Monday Oasis Club at ChampionsGate June 1, 2026 1520 Oasis Club Blvd. 11:00 AM ChampionsGate, FL 33896 Board of Supervisors Meeting 1. Roll Call 2. Public Comment Period 3. Organizational Matters A. Appointment of Individuals to Fulfill Vacancies in Seat #4 & #5 B. Consideration of Letters of Interest/Resumes C. Administration of Oaths of Office to Newly Appointed Board Members D. Election of Officers E. Consideration of Resolution 2026-03 Electing Officers 4. Approval of Minutes of the April 6, 2026 Board of Supervisors Meeting 5. Financing Matters A. Verification Report B. Consideration of Supplemental Assessment Methodology Report C. Consideration of Trust Indenture D. Consideration of Bond Placement Agreement E. Consideration of Resolution 2026-05 for Delegation Award F. Consideration of Resolution 2026-06 for Finalizing Assessments G. Consideration of Bond Certificate 6. Staff Reports A. Attorney B. Engineer C. District Manager’s Report i. Approval of Check Register ii. Balance Sheet and Income Statement iii. Presentation of Registered Voters - 868 iv. Form 1 Filing Reminder - Deadline July 1st 7. Other Business 8. Supervisor’s Requests 9. Adjournment RESOLUTION 2026-03 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the Shingle Creek Community Development District (the “District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and WHEREAS, the Board of Supervisors of the District (“Board”) desires to elect the Officers of the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT: Section 1. _______ is elected Chairperson. Section 2. ________ is elected Vice Chairperson. Section 3. George Flint is elected Secretary. Section 4. Jeremy LeBrun is elected Assistant Secretary. _______ is elected Assistant Secretary. ___________ is elected Assistant Secretary is elected Assistant Secretary. Section 5. Jill Burns is elected Treasurer. Section 6. Katie Costa is elected Assistant Treasurer. Section 7. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 1st day of June, 2026. ATTEST: SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT _________________________________ ____________________________________ Secretary/Assistant Secretary Chairperson/Vice-Chairperson MINUTES OF MEETING SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT The regular meeting of the Board of Supervisors of the Shingle Creek Community Development District was held on Monday, April 6, 2026 at 11:00 a.m. at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL. Present and constituting a quorum: Rob Bonin Chairman Adam Morgan Vice Chairman Dan Navarra Assistant Secretary Matthew Walton Assistant Secretary Also present were: Jeremy LeBrun District Manager, GMS Kristen Trucco District Counsel, LLEB Rey Malave District Engineer, Dewberry Chace Arrington by phone District Engineer, Dewberry Joey Duncan by phone District Engineer, Dewberry Dylan Schwartz by phone MBS Capital Markets Alan Scheerer Field Manager Karly Chambers GMS FIRST ORDER OF BUSINESS Roll Call Mr. LeBrun called the meeting to order and called the roll. Four Supervisors were in attendance constituting a quorum. SECOND ORDER OF BUSINESS Public Comment Period Mr. LeBrun: That brings us down to our public comment period. No members of the public present, just Board and staff. THIRD ORDER OF BUSINESS Organizational Matters A. Appointment of Individuals to Fulfill Vacancies in Seat #4 & #5 Mr. LeBrun: This brings us down to our organizational matters. This was brought over from your previous meeting. We're still looking for resident Board members for those two seats, four and five. If anyone knows of anyone that still wants to serve, please let us know and send them our way and we'll get them on there. Anyone have any as of now? We'll keep that on there. We'll continue looking to fill those vacant seats. B. Consideration of Letters of Interest/Resumes C. Administration of Oaths of Office to Newly Appointed Board Members D. Election of Officers E. Consideration of Resolution 2026-03 Electing Officers Mr. LeBrun: Items A through E will be tabled to a future meeting agenda. FOURTH ORDER OF BUSINESS Approval of Minutes of the February 2, 2026 Board of Supervisors Meeting Mr. LeBrun: Item number four is approval of the minutes of the February 2, 2026 Board of Supervisors meeting. If there are no revisions or changes, I will ask for a motion to approve the minutes. On MOTION by Mr. Morgan, seconded by Mr. Navarra, with all in favor, the Minutes of the February 2, 2026 Board of Supervisors Meeting, were approved. FIFTH ORDER OF BUSINESS Consideration of Resolution 2026-04 Approving Proposed Fiscal Year 2027 Budget and Setting a Public Hearing Mr. LeBrun: Item number five is consideration of Resolution 2026-04, approving the proposed Fiscal Year 2027 budget and setting a public hearing. Each year the District is required to adopt a budget. This resolution is setting that public hearing. This is for your August 3, 2026 meeting. Today we'll look at a proposed budget, and the Board will approve a proposed budget. At your August meeting is when you adopt the official Fiscal Year 2027 budget. That resolution is just stating that date as that designated time to adopt the budget. I'll walk the Board through the budget and then if you have any questions, feel free to ask as we go through it. The budget starts on page 25 of your electronic agendas. This budget is set up for no assessment increases. None of the lot owners are going to have an assessment increase. The staff went through, looked at actuals up through the end of February. Any new contracts that we're aware of, any other things that could affect the budget, have been factored into this version. We were able to keep everything level. If you go on to page 26, you’ll see your assessment chart listed there and it just shows your property types, the 2026 assessment, 2027 assessment, and then reflecting no increase for residents and lot owners. That’s good news for this year. We've been able to keep them steady for several years. That's always the goal. Starting on page 29, you'll see your narrative. This is really good if you're new to the budget or if you have questions, this shows you what each line item is. Any explanation for the various costs are listed there. You also see a capital reserve fund on page 33. That's a reserve fund that's dedicated for any capital projects or repairs. Shingle Creek has a very healthy capital reserve fund listed there. You'll see anticipated interest from the accounts that it's currently sitting in, which is really good, $24,000 generated in just interest alone, and then a transfer in is allocated there as well. On that same page, page 33 towards the bottom, you'll see some anticipated Fiscal Year 2027 capital expenses mainly related to landscape. That was what they provided Alan. Mr. Morgan: What page is that on? Mr. LeBrun: Page 33 of the PDF. Then at the bottom you’ll see there’s some Down to Earth, Inc. line items there. Mr. Scheerer: It's basically just dealing with some construction damage that we're anticipating out by the Osceola Parkway and some additional enhancement and replacements that the entrance, the entrance is pretty bare. Mr. Morgan: What about frost, freeze damage? Mr. Scheerer: Yeah, frost and freeze damage. We have a little bit with the dwarf ixora and maybe some Loropetalum. But other than that, the main entrance is where most of the damage is as far as the dwarf ixoras go, so we'll be replacing that. Mr. Morgan: One of the other things that we're probably going to have to consider for this budget year is we are getting ready to receive a letter of violation from the Water Management District. They gave me a heads up that they have forgotten to do their inspections the last six or eight years. They went out and brought the entire staff. They evidently had a crew of 20 people roaming over the property and have written up a giant list of exotics that they want us to control on District property. I told the District that I thought the whole reason that we had London Creek was that we paid forty something thousand dollars a year to control exotics and manage that mitigation bank, and that everything, all the wetland and comp storage areas that were permitted on property, didn't have that maintenance part. They had yet to send me part of the permit that states that. But they say it fairly clearly states that we have to maintain exotics on property. So, the woman has stated that it's quite an extensive letter and it's taken them a while to put it together, and they were improperly identifying parcels of property that belong to Osceola County as CDD property. I straightened them out on that. I think they probably have the proper properties identified and she's going to forward it to me. But from the sound of it, Alan, it looks like that might be another line item that we're going to have to add out of capital reserve because it's going to be pretty extensive. So just to give the Board a heads up. Mr. Scheerer: Okay. Mr. Walton: Brazilian peppers? Mr. Morgan: Believe it or not, that’s typically not one that’s listed. It’s a bunch of other stuff. Sometimes they list Brazilian peppers. I think Florida gave up on Brazilian peppers. Mr. Scheerer: Primrose is usually the big one. Mr. Morgan: Primrose, ivy, vines. Mr. Scheerer: Yeah. It sounds like we're going to have to get a hold of the qualifying company at some point. Mr. Morgan: Yeah, it'll be the people that spray, probably that spray for London Creek. Mr. Scheerer: Okay. Mr. Morgan: Which is now Modica, they're the most qualified. We already have them on staff. Mr. Scheerer: We have a capital reserve. Mr. Morgan: I’m just giving everybody a heads up that this is coming. Ms. Trucco: We probably want the engineer to take a look at the specific permit, and I'm happy to as well. But I ran into a similar issue in a different CDD and noticed a couple of the same things you just mentioned. It’s worth taking a look at it. Mr. Morgan: The main thing is they had a ton of property that wasn't CDD labeled as CDD. Mr. LeBrun: And as you said, the good news is our capital reserve generates a lot of interest each year. We can absorb that cost and then going forward, like the 2028 budget, we can just add a line item there. Mr. Morgan: That’s all I had to add about the budget. Mr. Navarra: The additional enhancements you said that was at the main entrance. What do you call the main entrance? Mr. Scheerer: The Osceola Parkway. Mr. Navarra: Right onto Storey Lake? Mr. Scheerer: Yes, onto Storey Lake. Mr. Navarra: Okay, so we're not intending to do any of that work until that construction? Mr. Scheerer: Yeah, we're on hold right now. But we'll be cleaning it up and removing a lot of the dead plants. It's going to look bare. I know they got that apartment complex right there at the entrance that they're going to be doing some work on, so we just want to be mindful of where we spend your money and make sure it’s not going to get messed up again. Mr. LeBrun: Any questions on the proposed budget? Like I said, no assessment increases. Mr. Morgan: And once again, this is a proposed budget. We still have time to finagle it if you guys see something. Ms. Trucco: You just can't increase the assessment, today you’re setting the cap. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Resolution 2026-04 Approving Proposed Fiscal Year 2027 Budget and Setting a Public Hearing on August 3, 2026, was approved. Mr. LeBrun: Staff will advertise that per state statute and get that proposed budget on the website. SIXTH ORDER OF BUSINESS Review and Acceptance of Fiscal Year 2025 Audit Report Mr. LeBrun: Item number six is review and acceptance of the Fiscal Year 2025 audit report. Each year the District is required to undergo an independent third-party audit. The District contracts with Grau & Associates as the auditor. It’s a very lengthy audit report. I'll start with it's a clean audit. There was no findings, which is great news. The auditor usually writes a summary letter to the Board of Supervisors and that's on page 66. Usually, I point Board members to this letter because it basically summarizes it for the Board. Towards the end of that letter it says in our opinion, the District complied in all material respects with the aforementioned requirements for the fiscal year ending September 30, 2025. So, it is a clean audit. Great news. This gets then sent to the state as well. Happy to take any questions on it. If not, just need a motion to accept that audit. On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Accepting the Fiscal Year 2025 Audit Report, was approved. SEVENTH ORDER OF BUSINESS Discussion of Series 2025 Bonds Refinance Mr. LeBrun: Next we have the discussion of the Series 2015 Bond Refinance. The Board will recall several meetings back there was the opportunity to refund or refinance the Series 2015 bonds due to interest rates. And we have Dylan on the phone with MBS. In your agenda you have the most recent summary sheet that outlines the current bond terms and then the proposed bond terms. I spoke with a couple Supervisors separately to see if this would be something they would be interested in bringing back to the Board to have MBS show what the new information is. That is on page 70. Dylan, did you want to walk the Board through it briefly? Mr. Schwartz: Yeah, that would be great. We spoke with you guys a few times back in June, August and also October. At that time the rates that were provided by banks in June of last year was around 4.5%. By the time we got around to getting a term sheet ready, rates went a little bit higher at 4.6% in October. The decision at the time was to wait and see what happened in the bond market in general and where rates would go because everybody was hopeful that rates would go lower. Bond interest rates across every bond market have been very sticky and have gone higher. And again, even more recently with the geopolitical stuff that's going on around the world have really gone significantly higher in the last few weeks. All that being said, the gentleman at Seacoast Bank with whom we were speaking back in October is very eager to get a deal done here. He's offered an extremely attractive rate of 4.25% on the new loan that would take out the old bonds. At the time that he offered that rate back in March, the US 20-year Treasury bond, which this is a 20-year loan and that's a 20-year loan and it’s the rate that the U.S. government borrows at, which is obviously seen as one of the safest credits in the world for lending, that was a 4.7% interest rate which was higher than the 4.6% interest rate that the US government was borrowing at in October when we last looked at this. The gentleman at TECO offered four and a quarter. In the last few weeks with what's going on in the Middle east, the treasury market, the muni markets and all of the bond markets have seen interest rates go significantly higher. Last week it was 5% on the 20-year Treasury. Even given that increase of 0.3%, Seacoast held firm at their offer of four