NatureWalk Community Development District

Board of Supervisors’ Meeting July 11, 2024

District Office:
120 Richard Jackson Blvd, Suite 220 Panama City Beach, Florida 32407 (850) 334-9055

www.naturewalkcdd.org

NATUREWALK
COMMUNITY DEVELOPMENT DISTRICT AGENDA
Walton Area Chamber of Commerce, 63 South Centre Trail, Santa Rosa Beach, FL 32459

District Board of Supervisors	Jonette Coram
Todd Egizii	Chairman
Vice Chairman	
	Mike Grubbs	Assistant Secretary	
	Danell Head	Assistant Secretary	
	Skylar Lee	Assistant Secretary	

District Manager	
Holly Bailey	
Rizzetta & Company, Inc.	
District Counsel	Joseph Brown	Kutak Rock LLP	
District Engineer	Jim Martelli, P.E.	Innerlight Engineering Corporation	
Bond Counsel	Cynthia E. Wilhelm	Nabors, Giblin & Nickerson, P.A.	

All cellular phones must be placed on mute while in the meeting room.

The Public Comment portion of the agenda is where individuals may make comments on any matters that concern the District. Individuals are limited to a total of three (3) minutes to make comments during this time.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to advise the District Office at least forty-eight (48) hours before the meeting/hearing/workshop by contacting the District Manager at (239) 936-0913. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY)
1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

NATUREWALK COMMUNITY DEVELOPMENT DISTRICT
District Office · Panama City Beach, Florida · (850) 334-9055 Mailing Address · 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614
www.naturewalkcdd.org

Board of Supervisors	July 10, 2024
NatureWalk Community Development District

REVISED AGENDA
Dear Board Members:
The meeting of the Board of Supervisors of the NatureWalk Community Development District will be held on Thursday, July 11, 2024, at 12:00 p.m. (CT) at the Walton Chamber of Commerce located at 63 South Centre Trail, Santa Rosa Beach, FL 32459. The following is the final agenda for the meeting:
CALL TO ORDER/ROLL CALL
AUDIENCE COMMENTS IN AGENDA ITEMS
BUSINESS ADMINSTRATION
Acceptance of Arbitrage Rebate Report for Series 2007AB	Tab 1
Consideration of Minutes of the Board Supervisors Meeting
Held on June 6, 2024 	Tab 2
Ratification of the Operations and Maintenance Expenditures
For the Month(s) of May 2024	Tab 3
STAFF REPORTS
District Landscape Provider
Presentation of District Landscape Reports	Tab 4
District Counsel
Parcels Update
Discussion & Consideration of License for Emergency Egress	Tab 5
Discussion & Consideration of Settlement & Additional Agreements Regarding Debt Assessments on Tract F
Settlement Agreement	Tab 6
Cove Capital Group LLC Additional Agreement	Tab 7
Discussion & Consideration of Agreement for Towing
Services	Tab 8
District Engineer
Update on Walton County CR395 Speed Limit Reduction Petition
District Manager
Presentation of District Manager Report
BUSINESS ITEMS
Discussion & Consideration of Pond 28 Beaver & Weir Proposals
Discussion & Consideration of Sidewalk Maintenance
Discussion & Consideration of Adding Signage to Sage Circle
Discussion & Consideration of Adding Seasonal Color &
Irrigation to CR395-Sandgrass Intersection	Tab 9
Discussion & Consideration of Phase 1 Oak Structural Pruning
Discussion & Consideration of Smart Irrigation Controllers
Discussion & Consideration of The Lakes Doctors Pond
#21 Fountain Repair Proposal	Tab 10
SUPERVISOR REQUESTS AND COMMENTS

ADJOURNMENT
We look forward to seeing you at the meeting. In the meantime, if you have any questions, please do not hesitate to call us at (407) 472-2471.

Very truly yours,
Holly Bailey
Holly Bailey District Manager

Tab 1

REBATE REPORT
NatureWalk Community Development District
(Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A
$11,705,000 Capital Improvement Revenue Bonds, Series 2007B

Dated: March 1, 2007
Delivered: March 12, 2007

Rebate Report to the Computation Date February 28, 2027
Reflecting Activity To March 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
2007A Bond Debt Service	11
2007B Bond Debt Service	13
Arbitrage Rebate Calculation Detail Report – Acquisition and Construction Fund	14
Arbitrage Rebate Calculation Detail Report – 2007A Capitalized Interest Fund	27
Arbitrage Rebate Calculation Detail Report – 2007B Capitalized Interest Fund	28
Arbitrage Rebate Calculation Detail Report – Cost of Issuance Fund	29
Arbitrage Rebate Calculation Detail Report – 2007A Reserve Fund	30
Arbitrage Rebate Calculation Detail Report – 2007B Reserve Fund	35
Arbitrage Rebate Calculation Detail Report – Rebate Computation Credits	40

June 6, 2024

NatureWalk Community Development District c/o Ms. Shandra Torres
District Compliance Associate Rizzetta & Company
3434 Colwell Ave, Ste 200
Tampa, FL 33614

Re:	NatureWalk Community Development District, (Walton County, Florida), $8,295,000 Capital Improvement Revenue Bonds, Series 2007A & $11,705,000 Capital Improvement Revenue Bonds, Series 2007B

Dear Ms. Torres:

AMTEC has prepared certain computations relating to the above referenced bond issue (the “Bonds”) at the request of the NatureWalk Community Development District (the “District”).

The scope of our engagement consisted of preparing the computations shown in the attached schedules to determine the Rebatable Arbitrage as described in Section 103 of the Internal Revenue Code of 1954, Section 148(f) of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable Regulations issued thereunder. The methodology used is consistent with current tax law and regulations and may be relied upon in determining the rebate liability. Certain computational methods used in the preparation of the schedules are described in the Summary of Computational Information and Definitions.

Our engagement was limited to the computation of Rebatable Arbitrage based upon the information furnished to us by the District. In accordance with the terms of our engagement, we did not audit the information provided to us, and we express no opinion as to the completeness, accuracy or suitability of such information for purposes of calculating the Rebatable Arbitrage.
We have scheduled our next Report as of February 28, 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	Trong M. Tran
Senior Vice President	Assistant Vice President

SUMMARY OF REBATE COMPUTATIONS
Our computations, contained in the attached schedules, are summarized as follows: For the February 28, 2027 Computation Date
Reflecting Activity from March 12, 2007 through March 31, 2024

Fund Description	Taxable Inv Yield	Net Income	Rebatable Arbitrage	
Acquisition and Construction Fund	0.845382%	226,045.44	(2,571,464.08)	
2007A Capitalized Interest Fund	4.046287%	30,324.79	(28,652.70)	
2007B Capitalized Interest Fund	4.027653%	41,905.42	(40,304.56)	
Cost of Issuance Fund	4.967626%	1,560.28	(402.86)	
2007A Reserve Fund	1.265328%	52,526.26	(362,790.05)	
2007B Reserve Fund	1.469296%	42,842.45	(271,923.96)	
Totals	1.119544%	$395,204.64	$(3,275,538.21)	
Bond Yield	5.424264%		
Rebate Computation Credits	(51,865.26)	
Net Rebatable Arbitrage	$(3,327,403.47)	

Based upon our computations, no rebate liability exists.

SUMMARY OF COMPUTATIONAL INFORMATION AND DEFINITIONS
COMPUTATIONAL INFORMATION

For the purpose of computing Rebatable Arbitrage, investment activity is reflected from March 12, 2007, the date of the closing, through March 31, 2024. The activity reflected from March 12, 2007 through February 28, 2013 was taken from the Integrity Public Finance Consulting LLC dated June 24, 2013. All nonpurpose payments and receipts are future valued to the Computation Date of February 28, 2027.

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

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

Purchase prices on investments are assumed to be at fair market value, representing an arm's length transaction.

During the period between March 12, 2007 and March 31, 2024, the District made periodic payments into the Interest, Prepayment, Sinking and Redemption Funds, that were used, along with the interest earned, to provide the required debt service payments.
Under Section 148(f) (4) (A), the rebate requirement does not apply to amounts in certain bona fide debt service funds. The Regulations define a bona fide debt service fund as one that is used primarily to achieve a proper matching of revenues with principal and interest payments within each bond year. The fund must be depleted at least once each bond year, except for a reasonable carryover amount not to exceed the greater of the earnings on the fund for the immediately preceding bond year or 1/12th of the principal and interest payments on the issue for the immediately preceding bond year. We have reviewed the Debt Service Fund and have determined that the funds deposited have functioned as a bona fide debt service fund and are not subject to the rebate requirement.

We have reviewed the Interest, Prepayment, Sinking and Redemption Funds and have determined that the funds deposited have not functioned as a bona fide debt service fund; however, it is assumed the earnings on the fund do not exceed the bond yield and therefore, are not taken into account in determining the Arbitrage Liability.

DEFINITIONS

Computation Date
February 28, 2027.

Computation Period
The period beginning on March 12, 2007, the date of the closing, through March 31, 2024.

Bond Year
Each one-year period (or shorter period from the date of issue) that ends at the close of business February 28th, the day in the calendar year that was selected by the Issuer, or the final redemption date of the Bonds.

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

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

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

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

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

Fund	Account Number	
Acquisition and Construction	111571000	
Debt Service	111571002	
Revenue	111571003	
2007A Interest	111571005	
2007A Prepayment	111571006	
2007A Reserve	111571007	
2007A Sinking	111571008	
2007B Principal	111571010	
2007B Interest	111571011	
2007B Prepayment	111571013	
2007B Reserve	111571014	
Redemption	111571015	

METHODOLOGY

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

Investment Yield and Rebate Amount
The methodology used to calculate the Rebatable Arbitrage, as of March 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 February 28, 2027. 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 February 28, 2027, is the Rebatable Arbitrage.

NatureWalk Community Development District (Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A
$11,705,000 Capital Improvement Revenue Bonds, Series 2007B Delivered: March 12, 2007

Sources of Funds

Par Amount – 2007A	$8,295,000.00	
Par Amount – 2007B	11,705,000	
Original Issue Discount	-29,262.50	
Accrued Interest	32,895.81	
Total	$20,003,633.31	

Uses of Funds

Acquisition and Construction Fund	$16,589,569.81	
2007A Capitalized Interest Fund	694,354.17	
2007B Capitalized Interest Fund	953,611.02	
Costs of Issuance Fund	146,000.00	
2007A Reserve Fund	566,837.50	
2007B Reserve Fund	620,365.00	
Underwriter’s Discount	400,000.00	
Interest Account	32,895.81	
Total	$20,003,633.31	

PROOF OF ARBITRAGE YIELD
NatureWalk Community Development District (Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A
$11,705,000 Capital Improvement Revenue Bonds, Series 2007B

Present Value	
to 03/12/2007	
Date	Debt Service	Total	@ 5.4242635233%	
05/01/2007	179,431.67	179,431.67	178,129.32	
11/01/2007	538,295.00	538,295.00	520,277.33	
05/01/2008	538,295.00	538,295.00	506,539.32	
11/01/2008	538,295.00	538,295.00	493,164.06	
05/01/2009	648,295.00	648,295.00	578,258.47	
11/01/2009	535,270.00	535,270.00	464,836.79	
05/01/2010	650,270.00	650,270.00	549,793.45	
11/01/2010	532,107.50	532,107.50	438,009.45	
05/01/2011	657,107.50	657,107.50	526,621.74	
11/01/2011	528,670.00	528,670.00	412,501.26	
05/01/2012	658,670.00	658,670.00	500,364.81	
11/01/2012	525,095.00	525,095.00	388,360.47	
05/01/2013	665,095.00	665,095.00	478,915.70	
11/01/2013	521,245.00	521,245.00	365,422.72	
05/01/2014	666,245.00	666,245.00	454,742.83	
11/01/2014	517,257.50	517,257.50	343,729.62	
05/01/2015	672,257.50	672,257.50	434,934.71	
11/01/2015	512,995.00	512,995.00	323,131.88	
05/01/2016	12,382,995.00	12,382,995.00	7,594,000.60	
11/01/2016	198,275.00	198,275.00	118,383.49	
05/01/2017	373,275.00	373,275.00	216,985.32	
11/01/2017	193,462.50	193,462.50	109,490.51	
05/01/2018	378,462.50	378,462.50	208,535.89	
11/01/2018	188,375.00	188,375.00	101,055.39	
05/01/2019	383,375.00	383,375.00	200,234.20	
11/01/2019	183,012.50	183,012.50	93,062.24	
05/01/2020	388,012.50	388,012.50	192,095.28	
11/01/2020	177,375.00	177,375.00	85,495.18	
05/01/2021	392,375.00	392,375.00	184,131.81	
11/01/2021	171,462.50	171,462.50	78,338.44	
05/01/2022	401,462.50	401,462.50	178,578.43	
11/01/2022	165,137.50	165,137.50	71,516.78	
05/01/2023	405,137.50	405,137.50	170,821.67	
11/01/2023	158,537.50	158,537.50	65,080.49	
05/01/2024	413,537.50	413,537.50	165,276.82	
11/01/2024	151,525.00	151,525.00	58,960.29	
05/01/2025	421,525.00	421,525.00	159,689.70	
11/01/2025	144,100.00	144,100.00	53,149.09	
05/01/2026	429,100.00	429,100.00	154,087.92	
11/01/2026	136,262.50	136,262.50	47,639.22	
05/01/2027	436,262.50	436,262.50	148,495.90	
11/01/2027	128,012.50	128,012.50	42,422.59	
05/01/2028	443,012.50	443,012.50	142,935.16	
11/01/2028	119,350.00	119,350.00	37,490.72	
05/01/2029	454,350.00	454,350.00	138,953.71	
11/01/2029	110,137.50	110,137.50	32,793.90	
05/01/2030	465,137.50	465,137.50	134,839.61	
11/01/2030	100,375.00	100,375.00	28,329.57	
05/01/2031	475,375.00	475,375.00	130,625.80	
11/01/2031	90,062.50	90,062.50	24,094.33	
05/01/2032	485,062.50	485,062.50	126,341.74	
11/01/2032	79,200.00	79,200.00	20,084.11	
05/01/2033	494,200.00	494,200.00	122,013.65	

PROOF OF ARBITRAGE YIELD
NatureWalk Community Development District (Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A
$11,705,000 Capital Improvement Revenue Bonds, Series 2007B

Date	

Debt Service	

Total	Present Value to 03/12/2007
@ 5.4242635233%	
11/01/2033	67,787.50	67,787.50	16,294.22	
05/01/2034	507,787.50	507,787.50	118,834.95	
11/01/2034	55,687.50	55,687.50	12,688.15	
05/01/2035	520,687.50	520,687.50	115,503.69	
11/01/2035	42,900.00	42,900.00	9,265.19	
05/01/2036	532,900.00	532,900.00	112,052.34	
11/01/2036	29,425.00	29,425.00	6,023.79	
05/01/2037	549,425.00	549,425.00	109,506.56	
11/01/2037	15,125.00	15,125.00	2,934.98	
05/01/2038	565,125.00	565,125.00	106,765.95	
	35,089,066.67	35,089,066.67	20,003,633.31	

Proceeds Summary		

Delivery date	
03/12/2007	
Par Value	20,000,000.00	
Accrued interest	32,895.81	
Premium (Discount)	-29,262.50	
Target for yield calculation	20,003,633.31	

BOND DEBT SERVICE
NatureWalk Community Development District (Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A
Period	Annual
Ending	Principal	Coupon	Interest	Debt Service	Debt Service

05/01/2007			76,037.50	76,037.50	76,037.50	
11/01/2007			228,112.50	228,112.50		
05/01/2008			228,112.50	228,112.50	456,225.00	
11/01/2008			228,112.50	228,112.50		
05/01/2009	110,000	5.500%	228,112.50	338,112.50	566,225.00	
11/01/2009			225,087.50	225,087.50		
05/01/2010	115,000	5.500%	225,087.50	340,087.50	565,175.00	
11/01/2010			221,925.00	221,925.00		
05/01/2011	125,000	5.500%	221,925.00	346,925.00	568,850.00	
11/01/2011			218,487.50	218,487.50		
05/01/2012	130,000	5.500%	218,487.50	348,487.50	566,975.00	
11/01/2012			214,912.50	214,912.50		
05/01/2013	140,000	5.500%	214,912.50	354,912.50	569,825.00	
11/01/2013			211,062.50	211,062.50		
05/01/2014	145,000	5.500%	211,062.50	356,062.50	567,125.00	
11/01/2014			207,075.00	207,075.00		
05/01/2015	155,000	5.500%	207,075.00	362,075.00	569,150.00	
11/01/2015			202,812.50	202,812.50		
05/01/2016	165,000	5.500%	202,812.50	367,812.50	570,625.00	
11/01/2016			198,275.00	198,275.00		
05/01/2017	175,000	5.500%	198,275.00	373,275.00	571,550.00	
11/01/2017			193,462.50	193,462.50		
05/01/2018	185,000	5.500%	193,462.50	378,462.50	571,925.00	
11/01/2018			188,375.00	188,375.00		
05/01/2019	195,000	5.500%	188,375.00	383,375.00	571,750.00	
11/01/2019			183,012.50	183,012.50		
05/01/2020	205,000	5.500%	183,012.50	388,012.50	571,025.00	
11/01/2020			177,375.00	177,375.00		
05/01/2021	215,000	5.500%	177,375.00	392,375.00	569,750.00	
11/01/2021			171,462.50	171,462.50		
05/01/2022	230,000	5.500%	171,462.50	401,462.50	572,925.00	
11/01/2022			165,137.50	165,137.50		
05/01/2023	240,000	5.500%	165,137.50	405,137.50	570,275.00	
11/01/2023			158,537.50	158,537.50		
05/01/2024	255,000	5.500%	158,537.50	413,537.50	572,075.00	
11/01/2024			151,525.00	151,525.00		
05/01/2025	270,000	5.500%	151,525.00	421,525.00	573,050.00	
11/01/2025			144,100.00	144,100.00		
05/01/2026	285,000	5.500%	144,100.00	429,100.00	573,200.00	
11/01/2026			136,262.50	136,262.50		
05/01/2027	300,000	5.500%	136,262.50	436,262.50	572,525.00	
11/01/2027			128,012.50	128,012.50		
05/01/2028	315,000	5.500%	128,012.50	443,012.50	571,025.00	
11/01/2028			119,350.00	119,350.00		
05/01/2029	335,000	5.500%	119,350.00	454,350.00	573,700.00	
11/01/2029			110,137.50	110,137.50		
05/01/2030	355,000	5.500%	110,137.50	465,137.50	575,275.00	
11/01/2030			100,375.00	100,375.00		
05/01/2031	375,000	5.500%	100,375.00	475,375.00	575,750.00	
11/01/2031			90,062.50	90,062.50		
05/01/2032	395,000	5.500%	90,062.50	485,062.50	575,125.00	
11/01/2032			79,200.00	79,200.00		
05/01/2033	415,000	5.500%	79,200.00	494,200.00	573,400.00	
11/01/2033			67,787.50	67,787.50		
05/01/2034	440,000	5.500%	67,787.50	507,787.50	575,575.00	

Prepared by AMTEC					(Finance 7.012)	

BOND DEBT SERVICE	
NatureWalk Community Development District (Walton County, Florida)
$8,295,000 Capital Improvement Revenue Bonds, Series 2007A	
Period Ending	
Principal	
Coupon	
Interest	
Debt Service	Annual Debt Service	
11/01/2034			55,687.50	55,687.50		
05/01/2035	465,000	5.500%	55,687.50	520,687.50	576,375.00	
11/01/2035			42,900.00	42,900.00		
05/01/2036	490,000	5.500%	42,900.00	532,900.00	575,800.00	
11/01/2036			29,425.00	29,425.00		
05/01/2037	520,000	5.500%	29,425.00	549,425.00	578,850.00	
11/01/2037			15,125.00	15,125.00		
05/01/2038	550,000	5.500%	15,125.00	565,125.00	580,250.00	
	8,295,000		9,402,387.50	17,697,387.50	17,697,387.50	

