in the attached Supplemental Special  Assessment  Methodolo	Report  dated  _____  (the  ,.-Methodology  Report' ),
attached hereto a Exhibit C and incorporated herein by this reference. Upon issuance of the Series 20 17 Bonds and the adoption ofan assessment resolution imposing special assessments

levied pursuant to Chapters 1 70.  1 90 and  1 97. Florida Statutes,  to secure the
(the ·' eries 201 7	pecial Asse ments''), the Series 2008 Assessments

eries 20 17 Bonds
0 n the Delinquent

Assessment Parcels described in the assessment roll attached hereto as Exhibit D and

incorporated herein by thi reference. shalI be deemed rep laced b) Special As	sment .

the Ii n of th	Series 20 1 7

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PROTECTION AGAINST THIRD PARTY INTERFERENCE. Each Party shall be solely responsible for enforcing its rights under this A eement against any interfering third party. Nothing contained in this A eement shall limit or impair a Party's right to protect its rights from interference by any third party not a Party to this Agreement.

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ENFORCEMENT OF AGREEMENT. In the event either Party is required to enforce this A eement by court proceedings or otherwise, the prevailing Party shall be entitled to recover from the Party not prevailing all fees and costs incurred, including, but not limited to, reasonable attorneys' fees and costs for any trial, alternative dispute resolution, or appellate proceedings. No covenant or a eement contained in this Agreement shall be deemed to be the covenant or a eement of any member ofthe District or any official, officer, employee or agent ofthe District in an individual capacity, and neither the representatives ofthe District executing this Agreement nor any official, officer, employee, agent of the District shall be personally liable or accountable by reason ofthe execution or delivery hereof.
AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by the Parties.
AUTHORIZATION. The execution ofthis Agreement has been duly authorized by the appropriate body or official of each Party, each Party has complied with all the requirements of law, and each party has the full power and authority to comply with the terms and provisions ofthis Agreement.
NOTICES. All notices, requests, consents and other communications under or in connection with this Agreement (each, a "Notice") shall be in writing and shall be delivered, mailed by First Class U.S. Mail, postage prepaid, or commercial next business day delivery service, to the Parties, as follows:
Ifto the District:	Deer Run Community Development District
135 W. Central Boulevard Suite 320
Orlando, Florida 32801 Attention: District Manager

4

With a copy to:	Hopping Green & Sams, P.A.
1 1 9 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attention: Roy Van Wyk
If to D.R. Horton:	D.R. Horton, Inc. - Jacksonville
4220 Race Track Road Saint Johns, Florida 32259 Attention: Bob Porter
With a copy to:	Hopping Green & Sams, P.A.
11 9 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attention: Brian Crumbaker
And copy to:	D.R. Horton, Inc.
12602 Telecom Drive
Tampa, Florida 33637
Attention: Paul Romanowski, Florida Region President
D.R.  Horton,   Inc. 1 341 Horton Circle
Arlington, Texas 76011 
Attention: Ted I. Harbour, Chief Legal Counsel
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attention: Charbel J. Barakat, Chief Counsel, Florida Region

If to Trustee:

With a copy to:

Regions Bank
10245 Centurion Road
Jacksonville, Florida 32256
Attention: Janet Ricardo, Corporate Trust
Rogers Towers, P.A.
130 1 Riverplace Boulevard
Suite 1500
Jacksonville, Florida 32207 Attention: Irvin M. Weinstein

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-

5

business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the majority of the banks operating in Duval County, Florida shall not be regarded as business days. Legal counsel for each Party may deliver Notice on behalf of the Party represented by such legal counsel. Any Party or other person to whom Notices are required to be sent or copied may notify the Parties and other addressees of any change in name or address to which Notices shall be sent or copied by providing written notice of the same to the Parties and addressees set forth herein, and any such change shall be effective five (5) days after such notice is delivered in accordance with this section.
THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the Parties and their respective successors and assigns, and no right or cause of action shall accrue upon, or by reason of, this Agreement to or for the benefit ofany other person or entity. Nothing in this Agreement, whether express or implied, is intended to, or may be construed to, confer upon any person or entity other than the Parties and their respective successors and assigns, any right, remedy or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure solely to the benefit of, and shall be binding upon, the Parties and their respective successors and assigns.
ASSIGNMENT. Neither Party may assign this Agreement or the right to receive any money due or to become due under or pursuant to this Agreement without the prior written consent ofthe other Party, which consent shall not be unreasonably withheld.
APPLICABLE LAw AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be Flagler County, Florida.
EFFECTIVE DATE. This Agreement shall be effective only upon execution by all Parties hereto.
PUBLIC RECORDS. The Parties understand and agree that all documents of any kind provided to or for the District in connection with this Agreement may be public records and treated as such in accordance with Florida law.
LIMITATIONS ON GOVERNMENTAL LIABILITY. Nothing in this Agreement shall be deemed as a waiver ofimmunity or limits of liability of the District or its directors or agents, beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part ofthis Agreement not held to be invalid or unenforceable.

6

HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control or affect the m eaning or construction of any ofthe provisions ofthis Agreement.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy ofthis document to physically form one document.
Any provision of this Agreement to the contrary notwithstanding, the Trustee has executed this Agreement only in its capacity as the trustee under the Indenture and only for the purpose of evidencing the consent of 100% of the beneficial owners of the Series 2008 Bonds to the transactions contemplated herein. Accordingly, the Trustee is not joining this Agreement for the purpose of being bound in its personal or individual capacity or for the purpose of contractually obligating itself to perform any obligation. Further, the Trustee shall not have any individual or personal liability under or related to this Agreement.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

7

IN WITNESS WHEREOF, the Parties have executed this agreement effective as of the date first written above.

Witnesses:

Witness Signature
Printed Name:----------

Witness Signature
Printed Name:·----------

Witnesses:

DEER RUN COMMUNITY DEVELOPMENT
DISTRICT, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes

Chairperson, Board of Supervisors

Date signed:_ 	_ 	___, 2017

REGIONS	BANK,	an	Alabama	banking corporation

By:_	__

Witness Signature
Print:----	--------

Witness Signature
Print:----	--------

Witnesses:

Witness Signature
Print:----	---------

Witness Signature
Print 	 	

Print: --------------
Its: -	-------------
Date signed: 	_______, 2017 

D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation

By: ----	--	------
Print:  --------------
Its: ----------	--
Date signed:_ 	___ 	, 2017

Exhibit A: Exhibit B: Exhibit C: Exhibit D:

Bondholder Directive Delinquent Assessment Parcels Assessment Report Assessment Roll
8

AGREEMENT BY AND BETWEEN DEER RUN COMMUNITY DEVELOPMENT DISTRICT AND D.R. HORTON, INC. - JACKSONVILLE,
REGARDING THE COMPLETION OF CERTAIN IMPROVEMENTS
THIS COMPLETION AGREEMENT ("Agreement") is made and entered into this _ day of September, 201 7, by and between:
DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government established pursuant to Chapter 1 90, Florida Statutes, and located in the City of Bunnell, Florida whose mailing address is 1 35 W. Central Boulevard, Suite 320, Orlando, Florida 3280 1 (the "District"); and
D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation and a landowner in the District, whose address is 4220 Race Track Road, Saint Johns, Florida 32259 (the "Landowner").

RECITALS
WHEREAS, the District was established by ordinance adopted by the Board of City Commissioners in and for the City of Bunnell, Florida, pursuant to the Uniform Community Development District Act of 1 980, Chapter 1 90, Florida Statutes, as amended (the "Act"), and is validly existing under the Constitution and laws of the State of Florida; and
WHEREAS, the Act authorizes the District to issue bonds for the purpose, among others, of planning, financing, constructing, operating and/or maintaining certain infrastructure, including roadways, stormwater management systems, potable and reclaimed water and sewer systems and other infrastructure within or without the boundaries ofthe District; and
WHEREAS, the Landowner is the owner of certain lands located within the boundaries of the District (the "Landowner Lands"); and
WHEREAS, the District has adopted an improvement plan to finance the planning, design, acquisition, construction, and installation of certain  infrastructure improvements,  facilities,  and
services,  as  detailed  in  the  Supplemental  Engineer 's  Report  dated  ____  _,  2017  (the
"Engineer's Report"), attached to hereto as Exhibit A, and hereinafter referred to as the "Series 20 17 Project"; and
WHEREAS, the District intends to finance all or a portion of the Series 2017 Project through the anticipated issuance of its anticipated Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Revenue and Refunding Bonds, Series 20 17, in the
principal amount of $__ 		_ ("Series 2017 Bonds"); and

WHEREAS, the District has imposed special assessments on certain lands within the District benefitting from the Series 2017 Project ("Series 2017 Assessment Area"), including the Landowner Lands, to secure repayment of its Series 2017 Bonds (the "Series 2017 Special Assessments"); and

D.R. Horton, Inc. - Jacksonville: CompletionAgreement

WHEREAS, the Landowner has requested that the District limit the amount of Series 2017 Special Assessments imposed upon the lands within the Series 201 7 Assessment Area; and
WHEREAS, in order to ensure that the Series 20 17 Project]is completed and funding is available in a timely manner to provide for its completion, the Landowner and the District hereby agree that the District will be obligated to issue no more than $ in Series 2017 Bonds to fund the Series 2017 Project and the Landowner will make provision for any additional funds that may be needed in the future for the completion of the Series 20 17 Project, over and above that amount including, but not limited to, all administrative, legal, warranty, engineering, permitting or other related soft costs; and
Now, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the District and the Landowner agree as follows:
INCORPORATION OF RECITALS. The recitals stated above are true and correct and by this reference are incorporated by reference as a material part ofthis Agreement.
COMPLETION OF IMPROVEMENTS. The Landowner and District agree and acknowledge that the District's proposed Series 2017 Bonds may provide only a portion of the funds necessary to complete the improvements comprising the Series 2017 Project ("Improvements"). Therefore, the Landowner hereby agrees to provide funds or cause funds to be provided to the District in an amount sufficient to allow the District to complete those portions of the Improvements which may remain unfunded including, but not limited to, all administrative, legal, warranty, engineering, permitting or other related soft costs (collectively the "Remaining Improvements") whether pursuant to existing contracts, including change orders thereto, or future contracts. Nothing herein shall cause or be construed to require the District to issue additional bonds or indebtedness to provide funds for any portion of the Remaining Improvements. The District and Landowner hereby acknowledge and agree that the District's execution of this Agreement constitutes the manner and means by which any and all portions of the Remaining Improvements are to be funded and completed.
OTHER CONDITIONS AND ACKNOWLEDGMENTS
The District and the Landowner agree and acknowledge that the exact location, size, configuration and composition of the Series 20 17 Project may change from that described in the Engineer's Report, depending upon final design of the development, permitting or other regulatory requirements over time, or other factors. Material changes to the Improvements shall be made by a written amendment to the Series 2017 Project, which shall include an estimate of the cost of the changes. Material changes to the Series 2017 Project shall require the prior written consent ofthe Trustee acting at the direction of the Bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then outstanding.

