Deer Run Community Development District

Agenda

October 12, 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

October 5, 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£ October 12, 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 August 24, 2017 Meeting
Public Hearing
Consideration of Engineer's Report
Consideration of Assessment Methodology Report
Public Comment and Testimony
Consideration of Resolution 2018-01 Levying Assessments
Consideration of Agreement with Berger, Toombs, Elam, Gaines & Frank for Auditing Services
Staff Reports
Attorney
Engineer
District Manager's Report
Approval of Check Register
Balance Sheet and Income Statement
Field Manager's Report
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 August 24, 2017 meeting A copy of the minutes are enclosed for your review.
Section A of the fourth order of business opens the public hearing. 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 Assessment Methodology Report. A copy of the report is enclosed for your review. Section C is the public comment and Testimony and Section D is the consideration

of Resolution 2018-01 Levying Assessments. A copy of the resolution is enclosed for your review.
Section C of the fifth 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.
The balance of the agenda will be discussed at the meeting. In the meantime, if you have any questions, please contact me.

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Sincerely,

Jason M. Showe 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, August 24, 2017 at 3 :00 p.m. in the Government Services Building, 1769 E. Moody Boulevard, Bunnell, Florida.

Present and constituting a quorum were:
Robert Porter Mark Dearing Duane Owen James Teagle Jan Doan
Also present were:
Darrin Mossing Jason Showe Sarah Warren Rey Malave Alan Scheerer Camille Evans John Shultheis Brett Sealy
Darrin Mossing, Jr.

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

SECOND ORDER OF BUSINESS

Chairman (by phone) Vice Chairman Assistant Secretary Assistant Secretary
Assistant Secretary (by phone)

District Manager
District Manager (by phone) District Counsel
District Engineer Field Operations
Bond Counsel (by phone) Dewberry (by phone) MBS Capital Markets GMS

Roll Call

Public Comment Period

There being none, the next item followed.

TIDRD ORDER OF BUSINESS	Approval of the Minutes of the May 25, 2017
Meeting

August 24, 2017	Deer Run CDD

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the minutes of the May 25, 2017 meeting were approved as presented.

FOURTH ORDER OF BUSINESS	Public Hearing
Consideration of Resolution 2017-07 Adopting the Fiscal Year 2018 Budget and Relating to the Annual Appropriations

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the public hearing was opened.

Mr. Mossing stated item A is consideration of Resolution 2017-07 adopting the Fiscal Year 2018 budget and relating to the annual appropriations. That budget was included in your agenda package and is basically the same budget we utilized in the prior year.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor Resolution 2017-07 was approved.

Consideration of Resolution 2017-08 Imposing Special Assessments and Certifying an Assessment Roll
Mr. Mossing stated next is consideration of Resolution 2017-08 imposing special
assessments and certifying an assessment roll. We have a mix of developed platted lots and undeveloped property and our recommendation is that platted lots be certified to the Flagler County tax collector for collection on the November 1, property tax bill. The balance of the property will be directly invoiced by the District with quarterly due dates of October 1, January 1, April 1 and July 1.
Ms. Warren stated any difference in the budget from what is collected by assessments will be deficit funded by the developer under a deficit funding agreement.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor Resolution 2017-08 was approved.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor the public hearing was closed.

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August 24, 2017	Deer Run CDD

FIFTH ORDER OF BUSINESS	Consideration of Deficit Funding Agreement
Mr. Mossing stated the next item is consideration of the deficit funding agreement and any expenditures above the budgeted expenditures or assessments collected would fall under this deficit funding agreement between the District and D.R. Horton.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the deficit funding agreement with D.R. Horton was approved in substantial form.

SIXTH ORDER OF BUSINESS	Ratification	of  Construction	and	Access
Agreement
Ms. Warren stated this is an easement agreement between the District and the City. It
allows the City to work within the easement area to install reuse water lines and other utilities.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor the construction and access agreement between the District and the City was ratified.

SEVENTH ORDER OF BUSINESS	Review and Acceptance of Fiscal Year 2016
Audit Report
Presentation of JLAC Letter
Mr. Mossing stated next is review and acceptance of the Fiscal Year 2016 audit report. The audit has been completed and as everyone knows there have been a lot of financial difficulties in the past and there are a couple of continuing negative comments in the audit towards the financial condition of the District. Management has responded to those and hopefully, by the end of this year all negative financial matters related to the District will be resolved and these comments will be removed from future annual audit reports and the District will be in good standing.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the Fiscal Year 2016 audit report was accepted.

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August 24, 2017	Deer Run CDD

Mr. Mossing stated the other part is the letter from the Joint Legislative Audit Committee letter that was enclosed in the agenda package for informational purposes. They are requiring responses to the financial condition of the District, which management provided.

EIGHTH ORDER OF BUSINESS	Financing Matters
Consideration of Engineer's Report
Mr. Malave stated we have a draft of the supplemental engineer's report and the reason for the report is for options we are trying to provide for in the development of the rest of the property. This report was done at the direction of the Board updating the status of the previous completed infrastructure, describing the additional cost of the new infrastructure that will be placed in future phases and describing the District's capital improvement program, which consists of the amenity center, updating of the costs, permitting status and describing the Series 2017 Project that will be funded with proceeds of the District's Series 2017 special assessment revenue and refunding bonds. We provide a description of the District, which is basically the same as it was previously. We did note there are 157 lots currently done and a golf course and related facilities that were previously approved. We describe the proposed rezoning of the property to obtain a higher density. We explained the current approvals with the City relating to the zoning. D.R. Horton is now the developer and their proposed program and Table lB breaks down the number of lots existing and proposed for a total number of lots of 843. There is also a four-acre parcel of commercial to be located approximately at the intersection of Grand Reserve Parkway and S.R. 100 and the remainder will be golf course, clubhouse and about 60% of that property will be conservation area. There is a cost associated with the proposed improvements shown on Table 2A, the first column is Unit 1, which references everything that was done previously noting that almost $7 million was used out of the bond series in 2008 for the previous infrastructure and the remainder was done by the developer at that time with new improvements in the approximate amount of $21,870,000.
Ms. Warren asked in your professional experience the cost estimates in the report are
reasonable and proper?
Mr. Malave responded yes.
Ms. Warren stated you are not aware of any reason that the District can't undertake that project?

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August 24, 2017	Deer Run CDD

Mr. Malave stated I do not see any.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the Engineer's Report was accepted.

Consideration of Assessment Methodology
Mr. Mossing stated next is consideration of the Assessment Methodology. GMS has prepared this report and we have taken the engineer's cost estimates and allocated those to the revised plan of development based upon the new development units that are going to be in place. We have allocated those on an ERU basis. The way the methodology and bonds are being structured is that under the 2039 term bonds those will be utilized to refund the existing 2008 bonds, those assessments that secure the 2008 bonds will be reallocated to secure the 2017 term bonds through 2039 and the District is issuing term bonds that mature in 2046 and those will be secured by new assessments that the District is levying to secure those 2046 bonds.
I will briefly go over some of the tables included in the methodology. Table 1 has the proposed development plan that shows the various product types. We separated the seven lots that have been sold, there are six 50-foot lots and one 75-foot lot that has been sold and we separated those out of the development plan along with the commercial and the golf course for a total of 859 planned units. Table 2 shows the two term bonds separated with the refunding bonds and new money bonds for a total of $12,720,000 in assessment bonds that would be issued in order to refund the Series 2008 Bonds and also issue new money for the construction of the amenity center. Table 3 is the allocation of the benefit. We took the full $33 million of the engineer's report and allocated it to the various product types. The refunding bonds were based on the ERU values that were in the original 2008 methodology. We separated the new assessments for the amenity center and basically determined that all the residential units would benefit equally from the amenities program. We basically combined the refunding with the new money to come up with a comparison of the total improvement costs for the planned issuance per unit. It is important to show the benefits that are allocated to the property are greater than the actual assessments that are issued and levied on those properties. Table 5 breaks down the annual per unit for the refunding bonds and for the new money bonds and we establish this for targeted assessment levels so that the existing seven lots that have already been built and assessments allocated, their annual assessments will remain the same as what they are currently

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August 24, 2017	Deer Run CDD

paying. The increases for them will be that they are going to have an additional seven years of assessments. If these bonds weren't issued their assessments would end in 2039 since we are issuing additional term bonds to construct a new facility their assessments are proposed to be extended for another seven years to 2046. Their annual amounts are planned to stay the same. There will be an increase in their par debt levels primarily for the issuance of those new bonds. The last item is the actual assessment roll that shows the allocation to all the properties, the ones that are developed and undeveloped properties.
Ms. Warren asked in your professional opinion it is correct that the special assessments are reasonably apportioned among the lands that will be subject to special assessments?
Mr. Mossing responded yes.
Ms. Warren asked I believe you confirmed that the special benefits that the lands will receive exceed the amount of the special assessments that would be levied on that property?
Mr. Mossing responded yes.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the Assessment Methodology was approved in substantial form.

Consideration of Resolution 2017-09 Declaring Special Assessments and Approval of Assessment Methodology
Mr. Mossing stated Resolution 2017-09 is in your agenda package and this resolution is
the start of our assessment process to actually levy the assessments on the properties and ultimately issue the refunding and revenue bonds.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor Resolution 2017-09 was approved.

Consideration of Resolution 2017-10 Setting Public Hearing for Special Assessments
Mr. Mossing stated next is Resolution 2017-10, which sets the public hearing for levying
the assessments. The District Manager is recommending the date for the public hearing to be October 1i1h at 3:00 p.m. in this location.  There is a 30-day mailed notice requirement for the public hearing and the notice to the individual property owners for these issuances that are going

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August 24, 2017	Deer Run CDD

to be somewhat more complicated than our typical 30-day notice. We are looking for a little more time to prepare that notice and get that in the mail.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor Resolution 2017-10 was approved.

Consideration of Resolution 2017-11 Bond Delegation
Ms. Evans stated Resolution 2017-11 authorizes the issuance of not to exceed $13 million special assessment revenue and refunding bonds. The purpose of these bonds will be to refund the outstanding special assessment series 2008 bonds and to provide funding for some additional capital projects that were described in the engineer's report, which this resolution refers to as the Series 2017 Project. These bonds will be issued under a second supplemental trust indenture, which is a supplemental indenture to the master indenture initially entered into by the District with the trustee. These bonds will be issued for the purpose of refunding the 2008 bonds and provide funding for the Series 2017 Project and would be secured by a Series 2017 Assessment, which are the assessments described in the supplemental assessment methodology you just reviewed and approved. In section 7 (ii) of the resolution you find the parameters for the Series 2017 bonds, in an amount not to exceed $13 million, issue price of not less than 98% and the final maturity of the bonds shall be no later than May 1, 2048. Attached as Exhibit A to the resolution is the form of the second supplemental trust indenture, which is a document that is between the District and the trustee and will provide all the details of the bonds and maturities and Exhibit B is the form of the purchase contract, which is the agreement between the District and MBS Capital Markets to purchase and sell the bonds to MBS then subsequently to the open market. A form of the preliminary limited offering memorandum, which is the offering document that describes the District, the development, the project and all the details of the security for the bonds then the continuing disclosure agreement, which is an agreement by the District to provide annual updates of financial information as well as pertinent events. The authority provided in this resolution allows the District to work with MBS and the other professionals and Hopping Green & Sams to go forward and finalize the preliminary limited offering memorandum and present that to the market for purpose of getting to a sale and subsequently once that pricing is done, the final details of the amount of the assessments will then be tied to the debt service on the bonds authorized under this resolution.

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August 24, 2017	Deer Run CDD

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor Resolution 2017-11 was approved.

G.	Consideration of Settlement Agreement
Ms. Warren stated this is an agreement between the District, the trustee and D.R. Horton and this agreement provides for the trustee at the direction of the owners of the Series 2008 Bonds to tender those bonds and to cancel the Series 2008 assessments for the purpose of refunding all the series 2008 bonds and provides for the issuance of the Series 2017 special assessment revenue and refunding bonds. We would ask that the Board approve this agreement in substantial form at this point as it is still under review by the various parties to the agreement.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the settlement agreement was approved in substantial form.

F.	Consideration of Acquisition Agreement
Ms. Warren stated there will actually be two forms of acquisition agreements that are substantially the same in terms but the first will relate to acquisition of the Series 2017 Project specifically it provides for the District to acquire the infrastructure and to reimburse the developer for the cost of that infrastructure. It also provides when that is done the developer will provide documentation of costs paid and certain warranties and releases. We would first ask the Board to approve that agreement in substantial form and then the second acquisition agreement will be related to the entire capital improvement plans. There may be some infrastructure that is completed not using proceeds from the Series 2017 bonds but that still needs to be conveyed to the District for ultimate ownership and maintenance responsibilities and that agreement will provide for the same process and documentation, warranties and things of that nature. We ask that the Board approve both of those agreements in substantial form.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the acquisition agreement relating to the Series 2017 Project and the acquisition agreement relating to the entire Capital Improvement Plan were approved in substantial form.

Consideration of Completion Agreement

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August 24, 20 I 7	Deer Run CDD

Ms. Warren stated next is the completion agreement. This agreement basically provides that to the extent there is infrastructure remaining in the series 20 17 project that cannot be paid for from the proceeds from the series 2017 bonds that the developer agrees to complete those infrastructure improvements. This is another agreement that we would ask that you approve in substantial form.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the completion agreement was approved in substantial form.

Consideration of Collateral Assignment Agreement
Ms. Warren stated next is the collateral assignment agreement and this provides that in the event there was a default in the payment of the assessments for the Series 2017 bonds and the District needed to foreclose on the property owned by the developer that the developer agrees to assign all of the related development rights to the District so that the District could then complete the project. Again, we ask the Board to approve that in substantial form.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the collateral assignment agreement was approved in substantial form.

Consideration of True-Up Agreement
Ms. Warren stated the last agreement is the true-up agreement. There is a maximum assessment amount that can be allocated to each parcel and in the event the property is re-platted and there is a change in the unit count that would cause the assessments to exceed that maximum amount on the parcel the developer would be required to make a true-up payment to the District in order to keep the assessment levels at the appropriate place. We would ask the Board to approve that in substantial form.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor the true-up agreement was approved in substantial form.

NINTH ORDER OF BUSINESS
Attorney

Staff Reports

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August 24, 2017	Deer Run CDD

There being none, the next item followed.

Engineer
There being none, the next item followed.

Manager
Approval of Check Register

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the check register was approved.