and a quarter which is showing how committed they are to making this deal and trying to make this as attractive as possible to you guys. I'm looking today at my terminal, the 20-year Treasury bond that the government for the U.S. borrows at is 4.9%. I've been doing this for seven years, I've worked on over $7 billion worth of CDD transactions, I've not seen an offer come across with an interest rate that's so significantly below the rate that the U.S. Government borrows at. I think from that perspective it's highly attractive. The one caveat is that Seacoast Bank would want to maintain a banking relationship with the general fund and your capital reserves to the tune of 100% of your deposits being with Seacoast Bank as long as Seacoast holds the bond. That being said, there would be no restrictions on you guys using those funds for any uses that are necessary. I heard some discussions earlier regarding your budget. Seacoast would not restrict you from being able to use those funds, they just want to hold them. They have a full suite of different product offerings. They're an FDIC insured bank, they're a public depository, they have all of the security and insurance necessary that any other depository that you would hold your deposits with would have, they're a publicly traded entity, they're a multibillion-dollar bank, we have done plenty of deals with them in the past. At the moment, any bank that's offering refinancing for CDD bonds is requiring this deposit relationship. I heard earlier in the meeting that you guys are expected to receive probably around $24,000 of interest on the funds that you have on deposit between your current banking relationship and also the SBA accounts that you guys have. The deposits at Seacoast would probably carry a slightly lower interest rate than what you have with SBA. You might lose maybe $3,000 or $4,000 in interest a year on your reserves. But with this refinancing of the bonds, you're saving about $200,000 per year in your special assessment taxes for your debt. It far outweighs what you would be losing in your interest on your deposits and you would expect a roughly 14% drop across the Board for every resident that's subject to these 2015 bonds on their debt special assessments. That's about $2,750,000 of savings over the life of bonds. Now, this deposit relationship that I mentioned would be as long as Seacoast holds the bonds. That being said, it does not necessarily mean that it's a 20-year requirement because these bonds will have a call period of five years. So the bonds cannot be refinanced if you move forward today with this until May 1 of 2031, which means that if rates are lower in 2031, you can refinance the bonds again, either with a public offering of bonds or a new bank, at which point, if you are able to do that and Seacoast no longer owns the bonds, you would be able to move your deposit relationship as you see fit. It's at least a five-year period of locking up your deposits with Seacoast bank, and thereafter it's dependent on kind of where interest rates are at the time. If you're able to refinance again and Seacoast no longer holds the loan, then you would be able to move your deposits as you see fit. Mr. Morgan: What’s the recommendation of staff? Mr. LeBrun: George Flint reviewed this. Darrin Mossing, who's our company president, he reviewed this. They're okay with the Seacoast being the depositor. They have accounts with Seacoast in other Districts, so it's a reputable bank. The savings is considerable. Mr. Morgan: It is. Mr. LeBrun: That's why we wanted to bring it back. Long term this is a considerable amount of savings. There are additional protections that public depositories have that would go into keeping the District's money safe. There are different statutes and chapters that do that, but they supported this. Mr. Morgan: What’s the residents feel? Mr. Walton: I support it. Mr. Navarra: I didn’t know how much of a pain in the butt it was going to be to do all this, but it certainly looks favorable to me. Mr. Morgan: He said he spoke to you over the phone. Mr. Navarra: Yes. Mr. Morgan: Okay, good. So, both the residents support it. Ms. Trucco: What I recommend is if you are for this, then a motion to approve subject to staff sign-off. Let us have an opportunity to take a closer look at the terms. Mr. Morgan: And also, the fine print below it says rate will be set upon signing. I don't want them to slip in a five and a quarter at the time of signing. Ms. Trucco: Right. It would be a motion to approve at this rate. Mr. Schwartz: To that point, a term sheet was also actually provided. There is a term sheet that should be on the agenda and should be there today. To the extent you guys pass this motion today, you guys can sign the term sheet once your District attorney looks at it and signs off as well, so you will be set. They provided the term sheet, and it says four and a quarter. Once you sign that, you're locked in. And the next step would be we would prepare the bond documents; we would come back at the June meeting with all of the bond documents for you guys to approve and sign and pre close, and we would close a couple days later. And all of this would be locked in by roughly June 5, June 6, and it's just in time for your public hearing for the budget, which would occur in August, and the savings would hit this November. When you receive your new tax bill in November, you'll already receive the lower interest rate and the lower assessment amount. Mr. Morgan: This is FMS. They already handle our bonds, right? Ms. Trucco: Yes. Mr. Navarra: You think you can review it by tomorrow? Ms. Trucco: Yeah, I’m just going to take a look at a couple terms, but I don’t see an issue here. Mr. Scheerer: You can use it for mitigation maintenance. Mr. Morgan: Yeah, if the residents support it, then I support it. Mr. Walton: Yeah, I would approve that. Mr. Morgan: I would make a motion to approve subject to staff sign-off. On MOTION by Mr. Morgan, seconded by Mr. Walton, with all in favor, the Series 2015 Bonds Refinance Subject to Staff Sign-off, was approved. EIGHTH ORDER OF BUSINESS Update on Development by Embrey Partners, LLC on Adjacent Tract Mr. LeBrun: Number eight, update on development by Embrey Partners, LLC. Ms. Trucco: I can take that one. As you know, the adjacent tract to the CDD is being developed into approximately 240 apartment units there. That's moving forward. I've been back in contact with the attorney for the purchaser, which is Embrey Partners, LLC. You'll recall a couple years ago, this Board approved entering into a cost sharing agreement with Embrey Partners, LLC to the extent that they're receiving a benefit from the CDD's maintenance of Storey Lake Boulevard from their drainage into the CDD's stormwater ponds. Any benefit that they're receiving as a result of the CDDs regular maintenance projects, they will pay their proportionate share under a cost sharing agreement. The CDD Board agreed to that. They also agreed to the drainage easement because they're constructing these and they've asked to utilize the CDD's drainage stormwater system for drainage purposes for their units. They also approved a temporary construction easement and a funding agreement as well, so that the CDD is not responsible for any cost for professional fees related to our analysis and review and drafting of the documents related to this project. In addition, the CDD agreed to petition a little parcel called RW4. It's a roadway piece. Actually, it's not paved. I think right now it's just a gravel dirt path. Basically, we're bringing a petition to contract the CDD to remove that piece. We don't currently charge O&M assessments. I think that was part of the Board's decision a couple years ago when they originally approved this project, or those documents related to this project, was that it's an opportunity to get cost sharing from the future owner and developer of that parcel that's adjacent to the CDD that will be receiving some benefit. Since that time, we've gotten confirmation that they will be installing a sidewalk there. I believe it's part of the county's requirements. Mr. Morgan: They have to have access to their lift station. That’s that road. Ms. Trucco: There's an easement there that was recorded a while ago. But that’s sorted out. I believe it's a platted easement right now. You can see that too if you pull up the plat for the lift station. I believe the county is requiring the sidewalk piece on Storey Lake Boulevard. So that's good. Mr. Navarra: All the way to Reflections, if I recall, right? Ms. Trucco: I don't know how far. I know it's at least that four-way intersection to Osceola Parkway, but I could get clarification from them on that. Mr. Navarra: I think the existing sidewalk would go all the way to Osceola, if you’re going north. Ms. Trucco: Yes, but I don’t know if it’s to Reflections. Let me see. Mr. Scheerer: But that project will include the addition of a sidewalk because we currently have no sidewalks. Ms. Trucco: Right, but he's asking how far down does it go starting at Osceola Boulevard, so I'll get an answer on that. Just before this Board meeting I forwarded everyone responses that I received from Embrey Partners, LLC's attorney because I did receive some questions from a resident about this development there, she has provided answers, and I forwarded that over. If you have any other questions, they're closing in May right now and we're proceeding. The petition to contract requires exhibits. I'm working with the District engineering firm because they have to prepare a legal description. I just want to remind you the CDD is not paying for any of the professional fees related to that. It's important that we make sure from an accounting standpoint we're getting those invoices over to Embrey Partners, LLC for that. That's part of the funding agreement. But if you have any other questions about the development, now's an opportunity where I can get answers to those. I could try to get answers to them or if you want we can do a special meeting, and I can just show you. I'm waiting for comments from Embrey Partners, LLC for final comments on those agreements. We could hold a special meeting in two weeks before they close, just so you get another glance at them. I've said this before, unfortunately the CDD doesn't have any development approval rights. It's all through the county. Mr. Navarra: Sure. Ms. Trucco: It’s an opportunity for the CDD to get some cost sharing, I think. That’s a benefit to the CDD here. Mr. Morgan: Very good. Ms. Trucco: That’s where we’re at with it. Does anybody have questions for me? Mr. Navarra: Would that property ultimately be a part of the CDD? Ms. Trucco: No. It was actually originally part of the CDD, but there were multiple contractions here. The boundary was reduced over time since establishment. That was one of them. I think it may have been in 2018. That was one of the contractions that was done along the lines to remove that. It's Tract A. But they did say could you mind removing that little dirt road piece there. I think they're trying to contact the HOA attorney about a landscaping license agreement, something like that, because the county is requiring Embrey to provide some landscaping buffer area there. But I don't have anything really to do with the HOA, but I can help facilitate as much as I can. Mr. Navarra: Sure. Mr. Walton: Traffic is going to be crazy. Ms. Trucco: I've heard that from residents. I can try to negotiate something with that, but it's really through the county. The CDD technically hasn't signed those agreements yet, but I think they are being required to do a turning lane. Mr. Navarra: Yeah, they are doing turning lane, which is the thing that I wanted. Ms. Trucco: I think the county required a transportation impact analysis test to be done and the results of that said it did not require this improvement and demonstrated that. The question was, will an additional westbound turning lane be added to the east before the light of Storey Lake and Osceola Parkway, where only one lane currently exists? They responded, no, the transportation impact analysis did not require this improvement and demonstrated that the intersection will continue to operate at an exact level of service. Mr. Morgan: They haven't been out there at five o'clock when the traffic backs up at that light all the way to the bridge. Ms. Trucco: Do you have an idea of something that I could go back and suggest to her? Mr. Walton: That timing on that light, when I leave to take my son to school, that light will turn within 15 seconds sometimes. I think they need to check the light and make sure that it's correct length and letting enough cars go. Ms. Trucco: That would be the county. Mr. Walton: Okay. Ms. Trucco: They're responsive to feedback though from this Board. But I would say the county would be the place for that. But I can still bring that up to her. Mr. Walton: And then the more use on that road, Storey Lake Boulevard, keeps getting potholes all the time and then they patch and whatnot. Ms. Trucco: That will be transferred very soon here by deed. I'm waiting for the title work back by deed from the original developer to the CDD. The county has said they will not take that road. Mr. Morgan: They don’t want the road. It will be our road. Ms. Trucco: The good news is once it's in the CDD's name, we do not pay sales tax, and we don't pay real property tax to the county. So, when you're doing the repayment project, that will be sales tax free and we're not paying on an annual basis property tax. And also, then the residents have control of that road, and you can make specific requests to the county at that point until you have some leverage with them. The upcoming budget, you’ve already considered Storey Lake Boulevard being transferred to the CDD? Mr. Scheerer: Well, it’s always been the CDD’s. Ms. Trucco: Okay. Mr. Scheerer: Yeah, we're doing pothole repairs like you said. I think I mentioned at the last meeting, we're starting to have to allocate funding for milling resurfacing at some point. Mr. Morgan: That’s been anticipated for years. Mr. Scheerer: Yeah. That road is a thoroughfare between 192 and the parkway. Mr. Morgan: That’s why we wanted to give it to the county, but then they wouldn’t take it. Ms. Trucco: They will not take it. One benefit too is now we've got Embrey Partners, LLC agreeing to contribute to the cost of Storey Lake Boulevard, so that's good. Otherwise, sometimes it gets kind of ugly trying to get adjacent owners to agree to enter into a cost share agreement. Luckily it hasn't gotten there with this CDD. We'll have assurances in writing with regard to that. We have worked with the District management company, the assessment methodologist over there, to compute for percentage of the budget on an annual basis that we will be asking the adjacent property owner to pay. The District engineer was also part of that project in determining what's the proper percentage to represent the benefit