Rolling Oaks Community Development District Agenda February 27, 2025 February 20, 2025 Board of Supervisors Rolling Oaks Community Development District Dear Board Members: The meeting of the Board of Supervisors of Rolling Oaks Community Development District will be held Thursday, February 27, 2025, at 1:00 PM at the Embassy Suites Boardroom, 3151 Sunset Walk Drive, Kissimmee, Florida 34747. Following is the advance agenda for the meeting: Zoom Webinar Information: Link: https://us06web.zoom.us/j/85744403825 Webinar ID: 857 4440 3825 Call-in Number: 1-305-224-1968 1. Roll Call 2. Public Comment Period 3. Approval of Minutes of the November 21, 2024 Board of Supervisors Meeting and Acceptance of Minutes of the November 21, 2024 Landowners’ Meeting 4. Consideration of Drainage Easement Agreement with Rolling Oaks Splendid and Rolling Oaks Apartments 5. Ratification of Data Sharing and Usage Agreement with Osceola County Property Appraiser 6. Staff Reports A. Attorney B. Engineer C. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement iii. Presentation of Series 2016, 2018, and 2022 Arbitrage Rebate Calculation Reports D. Field Manager’s Report i. Consideration of Proposals for Pressure Washing – ADDED 1. Happy Homes Renovations Inc. 2. Pressure Plus Services LLC 7. Supervisor’s Requests 8. Next Meeting Date – March 27, 2025 at the Embassy Suites Boardroom 9. Adjournment Sincerely, Tricia Adams Tricia Adams District Manager MINUTES OF MEETING ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Rolling Oaks Community Development District was held Thursday, November 21, 2024 at 3:08 p.m. at the Margaritaville Resort Orlando, 8000 Fins Up Circle, Kissimmee, Florida. Present and constituting a quorum were: John Chiste Chairman Jared Bouskila Vice Chairman Cora DiFiore Assistant Secretary by Zoom Peter Brown Assistant Secretary Steven Dougherty Assistant Secretary by Zoom Also present were: Tricia Adams District Manager Vivek Babbar District Counsel by Zoom Dave Schmitt District Engineer by Zoom Clayton Smith Field Services Manager Ashley Hilyard Field Services FIRST ORDER OF BUSINESS Roll Call Ms. Adams called the meeting to order and called the roll. SECOND ORDER OF BUSINESS Public Comment Period There being no comments, the next item followed. THIRD ORDER OF BUSINESS Organizational Matters A. Administration of Oaths of Office for Newly Elected Board Members Ms. Adams administered the oath of office to Mr. Chiste and Mr. Brown. B. Consideration of Resolution 2025-01 Canvassing and Certifying the Results of the Landowners Election On MOTION by Mr. Chiste seconded by Mr. Brown with four in favor Resolution 2025-01 canvassing and certifying the results of the landowners’ election was approved. C. Consideration of Resolution 2025-02 Electing Officers On MOTION by Mr. Chiste seconded by Mr. Brown with four in favor Resolution 2025-02 was approved reflecting the same slate of officers. FOURTH ORDER OF BUSINESS Approval of the Minutes of the October 24, 2024 Meeting On MOTION by Mr. Chiste seconded by Mr. Brown with four in favor the minutes of the October 24, 2024 meeting were approved as presented. FIFTH ORDER OF BUSINESS Staff Reports A. Attorney There being no report, the next item followed. B. Engineer There being no comments, the next item followed. Mr. Schmitt left the Zoom call at this time. C. Manager i. Approval of Check Register On MOTION by Mr. Chiste seconded by Mr. Brown with four in favor the check register was approved. ii. Balance Sheet and Income Statement A copy of the balance sheet and income statement were included in the agenda package. D. Field Manager Ms. Hilyard gave an overview of the field manager’s report, a copy of which was included in the agenda package. SIXTH ORDER OF BUSINESS Supervisor’s Requests There being no comments, the next item followed. SEVENTH ORDER OF BUSINESS Next Meeting Date – January 23, 2025 at the Crescent Moon Room Ms. Adams stated the next meeting is scheduled for January 23, 2025. EIGHTH ORDER OF BUSINESS Adjournment On MOTION by Mr. Brown seconded by Mr. Chiste with four in favor the meeting adjourned at 3:18 p.m. Secretary/Assistant Secretary Chairman/Vice Chairman MINUTES OF MEETING ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT The Rolling Oaks Community Development District held a landowners’ meeting on Thursday, November 21, 2024 at 3:05 p.m. at the Margaritaville Resort Orlando, 8000 Fins Up Circle, Kissimmee, Florida. Present were: John Chiste Jared Bouskila Cora DiFiore by Zoom Peter Brown Steven Dougherty Tricia Adams Vivek Babbar, by Zoom Dave Schmitt by Zoom Ashley Hilyard Clayton Smith, FIRST ORDER OF BUSINESS Determination of Number of Voting Units Represented Ms. Adams stated there are 217 voting units represented. SECOND ORDER OF BUSINESS Call to Order Ms. Adams called the meeting to order. THIRD ORDER OF BUSINESS Election of a Chairman for the Purpose of Conducting the Landowners Meeting Ms. Adams was appointed to serve as Chairman for the purpose of conducting the landowners meeting. FOURTH ORDER OF BUSINESS Nominations for Position of Supervisor (3) Mr. Brown nominated John Chiste for seat 1, Peter Brown for seat 2, and Steve Dougherty for seat 5. FIFTH ORDER OF BUSINESS Casting of Ballots Ms. Adams stated John Chiste received 217 votes, Peter Brown received 217 votes, and Steven Dougherty received 216 votes. SIXTH ORDER OF BUSINESS Ballot Tabulation Ms. Adams stated John Chiste will serve a four-year term of office in seat 1, Peter Brown will serve a four-year term of office in seat 2 and Steven Dougherty will serve a two-year term of office in seat 5. SEVENTH ORDER OF BUSINESS Landowners Questions and Comments There being no comments, the next item followed. EIGHTH ORDER OF BUSINESS Adjournment Ms. Adams adjourned the meeting. Prepared By and Return To: Zelica M. Quigley, Esquire Nelson Mullins Riley & Scarborough LLP 1905 NW Corporate Boulevard, Suite 310 Boca Raton, Florida 33431 DRAINAGE EASEMENT AGREEMENT THIS DRAINAGE EASEMENT AGREEMENT (this “Agreement”) is made effective as of this ____ day of ____________, 2025 (the “Effective Date”) by ROLLING OAKS SPLENDID, LLC, a Florida limited liability company, whose mailing address is One Town Center Road, Suite 600, Boca Raton, Florida 33486 (“Grantor”); ROLLING OAKS APARTMENTS, LLC, a Delaware limited liability company, whose mailing address is One Town Center Road, Suite 600, Boca Raton, Florida 33486 (“Grantee”); and ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government established pursuant to the Uniform Community Development District Act of 1980, as codified in Chapter 190, Florida Statutes, whose address is c/o Governmental Management Services-Central Florida, LLC, a Florida limited liability company, 219 E. Livingston Street, Orlando, FL 32801 (the “District”). WI TNES S ETH: WHEREAS, Grantor is the owner of that certain real property described on Exhibit A attached hereto and incorporated herein by this reference (the “Drainage Easement Area”). WHEREAS, Grantee is the owner of (i) that certain real property described on Exhibit B attached hereto and incorporated herein by this reference (the “Phase 8 Property”); and (ii) that certain real property described on Exhibit C attached hereto and incorporated herein by this reference (“Tract A”; and collectively with the Phase 8 Property, the “Benefitted Property”). WHEREAS, Tract G (the “Pond Easement Area”) of the Plat of Rolling Oaks recorded in Plat Book 26, Pages 116 through 125, of the Public Records of Osceola County, Florida (the “Rolling Oaks Plat”) is a stormwater tract owned by Grantor and dedicated to the District on the Rolling Oaks Plat, and upon which Pond Easement Area a drainage pond has been constructed (the “Pond”). WHEREAS, certain drainage pipes and other drainage facilities (collectively, the “Drainage Facilities”) necessary for drainage of stormwater runoff from the Benefitted Property have been constructed within the Drainage Easement Area. WHEREAS, the Benefitted Property is benefitted by a drainage easement over (i) Tract A pursuant to Note 10 on the Rolling Oaks Phase 8, according to the plat thereof, recorded in Plat Book 32, Pages 110 through 111, of the Public Record of Osceola, Florida; and (ii) the Pond Easement Area pursuant to Note 14 on the Rolling Oaks Plat. WHEREAS, Grantor desires to grant a non-exclusive drainage easements on, upon and through the Drainage Easement Area and the Drainage Facilities for the drainage of stormwater runoff from the Benefitted Property. