VillaMar Community Development District

Meeting Agenda June 25, 2025

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VillaMar
Community Development District

219 E. Livingston St., Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
June 18, 2025

Board of Supervisors Meeting
VillaMar Community Development District
Dear Board Members:

A meeting of the Board of Supervisors of the VillaMar Community Development District will be held Wednesday, June 25, 2025 at 11:00 AM at the Holiday Inn Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, FL 33880.

Zoom Video Join Link: https://us06web.zoom.us/j/88146441262
Call-In Information: 1-646-876-9923
Meeting ID: 881 4644 1262

Following is the advance agenda for the meeting:

Board of Supervisors Meeting

Roll Call
Public Comment Period (Public Comments are limited to three (3) minutes each)
Approval of Minutes of the May 28, 2025 Board of Supervisors Meeting
Presentation of Arbitrage Rebate Reports from AMTEC
Series 2022 Phase 3 Project Bonds
Series 2022 Phase 4 Project Bonds
Staff Reports
Attorney
Engineer
Consideration of Proposal for Phase 3 Stormwater Repair
Field Manager’s Report (to be provided under separate cover)
Consideration of Proposal for Solar Lights at Mailbox (to be provided under separate cover)
Discussion Regarding District Sidewalk Repairs
District Manager’s Report
Approval of Check Register
Balance Sheet & Income Statement
Other Business
Supervisors Requests and Audience Comments
Adjournment

MINUTES

MINUTES OF MEETING VILLAMAR
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the VillaMar Community Development District was held on Wednesday, May 28, 2025 at 11:00 a.m. at the Holiday Inn – Winter Haven, 200 Cypress Gardens Blvd., Winter Haven, Florida.

Present and constituting a quorum:

Brian Walsh	Vice Chairman
Bobbie Henley	Assistant Secretary
Emily Cassidy	Assistant Secretary Also, present were:
Jill Burns	District Manager, GMS
Meredith Hammock by Zoom	District Attorney, Kilinski Van Wyk John Bannon	District Engineer, Quiddity Engineering
Marshall Tindall	Field Manager, GMS

The following is a summary of the discussions and actions taken at the May 28, 2025, VillaMar Community Development District’s Regular Board of Supervisors Meeting.

FIRST ORDER OF BUSINESS	Roll Call
Ms. Burns called the meeting to order at 11:00 a.m. Three Supervisors were in attendance constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Ms. Burns opened the public comment period on agenda items only. There being no comments, the next item followed.

THIRD ORDER OF BUSINESS	Approval of the Minutes of the March 26,
2025 Board of Supervisors Meeting
Ms. Burns presented the meeting minutes from the March 26, 2025 Board of Supervisors meeting and asked for any corrections, comments, or questions. The Board had no changes to the minutes.

On MOTION by Mr. Walsh, seconded by Ms. Cassidy, with all in favor, the Minutes of the March 26, 2025 Board of Supervisors Meeting, were approved.

FOURTH ORDER OF BUSINESS	Consideration	of	Resolution	2025-05
Approving the Proposed Fiscal Year 2025/2026 Budget, Declaring Special Assessments, and Setting the Public Hearings on the Adoption of the Fiscal Year 2025/2026 Budget and the Imposition of Operations and Maintenance Assessments (Suggested Date: August 27, 2025)
Ms. Burns presented Resolution 2205 approving the proposed Fiscal Year 2026 budget, declaring special assessments and setting a public hearing on the adoption of the Fiscal Year 2026 budget and imposing O&M assessments. She noted that this would be the highest amount that it could be, but this budget can be changed over the summer. Part of this resolution is setting a public hearing where the Board will adopt that budget and then a copy of the budget does go to the county at least 60 days prior to the public hearing date.
Ms. Burns stated this proposed budget is not contemplating an increase for the upcoming year. The per lot assessment amount of $756.84 is proposed to be the same. The assessment hearing is for Phase 7 because that went from the admin rate to the to the full platted rate. This does contemplate increased costs for amenity that accounts for the second amenity facility. The developer has relayed the timeline for that opening to be about spring of 2026. Ms. Burns pointed out the increase in all of those amenity items and clarified that is to account for that second facility. Ms. Burns noted that the admin portion stayed relatively the same. Field expenses did go up and that's mostly to account for Phase 7 that was included for the budget. She noted that they still have a capital reserve transfer of $67,000. She noted that this budget this

would set the cap amount, if they want to change line items around or review before the final budget, the Board can do so.
Ms. Burns stated hearing date proposed is August 27, 2025 at 11:00 a.m. and that's going to be at this location here at the Prime HOA office for all the budget hearings we're doing here that are listed on the resolution.

On MOTION by Ms. Cassidy, seconded by Ms. Henley, with all in favor, Resolution 2025-05 Approving the Proposed Fiscal Year 2025/2026 Budget, Declaring Special Assessments, and Setting the Public Hearings on the Adoption of the Fiscal Year 2025/2026 Budget and the Imposition of Operations and Maintenance Assessments on August 27, 2025 at 11:00 a.m., was approved.

FIFTH ORDER OF BUSINESS	Ratification  of  RFP  for  Construction
Services for Phase 8 Mass Grading Project
Ms. Burns noted the developer reached out and said that they were ready to mass grade Phase 8. Ms. Burns noted that they went ahead and placed the ad for that RFP outside of a meeting date. So they were looking for a motion to ratify staff placing that ad.

On MOTION by Ms. Henley, seconded by Ms. Cassidy, with all in favor, the RFP for Construction Services for Phase 8 Mass Grading Project, was ratified.

SIXTH ORDER OF BUSINESS	Review  and  Ranking  of  Proposals
Received for Phase 8 Mass Grading Project (to be provided under separate cover)
Mr. Bannon stated that they requested proposals to mass grade Phase 8. It's essentially limited to mass grading of the stockpile that's out there. It did not include excavation of ponds and it doesn't include the complete mass grading of phase eight, but just essentially whatever we can grade using the stockpile out there. It'll be the portions closest to Thompson Nursery Road and the existing Phase 6, which it borders. It’s masquerading those areas to roughly what final grade will be for Phase 8 in those spots. We received three bids from Tucker, QGS, and Kearney. Mr. Bannon stated that they have worked with all three of those with the CDD in the past. The

original bid amounts are shown on exhibit ‘B’ and exhibit ‘D’ is the breakdown of the scoring. Mr. Bannon noted that exhibit ‘A’ shows the final scores with Tucker receiving the most points. Tucker was ranked #1, QGS #2, and Kearney #3.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Ranking of Proposals Received for Phase 8 Mass Grading Project with Tucker Ranked #1 and Authorizing Staff to Send a Notice of Intent to Award, was approved.

SEVENTH ORDER OF BUSINESS	Consideration of Construction Funding
Agreement for Phase 8 Mass Grading Project
Ms. Burns stated this is with VMAR Dev, LLC and that is the entity that is going to fund all the construction related costs for Phase 8.

On MOTION by Mr. Walsh, seconded by Ms. Cassidy, with all in favor, the Construction Funding Agreement for Phase 8 Mass Grading Project, was approved.

EIGHTH ORDER OF BUSINESS	Consideration		of	Temporary	
	Construction	and	Access	Easement	
Agreement for Phase 8 Mass Grading Project

Ms. Burns stated this is with VMAR Dev, LLC for Phase 8.

On MOTION by Mr. Walsh, seconded by Ms. Cassidy, with all in favor, the Temporary Construction and Access Easement Agreement for Phase 8 Mass Grading Project, was approved.

NINTH ORDER OF BUSINESS	Consideration/Approval  of  Engineering
Services Agreement with Wood Engineering & Quiddity (Approving Update Services Rates)
Ms. Burns stated this an assignment of the existing tract because they were acquired by a different entity. It is the same District engineer, just a different entity name.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Engineering Services Agreement with Wood Engineering & Quiddity (Approving Update Services Rates), was approved.

TENTH ORDER OF BUSINESS	Presentation of Arbitrage Rebate Report
for Series 2024 (Assessment Area Six) Project Bonds
Ms. Burns stated the arbitrage rebate report is a required report under the Trust Indenture. She noted that they are required to determine under Internal Revenue Code that the District does not earn more interest than they pay on the bonds. Page four shows a negative amount there listed. This is an independent report.

On MOTION by Mr. Walsh, seconded by Ms. Cassidy, with all in favor, Accepting the Arbitrage Rebate Report for Series 2024 (Assessment Area Six) Project Bonds, was approved.

ELEVENTH ORDER OF BUSINESS	Ratification	of	Phase	7	Conveyance
Documents
Ms. Burns stated these documents have already been executed to convey the common area tracts to the CDD.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Phase 7 Conveyance Documents, were ratified.

TWELFTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Hammock stated that ethics training is due by the end of the calendar year and Form 1s are due to the state by July 1st.

Engineer
Mr. Bannon stated they will be starting their annual inspections in June.

Field Manager’s Report (to be provided under separate cover)
Consideration of Proposal for Hydro Lift (to be provided under separate cover)
Mr. Tindall reviewed the Field Managers Report for the Board which was in the agenda package for review.
Mr. Tindall stated they think about 20 chaise lounge chairs would be a good investment at this pool while they wait for the second amenity to come online. The pool is pretty large and there's plenty of room on the deck to accommodate those chairs.
Ms. Burns stated they are suggesting this based on the security guard’s noted number of people at the pool, this summer has been a lot higher than last summer. Based on the number of chairs and the available area for them, we recommend adding some more for resident use.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Proposal for 20 Chair Lounge Chairs for the Pool Area, was approved.

Mr. Tindall stated he believes that they do need a lift at the facility to accommodate the requirements for the pool ADA compliance. He believed the water lift is the most effective for an unstaffed amenity for general maintenance long term and durability. The pricing here is from the pool vendor who we've used in a number of properties. Mr. Tindall noted that the Developer would be paying for the lift.
Mr. Tindall stated there is a fountain now in Phase 7, and it looks like it's a little bit clogged so they did cut the breaker. Mr. Tindall recommended to go ahead and get the fountain contract in place given how close they were to the meeting. He went ahead and brought the contract to the Board for approval. It's a quarterly service. They go through and check the functioning of the motor and everything else with it and then put it back out. It's $500 for the year. If we need to increase the frequency due to the way the fountain acts, we'll keep an eye on that. Staff will check it as they drive through. We've had other fountains that do warrant more frequent service. It largely depends on the level the pond is at. If you have a pond that stays really low, it has a ton of trash and algae accumulation. Because of that constant influx of high, low, high, low, they can sometimes move up to monthly service. I think for now, quarterly is a good start.

On MOTION by Ms. Henley, seconded by Ms. Cassidy, with all in favor, the Proposal from Solitude for Quarterly Fountain Maintenance, was approved.

Mr. Tindall noted that they have some new ponds. There's a map included in the agenda package for reference. This proposal would expand the contract to include those. He stated he would recommend, since the other contract is up in about four months, to have this go for four months and then do a renewal for next year at the same time for all of Phases 1 through 7.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Amendment to the Pond Maintenance Contract for additional ponds in Phase 7 for four months, was approved.

