:nst No. 2008025905 09/03/2008

03 49PM Book. 1678 Page 752 Total Pgs 13 GAIL WADSWORTH, FLAGLER Co.

This Instrument Prepared by and return to:

Roy Van Wyk, Esq.
Hopping, Green & Sams, P.A. 123 South Calhoun Street Tallahassee, Florida 32301

DISCLOSURE OF PUBLIC FINANCING At'lD l\IAINTENANCE OF IMPROVKMENTS TO REAL PROPERTY UNDERTAKEN BY THE DEER RlJN COMMUNITY DEVELOPMENT DISTRICT

Board of Supervisors 1
Deer Run Community Development District

Nancy Rossman
Chairperson
Allan Goldberg
Vice Chairman
William W. Cole, Jr.
Assistant Secretary

Vince Viscomi
Assistant Secretary
Tom Phillips
Assistant Treasurer

District Manager
Governmental Management Services- Central Florida, LLC.
201 East Pine Street, Suite 950
Orlando, Florida 32801
(407) 841-5524
All District records are on file at the District Manager's office and certain records are on file at the District's local records office, 200 South Church Street, Bunnell, Florida 32110. All records are available for public inspection upon request during normal business hours.

1 This list reflects the composition of the Board of Supervisors as of July I 0, 2008. For a current list, please contact the District Manager,

TABLE OF CONTENTS

What is the District and how is it governed?	4
What infrastructure improvements does the District provide
and how are the improvements paid for? ....................un••····..••••• 	5
Surface Water l\rlanagement System	5
Roadway Improvements••...•.••••.•..••.................•..........••..•.•.•.•..•.................•.................•. • 6
Water & Sewer Facilities	6
Landscaping   Improvements..............................•.......•....•..........•....•.•........•....................•.   6
Assessments, Fees, and Charges .•••.•......•........•.•........•......................••..•.................•........•.	•• 6
Nlethod of Collection•....•.....•................•........•.•..•........•..........•................•........•.......•................•. • 8

DEER RUN
COMMUNITY DEVELOPMENT DISTRICT
INTRODUCTION
On behalf of the Board of Supervisors of the Deer Run Community Development District (''District"), the following information is provided to give you a description of the District's services and the assessments that have been levied within the District to pay for certain community infrastmcture, and the manner in which the District is operated. The District is a local unit of special-purpose government created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Unlike city and county governments, the District has only certain limited powers and responsibilities. These powers and responsibilities include, for example, certain community recreation improvements, water management and drainage control facilities, roadway improvements, utility facilities, and the provision of landscaping improvements.
The District is here to serve the needs of the community and we encourage your participation in District activities.

DISCLOSURE OF PUBLIC FINAc""JCING AND MAINTENANCE OF IMPROVEMENTS TO REAL PROPERTY UNDERTAKEN BY THE DEER RUN COMMUNITY DEVELOPMENT DISTRICT
Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The law specifically provides that this information shall be made available to all persons currently residing within the District and to all prospective District residents. The following information describing the Deer Run Community Development District and the assessments, fees and charges that have been levied within the District to pay for certain community infrastructure is provided to fulfill this statutory requirement.

What is the District and how is it governed?

The District is an independent special taxing district, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes, and was established by Ordinance No. 2007-17 of the City Commission of the City of Bunnell, Florida effective on May 15, 2007. The District currently encompasses approximately 690 acres of land located entirely within the jurisdictional boundaries of the City of Bunnell, Florida. The legal description	the lands that encompass the District is attached hereto as Exhibit As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public
improvements and community facilities within its jurisdiction.
The District is governed by a five-member Board of Supervisors, the members of which must be residents of the State and citizens of the United States. Within ninety (90) days of appointment of the initial board, members were elected on an at-large basis by the owners of property within the District, each landowner then being entitled to one vote for each acre of land owned with fractions thereof rounded upward to the nearest whole number. Future landowner elections are held every two years in November. Each landowner shall then be entitled to cast one vote for each acre of land owned with fractions thereof rounded upward to the nearest whole number or one vote per platted lot. Commencing six years after the initial appointment of Supervisors and when the District attains a minimum of two hundred and fifty (250) qualified electors, Supervisors whose terms are expiring will begin to be elected by qualified electors of the District. A "qualified elector" in this instance is any person at least eighteen (18) years of age who is a citizen of the United States, a legal resident of Florida and of the District, and who is also registered with the Supervisor of Elections to vote in Flagler County. Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, it shall, prior to the exercise of such power, call an election at which all members of the Board shall be elected by qualified electors of the District.
Board meetings are noticed in the local newspaper and are conducted in a public forum in which public participation is permitted.	Consistent with Florida's public

records laws, the records of the District are available for public inspection during normal business hours. Elected members of the Board are similarly bound by the State's open meetings law and are subject to the same disclosure requirements as other elected officials under the State's ethics laws.

