North River Ranch Improvement Stewardship District
3501 Quadrangle Boulevard, Suite 270, Orlando, FL 32817
Phone 407-723-5900; Fax 407-723-5901
http://northriverranchisd.com/

The following is the agenda for the continued meeting of the Board of Supervisors for the North River Ranch Improvement Stewardship District scheduled to be held January 11, 2023, at 1:00 P.M. at 8141 Lakewood Main Street, Bradenton, FL 34202. The following is the proposed agenda for this meeting.

If you would like to attend the Board Meeting by phone, you may do so by dialing:

Phone:	1-844-621-3956
Participant Code:	790 562 990 #

BOARD OF SUPERVISORS’ MEETING AGENDA

Administrative Matters
Call to Order
Roll Call to Confirm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Board]
Consideration of the Minutes of the December 14, 2022, Board of Supervisors’ Meeting

Business Matters
Consideration of Resolution 2023-11, Bring Down Assessment Resolution (provided under separate cover)
Consideration of Agreement with Amerritt, Inc for North River Ranch Phase IV-CI (257 lots)
Review and Acceptance of the Arbitrage Rebate & Yield Restriction Compliance Analysis
Consideration of Change Order No. 1 Under Work Authorization No. 3
Ratification of Payment Authorizations Nos. 006 – 009
Ratification of Funding Requests Nos. 161 – 190

Other Business Staff Reports
District Counsel District Engineer District Manager Lifestyle Manager

Supervisor Requests and Audience Comments Adjournment

North River Ranch Improvement Stewardship District

Minutes of the December 14, 2022, Board of Supervisors’ Meeting

MINUTES OF MEETING

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT BOARD OF SUPERVISORS’ MEETING MINUTES
Wednesday, November 9, 2022, at 1:00 p.m. 8141 Lakewood Main Street,
Bradenton, FL 34202
Board Members present via phone or in person: Pete Williams	Chair

Janice Snow John Leinaweaver Dale Weidemiller John Blakley

Vice Chair Assistant Secretary Assistant Secretary Assistant Secretary

(via phone)

Also present via phone or in person:

Venessa Ripoll Jorge Jimenez Amanda Lane Kevin Plenzler Johnathan Johnson Rob Engel
Tom Panaseny Jim Schier

PFM Group Consulting LLC – District Manager PFM Group Consulting LLC – ADM
PFM Group Consulting LLC – District Accountant PFM Financial Advisors LLC
Kutak Rock LLP- District Counsel District Engineer
Neal Communities Neal Communities

(via phone) (via phone)

(via phone)

John McKay	J.H. McKay LLC
Chris Fisher	Clearview Land
Sete Zare	MBS Capital
Sara Warren	Brynt, Miller, Olive

(via phone) (via phone)

FIRST ORDER OF BUSINESS	Administrative Matters

Call to Order and Roll Call

The Board of Supervisors’ Meeting for North River Ranch ISD was called to order at 1:06 p.m. Ms. Ripoll proceeded with roll call and confirmed quorum to proceed with the meeting. Those in attendance are outlined above either in person or via speakerphone.

Public Comment Period

There were no public comments

Consideration of the Minutes of the November 8, 2022, Landowners’ Election Meeting

The Board reviewed the Minutes of the November 8, 2022 Landowners’ Eelction Meeting.

ON MOTION by Mr. Wiliams, seconded by Mr. Blakley, with all in favor, the Board approved the November 8, 2022 Landowners’ Eelction Meeting.

Consideration of the Minutes of the November 9, 2022, Board of Supervisors’ Meeting

The Board reviewed the Minutes of the November 9, 2022 Board of Supervisors’ Meeting.

ON MOTION by Mr. Wiliams, seconded by Mr. Weidemiller, with all in favor, the Board approved the November 9, 2022 Board of Supervisors’ Meeting.

Consideration of the Minutes of the November 22, 2022, Continued Board of Supervisors’ Meeting

The Board reviewed the Minutes of the November 22, 2022 Continued Board of Supervisors’ Meeting.

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board approved the November 22, 2022 Continued Board of Supervisors’ Meeting.

Consideration of Resolution 2023-12, Canvassing and Certifying the Results of the Landowners’ Election

ON MOTION by Mr. Williams, seconded by Mr. Leinaweaver, with all in favor, the Board approved Resolution 2023-12, Canvassing and Certifying the Results of the Landowners’ Election.

Consideration	of	Resolution	2023-13, Election of Officers

The current slate will remain as is.

ON MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved Resolution Resolution 2023-13, Election of Officers with Pete Williams as Chair, Janice Snow as Vice Chair, Vivian Carvalho as Secretary, Venessa Ripoll, Dale Weidemiller, John Blakley, and John Leinaweaver as Assistant Secretaries, Jennifer Glasgow as Treasurer, and Amanda Lane as Assistant Treasurer.

SECOND ORDER OF BUSINESS	Business Matters

Consideration of Resolution 2023-11, Bring Down Assessment Resolution

This item was put on hold until the January meeting.

Consideration of the Supplemental Engineer’s Report (Phases I, II, III & IV-C – IV-F)

Mr. Fisher gave a brief overview of the Engineer’s Report. The report includes master infrastructure for the district with the extension improvement for the NRR trail as well as the construction for the main amenity center. The residential portion is planned for 639 units, there is an estimated $51,000,000 in construction costs. The improvements will include sanitary sewer, portable water, reclaimed water, public roadways, stormwater drainage facilities, public recreration facilities, and power and street lights. All of the public utilities and public roadways will be turned over to Manatee County with the exception of some alleyways located in Phase 4E and 4F. The current construction includes the Fordhammer Road extension, NRR trail, and Phase 4 C1 with the amenity center staring construction soon. There was an error noticed in the legal description in the Engineer’s Report that has since been fixed.

ON MOTION by Mr. Weidemiller, seconded by Mr. Williams, with all in favor, the Board approved the Supplemental Engineer’s Report (Phases I, II, III & IV-C – IV-F).

Consideration of the Supplemental Assessment Methodology Report (Phases I, II, III & IV-C – IV-F)

Mr. Plenzler gave a brief overview of the Methodology Report. Tables 1 - 3 in the report are consistent with the Engineer’s Report. Table 4 details the preliminary bond totals of just over
$54,600,000. Tables 5 – 7 detail the allocation of principle and annual assessments associated with the lots that will be benefitting from the improvement.

ON MOTION by Mr. Williams, seconded by Mr. Ludmerer, with all in favor, the Board approved the Supplemental Assessment Methodology Report (Phases I, II, III & IV-C – IV-F).

Consideration of the Legal Description (Phases I, II, III & IV-C – IV-F)

This item was tabled.

Consideration of Resolution 2023-14, Bond Delegation Award Resolution (Phases I, II, III & IV-C – IV-F)
Exhibit A: Form of Supplemental Trust Indenture
Exhibit	B:	Form	of	Purchase Agreement
Exhibit	C:	Preliminary	Limited Offering Memorandum
Exhibit	D:	Form	of	Continuing Disclosure Agreement

Ms. Warren gave a brief explanation of the resolution, explaining the authorization of aggregate principal amount not to exceed $55,000,000 of special assessment revenue bonds of the NRR Tract Project. She explained the sections attached to the resolution.

ON MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved Resolution 2023-14, Bond Delegation Award Resolution (Phases I, II, III & IV-C – IV-F).

A resident had a question regarding the concerns of the algae in the pond close to her house, the Board stated that it would be discussed later in the meeting.

Review and Consideration of Pest Control Proposal

Ms. Ripoll stated that the proposal given was listed at $400. Mr. Williams will find out when the next time they will be treating the landscape for pests. Mr. Williams stated that this process would

be counter-productive and the current pest control company will be contacted. Mr. Jimenez explained that there was a specific resident that called in requesting this pest control service. Ms. Snow will contact Sunrise Landscaping. There was no further action required by the Board at this time.

Consideration of Change Order No. 4 for Morgan’s Glen Phases IC & IIB

Mr. Panaseny and Mr. Engel gave a brief explanation of the change order concerning the gravity wall being built incorrectly and seeking partial or complete compensation.

ON MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved Change Order No. 4 for Morgan’s Glen Phases IC & IIB.

Consideration of Change Order No. 7 Under Work Authorization No. 1

Mr. Engel explained that this change order is for authorization of Stantech to create the Engineer’s Report for the Phase 2 Series 2022 Bond Issue.

ON MOTION by Mr. Weidemiller, seconded by Mr. Leinaweaver , with all in favor, the Board approved Change Order No. 4 for Morgan’s Glen Phases IC & IIB.

Ratification of Payment Authorization No. 002 - 005

ON MOTION by Mr. Weidemiller, seconded by Mr. Leinaweaver, with all in favor, the Board ratified payment authorization No. 002 - 005

Ratification of Funding Request No. 143- 160

ON MOTION by Mr. Weidemiller, seconded by Ms. Snow, with all in favor, the Board ratified the Funding Request No. 143 - 160.

THIRD ORDER OF BUSINESS		Other Business Staff Reports
District Counsel – No report

District Engineer – No report

District Manager – Ms. Ripoll provided the MBS Capital Markets Supplement to Investment Banking Agreement to the Board for review.

ON MOTION by Mr. Williams, seconded by Mr. Weidemiller, with all in favor, the Board approved the MBS Capital Markets Supplement to Investment Banking Agreement.

Ms. Zare asked Ms. Ripoll if they can go back and review Resolution 2023-14 so that the not to exceed amount could be changed to $58,000,000.

ON MOTION by Mr. Williams, seconded by Ms. Snow, with all in favor, the Board approved to amend Resoluation 2023-14 for the not to exceed amount be changed to $58,000,000.

Ms. Snow explained that she believes that the current non-resident price for use of District amenities is unfair to residents. Ms. Ripoll asked that a Public Hearing be set for the February meeting to discuss the change to the rules. It was suggested that the non-resident fee should exceed the highest amount of the resident CDD O&M and bond payment paid annually.

ON MOTION by Mr. Williams, seconded by Mr. Ludmerer, with all in favor, the Board approved holding a public hearing and amending the non-resident user fees.

Mr. Williams spoke about the issues with the ponds, stating that the ponds are being regularly treated for pests and algae. Residents expressed their concern regarding the status of the ponds. There was a lengthy discussion between the residents concerned about the algae and the Board. The Board agreed to investigate methods to address the concerns of the residents.

Audience	Comments	and	Supervisor Requests

There were no audience comments or supervisor requests.

FOURTH ORDER OF BUSINESS	Adjournment

There were no other questions or comments.

ON MOTION by Mr. Weidemiller, seconded by Mr. Blakley, with all in favor, the December 14, 2022 Board of Supervisor’s Meeting for the North River Ranch Improvement Stewardship District was adjourned at 1:54 p.m.

Secretary / Assistant Secretary	Chairperson / Vice Chairperson

North River Ranch Improvement Stewardship District

Resolution 2023-11,
Bring Down Assessment Resolution
(provided under separate cover)

North River Ranch Improvement Stewardship District

Agreement with Amerritt, Inc. for North River Ranch Phase IV-CI (257 lots)

	AMERRITT,  Inc.		
	LAND SURVEYING & MAPPING		
Arthur W. Merritt	3010 West Azeele Street	Phone: (813) 221-5200	
Florida Registered Professional Land Surveyor	Suite 150
Tampa, Florida 33609	Email: ArtM@Amerrittinc.com	

December 16, 2022			

North River Ranch Improvement Stewardship District c/o PFM Group Consulting LLC
3501 Quadrangle Boulevard, Suite 270
Orlando, Florida 32817

RE:	NORTH RIVER RANCH PHASE IV-C1	(257 LOTS)

Dear Ms. Amanda Lane:

Submitted herewith is a proposal and agreement (collectively, the “Contract”) for AMERRITT, INC., a Florida corporation (the “AMI”) to prepare a record plat for the undersigned client (the “Client”), relative to the above-referenced project (the “Project”), subject to the terms and conditions set forth in this Contract, and in accordance with applicable local governmental requirements and Chapter 177, Florida Statutes (“Florida Plat Law”).

AMI’s proposed scope of services under this Contract, and quoted fees for such services are based on, and subject to, the following assumptions, terms and conditions:

RECORD PLAT SERVICES:

Boundary Survey:	Project No. AMI-NLV-NRR-013

Prepare, or caused to be prepared a boundary survey for the property to be platted, based on the Florida State Plane Coordinate System of 1983, and in accordance with the Minimum Technical Standards set forth in Chapter 5J-17 et seq., Florida Administrative Code, as required for the plat submittal process.

Provide the appropriate Certified Corner Records related to the Section or Sections that the property lies within or tied to, as needed for the plat review process.

Provide the appropriate Traverse notes or GPS Reports related to establishing the Project in the Florida State Plane Coordinate System as stated above, as needed for the plat review process

Provide four (4) Benchmarks as required, to be shown and labeled on the plat

Lump Sum = $ 7,000.00

Plat:	Project No. AMI-NLV-NRR-014

Prepare a plat in accordance with Florida Plat Law, and applicable local governmental requirements. Services shall also include the review of the current Property Information Report (the “P.I.R.”), the review of the Manatee County plat review comments, and the appropriate revisions to the plat to satisfy client and plat review comments. Hard copy of P.I.R. and supporting documents shall be provided to AMI if requested.

It is recognized that the processing of the plat through the Manatee County plat review process is specifically not included in this contract. However, those parts of the necessary required documentation, such as the plat document itself, plat review check list, lot closure reports, etc. shall be supplied by AMI for the plat submittal process. It is understood that Clearview Land Design, P.L. will be handling the processing of the plat under separate contract.

Coordinate with Client, Client’s engineers and surveyors, Client’s attorney, title companies and agencies, and any other consultants or contractors of Client and/or AMI, as required, except for those issues involved with the processing of the plats, as previously mentioned and which are outside the Professional Land Surveyor’s expertise or obligation related to the plat review process, such as cost estimates, bonding documentation, etc.

Fees quoted herein include field work necessary for setting all Permanent Reference Monuments (each a “P.R.M.”), as required by Florida Plat Law, one time only at the completion of construction and prior to the recording of the plat; provided that if Client modifies the boundaries of the area to be platted resulting in the P.R.M.s exceeding twenty-three (23) in total number (whether due to replaced, duplicated or additional P.R.M.s), AMI will have the right to increase AMI’s fees accordingly

If the Client chooses to record the plat prior to construction completion, additional field work may be necessary to check or reset disturbed monumentation at the end of construction, which will be billed to Client under the Miscellaneous Services Project Number described in Section 4 below.

Due to the complexities of homeowner’s associations, community development districts, and/or other entities that may have an interest in portions of the lands being platted, and/or certain other conditions or restrictions that may pertain to portions of the lands being platted, the Client shall furnish to AMI (i) the desired plat dedication language (“Plat Dedication Language”), addressing the interested parties or conditions, as applicable, (ii) an ownership and encumbrance report prepared by a title underwriter authorized to do business in the State of Florida, identifying all parties having any interest in the lands to be platted, (iii) a list of those parties required to sign, or join in and consent to, the plat, and (iv) signature blocks and notary blocks for all parties required to sign the plat. AMI shall provide a general initial “DRAFT” of the Plat Dedication Language at the Client’s request to provide initial structure and attention to certain aspects of the plat. The DRAFT is not to be considered final in nature, but is expected to be reviewed and appropriately edited by the Client or the Client’s attorney to its final form.  Any time spent by AMI related to composing,

editing, or revising the Plat Dedication Language, and/or editing, revising or adding the signatures, notary blocks, or joinders and consents, beyond the scope of what is normal and customary and/or after the initial submittal thereof by Client, will be billed to Client under the Miscellaneous Services Project Number described in Section 4 below. AMI shall be entitled to rely on the foregoing information provided by the Client, and shall not be liable for any mistake or omission in such information as provided by Client.

Lump Sum = $ 24,000.00

P.C.P.s and Lot Corners:	Project No. AMI-NLV-NRR-015

Fees quoted herein include field work necessary for setting, at the completion of construction but no later than one (1) year from the date that each plat is recorded, all Permanent Control Points (each a “P.C.P.”), as required by Florida Plat Law and to provide the appropriate certification related thereto.

Fees quoted herein include field work necessary for setting, at the completion of construction but no later than the time period as established in the Florida Plat Law, all lot corners and points of intersection and changes in direction of lines within the plat, which do not require a P.R.M. or a P.C.P., pursuant to Florida Plat Law and to provide the appropriate certification related thereto. Any staking of lot corners prior to construction completion will be billed to Client under the Miscellaneous Services Project Number described in Section 4 below.

Lump Sum = $ 25,500.00.00

Miscellaneous Services:

If “Miscellaneous Services” are needed for additional work that is not covered in this contract, an “Authorization for Work” form, in accordance with Section 5 (c) below, will be prepared and executed for such services.

General Terms:

All fees stated in this Contract shall be payable in monthly installments, based on the percentage of work completed in the month to which the applicable invoice relates, as mutually agreed upon by Client and AMI. Alternatively, if appropriate, fees stated in this Contract shall be payable on an hourly basis at AMI’s prevailing hourly rates for services rendered during the month to which the applicable invoice relates, subject to any limits agreed upon by AMI and Client. Client’s payment of invoices issued by one of the foregoing methods shall evidence the parties’ mutual agreement with respect thereto as to the applicable invoice and statement.

In addition to the fees expressly set forth in Sections 1 through 4 of this Contract, AMI will charge the following fees and costs:

Unless otherwise expressly provided in this Contract, all out-of-pocket expenses incurred by AMI will be billed by AMI at AMI’s cost, which expenses include, without limitation, the cost of: printing; photocopying; long distance telephone calls; postage; overnight delivery fees; courier fees; AMI’s engaging outside consultant or contractor services as contemplated by this Contract, at Client’s direction or with Client’s permission; and AMI’s attendance at meetings (whether requested by Client or deemed necessary by AMI in its reasonable discretion) beyond the scope of that which is normally and customarily involved in the performance of the scope of services described at the beginning of this Contract (as determined by AMI in its reasonable discretion), including tolls and mileage related to associated travel to and from such meetings.

Client shall pay in advance permit fees (if necessary and/or applicable) in the amount of the fee plus fifteen percent (15%).

Client shall pay in advance any fees or other charges imposed upon AMI by its insurance carriers in excess of those necessary to obtain a standard certificate of insurance (including, without limitation, for earmarking of policy coverage to the Project or for a waiver of subrogation).
If AMI elects to advance any sums on Client’s behalf, such fees shall be reimbursed and payable to AMI by Client in addition to the Contract fees and costs stated herein.

Any work or service requested by Client, which is not included in the fees described in Sections 1 through 4 above, shall be performed only after the execution by Client of an “Authorization for Work” form. Fees for such additional work or services shall be billed to Client at AMI’s rates prevailing at the time of the additional service.

Work completed or services performed under this Contract will be billed to Client at the end of each calendar month, and payment as to each invoice and statement shall be due from Client within ten (10) business days from the date of such invoice and statement. Client shall pay the invoice and statement in accordance with the terms of this Contract. If Client fails to make any payment due AMI on or before the date due, then the amount(s) due shall accrue interest at the rate of one and one-half percent (1.5%) per month from the date due through the date paid to AMI.

Additionally, and notwithstanding any other terms or conditions herein to the contrary, in the event any invoice and statement is not timely paid by Client, Client expressly acknowledges and agrees that AMI, in its sole discretion, shall have the right to cease work on the Project and withhold any and all information and Documents (as defined below) concerning the Project until any amounts then due have been paid in full to AMI (with any applicable interest). It is further agreed that AMI shall not be liable for, and Client expressly agrees to, and shall hold AMI harmless from and against, any and all loss or damages resulting from cessation of work and/or withholding of information or Documents concerning the Project.

All rates and fees set forth in this Contract expire and are subject to renegotiation and change by AMI, in its sole discretion, after thirty (30) days from the date set forth on the first page of this Contract, if it has not been accepted by Client prior to the expiration of such 30-day period (evidenced by Client executing and delivering this Contract to AMI).

Unless otherwise expressly agreed to in this Contract, all sketches, tracings, drawings, computations, details, design calculations, permits, and other documents and plans prepared by AMI pursuant to this Contract (collectively, “Documents”) are instruments of service and are the sole and exclusive property of AMI. Client may not use or modify such Documents prepared by AMI, or the principals or employees of AMI (whether prepared on behalf of AMI or any other entity) on other projects or extensions of this Project without the prior written approval of AMI, which may be withheld for any reason, or subject to additional fees or conditions, in AMI’s sole discretion. Notwithstanding any provision in this Contract to the contrary, in the event of a default by Client, including, without limitation, any failure to timely pay amounts due as and when required by this Contract, AMI shall be entitled to exclusive ownership and possession of any and all Documents prepared pursuant to this Contract.In the event this Contract is terminated prior to completion of the work or services described herein, AMI shall be entitled to payment for services performed, plus out-of-pocket expenses incurred, through and including the date of such termination, which obligation of Client shall survive such termination.

Client agrees to, and shall indemnify, defend and hold AMI harmless from and against any claims, liability, damages, penalties and/or costs, including, without limitation, reasonable attorneys’ and paralegals’ fees and costs, incurred by AMI as a result of threatened or actual claims in any form by third parties, including, without limitation, governmental agencies and departments, relating to or arising out of this Contract or the work performed pursuant hereto, except to the extent such claims arise from the gross negligence or intentional misconduct of AMI.

The prevailing party in any action between the parties relating to or arising out of this Contract, including, without limitation, trial, appellate and bankruptcy proceedings, shall be entitled, in addition to any other award, to recovery of its reasonable attorneys’ and paralegals’ fees and costs from the non-prevailing party.

Opinions of probable costs provided by AMI represent AMI’s best judgment but do not constitute a guarantee, as AMI has no control over pricing by third parties.

Client acknowledges and agrees that AMI’s ability and obligation to complete the work and services described herein, including final approval of the plat prior to recordation thereof, may be contingent in part on Client’s agreement to specific requirements or conditions imposed by the applicable local government.

Client acknowledges that the work or services described herein constitutes professional services rendered in connection with specific real property comprising the Project pursuant to Section 713.03, Florida Statutes, for which AMI shall have a lien against the real estate comprising the Project for any money that is owing to AMI under this Contract. In the event improvements are dedicated to public use or otherwise alienated by the Owner, then AMI shall be entitled to a lien on all property abutting said improvements, to the extent permitted by Section 713.04, Florida Statutes.

Client’s execution of this Contract constitutes its authorization of the work herein described. The individual executing this Contract on behalf of Client warrants and represents to AMI as follows: (i) he/she has the requisite power and authority to execute and deliver this agreement on behalf of the Client; (ii) Client is the owner of the property constituting the Project; (iii) Client has the financial wherewithal to pay the fees and costs contemplated under this Contract; and (iv) Client has not filed, voluntarily or involuntarily for bankruptcy relief or receivership, under the laws of the United States Bankruptcy Code, within the past six (6) months and no such bankruptcy petition is contemplated prospectively for Client or its owners.

This Contract may not be assigned by Client without the prior written consent of AMI. The parties agree that this Contract may be executed in counterparts, by fax and/or via PDF format sent via e-mail, all of which, when taken together, shall constitute a single agreement, and shall be binding on the heirs, successors and permitted assigns of the parties. Unless otherwise expressly provided herein, this Contract may not be modified except in writing signed by the parties hereto.

Client’s execution and delivery of this Contract shall constitute a legally binding contract between Client and AMI, which has been made for and in consideration of the mutual covenants described herein, and for other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged by the parties.

[Signature Page Immediately Follows]

If the foregoing meets with your approval, please execute the acceptance below and return one copy for our files. We certainly look forward to working with you on this Project and trust you will find our services satisfactory.

Sincerely,

Arthur W. Merritt, P.L.S. President

ACCEPTED AND AGREED TO BY CLIENT:

NOFITI-1 FIIVEF' FIFINCt-1
IMPFIOVEMENT STEWFIFIDSt-tlP DISTFIICT

By: 	_

Title: 	

Date: 	

AMERRITT,  Inc.
LAND SURVEYING & MAPPING

Attachment  “a”
Fee schedule
(Effective Date: April 15, 2021)

Principal	$190.00/hour

Senior Project Manager	$170.00/hour

Professional Surveyor & Mapper	$130.00/hour

Senior Survey CADD Technician	$120.00/hour

Junior Survey CADD Technician	$ 90.00/hour

Administrative Assistant	$ 60.00/hour

S:\Contracts\North River Ranch - Manatee County\Nealland Ventures\Phase IV-C1 - Plat\North River Ranch Ph IV-C1 - Plat.doc

North River Ranch Improvement Stewardship District

Arbitrage Rebate & Yield Restriction Compliance Analysis

Arbitrage Rebate &
Yield Restriction Compliance Analysis
For the Period of December 11, 2020 to September 30, 2022

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

PFM Asset Management LLC

213 Market Street
Harrisburg, PA 17101

717-232-2723
pfmam.com

December 14, 2022

North River Ranch Improvement Stewardship District 3501 Quadrangle Boulevard, Suite 270
Orlando, FL 32817

RE:	Arbitrage Rebate & Yield Restriction Liability Calculation North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3 Liability for the period of December 11, 2020 to September 30, 2022

PFM Asset Management LLC (“PFMAM”) has completed an arbitrage rebate and yield restriction compliance analysis (the “Report”) for the above-captioned bonds (the “Bonds”) for the above- captioned period (the “Computation Period”). The Report has been prepared in accordance with the applicable sections of the Internal Revenue Code and the related Federal Regulations in effect during the Computation Period and is also based on the assumptions described in the attached “Notes and Computational Information.”

The Report was based on an analysis of existing laws, regulations, and rulings. The Department of the Treasury (“Treasury”) may publish additional regulations and supplement, amend, or interpret such laws, regulations, and rulings from time to time, with the result that the amount of the liability described in the Report may be subject to adjustment under such future pronouncements.

In connection with the preparation of the Report, we performed the following tasks:

Read applicable bond documents.
Recalculated the bond yield and compared and confirmed agreement to the relevant bond documents.
Analyzed investment and expenditure records for the various bond related funds that are subject to the arbitrage rebate and yield restriction requirements.
Evaluated and applied any available exceptions that would reduce the liability on the Bonds.
Calculated the liability with respect to the Gross Proceeds of the Bonds.