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

Field Manager's Report
Discussion of Landscape Proposal
Mr. Scheerer stated included in your agenda package is an exhibit from Yellowstone Landscape Co. As you know for the past several years the District has been operating under a minimal maintenance schedule, basically seven cuts a year on Bahia and 13 cuts a year on St. Augustine as well as six irrigation inspections and one or two applications of fungicides, herbicides and fertilization. Due to the increased development of the community and D .R. Horton's commitment to improving the entryways and the community itself it was requested that we go back to Yellowstone and ask them to provide us with an addendum to their contract, which would definitely increase the level of service we are currently getting in the community. As you can see we went from seven Bahia mowing's to 24, 13 St. Augustine to 32, 24 detailings, which is really good we had six before and monthly irrigation inspections.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the landscape proposal from Yellowstone for the increased level of service in the amount of $68,888.60 was approved.

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August 24, 2017	Deer Run CDD

Mr. Scheerer stated also we handed out a proposal from Applied Aquatic.  The District
O\WS  many  stonnwater ponds throughout the  community  and  in the budget, we currently have
$1 7,000 allocated for lake and pond maintenance. The only pond currently being maintained by Applied Aquatic is the pond on U.S. 1 where the water feature is. There is a cost share agreement that was approved by both the golf course and the CDD a while back also included in there is the breakdown of the pond numbers and the shared cost based on the monthly spray from Applied Aquatic and there is also an initial cleanup cost because as you know the ponds are in bad shape there are a lot of cattails, torpedo grass and other invasives that need to be sprayed. Understand this is not a spray and grub out the biomass, this would just to be to start the process of getting these ponds and lakes cleaned up. Ifthis is something you want to review and come back at the next meeting we can discuss or ifyou want a la carte, the contractor is willing to pick and choose if there are certain ponds you don't want to do but we recommend doing all the ponds. This doesn't include cleaning up the lake banks this is just the water itself and getting the stormwater system back in shape. We are working with Yellowstone to try to get some proposals to clean up some of the bank slopes and I know there was some discussion about the golf course doing their side, the CDD doing our side or maybe the developer as they are cleaning up lots cleaning up the lake banks behind some of the homes. We can do it either way and at the next meeting I will have some follow-up discussion items on the pond slope cleanup for the CDD portion for all the lakes the CDD maintains. The total cost is $1 5,450 annually but as you can see by the breakdown some of that would be recouped from the golf course under the cost share agreement.
Mr. Teagle stated the ponds need to be taken care of.
Mr. Scheerer stated we will change the effective date on this because this is effective October 1 to go with the new fiscal year but I will have the aquatics vendor change it to this month.
Ms. Warren stated we will put it in the standard form agreement.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the proposal from Applied Aquatic to commence September 1, 2017 was approved and District Counsel was authorized to prepare the District's standard form agreement.

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August 24, 2017	Deer Run CDD

Mr. Scheerer stated we have had some emails on the pump station and I sent Mr. Malave's team all the information we had on the repairs that we made year to date. I do have a little bad news, I did meet with Yellowstone today there is a pressure loss issue, Barney's is scheduled to be there tomorrow they think it is just a pressure switch, it is not keeping the system energized at all times so we hope to have that looked at first thing tomorrow. I did get with Yellowstone on any capacity information, we know there are two 50 hp pumps, 5 hp submersible but they don't have any of the technical information because when they started the installation of all the irrigation system here they were on a potable meter. At some point down the road someone came in and put two pump stations in and switched it over but Yellowstone has no information on that to date.
Mr. Malave stated we are going through our historic files to see if they can pull those things out and find the documents on the pump station.

Approval of Fiscal Year 2018 Meeting Schedule
Mr. Mossing stated the proposed meeting schedule was enclosed in the agenda package.
The date on the notice is 1 :00 p.m. but that will be changed to 3 :00 p.m.

On MOTION by Mr. Teagle seconded by Mr. Dearing with all in favor the Fiscal Year 2018 meeting was approved as amended as follows: meetings to be held at 3 :00 p.m. in the same location on November 16, 2017, January 25, 2018, May 24, 2018 and August
23, 2018.

TENTH ORDER OF BUSINESS	Other Business
Ms. Warren stated in order to keep the process with the refunding moving we would ask if the Board will authorize the District Engineer and District Manager to prepare supplemental reports as necessary.

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the Engineer and District Manager were authorized to prepare supplemental reports as necessary for the issuance of bonds.

ELEVENTH ORDER OF BUSINESS	Supervisor's Requests

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August 24, 2017	Deer Run CDD

There being none,

On MOTION by Mr. Dearing seconded by Mr. Teagle with all in favor the meeting adjourned at 3:42 p.m.

Secretary/Assistant Secretary	Chairman/Vice Chairman

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Supplemental Engineer's Report

Deer Run
Community Development District

Prepared For
Board of Supervisors
Deer Run Community Development District Bunnell, Florida

Prepared By
Dewbeny Engineers, Inc.

SUPPLEMENTAL ENGINEER 'S REPORT FOR
DEER RUN COMMUNITY DEVELOPMENT DISTRICT
TABLE OF CONTENTS

SECTIONS
1.	INT'RODUCTION•..•....•.....•.••,.,. 	1
2.	OPINION OF PROBABLE CONSTRUCTION COSTS	2
3.	PERMITTING STATUS ............................. ,- 	3
4.	ENGINEER'S CERTIFICATION	4
TABL�
TABLE 1 A:	LAND USE SUMMARY	5
TABLE 1 8:	UNIT MIX	6
TABLE 2A	OPINION OF PROBABLE CONSTRUCTION COSTS	7
TABLE 3:	PERMIT SUMMARY	B
EXHIBITS
EXHlBlT A:	MASTER PLAN  ...........................................................................................................................................................................,, 	9
BOUNDARY SURVEY	10
GRAND RESERVE ANO GOLF CLUB, RPUO, UNIT 1 PLAT............................................................... 1 1·15
DEER RUN R-2	16-28

INTRODUCTION
Report Overview
This second Supplemental Engineer's Report has been prepared by Dewberry Engineers Inc., District Engineer for the Deer Run Community Development District (COO) (herein caled the "District"). This Supplemental Engineer's Report supplements the District Engineer's Master Report dated August 31 , 2007, and the Supplemental Engineer's Report for the 2008 Improvements, dated April 8, 2008, as revised, and approved by the District's Board of Supervisors (the •Board"). This report has been prepared at the direction of the Board to (i) update to the status of previously completed Infrastructure; (ii) describe and provide costs estimates for addition of new components to the District's capital Improvement program (the •cIP") consisting of an amenity center; (Iii) update the costs for the remainder of the District's CIP based upon the updated development plan for the lands included within the boundaries of the District; (iv) provide an update to the pennitting status for the c,P; and (v) describe the Series 2017 Project (hereinafter defined) to be funded with proceeds of the District's Series 2017 Special Ass_essment Revenue and Refunding Bonds (the uSeries 201 7 Bonds•).

Description of the District and the Development
The District encompasses approximately 690 gross acres and is located In the City of Bunnell, Florida, and generally situated north of SR 1 00 (Moody Avenue) and east of
U.S. 1. The District was estabffshed for the purpose of acquiring, constructing, owning and maintaining public Infrastructure improvements to the serve the lands within the Dlstrlct. The District has previously Issued Its Series 2008 Bonds to fund the acquisition and/or construction of a portlon of the District's CIP including Grand Reserve Boulevard, the main spine road traversing the District, and Infrastructure serving the Initial phase of development consisting of 1 57 lots as well as the golf course and related faclitias. It la the intent of the District to issue its Series 2017 Bonds to fund additional portions of the CIP consisting of the amenity center and certain landscaping and hardscaplng improvements (the "Series 2017 Projecr). The cost estimates for the District's entire CIP (both completed. and planned) are illustrated In Table 2A.
The lands within the District were originally contemplated to be developed into two communities known as Oak Branch and Deer Run and were zoned under two (2) separate zoning approvals as summarized herein. Approximately 510 acres were zoned as a restated planned unit development (R-PUD) by the City of Bunnell's City Commisslon on-April 22, 2000 and February 20, 2001 . Approved on November 22, 2005, an additional approltimate ninety-two (92) acres ware incorporated into the R­ PUD. The R-PUO for the combined approximately 602 acres (the "Oak Branch R­ PUO•) allows for (I) a mix of residential uses not to exceed 749 residential units (gross density of 1 .24 units per acre), including single-family and multi-tamlly homes;

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(ii) approximately four (4) acres of commercial land; (m) approximately 114 acres designated for an 1 8--hole golf course and clubhouse; and (iv) approximately       of the development designated for conservation/ open space, which includes the open areas on lndMdual lots, natural wetland areas and the golf course. The R-PUD also mandates the development of a community center cf approximately 2,000 square feet for use by residents of the development prior to the completion of the 300th residential unit. The second zoning approval encompasses approximately eighty-two
(82) acres and is zoned planned unit development (PUC) allowing for a maximum of
328 resldentlal units (4 units per acre) and three (3) acres of commercial property.
D.R. Horton, Inc. - Jacksonville (the 110eveloper") serving as the new developer of the project has redesigned the project to be developed as a single-family residential oommunity known as Grande Reserve (the uoevelopment") which, in addition to the existing golf course and related facilities, is currently planned to include 843 residential units and an approximately 3-acre commercial parcel situated at the southeast comer of the entrance on U.S. 1. While the existing zoning approvals described herein provide for development of density well In excess of the current planned number of units for the Development, the Developer is in the process of preparing the submittal to the City of Bunnell for the rezoning of the entire property under a single approval to be consistent with its current development plan.
As depicted in Table 1 B, the current revised development plan for the Development consists of a total of 843 single-family residential lots to be developed in four (4) units of development referred to as Grand Reserve Unit 1 (existing platted section), Grand Reseave Unft 2A and 28, Grand Reserve Unit 3, and Grand Reserve Unit 4. As illustrated in Exhibit "A", Grand Reserve Unit 1 (platted) is located In the western portion of the Development; Grand Reserve Units 2A and 2B will be located on the south side of Grand Reserve Boulevard in the southern portion of the Development; Grand Reserve Unit 3 will be located to the north of Grand Reserve Boulevard; and Grand Reserve Unit 4 will be located in the southeastern portion of the Development. Pursuant to the approvals provided for in the Oak Branch R•PUD, development of Grand Reserve Unit 1 was developed and platted consisting of 157 lots (61 - seventy-five [75) foot lots and 96 - fifty [50) foot lots) and the golf course together with the golf clubhouse and maintenance facility.

As stated herein, the District intends to Issue its Series 201 7 Bonds to acquire and/or construct the Series 2017 Project which consist of the amenity center and certain landscaping and hardscaping Improvements which are estimated to cost $3.5 million. The amenity center included as part of the Series 2017 Project will be owned and operated by the District for the use of all residents in the District. The remainder of the infrastructure for the District is expected to be constructed by the Developer. The cost estimates for the completed and remaining portions of the District's CIP are shown in Table 2A.
3	Purpose of the Report

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The purpose of this Supplemental Engineer's Report is to (i) update to the status of previously completed infrastructure; (10 describe and proVide costs estimates for addition of new components to the District's CIP consisting of an amenity center; (iii) update the costs for the remainder of the Distrlct•s CIP based upon the updated development plan for the lands included wtthin the boundaries of the District; (iv) provide an update to the permitting status for the CIP; and (v) describe the Series 2017 Project to be funded with proceeds of the District's Series 201 7 Bonds. The District will finance. acquire and/or, construct. operate, and malntain certain components of the infrastructure improvements that are needed to serve the Development The project description, site data and other supPorti�g information presented in the original Engineer's Report dated August 31 , 2007, and as noted in the Supplemental Engineer's Report dated April 8, 2008, as revised, shalt be referenced in its entirety except for the updates provided within this Supplemental Engineer's Report.

3

4	Updated Land Use Descriptions
As depicted in Table 1 B, the current revised development plan for the Development consists of a tota1 of 843 slngle-famfly residential lots to be developed in four (4) units of development referred to as Grand Reserve Unit 1 (existing platted section), Grand Reserve Unit 2A and 2B, Grand Reserve Unit 3 and Grand Reserve Unit 4. Pursuant to the approvals provided for in the Oak Branch R-PUD, development of Grand Reserve Unit 1 was developed and platted consisting of 1 57 lots (61 - seventy-five [75) foot lots and 96 - fifty [50) foot lots) and the golf course together with the golf clubhouse and maintenance facitity. While the existing zoning approvals described herein provide for development of density well in excess of the current planned number of units for the Development, the Developer Is in the process of preparing the submittal to the City of Bunnell for the rezoning of the entire property under a single approval to be consistent with its current development plan.
1 .5	Ownership and Maintenance
The ownership and maintenance responsibilities of the Oistricfa CIP are set forth as follows:
Proposed Infrastructure	Ownership	Constructed	Maintenance
Improvements			By	Re&ponalbiffl:y Water Distribution and Sanitary Sewer	City*	Developer		City Collection System
Surface Water Management System	COD/Golf	Developer*	COD/Golf
Course-	Course..

I

On-site and Off-site Wetland Mitigation	COD*	COD	 	COD	

On-site Transportation Improvements City On-site ROW Landscaping and COD Maintenance

CcOoDo

 	City*	
coo

coo	coo

Off-site Transportation Improvements	FOOT	COD	FOOT
Recreation Faet1ilies/Amenity Center	COD
Irrigation System	CDD	CDD	COD
*City of Bunnell
*"The portlonA-of..th@_st?rmwater management ponds that are being acquired bythe COD with

boE\ned,;.p-lrro.,c�eeduJ.s wievll be;,;:I-owned b  the COO.

.. .L	. '

\.-.

Co �CSM.I :S	- Ll�f,-, 7

OPINION OF PROBABLE CONSTRUCTION COSTS
Table 2A presents an updated summary of the costs for the District's CIP including drainage, roadways, water, sewer and reuse, landscaping, entry features, recreational amenities and under grounding of electrical service.

4

A portion of the CIP has previously been completed and was funded with proceeds of the Series 2008 Bonds. The completed portions of the Cl? and corresponding costs include the construction of the infrastructure associated with Grand ReseNe Unit 1 and Grand Reserve Boulevard consisting of water distribution, sanitary sewer collection, re-use mains, underground electrical condutts, and stormwater management systems, The remaining portions of the CIP that have not been completed will be constructed In phases to be determined.

The costs in Tables 2A are derived from estimates of expected quantities of infrastructure multipried by unit coats typical In the area of the District. Included within these costs are technical seNices consisting of planning, land surveying, engineering, e nvironmental permitting, soils and material testing related to such infrastructure. These services are necessary for the design, permitting and construction management of the infrastructure Improvements. The costs are exclusive of legal, administrative1 financing, operations or mamtenance services necessary to finance, construct, and operate the infrastructure Improvements proposed by the District. The Dlstrlct Engineer has considered and In certain instances retied upon opinions, information, and documentation prepared or supplied by others, which may have Included public officials, public entities, engineering professionals and contractors.