Mr. Tindall presented a contract amended for landscaping that expands the landscaping contract to include Phase 7 and the common areas there, with the exception of the ones that were removed from our conveyance when it was done. You'll see highlighted on the map; those are in pink. It maintains the same existing scope 42 for common areas, 29 for ponds or mowing and detailing throughout the year. He noted that there is an increased rate during the summer to account for the rainy season and a reduced rate during the dormant season in winter. The budget line was set at $226,000 just as a caution because you weren't quite sure how large Phase 7 was or when that phase was going to come online. Some of the areas were a little bit delayed this year, so you have plenty of money to cover that. The total contract amount would be $194,976 for the year as it currently stands.

On MOTION by Mr. Walsh, seconded by Ms. Henley, with all in favor, the Amendment to the Prince & Sons Landscaping Contract for additional areas in Phase 7, was approved.

Mr. Tindall noted at the next meeting they will have a proposal for the wildlife caution signs. He talked to the insurance company and they are fine tuning the locations of those signs. They also looking into some stormwater repairs with the engineer and getting proposals for those, which he hopes they will have at the next meeting as well.

District Manager’s Report
Approval of Check Registers
March 2025
April 2025
Ms. Burns stated the check register is included in the agenda package for review. She offered to take any questions.

On MOTION by Ms. Henley, seconded by Ms. Cassidy, with all in favor, the Check Register for March 2025 and April 2025, was approved.

Balance Sheet & Income Statement
Ms. Burns noted financial statements through February are in the agenda package for review. No action is necessary.

Presentation of Number of Registered Voters – 1,344
Ms. Burns stated the District is required to determine the number of registered voters within the District as of April 15 of each year. For the record, that number is 1,344. The reason why we track that number is Florida Statutes designates the turnover to residents after the District has at least 250 voters and has been established for at least six years. That following election is when two seats would transition to residents. You’ve tripped that threshold and once we get to there we go to the general election process where it turns to the supervisor of elections, it has to be in an even year to coincide with election day. Going forward, there will be two seats that are filled by residents in November of 2026. When you go to vote for senators, school board, all those items, you'll get an insert in your ballot for VillaMar CDD seats. So, they have to line up with the even year election. The next landowner election is in November of 2026, and at that time there are two seats that need to be filled by residents.

THIRTEENTH ORDER OF BUSINESS	Other Business

FOURTEENTH ORDER OF BUSINESS	Supervisors	Requests	and	Audience
Comments
Ms. Burns opened up the meeting for public comments at this time.

Resident (Kathy Melton) stated the sidewalks are significantly cracked on Cunningham and other places where people go for walks. She asked for the Board to look at the size of the pool parking lot. She commented on the $72,000 budget for security and said the security at the pool is not good. She questioned the $20,000 for the holiday decorations. She questioned why the playground and pool furniture is leased and not purchased.
Resident (Jennifer Brantley) stated when she was at the pool, she witnessed a young kid jumping over the fence to get in. Resident stated there are chairs that are broken at the pool. The backs are coming off of them.
Resident (Ken DeGraff) stated the tow away zone signs laid up against fences for three or four months. They got put back in the dirt. They were there for about two days and now they are not there at all. He stated he parked a car out on our side of the street before they came up with the parking zones. He spoke to the Winter Haven Police Department because you must be a certain amount of distance back from the stop sign. It doesn't look like the tow away zones are mandating far enough away from the stop sign. He stated that cars are parking too close to the stop sign. He stated the sidewalk on Vienna isn't finished all the way to Cunningham. There's about a seven-foot gap.
Resident (Kevin Gallagher) stated on San Marco Way and Laurel Oak Lane there is a four way stop, but there's only three signs. When you're going west on San Marco Way, there's no stop sign there. Somebody told me that during construction the truck knocked it down, the sign is gone. On Serrano where the mailboxes are, it's dark. I don't know if any of you get your mail there, but I will not go there at night.
Resident (Sonia Burgos) stated the parking sign on Vienna Drive had been down on the road, on a corner since the storm. Can people park in Vienna, I know the other parking sign was removed, but now it shows green, like people can park, but there's no parking sign. There is a flagpole on Cunningham between Victoria and Vienna that is laying down. It's still there. It was not picked up like the other sign. My only other concern was the amount of trash in an empty lot. I guess it's a conservation area in Cunningham. Trash is not picked up there
There was Board and staff discussion on lost cards and different kinds of access options.

FIFTEENTH ORDER OF BUSINESS	Adjournment

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

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

REBATE REPORT
$3,040,000
VillaMar Community Development District
(City of Winter Haven, Florida) Special Assessment Bonds, Series 2022 (Phase 3 Project)

Dated: March 18, 2022
Delivered: March 18, 2022

Rebate Report to the Computation Date March 18, 2025
Reflecting Activity To March 18, 2025

TABLE OF CONTENTS

AMTEC Opinion	3	
Summary of Rebate Computations	4	
Summary of Computational Information and Definitions	5	
Methodology	7	
Sources and Uses	8	
Proof of Arbitrage Yield	9	
Bond Debt Service Schedule	11	
Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Account	13	
Arbitrage Rebate Calculation Detail Report – Costs of Issuance Account	14	
Arbitrage Rebate Calculation Detail Report – Reserve Account	15	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	17	

May 20, 2025

VillaMar Community Development District c/o Ms. Katie Costa
Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

Re:	$3,040,000 VillaMar Community Development District (City of Winter Haven, Florida),
Special Assessment Bonds, Series 2022, (Phase 3 Project)	

Dear Ms. Costa:
AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the VillaMar Community Development District (the “District”).
The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled our next Report as of March 31, 2026. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo
Senior Vice President	Trong M. Tran
Assistant Vice President	

SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the March 18, 2025 Computation Date
Reflecting Activity from March 18, 2022 through March 18, 2025

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition & Construction Account	0.000000%	0.00	0.00	
Costs of Issuance Account	0.008572%	0.01	(5.10)	
Reserve Account	3.767971%	9,014.30	(421.38)	
Totals	3.766041%	$9,014.31	$(426.48)	
Bond Yield	3.935120%		
Rebate Computation Credits	(6,391.13)	
Net Rebatable Arbitrage	$(6,817.61)	

Based upon our computations, no rebate liability exists.

SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from March 18, 2022, the date of the closing, to March 18, 2025, the Computation Date. All nonpurpose payments and receipts are future valued to the Computation Date of March 18, 2025.

Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.

For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between March 18, 2022 and March 18, 2025, the District made periodic payments into the Interest, Sinking and Prepayment Accounts (collectively, the “Debt Service Fund”) that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

In accordance with Page B-1 of the Arbitrage and Tax Certificate, Exhibit B (Arbitrage Rebate Covenants) the first (initial) Computation Date must be within 60 days of the end of the third Bond Year. After the first required payment date (Computation Date) the District must consistently treat either the last day of each Bond Year or the last day of each fifth Bond Year as the (subsequent) Computation Date(s). Therefore, for purposes of the arbitrage calculation, the first Computation Date is March 18, 2025.

DEFINITIONS

Computation Date
March 18, 2025.

Computation Period
The period beginning on March 18, 2022, the date of the closing, and ending on March 18, 2025, the Computation Date.

Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance.

Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.

Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows:

Accounts	Account Number	
Revenue	255242000	
Interest	255242001	
Sinking	255242002	
Reserve	255242003	
Prepayment	255242004	
Acquisition & Construction	255242005	

METHODOLOGY

Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of March 18, 2025, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to March 18, 2025. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on March 18, 2025, is the Rebatable Arbitrage.

$3,040,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 3 Project)
Delivered: March 18, 2022

Sources of Funds

Par Amount	$3,040,000.00	
Total	$3,040,000.00	

Uses of Funds

Acquisition & Construction Account	$2,804,447.16	
Costs of Issuance Account	87,552.84	
Reserve Account	87,200.00	
Underwriter’s Discount	60,800.00	
Total	$3,040,000.00	

PROOF OF ARBITRAGE YIELD
$3,040,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 3 Project)

Date	

Debt Service	Present Value to 03/18/2022
@ 3.9351199667%	
11/01/2022	171,929.11	167,828.57	
05/01/2023	56,496.88	54,085.26	
11/01/2023	116,496.88	109,372.14	
05/01/2024	55,559.38	51,154.97	
11/01/2024	115,559.38	104,345.47	
05/01/2025	54,621.88	48,369.66	
11/01/2025	119,621.88	103,885.50	
05/01/2026	53,606.25	45,655.99	
11/01/2026	118,606.25	99,066.73	
05/01/2027	52,590.63	43,079.10	
11/01/2027	117,590.63	94,464.57	
05/01/2028	51,575.00	40,632.49	
11/01/2028	121,575.00	93,932.62	
05/01/2029	50,350.00	38,151.32	
11/01/2029	120,350.00	89,432.26	
05/01/2030	49,125.00	35,800.46	
11/01/2030	124,125.00	88,712.19	
05/01/2031	47,812.50	33,512.24	
11/01/2031	122,812.50	84,419.46	
05/01/2032	46,500.00	31,346.64	
11/01/2032	126,500.00	83,630.84	
05/01/2033	45,100.00	29,240.88	
11/01/2033	125,100.00	79,544.33	
05/01/2034	43,500.00	27,125.59	
11/01/2034	128,500.00	78,583.43	
05/01/2035	41,800.00	25,069.29	
11/01/2035	131,800.00	77,520.97	
05/01/2036	40,000.00	23,072.88	
11/01/2036	130,000.00	73,539.91	
05/01/2037	38,200.00	21,192.45	
11/01/2037	133,200.00	72,470.27	
05/01/2038	36,300.00	19,368.69	
11/01/2038	136,300.00	71,322.65	
05/01/2039	34,300.00	17,602.07	
11/01/2039	139,300.00	70,106.56	
05/01/2040	32,200.00	15,892.84	
11/01/2040	142,200.00	68,830.85	
05/01/2041	30,000.00	14,241.07	
11/01/2041	140,000.00	65,175.97	
05/01/2042	27,800.00	12,692.36	
11/01/2042	142,800.00	63,938.67	
05/01/2043	25,500.00	11,197.31	
11/01/2043	145,500.00	62,657.69	
05/01/2044	23,100.00	9,755.76	
11/01/2044	148,100.00	61,339.80	
05/01/2045	20,600.00	8,367.44	
11/01/2045	150,600.00	59,991.29	
05/01/2046	18,000.00	7,031.92	
11/01/2046	153,000.00	58,617.95	
05/01/2047	15,300.00	5,748.69	
11/01/2047	155,300.00	57,225.10	
05/01/2048	12,500.00	4,517.14	
11/01/2048	157,500.00	55,817.66	
05/01/2049	9,600.00	3,336.57	
11/01/2049	164,600.00	56,104.39	

PROOF OF ARBITRAGE YIELD
$3,040,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 3 Project)

Date	

Debt Service	Present Value to 03/18/2022
@ 3.9351199667%	
05/01/2050	6,500.00	2,172.79	
11/01/2050	166,500.00	54,582.98	
05/01/2051	3,300.00	1,060.95	
11/01/2051	168,300.00	53,064.37	
	5,155,604.15	3,040,000.00	
	
Proceeds Summary		

Delivery date	03/18/2022	
Par Value	3,040,000.00	
Target for yield calculation	3,040,000.00	