The only Gross Proceeds that were treated as subject to the arbitrage rebate and yield restriction requirements with respect to the Bonds were the Gross Proceeds and allocable investments identified in the information provided to undertake the preparation of the Report. Unless specifically addressed herein, no other proceeds or amounts were treated as Gross Proceeds of the Bonds.

With your permission, we have relied entirely on the information provided. No opinion is expressed on any matter other than the extent of the liability set forth below, and we are under no obligation to consider any information obtained by us pursuant to this engagement for any purpose other than determining such liability.

PFM Asset		213 Market Street		717.232.2723	
Management LLC		Harrisburg, PA 17101		www.pfmam.com	

North River Ranch Community Development District
December 14, 2022
Page 2

In our opinion, the computations set forth in the Report are mathematically accurate and were performed in accordance with the applicable sections of the Internal Revenue Code and the related Federal Regulations in effect during the Computation Period. The results of our computations are as follows:

As of the Interim Computation Date of September 30, 2022:

ARBITRAGE REBATE LIABILITY		
Allowable Yield on Investments:	4.312405%	
Aggregate IRR on Investments:	0.005016%	
Excess Yield:	-4.307389%	
Arbitrage Rebate Liability:	$0.00	

YIELD RESTRICTION LIABILITY
Yield Restriction Liability:	

N/A	

As indicated above, the Gross Proceeds of the Bonds have not accrued a liability during the Computation Period.

This letter is intended solely for the information of, and assistance to you, in connection with the determination of the arbitrage and yield restriction liability. It is not to be used, referred to or distributed for any other purpose.

We have no responsibility to update this letter for events and circumstances, including changes in regulations or interpretations thereof, occurring after the date of this letter.

PFM Asset Management LLC

NOTES AND COMPUTATIONAL INFORMATION
General Information

The Dated Date of the Bonds is December 11, 2020.

The Issue Date of the Bonds is December 11, 2020.

The Bonds constitute one issue for federal taxation purposes and are not treated as part of any other issue of governmental obligations.

The end of the first Bond Year with respect to the Bonds is December 11, 2021. Subsequent Bond Years end on each successive December 11 until the final maturity date of the Bonds.

For investment cash flow, debt service, and yield computation purposes, all payments and receipts are assumed to be paid or received, respectively, as shown in the attached schedules.

We have determined the Cumulative Rebate Liability pursuant to Treasury Regulations generally applicable to tax-exempt obligations issued after June 30, 1993.

Arbitrage Yield

The arbitrage yield with respect to the Bonds is 4.312405%. Computations of the arbitrage yield are based on a 30/360-day basis with semi-annual compounding.

Investments

The purchase price of each investment is at fair market value, exclusive of brokerage commissions, administrative expenses, or similar expenses and is representative of an arm’s length transaction, which did not reduce the rebate amount required to be paid to the United States.

The valuation of the non-purpose investments allocable to the Gross Proceeds of the Bonds is consistent with the requirements set forth in Treasury Regulations Section 1.148-5(b) and 1.148- 5(d).

Refunding/Transferred Proceeds

The Bonds are not “refunding” bonds.

The Bonds are not “refunded” bonds.

Funds & Accounts

Gross Proceeds of the Bonds were allocated to the following Funds and Accounts during the Computation Period:

Acquisition and Construction Account
Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account Series 2020A-3 Acquisition and Construction Account

Costs of Issuance Account
Series 2020A-1 & Series 2020A-2 Costs of Issuance Account Series 2020A-3 Costs of Issuance Account
Capitalized Interest Account
Series 2020A-1 Capitalized Interest Account Series 2020A-2 Capitalized Interest Account Series 2020A-3 Capitalized Interest Account
Debt Service Reserve Fund
Series 2020A-1 Reserve Fund Series 2020A-2 Reserve Fund Series 2020A-3 Reserve Fund
Interest Account
Series 2020A-1 Interest Account Series 2020A-2 Interest Account Series 2020A-3 Interest Account

The Gross Proceeds of the Bonds allocated to the above-referenced Funds and Accounts were allocated to expenditures in accordance with the requirements set forth in Treasury Regulations Section 1.148-6(d).

Exceptions to Rebate

The Interest Account constitutes a “bona fide” debt service fund within the meaning of Treasury Regulations Section 1.148-1. Therefore, the Interest Account is treated as exempt from arbitrage rebate and yield restriction. In the case of a fixed rate, governmental bond with an average maturity of five years or more, earnings on a bona fide debt service fund are not taken into account for arbitrage rebate purposes.

Yield Restriction Compliance

The temporary period with respect to the proceeds allocable to the Acquisition and Construction Account ends on December 11, 2023. As of December 11, 2023, the unspent proceeds allocable to the Acquisition and Construction Account are subject to the yield restriction requirements and may not be invested at a yield that is “materially higher” than the arbitrage yield. Pursuant to Treasury Regulations Section 1.148-5(c), the Issuer is permitted to reduce any “excess yield” on the investments allocable to the yield restricted proceeds by making yield reduction payments.

The Debt Service Reserve Fund constitutes a “reasonably required reserve or replacement fund” within the meaning of Treasury Regulations Section 1.148-2(f). Therefore, the Gross Proceeds allocable to the Debt Service Reserve Fund are exempt from the yield restriction requirements.

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Table of Contents

Schedule A - Summary of Results Schedule B - Sources and Uses of Proceeds
Schedule C-1 - Production and Accrued Interest - Series 2020A-1 Schedule C-2 - Production and Accrued Interest - Series 2020A-2 Schedule C-3 - Production and Accrued Interest - Series 2020A-3 Schedule D-1 - Semi-Annual Debt Service Schedule - Series 2020A-1 Schedule D-2 - Semi-Annual Debt Service Schedule - Series 2020A-2 Schedule D-3 - Semi-Annual Debt Service Schedule - Series 2020A-3 Schedule E - Arbitrage Yield Calculation
Schedule F-1 - Investment Balance Analysis - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account Schedule F-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account Schedule F-3 - Cash Flow Analysis - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account Schedule G-1 - Investment Balance Analysis - Series 2020A-3 Acquisition and Construction Account
Schedule G-2 - Arbitrage Rebate Calculation - Series 2020A-3 Acquisition and Construction Account Schedule G-3 - Cash Flow Analysis - Series 2020A-3 Acquisition and Construction Account
Schedule H-1 - Investment Balance Analysis - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account Schedule H-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account Schedule H-3 - Cash Flow Analysis - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account Schedule I-1 - Investment Balance Analysis - Series 2020A-3 Costs of Issuance Account
Schedule I-2 - Arbitrage Rebate Calculation - Series 2020A-3 Costs of Issuance Account Schedule I-3 - Cash Flow Analysis - Series 2020A-3 Costs of Issuance Account
Schedule J-1 - Investment Balance Analysis - Series 2020A-1 Capitalized Interest Account Schedule J-2 - Arbitrage Rebate Calculation - Series 2020A-1 Capitalized Interest Account Schedule J-3 - Cash Flow Analysis - Series 2020A-1 Capitalized Interest Account
Schedule K-1 - Investment Balance Analysis - Series 2020A-2 Capitalized Interest Account Schedule K-2 - Arbitrage Rebate Calculation - Series 2020A-2 Capitalized Interest Account Schedule K-3 - Cash Flow Analysis - Series 2020A-2 Capitalized Interest Account Schedule L-1 - Investment Balance Analysis - Series 2020A-3 Capitalized Interest Account Schedule L-2 - Arbitrage Rebate Calculation - Series 2020A-3 Capitalized Interest Account Schedule L-3 - Cash Flow Analysis - Series 2020A-3 Capitalized Interest Account Schedule M-1 - Investment Balance Analysis - Series 2020A-1 Reserve Fund
Schedule M-2 - Arbitrage Rebate Calculation - Series 2020A-1 Reserve Fund Schedule M-3 - Cash Flow Analysis - Series 2020A-1 Reserve Fund Schedule N-1 - Investment Balance Analysis - Series 2020A-2 Reserve Fund Schedule N-2 - Arbitrage Rebate Calculation - Series 2020A-2 Reserve Fund Schedule N-3 - Cash Flow Analysis - Series 2020A-2 Reserve Fund Schedule O-1 - Investment Balance Analysis - Series 2020A-3 Reserve Fund Schedule O-2 - Arbitrage Rebate Calculation - Series 2020A-3 Reserve Fund Schedule O-3 - Cash Flow Analysis - Series 2020A-3 Reserve Fund Schedule P - Cash Flow Analysis - Series 2020A-1 Interest Account Schedule Q - Cash Flow Analysis - Series 2020A-2 Interest Account Schedule R - Cash Flow Analysis - Series 2020A-3 Interest Account Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule A - Summary of Results		
Summary of Arbitrage Rebate Analysis
Issue Date:	
12/11/2020	
Rebate Computation Date:	09/30/2022	
Arbitrage Yield:	4.312405%	
Aggregate IRR:	0.005016%	
Excess Yield:	-4.307389%	

Fund	Balance
As of 09/30/2022	Internal Rate
of Return	Gross
Earnings	Positive/(Negative)
Arbitrage	
Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account	5,514.79	0.004994%	247.82	(223,828.32) Schedule F-2	
Series 2020A-3 Acquisition and Construction Account	10.05	0.004994%	163.30	(147,756.34) Schedule G-2	
Series 2020A-1 & Series 2020A-2 Costs of Issuance Account	0.00	0.004922%	0.71	(657.97) Schedule H-2	
Series 2020A-3 Costs of Issuance Account	0.00	0.004826%	0.22	(207.36) Schedule I-2	
Series 2020A-1 Capitalized Interest Account	0.00	0.006015%	11.02	(8,294.03) Schedule J-2	
Series 2020A-2 Capitalized Interest Account	(0.00)	0.005000%	6.29	(5,696.76) Schedule K-2	
Series 2020A-3 Capitalized Interest Account	0.00	0.005013%	6.00	(5,420.40) Schedule L-2	
Series 2020A-1 Reserve Fund	224,050.92	0.005001%	20.20	(17,892.36) Schedule M-2	
Series 2020A-2 Reserve Fund	105,210.43	0.005014%	9.51	(8,401.92) Schedule N-2	
Series 2020A-3 Reserve Fund	100,106.66	0.005031%	9.08	(7,994.30) Schedule O-2	
Totals:	434,892.85		474.15	(426,149.75)	

Summary:					
Positive/(Negative) Arbitrage:		(426,149.75)			
Computation Date Credit:	12/11/2021	(1,842.02)			
Cumulative Rebate Liability:		(427,991.78)			

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022

North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule B - Sources and Uses of Proceeds		

Sources:	Series 2020A-1 Bond Proceeds	Series 2020A-2 Bond Proceeds	Series 2020A-3 Bond Proceeds	Prior Bond Proceeds	Other Sources	
Total	

Par Amount	
7,670,000.00	
5,010,000.00	
4,215,000.00			
16,895,000.00	
+Original Issue Premium	0.00	0.00	0.00			0.00	
-Original Issue Discount	0.00	0.00	0.00			0.00	
Net Production	7,670,000.00	5,010,000.00	4,215,000.00			16,895,000.00	
Accrued Interest	0.00	0.00	0.00			0.00	
Total Sources	7,670,000.00	5,010,000.00	4,215,000.00	0.00	0.00	16,895,000.00	

Uses:	Bond Proceeds	Bond Proceeds	Bond Proceeds	Prior Bond Proceeds	Other Sources	

Total	

Project Fund	
6,923,928.37	
4,554,684.07	
3,796,577.85			
15,275,190.29	
Capitalized Interest Fund	272,377.78	187,040.00	177,966.67			637,384.45	
Costs of Issuance	96,243.85	62,865.93	56,049.23			215,159.01	
Debt Service Reserve Fund	224,050.00	105,210.00	100,106.25			429,366.25	
Underwriter's Discount	153,400.00	100,200.00	84,300.00			337,900.00	
Total Uses	7,670,000.00	5,010,000.00	4,215,000.00	0.00	0.00	16,895,000.00	

Schedule C-1 - Production and Accrued Interest - Series 2020A-1

Dated Date:	12/11/2020		
Delivery Date:	12/11/2020		
First Coupon Date:	05/01/2021		
Maturity
Date	First Call Date	
Call Price	Par Amount	
Coupon	
Yield	
Price	Accrued Interest	
Production	
05/01/2022		100.00	140,000	3.000%	3.000%	100.000	0.00	140,000.00	
05/01/2023		100.00	145,000	3.000%	3.000%	100.000	0.00	145,000.00	
05/01/2024		100.00	150,000	3.000%	3.000%	100.000	0.00	150,000.00	
05/01/2025		100.00	155,000	3.000%	3.000%	100.000	0.00	155,000.00	
05/01/2026		100.00	160,000	3.500%	3.500%	100.000	0.00	160,000.00	
05/01/2027		100.00	165,000	3.500%	3.500%	100.000	0.00	165,000.00	
05/01/2028		100.00	170,000	3.500%	3.500%	100.000	0.00	170,000.00	
05/01/2029		100.00	175,000	3.500%	3.500%	100.000	0.00	175,000.00	
05/01/2030		100.00	185,000	3.500%	3.500%	100.000	0.00	185,000.00	
05/01/2031	05/01/2030	100.00	190,000	4.000%	4.000%	100.000	0.00	190,000.00	
05/01/2032	05/01/2030	100.00	200,000	4.000%	4.000%	100.000	0.00	200,000.00	
05/01/2033	05/01/2030	100.00	205,000	4.000%	4.000%	100.000	0.00	205,000.00	
05/01/2034	05/01/2030	100.00	215,000	4.000%	4.000%	100.000	0.00	215,000.00	
05/01/2035	05/01/2030	100.00	225,000	4.000%	4.000%	100.000	0.00	225,000.00	
05/01/2036	05/01/2030	100.00	235,000	4.000%	4.000%	100.000	0.00	235,000.00	
05/01/2037	05/01/2030	100.00	245,000	4.000%	4.000%	100.000	0.00	245,000.00	
05/01/2038	05/01/2030	100.00	250,000	4.000%	4.000%	100.000	0.00	250,000.00	
05/01/2039	05/01/2030	100.00	265,000	4.000%	4.000%	100.000	0.00	265,000.00	
05/01/2040	05/01/2030	100.00	275,000	4.000%	4.000%	100.000	0.00	275,000.00	
05/01/2041	05/01/2030	100.00	285,000	4.250%	4.250%	100.000	0.00	285,000.00	
05/01/2042	05/01/2030	100.00	295,000	4.250%	4.250%	100.000	0.00	295,000.00	
05/01/2043	05/01/2030	100.00	310,000	4.250%	4.250%	100.000	0.00	310,000.00	
05/01/2044	05/01/2030	100.00	325,000	4.250%	4.250%	100.000	0.00	325,000.00	
05/01/2045	05/01/2030	100.00	340,000	4.250%	4.250%	100.000	0.00	340,000.00	
05/01/2046	05/01/2030	100.00	355,000	4.250%	4.250%	100.000	0.00	355,000.00	
05/01/2047	05/01/2030	100.00	370,000	4.250%	4.250%	100.000	0.00	370,000.00	
05/01/2048	05/01/2030	100.00	385,000	4.250%	4.250%	100.000	0.00	385,000.00	
05/01/2049	05/01/2030	100.00	400,000	4.250%	4.250%	100.000	0.00	400,000.00	
05/01/2050	05/01/2030	100.00	420,000	4.250%	4.250%	100.000	0.00	420,000.00	
05/01/2051	05/01/2030	100.00	435,000	4.250%	4.250%	100.000	0.00	435,000.00	
			7,670,000.00				0.00	7,670,000.00	

Schedule C-2 - Production and Accrued Interest - Series 2020A-2

Dated Date:	12/11/2020								
Delivery Date:	12/11/2020								
First Coupon Date:	05/01/2021								
Maturity
Date	First Call Date	
Call Price	Par Amount	
Coupon	
Yield	
Price	Accrued Interest	
Production	
05/01/2035	05/01/2030	100.00	5,010,000	4.200%	4.200%	100.000	0.00	5,010,000.00	
			5,010,000.00				0.00	5,010,000.00	

Schedule C-3 - Production and Accrued Interest - Series 2020A-3

Dated Date:	12/11/2020								
Delivery Date:	12/11/2020								
First Coupon Date:	05/01/2021								
Maturity
Date	First Call Date	
Call Price	Par Amount	
Coupon	
Yield	
Price	Accrued Interest	
Production	
05/01/2040	12/11/2020	100.00	4,215,000	4.750%	4.750%	100.000	0.00	4,215,000.00	
			4,215,000.00				0.00	4,215,000.00	

Schedule D-1 - Semi-Annual Debt Service Schedule - Series 2020A-1

Date	

Principal	Debt Service to Maturity

Coupon	Interest	
Total Debt Service	

Adjustments	Total Adjusted
Debt Service	

05/01/2021			
119,165.28	
119,165.28		
119,165.28	
11/01/2021			153,212.50	153,212.50		153,212.50	
05/01/2022	140,000.00	3.000%	153,212.50	293,212.50		293,212.50	
11/01/2022			151,112.50	151,112.50		151,112.50	
05/01/2023	145,000.00	3.000%	151,112.50	296,112.50		296,112.50	
11/01/2023			148,937.50	148,937.50		148,937.50	
05/01/2024	150,000.00	3.000%	148,937.50	298,937.50		298,937.50	
11/01/2024			146,687.50	146,687.50		146,687.50	
05/01/2025	155,000.00	3.000%	146,687.50	301,687.50		301,687.50	
11/01/2025			144,362.50	144,362.50		144,362.50	
05/01/2026	160,000.00	3.500%	144,362.50	304,362.50		304,362.50	
11/01/2026			141,562.50	141,562.50		141,562.50	
05/01/2027	165,000.00	3.500%	141,562.50	306,562.50		306,562.50	
11/01/2027			138,675.00	138,675.00		138,675.00	
05/01/2028	170,000.00	3.500%	138,675.00	308,675.00		308,675.00	
11/01/2028			135,700.00	135,700.00		135,700.00	
05/01/2029	175,000.00	3.500%	135,700.00	310,700.00		310,700.00	
11/01/2029			132,637.50	132,637.50		132,637.50	
05/01/2030	185,000.00	3.500%	132,637.50	317,637.50		317,637.50	
11/01/2030			129,400.00	129,400.00		129,400.00	
05/01/2031	190,000.00	4.000%	129,400.00	319,400.00		319,400.00	
11/01/2031			125,600.00	125,600.00		125,600.00	
05/01/2032	200,000.00	4.000%	125,600.00	325,600.00		325,600.00	
11/01/2032			121,600.00	121,600.00		121,600.00	
05/01/2033	205,000.00	4.000%	121,600.00	326,600.00		326,600.00	
11/01/2033			117,500.00	117,500.00		117,500.00	
05/01/2034	215,000.00	4.000%	117,500.00	332,500.00		332,500.00	
11/01/2034			113,200.00	113,200.00		113,200.00	
05/01/2035	225,000.00	4.000%	113,200.00	338,200.00		338,200.00	
11/01/2035			108,700.00	108,700.00		108,700.00	
05/01/2036	235,000.00	4.000%	108,700.00	343,700.00		343,700.00	
11/01/2036			104,000.00	104,000.00		104,000.00	
05/01/2037	245,000.00	4.000%	104,000.00	349,000.00		349,000.00	
11/01/2037			99,100.00	99,100.00		99,100.00	
05/01/2038	250,000.00	4.000%	99,100.00	349,100.00		349,100.00	
11/01/2038			94,100.00	94,100.00		94,100.00	
05/01/2039	265,000.00	4.000%	94,100.00	359,100.00		359,100.00	
11/01/2039			88,800.00	88,800.00		88,800.00	
05/01/2040	275,000.00	4.000%	88,800.00	363,800.00		363,800.00	
11/01/2040			83,300.00	83,300.00		83,300.00	
05/01/2041	285,000.00	4.250%	83,300.00	368,300.00		368,300.00	
11/01/2041			77,243.75	77,243.75		77,243.75	
05/01/2042	295,000.00	4.250%	77,243.75	372,243.75		372,243.75	
11/01/2042			70,975.00	70,975.00		70,975.00	
05/01/2043	310,000.00	4.250%	70,975.00	380,975.00		380,975.00	
11/01/2043			64,387.50	64,387.50		64,387.50	
05/01/2044	325,000.00	4.250%	64,387.50	389,387.50		389,387.50	
11/01/2044			57,481.25	57,481.25		57,481.25	

Schedule D-1 - Semi-Annual Debt Service Schedule - Series 2020A-1

Date	

Principal	Debt Service to Maturity

Coupon	Interest	
Total Debt Service	

Adjustments	Total Adjusted
Debt Service	

05/01/2045	
340,000.00	
4.250%	
57,481.25	
397,481.25		
397,481.25	
11/01/2045			50,256.25	50,256.25		50,256.25	
05/01/2046	355,000.00	4.250%	50,256.25	405,256.25		405,256.25	
11/01/2046			42,712.50	42,712.50		42,712.50	
05/01/2047	370,000.00	4.250%	42,712.50	412,712.50		412,712.50	
11/01/2047			34,850.00	34,850.00		34,850.00	
05/01/2048	385,000.00	4.250%	34,850.00	419,850.00		419,850.00	
11/01/2048			26,668.75	26,668.75		26,668.75	
05/01/2049	400,000.00	4.250%	26,668.75	426,668.75		426,668.75	
11/01/2049			18,168.75	18,168.75		18,168.75	
05/01/2050	420,000.00	4.250%	18,168.75	438,168.75		438,168.75	
11/01/2050			9,243.75	9,243.75		9,243.75	
05/01/2051	435,000.00	4.250%	9,243.75	444,243.75		444,243.75	

Total	7,670,000.00	5,979,515.28	13,649,515.28	0.00	13,649,515.28

Schedule D-2 - Semi-Annual Debt Service Schedule - Series 2020A-2

Date	

Principal	Debt Service to Maturity

Coupon	Interest	
Total Debt Service	

Adjustments	Total Adjusted
Debt Service	

05/01/2021			
81,830.00	
81,830.00		
81,830.00	
11/01/2021			105,210.00	105,210.00		105,210.00	
05/01/2022			105,210.00	105,210.00		105,210.00	
11/01/2022			105,210.00	105,210.00		105,210.00	
05/01/2023			105,210.00	105,210.00		105,210.00	
11/01/2023			105,210.00	105,210.00		105,210.00	
05/01/2024			105,210.00	105,210.00		105,210.00	
11/01/2024			105,210.00	105,210.00		105,210.00	
05/01/2025			105,210.00	105,210.00		105,210.00	
11/01/2025			105,210.00	105,210.00		105,210.00	
05/01/2026			105,210.00	105,210.00		105,210.00	
11/01/2026			105,210.00	105,210.00		105,210.00	
05/01/2027			105,210.00	105,210.00		105,210.00	
11/01/2027			105,210.00	105,210.00		105,210.00	
05/01/2028			105,210.00	105,210.00		105,210.00	
11/01/2028			105,210.00	105,210.00		105,210.00	
05/01/2029			105,210.00	105,210.00		105,210.00	
11/01/2029			105,210.00	105,210.00		105,210.00	
05/01/2030			105,210.00	105,210.00		105,210.00	
11/01/2030			105,210.00	105,210.00		105,210.00	
05/01/2031			105,210.00	105,210.00		105,210.00	
11/01/2031			105,210.00	105,210.00		105,210.00	
05/01/2032			105,210.00	105,210.00		105,210.00	
11/01/2032			105,210.00	105,210.00		105,210.00	
05/01/2033			105,210.00	105,210.00		105,210.00	
11/01/2033			105,210.00	105,210.00		105,210.00	
05/01/2034			105,210.00	105,210.00		105,210.00	
11/01/2034			105,210.00	105,210.00		105,210.00	
05/01/2035	5,010,000.00	4.200%	105,210.00	5,115,210.00		5,115,210.00	

Total	5,010,000.00	3,027,710.00	8,037,710.00	0.00	8,037,710.00

Schedule D-3 - Semi-Annual Debt Service Schedule - Series 2020A-3

Date	

Principal	Debt Service to Maturity

Coupon	Interest	
Total Debt Service	

Adjustments	Total Adjusted
Debt Service	

05/01/2021			
77,860.42	
77,860.42		
77,860.42	
11/01/2021			100,106.25	100,106.25		100,106.25	
05/01/2022			100,106.25	100,106.25		100,106.25	
11/01/2022			100,106.25	100,106.25		100,106.25	
05/01/2023			100,106.25	100,106.25		100,106.25	
11/01/2023			100,106.25	100,106.25		100,106.25	
05/01/2024			100,106.25	100,106.25		100,106.25	
11/01/2024			100,106.25	100,106.25		100,106.25	
05/01/2025			100,106.25	100,106.25		100,106.25	
11/01/2025			100,106.25	100,106.25		100,106.25	
05/01/2026			100,106.25	100,106.25		100,106.25	
11/01/2026			100,106.25	100,106.25		100,106.25	
05/01/2027			100,106.25	100,106.25		100,106.25	
11/01/2027			100,106.25	100,106.25		100,106.25	
05/01/2028			100,106.25	100,106.25		100,106.25	
11/01/2028			100,106.25	100,106.25		100,106.25	
05/01/2029			100,106.25	100,106.25		100,106.25	
11/01/2029			100,106.25	100,106.25		100,106.25	
05/01/2030			100,106.25	100,106.25		100,106.25	
11/01/2030			100,106.25	100,106.25		100,106.25	
05/01/2031			100,106.25	100,106.25		100,106.25	
11/01/2031			100,106.25	100,106.25		100,106.25	
05/01/2032			100,106.25	100,106.25		100,106.25	
11/01/2032			100,106.25	100,106.25		100,106.25	
05/01/2033			100,106.25	100,106.25		100,106.25	
11/01/2033			100,106.25	100,106.25		100,106.25	
05/01/2034			100,106.25	100,106.25		100,106.25	
11/01/2034			100,106.25	100,106.25		100,106.25	
05/01/2035			100,106.25	100,106.25		100,106.25	
11/01/2035			100,106.25	100,106.25		100,106.25	
05/01/2036			100,106.25	100,106.25		100,106.25	
11/01/2036			100,106.25	100,106.25		100,106.25	
05/01/2037			100,106.25	100,106.25		100,106.25	
11/01/2037			100,106.25	100,106.25		100,106.25	
05/01/2038			100,106.25	100,106.25		100,106.25	
11/01/2038			100,106.25	100,106.25		100,106.25	
05/01/2039			100,106.25	100,106.25		100,106.25	
11/01/2039			100,106.25	100,106.25		100,106.25	
05/01/2040	4,215,000.00	4.750%	100,106.25	4,315,106.25		4,315,106.25	