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein set forth and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby expressly acknowledged by the parties, the parties do hereby agree as follows: 1. Recitals. The foregoing recitals are true and correct and are incorporated herein by this reference. 2. Grant of Drainage Easements. Grantor does hereby grant, bargain, sell and convey, to Grantee and its successors and assigns, for the benefit of the Benefitted Property, a nonexclusive drainage easement on, over, upon and through the Drainage Easement Area and the Drainage Facilities for the drainage of stormwater runoff from the Benefitted Property through the Drainage Facilities and into the Pond. 3. Repair and Maintenance. The Drainage Facilities shall be maintained by the District in good order and repair in accordance with all applicable permits and other governmental requirements, and the District shall have an access, repair and maintenance easement over the Drainage Easement Area for such purposes. In the event that any portion of the Drainage Facilities is not maintained or repaired by the District and such failure interferes with the proper drainage of stormwater from the Benefitted Property, then after thirty (30) days written notice to the District, or forty-eight (48) hours after notice to the District in the case of an emergency, Grantor, and its successors and assigns, or Grantee, and its successors and assigns, and each of their respective employees, agents, contractors and service providers, may undertake all reasonably necessary maintenance and repair itself. Grantee shall have an access, repair and maintenance easement over the Drainage Easement Area for such purposes. In the event Grantor or Grantee, or their respective successors and assigns, exercises its respective repair rights as set forth in the preceding sentence, then whichever party performed the applicable repairs shall be entitled to recover from the District the reasonable and actual, third party out-of-pocket fees, costs and expenses incurred in connection therewith. 4. Obligations. Any rights granted hereunder shall be exercised only in accordance and compliance with any and all applicable laws, ordinances, rules, regulations, permits and approvals, including permits issued by the South Florida Water Management District, and any future modifications or amendments thereto. Grantee, and its successors and assigns, shall not knowingly discharge into or within the Drainage Easement Area, the Drainage Facilities, the Pond Easement Area and/or the Pond any hazardous or toxic materials or substances, any pollutants, or any other substances or materials prohibited or regulated under any federal, state or local law, ordinance, rule, regulations or permit, except in accordance with such laws, ordinances, rules, regulations and permits. Grantee, and its successors and assigns, as the owner of the Phase 8 Property (each, an “Indemnifying Party”), agrees to indemnify, defend, and hold the District, Grantor and its successors and assigns, and their respective members, managers, officers, directors, board members, agents and employees harmless from and against any and all actions, causes of action, claims, demands, liabilities, judgments, costs, and expenses whatsoever (including, without limitation, reasonable attorneys’ fees at trial and appellate levels) arising directly or indirectly out of the applicable Indemnifying Party’s use of the Drainage Easement Area, the Drainage Facilities, the Pond Easement Area and/or the Pond and/or the exercise by the applicable Indemnifying Party of the drainage easement rights provided in this Agreement, including without limitation with respect to any indemnity obligation to the Central Florida Tourism Oversight District f/k/a Reedy Creek Improvement District, a public corporation and public body corporate and politic of the State of Florida, relating to any such use by the applicable Indemnifying Party of the Drainage Easement Area, the Drainage Facilities, the Pond Easement Area and/or the Pond or the exercise by the applicable Indemnifying Party of the drainage easement rights provided in this Agreement. 5. Covenant Running with the Land/Binding Effect. This Agreement and all conditions, obligations and covenants set forth herein are intended to be and shall be construed as covenants running with the Drainage Easement Area and the Benefitted Property, and binding upon and inuring to the benefit of the parties hereto, as the case may be, and their respective successors and assigns. Notwithstanding the foregoing, in no event shall an Indemnifying Party have any indemnity obligation pursuant to Section 4 of this Agreement with respect to any use of the Drainage Easement Area, the Drainage Facilities, the Pond Easement Area and/or the Pond, or exercise of drainage easement rights provided in this Agreement, occurring after such Indemnifying Party is no longer the owner of the Phase 8 Property. 6. Use of Drainage Easement Area and Pond. It is acknowledged and agreed that the easement granted under this Agreement is not an exclusive easement. Grantor shall have the right to construct improvements on and/or over and otherwise use and enjoy the Drainage Easement Area and the Drainage Facilities located therein, and grant others the right to use and enjoy the portion of the Drainage Easement Area and/or the Drainage Facilities located therein in any manner (a) not inconsistent with the easement rights created herein; (b) that does not interfere with or disrupt the stormwater drainage from the Benefitted Property and/or the functioning of the Drainage Facilities; and (c) that does not interfere with or disrupt the ability to maintain the Drainage Facilities pursuant to this Agreement. Grantee shall not exercise its easement rights granted herein in any manner which unreasonably interferes with or unreasonably disrupts Grantor’s retained rights described in this Section 6. 7. Limitation on Use. Nothing contained in this Agreement shall create or shall be deemed to create any easements or use in the general public or any use rights not otherwise expressly provided for herein. 8. Amendments and Waivers. This Agreement may not be amended, modified, altered, or changed in any respect whatsoever, except by a further agreement in writing duly executed by the parties affected thereby and recorded in the Public Records of Osceola County, Florida. No delay or omission of any party in the exercise of any right accruing upon any default of any party shall impair such right or be construed to be a waiver thereof, and every such right may be exercised at any time during the continuance of such default. A waiver by any party of a breach of, or a default in, any of the terms and conditions of this Agreement by any other party shall not be construed to be a waiver of any subsequent breach of or default in the same or any other provision of this Agreement. No breach of the provisions of this Agreement shall entitle any party to cancel, rescind or otherwise terminate this Agreement, but such limitation shall not affect, in any manner, any other rights or remedies which any party may have by reason of any breach of the provisions of this Agreement. 9. Attorneys’ Fees. In the event of any litigation between the parties arising out of this Agreement, the prevailing party shall be entitled to recover all costs incurred, including without limitation reasonable attorneys' and paralegals' fees and costs, whether such fees and costs are incurred before, during or after trial or in any appellate proceedings or in any action or participation in, or in connection with, any case or proceeding under the United States Bankruptcy Code, or any successor statutes. 