BOND DEBT SERVICE
$3,040,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 3 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
03/18/2022						
11/01/2022	100,000	3.125%	71,929.11	171,929.11	171,929.11	
05/01/2023			56,496.88	56,496.88		
11/01/2023	60,000	3.125%	56,496.88	116,496.88	172,993.76	
05/01/2024			55,559.38	55,559.38		
11/01/2024	60,000	3.125%	55,559.38	115,559.38	171,118.76	
05/01/2025			54,621.88	54,621.88		
11/01/2025	65,000	3.125%	54,621.88	119,621.88	174,243.76	
05/01/2026			53,606.25	53,606.25		
11/01/2026	65,000	3.125%	53,606.25	118,606.25	172,212.50	
05/01/2027			52,590.63	52,590.63		
11/01/2027	65,000	3.125%	52,590.63	117,590.63	170,181.26	
05/01/2028			51,575.00	51,575.00		
11/01/2028	70,000	3.500%	51,575.00	121,575.00	173,150.00	
05/01/2029			50,350.00	50,350.00		
11/01/2029	70,000	3.500%	50,350.00	120,350.00	170,700.00	
05/01/2030			49,125.00	49,125.00		
11/01/2030	75,000	3.500%	49,125.00	124,125.00	173,250.00	
05/01/2031			47,812.50	47,812.50		
11/01/2031	75,000	3.500%	47,812.50	122,812.50	170,625.00	
05/01/2032			46,500.00	46,500.00		
11/01/2032	80,000	3.500%	46,500.00	126,500.00	173,000.00	
05/01/2033			45,100.00	45,100.00		
11/01/2033	80,000	4.000%	45,100.00	125,100.00	170,200.00	
05/01/2034			43,500.00	43,500.00		
11/01/2034	85,000	4.000%	43,500.00	128,500.00	172,000.00	
05/01/2035			41,800.00	41,800.00		
11/01/2035	90,000	4.000%	41,800.00	131,800.00	173,600.00	
05/01/2036			40,000.00	40,000.00		
11/01/2036	90,000	4.000%	40,000.00	130,000.00	170,000.00	
05/01/2037			38,200.00	38,200.00		
11/01/2037	95,000	4.000%	38,200.00	133,200.00	171,400.00	
05/01/2038			36,300.00	36,300.00		
11/01/2038	100,000	4.000%	36,300.00	136,300.00	172,600.00	
05/01/2039			34,300.00	34,300.00		
11/01/2039	105,000	4.000%	34,300.00	139,300.00	173,600.00	
05/01/2040			32,200.00	32,200.00		
11/01/2040	110,000	4.000%	32,200.00	142,200.00	174,400.00	
05/01/2041			30,000.00	30,000.00		
11/01/2041	110,000	4.000%	30,000.00	140,000.00	170,000.00	
05/01/2042			27,800.00	27,800.00		
11/01/2042	115,000	4.000%	27,800.00	142,800.00	170,600.00	
05/01/2043			25,500.00	25,500.00		
11/01/2043	120,000	4.000%	25,500.00	145,500.00	171,000.00	
05/01/2044			23,100.00	23,100.00		
11/01/2044	125,000	4.000%	23,100.00	148,100.00	171,200.00	
05/01/2045			20,600.00	20,600.00		
11/01/2045	130,000	4.000%	20,600.00	150,600.00	171,200.00	
05/01/2046			18,000.00	18,000.00		
11/01/2046	135,000	4.000%	18,000.00	153,000.00	171,000.00	
05/01/2047			15,300.00	15,300.00		
11/01/2047	140,000	4.000%	15,300.00	155,300.00	170,600.00	
05/01/2048			12,500.00	12,500.00		
11/01/2048	145,000	4.000%	12,500.00	157,500.00	170,000.00	
05/01/2049			9,600.00	9,600.00		
11/01/2049	155,000	4.000%	9,600.00	164,600.00	174,200.00	

BOND DEBT SERVICE
$3,040,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 3 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
05/01/2050			6,500.00	6,500.00		
11/01/2050	160,000	4.000%	6,500.00	166,500.00	173,000.00	
05/01/2051			3,300.00	3,300.00		
11/01/2051	165,000	4.000%	3,300.00	168,300.00	171,600.00	
	3,040,000		2,115,604.15	5,155,604.15	5,155,604.15	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @

DATE	
DESCRIPTION	RECEIPTS (PAYMENTS)	BOND YIELD OF (3.935120%)	
03/18/22	Beg Bal	-2,804,447.16	-3,152,241.08	
03/18/22		2,804,447.16	3,152,241.08	
03/18/25	TOTALS:	0.00	0.00	

ISSUE DATE:	03/18/22	
REBATABLE ARBITRAGE:	
0.00	
COMP DATE:	03/18/25	NET INCOME:	0.00	
BOND YIELD: 3.935120%	TAX INV YIELD:	0.000000%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.935120%)

03/18/22	Beg Bal		-87,552.84	-98,410.72	
03/18/22	from P4	COI	-6,148.26	-6,910.74	
03/18/22			30,254.94	34,007.01	
03/18/22			12,433.54	13,975.49	
03/18/22			2,486.71	2,795.10	
03/18/22			725.29	815.24	
03/18/22			18,650.31	20,963.23	
03/18/22			18,650.31	20,963.23	
03/22/22			10,500.00	11,797.05	
05/12/22			0.01	0.01	
03/18/25	TOTALS:		0.01	-5.10	

ISSUE DATE:	
03/18/22	
REBATABLE ARBITRAGE:	
-5.10	
COMP DATE:	03/18/25	NET INCOME:	0.01	
BOND YIELD:	3.935120%	TAX INV YIELD:	0.008572%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(3.935120%)

03/18/22	Beg	Bal	-87,200.00	-98,014.12	
04/04/22			0.20	0.22	
05/03/22			0.43	0.48	
06/02/22			21.98	24.51	
07/05/22			50.20	55.78	
08/02/22			87.64	97.09	
09/02/22			132.01	145.77	
10/04/22			150.80	165.94	
11/02/22			197.52	216.70	
12/02/22			240.71	263.22	
01/04/23			271.95	296.36	
02/02/23			289.56	314.59	
03/02/23			277.54	300.56	
04/04/23			313.73	338.57	
05/01/23			1,500.00	1,614.05	
05/02/23			316.81	340.86	
06/02/23			338.73	363.26	
07/05/23			331.54	354.29	
08/01/23			5,350.00	5,700.98	
08/02/23			346.39	369.07	
09/05/23			337.21	358.01	
10/03/23			326.54	345.63	
11/01/23			2,850.00	3,007.53	
11/02/23			338.09	356.74	
12/04/23			316.32	332.61	
12/22/23			0.08	0.08	
01/03/24			326.76	342.51	
02/01/24			2,300.00	2,403.60	
02/02/24			325.19	339.80	
03/04/24			293.95	306.09	
04/02/24			313.56	325.53	
05/01/24			4,131.25	4,275.47	
05/02/24			302.79	313.33	
06/04/24			295.84	305.08	
07/02/24			286.21	294.25	
08/01/24			1,731.25	1,774.32	
08/02/24			295.34	302.65	
09/04/24			286.96	293.05	
10/02/24			268.30	273.16	
11/04/24			261.74	265.56	
12/03/24			244.40	247.19	
01/03/25			244.70	246.69	
02/04/25			235.75	236.88	
03/04/25			211.82	212.14	

03/18/25 TOTALS:	9,014.30	-421.38

ISSUE DATE:	03/18/22	REBATABLE ARBITRAGE:	-421.38	
COMP DATE:	03/18/25	NET INCOME:	9,014.30	
BOND YIELD: 3.935120%	TAX INV YIELD:	3.767971%	

$3,040,000
VillaMar Community Development District (City of Winter Haven, Florida) Special Assessment Bonds, Series 2022 (Phase 3 Project)
Rebate Computation Credits

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(3.935120%)	
03/18/23		-1,960.00	-2,118.87	
03/18/24		-2,070.00	-2,152.26	
03/18/25		-2,120.00	-2,120.00	
03/18/25	TOTALS:	-6,150.00	-6,391.13	

ISSUE DATE:	03/18/22	REBATABLE ARBITRAGE: -6,391.13 COMP DATE:	03/18/25
BOND YIELD: 3.935120%

Section B

REBATE REPORT
$4,295,000
VillaMar Community Development District
(City of Winter Haven, Florida) Special Assessment Bonds, Series 2022 (Phase 4 Project)

Dated: March 18, 2022
Delivered: March 18, 2022

Rebate Report to the Computation Date March 18, 2025
Reflecting Activity To March 18, 2025

TABLE OF CONTENTS

AMTEC Opinion	3	
Summary of Rebate Computations	4	
Summary of Computational Information and Definitions	5	
Methodology	7	
Sources and Uses	8	
Proof of Arbitrage Yield	9	
Bond Debt Service Schedule	11	
Arbitrage Rebate Calculation Detail Report – Acquisition & Construction Account	13	
Arbitrage Rebate Calculation Detail Report – Interest Account	15	
Arbitrage Rebate Calculation Detail Report – Reserve Account	16	
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	17	

May 20, 2025

VillaMar Community Development District c/o Ms. Katie Costa
Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300
Orlando, FL 32822

Re:	$4,295,000 VillaMar Community Development District (City of Winter Haven, Florida), Special
Assessment Bonds, Series 2022, (Phase 4 Project)	

Dear Ms. Costa:
AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the VillaMar Community Development District (the “District”).
The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.

We have scheduled our next Report as of March 31, 2026. Thank you and should you have any questions, please do not hesitate to contact us.

Very truly yours,

Michael J. Scarfo
Senior Vice President	Trong M. Tran
Assistant Vice President	

SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the March 18, 2025 Computation Date
Reflecting Activity from March 18, 2022 through March 18, 2025

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition & Construction Account	0.510927%	2,488.03	(19,023.37)	
Interest Account	1.187191%	770.41	(2,036.32)	
Reserve Account	3.375385%	15,780.70	(3,266.27)	
Totals	1.853697%	$19,039.14	$(24,325.96)	
Bond Yield	4.033711%		
Rebate Computation Credits	(6,397.31)	
Net Rebatable Arbitrage	$(30,723.27)	

Based upon our computations, no rebate liability exists.

SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For purposes of computing Rebatable Arbitrage, investment activity is reflected from March 18, 2022, the date of the closing, to March 18, 2025, the Computation Date. All nonpurpose payments and receipts are future valued to the Computation Date of March 18, 2025.

Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior.

For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules.
Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.
During the period between March 18, 2022 and March 18, 2025, the District made periodic payments into the Interest, Sinking and Prepayment Accounts (collectively, the “Debt Service Fund”) that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year.
We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

In accordance with Page B-1 of the Arbitrage and Tax Certificate, Exhibit B (Arbitrage Rebate Covenants) the first (initial) Computation Date must be within 60 days of the end of the third Bond Year. After the first required payment date (Computation Date) the District must consistently treat either the last day of each Bond Year or the last day of each fifth Bond Year as the (subsequent) Computation Date(s). Therefore, for purposes of the arbitrage calculation, the first Computation Date is March 18, 2025.

DEFINITIONS

Computation Date
March 18, 2025.

Computation Period
The period beginning on March 18, 2022, the date of the closing, and ending on March 18, 2025, the Computation Date.

Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business on the day in the calendar year that is selected by the Issuer. If no day is selected by the Issuer before the earlier of the final maturity date of the issue or the date that is five years after the date of issue, each bond year ends at the close of business on the anniversary date of the issuance.

Bond Yield
The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds.