Total	4,215,000.00	3,881,897.92	8,096,897.92	0.00	8,096,897.92

	Days from
12/11/2020	
Semi-Annual	
Semi-Annual	
Semi-Annual		
Present Value	
Date	30/360	Debt Service	Debt Service	Debt Service	PV Factor	Debt Service	

05/01/2021	
140	
119,165.28	
81,830.00	
77,860.42	
0.98354467	
274,267.03	
11/01/2021	320	153,212.50	105,210.00	100,106.25	0.96278508	345,186.13	
05/01/2022	500	293,212.50	105,210.00	100,106.25	0.94246365	469,845.23	
11/01/2022	680	151,112.50	105,210.00	100,106.25	0.92257115	328,830.88	
05/01/2023	860	296,112.50	105,210.00	100,106.25	0.90309851	452,839.56	
11/01/2023	1,040	148,937.50	105,210.00	100,106.25	0.88403689	313,173.38	
05/01/2024	1,220	298,937.50	105,210.00	100,106.25	0.86537759	436,369.90	
11/01/2024	1,400	146,687.50	105,210.00	100,106.25	0.84711214	298,186.65	
05/01/2025	1,580	301,687.50	105,210.00	100,106.25	0.82923221	420,423.84	
11/01/2025	1,760	144,362.50	105,210.00	100,106.25	0.81172968	283,844.62	
05/01/2026	1,940	304,362.50	105,210.00	100,106.25	0.79459656	404,988.98	
11/01/2026	2,120	141,562.50	105,210.00	100,106.25	0.77782508	269,810.99	
05/01/2027	2,300	306,562.50	105,210.00	100,106.25	0.76140759	389,748.36	
11/01/2027	2,480	138,675.00	105,210.00	100,106.25	0.74533662	256,389.28	
05/01/2028	2,660	308,675.00	105,210.00	100,106.25	0.72960486	375,010.51	
11/01/2028	2,840	135,700.00	105,210.00	100,106.25	0.71420515	243,555.56	
05/01/2029	3,020	310,700.00	105,210.00	100,106.25	0.69913048	360,762.69	
11/01/2029	3,200	132,637.50	105,210.00	100,106.25	0.68437399	231,286.76	
05/01/2030	3,380	317,637.50	105,210.00	100,106.25	0.66992897	350,341.86	
11/01/2030	3,560	129,400.00	105,210.00	100,106.25	0.65578883	219,503.18	
05/01/2031	3,740	319,400.00	105,210.00	100,106.25	0.64194715	336,840.10	
11/01/2031	3,920	125,600.00	105,210.00	100,106.25	0.62839762	207,946.98	
05/01/2032	4,100	325,600.00	105,210.00	100,106.25	0.61513409	326,584.68	
11/01/2032	4,280	121,600.00	105,210.00	100,106.25	0.60215050	196,852.78	
05/01/2033	4,460	326,600.00	105,210.00	100,106.25	0.58944096	313,533.22	
11/01/2033	4,640	117,500.00	105,210.00	100,106.25	0.57699968	186,264.87	
05/01/2034	4,820	332,500.00	105,210.00	100,106.25	0.56482099	303,769.91	
11/01/2034	5,000	113,200.00	105,210.00	100,106.25	0.55289936	176,107.43	
05/01/2035	5,180	338,200.00	5,115,210.00	100,106.25	0.54122936	3,005,726.05	
11/01/2035	5,360	108,700.00		100,106.25	0.52980568	110,626.74	
05/01/2036	5,540	343,700.00		100,106.25	0.51862311	230,168.18	
11/01/2036	5,720	104,000.00		100,106.25	0.50767658	103,619.96	
05/01/2037	5,900	349,000.00		100,106.25	0.49696109	223,188.33	
11/01/2037	6,080	99,100.00		100,106.25	0.48647177	96,908.22	
05/01/2038	6,260	349,100.00		100,106.25	0.47620385	213,913.75	
11/01/2038	6,440	94,100.00		100,106.25	0.46615266	90,529.76	
05/01/2039	6,620	359,100.00		100,106.25	0.45631361	209,542.06	
11/01/2039	6,800	88,800.00		100,106.25	0.44668224	84,381.07	
05/01/2040	6,980	363,800.00		4,315,106.25	0.43725415	2,045,871.17	
11/01/2040	7,160	83,300.00			0.42802506	35,654.49	
05/01/2041	7,340	368,300.00			0.41899077	154,314.30	
11/01/2041	7,520	77,243.75			0.41014717	31,681.31	
05/01/2042	7,700	372,243.75			0.40149023	149,452.23	
11/01/2042	7,880	70,975.00			0.39301600	27,894.31	
05/01/2043	8,060	380,975.00			0.38472065	146,568.95	
11/01/2043	8,240	64,387.50			0.37660038	24,248.36	
05/01/2044	8,420	389,387.50			0.36865151	143,548.29	

	Days from
12/11/2020	
Semi-Annual	
Semi-Annual	
Semi-Annual		
Present Value	
Date	30/360	Debt Service	Debt Service	Debt Service	PV Factor	Debt Service	

11/01/2044	
8,600	
57,481.25			
0.36087041	
20,743.28	
05/01/2045	8,780	397,481.25			0.35325355	140,411.66	
11/01/2045	8,960	50,256.25			0.34579745	17,378.48	
05/01/2046	9,140	405,256.25			0.33849874	137,178.73	
11/01/2046	9,320	42,712.50			0.33135407	14,152.96	
05/01/2047	9,500	412,712.50			0.32436021	133,867.51	
11/01/2047	9,680	34,850.00			0.31751396	11,065.36	
05/01/2048	9,860	419,850.00			0.31081222	130,494.51	
11/01/2048	10,040	26,668.75			0.30425193	8,114.02	
05/01/2049	10,220	426,668.75			0.29783011	127,074.80	
11/01/2049	10,400	18,168.75			0.29154384	5,296.99	
05/01/2050	10,580	438,168.75			0.28539024	125,049.09	
11/01/2050	10,760	9,243.75			0.27936654	2,582.39	
05/01/2051	10,940	444,243.75			0.27346997	121,487.32	
Total		13,649,515.28	8,037,710.00	8,096,897.92		16,895,000.00	

Issue Price Calculation	

Par Amount:	
16,895,000.00	
+Accrued Interest:	0.00	
+/-Premium/(Discount):	0.00	
Issue Price:	16,895,000.00	
-Bond Insurance:	0.00	
-Other Credit Enhancement:	0.00	

Adjusted Issue Price:	
16,895,000.00	
Arbitrage Yield:	4.312405%	

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule F-1 - Investment Balance Analysis - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	5,514.77	5,514.77	100.000	N/a	Variable	100.000	0.02	5,514.79	Present Value	
				5,514.77	5,514.77					0.02	5,514.79		

Schedule F-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004994%	09/30/2022	

12/11/2020	
Begin Balance	
(4,554,684.07)	
649	
1.07995221	
(4,918,841.13)	
1.00009004	
(4,555,094.17)	
12/11/2020	NP Payment	(6,923,928.37)	649	1.07995221	(7,477,511.75)	1.00009004	(6,924,551.79)	
12/16/2020	NP Receipt	932,458.76	644	1.07931244	1,006,414.34	1.00008934	932,542.07	
12/16/2020	NP Receipt	104,104.50	644	1.07931244	112,361.28	1.00008934	104,113.80	
12/16/2020	NP Receipt	276,420.13	644	1.07931244	298,343.69	1.00008934	276,444.83	
12/17/2020	NP Receipt	4,331,030.00	643	1.07918453	4,673,980.59	1.00008921	4,331,416.35	
12/21/2020	NP Receipt	312.50	639	1.07867305	337.09	1.00008865	312.53	
12/21/2020	NP Receipt	7,500.00	639	1.07867305	8,090.05	1.00008865	7,500.66	
12/21/2020	NP Receipt	11,268.52	639	1.07867305	12,155.05	1.00008865	11,269.52	
12/21/2020	NP Receipt	54,457.50	639	1.07867305	58,741.84	1.00008865	54,462.33	
12/21/2020	NP Receipt	11,883.13	639	1.07867305	12,818.01	1.00008865	11,884.18	
12/21/2020	NP Receipt	2,250.00	639	1.07867305	2,427.01	1.00008865	2,250.20	
01/07/2021	NP Receipt	5,000.00	623	1.07662955	5,383.15	1.00008643	5,000.43	
01/11/2021	NP Receipt	750.00	619	1.07611928	807.09	1.00008588	750.06	
01/26/2021	NP Receipt	14,682.50	604	1.07420793	15,772.06	1.00008380	14,683.73	
02/08/2021	NP Receipt	4,625.00	592	1.07268128	4,961.15	1.00008213	4,625.38	
02/16/2021	NP Receipt	9,385.00	584	1.07166473	10,057.57	1.00008102	9,385.76	
02/16/2021	NP Receipt	6,000.00	584	1.07166473	6,429.99	1.00008102	6,000.49	
02/16/2021	NP Receipt	1,000.00	584	1.07166473	1,071.66	1.00008102	1,000.08	
02/23/2021	NP Receipt	12,430.00	577	1.07077603	13,309.75	1.00008005	12,431.00	
02/23/2021	NP Receipt	4,625.00	577	1.07077603	4,952.34	1.00008005	4,625.37	
03/02/2021	NP Receipt	1,446.00	568	1.06963451	1,546.69	1.00007880	1,446.11	
03/11/2021	NP Receipt	7,650.00	559	1.06849420	8,173.98	1.00007755	7,650.59	
03/11/2021	NP Receipt	14,005.00	559	1.06849420	14,964.26	1.00007755	14,006.09	
03/31/2021	NP Receipt	10,800.00	540	1.06609087	11,513.78	1.00007492	10,800.81	
04/05/2021	NP Receipt	15,887.50	535	1.06545931	16,927.48	1.00007422	15,888.68	
04/05/2021	NP Receipt	19,483.75	535	1.06545931	20,759.14	1.00007422	19,485.20	
04/20/2021	NP Receipt	15,000.00	520	1.06356689	15,953.50	1.00007214	15,001.08	
04/20/2021	NP Receipt	6,498.21	520	1.06356689	6,911.28	1.00007214	6,498.68	
04/20/2021	NP Receipt	4,200.00	520	1.06356689	4,466.98	1.00007214	4,200.30	
04/20/2021	NP Receipt	5,230.00	520	1.06356689	5,562.45	1.00007214	5,230.38	
04/21/2021	NP Receipt	2,500.00	519	1.06344084	2,658.60	1.00007200	2,500.18	
04/21/2021	NP Receipt	4,888.00	519	1.06344084	5,198.10	1.00007200	4,888.35	
04/26/2021	NP Receipt	38,853.75	514	1.06281086	41,294.19	1.00007131	38,856.52	
04/26/2021	NP Receipt	14,400.00	514	1.06281086	15,304.48	1.00007131	14,401.03	
04/26/2021	NP Receipt	4,250.00	514	1.06281086	4,516.95	1.00007131	4,250.30	
05/05/2021	NP Receipt	5,830.00	505	1.06167782	6,189.58	1.00007006	5,830.41	
05/05/2021	NP Receipt	9,250.00	505	1.06167782	9,820.52	1.00007006	9,250.65	
05/17/2021	NP Receipt	5,000.00	493	1.06016899	5,300.84	1.00006840	5,000.34	
05/17/2021	NP Receipt	6,249.84	493	1.06016899	6,625.89	1.00006840	6,250.27	
05/17/2021	NP Receipt	346,904.37	493	1.06016899	367,777.25	1.00006840	346,928.10	
05/19/2021	NP Receipt	600.00	491	1.05991772	635.95	1.00006812	600.04	
05/19/2021	NP Receipt	1,875.00	491	1.05991772	1,987.35	1.00006812	1,875.13	
05/24/2021	NP Receipt	39,505.00	486	1.05928982	41,847.24	1.00006742	39,507.66	
05/24/2021	NP Receipt	3,510.00	486	1.05928982	3,718.11	1.00006742	3,510.24	
06/02/2021	NP Receipt	8,297.21	478	1.05828596	8,780.82	1.00006631	8,297.76	

Schedule F-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004994%	09/30/2022	

06/02/2021	
NP Receipt	
17,187.50	
478	
1.05828596	
18,189.29	
1.00006631	
17,188.64	
06/07/2021	NP Payment	(11,099.88)	473	1.05765903	(11,739.89)	1.00006562	(11,100.61)	
06/14/2021	NP Receipt	6,310.00	466	1.05678194	6,668.29	1.00006465	6,310.41	
06/14/2021	NP Receipt	420.00	466	1.05678194	443.85	1.00006465	420.03	
06/14/2021	NP Receipt	98,996.00	466	1.05678194	104,617.19	1.00006465	99,002.40	
06/14/2021	NP Receipt	2,200.00	466	1.05678194	2,324.92	1.00006465	2,200.14	
06/14/2021	NP Receipt	33,516.00	466	1.05678194	35,419.10	1.00006465	33,518.17	
06/14/2021	NP Receipt	20,981.00	466	1.05678194	22,172.34	1.00006465	20,982.36	
06/21/2021	NP Receipt	65,935.00	459	1.05590559	69,621.14	1.00006368	65,939.20	
06/29/2021	NP Receipt	9,775.00	451	1.05490493	10,311.70	1.00006257	9,775.61	
07/07/2021	NP Receipt	58,780.00	443	1.05390522	61,948.55	1.00006146	58,783.61	
07/07/2021	NP Receipt	4,645.00	443	1.05390522	4,895.39	1.00006146	4,645.29	
07/12/2021	NP Receipt	2,752.50	438	1.05328088	2,899.16	1.00006076	2,752.67	
07/12/2021	NP Receipt	15,194.00	438	1.05328088	16,003.55	1.00006076	15,194.92	
07/12/2021	NP Receipt	47,649.23	438	1.05328088	50,188.02	1.00006076	47,652.13	
07/21/2021	NP Receipt	2,844.00	429	1.05215801	2,992.34	1.00005952	2,844.17	
07/21/2021	NP Receipt	139,331.66	429	1.05215801	146,598.92	1.00005952	139,339.95	
07/28/2021	NP Receipt	1,162,219.92	422	1.05128549	1,221,824.94	1.00005854	1,162,287.96	
08/05/2021	NP Receipt	30,278.00	415	1.05041369	31,804.43	1.00005757	30,279.74	
08/05/2021	NP Receipt	50,537.50	415	1.05041369	53,085.28	1.00005757	50,540.41	
08/05/2021	NP Receipt	2,070.00	415	1.05041369	2,174.36	1.00005757	2,070.12	
08/05/2021	NP Receipt	12,925.00	415	1.05041369	13,576.60	1.00005757	12,925.74	
08/05/2021	NP Receipt	5,815.00	415	1.05041369	6,108.16	1.00005757	5,815.33	
08/09/2021	NP Receipt	380.00	411	1.04991585	398.97	1.00005702	380.02	
08/09/2021	NP Receipt	104,549.40	411	1.04991585	109,768.07	1.00005702	104,555.36	
08/09/2021	NP Receipt	1,385.00	411	1.04991585	1,454.13	1.00005702	1,385.08	
08/09/2021	NP Receipt	10,533.00	411	1.04991585	11,058.76	1.00005702	10,533.60	
08/16/2021	NP Receipt	18,883.75	404	1.04904519	19,809.91	1.00005605	18,884.81	
08/16/2021	NP Receipt	108,469.55	404	1.04904519	113,789.46	1.00005605	108,475.63	
08/16/2021	NP Receipt	256,128.79	404	1.04904519	268,690.67	1.00005605	256,143.15	
08/23/2021	NP Receipt	58,673.50	397	1.04817525	61,500.11	1.00005508	58,676.73	
08/23/2021	NP Receipt	88,713.28	397	1.04817525	92,987.06	1.00005508	88,718.17	
08/23/2021	NP Receipt	9,882.00	397	1.04817525	10,358.07	1.00005508	9,882.54	
08/23/2021	NP Receipt	6,785.00	397	1.04817525	7,111.87	1.00005508	6,785.37	
08/23/2021	NP Receipt	99,048.61	397	1.04817525	103,820.30	1.00005508	99,054.07	
08/23/2021	NP Receipt	15,000.00	397	1.04817525	15,722.63	1.00005508	15,000.83	
08/23/2021	NP Receipt	5,892.00	397	1.04817525	6,175.85	1.00005508	5,892.32	
08/31/2021	NP Receipt	4,700.00	390	1.04730603	4,922.34	1.00005411	4,700.25	
09/09/2021	NP Receipt	49,558.08	381	1.04618953	51,847.14	1.00005286	49,560.70	
09/09/2021	NP Receipt	113,943.71	381	1.04618953	119,206.72	1.00005286	113,949.73	
09/09/2021	NP Receipt	5,304.88	381	1.04618953	5,549.91	1.00005286	5,305.16	
09/13/2021	NP Receipt	3,000.00	377	1.04569368	3,137.08	1.00005230	3,000.16	
09/13/2021	NP Receipt	68,503.36	377	1.04569368	71,633.53	1.00005230	68,506.94	
09/13/2021	NP Receipt	5,898.15	377	1.04569368	6,167.66	1.00005230	5,898.46	
09/21/2021	NP Receipt	19,407.36	369	1.04470270	20,274.92	1.00005119	19,408.35	
09/21/2021	NP Receipt	9,954.00	369	1.04470270	10,398.97	1.00005119	9,954.51	

Schedule F-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004994%	09/30/2022	

09/21/2021	
NP Receipt	
65,100.55	
369	
1.04470270	
68,010.72	
1.00005119	
65,103.88	
09/21/2021	NP Receipt	55,219.00	369	1.04470270	57,687.44	1.00005119	55,221.83	
09/27/2021	NP Receipt	97,973.75	363	1.04396008	102,280.68	1.00005036	97,978.68	
09/27/2021	NP Receipt	160,042.86	363	1.04396008	167,078.36	1.00005036	160,050.92	
10/05/2021	NP Receipt	7,386.00	355	1.04297075	7,703.38	1.00004925	7,386.36	
10/05/2021	NP Receipt	89,683.80	355	1.04297075	93,537.58	1.00004925	89,688.22	
10/05/2021	NP Receipt	8,297.40	355	1.04297075	8,653.95	1.00004925	8,297.81	
10/05/2021	NP Receipt	8,662.50	355	1.04297075	9,034.73	1.00004925	8,662.93	
10/05/2021	NP Receipt	14,336.00	355	1.04297075	14,952.03	1.00004925	14,336.71	
10/13/2021	NP Receipt	683,943.42	347	1.04198235	712,656.97	1.00004814	683,976.34	
10/21/2021	NP Payment	(3,798,026.21)	339	1.04099488	(3,953,725.85)	1.00004703	(3,798,204.83)	
10/21/2021	NP Receipt	1,249,223.65	339	1.04099488	1,300,435.43	1.00004703	1,249,282.40	
10/22/2021	NP Receipt	14,701.02	338	1.04087152	15,301.87	1.00004689	14,701.71	
10/22/2021	NP Receipt	20,420.44	338	1.04087152	21,255.05	1.00004689	20,421.40	
10/22/2021	NP Receipt	12,059.40	338	1.04087152	12,552.29	1.00004689	12,059.97	
10/22/2021	NP Receipt	42,235.00	338	1.04087152	43,961.21	1.00004689	42,236.98	
11/03/2021	NP Payment	(18.16)	327	1.03951544	(18.88)	1.00004537	(18.16)	
11/03/2021	NP Payment	(10.53)	327	1.03951544	(10.95)	1.00004537	(10.53)	
11/08/2021	NP Receipt	1,045.00	322	1.03889963	1,085.65	1.00004467	1,045.05	
11/08/2021	NP Receipt	107,910.00	322	1.03889963	112,107.66	1.00004467	107,914.82	
11/08/2021	NP Receipt	3,532.50	322	1.03889963	3,669.91	1.00004467	3,532.66	
11/08/2021	NP Receipt	32,738.19	322	1.03889963	34,011.69	1.00004467	32,739.65	
11/08/2021	NP Receipt	9,125.00	322	1.03889963	9,479.96	1.00004467	9,125.41	
11/08/2021	NP Receipt	199,448.57	322	1.03889963	207,207.05	1.00004467	199,457.48	
11/16/2021	NP Receipt	13,983.00	314	1.03791509	14,513.17	1.00004356	13,983.61	
11/24/2021	NP Receipt	122,318.75	306	1.03693148	126,836.16	1.00004245	122,323.94	
11/24/2021	NP Receipt	7,065.00	306	1.03693148	7,325.92	1.00004245	7,065.30	
11/24/2021	NP Receipt	25,675.00	306	1.03693148	26,623.22	1.00004245	25,676.09	
12/10/2021	NP Receipt	5,333.00	290	1.03496706	5,519.48	1.00004023	5,333.21	
12/10/2021	NP Receipt	9,410.00	290	1.03496706	9,739.04	1.00004023	9,410.38	
12/10/2021	NP Receipt	28,516.00	290	1.03496706	29,513.12	1.00004023	28,517.15	
01/04/2022	NP Receipt	60,996.25	266	1.03202740	62,949.80	1.00003690	60,998.50	
01/04/2022	NP Receipt	7,065.00	266	1.03202740	7,291.27	1.00003690	7,065.26	
01/04/2022	NP Receipt	29,346.00	266	1.03202740	30,285.88	1.00003690	29,347.08	
01/10/2022	NP Receipt	3,395.00	260	1.03129379	3,501.24	1.00003607	3,395.12	
01/10/2022	NP Receipt	14,940.00	260	1.03129379	15,407.53	1.00003607	14,940.54	
01/10/2022	NP Receipt	1,288,255.70	260	1.03129379	1,328,570.11	1.00003607	1,288,302.17	
01/19/2022	NP Receipt	7,743.46	251	1.03019436	7,977.27	1.00003482	7,743.73	
01/19/2022	NP Receipt	1,575.00	251	1.03019436	1,622.56	1.00003482	1,575.05	
01/25/2022	NP Receipt	9,873.35	245	1.02946205	10,164.24	1.00003399	9,873.69	
01/25/2022	NP Receipt	28,650.00	245	1.02946205	29,494.09	1.00003399	28,650.97	
01/25/2022	NP Receipt	8,950.00	245	1.02946205	9,213.69	1.00003399	8,950.30	
01/25/2022	NP Receipt	7,415.96	245	1.02946205	7,634.45	1.00003399	7,416.21	
02/02/2022	NP Receipt	4,000.00	238	1.02860835	4,114.43	1.00003302	4,000.13	
02/02/2022	NP Receipt	9,576.00	238	1.02860835	9,849.95	1.00003302	9,576.32	
02/02/2022	NP Receipt	3,878.40	238	1.02860835	3,989.35	1.00003302	3,878.53	

Schedule F-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Acquisition and Construction Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004994%	09/30/2022	

02/02/2022	
NP Receipt	
383,778.24	
238	
1.02860835	
394,757.50	
1.00003302	
383,790.91	
02/07/2022	NP Receipt	220,824.11	233	1.02799900	227,006.96	1.00003232	220,831.25	
02/15/2022	NP Receipt	5,253.10	225	1.02702479	5,395.06	1.00003121	5,253.26	
02/15/2022	NP Receipt	7,642.00	225	1.02702479	7,848.52	1.00003121	7,642.24	
02/26/2022	NP Receipt	4,590.00	214	1.02568676	4,707.90	1.00002969	4,590.14	
02/23/2022	NP Receipt	3,975.00	217	1.02605150	4,078.55	1.00003010	3,975.12	
02/23/2022	NP Receipt	10,732.50	217	1.02605150	11,012.10	1.00003010	10,732.82	
02/23/2022	NP Receipt	4,755.00	217	1.02605150	4,878.87	1.00003010	4,755.14	
02/28/2022	NP Payment	(5,333.00)	210	1.02520063	(5,467.39)	1.00002913	(5,333.16)	
03/08/2022	NP Receipt	4,000.00	202	1.02422907	4,096.92	1.00002802	4,000.11	
03/08/2022	NP Receipt	31,145.00	202	1.02422907	31,899.61	1.00002802	31,145.87	
03/08/2022	NP Receipt	1,600.00	202	1.02422907	1,638.77	1.00002802	1,600.04	
03/08/2022	NP Receipt	532,885.90	202	1.02422907	545,797.23	1.00002802	532,900.83	
03/14/2022	NP Receipt	6,152.00	196	1.02350100	6,296.58	1.00002719	6,152.17	
03/14/2022	NP Receipt	1,875.00	196	1.02350100	1,919.06	1.00002719	1,875.05	
03/14/2022	NP Receipt	40,033.90	196	1.02350100	40,974.74	1.00002719	40,034.99	
03/21/2022	NP Receipt	5,022.00	189	1.02265225	5,135.76	1.00002622	5,022.13	
03/31/2022	NP Receipt	35,686.50	180	1.02156203	36,455.97	1.00002497	35,687.39	
03/31/2022	NP Receipt	29,900.00	180	1.02156203	30,544.70	1.00002497	29,900.75	
04/04/2022	NP Payment	(4,000.00)	176	1.02107786	(4,084.31)	1.00002442	(4,000.10)	
04/04/2022	NP Receipt	37,050.00	176	1.02107786	37,830.93	1.00002442	37,050.90	
05/05/2022	NP Receipt	8,266.50	145	1.01733331	8,409.79	1.00002012	8,266.67	
05/05/2022	NP Receipt	3,080.50	145	1.01733331	3,133.90	1.00002012	3,080.56	
05/05/2022	NP Receipt	6,165.71	145	1.01733331	6,272.58	1.00002012	6,165.83	
05/05/2022	NP Receipt	84,211.47	145	1.01733331	85,671.13	1.00002012	84,213.16	
05/09/2022	NP Receipt	3,120.00	141	1.01685114	3,172.58	1.00001956	3,120.06	
05/09/2022	NP Receipt	500.00	141	1.01685114	508.43	1.00001956	500.01	
05/17/2022	NP Receipt	1,292.00	133	1.01588749	1,312.53	1.00001845	1,292.02	
09/30/2022	End Balance	5,514.79	0	1.00000000	5,514.79	1.00000000	5,514.79	