What infrastructure improvements does the District provide and how are the improvements paid for?

The District is comprised of approximately 690 acres located in the City of Bunnell, Florida. The public infrastructure necessary to support the Deer Run development program includes, but is not limited to the following: surface water management system, roadway improvements, water and sewer facilities, and landscaping improvements ("Improvements"). Each of these infrastructure improvements is more fully detailed below.

To plan the infrastructure improvements necessary for the District, the District adopted an Engineer's Report dated April 8, 2008 as supplemented (the ''Improvement Plan"), which details all of the improvements contemplated for the completion of the infrastructure of the District. Copies of the Improvement Plan are available for review in the District's public records.

The Improvements are funded in part by the District's sale of bonds. On July 9, 2007, the Circuit Court of the Seventh Judicial Circuit of the State of Florida, in and for Flagler County, Florida, entered a Final Judgment validating the District's ability to issue an aggregate principal amount not to exceed $40,000,000 in Special Assessment Bonds for the infrastructure needs of the District. On May 1, 2008, the District issued its first of bonds to begin financing the infrastructure improvements. The District issued Special Assessment Bonds, Series 2008, in the amount of $8,165,000 (the "Series 2008 Bonds"). Proceeds of the Series 2008 Bonds have been used to finance a portion of the cost of the acquisition, construction, installation and equipping of the infrastructure and
improvements.
Surface \Vater �fanagement System

The stormwater management facilities provides for the collection, transmission, attenuation and treatment of stormwater nmoff from the roadways for all property within the District. These facilities include drainage catch basins, inlets, underground storm piping and the	fill required to provide a complete stormwater management. Additionally, the District's stormwater drainage improvements will are required to serve the District in compliance with City of Bunnell and St. John's River Water Management District permits. The District and golf course owns, operates and maintains the surface water management system.

Roadway Improvements
The District will fund and constrnct the main boulevard through the entire District, which is a public road. This roadway will consist of a two-lane undivided roadway. The roadway will serve the various land uses within the Development. Construction of the roadway will consist of the asphaltic concrete surface, sidewalks, upgraded signing, and striping, landscaping, lighting and hardscape features. The roadways will be designed and constructed in accordance with the applicable City of Bunnell and Florida Department of Transportation ("FOOT") standards as required. The FOOT and City of Bunnell will assume ownership and maintenance responsibilities of off-site and on-site transportation improvements respectively.
\Vater & Sewer Facilities
The City of Bunnell will provide water and wastewater services for the District. The potable water facilities will include both on-site and off-site distribution mains along with necessary valving, fire hydrants and water services to individual lots, recreational facilities, and amenity areas, which will be constructed and funded by waterrnains.

The wastewater facilities will include gravity collection mains, collection system pumpstations, and on-site and off-site forcemains, which will be constructed and funded by	District.	completion,	water distribution and sanitary sewer collection improvements will be conveyed to, operated and maintained by the City of
Bunnell.
Landscaping Improvements

District will provide landscaping and other improvements at entry features, within public common areas of the development, within the district. These improvements include sod, annual flowers, shrubs, ground cover and trees. The District owns and maintains these improvements.
Further information regarding any of the planned improvements can be obtained from the Improvement Plan on file in the District's public records.
Assessments, Fees, and Charges
The costs of acquisition or constrnction of a portion of the Improvements have been financed by the District through the sale of its Special Assessment Bonds, Series 2008, in the amount of $8,165,000 (the "Series 2008 Bonds"). The amortization schedule for the Series 2008 Bonds is attached hereto as Exhibit "B."
The annual debt service payments, including interest due thereon, for the Series 2008 Bonds are payable solely from and secured by the levy of non-ad valorem or special assessments against lands within the District which benefit from the construction, acquisition, establishment and operation of the District's improvements. The annual debt

service obligations of the District which must be defrayed by annual assessments upon each parcel of land or platted lot will depend upon the type of property purchased. Provided below are the current maximum annual assessment levels for Series 2008 Bonds. Interested persons are encouraged to contact the District Manager information regarding special assessments on a particular lot or parcel lands. copy of the District's assessment methodology and assessment roll are available for review in the District's public records.

The current maximum annual debt assessment for the Series 2008 Bonds for a parcel or a platted lot is as follows:

Product Type	:Maximum Annual Assessment Level *	
Oak Branch 75' Lot	$1,057	

Oak Branch 60' Lot	$846	
Oak Branch 50' Lot	$705	
Oak Branch Townhome	$493	
Oak Branch Commercial	$0.50 **	
Oak Branch Golf Course	$1,258	
Deer Run Multi Family	S658	
Deer Run Commercial	$0.50 **	

* The maximum annual assessments level amounts have been grossed up 6% to cover collection fees and early payment discounts when collected on the Flagler County Tax Bill.
** Commercial units are measured in square feet.