Taxable Investment Yield
The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment.

Issue Price
The price determined on the basis of the initial offering price at which price a substantial amount of the Bonds was sold.

Rebatable Arbitrage
The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield.

Funds and Accounts
The Funds and Accounts activity used in the compilation of this Report was received from the District and US Bank, Trustee, as follows:

Accounts	Account Number	
Revenue	232646000	
Interest	232646001	
Sinking	232646002	
Reserve	232646003	
Prepayment	232646004	
Acquisition & Construction	232646005	

METHODOLOGY
Bond Yield
The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds.

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of March 18, 2025, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to March 18, 2025. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on March 18, 2025, is the Rebatable Arbitrage.

$4,295,000
VillaMar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 4 Project)
Delivered: March 18, 2022

Sources of Funds

Par Amount	$4,295,000.00	
Total	$4,295,000.00	

Uses of Funds

Acquisition & Construction Account	$3,730,736.87	
Interest Account (Capitalized Interest)	104,840.97	
Costs of Issuance	123,697.16	
Reserve Account	249,825.00	
Underwriter’s Discount	85,900.00	
Total	$4,295,000.00	

PROOF OF ARBITRAGE YIELD
$4,295,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 4 Project)

Date	

Debt Service	Present Value to 03/18/2022
@ 4.0337110846%	
11/01/2022	104,840.97	102,279.23	
05/01/2023	164,625.00	157,427.39	
11/01/2023	83,325.00	78,106.63	
05/01/2024	163,325.00	150,069.80	
11/01/2024	82,025.00	73,877.97	
05/01/2025	167,025.00	147,461.37	
11/01/2025	80,643.75	69,790.38	
05/01/2026	170,643.75	144,758.24	
11/01/2026	79,181.25	65,842.05	
05/01/2027	169,181.25	137,899.05	
11/01/2027	77,718.75	62,095.90	
05/01/2028	172,718.75	135,270.99	
11/01/2028	75,996.88	58,343.03	
05/01/2029	170,996.88	128,679.54	
11/01/2029	74,275.00	54,788.83	
05/01/2030	174,275.00	126,012.18	
11/01/2030	72,462.50	51,359.27	
05/01/2031	177,462.50	123,293.50	
11/01/2031	70,559.38	48,052.55	
05/01/2032	180,559.38	120,534.05	
11/01/2032	68,565.63	44,866.71	
05/01/2033	178,565.63	114,536.45	
11/01/2033	66,365.63	41,727.00	
05/01/2034	181,365.63	111,778.16	
11/01/2034	64,065.63	38,703.94	
05/01/2035	184,065.63	109,001.08	
11/01/2035	61,665.63	35,795.58	
05/01/2036	186,665.63	106,213.23	
11/01/2036	59,165.63	32,999.84	
05/01/2037	189,165.63	103,421.92	
11/01/2037	56,565.63	30,314.55	
05/01/2038	191,565.63	100,633.85	
11/01/2038	53,865.63	27,737.44	
05/01/2039	193,865.63	97,855.10	
11/01/2039	51,065.63	25,266.17	
05/01/2040	201,065.63	97,516.17	
11/01/2040	48,065.63	22,850.80	
05/01/2041	203,065.63	94,630.54	
11/01/2041	44,965.63	20,540.15	
05/01/2042	204,965.63	91,776.63	
11/01/2042	41,765.63	18,331.51	
05/01/2043	206,765.63	88,958.11	
11/01/2043	38,362.50	16,178.65	
05/01/2044	213,362.50	88,202.60	
11/01/2044	34,753.13	14,082.68	
05/01/2045	214,753.13	85,301.95	
11/01/2045	31,040.63	12,085.87	
05/01/2046	221,040.63	84,362.16	
11/01/2046	27,121.88	10,146.67	
05/01/2047	222,121.88	81,456.00	
11/01/2047	23,100.00	8,303.70	
05/01/2048	228,100.00	80,373.55	
11/01/2048	18,871.88	6,518.25	
05/01/2049	233,871.88	79,181.18	
11/01/2049	14,437.50	4,791.42	
05/01/2050	239,437.50	77,891.90	

PROOF OF ARBITRAGE YIELD
$4,295,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 4 Project)

Date	

Debt Service	Present Value to 03/18/2022
@ 4.0337110846%	
11/01/2050	9,796.88	3,124.04	
05/01/2051	244,796.88	76,517.74	
11/01/2051	4,950.00	1,516.66	
05/01/2052	244,950.00	73,568.15	
	7,513,953.65	4,295,000.00	
	
Proceeds Summary		

Delivery date	03/18/2022	
Par Value	4,295,000.00	
Target for yield calculation	4,295,000.00	

BOND DEBT SERVICE
$4,295,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 4 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
03/18/2022						
11/01/2022			104,840.97	104,840.97		
05/01/2023	80,000	3.250%	84,625.00	164,625.00	269,465.97	
11/01/2023			83,325.00	83,325.00		
05/01/2024	80,000	3.250%	83,325.00	163,325.00	246,650.00	
11/01/2024			82,025.00	82,025.00		
05/01/2025	85,000	3.250%	82,025.00	167,025.00	249,050.00	
11/01/2025			80,643.75	80,643.75		
05/01/2026	90,000	3.250%	80,643.75	170,643.75	251,287.50	
11/01/2026			79,181.25	79,181.25		
05/01/2027	90,000	3.250%	79,181.25	169,181.25	248,362.50	
11/01/2027			77,718.75	77,718.75		
05/01/2028	95,000	3.625%	77,718.75	172,718.75	250,437.50	
11/01/2028			75,996.88	75,996.88		
05/01/2029	95,000	3.625%	75,996.88	170,996.88	246,993.76	
11/01/2029			74,275.00	74,275.00		
05/01/2030	100,000	3.625%	74,275.00	174,275.00	248,550.00	
11/01/2030			72,462.50	72,462.50		
05/01/2031	105,000	3.625%	72,462.50	177,462.50	249,925.00	
11/01/2031			70,559.38	70,559.38		
05/01/2032	110,000	3.625%	70,559.38	180,559.38	251,118.76	
11/01/2032			68,565.63	68,565.63		
05/01/2033	110,000	4.000%	68,565.63	178,565.63	247,131.26	
11/01/2033			66,365.63	66,365.63		
05/01/2034	115,000	4.000%	66,365.63	181,365.63	247,731.26	
11/01/2034			64,065.63	64,065.63		
05/01/2035	120,000	4.000%	64,065.63	184,065.63	248,131.26	
11/01/2035			61,665.63	61,665.63		
05/01/2036	125,000	4.000%	61,665.63	186,665.63	248,331.26	
11/01/2036			59,165.63	59,165.63		
05/01/2037	130,000	4.000%	59,165.63	189,165.63	248,331.26	
11/01/2037			56,565.63	56,565.63		
05/01/2038	135,000	4.000%	56,565.63	191,565.63	248,131.26	
11/01/2038			53,865.63	53,865.63		
05/01/2039	140,000	4.000%	53,865.63	193,865.63	247,731.26	
11/01/2039			51,065.63	51,065.63		
05/01/2040	150,000	4.000%	51,065.63	201,065.63	252,131.26	
11/01/2040			48,065.63	48,065.63		
05/01/2041	155,000	4.000%	48,065.63	203,065.63	251,131.26	
11/01/2041			44,965.63	44,965.63		
05/01/2042	160,000	4.000%	44,965.63	204,965.63	249,931.26	
11/01/2042			41,765.63	41,765.63		
05/01/2043	165,000	4.125%	41,765.63	206,765.63	248,531.26	
11/01/2043			38,362.50	38,362.50		
05/01/2044	175,000	4.125%	38,362.50	213,362.50	251,725.00	
11/01/2044			34,753.13	34,753.13		
05/01/2045	180,000	4.125%	34,753.13	214,753.13	249,506.26	
11/01/2045			31,040.63	31,040.63		
05/01/2046	190,000	4.125%	31,040.63	221,040.63	252,081.26	
11/01/2046			27,121.88	27,121.88		
05/01/2047	195,000	4.125%	27,121.88	222,121.88	249,243.76	
11/01/2047			23,100.00	23,100.00		
05/01/2048	205,000	4.125%	23,100.00	228,100.00	251,200.00	
11/01/2048			18,871.88	18,871.88		
05/01/2049	215,000	4.125%	18,871.88	233,871.88	252,743.76	
11/01/2049			14,437.50	14,437.50		
05/01/2050	225,000	4.125%	14,437.50	239,437.50	253,875.00	

BOND DEBT SERVICE
$4,295,000
Villamar Community Development District (City of Winter Haven, Florida)
Special Assessment Bonds, Series 2022 (Phase 4 Project)

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt Service	
11/01/2050			9,796.88	9,796.88		
05/01/2051	235,000	4.125%	9,796.88	244,796.88	254,593.76	
11/01/2051			4,950.00	4,950.00		
05/01/2052	240,000	4.125%	4,950.00	244,950.00	249,900.00	
	4,295,000		3,218,953.65	7,513,953.65	7,513,953.65	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.033711%)

03/18/22	Beg	Bal	-3,730,736.87	-4,205,583.09	
03/23/22			122,888.63	138,453.01	
04/12/22			190.00	213.61	
04/12/22			1,400.00	1,574.00	
04/12/22			3,750.00	4,216.06	
04/14/22			2,500.00	2,810.08	
04/14/22			1,159,069.72	1,302,832.39	
04/14/22			45,900.00	51,593.11	
04/29/22			1,135,772.75	1,274,523.27	
04/29/22			3,750.00	4,208.11	
05/09/22			161,217.46	180,711.85	
05/18/22			217,076.00	243,081.98	
05/18/22			37,312.75	41,782.86	
05/18/22			179,101.95	200,558.59	
05/18/22			140,204.00	157,000.62	
05/18/22			146,548.73	164,105.45	
05/18/22			136,276.65	152,602.77	
05/18/22			234,010.60	262,045.37	
06/03/22			3,750.00	4,192.27	
06/03/22			40.00	44.72	
11/21/22			-286,362.01	-314,224.39	
11/23/22			49,400.00	54,194.48	
11/23/22			7,500.00	8,227.91	
11/23/22			24,730.00	27,130.15	
12/07/22			-124,912.50	-136,823.14	
12/09/22			829.75	908.67	
12/09/22			34,070.00	37,310.36	
12/09/22			7,500.00	8,213.32	
12/09/22			75.00	82.13	
12/09/22			550.00	602.31	
12/12/22			12,298.78	13,464.02	
12/30/22			3,750.00	4,097.10	
01/19/23			3,750.00	4,088.48	
01/23/23			3,750.00	4,086.66	
01/26/23			197,934.12	215,632.20	
02/02/23			12,000.00	13,064.27	
02/02/23			12,612.50	13,731.09	
03/16/23			-3,750.00	-4,062.71	
03/22/23			3,650.00	3,951.74	
05/05/23			6,937.50	7,475.26	
05/16/23			-3,828.03	-4,119.73	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @

DATE	
DESCRIPTION	RECEIPTS (PAYMENTS)	BOND YIELD OF (4.033711%)	
05/26/23		39,980.55	42,979.41	
03/18/25	TOTALS:	2,488.03	-19,023.37	