that they're receiving from the CDD's maintenance. If you think of something in between here, please reach out to me and I'll do my best to get answers or try to negotiate something additional, if that's what you need and want. Okay. Otherwise, I would say county. NINTH ORDER OF BUSINESS Staff Reports A. Attorney Ms. Trucco: I don’t have anything additional to report today. B. Engineer Mr. LeBrun: That brings us down to our engineer, Rey, Chace, or Joey do you have a report or any information for the Board? Mr. Malave: Nothing to report. C. District Manager’s Report i. Approval of Check Register Mr. LeBrun: Down to our District manager report, we have our check register that is on page 78 of your electronic agenda. That is January 26, 2026 through March 30, 2026. You have checks from a general fund, #1091 through #1107. The total there is $196,102.84. Your payroll fund, you have checks #50082 through #50084. The total there is $554.10. The total check register, $196,656.94. Mr. Morgan: Is everybody good? I make a motion to approve. On MOTION by Mr. Morgan, seconded by Mr. Walton, with all in favor, the Check Register, was approved. ii. Balance Sheet and Income Statement iii. General Election Qualifying Period and Procedure Mr. LeBrun: Behind that you have your unaudited financials. No action required on the Board's part. That just gives you your snapshot of the District's funds through February 28, 2026. Everything is trending pretty good. Like I said, no action required by the Board. We're at 91% assessments collected, so doing good there. Mr. LeBrun: The last thing I have is the general election qualifying period. Since this is an election year, 2026, we do have two seats that will be up for election in November. It's Matt's seat and Daniel's seat. So those two are the seats that expire in November 2026. This is on page 95, the last page of your agenda. The qualifying period is noon on Monday, June 8, 2026, through noon on Friday, June 12. So that's the time period when you have to register with the Supervisor of Elections. That's who runs the process. Two ways to do it. One is you pay a $25 qualifying fee and then provide your documents. Or you can go the petition route and get signatures. That one's a little lengthy and requires a little earlier deadline. If you have any questions on that, feel free to reach out to me. But like I said, that's listed there, and then you just have to turn in your documents during that qualifying. Mr. Morgan: We still have one open seat, don’t we? Mr. LeBrun: We do have a vacant seat as well. Mr. Morgan: Obviously, we want you two guys back, but if you know anybody else or any two people that want to be on the Board, please let us know. Mr. LeBrun: You do have an open seat currently that can be filled at this point. Mr. Walton: Do they have to live in Shingle Creek? Mr. LeBrun: In the District. Mr. Morgan: They have to live in the District boundary. Mr. Walton: Okay. I’ve got some neighbors. Mr. LeBrun: Awesome because we can appoint them to that vacant seat right away. TENTH ORDER OF BUSINESS Other Business Mr. LeBrun: Is there any other business or Supervisor requests? ELEVENTH ORDER OF BUSINESS Supervisor’s Requests There being no comments, the next item followed. TWELFTH ORDER OF BUSINESS Adjournment Mr. Morgan: I make a motion to adjourn. On MOTION by Mr. Morgan, seconded by Mr. Walton, with all in favor, the meeting was adjourned. ________________________________ ________________________________ Secretary / Assistant Secretary Chairman / Vice Chairman Verification Report Shingle Creek Community Development District (Osceola County, Florida) $15,960,000 Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) June 3, 2026 Table of Contents Summary Report and Opinion Addressees Transaction Summary Verification of Refunding Requirements and Cash Flow Sufficiency Summarizing Opinion Appendices Appendix I: Schedules Prepared by Terminus Analytics, LLC Appendix II: Schedules Prepared by FMSbonds, Inc. Appendix III: Redemption Provisions from the Limited Offering Memorandum for the Refunded Bonds Addressees Shingle Creek Community Development District (District) Governmental Management Services - Central Florida, LLC Orlando, FL (District Manager) Latham, Luna, Eden & Beaudine, LLP Orlando, FL (District Counsel) Greenberg Traurig, P.A. West Palm Beach, FL (Bond Counsel) FMSbonds, Inc. North Miami Beach, FL (Placement Agent) Seacoast National Bank Sarasota, FL (Bank Lender) Blalock Walters Sarasota, FL (Bank Lender Counsel) Regions Bank Jacksonville, FL (Trustee) Squire Patton Boggs (US) LLP Miami, FL (Trustee’s Counsel) Introduction The Shingle Creek Community Development District (the “District”) is issuing $15,960,000.00 in principal amount of its Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) (the “Series 2026 Bonds”). The Series 2026 Bonds will be issued as one fully registered bond, without coupons, in the principal amount of $15,960,000. The Series 2026 Bonds shall be dated, issued, and delivered on June 3, 2026. The Series 2026 Bonds will be issued, together with other available funds of the District, to (i) currently refund and redeem all of the District’s outstanding Special Assessment Bonds, Series 2015 (the “Series 2015 Bonds”), (ii) make a deposit into the Series 2026 Interest Account, and (iii) pay certain costs associated with the issuance of the Series 2026 Bonds. The Series 2026 Bonds will consist of $15,960,000.00 of a tax-exempt term bond at the price and maturity as shown in the schedule labeled “BOND PRICING” in Appendix II attached hereto. The Series 2026 Bonds shall have a final maturity date of May 1, 2045. The Series 2026 Bonds will bear interest at fixed rate (subject to possible adjustment) payable semi-annually on each May 1 and November 1, commencing November 1, 2026. The Series 2026 Bonds are subject to optional, mandatory sinking fund, and extraordinary mandatory redemption, prior to maturity. The Series 2026 Bonds are subject to redemption prior to maturity at the option of the District in whole or in part, on any date on or after June 3, 2031 at the redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. Bonds Subject to Redemption - Series 2015 Bonds (Refunded Bonds) A portion of the proceeds of the Series 2026 Bonds, together with other available funds of the District, will be used to currently refund and redeem the outstanding principal maturities of the Series 2015 Bonds totaling $17,350,000.00 (herein, the “Refunded Bonds”). The Refunded Bonds at issuance consisted of $21,465,000.00 of tax-exempt term bonds with interest rates, prices and maturities as shown in Appendix III attached hereto. The Refunded Bonds pay interest semiannually on May 1 and November 1 of each year and have a final maturity date of November 1, 2045. The Refunded Bonds are subject to optional, mandatory sinking fund, and extraordinary mandatory redemption. The Refunded Bonds are subject to redemption prior to maturity at the option of the District in whole or in part on any date after November 1, 2025 at the redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. On the date of issuance of the Series 2026 Bonds, a portion of the proceeds of the Series 2026 Bonds, together with other legally available funds of the District, will be irrevocably deposited with Regions Bank, as Trustee (the “Trustee”), in an amount sufficient to pay the principal of and accrued interest on the Refunded Bonds. Such money will be used solely to pay and redeem the Refunded Bonds on June 4, 2026, as more fully described in the schedule labeled “SUMMARY OF REFUNDED BONDS” in Appendix II, attached hereto. We have performed the procedures described in this report that were agreed to by FMSbonds, Inc. (the “Placement Agent”), to verify mathematical accuracy of certain computations contained in schedules attached in Appendix II to this report and provided by the Placement Agent. The Placement Agent is responsible for these schedules. These procedures were performed solely to assist the District in the issuance of the Series 2026 Bonds. This agreed upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Consequently, we make no representation regarding the sufficiency of the procedures described either for the purpose for which this report has been requested or for any other purpose. Verification of Refunding Requirements & Cash Flow Sufficiency The Placement Agent has provided us with the schedules, as shown in Appendix II which summarize the refunding deposit of cash receipts and disbursements. These schedules indicate that there will be sufficient cash available to pay and redeem the Refunded Bonds on June 4, 2026. As part of our engagement to verify the mathematical accuracy of the schedules attached in Appendix II, we prepared schedules (attached hereto as Appendix I) independently calculating future escrow receipts and disbursements and compared the information used in our calculations to the information listed below contained in applicable pages of the following documents as provided to us on behalf of the District: • Limited Offering Memorandum of the Refunded Bonds insofar as the Series 2015 Bonds are described as to maturity, principal amount, interest rates, and optional redemption provisions and price. • Trust Indenture, dated as of June 1, 2026, provided by Bond Counsel evidencing a commitment to utilize a portion of the proceeds of the Series 2026 Bonds, together with all the transferred moneys to be deposited with the Trustee and used to pay and currently refund the Refunded Bonds. • Conditional Notice of Redemption provided by the District to the Trustee evidencing a formal conditional notice to the holders of the Refunded Bonds, that the Refunded Bonds will be optionally redeemed on June 4, 2026 assuming the Series 2026 Bonds are issued on June 3, 2026. Our procedures, as summarized in Appendix I, prove the mathematical accuracy of the schedules provided by the Placement Agent on behalf of the District, summarizing the cash receipts and disbursements. The schedules included in Appendix II and those prepared by us reflect that the cash amount to be deposited with the Trustee will be sufficient to pay the principal of and accrued interest on the Refunded Bonds assuming the Refunded Bonds will be paid and redeemed on June 4, 2026. Summarizing Opinion In our opinion, based on the assumptions and information provided to us by the Placement Agent, the computations in the schedules in Appendix II prepared and provided to us are arithmetically accurate. The computations in the schedules in Appendix I prepared by us indicate the following: • The initial deposit of cash totaling $17,434,027.17 will be sufficient to pay and redeem the principal of and accrued interest due on the Refunded Bonds payable at redemption on June 4, 2026. This report is intended solely for the use of the addressees hereto, and it should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record, and its distribution is not limited. The terms of our engagement are such that we have no obligation to update this report or to verify any revised computations because of events and transactions occurring subsequent to the date of this report. Terminus Analytics, LLC 3330 Cumberland Blvd, Suite 660 Atlanta, GA 30339 Appendix I Schedules Prepared by Terminus Analytics, LLC Appendix II Schedules Prepared by FMSbonds, Inc. Appendix III Redemption Provisions from the Limited Offering Memorandum for the Refunded Bonds TRUST INDENTURE ______________________ between SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT and REGIONS BANK, As Trustee ______________________________ Dated as of June 1, 2026 ______________________________ relating to $15,960,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2026 (ORIGINAL ASSESSMENT AREA) TABLE OF CONTENTS PAGE ARTICLE I DEFINITIONS ........................................................................................................ 2 ARTICLE II THE BONDS ........................................................................................................ 12 SECTION 2.01. AMOUNTS AND TERMS OF BONDS; DETAILS OF BONDS ....... 12 SECTION 2.02. EXECUTION ........................................................................................ 13 SECTION 2.03. AUTHENTICATION; AUTHENTICATING AGENT ....................... 13 SECTION 2.04. REGISTRATION AND REGISTRAR ................................................. 13 SECTION 2.05. MUTILATED, DESTROYED, LOST OR STOLEN BONDS ............ 14 SECTION 2.06. CANCELLATION AND DESTRUCTION OF SURRENDERED BONDS ................................................................................................ 14 SECTION 2.07. REGISTRATION, TRANSFER AND EXCHANGE .......................... 15 SECTION 2.08. PERSONS DEEMED OWNERS .......................................................... 15 SECTION 2.09. LIMITATION ON INCURRENCE OF CERTAIN INDEBTEDNESS16 SECTION 2.10. ADJUSTMENTS TO INTEREST RATE ............................................. 16 ARTICLE III ISSUE OF BONDS ............................................................................................. 16 SECTION 3.01. ISSUE OF BONDS ............................................................................... 16 SECTION 3.02. DISPOSITION OF PROCEEDS AND OTHER FUNDS .................... 18 ARTICLE IV SERIES 2026 SPECIAL ASSESSMENTS; APPLICATION THEREOF TO FUNDS AND ACCOUNTS ........................................................................................................ 19 SECTION 4.01. SERIES 2026 SPECIAL ASSESSMENTS; LIEN OF INDENTURE ON PLEDGED REVENUES ............................................................... 19 SECTION 4.02. FUNDS AND ACCOUNTS RELATING TO THE BONDS ............... 20 SECTION 4.03. REVENUE FUND ................................................................................ 20 SECTION 4.04. DEBT SERVICE FUND ....................................................................... 21 SECTION 4.05. [RESERVED] ....................................................................................... 21 SECTION 4.06. BOND REDEMPTION FUND ............................................................. 21 SECTION 4.07. PROCEDURE WHEN FUNDS ARE SUFFICIENT TO PAY ALL BONDS ................................................................................................ 22 SECTION 4.08. UNCLAIMED MONEYS ..................................................................... 22 SECTION 4.09. DEPOSITS INTO AND APPLICATION OF MONEYS IN THE REBATE FUND. .................................................................................. 23 SECTION 4.10. DEPOSITS INTO AND APPLICATION OF MONEYS IN THE COSTS OF ISSUANCE FUND ........................................................... 23 ARTICLE V SECURITY FOR AND INVESTMENT OR DEPOSIT OF FUNDS ............. 24 SECTION 5.01. DEPOSITS AND SECURITY THEREFOR ........................................ 24 SECTION 5.02. INVESTMENT OR DEPOSIT OF FUNDS ......................................... 