Prepared by AMTEC	(Finance 7.012)

BOND DEBT SERVICE

NatureWalk Community Development District (Walton County, Florida)
$11,705,000 Capital Improvement Revenue Bonds, Series 2007B

Period	Annual
Ending	Principal	Coupon	Interest	Debt Service	Debt Service

05/01/2007			103,394.17	103,394.17	103,394.17	
11/01/2007			310,182.50	310,182.50		
05/01/2008			310,182.50	310,182.50	620,365.00	
11/01/2008			310,182.50	310,182.50		
05/01/2009			310,182.50	310,182.50	620,365.00	
11/01/2009			310,182.50	310,182.50		
05/01/2010			310,182.50	310,182.50	620,365.00	
11/01/2010			310,182.50	310,182.50		
05/01/2011			310,182.50	310,182.50	620,365.00	
11/01/2011			310,182.50	310,182.50		
05/01/2012			310,182.50	310,182.50	620,365.00	
11/01/2012			310,182.50	310,182.50		
05/01/2013			310,182.50	310,182.50	620,365.00	
11/01/2013			310,182.50	310,182.50		
05/01/2014			310,182.50	310,182.50	620,365.00	
11/01/2014			310,182.50	310,182.50		
05/01/2015			310,182.50	310,182.50	620,365.00	
11/01/2015			310,182.50	310,182.50		
05/01/2016	11,705,000	5.300%	310,182.50	12,015,182.50	12,325,365.00	
	11,705,000		5,686,679.17	17,391,679.17	17,391,679.17	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-16,589,569.81	-48,283,743.00	
03/14/07			13,305,760.19	38,714,741.76	
03/15/07			13,425.49	39,057.30	
04/17/07			909,366.29	2,632,963.71	
05/14/07			7,374.00	21,265.02	
06/07/07			3,510.64	10,089.37	
07/03/07			-1,881.52	-5,386.52	
07/06/07			472.50	1,352.09	
08/02/07			-765.28	-2,181.46	
09/05/07			-206.93	-586.97	
09/13/07			297.50	842.88	
10/02/07			-12.93	-36.53	
10/12/07			966.25	2,725.82	
11/01/07			10,292.53	28,953.60	
11/02/07			-10,305.25	-28,985.07	
12/03/07			9,589.07	26,846.69	
12/04/07			-9,600.88	-26,875.76	
01/02/08			8,316.09	23,182.54	
01/03/08			-8,326.29	-23,207.53	
01/29/08			-33,335.38	-92,555.88	
02/01/08			6,629.34	18,400.93	
02/04/08			-6,637.44	-18,415.20	
02/20/08			1,270.75	3,517.25	
03/03/08			4,931.99	13,624.66	
03/04/08			-4,937.92	-13,639.01	
03/06/08			-84.58	-233.55	
04/01/08			3,555.47	9,781.21	
04/02/08			-3,559.74	-9,791.50	
04/25/08			18,757.84	51,419.62	
05/01/08			4,064.73	11,132.44	
05/02/08			-4,069.61	-11,144.15	
05/23/08			10,564.06	28,838.26	
06/02/08			4,039.03	11,011.19	
06/03/08			-4,043.91	-11,022.85	
06/16/08			1,135.81	3,090.00	
06/27/08			5,926.25	16,096.18	
07/01/08			3,923.09	10,649.10	
07/02/08			-3,927.84	-10,660.41	
08/01/08			3,934.95	10,633.76	
08/04/08			-3,939.71	-10,641.88	
09/02/08			3,860.66	10,385.03	
09/03/08			-3,865.33	-10,396.05	
09/30/08			5,575.96	14,936.82	
10/01/08			2,725.29	7,299.39	
10/02/08			-2,728.58	-7,307.12	
10/09/08			1,071.57	2,866.67	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

11/03/08	570.89	1,521.81	
11/04/08	-571.58	-1,523.42	
12/01/08	451.00	1,197.23	
12/02/08	-34,052.05	-90,381.31	
01/02/09	634.63	1,676.95	
01/05/09	-932.28	-2,462.36	
01/14/09	1,686.22	4,447.72	
02/02/09	900.88	2,369.89	
02/03/09	-2,268.20	-5,965.93	
03/02/09	941.54	2,465.83	
03/03/09	-1,382.64	-3,620.50	
04/01/09	986.78	2,573.19	
04/02/09	-1,448.81	-3,777.45	
04/03/09	-1,601.49	-4,174.91	
04/07/09	1,601.49	4,172.43	
04/21/09	16,527.50	42,970.26	
05/01/09	833.72	2,164.39	
05/04/09	-1,224.57	-3,177.64	
05/06/09	220.04	570.81	
05/19/09	155.00	401.31	
06/01/09	422.27	1,091.36	
06/02/09	-621.11	-1,605.03	
07/01/09	139.38	358.63	
07/02/09	-205.00	-527.39	
08/03/09	67.83	173.70	
08/04/09	-99.76	-255.43	
08/05/09	16,527.50	42,310.99	
09/01/09	16.60	42.33	
09/02/09	-24.41	-62.24	
10/01/09	17.22	43.72	
10/02/09	-25.32	-64.27	
12/17/09	768.00	1,927.90	
03/01/10	136.50	338.91	
03/02/10	-200.78	-498.43	
04/01/10	1,992.09	4,923.99	
04/05/10	-311.23	-768.83	
05/03/10	204.64	503.42	
05/04/10	-301.06	-740.51	
05/10/10	41.00	100.76	
05/14/10	533.00	1,309.06	
06/01/10	211.46	518.04	
06/02/10	-260.71	-638.60	
07/01/10	204.65	499.13	
07/02/10	-248.70	-606.47	
08/02/10	211.49	513.44	
08/03/10	-255.09	-619.19	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
08/19/10	37,276.27	90,267.43	
09/01/10	210.18	508.06	
09/02/10	-253.33	-612.27	
10/01/10	201.64	485.25	
10/04/10	-243.01	-584.54	
11/01/10	208.38	499.24	
11/02/10	-251.11	-601.52	
11/19/10	4,450.00	10,632.80	
12/01/10	201.54	480.70	
12/02/10	-242.87	-579.19	
01/03/11	208.05	493.87	
01/04/11	-251.11	-596.00	
02/01/11	208.07	491.87	
02/02/11	-253.26	-598.61	
03/01/11	187.95	442.33	
03/02/11	-228.59	-537.89	
03/23/11	6,136.59	14,394.90	
04/01/11	207.96	487.24	
04/04/11	-252.92	-592.32	
05/02/11	100.46	234.29	
05/03/11	-123.50	-287.98	
06/01/11	103.81	241.06	
06/02/11	-121.67	-282.49	
06/27/11	400,000.00	925,278.57	
07/01/11	98.28	227.21	
07/05/11	-113.36	-261.91	
08/01/11	34.73	79.93	
08/02/11	-40.96	-94.26	
08/10/11	58,289.49	133,975.83	
09/01/11	34.03	77.97	
09/02/11	-40.26	-92.23	
09/19/11	63,550.00	145,222.44	
10/03/11	32.24	73.52	
10/04/11	-38.19	-87.08	
10/20/11	10,000.00	22,746.61	
11/01/11	47.85	108.66	
11/02/11	-56.19	-127.59	
12/01/11	47.17	106.64	
12/02/11	-55.42	-125.28	
01/03/12	48.75	109.69	
01/04/12	-57.27	-128.84	
01/25/12	7,793.97	17,480.01	
02/01/12	32.38	72.56	
02/02/12	-38.04	-85.23	
02/29/12	18,784.55	41,916.84	
03/01/12	30.19	67.35	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/02/12	-35.50	-79.18	
04/02/12	31.96	70.97	
04/03/12	-37.62	-83.52	
04/16/12	18,575.00	41,160.63	
05/01/12	60.53	133.83	
05/02/12	-71.32	-157.66	
05/03/12	1,462.00	3,231.49	
06/01/12	63.25	139.22	
06/04/12	-74.59	-164.11	
07/02/12	61.21	134.11	
07/03/12	-72.18	-158.12	
08/01/12	63.25	137.99	
08/02/12	-74.59	-162.70	
08/20/12	19,447.72	42,307.34	
09/04/12	63.00	136.77	
09/05/12	-74.34	-161.36	
09/19/12	20,578.27	44,574.20	
10/01/12	60.31	130.40	
10/02/12	-71.28	-154.10	
11/01/12	61.90	133.25	
11/02/12	-73.24	-157.63	
12/03/12	59.91	128.35	
12/04/12	-71.27	-152.66	
12/19/12	11,627.00	24,850.29	
01/02/13	61.74	131.70	
01/03/13	-74.93	-159.81	
01/31/13	5,409.00	11,490.36	
02/01/13	61.68	131.01	
02/04/13	-78.46	-166.57	
03/04/13	-5.24	-11.08	
03/04/13	-1.72	-3.64	
03/04/13	-8.20	-17.33	
03/04/13	-1.82	-3.85	
04/02/13	-5.80	-12.21	
04/02/13	-1.90	-4.00	
04/02/13	-10.96	-23.07	
04/02/13	-2.02	-4.25	
04/25/13	1,235.00	2,590.57	
04/26/13	-379,756.65	-796,469.97	
05/02/13	-5.62	-11.78	
05/02/13	-1.84	-3.86	
05/02/13	-12.76	-26.74	
05/02/13	-1.95	-4.09	
06/04/13	-5.80	-12.10	
06/04/13	-1.90	-3.96	
06/04/13	-15.73	-32.80	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

06/04/13	-2.02	-4.21	
07/02/13	-5.62	-11.67	
07/02/13	-1.84	-3.82	
07/02/13	-18.16	-37.72	
07/02/13	-1.95	-4.05	
07/30/13	84,924.51	175,641.82	
08/02/13	-2.90	-6.00	
08/02/13	-0.95	-1.96	
08/02/13	-10.10	-20.88	
08/02/13	-1.01	-2.09	
09/04/13	-2.90	-5.97	
09/04/13	-0.95	-1.95	
09/04/13	-10.93	-22.49	
09/04/13	-1.01	-2.08	
09/13/13	6,146.94	12,632.16	
10/02/13	23,075.00	47,286.11	
10/02/13	-2.81	-5.76	
10/02/13	-0.92	-1.89	
10/02/13	-10.72	-21.97	
10/02/13	-0.98	-2.01	
10/10/13	8,846.94	18,107.91	
10/17/13	7,225.00	14,772.75	
10/17/13	2,300.00	4,702.74	
10/17/13	2,513.35	5,138.97	
11/04/13	-1.54	-3.14	
11/04/13	-0.51	-1.04	
11/04/13	-6.11	-12.46	
11/04/13	-0.54	-1.10	
11/18/13	9,020.00	18,358.13	
11/18/13	2,342.90	4,768.43	
12/03/13	-1.40	-2.84	
12/03/13	-0.46	-0.93	
12/03/13	-5.70	-11.58	
12/03/13	-0.49	-1.00	
12/05/13	2,699.52	5,480.38	
01/03/14	-1.45	-2.93	
01/03/14	-0.47	-0.95	
01/03/14	-6.86	-13.87	
01/03/14	-0.50	-1.01	
01/10/14	5,950.00	12,016.59	
02/04/14	-2.85	-5.74	
02/04/14	-0.93	-1.87	
02/04/14	-15.95	-32.10	
02/04/14	-0.99	-1.99	
02/27/14	20,585.00	41,283.90	
03/04/14	-2.62	-5.25	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/04/14	-0.86	-1.72	
03/04/14	-16.59	-33.24	
03/04/14	-0.91	-1.82	
03/07/14	5,656.00	11,326.45	
04/02/14	-2.90	-5.79	
04/02/14	-0.95	-1.90	
04/02/14	-19.77	-39.44	
04/02/14	-1.01	-2.02	
04/11/14	10,945.00	21,807.44	
05/02/14	-1.40	-2.78	
05/02/14	-0.46	-0.91	
05/02/14	-10.06	-19.98	
05/02/14	-0.49	-0.97	
06/03/14	-1.45	-2.87	
06/03/14	-0.47	-0.93	
06/03/14	-11.40	-22.54	
06/03/14	-0.50	-0.99	
07/01/14	7,042.00	13,865.00	
07/01/14	773.50	1,522.94	
07/02/14	-1.40	-2.76	
07/02/14	-0.46	-0.91	
07/02/14	-12.11	-23.84	
07/02/14	-0.49	-0.96	
08/04/14	-5.80	-11.36	
08/04/14	-1.90	-3.72	
08/04/14	-51.30	-100.51	
08/04/14	-2.02	-3.96	
08/08/14	5,570.00	10,906.62	
09/03/14	-5.80	-11.31	
09/03/14	-1.90	-3.71	
09/03/14	-54.12	-105.58	
09/03/14	-2.02	-3.94	
10/02/14	-5.62	-10.92	
10/02/14	-1.84	-3.57	
10/02/14	-170.63	-331.44	
10/02/14	-1.95	-3.79	
10/30/14	2,775.00	5,367.89	
11/04/14	-2.90	-5.61	
11/04/14	-0.95	-1.84	
11/04/14	-123.19	-238.15	
11/04/14	-1.01	-1.95	
11/10/14	1,950.00	3,766.43	
11/10/14	4,329.00	8,361.47	
12/02/14	-2.81	-5.41	
12/02/14	-0.92	-1.77	
12/02/14	-119.21	-229.50	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

12/02/14	-0.98	-1.89	
01/05/15	-2.90	-5.56	
01/05/15	-0.95	-1.82	
01/05/15	-123.19	-236.00	
01/05/15	-1.01	-1.93	
02/03/15	-1.50	-2.86	
02/03/15	-0.23	-0.44	
02/03/15	-28.01	-53.44	
02/03/15	-0.52	-0.99	
02/04/15	7,885.00	15,040.87	
03/03/15	-1.31	-2.49	
03/03/15	-0.46	-0.87	
04/02/15	-1.45	-2.74	
04/02/15	-0.50	-0.95	
05/04/15	-0.49	-0.92	
05/04/15	-1.40	-2.64	
06/02/15	-1.45	-2.72	
06/02/15	-0.50	-0.94	
07/02/15	-1.40	-2.61	
07/02/15	-0.49	-0.91	
08/04/15	-4.35	-8.08	
08/04/15	-1.51	-2.80	
09/02/15	-4.35	-8.05	
09/02/15	-1.51	-2.79	
10/02/15	-4.21	-7.75	
10/02/15	-1.46	-2.69	
11/03/15	-2.90	-5.31	
11/03/15	-1.01	-1.85	
12/02/15	-2.81	-5.13	
12/02/15	-0.98	-1.79	
01/05/16	-2.90	-5.27	
01/05/16	-1.01	-1.83	
02/02/16	-6.81	-12.32	
02/02/16	-2.37	-4.29	
03/02/16	-6.77	-12.19	
03/02/16	-2.35	-4.23	
04/04/16	-7.23	-12.96	
04/04/16	-2.51	-4.50	
05/03/16	-7.00	-12.49	
05/03/16	-1.26	-2.25	
05/03/16	-2.43	-4.34	
06/02/16	-7.23	-12.85	
06/02/16	-0.84	-1.49	
06/02/16	-2.51	-4.46	
07/05/16	-7.00	-12.38	
07/05/16	-2.43	-4.30	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

08/02/16	-14.47	-25.48	
08/02/16	-5.02	-8.84	
09/02/16	-14.47	-25.37	
09/02/16	-5.02	-8.80	
10/04/16	-14.00	-24.43	
10/04/16	-4.86	-8.48	
11/02/16	-28.00	-48.65	
11/02/16	-9.73	-16.91	
12/02/16	-28.00	-48.43	
12/02/16	-9.73	-16.83	
01/04/17	-28.93	-49.80	
01/04/17	-10.05	-17.30	
02/02/17	-57.51	-98.60	
02/02/17	-19.97	-34.24	
03/02/17	-53.72	-91.69	
03/02/17	-18.66	-31.85	
04/04/17	-59.48	-101.04	
04/04/17	-20.66	-35.09	
04/11/17	-250,000.00	-424,227.25	
04/17/17	-3,000.00	-5,086.19	
05/02/17	-57.56	-97.37	
05/02/17	-19.99	-33.82	
06/02/17	-59.48	-100.17	
06/02/17	-20.66	-34.79	
06/29/17	11,399.58	19,121.03	
07/05/17	-57.56	-96.46	
07/05/17	-19.99	-33.50	
07/12/17	15,952.50	26,706.19	
08/02/17	1,891.00	3,156.34	
08/02/17	18,900.00	31,546.68	
08/02/17	1,442.00	2,406.89	
08/02/17	-84.77	-141.49	
08/02/17	-29.44	-49.14	
08/29/17	6,370.00	10,589.81	
09/05/17	-91.78	-152.44	
09/05/17	-31.88	-52.95	
09/15/17	18,900.00	31,345.65	
09/15/17	718.50	1,191.63	
09/15/17	7,420.00	12,306.07	
10/03/17	-91.87	-151.96	
10/03/17	-31.91	-52.78	
10/13/17	159,426.00	263,309.68	
10/13/17	24,675.00	40,753.49	
10/13/17	481.03	794.47	
11/02/17	-97.03	-159.80	
11/02/17	-33.70	-55.50	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

11/08/17	112,410.00	184,968.81	
11/08/17	41,675.00	68,575.53	
11/17/17	81,308.00	133,612.08	
11/17/17	31,080.00	51,073.25	
11/29/17	3,000.00	4,921.06	
11/29/17	92,497.50	151,728.68	
11/29/17	3,700.00	6,069.31	
12/04/17	-98.10	-160.80	
12/04/17	-34.07	-55.85	
01/03/18	-119.20	-194.54	
01/03/18	-41.40	-67.57	
01/09/18	261,765.00	426,841.51	
01/09/18	3,410.49	5,561.24	
01/09/18	24,177.90	39,425.18	
01/22/18	18,804.30	30,603.63	
01/22/18	42,710.00	69,509.68	
01/30/18	-3,410.49	-5,543.91	
02/02/18	-137.07	-222.75	
02/02/18	-47.61	-77.37	
02/16/18	232,605.00	377,211.74	
02/16/18	26,208.00	42,501.09	
02/16/18	373.50	605.70	
03/02/18	-129.72	-209.87	
03/02/18	-45.06	-72.90	
04/03/18	-164.00	-264.10	
04/03/18	-56.96	-91.73	
04/24/18	8,210.00	13,180.11	
05/01/18	186,204.22	298,616.14	
05/01/18	82,700.87	132,627.58	
05/01/18	51,445.02	82,502.50	
05/01/18	102,966.00	165,126.82	
05/02/18	-181.70	-291.35	
05/02/18	-63.11	-101.19	
06/04/18	-197.94	-315.88	
06/04/18	-68.75	-109.71	
07/03/18	-205.48	-326.51	
07/03/18	-71.37	-113.41	
08/02/18	-224.07	-354.51	
08/02/18	-77.82	-123.12	
08/22/18	7,783.75	12,278.52	
08/22/18	23,351.25	36,835.55	
08/22/18	7,415.00	11,696.83	
08/22/18	3,350.00	5,284.47	
09/05/18	-226.34	-356.35	
09/05/18	-78.61	-123.76	
10/02/18	-227.87	-357.32	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