ISSUE DATE:	03/18/22	
REBATABLE ARBITRAGE:	
-19,023.37	
COMP DATE:	03/18/25	NET INCOME:	2,488.03	
BOND YIELD: 4.033711%	TAX INV YIELD:	0.510927%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(4.033711%)

03/18/22	Beg	Bal	-104,840.97	-118,185.07	
04/04/22			0.24	0.27	
05/03/22			0.52	0.58	
06/02/22			26.43	29.55	
07/05/22			60.35	67.23	
08/02/22			105.36	117.02	
09/02/22			158.72	175.70	
10/04/22			181.31	199.99	
11/01/22			104,840.97	115,297.28	
11/02/22			237.48	261.14	
03/18/25	TOTALS:	770.41	-2,036.32	

ISSUE DATE:	03/18/22	
REBATABLE ARBITRAGE:	
-2,036.32	
COMP DATE:	03/18/25	NET INCOME:	770.41	
BOND YIELD: 4.033711%	TAX INV YIELD:	1.187191%	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(4.033711%)	
03/18/22	Beg Bal	-249,825.00	-281,622.59	
04/04/22		0.57	0.64	
05/03/22		1.23	1.38	
06/02/22		62.98	70.42	
07/05/22		143.81	160.20	
08/02/22		251.07	278.85	
09/02/22		378.21	418.66	
10/04/22		432.05	476.57	
11/02/22		565.88	622.25	
12/02/22		689.63	755.81	
12/07/22	to ACF	124,912.50	136,823.14	
03/10/23		1,276.63	1,384.01	
08/01/23		1,403.22	1,497.63	
09/11/23		2,932.46	3,115.91	
03/11/24		3,082.25	3,210.32	
09/10/24		3,083.31	3,148.29	
03/10/25		2,638.70	2,641.04	
03/18/25	Bal	123,509.29	123,509.29	
03/18/25	Acc	241.91	241.91	
03/18/25	TOTALS:	15,780.70	-3,266.27	

ISSUE DATE:	03/18/22	REBATABLE ARBITRAGE:	-3,266.27	
COMP DATE:	03/18/25	NET INCOME:	15,780.70	
BOND YIELD: 4.033711%	TAX INV YIELD:	3.375385%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @

DATE	
DESCRIPTION	RECEIPTS (PAYMENTS)	BOND YIELD OF (4.033711%)	
03/18/23		-1,960.00	-2,122.97	
03/18/24		-2,070.00	-2,154.34	
03/18/25		-2,120.00	-2,120.00	
03/18/25	TOTALS:	-6,150.00	-6,397.31	

ISSUE DATE:	03/18/22 COMP DATE:	03/18/25
BOND YIELD: 4.033711%	
REBATABLE ARBITRAGE:	
-6,397.31	

Section V

Section B

Section 1

To: Address:	Government Manament Services 219 E. Livingston St
Orlando, FL 32801	Contact:
Phone: Fax:	Marshall Tindall
(407) 841-5524	
Project Name:	Villamar P3 Flooding Fix	Bid Number:	25-455	
Project Location:	Winter Haven, FL	Bid Date:	6/13/2025	

Item Description	Estimated Quantity	Unit	Unit Price	Total Price	
Mobilization	1.000	LS	$1,464.66	$1,464.66	
Additional Layout	1.000	LS	$2,615.47	$2,615.47	
18" Core Connection To Existing Inlet	1.000	EACH	$6,119.22	$6,119.22	
18" ADS HP Storm Pipe	20.000	LF	$101.15	$2,023.00	
Type C Control Structure	1.000	EACH	$8,315.80	$8,315.80	
Clean And Video Storm Line Per Polk County Specs	1.000	LS	$2,179.56	$2,179.56	
Bahia Sod - Repair	450.000	SY	$6.28	$2,826.00	

Total Bid Price:	$25,543.71

Notes:
BID NOTES:
***We have included Video Inspection of Storm Pipe per Polk County Specs. Not Included in Proposal:
Permits
Landscaping & Irrigation Repairs
Retaining Walls, Masonry Walls, Footers, And Excavation/Backfill Of Footers
Asbestos Removal
Installation/Relocation/Repair Of Fence & Gates
Relocation/Removal/Repair Of Existing Or Unknown Utilities
Utility Sleeves/Conduits
Lift Station
Relocation/Removal/Repair Of Power Poles Or Guy Wires
Excavation/Backfill Of Building Foundation And/Or Footers
Removal Of Muck/Contaminated/Unsuitable Soils Or Materials
Over Excavation
Materials/Work/Services not indicated or listed.

Authorized Signature:
Estimator:	Kyle Allen
863-299-2262 kallen@tuckerpaving.com

CONFIRMED:
Tucker Paving, Inc.

ACCEPTED:
The above prices, specifications and conditions are satisfactory and hereby accepted.
Buyer: Signature:
Date of Acceptance:

Section C

Item will be provided under separate cover.

Section 1

Item will be provided under separate cover.

Section D

Section 1

VillaMar
COMMUNITY DEVELOPMENT DISTRICT

Check Register
Fiscal Year 2025

Date	check #'s	Amount	

Truist Bank		

May 2025	
Check#: 900 - 915	

$57,910.86	
	ACH Utilities: 80045 - 80049	
$21,545.09	
	TOTAL	$79,455.95	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	6/19/25	PAGE	1
*** CHECK DATES 05/01/2025 - 05/31/2025 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
5/01/25 00075	4/30/25 TOW-REFU 202505 320-53800-49000	*	250.00
REIMB. FOR TOWING EXPENSE
JENNY ANDRADE	250.00 000900
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00034	4/28/25 14879	202504 330-53800-48500	*	450.00
APR 25 - JANITORIAL SVCS
4/28/25 14879	202504 330-53800-48500	*	300.00
APR 25 - TRASH COLLECT
4/28/25 14879	202504 330-53800-48500	*	100.00
APR 25 - MAIL TRASH COLL.
CSS CLEAN STAR SERVICES CENTRAL FL	850.00 000901
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00009	3/31/25 327	202503 330-53800-48300	*	680.80
INST. 3 SIGNS
3/31/25 328	202503 330-53800-48300	*	679.61
REPAIRED CDD TOILET
3/31/25 329	202503 330-53800-48300	*	175.00
AMNTY FIX. & DOOR ADJUST.
3/31/25 330	202503 320-53800-46600	*	4,284.32
SDWK RP-1703 CARNOSTIE RD
3/31/25 331	202503 320-53800-49000	*	400.00
WARRANTY WORK
5/01/25 334	202505 310-51300-34000	*	3,718.75
MAY 25 - MGMT FEES
5/01/25 334	202505 310-51300-35200	*	105.00
MAY 25 - WEBSITE ADMIN
5/01/25 334	202505 310-51300-35100	*	157.50
MAY 25 - INFORMATION TECH
5/01/25 334	202505 310-51300-31300	*	833.33
MAY 25 - DISSEMINATION
5/01/25 334	202505 330-57200-12000	*	625.00
MAY 25 - AMENITY ACCESS
5/01/25 334	202505 310-51300-51000	*	1.08
MAY 25 - OFFICE SUPPLIES
5/01/25 334	202505 310-51300-42500	*	81.89
MAY 25 - POSTAGE
5/01/25 335	202505 320-53800-12000	*	1,875.00
MAY 25 - FIELD MANAGEMENT
5/01/25 335	202505 310-51300-42500	*	44.10
STAPLES-SEPERATE PRNT CVR
GOVERNMENTAL MANAGEMENT SERVICES -	13,661.38 000902
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00060	5/01/25 27575	202505 310-51300-32200	*	6,100.00
AUDIT FYE 9/30/2024
GRAU AND ASSOCIATES	6,100.00 000903
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
VMCD VILLAMAR CDD	SNEEROOA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	6/19/25	PAGE	2
*** CHECK DATES 05/01/2025 - 05/31/2025 ***	VILLAMAR CDD - GENERAL FUND
BANK A VILLAMAR CDD
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
5/19/25 00039	4/25/25 11984	202503 310-51300-31500	*	2,354.00
GENERAL COUNSEL - MAR 25
5/16/25 12237	202504 310-51300-31500	*	555.00
GENERAL COUNSEL - APR 25
KILINSKI / VAN WYK, PLLC	2,909.00 000904
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00015	5/01/25 17771	202505 320-53800-46200	*	12,415.00
MAY 25 - LANDSCAPE MAINT.
PRINCE & SONS INC.	12,415.00 000905
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00045	5/01/25 27334	202505 330-53800-48100	*	2,870.00
POOL MAINTENANCE - MAY 25
RESORT POOL SERVICES DBA	2,870.00 000906
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00041	5/01/25 PSI16252 202505 320-53800-47000	*	1,082.00 LAKE MAINTENANCE - MAY 25
5/01/25 PSI16252 202505 320-53800-47000	*	856.00
POND MAINTENANCE - MAY 25
SOLITUDE LAKE MANAGEMENT SERVICES	1,938.00 000907
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00019	4/25/25 7728085	202504 310-51300-32300	*	7,003.75
TRUSTEE FEE SER 2022PH3&4
US BANK	7,003.75 000908
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/19/25 00027	6/01/25 JUN25PLA 202506 330-53800-48600	*	1,078.86 JUN 25 - PLAYG.FURN LEASE

- - - -	- - -	-	- - - -	- - - - -	WHFS, LLC
- - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	2,474.93
- - - - -	000909
- - -	
5/27/25	00023	5/20/25	7236-05-	202505 310-51300-31200	*	450.00	
ARBITRAGE-SERIES 2022 PH3	
5/20/25	7237-05- 202505 310-51300-31200	*	450.00	
ARBITRAGE-SERIES 2022 PH4	
AMTEC	900.00	000910	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
5/27/25	00042	1/15/25	53	202501 310-51300-42000	*	423.62	
MAILING	2025 TAX NOTICES	
JOE G. TEDDER,	TAX	COLLECTOR	423.62	000911	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - -	- -	- - - - -	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	-	- - - -	- - -	
5/27/25	00070	5/02/25	2025-VIL	202505 320-53800-49000	*	1,800.00	
REPLACE	(4) FENCE POSTS	
PINEAPPLE SERVICES	LLC	1,800.00	000912	
- - - -	- - -	-	- - - -	- - - - -	- - - - - - - - - - - - - - - - - - -	- -	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	- - -	-	- - - - -	- - -	
5/27/25	00015	4/30/25	17799	202504 320-53800-47300	*	87.98	

6/01/25 JUN25POO 202506 330-53800-48600	*	1,396.07 JUN 25 - POOL FURN. LEASE

IRRIG.REP.SPRAYS & NOZZLE
PRINCE & SONS INC.	87.98 000913
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - VMCD VILLAMAR CDD	SNEEROOA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	6/19/25	PAGE	3
*** CHECK DATES 05/01/2025 - 05/31/2025 ***	VILLAMAR CDD - GENERAL FUND

CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS		AMOUNT	....CHECK..... AMOUNT	#	
5/27/25 00049	4/30/25 12144184 202504 320-53800-34500	*
SECURITAS SECURITY SERVICES USA,INC		3,027.20	
3,027.20 000914	
- - - - - - - - 5/27/25 00041	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/20/25 PSI17002 202505 320-53800-47000	*
SOLITUDE LAKE MANAGEMENT SERVICES	- - - -	- - - - - -	- - - - - - - -