D.R. Horton, Inc. - Jacksonville: CompletionAgreement	2

The District and the Landowner acknowledge and agree that the provision of funds under this Agreement will be considered a contribution in lieu of the imposition of special assessments upon the Landowner Lands benefitted by the Series 2017 Project.
Notwithstanding anything to the contrary contained in this Agreement, the payment or performance by Landowner of its obligations hereunder is expressly subject to,  dependent and  conditioned  upon  (a) the  issuance  of $_ 	__  par  amount of Series 2017 Bonds and use of the proceeds thereof to fund all or a portion of the Series 2017 Project, and (b) the scope, configuration, size and/or composition of the Series 2017 Project not materially changing without the consent of the Landowner. Such consent is not necessary and the Landowner must meet the completion obligations, or cause them to be met, when the scope, configuration, size and/or composition of the Series 2017 Project is materially changed in response to a requirement imposed by a regulatory agency.
The District and Landowner agree and acknowledge that any and all portions of the Remaining Improvements which are constructed, or caused to be constructed, by the Landowner shall be conveyed to the District or such other appropriate unit of local government as is designated in the Engineer's Report or required by governmental regulation or development approval. All conveyances to another governmental entity shall be in accordance with and in the same manner as provided in any agreement between the District and the appropriate unit of local government. The District and Landowner further agree and acknowledge that any and all real property upon which the Improvements are constructed or which is necessary for proper access to and use of such Improvements shall be dedicated to the District without cost.
DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of actual damages and/or specific performance, but excluding special, consequential or punitive damages. Except as expressly otherwise provided in this Agreement, the District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Except as expressly otherwise provided in this Agreement, nothing contained in this Agreement shall limit or impair the District's right to protect its rights under this Agreement from interference by a third party.
ENFORCEMENT OF AGREEMENT. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all fees and costs incurred, including reasonable attorneys' fees and costs for trial, alternative dispute resolution, or appellate proceedings.
AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Landowner. This Agreement may not be amended without the prior written consent of the Trustee and the Bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then outstanding.

D.R. Horton, Inc. - Jacksonville: Completion Agreement	3
\

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Landowner, both the District and the Landowner have complied with all the requirements of law, and both the District and the Landowner have full power and authority to comply with the terms and provisions of this Agreement.
NOTICES. All notices, requests, consents and other communications under this Agreement (" Notices") shall be in writing and shall be delivered, mailed by First Class Mail, postage prepaid, or overnight delivery service, to the parties, as follows:

A.	If to the District:

With a copy to:

If to Landowner:

With a copy to:

And copy to:

Deer Run Community Development District
135 W. Central Boulevard, Suite 320
Orlando, Florida 32801 Attn: District Manager
Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300 Post Office Box 6526
Tallahassee, Florida 32314 Attn: Roy Van Wyk
D.R. Horton, Inc. - Jacksonville 4220 Race Track Road,
Saint Johns, Florida 32259 Attn: Bob Porter
Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300
Tallahassee, Florida 32301 Attn: Brian Crumbaker
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attn: Paul Romanowski, Florida Region President
D.R. Horton, Inc.
1 341 Horton Circle
Arlington, Texas 76011
Attn: Ted I. Harbour, Chief Legal Counsel
D.R. Horton, Inc.
1 2602 Telecom Drive
Tampa, Florida 33637
Attn: Charbel J. Barakat, Chief Counsel

D.R. Horton, Inc. - Jacksonville: Completion Agreement	4

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for the Landowner may deliver Notice on behalf of the District and the Landowner. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.
ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully between the District and the Landowner as an arm's length transaction. Both parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Landowner.
THIRD PARTY BENEFICIARIES. Except as otherwise provided in this Section 10 with respect to Trustee, this Agreement is solely for the benefit of the District and the Landowner and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Except as otherwise provided in this Section 10 with respect to Trustee, nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or entity other than the District and the Landowner any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Landowner and their respective representatives, successors, and assigns. Notwithstanding anything herein to the contrary, the Trustee for the Series 201 7 Bonds, on behalf of the owners of the Series 2017 Bonds, shall be a direct third party beneficiary of the terms and conditions of this Agreement and shall be entitled to enforce the Landowner' s obligations hereunder. The Trustee shall not be deemed to have assumed any obligations hereunder.
ASSIGNMENT. Neither the District nor the Landowner may assign this Agreement or any monies to become due hereunder without the prior written approval of the other and the Trustee and Bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then outstanding. Such consent shall not be required in the event of a sale of the majority of the Landowner Lands then owned by the Landowner pursuant to which the unaffiliated purchaser agrees to assume any remaining obligations of the Landowner under this Agreement.
APPLICABLE LAw AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement
D.R. Horton, Inc. - Jacksonville: Completion Agreement	5

shall be Flagler County, Florida.
EFFECTIVE DATE. This Agreement shall be effective after execution by both the District and the Landowner.
PUBLIC RECORDS. The Landowner understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records and treated as such in accordance with Florida law.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.
LIMITATIONS ON GOVERNMENTAL LIABILITY. Nothing in this Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation oflaw.
HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction ofany ofthe provisions of this Agreement.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

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D.R. Horton, Inc. - Jacksonville: Completion Agreement	6

IN WITNESS WHEREOF, the Parties execute this Agreement the day and year first written above.

Attest:

Secretary/Assistant Secretary

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairperson, Board of Supervisors

Witnesses:	D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation

Name:-----------

Name:-----	----	-

Exhibit A:	Supplemental Engineer 's Report dated --	�

D.R. Horton, Inc. - Jacksonville: Completion Agreement

2017 

7

Exhibit A
Supplemental Engineer's Report dated as 	� 2017

D.R. Horton, Inc. -Jacksonville: Completion Agreement	8

This instrument was prepared by and upon recording should be returned to:
Roy VanWyk, Esq.
HOPPING GREEN & SAMS, P.A.
119 South Monroe Street, Suite 300
Tallahassee, Florida 32301

(This space reserved forClerk)

COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS RELATING TO THE SERIES 2017 PROJECT
This COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT
RIGHTS RELATING TO THE SERIES 2017 PROJECT (herein, the "Assignment"), is made this _ day of September, 20 1 7, by D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation (together with its successors and assigns, the "Landowner"), in favor of the DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special purpose government organized and created under the laws of the State of Florida, located in the City of Bunnell, Florida (together with its successors and assigns, the "District").
RECITALS
WHEREAS, Landowner is the owner ofa portion of the real property within the District, as more particularly described in Exhibit A attached hereto ("Property"); and
WHEREAS, the District proposes to issue its Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Revenue and Refunding Bonds, Series 2017 ("Series 20 17 Bonds"), to finance certain improvements which will benefit all of the Property; and
WHEREAS, among the security for the repayment of the Series 2017 Bonds are the special assessments, levied against the Property, or portions thereof ("Series 2017 Special Assessments"); and
WHEREAS, the parties intend the Property will be platted and fully developed into a total of 	(__) residential units ("Lots"), and the lots owned by the unaffiliated homebuilders or will be sold to homebuyers ("Development Completion"), as contemplated by the Master Assessment Methodology,  dated July 26, 201 7, as amended by the Supplemental
Assessment  Methodology  dated  ____,   2017   as   (all  of  such  Lots   and   associated
improvements being referred to herein as the "Development"); and
WHEREAS, the portion of the capital improvement proj ect of the District which is being financed with the proceeds of the Series 2017 Bonds is described in the Supplemental Engineer 's

Report dated as 	_ 2017 Project"; and

_, 2017 (the "Engineer's Report"), and is referred to as the "Series

D.R. Horton, Inc. - Jacksonville: Collateral Assignment	1

WHEREAS, in the event of default in the payment of the Series 2017 Special Assessments securing the Series 2017 Bonds or in the payment of a True-Up Obligation (as defined in the Agreement between the Deer Run Community Development District and Landowner Regarding True-Up As to Series 2017 Special Assessments, or in the event of any other Event of Default (as defined herein), the District requires, in addition to the remedies afforded the District under the Master Trust Indenture dated May 1, 2008 (the "Master Indenture"), as supplemented by a Second Supplemental Trust Indenture dated September 1, 2017 (the "Second Supplemental Indenture" and, together with the Master Indenture the "Indenture"), pursuant to which the Series 2017 Bonds are being issued, and the other agreements being entered into by Landowner concurrent herewith with respect to the Series 2017 Bonds and the Series 20 17 Special Assessments (the Indentures and agreements being referred to collectively as the "Bond Documents," and such remedies being referred to collectively as the "Remedial Rights"), certain remedies with respect to the Development Rights (defined below) in order to complete or enable a third party to complete development of the Series 2017 Project.
NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the sufficiency of which is acknowledged, Landowner and District agree as follows:
Recitals; Exhibits. The foregoing recitals are true and correct and, together with the exhibits attached hereto, are hereby incorporated herein by this reference.
Collateral Assignment.
Subject to the terms and conditions of this Assignment, Landowner hereby collaterally assigns to the District, to the extent assignable, all of Landowner's development rights, permits, entitlements and work product relating to development of the Series 2017 Project, and Landowner's rights as declarant of any property owner or homeowner association with respect to the Property (collectively, the "Development Rights"), as security for Landowner's payment and performance of all of its obligations arising under the Bond Documents, including, without limitation, payment of the Series 20 17 Special Assessments levied against the Property owned by Landowner from time to time, and any True-Up Obligation. The Development Rights shall include, without limitation, the items listed in subsections (i) through (viii) below as they pertain to development of the Series 2017 Project, but shall specifically exclude any portion of the Development Rights which relate solely to (x) Lots which have been or are conveyed to unaffiliated homebuilders or homebuyers effective as of such conveyance, (y) any portion of the Property which has been transferred, dedicated and/or conveyed, or is in the future conveyed, to the city, county, the District, any homebuilder, any utility provider, governmental or quasi-governmental entity, any homeowner's or property owner's association or other governing entity or association as may be required by applicable permits, approvals, plats or entitlements or regulations affecting the District, if any, in each case effective as of such transfer, conveyance and/or dedication, as applicable, or (z) Lots conveyed to end user residents:

Zoning	approvals,	density	approvals	and	entitlements, concurrency and capacity certificates, and development agreements;
D.R. Horton, Inc. - Jacksonville: Collateral Assignment	2

Engineering and construction plans and specifications for grading, roadways, site drainage, storm water drainage, signage, water distribution, waste water collection, recreational facilities and other improvements;
Preliminary and final site plans and plats;
Architectural plans and specifications for recreational buildings and other improvements to the developable property within the District;
Permits, approvals, resolutions, variances, licenses, and franchises granted by governmental authorities, or any of their respective agencies, for or affecting the Series 2017 Project or the construction of improvements thereon or off-site to the extent such off-site improvements are necessary or required to complete the Series 2017 Project;
Contracts with engineers, architects, land planners, landscape architects, consultants, contractors, and suppliers for or relating to the construction of the Series 2017 Project or the construction of improvements thereon;
All prepaid impact fees and impact fee credits; and
All future creations, changes, extensions, revisions, modifications, substitutions, and replacements of any of the foregoing.
This Assignment is not intended to and shall not impair or interfere with the development of the Property, including, without limitation, Landowner's contracts with homebuilders, if any, and homebuyers (collectively, "Sales Contracts"), and shall only be inchoate and shall become an effective and absolute assignment and assumption of the Development Rights, from time to time, only upon the District's exercise of its rights hereunder upon a failure of Landowner to pay the Series 2017 Special Assessments levied against the portion of Property owned by the Landowner, from time to time, failure of Landowner to satisfy a True-Up Obligation, or any other Event of Default hereunder. The District shall not be deemed to have assumed any obligations associated with the Development Rights unless and until the District exercises its rights under this Assignment, and then only to the extent ofsuch exercise.
If this Assignment has not become absolute, it shall automatically terminate upon the earliest to occur of the following events: (i) payment in full of the principal and interest associated with the Series 2017 Bonds; (ii) Development Completion; (iii) transfer of any Development Rights to the city, the county, the State, the District, any utility provider, any other governmental or quasi-governmental entity, or any homeowners' or property owner's association but only to the extent of such transfer; or (iv) transfer of any portion of the Property to a homebuilder or homebuyer but only as to such portion transferred, from time to time.
Warranties by Landowner. Landowner represents and warrants to the District that, subject to the Sales Contracts:

D.R. Horton, Inc. - Jacksonville: Collateral Assignment	3

Landowner is not prohibited under any agreement with any other person or under any judgment or decree from the execution, delivery and performance of this Assignment.