PERMITTING STATUS

See Table 3 for updates to the project's permit status.

Permitting for the Distrlcrs master improvements Is ongoing. A discussion of each of the required permits and tentatrve schedule for the Master lmprov�ments construction permits is presented below:

City of Bunnell - Rezoning: The proposed rezoning app1icatlon wlll be submitted to the City of the entire property to be consistent with the Master Development Plan.

U.S. Army Corps of Engtneers CACOE) - Dredge and Fin permit: The proposed construction activities Involve the removal and crossing of wetlands for development activities. This permit
has been obtained and au permitted encroachments were cleared and fnled in conformity with
the permit for Oak Branch with the exception of a small portion within the Grand Reserve
Phase 2A and 28. Grand Reserve Phases 2A and 28 have less than 0.1 acres of impacts and Dewberry Engineers Inc. will seek a letter stating that no ACOE permit will be required. Permitting··tor Deer Run Village has been underway previously and a permit was issued in May 2008.

_ St. Johns River Water Management District fSJRWMO) - Environmental Resource Permit: This permit was Issued for the existing Oak Branch viUage. Permitting for the Grand Reserve subdivision phases and Deer Run will be submitted for approvals with the district as plans are completed. The SJRWMD pennit is typically lssued 60-90 days after submittal.

Florida Department of Environmental Protection (FDEP) - Potable Water Permjt: The construction plans which include the design of the Phase 1 Improvements ln Grand Reseive and the Daer Run village will be submitted for approval.

Florida Department of Environmental Protection fFDEP) - Domestic Wastewater Permit: The FDEP Domestic Wastewater Permits for the improvements in the Grand Reserve and Deer Run villages wiU be submitted.
City of Bunnell - Preliminary Plat and Construction Plan Review: Final Construction Plans for the Grand Reseive village and the Deer Aun infrastructure will be submitted far approval. Future phases of the project will be submitted In conjunction with market demands. Final Plat review and final plat recording will be reviewed and recorded by phase.

ENGINEER'S CERTlflCATION
It is our opinion that the improvements proposed are necessary for the development of the lands within the District and that the estimated construction costs are fair and reasonable. It is a1so our opinion that the improvements included within the CIP are assessable improvements Within the meaning of Chapter 1 90, F.S. We hi!ve no reason to believe that the CIP cannot be collStructed at the cost described In lhis Supplemental Report. We believe that the District will be well seived by the improvements discussed In this Supplemental Report.
I h ereby certify that the foregoing is a true and correct copy of the Supplemental Report for
the District.

Reinardo Malave, P.E.
Florida Aeglstration No. 31588

6

f.-1\Jt�

TABLE 1B 

Unit Mix

Deer Run COD	_	fi \

Unit	Number of Units
l	Grand Reserve Unit I (Existing and Platted)
l	Grand Reserve Unit 2A
j
Grand Rese,ve Unit 2B

Grand Reserve Unit 3 Grand ReseNe Unit 4
TOTAL NUMBER OF LOTS
-

J

,.,

DEER RUN COD
OPINION OF PROBABLE CONSTRUCTION COSTS
PROJECT INFRASTRUCTURE BY PHASE
August 2017

Description	Grand Reserve Unit 1	Grand Reserve IUnits 2-4)	
Starmwater Management Systems
Roadways	$3,533,000
$4,056,914	$9,005,000
$3,135,000	
Utilltles (Water, Sanitary Sewer, Reuse)	$2,313.300	$5,643,000	
WHardscape	$1,861,481	$455,000	
Undervound Electrical Systems	$170,000	$632,000	
Clubhouse/Amenity facnttles		$3,000,000	
TOTALS	$11,9341695	$21,870,000	

Table 2A

.,

.J 

!Grand Total - Project
1 Note: Grand Reserve Existing Improvements completed as part of Bond Serles 2008.
J lhe tota1 co-• - for the exhtlng lnop,ovement Is $6,9!15,19�

J

$33,804,69S1

r

OJ

AMENDED MASTER ASSESSMENT METHODOLOGY

FOR DEER RUN
COMMUNITY DEVELOPMENT DISTRICT

Date: August 24, 2017

Prepared by

Governmental Management Services - Central Florida, LLC 135 W. Central Blvd, Suite 320
Orlando, FL 32801

Table of Contents
1 .0 Introduction	3
1. 1 Purpose	3
1 .2 Background	3
1 .3 Special Benefits and General Benefits	4
1 .4 Requirements of a Valid Assessment Methodology	5
1 .5 Special Benefits Exceed the Costs Allocated	5
2.0 Assessment Methodology	5
2.1  Overview ............ ........ ...... ............... ........... ........ ......... .............. ,	6
2.2 Allocation of Debt ....................... ................ ................................... ..... ;;	6
Allocation of Benefit	7
Lienability Test: Special and Peculiar Benefit to the Property .............. ,	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments ..... ...... ......... ....... ...... .................. ......... .. .,	7
3.0 True-Up Mechanism	8
4.0 Assessment Roll	8
5.0 Additional Disclosure	8
6..0 Appendix 	10 
Table 1: Development Program	10 
Table 2: Bond Sizing	11 
Table 3: Allocation of Benefit	12 
Table 4: Allocation of Benefit/Total Par Debt for Each Product Type	13 
Table 5: Allocation of Annual Assessments	14 
Table 6: Preliminary Assessment Roll ...... .... ............. ......... .. ............ ...... ..... ; . 15 

2

Introduction
The Deer Run Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes (the "District"), as amended . The District plans to issue $12,720,000 of Series 2017 Special Assessment Revenue and Refunding Bonds (the "Series 2017 Bonds") for the purpose of refunding the outstanding Series 2008, Special Assessment Bonds ("Series 2008 Bonds") and financing certain infrastructure improvements within the District as identified in the Engineer's Report dated August 31, 2007 (the "Series 2008 Project"). The District desires to utilize the proceeds of the Series 2017 Bonds, in part, to finance a portion of the cost of the acquisition and/or construction of additional public infrastructure improvements and facilities benefitting the lands within the District as, more specifically described in the Engineer's Report dated July 16, 2017, as revised and supplemented by the Supplemental Engineer's Report dated August 24, 2017 prepared by Dewberry Engineers, Inc. as may be amended and supplemented from time to time (the "Series 2017 Project" and together
with the Series 2008 Project, the "ciP"). . Accordingly, the Series 2017 Bonds will consist of a refunding component ("Refunding Component'') and a new money component ("New Money
Component"). It is anticipated that the Series 2017 Bonds will be secured by non-ad valorem special assessments levied upon benefitted lands within the District in accordance with this Amended Master Assessment Methodology Report (the "Assessment Report").

Purpose
This  Assessment  Report· provides  for  an  assessment  methodology  for  allocating  the special assessments that will secure the Series 2017 Bonds. The Refunding Component will be secured by the replacement of the original special assessments securing the Series 2008 Bonds with special assessments securing the Refunding Component (the "Series 2017 Refunding Assessments"). The Series 2017 Refunding Assessments will be levied consistent with the methodology adopted when the District issued the Series 2008 Bonds. The New Money Component will be secured by special assessments levied on property benefitting from the Series 2017 Project (the "Series 2017 New Money Assessments" and together with Series 2017 Refunding Assessments, the "Series 2017 Assessments"). The Assessment Report allocates the Series 2017 Assessments to properties based on the special benefits each receives from the CIP. This Assessment Report will be amended or supplemented to reflect the actual terms and conditions at the time of the issuance of the Series 2017 Bonds. This Assessment Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

It is anticipated that all of the proposed Series 2017 Assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner's association, or any other unit of government.

3

Background

The District currently includes approximately 690 Acres within the City of Bunnell, Flagler County, Florida. The development program currently envisions approximately 843 residential units, 15,000 square feet of Commercial Space and Golf Course (herein the "Development''). The proposed Development program is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the CIP will provide facilities that benefit certain property within the District. The CIP is delineated in the Engineer's Report. Specifically,  the District will construct and/or acquire the stormwater management system, roadways, water, sewer and reuse systems, landscape/hardscape, underground electrical systems, and clubhouse/amenity center. The estimated costs of the CW are summarized in Table 2.

The assessment methodology is a three-step process.

The District Engineer must first determine the public infrastructure improvement<; and services that may be provided by the District and the costs to implement the CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct CIP.
This amount is initially divided equally among the benefited properties on a prorated gross acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number of developed units.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to the property, different in kind and degree than general benefits, for properties within it's borders as well as general benefits to the public at large.

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

4

There is no doubt that the gE>neral public and property owners outside the District will benefit from the provision of the District's CIP. However, these benefits will be incidental to the District's CIP, which is designed solely to meet the needs of property within the District. Properties outside the District boundaries do nol depend upon the District's CIP. The property owners within the District are therefore receiving special benefits not received by those outside the District's boundaries.

Requirements of a Valid Assessment Methodology
There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements beingfinanced.
The special assessm�nts must be fairly and reasonably apportioned among_the properties being assessed.

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

Special Benefits Exceed the Costs Allocated
The special benefits provided to the property owners within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the total cost of the CIP necessary to support full development of property is approximately $33,804,695. The projected costs required to fund the Series 2017 Project, including the cost of issuance of the Bonds, the funding of debt service reserves and capitalized interest, is $12,720,000. Additionally, funding required to complete the CIP that is not funded by the Series 2017 Bonds is anticipated to be funded by the Developer. Without the CIP, the property would not be able to be developed and occupied by future residents of the community.

20	Assessment Methodology
Overview
Table 1 idnetifies the land uses as identified by the Developer and current landowners of the land within the District. The District's Engineer's Report for the CIP needed to support the Development, and these construction costs are outlined in Table 2. The improvements comprising the CIP and needed to support the Development are described in detail in the Engineer's Report and are estimated to cost $33,804,695.

5

The Series 2017 Project is a portion of the CIP necessary to support the Development. The District is planning to issue $12,720,000 in Bonds to fund the Series 2017 Project, provide for capitalized interest, a debt service reserve account and cost of issuance. The purpose of this Assessment Report is to confirm the benefit for the properties being assessed and to allocate the Series 2017 Assessments securing the Series 2017 Bonds to the properties benefiting from the CJP.

Allocation of Debt
Allocation of debt assessments is a continuous process until the development plan is completed. The CIP anticipated to be funded by District Bonds benefits both the residential property and golf course property within the District. However, the District has determined that the Amenity portion of the CIP doesn't benefit the non­ residential property owners. Further, the Developer will contribute infrastructure to satisfy the Series 2017 Assessments that otherwise would have been levied for the landscaping and hardscaping portion of the Series 2017 Project

The Series 2017 Assessments will be levied on an equal basis to undeveloped acres until the property is developed and a per unit basis for property within the District that is already developed. Once platting or the recording of declaration of condominium, ("Assigned Properties") has begun, the assessments will be levied to the Assigned Properties based on the benefits they receive. The Unassigned Properties, defined as property that has not been platted, assigned development rights or subjected to a declaration of condominium, will c_ontinue to be assessed on a per acre basis ("Unassigned Properties"). Eventually the development plan will be completed and the debt assessments relating to the Series 2017 Bonds will be allocated to the planned 843 residential units, 15,000 square feet of commercial space and the golf course within the District, which are the beneficiaries of the CIP, as depicted in Table 5 and Table 6. If there are changes to development plan, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the Developer is required. The process is outlined in Section 3.0

The assignment of the Series 2017 Assessments in this Assessment Report sets forth the process by which debt is apportioned. This Assessment Report may be supplemented from time to time.

Allocation of Benefit
The CIP consists of stormwater management system, roadways, water, sewer and reuse systems, landscape/hardscape, underground electrical systems, and clubhouse/ amenity center, along with related incidental costs. There are currently 3 residential p roduct type within the planned development. The 75' single family lot size represents 1 ERU. Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the improvements on the particular

6

land uses exceeds the cost that the land uses will be paying for such benefits. In the event that additional land uses that derive benefit from the CIP are added to the District boundaries, whether by boundary amendment or increase in density, the Series 2017 Assessments will be allocated to such lands pursuant to the methodology described herein.

Lienability Test Special and Peculiar Benefit to the Property

Construction and/ or acquisition by the District of its proposed CIP will provide several types of systen'lS, facilities and services for its residents. These include stormwater management system, roadways, water, sewer and reuse systems, landscape/hardscape, underground electrical systems, and clubhouse/amenity center. These improvements accrue in differing amounts and are dependent on the type of land use receiving the special benefits. peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

For the provision of CIP, the special and p'eculiar benefits are:

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

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

Lienability Test Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments
A reasonable estimate of the proportion of special and pecu.Jiar benefits received from the public improvements described in the Engineer's Report is delineated in Table 5 (expressed as Benefit Per Unit).

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

7

Accordingly, no acre or parcel of property within the boundaries of the District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Assessment Report.

In accordance with the benefit allocation suggested for the product types in Table 3, a total debt per unit and an annual assessment per unit have been calculated for each product type (fable 4 & 5). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned.

3.0	Trne Up Mechanism
Although the District does not process plats, declaration of condominiums, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site plaruting. Whenever a plat; declaration of condominium or site plan is processed, the rnstrict must allocate a portion of its debt to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Property. Otherwise, the land could be fully conveyed and/or platted without all of the debt being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service then no adjustment is required. In the case that the revenue generated is less than the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of · the outstanding bonds to a level that will be supported by the new net annual debt service assessments will be required. In the event that land uses that derive benefit from the CIP are added to the District boundaries, whether by boundary amendment or increase in density, the special assessments will be allocated to such lands pursuant to the methodology described herein.

4.0	Assessment Roll
The District will initially assign the liens to the developed property within the District on a per unit basis and land use type. The remaining lien will be allocated on a gross acreage basis. As Assigned Property becomes known with certainty, the District will refine its allocation of the Series 2017 Assessments from a per acre basis to a per unit basis as shown in Table 4. If the land use plan changes, then the District will update Table 4 to reflect the changes. As a result, the assessment liens are neither fixed nor are they determinable with certainty on any acre of land in the

8

District prior to the time final Assigned Properties become known. At this time the Series 2017 Assessments associated with the District's CIP will be distributed evenly across the acres within the District. As the development process occurs, the debt will be distributed against the Assigned Property in the manner described in this Assessment Report. The current assessment roll is depicted in Table 6.

Additional Disclosure
Governmental Management Services-Central Florida, LLC ("GMS") is not acting or providing services to the District as a Municipal Advisor, Financial Advisor or providing investment advice. GMS has prepared this report based upon information provided by the District's Engineer and Investment Banker in a form that meets the requirements of levying Special Assessments in accordance with Florida Statutes.