1,200.00 000915	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - -	- - - - - -	- - - - - - - -	
	TOTAL FOR BANK A		57,910.86		
	TOTAL FOR REGISTER		57,910.86		

BANK A VILLAMAR CDD

APR 25 -SECURITY SERVICES

TRASH PICKUP PHASE 3

1,200.00

VMCD VILLAMAR CDD	SNEEROOA

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	6/19/25	PAGE	1
*** CHECK DATES 05/01/2025 - 05/31/2025 ***	VILLAMAR CDD - GENERAL FUND

CHECK	VEND# DATE	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS	STATUS	AMOUNT	....CHECK..... AMOUNT	#	
5/31/25 00022	4/14/25 MAR-25	202503 320-53800-43000	*	303.69		
	MAR 25 - FIELD ELECTRIC 4/14/25 MAR-25	202503 320-53800-43100
4/14/25 MAR-25	202503 330-53800-43000	*
*	15,191.89
1,239.02		
	MAR 25 - AMENITY ELECTRIC
TECO			16,734.60 080045	
- - - - - - - - 5/20/25 00058	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
5/01/25 15531650 202505 330-57200-41000
SPECTRUM BUSINESS	- - - - - - - - -
*	- - - - - -	- - - - - - - -

210.31 080047	
- - - - - - - - 5/31/25 00051	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
3/14/25 FEB-25	202502 320-53800-43200
4/11/25 MAR-25	202503 320-53800-43200	- - - - - - - - -
*
*	- - - - - -

1,653.57	- - - - - - - -	
	MAR 25 - WATER & SEWER
5/09/25 APR-25	202504 330-53800-48400	*	814.68		
	APR 25 -AMTY WATR & SEWER
5/09/25 APR-25	202504 320-53800-46200	*	1,981.19		
	APR 25 -FLD WATER & SEWER
CITY OF WINTER HAVEN WATER DEPT.			4,600.18 080049	
- - - - - - - -	- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	- - - - - - - - -	- - - - - -	- - - - - - - -	

BANK Z VILLAMAR CDD	AUTOPY

MAR 25 - STREETLIGHTS

MAY 25 - TV/INTERNET/TEL

210.31

FEB 25 - WATER & SEWER

150.74

TOTAL FOR BANK Z	21,545.09
TOTAL FOR REGISTER	21,545.09

VMCD VILLAMAR CDD	SNEEROOA

Section 2

VillaMar	
Community Development District	

Unaudited Financial Reporting	
May 31, 2025	

Table of Contents

1

2-3

4

5

6

7

8

9

10

11

12-13

14-15

	Balance Sheet

	General Fund

	Capital Reserve Fund

	Debt Service Fund Series 2019

	Debt Service Fund Series 2020

	Debt Service Fund Series 2022A3

	Debt Service Fund Series 2022A4

	Debt Service Fund Series 2023A5

	Debt Service Fund Series 2024A6

	Combined Capital Project Funds

	Month to Month

	Long Term Debt Report

16		Assessment Receipt Schedule

VillaMar	
Community Development District	
Combined Balance Sheet	
May 31, 2025	
General	Debt Service	Capital Projects	Totals	
Fund	Fund	Fund	Governmental Funds	

Assets:	
Cash:	
Operating Account	$	49,587	$	-	$	-	$	49,587	
Capital Projects Account	-	-	1,431	1,431	
Investments:	
State Board Administration (SBA)	656,940	-	-	656,940	
Series 2019	
Reserve	-	203,278	-	203,278	
Revenue	-	196,072	-	196,072	
Prepayment	-	1,703	-	1,703	
Series 2020	
Reserve	-	184,450	-	184,450	
Revenue	-	172,347	-	172,347	
Series 2022 A3	
Reserve	-	69,338	-	69,338	
Revenue	-	135,206	-	135,206	
Prepayment	-	425	-	425	
Construction	-	-	9	9	
Series 2022 A4	
Reserve	-	124,327	-	124,327	
Revenue	-	122,291	-	122,291	
Series 2023 A5	
Reserve	-	264,480	-	264,480	
Revenue	-	264,780	-	264,780	
Prepayment	-	76,151	-	76,151	
Series 2024 A6	
Reserve	-	603,000	-	603,000	
Revenue	-	49,249	-	49,249	
Construction	-	-	771	771	
Due from Developer Series 2024 A6	-	-	467,424	467,424	
Due from General Fund Series 2019	-	399	-	399	
Due from General Fund Series 2020	-	365	-	365	
Due from General Fund Series 2023 A3	-	137	-	137	
Due from General Fund Series 2023 A4	-	247	-	247	
Due from General Fund Series 2023 A5	-	532	-	532	
Deposits	6,327	-	-	6,327	
Total Assets	$	712,855	$	2,468,777	$	469,635	$	3,651,267	
Liabilities:	
Accounts Payable	$	37,839	$	-	$	-	$	37,839	
Contracts Payable	-	-	467,424	467,424	
Due to Debt Service	1,680	-	-	1,680	
Due to Developer Series 2019	-	-	1,000	1,000	
Total Liabilites	$	39,519	$	-	$	468,424	$	507,943	
Fund Balance:	
Nonspendable:	
Prepaid Items	$	6,327	$	-	$	-	$	6,327	
Restricted for:	
Debt Service - Series 2019	-	401,452	-	401,452	
Debt Service - Series 2020	-	357,162	-	357,162	
Debt Service - Series 2022 A3	-	205,106	-	205,106	
Debt Service - Series 2022 A4	-	246,865	-	246,865	
Debt Service - Series 2023 A5	-	605,943	-	605,943	
Debt Service - Series 2024 A6	-	652,249	-	652,249	
Capital Projects - Series 2019	-	-	431	431	
Capital Projects - Series 2022 A3	-	-	9	9	
Capital Projects - Series 2024 A6	-	-	771	771	
Assigned for:	
Capital Reserves	169,845	-	-	169,845	
Unassigned	497,164	-	-	497,164	
Total Fund Balances	$	673,336	$	2,468,777	$	1,211	$	3,143,324	
	
Total Liabilities & Fund Balance	$	712,855	$	2,468,777	$	469,635	$	3,651,267	

VillaMar	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Special Assessments - Tax Roll	$	984,004	$	984,004	$	981,575	$	(2,429)	
Special Assessments - Direct	71,847	71,847	53,883	(17,964)	
Interest Income	-	-	6,940	6,940	
Miscellaneous Revenue	-	-	4,168	4,168	

Total Revenues	$	1,055,851	$	1,055,851	$	1,046,566	$	(9,285)	
Expenditures:					
General & Administrative:					
Supervisor Fees	$	12,000	$	8,000	$	2,200	$	5,800	
Engineering	7,500	5,000	-	5,000	
Attorney	30,000	20,000	11,027	8,973	
Annual Audit	5,600	5,600	7,100	(1,500)	
Assessment Administration	10,000	10,000	10,000	-	
Bond Amortization Filing	-	-	3,500	(3,500)	
Arbitrage	2,700	1,800	1,800	-	
Dissemination	10,000	6,667	6,667	0	
Trustee Fees	29,800	15,301	15,301	-	
Management Fees	44,625	29,750	29,750	-	
Information Technology	1,890	1,260	1,260	-	
Website Maintenance	1,260	840	840	-	
Postage & Delivery	3,500	2,333	942	1,392	
Insurance	6,886	6,886	6,408	478	
Printing & Binding	500	333	307	26	
Legal Advertising	10,000	6,667	1,150	5,517	
Other Current Charges	1,500	1,000	411	589	
Office Supplies	500	333	9	325	
Dues, Licenses & Subscriptions	175	175	175	-	
Total General & Administrative	$	178,436	$	121,945	$	98,845	$	23,100	

VillaMar	
Community Development District	
General Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Operations & Maintenance					
Field Expenditures					
Property Insurance	$	18,854	$	18,854	$	14,133	$	4,721	
Field Management	22,500	15,000	15,000	-	
Landscape Maintenance	226,000	150,667	99,320	51,347	
Landscape Replacement	22,500	15,000	2,414	12,587	
Pond Maintenance	32,000	21,333	15,504	5,829	
Streetlights	166,320	110,880	121,293	(10,413)	
Electric	3,000	2,000	2,393	(393)	
Water & Sewer	30,000	20,000	25,207	(5,207)	
Sidewalk & Asphalt Maintenance	2,500	1,667	4,284	(2,618)	
Irrigation Repairs	10,000	6,667	2,971	3,696	
General Repairs & Maintenance	25,000	16,667	12,739	3,927	
Contingency	40,000	26,667	23,501	3,166	
Subtotal Field Expenditures	$	598,674	$	405,401	$	338,759	$	66,642	
Amenity Expenditures					
Amenity - Electric	$	18,000	$	12,000	$	10,215	$	1,785	
Amenity - Water & Sewer	20,000	13,333	8,369	4,965	
Playground & Furniture Lease	35,000	23,333	19,800	3,534	
Internet	3,000	2,000	1,576	424	
Pest Control	660	440	350	90	
Janitorial Services	11,780	7,853	9,185	(1,332)	
Security Services	36,036	24,024	26,227	(2,203)	
Pool Maintenance	34,440	22,960	27,135	(4,175)	
Amenity Access Management	7,500	5,000	5,000	-	
Amenity Repairs & Maintenance	10,000	6,667	5,609	1,058	
Holiday Decorations	10,000	10,000	10,000	-	
Contingency	10,000	10,000	24,466	(14,466)	
Subtotal Amenity Expenditures	$	196,416	$	137,611	$	147,930	$	(10,319)	

Total Expenditures	$	973,526	$	664,956	$	585,534	$	79,423	

Excess (Deficiency) of Revenues over Expen	$	82,325	$	390,895	$	461,033	$	(88,708)	
Other Financing Sources/(Uses):					
Capital Reserve Transfer	$	(82,325)	$	-	$	-	$	-	
Total Other Financing Sources/(Uses)	$	(82,325)	$	-	$	-	$	-	

Net Change in Fund Balance	$	-	$	390,895	$	461,033	$	(88,708)	
					
Fund Balance - Beginning	$	-		$	212,303		
					
Fund Balance - Ending	$	-		$	673,336		

VillaMar	
Community Development District	
Capital Reserve Fund	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Interest Income	$	-	$	-	$	-	$	-	

Total Revenues	$	-	$	-	$	-	$	-	

Expenditures:					
Chair Lift Replacement	$	10,500	$	-	$	-	$	-	
Furniture Replacement	12,500	-	-	-	
Contingency	600	-	-	-	
Total Expenditures	$	23,600	$	-	$	-	$	-	

Excess (Deficiency) of Revenues over Expen	$	(23,600)	$	-	$	-	$	-	

Other Financing Sources/(Uses):

Capital Reserve Transfer	$	82,325	$	-	$	-	$	-	

Total Other Financing Sources/(Uses)	$	82,325	$	-	$	-	$	-	

Net Change in Fund Balance	$	58,725	$	-	$	-	$	-	
					
Fund Balance - Beginning	$	39,350		$	-		
					
Fund Balance - Ending	$	98,075		$	-		

VillaMar	
Community Development District	
Debt Service Fund Series 2019 A1	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Special Assessments - Tax Roll	$	403,763	$	403,763	$	402,629	$	(1,133)	
Interest Income	-	-	11,317	11,317	