10. Limitation on Governmental Liability. Nothing in this Agreement shall be deemed as a waiver of immunity or limits of liability of the District beyond any statutory limited waiver of immunity or limits of liability which may have been adopted by the Florida Legislature in Section 768.28, Florida Statutes, or other statute, and nothing in this Agreement shall inure to the benefit of any third-party for the purpose of allowing any claim which would otherwise be barred under the Doctrine of Sovereign Immunity or by operation of law. 11. No Violation of Bond Covenants; No Impact on Public Facility. Nothing contained in this Agreement shall operate to violate any of the covenants set forth in any document related to the District’s issuance of tax-exempt bonds (the “Bond Documents”). In the event any or all of the obligations contained in this Agreement would constitute a violation of the District’s bond covenants, trust indenture, or other Bond Documents, as may be supplemented from time to time, the parties agree to negotiate revisions to this Agreement to avoid such violations while maintaining the parties’ intent in entering into this Agreement. 12. Public Records. The parties understand and agree that all documents of any kind provided to the District in connection with this Agreement may be public records and shall be treated as such in accordance with Florida law. As such, the parties shall comply with any applicable laws regarding public records, including but not limited to the provisions of Section 119.0701, Florida Statutes, the terms of which are incorporated herein. IF THE GRANTOR OR GRANTEE HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE GRANTOR OR GRANTEE’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT (407) 841-5524, OR BY EMAIL AT TADAMS@GMSCFL.COM, OR BY REGULAR MAIL AT 219 E. LIVINGSTON ST., ORLANDO, FLORIDA 32801. 13. Miscellaneous. No other agreement, oral or written, not set forth herein, nor any course of dealings of the parties, shall be deemed to alter or affect the terms and conditions set forth herein. If any provision of this Agreement, or portion thereof, or the application thereof to any person or circumstances, shall be held invalid, inoperative or unenforceable, the remainder of this Agreement shall not be affected thereby; it shall not be deemed that any such invalid provision affects the consideration for this Agreement; and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. This Agreement shall be construed in accordance with the laws of the United States of America and the State of Florida. The section headings in this Agreement are for convenience only, shall in no way define or limit the scope or content of this Agreement, and shall not be considered in any construction or interpretation of this Agreement or any part hereof. Where the sense of this Agreement requires, any reference to a term in the singular shall be deemed to include the plural of said term, and any reference to a term in the plural shall be deemed to include the singular of said term. Nothing in this Agreement shall be construed to make the parties hereto partners or joint venturers or render either of said parties liable for the debts or obligations of the other. This Agreement may be executed in counterparts, each of which shall constitute an original, but all taken together shall constitute one and the same Agreement. [SIGNATURES APPEAR ON THE FOLLOWING PAGES] IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above. Signed, sealed and delivered in the presence of: WITNESSES: Witness #1 Witness #1 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 Witness #2 Witness #2 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 ROLLING OAKS SPLENDID, LLC, a Florida limited liability company By: Encore Housing Opportunity Fund II General Partner, LLC, a Delaware limited liability company, Manager By: AF Encore Management, LLC, a Florida limited liability company, Executive Managing Member By: Arthur J. Falcone, Manager STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was acknowledged before me by means of . physical presence or . online notarization, this ___ day of __________________, 2025, by Arthur J. Falcone, Manager of AF Encore Management, LLC, a Florida limited liability company, Executive Managing Member of Encore Housing Opportunity Fund II General Partner, LLC, a Delaware limited liability company, Manager of Rolling Oaks Splendid, LLC, a Florida limited liability company, on behalf of said limited liability companies. He is personally known to me. (Notary Seal) _________________________________ Signature of Notary Public Signed, sealed and delivered in the presence of: WITNESSES: Witness #1 Witness #1 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 Witness #2 Witness #2 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 ROLLING OAKS APARTMENTS, LLC, a Delaware limited liability company By: Rolling Oaks Splendid, LLC, a Florida limited liability company, its Sole Member By: Encore Housing Opportunity Fund II General Partner, LLC, a Delaware limited liability company, Manager By: AF Encore Management, LLC, a Florida limited liability company, Executive Managing Member By: Arthur J. Falcone, Manager STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was acknowledged before me by means of . physical presence or . online notarization, this ___ day of __________________, 2025, by Arthur J. Falcone, Manager of AF Encore Management, LLC, a Florida limited liability company, Executive Managing Member of Encore Housing Opportunity Fund II General Partner, LLC, a Delaware limited liability company, Manager of Rolling Oaks Splendid, LLC, a Florida limited liability company, the sole member of Rolling Oaks Apartments, LLC, a Delaware limited liability company, on behalf of said limited liability companies. He is personally known to me. (Notary Seal) _________________________________ Signature of Notary Public Signed, sealed and delivered in the presence of: WITNESSES: Witness #1 Witness #1 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 Witness #2 Witness #1 printed name Address: One Town Center Road, Suite 600 Boca Raton, Florida 33486 ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT By:_________________________________ John Chiste, Chairman of the Board of Supervisors STATE OF FLORIDA COUNTY OF PALM BEACH The foregoing instrument was acknowledged before me, by means of . physical presence or . online notarization, this ___ day of____________________, 2025, John Chiste, Chairman of the Board of Supervisors of Rolling Oaks Community Development District. He is personally known to me. (Notary Seal) _________________________________ Notary Public State of Florida EXHIBIT A DRAINAGE EASEMENT AREA EXHIBIT B PHASE 8 PROPERTY Tracts B and FD-1, Rolling Oaks Phase 8, according to the plat thereof, recorded in Plat Book 32, Pages 110 through 111, of the Public Record of Osceola, Florida. EXHIBIT C TRACT A Tract A, Rolling Oaks Phase 8, according to the plat thereof, recorded in Plat Book 32, Pages 110 through 111, of the Public Record of Osceola, Florida. REBATE REPORT $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Dated: December 15, 2016 Delivered: December 15, 2016 __________________________________ Rebate Report to the Computation Date October 31, 2026 Reflecting Activity Through October 31, 2024 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Project Fund 13 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 14 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 15 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 16 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 17 November 26, 2024 Rolling Oaks Community Development District c/o Ms. Katie Costa Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300 Orlando, FL 32822 Re: $15,640,000 Rolling Oaks Community Development District, (Osceola County, Florida), Special Assessment Bonds, Series 2016 Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the "Bonds") at the request of Rolling Oaks Community Development District (the “District”). The scope of our engagement consisted of preparing computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of October 31, 2025. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the October 31, 2026 Computation Date Reflecting Activity from December 15, 2016 through October 31, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Project Fund 0.636792% 70,455.75 (986,302.65) Capitalized Interest Fund 0.575644% 3,020.05 (47,483.84) Debt Service Reserve Fund 1.942739% 177,212.93 (501,834.64) Cost of Issuance Fund 1.857924% 425.32 (1,547.87) Totals 1.197731% $251,114.05 $(1,537,169.00) Bond Yield 5.873550% Rebate Computation Credits (19,938.63) Net Rebatable Arbitrage $(1,557,107.63) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from December 15, 2016, the date of the closing, through October 31, 2024, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of October 31, 2026. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between December 15, 2016 and October 31, 2024, the District made periodic payments into the Principal and Interest Accounts that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Principal and Interest Accounts and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date October 31, 2026. 7. Computation Period The period beginning on December 15, 2016, the date of the closing, and ending on October 31, 2024. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on October 31st, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and Regions Bank, Trustee, as follows: Fund / Account Account Number Project 3380008381 Capitalized Interest 3380008372 Debt Service Reserve 3380008354 Cost of Issuance 3380008363 Revenue 3380008390 Principal 3380008407 Sinking 3380008425 Interest 3380008416 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of October 31, 2024, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to October 31, 2026. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on October 31, 2026, is the Rebatable Arbitrage. $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Delivered: December 15, 2016 Sources of Funds Par Amount $15,640,000.00 Total $15,640,000.00 Uses of Funds Project Fund $13,240,079.92 Capitalized Interest Fund 790,663.82 Debt Service Reserve Fund 1,124,706.26 Costs of Issuance Account 171,750.00 Underwriter’s Discount 312,800.00 Total $15,640,000.00 Prepared by AMTEC (Finance 8.001) PROOF OF ARBITRAGE YIELD $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Present Value to 12/16/2016 Date Debt Service @ 5.8735495746% 05/01/2017 337,783.59 330,529.81 11/01/2017 450,378.13 428,133.11 05/01/2018 450,378.13 415,918.52 11/01/2018 670,378.13 601,423.30 05/01/2019 445,428.13 388,210.69 11/01/2019 675,428.13 571,871.49 05/01/2020 440,253.13 362,118.90 11/01/2020 680,253.13 543,561.56 05/01/2021 434,853.13 337,559.42 11/01/2021 689,853.13 520,227.98 05/01/2022 429,115.63 314,369.82 11/01/2022 694,115.63 494,000.95 05/01/2023 423,153.13 292,565.40 11/01/2023 698,153.13 468,927.32 05/01/2024 415,934.38 271,399.54 11/01/2024 705,934.38 447,484.57 05/01/2025 408,321.88 251,446.63 11/01/2025 713,321.88 426,734.90 05/01/2026 400,315.63 232,650.83 11/01/2026 720,315.63 406,681.43 05/01/2027 391,915.63 214,957.96 11/01/2027 731,915.63 389,988.15 05/01/2028 382,990.63 198,247.62 11/01/2028 737,990.63 371,107.83 05/01/2029 373,671.88 182,544.66 11/01/2029 748,671.88 355,303.66 05/01/2030 362,656.25 167,198.65 11/01/2030 757,656.25 339,343.28 05/01/2031 351,053.13 152,745.82 11/01/2031 771,053.13 325,919.42 05/01/2032 338,715.63 139,088.31 11/01/2032 783,715.63 312,639.13 05/01/2033 325,643.75 126,199.32 11/01/2033 795,643.75 299,545.20 05/01/2034 311,837.50 114,051.63 11/01/2034 811,837.50 288,450.77 05/01/2035 297,150.00 102,567.03 11/01/2035 827,150.00 277,361.23 05/01/2036 281,581.25 91,726.46 11/01/2036 841,581.25 266,327.75 05/01/2037 265,131.25 81,509.97 11/01/2037 855,131.25 255,394.79 05/01/2038 247,800.00 71,896.87 11/01/2038 872,800.00 246,010.07 05/01/2039 229,050.00 62,718.82 11/01/2039 894,050.00 237,825.73 05/01/2040 209,100.00 54,035.67 11/01/2040 914,100.00 229,482.53 05/01/2041 187,950.00 45,838.21 11/01/2041 932,950.00 221,041.17 05/01/2042 165,600.00 38,115.76 11/01/2042 955,600.00 213,673.09 05/01/2043 141,900.00 30,823.75 11/01/2043 981,900.00 207,204.81 05/01/2044 116,700.00 23,923.95 11/01/2044 1,006,700.00 200,489.45 05/01/2045 90,000.00 17,412.59 11/01/2045 1,030,000.00 193,592.07 Prepared by AMTEC (Finance 8.001) PROOF OF ARBITRAGE YIELD $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Present Value to 12/16/2016 Date Debt Service @ 5.8735495746% 05/01/2046 61,800.00 11,284.13 11/01/2046 1,061,800.00 188,344.07 05/01/2047 31,800.00 5,479.81 11/01/2047 1,091,800.00 182,772.65 34,451,761.86 15,640,000.00 Proceeds Summary Delivery date 12/16/2016 Par Value 15,640,000.00 Target for yield calculation 15,640,000.00 Prepared by AMTEC (Finance 8.001) BOND DEBT SERVICE $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Period Annual Ending Principal Interest Debt Service Debt Service 12/16/2016 05/01/2017 337,783.59 337,783.59 11/01/2017 450,378.13 450,378.13 788,161.72 05/01/2018 450,378.13 450,378.13 11/01/2018 220,000 450,378.13 670,378.13 1,120,756.26 05/01/2019 445,428.13 445,428.13 11/01/2019 230,000 445,428.13 675,428.13 1,120,856.26 05/01/2020 440,253.13 440,253.13 11/01/2020 240,000 440,253.13 680,253.13 1,120,506.26 05/01/2021 434,853.13 434,853.13 11/01/2021 255,000 434,853.13 689,853.13 1,124,706.26 05/01/2022 429,115.63 429,115.63 11/01/2022 265,000 429,115.63 694,115.63 1,123,231.26 05/01/2023 423,153.13 423,153.13 11/01/2023 275,000 423,153.13 698,153.13 1,121,306.26 05/01/2024 415,934.38 415,934.38 11/01/2024 290,000 415,934.38 705,934.38 1,121,868.76 05/01/2025 408,321.88 408,321.88 11/01/2025 305,000 408,321.88 713,321.88 1,121,643.76 05/01/2026 400,315.63 400,315.63 11/01/2026 320,000 400,315.63 720,315.63 1,120,631.26 05/01/2027 391,915.63 391,915.63 11/01/2027 340,000 391,915.63 731,915.63 1,123,831.26 05/01/2028 382,990.63 382,990.63 11/01/2028 355,000 382,990.63 737,990.63 1,120,981.26 05/01/2029 373,671.88 373,671.88 11/01/2029 375,000 373,671.88 748,671.88 1,122,343.76 05/01/2030 362,656.25 362,656.25 11/01/2030 395,000 362,656.25 757,656.25 1,120,312.50 05/01/2031 351,053.13 351,053.13 11/01/2031 420,000 351,053.13 771,053.13 1,122,106.26 05/01/2032 338,715.63 338,715.63 11/01/2032 445,000 338,715.63 783,715.63 1,122,431.26 05/01/2033 325,643.75 325,643.75 11/01/2033 470,000 325,643.75 795,643.75 1,121,287.50 05/01/2034 311,837.50 311,837.50 11/01/2034 500,000 311,837.50 811,837.50 1,123,675.00 05/01/2035 297,150.00 297,150.00 11/01/2035 530,000 297,150.00 827,150.00 1,124,300.00 05/01/2036 281,581.25 281,581.25 11/01/2036 560,000 281,581.25 841,581.25 1,123,162.50 05/01/2037 265,131.25 265,131.25 11/01/2037 590,000 265,131.25 855,131.25 1,120,262.50 05/01/2038 247,800.00 247,800.00 11/01/2038 625,000 247,800.00 872,800.00 1,120,600.00 05/01/2039 229,050.00 229,050.00 11/01/2039 665,000 229,050.00 894,050.00 1,123,100.00 05/01/2040 209,100.00 209,100.00 11/01/2040 705,000 209,100.00 914,100.00 1,123,200.00 05/01/2041 187,950.00 187,950.00 11/01/2041 745,000 187,950.00 932,950.00 1,120,900.00 05/01/2042 165,600.00 165,600.00 11/01/2042 790,000 165,600.00 955,600.00 1,121,200.00 05/01/2043 141,900.00 141,900.00 11/01/2043 840,000 141,900.00 981,900.00 1,123,800.00 05/01/2044 116,700.00 116,700.00 11/01/2044 890,000 116,700.00 1,006,700.00 1,123,400.00 05/01/2045 90,000.00 90,000.00 11/01/2045 940,000 90,000.00 1,030,000.00 1,120,000.00 Prepared by AMTEC (Finance 8.001) BOND DEBT SERVICE $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Period Annual Ending Principal Interest Debt Service Debt Service 05/01/2046 61,800.00 61,800.00 11/01/2046 1,000,000 