24 SECTION 5.03. VALUATION OF FUNDS ................................................................... 25 ARTICLE VI REDEMPTION OF BONDS ............................................................................. 25 SECTION 6.01. REDEMPTION DATES AND PRICES ............................................... 25 SECTION 6.02. NOTICE OF REDEMPTION ............................................................... 27 SECTION 6.03. PAYMENT OF REDEMPTION PRICE .............................................. 27 ARTICLE VII COVENANTS OF THE ISSUER .................................................................... 28 SECTION 7.01. POWER TO ISSUE BONDS AND CREATE LIEN ........................... 28 SECTION 7.02. PAYMENT OF PRINCIPAL AND INTEREST ON BONDS ............. 28 SECTION 7.03. SERIES 2026 SPECIAL ASSESSMENTS; RE-ASSESSMENTS. ..... 29 SECTION 7.04. METHOD OF COLLECTION ............................................................. 29 SECTION 7.05. DELINQUENT SERIES 2026 SPECIAL ASSESSMENTS ................ 29 SECTION 7.06. SALE OF TAX CERTIFICATES AND ISSUANCE OF TAX DEEDS; FORECLOSURE OF SPECIAL ASSESSMENT LIENS ................... 30 SECTION 7.07. BOOKS AND RECORDS WITH RESPECT TO SERIES 2026 SPECIAL ASSESSMENTS ................................................................. 30 SECTION 7.08. REMOVAL OF SERIES 2026 SPECIAL ASSESSMENT LIENS; PREPAYMENTS ................................................................................. 31 SECTION 7.09. DEPOSIT OF SERIES 2026 SPECIAL ASSESSMENTS ................... 31 SECTION 7.10. CONSTRUCTION TO BE ON ISSUER LANDS WITHIN THE SOUTH PARCEL ASSESSMENT AREA .......................................... 31 SECTION 7.11. MAINTENANCE OF THE SOUTH PARCEL PROJECT .................. 31 SECTION 7.12. OBSERVANCE OF AND COMPLIANCE WITH VALID REQUIREMENTS ............................................................................... 32 SECTION 7.13. PAYMENT OF OPERATING OR MAINTENANCE COSTS BY STATE OR OTHERS .......................................................................... 32 SECTION 7.14. PUBLIC LIABILITY AND PROPERTY DAMAGE INSURANCE; MAINTENANCE OF INSURANCE; USE OF INSURANCE AND CONDEMNATION PROCEEDS. ....................................................... 32 SECTION 7.15. COLLECTION OF INSURANCE PROCEEDS .................................. 34 SECTION 7.16. USE OF REVENUES FOR AUTHORIZED PURPOSES ONLY ....... 34 SECTION 7.17. BOOKS AND RECORDS; ANNUAL FINANCIAL STATEMENTS 34 SECTION 7.18. RESERVED .......................................................................................... 35 SECTION 7.19. EMPLOYMENT OF CERTIFIED PUBLIC ACCOUNTANT ............ 35 SECTION 7.20. ESTABLISHMENT OF FISCAL YEAR, ANNUAL BUDGET ......... 35 SECTION 7.21. EMPLOYMENT OF CONSULTING ENGINEER; CONSULTING ENGINEER’S REPORT. ..................................................................... 35 SECTION 7.22. AUDIT AND OTHER REPORTS ........................................................ 36 SECTION 7.23. INFORMATION TO BE FILED WITH LENDER .............................. 36 SECTION 7.24. COVENANT AGAINST SALE OR ENCUMBRANCE; EXCEPTIONS ...................................................................................... 36 SECTION 7.25. NO LOSS OF LIEN ON PLEDGED REVENUES .............................. 37 SECTION 7.26. COMPLIANCE WITH OTHER CONTRACTS AND AGREEMENTS .............................................................................................................. 37 SECTION 7.27. ISSUANCE OF ADDITIONAL OBLIGATIONS ............................... 37 SECTION 7.28. EXTENSION OF TIME FOR PAYMENT OF INTEREST PROHIBITED ...................................................................................... 37 SECTION 7.29. FURTHER ASSURANCES ................................................................. 37 SECTION 7.30. USE OF BOND PROCEEDS TO COMPLY WITH INTERNAL REVENUE CODE ............................................................................... 37 SECTION 7.31. CORPORATE EXISTENCE AND MAINTENANCE OF PROPERTIES ...................................................................................... 38 SECTION 7.32. NEW SERIES 2026 SPECIAL ASSESSMENT PROCEEDINGS ...... 38 SECTION 7.33. TAX AUDITS AND DETERMINATION OF TAXABILITY ............ 38 SECTION 7.34. ROLE OF LENDER ............................................................................. 39 ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES ................................................ 39 SECTION 8.01. EVENTS OF DEFAULT AND REMEDIES ....................................... 39 SECTION 8.02. EVENTS OF DEFAULT DEFINED .................................................... 39 SECTION 8.03. NOTICE OF DEFAULTS .................................................................... 40 SECTION 8.04. NO ACCELERATION ......................................................................... 41 SECTION 8.05. LEGAL PROCEEDINGS BY TRUSTEE; CO-EQUAL LIEN STATUS .............................................................................................................. 41 SECTION 8.06. DISCONTINUANCE OF PROCEEDINGS BY TRUSTEE ................ 41 SECTION 8.07. BONDHOLDERS MAY DIRECT PROCEEDINGS ........................... 41 SECTION 8.08. LIMITATIONS ON ACTIONS BY BONDHOLDERS ...................... 41 SECTION 8.09. TRUSTEE MAY ENFORCE RIGHTS WITHOUT POSSESSION OF BONDS ................................................................................................ 42 SECTION 8.10. REMEDIES NOT EXCLUSIVE .......................................................... 42 SECTION 8.11. DELAYS AND OMISSIONS NOT TO IMPAIR RIGHTS ................. 42 SECTION 8.12. APPLICATION OF MONEYS IN EVENT OF DEFAULT ................ 42 SECTION 8.13. TRUSTEE’S RIGHT TO RECEIVER; COMPLIANCE WITH ACT . 43 SECTION 8.14. TRUSTEE AND BONDHOLDERS ENTITLED TO ALL REMEDIES UNDER ACT ....................................................................................... 43 ARTICLE IX THE TRUSTEE; THE PAYING AGENT AND REGISTRAR..................... 43 SECTION 9.01. ACCEPTANCE OF TRUST ................................................................. 43 SECTION 9.02. NO RESPONSIBILITY FOR RECITALS ........................................... 44 SECTION 9.03. TRUSTEE MAY ACT THROUGH AGENTS; ANSWERABLE ONLY FOR WILLFUL MISCONDUCT OR NEGLIGENCE ....................... 44 SECTION 9.04. COMPENSATION AND INDEMNITY .............................................. 44 SECTION 9.05. NO DUTY TO RENEW INSURANCE ............................................... 44 SECTION 9.06. NOTICE OF DEFAULT; RIGHT TO INVESTIGATE ....................... 44 SECTION 9.07. OBLIGATION TO ACT ON DEFAULTS .......................................... 45 SECTION 9.08. RELIANCE BY TRUSTEE .................................................................. 45 SECTION 9.09. TRUSTEE MAY DEAL IN BONDS ................................................... 45 SECTION 9.10. CONSTRUCTION OF AMBIGUOUS PROVISIONS ........................ 45 SECTION 9.11. RESIGNATION OF TRUSTEE ........................................................... 45 SECTION 9.12. REMOVAL OF TRUSTEE .................................................................. 46 SECTION 9.13. APPOINTMENT OF SUCCESSOR TRUSTEE .................................. 46 SECTION 9.14. QUALIFICATION OF SUCCESSOR .................................................. 46 SECTION 9.15. INSTRUMENTS OF SUCCESSION ................................................... 46 SECTION 9.16. MERGER OF TRUSTEE ..................................................................... 47 SECTION 9.17. EXTENSION OF RIGHTS AND DUTIES OF TRUSTEE TO PAYING AGENT AND REGISTRAR ................................................................ 47 SECTION 9.18. RESIGNATION OF PAYING AGENT OR REGISTRAR ................. 47 SECTION 9.19. REMOVAL OF PAYING AGENT OR REGISTRAR ........................ 47 SECTION 9.20. APPOINTMENT OF SUCCESSOR PAYING AGENT OR REGISTRAR ........................................................................................ 48 SECTION 9.21. QUALIFICATIONS OF SUCCESSOR PAYING AGENT OR REGISTRAR ........................................................................................ 48 SECTION 9.22. JUDICIAL APPOINTMENT OF SUCCESSOR PAYING AGENT OR REGISTRAR ........................................................................................ 48 SECTION 9.23. ACCEPTANCE OF DUTIES BY SUCCESSOR PAYING AGENT OR REGISTRAR ........................................................................................ 48 SECTION 9.24. SUCCESSOR BY MERGER OR CONSOLIDATION ....................... 48 ARTICLE X ACTS OF BONDHOLDERS; EVIDENCE OF OWNERSHIP OF BONDS . 49 SECTION 10.01. ACTS OF BONDHOLDERS; EVIDENCE OF OWNERSHIP OF BONDS ................................................................................................ 49 ARTICLE XI AMENDMENTS AND SUPPLEMENTS ........................................................ 49 SECTION 11.01. AMENDMENTS AND SUPPLEMENTS WITHOUT BONDHOLDERS’ CONSENT ........................................................... 49 SECTION 11.02. AMENDMENTS WITH BONDHOLDERS’ CONSENT.................... 50 SECTION 11.03. TRUSTEE AUTHORIZED TO JOIN IN AMENDMENTS AND SUPPLEMENTS; RELIANCE ON COUNSEL .................................. 50 ARTICLE XII DEFEASANCE ................................................................................................. 50 SECTION 12.01. DEFEASANCE ..................................................................................... 50 SECTION 12.02. DEPOSIT OF FUNDS FOR PAYMENT OF BONDS ........................ 50 ARTICLE XIII MISCELLANEOUS PROVISIONS .............................................................. 51 SECTION 13.01. LIMITATIONS ON RECOURSE ........................................................ 51 SECTION 13.02. PAYMENT DATES ............................................................................. 52 SECTION 13.03. NO RIGHTS CONFERRED ON OTHERS ......................................... 52 SECTION 13.04. ILLEGAL PROVISIONS DISREGARDED ........................................ 52 SECTION 13.05. SUBSTITUTE NOTICE ....................................................................... 52 SECTION 13.06. NOTICES .............................................................................................. 52 SECTION 13.07. BROKERAGE CONFIRMATIONS .................................................... 53 SECTION 13.08. WAIVER OF JURY TRIAL ................................................................. 53 SECTION 13.09. BANKING RELATIONSHIP ............................................................... 54 SECTION 13.10. PATRIOT ACT REQUIREMENTS OF TRUSTEE ............................ 54 SECTION 13.11. CONTROLLING LAW; VENUE ........................................................ 54 SECTION 13.12. SUCCESSORS AND ASSIGNS .......................................................... 54 SECTION 13.13. HEADINGS FOR CONVENIENCE ONLY ........................................ 54 SECTION 13.14. COUNTERPARTS ............................................................................... 54 SECTION 13.15. RECITALS, APPENDICES AND EXHIBITS .................................... 55 EXHIBIT A - LEGAL DESCRIPTION OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT EXHIBIT B - FORM OF BOND EXHIBIT C - FORM OF REQUISITION EXHIBIT D - FORM OF LENDER LETTER THIS TRUST INDENTURE, dated as of June 1, 2026 (the “Indenture”), by and between SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT (together with its permitted successors and assigns, the “Issuer”), a local unit of special-purpose government organized and existing under the laws of the State of Florida, and REGIONS BANK, a banking corporation organized and existing under the laws of the State of Alabama and authorized to transact business in the State of Florida and having a designated corporate trust office in Jacksonville, Florida (said banking corporation and any other bank or trust company becoming successor trustee under this Indenture being hereinafter referred to as the “Trustee”); W I T N E S S E T H: WHEREAS, the Issuer is a local unit of special purpose government 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 created by Ordinance No. 05-15 of the Board of County Commissioners of Osceola County, Florida (the “County”), enacted on May 23, 2005 and effective on May 27, 2005 (the “Original Ordinance”), for the purpose, among other things, of financing and managing the acquisition and construction, maintenance, and operation of the major infrastructure within and without the boundaries of the premises to be governed by the Issuer; and WHEREAS, the Original Ordinance was amended and supplemented by Ordinance Nos. 2014-57, 2014-129, 2015-46 and 2018-75 contracting and expanding the boundaries of the District. WHEREAS, the premises governed by the Issuer (as further described in Exhibit A hereto, the “District Lands” or “District”) consist of approximately 514.90 gross acres of land located entirely within the unincorporated area of the County; and WHEREAS, the District Lands are divided into two (2) assessment areas, namely the “Original Assessment Area” and the “2019 Assessment Area”; and WHEREAS, the Issuer has previously determined to undertake, in one or more stages, the financing of certain public infrastructure including, but not limited to, surface water management and control systems, water and wastewater facilities and roadway improvements for the benefit of the residents and landowners within the Original Assessment Area within the District; and WHEREAS, pursuant to Resolution No. 2005-17, adopted by the Issuer on June 15, 2005, as supplemented, and that certain Master Trust Indenture dated as of May 1, 2015 and that certain First Supplemental Trust Indenture dated as of May 1, 2015 (collectively, the “Prior 2015 Indenture”) both by and between the Issuer and Regions Bank (herein, the “Prior Trustee”), the Issuer did, on May 28, 2015, issue its $21,465,000 aggregate principal amount of Special Assessment Bonds, Series 2015 (the “Series 2015 Bonds”) to finance the acquisition and construction of certain public infrastructure (the “2015 Project”); and WHEREAS, pursuant to Resolution No. 2026-05 adopted by the Issuer on June 1, 2026 (the “Bond Resolution”), the Issuer has determined it to be in the best interest of the residents of the Original Assessment Area within the District to defease and refund (on a current basis) all of the outstanding Series 2015 Bonds by the issuance of its Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) to be issued in the principal amount of $15,960,000 (the “Bonds”) pursuant to the terms and provisions of this Indenture; and WHEREAS, the Series 2015 Bonds to be defeased and refunded are herein referred to as the “Refunded Bonds” by the issuance of the Bonds in the manner described herein (herein, the “Refunding”); and WHEREAS, based on the foregoing, and the Proposal (as defined below), the Board (as herein defined) has determined that it would be in the best interest of the residents and landowners within the Original Assessment Area within the District