Gross Earnings:	247.82	Negative Arbitrage:	(223,828.32)	0.00

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
4,554,684.07		
4,554,684.07	
12/11/2020	4,554,684.07	6,923,928.37		11,478,612.44	
12/16/2020	11,478,612.44	(932,458.76)		10,546,153.68	
12/16/2020	10,546,153.68	(104,104.50)		10,442,049.18	
12/16/2020	10,442,049.18	(276,420.13)		10,165,629.05	
12/17/2020	10,165,629.05	(4,331,030.00)		5,834,599.05	
12/21/2020	5,834,599.05	(312.50)		5,834,286.55	
12/21/2020	5,834,286.55	(7,500.00)		5,826,786.55	
12/21/2020	5,826,786.55	(11,268.52)		5,815,518.03	
12/21/2020	5,815,518.03	(54,457.50)		5,761,060.53	
12/21/2020	5,761,060.53	(11,883.13)		5,749,177.40	
12/21/2020	5,749,177.40	(2,250.00)		5,746,927.40	
01/04/2021	5,746,927.40		21.05	5,746,948.45	
01/07/2021	5,746,948.45	(5,000.00)		5,741,948.45	
01/11/2021	5,741,948.45	(750.00)		5,741,198.45	
01/26/2021	5,741,198.45	(14,682.50)		5,726,515.95	
02/01/2021	5,726,515.95		24.37	5,726,540.32	
02/08/2021	5,726,540.32	(4,625.00)		5,721,915.32	
02/16/2021	5,721,915.32	(9,385.00)		5,712,530.32	
02/16/2021	5,712,530.32	(6,000.00)		5,706,530.32	
02/16/2021	5,706,530.32	(1,000.00)		5,705,530.32	
02/23/2021	5,705,530.32	(12,430.00)		5,693,100.32	
02/23/2021	5,693,100.32	(4,625.00)		5,688,475.32	
03/01/2021	5,688,475.32		21.91	5,688,497.23	
03/02/2021	5,688,497.23	(1,446.00)		5,687,051.23	
03/11/2021	5,687,051.23	(7,650.00)		5,679,401.23	
03/11/2021	5,679,401.23	(14,005.00)		5,665,396.23	
03/31/2021	5,665,396.23	(10,800.00)		5,654,596.23	
04/01/2021	5,654,596.23		24.09	5,654,620.32	
04/05/2021	5,654,620.32	(15,887.50)		5,638,732.82	
04/05/2021	5,638,732.82	(19,483.75)		5,619,249.07	
04/20/2021	5,619,249.07	(15,000.00)		5,604,249.07	
04/20/2021	5,604,249.07	(6,498.21)		5,597,750.86	
04/20/2021	5,597,750.86	(4,200.00)		5,593,550.86	
04/20/2021	5,593,550.86	(5,230.00)		5,588,320.86	
04/21/2021	5,588,320.86	(2,500.00)		5,585,820.86	
04/21/2021	5,585,820.86	(4,888.00)		5,580,932.86	
04/26/2021	5,580,932.86	(38,853.75)		5,542,079.11	
04/26/2021	5,542,079.11	(14,400.00)		5,527,679.11	
04/26/2021	5,527,679.11	(4,250.00)		5,523,429.11	
05/03/2021	5,523,429.11		23.02	5,523,452.13	
05/05/2021	5,523,452.13	(5,830.00)		5,517,622.13	
05/05/2021	5,517,622.13	(9,250.00)		5,508,372.13	
05/17/2021	5,508,372.13	(5,000.00)		5,503,372.13	
05/17/2021	5,503,372.13	(6,249.84)		5,497,122.29	
05/17/2021	5,497,122.29	(346,904.37)		5,150,217.92	
05/19/2021	5,150,217.92	(600.00)		5,149,617.92	
05/19/2021	5,149,617.92	(1,875.00)		5,147,742.92	
05/24/2021	5,147,742.92	(39,505.00)		5,108,237.92	
05/24/2021	5,108,237.92	(3,510.00)		5,104,727.92	

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

06/01/2021	
5,104,727.92		
22.61	
5,104,750.53	
06/02/2021	5,104,750.53	(8,297.21)		5,096,453.32	
06/02/2021	5,096,453.32	(17,187.50)		5,079,265.82	
06/07/2021	5,079,265.82	11,099.88		5,090,365.70	
06/14/2021	5,090,365.70	(6,310.00)		5,084,055.70	
06/14/2021	5,084,055.70	(420.00)		5,083,635.70	
06/14/2021	5,083,635.70	(98,996.00)		4,984,639.70	
06/14/2021	4,984,639.70	(2,200.00)		4,982,439.70	
06/14/2021	4,982,439.70	(33,516.00)		4,948,923.70	
06/14/2021	4,948,923.70	(20,981.00)		4,927,942.70	
06/21/2021	4,927,942.70	(65,935.00)		4,862,007.70	
06/29/2021	4,862,007.70	(9,775.00)		4,852,232.70	
07/01/2021	4,852,232.70		20.44	4,852,253.14	
07/07/2021	4,852,253.14	(58,780.00)		4,793,473.14	
07/07/2021	4,793,473.14	(4,645.00)		4,788,828.14	
07/12/2021	4,788,828.14	(2,752.50)		4,786,075.64	
07/12/2021	4,786,075.64	(15,194.00)		4,770,881.64	
07/12/2021	4,770,881.64	(47,649.23)		4,723,232.41	
07/21/2021	4,723,232.41	(2,844.00)		4,720,388.41	
07/21/2021	4,720,388.41	(139,331.66)		4,581,056.75	
07/28/2021	4,581,056.75	(1,162,219.92)		3,418,836.83	
08/02/2021	3,418,836.83		19.36	3,418,856.19	
08/05/2021	3,418,856.19	(30,278.00)		3,388,578.19	
08/05/2021	3,388,578.19	(50,537.50)		3,338,040.69	
08/05/2021	3,338,040.69	(2,070.00)		3,335,970.69	
08/05/2021	3,335,970.69	(12,925.00)		3,323,045.69	
08/05/2021	3,323,045.69	(5,815.00)		3,317,230.69	
08/09/2021	3,317,230.69	(380.00)		3,316,850.69	
08/09/2021	3,316,850.69	(104,549.40)		3,212,301.29	
08/09/2021	3,212,301.29	(1,385.00)		3,210,916.29	
08/09/2021	3,210,916.29	(10,533.00)		3,200,383.29	
08/16/2021	3,200,383.29	(18,883.75)		3,181,499.54	
08/16/2021	3,181,499.54	(108,469.55)		3,073,029.99	
08/16/2021	3,073,029.99	(256,128.79)		2,816,901.20	
08/23/2021	2,816,901.20	(58,673.50)		2,758,227.70	
08/23/2021	2,758,227.70	(88,713.28)		2,669,514.42	
08/23/2021	2,669,514.42	(9,882.00)		2,659,632.42	
08/23/2021	2,659,632.42	(6,785.00)		2,652,847.42	
08/23/2021	2,652,847.42	(99,048.61)		2,553,798.81	
08/23/2021	2,553,798.81	(15,000.00)		2,538,798.81	
08/23/2021	2,538,798.81	(5,892.00)		2,532,906.81	
08/31/2021	2,532,906.81	(4,700.00)		2,528,206.81	
09/01/2021	2,528,206.81		12.58	2,528,219.39	
09/09/2021	2,528,219.39	(49,558.08)		2,478,661.31	
09/09/2021	2,478,661.31	(113,943.71)		2,364,717.60	
09/09/2021	2,364,717.60	(5,304.88)		2,359,412.72	
09/13/2021	2,359,412.72	(3,000.00)		2,356,412.72	
09/13/2021	2,356,412.72	(68,503.36)		2,287,909.36	
09/13/2021	2,287,909.36	(5,898.15)		2,282,011.21	
09/21/2021	2,282,011.21	(19,407.36)		2,262,603.85	

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

09/21/2021	
2,262,603.85	
(9,954.00)		
2,252,649.85	
09/21/2021	2,252,649.85	(65,100.55)		2,187,549.30	
09/21/2021	2,187,549.30	(55,219.00)		2,132,330.30	
09/27/2021	2,132,330.30	(97,973.75)		2,034,356.55	
09/27/2021	2,034,356.55	(160,042.86)		1,874,313.69	
10/01/2021	1,874,313.69		9.34	1,874,323.03	
10/05/2021	1,874,323.03	(7,386.00)		1,866,937.03	
10/05/2021	1,866,937.03	(89,683.80)		1,777,253.23	
10/05/2021	1,777,253.23	(8,297.40)		1,768,955.83	
10/05/2021	1,768,955.83	(8,662.50)		1,760,293.33	
10/05/2021	1,760,293.33	(14,336.00)		1,745,957.33	
10/13/2021	1,745,957.33	(683,943.42)		1,062,013.91	
10/21/2021	1,062,013.91	3,798,026.21		4,860,040.12	
10/21/2021	4,860,040.12	(1,249,223.65)		3,610,816.47	
10/22/2021	3,610,816.47	(14,701.02)		3,596,115.45	
10/22/2021	3,596,115.45	(20,420.44)		3,575,695.01	
10/22/2021	3,575,695.01	(12,059.40)		3,563,635.61	
10/22/2021	3,563,635.61	(42,235.00)		3,521,400.61	
11/01/2021	3,521,400.61		9.42	3,521,410.03	
11/03/2021	3,521,410.03	18.16		3,521,428.19	
11/03/2021	3,521,428.19	10.53		3,521,438.72	
11/08/2021	3,521,438.72	(1,045.00)		3,520,393.72	
11/08/2021	3,520,393.72	(107,910.00)		3,412,483.72	
11/08/2021	3,412,483.72	(3,532.50)		3,408,951.22	
11/08/2021	3,408,951.22	(32,738.19)		3,376,213.03	
11/08/2021	3,376,213.03	(9,125.00)		3,367,088.03	
11/08/2021	3,367,088.03	(199,448.57)		3,167,639.46	
11/16/2021	3,167,639.46	(13,983.00)		3,153,656.46	
11/24/2021	3,153,656.46	(122,318.75)		3,031,337.71	
11/24/2021	3,031,337.71	(7,065.00)		3,024,272.71	
11/24/2021	3,024,272.71	(25,675.00)		2,998,597.71	
12/01/2021	2,998,597.71		13.18	2,998,610.89	
12/10/2021	2,998,610.89	(5,333.00)		2,993,277.89	
12/10/2021	2,993,277.89	(9,410.00)		2,983,867.89	
12/10/2021	2,983,867.89	(28,516.00)		2,955,351.89	
01/03/2022	2,955,351.89		12.60	2,955,364.49	
01/04/2022	2,955,364.49	(60,996.25)		2,894,368.24	
01/04/2022	2,894,368.24	(7,065.00)		2,887,303.24	
01/04/2022	2,887,303.24	(29,346.00)		2,857,957.24	
01/10/2022	2,857,957.24	(3,395.00)		2,854,562.24	
01/10/2022	2,854,562.24	(14,940.00)		2,839,622.24	
01/10/2022	2,839,622.24	(1,288,255.70)		1,551,366.54	
01/19/2022	1,551,366.54	(7,743.46)		1,543,623.08	
01/19/2022	1,543,623.08	(1,575.00)		1,542,048.08	
01/25/2022	1,542,048.08	(9,873.35)		1,532,174.73	
01/25/2022	1,532,174.73	(28,650.00)		1,503,524.73	
01/25/2022	1,503,524.73	(8,950.00)		1,494,574.73	
01/25/2022	1,494,574.73	(7,415.96)		1,487,158.77	
02/01/2022	1,487,158.77		8.17	1,487,166.94	
02/02/2022	1,487,166.94	(4,000.00)		1,483,166.94	

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

02/02/2022	
1,483,166.94	
(9,576.00)		
1,473,590.94	
02/02/2022	1,473,590.94	(3,878.40)		1,469,712.54	
02/02/2022	1,469,712.54	(383,778.24)		1,085,934.30	
02/07/2022	1,085,934.30	(220,824.11)		865,110.19	
02/15/2022	865,110.19	(5,253.10)		859,857.09	
02/15/2022	859,857.09	(7,642.00)		852,215.09	
02/26/2022	852,215.09	(4,590.00)		847,625.09	
02/23/2022	847,625.09	(3,975.00)		843,650.09	
02/23/2022	843,650.09	(10,732.50)		832,917.59	
02/23/2022	832,917.59	(4,755.00)		828,162.59	
02/28/2022	828,162.59	5,333.00		833,495.59	
03/01/2022	833,495.59		3.51	833,499.10	
03/08/2022	833,499.10	(4,000.00)		829,499.10	
03/08/2022	829,499.10	(31,145.00)		798,354.10	
03/08/2022	798,354.10	(1,600.00)		796,754.10	
03/08/2022	796,754.10	(532,885.90)		263,868.20	
03/14/2022	263,868.20	(6,152.00)		257,716.20	
03/14/2022	257,716.20	(1,875.00)		255,841.20	
03/14/2022	255,841.20	(40,033.90)		215,807.30	
03/21/2022	215,807.30	(5,022.00)		210,785.30	
03/31/2022	210,785.30	(35,686.50)		175,098.80	
03/31/2022	175,098.80	(29,900.00)		145,198.80	
04/01/2022	145,198.80		1.53	145,200.33	
04/04/2022	145,200.33	4,000.00		149,200.33	
04/04/2022	149,200.33	(37,050.00)		112,150.33	
05/02/2022	112,150.33		0.47	112,150.80	
05/05/2022	112,150.80	(8,266.50)		103,884.30	
05/05/2022	103,884.30	(3,080.50)		100,803.80	
05/05/2022	100,803.80	(6,165.71)		94,638.09	
05/05/2022	94,638.09	(84,211.47)		10,426.62	
05/09/2022	10,426.62	(3,120.00)		7,306.62	
05/09/2022	7,306.62	(500.00)		6,806.62	
05/17/2022	6,806.62	(1,292.00)		5,514.62	
06/01/2022	5,514.62		0.09	5,514.71	
07/01/2022	5,514.71		0.02	5,514.73	
08/01/2022	5,514.73		0.02	5,514.75	
09/01/2022	5,514.75		0.02	5,514.77	
		5,266.97	247.80		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule G-1 - Investment Balance Analysis - Series 2020A-3 Acquisition and Construction Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	10.05	10.05	100.000	N/a	Variable	100.000	0.00	10.05	Present Value	
				10.05	10.05					0.00	10.05		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule G-2 - Arbitrage Rebate Calculation - Series 2020A-3 Acquisition and Construction Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004994%	09/30/2022	

12/11/2020	
Begin Balance	
(3,796,577.85)	
649	
1.07995221	
(4,100,122.64)	
1.00009004	
(3,796,919.68)	
06/07/2021	NP Payment	(1,285.06)	473	1.05765903	(1,359.16)	1.00006562	(1,285.14)	
10/21/2021	NP Receipt	3,798,026.21	339	1.04099488	3,953,725.85	1.00004703	3,798,204.83	
11/03/2021	NP Payment	(10.05)	327	1.03951544	(10.45)	1.00004536	(10.05)	
09/30/2022	End Balance	10.05	0	1.00000000	10.05	1.00000000	10.05	

Gross Earnings:	163.30	Negative Arbitrage:	(147,756.34)	(0.00)

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule G-3 - Cash Flow Analysis - Series 2020A-3 Acquisition and Construction Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
3,796,577.85		
3,796,577.85	
01/04/2021	3,796,577.85		10.89	3,796,588.74	
02/01/2021	3,796,588.74		16.12	3,796,604.86	
03/01/2021	3,796,604.86		14.56	3,796,619.42	
04/01/2021	3,796,619.42		16.12	3,796,635.54	
05/03/2021	3,796,635.54		15.60	3,796,651.14	
06/01/2021	3,796,651.14		16.12	3,796,667.26	
06/07/2021	3,796,667.26	1,285.06		3,797,952.32	
07/01/2021	3,797,952.32		15.61	3,797,967.93	
08/02/2021	3,797,967.93		16.13	3,797,984.06	
09/01/2021	3,797,984.06		16.13	3,798,000.19	
10/01/2021	3,798,000.19		15.61	3,798,015.80	
10/21/2021	3,798,015.80		10.41	3,798,026.21	
10/21/2021	3,798,026.21	(3,798,026.21)		0.00	
11/03/2021	0.00	10.05		10.05	
		(153.25)	163.30		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 24 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule H-1 - Investment Balance Analysis - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	0.00	0.00	100.000	N/a	Variable	100.000	0.00	0.00	Present Value	
				0.00	0.00					0.00	0.00		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule H-2 - Arbitrage Rebate Calculation - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004922%	09/30/2022	

12/11/2020	
Begin Balance	
(62,865.93)	
649	
1.07995221	
(67,892.20)	
1.00008873	
(62,871.51)	
12/11/2020	NP Payment	(96,243.85)	649	1.07995221	(103,938.76)	1.00008873	(96,252.39)	
12/11/2020	NP Receipt	7,304.59	649	1.07995221	7,888.61	1.00008873	7,305.24	
12/11/2020	NP Receipt	11,182.87	649	1.07995221	12,076.97	1.00008873	11,183.86	
12/11/2020	NP Receipt	16,070.10	649	1.07995221	17,354.94	1.00008873	16,071.53	
12/11/2020	NP Receipt	24,602.32	649	1.07995221	26,569.33	1.00008873	24,604.50	
12/11/2020	NP Receipt	10,226.43	649	1.07995221	11,044.06	1.00008873	10,227.34	
12/11/2020	NP Receipt	15,656.02	649	1.07995221	16,907.75	1.00008873	15,657.41	
12/11/2020	NP Receipt	1,680.06	649	1.07995221	1,814.38	1.00008873	1,680.21	
12/11/2020	NP Receipt	2,572.06	649	1.07995221	2,777.70	1.00008873	2,572.29	
12/11/2020	NP Receipt	13,148.26	649	1.07995221	14,199.49	1.00008873	13,149.43	
12/11/2020	NP Receipt	20,129.17	649	1.07995221	21,738.54	1.00008873	20,130.96	
12/17/2020	NP Receipt	438.28	643	1.07918453	472.98	1.00008791	438.32	
12/17/2020	NP Receipt	670.97	643	1.07918453	724.10	1.00008791	671.03	
03/23/2021	NP Receipt	8,800.00	547	1.06697567	9,389.39	1.00007479	8,800.66	
04/29/2021	NP Receipt	2,921.84	511	1.06243304	3,104.26	1.00006987	2,922.04	
04/29/2021	NP Receipt	4,473.15	511	1.06243304	4,752.42	1.00006987	4,473.46	
04/29/2021	NP Receipt	292.18	511	1.06243304	310.42	1.00006987	292.20	
04/29/2021	NP Receipt	447.32	511	1.06243304	475.25	1.00006987	447.35	
05/25/2021	NP Receipt	7,394.99	485	1.05916429	7,832.51	1.00006631	7,395.48	
06/07/2021	NP Receipt	11,099.88	473	1.05765903	11,739.89	1.00006467	11,100.60	
09/30/2022	End Balance	0.00	0	1.00000000	0.00	1.00000000	0.00	

Gross Earnings:	0.71	Negative Arbitrage:	(657.97)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule H-3 - Cash Flow Analysis - Series 2020A-1 & Series 2020A-2 Costs of Issuance Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
62,865.93		
62,865.93	
12/11/2020	62,865.93	96,243.85		159,109.78	
12/11/2020	159,109.78	(7,304.59)		151,805.19	
12/11/2020	151,805.19	(11,182.87)		140,622.32	
12/11/2020	140,622.32	(16,070.10)		124,552.22	
12/11/2020	124,552.22	(24,602.32)		99,949.90	
12/11/2020	99,949.90	(10,226.43)		89,723.47	
12/11/2020	89,723.47	(15,656.02)		74,067.45	
12/11/2020	74,067.45	(1,680.06)		72,387.39	
12/11/2020	72,387.39	(2,572.06)		69,815.33	
12/11/2020	69,815.33	(13,148.26)		56,667.07	
12/11/2020	56,667.07	(20,129.17)		36,537.90	
12/17/2020	36,537.90	(438.28)		36,099.62	
12/17/2020	36,099.62	(670.97)		35,428.65	
01/04/2021	35,428.65		0.09	35,428.74	
02/01/2021	35,428.74		0.15	35,428.89	
03/01/2021	35,428.89		0.14	35,429.03	
03/23/2021	35,429.03	(8,800.00)		26,629.03	
04/01/2021	26,629.03		0.14	26,629.17	
04/29/2021	26,629.17	(2,921.84)		23,707.33	
04/29/2021	23,707.33	(4,473.15)		19,234.18	
04/29/2021	19,234.18	(292.18)		18,942.00	
04/29/2021	18,942.00	(447.32)		18,494.68	
05/03/2021	18,494.68		0.11	18,494.79	
05/25/2021	18,494.79	(7,394.99)		11,099.80	
06/01/2021	11,099.80		0.07	11,099.87	
06/07/2021	11,099.87		0.01	11,099.88	
06/07/2021	11,099.88	(11,099.88)		0.00	
		(0.71)	0.71		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 27 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule I-1 - Investment Balance Analysis - Series 2020A-3 Costs of Issuance Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	0.00	0.00	100.000	N/a	Variable	100.000	0.00	0.00	Present Value	
				0.00	0.00					0.00	0.00		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule I-2 - Arbitrage Rebate Calculation - Series 2020A-3 Costs of Issuance Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.004826%	09/30/2022	

12/11/2020	
Begin Balance	
(56,049.23)	
649	
1.07995221	
(60,530.49)	
1.00008701	
(56,054.11)	
12/11/2020	NP Receipt	6,512.54	649	1.07995221	7,033.23	1.00008701	6,513.11	
12/11/2020	NP Receipt	14,327.58	649	1.07995221	15,473.10	1.00008701	14,328.83	
12/11/2020	NP Receipt	9,117.55	649	1.07995221	9,846.52	1.00008701	9,118.34	
12/11/2020	NP Receipt	1,497.88	649	1.07995221	1,617.64	1.00008701	1,498.01	
12/11/2020	NP Receipt	11,722.57	649	1.07995221	12,659.82	1.00008701	11,723.59	
12/17/2020	NP Receipt	390.75	643	1.07918453	421.69	1.00008621	390.78	
03/23/2021	NP Receipt	5,725.00	547	1.06697567	6,108.44	1.00007334	5,725.42	
04/29/2021	NP Receipt	2,605.01	511	1.06243304	2,767.65	1.00006851	2,605.19	
04/29/2021	NP Receipt	260.50	511	1.06243304	276.76	1.00006851	260.52	
05/25/2021	NP Receipt	2,605.01	485	1.05916429	2,759.13	1.00006502	2,605.18	
06/07/2021	NP Receipt	1,285.06	473	1.05765903	1,359.16	1.00006341	1,285.14	
09/30/2022	End Balance	0.00	0	1.00000000	0.00	1.00000000	0.00	

Gross Earnings:	0.22	Negative Arbitrage:	(207.36)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule I-3 - Cash Flow Analysis - Series 2020A-3 Costs of Issuance Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
56,049.23		
56,049.23	
12/11/2020	56,049.23	(6,512.54)		49,536.69	
12/11/2020	49,536.69	(14,327.58)		35,209.11	
12/11/2020	35,209.11	(9,117.55)		26,091.56	
12/11/2020	26,091.56	(1,497.88)		24,593.68	
12/11/2020	24,593.68	(11,722.57)		12,871.11	
12/17/2020	12,871.11	(390.75)		12,480.36	
01/04/2021	12,480.36		0.03	12,480.39	
02/01/2021	12,480.39		0.05	12,480.44	
03/01/2021	12,480.44		0.05	12,480.49	
03/23/2021	12,480.49	(5,725.00)		6,755.49	
04/01/2021	6,755.49		0.05	6,755.54	
04/29/2021	6,755.54	(2,605.01)		4,150.53	
04/29/2021	4,150.53	(260.50)		3,890.03	
05/03/2021	3,890.03		0.03	3,890.06	
05/25/2021	3,890.06	(2,605.01)		1,285.05	
06/01/2021	1,285.05		0.01	1,285.06	
06/07/2021	1,285.06	(1,285.06)		0.00	
		(0.22)	0.22		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 30 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule J-1 - Investment Balance Analysis - Series 2020A-1 Capitalized Interest Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	0.00	0.00	100.000	N/a	Variable	100.000	0.00	0.00	Presnet Value	
				0.00	0.00					0.00	0.00		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule J-2 - Arbitrage Rebate Calculation - Series 2020A-1 Capitalized Interest Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.006015%	09/30/2022	

12/11/2020	
Begin Balance	
(272,377.78)	
649	
1.07995221	
(294,154.99)	
1.00010845	
(272,407.32)	
03/10/2021	NP Payment	(2.45)	560	1.06862084	(2.62)	1.00009357	(2.45)	
05/03/2021	NP Receipt	119,165.28	507	1.06192950	126,545.13	1.00008472	119,175.38	
05/04/2021	NP Payment	(0.92)	506	1.06180365	(0.98)	1.00008455	(0.92)	
06/02/2021	NP Payment	(0.95)	478	1.05828596	(1.01)	1.00007987	(0.95)	
07/02/2021	NP Payment	(0.92)	448	1.05452993	(0.97)	1.00007486	(0.92)	
08/03/2021	NP Payment	(0.95)	417	1.05066270	(1.00)	1.00006968	(0.95)	
09/02/2021	NP Payment	(0.95)	388	1.04705782	(0.99)	1.00006483	(0.95)	
11/01/2021	NP Receipt	153,212.50	329	1.03976187	159,304.52	1.00005497	153,220.92	
11/03/2021	NP Receipt	18.16	327	1.03951544	18.88	1.00005464	18.16	
09/30/2022	End Balance	0.00	0	1.00000000	0.00	1.00000000	0.00	