10/02/18	-79.14	-124.10	
11/02/18	5,426.00	8,470.66	
11/02/18	-258.26	-403.18	
11/02/18	-89.70	-140.03	
12/04/18	-258.01	-400.87	
12/04/18	-89.61	-139.23	
01/03/19	-278.71	-431.17	
01/03/19	-96.80	-149.75	
02/04/19	-293.96	-452.67	
02/04/19	-102.10	-157.23	
03/04/19	-266.60	-408.72	
03/04/19	-92.59	-141.95	
04/02/19	-296.99	-453.41	
04/02/19	-103.15	-157.48	
05/02/19	-288.90	-439.10	
05/02/19	-100.34	-152.51	
05/28/19	4,680.00	7,085.70	
05/28/19	24,817.47	37,574.61	
05/28/19	2,453.95	3,715.38	
06/04/19	-296.27	-448.16	
06/04/19	-102.90	-155.66	
07/02/19	-286.39	-431.42	
07/02/19	-99.47	-149.84	
08/02/19	-291.58	-437.28	
08/02/19	-101.27	-151.87	
09/04/19	-288.68	-430.88	
09/04/19	-100.26	-149.65	
10/02/19	-254.47	-378.24	
10/02/19	-88.38	-131.37	
11/04/19	-258.31	-382.13	
11/04/19	-89.72	-132.73	
12/03/19	-217.60	-320.52	
12/03/19	-75.58	-111.33	
01/03/20	-192.56	-282.37	
01/03/20	-66.88	-98.07	
02/04/20	-183.68	-268.11	
02/04/20	-63.80	-93.13	
03/03/20	-166.74	-242.34	
03/03/20	-57.91	-84.17	
04/02/20	-176.59	-255.55	
04/02/20	-61.33	-88.75	
05/04/20	-99.40	-143.16	
05/04/20	-34.52	-49.72	
06/02/20	-1.45	-2.08	
06/02/20	-0.50	-0.72	
07/02/20	-1.40	-2.00	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

07/02/20	-0.49	-0.70	
08/04/20	-1.45	-2.06	
08/04/20	-0.50	-0.71	
09/02/20	-1.45	-2.05	
09/02/20	-0.50	-0.71	
10/02/20	-1.40	-1.97	
10/02/20	-0.49	-0.69	
11/03/20	-1.45	-2.03	
11/03/20	-0.50	-0.70	
12/02/20	-1.40	-1.95	
12/02/20	-0.49	-0.68	
01/05/21	-1.45	-2.01	
01/05/21	-0.50	-0.69	
02/02/21	-1.45	-2.01	
02/02/21	-0.50	-0.69	
03/02/21	-1.31	-1.80	
03/02/21	-0.46	-0.63	
04/02/21	-1.45	-1.99	
04/02/21	-0.50	-0.69	
05/04/21	-1.40	-1.91	
05/04/21	-0.49	-0.67	
06/02/21	-1.45	-1.97	
06/02/21	-0.51	-0.69	
07/02/21	-1.40	-1.89	
07/02/21	-0.49	-0.66	
08/03/21	-1.45	-1.95	
08/03/21	-0.50	-0.67	
09/02/21	-1.45	-1.95	
09/02/21	-0.50	-0.67	
10/04/21	-1.40	-1.87	
10/04/21	-0.49	-0.65	
11/02/21	-1.45	-1.93	
11/02/21	-0.50	-0.66	
12/02/21	-1.40	-1.85	
12/02/21	-0.49	-0.65	
12/03/21	-1.71	-2.26	
12/03/21	-0.59	-0.78	
01/04/22	-1.45	-1.91	
01/04/22	-0.51	-0.67	
02/02/22	-1.45	-1.90	
02/02/22	-0.50	-0.66	
03/02/22	-1.31	-1.71	
03/02/22	-0.46	-0.60	
04/04/22	-1.45	-1.88	
04/04/22	-0.50	-0.65	
05/03/22	-1.40	-1.81	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

06/02/22	-1.45	-1.87	
06/02/22	-0.50	-0.64	
07/05/22	-35.10	-45.01	
07/05/22	-12.19	-15.63	
08/02/22	-88.49	-113.02	
08/02/22	-30.73	-39.25	
09/02/22	-149.42	-190.00	
09/02/22	-51.90	-65.99	
10/04/22	-242.87	-307.36	
10/04/22	-84.35	-106.75	
11/02/22	-280.82	-353.91	
11/02/22	-97.53	-122.91	
12/02/22	-360.79	-452.67	
12/02/22	-125.31	-157.22	
01/04/23	-464.21	-579.66	
01/04/23	-161.23	-201.33	
02/02/23	-511.71	-636.32	
02/02/23	-177.72	-221.00	
03/02/23	-509.70	-631.00	
03/02/23	-177.03	-219.16	
04/03/23	-606.38	-747.24	
04/04/23	-210.60	-259.48	
05/08/23	-594.68	-729.02	
05/08/23	-206.54	-253.20	
06/02/23	-648.96	-792.73	
06/02/23	-225.39	-275.32	
07/05/23	-658.49	-800.43	
07/05/23	-228.71	-278.01	
08/02/23	-687.32	-832.13	
08/02/23	-238.72	-289.01	
09/05/23	-687.70	-828.51	
09/05/23	-238.85	-287.76	
10/03/23	-696.69	-835.86	
10/03/23	-241.97	-290.30	
11/02/23	-722.43	-863.01	
11/02/23	-250.91	-299.74	
12/04/23	-699.12	-831.20	
12/04/23	-242.82	-288.69	
01/03/24	-724.16	-857.27	
01/03/24	-251.51	-297.74	
02/02/24	-721.90	-850.92	
02/02/24	-250.73	-295.54	
03/04/24	-674.07	-790.77	
03/04/24	-234.12	-274.65	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
03/31/24	Bal	564,276.80	659,411.57	
03/31/24	Acc	2,366.83	2,765.87	
02/28/27	TOTALS:	226,045.44	-2,571,464.08	

ISSUE DATE:	03/12/07	REBATABLE ARBITRAGE:	-2,571,464.08	
COMP DATE:	02/28/27	NET INCOME:	226,045.44	
BOND YIELD:	5.424264%	TAX INV YIELD:	0.845382%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-694,354.17	-2,020,909.44	
04/12/07			3,886.11	11,260.14	
05/01/07			62,057.59	179,306.91	
05/03/07			-3,886.11	-11,225.04	
05/11/07			3,886.11	11,211.70	
07/03/07			-9,003.01	-25,774.30	
08/02/07			-2,501.56	-7,130.79	
09/05/07			-2,497.17	-7,083.44	
10/02/07			-2,441.45	-6,897.64	
11/01/07			230,924.98	649,607.87	
11/02/07			-5,214.52	-14,666.62	
12/03/07			1,733.14	4,852.30	
12/04/07			-3,961.88	-11,090.50	
01/02/08			1,510.14	4,209.78	
01/03/08			-3,436.03	-9,577.11	
02/01/08			1,208.46	3,354.30	
02/04/08			-2,736.84	-7,593.21	
03/03/08			890.89	2,461.09	
03/04/08			-2,010.89	-5,554.27	
04/01/08			644.03	1,771.75	
04/02/08			-1,450.11	-3,988.71	
05/01/08			228,851.25	626,775.36	
05/02/08			-1,660.07	-4,545.91	
06/02/08			370.50	1,010.06	
06/03/08			-1,291.35	-3,519.95	
07/01/08			362.51	984.02	
07/02/08			-1,258.62	-3,415.98	
08/01/08			365.93	988.88	
08/04/08			-1,265.36	-3,417.97	
09/02/08			360.33	969.27	
09/03/08			-1,241.47	-3,339.01	
10/01/08			255.34	683.90	
10/02/08			-876.38	-2,346.94	
11/03/08			228,013.99	607,811.96	
11/04/08			-53.78	-143.34	
12/01/08			5.38	14.28	
12/02/08			6,138.88	16,293.88	
02/28/27	TOTALS:	30,324.79	-28,652.70	

ISSUE DATE:	
03/12/07	
REBATABLE ARBITRAGE:	
-28,652.70	
COMP DATE:	02/28/27	NET INCOME:	30,324.79	
BOND YIELD:	5.424264%	TAX INV YIELD:	4.046287%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-953,611.02	-2,775,473.38	
05/01/07			84,384.59	243,817.71	
07/03/07			-9,853.18	-28,208.21	
08/02/07			-2,737.79	-7,804.17	
08/09/07			2,385.00	6,791.46	
09/05/07			-2,701.80	-7,663.89	
10/02/07			-2,630.91	-7,432.91	
11/01/07			309,188.96	869,769.84	
11/02/07			-6,447.85	-18,135.55	
12/03/07			-2,401.69	-6,724.05	
01/02/08			2,094.06	5,837.56	
01/03/08			-4,169.39	-11,621.17	
02/01/08			1,673.99	4,646.46	
02/04/08			-3,320.98	-9,213.87	
03/03/08			1,233.17	3,406.64	
03/04/08			-2,440.09	-6,739.76	
04/01/08			890.98	2,451.11	
04/02/08			-1,759.62	-4,840.05	
05/01/08			306,433.72	839,257.39	
05/02/08			-2,014.38	-5,516.14	
06/02/08			528.17	1,439.90	
06/03/08			-1,520.48	-4,144.51	
07/01/08			516.31	1,401.51	
07/02/08			-1,481.96	-4,022.13	
08/01/08			520.66	1,407.03	
08/04/08			-1,489.89	-4,024.47	
09/02/08			512.24	1,377.91	
09/03/08			-1,461.76	-3,931.50	
10/01/08			362.65	971.32	
10/02/08			-1,031.88	-2,763.37	
11/03/08			305,488.83	814,334.97	
11/04/08			-76.33	-203.44	
12/01/08			12.62	33.50	
12/02/08			26,830.47	71,213.71	
02/28/27	TOTALS:	41,905.42	-40,304.56	

ISSUE DATE:	
03/12/07	
REBATABLE ARBITRAGE:	
-40,304.56	
COMP DATE:	02/28/27	NET INCOME:	41,905.42	
BOND YIELD:	5.424264%	TAX INV YIELD:	4.027653%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-146,000.00	-424,931.24	
03/12/07			90,250.00	262,671.54	
03/15/07			12,460.01	36,248.54	
04/09/07			4,662.87	13,516.86	
05/11/07			-3,886.11	-11,211.70	
06/15/07			7,948.00	22,814.93	
08/14/07			2,705.55	7,698.52	
11/01/07			139.62	392.76	
11/02/07			-139.62	-392.70	
12/03/07			130.10	364.24	
12/04/07			-130.10	-364.19	
01/02/08			112.82	314.51	
01/03/08			-112.82	-314.46	
01/29/08			33,335.38	92,555.88	
02/01/08			84.43	234.35	
02/04/08			-84.43	-234.25	
03/03/08			0.15	0.41	
03/04/08			-0.15	-0.41	
03/06/08			84.58	233.55	
02/28/27	TOTALS:	1,560.28	-402.86	

ISSUE DATE:	
03/12/07	
REBATABLE ARBITRAGE:	
-402.86	
COMP DATE:	02/28/27	NET INCOME:	1,560.28	
BOND YIELD:	5.424264%	TAX INV YIELD:	4.967626%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-566,837.50	-1,649,773.71	
07/03/07			9,003.01	25,774.30	
08/02/07			2,501.56	7,130.79	
09/05/07			2,497.17	7,083.44	
10/02/07			2,441.45	6,897.64	
11/01/07			2,402.04	6,757.10	
12/03/07			2,228.74	6,239.84	
01/02/08			1,925.89	5,368.75	
02/01/08			1,528.38	4,242.29	
03/03/08			1,120.00	3,094.01	
04/01/08			806.08	2,217.55	
05/01/08			921.32	2,523.30	
06/02/08			920.85	2,510.42	
07/01/08			896.11	2,432.46	
08/01/08			899.43	2,430.61	
09/02/08			881.14	2,370.23	
10/01/08			621.04	1,663.39	
11/03/08			130.28	347.28	
11/04/08			-130.28	-347.23	
12/01/08			294.97	783.03	
01/02/09			142.90	377.60	
02/02/09			202.76	533.39	
03/02/09			211.77	554.61	
04/01/09			221.82	578.43	
05/01/09			187.65	487.15	
06/01/09			95.46	246.72	
07/01/09			31.50	81.05	
08/03/09			15.33	39.26	
08/04/09			7,556.45	19,347.66	
09/01/09			3.73	9.51	
10/01/09			3.86	9.80	
03/01/10			30.65	76.10	
04/01/10			47.50	117.41	
05/03/10			328,780.32	808,813.39	
06/01/10			21.38	52.38	
06/16/10			8,135.31	19,885.67	
07/01/10			18.61	45.39	
08/02/10			18.89	45.86	
09/01/10			18.89	45.66	
10/01/10			18.28	43.99	
10/01/10			18.89	45.46	
11/01/10			18.28	43.80	
01/03/11			18.89	44.84	
02/01/11			18.89	44.66	
03/01/11			17.06	40.15	
04/01/11			18.89	44.26	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

05/02/11	9.14	21.32	
05/09/11	51,607.99	120,234.36	
06/01/11	7.82	18.16	
07/01/11	7.02	16.23	
08/01/11	2.90	6.67	
09/01/11	2.90	6.64	
10/03/11	2.81	6.41	
11/01/11	4.26	9.67	
12/01/11	4.21	9.52	
01/03/12	4.35	9.79	
02/01/12	2.89	6.48	
03/01/12	2.71	6.05	
04/02/12	2.89	6.42	
05/01/12	5.51	12.18	
06/01/12	5.79	12.74	
07/02/12	5.60	12.27	
08/01/12	5.79	12.63	
09/04/12	5.79	12.57	
10/01/12	5.60	12.11	
11/01/12	5.79	12.46	
12/03/12	5.60	12.00	
01/02/13	5.79	12.35	
02/01/13	5.80	12.32	
03/04/13	5.24	11.08	
04/02/13	5.80	12.21	
05/02/13	5.62	11.78	
06/04/13	5.80	12.10	
07/02/13	5.62	11.67	
08/02/13	2.90	6.00	
09/04/13	2.90	5.97	
10/02/13	2.81	5.76	
11/04/13	1.54	3.14	
12/03/13	1.40	2.84	
01/03/14	1.45	2.93	
02/04/14	2.85	5.74	
03/04/14	2.62	5.25	
04/02/14	2.90	5.79	
05/02/14	1.40	2.78	
06/03/14	1.45	2.87	
07/02/14	1.40	2.76	
08/04/14	5.80	11.36	
09/03/14	5.80	11.31	
10/02/14	5.62	10.92	
11/04/14	2.90	5.61	
12/02/14	2.81	5.41	
01/05/15	2.90	5.56	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

02/03/15	1.50	2.86	
03/03/15	1.31	2.49	
04/02/15	1.45	2.74	
05/04/15	1.40	2.64	
06/02/15	1.45	2.72	
07/02/15	1.40	2.61	
08/04/15	4.35	8.08	
09/02/15	4.35	8.05	
10/02/15	4.21	7.75	
11/03/15	2.90	5.31	
12/02/15	2.81	5.13	
01/05/16	2.90	5.27	
02/02/16	6.81	12.32	
03/02/16	6.77	12.19	
04/04/16	7.23	12.96	
05/03/16	7.00	12.49	
06/02/16	7.23	12.85	
07/05/16	7.00	12.38	
08/02/16	14.47	25.48	
09/02/16	14.47	25.37	
10/04/16	14.00	24.43	
11/02/16	28.00	48.65	
12/02/16	28.00	48.43	
01/04/17	28.93	49.80	
02/02/17	57.51	98.60	
03/02/17	53.72	91.69	
04/04/17	59.48	101.04	
05/02/17	57.56	97.37	
06/02/17	59.48	100.17	
07/05/17	57.56	96.46	
08/02/17	84.77	141.49	
09/05/17	91.78	152.44	
10/03/17	91.87	151.96	
11/02/17	97.03	159.80	
12/04/17	98.10	160.80	
01/03/18	119.20	194.54	
02/02/18	137.07	222.75	
03/01/18	129.72	209.90	
04/03/18	164.00	264.10	
05/02/18	181.70	291.35	
06/04/18	197.94	315.88	
07/03/18	205.48	326.51	
08/02/18	224.07	354.51	
09/05/18	226.34	356.35	
10/01/18	227.87	357.38	
11/02/18	258.26	403.18	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

12/04/18	258.01	400.87	
01/03/19	278.71	431.17	
02/04/19	293.96	452.67	
03/04/19	266.60	408.72	
04/02/19	296.99	453.41	
05/02/19	288.90	439.10	
06/04/19	296.27	448.16	
07/02/19	286.39	431.42	
08/02/19	291.58	437.28	
09/04/19	288.68	430.88	
10/02/19	254.47	378.24	
11/04/19	258.31	382.13	
12/03/19	217.60	320.52	
01/03/20	192.56	282.37	
02/04/20	183.68	268.11	
03/03/20	166.74	242.34	
04/02/20	176.59	255.55	
05/04/20	99.40	143.16	
06/02/20	1.45	2.08	
07/02/20	1.40	2.00	
08/04/20	1.45	2.06	
09/02/20	1.45	2.05	
10/02/20	1.40	1.97	
11/03/20	1.45	2.03	
12/02/20	1.40	1.95	
01/05/21	1.45	2.01	
02/02/21	1.45	2.01	
03/02/21	1.31	1.80	
04/02/21	1.45	1.99	
05/04/21	1.40	1.91	
06/02/21	1.45	1.97	
07/02/21	1.40	1.89	
08/03/21	1.45	1.95	
09/02/21	1.45	1.95	
10/04/21	1.40	1.87	
11/02/21	1.45	1.93	
12/02/21	1.40	1.85	
12/03/21	1.71	2.26	
01/04/22	1.45	1.91	
02/02/22	1.45	1.90	
03/02/22	1.31	1.71	
04/04/22	1.45	1.88	
05/03/22	1.40	1.81	
06/02/22	1.45	1.87	
07/05/22	35.10	45.01	
08/02/22	88.49	113.02	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
09/02/22	149.42	190.00	
10/04/22	242.87	307.36	
11/02/22	280.82	353.91	
12/02/22	360.79	452.67	
01/04/23	464.21	579.66	
02/02/23	511.71	636.32	
03/02/23	509.70	631.00	
04/04/23	606.38	747.13	
05/08/23	594.68	729.02	
06/02/23	648.96	792.73	
07/05/23	658.49	800.43	
08/02/23	687.32	832.13	
09/05/23	687.70	828.51	
10/03/23	696.69	835.86	
11/02/23	722.43	863.01	
12/04/23	699.12	831.20	
01/03/24	724.16	857.27	
02/02/24	721.90	850.92	
03/04/24	674.07	790.77	
03/31/24	Bal	170,803.40	199,600.16	
03/31/24	Acc	720.56	842.04	
02/28/27	TOTALS:	52,526.26	-362,790.05	