No action has been brought or threatened which would in any way interfere with the right of Landowner to execute this Assignment and perform all of Landowner's obligations herein contained.
Any transfer, conveyance or sale of the Property shall subject any and all affiliated entities or successors-in-interest of the Landowner as to the Property or any portion thereof, to this Assignment to the extent of the portion of the Property so conveyed, except to the extent described in Section 2 above.
Covenants. Landowner covenants with the District that for so long as this Assignment shall remain in effect pursuant to the terms hereof:
Landowner will use reasonable, good faith efforts to (i) fulfill, perform, and observe each and every material condition and covenant of Landowner relating to the Development Rights, and (ii) give notice to District of any default with respect to any of the Development Rights.
The Development Rights include all of Landowner' s rights to modify the Development Rights, to terminate the Development Rights, and to waive or release the performance or observance of any obligation or condition of the Development Rights; provided, however, that this Assignment does not and shall not (i) pertain to lands outside of the District not relating or necessary to development of the Series 2017 Project, or (ii) limit Landowner's right, from time to time, to modify, waive or release the Development Rights, subject to Section 4(c) below and Landowner' s obligations under the Bond Documents.
Landowner agrees not to take any action that would decrease the development entitlements to a level below the amount necessary to support the then-outstanding Series 2017 Bonds or would materially impair or impede the ability to achieve Development Completion.
Events of Default. Any breach of the Landowner's warranties contained in Section 3 hereof, any breach of covenants contained in Section 4 hereof which is not cured within sixty (60) days after receipt of written notice thereof, or any breach of Landowner under any other Bond Documents, which default is not cured within any applicable cure period, will constitute an "Event of Default" under this Assignment.
Remedies Upon Default. Upon an Event of Default, or the transfer of title to any portion of the Property owned by Landowner to the District or its designee pursuant to a judgment of foreclosure entered by a court of competent jurisdiction or a deed in lieu of foreclosure to the District or its designee or the acquisition oftitle to such property through the sale of tax certificates, the District may, as the District's sole and exclusive remedies under this Assignment, take any or all ofthe following actions, at the District's option:
D.R. Horton, Inc. - Jacksonville: Collateral Assignment	4

Perform or cause to be performed any and all obligations of Landowner relating to the Development Rights and exercise or cause to be exercised any and all rights of Landowner therein as fully as Landowner could; and
Initiate, appear in, or defend any action arising out of or affecting the Development Rights; and
Further assign any and all of the Development Rights to a third party acquiring title to the Property or any portion thereof from the District or at a District foreclosure sale.

Authorization. In the Event of Default, Landowner does hereby authorize and shall direct any party to any agreement relating to the Development Rights to tender performance thereunder to the District upon written notice and request from the District. Any such performance in favor of the District shall constitute a full release and discharge to the extent of such performance as fully as though made directly to Landowner. Notwithstanding the foregoing or anything to the contrary set forth in this Assignment, no exercise by the District or the District's rights under this Assignment shall operate to release the Landowner from its obligations under this Assignment.
Third Party Beneficiaries. The parties hereto agree that the trustee under the Indenture ("Trustee"), on behalf of the bondholders, shall be a direct third party beneficiary of the terms and conditions ofthis Assignment, and entitled to enforce the Landowner's obligations hereunder at the direction of the bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then-outstanding. The Trustee shall not be deemed by virtue of this Assignment to have assumed any obligations or duties.
Amendment. This Assignment may be modified in writing only by the mutual agreement of all parties hereto. This Assignment may not be amended without the prior written consent of the Trustee acting on behalf and at the direction of the bondholders owning a majority of the aggregate principal amount of the Series 2017 Bonds then-outstanding.
Miscellaneous. Unless the context requires otherwise, whenever used herein, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The terms "person" and "party" shall include individuals, firms, associations, joint ventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups and combinations. Titles of paragraphs contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, extend, or describe the scope of this Assignment or the intent of any provisions hereunder. This Assignment shall be construed under Florida law.
Applicable Law and Venue. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be Flagler County.
D.R. Horton, Inc. - Jacksonville: Collateral Assignment	5

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

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D.R. Horton, Inc. - Jacksonville: Collateral Assignment	6

IN WITNESS WHEREOF, Landowner and District have caused this Assignment to be executed and delivered on the day and year first written above.

Witnesses:

Name:-	---------

D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation
By: ---------------

Name:_ 		___

STATE OF FLORIDA COUNTY OF -	----
The foregoing instrument was acknowledged before me this 	_ day of	,
2017, by _ 	, as an authorized representative of D.R. Horton, Inc. - Jacksonville, a Delaware corporation, on behalf of the company.	He is personally known to me or who has

produced 	__

__ 	_ 	_ (type of identification) as identification.

NOTARY PUBLIC, STATE OF FLORIDA

(Print, Type or Stamp Commissioned Name ofNotary Public)

D.R. Horton, Inc. - Jacksonville: Collateral Assignment	7

Witnesses:

Name:----	-------

Name:------------

STATE OF FLORIDA COUNTY OF -	----

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Chairperson, Board of Supervisors

The foregoing instrument was acknowledged before me this 	day of _____
2017  by  __	______ 	_	____	__,   as  Chairperson,  Board  of
Supervisors of the Deer Run Community Development District. He is personally known to me;

or has produced identification.

__ 	_ 	_ 	_

____ (type of identification), as

NOTARY PUBLIC, STATE OF FLORIDA

(Print, Type or Stamp Commissioned Name ofNotary Public)

Exhibit A:	Legal Description ofProperty

D.R. Horton, Inc. - Jacksonville: Collateral Assignment	8

Exhibit A
Legal Description of Property

D.R. Horton, Inc. - Jacksonville: Collateral Assignment	9

This instrument was prepared by and upon recording shou ld be returned to:
Roy VanWyk, Esq.
HOPPING GREEN & SAMS, P.A.
1 19 South Monroe Street, Suite 300
Tallahassee, Florida 32301

(This space reserved forClerk)

AGREEMENT BETWEEN THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT AND D.R. HORTON, INC. - JACKSONVILLE REGARDING TRUE-UP AS TO SERIES 2017 SPECIAL ASSESSMENTS
THIS TRUE UP AGREEMENT is made and entered into this _ day of September, 201 7, by and between:
DEER RUN COMMUNITY DEVELOPMENT DISTRICT, a local unit of special­ purpose government established pursuant to Chapter 190, Florida Statutes, and located in the City of Bunnell, Florida whose mailing address is 1 35 W. Central Boulevard, Suite 320, Orlando, Florida 32801 (the "District"), and
D.R. HORTON, INC. - JACKSONVILLE, a Delaware corporation and a landowner in the District whose address is 4220 Race Track Road, Saint Johns, Florida 32259, and its successors and assigns (the "Landowner"; and together with the District, the "Parties").

RECITALS

WHEREAS, the District was established by an ordinance adopted by the Board of City Commissioners of the City of Bunnell, Florida, pursuant to the Uniform Community Development District Act of 1980, Chapter 1 90, Florida Statutes, as amended (the "Act"), and is validly existing under the Constitution and laws of the State ofFlorida; and
WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District's activities and services; and
WHEREAS, Landowner is the owner of certain lands within the boundaries of the District ("Landowner Lands"), which lands are described in Exhibit A, and which are a portion of the Series 201 7 Assessment Area (defined below); and
WHEREAS, the District has adopted an improvement plan to finance the planning, design, acquisition, construction, and installation of certain infrastructure improvements, facilities, and
services,  as  detailed  in  the  Supplemental  Engineer 's  Report  dated	_,  20 17  (the
"Engineer's Report"), attached to this Agreement as Exhibit B, and is referred to as the "Series 201 7 Project", and the anticipated costs of the Series 2017 Project are described in the Engineer's Report; and
D.R. Horton, Inc. - Jacksonville: Tru e Up Agreement	1

WHEREAS, the District intends to finance all or a portion of the Series 2017 Project through the anticipated issuance of its Deer Run Community Development District (City of Bunnell, Florida) Special Assessment Revenue and Refunding Bonds, Series 2017, in the principal amount of $ 	_ (the "Series 2017 Bonds"); and
WHEREAS, pursuant to Resolutions 2017-_, 2017-_, 2017-_, and 2017-_ (the "Assessment Resolutions"), the District imposed special assessments on certain lands within the District, including the Landowner Lands (the "Series 2017 Assessment Area") to secure the repayment ofthe Series 2017 Bonds (the "Series 2017 Special Assessments"); and
WHEREAS, Landowner agrees that all lands within the Series 2017 Assessment Area, including the Landowner Lands, benefit from the timely design, construction, or acquisition of the improvements comprising the Series 2017 Project; and
WHEREAS, Landowner agrees that the Series 2017 Special Assessments which were imposed on the Series 2017 Assessment Area within the District, including the Landowner Lands, have been validly imposed and constitute valid, legal and binding liens upon the Series 2017 Assessment Area, which Series 2017 Special Assessments remain unsatisfied; and
WHEREAS, to the extent permitted by law, Landowner waives any defect in notice or publication or in the proceedings to levy, impose and collect the Series 2017 Special Assessments on the Series 2017 Assessment Area within the District; and
WHEREAS, the Master Assessment Methodology, dated July 26, 2017, as amended by the Supplemental Assessment Methodology dated 	, 2017 (the "Assessment Report"), provides that as the Series 2017 Assessment Area lands within the District are platted, the allocation ofthe
amounts assessed to and constituting a lien upon the Series 2017 Assessment Area lands within the District would be calculated based upon certain density assumptions relating to the number of single-family units to be constructed on Series 2017 Assessment Area lands within the District, which assumptions were provided by Landowner; and
WHEREAS, Landowner intends that the Series 2017 Assessment Area lands within the District will be platted, planned and developed based on then-existing market conditions, and the actual densities developed may be at some density less than the densities assumed in the District's Assessment Report; and
WHEREAS, the District's Assessment Report anticipates a mechanism by which Landowner shall, ifrequired, make certain payments to the District in order to satisfy, in whole or in part, the assessments allocated and the liens imposed pursuant to the Assessment Resolutions, the amount of such payments being determined generally by a calculation of the remaining unallocated debt prior to the recording of the final plat or site plan for a parcel or tract, as described in the District's Assessment Report (which payments shall collectively be referenced as the "True-Up Payment"); and
WHEREAS, Landowner and the District desire to enter into an agreement to confirm Landowner's intention and obligation, if required, to make the True-Up Payment related to the Series 2017 Special Assessments, subject to the terms and conditions contained herein.