Gross Earnings:	11.02	Negative Arbitrage:	(8,294.03)	(0.00)

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule J-3 - Cash Flow Analysis - Series 2020A-1 Capitalized Interest Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
272,377.78		
272,377.78	
01/04/2021	272,377.78		0.78	272,378.56	
02/01/2021	272,378.56		1.16	272,379.72	
03/01/2021	272,379.72		1.04	272,380.76	
03/10/2021	272,380.76	2.45		272,383.21	
04/01/2021	272,383.21		1.16	272,384.37	
04/02/2021	272,384.37		0.95	272,385.32	
05/03/2021	272,385.32	(119,165.28)		153,220.04	
05/03/2021	153,220.04		1.12	153,221.16	
05/04/2021	153,221.16	0.92		153,222.08	
06/01/2021	153,222.08		0.68	153,222.76	
06/02/2021	153,222.76	0.95		153,223.71	
07/01/2021	153,223.71		0.63	153,224.34	
07/02/2021	153,224.34	0.92		153,225.26	
08/02/2021	153,225.26		0.65	153,225.91	
08/03/2021	153,225.91	0.95		153,226.86	
09/01/2021	153,226.86		0.65	153,227.51	
09/02/2021	153,227.51	0.95		153,228.46	
10/01/2021	153,228.46		0.63	153,229.09	
10/04/2021	153,229.09		0.92	153,230.01	
11/01/2021	153,230.01	(153,212.50)		17.51	
11/01/2021	17.51		0.65	18.16	
11/03/2021	18.16	(18.16)		0.00	
		(11.02)	11.02		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 33 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule K-1 - Investment Balance Analysis - Series 2020A-2 Capitalized Interest Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	(0.00)	(0.00)	100.000	N/a	Variable	100.000	0.00	(0.00)	Present Value	
				(0.00)	(0.00)					0.00	(0.00)		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule K-2 - Arbitrage Rebate Calculation - Series 2020A-2 Capitalized Interest Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.005000%	09/30/2022	

12/11/2020	
Begin Balance	
(187,040.00)	
649	
1.07995221	
(201,994.26)	
1.00009014	
(187,056.86)	
03/10/2021	NP Payment	(1.15)	560	1.06862084	(1.23)	1.00007778	(1.15)	
04/02/2021	NP Payment	(0.45)	538	1.06583820	(0.48)	1.00007472	(0.45)	
05/03/2021	NP Receipt	81,830.00	507	1.06192950	86,897.69	1.00007042	81,835.76	
05/04/2021	NP Payment	(0.43)	506	1.06180365	(0.46)	1.00007028	(0.43)	
06/02/2021	NP Payment	(0.45)	478	1.05828596	(0.48)	1.00006639	(0.45)	
07/02/2021	NP Payment	(0.43)	448	1.05452993	(0.45)	1.00006222	(0.43)	
08/03/2021	NP Payment	(0.45)	417	1.05066270	(0.47)	1.00005792	(0.45)	
09/02/2021	NP Payment	(0.45)	388	1.04705782	(0.47)	1.00005389	(0.45)	
10/04/2021	NP Payment	(0.43)	356	1.04309436	(0.45)	1.00004944	(0.43)	
11/01/2021	NP Receipt	105,210.00	329	1.03976187	109,393.35	1.00004569	105,214.81	
11/03/2021	NP Receipt	10.53	327	1.03951544	10.95	1.00004542	10.53	
09/30/2022	End Balance	(0.00)	0	1.00000000	(0.00)	1.00000000	(0.00)	

Gross Earnings:	6.29	Negative Arbitrage:	(5,696.76)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule K-3 - Cash Flow Analysis - Series 2020A-2 Capitalized Interest Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
187,040.00		
187,040.00	
01/04/2021	187,040.00		0.54	187,040.54	
02/01/2021	187,040.54		0.79	187,041.33	
03/01/2021	187,041.33		0.72	187,042.05	
03/10/2021	187,042.05	1.15		187,043.20	
04/01/2021	187,043.20		0.79	187,043.99	
04/02/2021	187,043.99	0.45		187,044.44	
05/03/2021	187,044.44		0.77	187,045.21	
05/03/2021	187,045.21	(81,830.00)		105,215.21	
05/04/2021	105,215.21	0.43		105,215.64	
06/01/2021	105,215.64		0.47	105,216.11	
06/02/2021	105,216.11	0.45		105,216.56	
07/01/2021	105,216.56		0.43	105,216.99	
07/02/2021	105,216.99	0.43		105,217.42	
08/02/2021	105,217.42		0.45	105,217.87	
08/03/2021	105,217.87	0.45		105,218.32	
09/01/2021	105,218.32		0.45	105,218.77	
09/02/2021	105,218.77	0.45		105,219.22	
10/01/2021	105,219.22		0.43	105,219.65	
10/04/2021	105,219.65	0.43		105,220.08	
11/01/2021	105,220.08	(105,210.00)		10.08	
11/01/2021	10.08		0.45	10.53	
11/03/2021	10.53	(10.53)		(0.00)	
		(6.29)	6.29		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 36 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule L-1 - Investment Balance Analysis - Series 2020A-3 Capitalized Interest Account

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	0.00	0.00	100.000	N/a	Variable	100.000	0.00	0.00	Present Value	
				0.00	0.00					0.00	0.00		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule L-2 - Arbitrage Rebate Calculation - Series 2020A-3 Capitalized Interest Account

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.005013%	09/30/2022	

12/11/2020	
Begin Balance	
(177,966.67)	
649	
1.07995221	
(192,195.50)	
1.00009037	
(177,982.75)	
03/10/2021	NP Payment	(1.10)	560	1.06862084	(1.18)	1.00007798	(1.10)	
04/02/2021	NP Payment	(0.43)	538	1.06583820	(0.46)	1.00007491	(0.43)	
05/03/2021	NP Receipt	77,860.42	507	1.06192950	82,682.28	1.00007060	77,865.92	
05/04/2021	NP Payment	(0.41)	506	1.06180365	(0.44)	1.00007046	(0.41)	
06/02/2021	NP Payment	(0.43)	478	1.05828596	(0.46)	1.00006656	(0.43)	
07/02/2021	NP Payment	(0.41)	448	1.05452993	(0.43)	1.00006238	(0.41)	
08/03/2021	NP Payment	(0.43)	417	1.05066270	(0.45)	1.00005806	(0.43)	
09/02/2021	NP Payment	(0.43)	388	1.04705782	(0.45)	1.00005403	(0.43)	
10/04/2021	NP Payment	(0.41)	356	1.04309436	(0.43)	1.00004957	(0.41)	
11/01/2021	NP Receipt	100,106.25	329	1.03976187	104,086.66	1.00004581	100,110.84	
11/03/2021	NP Receipt	10.05	327	1.03951544	10.45	1.00004553	10.05	
09/30/2022	End Balance	0.00	0	1.00000000	0.00	1.00000000	0.00	

Gross Earnings:	6.00	Negative Arbitrage:	(5,420.40)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule L-3 - Cash Flow Analysis - Series 2020A-3 Capitalized Interest Account

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
177,966.67		
177,966.67	
01/04/2021	177,966.67		0.51	177,967.18	
02/01/2021	177,967.18		0.76	177,967.94	
03/01/2021	177,967.94		0.68	177,968.62	
03/10/2021	177,968.62	1.10		177,969.72	
04/01/2021	177,969.72		0.76	177,970.48	
04/02/2021	177,970.48	0.43		177,970.91	
05/03/2021	177,970.91		0.73	177,971.64	
05/03/2021	177,971.64	(77,860.42)		100,111.22	
05/04/2021	100,111.22	0.41		100,111.63	
06/01/2021	100,111.63		0.45	100,112.08	
06/02/2021	100,112.08	0.43		100,112.51	
07/01/2021	100,112.51		0.41	100,112.92	
07/02/2021	100,112.92	0.41		100,113.33	
08/02/2021	100,113.33		0.43	100,113.76	
08/03/2021	100,113.76	0.43		100,114.19	
09/01/2021	100,114.19		0.43	100,114.62	
09/02/2021	100,114.62	0.43		100,115.05	
10/01/2021	100,115.05		0.41	100,115.46	
10/04/2021	100,115.46	0.41		100,115.87	
11/01/2021	100,115.87	(100,106.25)		9.62	
11/01/2021	9.62		0.43	10.05	
11/03/2021	10.05	(10.05)		0.00	
		(6.00)	6.00		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 39 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule M-1 - Investment Balance Analysis - Series 2020A-1 Reserve Fund

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	224,050.00	224,050.00	100.000	N/a	Variable	100.000	0.92	224,050.92	Present Value	
				224,050.00	224,050.00					0.92	224,050.92		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule M-2 - Arbitrage Rebate Calculation - Series 2020A-1 Reserve Fund

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.005001%	09/30/2022	

12/11/2020	
Begin Balance	
(224,050.00)	
649	
1.07995221	
(241,963.29)	
1.00009016	
(224,070.20)	
03/10/2021	NP Receipt	2.45	560	1.06862084	2.62	1.00007780	2.45	
04/02/2021	NP Receipt	0.95	538	1.06583820	1.01	1.00007474	0.95	
05/04/2021	NP Receipt	0.92	506	1.06180365	0.98	1.00007030	0.92	
06/02/2021	NP Receipt	0.95	478	1.05828596	1.01	1.00006641	0.95	
07/02/2021	NP Receipt	0.92	448	1.05452993	0.97	1.00006224	0.92	
08/03/2021	NP Receipt	0.95	417	1.05066270	1.00	1.00005793	0.95	
09/02/2021	NP Receipt	0.95	388	1.04705782	0.99	1.00005390	0.95	
10/04/2021	NP Receipt	0.92	356	1.04309436	0.96	1.00004946	0.92	
12/17/2021	NP Receipt	1.87	283	1.03410879	1.93	1.00003931	1.87	
01/04/2022	NP Receipt	0.95	266	1.03202740	0.98	1.00003695	0.95	
02/02/2022	NP Receipt	0.95	238	1.02860835	0.98	1.00003306	0.95	
03/02/2022	NP Receipt	0.86	208	1.02495765	0.88	1.00002890	0.86	
04/04/2022	NP Receipt	0.95	176	1.02107786	0.97	1.00002445	0.95	
05/03/2022	NP Receipt	0.92	147	1.01757448	0.94	1.00002042	0.92	
06/02/2022	NP Receipt	0.95	118	1.01408312	0.96	1.00001639	0.95	
07/05/2022	NP Receipt	0.92	85	1.01012476	0.93	1.00001181	0.92	
08/02/2022	NP Receipt	0.95	58	1.00689760	0.96	1.00000806	0.95	
09/02/2022	NP Receipt	0.95	28	1.00332396	0.95	1.00000389	0.95	
09/30/2022	End Balance	224,050.92	0	1.00000000	224,050.92	1.00000000	224,050.92	

Gross Earnings:	20.20	Negative Arbitrage:	(17,892.36)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule M-3 - Cash Flow Analysis - Series 2020A-1 Reserve Fund

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
224,050.00		
224,050.00	
01/04/2021	224,050.00		0.64	224,050.64	
02/01/2021	224,050.64		0.95	224,051.59	
03/01/2021	224,051.59		0.86	224,052.45	
03/10/2021	224,052.45	(2.45)		224,050.00	
04/01/2021	224,050.00		0.95	224,050.95	
04/02/2021	224,050.95	(0.95)		224,050.00	
05/03/2021	224,050.00		0.92	224,050.92	
05/04/2021	224,050.92	(0.92)		224,050.00	
06/01/2021	224,050.00		0.95	224,050.95	
06/02/2021	224,050.95	(0.95)		224,050.00	
07/01/2021	224,050.00		0.92	224,050.92	
07/02/2021	224,050.92	(0.92)		224,050.00	
08/02/2021	224,050.00		0.95	224,050.95	
08/03/2021	224,050.95	(0.95)		224,050.00	
09/01/2021	224,050.00		0.95	224,050.95	
09/02/2021	224,050.95	(0.95)		224,050.00	
10/01/2021	224,050.00		0.92	224,050.92	
10/04/2021	224,050.92	(0.92)		224,050.00	
11/01/2021	224,050.00		0.95	224,050.95	
12/01/2021	224,050.95		0.92	224,051.87	
12/17/2021	224,051.87	(1.87)		224,050.00	
01/03/2022	224,050.00		0.95	224,050.95	
01/04/2022	224,050.95	(0.95)		224,050.00	
02/01/2022	224,050.00		0.95	224,050.95	
02/02/2022	224,050.95	(0.95)		224,050.00	
03/01/2022	224,050.00		0.86	224,050.86	
03/02/2022	224,050.86	(0.86)		224,050.00	
04/01/2022	224,050.00		0.95	224,050.95	
04/04/2022	224,050.95	(0.95)		224,050.00	
05/02/2022	224,050.00		0.92	224,050.92	
05/03/2022	224,050.92	(0.92)		224,050.00	
06/01/2022	224,050.00		0.95	224,050.95	
06/02/2022	224,050.95	(0.95)		224,050.00	
07/01/2022	224,050.00		0.92	224,050.92	
07/05/2022	224,050.92	(0.92)		224,050.00	
08/01/2022	224,050.00		0.95	224,050.95	
08/02/2022	224,050.95	(0.95)		224,050.00	
09/01/2022	224,050.00		0.95	224,050.95	
09/02/2022	224,050.95	(0.95)		224,050.00	
		224,030.72	19.28		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 42 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule N-1 - Investment Balance Analysis - Series 2020A-2 Reserve Fund

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	105,210.00	105,210.00	100.000	N/a	Variable	100.000	0.43	105,210.43	Present Value	
				105,210.00	105,210.00					0.43	105,210.43		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule N-2 - Arbitrage Rebate Calculation - Series 2020A-2 Reserve Fund

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.005014%	09/30/2022	

12/11/2020	
Begin Balance	
(105,210.00)	
649	
1.07995221	
(113,621.77)	
1.00009039	
(105,219.51)	
03/10/2021	NP Receipt	1.15	560	1.06862084	1.23	1.00007800	1.15	
04/02/2021	NP Receipt	0.45	538	1.06583820	0.48	1.00007493	0.45	
05/04/2021	NP Receipt	0.43	506	1.06180365	0.46	1.00007048	0.43	
06/02/2021	NP Receipt	0.45	478	1.05828596	0.48	1.00006658	0.45	
07/02/2021	NP Receipt	0.43	448	1.05452993	0.45	1.00006240	0.43	
08/03/2021	NP Receipt	0.45	417	1.05066270	0.47	1.00005808	0.45	
09/02/2021	NP Receipt	0.45	388	1.04705782	0.47	1.00005404	0.45	
10/04/2021	NP Receipt	0.43	356	1.04309436	0.45	1.00004958	0.43	
12/17/2021	NP Receipt	0.88	283	1.03410879	0.91	1.00003942	0.88	
01/04/2022	NP Receipt	0.45	266	1.03202740	0.46	1.00003705	0.45	
02/02/2022	NP Receipt	0.45	238	1.02860835	0.46	1.00003315	0.45	
03/02/2022	NP Receipt	0.40	208	1.02495765	0.41	1.00002897	0.40	
04/04/2022	NP Receipt	0.45	176	1.02107786	0.46	1.00002451	0.45	
05/03/2022	NP Receipt	0.43	147	1.01757448	0.44	1.00002047	0.43	
06/02/2022	NP Receipt	0.45	118	1.01408312	0.46	1.00001643	0.45	
07/05/2022	NP Receipt	0.43	85	1.01012476	0.43	1.00001184	0.43	
08/02/2022	NP Receipt	0.45	58	1.00689760	0.45	1.00000808	0.45	
09/02/2022	NP Receipt	0.45	28	1.00332396	0.45	1.00000390	0.45	
09/30/2022	End Balance	105,210.43	0	1.00000000	105,210.43	1.00000000	105,210.43	

Gross Earnings:	9.51	Negative Arbitrage:	(8,401.92)	0.00

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule N-3 - Cash Flow Analysis - Series 2020A-2 Reserve Fund

Date	Begin
Balance	
Cash Flow	MMK
Earnings	End
Balance	

12/11/2020	
0.00	
105,210.00		
105,210.00	
01/04/2021	105,210.00		0.30	105,210.30	
02/01/2021	105,210.30		0.45	105,210.75	
03/01/2021	105,210.75		0.40	105,211.15	
03/10/2021	105,211.15	(1.15)		105,210.00	
04/01/2021	105,210.00		0.45	105,210.45	
04/02/2021	105,210.45	(0.45)		105,210.00	
05/03/2021	105,210.00		0.43	105,210.43	
05/04/2021	105,210.43	(0.43)		105,210.00	
06/01/2021	105,210.00		0.45	105,210.45	
06/02/2021	105,210.45	(0.45)		105,210.00	
07/01/2021	105,210.00		0.43	105,210.43	
07/02/2021	105,210.43	(0.43)		105,210.00	
08/02/2021	105,210.00		0.45	105,210.45	
08/03/2021	105,210.45	(0.45)		105,210.00	
09/01/2021	105,210.00		0.45	105,210.45	
09/02/2021	105,210.45	(0.45)		105,210.00	
10/01/2021	105,210.00		0.43	105,210.43	
10/04/2021	105,210.43	(0.43)		105,210.00	
11/01/2021	105,210.00		0.45	105,210.45	
12/01/2021	105,210.45		0.43	105,210.88	
12/17/2021	105,210.88	(0.88)		105,210.00	
01/03/2022	105,210.00		0.45	105,210.45	
01/04/2022	105,210.45	(0.45)		105,210.00	
02/01/2022	105,210.00		0.45	105,210.45	
02/02/2022	105,210.45	(0.45)		105,210.00	
03/01/2022	105,210.00		0.40	105,210.40	
03/02/2022	105,210.40	(0.40)		105,210.00	
04/01/2022	105,210.00		0.45	105,210.45	
04/04/2022	105,210.45	(0.45)		105,210.00	
05/02/2022	105,210.00		0.43	105,210.43	
05/03/2022	105,210.43	(0.43)		105,210.00	
06/01/2022	105,210.00		0.45	105,210.45	
06/02/2022	105,210.45	(0.45)		105,210.00	
07/01/2022	105,210.00		0.43	105,210.43	
07/05/2022	105,210.43	(0.43)		105,210.00	
08/01/2022	105,210.00		0.45	105,210.45	
08/02/2022	105,210.45	(0.45)		105,210.00	
09/01/2022	105,210.00		0.45	105,210.45	
09/02/2022	105,210.45	(0.45)		105,210.00	
		105,200.92	9.08		

PFM Asset Management LLC	NorthRiverRanch_CDD_2020_Rebate_09-30-2022 Page 45 of 61

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule O-1 - Investment Balance Analysis - Series 2020A-3 Reserve Fund

Valuation Date:	09/30/2022			

Security		
Purchase	
Maturity	
Original	
Par	
Original		
Yield		
Accrued	
Total	
Valuation	
Type	CUSIP	Date	Date	Cost	Amount	Price	Coupon	to Maturity	Price	Interest	Value	Method	
Money Market Fund	N/a	N/a	N/a	100,106.25	100,106.25	100.000	N/a	Variable	100.000	0.41	100,106.66	Present Value	
				100,106.25	100,106.25					0.41	100,106.66		

North River Ranch Improvement Stewardship District
$16,895,000
North River Ranch Community Development District
$7,670,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-1
$5,010,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-2
$4,215,000 Capital Improvement Revenue Bonds (Phase 1 Project), Series 2020A-3

Schedule O-2 - Arbitrage Rebate Calculation - Series 2020A-3 Reserve Fund

Date	
Transaction
Type	
Transaction
Amount	
Muni Days	Rebate Calculations
FV Factor @	FV As of
4.312405%	09/30/2022	IRR Calculations
FV Factor @	FV As of
0.005031%	09/30/2022	

12/11/2020	
Begin Balance	
(100,106.25)	
649	
1.07995221	
(108,109.97)	
1.00009071	
(100,115.33)	
03/10/2021	NP Receipt	1.10	560	1.06862084	1.18	1.00007827	1.10	
04/02/2021	NP Receipt	0.43	538	1.06583820	0.46	1.00007519	0.43	
05/04/2021	NP Receipt	0.41	506	1.06180365	0.44	1.00007072	0.41	
06/02/2021	NP Receipt	0.43	478	1.05828596	0.46	1.00006681	0.43	
07/02/2021	NP Receipt	0.41	448	1.05452993	0.43	1.00006261	0.41	
08/03/2021	NP Receipt	0.43	417	1.05066270	0.45	1.00005828	0.43	
09/02/2021	NP Receipt	0.43	388	1.04705782	0.45	1.00005423	0.43	
10/04/2021	NP Receipt	0.41	356	1.04309436	0.43	1.00004976	0.41	
12/17/2021	NP Receipt	0.84	283	1.03410879	0.87	1.00003955	0.84	
01/04/2022	NP Receipt	0.43	266	1.03202740	0.44	1.00003718	0.43	
02/02/2022	NP Receipt	0.43	238	1.02860835	0.44	1.00003326	0.43	
03/02/2022	NP Receipt	0.38	208	1.02495765	0.39	1.00002907	0.38	
04/04/2022	NP Receipt	0.43	176	1.02107786	0.44	1.00002460	0.43	
05/03/2022	NP Receipt	0.41	147	1.01757448	0.42	1.00002054	0.41	
06/02/2022	NP Receipt	0.43	118	1.01408312	0.44	1.00001649	0.43	
07/05/2022	NP Receipt	0.41	85	1.01012476	0.41	1.00001188	0.41	
08/02/2022	NP Receipt	0.43	58	1.00689760	0.43	1.00000811	0.43	
09/02/2022	NP Receipt	0.43	28	1.00332396	0.43	1.00000391	0.43	
09/30/2022	End Balance	100,106.66	0	1.00000000	100,106.66	1.00000000	100,106.66	

Gross Earnings:	9.08	Negative Arbitrage:	(7,994.30)	0.00

Date	Balance	Cash Flow	Earnings	Balance	

12/11/2020	
0.00	
100,106.25		
100,106.25	
01/04/2021	100,106.25		0.29	100,106.54	
02/01/2021	100,106.54		0.43	100,106.97	
03/01/2021	100,106.97		0.38	100,107.35	
03/10/2021	100,107.35	(1.10)		100,106.25	
04/01/2021	100,106.25		0.43	100,106.68	
04/02/2021	100,106.68	(0.43)		100,106.25	
05/03/2021	100,106.25		0.41	100,106.66	
05/04/2021	100,106.66	(0.41)		100,106.25	
06/01/2021	100,106.25		0.43	100,106.68	
06/02/2021	100,106.68	(0.43)		100,106.25	
07/01/2021	100,106.25		0.41	100,106.66	
07/02/2021	100,106.66	(0.41)		100,106.25	
08/02/2021	100,106.25		0.43	100,106.68	
08/03/2021	100,106.68	(0.43)		100,106.25	
09/01/2021	100,106.25		0.43	100,106.68	
09/02/2021	100,106.68	(0.43)		100,106.25	
10/01/2021	100,106.25		0.41	100,106.66	
10/04/2021	100,106.66	(0.41)		100,106.25	
11/01/2021	100,106.25		0.43	100,106.68	
12/01/2021	100,106.68		0.41	100,107.09	
12/17/2021	100,107.09	(0.84)		100,106.25	
01/03/2022	100,106.25		0.43	100,106.68	
01/04/2022	100,106.68	(0.43)		100,106.25	
02/01/2022	100,106.25		0.43	100,106.68	
02/02/2022	100,106.68	(0.43)		100,106.25	
03/01/2022	100,106.25		0.38	100,106.63	
03/02/2022	100,106.63	(0.38)		100,106.25	
04/01/2022	100,106.25		0.43	100,106.68	
04/04/2022	100,106.68	(0.43)		100,106.25	
05/02/2022	100,106.25		0.41	100,106.66	
05/03/2022	100,106.66	(0.41)		100,106.25	
06/01/2022	100,106.25		0.43	100,106.68	
06/02/2022	100,106.68	(0.43)		100,106.25	
07/01/2022	100,106.25		0.41	100,106.66	
07/05/2022	100,106.66	(0.41)		100,106.25	
08/01/2022	100,106.25		0.43	100,106.68	
08/02/2022	100,106.68	(0.43)		100,106.25	
09/01/2022	100,106.25		0.43	100,106.68	
09/02/2022	100,106.68	(0.43)		100,106.25	
		100,097.58	8.67		

Date	Balance	Cash Flow	Earnings	Balance	

05/03/2021	
0.00	
119,165.28		
119,165.28	
05/03/2021	119,165.28	(119,165.28)		0.00	
11/01/2021	0.00	153,212.50		153,212.50	
11/01/2021	153,212.50	(153,212.50)		0.00	
04/29/2022	0.00	153,212.50		153,212.50	
05/02/2022	153,212.50	(153,212.50)		0.00	
05/02/2022	0.00		0.04	0.04	
06/01/2022	0.04		0.02	0.06	
		0.00	0.06		

Date	Balance	Cash Flow	Earnings	Balance	

05/03/2021	
0.00	
81,830.00		
81,830.00	
05/03/2021	81,830.00	(81,830.00)		0.00	
11/01/2021	0.00	105,210.00		105,210.00	
11/01/2021	105,210.00	(105,210.00)		0.00	
04/29/2022	0.00	105,210.00		105,210.00	
05/02/2022	105,210.00	(105,210.00)		0.00	
05/02/2022	0.00		0.03	0.03	
06/01/2022	0.03		0.01	0.04	
		0.00	0.04		