ISSUE DATE:	03/12/07	REBATABLE ARBITRAGE:	-362,790.05	
COMP DATE:	02/28/27	NET INCOME:	52,526.26	
BOND YIELD:	5.424264%	TAX INV YIELD:	1.265328%	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/12/07	Beg	Bal	-620,365.00	-1,805,564.86	
07/03/07			9,853.18	28,208.21	
08/02/07			2,737.79	7,804.17	
08/09/07			9,540.00	27,165.84	
09/05/07			2,701.80	7,663.89	
10/02/07			2,630.91	7,432.91	
11/01/07			2,588.45	7,281.49	
12/03/07			2,401.69	6,724.05	
01/02/08			2,075.33	5,785.34	
02/01/08			1,646.99	4,571.52	
03/03/08			1,206.92	3,334.13	
04/01/08			868.64	2,389.66	
05/01/08			992.81	2,719.10	
06/02/08			992.31	2,705.23	
07/01/08			965.65	2,621.23	
08/01/08			969.23	2,619.24	
09/02/08			949.52	2,554.17	
10/01/08			669.23	1,792.46	
11/03/08			140.39	374.23	
11/04/08			-140.39	-374.18	
12/01/08			317.86	843.79	
01/02/09			153.99	406.90	
02/02/09			218.49	574.77	
03/02/09			228.21	597.67	
04/01/09			239.03	623.31	
05/01/09			202.21	524.95	
06/01/09			102.87	265.87	
07/01/09			33.95	87.35	
08/03/09			16.52	42.30	
09/01/09			4.06	10.35	
10/01/09			4.22	10.71	
03/01/10			33.47	83.10	
04/01/10			51.88	128.24	
05/03/10			305,462.70	751,451.07	
06/01/10			27.61	67.64	
06/16/10			-8,135.31	-19,885.67	
06/23/10			11,328.00	27,660.98	
07/01/10			25.19	61.44	
07/06/10			17,033.73	41,513.05	
08/02/10			2,744.30	6,662.36	
09/01/10			24.00	58.01	
09/30/10			4,875.88	11,735.58	
10/01/10			22.84	54.96	
11/01/10			23.58	56.49	
11/30/10			7,286.28	17,381.34	
12/01/10			22.80	54.38	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
12/10/10	1,566.69	3,731.77	
12/28/10	6,333.02	15,044.60	
01/03/11	22.79	54.10	
01/21/11	3,703.75	8,768.52	
02/01/11	22.17	52.41	
03/01/11	19.85	46.72	
03/24/11	1,228.12	2,880.43	
04/01/11	21.94	51.40	
04/19/11	8,596.25	20,086.86	
05/02/11	10.44	24.35	
05/09/11	157,489.46	366,913.03	
06/01/11	5.61	13.03	
07/01/11	3.76	8.69	
08/01/11	1.55	3.57	
09/01/11	1.55	3.55	
09/21/11	10,323.10	23,583.01	
09/29/11	21,740.95	49,607.92	
10/03/11	1.42	3.24	
11/01/11	1.48	3.36	
12/01/11	1.46	3.30	
01/03/12	1.51	3.40	
02/01/12	1.00	2.24	
03/01/12	0.94	2.10	
04/02/12	1.00	2.22	
05/01/12	1.91	4.22	
06/01/12	2.01	4.42	
07/02/12	1.95	4.27	
08/01/12	2.01	4.39	
09/04/12	2.01	4.36	
10/01/12	1.95	4.22	
11/01/12	2.01	4.33	
12/03/12	1.95	4.18	
01/02/13	2.01	4.29	
02/01/13	2.02	4.29	
03/04/13	1.82	3.85	
04/02/13	2.02	4.25	
05/02/13	1.95	4.09	
06/04/13	2.02	4.21	
07/02/13	1.95	4.05	
08/02/13	1.01	2.09	
09/04/13	1.01	2.08	
10/02/13	0.98	2.01	
11/04/13	0.54	1.10	
12/03/13	0.49	1.00	
01/03/14	0.50	1.01	
02/04/14	0.99	1.99	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

03/04/14	0.91	1.82	
04/02/14	1.01	2.02	
05/02/14	0.49	0.97	
06/03/14	0.50	0.99	
07/02/14	0.49	0.96	
08/04/14	2.02	3.96	
09/03/14	2.02	3.94	
10/02/14	1.95	3.79	
11/04/14	1.01	1.95	
12/02/14	0.98	1.89	
01/05/15	1.01	1.93	
02/03/15	0.52	0.99	
03/03/15	0.46	0.87	
04/02/15	0.50	0.95	
05/04/15	0.49	0.92	
06/02/15	0.50	0.94	
07/02/15	0.49	0.91	
08/04/15	1.51	2.80	
09/02/15	1.51	2.79	
10/02/15	1.46	2.69	
11/03/15	1.01	1.85	
12/02/15	0.98	1.79	
01/05/16	1.01	1.83	
02/02/16	2.37	4.29	
03/02/16	2.35	4.23	
04/04/16	2.51	4.50	
05/03/16	2.43	4.34	
06/02/16	2.51	4.46	
07/05/16	2.43	4.30	
08/02/16	5.02	8.84	
09/02/16	5.02	8.80	
10/04/16	4.86	8.48	
11/02/16	9.73	16.91	
12/02/16	9.73	16.83	
01/04/17	10.05	17.30	
02/02/17	19.97	34.24	
03/02/17	18.66	31.85	
04/04/17	20.66	35.09	
05/02/17	19.99	33.82	
06/02/17	20.66	34.79	
07/05/17	19.99	33.50	
08/02/17	29.44	49.14	
09/05/17	31.88	52.95	
10/03/17	31.91	52.78	
11/02/17	33.70	55.50	
12/04/17	34.07	55.85	

ARBITRAGE REBATE CALCULATION DETAIL REPORT
FUTURE VALUE @
RECEIPTS	BOND YIELD OF
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)

01/03/18	41.40	67.57	
02/02/18	47.61	77.37	
03/01/18	45.06	72.91	
04/03/18	56.96	91.73	
05/02/18	63.11	101.19	
06/04/18	68.75	109.71	
07/03/18	71.37	113.41	
08/02/18	77.82	123.12	
09/05/18	78.61	123.76	
10/01/18	79.14	124.12	
11/02/18	89.70	140.03	
12/04/18	89.61	139.23	
01/03/19	96.80	149.75	
02/04/19	102.10	157.23	
03/04/19	92.59	141.95	
04/02/19	103.15	157.48	
05/02/19	100.34	152.51	
06/04/19	102.90	155.66	
07/02/19	99.47	149.84	
08/02/19	101.27	151.87	
09/04/19	100.26	149.65	
10/02/19	88.38	131.37	
11/04/19	89.72	132.73	
12/03/19	75.58	111.33	
01/03/20	66.88	98.07	
02/04/20	63.80	93.13	
03/03/20	57.91	84.17	
04/02/20	61.33	88.75	
05/04/20	34.52	49.72	
06/02/20	0.50	0.72	
07/02/20	0.49	0.70	
08/04/20	0.50	0.71	
09/02/20	0.50	0.71	
10/02/20	0.49	0.69	
11/03/20	0.50	0.70	
12/02/20	0.49	0.68	
01/05/21	0.50	0.69	
02/02/21	0.50	0.69	
03/02/21	0.46	0.63	
04/02/21	0.50	0.69	
05/04/21	0.49	0.67	
06/02/21	0.51	0.69	
07/02/21	0.49	0.66	
08/03/21	0.50	0.67	
09/02/21	0.50	0.67	
10/04/21	0.49	0.65	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
11/02/21	0.50	0.66	
12/02/21	0.49	0.65	
12/03/21	0.59	0.78	
01/04/22	0.51	0.67	
02/01/22	0.50	0.66	
03/02/22	0.46	0.60	
04/04/22	0.50	0.65	
05/03/22	0.49	0.63	
06/02/22	0.50	0.64	
07/05/22	12.19	15.63	
08/02/22	30.73	39.25	
09/02/22	51.90	65.99	
10/04/22	84.35	106.75	
11/02/22	97.53	122.91	
12/02/22	125.31	157.22	
01/04/23	161.23	201.33	
02/02/23	177.72	221.00	
03/02/23	177.03	219.16	
04/03/23	210.60	259.52	
05/08/23	206.54	253.20	
06/02/23	225.39	275.32	
07/05/23	228.71	278.01	
08/02/23	238.72	289.01	
09/05/23	238.85	287.76	
10/03/23	241.97	290.30	
11/02/23	250.91	299.74	
12/04/23	242.82	288.69	
01/03/24	251.51	297.74	
02/02/24	250.73	295.54	
03/04/24	234.12	274.65	
03/31/24	Bal	59,322.73	69,324.30	
03/31/24	Acc	250.27	292.46	
02/28/27	TOTALS:	42,842.45	-271,923.96	

ISSUE DATE:	03/12/07	REBATABLE ARBITRAGE:	-271,923.96	
COMP DATE:	02/28/27	NET INCOME:	42,842.45	
BOND YIELD:	5.424264%	TAX INV YIELD:	1.469296%	

	ARBITRAGE REBATE CALCULATION DETAIL REPORT		
	
RECEIPTS	FUTURE VALUE @ BOND YIELD OF	
DATE	DESCRIPTION	(PAYMENTS)	(5.424264%)	
02/28/08	-1,430.00	-3,953.32	
02/28/09	-1,490.00	-3,904.53	
02/28/10	-1,500.00	-3,725.89	
02/28/11	-1,520.00	-3,578.82	
02/28/12	-1,550.00	-3,459.27	
02/28/13	-1,590.00	-3,363.61	
02/28/14	-1,620.00	-3,248.48	
02/28/15	-1,650.00	-3,136.21	
02/28/16	-1,650.00	-2,972.78	
02/28/17	-1,670.00	-2,852.01	
02/28/18	-1,700.00	-2,751.95	
02/28/19	-1,730.00	-2,654.57	
02/28/20	-1,760.00	-2,559.87	
02/28/21	-1,780.00	-2,454.04	
02/28/22	-1,830.00	-2,391.49	
02/28/23	-1,960.00	-2,427.90	
02/28/24	-2,070.00	-2,430.53	
02/28/27	TOTALS:	-28,500.00	-51,865.26	

ISSUE DATE:	03/12/07	REBATABLE ARBITRAGE:	-51,865.26	
COMP DATE:	02/28/27			
BOND YIELD:	5.424264%			

Tab 2

1
2	MINUTES OF MEETING
3
Each person who decides to appeal any decision made by the Board with respect to any matter
considered at the meeting is advised that the person may need to ensure that a verbatim record
of the proceedings is made, including the testimony and evidence upon which such appeal is to
be based.
8
9	NATUREWALK
10	COMMUNITY DEVELOPMENT DISTRICT
11
The special meeting of the Board of Supervisors of the NatureWalk Community
Development District was held on Thursday, June 6, 2024, at 12:01 p.m. at the Walton
Area Chamber of Commerce, located at 63 South Centre Trail, Santa Rosa Beach, FL
32459.
16
17	Present and constituting a quorum:
18
Jonette Coram	Board Supervisor, Chairman
Todd Egizii	Board Supervisor, Vice Chairman
Mike Grubbs	Board Supervisor, Assistant Secretary
Danell Head	Board Supervisor, Assistant Secretary
23
24	Also present were:
25
Holly Bailey	District Manager, Rizzetta & Company, Inc.
Melissa Dobbins	Regional District Manager, Rizzetta & Company Inc.
Katie Buchanan	District Counsel, Kutak Rock
(via speakerphone)
Jess Smith	Landscape Provider, GreenEarth
Jim Martelli	District Engineer, Innerlight Engineering
(via speakerphone)
33
34	Audience	Present
35
36	FIRST ORDER OF BUSINESS	Call to Order
37
38	Ms. Bailey called the meeting to order at 12:02 p.m. and confirmed there was a quorum.
39
40	SECOND ORDER OF BUSINESS	Audience Comments on Agenda Items	
41			
42	There no audience members commented.		
43			
44			
45			

THIRD ORDER OF BUSINESS	Consideration of the Minutes of the
Budget Workshop held on April 4, 2024
48
Ms. Bailey presented the minutes of the budget workshop asked if any changes were
requested. No changes were requested.
51

On a motion by Ms. Coram, seconded by Ms. Head, with all in favor, the Board approved the Minutes of the Budget Workshop held on April 4, 2024, for NatureWalk Community Development District.

52
FOURTH ORDER OF BUSINESS	Consideration of the Minutes of the of
the Board of Supervisor Meeting held
on May 2, 2024
56
Ms. Bailey presented the minutes of Board of Supervisors meeting and asked if any
changes were requested. No changes were requested.
59

On a motion by Ms. Coram, seconded by Ms. Head, with all in favor, the Board approved the Minutes of the Board of Supervisors Meeting held on May 2, 2024, for NatureWalk Community Development District.

60
FIFTH ORDER OF BUSINESS	Ratification of the Operations and
Maintenance Expenditures for the
Month of April 2024
64
Ms. Bailey reviewed the maintenance expenditures with the Board and asked if there
were any questions. There were none.
67

On a motion by Ms. Coram seconded by Ms. Head, with all in favor, the Board ratified Operations and Maintenance Expenditures for the Month of April 2024, in the amount of
$73,395.30, for NatureWalk Community Development District.

68
69	SIXTH ORDER OF BUSINESS	Staff Reports
70
A. District Landscape Provider
1. Presentation of District Landscaping Reports
73
Ms. Smith reviewed the landscaping reports with the Board and asked if there were
any questions. Ms. Smith informed the Board that the Salamander Circle trees
adjacent to parking pads have been trimmed. During the June community
inspection, Ms. Coram identified a number of streetlights which needed tree
branches trimmed away from their fixtures. A list of the post numbers was compiled
and will be given to the crew, who will begin trimming during the week of June 10th.

80		
81		
82	2.	Discussion of 2025 Green Earth Contract for Budgetary Purposes	
83		1. Base Contract	
84		2. Contract with Additional Community Trim	
85			
Ms. Smith reviewed the scopes of service for the two contracts for the District’s
landscaping services and stated there is a 3% increase in the contract due to an
increase in the CPI (consumer price index). Ms. Smith reviewed the differences in
both contracts and gave her recommendation to include an additional community
trim.
91
Ms. Coram suggested that in FY25-26, rather than continuing to only trim trees off of
roadways, the District should seek an arborist to provide structural, internal pruning
of oaks as is done in other communities, such as Watercolor. This would benefit tree
health, but is not included in either contract option before the Board.
96
Ms. Coram and Mr. Egizii discussed whether bed plants require fertilization. Ms.
Smith stated that grasses do not, but that the perennial drift roses on the
Sandgrass entranceway medians would benefit from an application.
100
Ms. Head commented on the appearance of the landscaping along the community
entranceway. Ms. Coram & Mr. Egizii gave historical data regarding the planting
of annuals at the NatureWalk signs, which are now the responsibility of the HOA,
and the associated costs.
105
Ms. Coram suggested using funds from the Replacement Plants and Trees
budget line item to change out the three drift roses on the CR395 bed in favor of
deer resistant plant materials that will provide more impact and color, rather than
adding annuals to the scope of service in the landscaping contract. Ms. Smith will
provide a proposal, to include sufficient irrigation for new plants.
111

On a motion by Mr. Grubbs, seconded by Ms. Head, with all in favor, the Board approved the FY2025 Green Earth Landscape Services Contract with the additional community trim, for the total of $154,885.50, for NatureWalk Community Development District.

112
B. District Counsel
1. Parcels Update
Ms. Buchanan provided an update on Tract H and recommended putting
together an agreement for access.
117
118	Ms. Coram inquired why additional insurance would be required for Tract H.
119
Mr. Egizii discussed his concerns regarding insuring New Naturewalk property,
since access to/through that tract has never been fully restricted, even before

developer turnover. The existing gate allows pedestrian and bicycle traffic to and
from the Point Washington State Forest.
124
Ms. Buchanan stated that Egis does not typically like to insure private entities
because the District’s liability insurance is capped by sovereign immunity. District
Counsel will contact New Naturewalk LLC with the Boards concerns and if
possible, work on an agreement.
129
Ms. Coram inquired how EGIS responded regarding additionally insuring Tract H in
light of Ms. Buchanan’s input. Ms. Bailey stated that she will send that information
over to the Board via email.
133
Ms. Buchanan stated that Tract F has a proposed settlement agreement, but no
details have been received by District Counsel to date.
136
Ms. Buchanan stated that Tract E is going to proceed with the same development
plan discussed by the prior owner, but there are still open items of discussion.
139
C. District Engineer
1. Presentation of Pond 12 Survey Results
142
Mr. Martelli discussed the survey findings and his recommendations for bulkhead
replacement.
145
Ms. Coram confirmed the Board had received the photos associated with the lot
survey. Discussion of encroachments noted by the District Engineer ensued.
148
Ms. Coram inquired if any of the encroachments would cause issues for the bulkhead
replacement.
151
152	Mr. Martelli responded it is possible in two areas: 28 and 36 Salamander Circle.
153
Ms. Coram stated that the current owner of 28 Salamander was not notified by the
previous owner of the encroachment notice sent by the District Manager in
December,2022. Ms. Coram stated that there are several steps involved in notifying
a property owner of encroachment detailed in District policy.
158
The Board requested the District Manager contact the owners of 28 and 36
Salamander to explain the pre-existing encroachments and gave Ms. Bailey
authorization to send out a 45-day notice to the property owners regarding the pre-
existing encroachments if necessary.
163
164	2. Presentation of Petition for Speed Limit Reduction at CR395
165

Mr. Martelli reviewed the petition for speed limit reduction at CR395, to be presented
to the Walton County Board of County Commissioners by County Engineer Chance
Powell if approved.
169
Mr. Egizii requested that Mr. Martelli emphasize within the petition that a recent
car crash on CR395 near the NatureWalk entrance was fatal.
172

On a motion by Ms. Coram, seconded by Mr. Egizii, with all in favor, the Board approved Mr. Martelli to amend the report to be presented by Chance Powell to the Walton County BCC for Speed Limit Reduction at CR395, for NatureWalk Community Development District.

173
D. District Manager Report
1. Presentation of District Manager Report
176
Ms. Coram stated that Pat Shea will pour the concrete pad at the west approach of
Bridge 1 beginning Wednesday of next week. The project requires two days to
complete as half of the pad will be done each day. Following cure time, Mike Wyatt
from Coastal Seal will install six speed bumps and their required signage at Bridges
1-2-3. Ms. Coram made some inquiries to Mr. Martelli regarding the project.
182
183
Ms. Bailey informed the Board that she experienced difficulty exiting her vehicle on
Salamander Circle at Pond 13 due to the aggressiveness of the ducks, whose
number has increased to seven. Discussion ensued amongst the Board regarding
liability of allowing the ducks to remain.
188
189
Ms. Buchanan stated there is low liability for the District, as it did not introduce the
ducks to the pond. The issue was tabled, but will be revisited if additional formal
complaints are received.
193
SEVENTH ORDER OF BUSINESS	Discussion & Consideration of Pond
28 Beaver & Weir Proposals
196
Mr. Martelli informed the Board that a vendor may have been found for this project;
he is waiting for their proposal.
199
200	The Board tabled this agenda item until the July 11, 2024 meeting.
201
EIGHTH ORDER OF BUSINESS	Consideration of Pond 12 Bulkhead
Replacement Proposals
204
Ms. Bailey presented the proposals to the Board of Supervisors and asked if there
were any questions.

Mr. Grubbs discussed items within the Gorman proposal He inquired if the vendor
can add a schedule of the number of days the project will take to complete and amend the
payment schedule to state that the final check will not be sent until after Mr. Martelli certifies
the project as completed satisfactorily.
211
Mr. Martelli confirmed the perpendicular placement of the boards regarding the
bulkheads.
214

On a motion by Ms. Coram, seconded by Ms. Head, with all in favor, the Board approved Gorman’s contract for the Pond 12 Bulkhead Replacement NTE $28,000, for NatureWalk Community Development District.

215
NINTH ORDER OF BUSINESS	Consideration of Green Earth Palm
Tree Trim Proposal
218
Ms. Bailey presented the proposal to the Board of Supervisors and asked if there
were any questions. There were none.
221
On a motion by Ms. Head, seconded by Mr. Egizii, with all in favor, the Board approved the Green Earth proposal for palm tree trim by Any Time Tree, in the amount of $3,305.71 for NatureWalk Community Development District.
222
223
224
225
226	TENTH ORDER OF BUSINESS	Ratification	of	District	Work
227	Authorizations
228
229
230	1. GE WA#24-07 Tree Stake
231
232	Ms. Bailey presented the work authorization to the Board of Supervisors and asked
233	if there were any questions. There were none.
234

On a motion by Ms. Head, seconded by Mr. Grubbs, with all in favor, the Board ratified GE WA#24-07 Tree Stake, for NatureWalk Community Development District.