D.R. Horton, Inc. - Jacksonville: True Up Agreement	2

Now, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the Parties agree as follows:
SECTION 1.	RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.
SECTION 2.	COVENANTS.
The provisions of this Agreement shall constitute a covenant running with the Landowner Lands and shall remain in full force and effect and be binding upon the Landowner, its heirs, legal representatives, estates, successors, grantees, and assigns until released pursuant to the terms herein.
Landowner agrees that to the extent Landowner fails to timely pay all Series 2017 Special Assessments collected by mailed notice of the District, said unpaid Series 2017 Special Assessments (including True-Up Payments), may be placed on the tax roll by the District for collection by the Tax Collector pursuant to Section 197.3632, Florida Statutes, in any subsequent year.
SECTION 3.	SPECIAL ASSESSMENT REALLOCATION.
Assumptions as to the Series 201 7 Special Assessments. As of the date of the execution of this Agreement, Landowner has informed the District that Landowner anticipates  that  a  total  of              L_)  single-family  residential  dwelling  units,  as  more specifically set forth in the Assessment Report, will be constructed with the Series 20 17 Assessment Area, and that --_         _ L_) of those single-family residential dwelling units
will be constructed within the Landowner Lands..
Process for Reallocation of Assessments. The Series 2017 Special Assessments will be reallocated among the lands within the Series 2017 Assessment Area as the Series 2017 Assessment Area lands are platted (hereinafter referred to as "Reallocation"). In connection with such platting of acreage, the Series 2017 Special Assessments imposed on the acreage being platted will be allocated based upon the actual number of units within the acreage being platted. In furtherance thereof, at such time as acreage is to be platted, Landowner covenants that such plat shall be presented to the District. The District shall allocate the Series 2017 Special Assessments to the number of units being platted and the remaining property in accordance with the District's Assessment Report and shall cause such Reallocation to be recorded in the District's Improvement Lien Book.
It is an express condition of the liens established by the Assessment Resolutions that any and all plats containing any portion of the Series 2017 Assessment Area within the District owned by Landowner shall be presented to the District for review and allocation of the Series 2017 Special Assessments to the units being platted and the remaining property within the Landowner Lands in accordance with the Assessment Report. Landowner
D.R. Horton, Inc. - Jacksonville: Tru e Up Agreement	3

covenants to comply with this requirement for the Reallocation. The District agrees that no further action by the Board of Supervisors shall be required. The District's review of the plats shall be limited solely to the Reallocation of Series 2017 Special Assessments and enforcement of the District's assessment liens. Nothing herein shall in any way operate to or be construed as providing any other plat and plan approval or disapproval powers to the District.
The purpose of the True-Up calculation is to ensure that the bond debt will be able to be assigned to at least (___) platted units within the Series 2017 Assessment Area. Thus, at the time of platting of the Series 2017 Assessment Area there must be at least _         L_) platted units to assign the bond debt to. If not, the District would require a True-Up Payment from the
Landowner or the person or entity seeking to file such plat in an amount sufficient to reduce the remaining bond debt to the actual number of units platted as in the par amount per platted lot as set forth in Exhibit A to the Assessment Report.
As acreage within the Series 2017 Assessment Area is platted (each such date being a "True-Up Date"), the District shall determine if the debt per developable acre remaining on the unplatted lands within the Landowner Lands exceeds the maximum debt per developable acre for the Series 2017 Special Assessments, and ifit is, a debt reduction payment in the amount of such excess debt per developable acre (the "True-Up Payment") shall become immediately due and payable by Landowner that tax year in accordance with the District' s Assessment Report, in addition to the regular assessment installment payable for lands owned by the Landowner. The District will ensure collection of such amounts in a timely manner in order to meet its debt services obligations, and in all cases, 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 2017 Bonds. The District shall record all True-Up Payments in its Improvement Lien book. Ifsuch True-Up Payment is made at least forty five (45) days prior to an interest payment date on the Series 2017 Bonds, the Landowner shall include accrued interest as part of the True-Up Payment to such interest payment date. If such True-Up Payment becomes due within forty five (45) days of the next interest payment date, accrued interest shall be calculated to the next succeeding interest payment date.
The foregoing is based on the District's understanding with Landowner that Landowner will plat or cause to be platted at least _ ( _) residential dwelling units within the Landowner Lands as identified in the Assessment Report and Engineer's Report. However, the District agrees that nothing herein prohibits more or less than the anticipated residential dwelling units from being platted. In no event shall the District collect Series 2017 Special Assessments pursuant to the Assessment Resolutions in excess of the total debt service related to the Series 2017 Project, including all costs of financing and interest. The District, however, may collect Series 20 17 Special Assessments in excess of the annual debt service related to the Series 2017 Project, including all

D.R. Horton, Inc. - Jacksonville: True Up Agreement	4

costs of financing and interest, which shall be applied to prepay the Series 2017 Bonds. If the strict application of the True-Up methodology to any Reallocation for any plat pursuant to this paragraph would result in Series 2017 Special Assessments collected in excess of the District's total debt service obligation for the Series 2017 Project, the District agrees to take appropriate action by resolution to equitably Reallocate the assessments.
SECTION 4. ENFORCEMENT. This Agreement is intended to be an additional method of enforcement of Landowner's obligation to pay the Series 2017 Special Assessments and to abide by the requirements of the Reallocation of Series 2017 Special Assessments, including the making of the True-Up Payment, if any, as set forth in the Assessment Resolutions. A default by any Party under this Agreement shall entitle any other Party to all remedies available at law or in equity, but excluding special, consequential or punitive damages.
SECTION 5. RECOVERY OF COSTS AND FEES. In the event any party is required to enforce this Agreement by court proceedings or otherwise, then the prevailing party, as determined by the applicable court or other dispute resolution provider, shall be entitled to recover from the non-prevailing party all fees and costs incurred, including reasonable attorneys' fees and costs incurred prior to or during any litigation or other dispute resolution and including all fees and costs incurred in appellate proceedings.
SECTION 6. NOTICE. All notices, requests, consents and other communications hereunder ("Notices") shall be in writing and shall be delivered, mailed by First-Class Mail, postage prepaid, by overnight delivery service, or electronic or hand delivered to the parties, as follows:

If to the District:

With a copy to:

.	B.	If to Landowner:

Deer Run Community Development District
135 W. Central Boulevard, Suite 320
Orlando, Florida 32801 Attn: District Manager

Hopping Green & Sams, P.A.
119 South Monroe Street, Suite 300 Post Office Box 6526
Tallahassee, Florida 32314 Attn: Roy Van Wyk
D.R. Horton, Inc., - Jacksonville 4220 Race Track Road,
Saint Johns, Florida 32259 Attn: Bob Porter

D.R. Horton, Inc. - Jacksonville: True Up Agreement	5

With a copy to:

And copy to:

Hopping Green & Sams, P.A.
1 19 South Momoe Street, Suite 300
Tallahassee, Florida 32301 Attn: Brian Crumbaker
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attn: Paul Romanowski, Florida Region President
D.R. Horton, Inc.
1 341 Horton Circle
Arlington, Texas 76011
Attn: Ted I. Harbour, Chief Legal Counsel
D.R. Horton, Inc. 12602 Telecom Drive Tampa, Florida 33637
Attn: Charbel J. Barakat, Chief Counsel

Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address or telecopy number set forth herein. If mailed as provided above, Notices shall be deemed delivered on the third business day unless actually received earlier. Notices hand delivered after 5 :00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the parties may deliver Notice on behalf of the parties. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees ofany change in name, address or telecopy number to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.
Notwithstanding the foregoing, to the extent Florida law requires notice to enforce the collection of any assessments placed on the lands within the Series 2017 Assessment Area by the District, then the provision ofsuch notice shall be in lieu of any additional notice required by this Agreement.
SECTION 7.	ASSIGNMENT.
Landowner may not assign its duties or obligations under this Agreement except in accordance with the terms of this Section 7(C) below. This Agreement shall constitute a covenant running with title to the Landowner Lands, binding upon Landowner and its successors and assigns including, without limitation, the Buyer and its successors and assigns as to the
D.R. Horton, Inc. - Jacksonville: True Up Agreement	6

Landowner Lands or portions thereof, and any transferee of any portion of the Landowner Lands, but shall not be binding upon transferees permitted by Sections 7(B)(i), (ii) or (iii) below.
No portion of the Landowner Lands may be transferred to any third party without complying with the terms of Section 7(C) below, other than:
Platted and fully-developed lots to homebuilders restricted from
replatting.
Platted and fully-developed lots to end users.

Portions of the Landowner Lands exempt from assessments to the City, County, the District, or other governmental agencies.
Any transfer of any portion of the Landowner Lands pursuant to subsections (i), (ii) or (iii) of this Section 7(B) shall constitute an automatic release of such portion of the Landowner Lands from the scope and effect of this Agreement; provided however, that any True-Up Payment owing is paid prior to such transfer.
Landowner shall not transfer any portion of the Landowner Lands to any third party, except as permitted by Sections 7(B)(i), (ii) or (iii) above, without satisfying the following conditions ("Transfer Conditions"): (i) delivering a recorded copy of this Agreement to such
third party; and (ii) s.atisfying any True-Up Payment that results from a True-Up analysis that will be performed by the District Manager prior and as a condition to such transfer. Any transfer
that is consummated pursuant to this Section 7(C) shall operate as a release of Landowner from its obligations under this Agreement as to such portion of the Landowner Lands only arising from and after the date of such transfer and satisfaction of all of the Transfer Conditions including payment of any True-Up Payment due pursuant to subsection (ii) above, and the transferee shall be deemed to have assumed Landowner's obligations in accordance herewith and shall be deemed the "Landowner" from and after such transfer for all purposes as to such portion of the Landowner Lands so transferred. Regardless of whether the condition ofthis subsection is met, any transferee, other than those specified in subsection B., above, shall take title subject to the terms ofthis Agreement.

gr

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SECTION 8. AMENDMENT. This Agreement shall constitute the entire a eement between the parties as to the matters set forth herein and may be modified in writing only by the mutual agreement of the parties and with the prior written consent of the Trustee of the Series 2017 Bonds, acting at the direction of the Bondholders owning a majority of the ag egate principal amount of the Series 2017 Bonds then outstanding.
SECTION 9. TERMINATION. This Agreement shall continue in effect until it is rescinded in writing by the mutual assent of the parties and with the prior written consent of the Trustee of the Series 2017 Bonds, acting at the direction of the Bondholders owning a majority of the aggregate principal amount ofthe Series 2017 Bonds then outstanding.
D.R. Horton, Inc. - Jacksonville: True Up Agreement	7

SECTION 1 0. NEGOTIATIO ' AT ARM's LE NGTII. This Agreement bas been negotiated fully between the Patties as an arm · s length transaction. The Parties participated ful ly in the
preparation of this Agreement and received the adVice of cow1sel. In the case of a dispute conCeming the inrerprCtation ofany provision of th.i s Agreement. The Parties are deemed to have drafted, chosen and selected the language. and the doubtful language wi ll not be interpreted or construed against either party.
SECTION 11. THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit ofthe District and the Landowner and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Except as provided in the immediately succeeding sentence, nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or entity other than the District and the Landowner any right, remedy or claim under or by reason ofthis Agreement or any provisions or conditions ofthis Agreement; and all of the provisions, representations, covenants and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Landowner and their respective representatives, successors and assigns. Notwithstanding anything herein to the contrary, the Trustee for the Series 2017 Bonds, on behalf of the owners of the Series 2017 Bonds, shall be a direct third party beneficiary of the terms and conditions of this Agreement and shall be entitled to enforce the Landowner's obligations hereunder. The Trustee shall not be deemed to have assumed any obligations
hereunder.
SECTION 12.	LIMITATIONS	ON\  GOVERNMENTAL	LIABILITY.	Nothing	in	this
Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law.