9

Land Use :

Single Family - 40' Single Family 50' - Sold Single Family 50' Single Family 75'- Sold Single Family 75' Commercial

Units

333
6
443
1
60
15

Golf Course Total

 	1
859

Prepared By

Governmental Management Services-Central Florida, LLC

Prellmlnary
Bong s;zrna

Refunding
Sources	Component

New Money Component

!2111

$49,351

Par amount of Bond Issue	$8,535,000		$4,1 85,000		$12,720,000	
Total Sources	$8,535,000		$4,1 85,000		$1 2,720,000	
Uses						
Escrow Deposits/Defeasance	$7,713, 191 		$0		$7,713,191	
Project Funds	$0		$3,576,451		$3,576,451	
Interest to 1 1 /1 /1 8	$0		$205,588		$205,588	
Reserve Fund	$550,461		$269,909		$820,370	
Underwriters Discount	$1 70,700		$83,700		$254,400	
Cost of Issuance	$1 00,649				$1 50,000	
Total Uses	$8,535,000		$4,1 85,000		$12,720,000	

Principal Amortization Installments	
22		

30			
Estimated Rate
Estimated Par Amount	4.50%
$B,535,000		4.50�
$4, 1 85,000			
Final Maturity Date	5/1 /39		5/1 /45			

Provided by: MBS Capital Markets, LLC						

Prepared By

Governmental Management Services-Central Florida, LLC

I

-�1,ii::�

lotcastru£1uc1 !:tost - �2 Amenitie1

Number of

---

Improvement	Benefit	 		Excess

Development Type	Units	ERU Value	Total ERU's	%	Cost Allocation	Per Unit	Par Debt/Unit  Benefit Per Unit
Single Family40'	333	O.:S4	1 78.49	32.48%	$10,005,802	$30,047	$1 1 ,315	$18,732

$7,597

Single Famfty 50' - Sold	6	0.67	4.02

$225,356	$37,559

$29,963

Single Family 50'	443	0.67	296.81	54.01%	$16,638,778	$37,559	$1 1,315	$26,244

Single Family 75'- Sold	1	1.00	1.00	0.18%	$56,059

$13,160	$42,899

Single Family 75'	60	1.00	60.00	1 0.92%	$3,363,521	$56,059	$13,174	$42.884

Commercial	15	0.50	7.50	1.36%

$28,029

$22,894

Golf Course	1	1.69	 	1.69		0.31%	 	$94,739	$94,739	$1 2,966	$81,774
Total	859	549.51	7iiii%---	$30,804,695
lnfra11;tyctyc1 CQ&t • Amenlllu

$3,559

Single Family 40'	333	1.00	333.00

$1,185,053

$3,559	$0

Single Family50' • Sold	6	1.00	6.00	0.71%	$21 ,352	$0
Single Family 50'	443	1 .00	«3.00	52.55%	$1 ,57&,512	$3,559	$3,559	$0
Single Family 75'· Sold	1	1 .00	1.00	0.12%	$3,559	$3,559	$0

o.oo

Single Family 75'	60	1.00	60.00	7.12%	$213,523	$3,559	$3,559	$0
Commercial..	0	0.00	0.00%	$0	$0	$0	$0
Golf Course••	 	0	o.oo	 	0.00		0.00%	$0	$0	$0	$0

Total	843	843.00

-100-%-

$3,000,000

IC!fcastructyce Cost • Combined

Single Famlly40"	333	33.10%	$1 1.1 90,856	$33,606	$14,874	$1 8,732

$Ingle Family 50' - Sold	6	0.73%

$41,118	$1 1 ,156	$29,9&2

Single Family 50'	443	53.88%	�1 8,21 5,290	$41,118	$14,874	$26,244
Single Family 75'• Sold	1	0.18%	$59,617	$59.61 7	$16,719	$42,899

Single Family 7f/	60	10.58%	$3.sn.044
Commercial	0	1.24%	$420,440	$28,029

$16,733	$42,884
$22,894

Golf Course	0	 0.28%	$94,739	$94,739	$1 2,966

Total	843

-100-%-

$33,804,695

-eommerclal and Golf Course do not benefit from the recreational improvements being financed with the Serles 2017 Bonds.

.	JA$(� �

Number of
 Development Type		Units	Cost Benefit

Contributed	Total
C�ltal	Par Debt

(Refunding)	(New Money)
Par Debt	Par Debt	Par Debt

$5,545

Single Family 40'	333	$1 1, 1 90,856	($6,237. 764)	$4,953,092	$14,874	$9,946	
Single Family 50' - Sold	6	$246,708		$66,934	$1 1 ,156		$3,696	
Single FamHy 50'	443	$1 8,21 5,290	($1 1 ,626,040)	$6,589.250		$9,946	$4,929	
Single Family 75'- Sold	1	$59,617 		$1 6,71 9	$1 6,71 9	$1 1, 1 79		
Single Family 75'	60	$3,577,044	($2,573,039)	$1 ,004,005	$1 6,733	$1 1 ,1 89		
Commercial	15	$420,440	($343,406)	$77,034	$5, 1 36	$5,136	
Golf Course		1	 	$94,739 	{$81 .774)	$1 2,966	$1 2,966	$1 2,966	$0	
	Sub Total	859	 	$33,804,695 	[$21 ,084,695)	 	$12,720,000				

Per Unit	Per Unit	Per Unit

��::=:��

·�·~. tl:i{Ji$;-' .· ' ..

Number of
 Development Type		Units

Refunding Bonds through 11 -1-39

Single Family 40'.	333	$3,3 11 ,865	38.80%	$238,9 12 	$71 7	$763	
Single Family 50' - Sold	6		0.52%			$572	
Single Family 50'	443	$4,405,874	51 .62%	$31 7,832	$71 7		
Single Family 75'- Sold	1	$1 1,1 79	0. 1 3%	$806	$806	$858	

Par Debt	% Allocation

Net Amual	Gross Annual Net Annual	Per Unit		Per Unit

$538

Single Family 75'	60
Commercial••	15 
Golf Course••	 	1
Sub Total	859

$671 ,324	7.87%
$77,034	0.90%
 	$12,966	0.1 5%
$8,535,000	1 00.00%

$48,428	$807	$859
$370
$935	$995
$61 5,700

N umber of
Development Type	Units

New Money Bonds through 11-1 -3$

Par Debt	% Allocation

Net Annual	Gross Annual Net Annual	Per Unit		Per Unit

Single Family 40'	333
Single Family 50' - Sold	6
Single Family 50'	443

Single Family 7fi	60	$332,681	7.95%	
Commercial..	0	0.00%	
Golf Course••		0	 	$0	0.00%	
	Sub Total	843	$4,1 85,000	 	1 00.00%	

Single Family 75'- Sold	1

$1 ,641 ,227	39.22%
$22,1 79	0.53%
$2,1 83,376	52.1 7%
0. 1 3%

$73,855	$222	$236
$998	$1 66	$1 77
$98,252	$222	$236
$249	$249	$265
$14,971	$250	$265
$0	$0	$0
 	$0	$0	$0
 	$188,325 

Combined through 11 -1 -39

Development Type :		Net Annual	Per Unit	Per Unit	
Single Family 40'		$31 2,767			
Single Family 50' - Sold		$4,227	$704	$749	
Single Family 50'		$41 6,084		$999	
Single Family 75'- Sold		$1 ,056	$1 ,056	$1,1 23	
Single Family 75'		$63,399	$1 ,057	$1 ,1 24	
Commercla1••		$5,557	$370	$394	
Golf Course••		$935			
	Sub Total				

Net Annual	Gross Annual

$939

$999

$939

-�♦.::�1ArtiBu.L!t.t:®5'   t>::
Ail,q.¢9�::.:::�:!!:iAn.ny�f

New Money Bonds through 11 -2-39 through 5-1-45

 Develo_e.ment !_ype	
Single Family 40'
Single Family 50' - Sold
Single Family 50'

Number of
Units	Par Debt	% Allocation	Net Annual
333	$1 ,641 ,227	39.22%
6	$22,1 79	0.53%	$4,227
443	$2,1 83,376	52. 1 7%	$41 6,094

Net Annual	Gross Annual Per Unit		Per Unit
$939

$999

$704	$749

Single Family 75'- Sold Single Family 75' Commercial"'     Golf Course••

Sub Total

1	0. 1 3%	$1 ,056

0

60	$332,681	7.95%
$0	0.00%	$0
0 $0	 	0.00% 	$0
843	$4,1 85,000	 	1 00.00%	P97,SSO

$ 1 ,056	$1 ,1 23
$1 ,1 24
$0	$0
$0	$0

Table 6

Deer Run Community Development District Assessment Roll

Net	Gross
Parcel ID	Units	Owner	Lot Size	Par Debt	Annual	Annual
03-1 2-30-2975-00000-0130	1	SOWELL JOHN K & PATRICIA H&W	$16,719	$1,056	$1,1 23

$749

03-1 2-30-2975-00000-0880	1	MCPHERSON MICHAEL & DOROTHY	50	$1 1, 1 56
03-1 2-30-2975-00000-1 020	1	BARNEY CHELSEA	50	$1 1,1 56

$749

03-1 2-30-2975-00000-1 050	1	PHILLIPS TAMMIE LYN N	50	$11,1 56	$704	$749
03-1 2-30-2975-00000-1 070	1	JONES JEROME P & CHERYL D	50	$1 1,1 56	$704	$749

03-1 2-30-2975-00000-1490	1	JOHNSTON ALBERT B JR &	50	$1 1 ,1 56
03-1 2-30-2975-00000-1500	1	JOHNSTON ALBERT B JR &	50	$11 ,156

$749

03-1 2-30-2975-00000-PAR1	1 .02	GRAND RESERVE GOLF II LLC	Comm- 10000	$51 ,356	$3,705	$3,941
03-12-30-2975-00000-PAR2	2.01	GRAND RESERVE GOLF II LLC	Comm - 2500	$12,839	$926	$985
03-12-30-2975-00000-PAR3	3.11	GRAND RESERVE GOLF II LLC	Comm - 2500	$12,839	$926
03-12-30-0000-00352-0042	447.41	GRAND RESERVE GOLF II LLC	1/2 Golf	$6,483	$468	$498
1 2-12-30-0000-00352-0019	86.69	GRAND RESERVE GOLF II LLC	1/2 Golf	$6,483	$468	$498
03-12-30-2975-00000-0010	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24
03-12-30-2975-00000-0020	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24
03-12-30-2975-00000-0030	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24
03-1 2-30-2975-00000-0040	DR HORTON INC - JACKSONVILLE	75	$1 6,733	$1 ,057	$1,1 24

75

03-1 2-30-2975-00000-0050	DR HORTON INC - JACKSONVILLE	75	$16,733 .	$1 ,057	$1,1 24

03-1 2-30-2975-00000-0060	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0070	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0080	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0090	DR HORTON INC · JACKSONVILLE

75

03-1 2-30-2975-00000-0100	DR HORTON INC - JACKSONVILLE

$16,733	$1 ,057	$1,1 24
$16,733	$1 ,057	$1,1 24
$16,733	$1,057	$1 , 124
$1 6,733	$1,057	$1 ,1 24
$1 6,733	$1 ,057	$1,1 24

03-1 2-30-2975-00000-01 10	DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1 , 124
03-1 2-30-2975-00000-0120	DR HORTON INC· JACKSONVILLE	75	$16,733	$1 ,057	$1 ,1 24
03-1 2-30-2975-00000-0140	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1 ,1 24
03-12-30-2975-00000-0150	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1 ,1 24

75

03-12-30-2975-00000-0 160	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-01 70	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0180	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0190	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-0200	DR HORTON INC - JACKSONVILLE
03-1 2-30-2975-00000-021 0	DR HORTON INC - JACKSONVILLE
03-12-30-2975-00000-0220	DR HORTON INC - JACKSONVILLE
03-12-30-2975-00000-0230	DR HORTON INC · JACKSONVILLE
03-1 2-30-2975-00000-0240	DR HORTON INC - JACKSONVILLE

$16,733	$1 ,057	$1 ,1 24
$16,733	$1 ,057	$1 ,1 24
$1 6,733	$1 ,057	$1 , 1 24
$1 6,733	$1 ,057	$1 ,1 24
$1 6,733	$1 ,057	$1 ,1 24
$1 6,733	$1 ,057	$1 ,1 24
$1 6,733	$1 ,057	$1,1 24
$1 6,733	$1 ,057	$1,1 24
$16,733	$1 ,057	$1,1 24

75

03-1 2-30-2975-00000-0250	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24

75

03-1 2-30-2975-00000-0260	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24
03-1 2-30-2975-00000-0270		DR HORTON INC · JACKSONVILLE		$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0280		DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0290		DR HORTON INC - JACKSONVILLE		$1 6,733	$1 ,057	$1 ,1 24	
03-1 2-30-2975-00000-0300		DR HORTON INC - JACKSONVILLE		$1 6,733	$1 ,057	$1 ,1 24	
03-1 2-30-2975-00000-0310 		DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0320		DR HORTON INC - JACKSONVILLE		$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0330		DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0340		DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0350
03-1 2-30-2975-00000-0360		DR HORTON INC - JACKSONVILLE
DR HORTON INC - JACKSONVILLE	75
75	$16,733
$16,733	$1 ,057
$1 ,057	$1,1 24
$1 , 124	
03-1  2-30-2975-00000-0370
03-1  2-30-2975-00000-0380		DR HORTON INC - JACKSONVILLE
DR HORTON INC - JACKSONVILLE	75	$16,733
$16,733	$1,057
$1 ,057	$1 , 1 24
$1,1 24	
03-12-30-2975-00000-0390		DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0400		DR HORTON INC - JACKSONVILLE		$16,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0410 	1	DR HORTON INC - JACKSONVILLE	75	$16,733	$1,057	$1,1 24	
03-1 2-30-2975-00000-0420	1	DR HORTON INC - JACKSONVILLE	75	$16;733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0430	1	DR HORTON INC - JACKSONVILLE	75	$1 6,733	$1 ,057	$1,1 24	
03-1 2-30-2975-00000-0440	1	DR HORTON INC - JACKSONVILLE		$1 6,733	$1 ,057	$1 ,1 24	
03-1 2-30-2975-00000-0450	1	DR HORTON INC - JACKSONVILLE		$1 6,733	$1 ,057	$1 , 124	
03-12-30-2975-00000-0460		DR HORTON INC - JACKSONVILLE		$16,733	$1 ,057 ·	$1 , 124	
03-1 2-30-2975-00000-0470	DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1 ,1 24	
03-12-30-2975-000004480	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1 , 124	
03-12-30-2975-00000-0490	DR HORTON INC · JACKSONVILLE		$16,733	$1 ,057	$1 ,1 24	