Date	Balance	Cash Flow	Earnings	Balance	

05/03/2021	
0.00	
77,860.42		
77,860.42	
05/03/2021	77,860.42	(77,860.42)		0.00	
11/01/2021	0.00	100,106.25		100,106.25	
11/01/2021	100,106.25	(100,106.25)		0.00	
04/29/2022	0.00	100,106.25		100,106.25	
05/02/2022	100,106.25	(100,106.25)		0.00	
05/02/2022	0.00		0.03	0.03	
06/01/2022	0.03		0.01	0.04	
		0.00	0.04		

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

12/11/2020	
Begin Balance	
(4,554,684.07)	
649	
1.07995221 (4,918,841.13)	
1.00009042 (4,555,095.91)	
12/11/2020	NP Payment	(6,923,928.37)	649	1.07995221 (7,477,511.75)	1.00009042 (6,924,554.45)	
12/16/2020	NP Receipt	932,458.76	644	1.07931244  1,006,414.34	1.00008973	932,542.43	
12/16/2020	NP Receipt	104,104.50	644	1.07931244	112,361.28	1.00008973	104,113.84	
12/16/2020	NP Receipt	276,420.13	644	1.07931244	298,343.69	1.00008973	276,444.93	
12/17/2020	NP Receipt	4,331,030.00	643	1.07918453  4,673,980.59	1.00008959  4,331,418.00	
12/21/2020	NP Receipt	312.50	639	1.07867305	337.09	1.00008903	312.53	
12/21/2020	NP Receipt	7,500.00	639	1.07867305	8,090.05	1.00008903	7,500.67	
12/21/2020	NP Receipt	11,268.52	639	1.07867305	12,155.05	1.00008903	11,269.52	
12/21/2020	NP Receipt	54,457.50	639	1.07867305	58,741.84	1.00008903	54,462.35	
12/21/2020	NP Receipt	11,883.13	639	1.07867305	12,818.01	1.00008903	11,884.19	
12/21/2020	NP Receipt	2,250.00	639	1.07867305	2,427.01	1.00008903	2,250.20	
01/07/2021	NP Receipt	5,000.00	623	1.07662955	5,383.15	1.00008680	5,000.43	
01/11/2021	NP Receipt	750.00	619	1.07611928	807.09	1.00008624	750.06	
01/26/2021	NP Receipt	14,682.50	604	1.07420793	15,772.06	1.00008415	14,683.74	
02/08/2021	NP Receipt	4,625.00	592	1.07268128	4,961.15	1.00008248	4,625.38	
02/16/2021	NP Receipt	9,385.00	584	1.07166473	10,057.57	1.00008137	9,385.76	
02/16/2021	NP Receipt	6,000.00	584	1.07166473	6,429.99	1.00008137	6,000.49	
02/16/2021	NP Receipt	1,000.00	584	1.07166473	1,071.66	1.00008137	1,000.08	
02/23/2021	NP Receipt	12,430.00	577	1.07077603	13,309.75	1.00008039	12,431.00	
02/23/2021	NP Receipt	4,625.00	577	1.07077603	4,952.34	1.00008039	4,625.37	
03/02/2021	NP Receipt	1,446.00	568	1.06963451	1,546.69	1.00007914	1,446.11	
03/11/2021	NP Receipt	7,650.00	559	1.06849420	8,173.98	1.00007788	7,650.60	
03/11/2021	NP Receipt	14,005.00	559	1.06849420	14,964.26	1.00007788	14,006.09	
03/31/2021	NP Receipt	10,800.00	540	1.06609087	11,513.78	1.00007524	10,800.81	
04/05/2021	NP Receipt	15,887.50	535	1.06545931	16,927.48	1.00007454	15,888.68	
04/05/2021	NP Receipt	19,483.75	535	1.06545931	20,759.14	1.00007454	19,485.20	
04/20/2021	NP Receipt	15,000.00	520	1.06356689	15,953.50	1.00007245	15,001.09	
04/20/2021	NP Receipt	6,498.21	520	1.06356689	6,911.28	1.00007245	6,498.68	
04/20/2021	NP Receipt	4,200.00	520	1.06356689	4,466.98	1.00007245	4,200.30	
04/20/2021	NP Receipt	5,230.00	520	1.06356689	5,562.45	1.00007245	5,230.38	
04/21/2021	NP Receipt	2,500.00	519	1.06344084	2,658.60	1.00007231	2,500.18	
04/21/2021	NP Receipt	4,888.00	519	1.06344084	5,198.10	1.00007231	4,888.35	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

04/26/2021	
NP Receipt	
38,853.75	
514	
1.06281086	41,294.19	
1.00007161	38,856.53	
04/26/2021	NP Receipt	14,400.00	514	1.06281086	15,304.48	1.00007161	14,401.03	
04/26/2021	NP Receipt	4,250.00	514	1.06281086	4,516.95	1.00007161	4,250.30	
05/05/2021	NP Receipt	5,830.00	505	1.06167782	6,189.58	1.00007036	5,830.41	
05/05/2021	NP Receipt	9,250.00	505	1.06167782	9,820.52	1.00007036	9,250.65	
05/17/2021	NP Receipt	5,000.00	493	1.06016899	5,300.84	1.00006869	5,000.34	
05/17/2021	NP Receipt	6,249.84	493	1.06016899	6,625.89	1.00006869	6,250.27	
05/17/2021	NP Receipt	346,904.37	493	1.06016899	367,777.25	1.00006869	346,928.20	
05/19/2021	NP Receipt	600.00	491	1.05991772	635.95	1.00006841	600.04	
05/19/2021	NP Receipt	1,875.00	491	1.05991772	1,987.35	1.00006841	1,875.13	
05/24/2021	NP Receipt	39,505.00	486	1.05928982	41,847.24	1.00006771	39,507.67	
05/24/2021	NP Receipt	3,510.00	486	1.05928982	3,718.11	1.00006771	3,510.24	
06/02/2021	NP Receipt	8,297.21	478	1.05828596	8,780.82	1.00006660	8,297.76	
06/02/2021	NP Receipt	17,187.50	478	1.05828596	18,189.29	1.00006660	17,188.64	
06/07/2021	NP Payment	(11,099.88)	473	1.05765903	(11,739.89)	1.00006590	(11,100.61)	
06/14/2021	NP Receipt	6,310.00	466	1.05678194	6,668.29	1.00006492	6,310.41	
06/14/2021	NP Receipt	420.00	466	1.05678194	443.85	1.00006492	420.03	
06/14/2021	NP Receipt	98,996.00	466	1.05678194	104,617.19	1.00006492	99,002.43	
06/14/2021	NP Receipt	2,200.00	466	1.05678194	2,324.92	1.00006492	2,200.14	
06/14/2021	NP Receipt	33,516.00	466	1.05678194	35,419.10	1.00006492	33,518.18	
06/14/2021	NP Receipt	20,981.00	466	1.05678194	22,172.34	1.00006492	20,982.36	
06/21/2021	NP Receipt	65,935.00	459	1.05590559	69,621.14	1.00006395	65,939.22	
06/29/2021	NP Receipt	9,775.00	451	1.05490493	10,311.70	1.00006283	9,775.61	
07/07/2021	NP Receipt	58,780.00	443	1.05390522	61,948.55	1.00006172	58,783.63	
07/07/2021	NP Receipt	4,645.00	443	1.05390522	4,895.39	1.00006172	4,645.29	
07/12/2021	NP Receipt	2,752.50	438	1.05328088	2,899.16	1.00006102	2,752.67	
07/12/2021	NP Receipt	15,194.00	438	1.05328088	16,003.55	1.00006102	15,194.93	
07/12/2021	NP Receipt	47,649.23	438	1.05328088	50,188.02	1.00006102	47,652.14	
07/21/2021	NP Receipt	2,844.00	429	1.05215801	2,992.34	1.00005977	2,844.17	
07/21/2021	NP Receipt	139,331.66	429	1.05215801	146,598.92	1.00005977	139,339.99	
07/28/2021	NP Receipt	1,162,219.92	422	1.05128549  1,221,824.94	1.00005879  1,162,288.25	
08/05/2021	NP Receipt	30,278.00	415	1.05041369	31,804.43	1.00005782	30,279.75	
08/05/2021	NP Receipt	50,537.50	415	1.05041369	53,085.28	1.00005782	50,540.42	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

08/05/2021	
NP Receipt	
2,070.00	
415	
1.05041369	2,174.36	
1.00005782	2,070.12	
08/05/2021	NP Receipt	12,925.00	415	1.05041369	13,576.60	1.00005782	12,925.75	
08/05/2021	NP Receipt	5,815.00	415	1.05041369	6,108.16	1.00005782	5,815.34	
08/09/2021	NP Receipt	380.00	411	1.04991585	398.97	1.00005726	380.02	
08/09/2021	NP Receipt	104,549.40	411	1.04991585	109,768.07	1.00005726	104,555.39	
08/09/2021	NP Receipt	1,385.00	411	1.04991585	1,454.13	1.00005726	1,385.08	
08/09/2021	NP Receipt	10,533.00	411	1.04991585	11,058.76	1.00005726	10,533.60	
08/16/2021	NP Receipt	18,883.75	404	1.04904519	19,809.91	1.00005629	18,884.81	
08/16/2021	NP Receipt	108,469.55	404	1.04904519	113,789.46	1.00005629	108,475.66	
08/16/2021	NP Receipt	256,128.79	404	1.04904519	268,690.67	1.00005629	256,143.21	
08/23/2021	NP Receipt	58,673.50	397	1.04817525	61,500.11	1.00005531	58,676.75	
08/23/2021	NP Receipt	88,713.28	397	1.04817525	92,987.06	1.00005531	88,718.19	
08/23/2021	NP Receipt	9,882.00	397	1.04817525	10,358.07	1.00005531	9,882.55	
08/23/2021	NP Receipt	6,785.00	397	1.04817525	7,111.87	1.00005531	6,785.38	
08/23/2021	NP Receipt	99,048.61	397	1.04817525	103,820.30	1.00005531	99,054.09	
08/23/2021	NP Receipt	15,000.00	397	1.04817525	15,722.63	1.00005531	15,000.83	
08/23/2021	NP Receipt	5,892.00	397	1.04817525	6,175.85	1.00005531	5,892.33	
08/31/2021	NP Receipt	4,700.00	390	1.04730603	4,922.34	1.00005434	4,700.26	
09/09/2021	NP Receipt	49,558.08	381	1.04618953	51,847.14	1.00005308	49,560.71	
09/09/2021	NP Receipt	113,943.71	381	1.04618953	119,206.72	1.00005308	113,949.76	
09/09/2021	NP Receipt	5,304.88	381	1.04618953	5,549.91	1.00005308	5,305.16	
09/13/2021	NP Receipt	3,000.00	377	1.04569368	3,137.08	1.00005252	3,000.16	
09/13/2021	NP Receipt	68,503.36	377	1.04569368	71,633.53	1.00005252	68,506.96	
09/13/2021	NP Receipt	5,898.15	377	1.04569368	6,167.66	1.00005252	5,898.46	
09/21/2021	NP Receipt	19,407.36	369	1.04470270	20,274.92	1.00005141	19,408.36	
09/21/2021	NP Receipt	9,954.00	369	1.04470270	10,398.97	1.00005141	9,954.51	
09/21/2021	NP Receipt	65,100.55	369	1.04470270	68,010.72	1.00005141	65,103.90	
09/21/2021	NP Receipt	55,219.00	369	1.04470270	57,687.44	1.00005141	55,221.84	
09/27/2021	NP Receipt	97,973.75	363	1.04396008	102,280.68	1.00005057	97,978.70	
09/27/2021	NP Receipt	160,042.86	363	1.04396008	167,078.36	1.00005057	160,050.95	
10/05/2021	NP Receipt	7,386.00	355	1.04297075	7,703.38	1.00004946	7,386.37	
10/05/2021	NP Receipt	89,683.80	355	1.04297075	93,537.58	1.00004946	89,688.24	
10/05/2021	NP Receipt	8,297.40	355	1.04297075	8,653.95	1.00004946	8,297.81	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

10/05/2021	
NP Receipt	
8,662.50	
355	
1.04297075	9,034.73	
1.00004946	8,662.93	
10/05/2021	NP Receipt	14,336.00	355	1.04297075	14,952.03	1.00004946	14,336.71	
10/13/2021	NP Receipt	683,943.42	347	1.04198235	712,656.97	1.00004834	683,976.49	
10/21/2021	NP Payment	(3,798,026.21)	339	1.04099488 (3,953,725.85)	1.00004723 (3,798,205.59)	
10/21/2021	NP Receipt	1,249,223.65	339	1.04099488  1,300,435.43	1.00004723  1,249,282.65	
10/22/2021	NP Receipt	14,701.02	338	1.04087152	15,301.87	1.00004709	14,701.71	
10/22/2021	NP Receipt	20,420.44	338	1.04087152	21,255.05	1.00004709	20,421.40	
10/22/2021	NP Receipt	12,059.40	338	1.04087152	12,552.29	1.00004709	12,059.97	
10/22/2021	NP Receipt	42,235.00	338	1.04087152	43,961.21	1.00004709	42,236.99	
11/03/2021	NP Payment	(18.16)	327	1.03951544	(18.88)	1.00004556	(18.16)	
11/03/2021	NP Payment	(10.53)	327	1.03951544	(10.95)	1.00004556	(10.53)	
11/08/2021	NP Receipt	1,045.00	322	1.03889963	1,085.65	1.00004486	1,045.05	
11/08/2021	NP Receipt	107,910.00	322	1.03889963	112,107.66	1.00004486	107,914.84	
11/08/2021	NP Receipt	3,532.50	322	1.03889963	3,669.91	1.00004486	3,532.66	
11/08/2021	NP Receipt	32,738.19	322	1.03889963	34,011.69	1.00004486	32,739.66	
11/08/2021	NP Receipt	9,125.00	322	1.03889963	9,479.96	1.00004486	9,125.41	
11/08/2021	NP Receipt	199,448.57	322	1.03889963	207,207.05	1.00004486	199,457.52	
11/16/2021	NP Receipt	13,983.00	314	1.03791509	14,513.17	1.00004375	13,983.61	
11/24/2021	NP Receipt	122,318.75	306	1.03693148	126,836.16	1.00004263	122,323.96	
11/24/2021	NP Receipt	7,065.00	306	1.03693148	7,325.92	1.00004263	7,065.30	
11/24/2021	NP Receipt	25,675.00	306	1.03693148	26,623.22	1.00004263	25,676.09	
12/10/2021	NP Receipt	5,333.00	290	1.03496706	5,519.48	1.00004040	5,333.22	
12/10/2021	NP Receipt	9,410.00	290	1.03496706	9,739.04	1.00004040	9,410.38	
12/10/2021	NP Receipt	28,516.00	290	1.03496706	29,513.12	1.00004040	28,517.15	
01/04/2022	NP Receipt	60,996.25	266	1.03202740	62,949.80	1.00003706	60,998.51	
01/04/2022	NP Receipt	7,065.00	266	1.03202740	7,291.27	1.00003706	7,065.26	
01/04/2022	NP Receipt	29,346.00	266	1.03202740	30,285.88	1.00003706	29,347.09	
01/10/2022	NP Receipt	3,395.00	260	1.03129379	3,501.24	1.00003622	3,395.12	
01/10/2022	NP Receipt	14,940.00	260	1.03129379	15,407.53	1.00003622	14,940.54	
01/10/2022	NP Receipt	1,288,255.70	260	1.03129379  1,328,570.11	1.00003622  1,288,302.37	
01/19/2022	NP Receipt	7,743.46	251	1.03019436	7,977.27	1.00003497	7,743.73	
01/19/2022	NP Receipt	1,575.00	251	1.03019436	1,622.56	1.00003497	1,575.06	
01/25/2022	NP Receipt	9,873.35	245	1.02946205	10,164.24	1.00003413	9,873.69	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

01/25/2022	
NP Receipt	
28,650.00	
245	
1.02946205	29,494.09	
1.00003413	28,650.98	
01/25/2022	NP Receipt	8,950.00	245	1.02946205	9,213.69	1.00003413	8,950.31	
01/25/2022	NP Receipt	7,415.96	245	1.02946205	7,634.45	1.00003413	7,416.21	
02/02/2022	NP Receipt	4,000.00	238	1.02860835	4,114.43	1.00003316	4,000.13	
02/02/2022	NP Receipt	9,576.00	238	1.02860835	9,849.95	1.00003316	9,576.32	
02/02/2022	NP Receipt	3,878.40	238	1.02860835	3,989.35	1.00003316	3,878.53	
02/02/2022	NP Receipt	383,778.24	238	1.02860835	394,757.50	1.00003316	383,790.97	
02/07/2022	NP Receipt	220,824.11	233	1.02799900	227,006.96	1.00003246	220,831.28	
02/15/2022	NP Receipt	5,253.10	225	1.02702479	5,395.06	1.00003135	5,253.26	
02/15/2022	NP Receipt	7,642.00	225	1.02702479	7,848.52	1.00003135	7,642.24	
02/26/2022	NP Receipt	4,590.00	214	1.02568676	4,707.90	1.00002981	4,590.14	
02/23/2022	NP Receipt	3,975.00	217	1.02605150	4,078.55	1.00003023	3,975.12	
02/23/2022	NP Receipt	10,732.50	217	1.02605150	11,012.10	1.00003023	10,732.82	
02/23/2022	NP Receipt	4,755.00	217	1.02605150	4,878.87	1.00003023	4,755.14	
02/28/2022	NP Payment	(5,333.00)	210	1.02520063	(5,467.39)	1.00002926	(5,333.16)	
03/08/2022	NP Receipt	4,000.00	202	1.02422907	4,096.92	1.00002814	4,000.11	
03/08/2022	NP Receipt	31,145.00	202	1.02422907	31,899.61	1.00002814	31,145.88	
03/08/2022	NP Receipt	1,600.00	202	1.02422907	1,638.77	1.00002814	1,600.05	
03/08/2022	NP Receipt	532,885.90	202	1.02422907	545,797.23	1.00002814	532,900.90	
03/14/2022	NP Receipt	6,152.00	196	1.02350100	6,296.58	1.00002731	6,152.17	
03/14/2022	NP Receipt	1,875.00	196	1.02350100	1,919.06	1.00002731	1,875.05	
03/14/2022	NP Receipt	40,033.90	196	1.02350100	40,974.74	1.00002731	40,034.99	
03/21/2022	NP Receipt	5,022.00	189	1.02265225	5,135.76	1.00002633	5,022.13	
03/31/2022	NP Receipt	35,686.50	180	1.02156203	36,455.97	1.00002508	35,687.39	
03/31/2022	NP Receipt	29,900.00	180	1.02156203	30,544.70	1.00002508	29,900.75	
04/04/2022	NP Payment	(4,000.00)	176	1.02107786	(4,084.31)	1.00002452	(4,000.10)	
04/04/2022	NP Receipt	37,050.00	176	1.02107786	37,830.93	1.00002452	37,050.91	
05/05/2022	NP Receipt	8,266.50	145	1.01733331	8,409.79	1.00002020	8,266.67	
05/05/2022	NP Receipt	3,080.50	145	1.01733331	3,133.90	1.00002020	3,080.56	
05/05/2022	NP Receipt	6,165.71	145	1.01733331	6,272.58	1.00002020	6,165.83	
05/05/2022	NP Receipt	84,211.47	145	1.01733331	85,671.13	1.00002020	84,213.17	
05/09/2022	NP Receipt	3,120.00	141	1.01685114	3,172.58	1.00001964	3,120.06	
05/09/2022	NP Receipt	500.00	141	1.01685114	508.43	1.00001964	500.01	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

05/17/2022	
NP Receipt	
1,292.00				
133	
1.01588749	1,312.53	
1.00001853	1,292.02	
09/30/2022	End Balance	5,514.79				0	1.00000000	5,514.79	1.00000000	5,514.79	
12/11/2020	Begin Balance		(3,796,577.85)			649	1.07995221 (4,100,122.64)	1.00009042 (3,796,921.15)	
06/07/2021	NP Payment		(1,285.06)			473	1.05765903	(1,359.16)	1.00006590	(1,285.14)	
10/21/2021	NP Receipt		3,798,026.21			339	1.04099488  3,953,725.85	1.00004723  3,798,205.59	
11/03/2021	NP Payment		(10.05)			327	1.03951544	(10.45)	1.00004556	(10.05)	
09/30/2022	End Balance		10.05			0	1.00000000	10.05	1.00000000	10.05	
12/11/2020	Begin Balance			(62,865.93)		649	1.07995221	(67,892.20)	1.00009042	(62,871.61)	
12/11/2020	NP Payment			(96,243.85)		649	1.07995221	(103,938.76)	1.00009042	(96,252.55)	
12/11/2020	NP Receipt			7,304.59		649	1.07995221	7,888.61	1.00009042	7,305.25	
12/11/2020	NP Receipt			11,182.87		649	1.07995221	12,076.97	1.00009042	11,183.88	
12/11/2020	NP Receipt			16,070.10		649	1.07995221	17,354.94	1.00009042	16,071.55	
12/11/2020	NP Receipt			24,602.32		649	1.07995221	26,569.33	1.00009042	24,604.54	
12/11/2020	NP Receipt			10,226.43		649	1.07995221	11,044.06	1.00009042	10,227.35	
12/11/2020	NP Receipt			15,656.02		649	1.07995221	16,907.75	1.00009042	15,657.44	
12/11/2020	NP Receipt			1,680.06		649	1.07995221	1,814.38	1.00009042	1,680.21	
12/11/2020	NP Receipt			2,572.06		649	1.07995221	2,777.70	1.00009042	2,572.29	
12/11/2020	NP Receipt			13,148.26		649	1.07995221	14,199.49	1.00009042	13,149.45	
12/11/2020	NP Receipt			20,129.17		649	1.07995221	21,738.54	1.00009042	20,130.99	
12/17/2020	NP Receipt			438.28		643	1.07918453	472.98	1.00008959	438.32	
12/17/2020	NP Receipt			670.97		643	1.07918453	724.10	1.00008959	671.03	
03/23/2021	NP Receipt			8,800.00		547	1.06697567	9,389.39	1.00007621	8,800.67	
04/29/2021	NP Receipt			2,921.84		511	1.06243304	3,104.26	1.00007119	2,922.05	
04/29/2021	NP Receipt			4,473.15		511	1.06243304	4,752.42	1.00007119	4,473.47	
04/29/2021	NP Receipt			292.18		511	1.06243304	310.42	1.00007119	292.20	
04/29/2021	NP Receipt			447.32		511	1.06243304	475.25	1.00007119	447.35	
05/25/2021	NP Receipt			7,394.99		485	1.05916429	7,832.51	1.00006757	7,395.49	
06/07/2021	NP Receipt			11,099.88		473	1.05765903	11,739.89	1.00006590	11,100.61	
09/30/2022	End Balance			0.00		0	1.00000000	0.00	1.00000000	
12/11/2020	Begin Balance				(56,049.23)	649	1.07995221	(60,530.49)	1.00009042	(56,054.30)	
12/11/2020	NP Receipt				6,512.54	649	1.07995221	7,033.23	1.00009042	6,513.13	
12/11/2020	NP Receipt				14,327.58	649	1.07995221	15,473.10	1.00009042	14,328.88	
12/11/2020	NP Receipt				9,117.55	649	1.07995221	9,846.52	1.00009042	9,118.37	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

12/11/2020	
NP Receipt	
1,497.88			
649	
1.07995221	1,617.64	
1.00009042	1,498.02	
12/11/2020	NP Receipt	11,722.57			649	1.07995221	12,659.82	1.00009042	11,723.63	
12/17/2020	NP Receipt	390.75			643	1.07918453	421.69	1.00008959	390.79	
03/23/2021	NP Receipt	5,725.00			547	1.06697567	6,108.44	1.00007621	5,725.44	
04/29/2021	NP Receipt	2,605.01			511	1.06243304	2,767.65	1.00007119	2,605.20	
04/29/2021	NP Receipt	260.50			511	1.06243304	276.76	1.00007119	260.52	
05/25/2021	NP Receipt	2,605.01			485	1.05916429	2,759.13	1.00006757	2,605.19	
06/07/2021	NP Receipt	1,285.06			473	1.05765903	1,359.16	1.00006590	1,285.14	
09/30/2022	End Balance	0.00			0	1.00000000	0.00	1.00000000	
12/11/2020	Begin Balance		(272,377.78)		649	1.07995221	(294,154.99)	1.00009042	(272,402.41)	
03/10/2021	NP Payment		(2.45)		560	1.06862084	(2.62)	1.00007802	(2.45)	
05/03/2021	NP Receipt		119,165.28		507	1.06192950	126,545.13	1.00007064	119,173.70	
05/04/2021	NP Payment		(0.92)		506	1.06180365	(0.98)	1.00007050	(0.92)	
06/02/2021	NP Payment		(0.95)		478	1.05828596	(1.01)	1.00006660	(0.95)	
07/02/2021	NP Payment		(0.92)		448	1.05452993	(0.97)	1.00006242	(0.92)	
08/03/2021	NP Payment		(0.95)		417	1.05066270	(1.00)	1.00005810	(0.95)	
09/02/2021	NP Payment		(0.95)		388	1.04705782	(0.99)	1.00005406	(0.95)	
11/01/2021	NP Receipt		153,212.50		329	1.03976187	159,304.52	1.00004584	153,219.52	
11/03/2021	NP Receipt		18.16		327	1.03951544	18.88	1.00004556	18.16	
09/30/2022	End Balance		0.00		0	1.00000000	0.00	1.00000000	0.00	
12/11/2020	Begin Balance			(187,040.00)	649	1.07995221	(201,994.26)	1.00009042	(187,056.91)	
03/10/2021	NP Payment			(1.15)	560	1.06862084	(1.23)	1.00007802	(1.15)	
04/02/2021	NP Payment			(0.45)	538	1.06583820	(0.48)	1.00007496	(0.45)	
05/03/2021	NP Receipt			81,830.00	507	1.06192950	86,897.69	1.00007064	81,835.78	
05/04/2021	NP Payment			(0.43)	506	1.06180365	(0.46)	1.00007050	(0.43)	
06/02/2021	NP Payment			(0.45)	478	1.05828596	(0.48)	1.00006660	(0.45)	
07/02/2021	NP Payment			(0.43)	448	1.05452993	(0.45)	1.00006242	(0.43)	
08/03/2021	NP Payment			(0.45)	417	1.05066270	(0.47)	1.00005810	(0.45)	
09/02/2021	NP Payment			(0.45)	388	1.04705782	(0.47)	1.00005406	(0.45)	
10/04/2021	NP Payment			(0.43)	356	1.04309436	(0.45)	1.00004960	(0.43)	
11/01/2021	NP Receipt			105,210.00	329	1.03976187	109,393.35	1.00004584	105,214.82	
11/03/2021	NP Receipt			10.53	327	1.03951544	10.95	1.00004556	10.53	
09/30/2022	End Balance			(0.00)	0	1.00000000	(0.00)	1.00000000	(0.00)	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