235
236	2. GE Irrigation Repair WA#24-08 Phase 3 Mainline Break
237
238	Ms. Bailey presented the work authorization to the Board of Supervisors and asked
239	if there were any questions. There were none.
240

On a motion by Ms. Head, seconded by Mr. Egizii, with all in favor, the Board ratified GE WA#24-08 Phase 3 Mainline Break, for NatureWalk Community Development District.

241
242	3. GE Irrigation Repair WA#24-09 May Audit Repairs
243
244	Ms. Coram presented the work authorization to the Board of Supervisors and asked
245	if there were any questions. There were none.
246

On a motion by Ms. Head, seconded by Mr. Egizii, with all in favor, the Board ratified GE WA#24-09 May Audit Repairs, for NatureWalk Community Development District.

247
248	4. Virgin Brothers WA#9 Bridge 1 Pedestrian Walkway Board Replacement
249
Ms. Coram presented the work authorization to the Board of Supervisors. The project
has a lead time of 3-4 weeks and an expected duration of 5 weeks once materials
are received. 420 3x8x8 #1’ boards are being replaced, with 210 installed on each
end of the north side of the Bridge 1 pedestrian walkway, working towards the middle.
Guardrails will be replaced, if necessary, funded by an additional work authorization.
255
256
On a motion by Mr. Egizii, seconded by Ms. Head, with all in favor, the Board ratified the Virgin Brothers WA#9 Bridge 1 Pedestrian Walkway Board Replacement, in the amount of $43,680.00, for NatureWalk Community Development District.
257
ELEVENTH ORDER OF BUSINESS	Discussion & Consideration of District
Towing Provider Bid
260
Ms. Bailey presented the proposal to the Board of Supervisors and asked if there
were any questions. Ms. Coram stated that District Counsel has no objections to the GOA
(Gone on Arrival) fee requirement and has prepared a contract for signature.
264
Ms. Buchanan advised the Board that Kutak Rock research division has the ability to
run the plates of abandoned vehicles to potentially identify the owners.
267
New towing provider signs are required on the Sandgrass entranceway and at Sage
Circle. Mr. Grubbs offered to procure uv and waterproof labels which list the contact
information of Jimmy’s Towing Pros, to be applied to the existing signs.
271
272	Discussion ensued amongst board members regarding towing procedure.

On a motion by Mr. Egizii, seconded by Ms. Coram, with all in favor, the Board approved entering into a contract with Jimmy’s Towing Pros as the District Towing Provider for NatureWalk Community Development District.

274
TWELFTH ORDER OF BUSINESS	Discussion	and	Consideration	of
Parking Signage
277
Ms. Coram presented a map of the existing non-FDOT signage currently installed
within the community. Discussion ensued amongst the board members regarding parking
rules and signage.
281
Ms. Coram suggested that the District assume responsibility of all parking signage
previously installed by the HOA as these small wooden signs communicate the District
Parking and Towing Policy more fully than the three FDOT signs on Sandgrass and Sage
Circle.
286
On a motion by Ms. Coram, seconded by Mr. Egizii, with all in favor, the Board approved the CDD assuming responsibility for Parking Signage from the HOA, for NatureWalk Community Development District.
287
THIRTEENTH ORDER OF BUSINESS	Discussion & Consideration of Virgin
Brothers Bridge Wear Deck Board
Replacement
291
Ms. Coram presented the Virgin Brothers per board pricing proposal to the Board of
Supervisors and requested input on project amount. Mr. Egizii suggested 300 boards at a
cost of $23,460.00.
295
On a motion by Mr. Egizii, seconded by Mr. Grubbs, with all in favor, the Board approved the proposal for Virgin Brothers Bridge Wear Deck Board Replacement NTE $23,460.00, for NatureWalk Community Development District.
296
FOURTEENTH ORDER OF BUSINESS	Consideration of Resolution 2024-08,
Adopting Meeting Schedule for FY
24/25
300
Ms. Bailey presented the resolution to the Board of Supervisors and asked if there
were any questions. There were none.
303

On a motion by Mr. Egizii seconded by Ms. Head, with all in favor, the Board adopted Resolution 2024-08, Adopting Meeting Schedule for FY 24/25, for NatureWalk Community Development District.

304
305

307	FIFTEENTH ORDER OF BUSINESS	Presentation	of	Fiscal	Year	24/25	
308		Proposed Budget	
309		(Under Separate Cover)	
310			
Ms. Bailey presented the proposed budget to the Board of Supervisors. Ms. Coram
reviewed two line item changes. District Landscaping was changed to reflect the approved
Green Earth contract. Funding for a conservation area amendment petition was added to
Miscellaneous Contingency. If such a petition is unnecessary, those funds can be
reallocated elsewhere within the budget.
316
317
SIXTEENTH ORDER OF BUSINESS	Consideration of Resolution 2024-07,
Approving the Proposed Budget for FY
24/25 & Setting Public Hearing
321
Ms. Bailey presented the resolution to the Board of Supervisors and noted that the
August 2024 meeting date must be changed from August 1 to August 15, 2024 to comply
with Florida Statute requirements.
325
The Board agreed to change the August meeting date. A public hearing for the
adopted FY24/25 budget will take place at noon on August 15th at the Walton Area Chamber
of Commerce.
329
On a motion by Ms. Head, seconded by Mr. Egizii, with all in favor, the Board adopted Resolution 2024-07, Approving the Proposed Budget for FY 24/25 & Setting Public Hearing, for NatureWalk Community Development District.
330
SEVENTEENTH ORDER OF BUSINESS	Supervisor	Requests	and	Audience
Comments
333
Mr. Grubbs requested that any items added to revised agendas be highlighted and
detailed in the email cover letters.
336
337	Mr. Egizii requested the District Manager compile a list of previously identified
338	encroachments with location, notification date and owner response, to be provided to the
339	Board of Supervisors.
340
341	Ms. Coram suggested that the District consider addressing sidewalks at the end of
342	FY23/24.
343
344	EIGHTEENTH ORDER OF BUSINESS	Adjournment
345

On a motion by Ms. Coram, seconded by Ms. Head, with all in favor, the Board Adjourned the Meeting at 2:45 P.M., for NatureWalk Community Development District.

347		
348		
349		
350		
351		
352		
353		
354	 		
355	Secretary/Assistant Secretary	

 	

Chairman/ Vice Chairman

Tab 3

NatureWalk Community Development District

DISTRICT OFFICE ꞏ PANAMA CITY BEACH, FL 32407
 Mailing Address ꞏ 3434 Colwell Avenue, Suite 200 ꞏ Tampa, Florida 33614 www.NatureWalkCDD.org

Operations and Maintenance Expenditures May 2024
For Board Approval

Attached please find the check register listing the Operation and Maintenance expenditures paid from May 1, 2024 through May 31, 2024. This does not include expenditures previously approved by the Board.

The total items being presented:  $127,549.82

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Vendor Name		Check Number		Invoice Number		Invoice Description		  Invoice Amount	
CHELCO	100388	Monthly Summary 04/24	Monthly Summary 04/24	$	1,641.37	
Gannett Florida LocaliQ	100389	0006398667	Legal Advertising 04/24	$	151.45	
GreenEarth Southeast, LLC
GreenEarth Southeast,
LLC
GreenEarth Southeast, LLC
GreenEarth Southeast,
LLC
GreenEarth Southeast, LLC
GreenEarth Southeast,
LLC
GreenEarth Southeast, LLC
Gulf Coast Electric	100383

100383

100383

100384

100390

100391

100391

100398	90099

90105

90125

90066

90143

91335

91336

6478	Muhly Grass Enhancement Proposal 05/24
Sod Enhancement 05/24
Irrigation Repairs -04/24 Landscape Maintenance 05/24 Lateral Line Repair 04/24 Irrigation Repairs 05/24 Irrigation Repairs 05/24 Electrician Services 05/24	$

$

$

$

$

$

$

$	5,000.00

13,900.00

201.28

11,890.44

109.40

1,190.84

382.62

254.46	
IPFS Corporation	100393	GAA-D39618 Payment 8	GAA-D39618 Payment 8 06/24	$	5,694.87	
Kutak Rock, LLP	100394	3297460	Legal Services 05/23	$	5,460.00	
Kutak Rock, LLP	100394	3395300	Legal Services 04/24	$	5,952.50	
Pat Shea's Concrete, Inc.	100392	6014	Labor - Tear out and Prep Pour and Finish
- Materials - Dumpster, Concrete and	$	34,408.00	

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	  Invoice Amount

Rizzetta & Company, Inc.	100381	INV0000089368	District Management Fees 05/24	$	4,966.17	
Signarama Destin	100395	INV-1588	sign Repair - Aluminum Welding 05/24	$	795.00	
Southeast Straw Co., Inc.	100385	41512	Pine Straw Installation 05/24	$	30,232.50	
The Lake Doctors, Inc.	100396	1888511	Water Management 05/24	$	179.00	
VGlobal Tech	100386	6144	ADA Website Maintenance 05/24	$	300.00	
Virgin Brothers LLC	100382	042624 Virgin Brothers LLC	50% Deposit for Pond Repair 04/24	$	696.84	
Virgin Brothers LLC	100382	WA#6
042624 Virgin Brothers LLC	50% Deposit for Fence Repair 04/24	$	476.01	
Virgin Brothers LLC	100382	WA#7
042624 Virgin Brothers LLC	50% Deposit for Boardwalk Repair 04/24	$	2,494.22	
Virgin Brothers LLC	100387	WA#8
050624 Virgin Brothers LLC	Final Payment for Pond 14	$	696.84	
Virgin Brothers LLC	100397	WA#6 396397	Balance of the Fence Repair 04/24	$	476.01	

Report Total	$	127,549.82	

Tab 4

June Completed Services Nature Walk CDD

Chemical:
Turf Insecticide – June 17th.
Turf Weed Control – June 18th.
Bed Weeds – We treat bed weeds weekly when maintenance is onsite.

General Maintenance: Weekly service was moved from Tuesday to Monday’s
June 4th
June 10th
June 17th
June 24th

Nature Walk Trail Maintenance
June 24th

3 Focal Ponds
June 4th

Irrigation Audit
June 11th

Lawn Aeration
June 11th

Warranty Sod Replacement
Had to replace 3 ½ pallets of sod. The location is beside Beargrass and close to bridge.

July Anticipated Services Nature Walk CDD

Chemical:
Turf Weed Control – July 17th
Bed Weeds – We treat bed weeds weekly when maintenance is onsite.

General Maintenance: Weekly service was moved from Tuesday to Monday’s
July 1st
July 8th
July 15th
July 22nd
July 29th

Nature Walk Trail Maintenance
July 22nd

3 Focal Ponds
July 8th

Irrigation Audit
July 24th
Shrub Trimming
Trimming started on July 3rd / Focusing on Flatwoods Forest Loop ﬁrst.
Warranty Sod Replacement
Had to replace 3 ½ pallets of sod. The location is beside Beargrass and close to the ﬁrst
bridge.
Replacement started on July 2nd

Tab 5

LICENSE AGREEMENT REGARDING EMERGENCY EGRESS
This License Agreement (“License Agreement”) is made and entered into this 11th day of July, 2024, by and between:

NatureWalk Community Development District, a local unit of special- purpose government established pursuant to Chapter 190, Florida Statutes, being situated in Walton County, Florida, and whose address is 120 Richard Jackson Boulevard, Suite 200, Panama City Beach, Florida 32407 (the “District”), and

NEW NATUREWALK, LLC, whose address is 5711 Yeats Manor Drive, Unit 401, Tampa, Florida (the “Owner”).

RECITALS

Whereas, the District is a local unit of special-purpose government established pursuant to and governed by Chapter 190, Florida Statutes and located in Walton County, Florida; and

Whereas, the Owner owns real property within the District known as Tract H per the recorded plat for NatureWalk at Seagrove (Parcel ID No. 11-3S-19-25010-000-00H0 (the “Property”); and

Whereas, the District would like to secure limited authority for those within the District to cross and otherwise travel over and through the roadways located upon the Property as the same presently exist and as may be modified during the term of this License Agreement (the “Roadways”) to access adjacent forest service roads as secondary means of egress from the community in the event emergency circumstances prevent egress by means of Sandgrass Boulevard to Highway 395 (“Emergency Egress”); and

Whereas, the Owner has offered to grant the District a license on the terms and conditions contained in this license Agreement over the Roadways upon the Property for the limited purpose of Emergency Egress; and

Whereas, the District and the Owner warrant and agree that they have all right, power, and authority to enter into and be bound by this License Agreement.

Now, therefore, based upon good and valuable consideration and the mutual covenants of the parties, the receipt and sufficiency of which are hereby acknowledged, the District and the Owner agree as follows:

RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this License Agreement.
GRANT OF LICENSE. The Owner hereby grants a non-exclusive license to cross and otherwise travel over and through the Roadways upon the Property for the limited purpose of providing those within the District a secondary Emergency Egress in the event emergency

circumstances prevent egress by means of Sandgrass Boulevard to Highway 395 (“License”), pursuant to the terms set forth in this License Agreement. The License shall not run with nor bind the title to the Property.

[Reserved].

[Reserved].

EFFECTIVE TERM. This License Agreement shall become effective upon execution and shall continue in full force and effect unless revoked or terminated earlier in accordance with Paragraph 6, below.

Revocation, Suspension and Termination. The District and the Owner acknowledge and agree that the License granted herein is a mere privilege and may be revoked, with or without cause, at the sole discretion of the Owner. In the event the Owner exercises its right to revoke the License, the Owner shall provide the District written notice of the same, which notice shall be effective thirty (30) days following delivery to the District. The District may terminate this License Agreement upon written notice to the Owner at any time. The License shall automatically terminate upon conveyance of all or any portion of the Property to a third-party.

CARE OF PROPERTY. The District agrees to use reasonable efforts to protect the Property from damage in the event use of the Property for Emergency Egress becomes necessary. To the extent permitted by law and without waiving any of the privileges or immunities afforded to the District under applicable law, the District shall assume responsibility for any and all damage to any real or personal property of the Owner as a result of use of the Property under this License Agreement. The District shall repair any damage resulting from its use of the License granted herein within twenty-four (24) hours of the event causing such damage. Any such repairs shall be at the District’s sole expense, unless otherwise agreed, in writing by the Owner. The provisions of this Paragraph 7 shall survive the termination or expiration of this License Agreement.

INSURANCE. The District shall maintain throughout the term of this Agreement the following insurance:

Commercial General Liability Insurance covering the District’s legal liability for bodily injuries and damage to the Property, with limits of not less than
$1,000,000 (one million dollars) combined single limit bodily injury and property damage liability.

The Owner shall be named as an additional insured with regard to claims arising out of use of the License granted hereby.
Entire Agreement. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this License Agreement.

AMENDMENT. Amendments to and waivers of the provisions contained in this License Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.

NOTICES. All notices, requests, consents, and other communications hereunder (“Notice” or “Notices”) shall be in writing and shall be delivered, mailed by overnight courier or First-Class Mail, postage prepaid, to the parties at their respective addresses appearing above. Except as otherwise provided in this License Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Counsel for the District and counsel for the Owner may deliver Notice on behalf of the District and the Owner, respectively.

Controlling Law and Venue. This License Agreement and the provisions contained herein shall be construed, interpreted, and controlled according to the laws of the State of Florida. The parties agree that venue for any action arising hereunder shall be in a court of appropriate jurisdiction in Walton County, Florida.

SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this License Agreement shall not affect the validity or enforceability of the remaining portions of this License Agreement, or any part of this License Agreement not held to be invalid or unenforceable.

Sovereign Immunity. Nothing herein shall be construed to waive or limit the District’s sovereign immunity limitations of liability as provided in Section 768.28, Florida Statutes, or other applicable law.

NO RECORDATION. Owner and District agree that neither this License Agreement nor any memorandum thereof may be recorded in the real estate records of Walton County, Florida and that any such recording shall be null and void and of no force or effect. Any party hereto which records a copy of this License Agreement or any memorandum thereof shall indemnify and hold the non-recording party harmless from all loss, cost or damage, including, but not limited to, reasonable court costs and attorney’s fees, resulting from such recording. Further, upon the request of the non-recording party, said recording party shall record in the real estate records of Walton County, Florida a release or other instrument satisfactory to the non-recording party terminating the effect of such recording.

[signatures on following page]

Executed in the presence of:	NATUREWALK COMMUNITY DEVELOPMENT DISTRICT

Print Name: 		Chairperson, Board of Supervisors

Print Name: 	

OWNER

NEW NATUREWALK, LLC, a Florida limited liability company

By: Lerner Real Estate Advisers, Inc. As its sole member

Print Name:

By:
Print Name:

Print Name:

Tab 6

SETTLEMENT AGREEMENT
This SETTLEMENT AGREEMENT (this "Agreement") is made and entered into effective as of the 11th day of July, 2024 (the "Effective Date"), by and between COVE CAPITAL GROUP LLC, a Florida limited liability company ("Cove Capital"), NATUREWALK COMMUNITY DEVELOPMENT DISTRICT, a local unit of special purpose government (the "District") duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the "Act") and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as successor in interest to U.S. Bank National Association, a national banking association, as Trustee (the "Trustee"). In this Agreement, Cove Capital, the District and the Trustee are hereinafter sometimes referred to separately as "Party" and collectively as "Parties."
RECITALS
The District is a local unit of special purpose government duly organized and existing under the provisions of the Act, by Ordinance No. 05-23 enacted by the Board of County Commissioners of Walton County, Florida on June 28, 2005, and is validly existing under the Constitution and laws of the State of Florida.
Pursuant to the authority of the Act, the District issued its (i) Capital Improvement Revenue Bonds, Series 2007A (the "2007A Bonds") and (ii) Capital Improvement Revenue Bonds, Series 2007B (the "2007B Bonds" and together with the 2007A Bonds, the "District Bonds") for purposes of financing various infrastructure improvements within the District which provide benefits to the lands within the District.
The District Bonds were issued pursuant to the Act and the Master Trust Indenture, dated as of March 1, 2007 (the "Master Indenture"), by and between the District and the Trustee, as supplemented by that certain First Supplemental Trust Indenture, dated as of March 1, 2007.
Pursuant to the Act and Chapter 170, Florida Statutes, as amended, the District levied non-ad valorem special assessments (the "Debt Assessments") securing the District Bonds on those developable portions of the benefitted lands within the District.
Pursuant to the Act and Chapter 170, Florida Statutes, and/or Chapter 197, Florida Statutes, as amended, the District has also levied, and will continue to levy, non-ad valorem special assessments (the "O&M Assessments") to pay the operating and maintenance expenses of the District.
Cove Capital acquired the following parcel via that certain Tax Deed (the "Tax Deed") dated September 7, 2023, and recorded in Official Records Book 3301, Page 1950 of the public records of Walton County, Florida (the "Cove Capital Parcel"):
Parcel ID No. 11-3S-19-25010-000-00F0 (0.82 acres, also referred to as "Parcel F").