that are subject to the Series 2015 Special Assessments (as herein defined) to enter into this Indenture and commit to issue the Bonds on or before June 3, 2026; and WHEREAS, Seacoast National Bank, a banking corporation organized under the laws of the State of Florida (together with its successors and assigns, the “Lender”), has submitted to the Board a proposal dated March 25, 2026 (the “Proposal”) whereby the Lender has agreed to purchase the Bonds pursuant to the terms and provisions of the Bond Resolution, the Proposal, the Bond Placement Agreement (as herein defined), and this Indenture. NOW, THEREFORE, THIS INDENTURE WITNESSETH, that to provide for the issuance of Bonds under this Indenture, as may be supplemented from time to time by one or more Supplemental Indentures, the security and payment of the principal, Redemption Price thereof and interest thereon, the rights of the Owners of the Bonds and the performance and observance of all of the covenants contained herein, in said Bonds for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Bonds by the Owners thereof, from time to time, and of the acceptance by the Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer hereby assigns, transfers, sets over and pledges to the Trustee and grants a lien on all of the right, title and interest of the Issuer in and to the Pledged Revenues (hereinafter defined) as security for the payment of the principal, redemption or purchase price of (as the case may be) and interest on Bonds issued hereunder and all other amounts owing hereunder, all in the manner hereinafter provided, and the Issuer further hereby agrees with and covenants unto the Trustee as follows: ARTICLE I DEFINITIONS In this Indenture (except as otherwise expressly provided or unless the context otherwise requires) terms defined in the recitals hereto shall have the same meanings throughout this Indenture, and in addition, the following terms shall have the meanings specified below: “Account” shall mean any account established pursuant to this Indenture. “Act” shall mean the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended from time to time, and any successor statute thereto. “Adjustment Event” shall mean the establishment of a Determination of Taxability, or an Event of Default described under Section 8.02 hereof or a Loss of Bank Qualified Status. “Annual Budget” shall mean the Issuer’s budget for a Fiscal Year, adopted pursuant to the provisions of the Act and Section 7.20 of this Indenture, as the same may be amended from time to time. “Arbitrage Certificate” shall mean the certificate of the Issuer delivered at the time of issuance of the Bonds setting forth the expectations of the Issuer with respect to the use of the proceeds of the Bonds and also containing certain covenants of the Issuer in order to achieve compliance with the Code relating to the tax-status of the Bonds. “Assessment Resolutions” shall mean Resolution No. 2015-08, Resolution No. 2015-09, and Resolution No. 2015-14 and Resolution No. 2026-05, adopted by the Issuer on April 6, 2015, April 6, 2015 and May 20, 2015 and June 1, 2026, respectively, which represents the proceedings of the Issuer to levy and collect the Series 2015 Special Assessments, which, upon issuance of the Bonds the Series 2015 Special Assessments will be recast as the Series 2026 Special Assessments and will be the primary security for the repayment of the Bonds. “Authenticating Agent,” shall mean the agent so described in, and appointed pursuant to, Section 2.03 hereof. “Authorized Denomination” shall mean, with respect to the Bonds, the principal amount of Bonds Outstanding. “Authorized Newspaper” shall mean a newspaper printed in English and customarily published at least once a day at least five (5) days a week and generally circulated in New York, New York, or such other cities as the Issuer from time to time may determine by written notice provided to the Trustee. When successive publications in an Authorized Newspaper are required, they may be made in the same or different Authorized Newspapers. “Board” shall mean the Board of Supervisors of the Shingle Creek Community Development District acting as the governing body of the Issuer. “Bond Counsel” shall mean Counsel of nationally recognized standing in matters pertaining to the exclusion from gross income for federal income tax purposes of interest on obligations issued by states and their political subdivisions. “Bond Placement Agreement” shall mean that certain Bond Placement Agreement dated June 3, 2026, between the Issuer and the Lender, entered into in connection with the sale and purchase of the Bonds. “Bond Redemption Fund” shall mean the Fund so designated which is established pursuant to Section 4.06 hereof. “Bond Register” shall have the meaning specified in Section 2.04 of this Indenture. “Bond Resolution” shall mean Resolution No. 2026-05 adopted by the Board on June 1, 2026. “Bondholder,” “Holder of Bonds,” “Holder,” “Bondowner” or “Owner” or any similar term shall mean any Person or Persons who shall be the registered owner of any Outstanding Bond or Bonds, as evidenced on the Bond Register of the Issuer kept by the Registrar. “Bonds” shall mean the Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) issued in one series and one physical certificate in the principal amount of $15,960,000 and delivered pursuant to the provisions of this Indenture and the Bond Placement Agreement and, as applicable, bonds subsequently issued to refund all or a portion of such Bonds. “Business Day” shall mean any day other than a Saturday or Sunday or legal holiday or a day on which the principal office of the Issuer, the Lender, the Trustee, the Registrar or any Paying Agent is closed. “Certified Public Accountant” shall mean a Person, who shall be Independent, appointed by the Board, actively engaged in the business of public accounting and duly certified as a certified public accountant under the laws of the State. “Certified Resolution” or “Certified Resolution of the Issuer” shall mean a copy of one or more resolutions certified by the Secretary or an Assistant Secretary of the Issuer, under its seal, to have been duly adopted by the Board and to be in full force and effect as of the date of such certification. “Code” shall mean the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. “Consultant” shall mean a Person, who shall be Independent, appointed by the Board, qualified to pass upon questions relating to local governmental entities and having a favorable reputation for skill and experience in the financial affairs of local governmental entities. “Consulting Engineer” shall mean the Independent engineer or engineering firm or corporation at the time employed by the Issuer under the provisions of Section 7.21 of this Indenture to perform and carry out duties imposed on the Consulting Engineer by this Indenture. The Independent engineer or engineering firm or corporation at the time serving as the engineer to the Issuer may serve as Consulting Engineer under this Indenture. “Costs of Issuance Fund” shall mean the Fund so designated which is established pursuant to Section 4.10 hereof. “Counsel” shall mean an attorney-at-law or law firm (who may be counsel for the Issuer) not unsatisfactory to the Issuer, the Lender or Trustee, as applicable. “County” shall mean Osceola County, Florida. “Debt Service Fund” shall mean the Fund so designated which is established pursuant to Section 4.04 hereof. “Debt Service Requirements,” with reference to a specified period, shall mean: (a) interest payable on the Bonds during such period; and (b) amounts required to be paid into any mandatory sinking fund account with respect to the Bonds during such period; and (c) amounts required to pay the principal of the Bonds maturing during such period and not to be redeemed prior to or at maturity through any sinking fund account. “Default Rate” shall mean the lesser of (a) the sum of three percent (3%) plus the otherwise applicable Interest Rate, or (b) the maximum rate permitted by law. In the event the Issuer cures any Event of Default under Section 8.02 hereof, the interest rate on the Bonds shall return to the Initial Interest Rate or the Taxable Rate, as applicable. “Defeasance Securities” shall mean, to the extent permitted by law, (a) cash, (b) noncallable Government Obligations or (c) to the extent acceptable, at the time of defeasance, to the Lender and Bond Counsel, any other Investment Securities. “Determination of Taxability” shall mean and shall be deemed to have occurred on the first to occur of the following: (i) on the date when the Issuer files any statement, supplemental statement or other tax schedule, return or document which discloses that an Event of Taxability shall have in fact occurred; (ii) on the date when the Owner or any former Owner notifies the Issuer that such Owner or former Owner has received a written opinion by Bond Counsel to the effect that an Event of Taxability shall have occurred, unless, within one hundred twenty (120) days after receipt by the Issuer of such notification from the Owner or any former Owner, the Issuer shall deliver to the Owner or any former Owner a ruling or determination letter issued to or on behalf of the Issuer by the Commissioner of the IRS or the Director of Tax- Exempt Bonds of the Tax-Exempt and Government Entities Division of the IRS (or any other government official exercising the same or a substantially similar function from time to time) to the effect that, after taking into consideration such facts as form the basis for the opinion that an Event of Taxability has occurred, an Event of Taxability shall not have occurred; (iii) on the date when the Issuer shall be advised in writing by the Commissioner of the IRS or the Director of Tax-Exempt Bonds of the Tax-Exempt and Government Entities Division of the IRS (or any other government official exercising the same or a substantially similar function from time to time, including an employee subordinate to one of these officers who has been authorized to provide such advice) that, based upon filings of the Issuer with the IRS, or upon any review or audit of the Issuer or upon any other ground whatsoever, an Event of Taxability shall have occurred; (iv) on the date when the Issuer shall receive notice from the Owner or any former Owner that the IRS (or any other government official or agency exercising the same or a substantially similar function from time to time) has assessed as includable in the gross income of such Owner or such former Owner the interest on the Bonds due to the occurrence of an Event of Taxability; or (v) on the date when a final decree or judgment of any Federal court or a final action of the IRS is issued determining that interest paid or payable on any Bond is or was includable in the gross income of an Owner for Federal income tax purposes; provided, no Determination of Taxability shall be deemed to occur under subparagraphs (iii), (iv) or (v) hereunder unless the Issuer has been given written notice of such occurrence and, to the extent permitted by law, an opportunity to participate in and seek, at the Issuer’s own expense, a final administrative determination by the IRS or determination by a court of competent jurisdiction (from which no further right of appeal exists) as to the occurrence of such Determination of Taxability. “Determination of Taxability Period” shall mean the period of time between (a) the Taxable Date and (b) the effective date of the Determination of Taxability. “District Lands” or “District” shall mean the premises governed by the Issuer, consisting of approximately 579 acres of land located entirely within the unincorporated area of the County of which the Original Assessment Area is a part thereof and represents approximately 514.90 acres containing 1172 residential units. “District Manager” shall mean the then District Manager or acting District Manager of the Issuer. “Electronic Means” shall mean telecopy, facsimile transmission, email transmission or other similar electronic means of communicating providing evidence of transmission can be established. “Event of Default” shall mean any of the events described in Section 8.02 hereof. “Event of Taxability” shall mean a (i) change in law or fact or the interpretation thereof, or the occurrence or existence of any fact, event or circumstance (including, without limitation, the taking of any action by the Issuer, or the failure to take any action by the Issuer, or the making by the Issuer of any misrepresentation herein or in any certificate required to be given in connection with the issuance, sale or delivery of the Bonds) which has the effect of causing interest paid or payable on the Bonds to become includable, in whole or in part, in the gross income of the Owner or any former Owner for federal income tax purposes, or (ii) the entry of any decree or judgment by a court of competent jurisdiction, or the taking of any official action by the IRS or the Department of the Treasury, which decree, judgment or action shall be final and nonappealable under applicable procedural law, in either case, which has the effect of causing interest paid or payable on the Bonds to become includable, in whole or in part, in the gross income of such Owner or such former Owner for federal income tax purposes with respect to the Bonds. Without limiting any of the foregoing, an Event of Taxability shall include the entry of any decree or judgment by a court of competent jurisdiction, or any official action by the IRS or the Department of the Treasury, which decree, judgment or action shall be final and nonappealable under applicable procedural law, and which holds or provides that a community development district or other entity substantially similar to the Issuer is not a political subdivision for the purposes of Section 103(a) of the Code. “Financial Covenant Reporting Failure” shall mean the failure by the Issuer to comply with the filing requirements set forth in Sections 7.17 and 7.22 hereof within three (3) Business Days of such required filing date. “Fiscal Year” shall mean the period of twelve (12) months beginning October 1 of each calendar year and ending on September 30 of the following calendar year, and also shall mean the period from actual execution hereof to and including the next succeeding September 30; or such other consecutive twelve-month period as may hereafter be established pursuant to a Certified Resolution as the fiscal year of the Issuer for budgeting and accounting purposes as authorized by law. “Fund” shall mean any fund established pursuant to this Indenture. “Generally Accepted Accounting Principles” shall mean those accounting principles applicable in the preparation of financial statements of local governments similar to the Issuer. “Government Obligations” shall mean direct obligations of, or obligations the timely payment of principal of and interest on which are unconditionally guaranteed by, the United States of America. “Indenture” shall