61,800.00 1,061,800.00 1,123,600.00 05/01/2047 31,800.00 31,800.00 11/01/2047 1,060,000 31,800.00 1,091,800.00 1,123,600.00 15,640,000 18,811,761.86 34,451,761.86 34,451,761.86 $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Project Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.873550%) 12/15/16 Beg Bal -13,240,079.92 -23,454,649.11 07/11/17 3,500.00 5,998.19 10/10/17 13,193,249.89 22,288,886.67 05/01/18 -10,455.68 -17,102.19 10/24/18 -9,373.03 -14,910.69 02/05/19 132,674.32 207,659.19 04/30/19 -9,373.03 -14,471.32 10/29/19 -15,315.14 -22,974.63 04/16/20 -9,228.11 -13,476.51 08/07/20 34,201.31 49,063.18 10/14/20 -1,213.57 -1,722.26 04/15/21 -55.80 -76.92 10/22/21 -56.70 -75.84 04/20/22 -67.03 -87.13 10/21/22 -4,740.48 -5,985.29 10/31/24 Bal 6,760.21 7,590.01 10/31/24 Acc 28.51 32.01 ---------------------------------------------------------------- 10/31/26 TOTALS: 70,455.75 -986,302.65 ---------------------------------------------------------------- ISSUE DATE: 12/15/16 REBATABLE ARBITRAGE: -986,302.65 COMP DATE: 10/31/26 NET INCOME: 70,455.75 BOND YIELD: 5.873550% TAX INV YIELD: 0.636792% $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.873550%) 12/15/16 Beg Bal -790,663.82 -1,400,651.85 05/01/17 340,285.69 589,772.16 11/01/17 450,378.13 758,310.93 11/01/17 3,020.05 5,084.92 ---------------------------------------------------------------- 10/31/26 TOTALS: 3,020.05 -47,483.84 ---------------------------------------------------------------- ISSUE DATE: 12/15/16 REBATABLE ARBITRAGE: -47,483.84 COMP DATE: 10/31/26 NET INCOME: 3,020.05 BOND YIELD: 5.873550% TAX INV YIELD: 0.575644% $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.873550%) 12/15/16 Beg Bal -1,124,706.26 -1,992,404.19 05/01/18 10,455.68 17,102.19 10/24/18 9,373.03 14,910.69 04/30/19 9,373.03 14,471.32 10/29/19 15,315.14 22,974.63 04/16/20 9,228.11 13,476.51 10/14/20 1,213.57 1,722.26 04/15/21 55.80 76.92 10/22/21 56.70 75.84 04/20/22 67.03 87.13 10/21/22 4,740.48 5,985.29 03/30/23 19,674.28 24,213.51 10/11/23 28,166.62 33,616.68 04/15/24 29,803.34 34,533.06 10/31/24 Bal 1,159,505.55 1,301,832.35 10/31/24 Acc 4,890.83 5,491.17 ---------------------------------------------------------------- 10/31/26 TOTALS: 177,212.93 -501,834.64 ---------------------------------------------------------------- ISSUE DATE: 12/15/16 REBATABLE ARBITRAGE: -501,834.64 COMP DATE: 10/31/26 NET INCOME: 177,212.93 BOND YIELD: 5.873550% TAX INV YIELD: 1.942739% $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Cost of Issuance Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.873550%) 12/15/16 Beg Bal -171,750.00 -304,253.15 12/15/16 25,500.00 45,172.96 12/15/16 5,000.00 8,857.44 12/15/16 12,500.00 22,143.61 12/15/16 40,000.00 70,859.54 12/15/16 55,000.00 97,431.87 12/29/16 1,250.00 2,209.38 01/17/17 5,000.00 8,811.98 02/01/17 20,000.00 35,168.66 03/24/17 -10,000.00 -17,435.10 06/09/17 319.65 550.63 03/31/18 17,562.95 28,866.36 10/24/18 42.60 67.77 02/05/19 0.12 0.19 ---------------------------------------------------------------- 10/31/26 TOTALS: 425.32 -1,547.87 ---------------------------------------------------------------- ISSUE DATE: 12/15/16 REBATABLE ARBITRAGE: -1,547.87 COMP DATE: 10/31/26 NET INCOME: 425.32 BOND YIELD: 5.873550% TAX INV YIELD: 1.857924% $15,640,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2016 Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.873550%) 10/31/17 -1,670.00 -2,811.81 10/31/18 -1,700.00 -2,701.33 10/31/19 -1,730.00 -2,594.38 10/31/20 -1,760.00 -2,490.92 10/31/21 -1,780.00 -2,377.53 10/31/22 -1,830.00 -2,306.83 10/31/23 -1,960.00 -2,331.74 10/31/24 -2,070.00 -2,324.09 ---------------------------------------------------------------- 10/31/26 TOTALS: -14,500.00 -19,938.63 ---------------------------------------------------------------- ISSUE DATE: 12/15/16 REBATABLE ARBITRAGE: -19,938.63 COMP DATE: 10/31/26 BOND YIELD: 5.873550% REBATE REPORT $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Dated: November 8, 2018 Delivered: November 8, 2018 __________________________________ Rebate Report to the Computation Date October 31, 2028 Reflecting Activity Through October 31, 2024 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Project Fund 13 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 14 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 15 Arbitrage Rebate Calculation Detail Report – Costs of Issuance Account 16 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits 17 November 26, 2024 Rolling Oaks Community Development District c/o Ms. Katie Costa Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300 Orlando, FL 32822 Re: $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida), Special Assessment Bonds, Series 2018 (2018 Project) Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the "Bonds") at the request of Rolling Oaks Community Development District (the “District”). The scope of our engagement consisted of preparing computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of October 31, 2025. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the October 31, 2028 Computation Date Reflecting Activity from November 8, 2018 through October 31, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Project Fund 1.418190% 159,479.45 (714,538.33) Capitalized Interest Fund 2.861957% 14,823.95 (21,731.05) Debt Service Reserve Fund 2.217841% 122,419.40 (253,604.75) Costs of Issuance Account 1.347196% 24.23 (121.96) Totals 1.711963% $296,747.03 $(989,996.09) Bond Yield 5.413796% Rebate Computation Credits (15,728.06) Net Rebatable Arbitrage $(1,005,724.15) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from November 8, 2018, the date of the closing, through October 31, 2024, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of October 31, 2028. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between November 8, 2018 and October 31, 2024, the District made periodic payments into the Principal and Interest Accounts that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Principal and Interest Accounts and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date October 31, 2028. 7. Computation Period The period beginning on November 8, 2018, the date of the closing, and ending on October 31, 2024. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on October 31st, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and Regions Bank, Trustee, as follows: Fund / Account Account Number Project 1001007975 Capitalized Interest 1001007978 Debt Service Reserve 1001007980 Cost of Issuance 1001008159 Revenue 1001007976 Sinking 1001007979 Interest 1001007977 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of October 31, 2024, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to October 31, 2028. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on October 31, 2028, is the Rebatable Arbitrage. $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Delivered: November 8, 2018 Sources of Funds Par Amount $13,160,000.00 Total $13,160,000.00 Uses of Funds Project Fund $11,096,886.45 Capitalized Interest Fund 687,982.29 Debt Service Reserve Fund 899,831.26 Costs of Issuance Account 212,100.00 Underwriter’s Discount 263,200.00 Total $13,160,000.00 Prepared by AMTEC (Finance 8.500) PROOF OF ARBITRAGE YIELD $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Present Value to 11/08/2018 Date Debt Service @ 5.4137960186% 05/01/2019 337,169.79 328,624.65 11/01/2019 350,812.50 332,910.07 05/01/2020 350,812.50 324,136.04 11/01/2020 545,812.50 491,016.54 05/01/2021 346,546.88 303,539.37 11/01/2021 551,546.88 470,365.92 05/01/2022 342,062.50 284,026.77 11/01/2022 557,062.50 450,358.25 05/01/2023 337,359.38 265,550.65 11/01/2023 562,359.38 430,991.71 05/01/2024 332,437.50 248,064.93 11/01/2024 562,437.50 408,629.78 05/01/2025 326,831.25 231,195.68 11/01/2025 571,831.25 393,844.15 05/01/2026 320,859.38 215,165.01 11/01/2026 575,859.38 375,987.79 05/01/2027 314,643.75 200,021.55 11/01/2027 584,643.75 361,867.33 05/01/2028 308,062.50 185,651.00 11/01/2028 588,062.50 345,050.24 