Prior to issuance of the Tax Deed, the Cove Capital Parcel was owned by New Naturewalk, LLC, a Florida limited liability company (the "SPE"), which SPE held title to the Cove Capital Parcel as an accommodation to the Trustee.
There exists certain delinquencies in Debt Assessments securing repayment of the Bonds (the "Delinquent Debt Assessments") against the Cove Capital Parcel.
The O&M Assessments are collected annually by the Walton County Tax Collector according to the Uniform Method (the "Uniform Method") afforded by Chapter 197, Florida Statutes, and are not currently delinquent on the Cove Capital Parcel.
Cove Capital desires to enter into this Agreement to pay the amounts described herein to cure the delinquencies against the Cove Capital Parcel.
The Trustee has received direction from not-less-than one hundred percent (100%) of the holders of the District Bonds to enter into this Agreement on their behalf.
NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the Parties, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
INCORPORATION OF RECITALS. The recitals stated above are true and correct and are incorporated by reference herein as a material part of this Agreement.
COVE CAPITAL OBLIGATIONS. In order to induce the District and Trustee to execute, deliver and perform under this Agreement, Cove Capital covenants and agrees to:
  pay a portion of the Delinquent Debt Assessments in satisfaction of all Debt Assessments levied on the Cove Capital Parcel securing a portion of the outstanding District Bonds in an amount equal to $242,000.00 within fifteen
(15) days of the Effective Date (the "Settlement Amount"); and
(B) enter into an Agreement Regarding Additional Consideration (the "Additional Consideration Agreement"), the form of which is attached hereto as Exhibit A.
Cove Capital and the District agree to enter into the Additional Consideration Agreement with respect to the Cove Capital Parcel providing for the payment of additional consideration ("Additional Consideration") of $65,000.00 per unit in excess of three (3) units platted on the Cove Capital Parcel, all as described in the Exhibit A attached hereto.
Upon payment of the Settlement Amount the District and Trustee warrant and represent Cove Capital will be current in all amounts owed to the District with respect to the District Bonds and the Debt Assessments applicable to the Cove Capital Parcel and shall have no further obligations to the District with regard to the District Bonds and Debt Assessments, except as explicitly set forth in the Additional Consideration Agreement. The Parties acknowledge and agree that nothing herein otherwise precludes or limits the District’s exercise of its rights and authority under Florida law, including as to the levy and collection of O&M Assessments, or any

other duly levied special assessment, certified for collection on the Cove Capital Parcel and as to the method of collection thereof whether through the Uniform Method or other means available under Florida law.
DISTRICT OBLIGATIONS. In order to induce Cove Capital and the Trustee to execute, deliver and perform under this Agreement, the District covenants and agrees that upon receipt of the Settlement Amount, as described herein, the District shall:
waive all penalties imposed on the Delinquent Debt Assessments with respect to the Cove Capital Parcel;
waive all past due accrued and unpaid interest that is not otherwise paid as provided by this Agreement on the Delinquent Debt Assessments with respect to the Cove Capital Parcel;
the District shall continue to annually levy and collect O&M Assessments against the Cove Capital Parcel based on its existing assessment methodology and annual budget. O&M Assessments will be levied and collected on an annual basis against individual units following each unit's platting in accordance with the District's adopted assessment methodology and annual budget. In all events, upon final platting of the Cove Capital Parcel, O&M Assessments shall be levied and collected on an annual basis against the individual platted units within the Cove Capital Parcel on a per- unit basis. The forgoing is intended to make clear that once the entirety of the Cove Capital Parcel is platted, O&M Assessments will be based on the actual number of units platted, whether more than, less than, or equal to the three (3) units currently anticipated. Nothing herein shall be construed in any way to limit the District's budgeting authority or its authority to change, amend, or revise its assessment methodology relative to the O&M Assessments.
the District shall upon recordation of the final plat for the Cove Capital Parcel and receipt of any Additional Consideration, if applicable, assist the Trustee as needed in the cancelation of the remaining outstanding District Bonds secured by the Cove Capital Parcel. The District shall further record in its Improvement Lien Book a reduction of the District's Debt Assessments in connection with the Cove Capital Parcel in accordance with the cancellation of the Outstanding District Bonds associated with the Cove Capital Parcel.
TRUSTEE OBLIGATION. In order to induce Cove Capital to execute, deliver and perform under this Agreement, Trustee shall cause the SPE to execute and deliver to Cove Capital contemporaneously upon Cove Capital's execution and delivery of this Agreement and the Settlement Agreement a quitclaim deed for the Cove Capital Parcel (the "SPE Quit Claim Deed") in the form attached hereto as Exhibit B.
[RESERVED]

EVENT OF DEFAULT. The occurrence of any of the following, without the prior written consent of the Trustee, shall constitute an "Event of Default" under this Agreement.
If any of the representations or warranties made hereunder by or on behalf of Cove Capital (including the Recitals hereto) shall not have been true, accurate or complete in any material respect when made.
Cove Capital shall assert in writing that this Agreement is not enforceable.
Cove Capital (i) petitions for relief, or has a petition for relief filed against it, under the United States Bankruptcy Code, (ii) petitions for relief, or has a petition for relief filed against it, pertaining to any reorganization, composition, readjustment, liquidation of assets, or similar relief under any present or future law or regulation, or (iii) seeks, or fails to prevent, the appointment of any trustee, receiver or liquidator of Cove Capital or of substantially all of the assets of Cove Capital, or (iv) makes a general assignment for the benefit of creditors, or (v) is unable, or admits in writing its inability, to pay its debts generally as they become due (any, some or all of (i) through (v).
Cove Capital shall fail to pay the Settlement Amount or comply with the payment obligations in Section 2.
Upon the occurrence of an Event of Default, the Trustee may, terminate this Agreement, and/or proceed with any and all rights and remedies under applicable law, under this Agreement or otherwise available to the Trustee, subject to the Cure Period (as defined herein). Upon the occurrence of an Event of Default in (A), (B) or (D) in this Section 6, Cove Capital shall send prompt written notice to the Trustee which shall serve as written notice from the Trustee commencing the Cure Period (defined herein). Upon sending written notice, Cove Capital will have 30 calendar days to cure such Event of Default in (A), (B) or (D) in this Section 6 (the "Cure Period") described herein. Cove Capital has no right to notice from the Trustee or a cure period with regard to (C) in this Section, but shall promptly send written notice to the Trustee should any of the events in (C) occur.
DEEMED AMENDMENT OF INDENTURE; CONSENT. To the extent that
the provisions of this Agreement conflict with any provision of the Master Indenture, the Master Indenture shall be deemed to be amended to conform to the conflicting provision of this Agreement and any provisions required for such amendments are waived. Consent to such amendment shall be evidenced in the written direction to the Trustee by the Beneficial Owners of one hundred percent (100%) of the outstanding District Bonds to execute this Agreement.
AGREEMENT. This instrument shall constitute the final and complete expression of this Agreement among the Parties relating to the subject matter of this Agreement.
AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by all of the parties hereto and subject to the written consent of not less than 100% of the outstanding District Bonds.

AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of all Parties hereto, each Party has complied with all the requirements of law, and each Party has full power and authority to comply with the terms and provisions of this instrument.
THIRD PARTY BENEFICIARY. The Parties hereto agree and acknowledge that the Trustee is executing this Agreement with the consent of, and at the direction of, the Bondholders of the District Bonds and that the Bondholders of the District Bonds, although not a signatory hereto, are nonetheless third-party beneficiaries of this Agreement. The Parties further agree and acknowledge that the covenants, settlements, representations and warranties made herein by the Parties are also for the benefit of Cove Capital's successors in title to the Cove Capital Parcel.
CONTROLLING LAW AND VENUE. This Agreement and the provisions contained herein shall be construed, interpreted and controlled according to the laws of the State of Florida. Each Party consents that the venue for any litigation arising out of or related to this Agreement shall be in Walton County, Florida.
EFFECTIVE DATE AND TERM. This Agreement shall be effective as of the Effective Date. If Cove Capital fails to timely pay the Settlement Amount, then this Agreement shall terminate in its entirety. Upon any such termination, any amounts that are due and owing as to the Cove Capital Parcel, including, but not limited to Debt Assessments that have accrued, shall immediately become due and payable to the District. This Agreement shall terminate subject to Section 22 herein, following: payment in full of (i) the Settlement Amount and (ii) Additional Consideration, if required, following final platting of the Cove Capital Parcel.
COVE	CAPITAL'S	REPRESENTATIONS,	WARRANTIES	AND
COVENANTS. Cove Capital hereby represents and warrants to the District and the Trustee that:
Cove Capital is a limited liability company, duly organized and validly existing in the State of Florida;
Cove Capital has the requisite right, legal capacity, power and authority to enter into this Agreement and to perform its obligations hereunder;
The person executing this Agreement on behalf of Cove Capital represents that he or she is duly authorized to execute this Agreement and to bind Cove Capital;
Neither the execution and delivery of this Agreement nor the performance hereunder by Cove Capital will result in any breach of, or constitute a default under or conflict with, any agreement, covenant or obligation binding upon Cove Capital; and
This Agreement has been duly authorized and executed by Cove Capital in accordance with the articles of organization, operating agreement and other applicable organizational documents of Cove Capital.

[RESERVED]
REPRESENTATIONS AND WARRANTIES OF THE DISTRICT.	The
District hereby represents and warrants to Cove Capital and the Trustee that:
The District is a unit of special purpose government duly organized and validly existing in good standing under Chapter 190, Florida Statutes;
The District has the requisite right, legal capacity, power and authority to enter into this Agreement and to perform its obligations under this Agreement;
This Agreement has been duly authorized and executed by the District in accordance with all applicable law and authority documents applicable to the District;
The person executing this Agreement on behalf of the District represents that he or she is duly authorized to execute this Agreement and to bind the District; and
Neither the execution and delivery nor the performance of this Agreement by the District conflicts with, is a breach of, or constitutes a default under, any agreement, covenant or obligation binding upon the District.
REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE.	The
Trustee hereby represents and warrants to Cove Capital and the District that:
The Trustee is executing this Agreement solely at the direction and consent of 100% in principal amount of the Holders of the Outstanding District Bonds.
The Trustee is a national banking association duly organized and validly existing in good standing under the law of the United States;
The Trustee has the requisite right, legal capacity, power and authority to enter into this Agreement and to perform its obligations under this Agreement;
This Agreement has been duly authorized, executed and delivered by the Trustee in accordance with all applicable organizational and authority documents of Trustee and any agreements binding upon the Trustee;
The person executing this Agreement on behalf of the Trustee represents that he or she is duly authorized to execute this Agreement and to bind the Trustee; and

Neither the execution and delivery nor the performance of this Agreement by the Trustee conflicts with, is a breach of, or constitutes a default under, any agreement, covenant or obligation binding upon the Trustee.
NOTICES. Except as may be expressly stated to the contrary in this Agreement, notices, documents, demands, or certificates given by any Party in connection with this Agreement or the performance by either Party under this Agreement shall be in writing and shall be delivered or sent by one of the following methods: (a) in person (by hand delivery or professional messenger service) to the addressee Party, (b) registered or certified mail, with postage prepaid, return receipt requested, (c) Express Mail of the U.S. Postal Service or Federal Express (a/k/a FedEx) or any other courier service guaranteeing next business day delivery, charges prepaid, or (d) by email transmission. Notices shall be sent or delivered to the following addresses:
If to the District:	NatureWalk Community Development District
Attention: District Manager/Holly Bailey Rizzetta & Company, Inc.
120 Richard Jackson Blvd., Suite 220 Panama City Beach, FL 32407
Email: hbailey@rizzetta.com
With a copy to:	District Counsel/Joseph Brown
Kutak Rock LLP
107 W College Avenue Tallahassee, FL 32301
Telephone: 850-692-7300
Email: joseph.brown@kutakrock.com
If to Cove Capital:	Cove Capital Group LLC
Attention: Logan Cove	 3535 Windsor Place
Boca Raton, FL 33496
Email: logancove@aol.com
With a copy to:	John Bizanes
Nason, Yeager, Gerson, Harris & Fumero, P.A. 3001 PGA Boulevard, Suite 305
Palm Beach Gardens, FL 33410 Telephone: 561-686-3307
Email: JBizanes@nasonyeager.com
If to the Trustee:	U.S. Bank Trust Company, National Association
Account Manager/Vice President Corporate Trust Services
Two James Center
1021 East Cary Street, 18th Floor Richmond, VA 23219
Attention: Christopher H. Gehman

Email: christopher.gehman@usbank.com
With a copy to:	Greenberg Traurig, P.A.
450 South Orange Avenue, Suite 650
Orlando, FL 32801
Attention: Warren S. Bloom, Esq. Email: bloomw@gtlaw.com
Any such notice, document, demand, or certificate sent by registered or certified mail, return receipt requested, shall be deemed to have been duly given and received upon the earlier of actual receipt or seventy-two (72) hours after the same is so addressed and mailed with postage prepaid. Notices delivered by Express Mail of the U.S. Postal Service or Federal Express (a/k/a FedEx) or other courier service guaranteeing next business day delivery shall be deemed to have been given twenty-four (24) hours after delivery of the same to the U.S. Postal Service or private courier, with charges prepaid and instructions for next business day delivery. If any notice is transmitted by email, the same shall be deemed served or delivered upon transmission thereof, assuming no error receipt has been received within twenty-four (24) hours after transmission thereof. Any notice, document, demand, or certificate sent by any other method shall be effective only upon actual receipt thereof or the addressee's refusal to accept delivery, whichever occurs first. Any Party may change its address for purposes of this Section 18 by giving notice to the other Party as provided herein.
TIME OF THE ESSENCE. Time shall be of the essence as to all dates, deadlines and times of performance under this Agreement. Notwithstanding the foregoing, in the event any date or any deadline for the performance of an action or the giving of any notice falls on any day that is not a Business Day, or any period provided for in this Agreement shall expire on any day that is not a Business Day, then the date for the performance of such action or giving of such notice, or the expiration date of such period, as applicable, shall be automatically extended to midnight of the next following Business Day. For the purposes of this Agreement, the term "Business Day" shall mean and refer to any day that is not a Saturday, Sunday, or national holiday.
GOOD FAITH AND FAIR DEALING. The Parties agree to exercise good faith and fair dealing in the performance of their respective contractual obligations hereunder.
PUBLIC RECORDS. The Parties understand and agree that all documents of any kind provided to the District or Cove Capital in connection with this Agreement may be public records and treated as such in accordance with Florida law.
SURVIVAL OF CERTAIN PROVISIONS. The provisions of Sections 10, 11, 23, 24 and 25 of this Agreement shall survive the expiration or earlier termination of this Agreement. Section 3 shall survive the expiration of this Agreement.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.
LIMITATIONS ON 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.
In addition, any provision of this Agreement to the contrary notwithstanding, the Trustee has executed this Agreement only in its capacity as the trustee under the Master Indenture and only for the purpose of evidencing the consent of the Bondholders of the District Bonds to the transactions contemplated herein, and not individually or for the purpose of being bound in its individual or personal capacity. The Trustee shall not have any individual or personal liability under or related to this Agreement.
FURTHER ASSURANCES. The Parties agree to execute, acknowledge, deliver and record such certificates, amendments, instruments, and documents, and to take such other action, as may be reasonably necessary to carry out the intent and purposes of this Agreement.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.
ASSIGNMENT AND TRANSFERS. Cove Capital may assign or sell their rights, duties or obligations under this Agreement or any monies to be paid under this Agreement without the prior written consent of any other Party. Cove Capital shall require as a condition of the sale to any third-party purchasing all or a portion of the Cove Capital Parcel for value, on which no plat has been recorded in the land records of Walton County, that such third-party shall enter into an agreement on the same terms and conditions as the Additional Consideration Agreement or otherwise assume in writing all of the obligations of such Additional Consideration Agreement attached hereto and incorporated herein as Exhibit A. The District shall acknowledge and agree to any such assignment or assumption of rights hereunder or otherwise enter into an agreement on the same terms and conditions as the Additional Consideration Agreement attached hereto and incorporated herein as Exhibit A with any third party purchasing all or a portion of the Cove Capital Parcel for value on which no plat has been recorded in the land records of Walton County. Relative to the same, the District shall not require any additional material duties or obligations of the proposed assignee, transferee or purchaser to enter into such Additional Consideration Agreement. The District agrees to use good faith efforts to timely enter into such Additional Consideration Agreement, and the same shall not be unreasonably withheld, conditioned, or delayed.
WAIVER OF JURY TRIAL. To the extent permitted by applicable law, each of the Parties, knowingly, voluntarily and intentionally waives any right each may have to a trial by jury in respect of any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any Party with respect hereto.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Parties execute this Agreement as of the date indicated beneath their respective signature.

COVE CAPITAL GROUP LLC, a Florida limited liability company

By:		 Name:	 Title:	

Date:	

ATTEST:	NATUREWALK COMMUNITY DEVELOPMENT DISTRICT

By:	
Secretary/Assistant Secretary	Jonette Coram, Chair, Board of Supervisors Date:	

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By:		 Name:	 Title:	

Date:	

EXHIBIT A
FORM OF ADDITIONAL CONSIDERATION AGREEMENT
[ATTACHED]

EXHIBIT B
FORM OF SPE QUITCLAIM DEED
[ATTACHED]

Tab 7

This instrument was prepared by and Upon recording should be returned to:

(This space reserved for Clerk)

Warren S. Bloom, Esq. Greenberg Traurig, P.A.
450 S. Orange Avenue, Suite 650
Orlando, FL 32801

Parcel Identification No. 11-3S-19-25010-000-00F0

AGREEMENT BETWEEN
NATUREWALK COMMUNITY DEVELOPMENT DISTRICT, AND COVE CAPITAL GROUP LLC,
REGARDING ADDITIONAL CONSIDERATION
This Agreement is made and entered into as of this 11th day of July 2024 by and between:
Naturewalk Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes, and located in Walton County, Florida, whose address is 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614 ("District"); and
Cove Capital Group LLC, a Florida limited liability company, whose address is 3535 Windsor Place, Boca Raton, Florida 33496 and its successors and assigns ("Cove Capital").
RECITALS
WHEREAS, the District was created by Ordinance No. 05-23 enacted by the Board of County Commissioners of Walton County, Florida on June 28, 2005, and is duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes (the "Act"); and
WHEREAS, the District, pursuant to Chapter 190, Florida Statutes, is authorized to levy such taxes, special assessments, fees and other charges as may be necessary in furtherance of the District's activities and services; and
WHEREAS, pursuant to the authority of the Act, the District issued its (i) Capital Improvement Revenue Bonds, Series 2007A (the "2007A Bonds") and (ii) Capital Improvement Revenue Bonds, Series 2007B (the "2007B Bonds" and together with the 2007A Bonds, the "District Bonds") pursuant to the Master Trust Indenture, dated as of March 1, 2007 (the "Master Indenture"), by and between the District and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, a national banking association, as Trustee (the "Trustee"), as supplemented by that certain First Supplemental Trust Indenture, dated as of

March 1, 2007 pursuant to which the District Bonds were issued for purposes of financing various infrastructure improvements within the District which provide benefits to the lands within the District; and
WHEREAS, pursuant to the Act and Chapter 170, Florida Statutes, as amended, the District levied non-ad valorem special assessments (the "Debt Assessments") securing the District Bonds on those developable portions of the benefitted lands within the District; and
WHEREAS, as of the date of this Agreement, Cove Capital is currently the undivided owner of Parcel ID No. 11-3S-19-25010-000-00F0 (0.82 acres, also referred to as "Parcel F") (the "Cove Capital Parcel"); and
WHEREAS, Cove Capital, the District and the Trustee have entered into the Settlement Agreement of even date hereto (the "Settlement Agreement") to address certain outstanding delinquencies in the payment of Debt Assessments securing repayment of the 2007A Bonds (the "2007A Debt Assessments") and the 2007B Bonds (the "2007B Debt Assessments" and, together with 2007A Debt Assessments, the "Debt Assessments") and other amounts owed to the District; and
WHEREAS, upon platting of the Cove Capital Parcel and subsequent payment of Additional Consideration (each as defined herein), if any, the Debt Assessments and related District Bonds associated with the Cove Capital Parcel will be cancelled; and
WHEREAS, pursuant to the terms of the Settlement Agreement, Cove Capital has committed to the development of three (3) residential units on the Cove Capital Parcel, but the actual densities developed may be more or less than the densities assumed herein; and
WHEREAS, Cove Capital and the District desire to enter into this Agreement to confirm Cove Capital’s intentions and obligations to make a payment of $65,000.00 per unit at the time of platting for each unit in excess of three (3) units (“Additional Consideration”).
NOW, THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the parties agree as follows:
RECITALS. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.
ADDITIONAL CONSIDERATION.
When the proposed final plat is prepared for the Cove Capital Parcel constituting any proposed plat submitted to the District that the District reasonably determines would render the Cove Capital Parcel fully platted or any remaining un-platted portion of the Cove Capital Parcel undevelopable (the “Final Plat”) and presented to the District for review and approval (which such approval shall not be unreasonably withheld, conditioned, or delayed), if the total amount of units to be platted is more than three (3) units then Additional Consideration in the amount of $65,000.00 per unit for each unit in excess of three (3) units will be due and payable by Cove Capital.