SECTION 13. APPLICABLE LAw AND VENUE. This Agreement and the prov1s10ns contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be Flagler County.
SECTION 14. PUBLIC RECORDS. The Landowner understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records and may require treatment as such in accordance with Florida law.
SECTION 15. EXECUTION IN COUNTERPARTS. This instrument may be executed in any number ofcounterparts, each ofwhich, when executed and delivered, shall constitute an original, and such counterparts together shall constitute one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy ofthis document to physically form one document.
D.R. Horton, Inc. - Jacksonville: Tru e Up Agreement	8

SECTION 16.	EFFECTIVE DATE. This Agreement shall become effective after execution by the Parties hereto on the date reflected above.

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

D.R. Horton, Inc. - Jacksonville: True Up Agreement	9

IN WITNESS WHEREOF, the Parties execute this Agreement the day and year first written
above.

Attest:

Secretary/Assistant Secretary

DEER RUN COMMUNITY DEVELOPMENT DISTRICT

rp

Chai	erson, Board of Supervisors

STATE OF FLORIDA
COUNTY OF -------

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I hereby certify that on this day, before me, an officer duly authorized to take acknowledgments,  personally  appeared  	_____,  as  Chai   erson,  Board  of Supervisors, Deer Run Community Development District, who executed the foregoing instrument, acknowledged before me that he executed the same on behalf of the foregoing entity and was identified in the manner indicated below.

Witness my hand and official seal in the County of              ___ and State of Florida this __ day of 	_, 201 7.

Notary Public
Personally known: 	_______
Produced Identification: ---	---
Type of Identification: --------

D.R. Horton, Inc. - Jacksonville: True Up Agreement	10 

Witnesses:

Name:-----------

Name:-----------

D.R. HORTON, INC. - JACKSONVILLE,
a Delaware corporation
By: ______ 	______
Its: ----	---------

STATE OF FLORIDA
COUNTY OF -------
I hereby certify that on this day, before me, an officer duly authorized to take acknowledgments, personally appeared _ 	__, an authorized representative of D.R. Horton, Inc. - Jacksonville, a Delaware corporation, who executed the foregoing instrument, acknowledged before me that he executed the same on behalf of the foregoing entity and was identified in the manner indicated below.
Witness my hand and official seal in the County of ------ and State of Florida this          day of______, 2017.

Notary Public
Personally known: _ 	 	
Produced Identification: ---	---
Type of Identification: -	------

Exhibit A:	Legal Description of Landowner Lands
Exhibit B:	Supplemental Engineer 's Report dated _ 	_ _, 2017

D.R. Horton, Inc. - Jacksonville: True Up Agreement	11 

Exhibit A
Legal Description ofLandowner Lands

D.R. Horton, Inc. -Jacksonville: True Up Agreement 	12

Exhibit B
Supplemental Engineer's Report dated _

_	, 2017

D.R. Horton, Inc. - Jacksonville: True Up Agreement	13

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0-I-

-

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><

·-	0

755-757

Deer Run
Community Development District
Summary of Check Register
May 18, 2017 to August 16, 2017

Fund	Date	Check No.'s	Amount		
General Fund	5/31/ 17	732-733	$	28.40	
6/7/17	734-741	$	6,049.17	
6/ 13/ 17	742-743	$	1,777.92	
6/21/17	744-745	$	5,162.50	
6/28/ 17	746-747	$	4,985.96	
7/ 5/17	748-749	$	442.95	
7/11/17	750-754	$	9,645.85	
7/ 19/17		$	3,706.46	
7/26/17	758	$	3,617.50	
8/8/ 17	759	$	3,838.93	
8/9/ 17	760-761	$	531.11	
	8/ 16/17	762-766	$	
			
$	46,241.19	
Payroll	we 2017 Duane Owen	
50051	
$	200.00	
	Jrunes Marvin III	50052	$	184.70	
	Jan Doan	50053	$	184.70	

6,454.44

$	569.40

$	46,810.59 j

A*P*3* 00R	YEAR-TO-DATE  ACCOUNTS  PAYABLE   PREPAID/COMPUTER  CHECK  REGISTER	RUN	8/16/17	PAGE	1
CHECK  DATES   05/18/2017   -   08/16/2017   ***	BDAENERK  ARUNDEECDRDRU-NGCENDEDRAL  FUND

CHECK	VEND#	. • • • • INVOICE • • • • .  . • • EXPENSED TO . . .		VENDOR NAME DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS

STATUS

AMOUNT

• . • • CHECK • . • • • AMOUNT	#

5/31/17 00040 

5/17/17   1G6R1A9 S2 S0-/RLIL2L0Y1 7P0A5 D3/C2A0 -TT5A3 8IL0S0-47000 
5/17/17 16192 0-R  201705 320-53800-47000 

*	19 5.00
V	195 . 00-

- - -

GRA-S-S/LILLY  PA-D/C-A-TT-AILS- -AQ-UATIC  WEED  CONTROL ,   INC .	-

. oo 000732 

5/31/17 00003 

- -	- - - -	-

*	- - - - - - - - -

- -	- -	-	- - - - - -

5/17/17  10224622 201705 310-51300-48000	28 .4 0

6/07/17 00007 

- - - -

NOTIC-E  OF  M-EET-ING--5/17/17	DAYTONA  NEWS-JOURNAL

*	- - - - - - - - - -

28 .4 0 000733 

5/30/17  01-0060-  201704 320-53800-43 100 
100 GRAND RSRV PKWY-APR17 5/30/17  01-0060- 201705 320 -53800-43 100 

172 .5 0
*	172 . 43 

- - - - - - - - - - - - - - - - -

- -	100 GRAND RSRV PKWY-MAY17	CITY OF BUNNELL

*	- - - - - - - - - - - -3-44-.9-3  000734

6/07/17 00045	5/25/17 D0052520 201705 310-51300-42600 

117 . 70 

- - - - - - - - - - - - - - - - - -

-
6/07 /17 00002 

MEETING MILEAGE- 05/25/17	DUANE OWEN

*	- - - - - - - - - - - - 1-17 -. 7 -0   000735 

5/23 /17 5-8 11 -93 201705 310-51300-42000	100 .00

- - - - - - - - - - - - - - -

- - - -

DELIVERY 05/18/17	FEDEX

*	- - - - - - - - - - - -1 -00 -. 00- 000736 

6/07/17 00004 

5/ 31/1 7  94 122	201704 310-51 300-31500 

1,2 66 .0 0

- - - - - - - - - - - - - - - - - -

-	PREP EASEMENT/SIGN AGRMNT	HOPPING GREEN & SAMS

*	- - - - - - - - - -

1, 266 .00 000737 

- - - - - - - - - - - - - -

6/07/17 00048 

5/25/17 JD052520 2017 05 310-513 00-4 2600 

70.0 9

- - - -

M-EETING  MILEAGE- 05/25/17	JAN  DOAN

*	- - - - - - - - - -

70 .0 9 000738 

6/ 07/17 00051	5/17/17 161920 -R 201705 320-53800-47000 

195 .00

- - - - - - - - - - - - - - - - - -

-
6/07/17 00001 

GRASS /LILLY PADS /CATTAILS	APPLIED AQUATIC MANAGEMENT , INC .

- - - - - - - - - - - -1 -9 5 -. 0-0   000739 
*	2,500 . 00

6/01/17 183	201706 31 0-51300-34000 
MANAGEMENT FEES JUN17 
6/01/17 183	201706 310-51 300-3 5100 
INFO TECHNOLOGY JUN17 
6/01/17 183	201706 310-5 1300-51000 
OFFICE SUPPLIES
6/01/17 183	201706 310-51300-42000 
POSTAGE

*	83 .33
*	21.4 4
*	14 . 13
*

6/01/17   1C8 3OPIES

201706 310-51300-42500 
GOVERNMENTAL MANAGEMENT SERVICES DRUN DEER RUN BPEREGRINO

86 .55

2, 705 . 45 000740 

A*P*3* 0 C0RHECK  DATES   05/18/2017   -   08/16/20 1 Y7 EA*R*-*TO-DATEDAEECRCORUNUNTSCDPADYA-BGLEENEPRAEPLAFIUDN/CDOMPUTER  CHECK  REGISTER	RUN	8/16/17	PAGE	2
BANK  A   DEER  RUN CDD

DATE

CHECK	VEND#	. • D• A• T• EINVOIINCVEO. I. C• E• .    • Y• R• MEXOPENDPSTEDATCCOT. #. . SUB	SUBCLASS 6/07/17 00001		6/01/17  184	201706 320-53800-12000 

VENDOR NAME

STATUS
*

AMOUNT	• . • • CHECK • . • • • 
AMOUNT	#
1, 250 .00

FIELD MANAGEMENT JUN17	GOVERNMENTAL MANAGEMENT SERVICES
6/13/17 00027	6/06/17  13496-61 201705 320-53800-43000	*
6/06/17   3 92 99G9R-A5N4D2R0E1S7E0R5VE3 2 D0R- 5#3E8N0T0R-43000	*

- - - - - - - - - - -1 -, 2-50 -. 0-0   000741 
16 .4 5
60 1.4 8

6/13/17 00027 

DECORATIVE LIGHTING #OAK 6/06/17   4 94 81 80 5G-R9A1ND2 0R1 E7 0SE5RV3E2 0 D-R5 3#8B00-43000 
6/06/17 68588-21 2017 05  32 0-53 800-43000 

- - -

- -

-

-

100  GRAND RESERVE DR #ENT	FLORIDA POWER & LIGHT COMPANY 6/01/17 18001364 201706 320-53800-43000 

*	128 .38 
*	129 .61 
- - - - - - - - - - - -8-75-.9 -2   000742 

- - - - - - - - - - - -

*	902 .00

- - -

STRE-ET-LIGHTIN-G  --JU-N17 - - -FL-ORIDA  POWER  &   LIGHT  COMPANY

- - -

902 .0 0 000743 

- - - - - - - - - - - - -

6/21/17 00043 

6/10/17 1429516	201705 31 0-51300-3 1100 

*	2,0 12 .50

-

-

-

-

- - - -

MA-PS-/INFO-R/CD-D-M-TG-/TR-AVEL- -DE-WBERRY  ENGINEERS   INC .