.  Table 6

Deer Run Community Development District Assessment Roll

Net	Gross
Parcel ID	Units	Owner	Lot Size	Par Debt	Annual	Annual
03-12-30-2975-00000-0500	1	DR HORTON  INC · JACKSONVILLE	$16,733	$1 ,057	$1 ,124
03-12-30-2975-00000-0510	1	DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1 ,1 24
03-12-30-2975-00000-0520	1	DR HORTON  INC · JACKSONVILLE	75	$16,733	$1 ,057	$1, 1 24
03-1 2-30-2975-00000-0530	DR HORTON INC · JACKSONVILLE	$16,733	$1 ,057	$1 ,1 24

03-12-30-2975-00000-0550	DR HORTON INC- JACKSONVILLE	
03-12-30-2975-00000-0560	DR HORTON INC · JACKSONVILLE	
03-1 2-30-2975-00000-0570	DR HORTON INC · JACKSONVILLE	

03-12-30-2975-00000-0540	DR HORTON INC - JACKSONVILLE	75	$16,733	$1 ,057	$1, 1 24
$16,733	$1 ,057	$1,1 24
75	$1 6,733	$1 ,057	$1,1 24
75	$16,733	$1 ,057 .	$1 ,1 24
03-1 2-30-2975-00000-0580	DR HORTON INC · JACKSONVILLE	75	$16,733	$1 ,057	$1,1 24
03-1 2-30-2975-00000-0590	DR HORTON INC · JACKSONVILLE	75	$1 6,733	$1,057	$1,1 24

75

03-1 2-30-2975-00000-0600	DR HORTON INC · JACKSONVILLE	75	$1 6,733	$1 ,057	$1,1 24
03-1 2-30-2975-00000-0610	DR HORTON INC · JACKSONVILLE	$16,733	$1 ,057	$1,1 24
03-12-30-2975-00000-0620	DR HORTON INC · JACKSONVILLE	50	$14,874	$939	$999

03-1 2-30-2975-00000-0630	DR HORTON INC · JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0640	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-QOOOD-D650	DR HORTON INC - JACKSONVILLE	50	$14,874

$939
$939
$939
$939

03-1 2-30-2975-00D00-0660	DR HORTON INC· JACKSONVILLE	50	$14,874

$999

$999

03-1 2-30-2975-00000-0670	DR HORTON INC- JACKSONVILLE	$14,874

03-1 2-30-2975-00000-0680	DR HORTON INC- JACKSONVI LLE	50	$14 ,874
03-1 2-30-2975-00000-0690	DR HORTON INC - JACKSONVILLE	50	$14,874

$999
$999

$939
$939
$939

$999
$999
$999
$999
$999

03-12-30-2975-00000-0700	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

03-1 2-30-2975-00DOD-0710	DR HORTON INC- JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0720	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0730	DR HORTON INC- JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0740	DR HORTON INC - JACKSONVILLE	50	$14,874

$999

03-1 2-30-2975-00000-0750	DR HORTON INC - JACKSONVILLE

$14,874

$999

03-1 2-30-2975-00000-0760	DR HORTON INC - JACKSONVILLE	50	$14,874	$939

$939

03-1 2-30-2975-00000-0770	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0780	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0790	DR HORTON INC · JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0800	DR HORTON INC - JACKSONVILLE	50	$14,874

$999

03-1 2-30-2975-00000-08 10	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

$939
$939

03-12-30-2975-00000-0840	DR HORTON INC - JACKSONVILLE	50	
03-12-30-2975-00000-0850	DR HORTON INC - JACKSONVILLE	50	

03-12-30-2975-00000-0820	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999 03-12-30-2975-00000-0830	DR HORTON INC- JACKSONVILLE	50	$14,874
$14,874
$14,874 .	$939

$999

03-12-30-2975-0DOOD-0860	DR HORTON INC · JACKSONVILLE	50	$1 4,874	$939	$999
03-12-30-2975-00000-0870	DR HORTON INC · JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-0890	DR HORTON INC · JACKSONVILLE	50	$14,874	$999

$939
$939
$939
$939
$939

03-1 2-30-2975-00000-0900	DR HORTON INC · JACKSONVILLE	50	$14,874	$939	$999

$999
$999

03-12-30-2975-00000-0910	DR HORTON INC - JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0920	DR HORTON INC · JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0930	DR HORTON INC- JACKSONVILLE	50	$1 4,874
03-12-30-2975-00000-0940	DR HORTON INC - JACKSONVILLE	$14,874

03-1 2-30-2975-00000-0950	DR HORTON INC - JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0960	DR HORTON INC · JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0970	DR HORTON INC - JACKSONVILLE	50	$14,874
03-12-30-2975-00000-0980	DR HORTON INr;:: - JACKSONVILLE	50	$14,874	$939
03-12-30-2975-00000-0990	DR HORTON INC- JACKSONVILLE	50	$14,874	$939
03-1 2-30-2975-0000D-1000	DR HORTON INC- JACKSONVILLE	50	$14,874

$999

$999
$999

03-12-30-2975-0000D-1 010	DR HORTON INC· JACKSONVILLE	50	$14,874	$939	$999
03•12-30-2975-00000-1030	DR HORTON INC - JACKSONVILLE	$14,874	$939	$999

$939
$939
$939
$939

03-12-30-2975-0000D-1 040	DR HORTON INC· JACKSONVILLE	50	$14,874	$939	$999

03-12-30-2975-0DOOD-1 060	DR HORTON INC· JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-1080	DR HORTON INC· JACKSONVILLE	50	$14,874
03-12-30-2975-00000- 1090	DR HORTON INC· JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-11 00	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-11 10	DR HORTON INC - JACKSONVILLE	50	$1 4,874

$999
$999

$999
$999

$999

03-1 2-30-2975-0000D-11 20	DR HORTON INC · JACKSONVILLE	50	$1 4,874	$939	$999
03-1 2-30-2975-0000D-11 30	DR HORTON INC · JACKSONVILLE	50	$14,874

Table 6

Deer Run Community Development District Assessment Roll

Parcel ID	Units	Owner	Lot Size	
03-12-30-2975-00000-1140	1	DR HORTON INC - JACKSONVILLE	50	

Net	Gross Par Debt	Annual	Annual
$14,874	$939	$999 03-1 2-30-2975-00000-1 1 50	1	DR HORTON  INC - JACKSONVILLE	50	$14,874	$939	$999

$939
$939
$939

03-1 2-30-2975-00000-11 60	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

03-1 2-30-2975-00000-11 70	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000- 1180	DR HORTON INC - JACKSONVILLE	50	$14,874
03-12-30-2975--00000- 1190	DR HORTON INC · JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-1200	DR HORTON INC · JACKSONVILLE	50	$14,874
03-12-30-2975-00000-1210	DR HORTON INC - JACKSONVILLE	50	$14,874	$939

$999
$999
$999

03-12-30-2975-00000-1 220	DR HORTON INC - JACKSONVILLE	$14,874	$939	$999

$999

03-12�30-2975-00000-1 230	DRHORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-12-30-2975-00000-1 240	DR HORTON INC - JACKSONVILLE	50	$14,874	$939
03-12-30-2975-00000-1 250	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-12-30-2975-00000-1260	DR HORTON INC - JACKSONVILLE	50	$1 4,874	$939

03-12-30-2975-00000-1 270	DR HORTON INC - JACKSONVILLE	50	$14,874
03-1 2-30-2975-00000-1 280	DR HORTON INC - JACKSONVILLE	50	$14,874

$999

03-1 2-30-2975-00000-1290	DR HORTON INC - JACKSONVILLE	50	$1 4,874	$939	$999
03-1 2-30-2975-00000-1 300	DR HORTON INC - JACKSONVILLE	$14,874	$939	$999
03-1 2-30-2975-00000-1310	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

$939

03-12-30-2975-00000-1 320	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-12-30-2975-00000-1 330	DR HORTON INC - JACKSONVILLE	50	$14,874	$999

03-12-30-2975-00000-1340	DR HORTON INC · JACKSONVILLE

$14,874

$999

$939
$939

03-12-30-2975-00000-1350	DR HORTON INC - JACKSONVILLE	50	$14,874	$999

03-12-30-2975-00000-1 360	DR HORTON INC - JACKSONVILLE

$14,874

$999

03-12-30-2975-00000-1 370	DR HORTON INC - JACKSONVILLE	50	$14,874	$999
03-12-30-2975-00000-1 380	DR HORTON INC - JACKSONVILLE	$1 4,874	$939	$999
03-12-30-2975-00000-1 390	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-12-30-2975-00000-1400	DR HORTON INC - JACKSONVILLE	$14,874	$939	$999
03-12-30-2975-00000-1410	DR HORTON INC - JACKSONVILLE	50	$14,874	$999
03-1 2-30-2975-00000-1420	1	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

$939

03-1 2-30-2975-00000-1430	1	DR HORTON INC- JACKSONVILLE	50	$1 4,874	$939

03-1 2-30-2975-00000-1440	1	DR HORTON  INC - JACKSONVILLE	50	$1 4,874
03-1 2-30-2975-00000-1450	DRHORTON INC - JACKSONVILLE	50	$1 4,874

$999
$999

$939
$939

03-1 2-30-2975-00000-1460	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-1 2-30-2975-00000-1470	DR HORTON INC - JACKSONVILLE	$14,874
03-1 2-30-2975-00000-1480	DR HORTON INC . JACKSONVILLE	50	$14,874	$999
03-1 2-30-2975-00000-1510	DR HORTON INC - JACKSONVILLE	50	$1 4,874	$939	$999
03-1 2-30-2975-00000-1 520	DR HORTON INC - JACKSONVILLE	50	$14,874

$999

03-1 2-30-2975-00000-1530	1	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999
03-1 2-30-2975-00000-1 540	1	DR HORTON INC - JACKSONVILLE	50	$1 4,874	$939
03-1 2-30-2975-00000-1 550	1	DR HORTON INC - JACKSONVILLE	50	$14,874	$939	$999

$999

03-1 2-30-2975--00000-1 560	1	DR HORTON  INC - JACKSONVILLE	50	$1 4,874	$939	$999
03-12-30-2975--00000-1 570	1	DR HORTON  INC - JACKSONVILLE	50	$14,874	$939
03-1 2-30-0000-00352-0042	447.41	DR H ORTON INC - JACKSONVILLE	$8;293,771	$523,717	$557,146
11 -12-30-0800-00010-0000	11 .34	DR HORTON INC · JACKSONVILLE	$210,213	$1 3,274	$14,121

$107 952
:

11 -1 2-30-5400-000 1 0-0000	5.00	DR HORTON INC - JACKSONVILLE	$92,686	$5,853	$6,226

$804.025

12-1 2-30-0000-00352-0019	86.69	DR HORTON INC - JACKSONVILLE	$1 606,998	$101 ,475

Total	$1 2120.000

$855 3461

0

RESOLUTION 2018-01
A RESOLUTION OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING DISTRICT PROJECTS FOR CONSTRUCTION AND/OR ACQUISITION OF INFRASTRUCTURE IMPROVEMENTS; EQUALIZING, APPROVING, CONFIRMING, AND LEVYING SPECIAL ASSESSMENTS ON PROPERTY SPECIALLY BENEFITED BY SUCH PROJECTS TO PAY THE COST THEREOF; PROVIDING FOR THE PAYMENT AND THE COLLECTION OF SUCH SPECIAL ASSESSMENTS BY THE METHODS PROVIDED FOR BY CHAPTERS 170, 190 AND 197, FLORIDA STATUTES; CONFIRMING THE DISTRICT'S INTENTION TO ISSUE SPECIAL ASSESSMENT REVENUE BONDS; MAKING PROVISIONS FOR TRANSFERS OF REAL PROPERTY TO HOMEOWNERS ASSOCIATIONS, PROPERTY OWNERS ASSOCIATION AND/OR GOVERNMENTAL ENTITIES; PROVIDING FOR THE RECORDING OF AN ASSESSMENT NOTICE; PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
RECITALS
WHEREAS, Deer Run Community Development District (the "District") previously indicated its intention to constructcertain types ofinfrastructure improvements and to finance such infrastructure improvements through the issuance of bonds, which bonds would be repaid by the imposition of special assessments on benefited property within the District; and
WHEREAS, the DistrictBoard ofSupervisors (the "Board") noticed and conducted a public hearing pursuant to Chapters 170, 190 and 197, Florida Statutes, relating to the imposition, levy, collection and enforcement of such assessments.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Chapters 170, 190 and 197, Florida Statutes, including without limitation, Section 170.08, Florida Statutes.
SECTION 2. FINDINGS. TheBoard hereby finds and determines as follows:
The District is a local unit ofspecial-purpose government organized and existing under and pursuant to Chapter 190, Florida Statutes, as amended.
The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct roadway improvements, stormwatermanagement systems, water distribution systems, wastewater systems, entry landscaping, hardscaping and irrigation system improvements, and other infrastructure projects and services

necessitated by the development of, and serving lands within, the District.
The District is authorized by Chapter 190, Florida Statutes, to levy and impose special assessments to pay all, or any part of, the cost of such infrastructure projects and services and to issue capital improvement revenue bonds payable from such special assessments as provided in Chapters 170, 190 and 197, Florida Statutes.
It is necessary to the public health, safety and welfare and in the best interests of the District that: (i) the District provide the Project (the "Project"), the nature and location of which was initially described in Resolution 2017-09 and is shown in the Supplemental Engineer 's Report, dated August 24, 2017 (the "Engineer's Report"), and which Project's plans and specifications are on file in the District's records office at 135 W. CentralBoulevard, Suite 320, Orlando, Florida 32801; (ii) the cost ofsuch Project be assessedagainst the lands specially benefited by such Project; and (iii) the District issue bonds to provide funds for such purposes pending the receipt of such special assessments.
The provision of said Project, the levying of such Special Assessments (hereinafter defined) and the sale and issuance ofsuch bonds serves a proper, essential, and valid public purpose and is in the best interests ofthe District, its landowners and residents.
In order to provide funds with which to pay a portion ofthe costs ofthe Project which are to be assessed against the benefitted properties, pending the collection of such Special Assessments, it is necessary for the District from time to time to sell and issue its Special Assessment Revenue Bonds, in one or more series (the "Bonds").
By Resolution 2017-09, the Board determined to provide the Project and to defray the costs thereof by making Special Assessments on benefited property and expressed an intention to issue Bonds, notes or other specific financing mechanisms to provide a portion ofthe funds needed for the Project prior to the collection ofsuch Special Assessments. Resolution 2017-09 was adopted in compliance with the requirements of Section 170.03, Florida Statutes, and prior to the time it was adopted, the requirements of Section 170.04, Florida Statutes, had been met.
As directed by Resolution 2017-09, said Resolution 2017-09 was published as required by Section 170.05, Florida Statutes, and a copy ofthe publisher's affidavit ofpublication is on file with the Secretary of the Board.
As directed by Resolution 2017-09, a preliminary assessment roll was adopted and filed with the Board as required by Section 170.06, Florida Statutes.
G) As required by Section 170.07, Florida Statutes, upon completion of the preliminary assessment roll, theBoard adopted Resolution 2017-10 fixing the time and place ofa public hearing at which owners of the property to be assessed and other persons interested therein may appear before the Board and be heard as to: (i) the propriety and advisability ofmaking the infrastructure improvements constituting the Project, (ii) the cost thereof, (iii) the manner ofpayment therefore, and (iv) the amount thereof to be assessed against each specially benefited property or parcel and provided for publication ofnotice ofsuch public hearing and individual mailednotice in accordance