Total Revenues	$	403,763	$	403,763	$	413,947	$	10,184	

Expenditures:					
Interest - 11/1	$	140,338	$	140,338	$	140,338	$	-	
Interest - 5/1	140,338	140,338	140,338	-	
Principal - 5/1	125,000	125,000	125,000	-	
Total Expenditures	$	405,675	$	405,675	$	405,675	$	-	

Excess (Deficiency) of Revenues over Expen	$	(1,913)	$	(1,913)	$	8,272	$	10,184	

Net Change in Fund Balance	$	(1,913)	$	(1,913)	$	8,272	$	10,184	
					
Fund Balance - Beginning	$	183,440		$	393,180		
					
Fund Balance - Ending	$	181,528		$	401,452		

VillaMar	
Community Development District	
Debt Service Fund Series 2020 A2	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Special Assessments - Tax Roll	$	369,050	$	369,050	$	368,015	$	(1,035)	
Interest Income	-	-	10,209	10,209	

Total Revenues	$	369,050	$	369,050	$	378,224	$	9,174	

Expenditures:					
Interest - 11/1	$	115,816	$	115,816	$	115,816	$	-	
Interest - 5/1	115,816	115,816	115,816	-	
Principal - 5/1	135,000	135,000	135,000	-	
Total Expenditures	$	366,631	$	366,631	$	366,631	$	-	

Excess (Deficiency) of Revenues over Expen	$	2,419	$	2,419	$	11,593	$	9,174	

Net Change in Fund Balance	$	2,419	$	2,419	$	11,593	$	9,174	
					
Fund Balance - Beginning	$	159,690		$	345,569		
					
Fund Balance - Ending	$	162,109		$	357,162		

VillaMar	
Community Development District	
Debt Service Fund Series 2022 A3	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Special Assessments - Tax Roll	$	165,060	$	165,060	$	138,516	$	(26,544)	
Interest Income	-	-	4,760	4,760	

Total Revenues	$	165,060	$	165,060	$	143,276	$	(21,784)	

Expenditures:					
Interest - 11/1	$	44,066	$	44,066	$	44,066	$	-	
Interest - 5/1	43,284	43,284	43,284	-	
Principal - 11/1	50,000	50,000	50,000	-	
Total Expenditures	$	137,350	$	137,350	$	137,350	$	-	

Excess (Deficiency) of Revenues over Expen	$	27,710	$	27,710	$	5,926	$	(21,784)	

Net Change in Fund Balance	$	27,710	$	27,710	$	5,926	$	(21,784)	
					
Fund Balance - Beginning	$	66,015		$	199,180		
					
Fund Balance - Ending	$	93,725		$	205,106		

VillaMar	
Community Development District	
Debt Service Fund Series 2022 A4	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Revenues:					
Special Assessments - Tax Roll	$	249,825	$	249,825	$	249,125	$	(700)	
Interest Income	-	-	7,002	7,002	

Total Revenues	$	249,825	$	249,825	$	256,127	$	6,302	

Expenditures:					
Interest - 11/1	$	82,025	$	82,025	$	82,025	$	-	
Interest - 5/1	82,025	82,025	82,025	-	
Principal - 5/1	85,000	85,000	85,000	-	
Total Expenditures	$	249,050	$	249,050	$	249,050	$	-	

Excess (Deficiency) of Revenues over Expen	$	775	$	775	$	7,077	$	6,302	

Net Change in Fund Balance	$	775	$	775	$	7,077	$	6,302	
					
Fund Balance - Beginning	$	114,869		$	239,787		
					
Fund Balance - Ending	$	115,644		$	246,865		

VillaMar	
Community Development District	
Debt Service Fund Series 2023 A5	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Adopted	Prorated Budget	Actual		

` Revenues:	Budget	Thru 05/31/25	Thru 05/31/25	Variance	
Special Assessments - Direct	$	553,728	$	536,594	$	536,594	$	-	
Prepayments	-	-	184,692	184,692	
Interest Income	-	-	16,214	16,214	

Total Revenues	$	553,728	$	536,594	$	737,499	$	200,905	

Expenditures:					
Interest - 11/1	$	219,934	$	219,934	$	217,656	$	2,278	
Special Call - 11/1	-	-	140,000	(140,000)	
Interest 2/1	-	-	713	(713)	
Special Call - 2/1	-	-	50,000	(50,000)	
Interest - 5/1	219,934	219,934	212,344	7,591	
Principal - 5/1	115,000	115,000	110,000	5,000	
Special Call - 5/1	-	-	80,000	(80,000)	
Total Expenditures	$	554,869	$	554,869	$	810,713	$	(255,844)	

Excess (Deficiency) of Revenues over Expen	$	(1,141)	$	(18,275)	$	(73,213)	$	(54,939)	

Net Change in Fund Balance	$	(1,141)	$	(18,275)	$	(73,213)	$	(54,939)	
					
Fund Balance - Beginning	$	336,869		$	679,156		
					
Fund Balance - Ending	$	335,728		$	605,943		

VillaMar	
Community Development District	
Debt Service Fund Series 2024 A6	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

Adopted	Prorated Budget	Actual		
Budget	Thru 05/31/25	Thru 05/31/25	Variance	

Revenues:					
Special Assessments - Direct	$	603,000	$	364,816	$	364,816	$	-	
Interest Income	-	-	20,406	20,406	

Total Revenues	$	603,000	$	364,816	$	385,222	$	20,406	

Expenditures:					
Interest - 11/1	$	240,659	$	240,659	$	240,659	$	-	
Interest - 5/1	240,659	240,659	240,659	-	
Principal - 5/1	120,000	120,000	120,000	-	
Total Expenditures	$	601,319	$	601,319	$	601,319	$	-	

Excess (Deficiency) of Revenues over Expen	$	1,681	$	(236,503)	$	(216,097)	$	20,406	

Net Change in Fund Balance	$	1,681	$	(236,503)	$	(216,097)	$	20,406	
					
Fund Balance - Beginning	$	343,608		$	868,346		
					
Fund Balance - Ending	$	345,289		$	652,249		

VillaMar	
Community Development District	
Combined Capital Project Funds	
Statement of Revenues, Expenditures, and Changes in Fund Balance	
For The Period Ending May 31, 2025	

	Series	Series	Series	Series	Series	Series		
	2019 A1	2020 A2	2022 A3	2022 A4	2023 A5	2024 A6	Total	
Revenues								
Developer Contributions	$	-	$	-	$	17,063	$	-	$	90,420	$	1,990,328	$	2,097,811	
Interest Income	1	-	0	-	949	81	1,031	
Total Revenues	$	1	$	-	$	17,063	$	-	$	91,369	$	1,990,409	$	2,098,842	

Expenditures:								
Bank Fees	$	609	$	-	$	-	$	-	$	-	$	-	$	609	
Capital Outlay	301	-	17,063	-	365,479	1,646,506	2,029,349	
Total Expenditures	$	910	$	-	$	17,063	$	-	$	365,479	$	1,646,506	$	2,029,958	

Excess (Deficiency) of Rev. over Exp.	$	(908)	$	-	$	0	$	-	$	(274,110)	$	343,903	$	68,885	

Net Change in Fund Balance	$	(908)	$	-	$	0	$	-	$	(274,110)	$	343,903	$	68,885	
								
Fund Balance - Beginning	$	1,339	$	-	$	9	$	-	$	274,110	$	(343,131)	$	(67,674)	
								
Fund Balance - Ending	$	431	$	-	$	9	$	-	$	0	$	771	$	1,211	

1	2	3	4	5	6	7	8	9	10	11	12	
				VillaMar						
			Community Development District						
			Month to Month						

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

Revenues:														
Special Assessments - Tax Roll	$	-	$	24,316	$  926,520	$	7,560	$	11,908	$	2,699	$	7,534	$	953	$	-	$	85	$	-	$	-	$	981,575	
Special Assessments - Direct	-	-	35,922	-	-	-	17,961	-	-	-	-	-	53,883	
Interest Income	-	-	-	-	497	1,916	2,036	2,491	-	-	-	-	6,940	
Miscellaneous Revenue	30	4,108	-	-	30	-	-	-	-	-	-	-	4,168	

Total Revenues	$	30	$  28,424	$ 962,442	$	7,560	$  12,435	$	4,615	$  27,531	$	3,444	$	-	$	85	$	-	$	-	$ 1,046,566	

Expenditures:														
General & Administrative:														
Supervisor Fees	$	-	$	-	$	1,000	$	-	$	-	$	600	$	-	$	600	$	-	$	-	$	-	$	-	$	2,200	
Engineering	-	-	-	-	-	-	-	-	-	-	-	-	-	
Attorney	1,048	117	2,009	831	1,110	2,354	555	3,004	-	-	-	-	11,027	
Annual Audit	-	-	-	-	-	-	1,000	6,100	-	-	-	-	7,100	
Assessment Administration	10,000	-	-	-	-	-	-	-	-	-	-	-	10,000	
Bond Amortization Filing	3,000	-	-	-	250	-	250	-	-	-	-	-	3,500	
Arbitrage	-	-	-	-	450	450	-	900	-	-	-	-	1,800	
Dissemination	833	833	833	833	833	833	833	833	-	-	-	-	6,667	
Trustee Fees	-	-	4,041	-	4,256	-	7,004	-	-	-	-	-	15,301	
Management Fees	3,719	3,719	3,719	3,719	3,719	3,719	3,719	3,719	-	-	-	-	29,750	
Information Technology	158	158	158	158	158	158	158	158	-	-	-	-	1,260	
Website Maintenance	105	105	105	105	105	105	105	105	-	-	-	-	840	
Postage & Delivery	113	42	93	452	40	203	-	-	-	-	-	-	942	
Insurance	6,408	-	-	-	-	-	-	-	-	-	-	-	6,408	
Printing & Binding	16	-	-	-	-	67	99	126	-	-	-	-	307	
Legal Advertising	-	-	-	-	-	-	-	1,150	-	-	-	-	1,150	
Other Current Charges	41	41	69	42	44	80	49	45	-	-	-	-	411	
Office Supplies	1	0	0	2	0	0	3	1	-	-	-	-	9	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total General & Administrative	$	25,617	$	5,015	$  12,025	$	6,140	$  10,966	$	8,568	$  13,774	$  16,740	$	-	$	-	$	-	$	-	$	98,845	

VillaMar	
Community Development District	
Month to Month	

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

Operations & Maintenance

Field Expenditures														
Property Insurance	$	14,133	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	14,133	
Field Management	1,875	1,875	1,875	1,875	1,875	1,875	1,875	1,875	-	-	-	-	15,000	
Landscape Maintenance	12,415	12,415	12,415	12,415	12,415	12,415	12,415	12,415	-	-	-	-	99,320	
Landscape Replacement	1,714	-	-	-	700	-	-	-	-	-	-	-	2,414	
Pond Maintenance	1,938	1,938	1,938	1,938	1,938	1,938	1,938	1,938	-	-	-	-	15,504	
Streetlights	15,645	17,627	14,956	13,741	13,741	15,192	15,192	15,200	-	-	-	-	121,293	
Electric	229	220	266	278	320	350	426	304	-	-	-	-	2,393	
Water & Sewer	6,161	2,252	2,296	6,775	1,589	2,154	1,981	2,000	-	-	-	-	25,207	
Sidewalk & Asphalt Maintenance	-	-	-	-	-	4,284	-	-	-	-	-	-	4,284	
Irrigation Repairs	178	-	-	170	130	2,405	88	-	-	-	-	-	2,971	
General Repairs & Maintenance	972	4,771	3,816	-	2,580	-	600	-	-	-	-	-	12,739	
Contingency	7,175	-	7,476	2,650	2,450	400	-	3,350	-	-	-	-	23,501	