The amounts described above exclude any operations and maintenance assessments ("O&M Assessments") which are determined and calculated annually by the District's Board of Supervisors and are levied against all benefitted lands in the District.
A detailed description of all costs and allocations which result in the formulation of assessments, fees and charges is available for public inspection upon request.
The District may undertake the construction, acquisition, or installation of other future improvements and facilities, which may be financed by bonds, notes or other methods authorized by Chapter 190, Florida Statutes.

l\1ethod of Collection

District's O&M Assessments may appear on that portion of annual real estate tax bill entitled "non-ad valorem assessments," and may be collected by the Flagler County Tax Collector in the same manner as county ad valorem taxes. Each property owner subject to the collection of special assessments by this method must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result in the loss of title to the property. The District may also elect to collect the assessment directly.
The debt service assessments for the Series 2008 Bonds are or will be collected by the Flagler County Tax Collector in the same manner as are Flagler County ad valorem taxes. As indicated above, each property owner subject to the collection of special assessments, including debt service assessments, by this method must pay both ad valorem and non-ad valorem assessments at the same time. Property owners will, however, be entitled to the same discounts as provided for ad valorem taxes. As with any tax bill, if all taxes and assessments due are not paid within the prescribed time limit, the tax collector is required to sell tax certificates which, if not timely redeemed, may result

loss	to the property.
description of the Deer Run Community Development District's operation, services and financing structure is intended to provide assistance to landowners and purchasers concerning the important role that the District plays in providing infrastructure improvements essential to the development of new communities. If you have questions or would simply like additional information about the District, please write to: District Manager, Deer Run Community Development District, 201 East Pine Street, Suite 950, Orlando, Florida 32801 or call (407) 841-5524.

IN WITNESS WHEREOF, this Disclosure of Public Financing and Maintenance of Improvements to Real Property Undertaken the Deer Community Development District has been executed as of the L ':;
2008, to be recorded in the Official Records of Flagler County, Florida.

DEER RUN COl\'LVIUNITY DEVELOPMENT DISTRICT

Print Name

The foregoing instrument was acknowledged before me this ___	of
f:.:": : , � '• \-	, 2008, by Nancy Rossman, Chairperson of the Deer Run Community Development District, who	is personally known to me or who [ ] has
produced 	as identification, and did [ ] or did not [,c] take the oath.

Exhibit A - Legal Description Exhibit B - Amortization Schedule

Notary Public, State of Florida
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EXHIBIT B

DEBT SERVICE REQUIREMENTS
The following table sets forth the scheduled debt service on the 2008 Bonds.

Period Endln1

November 1	Principal	Interest
2008	$	$	311 ,290.63"'
2009	622,581.26•
2010	75,000	619,721.88
201 1	80,000	613,812.50
2012	85,000	607,521.88
2013	90,000	600,850.01
2014	100,000	593,606.26
2015	105,000	585,790.63
2016	1 15,000	577,403. 13 
2017	125,000	568,253. 13 
2018	1 35,000	558,340.63
2019	145,000	547,665.63
2020	155,000	536,228. 13 
2021	1 70,000	523,837.51
2022	185,000	5 10,303.13 
2023	1 95,000	495,815.63
2024	215,000	480,1 84.38
2025	230,000	463,21 8.75
2026	250,000	444,91 8.75
2027	265,000	425,284.38
2028	290,000	404, 125.01
2029	3 10,000	381 ,250.01
2030	335,000	356,659.38
2031	365,000	329,971.88
2032	390,000	301,1 87.5 1
2033	420,000	270,306.26
2034	455,000	236,946.88
2035	490,000	200,918.75
2036	530,000	1 62,031 .25
2037	575,000	1 19,903. 13 
2038	620,000	74,343.76

2039*"'	665.000	is,JsJ. 13
Total	$ 8,165,QOO	$ IJ,5�.6�,lB

Annual
Oebt Serytg
$	311 ,290.63"'
622,581 .26"'
694,721.88
693,812.50
692,52 1.88
690,850.01
693,606.26
690,790.63
692,403.13 
693,253. 13 
693,340.63
692,665.63
691 ,228. 13 
693,837.5 1
695,303.13 
690,815.63
695, 1 84.38
693,21 8.75
694,918.75
690,284.38
694, 1 25.01
691 ,250.01
691,659.38
694,971.88
691,1 87.51
690,306.26
691,946.88
690,918.75
692,031 .25
694,903.13 

s

694,343.76

690,353. 13
2p14.6�.1a

Capitalized from  2008  Bond proceeds and estimated earnings thereon.	Interest on 2008 Bonds is
capitalized through November l, 2009. Final Maturity May l, 2039.

[REMAINDER OF PAGE lNTENTIONAI..LY LEFT Bl.ANKJ