with Chapters 170, 190 and 197, Florida Statutes.
Notice of such public hearing was given by publication and also by mail as required by Section 170.07, Florida Statutes. Affidavits as to such publications and mailings are on file in the office of the Secretary of the Board.
On October 12, 2017, at the time and place specified in Resolution 2017-10, and notice referred to in paragraph (k) above, theBoard met as an EqualizationBoard and heard and considered all complaints and testimony as to the matters described in paragraph (j) above. TheBoard has made such modifications in the preliminary assessment roll as it deems necessary, just and right in the making of the final assessment roll.
Having considered the estimated costs ofthe Project, estimates offinancing costs and all complaints and evidence presented at such public hearing, the Board of Supervisors of the District further finds and determines:
that the estimated costs of the Project are as specified in the Engineer's Report (attached as Exhibit A hereto and incorporated herein by this reference), which Engineer's Report is hereby adopted and approved, and that the amount ofsuch costs is reasonable and proper; and
it is reasonable, proper, just and right to assess the cost of such Project against the properties within the District specially benefited thereby using the method determined by theBoard set forth in the Amended MasterAssessmentMethodology, dated August 24, 2017 (the "Assessment Report") attached hereto as Exhibit B and incorporated herein by this reference, which results in allocation of assessments in the manner set forth in the final assessment roll included therein (the "Special Assessments"); and
it is hereby declared that the Project will constitute a special benefit to all parcels ofreal property listed on said final assessment roll and that the benefit, in the case of each such parcel, will be equal to or in excess of the Special Assessments thereon when allocated as set forth in Exhibit B; and
it is in the best interests of the District that the Special Assessments be paid and collected as herein provided.
SECTION 3. AUTHORIZATION OF DISTRICT PROJECT. That certain Project for construction of infrastructure improvements initially described in Resolution 2017-09, and more specifically identified and described in Exhibit A attached hereto, is hereby authorized and approved and the proper officers, employees and/or agents ofthe District are hereby authorized and directed to take such further action as may be necessary or desirable to cause the same to be made.
SECTION 4. ESTIMATED COST OF IMPROVEMENTS. The total estimated costs of the Project and the costs to be paid by Special Assessments on all specially benefited property are set forth in Exhibits A and B, respectively, hereto.

SECTION 5. EQUALIZATION, APPROVAL, CONFIRMATION AND LEVY OF
SPECIAL ASSESSMENTS. The Special Assessments on parcels specially benefited by the Project, all as specified in the final assessment roll set forth in Exhibit B, attached hereto, are hereby equalized, approved, confirmed and levied. Immediately following the adoption ofthis Resolution these Special Assessments, as reflected in Exhibit B, attached hereto, shall be recorded by the Secretary of the Board of the District in a special book, to be known as the "Improvement Lien Book." The Special Assessment or assessments against each respective parcel shown on such final assessment roll and interest, costs and penalties thereon, as hereafter provided, shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims. Prior to the issuance ofany bonds, including refunding bonds, the District may, by subsequent resolution, adjust the acreage assigned to particular parcel identification numbers listed on the final assessment roll to reflect accurate apportionment ofacreage within the District amongst individual parcel identification numbers. The District may make any other such acreage and boundary adjustments to parcels listed on the final assessment roll as may be necessary in the best interests ofthe District as determined by the Board by subsequent resolution. Any such adjustment in the assessment roll shall be consistent with the requirements oflaw. In the event the issuance ofbonds, including refunding bonds, by the District would result in a decrease of the Special Assessments, then the District shall by subsequent resolution, adopted within sixty (60) days ofthe sale ofsuch bonds at a publicly noticed meeting and without the need for further public hearing, evidence such a decrease and amend the final assessment roll as shown in the Improvement Lien Book to reflect such a decrease.
SECTION 6. FINALIZATION OF SPECIAL ASSESSMENTS. When the entire Project
has both been constructed or otherwise provided to the satisfaction of the Board, the Board shall adopt a resolution accepting the same and determining the actual costs (including financing costs) thereof, as required by Sections 170.08 and 170.09, Florida Statutes. Pursuant to the provisions of Section 170.08, Florida Statutes, regarding completion of a project funded by a particular series of bonds, the District shall credit to each Special Assessment the difference, ifany, between the Special Assessment as hereby made, approved and confirmed and the actual costs incurred in completing the Project. In making such credits, no credit shall be given for bond financing costs, capitalized interest, funded reserves or bond discounts. Such credits, ifany, shall be entered in the Improvement Lien Book. Once the final amount of Special Assessments for the entire Project has been determined, the term "Special Assessment" shall, with respect to each parcel, mean the sum ofthe costs ofthe Project.

SECTION 7.	PAYMENT OF SPECIAL ASSESSMENTS AND METHOD OF COLLECTION.
The Special Assessments may be paid in not more than thirty (30) substantially equal consecutive annual installments ofprincipal and interest. The Special Assessments may be paid in full without interest at any time within thirty (30) days after the completion of the Project and the adoption by theBoard ofa resolution accepting the Project; provided, however, that theBoardshall at any time make such adjustments by resolution, at a noticed meeting oftheBoard, to that payment

schedule as may be necessary and in the best interests ofthe District to account for changes in long and short term debt as actually issued by the District. At any time subsequent to thirty (30) days after the Project has been completed and a resolution accepting the Project has been adopted by the Board, the Special Assessments may be prepaid in full including interest amounts to the next succeeding interest payment date or to the second succeeding interest payment date if such a prepayment is made within forty-five (45) calendar days before an interest payment date. The owner of property subject to Special Assessments may prepay the entire remaining balance ofthe Special Assessments or a portion ofthe remaining balance ofthe Special Assessment at any time ifthere is also paid, in addition to the prepaid principal balance of the Special Assessment, an amount equal to the interest that would otherwise be due on such prepaid amount on the next succeeding interest payment date, or, if prepaid during the forty-five (45) day period preceding such interest payment date, to the interest payment date following such next succeeding interest payment date. Prepayment of Special Assessments does not entitle the property owner to any discounts for early payment.

The District may elect to use the method ofcollecting Special Assessments authorized by Sections 197.3632 and 197.3635, Florida Statutes (the "Uniform Method"). The District has heretofore taken or will use its best efforts to take as timely required, any necessary actions to comply with the provisions ofsaid Sections 197.3632 and 197.3635, Florida Statutes. Such Special Assessments may be subject to all of the collection provisions of Chapter 197, Florida Statutes. Notwithstanding the above, in the event the Uniform Method of collecting its special or non-ad valorem assessments is not available to the District in any year, or ifdetermined by the District to be in its best interest, the Special Assessments may be collected as is otherwise permitted by law. The District may, in its sole discretion, collect Special Assessments by directly assessing landowner(s) and enforcing said collection in any manner authorized by law. Such special assessments shall at all times be collected in a manner consistent with applicable trust indenture.
For each year the District uses the Uniform Method, the District shall enter into an agreement with the Tax Collector of Flagler County who may notify each owner of a lot or parcel within the District ofthe amount ofthe special assessment, including interest thereon, in the manner provided in Section 197.3635, Florida Statutes.
SECTION 8. APPLICATION OF TRUE-UP PAYMENTS.
There may be reqU;ired from time to time certain true-up payments as specified the Assessment Report and in supplemental assessment methodology reports. As parcels ofland or lots are platted, the Special Assessments securing the Bonds shall be allocated as set forth in such reports. In furtherance thereof, at such time as parcels or land or lots are platted, it shall be an express condition of the lien established by this Resolution that any and all initial plats of any portion of the lands within the District, as the District's boundaries may be amended from time to time, shall be presented to the District Manager for review, approval and calculation of the percentage of acres and numbers of units which will be, after the plat, considered to be developed. No further action by the Board of Supervisors shall be required. The District's review shall be limited solely to this function and the enforcement of the lien established by this Resolution. The District Manager shall cause the Special Assessments to be reallocated to the units being platted and the remaining property in accordance with such the Assessment Report and supplemental assessment methodology reports, cause such reallocation to be recorded in the District's Improvement Lien

Book, and shall perform the true-up calculations described in Exhibit B, which process is incorporated herein as if fully set forth. Any resulting true-up payment shall become due and payable that tax year by the landowner(s) of record of the remaining property, in addition to the regular assessment installment payable with respect to the remaining developable acres.
The District will take all necessary steps to ensure that true-up payments are made in a timely fashion to ensure its debt service obligations are met. The District shall record all true-up payments in its Improvement Lien Book.
The foregoing is based on the District's understanding that the unit numbers and types shown in Exhibit B will be developed, on the net developable acres and is intended to provide a formula to ensure that the appropriate ratio of the Special Assessments to developable acres is maintained iffewer units are developed. However, no action by the District prohibits more than the maximum units shown in Exhibit B from being developed. In no event shall the District collect Special Assessments pursuant to this Resolution in excess of the total debt service related to the Project, including all costs of financing and interest. The District recognizes that such events as regulatory requirements and market conditions may affect the timing and scope ofthe development in the District. Ifthe strict application ofthe True-Up Methodology to any assessment reallocation pursuant to this paragraph would result in Special Assessments collected in excess ofthe District's total debt service obligation for the Project, the Board shall by resolution take appropriate action to equitably reallocate the Special Assessments. Further, upon the District's review ofthe final plat for the developable acres, any unallocated Special Assessments shall become due and payable and must be paid prior to the District' s approval of that plat.
The application of the monies received from true-up payments or assessments to the actual debt service obligations ofthe District, whether long term or short term, shall be set forth in the supplemental assessment resolution adopted for each series of Bonds actually issued. Such subsequent resolution shall be adopted at a noticed meeting of the District, and shall set forth the actual amounts financed, costs ofissuance, expected costs ofcollection, and the total amount ofthe assessments pledged to that issue, which amount shall be consistent with the lien imposed by this Resolution.

SECTION 9. PROPERTY OWNED BY HOMEOWNERS ASSOCIATIONS, PROPERTY OWNERS ASSOCIATIONS OR GOVERNMENTAL ENTITIES. Property
owned by units of local, state, and federal government shall not be subject to the Special Assessments without specific consent thereto. In addition, property owned by a property owners association or homeowners association that is exempt from special assessments under Florida law shall not be subject to the Special Assessments. If at any time, any real property on which Special Assessments are imposed by this Resolution is sold or otherwise transferred to a unit oflocal, state, or federal government (without consent of such governmental unit to the imposition of Special Assessments thereon), all future unpaid Special Assessments for such tax parcel shall become due and payable immediately prior to such transfer without any further action of the District.
SECTION 10. ASSESSMENT NOTICE. The District's Secretary is hereby directed to

record a general Notice of Assessments in the Official Records of Flagler County, Florida, which shall be updated from time to time in a manner consistent with changes in the boundaries of the District.
SECTION 11. SEVERABILITY. Ifany section or part ofa section ofthis Resolution be declared invalid or unconstitutional, the validity, force and effect ofany other section or part of a section ofthis Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.
SECTION 12. CONFLICTS. All resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed.
SECTION 13. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.
APPROVED AND ADOPTED THIS 12™ DAY OF OCTOBER, 2017.
DEER RUN COMMUNITY DEVELOPMENT DISTRICT

Secretary
Exhibit A: Exhibit B:

Chairperson, Board of Supervisors
Supplemental Engineer 's Report, dated August 24, 2017
Amended Master Assessment Methodology, dated October 12, 2017

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Certified Public Accountants	PL
600 Citrus Avenue
Suite 200
Fort Pierce,  Florida 34950
7721461 -61 20 II 461 -1 155
FAX: 7721468-9278

September 26, 201 7

George S. Flint, District Manager Governmental Management Services 1 35 W. Central Blvd., Suite 320 Orlando, FL 32801

The Objective and Scope of the Audit of the Financial Statements
You have requested that we audit the financial statements of Deer Run Community Development District, which comprise governmental activities, each major fund and the budgetary comparison for the General Fund as of and for the year ended September 30, 201 7 which collectively comprise the basic financial statements. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter for the year ending September 30, 201 6 and thereafter for one annual renewal if mutually agreed by Deer Run Community Development District and Berger, Toombs, Elam, Gaines & Frank, Certified Public Accountants PL.
Our audit will be conducted with the objective of our expressing an opinion on the financial statements.
The Responsibilities of the Auditor
We will conduct the audit in accordance with auditing standards generally accepted in the United States of America and "Government Auditing Standards" issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

Member AICPA

Fort Pierce I Stuart
Member AICPA Division For CPA Firms Private Companies Practice Section

Member FICPA

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Berger, Toombs, Elam, t.o,, Gaines & Frank

Deer Run Community Development District September 26, 201 7
Page 2

Because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk that some material misstatements may not be detected exists, even though the audit is properly planned and performed in accordance with generally accepted auditing standards. Also, an audit is not designed to detect errors or fraud that are immaterial to the financial statements. The determination of abuse is subjective; therefore, Government Auditing Standards do not expect us to provide reasonable assurance of detecting abuse.
In making our risk assessments, we consider internal control relevant to Deer Run Community Development District's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. However, we will communicate to you in writing concerning any significant deficiencies or material weaknesses in internal control relevant to the audit of the financial statements that we have identified during the audit.
We will also communicate to the Board any fraud involving senior management and fraud that causes a material misstatement of the financial statements that becomes known to us during the audit, and any instances of noncompliance with laws and regulations that we become aware of during the audit.
The funds that you have told us are maintained by Deer Run Community Development District and that are to be included as part of our audit are listed below:
General Fund
Debt Service Fund
Capital Projects Fund

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Berger, Toombs, Elam, Co,, Gaines & Frank
Cer1iried P11blicAccoun1.1nrs     PL

Deer Run Community Development District September 26, 2017 
Page 3

The Responsibilities of Management and Identification of the Applicable Financial Reporting Framework
Our audit will be conducted on the basis that management acknowledges and understands that it has responsibility:
For the preparation and fair presentations of the financial statements in accordance with accounting principles generally accepted in the United States of America;
To evaluate subsequent events through the date the financial statements are issued or available to be issued, and to disclose the date through which subsequent events were evaluated in the financial statements. Management also agrees that it will not evaluate subsequent events earlier than the date of the management representation letter referred to below;
For the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error;
For establishing and maintaining effective internal control of financial reporting and for informing us of all significant deficiencies and material weaknesses in the design or operation of such controls of which it has knowledge; and
To provide us with:
Access to all information of which management is aware that is relevant to the preparation and fair presentation of the financial statements such as records, documentation and other matters;
Additional information that we may request from management for the purpose of the audit; and
Unrestricted access to persons within the entity from whom we determine it necessary to obtain audit evidence.
As part of our audit, we will request certain written confirmation concerning representations made to us in connection with the audit including, among other items:
That management has fulfilled its responsibilities as set out in the terms of this letter; and
That it believes the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.