Subtotal Field Expenditures	$	62,434	$  41,097	$  45,038	$  39,842	$  37,738	$  41,013	$  34,515	$  37,082	$	-	$	-	$	-	$	-	$  338,759	

Amenity Expenditures														
Amenity - Electric	$	911	$	1,500	$	1,500	$	1,500	$	1,000	$	1,500	$	1,065	$	1,239	$	-	$	-	$	-	$	-	$	10,215	
Amenity - Water & Sewer	591	1,271	1,291	1,543	1,077	931	815	850	-	-	-	-	8,369	
Playground & Furniture Lease	2,475	2,475	2,475	2,475	2,475	2,475	2,475	2,475	-	-	-	-	19,800	
Internet	189	189	189	189	189	210	210	210	-	-	-	-	1,576	
Pest Control	50	50	50	50	50	50	50	-	-	-	-	-	350	
Janitorial Services	2,595	850	1,490	850	850	850	850	850	-	-	-	-	9,185	
Security Services	3,071	3,255	3,255	2,486	4,508	3,255	3,027	3,369	-	-	-	-	26,227	
Pool Maintenance	3,405	2,730	3,290	2,730	6,370	2,870	2,870	2,870	-	-	-	-	27,135	
Amenity Access Management	625	625	625	625	625	625	625	625	-	-	-	-	5,000	
Amenity Repairs & Maintenance	477	-	2,355	-	210	1,535	220	811	-	-	-	-	5,609	
Holiday Decorations	-	-	10,000	-	-	-	-	-	-	-	-	-	10,000	
Contingency	4,357	-	-	-	10,149	-	-	9,960	-	-	-	-	24,466	

Subtotal Amenity Expenditures	$	18,746	$  12,945	$  26,519	$  12,448	$  27,502	$  14,302	$  12,207	$  23,259	$	-	$	-	$	-	$	-	$  147,930	

Total Expenditures	$ 106,797	$  59,057	$  83,582	$  58,430	$  76,206	$  63,883	$  60,496	$  77,081	$	-	$	-	$	-	$	-	$  585,534	

Total Expenditures & Other Financing Use	$ 106,797	$  59,057	$  83,582	$  58,430	$  76,206	$  63,883	$  60,496	$  77,081	$	-	$	-	$	-	$	-	$  585,534	

Net Change in Fund Balance	$ (106,767)	$ (30,633)	$ 878,860	$ (50,870)	$ (63,771)	$ (59,268)	$ (32,965)	$ (73,637)	$	-	$	85	$	-	$	-	$  461,033	

VillaMar
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts - Polk County Fiscal Year 2025

Gross Assessments	$	1,058,062	$	434,152	$	396,828	$	149,361	$	268,630	$	578,605	$	2,885,638	
Net Assessments	$	983,998	$	403,761	$	369,050	$	138,905	$	249,826	$	538,103	$	2,683,643	

ON ROLL ASSESSMENTS

37%	15%	14%	5%	9%	20%	100.00%

Date	
Gross Amount	(Discount)/
Penalty	
Commissions	Interest/
(P. Appraiser)	Net Receipts	
O&M Portion	Series 2019
Debt Service	Series 2020 Debt
Service	Series 2022 PH3
Debt Service	Series 2022 PH4
Debt Service	Series 2023 Debt
Service	Total	

11/12/24	
$	5,350	
$	250	
$	102	
$	-	$	4,998	
$	1,809	
$	758	
$	693	
$	261	
$	469	
$	1,010  $	4,999	
11/15/24	9,829	393	189	-	9,247	3,560	1,351	1,235	465	836	1,801	9,247	
11/19/24	26,504	1,032	509	-	24,962	9,676	3,631	3,319	1,249	2,247	4,840	24,962	
11/26/24	55,061	2,202	1,057	-	51,801	19,937	7,570	6,919	2,604	4,684	10,088	51,801	
11/30/24	-	-	-	(28,856)	(28,856)	(10,581)	(4,341)	(3,968)	(1,494)	(2,686)	(5,786)	(28,856)	
12/06/25	819,721	32,762	15,739	-	771,220	282,920	115,999	106,026	39,907	71,774	154,594	771,220	
12/20/25	1,507,540	60,463	28,942	-	1,418,135	520,500	213,239	194,907	73,360	131,941	284,189	1,418,135	
12/27/25	362,240	14,081	6,963	-	341,196	123,100	51,810	47,356	17,824	32,057	69,048	341,196	
01/10/25	22,047	661	428	-	20,958	7,560	3,183	2,909	1,095	1,969	4,242	20,958	
02/03/25	-	-	-	4,084	4,084	1,497	614	562	211	380	819	4,084	
02/10/25	28,880	565	566	-	27,749	10,411	4,119	3,765	1,417	2,549	5,489	27,749	
03/07/25	7,688	63	153	-	7,473	2,699	1,134	1,037	390	702	1,511	7,473	
04/11/25	21,185	-	424	-	20,761	7,440	3,165	2,892	1,089	1,958	4,217	20,761	
04/30/25	-	-	-	94	94	94	-	-	-	-	-	94	
05/11/25	2,687	-	54	-	2,633	953	399	365	137	247	532	2,633	
TOTAL	$	2,868,731	$	112,473	$	55,125	$	(24,678) $	2,676,455	$	981,575	$	402,629	$	368,015	$	138,516	$	249,125	$	536,594 $	2,676,455	

$

99.73%
7,188

Net Percent Collected
Balance Remaining to Collect

SERIES 2019, SPECIAL ASSESSMENT REVENUE BONDS AREA 1	
TERM 1	3.750%	$510,000.00	May 1, 2024	
TERM 2	4.00%	$750,000.00	May 1, 2029	
TERM 3	4.63%	$2,105,000.00	May 1, 2039	
TERM 4

RESERVE FUND DEFI RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: PRINCIPAL PAY LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: PRINCIPAL PAY LESS: SPECIAL CALL LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY	4.875%

NITION	50% M UIREMENT
ANCE

G - 06/25/19
- 08/01/20
- 11/1/20
- 2/1/21
MENT - 5/1/21
- 5/1/21
- 8/1/21
- 11/1/21
MENT - 5/1/22
- 11/1/22
MENT - 5/1/23 MENT - 5/1/24 MENT - 5/1/25	$3,815,000.00

AXIMUM ANNUAL DEBT SERV
$20
$20	May 1, 2050

ICE 1,917
3,278

$7,180,000 ($290,000) ($280,000) ($45,000) ($110,000) ($30,000)
($65,000)
($20,000) ($110,000) ($20,000) ($115,000) ($120,000) ($125,000)	
CURRENT BONDS OUTSTANDING	$5,850,000	

SERIES 2020, SPECIAL ASSESSMENT REVENUE BONDS AREA 2	
TERM 1	2.625%	$525,000.00	May 1, 2025	
TERM 2	3.20%	$750,000.00	May 1, 2030	
TERM 3	3.75%	$1,965,000.00	May 1, 2040	
TERM 4

RESERVE FUND DEFI RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY	4.000%

NITION	50% M UIREMENT
ANCE

G - 11/24/20 MENT - 5/1/22 MENT - 5/1/23 MENT - 5/1/24 MENT - 5/1/25	$3,260,000.00

AXIMUM ANNUAL DEBT SERV
$18
$18	May 1, 2051

ICE 4,450
4,450

$6,500,000 ($125,000) ($130,000) ($135,000) ($135,000)	
CURRENT BONDS OUTSTANDING	$5,975,000	

SERIES 2022, SPECIAL ASSESSMENT REVENUE BONDS AREA 3	
TERM 1	3.125%	$415,000.00	November 1, 2027	
TERM 2	3.50%	$370,000.00	November 1, 2032	
TERM 3

RESERVE FUND DEFI RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: PRINCIPAL PAY LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: PRINCIPAL PAY LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: PRINCIPAL PAY	4.00%

NITION	50% M UIREMENT
ANCE

G - 03/18/22 MENT - 11/1/22
- 5/1/23
- 5/1/23
MENT - 11/1/23
- 11/1/23
- 2/1/24
- 5/1/24
- 8/1/24
MENT - 11/1/24	$2,255,000.00

AXIMUM ANNUAL DEBT SERV
$
$	November 1, 2051

ICE 77,500
69,338

$3,040,000 ($100,000) ($50,000)
($85,000)
($60,000) ($190,000) ($80,000) ($135,000) ($55,000)
($50,000)	
CURRENT BONDS OUTSTANDING	$2,235,000	

SERIES 2022, SPECIAL ASSESSMENT REVENUE BONDS AREA 4	

TERM 1	
3.250%	
$425,000.00	
May 1, 2027	
TERM 2	3.63%	$505,000.00	May 1, 2032	
TERM 3	4.00%	$1,340,000.00	May 1, 2042	
TERM 4

RESERVE FUND DEFI RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY LESS: PRINCIPAL PAY	4.125%

NITION	50% M UIREMENT
ANCE

G - 03/18/22 MENT - 5/1/23 MENT - 5/1/24 MENT - 5/1/25	$2,025,000.00

AXIMUM ANNUAL DEBT SERV
$12
$12	May 1, 2052

ICE 4,913
4,327

$4,295,000 ($80,000)
($80,000)
($85,000)	
CURRENT BONDS OUTSTANDING	$4,050,000	

SERIES 2023, SPECIAL ASSESSMENT REVENUE BONDS AREA 5	

TERM 1	
4.875%	
$885,000.00	
May 1, 2030	
TERM 2	5.63%	$2,860,000.00	May 1, 2043	
TERM 3

RESERVE FUND DEFI RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: PRINCIPAL PAY LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: SPECIAL CALL LESS: PRINCIPAL PAY LESS: SPECIAL CALL	5.75%

NITION	MAXIM UIREMENT
ANCE

G - 06/15/23 MENT - 5/1/24
- 8/1/24
- 11/1/24
- 2/1/25
MENT - 5/1/25
- 2/1/25	$4,195,000.00

UM ANNUAL DEBT SERVICE
$55
$26	May 1, 2053

3,728
4,480

$7,940,000 ($110,000) ($80,000) ($140,000) ($50,000) ($110,000) ($80,000)	
CURRENT BONDS OUTSTANDING	$7,370,000	

SERIES 2024, SPECIAL ASSESSMENT REVENUE BONDS AREA 6	

TERM 1	
4.625%	
$985,000.00	
May 1, 2031	
TERM 2	5.50%	$3,140,000.00	May 1, 2044	
TERM 3

RESERVE FUND DEFI

RESERVE FUND REQ RESERVE FUND BAL

BONDS OUTSTANDIN LESS: PRINCIPAL PAY	5.75%

NITION	LESSER
MAD
125%
10%

UIREMENT ANCE

G - 03/31/24 MENT - 5/1/25	$4,575,000.00

OF:
S
Avg Annual DS of Origina l Issue

$60
$60	May 1, 2054

3,000
3,000

$8,700,000 ($120,000)	
CURRENT BONDS OUTSTANDING	$8,580,000