The parties agree that any Additional Consideration will be paid within fifteen (15) business days of recording the final plat.
If Additional Consideration is not timely paid, the District, after thirty (30) days' notice to Cove Capital that the Additional Consideration is due, may record a Notice of Lien of Unpaid Additional Consideration over the lands contained within the Final Plat in the official records of Walton County, Florida ("Walton County"), until such time as the Additional Consideration has been paid, with such liens running with the land. The District shall record this Agreement in its Improvement Lien Book. Upon payment of the Settlement Amount (as defined in, and pursuant to, the Settlement Agreement), any Additional Consideration, and the request of Cove Capital or the Trustee, the District shall cause a lien release for the Debt Assessments associated with the Cove Capital Parcel to be recorded in the official records of Walton County.
ENFORCEMENT. This Agreement is intended to be an additional method of enforcement of Cove Capital's obligation to pay Additional Consideration and to abide by the application of the Additional Consideration, if required, and to guarantee payment of or Additional Consideration due on Cove Capital Parcel. A default by either party under this Agreement shall entitle any other party to all remedies available at law or in equity, which shall include, but not be limited to, the right of damages, injunctive relief and specific performance.
RECOVERY OF COSTS AND FEES. In the event either party is required to enforce this Agreement by court proceedings or otherwise, then each prevailing party, as determined by the applicable court or other dispute resolution provider, shall be entitled to recover from the non-prevailing party all fees and costs incurred, including reasonable attorneys' fees and costs incurred prior to or during any litigation or other dispute resolution and including all fees and costs incurred in appellate proceedings.
NOTICE. All notices, requests, consents and other communications hereunder ("Notices") shall be in writing and shall be delivered via overnight delivery service, telecopied or hand delivered to the parties, as follows:
If to District:	Naturewalk Community Development District Attention: District Manager/Kim O'Mera Rizzetta & Company, Inc.
120 Richard Jackson Blvd., Suite 220 Panama City Beach, FL 32407 Email: komera@rizzetta.com
With a copy to:	District Counsel / Joseph Brown Kutak Rock LLP
107 W College Avenue Tallahassee, FL 32301
Telephone: 850-692-7300
Email: joseph.brown@kutakrock.com
If to Developer:	Cove Capital Group LLC Attention: Logan Cove

3535 Windsor Place Boca Raton, FL 33496
Email: Logancove@aol.com
With a copy to:	John Bizanes
Nason, Yeager, Gerson, Harris & Fumero, P.A. 3001 PGA Boulevard, Suite 305
Palm Beach Gardens, FL 33410 Telephone: 561-686-3307
Email: JBizanes@nasonyeager.com
Except as otherwise provided herein, any Notice shall be deemed received only upon actual delivery at the address set forth herein. Notices hand delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non- business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the parties may deliver Notice on behalf of the parties.
Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein. Notwithstanding the foregoing, to the extent Florida law requires notice to enforce the collection of assessments placed on property by the District, then the provision of such notice shall be in lieu of any additional notice required by this Agreement.
ASSIGNMENT AND TRANSFERS. This Agreement shall run with the land. Cove Capital may assign or sell their rights, duties or obligations under this Agreement or any monies to be paid under this Agreement without the prior written consent of any other party to the Settlement Agreement. Cove Capital shall require as a condition of the sale to any third-party purchasing all or a portion of the Cove Capital Parcel for value, on which no plat has been recorded in the land records of Walton County, that such third-party shall enter into an agreement with the District on the same terms and conditions as this Agreement or otherwise assume in writing all of the obligations of this Agreement. The District shall acknowledge and agree to any such assignment or assumption of rights hereunder or otherwise enter into an agreement on the same terms and conditions as this Agreement with any third-party purchasing all or a portion of the Cove Capital Parcel for value on which no plat has been recorded in the land records of Walton County. The District shall not require any additional materially different terms or conditions from any such third-party relative to such agreement. The District agrees to use good faith efforts to timely enter into such agreement, and the same shall not be unreasonably withheld, conditioned, or delayed.
AMENDMENT. This Agreement shall constitute the entire agreement between the parties with respect to the subject matter of this Agreement, and may be modified in writing only by the mutual agreement of all parties.

TERMINATION. This Agreement shall continue in effect until it is rescinded in writing by the mutual assent of each party. This Agreement shall automatically terminate upon platting and all Additional Consideration, if required and due, has been paid.
NEGOTIATION AT ARM'S LENGTH. This Agreement has been negotiated fully between the parties as an arm's length transaction. All parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, all parties are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against either party.
THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns; notwithstanding the foregoing, the Trustee is made a third party beneficiary for the benefit of the bondholders to enforce the terms hereof in the event the District does not do so.
LIMITATIONS 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.
12  APPLICABLE LAW AND VENUE. This Agreement shall be governed by the laws of the State of Florida. Each party consents that the venue for any litigation arising out of or related to this Agreement shall be in Walton County, Florida.
EXECUTION IN COUNTERPARTS. This instrument may be executed in any number of counterparts, each of which, when executed and delivered, shall constitute an original, and such counterparts together shall constitute one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.
EFFECTIVE DATE. This Agreement shall become effective after execution by the parties hereto on the date reflected above.

IN WITNESS WHEREOF, the parties execute this Agreement the day and year first written above.

WITNESSES:	COVE CAPITAL GROUP LLC, a Florida limited liability company

(Print Name of Witness) Address:

WITNESSES:

(Print Name of Witness) c

By:		 Name:	 As its:	

STATE OF FLORIDA
COUNTY OF HILLSBOROUGH
The foregoing instrument was acknowledged before me by means of ☐ physical presence or	☐	online	notarization,	this			day	of			2024,	by
	 as 		 of Cove Capital Group LLC, a Florida limited liability company, on its behalf.	He/She ☐ is personally known to me or ☐ has produced
	 as identification.

NOTARY PUBLIC

WITNESSES:	NATUREWALK COMMUNITY DEVELOPMENT DISTRICT

By:	
(Print Name of Witness)	[Jonette Coram]
Chair, Board of Supervisors
Address:

WITNESSES:

(Print Name of Witness) Address:

STATE OF FLORIDA COUNTY OF WALTON
The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this     day of 	 2024, by [Jonette Coram] as Chair of the Board of Supervisors of the Naturewalk Community Development District. He/She
is personally known to me or ☐ has produced 	 as identification.

NOTARY PUBLIC

Tab 8

	Kutak Rock LLP	
	P.O. Box 10230, Tallahassee, Florida 32302	
	office 404 222 4760	
	
MEMORANDUM	
TO:	BOARD OF SUPERVISORS AND DISTRICT STAFF	
FROM:	DISTRICT COUNSEL	
DATE:	JULY 2024	
RE:	TOWING – NATUREWALK COMMUNITY DEVELOPMENT DISTRICT	

The District has struggled to identify and retain a company to tow vehicles parked in violation of the District’s parking rules. Jimmy’s Towing Pros has indicated it will provide towing services, but not in accordance with our normal form of towing agreement, only per its form of proposal/agreement (copies of the District’s agreement and Jimmy’s Towing Pros agreement are attached). Significantly the District’s form of agreement relies on the towing service to ensure compliance with statutory requirements. Under Jimmy’s Towing Pros agreement, this burden would have to be born and satisfied by the District.

Procedures

In connection with the enforcement of the District’s parking policy, the District must follow the authorization, notice and procedural requirements of section 715.07, Florida Statutes, as though the District were an owner or lessee of private property. The District will need to contract with a towing company approved by the County and provide proper notice before towing.

There are two options for providing notice: (1) install signage meeting the statutory requirements for notice, as described in more detail below, or (2) personally give notice to the owner or other legally authorized person in control of the vehicle or vessel that the area in which that vehicle or vessel is parked is reserved or otherwise unavailable for unauthorized vehicles or vessels and that the vehicle or vessel is subject to being removed at the owner’s or operator’s expense. Option (1) is the preferred method, as it reduces the necessary time and effort of providing personal notice. If option (2) is selected, it is recommended that such notice either be given in person (verbally or by providing a written notice; please note that telephone communication or leaving a notice on the windshield do not suffice), and/or by Certified U.S. Mail. It is also recommended that staff retain documentation of providing such notice. A sample form for personal notice has been provided with this memorandum.

Overview of Statutory Requirements

The following provides pertinent excerpts fomr the statutory requirements to engage in towing from the District’s property. Per section 715.07(2)(a), Florida Statutes, towing or removal of any vehicle or vessel without the consent of the registered owner or other legally authorized person in control of that vehicle or vessel is subject to strict compliance with the following conditions and restrictions:

1.a.	Any towed or removed vehicle or vessel must be stored at a site within a 10-mile	
	radius of the point of removal in any county of 500,000 population or more, and	
	within a 15-mile radius of the point of removal in any county of less than 500,000	
	population. That site must be open for the purpose of redemption of vehicles on any	
	day that the person or firm towing such vehicle or vessel is open for towing	
	purposes, from 8:00 a.m. to 6:00 p.m., and, when closed, shall have prominently	
	posted a sign indicating a telephone number where the operator of the site can be	
	reached at all times. Upon receipt of a telephoned request to open the site to redeem	
	a vehicle or vessel, the operator shall return to the site within 1 hour or she or he	
	will be in violation of this section.	
…..		

Except for property appurtenant to and obviously a part of a single-family residence, and except for instances when notice is personally given to the owner or other legally authorized person in control of the vehicle or vessel that the area in which that vehicle or vessel is parked is reserved or otherwise unavailable for unauthorized vehicles or vessels and that the vehicle or vessel is subject to being removed at the owner’s or operator’s expense, any property owner or lessee, or person authorized by the property owner or lessee, prior to towing or removing any vehicle or vessel from private property without the consent of the owner or other legally authorized person in control of that vehicle or vessel, must post a notice meeting the following requirements:

The notice must be prominently placed at each driveway access or curb cut allowing vehicular access to the property, within 5 feet from the public right-of-way line. If there are no curbs or access barriers, the signs must be posted not less than one sign for each 25 feet of lot frontage.

The notice must clearly indicate, in not less than 2-inch high, light-reflective letters on a contrasting background, that unauthorized vehicles will be towed away at the owner’s expense. The words “tow-away zone” must be included on the sign in not less than 4-inch high letters.

The notice must also provide the name and current telephone number of the person or firm towing or removing the vehicles or vessels.

The sign structure containing the required notices must be permanently installed with the words “tow-away zone” not less than 3 feet and not more than 6 feet above ground level and must be continuously maintained on the property for not less than 24 hours prior to the towing or removal of any vehicles or vessels.

The local government may require permitting and inspection of these signs prior to any towing or removal of vehicles or vessels being authorized.

A business with 20 or fewer parking spaces satisfies the notice requirements of this subparagraph by prominently displaying a sign stating “Reserved Parking for Customers Only Unauthorized Vehicles or Vessels Will be Towed Away At the Owner’s Expense” in not less than 4-inch high, light-reflective letters on a contrasting background.

A property owner towing or removing vessels from real property must post notice, consistent with the requirements in sub-subparagraphs a.- f., which apply to vehicles, that unauthorized vehicles or vessels will be towed away at the owner’s expense.

A business owner or lessee may authorize the removal of a vehicle or vessel by a towing company when the vehicle or vessel is parked in such a manner that restricts the normal operation of business; and if a vehicle or vessel parked on a public right- of-way obstructs access to a private driveway the owner, lessee, or agent may have the vehicle or vessel removed by a towing company upon signing an order that the vehicle or vessel be removed without a posted tow-away zone sign.

NATUREWALK COMMUNITY DEVELOPMENT DISTRICT
- NOTICE OF UNAUTHORIZED PARKING -

Date:	

Time:	

License Plate:	
This notice (“Notice”) is provided to inform you that pursuant to the District’s adopted parking policies, this Vehicle or Vessel is parked in an area which is reserved or otherwise unavailable for parking or is otherwise parked improperly.

Accordingly, the District demands that you relocate this Vehicle or Vessel immediately. If you fail to do so, or if you park this Vehicle or Vessel in an improper manner in the future, the District may take additional action which may include, but is not necessarily limited to, suspension or termination of your amenities privileges and/or towing of this Vehicle or Vessel at the owner’s or operator’s expense.

Thank you in advance for your cooperation. If you have any questions regarding this Notice, please contact the office of the District Manager at (  )   -	.

STAFF REPORT: PERSONAL NOTICE OF UNAUTHORIZED PARKING
Staff, please retain this portion for your records

Date: 	 Time: 	 License plate: 		  Location: 			 Name of person providing notice: 		 
I hereby certify that on the date and time listed above, I personally provided notice to the person in control of the vehicle/vessel bearing the license plate listed above that that the area in which that vehicle or vessel is parked is reserved or otherwise unavailable for unauthorized vehicles or vessels, and that the vehicle or vessel is subject to being removed at the owner’s or operator’s expense.
Method of Notification:  Verbal   Personally provided copy of written notice   Certified mail

Signature: 	

4863-6819-1949.1

AGREEMENT BETWEEN THE NATUREWALK COMMUNITY DEVELOPMENT DISTRICT AND JIMMY’S TOWING PROS, INC., FOR TOWING SERVICES

THIS AGREEMENT (“Agreement”) is made and entered into this    day of 	 2024, by and between:

NATUREWALK COMMUNITY DEVELOPMENT DISTRICT, a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, whose mailing address is 120 Richard Jackson Blvd, Panama City Beach, Florida 32407 (“District”); and

JIMMY’S TOWING PROS, INC., a Florida corporation, whose principal address is 14905 331 Business, Freeport, Florida 32439 (“Contractor”).

RECITALS

Whereas, the District is a local unit of special-purpose government established for the purpose of financing, acquiring, constructing, operating and/or maintaining public infrastructure improvements; and

WHEREAS, the District has adopted that certain Rules Relating to Parking Enforcement, a copy of which is attached hereto as Exhibit A, and as may be amended from time to time by the Board of Supervisors (“Board”) of the District (“Parking Policies”); and

WHEREAS, in accordance with Section 715.07, Florida Statutes, the District desires to engage an independent contractor to provide vehicle towing/removal services within the District in accordance with the Parking Policies (“Services”); and

Whereas, the Contractor is qualified, capable and willing to provide such Services for the District in accordance with Section 715.07, Florida Statutes, and other Florida law.

Whereas, the Contractor and the District accordingly desire to enter into this Agreement to provide for the rights, duties and obligations of the parties relative to same.

Now, therefore, in consideration of the recitals, agreements, and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

Section 1.  Recitals. The recitals so stated are true and correct and by this reference are incorporated into and form a material part of this Agreement.
Section 2.  Description of Work and Services. The District hereby authorizes the Contractor, and its employees and agents, to tow vehicles when requested to do so by the District’s designated representatives, who shall be the Supervisors of the District, Skylar Lee, Danell Head,
4863-6819-1949.1

and the District Manager, or their designees (“District Representatives”). Contractor shall also provide vehicle storage relative to any such vehicles towed from District property, all in accordance with the Parking Policies, Section 715.07, Florida Statutes, and any other applicable Florida law.

A. Upon execution of this Agreement, Contractor shall procure and install the necessary signage as required by Section 715.07, Florida Statutes, which signage shall be installed in areas designated by the District Representatives, a minimum of twenty-four (24) hours prior to commencement of any towing/removal services by the Contractor. Such signage shall be provided free of charge.

B. Contractor shall only tow vehicles when requested to do so by one of the District Representatives. Contractor shall not engage in “roam towing” on District property.

C. Upon towing/removal of a vehicle, such vehicle shall be stored by the Contractor within a ten (10)-mile radius of the point of the removal and shall provide for public access to such storage facility as set forth in Section 715.07, Florida Statutes.

D. This Agreement grants to Contractor the right to enter the lands that are subject to this Agreement, for those purposes described in this Agreement, and Contractor hereby agrees to comply with all applicable laws, rules, ordinances and regulations affecting the provision of the Services.

SECTION 3.	COMPENSATION. The Contractor acknowledges and agrees that it is not receiving compensation from the District for the provision of the Services, except as provided in Item 1 of the Contractor’s proposal, a copy of which is attached hereto as Exhibit B. Any other compensation due and owing to the Contractor relative to this Agreement shall be remitted by the owner(s) of the towed/removed vehicles.

Section 4.	Effective Date; Term. This Agreement shall become effective on the date first written above and shall remain in effect unless terminated with written notice to the other party.

Section 5.	Insurance.

A. The Contractor shall, at its own expense, maintain insurance during the performance of the Services under this Agreement, with limits of liability not less than the following:

	Workers Compensation	statutory	
	General Liability
Bodily Injury (including contractual)	
$750,000	
	Property Damage (including contractual)	$750,000	
	Automobile Liability (if applicable)
Bodily Injury and Property Damage	
$750,000	
4863-6819-1949.1			

Section 6.	Care of Property; Sovereign Immunity.
A. Contractor shall use all due care to protect the property of the District and its residents and landowners from damage. The District shall not be held responsible for any damage to property, including vehicles, caused by the towing/removal and/or storage activities contemplated herein. Accordingly, Contractor, its employees, agents and subcontractors shall defend, hold harmless and indemnify the District and its supervisors, officers, staff, representatives and agents against any claims, damages, liabilities, losses and costs, including, but not limited to, reasonable attorneys’ fees, to the extent caused, in whole or in part, by the acts or omissions of Contractor, and other persons employed or utilized by Contractor in the performance of this Agreement or the Services performed hereunder.

B. Obligations under this section shall include the payment of all settlements, judgments, damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, arbitration and/or mediation costs, litigation expenses, attorney fees, paralegal fees and expert witness fees (incurred in court, out of court, on appeal, or in bankruptcy proceedings) as ordered.

C. Nothing in this Agreement shall be deemed as a waiver of the District’s sovereign immunity or the District’s limits of liability as set forth in Section 768.28, Florida Statutes or other law, 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 such limitations of liability or by operation of law.

Section 7. Recovery of Costs and Fees. In the event the District is required to enforce this Agreement by court proceedings or otherwise, the District shall be entitled to recover from Contractor all fees and costs incurred, including reasonable attorneys’ fees, paralegal fees, expert witness fees and costs.

Section 8. Default. A default by either party under this Agreement shall entitle the other party to all remedies available at law or in equity, which includes, but is not limited to, the rights of damages, injunctive relief, and specific performance.

Section 9.  Amendment. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both of the parties hereto.

Section 10. Assignment. Neither the District nor Contractor may assign their rights, duties or obligations under this Agreement without the prior written approval of the other. Any purported assignment without said written authorization shall be void.