05/01/2029 301,237.50 172,095.00 11/01/2029 596,237.50 331,649.16 05/01/2030 293,309.38 158,849.54 11/01/2030 603,309.38 318,126.96 05/01/2031 284,978.13 146,309.43 11/01/2031 609,978.13 304,912.64 05/01/2032 276,243.75 134,447.90 11/01/2032 621,243.75 294,390.62 05/01/2033 266,971.88 123,176.50 11/01/2033 631,971.88 283,896.78 05/01/2034 257,162.50 112,478.82 11/01/2034 642,162.50 273,469.21 05/01/2035 246,815.63 102,337.91 11/01/2035 651,815.63 263,141.31 05/01/2036 235,931.25 92,736.38 11/01/2036 660,931.25 252,942.22 05/01/2037 224,509.38 83,656.54 11/01/2037 674,509.38 244,711.18 05/01/2038 212,415.63 75,033.06 11/01/2038 687,415.63 236,420.97 05/01/2039 199,650.00 66,855.37 11/01/2039 699,650.00 228,112.04 05/01/2040 185,900.00 59,012.92 11/01/2040 710,900.00 219,723.57 05/01/2041 171,462.50 51,598.57 11/01/2041 726,462.50 212,854.15 05/01/2042 156,200.00 44,560.53 11/01/2042 741,200.00 205,875.70 05/01/2043 140,112.50 37,891.95 11/01/2043 755,112.50 198,830.10 05/01/2044 123,200.00 31,585.05 11/01/2044 773,200.00 193,002.57 05/01/2045 105,325.00 25,597.83 11/01/2045 790,325.00 187,015.55 05/01/2046 86,487.50 19,926.26 11/01/2046 811,487.50 182,034.88 05/01/2047 66,550.00 14,535.21 11/01/2047 831,550.00 176,832.44 Prepared by AMTEC (Finance 8.500) PROOF OF ARBITRAGE YIELD $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Present Value to 11/08/2018 Date Debt Service @ 5.4137960186% 05/01/2048 45,512.50 9,423.34 11/01/2048 850,512.50 171,456.93 05/01/2049 23,375.00 4,588.03 11/01/2049 873,375.00 166,907.50 27,613,913.63 13,160,000.00 Proceeds Summary Delivery date 11/08/2018 Par Value 13,160,000.00 Target for yield calculation 13,160,000.00 Prepared by AMTEC (Finance 8.500) BOND DEBT SERVICE $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/08/2018 05/01/2019 337,169.79 337,169.79 11/01/2019 350,812.50 350,812.50 687,982.29 05/01/2020 350,812.50 350,812.50 11/01/2020 195,000 4.375% 350,812.50 545,812.50 896,625.00 05/01/2021 346,546.88 346,546.88 11/01/2021 205,000 4.375% 346,546.88 551,546.88 898,093.76 05/01/2022 342,062.50 342,062.50 11/01/2022 215,000 4.375% 342,062.50 557,062.50 899,125.00 05/01/2023 337,359.38 337,359.38 11/01/2023 225,000 4.375% 337,359.38 562,359.38 899,718.76 05/01/2024 332,437.50 332,437.50 11/01/2024 230,000 4.875% 332,437.50 562,437.50 894,875.00 05/01/2025 326,831.25 326,831.25 11/01/2025 245,000 4.875% 326,831.25 571,831.25 898,662.50 05/01/2026 320,859.38 320,859.38 11/01/2026 255,000 4.875% 320,859.38 575,859.38 896,718.76 05/01/2027 314,643.75 314,643.75 11/01/2027 270,000 4.875% 314,643.75 584,643.75 899,287.50 05/01/2028 308,062.50 308,062.50 11/01/2028 280,000 4.875% 308,062.50 588,062.50 896,125.00 05/01/2029 301,237.50 301,237.50 11/01/2029 295,000 5.375% 301,237.50 596,237.50 897,475.00 05/01/2030 293,309.38 293,309.38 11/01/2030 310,000 5.375% 293,309.38 603,309.38 896,618.76 05/01/2031 284,978.13 284,978.13 11/01/2031 325,000 5.375% 284,978.13 609,978.13 894,956.26 05/01/2032 276,243.75 276,243.75 11/01/2032 345,000 5.375% 276,243.75 621,243.75 897,487.50 05/01/2033 266,971.88 266,971.88 11/01/2033 365,000 5.375% 266,971.88 631,971.88 898,943.76 05/01/2034 257,162.50 257,162.50 11/01/2034 385,000 5.375% 257,162.50 642,162.50 899,325.00 05/01/2035 246,815.63 246,815.63 11/01/2035 405,000 5.375% 246,815.63 651,815.63 898,631.26 05/01/2036 235,931.25 235,931.25 11/01/2036 425,000 5.375% 235,931.25 660,931.25 896,862.50 05/01/2037 224,509.38 224,509.38 11/01/2037 450,000 5.375% 224,509.38 674,509.38 899,018.76 05/01/2038 212,415.63 212,415.63 11/01/2038 475,000 5.375% 212,415.63 687,415.63 899,831.26 05/01/2039 199,650.00 199,650.00 11/01/2039 500,000 5.500% 199,650.00 699,650.00 899,300.00 05/01/2040 185,900.00 185,900.00 11/01/2040 525,000 5.500% 185,900.00 710,900.00 896,800.00 05/01/2041 171,462.50 171,462.50 11/01/2041 555,000 5.500% 171,462.50 726,462.50 897,925.00 05/01/2042 156,200.00 156,200.00 11/01/2042 585,000 5.500% 156,200.00 741,200.00 897,400.00 05/01/2043 140,112.50 140,112.50 11/01/2043 615,000 5.500% 140,112.50 755,112.50 895,225.00 05/01/2044 123,200.00 123,200.00 11/01/2044 650,000 5.500% 123,200.00 773,200.00 896,400.00 05/01/2045 105,325.00 105,325.00 11/01/2045 685,000 5.500% 105,325.00 790,325.00 895,650.00 05/01/2046 86,487.50 86,487.50 11/01/2046 725,000 5.500% 86,487.50 811,487.50 897,975.00 05/01/2047 66,550.00 66,550.00 11/01/2047 765,000 5.500% 66,550.00 831,550.00 898,100.00 Prepared by AMTEC (Finance 8.500) BOND DEBT SERVICE $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 05/01/2048 45,512.50 45,512.50 11/01/2048 805,000 5.500% 45,512.50 850,512.50 896,025.00 05/01/2049 23,375.00 23,375.00 11/01/2049 850,000 5.500% 23,375.00 873,375.00 896,750.00 13,160,000 14,453,913.63 27,613,913.63 27,613,913.63 $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Project Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.413796%) 11/08/18 Beg Bal -11,096,886.45 -18,912,210.80 02/05/19 4,190,806.93 7,050,701.55 07/23/19 4,777,142.38 7,839,286.90 12/24/19 3,500.00 5,616.24 03/08/21 3,500.00 5,265.96 10/25/21 -45.36 -65.99 12/09/21 2,281,083.53 3,296,757.17 04/21/22 -53.62 -75.99 10/21/22 -3,792.52 -5,233.20 02/28/23 1,629.98 2,207.18 10/31/24 Bal 2,583.68 3,199.16 10/31/24 Acc 10.90 13.50 ---------------------------------------------------------------- 10/31/28 TOTALS: 159,479.45 -714,538.33 ---------------------------------------------------------------- ISSUE DATE: 11/08/18 REBATABLE ARBITRAGE: -714,538.33 COMP DATE: 10/31/28 NET INCOME: 159,479.45 BOND YIELD: 5.413796% TAX INV YIELD: 1.418190% $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.413796%) 11/08/18 Beg Bal -687,982.29 -1,172,515.03 05/01/19 337,169.80 560,068.71 11/01/19 350,812.50 567,372.25 05/01/20 14,823.94 23,343.02 ---------------------------------------------------------------- 10/31/28 TOTALS: 14,823.95 -21,731.05 ---------------------------------------------------------------- ISSUE DATE: 11/08/18 REBATABLE ARBITRAGE: -21,731.05 COMP DATE: 10/31/28 NET INCOME: 14,823.95 BOND YIELD: 5.413796% TAX INV YIELD: 2.861957% $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.413796%) 11/08/18 Beg Bal -899,831.26 -1,533,565.16 04/30/19 6,176.57 10,261.35 10/29/19 10,204.83 16,509.26 04/22/20 7,376.42 11,631.05 10/16/20 971.11 1,492.21 04/15/21 44.63 66.78 10/25/21 45.36 65.99 04/21/22 53.62 75.99 10/21/22 3,792.52 5,233.20 03/30/23 15,739.41 21,212.01 10/11/23 22,531.53 29,517.23 04/15/24 23,838.60 30,388.44 09/30/24 24,004.37 29,859.66 10/31/24 Bal 903,660.02 1,118,927.56 10/31/24 Acc 3,811.67 4,719.68 ---------------------------------------------------------------- 10/31/28 TOTALS: 122,419.40 -253,604.75 ---------------------------------------------------------------- ISSUE DATE: 11/08/18 REBATABLE ARBITRAGE: -253,604.75 COMP DATE: 10/31/28 NET INCOME: 122,419.40 BOND YIELD: 5.413796% TAX INV YIELD: 2.217841% $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Costs of Issuance Account ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.413796%) 11/08/18 Beg Bal -212,100.00 -361,477.96 11/08/18 55,000.00 93,735.45 11/08/18 27,500.00 46,867.72 11/08/18 1,500.00 2,556.42 11/08/18 5,000.00 8,521.40 11/08/18 35,500.00 60,501.97 11/09/18 42,500.00 72,421.19 11/15/18 40,000.00 68,100.46 12/26/18 5,000.00 8,460.93 10/31/20 124.23 190.47 ---------------------------------------------------------------- 10/31/28 TOTALS: 24.23 -121.96 ---------------------------------------------------------------- ISSUE DATE: 11/08/18 REBATABLE ARBITRAGE: -121.96 COMP DATE: 10/31/28 NET INCOME: 24.23 BOND YIELD: 5.413796% TAX INV YIELD: 1.347196% $13,160,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2018 (2018 Project) Rebate Computation Credits ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (5.413796%) 10/31/19 -1,730.00 -2,797.94 10/31/20 -1,760.00 -2,698.40 10/31/21 -1,780.00 -2,587.11 10/31/22 -1,830.00 -2,521.43 10/31/23 -1,960.00 -2,560.07 10/31/24 -2,070.00 -2,563.11 ---------------------------------------------------------------- 10/31/28 TOTALS: -11,130.00 -15,728.06 ---------------------------------------------------------------- ISSUE DATE: 11/08/18 REBATABLE ARBITRAGE: -15,728.06 COMP DATE: 10/31/28 BOND YIELD: 5.413796% REBATE REPORT $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Dated: November 22, 2022 Delivered: November 22, 2022 __________________________________ Rebate Report to the Computation Date November 22, 2025 Reflecting Activity Through October 31, 2024 TABLE OF CONTENTS AMTEC Opinion 3 Summary of Rebate Computations 4 Summary of Computational Information and Definitions 5 Methodology 7 Sources and Uses 8 Proof of Arbitrage Yield 9 Bond Debt Service 11 Arbitrage Rebate Calculation Detail Report – Project Fund 13 Arbitrage Rebate Calculation Detail Report – Capitalized Interest Fund 14 Arbitrage Rebate Calculation Detail Report – Debt Service Reserve Fund 15 Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund 16 Arbitrage Rebate Calculation Detail Report – Rebate Computation Credit 17 November 26, 2024 Rolling Oaks Community Development District c/o Ms. Katie Costa Director of Operations – Accounting Division Government Management Services – CF, LLC 6200 Lee Vista Boulevard, Suite 300 Orlando, FL 32822 Re: $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida), Special Assessment Bonds, Series 2022 (2022 Assessment Area) Dear Ms. Costa: AMTEC has prepared certain computations relating to the above referenced bond issue (the "Bonds") at the request of Rolling Oaks Community Development District (the “District”). The scope of our engagement consisted of preparing computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions. Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage. We have scheduled our next Report as of November 22, 2025, the Computation Date. Thank you for this engagement and should you have any questions, please do not hesitate to contact us. Very truly yours, Michael J. Scarfo Senior Vice President Trong M. Tran Assistant Vice President SUMMARY OF REBATE COMPUTATIONS Our computations, contained in the attached schedules, are summarized as follows: For the November 22, 2025 Computation Date Reflecting Activity from November 22, 2022 through October 31, 2024 Fund Description Taxable Inv Yield Net Income Rebatable Arbitrage Project Fund 3.749224% 20,992.19 (18,038.57) Capitalized Interest Fund 4.651301% 14,966.50 (6,775.05) Debt Service Reserve Fund 5.007368% 56,357.91 (18,259.81) Cost of Issuance Fund 0.000000% 0.00 0.00 Totals 4.589735% $92,316.60 $(43,073.43) Bond Yield 6.464139% Rebate Computation Credit (2,225.95) Net Rebatable Arbitrage $(45,299.38) Based upon our computations, no rebate liability exists. SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS COMPUTATIONAL INFORMATION 1. For the purpose of computing Rebatable Arbitrage, investment activity is reflected from November 22, 2022, the date of the closing, through October 31, 2024, the Computation Period. All nonpurpose payments and receipts are future valued to the Computation Date of November 22, 2025. 2. Computations of yield are based on a 360-day year and semiannual compounding on the last day of each compounding interval. Compounding intervals end on a day in the calendar year corresponding to Bond maturity dates or six months prior. 3. For investment cash flow, debt service and yield computation purposes, all payments and receipts are assumed to be paid or received respectively, as shown on the attached schedules. 4. Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction. 5. During the period between November 22, 2022 and October 31, 2024, the District made periodic payments into the Principal and Interest Accounts that were used, along with the interest earned, to provide the required debt service payments. Under Section 148(f)(4)(A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Principal and Interest Accounts and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement. DEFINITIONS 6. Computation Date November 22, 2025. 7. Computation Period The period beginning on November 22, 2022, the date of the closing, and ending on October 31, 2024. 8. Bond Year Each one-year period (or shorter period from the date of issue) that ends at the close of business on November 22nd, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds. 9. Bond Yield The discount rate that, when used in computing the present value of all the unconditionally payable payments of principal and interest with respect to the Bonds, produces an amount equal to the present value of the issue price of the Bonds. Present value is computed as of the date of issue of the Bonds. 10. Taxable Investment Yield The discount rate that, when used in computing the present value of all receipts of principal and interest to be received on an investment during the Computation Period, produces an amount equal to the fair market value of the investment at the time it became a nonpurpose investment. 11. Issue Price The price determined on the basis of the initial offering price to the public at which price a substantial amount of the Bonds was sold. 12. Rebatable Arbitrage The Code defines the required rebate as the excess of the amount earned on all nonpurpose investments over the amount that would have been earned if such nonpurpose investments were invested at the Bond Yield, plus any income attributable to the excess. Accordingly, the Regulations require that this amount be computed as the excess of the future value of all the nonpurpose receipts over the future value of all the nonpurpose payments. The future value is computed as of the Computation Date using the Bond Yield. 13. Funds and Accounts The Funds and Accounts activity used in the compilation of this Report was received from the District and Regions Bank, Trustee, as follows: Fund / Account Account Number Project 1001030615 Capitalized Interest 1001030618 Debt Service Reserve 1001030619 Prepayment 1001030620 Revenue 1001030671 Interest 1001030617 METHODOLOGY Bond Yield The methodology used to calculate the bond yield was to determine the discount rate that produces the present value of all payments of principal and interest through the maturity date of the Bonds. Investment Yield and Rebate Amount The methodology used to calculate the Rebatable Arbitrage, as of October 31, 2024, was to calculate the future value of the disbursements from all funds, subject to rebate, and the value of the remaining bond proceeds, at the yield on the Bonds, to November 22, 2025. This figure was then compared to the future value of the deposit of bond proceeds into the various investment accounts at the same yield. The difference between the future values of the two cash flows, on November 22, 2025, is the Rebatable Arbitrage. $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Delivered: November 22, 2022 Sources of Funds Par Amount $7,635,000.00 Net Original Issue Discount -46,390.50 Total $7,588,609.50 Uses of Funds Project Fund $6,220,765.38 Capitalized Interest Fund 456,231.62 Debt Service Reserve Fund 576,162.50 Costs of Issuance Account 182,750.00 Underwriter’s Discount 152,700.00 Total $7,588,609.50 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Present Value to 11/22/2022 Date Debt Service @ 6.4641389929% 05/01/2023 213,984.74 208,055.82 11/01/2023 242,246.88 228,160.59 05/01/2024 332,246.88 303,129.86 11/01/2024 239,715.63 211,860.27 05/01/2025 334,715.63 286,559.32 11/01/2025 237,043.75 196,585.92 05/01/2026 342,043.75 274,783.68 11/01/2026 234,090.63 182,170.76 05/01/2027 344,090.63 259,389.77 11/01/2027 230,996.88 168,683.07 05/01/2028 345,996.88 244,750.12 11/01/2028 227,762.50 156,069.60 05/01/2029 347,762.50 230,836.36 11/01/2029 224,387.50 144,279.79 05/01/2030 354,387.50 220,734.69 11/01/2030 220,325.00 132,935.61 05/01/2031 355,325.00 207,677.14 11/01/2031 216,106.25 122,353.28 05/01/2032 361,106.25 198,047.18 11/01/2032 211,575.00 112,404.42 05/01/2033 366,575.00 188,654.53 11/01/2033 206,731.25 103,061.37 05/01/2034 371,731.25 179,516.43 11/01/2034 201,575.00 94,296.85 05/01/2035 376,575.00 170,646.49 11/01/2035 