12/11/2020	
Begin Balance	
(177,966.67)		
649	
1.07995221	(192,195.50)	
1.00009042	(177,982.76)	
03/10/2021	NP Payment	(1.10)		560	1.06862084	(1.18)	1.00007802	(1.10)	
04/02/2021	NP Payment	(0.43)		538	1.06583820	(0.46)	1.00007496	(0.43)	
05/03/2021	NP Receipt	77,860.42		507	1.06192950	82,682.28	1.00007064	77,865.92	
05/04/2021	NP Payment	(0.41)		506	1.06180365	(0.44)	1.00007050	(0.41)	
06/02/2021	NP Payment	(0.43)		478	1.05828596	(0.46)	1.00006660	(0.43)	
07/02/2021	NP Payment	(0.41)		448	1.05452993	(0.43)	1.00006242	(0.41)	
08/03/2021	NP Payment	(0.43)		417	1.05066270	(0.45)	1.00005810	(0.43)	
09/02/2021	NP Payment	(0.43)		388	1.04705782	(0.45)	1.00005406	(0.43)	
10/04/2021	NP Payment	(0.41)		356	1.04309436	(0.43)	1.00004960	(0.41)	
11/01/2021	NP Receipt	100,106.25		329	1.03976187	104,086.66	1.00004584	100,110.84	
11/03/2021	NP Receipt	10.05		327	1.03951544	10.45	1.00004556	10.05	
09/30/2022	End Balance	0.00		0	1.00000000	0.00	1.00000000	0.00	
12/11/2020	Begin Balance		(224,050.00)	649	1.07995221	(241,963.29)	1.00009042	(224,070.26)	
03/10/2021	NP Receipt		2.45	560	1.06862084	2.62	1.00007802	2.45	
04/02/2021	NP Receipt		0.95	538	1.06583820	1.01	1.00007496	0.95	
05/04/2021	NP Receipt		0.92	506	1.06180365	0.98	1.00007050	0.92	
06/02/2021	NP Receipt		0.95	478	1.05828596	1.01	1.00006660	0.95	
07/02/2021	NP Receipt		0.92	448	1.05452993	0.97	1.00006242	0.92	
08/03/2021	NP Receipt		0.95	417	1.05066270	1.00	1.00005810	0.95	
09/02/2021	NP Receipt		0.95	388	1.04705782	0.99	1.00005406	0.95	
10/04/2021	NP Receipt		0.92	356	1.04309436	0.96	1.00004960	0.92	
12/17/2021	NP Receipt		1.87	283	1.03410879	1.93	1.00003943	1.87	
01/04/2022	NP Receipt		0.95	266	1.03202740	0.98	1.00003706	0.95	
02/02/2022	NP Receipt		0.95	238	1.02860835	0.98	1.00003316	0.95	
03/02/2022	NP Receipt		0.86	208	1.02495765	0.88	1.00002898	0.86	
04/04/2022	NP Receipt		0.95	176	1.02107786	0.97	1.00002452	0.95	
05/03/2022	NP Receipt		0.92	147	1.01757448	0.94	1.00002048	0.92	
06/02/2022	NP Receipt		0.95	118	1.01408312	0.96	1.00001644	0.95	
07/05/2022	NP Receipt		0.92	85	1.01012476	0.93	1.00001184	0.92	
08/02/2022	NP Receipt		0.95	58	1.00689760	0.96	1.00000808	0.95	
09/02/2022	NP Receipt		0.95	28	1.00332396	0.95	1.00000390	0.95	
09/30/2022	End Balance		224,050.92	0	1.00000000	224,050.92	1.00000000	224,050.92	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

12/11/2020	
Begin Balance	
(105,210.00)		
649	
1.07995221	(113,621.77)	
1.00009042	(105,219.51)	
03/10/2021	NP Receipt	1.15		560	1.06862084	1.23	1.00007802	1.15	
04/02/2021	NP Receipt	0.45		538	1.06583820	0.48	1.00007496	0.45	
05/04/2021	NP Receipt	0.43		506	1.06180365	0.46	1.00007050	0.43	
06/02/2021	NP Receipt	0.45		478	1.05828596	0.48	1.00006660	0.45	
07/02/2021	NP Receipt	0.43		448	1.05452993	0.45	1.00006242	0.43	
08/03/2021	NP Receipt	0.45		417	1.05066270	0.47	1.00005810	0.45	
09/02/2021	NP Receipt	0.45		388	1.04705782	0.47	1.00005406	0.45	
10/04/2021	NP Receipt	0.43		356	1.04309436	0.45	1.00004960	0.43	
12/17/2021	NP Receipt	0.88		283	1.03410879	0.91	1.00003943	0.88	
01/04/2022	NP Receipt	0.45		266	1.03202740	0.46	1.00003706	0.45	
02/02/2022	NP Receipt	0.45		238	1.02860835	0.46	1.00003316	0.45	
03/02/2022	NP Receipt	0.40		208	1.02495765	0.41	1.00002898	0.40	
04/04/2022	NP Receipt	0.45		176	1.02107786	0.46	1.00002452	0.45	
05/03/2022	NP Receipt	0.43		147	1.01757448	0.44	1.00002048	0.43	
06/02/2022	NP Receipt	0.45		118	1.01408312	0.46	1.00001644	0.45	
07/05/2022	NP Receipt	0.43		85	1.01012476	0.43	1.00001184	0.43	
08/02/2022	NP Receipt	0.45		58	1.00689760	0.45	1.00000808	0.45	
09/02/2022	NP Receipt	0.45		28	1.00332396	0.45	1.00000390	0.45	
09/30/2022	End Balance	105,210.43		0	1.00000000	105,210.43	1.00000000	105,210.43	
12/11/2020	Begin Balance		(100,106.25)	649	1.07995221	(108,109.97)	1.00009042	(100,115.30)	
03/10/2021	NP Receipt		1.10	560	1.06862084	1.18	1.00007802	1.10	
04/02/2021	NP Receipt		0.43	538	1.06583820	0.46	1.00007496	0.43	
05/04/2021	NP Receipt		0.41	506	1.06180365	0.44	1.00007050	0.41	
06/02/2021	NP Receipt		0.43	478	1.05828596	0.46	1.00006660	0.43	
07/02/2021	NP Receipt		0.41	448	1.05452993	0.43	1.00006242	0.41	
08/03/2021	NP Receipt		0.43	417	1.05066270	0.45	1.00005810	0.43	
09/02/2021	NP Receipt		0.43	388	1.04705782	0.45	1.00005406	0.43	
10/04/2021	NP Receipt		0.41	356	1.04309436	0.43	1.00004960	0.41	
12/17/2021	NP Receipt		0.84	283	1.03410879	0.87	1.00003943	0.84	
01/04/2022	NP Receipt		0.43	266	1.03202740	0.44	1.00003706	0.43	
02/02/2022	NP Receipt		0.43	238	1.02860835	0.44	1.00003316	0.43	
03/02/2022	NP Receipt		0.38	208	1.02495765	0.39	1.00002898	0.38	

Schedule S - Arbitrage Rebate Calculation - Aggregate - All Funds

Date	

Transaction
Type	Series 2020A- 1 & Series 2020A-2
Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 3 Acquisition
and Construction
Account
Transaction Amount	

Series 2020A- 1 & Series 2020A-2 Costs of Issuance Account Transaction
Amount	

Series 2020A- 3 Costs of Issuance Account Transaction
Amount	

Series 2020A- 1 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 2 Capitalized
Interest Account Transaction
Amount	

Series 2020A- 3 Capitalized
Interest Account Transaction
Amount	

Series 2020A-
1 Reserve
Fund
Transaction Amount	

Series 2020A-
2 Reserve
Fund
Transaction Amount	

Series 2020A-
3 Reserve
Fund
Transaction Amount	

Muni Days	

Rebate Calculations
FV Factor @		FV As of 4.312405%	09/30/2022	

IRR Calculations
FV Factor @		FV As of 0.005016%	09/30/2022	

04/04/2022	
NP Receipt	
0.43	
176	
1.02107786	0.44	
1.00002452	0.43	
05/03/2022	NP Receipt	0.41	147	1.01757448	0.42	1.00002048	0.41	
06/02/2022	NP Receipt	0.43	118	1.01408312	0.44	1.00001644	0.43	
07/05/2022	NP Receipt	0.41	85	1.01012476	0.41	1.00001184	0.41	
08/02/2022	NP Receipt	0.43	58	1.00689760	0.43	1.00000808	0.43	
09/02/2022	NP Receipt	0.43	28	1.00332396	0.43	1.00000390	0.43	
09/30/2022	End Balance	100,106.66	0	1.00000000	100,106.66	1.00000000	100,106.66	

Gross Earnings:	247.82	163.30	0.71	0.22	11.02	6.29	6.00	20.20	9.51	9.08	Negative Arbitrage:  (426,149.75)	0.00

North River Ranch Improvement Stewardship District

Change Order No. 1 Under Work Authorization No. 3

December 14, 2022

2156155011

Stantec Consulting Services Inc.
6920 Professional Parkway
Sarasota FL 34240-8414
Tel: (941) 907-6900

Via: E-Mail (carvalhov@pfm.com)

North River Ranch Improvement Stewardship District c/o PFM Group Consulting, LLC
3501 Quadrangle Blvd., Suite 270
Orlando, FL 32817

Attn:	Ms. Vivian Carvalho, District Manager

Reference:	Change Order No. 1 Under Work Authorization No. 3
Morgan’s Glen Phase 1C & 2B – Utility and Drainage Record Drawing Services

Dear Ms. Carvalho:

Due to ongoing project needs and additional services requested by the Board. Stantec is requesting approval to proceed with the additional professional services as follows:

Existing Task 220 – Record Drawing Sets for Utility and Drainage for Morgan’s Glen Phase 2B
Per the Client’s request, the additional services and additional funds to be added to accommodate the following requested survey services:
Locate and measure storm structures located in Lake 9. Additional budget can be utilized for future Client requested services. We are requesting an increase of $2,500 bringing this T/M task fee to $8,700.

These services will be performed on a T/M basis at our standard rates under our Master Services Agreement. Enclosed is a copy of our current Schedule of Fees, effective January 1, 2023.

S.A. Contract to Date	$ 17,100
Increase this Change Order	$ 2,500
New Contract Sum	$ 19,600

 Stantec Consulting Services Inc.		 North River Ranch Improvement Stewardship
 District c/o PFM Group Consulting, LLC	

 6920 Professional Parkway		 3501 Quadrangle Blvd, Suite 270	

 Sarasota, FL 34240		 Orlando, FL 32817	

By	By

Date

By

 December 14, 2022			
Date

 December 14, 2022	
Date

12/14/2022 – JVEGA
U:\215655011\admin\documents\proposal\pro_v-carvalho_pfm_nrrisd_wa-3_morgans-glen_1c-2b_co-1_tsk-220_incrs-bdgt_dg_20221214.docx

SCHEDULE OF FEES
Effective January 1, 2023

Staff Level	Rate

Level 3	$ 111.00	
Level 4	$ 122.00	
Level 5	$ 139.00	
Level 6	$ 143.00	
Level 7	$ 152.00	
Level 8	$ 162.00	
Level 9	$ 168.00	
Level 10	$ 173.00	
Level 11	$ 189.00	
Level 12	$ 198.00	
Level 13	$ 209.00	
Level 14	$ 219.00	
Level 15	$ 232.00	
Level 16	$ 256.00	
Level 17	$ 265.00	
Level 18	$ 270.00	
Level 19	$ 281.00	
Level 20	$ 291.00	
Level 21	$ 309.00	
1 Person Field Crew	$ 145.00	
2 Person Field Crew	$ 200.00	
3 Person Field Crew	$ 255.00	
4 Person Field Crew	$ 310.00	

Unit billings, such as printing and survey materials, will be billed at standard rates. All other out-of- pocket expenses will be billed at cost +10%.

Z:\billing_level_rates\2023\Schedule of Fees-2023_table-2_FL_20221019.docx

North River Ranch Improvement Stewardship District

Payment Authorizations Nos. 006 – 010

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Payment Authorization 002 - 005

PA #	Description	Amount	Total	
				
6	Clean Sweep Parking Maintenance	$	150.00		
				
	Dynamic Bicycles	$	47,475.00		
				
	Eco-Logic Services	$	4,075.00		
		$	1,200.00		
				
	Envera	$	842.36		
		$	360.50		
				
	Frontier	$	677.78		
				
	Jan-Pro of Manasota	$	820.70		
		$	1,342.50		
				
	Kutak Rock	$	2,089.00		
				
	Macrolease	$	764.50		
				
	McClatchy Company	$	101.79		
				
	Manatee County Utilities Department	$	544.80		
		$	105.38		
		$	236.47		
		$	471.12		
		$	176.53		
		$	284.88		
				
	Neal Land & Neighborhoods	$	12,946.31		
		$	372.28		
				
	Peace River Electric Cooperative	$	1,240.24		
		$	1,519.86		
		$	30.94		
		$	53.50		
		$	1,165.12		
		$	41.69		

		$	54.02		
		$	67.39		
		$	70.41		
		$	36.18		
		$	710.44		
		$	44.58		
		$	767.34		
		$	2,476.43		
		$	29.07		
		$	802.23		
		$	1,395.17		
				
	PFM Group Counsulting	$	5,833.33		
				
	S&G Pools	$	900.00		
		$	700.00		
				
	Sunrise Landscape	$	7,670.69		
		$	2,547.20		
				
	Supervisors Fees - 11/22/22 Meeting			
	Dale Weidemiller	$	200.00		
	John Leinaweaver	$	200.00		
	Pete Williams	$	200.00		
	Janice Snow	$	200.00		
	John Blakley	$	200.00		
				
	Verizon Wireless	$	63.68		
		$	63.68		
				
	WTS International	$	828.70		
		$	176.88		
		$	72.82		
		$	190.37		
		$	44.27		
		$	138.13		

			$105,771.26	

7	Clean Sweep Parking Maintenance	$	150.00		
				
	Daystar Exterior Cleaning	$	687.00		
		$	1,500.00		
				
	Egolf Land Services	$	250.00		

	Frontier	$	712.28		
				
	Jan-Pro of Manasota	$	223.90		
		$	326.23		
		$	206.34		
		$	1,342.50		
				
	Jones and Sons Pest Control	$	90.00		
		$	80.00		
				
	Macrolease Corporation	$	695.00		
		$	695.00		
				
	Peace River Electric Cooperative	$	29.50		
				
	PFM Group Consulting	$	5,833.33		
		$	10.42		

	Spectrum	$	120.62		
				
	Sunrise Landscape	$	4,191.94		
		$	1,662.03		
		$	48,000.00		
		$	875.00		
				
	US Bank	$	3,892.40		
		$	353.85		
				
	WTS International	$	8,000.00		

			$79,927.34	

8	Bay Area Bobcat	$	14,000.00		
				
	Clearview Land Design	$	215.00		
		$	230.02		
				
	Daystar Exterior Cleaning	$	687.00		
		$	1,250.00		
		$	150.00		
		$	1,250.00		
		$	687.00		

	Supervisor Fees - 12/14/22 Meeting			
	Dale Weidemiller	$	200.00		
	John Leinaweaver	$	200.00		
	Pete Williams	$	200.00		
	Janice Snow	$	200.00		
	John Blakley	$	200.00		
				
	WTS International	$	1,909.38		

			$21,378.40	

9	Kutak Rock	$	2,727.00		
		$	2,988.82		
				
	PFM Asset Management	$	1,000.00		
				
	PFM Group Consulting	$	3,750.00		
				
	Peace River Electric Cooperative	$	1,213.85		
		$	1,519.86		
		$	31.07		
		$	55.86		
		$	1,165.12		
		$	41.56		
		$	55.47		
		$	67.66		
		$	92.96		
		$	42.74		
		$	714.63		
		$	46.15		
		$	767.34		
		$	2,476.43		
		$	34.88		
		$	802.23		
		$	1,395.17		
				
	Spectrum	$	118.59		
				
	Stantec Consulting Services	$	7,414.00		
				
	WTS International	$	128.19		

			$28,649.58	

				
10	Bay Area Bobcat	$	3,500.00		
				
	Clean Sweep Parking Maintenance	$	150.00		
				
	Frontier	$	677.78		
				
	Manatee County Utilities Department	$	597.50		
		$	110.22		
		$	301.99		
		$	543.09		
		$	511.82		
		$	155.77		
				
	Onsight Industries	$	2,983.00		
				
	Sunrise Landscape	$	35,904.29		
		$	35,904.29		
		$	2,083.18		
				
		$	63.52		
				
		$	434.00		

			$83,920.45	

				
		Total	$319,647.03	

Payment Authorization No. 006
12/2/2022		
Item No.	
Vendor	Invoice Number	General Fund	Fiscal Year	

1	
Clean Sweep Parking Maintenance				
	Power Sweeping November 3, 2022	50202	$	150.00	FY 2023	

2	
Dynamic Bicycles				
	Bicycles with On Bike Share System and Docking Racks	6590-DYN	$ 47,475.00	FY 2023	

3	
Eco-Logic Services				
	November Maintenance (NRR)	2407	$	4,075.00	FY 2023	
	November Maintenance (Riverfield)	2415	$	1,200.00	FY 2023	

4	
Envera				
	November Grand Reserve Video Monitoring	722612	$	842.36	FY 2023	
	November Riverfield Video Monitoring	722663	$	360.50	FY 2023	

5	
Frontier				
	Pavilion Services 11/23/2022 - 12/22/2022	Acct: 941-776-9088-032320-5	$	677.78	FY 2023	

6	
Jan-Pro of Manasota				
	Riverfield Cleaning	74344	$	820.70	FY 2023	
	Brightwood Cleaning	74397	$	1,342.50	FY 2023	

7	
Kutak Rock				
	General Counsel Through 10/31/2022	3140968	$	2,089.00	FY 2023	

8	
Macrolease				
	FitRev Lease	29458121522	$	764.50	FY 2023	

9	
McClatchy Company				
	Legal Advertising on 11/02/2022 ; Ad: IPL0095119	160130	$	101.79	FY 2023	

10	
Manatee County Utilities Department				
	11510 Little River Way ; Service 10/20/2022 - 11/16/2022	Acct: 312296-162425	$	544.80	FY 2023	
	8905 Grand River Parkway	Acct: 312296-164615	$	105.38	FY 2023	
	11539 Little River Way	Acct: 312296-164711	$	236.47	FY 2023	
	8475 Fort Hamer Road	Acct: 338845-169394	$	471.12	FY 2023	
	11706 Sawyer Lane	Acct: 338845-169395	$	176.53	FY 2023	
	8414 Arrow Creek Drive ; Service 10/20/2022 - 11/16/2022	Acct: 312296-170584	$	284.88	FY 2023	

11	
Neal Land & Neighborhoods				
	Lifestyle Events Reimbursement	--	$ 12,946.31	FY 2023	
	Lifestyle Events Reimbursement	--	$	372.28	FY 2023	

12	
Peace River Electric Cooperative				
	11510 Little River Way ; Service 10/17/2022 - 11/16/2022	Acct: 168751001	$	1,240.24	FY 2023	
	Grand River Pkwy ; Service 10/17/2022 - 11/16/2022	Acct: 168751003	$	1,519.86	FY 2023	
	11539 Little River Way ; Service 10/17/2022 - 11/16/2022	Acct: 168751004	$	30.94	FY 2023	
	8905 Grand River Pkwy ; Service 10/17/2022 - 11/16/2022	Acct: 168751005	$	53.50	FY 2023	
	Lot Decorative Lights ; Service 10/17/2022 - 11/16/2022	Acct: 168751007	$	1,165.12	FY 2023	
	8410 Arrow Creek Dr ; Service 10/17/2022 - 11/16/2022	Acct: 168751008	$	41.69	FY 2023	
	11705 Sawyer Ln ; Service 10/17/2022 - 11/16/2022	Acct: 168751009	$	54.02	FY 2023	
	8404 Canyon Creek Trl ; Service 10/17/2022 - 11/16/2022	Acct: 168751011	$	67.39	FY 2023	
	11712 Moccasin Wallow Rd ; Service 10/17/2022 - 11/16/2022	Acct: 168751013	$	70.41	FY 2023	
	11750 Little River Way ; Service 10/17/2022 - 11/16/2022	Acct: 168751014	$	36.18	FY 2023	

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925	Page 1 of 2

Payment Authorization No. 006
12/2/2022		
Item		Invoice	General	Fiscal	
No.	Vendor	Number	Fund	Year	

12	
Peace River Electric Cooperative, cont.			

	8414 Arrow Creek Dr; Service 10/17/2022 -11/16/2022	Acct: 168751015	$	710.44	FY2023	
	8010 Ft Hamer Rd; Service 10/17/2022 - 11/16/2022	Acct: 168751016	$	44.58	FY2023	
	Grande Reserve Ph1A-2 Lot Lights; Service 10/17/2022 -11/16/2022	Acct: 168751017	$	767.34	FY2023	
	Morgan's Glen Decorative Lights PH 1; Service 10/17/2022 --11/16/2022	Acct: 168751020	$	2,476.43	FY2023	
	Morgan''s Glen Decorative Lighting Ph3A; Service 10/17/2022 --11/16/2022	Acct: 168751021	$	29.07	FY2023	
	Decorative Lighting NRR Ph1D East; Service 10/17/2022 --1171672022	1\ccf: 168751023	$	802.23	FY2023	
	Decorative Lighting NRR Ph1B2; Service 10/17/2022--11/16/2022	Acct: 168751024	$	1,395.17	  FY2023	

13	
PFM Group Consulting			

	OM Fee: November 2022	DM--11--2022--34	$	5,833.33	FY2023	
14	S&G Pools			

	Brightwood November Pool Service	128122	$	900.00	FY2023	
	Riverfield November Pool Service	181222	$	700.00	 FY2023	
15	Sunrise Landscape			
	
	Additional Maintenance -- Week of November 7	8280	$	7,670.69	FY2023	
	Grand River Parkway Regrade and Sod Installation	8281	$	2,547.20	 FY2023	
16	Supervisor Fees --11/22/2022 Meeting			
	
	Dale Weidemiller	--	$	200.00	FY2023	
	John Leinaweaver	--	$	200.00	FY2023	
	Pete Williams	--	$	200.00	FY2023	
	Janice Snow	--	$	200.00	FY2023	
	John Blakley	--	$	200.00	FY2023	
17	Verizon Wireless			

	Acct: 642468079--00001 ; Services 09/24/2022 -- 10/23/2022	9918942626	$	63.68	FY2023	
	Acct: 642468079--00001 ; Services 10/24/2022 -- 11/23/2022	9921324089	$	63.68	FY2023	

18	
WTS International			

	
	Payroll -- Pay Period 11/01/2022 -- 11/15/2022	12354169	$	828.70	FY2023	
	Travel Reimbursement Through 10/29/2022	12354396	$	176.88	FY2023	
	Expense Reimbursement 10/26/2022	12354397	$	72.82	FY2023	
	Expense Reimbursement 10/28/2022	12354398	$	190.37	FY2023	
	Expense Reimbursement 11/05/2022	12354744	$	44.27	FY2023	
	Travel Reimbursement Through 11/12/2022	12354778	$	138.13	FY2023	

TOTAL	
$ 105,771.26		
	
//				
	Secretary I Assistant Secretary				

RECEIVED
By Amanda Lane at 1:36 pm, Dec 06, 2022

North River Ranch IS□ c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 2 of2

Payment Authorization No. 007
12/9/2022

Item
No.	Vendor

Clean Sweep Parking Maintenance
Power Sweeping October 3, 2022

Daystar Exterior Cleaning Decem6er Riverfiela Cleaning December Brightwood Cleaning

Egolf Land Services
Little River Trail Pothole Repair

Frontier
Services r2m-:rr2_0_2_2 - 01702/2_0_2_3

Jan--Pro of Manasota Brigfnwooa Cleaning Supplies Brightwood Cleaning Supplies Brightwood Cleaning Supplies Brightwood Cleaning

Jones & Sons Pest Control Brigfnwooa Pavmon Pesf Confrol Riverfield Verandah Pest Control

Macrolease Corporation December Lease Installment January Lease Installment

Peace River Electric Cooperative
11362 Rolling Forl< Tri; Service 1072572022 -- 1172472022

PFM Group Consulting DM Fee: December 2022 November Reimbursables

Spectrum
ns,o Dffle River Way; Service 11/28/2022 --12/27/2022
Sunrise Landscape November Irrigation Inspection November Irrigation Inspection Mulch Installation
Sabal Palm Tree Replacement

US Bank
Series 2019 Morgan''s Glen Trustee Services 11/01/2022 --09/30/2023 Series 2019 Morgan''s Glen Trustee Services 10/01/2023 --10/31/2023

WTS International
Payroll Deposit -- Two Months Estimated Payroll and Benefits

Invoice	General	Fiscal
Number	Fund	Year

49966	$	150.00	FY2023

16848	$	o87.00	FY2023
16853	$  1,500.00	FY2023

1091	$	250.00	FY2023

:l!;ccl: 941-775-04:f3-u-!f3-0-21-5	$	712.28	FY2023

mo2	$	223.90	FY2023
1017	$	326.23	FY2023
1035	$	206.34	FY2023
73964	$  1,342.50	FY2023