mean, this Trust Indenture dated as of June 1, 2026 by and between the Issuer and the Trustee, as may be amended and or supplemented in accordance with the provisions of Article XI hereof. “Independent” shall mean a Person who is not a member of the Issuer’s Board, an officer or employee of the Issuer, or which is not a partnership, corporation or association having a partner, director, officer, member or substantial stockholder who is a member of the Issuer’s Board, or an officer or employee of the Issuer; provided, however, that the fact that such Person is retained regularly by or regularly transacts business with the Issuer shall not make such Person an employee within the meaning of this definition. “Initial Interest Rate” shall mean 4.25% per annum which shall be the interest rate borne by the Bonds, absent an Adjustment Event. “Interest Account” shall mean the Account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.04 hereof. “Interest Payment Date” shall mean each May 1 and November 1 commencing November 1, 2026. “Interest Rate” means the Initial Interest Rate or the Taxable Rate, as applicable, subject to adjustment upon an Event of Default. “Investment Securities” shall mean and include any of the following securities, if and to the extent that such securities are legal investments for funds of the Issuer: (a) Government Obligations that have a maturity of not more than three hundred and sixty-five (365) days from the date of acquisition; (b) both (A) shares of a diversified open-end management investment company (as defined in the Investment Company Act of 1940) or a regulated investment company (as defined in Section 851(a) of the Code) that is a money market fund that is rated in the highest rating category for such funds by both Moody’s and S&P at the time of purchase (Aaa-mf and AAAm, respectively), and (B) shares of money market mutual funds that invest only in Government Obligations and repurchase agreements secured by such obligations, which funds are rated in the highest categories for such funds by both Moody’s and S&P at the time of purchase (Aaa-mf and AAAm, respectively); (c) the Local Government Surplus Funds Trust Fund as described in Florida Statutes, Section 218.405 or the corresponding provisions of subsequent laws provided that such fund at the time of purchase, is rated at least “AAAm” by S&P or at least “Aaa-mf” by Moody’s (without regard to gradation); (d) certificates of deposit, time deposits, money market deposits, or demand deposits, whether negotiable or nonnegotiable, issued by any bank or trust company organized under the laws of the United States or any state, provided that such certificates of deposit, time deposits or demand deposit shall be either (1) continuously and fully insured by the Federal Deposit Insurance Corporation, or (2) continuously and fully collateralized by such securities as are described above in clauses (a) through (d), inclusive, which shall have a market value at all times at least equal to the principal amount of such certificates of deposit, time deposits, money market deposits, or demand deposits; and (e) any other investment permitted under Florida law and approved in writing by the Lender and, if the Lender is no longer the Owner of all of the Bonds, approved by the Owners of a majority in aggregate principal amount of the Bonds secured thereby. Under all circumstances, the Trustee shall be entitled to conclusively rely as to any investment directed by the Issuer that such investment is permitted under this Indenture and is a legal investments for funds of the Issuer. “IRS” shall mean the Internal Revenue Service. “Issuer” shall mean Shingle Creek Community Development District together with its successors and assigns. “Late Fee” shall mean a fee that may be charged by the Lender, in its sole discretion, in an amount equal to 5.00% of any amount due and payable on the Bonds which has not been paid within ten (10) days after the payment is due. “Moody’s” shall mean Moody’s Investors Service, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency designated by the Issuer. “Officers’ Certificate” or “Officer’s Certificate” shall mean a certificate, duly executed by a Responsible Officer and delivered to the Trustee. “Original Assessment Area” shall mean a portion of the District Lands comprising approximately 514.90 acres and 1172 residential units which units will be subject to the Series 2026 Special Assessments. “Outstanding,” in connection with the Bonds, shall mean, as of the time in question, all Bonds authenticated and delivered under this Indenture, except: (a) all Bonds theretofore cancelled or required to be cancelled under Section 2.06 hereof; (b) Bonds, the payment, redemption or purchase of which moneys and/or Defeasance Securities, the principal of and interest on which, when due, will provide sufficient moneys to fully pay such Bonds in accordance with Article XII hereof, shall have been or shall concurrently be deposited with the Trustee; provided that, if such Bonds are being redeemed, the required notice of redemption shall have been given or provision shall have been made therefor, and that if such Bonds are being purchased, there shall be a firm commitment for the purchase and sale thereof; and (c) Bonds in substitution for which other Bonds have been authenticated and delivered pursuant to Article II hereof. In determining whether the Holders of a requisite aggregate principal amount of Bonds Outstanding have concurred in any request, demand, authorization, direction, notice, consent or waiver under the provisions of this Indenture, Bonds which are known by the Trustee to be held on behalf of the Issuer shall be disregarded for the purpose of any such determination, provided, however, this provision does not affect the right of the Trustee to deal in Bonds subject to the terms and provisions of Section 9.09 hereof. “Paying Agent” shall mean initially, Regions Bank and thereafter any successor thereto appointed in accordance with Section 9.20 of this Indenture. “Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, governmental body, political subdivision, municipality, municipal authority or any other group or organization of individuals. “Pledged Revenues” shall mean, with respect to the Bonds, (a) all revenues payable to or received by the Issuer from the Series 2026 Special Assessments, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 Special Assessments, and (b) all moneys on deposit in the Funds and Accounts established under this Indenture; provided, however, that Pledged Revenues shall not include any moneys transferred to the Rebate Fund or Costs of Issuance Fund in accordance with the provisions hereof, or investment earnings thereon (it being expressly understood that the lien and pledge of this Indenture shall not apply to any of the moneys described in the foregoing proviso of this definition). “Prepayment” shall mean the payment by any owner of property within the South Parcel Assessment Area of the amount of Series 2026 Special Assessments encumbering its property, in whole or in part, prior to its scheduled due date. “Property Appraiser” shall mean the property appraiser of the County. “Property Appraiser and Tax Collector Agreement” shall mean the Property Appraiser and Tax Collector Agreement described in Section 7.04 hereof. “Rebate Fund” shall mean the Fund so designated, which is established pursuant to Section 4.09. Moneys deposited in the Rebate Fund in accordance with the provisions hereof are not subject to the lien of this Indenture. “Record Date” shall mean, as the case may be, the applicable Regular Record Date or Special Record Date. “Redemption Price” shall mean the principal amount of any Bond payable upon redemption thereof pursuant to this Indenture. “Registrar” shall mean initially Regions Bank, which entity shall have the responsibilities set forth in Section 2.04 of this Indenture, and thereafter any successor thereto appointed in accordance with Section 9.20 of this Indenture. “Regular Record Date” shall mean the fifteenth day (whether or not a Business Day) of the calendar month next preceding each Interest Payment Date. “Regulatory Body” shall mean and include (a) the United States of America and any department of or corporation, agency or instrumentality heretofore or hereafter created, designated or established by the United States of America, (b) the State, any political subdivision thereof and any department of or corporation, agency or instrumentality heretofore or hereafter created, designated or established by the State, (c) the County and any department of or corporation, agency or instrumentality heretofore or hereafter created, designated or established by the County and (d) any other public body, whether federal, state or local or otherwise having regulatory jurisdiction and authority over the Issuer. “Responsible Officer” shall mean any member of the Board or any other officer of the Issuer or other person designated by Certified Resolution of the Issuer, a copy of which shall be on file with the Trustee, to act for any of the foregoing, either generally or with respect to the execution of any particular document or other specific matter. “Revenue Fund” shall mean the Fund so designated which is established pursuant to Section 4.03 hereof. “S&P” shall mean S&P Global Ratings, a division of S&P Global Inc., a corporation organized and existing under the laws of the State of New York, its successors and assigns, and, if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized securities rating agency designated by the Issuer. “South Parcel Project” shall mean the public infrastructure financed with a portion of the net proceeds of the Series 2015 Bonds. “Series 2015 Special Assessments” shall mean the Series 2015 Special Assessments levied pursuant to the Assessment Resolutions on the residential units in the Original Assessment Area and which secure the Series 2015 Bonds and upon issuance of the Bonds shall be recast as the Series 2026 Special Assessments. “Series 2026 Special Assessments” shall mean the net proceeds derived from the levy and collection of “Special Assessments,” as provided for in Sections 190.011(14) and 190.022 of the Act (except for any such Special Assessments levied and collected for operation or maintenance purposes), against the lands located within the Original Assessment within the District that are subject to assessment imposed by the Issuer as a result of the acquisition and construction of the 2015 Project or any portion thereof and use thereof by the landowners within the District, as provided for in Section 190.021(2) of the Act, against the lands within the District, including the interest and penalties on such assessments, pursuant to all applicable provisions of the Act and Chapter 170, Florida Statutes, and Chapter 197, Florida Statutes (and any successor statutes thereto), including, without limitation, any amount received from any foreclosure proceeding for the enforcement of collection of such assessments or from the issuance and sale of tax certificates with respect to such assessments, less (to the extent applicable) the fees and costs of collection thereof payable to the Tax Collector and less certain administrative costs payable to the Property Appraiser pursuant to the Property Appraiser and Tax Collector Agreement. The Series 2026 Special Assessments are levied and collected pursuant to the Assessment Resolutions. In connection with the use of the term “Pledged Revenues” herein, the term “Series 2026 Special Assessments” shall not include “operation or maintenance Special Assessments” levied and collected by the Issuer under Section 190.021(1) and (3) of the Act. “Sinking Fund Account” shall mean the Account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.04 hereof. “Special Record Date” shall mean such date as shall be fixed for the payment of defaulted interest on the Bonds in accordance with Section 2.01 hereof. “State” shall mean the State of Florida. “Supplemental Indenture” and “indenture supplemental hereto” shall mean any indenture amending or supplementing this Indenture which may be entered into in accordance with the provisions of this Indenture. “Tax Collector” shall mean the tax collector of the County. “Taxable Date” shall mean the date on which interest on the Bonds is first includable in gross income of the Owner (including, without limitation, any previous Owner) thereof as a result of an Event of Taxability. Such Taxable Date may be determined to be the date of the issuance of the Bonds. “Taxable Rate” shall mean 5.05% which is the interest rate per annum that shall provide the Owner with the same after-tax yield that the Owner would have otherwise received had the Determination of Taxability not occurred, taking into account the increased taxable income of the Owner as a result of such Determination of Taxability. The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of Bond), refer to the entire Indenture. Every “request,” “requisition,” “order,” “demand,” “application,” “notice,” “statement,” “certificate,” “consent,” or similar action hereunder by the Issuer shall, unless the form or execution thereof is otherwise specifically provided, be in writing signed by a Responsible Officer of the Issuer. All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa. END OF ARTICLE I THE BONDS SECTION 2.01. Amounts and Terms of Bonds; Details of Bonds. The Issuer is hereby authorized to issue a series of bonds pursuant to the terms and conditions of this Indenture, its obligations to be known as “Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area)” (the “Bonds”). The Bonds in certificated form shall be issued in Authorized Denominations and shall be numbered R- 1 in substantially the form attached hereto as Exhibit B, with such appropriate variations, omissions and insertions as are permitted or required by this Indenture or as otherwise provided in a Supplemental Indenture consented to by the Lender. All Bonds shall be issued only upon satisfaction of the conditions set forth in Article III hereof; and the Trustee shall, at the Issuer’s request, authenticate such Bonds and deliver them to the Lender or as the Lender so directs. Only one (1) certificated Bond representing the entire principal amount of the Bonds will be delivered to the Lender by the Issuer. The Bonds shall be dated the date of their delivery, and, subject to the occurrence of an Adjustment Event pursuant to Section 2.10 hereunder, shall initially bear interest from such date at the Initial Interest Rate per annum, until the final maturity thereof or earlier redemption in full; provided, however, that in the event of the occurrence of a Determination of Taxability, the Bonds shall bear interest from the Taxable Date at the Taxable Rate, subject to the occurrence of an Adjustment Event, until the final maturity thereof or earlier redemption in full. Interest shall be payable on each Interest Payment Date commencing on