- -	2,0 12 . 50 000744 

6/21/17 00042 

6/01/17 166137	201706 320-53800-46000 

*	3,1 50 .0 0

- - - - - - - - - - - - - - -

- - - -

LANDSCAPE MAINT-JUN17	YELLOWSTONE LANDSCAPE

*	- - - - - - - - - - -3 -, 1 5-0 -. 00- 000745 

6/28/17 00043 

6/ 28/17 00004 

7/05/17 00007 

6/10/17   1R4 E2V9 5/C1O7OR2. 0P1 U7 B0 5. FA3 C1 0IL-5IT1Y3 0' 0l-7 3 1100 
- - - - - - - - - - - - - - - - - -DE-WBERRY  ENGINEERS   INC . 6/19/17 94343	2017 05 310-513 00-3 1500 

- - - - - -

- - - - - - - - - - - -

AMEN-ITY/REFUNDING/RCL  WTR	HOPPING  GREEN  &   SAMS
6/28/17 01 -0060- 201705 320-53800-43100 

6/28/17 

100 GRAND RSRV PKWY-MAY17 
01 -0060- 201 706 320-53800-43100 

2,2 95.0 0

*

- - - - - - - - - - -2-, 2-95-. 0-0   000746 2,6 90.96
- - - - - - - - - - -2 -, 6-90-.9 -6   000747 
*	21 8.37
*	204 . 60

- - - - - - - - - - - - - - -

- - - -

100 GRAND RSRV PKWY-JUN17	CITY OF BUNNELL

*	- - - - - - - - - -

422 .9 7 000748 

7/05/17 00044 

7 /11 /17 00001 

6/ 20/17 06202017 201706 300-20700-10200 

- - - - - - - - - - - - - - - - - - -

TAX COMMISS IONS-JUN17	FLAGLER COUNTY TAX COLLECTOR 7/03/17 185	201707 310-51300-34000 
MANAGEMENT FEES JUL17 

19.9 8
-  - - - - - - - - -
*	2, 500 .0 0

19. 98 000749 

DRUN  DEER  RUN BPEREGRINO

A*P* 3* 00R	YEA* R* *-TO-DATE DAEECRCORUUNNTSCDPADYA-BGLENEPRAELPAFIUDN/DCOMPUTER  CHECK  REGISTER	RUN	8/16/17	PAGE	3

CHECK DATES 05/18/2017 - 08/16/ 2017 

BANK A DEER RUN CDD

CHECK	VEND#	• • D. A. T• EINVOICE • • • • •    • . • EXPENSED  TO . . .	VENDOR  NAME

STATUS

AMOUNT

• • • . CHECK • • • • . 

DATE

INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS
7/03/17  185	2017 07 310 -51 300-35100 
INFO TECHNOLOGY JUL17 
7/03/17 185	201707 310-51300-51000 

*	83 .33
*	.4 5

AMOUNT	#

7/03/17 
7/ 03/17

OFFICE SUPPLIES
185	201707 310-51300-42000 
POSTAGE
185	201707 310-51300-42500 

*	7.05
*	3 . 15

7/03/17 

COPIES 185 

201707 31 0-51300-41000 

*	18 . 86

7/03/17 

TELEPHONE
186	2017 07 320-53800-12000 
FIELD MANAGEMENT JUL17	GOVERNMENTAL MANAGEMENT SERVICES

*	1, 250 .00
- - - - - - - - - - -3 -, 8-62-. 8-4   000750 

7 /1 1/17 00046 

7/ 02/17 2111149	201707 310-51300-32200 
FY 16 AUDIT SERVICES	BERGER, TOOMBS , ELAM , GAINES & FRANK

*	3, 270 .0 0
- - - - - - - - - - -3-, 2-70-.00-

000751 

7/11/1 7  00027	7/ 07/17  13496-61 2017 06 320-53 800-43000	*	65 .64

7/11/17 00027 

7/11/17 00035 

7/19/17 00051 

7/19/17 00004 

7/19/17 00042 

99 GRAND RESERVE DR #ENTR 7/07/17 32999-54 201 706  320 -53800-43000 
DECORATIVE LIGHTING #OAK 7/07/17 49 885-91 201706 32 0-53 800-43000 

1 0 0  GRAND  RESERVE  DR  #ENT

410 GRAND RESERVE DR #B 7/07/17 6 8 5 8 8 - 21 2 0 1 706 320 - 53800 -43000 
FLORIDA POWER & LIGHT COMPANY 7/01/17 18001386 201707 320-53800-43000 
STREETLIGHTING  - JUL17	FLORIDA POWER & LIGHT COMPANY
7/03/17  07032017 201707 300-20700-10100 
FY17 TAX DEBT ASSESSMENTS	DEER RUN CDD C/O REGIONS BANK 6/ 30/17 162938	201706 320-53 800-47000 
AQUATIC MGMT SVCS-JUN17	APPLIED AQUATIC MANAGEMENT , INC .
7/18/17 94890	201 706 310 -51300-31500 

- - - - - - - - - - - - - - - - - --

AUDIT RPT/PROJ COMP/COMPL	HOPPING GREEN & SAMS
7/01/17 168908	201707 32 0-53 800-46000 
LANDSCAPE MAINT-JUL17	YELLOWSTONE LANDSCAPE
DRUN DEER RUN BPEREGRINO

*	601 .4 8
*	70 .59
*	119 .66
- - - - - - - - - - - -8-57-. 3-7   000752 
*	902 .00
- - - - - - - - - - - -9 -02 -. 0-0   000753 
*	753 .6 4
- - - - - - - - - - - -7 5-3-. 6-4   000754 
*	110.0 0
- - - - - - - - - - - -1 -1 0 -. 0-0   000755 
*	446 .4 6
446 . 46 000756 
*	3, 150 .00 
3,1 50 .0 0 000757

A*P* 3* 00R	YEA* R* *-TO-DATEDAEECRCORUUNNTSCPDADYA-BLGENEPRAELPAFIUDN/CDOMPUTER  CHECK  REGISTER	RUN	8/16/17	PAGE	4

CHECK DATES 05/18/2017 - 08/16/2017 

BANK A DEER RUN CDD

CHECK  VEND#	• • . . • INVOICE • • . • •   • • • EXPENSED TO . . .		VENDOR NAME DATE		DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS

STATUS

AMOUNT

• • • • CHECK • • • • . AMOUNT	#

7/26/17 00043 

7/12/17 1439687	201706 31 0-513 00-3 1100 
INTERIM SRVC ON PROJ/RPT 7/12/17 1439688	201706 31 0-513 00-3 1100 

*	2, 470 .00 
*	1,1 47.50

- - - - - - - - - - - - - - - - -

- -	COD  PUBLIC  FACILITIES  ' 1 7	DEWBERRY ENGINEERS INC .

*	- - - - - - - - - - -3 -, 6-17-. 5-0   000758 

8/08/17 00001 

8/09/17 00051 

8/01/17 187	201708 31 0-51300-34000 
MANAGEMENT FEES AUG17 
8/01/17 187	2017 08 310-51300-35 100 
INFO TECHNOLOGY AUG17 
8/01/17 187	201708 310-51 300-51000 

1 P8O7 STAGE   201708 

8/01/17	OFFICE   SUPPLIES31 0-51300-42000 
8/01/17  188	201708 320-53 800-12000 
FIELD MANAGEMENT AUG17	GOVERNMENTAL MANAGEMENT  SERVICES 7/31/17 163573	201 707 320 -53800-47000 

2, 500 .00
*	83 . 33
*	.3 6
*	5. 24 
*	1,2 50 .00
- - - - - - - - - - -3 -, 8 3-8-.9 -3   000759 
*	110.0 0

8/09/17 00007 

AQUATIC MGMT SVCS-JUL17	APPLIED AQUATIC MANAGEMENT , INC .
8/01/17 01-0060-  201706 32 0-53 800- 43100 

- -

- - - -

- - - - -

100 GRAND RSRV PKWY-JUN17 8/01/17 01 -0060-  201707 320-53800-43100 

- - - - - - - - - - - -1 -1 0 -. 00-
*	210 .56
*	210.55

000760 

- - -

G-RA-ND  RSRV  PK-WY-JUL17	C-ITY  OF  BUNNELL

- - - - - - - - - -

421 . 1 1 000761 

8/16/17 00003 

8/09/17 I0225583 2017 08 310-51300-48000 

*	67 . 70

- - - - - - - - - - - - - - -

- - - -

NOT . OF HEARING FY18 BDGT	DAYTONA NEWS-JOURNAL

67 . 70 000762 

8/16/17 00043 

8/16/17 00027 

8/10/17 1450036	201707 310-51300 -31100	* ENGINEER RPT/TRACT AREAS	DEWBERRY ENGINEERS INC .

- - - - - - - - - - - - - - - - - - -

*

8/ 07/17  13496-61 201707 320-53 800-43000	*

*

GRAND RESERVE DR #ENTR 8/07/17 32999-54 201 707 32 0-53800-43000 

*

DECORATIVE LIGHTING #OAK 8/07/17   4 94 1808 5G-R9A1ND2 0R1E7S0E7RV3E2 0D-R5 3#8B00-43000 
8/07/17  68588-21  201707 320-53800-43000 
GRAND  RESERVE DR #ENT	FLORIDA POWER & LIGHT COMPANY
DRUN DEER RUN BPEREGRINO

1,4 27 .5 0

106 .80
60 1.4 8
117 . 12
81 . 84

1, 427 . 50 000763 

907 .2 4 000764 

AP300R

YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	8/16/17
*** CHECK DATES  05/18 /2017 - 08/16 /2017 ***	DEER RUN CDD - GENERAL FUND
BANK  A   DEER  RUN CDD

PAGE	5

VENDOR NAME

CHECK  VEND#	. • • • • INVOICE . . • . •  • • •EXPENSED TO . . .		STATUS DATE		DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS

AMOUNT

. . • • CHECK • . . • • AMOUNT	#

8/16/17 00027 

8/01/1 7 18001408 201708 320-53800-43000 

*	902 .00

- - - - - - - - - - - - - - - - -

- -
8/16/17 00042 

STREETLIGHTING - AUG17	FLORIDA POWER & LIGHT COMPANY
*

3, 150 .00

902 . 00 000765 

8/01/17 174231	201708 320-53 800-46000 
LANDSCAPE MAINT-AUG17	YELLOWSTONE LANDSCAPE

TOTAL	FOR BANK A	46 ,2 41 . 19	
TOTAL	FOR REGISTER	46,2 41. 19	

DRUN   DEER  RUN BPEREGRINO

3, 150 .00 000766 

•	•	•	•	•	•	•	•	•	•	•	•

•• • • • • • •••

Deer Run
Commun ity Development District
Unaudited Financial Reporting July 31, 2017

Go,,crnmanls1l h4anagement Scrvic:.,.,.