Jl;ccl:23457	$	90.00	FY2023
Acct: 23483	$	80.00	FY2023

29458 121522	$	695.00	FY2023
29458 011523	$	695.00	FY2023

Jl;ccl: 168751025	$	29.50	FY2023

DM--12--2022--34	$  5,833.33	FY2023
OE--EXP--12--2022--19	$	10.42	FY2023

85H!7901113022	$	120.52	FY2023

8331	$  4,191.94	FY2023
8412	$  1,662.03	FY2023
8507	$ 48,000.00	FY2023
8508	$	875.00	FY2023

6739517	$  3,892.40	FY2023
6739517	$	353.85	 FY2024

12355663	$  8,000.00	FY2023

TOTAL	$ 79,927.34

rs

$ 79,573.49	FY2023
 $	353.85	FY2024

Secretary I Assistant Secretary	Board Member

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270

RECEIVED

Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1
By Amanda Lane at 1:37 pm, Dec 12, 2022

IMPROVEMENT STEWARDSHIP DISTRICT

Payment Authorization No. 008

Item
No.	
Vendor	Invoice
Number	General
Fund	Fiscal
Year	

1	
Bay Area Bobcat				
	Brightwood Trail Debris Cleanup	27	$  14,000.00	FY 2023	
2	Clearview Land Design				
	Services Tfirougn 1270972022	22-03230	$	215.00	FY 2023	
Reimbursables Through 12/09/2022	22-03231	$	230.02	FY 2023	

3	Daystar Exterior Cleaning				
Ocfo6er Riverfiela Cleaning	16346	$	687.00	FY 2023	
October Brightwood Cleaning	16361	$	1,250.00	FY 2023	
Little River Way Amenities Sidewalk Cleaning	16491	$	150.00	FY 2023	
November Brightwood Cleaning	16579	$	1,250.00	FY 2023	
November Riverfield Cleaning	16580	$	687.00	FY 2023	
4	Supervisor Fees --12/14/2022 Meeting				
Dale Weiaemiller	--	$	200.00	FY 2023	
John Leinaweaver	--	$	200.00	FY 2023	
Pete Williams	--	$	200.00	FY 2023	
Janice Snow	--	$	200.00	FY 2023	
John Blakley	--	$	200.00	FY 2023	
5	WTS International				
January Management Fee 7 Insurance	12356552	$	1,909.38	FY 2023	
	
TOTAL	
$	21,378.40		

12/16/2022

J

v	tt
Secretary I Assistant Secretary		

RECEIVED
By Amanda Lane at 2:16 pm, Dec 20, 2022

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

  ,-I

Payment Authorization No. 009
12/23/2022

Item
No.	
Vendor	Invoice
Number	General
Fund	Fiscal
Year	
	
Kutak Rock				
	General Counsel Tnrougfi 09/30/2022	31253m	$	2,727.00	FY2022	
	General Counsel Through 11/30/2022	3155358	$	2,988.82	 FY2023	
2	PFM Asset Management				
	Arbitrage Calculation Through 09/30/2022	13536534	$	1,000.00	FY2022	
3	PFM Group Consulting			
	
	Series 2019, MG, 2020 Quarterly Dissemination	123238	$	3,750.00	 FY2023	
4	Peace River Electric Cooperative			
	
	11510 Little River Way; Service 11/16/2022-12/16/2022	Acct: 168751001	$	1,213.85	FY2023	
	Grand River Pkwy ; Service 11/16/2022 - 12/16/2022	Acct: 168751003	$	1,519.86	FY2023	
	11539 Little River Way ; Service 11/16/2022 - 12/16/2022	Acct: 168751004	$	31.07	FY2023	
	8905 Grand River Pkwy ; Service 11/16/2022 - 12/16/2022	Acct: 168751005	$	55.86	FY2023	
	Lot Decorative Lights ; Service 11/16/2022 - 12/16/2022	Acct: 168751007	$	1,165.12	FY2023	
	8410 Arrow Creek Dr ; Service 11/16/2022 - 12/16/2022	Acct: 168751008	$	41.56	FY2023	
	11705 Sawyer Ln ; Service 11/16/2022 - 12/16/2022	Acct: 168751009	$	55.47	FY2023	
	8404 Canyon Creek Tri ; Service 11/16/2022 - 12/16/2022	Acct: 168751011	$	67.66	FY2023	
	11712 Moccasin Wallow Rd; Service 11/16/2022 -12/16/2022	Acct: 168751013	$	92.96	FY2023	
	11750 Little River Way ; Service 11/16/2022 - 12/16/2022	Acct: 168751014	$	42.74	FY2023	
	8414 Arrow Creek Dr ; Service 11/16/2022 - 12/16/2022	Acct: 168751015	$	714.63	FY2023	
	8010 Ft Hamer Rd; Service 11/16/2022 - 12/16/2022	Acct: 168751016	$	46.15	FY2023	
	Grande Reserve Ph1A-2 Lot Lights; Service 11/16/2022 -12/16/2022	Acct: 168751017	$	767.34	FY2023	
	Morgan's Glen Decorative Lights PH 1; Service 11/16/2022 -- 12/16/2022	Acct: 168751020	$	2,476.43	FY2023	
	Morgan''s Glen Decorative Lighting Ph3A ; Service 11/16/2022 -- 12/16/2022	Acct: 168751021	$	34.88	FY2023	
	Decorative Lighting NRR Ph1D East; Service 11/16/2022 -- 12/16/2022	1\ccf: 168751023	$	802.23	FY2023	
	Decorative Lighting NRR Ph182; Service 11/16/2022--12/16/2022	Acct: 168751024	$	1,395.17	  FY2023	

5	
Spectrum			

	8414 Arrow Creek Drive Services 12/15/2022 -- 01/14/2023	95036801121622	$	118.59	 FY2023	
6	Stantec Consulting Services			
	
	Engineering Services Through 12/09/2022	2021308	$	7,414.00	 FY2023	
7	WTS International			
	
	Expense Reimbursement 11/25/2022	12356779	$	128.19	 FY2023	
		
TOTAL	
$ 28,649.58		
			$	3,727.00	FY2022	
 $  24,922.58	FY2023

North River Ranch IS□ c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

RECEIVED
By Amanda Lane at 3:14 pm, Dec 27, 2022

Board Member

Payment Authorization No. 01O
12/30/2022

Item
No.	
Vendor	Invoice
Number	General
Fund	Fiscal
Year	

1	
Bay Area Bobcat				
	Repainl Brigfifwooa WorRoul A:rea Walls ana St:eps	33	$	3,500.00	FY 2023	
2	Clean Sweep Parking Maintenance				
	Power Sweeping December 7, 2022	50433	$	150.00	FY 2023	
3	Frontier				
	Pavilion Services 12/23/2022 - 01/22/2023	J!;cct 941-776-9088-032320-5	$	677.78	FY 2023	
4	Manatee County Utilities Department				
	11510 Little River Way ; Service 11/16/2022 - 12/16/2022	Acct: 312296-162425	$	597.50	FY 2023	
	8905 Grand River Parkway	Acct: 312296-164615	$	110.22	FY 2023	
	11539 Little River Way	Acct: 312296-164711	$	301.99	FY 2023	
	8475 Fort Hamer Road	Acct: 338845-169394	$	543.09	FY 2023	
	11706 Sawyer Lane	Acct: 338845-169395	$	511.82	FY 2023	
	8414 Arrow Creek Drive ; Service 11/16/2022 - 12/19/2022	Acct: 312296-170584	$	155.77	FY 2023	
5	OnSight Industries				
	Storm Damage Repairs	006-22-327709-1	$	2,983.00	FY 2023	
6	Sunrise Landscape
l"-Jovem6er [anascaping l\llainlenance	
8279	
$  35,904.29	

FY 2023	
	December Landscaping Maintenance	8791	$  35,904.29	FY 2023	
	December Irrigation Repairs	8822	$	2,083.18	FY 2023	
7	Verizon Wireless				
	Acct: 642468079-00001 ; Services 11/24/2022 - 12/23/2022	9923709192	$	63.52	FY 2023	
8	WTS International
Payroll - Pay Perioa 1270172022 - 1211572022	
12357090	
$	434.00	

FY 2023	
		
TOTAL	
$  83,920.45		

-"-/

v +&

Secretary / Assistant Secretary	Board Member

RECEIVED
By Amanda Lane at 1:45 pm, Dec 30, 2022

North River Ranch ISO c/o PFM Group Consulting

Orlando, FL 32817

3501 Quadrangle Blvd. Ste. 270
LaneA@pfm.com II (407) 723-5925	Page 1 of 1

North River Ranch Improvement Stewardship District

Funding Requests Nos. 161 – 191

Funding Requests 161-190

FR #	Description	Amount	Total	
				
161				
Amenity	LRK	$	3,100.00		
		$	1,550.00		
				
			$4,650.00	
				
162				
Fort Hamer	WillScot	$	1,087.59		
				
			$1,087.59	
				
163				
Morgan's Glen	Woodruff & Sons	$	121,495.41		
				
			$121,495.41	
				
164				
North River Ranch ISD	Kurtak Rock	$	9,774.50		
				
			$9,774.50	
				
165				
Wildleaf Phase 4A	CRS Building Corporation	$	48,763.00		
				
			$48,763.00	
				
166				
Camp Creek Trail	Stantec Consulting Services	$	3,250.00		
				
			$3,250.00	
				
167				
Fort Hamer	Terracon Consultants	$	11,352.50		
				
			$11,352.50	
				
168				
Gopher Tortoise Burrow	Halff Associates	$	3,286.29		
				
			$3,286.29	
				
169				
Morgan's Glen	Dewberry Engineers	$	6,755.00		
				
	FEDCO Communications and Utilities	$	25,374.00		
				
	Terracon Consultants	$	2,247.50		
				
	Windward Building Group	$	4,878.00		
				
			$39,254.50	

				

170				
Phase 4A & 4B	Bay Area Bobcat	$	5,000.00		
				
	Mike Armstrong Landscaping	$	7,078.95		
				
	RIPA & Associates	$	35,436.31		
				
			$47,515.26	
				
171				
Phase 4ABCD	Dewberry Engineers	$	9,013.50		
		$	11,668.50		
				
			$	20,682.00	
				
172				
Phase 4B	Driggers Engineering Services	$	4,843.00		
				
	Ripa & Associates	$	332,538.38		
				
			$	337,381.38	
				
173				
Phase 4C	Dewberry Engineers	$	3,890.00		
				
	Halff	$	13,200.00		
				
	Ripa & Associates	$	427,651.24		
				
			$	444,741.24	
				
174				
Brightwood	Bay Area Bobcat	$	3,900.00		
		$	4,020.00		
				
			$7,920.00	
				
175				
Dog Park	Florida State Fence	$	35,330.00		
				
			$35,330.00	
				
176				
Fort Hamer	Clearview Land Design	$	1,605.00		
				
			$1,605.00	
				
177	Avid Trails	$	13,400.00		
Fortress		$	1,900.00		
				
	Clearview Land Design	$	310.00		
				
			$	15,610.00	
				
178				
Morgan's Glen	Sunrise Landscape	$	4,500.00		
				
			$	4,500.00	

179				
North River Ranch ISD	Clearview Land Design	$	860.00		
				
			$	860.00	
				
180				
Phase 3A	Clearview Land Design	$	3,205.00		
				
			$	3,205.00	
				
181				
Phase 4	Amerritt	$	19,300.00		
		$	9,000.00		
		$	3,000.00		
				
	Clearview Land Design	$	4,625.00		
		$	630.00		
		$	26,872.50		
				
	Peace River Electric Cooperative	$	27,222.87		
		$	225,946.19		
				
			$	316,596.56	
				
182				
Wildleaf	Bay Area Bobcat	$	3,860.00		
		$	1,540.00		
				
			$	5,400.00	
				
183				
Amenity	LRK	$	215.00		
				
			$	215.00	
				
184				
Dog Park	Dewberry Engineers	$	500.00		
				
			$	500.00	
				
185				
Fort Hamer	WillScot	$1,103.90		
				
	Woodruff & Sons	$382,733.32		
				
			$383,837.22	
				
186				
Morgan's Glen	Stantec Consulting Services	$58,436.24		
				
			$	58,436.24	
				
187				
North River Ranch ISD	Kutak Rock	$6,433.50		
		$3,279.60		
				
			$9,713.10	

188				
Phase 2	Stantec Consulting Services	$24,626.66		
				
			$	24,626.66	
				
189				
Phase 4	Dewberry Engineers	$	4,009.50		
				
	Atlantic TNG	$	12,398.45		
		$	13,611.60		
				
		$	8,665.90		
		$	10,052.90		
		$	10,052.90		
		$	11,358.20		
				
			$70,149.45	
				
190				
Wildleaf	Bay Area Bobcat	$	10,000.00		
				
			$	10,000.00	

		Grand Total	$2,041,737.90	

Funding Request No. 161
12/2/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

AMENITY

1	LRK		
	Interior Design Services Through 09/30/2022	04.20020.10-15	$	3,100.00	FY 2022	
	Interior Design Services Tnrougn 1073172022	04.20020.10-16	$	1,550.00	FY 2023	

Total--PAYABLE TO NORTH RIVER RANCH 15D	$	4,650.00

$
$

1,550.00  I FY 2023

3,100.00	FY2022

Secretary I Assistant Secretary

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

FORT HAMER

1	WillScot
60x12 Mo6ile Office Rental 1172372022 - 1272072022	9015997969	$	'1,087.59	FY2023

Total -- PAYABLE TO NORTH RIVER RANCH 15D	$	1,087.59

Secretary 7 Assistant Secretary	eBoard Member

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

MORGAN''S GLEN

1	Woodruff & Sons
Pnases 1C K 2B Pay Applicaflon tt9 Tfirougn 1073172022	2758--9	$ 121,495.41	FY2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$ 121,495.41

//	
Secretary I Assistant Secrelary	Boara Mem6er

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

1	Kutak Rock
Jon M Hall Construction Dispute Through 10/31/2022	3140969	$	9,774.50	FY2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	9,774.50

Secretary 7 Assisfanf Secretary	Board Member

P

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Funding Request No. 165
12/2/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

WILDLEAF PHASE 4A

1	CRS Building Corporation
f\JRR Enfry Features Founaauon Worl<	2022--02l--01	$	8,763.00	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	48,763.00

Secretary I Assistant Secretary	Board Member

North River Ranch IS□

Funding Request No. 166
12/9/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

CAMP CREEK TRAIL

1	Stantec Consulting Services
Engineering Services Through 12/02/2022	2015125	$	3,250.00	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH 15D	$	3,250.00

Secretary I Assistant Secretary	Board Member

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

FORT HAMER

1	Terracon Consultants
Bella [ago fo Roaa FF Services TFirougFi 1U1972022	TR75549	$	l1,352.50	FY2023

Total -- PAYABLE TO NORTH RIVER RANCH I5D	$	11,352.50

Secretary 7 Assistant Secretary	

North River Ranch ISO c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925	Page 1 of 1	RECEIVED

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

GOPHER TORTOISE BURROW

1	Halff Associates		
	Survey & Permitting Services Through 11/20/2022	10085572	$	3,286.29	FY2023	
	
Total -- PAYABLE TO NORTH RIVER RANCH ISD

//	
$	3,286.29		
	
Secretary I Assistant Secretary	Board Member			

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com // (407) 723-5925	Page 1 of 1	RECEIVED

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

MORGAN'S GLEN

1	Dewberry Engineers
Phases 1C & 28 Services Through 10/28/2022	
2202298	
$	6,755.00	
FY 2023	
2	FEDCO Communications and Utilities
Phase 1 PRECO Backbone Conduit System	
PE-rv1GPR1-02	
$	25,374.00	

FY 2023	
3	Terracon Consultants
Phases 1C & 28 Services Through 11/19/2022	
TH75516	
$	2,247.50	

FY 2023	
4	Windward Building Group
Main Entry Additional Electrical Lateral	
1694	
$	4,878.00	

FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISO	$	39,254.50

1/	
Secretary I Assistant Secretary	Board Member

North River Ranch ISO c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 11	RECEIVED

Item		Invoice	Construction	Fiscal	
No..	Vendor	Number	Fund	Year	

PHASE4A&4B

1	Bay Area Bobcat
Weflana MiflgaUon	
23	
$	5,000.00	

FY 2023	
2	Mike Armstrong Landscaping
Pay Applicalion 5Tnrougn1171072022	
--	
$	7,078.95	

FY 2023	
3	RIPA & Associates
Pay Application 19 Through 11/30/2022	
01--2022--19	
$	35,436.31	

FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	47,515.26

Secretary I Assistant Secretary	Board Member

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

PHASE 4ABCDD

1	Dewberry Engineers		
	Services Through 09/30/2022	2189104	$	9,013.50	FY 2022	
	Services Through 10/28/2022	2202235	$	11,668.50	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	20,682.00

//WUUt,,	
Secretary I Assistant Secretary	Boara l'vlem6er

Item
No..	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

PHASE 48 

1	

Driggers Engineering Services				

Services Through 11/25/2022	SAL16225	$	4,843.00	FY 2023	
2	RIPA & Associates
Pay Applicalion 9 Tnrougn 1173072022	01--2083--09	$ 332,538.38	

FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$ 337,381.38		

//
Secretary I Assistant Secretary	Board Member

Funding Request No. 1733
12/9/2022		
Item No..	
Vendor	Invoice Number	Construction Fund	Fiscal Year	

PHASE 4C 					
1	Dewberry Engineers				
	Services Through 10/28/2022	2202248	$	3,890.00	FY 2023	
2	Halff				
	Services Tnrougn 1172072022	10085573	$	'13,200.00	FY 2023	
3	RIPA & Associates				
	Pay Application 2 Through 11/30/2022	01--2119--02	$ 427,651.24	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$ 444,741.24

Secretary I Assistant Secretary	Board Member

Funding Request No. 174
12/16/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

BRIGHTWOOD

1	Bay Area Bobcat		
	Multiuse Trail Cleanup	26	$	3,900.00	FY 2023	
	Lake 3 Washout Repairs	28	$	4,020.00	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	7,920.00

Secretary I Assistant Secretary	Board Member

North River Ranch IS□ c/o PFM Group Consulting

RECEIVED
By Amanda Lane at 2:16 pm, Dec 20, 2022

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

Funding Request No. 175
12/16/2022

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

DOG PARK					
1	Florida State Fence				
Black Chain Link Fence and Gates	142414	$	35,330.00	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	35,330.00
Secretary I Assistant Secretary	c Board Member

North River Ranch IS□ c/o PFM Group Consulting

RECEIVED
By Amanda Lane at 9:06 am, Dec 21, 2022

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

Funding Request No.176
12/16/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

FORT HAMER

1	Clearview Land Design
Fort Hamer Road 2nd Extension Services Through 12/09/2022	22-03235	$	1,605.00	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	1,605.00

Secretary I Assistant Secretary	

RECEIVED

North River Ranch ISO c/o PFM Group Consulting

Orlando. FL 32817

3501 Quadrangle Blvd. Ste. 270

Funding Request No. 177
12/16/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

FORTRESS

1	Avid Trails
Pump Track/ Bicycle Playground Safety Course 50% Deposit NRR Trails Master Plan Update 50% Deposit

2	Clearview Land Design
Fortress Phases 4C & 4D Design & Permitting Services Through 12/09/2022

CD Track/Bike-01 Master Update-01

$  13,400.00	FY2023	
$	1,900.00	FY2023	

$	310.00	

FY2023	

$  15,610.00		

22-03233

v +tt
Secretary I Assistant Secretary

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270

Total -- PAYABLE TO NORTH RIVER RANCH ISD

RECEIVED

Orlando, FL 32817

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

MORGAN''S GLEN

1	Sunrise Landscape
MG Townfiomes Pay Applicaflon 1t8 Tfirougfi 1173072022

--	$	4,500.00	FY 2023

RECEIVED

Secretary / Assistant Secretary

North River Ranch ISD c/o PFM Group Consulting
3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817

Total-- PAYABLE TO NORTH RIVER RANCH ISD	$	4,500.00

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

1	Clearview Land Designn
Prepare Supplement Engineers Report Tfirougfi 1270972022	22--03229	EBO.DO	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	860.00

Secretary I Assistant Secretary	Board Member

North River Ranch ISD c/o PFM Group Consulting

RECEIVED
By Amanda Lane at 9:06 am, Dec 21, 2022

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

PHASE 3A					
1	Clearview Land Design				
Phase 3A Townhomes Services TFirougFi 1270972022	22-03237	$	3,205.00	FY2023	

Total -- PAYABLE TO NORTH RIVER RANCH 15D	$	3,205.00

Secretary I Assistant Secretary	

Funding Request No. 181
12/16/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

PHASE 4

1	Amerritt
Parcel 4A PCPs and Lot Corners	
22-407	
$	19,300.00	
FY 2023	
Parcel 48 Plat Document Preparation	22-310	$	9,000.00	FY 2023	
Parcel 48 Plat Document Preparation	22-409	$	3,000.00	FY 2023	
2	Clearview Land Design				
Wilaleaf Pnase 4 Services lnrougn 1270972022	22-03232	$	4,625.00	FY 2023	
NRR Phase 4-C2 Services Through 12/09/2022	22-03234	$	630.00	FY 2023	
NRR Phase 4-F Services Through 12/09/2022	22-03236	$	26,872.50	FY 2023	
3	Peace River Electric Cooperative
Wildleaf Phase 48 Sub Feeder Utility Fees	

13495	
$	27,222.87	

FY 2023	
Wildleaf Phase 48 Lots Utility Fees	13497	$ 225,946.19	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH 15D	$ 316,596.56

Secretary/ AssistantSecretary		

Funding Request No. 182
12/16/2022

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

WILDLEAF					
1	Bay Area Bobcat				
Wetland BA - Install Sod Along Path	24	$	3,B60.00	FY 2023	
Wetland BA - Silt Fence Removal	25	$	1,540.00	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	5,400.00

Secretary/ Assistant Secretary	Board Member

North River Ranch IS□

Funding Request No. 183
12/23/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

AMENITY

1	LRK
Interior Design Services Through 11/30/2022	04.20020.10-17	$	215.00	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH 15D	$	215.00

Secretary I AssisantSecretary	

North River Ranch ISO

P

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Funding Request No. 184
12/23/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

DOG PARK

1	Dewberry Engineers
Engineering Services Through 11/25/2022	2215384	$	500.00	FY 2023

Total --PAYABLE TO NORTH RIVER RANCH ISD	$	500.00

Secretary I AssistatSecretary	Board Member

North River Ranch IS□ c/o PFM Group Consulting

RECEIVED

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Funding Request No. 185
12/23/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

FORT HAMER

1	WillScot
60x12 Mobile Office Rental 12/21/2022- 01/17/2023	9016299354	$	1,103.90	FY 2023

2	Woodruff & Sons
Fort Hamer Rd 2nd Extension Pay Application #7 Through 11/30/2022	2763-7	$ 382,733.32	FY 2023

Total-- PAYABLE TO NORTH RIVER RANCH 15D	$ 383,837.22

v +tt
Secretary / Assistant Secretary

North River Ranch ISD c/o PFM Group Consulting

RECEIVED

3501 Quadrangle Blvd. Ste. 270

Page 1 of 1

Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925

P

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Funding Request No. 186
12/23/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

MORGAN'S GLEN

1	Stantec Consulting Services
Engineering Services Through 12/09/2022	2021301	$	58,436.24	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	58,436.24

Secretary I AssistantSecretary	Board Member

North River Ranch IS□ c/o PFM Group Consulting

RECEIVED

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT				

Funding Request No. 187				
12/23/2022				
Item	Invoice
No.	Vendor	Number	Construction Fund	Fiscal Year		

1	Kutak Rock				
Jon M Hall Construction Dispute Through 09/30/2022	3126322	$	6,433.50	FY2022		
Jon M Hall Construction Dispute Through 11/30/2022	3155359	$	3,279.60	FY2023		

Total -- PAYABLE TO NORTH RIVER RANCH 15D	
$	9,713.10			
	$	6,433.50	FY2022		
	$	3,279.60	FY2023		

Secretary / Assistant Secretary	Board Member

North River Ranch ISD c/o PFM Group Consulting

RECEIVED

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723-5925	Page 1 of 1

P

NORTH RIVER RANCH IMPROVEMENT STEWARDSHIP DISTRICT

Funding Request No. 188
12/23/2022

Item
No.	Vendor

Invoice Number

Construction Fund

Fiscal Year

PHASE 2

1	Stantec Consulting Services
Engineering Services Through 12/09/2022	2021316	$	24,626.66	FY 2023

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	24,626.66

Secretary I Assistant Secretary	Board Member

Funding Request No. 189
12/23/2022

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

PHASE 4						
1	Dewberry Engineers				
	Services Through 11/25/2022	2215371	$	4,009.50	FY 2023	
2	Atlantic TNGG
Pnase 4C Consfruclion Materials	
146235	
$	12,398.45	

FY 2023	
	Phase 4C Construction Materials	146311	$	13,611.60	FY 2023	
	Phase 4C Construction Materials	146467	$	8,665.90	FY 2023	
	Phase 4C Construction Materials	146429	$	10,052.90	FY 2023	
	Phase 4C Construction Materials	146384	$	10,052.90	FY 2023	
	Phase 4C Construction Materials	146335	$	11,358.20	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	70,149.45

Secretary I Assistant Secretary	Board Member

Funding Request No. 190
12/23/2022

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

WILDLEAF 					
1	Bay Area Bobcat
Buila Retaining Wall	

30	

$	10,000.00	

FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	10,000.00

Secretary I Assistant Secretary

Board Member

Funding Request No. 191
12/30/2022

Item
No.	
Vendor	Invoice
Number	Construction
Fund	Fiscal
Year	

FORTRESS					
1	Booth Design Group				
Phase 4 C-2 Landscape Design Services	3380	$	2,950.00	FY 2023	

Total -- PAYABLE TO NORTH RIVER RANCH ISD	$	2,950.00

Secretary I Assistant Secretary	Board Member

North River Ranch ISO c/o PFM Group Consulting

RECEIVED
By Amanda Lane at 1:45 pm, Dec 30, 2022

3501 Quadrangle Blvd. Ste. 270
Orlando, FL 32817
LaneA@pfm.com II (407) 723--5925	Page 1 of 1