196,106.25 86,084.04 05/01/2036 381,106.25 162,055.09 11/01/2036 190,325.00 78,396.70 05/01/2037 390,325.00 155,744.85 11/01/2037 184,075.00 71,148.79 05/01/2038 394,075.00 147,549.23 11/01/2038 177,512.50 64,383.17 05/01/2039 402,512.50 141,419.13 11/01/2039 170,481.25 58,021.74 05/01/2040 410,481.25 135,329.62 11/01/2040 162,981.25 52,050.22 05/01/2041 417,981.25 129,308.50 11/01/2041 155,012.50 46,453.92 05/01/2042 425,012.50 123,379.41 11/01/2042 146,575.00 41,217.94 05/01/2043 436,575.00 118,924.30 11/01/2043 137,150.00 36,190.36 05/01/2044 447,150.00 114,297.23 11/01/2044 127,075.00 31,465.01 05/01/2045 457,075.00 109,632.84 11/01/2045 116,350.00 27,033.67 05/01/2046 471,350.00 106,088.29 11/01/2046 104,812.50 22,851.90 05/01/2047 479,812.50 101,336.57 11/01/2047 92,625.00 18,949.96 05/01/2048 492,625.00 97,629.67 11/01/2048 79,625.00 15,286.22 05/01/2049 509,625.00 94,773.48 11/01/2049 65,650.00 11,826.50 05/01/2050 520,650.00 90,855.81 11/01/2050 50,862.50 8,597.85 05/01/2051 540,862.50 88,565.47 Prepared by AMTEC (Finance 8.901) PROOF OF ARBITRAGE YIELD $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Present Value to 11/22/2022 Date Debt Service @ 6.4641389929% 11/01/2051 34,937.50 5,541.85 05/01/2052 554,937.50 85,269.24 11/01/2052 18,037.50 2,684.79 05/01/2053 573,037.50 82,623.22 17,654,484.78 7,588,609.50 Proceeds Summary Delivery date 11/22/2022 Par Value 7,635,000.00 Premium (Discount) -46,390.50 Target for yield calculation 7,588,609.50 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/22/2022 05/01/2023 213,984.74 213,984.74 213,984.74 11/01/2023 242,246.88 242,246.88 05/01/2024 90,000 5.625% 242,246.88 332,246.88 574,493.76 11/01/2024 239,715.63 239,715.63 05/01/2025 95,000 5.625% 239,715.63 334,715.63 574,431.26 11/01/2025 237,043.75 237,043.75 05/01/2026 105,000 5.625% 237,043.75 342,043.75 579,087.50 11/01/2026 234,090.63 234,090.63 05/01/2027 110,000 5.625% 234,090.63 344,090.63 578,181.26 11/01/2027 230,996.88 230,996.88 05/01/2028 115,000 5.625% 230,996.88 345,996.88 576,993.76 11/01/2028 227,762.50 227,762.50 05/01/2029 120,000 5.625% 227,762.50 347,762.50 575,525.00 11/01/2029 224,387.50 224,387.50 05/01/2030 130,000 6.250% 224,387.50 354,387.50 578,775.00 11/01/2030 220,325.00 220,325.00 05/01/2031 135,000 6.250% 220,325.00 355,325.00 575,650.00 11/01/2031 216,106.25 216,106.25 05/01/2032 145,000 6.250% 216,106.25 361,106.25 577,212.50 11/01/2032 211,575.00 211,575.00 05/01/2033 155,000 6.250% 211,575.00 366,575.00 578,150.00 11/01/2033 206,731.25 206,731.25 05/01/2034 165,000 6.250% 206,731.25 371,731.25 578,462.50 11/01/2034 201,575.00 201,575.00 05/01/2035 175,000 6.250% 201,575.00 376,575.00 578,150.00 11/01/2035 196,106.25 196,106.25 05/01/2036 185,000 6.250% 196,106.25 381,106.25 577,212.50 11/01/2036 190,325.00 190,325.00 05/01/2037 200,000 6.250% 190,325.00 390,325.00 580,650.00 11/01/2037 184,075.00 184,075.00 05/01/2038 210,000 6.250% 184,075.00 394,075.00 578,150.00 11/01/2038 177,512.50 177,512.50 05/01/2039 225,000 6.250% 177,512.50 402,512.50 580,025.00 11/01/2039 170,481.25 170,481.25 05/01/2040 240,000 6.250% 170,481.25 410,481.25 580,962.50 11/01/2040 162,981.25 162,981.25 05/01/2041 255,000 6.250% 162,981.25 417,981.25 580,962.50 11/01/2041 155,012.50 155,012.50 05/01/2042 270,000 6.250% 155,012.50 425,012.50 580,025.00 11/01/2042 146,575.00 146,575.00 05/01/2043 290,000 6.500% 146,575.00 436,575.00 583,150.00 11/01/2043 137,150.00 137,150.00 05/01/2044 310,000 6.500% 137,150.00 447,150.00 584,300.00 11/01/2044 127,075.00 127,075.00 05/01/2045 330,000 6.500% 127,075.00 457,075.00 584,150.00 11/01/2045 116,350.00 116,350.00 05/01/2046 355,000 6.500% 116,350.00 471,350.00 587,700.00 11/01/2046 104,812.50 104,812.50 05/01/2047 375,000 6.500% 104,812.50 479,812.50 584,625.00 11/01/2047 92,625.00 92,625.00 05/01/2048 400,000 6.500% 92,625.00 492,625.00 585,250.00 11/01/2048 79,625.00 79,625.00 05/01/2049 430,000 6.500% 79,625.00 509,625.00 589,250.00 11/01/2049 65,650.00 65,650.00 05/01/2050 455,000 6.500% 65,650.00 520,650.00 586,300.00 11/01/2050 50,862.50 50,862.50 05/01/2051 490,000 6.500% 50,862.50 540,862.50 591,725.00 Prepared by AMTEC (Finance 8.901) BOND DEBT SERVICE $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 11/01/2051 34,937.50 34,937.50 05/01/2052 520,000 6.500% 34,937.50 554,937.50 589,875.00 11/01/2052 18,037.50 18,037.50 05/01/2053 555,000 6.500% 18,037.50 573,037.50 591,075.00 7,635,000 10,019,484.78 17,654,484.78 17,654,484.78 $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Project Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (6.464139%) 11/22/22 Beg Bal -6,220,765.38 -7,528,901.66 12/20/22 5,776,399.78 6,956,585.10 02/21/23 464,133.56 552,968.26 10/31/24 Bal 1,219.09 1,304.23 10/31/24 Acc 5.14 5.50 ---------------------------------------------------------------- 11/22/25 TOTALS: 20,992.19 -18,038.57 ---------------------------------------------------------------- ISSUE DATE: 11/22/22 REBATABLE ARBITRAGE: -18,038.57 COMP DATE: 11/22/25 NET INCOME: 20,992.19 BOND YIELD: 6.464139% TAX INV YIELD: 3.749224% $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Capitalized Interest Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (6.464139%) 11/22/22 Beg Bal -456,231.62 -552,170.48 05/01/23 213,984.74 251,806.93 10/13/23 242,242.85 277,014.61 04/15/24 14,872.42 16,468.92 10/31/24 Bal 97.70 104.52 10/31/24 Acc 0.41 0.44 ---------------------------------------------------------------- 11/22/25 TOTALS: 14,966.50 -6,775.05 ---------------------------------------------------------------- ISSUE DATE: 11/22/22 REBATABLE ARBITRAGE: -6,775.05 COMP DATE: 11/22/25 NET INCOME: 14,966.50 BOND YIELD: 6.464139% TAX INV YIELD: 4.651301% $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Debt Service Reserve Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (6.464139%) 11/22/22 Beg Bal -576,162.50 -697,321.07 03/30/23 6,405.85 7,579.50 10/13/23 14,413.48 16,482.40 04/15/24 15,274.28 16,913.92 10/28/24 15,370.08 16,449.30 10/31/24 Bal 578,616.10 619,025.07 10/31/24 Acc 2,440.62 2,611.07 ---------------------------------------------------------------- 11/22/25 TOTALS: 56,357.91 -18,259.81 ---------------------------------------------------------------- ISSUE DATE: 11/22/22 REBATABLE ARBITRAGE: -18,259.81 COMP DATE: 11/22/25 NET INCOME: 56,357.91 BOND YIELD: 6.464139% TAX INV YIELD: 5.007368% $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Cost of Issuance Fund ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (6.464139%) 11/22/22 Beg Bal -182,750.00 -221,179.66 11/22/22 182,750.00 221,179.66 ---------------------------------------------------------------- 11/22/25 TOTALS: 0.00 0.00 ---------------------------------------------------------------- ISSUE DATE: 11/22/22 REBATABLE ARBITRAGE: 0.00 COMP DATE: 11/22/25 NET INCOME: 0.00 BOND YIELD: 6.464139% TAX INV YIELD: 0.000000% $7,635,000 Rolling Oaks Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2022 (2022 Assessment Area) Rebate Computation Credit ARBITRAGE REBATE CALCULATION DETAIL REPORT FUTURE VALUE @ RECEIPTS BOND YIELD OF DATE DESCRIPTION (PAYMENTS) (6.464139%) 11/22/23 -1,960.00 -2,225.95 ---------------------------------------------------------------- 11/22/25 TOTALS: -1,960.00 -2,225.95 ---------------------------------------------------------------- ISSUE DATE: 11/22/22 REBATABLE ARBITRAGE: -2,225.95 COMP DATE: 11/22/25 BOND YIELD: 6.464139% ESTIMATE Company Logo Prepared For Rolling Oaks CCD 8000 Fins Up Cir. Kissimmee , FL 34747 Happy Homes Renovations Inc. 495 Dwell Way, Ste #210 Oviedo, FL 32765 Phone: (386) 383-4755 Email: happyhomesrenovationsinc@gmail.com Estimate # 49 Date 02/03/2025 Description Total Pressure Wash $5,900.00 Clean sidewalks/walkways on both sides of Inspiration Dr. Clean curbing on both sides of Inspiration Dr. and roundabout. Clean curbing on perimeters of all medians through out Inspiration Dr. Subtotal $5,900.00 Total $5,900.00 By signing this document, the customer agrees to the services and conditions outlined in this document.