•	•	•	•	•	•	•	•	•	•	•	•	•	•	•

Table of Contents

Balance Sheet

General Fund

Settlement Monitoring Fund

Debt Service Fund

Capital Projects Fund

Month to Month

Long-Term Debt

Assessment  Receipt Schedule

DEER RU N
COMMUN ITY DEVELOPMENT DISTRICT
COMBINED BALANCE SHEET
For The Period Ending July 31, 2017
GOVERNMENTAL FUND SETTLEM ENT

TOTALS
(memorandum only)

ASSETS

GENERAL

MONITORING	DE BT SERVICE	CAPITAL PROJ ECTS

2017

CASH INVESTMENTS
RESERVE REVENUE CONSTRUCTION

ACCRUED INTEREST PAYABLE			$3,701,175		$3,701,175	
ACCRUED PRINCIPAL PAYABLE			$700,000		$700,000	
FUND EQUITY						
FUND BALANCES UNASSIGNED	
$41,969	
$23,800	
($4,303,428)	
$107	
($4,237,552)	
/[TOTAL LIABILITI ES & FUND EQUITY	$44,834	$23,800		$107	$166,488 ]]	

[TOTAL ASSETS LIABILITIES ACCOU NTS PAYABLE

$44,834	$23,800

$44,834	$23,800

$2,866

$21,084
$76,664

$97,747

$107

$107

$68,634

$21,084
$76,664
$107

$166,488 ]

$2,866

$97,747

Deer Run
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND

$833

Statement of Revenues & Expenditures For The Period Ending July 31, 2017

REVENUES:	
BUDGET	PRORATED BUDGET THRU 7/31/17	ACTUAL THRU 7/31/17	
VARIANCE	
ASSESSMENTS/TRUSTEE CONTRIBUTIONS (1)	$182,971	$182,971	$106,278	($76,693)	
GOLF COURSE LAKE MAINTENANCE CONTRIBUTIONS	$4,800	$0	$0	$0	
TOTAL REVENUES	$187,771	$182,971	$106,278	($76,693)	
EXPENDITURES:					
ADMINISTRATIVE					
SUPERVISOR FEES	$4,000	$2,000	$600	$1,400	
F ICA EXPENSE	$306			$122	
ENGINEERING	$3,550	$3,550	$14,203	($10,653)	
DISSEMINATION	$1,000	$1,000	$2,500	($1,500)	
ATTORNEY	$20,000	$16,667	$6,077	$10,590	
ANNUAL AUDIT	$3,270	$3,270	$3,270	$0	
TRUSTEE FEES	$3,500	$0	$0	$0	
ARBITRAGE	$600	$600	$600	$0	
ASSESSMENT ROLL	$2,500	$2,500	$2,500	$0	
MANAGEMENT FEES	$30,000	$25,000	$25,000	$0	
INFORMATION TECHNOLOGY	$ 1,000		$833	$0	
TELEPHONE	$100	$83			
POSTAGE	$600	$500	$160	$340	
INSURANCE	$7,950	$7,950	$7,401	$549	
PRINTING & BINDING	$800	$667	$225	$441	
TRAVEL PER DIEM	$500	$417	$188	$229	
LEGAL ADVERTISING	$500	$417	$116	$300	
OTHER CURRENT CHARGES	$800	$667	$209		
OFFICE SUPPLIES	$250	$208		$167	
DUES, LICENSE, & SUBSCRIPTIONS	$175	$175	$175	$0	
TOTAL ADMINISTRATIVE	$81,401	$66,656	$64,159	$2,497	
MAINTENANCE					
FIELD MANAGEMENT	$15,000	$12,500	$12,500	$0	
ELECTRIC	$23,000	$19,167	$16,721	$2,445	
WATER & SEWER	$5,000	$4,167	$3,908	$258	
LANDSCAPE MAINTENANCE	$37,800	$31,500	$31,500	$0	
LANDSCAPE CONTINGENCY	$6,000	$5,000	$3,684	$1,316	
LAKE MAINTENANCE	$17,000	$14,167	$415	$13,752	
IRRIGATION REPAIRS	$2,000	$1,667	$0	$1,667	
CONTINGENCY		$475	$0		
TOTAL MAINTENANCE	$106,370	$88,642	$68,729	$19,913	
TOTAL EXPENDITURES	$187,771	$155,298	$132,888	$22,410	
EXCESS REVENUES (EXPENDITURES)	$0				
FUND BALANCE - BEGINNING	$0		$68,579		
FUND BALANCE - ENDING	$0		$41,969		
Includes $30,000 FR #1 from Deer Run COD Holdings and $72,000 from Dr Horton.

2

DEER RUN COMMUNITY DEVELOPMENT DISTRICT
SETTLEMENT MONITORING FUND
Statement of Revenues & Expenditures For The Period Ending July 31, 2017

	SffiLEMENT MONITORING	PRORATED BUDGET	ACTUAL			

REVENUES:	BUDGET	THRU 7/31/17	THRU 7/31/17	VARIANCE		
ENVIRONMENTAL MITIGATION CREDIT	$0	$0	$0		$0	
TOTAL REVENUES	$0	$0	$0		$0	

EXPENDITURES:						
PERMIT MONITORING	$0	$0	$750		($750)	
TOTAL EXPENDITURES:	$0	$0	$750		($750)	
EXCESS REVENUES (EXPENDITURES)			($750)			
FUND BALANCE · BEGINNING	$26,150		$24,550			
FUND BALANCE · ENDING	$26,150		$23,800			

3

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
DEBT SERVICE FUND 
Statement of Revenues & Expenditures For The Period Ending July 31, 2017

	DEBT SERVICE	PRORATED BUDGET	ACTUAL		
	BUDGET	THRU 7/31/17	THRU 7/31/17	VARIANCE	
REVENUES:					
ASSESSMENTS - TAX COLLECTOR	$13,942	$13,942	$14,311		
ASSESSMENTS - SPE (FORBEARANCE)	$681,361	$681,361	$0		
INTEREST	$0	$0	$154		
OTHER REVENUE SOURCES	$2,716	$2,263	$0		
TOTAL REVENUES	$698,019	$697,566	$14,465	($683,101)	

EXPENDITURES:					
INTEREST EXPENSE 11/01	$286,509	$286,509	$308,431	($21,922)	
PRINCIPAL EXPENSE 05/01	$125,000	$125,000	$125,000	$0	
INTEREST EXPENSE 05/01	$286,509	$286,509	$308,431	($21,922)	
TOTAL EXPENDITURES	$698,019	$698,019	$741,863	($43,844)	
EXCESS REVENUES (EXPENDITURES}	$0				
FUND BAlANCE - BEGINNING	$D		($3,576,030)		
FUND BAlANCE - ENDING	$0		($4,303,428)		

4

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
CAPITAL PROJECTS FUND · SERIES 2008
Statement of Revenues & Expenditures For The Period Ending July 31, 2017

CONSTRUCTION FUND BUDGET

PRORATED BUDGET THRU 7/31/17

ACTUAL THRU 7/31/17

VARIANCE

REVENUES:

INTEREST

TOTAL REVENUES EXPENDITURES: CAPITAL OUTLAY TOTAL EXPENDITURES
FUND BALANCE · BEGINNING FUND BALANCE - ENDING

$0	$0

$0	$0

$0	$0

$0	$0

$0

$0	$0

$0	$0

$0

$0	$0

$106

$107

5

REVENUES:

tfOV

Deer Run
Community Development District
JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	>tPI	TOTAL

ASSESSMENTS/TRUSTEE CONTRIBUTIONS	$0	$0	$1,34S	$30,000	$72,000	so	S225	so	so	so	$106,278

GOLF COURSE LAKE MAINTENANCE CONTRIBUTION

$0	$0	$0	$0	$0	$0	so	so	so	so	$0	so

TOTAL REVENUES
EXPENDITURES:

�o	51,345	$30,CXXJ	so

572,000	so

so	!o

s.100,,,.1

ADMINISTRATIVE

SUPERVISOR FEES	$0

$0	so	$0	so	$0	so	S600	so	$0	so	$600

flCA EXPENSE	so	so	$0	so	$0	so
ENGINEERING	so	so	$0	$0	$2,340	$2,070

so	$31	so
$4,308	$3,618	$1,428	so

ssoo

DISSEMINATION	so	so	S2,500	so	$0	so	$0	$0	so	$0	$0	$2,500

ATTORNEY	$510	$209	$28	$250	$285	$392	$1,266	$2,691	S446	so

$0	S6,077

ANNUAL AUDIT	so	$0	so	so	$0	$0	so	$0	$0	$3,270	$0	$0	o
TRUSTEE FEES	$0	so	$0	so	$0	so	$0	so	$0	$0	$0	s

ARBITRAGE	$0
ASSESSMENT ROLL

$0	so	so	so	so	S600	So	so	so	so		$600 so	$0	so	so	so	$0		so	so	$0	so	So	$2,500

$83

$833

$83

MANAGEMENT FEES	$2,500	$2,500	$2,500	$2,500	S2,SOO	$2,500	$2,500	$2,500	$2,500	$2,500	$0	$0	$25,000

COMPUTER TIME

$83	$83	$83

$83	S83

$0	$0

TELEPHONE	$0	$6	$0	$6	$0	so	so	$19	so	so	S31

POSTAGE	S13	S4	$2	so

$6	$107

so	$160

INSURANCE	$7,401	so	$0

$0	$0

so	$0	$0	$0	$7,401

PRINTING & BINDING	$121	$1

S3	$1	S4	so	Sl	S87	S3	so	so	$225

TRAVEL PER DIEM

$0	$0	$0	so	$0	so	$188	so	$0

$0	$188

$0

LEGAL ADVERTlSING

$0	$0	$0	$0	so

$28	$0	$0

$0	$116

$17

$0	$175

OTHER CURRENT CHARGES	$18

OFFICE SUPPLIES
DUES, LICENSES & SUBSCRIPTIONS

$22	S25	$23	$23	S23	$19	$16	$21	$0	ssoo	$41

$0

$1	$0	$0	$0	$21	$0	$0
$0	so	so	$0	$0	$0	so	so

TOTAL ADMINISTRATIVE

$13,403	S2,823	$5,140	$2,868	SS,236	jS,_076	$4,342	Sl0,525	$7,416	$7,331	$0

$64,159

MAINTENANCE

$1,647

FIELD MANAGEMENT	Sl,250	$1,250	$1,250	$1,250	$1,250	Sl,250	$1,250	$1,250	$1,250	$1,250	$0	$0	$12,500

$419

ELECTRIC	$1,590	$1,610	$1,606	Sl,601

$1,778	Sl,759	$1,809	$0	$0	$16,721

WATER & SEWER

S426

$516	$306	$391	S415	$211	so	$0	$3,908

LANDSCAPE MAINTENANCE	$3,150

S3,150	$3,150	$3,150	$3,150	$3,150	$3,150	$3,150	$0

$31,500

$391

LANDSCAPE CONTINGENCY	Sl,456	$0	so	$2,228	$0	so	$0	$0	$0	so	$0	$0

LAKE MAINTENANCE	$0	so	$0

so	$0	$0	S195	$110	suo	$0	$0	$415

$6,685	$6,530	$0

IRRIGATION REPAIRS	$0	$0	so	$0	$0	$0	$0	$0	$0	$0	$0	$0

CONTINGENCY	$0	$0	so	$0	so	so	$0	so

TOTAL MAINTENANCE

$6,436

$6,435	$8,648	$6,406

$6,412

$0	so	so	$0

__$68,7291

TOTAL EXPENDITURES

$21,254

$11,574	$11,516	$11,642	Sll,639	$10,754	$17,289	$14,100	$13,861	$0	$0	$132,8881

EXCESS REVENUES (EXPENDITURES)