SECTION 11. NOTICES. All notices, requests, consents, and other communications hereunder (“Notices”) shall be in writing and shall be delivered, mailed by overnight courier or First Class Mail, postage prepaid, to the parties as follows:

4863-6819-1949.1

A.	If to the District:	NatureWalk Community Development District
120 Richard Jackson Blvd. Ste. 220	
		Panama City Beach, Florida 32407 Attn: District Manager	
	With a copy to:	Kutak Rock LLP
107 W. College Avenue Tallahassee, Florida 32301 Attn: District Counsel	
B.	If to Contractor:	Jimmy’s Towing Pros, Inc. 14905 331 Business	
		Freeport, Florida 32439
Attn: 		

Except as otherwise provided in this Agreement, any Notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 p.m. (at the place of delivery) or on a non-business day, shall be deemed received on the next business day. If any time for giving Notice contained in this Agreement would otherwise expire on a non-business day, the Notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Counsel for the District and counsel for Contractor may deliver Notice on behalf of the District and Contractor. Any party or other person to whom Notices are to be sent or copied may notify the other parties and addressees of any change in name or address to which Notices shall be sent by providing the same on five (5) days’ written notice to the parties and addressees set forth herein.

SECTION 12. PUBLIC RECORDS. Contractor understands and agrees that all documents of any kind provided to the District in connection with this Agreement may be public records, and, accordingly, Contractor agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Contractor acknowledges that the designated public records custodian for the District is Holly Bailey (“Public Records Custodian”). Among other requirements and to the extent applicable by law, the Contractor shall 1) keep and maintain public records required by the District to perform the service;
2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if the Contractor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Contractor’s possession or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by the Contractor, the Contractor shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored

4863-6819-1949.1

electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.
IF CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO CONTRACTOR’S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT 850-334-9055, HBAILEY@RIZZETTA.COM, 120 RICHARD JACKSON BOULEVARD, SUITE 220, PANAMA CITY, FLORIDA 32407.
Section 13. E-Verify Requirements. The Contractor shall comply with and perform all applicable provisions of Section 448.095, Florida Statutes. Accordingly, beginning January 1, 2021, to the extent required by Florida Statute, Contractor shall register with and use the United States Department of Homeland Security’s E-Verify system to verify the work authorization status of all newly hired employees. The District may terminate this Agreement immediately for cause if there is a good faith belief that the Contractor has knowingly violated Section 448.091, Florida Statutes.

If the Contractor anticipates entering into agreements with a subcontractor for the Work, Contractor will not enter into the subcontractor agreement without first receiving an affidavit from the subcontractor regarding compliance with Section 448.095, Florida Statutes, and stating that the subcontractor does not employ, contract with, or subcontract with an unauthorized alien. Contractor shall maintain a copy of such affidavit for the duration of the agreement and provide a copy to the District upon request.

In the event that the District has a good faith belief that a subcontractor has knowingly violated Section 448.095, Florida Statutes, but the Contractor has otherwise complied with its obligations hereunder, the District shall promptly notify the Contractor. The Contractor agrees to immediately terminate the agreement with the subcontractor upon notice from the District. Further, absent such notification from the District, the Contractor or any subcontractor who has a good faith belief that a person or entity with which it is contracting has knowingly violated s. 448.09(1), Florida Statutes, shall promptly terminate its agreement with such person or entity.

By entering into this Agreement, the Contractor represents that no public employer has terminated a contract with the Contractor under Section 448.095(2)(c), Florida Statutes, within the year immediately preceding the date of this Agreement.

Section 14. Controlling Law and Venue. This Agreement and the provisions contained herein shall be construed, interpreted, and controlled according to the laws of the State of Florida. The parties agree that venue for any action arising hereunder shall be in a court of appropriate jurisdiction in Walton County, Florida.

Section 15. Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.
4863-6819-1949.1

Section 16. Independent Contractor. In all matters relating to this Agreement, the Contractor shall be acting as an independent contractor. The Contractor shall not have any authority to assume or create any obligation, express or implied, on behalf of the District and the Contractor shall have no authority to represent the District as an agent, employee, or in any other capacity, unless otherwise set forth in this Agreement.

Section 17. No Third-Party Beneficiaries. This Agreement is solely for the benefit of the formal parties hereto and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns.

Section 18. Headings for Convenience Only. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.

Section 19. Entire Agreement. This instrument shall constitute the final and complete expression of the agreement between the parties relating to the subject matter of this Agreement.

In witness whereof, the parties execute this Agreement effective as of the day and year first written above.

NATUREWALK COMMUNITY DEVELOPMENT DISTRICT

Chairman, Board of Supervisors

JIMMY’S TOWING PROS, INC.

By: 	 Its: 	

Exhibit A:	Parking Policies
Exhibit B:	Proposal

4863-6819-1949.1

EXHIBIT A

4863-6819-1949.1

7

NATUREWALK ,CQr.,tMUNrfY DEVELOPMENT [l ISTRIC.'T RULES REL-A'flNC TG PARKJNC  NFORCEMENT (JANUARY '0, :il022)

In accordance with Chapter 190, Florida Statllles_, and on Jlanu.ary 6, 2!022, at a duly noticed pub]k meeting, the Board of Supei isors of the NatureWal.k Conununity Deve)opment District ( District' ) adopted tke following po.licy to govern parking and pa!fk:ing enforcement on ertain D trtct Property. TMs policy repeal: and .supersedes an prior rules and!or po.Iii: ies governing thesanie su ject matite,r_

SECTION L I TR□oucT10 _ Title Di5triCLfl11d:s Ll1at Parked Vehicles. Commercia.l e-hldes, Vessels and.Rocreaiti.ona.1Vehicles (llerelnafter defined on certain of ilS propert streets, alleys. and roadways cause hazard . and danger to the l1ealth, safety and welfare of District resideriis and the public. This Poll.c I prohibits parking of VeMdes, Vessels, and Rocrnaitional Vehicles on prope,rt r, streets.alleys, and roadwa rs witllln the District..except ir1Designated Parking Al'eas.and provides the manner in which an r such Vehldes, esse-ls, or Recreational Vehicles sl1all be Lowedkenwved oonsl t.ent. "'ith Lllls Pol.ic .
SEiCTION 2. DEFINITIOJ\'i5..

.	Comm rcial eh!de(s)_ An mobile iLe-ni li'hi h norn1al1 u es wheels, w.l1elher motorized or11ot, that.(i) Is titled, registered or leased Lo a compan and.110Lan lndiv!idua] persmi.or
(ii) i5 used for buslne-ss purposes even if Lilied, registered, or leased.to an 111di. idual J)BTSOn.
Del. :ery ehide.s(s}. An I Comme-rclal Vehicle- engaged in the delivery acti. Hies, Including but not llnilted toI  S. Postal Service, U_p.S., Fed Ex, and m.oving company Veil.ides.
StiJ ·ce VehidllS(s). An Commercial VeMde engaged ln Ll1e provisl.on of ser ·lees, Including but not 11.mited to Lawn maintenanoe and serviceited1niclan  eMdes.
VeMde(s). Alil r mobile-Item whi h normall ruses wheels, w.heLiler motorized. or not in luding golf carts. Fo:r purposes of LMs Poll.c r, unless otherwise specified, any use of the Le-rm Ve-hide(s) shall be il1terpreted so as Lo Jindude Commercial Vehi le(s).
Vll:!S'.S'eJIS). Ever description of watercrafl:, barge-. or alrboat used or capa!ble of being used as a ineans oftransportat.ion on water.
Rec:reat.Janal ..eh!ide(s). A vehicle designed for recreational use. vhich includes, but Is not ne<:essarily limited to: motor homes, ATVs (small open moLor vell.ile with one onwo seats
and three or mor,e  heels filled with large tlires, de-signed for use on rough groun .Je-t ski·, campers,
and tral.lers relati e Lo same.
Parked A Vehicle, Vessel or Recrealim1al ehicle left unatlended b llSowliter or
uoor.

2

Tow-Away 2or1e. District Properly onwhich parking is prohibitedand in, Mch Ll1e Distri t is a1i.iLl1ori1.ed LO in.iliale a towing and/or removal actl.on.

fksfgnated Parkft}g Are.as.	Are.a ldentifietl on Exhibit A whe.re parking is permitted.
SEiCTI□N 3. EsTABl..t:SHMEl'fF rn1 Tow-AWAY Z□NES. Vehicles may not be Parked on landscaped areas, streeis, alleys, and roadways o,,,.-n,ed b the Dlslirict, except in Designated.Parking Areas.. urther. Veh.ides ma r not be Parked.in Lhe Designated .Parking Areas in Sage Cl.rde between Lile.l1oursof 1]:00 p.m. to 6:00 a.m.. All parked eMdes inustappropriate.Ir displar any legally re.qui.red State-UrnnsedidentiflcaHon, either temporar or permanent (e.g.,state-issued lirnr se plate), to park In De-sigm1Led Parking Areas.. In addition to potential 1owir1g, l1'1e District will con.ta t ocal la1w enforcement regarding Vehicles that do liiOt d!ispla r legally required Stale-liatmsed idemifl ation. Vehl.de Ll1at extend bey011d 240" in total lengthmay not park on District Propert  eMdes ma not be parkedso as o occup more lhan one inarked parking spot.
Commei"cial Vehicles.Vessels.Rec.reati.onal Ve.hi Jes.and an Lrailers (attacl'iedor unattached may not be Parked.on landscapedareoo,street..,alleys.roadwa rs,and.De-signaled Parking Areoo owned by Lhe DlstricL Commercial ehides. e-ssels, Recre-alional ehides, and an Lrailers (auached.or unauached) hm e ·er. may be Parked on street., alleys. and. roadways owned b r the District (but not on pa er parking spots or siden.valks), for up Lo 60 minutes while actively engaged in loading or unloading.
Land a.ped areas, streets, alleys, and math a owned b Ll1e Distri t eJ1cept Designated Parking Areas, are .l1ereb r d.eclared a Tow Awa.y Zone. [n add.itimi, an ellide, essel, or Rec.rea1iona.l Velli le whid1is parked in a manner which prevents or inhibilSL11e abil.it of emergen y respcmse vehicles to naviga e streets a11d rood\vays within the District are .hereb r authorized Lo be lm ed..
Building and con trucLion materials, trash, and refuse may n.ot be stored o:r staged on DisLrict Properly without prior approval o.f Lhe District's Board of Supervisors.

SECTION 4. DELIVERY VEHICLES, SERVICE VEHICLES A.ND GovERNIME..'ffAL VEHIOLES..
Delivei'y Vehide-s a:11d.Service Ve-hides ma park on .treets, alle rs, and roadways while actively engaged in theoperation of such businesses. Traner oosociM.ed \ ith Se Ice rrt Deli e" Vehi Jes are penniued oti streets.alleys, and roadways.but not on pa.er parking pots or sid.ewalks and may not be unauad1ed.. Builldlng and construction materials. trash, and refuse may not be tored. or staged on
District Properl,y  iLl1out p:rior approval of the Dis.tricl's Board of Supervisors. Ve-hides a.ued.and
operated b an rgovernmental unit ma ralso parkon DisttictPropert , M.lecarrying outofficialduLias. Any eMde parked on street.,alleys and roadways mustdo so incompliance wilhallla1i, . ordinances and codes.

3

SElCTmN!i. Tow1N:clREMOVALPRocrn, RES.
S:IGNAGE.AND LAN:GUAGE.R!!iQUIREM ENiTS. Noti ,e of the Tow-A, a r Zones shall be ai,proved b r the Dlslrict"s Board of Superviso and s;\1all be posted on District Proper	in lhe1nanner set forth ili Section 715.07, Florida Starutes. Su.ch slgnage is to be placed in conspiouous locations. l!ll accordance w-Uh Secti.on 715.07, .'Jo.rida Stawtes.
Tow1.N:cJR1::MOVAL A, nmRITY. To effoct.uale the to\ ing!remo al of a VeMde,
Commercial Vehicle,  esse-1, or Recreational  ehlde, Lile DisLr,c-t ilaager or his/her designee may
enter into and n,ain.taln an agreen1ent wiLl1 a firm.au(hor,:zed b"y Florida law Lo tmv!remove sud1 ehldes for the remo al of the unaull1orized e.Mde, Commercial Vellide, essel. or Recreaitior1121I Vehicle at the owner· expense..Tine ehide, Cmnmerci.a] Vehlde, Vessel, or Recreat.iom1l ehicl.e sha.llbe towed/removed.by the firm in accordance with •lnrida la, . specifically Ll'ie provisionsset fonl1 In section 715.07. Florida Statmes.
AcREEMENiT ·wnH AuTH□RIZED Tovm11c SERVICE. Tne Dislrads Board of
.Supervisors Is hereby a1..11hori2ed. to en er into aiid maintaiti an agreement wi.th a flrm al..llimri:zed. b r Florida law Lo tow/remove unautl1or1:zedlvehicles and in accordance wi.th Florida law and wlll1 Lile policies set for..-h herein.
LAW NFORCEMENT. he Distr,.ct l1ereby a1i.iLl1t¥r1:zes law enforcement p,ersomiel of Walton Count.r, •lorida, and other units of go enamen.t. to enforce the provisions Df this rule, and Lo enforce any and.all Lrafflc and parking larws on Lhe Disttict streelSand roadv ays. Tl1e District may
enter ilnto one or mo.re ttaffic enforcement agreements In ord'er m effect Ll1e provisions of this Section
6.D.
SElCTION 6. SovEREIGNlMMUNl'"fY. oLMMg herein shall constitute or be construed as a w-aiverrof the District's limiwlions on lfabillit contained iln Section 768.28, .'Jo.rida Statutes, or other statu.tes or law.
EXHIBIT A - DesJc11stedP. rJ<1ng Areas
ffe{:tive date:January 6, 2022

EXHIBIT A – Designated Parking Areas

EXHIBIT B – PROPOSAL

4863-6819-1949.1

11

Jimmy"s Towln1g1Piros, Inc
Private  o  ing Service Agreement

hi agroemen.t is bet een Jlmmy's TowingPros, l'n(;(JTP) &

	 organization name) focated .at
	 uibject property addres )

JJ P agrees to pro ide private to ing services (removal of unauthorized  ehides parked on subjec:t pmpert•	upon the organization s reqliles.t b an authorized represen1rttive of the organ.izatfon (slllbj ect to a .ailabiIity of.J p s tow true.ks).. JTiP is agreeing to th.is . ervke provided that the follo ing condition are met and maintained:

L The organ.ization makes a .$400.00 depos.it to cover a ''Gone on Arrival' (GOA) e ent. A GOA fee	ill ocCllr at any time after a tow tTlllck is.di patiched, and the operator is unable to ooUect the ehic.le for any reason. 'V hen a GOA e ent ocelllrs, a $200.00 deduction \Viii. be made from tke depo it and a notification of these charges and current deposit balance \Vi11. be . ent to the organi:mtion.	hen.the depos.it i depleted, these services .ill be suspended until an additiona1deposit is made.. 'i .hen JTF is ab1e to
slilcce . fully collect a  ehfole from th . object property. a GOA fee  .m not be charged to
the organization, and alI.incurred charge. (tmving, .labor, storage, etc. _.)	i11.then become the responsibility of the ehicfo owner.
. To prevent any conflict bet een a chicle o ner and a JTF to true. operator. one of the organization's repre. en1rttives i.e.. ecurity patro]man) or a \Vahon County Sheriff. Deputy must be present at tke time of. ervke.
. The organ.izatjon m st provide and ma.intain a Ii t of repre en.Mi es	ho are authorized to request the . ervices described in this agreement. The organization mu. t al. o ensure proper training is provided to the authorized representad es oft.he GOA policy.

. The organ.izatjon \Viii. at o be respon. ible to be complian.t .vith any tate and local regulation. and tatutes regarding s.ignage.

hi agroemen.t can be cancel.ed by either party at any time. Upon cance.llation ofthi. agreement, JTF	ill refnnd any outstanding depo. it 'balance to the organization	ithin.30 da upon.recdpt of a \Vritten request to do . o..

4863-6819-1949.1

Tab 9

	Proposal #53583	
Date: 6/27/2024

Nature Walk CDD

Santa Rosa Beach, FL 32459

Property:

Green Earth Southeast, LLC. 15167 Highway 331 Business Suite B.
Freeport, FL 32439

Landscape Service Provider:

Constitutes the entire agreement between the aforementioned parties and includes the scope of service, guarantees, terms and conditions, pricing, and payment responsibilities for landscape services provided at:

Nature Walk CDD
Santa Rosa Beach, FL 32459

	CR395 Center Island Enhancement	

Work order scope:

Installation of 3 flats of Dianthus Jolt Cherry at the center island at 395. These plants are also deer resistant
Irrigation adjustment are included and will be made to supply proper water coverage to plants. Current flowers will be transplanted to new location. We can not guarantee the life after plant has been transplanted.

Total:	$1,359.34	Plus Applicable Taxes

Your and Our Acceptance:
This Agreement will become effective only after acceptance as evidenced by the respective signatures of the parties’ authorized representatives. This Agreement includes all of your and our obligations. No person has authority to make any claim, representation, promise or condition on our behalf that is not documented within this Agreement.

By		By	

Date	Jessica Smith (GE)
6/27/2024	

Date	
	Green Earth Southeast, LLC.	
Nature Walk CDD	

Tab 10

The Lake Doctors, Inc.
Aquatic Management Services •
,	Pit 	,	""		,

Corporate Office 3543 State Road 419 Winter Springs, FL32708
1-800-666-5253
lakes@lakedoctors.com www.Iakedoctors.com
;;;;	Pl	;;;;;	;;;;;; If	1 11 t  t	ti $11 	, , 1
SERVICE ORDER	SALES REP ---

ACCOUNT/SITENATUREWALK-CDD	ACCOUNT #717754	
BILLING NAME	DATE7-9-2024	
BILLING ADDRESS	COUNTY #WALTON	
CONTACTMGATHERS	PHONE #850-334-9055	
EMAIL ADDRESS MGATHERS@RIZZETTA.COM	Email Invoice: Y( •;	N( )	
PO#	IMANUFACTURER:AoM(e;AEs( JKAS(JLF( ")oA( )on(;Aoc( JARM(;0Ds(1	
SERVICE REQUEST SUNSET POND NOT WORKING,CHARRING IN CONTROL PANEL	
	
NOTES FROG SHORTED OUT BREAKER BASE,BREAKERS,WIRES	

QTY	UNIT	DESCRIPTION	PRICE	EXTENDED	
1	860091	BREAKER BASE	105.97	105.97	
1	20A	BREAKER	80.00	80.00	
1	10G	WIRES	19.99	19.99	
				0.00	
				0.00	
				0.00	
				0.00	
				0.00	
				0.00	
				0.00	
PARTS TOTAL
LABOR
SERVICED BY:	MISC. CHARGES*
SUBTOTAL
SERVICE DATE:	0.07
_%	STATE SALES TAX
FREIGHT

WORK AUTHORIZED BY:	TOTAL	205.96	
	200.00	
	15.00	
	420.96	
	29.47	
		
	450.43	

CUSTOMER SIGNATURE
The terms and conditions appeanng on the reverse side, form an Integral part of this Service Order, and CUSTOMER hereby acknowledges that he/she has read and is familiar with the contents thereof.
Pricing Is valid thirty (30) days from date of quotation.

DATE

Central Florida
(407) 327-1080
1-800-666-5253

Ft. Lauderdale
(954) 565-7488
1-800-683-5253

Sarasota
(941) 377-0658
1-800-444--5253

Jacksonville (904) 262-5500
1-844-819-9832

Largo (727) 544-7644
1 888 668 5253

Ft. Myers
(2391 693-2270
HIOO 141 5253

NavarTe
(850) 939-6787
1 398 5253

South Carolina
(843) 873-1911

Ohio (937) 433-2942
1-866-774-6253

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