November 1, 2026, and the Bonds shall mature on May 1, 2045 (subject to the right of optional or extraordinary mandatory redemption and mandatory sinking fund redemptions as set forth in Section 6.01 hereof). The principal or Redemption Price of and the interest on the Bonds shall be payable in any coin or currency of the United States of America which is legal tender on the respective dates of payment thereof for the payment of public and private debts. Except as provided in Section 6.02(d), the principal or Redemption Price of all Bonds shall be payable at the designated corporate trust office of the Paying Agent upon the presentation and surrender of such Bonds. Notwithstanding the foregoing or any other provision herein to the contrary, all payments of principal or Redemption Price of Bonds owned by the Lender shall be paid to the Lender or as the Lender so directs without the need to present or surrender such Bonds. As soon as practicable after the final payment of the Bonds, the Lender shall deliver the Bonds to the Trustee marked “paid” or “cancelled.” Other than as set forth below, interest on the Bonds is payable on any Interest Payment Date by check or draft mailed on the Interest Payment Date to the person in whose name that Bond is registered at the close of business on the Regular Record Date for such Interest Payment Date, at its address as it appears on the Bond Register. The Bonds shall bear interest from the Interest Payment Date next preceding the date on which they are authenticated unless authenticated on an Interest Payment Date in which event they shall bear interest from such Interest Payment Date, or unless authenticated before the first Interest Payment Date in which event they shall bear interest from their date; provided, however, that if a Bond is authenticated between a Record Date and the next succeeding Interest Payment Date, such Bond shall bear interest from such succeeding Interest Payment Date; provided further, however, that if at the time of authentication of any Bond interest thereon is in default, such Bond shall bear interest from the date to which interest has been paid unless no interest has been paid, then from their date. Any interest on any Bond which is not paid or provided for on any Interest Payment Date (hereinafter called “Defaulted Interest”) shall be paid to the Owner in whose name the Bond is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be not more than fifteen (15) nor less than ten (10) days prior to the date of proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given by Electronic Means or mailed, first-class, postage-prepaid, to each Owner of record as of the fifth (5th) day prior to such mailing, at his or her address as it appears in the Bond Register not less than ten (10) days prior to such Special Record Date. The foregoing notwithstanding, the Lender shall be entitled to have interest paid by wire transfer to the Lender at such bank account number on file with the Trustee and Paying Agent. Interest on the Bonds will be computed on the basis of a 360- day year of twelve 30-day months. Interest on overdue principal and, to the extent lawful, on overdue interest will be payable at the Default Rate. The Trustee is hereby constituted and appointed as Paying Agent for the Bonds. SECTION 2.02. Execution. The Bonds shall be executed by the manual signature of the Chairperson or Vice Chairperson of the Issuer, and the corporate seal of the Issuer shall appear thereon and shall be attested by the manual signature of its Secretary or Assistant Secretary. Bonds executed as above provided may be issued and shall, upon request of the Issuer, be authenticated by the Trustee, notwithstanding that one or both of the officers of the Issuer whose signatures appear on such Bonds shall have ceased to hold office at the time of issuance or authentication or shall not have held office at the date of the Bonds. SECTION 2.03. Authentication; Authenticating Agent. No Bond shall be valid until the certificate of authentication shall have been duly executed by the Trustee, as Authenticating Agent, and such authentication shall be proof that the Bondholder is entitled to the benefit of the trust hereby created. The Trustee shall at all times serve as Authenticating Agent. SECTION 2.04. Registration and Registrar. The Trustee is hereby constituted and appointed as the Registrar for the Bonds. The Registrar shall act as registrar and transfer agent for the Bonds. The Issuer shall cause to be kept at an office of the Registrar a register (herein sometimes referred to as the “Bond Register” or “Register”) in which, subject to the provisions set forth in Section 2.07 below and such other regulations as the Issuer and Registrar may prescribe, the Issuer shall provide for the registration of the Bonds and for the registration of transfers and exchanges of such Bonds. The Trustee shall notify the Issuer in writing of the specific office location (which may be changed from time to time, upon similar notification) at which the Bond Register is kept. Upon initial issuance, the ownership of the Bonds shall be registered on the Bond Register in the name of the Lender or as the Lender so directs. The Bonds shall be initially sold and subsequently transferred only to purchasers that execute and deliver to the Issuer a Lender Letter in substantially the form attached hereto as Exhibit D. Notwithstanding the preceding sentence or the content of the initial form of the Lender Letter attached hereto as Exhibit D, no Lender Letter shall be required for the Lender to transfer Bonds to a Qualified Institutional Buyer as defined in Rule 144A of the Securities Act (a “QIB”) or to any affiliate or other party related to the Lender. Every Bond presented or surrendered for transfer or exchange shall contain, or be accompanied by, all necessary endorsements for transfer. If applicable, the transferee shall certify in writing to the Trustee that the transferee is a QIB. SECTION 2.05. Mutilated, Destroyed, Lost or Stolen Bonds. If any Bond shall become mutilated, the Issuer shall execute and the Authenticating Agent shall thereupon authenticate and deliver a new Bond of like tenor and denomination in exchange and substitution for the Bond so mutilated, but only upon surrender to the Authenticating Agent of such mutilated Bond for cancellation, and the Issuer and the Trustee may require reasonable indemnity therefor. If any Bond shall be reported lost, stolen or destroyed, evidence as to the ownership and the loss, theft or destruction thereof shall be submitted to the Issuer and the Trustee, and if such evidence shall be satisfactory to both and indemnity satisfactory to both shall be given, the Issuer shall execute, and thereupon the Authenticating Agent shall authenticate and deliver a new Bond of like tenor and denomination. The cost of providing any substitute Bond under the provisions of this Section shall be borne by the Bondholder for whose benefit such substitute Bond is provided. If any such mutilated, lost, stolen or destroyed Bond shall have matured or be about to mature, the Issuer may, with the consent of the Trustee, pay to the Owner the principal amount of and accrued interest on such Bond upon the maturity thereof and compliance with the aforesaid conditions by such Owner, without the issuance of a substitute Bond therefor. Every substituted Bond issued pursuant to this Section 2.05 shall constitute an additional contractual obligation of the Issuer, whether or not the Bond alleged to have been destroyed, lost or stolen shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Bonds duly issued hereunder. All Bonds shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Bonds, and shall preclude any and all other rights or remedies with respect to the replacement or payment of negotiable instruments, investments or other securities without their surrender. SECTION 2.06. Cancellation and Destruction of Surrendered Bonds. All Bonds surrendered for payment or redemption and all Bonds surrendered for exchange shall, at the time of such payment, redemption or exchange, be promptly transferred by the Registrar, Paying Agent or Authenticating Agent to, and cancelled and destroyed by, the Trustee. The Trustee shall, upon the request of the Issuer, deliver to the Issuer a certificate of destruction in respect of all Bonds destroyed in accordance with this Section. SECTION 2.07. Registration, Transfer and Exchange. As provided in Section 2.04 hereof, the Issuer shall cause a Bond Register in respect of the Bonds to be kept at the designated office of the Registrar. Upon surrender for requisition of transfer of any Bond at the designated office of the Registrar, and upon compliance with the conditions for the transfer of Bonds set forth in this Section 2.07, the Issuer shall execute and the Authenticating Agent shall authenticate and deliver, in the name of the designated transferees, one or more new Bonds of a like aggregate principal amount and of the same maturity. At the option of the Bondholder, Bonds may be exchanged for other Bonds of a like aggregate principal amount and of the same maturity, upon surrender of the Bonds to be exchanged at any such office or agency. Whenever any Bonds are so surrendered for exchange, the Issuer shall execute and the Authenticating Agent shall authenticate and deliver the Bonds which the Bondholder making the exchange is entitled to receive. All Bonds issued upon any transfer or exchange of Bonds shall be valid obligations of the Issuer, evidencing the same debt and entitled to the same benefits under this Indenture as the Bonds surrendered upon such transfer or exchange. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds (other than any governmental charge of the Issuer). Neither the Issuer nor the Registrar on behalf of the Issuer shall be required (i) to issue, transfer or exchange any Bond during a period beginning at the opening of business fifteen (15) days before the day of mailing of a notice of redemption of Bonds selected for redemption and ending at the close of business on the day of such mailing, or (ii) to transfer or exchange any Bond so selected for redemption in whole or in part. SECTION 2.08. Persons Deemed Owners. The Issuer, the Trustee, any Paying Agent, the Registrar, or the Authenticating Agent shall deem and treat the person in whose name any Bond is registered as the absolute Owner thereof (whether or not such Bond shall be overdue and notwithstanding any notation of ownership or other writing thereon made by anyone other than the Issuer, the Trustee, any Paying Agent, the Registrar or the Authenticating Agent) for the purpose of receiving payment of or on account of the principal or Redemption Price of and interest on such Bond, and for all other purposes, and the Issuer, the Trustee, any Paying Agent, the Registrar and the Authenticating Agent shall not be affected by any notice to the contrary. All such payments so made to any such Owner, or upon his order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Bond. SECTION 2.09. Limitation on Incurrence of Certain Indebtedness. The Issuer will not issue Bonds, except upon the conditions and in the manner provided or as otherwise permitted in this Indenture. SECTION 2.10. Adjustments to Interest Rate. If there is a Determination of Taxability, the Bonds shall bear interest retroactively from the Taxable Date at a rate per annum equal to the Taxable Rate. Upon an occurrence of a Determination of Taxability, the Issuer hereby agrees to pay to the Owner (i) an additional amount equal to the difference between (A) the amount of interest actually paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period and (B) the amount of interest that would have been paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period had the Bonds borne interest at the Taxable Rate, beginning on the Taxable Date, plus (ii) an amount equal to any interest, charges, penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Owner (or former Owner) as a result of the occurrence of a Determination of Taxability. Payment of such amounts shall survive payment on the Bonds. Upon the occurrence and continuance of an Event of Default described in Section 8.02 hereof, the Bonds shall bear interest at the Default Rate. Notwithstanding the foregoing, if an Event of Default under Section 8.02(e) hereof occurs, such Default Rate shall not apply until thirty (30) days after the occurrence of such Event of Default. In the event the Issuer cures any Event of Default under Section 8.02 hereof, the interest rate on the Bonds shall return to the applicable Interest Rate. The Owner shall advise the Trustee and the Issuer in writing within a reasonable time in good faith what amounts, if any, are owing as a result of an Adjustment Event as described herein. The determination of the Owner as to such amounts owed shall be conclusive absent manifest error and the Trustee may conclusively rely upon such determination and amounts owed by the Owner without the duty to verify the accuracy of such information. Such additional amounts shall be paid by the Issuer within thirty (30) days after the date of such notice from the Owner. In no event, however, shall the interest rate applicable to any of the amounts payable on the Bonds, together with all fees, charges, and other amounts which may be treated as interest with respect thereto under applicable law, exceed the maximum rate permitted by law. The Trustee may assume the Bonds accrue interest at the tax-exempt rate absent written notice to the contrary from the Owner or the Issuer. END OF ARTICLE II ISSUE OF BONDS SECTION 3.01. Issue of Bonds. Subject to the provisions of Section 2.01 hereof, the Issuer shall issue the Bonds for the purpose of effecting the Refunding, or to issue special assessment bonds to refund all or a portion of such Bonds, and to pay the costs of the issuance of Bonds and to pay the amounts required to be deposited with respect to such Bonds in the Funds and Accounts established under this Indenture. In addition to any deliverables required upon the execution and delivery of the Bond Placement Agreement, in connection with the issuance of the Bonds, the Trustee shall, at the written request of the Issuer, authenticate the Bonds and deliver or cause them to be authenticated and delivered, as specified in the request, but only upon receipt of: (i) Certified copies of the proceedings of the Issuer with respect to the Series 2026 Special Assessments; (ii) A Bond Counsel opinion, which shall be addressed to the Issuer, the Lender and the Trustee, substantially to the effect that: (i) the Bonds have been duly authorized, executed and delivered by the Issuer and are valid and binding special obligations of the Issuer, payable solely from the sources provided therefor in the Indenture; (ii) the interest on the Bonds is excludable from gross income for federal income tax purposes; (iii) the Bonds and the interest paid thereon are exempt from all taxes imposed by