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Co, Gaines & Frank
c..rtif...d Public Accour,t.:ml§ PL

Deer Run Community Development District September 26, 2017 
Page 4

Management is responsible for identifying and ensuring that Deer Run Community Development District complies with the laws and regulations applicable to its activities, and for informing us about all known material violations of such laws or regulations. In addition, management is responsible for the design and implementation of programs and controls to prevent and detect fraud or abuse, and for informing us about all known or suspected fraud or abuse affecting the entity involving management, employees who have significant roles in internal control, and others where the fraud or abuse could have a material effect on the financial statements or compliance. Management is also responsible for informing us of its knowledge of any allegations of fraud or abuse or suspected fraud or abuse affecting the entity received in communications from employees, former employees, analysts, regulators, short sellers, or others.
The Board is responsible for informing us of its views about the risks of fraud or abuse within the entity, and its knowledge of any fraud or abuse or suspected fraud or abuse affecting the entity.
Deer Run Community Development District agrees that it will not associate us with any public or private securities offering without first obtaining our consent. Therefore, Deer Run Community Development District agrees to contact us before it includes our reports or otherwise makes reference to us, in any public or private securities offering.
Because Berger, Toombs, Elam, Gaines & Frank will rely on Deer Run Community Development District and its management and Board of Supervisors to discharge the foregoing responsibilities, Deer Run Community Development District holds harmless and releases Berger, Toombs, Elam, Gaines & Frank, its partners, and employees from all claims, liabilities, losses and costs arising in circumstances where there has been a known misrepresentation by a member of Deer Run Community Development District's management, which has caused, in any respect, Berger, Toombs, Elam, Gaines & Frank's breach of contract or negligence. This provision shall survive the termination of this arrangement for services.
Deer Run Community Development District's Records and Assistance
If circumstances arise relating to the condition of the Deer Run Community Development District's records, the availability of appropriate audit evidence, or indications of a significant risk of material misstatement of the financial statements because of error, fraudulent financial reporting, or misappropriation of assets, which in our professional judgment, prevent us from completing the audit or forming an opinion, we retain the unilateral right to take any course of action permitted by professional standards, including declining to express an opinion, issuing a report, or withdrawing from the engagement.
During the course of our engagement, we may accumulate records containing data that should be reflected in the Deer Run Community Development District books and records. The District will determine that all such data, if necessary, will be so reflected. Accordingly, the District will not expect us to maintain copies of such records in our possession.

� Berger, Toombs, Elam,
,OJ Gaines & Frank
Ceflified Public�unbnls PL

Deer Run Community Development District September 26, 2017 
Page 5

Other Relevant Information
In accordance with Government Auditing Standards, a copy of our most recent peer review report has been provided to you, for your information.
Fees, Costs and Access to Workpapers
Our fees for the audit and accounting services described above are based upon the value of the services performed and the time required by the individuals assigned to the engagement, plus direct expenses. Invoices for fees will be submitted in sufficient detail to demonstrate compliance with the terms of this engagement. Billings are due upon submission. Our fee for the services described in this letter for the year ending September 30, 2017 will not exceed
$3,270 unless the scope of the engagement is changed, the assistance which Deer Run Community Development District has agreed to furnish is not provided, or unexpected conditions are encountered, in which case we will discuss the situation with you before proceeding. All other provisions of this letter will survive any fee adjustment. The two annual renewals must be mutually agreed and approved by the Board of Supervisors.
In the event we are requested or authorized by Deer Run Community Development District or are required by government regulation, subpoena, or other legal process to produce our documents or our personnel as witnesses with respect to our engagement for Deer Run Community Development District, Deer Run Community Development District will, so long as we are not a party to the proceeding in which the information is sought, reimburse us for our professional time and expenses, as well as the fees and expenses of our counsel, incurred in responding to such requests.
The documentation for this engagement is the property of Berger, Toombs, Elam, Gaines, & Frank. However, you acknowledge and grant your assent that representatives of the cognizant or oversight agency or their designee, other government audit staffs, and the U.S. Government Accountability Office shall have access to the audit documentation u pon their request and that we shall maintain the audit documentation for a period of at least three years after the date of the report, or for a longer period if we are requested to do so by the cognizant or oversight agency. Access to requested documentation will be provided under the supervision of Berger, Toombs, Elam, Gaines, & Frank audit personnel and at a location designated by our Firm.
Reporting
We will issue a written report upon completion of our audit of Deer Run Community Development District's financial statements. Our report will be addressed to the Board of Deer Run Community Development District. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion, add an emphasis-of-matter or other-matter paragraph(s), or withdraw from the engagement.

� Berger, Toombs, Elam,
,QI Gaines & Frank

Deer Run Community Development District September 26, 2017 
Page 6

In addition to our report on Deer Run Community Development District's financial statements, we will also issue the following types of reports:
Reports on internal control and compliance with laws, regulations, and the provisions of contracts or grant agreements. We will report on any internal control findings and/or noncompliance which could have a material effect on the financial statements.
This letter constitutes the complete and exclusive statement of agreement between Berger, Toombs, Elam, Gaines, & Frank and Deer Run Community Development District, superseding all proposals, oral or written, and all other communications, with respect to the terms of the engagement between the parties.
Please sign and return the attached copy of this letter to indicate your acknowledgment of, and agreement with, the arrangements {or our audit of the financial statements including our respective responsibilities.
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BERGER, TOOMBS, ELAM, GAINES & FRANK
J. W. Gaines, CPA

Confirmed on behalf of the addressee:

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Judson B. Baggett
MBA, CPA, CVA, Partner
Marci Reutimonn
CPA, Partner

System Review Report

1'I 681 5 Dairy Rood Zephyrhills, FL 33542
")  (81 3) 788-2155
A   (8 1 3) 782-8606

To the Directors	November 2, 201 6
Berger, Toombs, Elam, Gaines & Frank, CPAs PL
and the Peer Review Committee of the Florida Institute of Certified Public Accountants

We have reviewed the system of quality control for the accounting and auditing practice of Berger, Toombs, Elam, Gaines & Frank, CPAs PL (the firm}, in effect for the year ended May 31 , 201 6. Our peer review was conducted in accordance with the Standards for Performing and Reporting on Peer Reviews established by the Peer Review Board of the American I nstitute of Certified Public Accountants. As a part of our peer review, we considered reviews by regulatory entities, if applicable, in determining the nature and extent of our procedures. The firm is responsible for designing a system of quality control and complying with it to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Our responsibility is to express an opinion on the design of the system of quality control, and the firm's compliance therewith based on our review. The nature, objectives, scope, limitations of, and the procedures performed in a System Review are described in the standards at www.aicpa. org/prsummary.
As required bythe standards, engagements selected for review included engagements performed under Government Auditing Standards and audits of employee benefit plans.
In our opinion, the system of quality control for the accounting and auditing practice of Berger, Toombs, Elam, Gaines & Frank, CPAs PL in effect for the year ended May 31 , 2016 has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. Firms can receive a rating of pass, pass with deficiency(ies), or fail. Berger, Toombs, Elam, Gaines & Frank, CPAs PL, has received a peer review rating of pass.

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sag6lJi. RJutimann & Associates, CPAs,  PA

(BERGER_REPORT16)

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Member American  ln�titute of Ci:-rtificd PL>blic Acrounlm1t� (AICPA) rn1cl  Florida ln�titulo of C<:?rlif,ed Public Accounlctnl, (FICPt,) tfot,onol Assoc1otio11 of Certif,od Voluoltrm Anuly,ts (t,1/\CV/\)

ADDENDUM TO ENGAGEMENT LETTER DATED SEPTEMBER 26, 2017

Public Records. Auditor shall, pursuant to and in accordance with Section 119.0701, Florida Statutes, comply with the public records laws ofthe State of Florida, and specifically shall:
Keep and maintain public records required by the District to perform the services or work set forth in this Agreement; and
Upon the request of the District's custodian of public records, provide the District with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes, or as otherwise provided by law; and
Ensure that public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration ofthe contract term and following completion of the Agreement if the Auditor does not transfer the records to the District; and
Upon completion ofthe Agreement, transfer, at no cost to the District, all public records in possession ofthe Auditor or keep and maintain public records required by the District to perform the service or work provided for in this Agreement. If the Auditor transfers all public records to the District upon completion of the Agreement, the Auditor shall destroy any duplicate public records that are exempt or confidential and exempt from public disclosure requirements. If the Auditor keeps and maintains public records upon completion of the Agreement, the Auditor shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the District, upon request from the District's custodian of public records, in a format that is compatible with the information technology systems ofthe District.
Auditor acknowledges that any requests to inspect or copy public records relating to this Agreement must be made directly to the District pursuant to Section 119.0701(3), Florida Statutes. Ifnotified by the District ofa public records request for records not in the possession ofthe District but in possession ofthe Auditor, the Auditor shall provide such records to the District or allow the records to be inspected or copied within a reasonable time. Auditor acknowledges that should Auditor fail to provide the public records to the District within a reasonable time, Auditor may be subject to penalties pursuant to Section 119.10, Florida Statutes.

IF THE AUDITOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO
THE AUDITOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO TIDS AGREEMENT/CONTRACT, THE
AUDITOR MAY CONTACT THE CUSTODIAN OF PUBLIC RECORDS FOR THE DISTRICT AT:

GMS, LLC
475 West Town Place, Suite 114 St. Augustine, Florida 32092 Phone: (904) 940-5850 Ext 400

Date: September 26, 2017

District: DEER RUN
By:	­
Title:   --------

m0

en
-I- .
0z
I'	<-

0

Deer Run
Community Development District
Summarv of Check Register
August 17, 2017 to October 04, 2017

Fund
General Fund

Payroll

Date
8/ 30/17
8/ 31/17
9/ 6/17
9/ 14/17
9/ 19/ 17

"August 2017 Duane Owen Jan Doan James Teagle Mark Dearing Robert Porter

Check No.'s
767
734-741
742-743
744-745
746-747

50054
50055
50056
50057
50058

Amount
$	22.50
$	117.70
$	5,619.74
$	8,413.00
$	3,900.69

$	18,073.63

$	200.00
$	184.70
$	369.40
$	369.40
$	369.40
$	1,492.90
$	19,566.53 I

BANK A DEER RUN CDD

CHECK DATES  08/17/2017 - 10/04/2017 ***	DEER RUN CDD - GENERAL FUND

A*P*3*00R	YEAR-TO-DATE  ACCOUNTS   PAYABLE  PREPAID/COMPUTER  CHECK  REGISTER	RUN   10/05/17	PAGE	1

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

STATUS

AMOUNT

. • • • CHECK . . • • . AMOUNT	#

8/30/17 00004 

8/23/17 95479	2017 07 310-51300-31500 

*	22 .50

- - - -

R-E-TEN-T-ION-

R-UL-ES-

U-PD-AT-E- - -H-OPPING  GREEN  &   SAMS

- - - - - - - - - -

22 .5 0 000767 

8/31/17 00045 

8/24/17 D0082420 201708 310-51300-42600 

*	117. 70 

- - - -

M-E-ETI-NG-

M-IL-EA-GE-- 8-/-2 4-/1 7- -  -DU-ANE  OWEN

*	- - - - - - - - - - -  -1 -1 7 -. 7 -0   000768 

9/06/17 00007 

8/29/17 01-0060- 201707 320-53800-43100 
100 GRAND RSRV PKWY-JUL17 
8/ 29/17 01-0060- 201 708 320-53 800- 43100 

760 . 99
*	81 1.7 2

- -  - - -1 0 -0   G-RA-ND-

R-SR-V-PK-W-Y-A-U-G1-7

-C-ITY  OF  BUNNELL

- - - - - - -  - - - -1 -, 5 -72 -. 7 -1   000769 

9/ 06/17 00001 

9/01/17 189	201709 310-51 300-34000 
MANAGEMENT FEES SEP 17 
9/01/17  189	201 709 310-51300-35100 
INFO TECHNOLOGY SEP17 
9/01/17  189	201709 310-51300-51000 
OFFICE SUPPLIES
9/01/17 189	201709 310-51300-42000 

*	2, 500 .00

*

*

83 .33 

*

7 . 86 
4.6 9

POSTAGE 9/01/17 189 
COPIES 9/01/17 190 

201709 310-51300-42500 
2017 09 320-53800-12000 

*	201 . 15
*	1,250.00

9/14/17 00051 

9/14/17 00033 

FIELD MANAGEMENT SEP17	GOVERNMENTAL MANAGEMENT SERVICES 8/ 31/1 7  164264	201708 320-53800-47000 
AQUATIC MGMT SVCS-AUG17	APPLIED AQUATIC MANAGEMENT , INC .
8/29/17 6040	201 709 300-15500-10000 
FY18 PROPERTY INSURANCE
8/ 29/17   6F0Y4 018   GEN2. L0 I1A7 0B9/PU3B0 L0 -IC1 5O5F0F0C-10000 

- - - - - - - - - - -4 -, 0-47-. 0-3   000770 

-	-

*	11 0. 00
- - - - -	- - - - - - 1 -1 0-. 00   000771 
*	1, 521.00

- -	-

*	5, 880 .00

9/14/17 00027 

- - - -  - - - - - - - - - - -  - - -EG-IS   INSURANCE  ADVISORS ,   LLC 9/01/17   1 S8T0R0E1 4E2T9LIG2 H0 T1 7IN0G9   -3 2S0E-P5 137800-43000 

- - -	- - - - -7 -, 4 -0 1-. 00-

-	-	-	-	-

*	902 .00

000772 

9/19/17 00001 

-	-	- -  -  - - -	-	- -FLORIDA POWER & LIGHT COMPANY 9/18/17 191		2017 09 300-15500-10000 

-	- -	- -	-	-

FY18 ASSESSMENT ROLL CERT 9/18/17 191	201709 300-1 5500-10000 

- -	-	-	- - - -	9-02-. 00   000773 
*	2,500 .00
V	2,500 . 00-

FY18 ASSESSMENT ROLL CERT	GOVERNMENTAL MANAGEMENT SERVICES
DRUN DEER RUN BPEREGRINO

- - - - - - - - - -

00 000774 

*** CHECK  DATES   08/17/2017   -   10 /04/2017	DEER  RUN  CDD  -   GENERAL  FUND*** 

#

AP30 0R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER BANK A DEER RUN CDD

RUN 10/05/17 

PAGE	2

DATE

CHECK	VEND#	• • D• A. T• EINVOINVEO• I• C. E• •    • Y. R. MEXOPENDPSETDATCOCT. #. . SUB	SUBCLASS

VENDOR NAME	STATUS

AMOUNT

AM. • O• U• NCHTECK • • • • . 