($21,254)	IS?.J.S9)	($10,229)

($8,932)	$61,246	(S17,289)	($13,875)	($13,861)	$0	$0	($26,610)1

Deer Run
Community Development District
LONG TERM DEBT REPORT

SERIES 2008, SPECIAL ASSESSMENT BONDS

INTEREST RATE:	7.625%	
MATURITY DATE:	5/1/2039	
RESERVE FUND DEFINITION	MAXIMUM ANNUAL DEBT SERVICE	
RESERVE FUND REQUIREMENT	$717,981	
RESERVE FUND BALANCE	$21,084	
BONDS OUTSTANDING - 9/30/13	$8,090,000	
LESS: PRINCIPAL PAYMENT 5/1/14	$0	
LESS: PRINCIPAL PAYMENT 5/1/15	$0	
LESS: PRINCIPAL PAYMENT 5/1/16	$0	
LESS: PRINCIPAL PAYMENT 5/1/17	$0	
CURRENT BONDS OUTSTANDING	$8,090,000	

7

DEER RUN
COMMU NITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT RECEIPTS • FY2017 TAX COLLECTOR
	Gross Assessments $	19,295	$	14,855		
	Net Assessments $	18,137	$	13,964		
			2008		
Date		Gross Assessments	Discounts/	Commissions	Interest	Net Amount	General Fund Debt Svc Fund	Total	
Received	Check#	Received	Penalties	Paid	Income	Received	23.01%	76.99%	100%	

12/1/16 
1 2/1 5/1 6
3/10/17 
6/28/ 17 

53518	$
53585	$
533 18	$
54377	$

1,375.95 $
4,588. 19 $
12 ,005.09 $
998.88  $

$	27.52
$	91 .76
$	240.10 
$	19.98

$	$	1 ,348.43  $
$	$	4,496.43  $
$	$   11 ,764.99  $
$	$	978.90  $

310.29  $	1,038. 14 $ 1,348.43
1 ,034.69   $	3,461.74   $  4,496.43
2,707.29  $	9,057.70  $11 ,764.99
225.26  $	753.64  $	978.90

Totals		$	18,968.11 	$	$	379.36   $	$   1 8,588.75   $	4,277.53	$ 14,311 .22 $1 8,588.75	
4/1 2/17 	991 235901	$	72,000.00	$	$	$	$ 72,000.00 $ 72,000.00	DR HORTON O&M PAYMENT	
Totals		$	90,968. 11 	$	$	379.36   $	$ 9o,5aa.15 I $ 76,277.53	$ 1 4,311.22 $1 8,588.75	

8

YELWWSTONE

.,, ,,.t�,,,
'   "  H   o  s  c   .-.   r e

Deer Run CDD Exhibit A
Landscape Management Service Pricing Sheet

Core Maintenance Services		
Mowing & Clean Up/Detailing	$52,807.50	
Includes mowing, edging, string-trimming,		
clean-up, shrubpruning, and weed 1-emoval		
IPM - Fertilization & Pest Control	$12,392.88	
Ferti.lizati.on/Fungicide/Insecticidejherbicide/weed control		
Irrigation Inspections	$3,688.22	
Includes monthly inspections (est 15 zones)		
Core Maintenance Annual Total	$68,888.60	
Monthly	$5,740.72	
Additional Services (billed per occurance)		
Mulch	
Pricing available upon request	

Palm/ Tree Pruning	
Pricing available upon request	

Grand Total Annual	$68,888.60

Client Initial:  	

Creating premier properties. Building lasting relationships

l A N O � C A , [

,"/f.'l;,, YELWWSTONE

Client:
Se1-viceArea: Effective Date:

Deer Run CDD all

Exhibit B - Performance Standards

Managing the needs of your unique landscape requires careful planning and attention to detail. Our experienced professionals use their extensive training and state-of-the-art equipment to ensure the health and sustainability ofyour living investment. Should you ever have additional needs, questions or concerns, please feel completely free to ask us.

Geographic location and climate play a major role in the timing ofour service delivery; schedules are adjusted to coincide with seasonal growth rates in order to maintain a consistent, healthy appearance. Services missed due to inclement weather will be made up as soon as possible. The following table summarizes our planned visits for completing each ofthe services performed on your property:

Service	Visits
60" ZTR Mower:cB!��rng::::::::::::::::::::::r:::::::::::::::::::::::::::::-:::::::::�24�:::::::::::::::  ::::::::::::::::::::::::
-

11

60  ZTRMower_(St. Au_gustine - ) _______ _______ --�----- , ____ ----··-------·· ·-·-· -···--- _..3.2··-·--·--- -·--····-------- ·- ------·---· __
Backpack Lf (Bahia - )_________.. _ -· _···-_.________.�L.____...·- _-·..________________________. 24·-__________·-.__ -···- 	·--__---···---_

Backpack Lf(St. Augustine - ) --·	-··---·

·------····--··-··-···-··--·--··------- 32___ ··---···· -· -··· -- ------····----·------

Hard Ed_ging (Bahia - ) _____.......-·. _ ·-· _____ ·- ...L..._--····-_..·----·--··-·--·--···_____ 16..__._.... __ •......_. ·- __ .·-··-· .. 	·-_

Soft Edging (St. A�guB	-

Hard Ed_ging_(St. Augustine - ) _______ -----···-- _..l--·----·----------______________________ 16_--------··-··-··-______--------·-----___
tine    )·--·--··- ------·-····j··-··-····-··--·--·--·-· -· _-·········--· 16_·--·····-· -· .. ··--····· ·--- ···-·········
Fence/Wall/Post/Etc Lf(Bahia - ) ... _··--·-·-··-_L·_·____.......-----------·--- __________ 24 ·--------- ---··-------------·------ _____
Fence/Wall/Post/Etc Lf (St. Augustine -)  ______t·---··----·--------··-·--·--···--··-·-··3·2···----··-··----- ------··--·-···---·---··
a	ing .�::::::::::::::::::r:::::::::::::::::::::::::::::::::::::::

w:eedin_g Manu l -�=����

icid

B d O

24�::: :::::::::: ::::::::::: ::::::::::::::::

.. eedin_g Non-Selective Herb

e- e s

······�·····-········-·····-···-····--·-··----·24 ·······------········-····-·····-----·--

Shrubs Prunini•..••.•..•..••.- ••••••.•..__ .__......: ._•....__..............•••..•..•......_••8 ··················-·····----··· ······-···
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.·----·.._ Chemical - Shrubs/Trees________ .-·�-·_.____.-·.....---· __. __ .______________·_._ .. -··_-··______....._-·....__ ...-·-·--___
Shrubs-Fung_icide/Insecticide _____--·_ -· _____-·.-·�·________________. -· _____--· --·..______ ..2 __________--·._ •• ____________••• -·· 	_ .
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..._-·.._..._Irrigation Ins_pection...-··____ -·_• r ___ •••--·-•• ___ ___ • ___•• _ -·· --· ·-·-· ___ • ____ ···-·-··-· -·· •••••••••••-·_ •••• _ ·--··••• 
# of Checks	12

Client Initial:  	

Creating premier properties. Building lasting relationships.

What you can expect from us as our valued Client!

Communication

You need to know what's going on. Most frustration comes from not knowing. We've confronted this issue head on-our systems put communication first. Clients have a single point of contact regardless of the stage of their job. There are regular updates and we always welcome lots of feedback. It is our policy to be honest and responsive at all times and our objective is complete customer satisfaction.

Customization

One size doesn't fit all. Every propertywe service has its own set ofneeds and issues. Our experienced staff and integrated approach allow us to find unique solutions to meet most property or budget consb·aints. It is our focus to be as flexible as possible so that we find the best solution and our customer expe1ience is stress free.

Pl·oactivity

We'll fix it before it's a problem. The last thingwe want is for our clients to point out something we've missed. We've built our service programs around proactivity and our professionals strive to catch every detail before someone else does. Procedures, checklists and training all focus on one result-making sure our customers don't have to manage our work.

Pe1•sonnel

We understand that our personnel are perceived as your representatives while on your property; rest assured in knowing they will conduct themselves in an efficient, well-mannered, well-groomed and workman-like manner.
All ofour services are coordinated to minimize disruption and maximize safety to people and vehicular traffic.
We provide all labor, transportation and supervision necessary except in circumstances where we may use a reputable subcontractor (e.g. palm pruning, mulch, and irrigation) to carry out the task.
Should we accidentally damage anything onyour property, we will promptly make repairs at no cost to you.
Ou1• Vehicles and E ui ment
Our service vehicles arewell maintained, registered, insured, and operated only by responsiblelicensed personnel.
All trailers, storage facilities, and maintenance equipment are in good condition and present a clean and neat appearance.
Tools and equipment willbe properly suitedto thetask at hand and usedwith safety gear when necessary.
Additional Se1·vices

We will gladly provide extraservices (such as irrigation repair and plant material replacement), special services and/or landscape enhancements at an additional chargewith written approval from one ofyour authorized representatives. Our l andscape design team and enhancement crews are ready when you are!

Additional Provisions

Your personal Account Manager will conduct inspections on a monthly basis to assess and remedy landscape maintenance deficiencies as soon as possible.
We offer a 24 hour contact listfor use in case of emergencies.
Removal of all landscape debris generated on the property during landscape maintenance is our sole responsibility, at no additional expense to you.
Access to a watersource on yourproperty must be provided for use in spray applications.
All products will be applied as directed by the manufacturers' instructions and in accordance with all state and federal regulations.
We will frequently assess, identify, and notify you of any landscape conditions that affect long-term health including our suggestions regarding the best course of action. While we can't guarantee the survival of plant material, since it is a living thing, any plant material that dies as a direct and identifiable result ofimproper maintenance practices will be replaced at no additional cost to you.

Client Initial:  	

Creating premierproperties. Building lasting relationships

NOTICE OF MEETINGS DEER RUN
COMMUNITY DEVELOPMENT DISTRICT

The Board of Supervisors of the Deer Run Community Development District will hold their regularly scheduled public meetings for Fiscal Year 2018 at 1:00 pm at the Government Services Building, 1 769 E. Moody Blvd., Bunnell, FL 32110 on the fourth Thursday of the following months:

November 16, 2017 - EXCEPTION
January 25, 2018
May 24, 2018
August 23, 2018

The meetings are open to the public and will be conducted in accordance with the provisions of Florida Law for Community Development Districts. A copy of the agenda for a particular meeting may be obtained from the District Manager at 135 W. Central Blvd., Suite 320, Orlando, FL 32801.

The meetings may be continued to a date, time, and place as evidenced by motion of the majority of Board Members participating at the meeting. There may be occasions when one or more Supervisors, staff or other individuals will participate by speaker telephone.

Any person requiring special accommodations at the meetings because of a disability or physical impairment should contact the District Office at (407) 841-5524 at least forty-eight (48) hours prior to the meeting. If you are hearing or speech impaired, please contact the Florida Relay Service 1-800-955-8770, for aid in contacting the District Office.

Each person who decides to appeal any action taken at these meetings 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 such appeal is to be based.

George S. Flint
Governmental Management Services - Central Florida, LLC District Manager