9/19/17 00027 

9/ 06/17 13496-61 201708 32 0-53 800-43000 
99 GRAND RESERVE DR #ENTR
9/ 06/17 32 999-54 201708 320-53800-43000 
DECORATIVE LGTNG #OAKBRNC
9/ 06/17 49885-91 201708 320-53800-43000 

100   GRAND

410 GRAND RESERVE DR #B 9/06/17  68588-21  201708 320-53800-43000 

*	32.7 5
*	60 1. 14 
*	34.27
*	82 . 53

- - - - - - - - -

ER-VE-

D-R-#E-NT- -FL-ORIDA  POWER  &   LIGHT  COMPANY

750 .6 9 000775 

9/19/17 00042 

9/01/17 177778	201709 320-53800-46000 
LANDSCAPE MAINT  - SEP 17	YELLOWSTONE LANDSCAPE

*	3, 150 .00

3, 150 . 00 000776 

TOTAL	FOR BANK A	18, 073 .63	
TOTAL	FOR REGISTER	18 ,073 .63	

DRUN  DEER  RUN  BPEREGRINO

•	•	•	•	•	•	•	•	•	•	•	•

.••·- - -�•'••
Deer Ru n
Community Development District
Unaudited Financial Reporting September 30, 2017

G�S

Governmental Mlanagemant Services

•	•	•	•	•	•	•	•	•	•	•	•	•	•	•

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
COMMUNITY DEVELOPMENT DISTRICT
COMBINED BALANCE SHEET
For The Period Ending September 30, 2017

GOVERNMENTAL FUND	TOTALS
(memorandum only)
SETTLEMENT
ASSETS	GENE RAL	MONITORING	DEBT SERVICE	CAPITAL PROJ ECTS	2017
CASH	$14,187	$23,800	----------	$37,987

INVESTM ENTS

------------	$21, 106	------------

$21, 106

RESERVE
REVENUE CONSTRUCTION

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

$7--6--,7--4--4--

-	$76,744
$107	$107

PREPAID EXPENSES	$7,401

--

DUE FROM CAPITAL	$3,898

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

$7,401
$3,898

ASSESSMENT RECEIVABLE	$0	$0	$0	$0

--
--

TOTAL ASSETS	$25,486	$23,800	$97,850	$107	$147,242
LIABILITIES

--

ACCOUNTS PAYABLE	$10,786	---------	----------	$10,786

---------

DUE TO GENERAL FUND

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

$3,898	$3,898

ACCRUED INTEREST PAYABLE ACCRUED PRINCIPAL PAYABLE

FUND EQUITY
FUND BALANCES

$3,701,175
$700,000

----------

$3,701, 175
$700,000

UNASSIGNED	$14,700	$23,800	($4,303,325)	($4,268,617)

OTAL LIABI LITIES & FUND EQUITY	$25,486	$23,800	$97,850	$107	$147,242

Deer Run
COMMUNITY DEVELOPMENT DISTRICT
GENERAL FUND

$3,550

$7,950

Statement of Revenues & Expenditures For The Period Ending September 30, 2017

REVENUES:		
BUDGET	PRORATED BUDGET
THRU 9/30/17	ACTUAL THRU 9/30/17	
VARIANCE	
ASSESSMENTS/TRUSTEE CONTRIBUTIONS (1)		$182,971	$182,971	$106,278	($76,693)	
GOLF COURSE LAKE MAINTENANCE CONTRIBUTIONS		$4,800	$4,800	$0	($4,800)	
TOTAL REVENUES		$187,771	$187,771	$106,278	($81,493)	
EXPENDITURES:						
ADMINISTRATIVE						
SUPERVISOR FEES		$4,000	$4,000	$2,200	$1,800	
FICA EXPENSE		$306	$306	$138	$168	
ENGINEERING		$3,550		$10,305	($6,755)	
DISSEMINATION		$1,000	$1,000	$2,500	($1,500)	
ATTORNEY		$20,000	$20,000	$9,562	$10,438	
ANNUAL AUDIT		$3,270	$3,270	$3,270	$0	
TRUSTEE FEES		$3,500	$3,500	$0	$3,500	
ARBITRAGE		$600	$600	$600	$0	
ASSESSMENT ROLL		$2,500	$2,500	$2,500	$0	
MANAGEMENT FEES		$30,000	$30,000	$30,000	$0	
INFORMATION TECHNOLOGY		$1,000	$1,000	$1,000	$0	
TELEPHONE		$100	$100	$31	$69	
POSTAGE		$600	$600	$170		
INSURANCE		$7,950		$7,401	$549	
PRINTING & BINDING		$800	$800	$426	$374	
TRAVEL PER DIEM		$500	$500	$305		
LEGAL ADVERTISING		$500	$500	$184	$316	
OTHER CURRENT CHARGES		$800	$800	$251		
OFFICE SUPPLIES		$250	$250		$201	
DUES, LICENSE, & SUBSCRIPTIONS		$175	$175	$175	$0	
TOTAL ADMINISTRATIVE		$81,401	$81,401	$71,067	$10,334	
MAINTENANCE						
FIELD MANAGEMENT		$15,000	$15,000	$15,000	$0	
ELECTRIC		$23,000	$23,000	$19,276	$3,724	
WATER & SEWER		$5,000	$5,000	$7,485	($2,485)	
LANDSCAPE MAINTENANCE		$37,800	$37,800	$37,800	$0	
LANDSCAPE CONTINGENCY		$6,000	$6,000	$8,894	($2,894)	
LAKE MAINTENANCE		$17,000	$17,000	$635	$16,365	
IRRIGATION REPAIRS		$2,000	$2,000		$2,000	
CONTINGENCY			$570	$0	$570	
TOTAL MAINTENANCE		$106,370	$106,370	$89,090	$17, 280	
TOTAL EXPENDITURES		$187,771	$187,771	$160,157	$27,614	

EXCESS REVENUES (EXPENDITURES)		so		($53,879)		
FUND BALANCE - BEGINNING		$0		$68,579		
FUND BALANCE - ENDING		$0		$14,700		

$549

$49

$570

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 September 30, 2017

REVENUES:

ENVIRONMENTAL MITIGATION CREDIT	SETTLEMENT MONITORING BUDGET

$0	PRORATED BUDGET THRU 9/30/17

$0	ACTUAL THRU 9/30/17

$0	
VARIANCE	

$0	
TOTAL REVENUES	$0	$0	$0		$0	

EXPENDITURES:						
PERMIT MONITORING	$0		$750		($750)	
TOTAL EXPENDITURES:	$0	$0			($750)	
EXCESS REVENUES (EXPENDITU RES)	$0		($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 September 30, 2017

REVENUES:	DEBT SERVICE BUDGET	PRORATED BUDGET THRU 9/30/17	ACTUAL THRU 9/30/17	
VARIANCE	
ASSESSMENTS - TAX COLLECTOR	$13,942	$13,942	$14,311	$369	
ASSESSMENTS - SPE (FORBEARANCE)	$681,361	$681,361	$0	($681,361)	
INTEREST	$0	$0	$256	$256	
OTHER REVENUE SOURCES	$2,716	$2,716	$0	($2,716)	
TOTAL REVENUES	$698,019	$698,019	$14,567	($683,452)	

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		

EXCESS REVENUES (EXPENDITURES)	$0		($727,295)		
FUND BALANCE - BEGINNING	$0		($3,576,030)		
FUND BALANCE - ENDING	$0		($4,303,325)		

4

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
CAPITALPROJECTS FUND - SERIES 2008
Statement of Revenues & Expenditures For The Period Ending September 30, 2017

CONSTRUCTION FUND BUDGET

PRORATED BUDGET THRU 9/30/17

ACTUAL THRU 9/30/17

VARIANCE

REVENUES:

INTEREST	
$0	
$0	
$0	

$0	
TOTAL REVENUES	$0	$0	$0	$0	
EXPENDITURES:

CAPITAL OUTLAY	
$0	
$0	

$3,898	

($3,898)	
TOTAL EXPENDITURES	$0	$0	$3,898	($3,898)	
FUND BALANCE - BEGINNING	$0				
FUND BALANCE - ENDING	$0				

5

REVENUES:

Deer Run
Community Development District
OCT	NOV	DEC	JAN	FEB

MAY	JUN	JUL	AUG	SEPT	TOTAL

ASSESSMENTS/TRUSTEE CONTRIBUTIONS	so	so

$30,000	so

S72,000	so	$225	so	so	so	$106,278

GOLF COURSE LAKI MAINTENANCE CONTRIBUTION	so	$0	so	so	so	$0	so	$0	so	so	so	$0	so

TOTAL REVENUES	I	so	§o EXPENDITURES:
AOMINISTRATIVE

50	52,707	$72,000	so	S22s	so	so	so	S1D6,2781

SUPERVISOR FEES	$0	so	so	$0	so	$0
FICA EXPENSE	$0	so	$0	so	so	so	so

$0	$600	so	Sl,600	$0	$2,200

$31

$0	$107	$0	$138

ENGINEERING	so	$0

$0	o

$2,070	$440	$4,308

$0	$0	$0	$0

$2,500

ATTORNEY ANNUAL AUDIT	$510
$0	
TRUSTEE FEES ARBITRAGE ASSESSMENT ROLL Mi\NAGEMENT FEES	so
$0
$2,500	

DISSEMINATION	$0	so	$2,500	so	s

so	$0	$0

so	$0	$0

$28	$250	S28S	S392	$1,266	$2,691	$446	$3,463	so	$9,562

$0	so	$0	$0	so	$0	so	$0	S3,27o	$0

o	$3,270

so	so	so	$0	so	so	$0	so	so	s
$0	$0	$0	so	$0	$0	SGOO	so	so	so	$0	$600
so	so	so	$0	so	so	so	so	so	so

S2,SOO	S2,SOO

S2,500	$2,500

$2,500	S2,SOO

S30,000

COMPUTER TIME	S83

S83

S83	$83

S83	S83	S83	S83	S83	Sl,000

TELEPHONE	so	S6	so	S6	$0	$0	so	so	so	S19	so	so	S31
POSTAGE	$13	$4	S2	so	$3	S4	S6	$107	S7	S5	S5
INSURANCE	$7,401	so	so	so	$0	so	so	$0	so	so	so	so	$7,401
PRINTING & BINDING	Sl21	Sl	S4	S3	Sl	S4	so	Sl	S87	so	S201	$426

$184

TRAVEL PER DIEM	so	$0	$0	so	so	so	$0	$188	$0	$0	$118	$0
LEGALADVERTISING	$65	$0	$0	$0	$0	$0	$23	$28	so	$0	$68	so

OTHER CURRENT CHARGES	$18	S19	$22

S23

$23	$19	$'16	$21

$22	S251

OFFICE SUPPLIES	Sl7	so	$0	so	Sl	so	so	so	s21	so	so	$8

I

DUES, LICENSES & SUBSCRIPTIONS	S175	so
TOTAL ADMINISTRATIVE	$13,403	$2,823
MAINTENANCE

so	so	$0	so	$0	$0
$2,868	S5,236	$5,076	S4,342	$10,525

S5,926

$0	so	$17S
$2,819	$71,067 1

FIELD MANAGEMENT	$1,250	Sl,250	Sl,250	$1,250	$1,250	$1,250	$1,250	$1,250	$1,250	Sl.2S0	Sl.250	Sl,250	SlS,000

ELECTRIC	$1,590
WATER & SEWER

Sl,606	Sl,601	Sl,615	Sl,647
$426	S429	$419	$391	S516	S306

Sl,778	$1,759	$1,809
S972	Sl,846

S902	S19,276

$970

$7,485

LANDSCAPE MAINTENANCE	$3,150

$3,150	$3,150

S3,150	$3,150

$3,150	$3,150

$37,800

LANDSCAPE cmmNGENCY	Sl,456	so	so	S2,228	so	so	so	so	so	so	$0	S8,894
LAKE MAINTENANCE	so	so	so	so	so	so	so	$110	S110	s110	s110

IRRIGATION REPAIRS	so	So	$0	$0	so	so	so	$0	so
CONTINGENCY	so	$0	so	so	so	so	$0	so	so	so

so	so	so
$0	so

TOTAL MAINTENANCE	I	$7,851	$6,436	S6,435

$6,406	$6,563

$6,764	$6,685	S7,291

S89,090I

TOTAL EXPENDITURES	I	$21�	$91259

$11,516	$11,642	$11,639	Sl0,754	$17,2�9	$11,630

SlS,972	$14,410	$160,157)

EXCESS REVENUES(EXPENDITURES)	I	1$21,254)	IS9,259)

($11,642)

   S61,246	

($11,405)

(SS3,879)1

6

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	$21,106	
BONDS OUTSTAN DING - 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
COMMUNITY DEVELOPMENT DISTRICT

SPECIAL ASSESSMENT RECEIPTS - FY2017 TAX COLLECTOR
Gross Assessments $ Net Assessments $

19,295  $
18,137  $

14,855
13,964
zoos

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%

1 2/1/16 
1 2/15/1 6
3/ 1 0/17 
6/28/ 17 

Totals

53518	$
53585	$

54377

53318	$
$

$

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

1 8,968.1 1   $

$	27.52   $	$
$	91 .76   $	$
$	240.10  $	$
$	19.98  $	$

$	379.36   $	$

1,348.43  $	31 0.29   $	1 ,038.14  $ 1,348.43
4,496.43   $	1 ,034.69   $	3,461.74   $ 4,496.43
11 ,764.99   $	2,707.29    $	9,057.70    $11 ,764.99
978.90   $	225.26  $	753.64  $	978.90

1 8,588.75  $	4,277.53  $   14,311.22  $1 8,588.75

4/1 2/1 7	991 235901 S	72,000.00   $
Totals	$	90,968. 11 $

$	$	$
$	379.36   $	$

8

72,000.00 $ 72,000.00 DR HORTON O&M PAYMENT
90,588.75 i $ 76,277.53 $ 14,311 .22 $1 8,588.75

This item will be provided under separate cover