the State of Florida except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes on corporations and other entities as defined therein; (iv) the Bonds are exempt from registration under the Securities Act of 1933, as amended; and (v) this Indenture and the Bond Resolution are not required to be qualified under the Trust Indenture Act of 1939, as amended; (iii) a written opinion or opinions of Counsel to the Issuer, which shall also be addressed to the Lender and the Trustee (to the extent provided therein), to the effect that: (a) all conditions prescribed herein as precedent to the issuance of the Bonds have been fulfilled; (b) the Bonds have been validly authorized and executed by the Issuer and when authenticated and delivered pursuant to the request of the Issuer will be valid obligations of the Issuer entitled to the benefit of the trust created hereby and will be enforceable in accordance with their terms except as enforcement thereof may be affected by bankruptcy, reorganization, insolvency, moratorium and other similar laws relating to creditors’ rights generally and subject to equitable principles, whether in a proceeding at law or in equity; (c) any consents of any Regulatory Bodies required in connection with the issuance of the Bonds have been obtained; (d) the Issuer has good right and lawful authority under the Act to undertake the Refunding; (e) that the Series 2026 Special Assessment proceedings have been taken in accordance with Florida law and that the Issuer has taken all action necessary to levy and impose the Series 2026 Special Assessments; (f) that the Series 2026 Special Assessments are legal, valid, and binding liens upon the property against which the Series 2026 Special Assessments are made, coequal with the lien of all State, County, district and municipal ad valorem taxes and superior in priority to all other liens, titles and claims against said property then existing or thereafter created, until paid; (g) this Indenture and the Bond Placement Agreement have each been duly and validly authorized, executed and delivered by the Issuer, and upon the execution by the other parties thereto, each constitutes a legal, valid, binding agreement of the Issuer enforceable in accordance with its respective terms, except as enforcement thereof may be affected by bankruptcy, reorganization, insolvency; moratorium and other similar laws relating to creditors’ rights generally and subject to equitable principles, whether in a proceeding at law or in equity, (h) the issuance of the Bonds has been duly authorized and approved by the Board; (i) there is no litigation or other action pending or to the best knowledge of Counsel to the Issuer threatened against the Issuer that would adversely affect the transactions contemplated by the Indenture including: (a) seeking to restrain or enjoin the issuance or delivery of the Bonds or the application of the proceeds thereof, or the imposition, levy or collection of the Series 2026 Special Assessments or the Pledged Revenues pledged for the payment of the debt service on the Bonds; (b) contesting or affecting the authority for the Series 2026 Special Assessments, the authority for the issuance of the Bond or the validity or enforceability of the Bonds and the Indenture, or the transactions contemplated thereunder; (c) contesting or affecting the establishment or existence of the Issuer or any of its officers or employees, or contesting or affecting any of the powers of the Issuer including its power to enter into the Indenture, or its power to determine, assess, levy, collect and pledge the Series 2026 Special Assessments for the payment of the debt service on the Bonds; (d) specifically contesting the exclusion from federal gross income of interest on the Bonds or (e) which may result in any material adverse change in the business, property, assets or financial condition of the Issuer or materially impair the ability of the Issuer to perform its obligations under the Bonds, the Bond Resolution, the Bond Placement Agreement, the Assessment Resolutions or the Indenture. (j) the Series 2015 Bonds and the 2015 Project were validated in accordance with Chapter 75, Florida Statutes, and as a result the Bonds are not required to be separately validated, and (k) the Bond Resolution and Assessment Resolutions have each been duly adopted and are in full force and effect; (iv) an opinion of Bond Counsel, which shall be addressed to the Issuer, the Trustee and the Lender, substantially to the effect that all of the outstanding Series 2015 Bonds have been legally defeased; (v) a certificate of a Responsible Officer to the effect that, upon the authentication and delivery of the Bonds, the Issuer will not be in default in the performance of the terms and provisions of this Indenture; (vi) a certified copy of the final judgment of validation in respect of the Series 2015 Bonds together with a certificate of no appeal; (vii) and evidence satisfactory to the Lender and the Issuer that all conditions in the Bond Placement Agreement therein have been satisfied; (viii) A copy of the Issuer’s arbitrage and tax compliance certificate, together with the completed Form 8038-G with respect to the Bonds; (ix) A copy of the final Supplemental Special Assessment Allocation Report; and (x) such other documents, certifications, and opinions as shall be required by the Issuer or the Lender. Payment by the Lender of the proceeds of the Bonds shall constitute conclusive evidence of the satisfaction of the Issuer and Lender of the above conditions. SECTION 3.02. Disposition of Proceeds and Other Funds. From the gross proceeds of the Bonds in the amount of $15,960,000 and from the legally available money derived as a result of the Refunding on deposit under the Prior 2015 Indenture in the amount of $2,215,479.81 (consisting of $993,421.68 from the revenue account, $720,963.49 from the reserve account, and $501,094.64 from the debt service account) held by the Prior Trustee (herein, the “Transferred Moneys”), the following deposits shall be made on the date of issuance of the Bonds: (a) $17,434,027.17, consisting of (i) $15,960,000 derived from the gross proceeds of the Bonds and (ii) $1,474,027.17 derived from Transferred Moneys, consisting of $720,963.49 from the reserve account and $753,063.68 from the revenue account, which will be sufficient, without investment to pay and currently refund the Refunded Bonds on June 4, 2026, which amounts shall be deposited by the Trustee with the paying agent for the Refunded Bonds; and (b) $278,856.67 from Transferred Moneys, consisting of $240,358.00 from the balance of the revenue account and $38,498.67 from the debt service account shall be deposited in the Interest Account; and (c) $462,595.97 from Transferred Moneys, consisting of the balance of the debt service account shall be deposited in the Costs of Issuance Fund to pay the costs of issuing the Bonds; and (d) After the application of Transferred Moneys described in (a) through (c) above on the date of delivery of the Bonds, any amounts remaining in the funds and accounts for the Refunded Bonds after such delivery date shall be deposited into the Revenue Fund and applied as set forth in Section 4.03 herein. (e) No reserve account will be established for the Bonds. END OF ARTICLE III SERIES 2026 SPECIAL ASSESSMENTS; APPLICATION THEREOF TO FUNDS AND ACCOUNTS SECTION 4.01. Series 2026 Special Assessments; Lien of Indenture on Pledged Revenues. The Issuer hereby covenants that it shall levy the Series 2026 Special Assessments, and evidence and certify the same to the Tax Collector or shall cause the Property Appraiser to certify the same on the tax roll to the Tax Collector for collection by the Tax Collector and enforcement by the Tax Collector or the Issuer, pursuant to the Act, Chapter 170 or Chapter 197, Florida Statutes, or any successor statutes, as applicable, to the extent and in the amount necessary to pay the Debt Service Requirements on Bonds issued and Outstanding hereunder and all other amounts owing hereunder. The Issuer shall, within five (5) Business Days of receipt thereof, pay to the Trustee for deposit in the Revenue Fund established under Section 4.03 hereof all Series 2026 Special Assessments received by the Issuer from the levy thereof on the District Lands subject to assessments for the payment of the Bonds; provided, however, that amounts received as Prepayments of Series 2026 Special Assessments shall be deposited directly into the Prepayment Account of the Bond Redemption Fund established hereunder when received by the Issuer. The Issuer shall notify the Trustee and the Owner in writing at the time of deposit of any amounts received as Prepayments of Series 2026 Special Assessments. The Pledged Revenues shall immediately be subject to the lien and pledge of this Indenture without any physical delivery hereof or further act. SECTION 4.02. Funds and Accounts Relating to the Bonds. The Funds and Accounts specified in this Article IV shall be established under this Indenture for the benefit of the owners of the Bonds issued pursuant to the terms hereof. All moneys, including, without limitation, proceeds of the Bonds on deposit to the credit of the Funds and Accounts established hereunder (except for moneys transferred to the Cost of Issuance Fund, the Rebate Fund and investment earnings thereon) shall be pledged to the payment of the principal, Redemption Price of, and interest on the Bonds issued hereunder. SECTION 4.03. Revenue Fund. The Trustee is hereby authorized and directed to establish a Revenue Fund, into which the Trustee shall immediately deposit any and all Series 2026 Special Assessments (other than Prepayments of the Series 2026 Special Assessment which the Issuer shall identify as such and communicate the same to the Trustee). The Revenue Fund shall be held by the Trustee separate and apart from all other Funds and Accounts held under this Indenture and from all other moneys of the Trustee. The Trustee shall transfer from amounts on deposit in the Revenue Fund to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority: FIRST, no later than the Business Day preceding each November 1, commencing November 1, 2026, and no later than the Business Day next preceding each November 1 thereafter while the Bonds issued under this Indenture remain Outstanding, to the Interest Account of the Debt Service Fund, an amount equal to the interest on the Bonds becoming due on the next succeeding November 1, less any amount on deposit in the Interest Account not previously credited; SECOND, no later than the Business Day preceding each May 1 commencing May 1, 2027, and no later than the Business Day next preceding each May 1 thereafter while the Bonds issued under this Indenture remain Outstanding, to the Interest Account of the Debt Service Fund, an amount equal to the interest on the Bonds becoming due on the next succeeding May 1, less any amount on deposit in the Interest Account not previously credited; THIRD, beginning on the Business Day preceding May 1, 2027 and no later than the Business Day next preceding each May 1 thereafter while the Bonds remain Outstanding, to the Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Bonds subject to mandatory sinking fund redemption on the next succeeding principal payment date, less any amount on deposit in the Sinking Fund Account not previously credited; FOURTH, no later than the Business Day next preceding May 1, 2045, which is the principal payment date for the Bonds, to the Principal Account of the Debt Service Fund, an amount equal to the Outstanding principal amount of Bonds, less any amount on deposit in the Principal Account not previously credited; FIFTH, any costs associated with a Determination of Taxability payable to the Lender or the payment of any Late Fee to the Lender; and SIXTH, the balance of any moneys remaining after making the foregoing deposits shall remain therein, after payment of amounts owing Trustee or the Lender, unless the Issuer determines, in accordance with the terms of the Arbitrage Certificate, a deposit is required to be made into the Rebate Fund; in such case the Trustee shall make such transfer in accordance with the written instruction of the Issuer. After all deposits are made pursuant to this Section 4.03, any balance on deposit in the Revenue Fund after November 2 of any calendar year commencing November 2, 2026 shall be transferred to the Issuer to be used for any lawful purpose. SECTION 4.04. Debt Service Fund. The Trustee is hereby authorized and directed to establish a Debt Service Fund which shall consist of amounts deposited therein by the Trustee and any other amounts the Issuer may pay to the Trustee for deposit therein with respect to the Bonds. The Debt Service Fund shall be held by the Trustee separate and apart from all other Funds and Accounts held under this Indenture and from all other moneys of the Trustee. The Trustee is hereby authorized and directed to establish within the Debt Service Fund, a Principal Account, an Interest Account and a Sinking Fund Account for the Bonds, which Accounts shall be separate and apart from all other Funds and Accounts established under this Indenture and from all other moneys of the Trustee. The Trustee at all times shall make available to any Paying Agent the funds in the Principal Account and the Interest Account of the Debt Service Fund to pay the principal of the Bonds as they mature and the interest on the Bonds as it becomes payable, respectively. When the Bonds are redeemed, the amount, if any, in the Debt Service Fund representing interest thereon shall be applied to the payment of accrued interest in connection with such redemption. The Trustee shall apply moneys in the Sinking Fund Account in the Debt Service Fund for the mandatory sinking fund redemption of the Bonds in the amounts and maturities set forth herein. The Trustee shall apply the amounts required to be transferred to the Sinking Fund Account on the mandatory sinking fund redemption date in each of the years set forth herein to the redemption of Bonds in the amounts, manner and maturities and on the dates set forth herein, at a Redemption Price of 100% of the principal amount thereof. SECTION 4.05. [RESERVED]. SECTION 4.06. Bond Redemption Fund. The Trustee is hereby authorized and directed to establish a Bond Redemption Fund for the Bonds issued hereunder and therein a Prepayment Account and a General Account into which shall be deposited, moneys in the amounts and at the times provided in Sections 4.01 and 7.08(b) of this Indenture in the case of Prepayments to be deposited into the Prepayment Account and to the General Account in the event the Issuer elects to optionally redeem the Bonds pursuant to Section 6.01(a). The Bond Redemption Fund and the Accounts therein shall constitute an irrevocable trust fund to be applied solely as set forth herein and shall be held by the Trustee separate and apart from all other Funds and Accounts held under this Indenture and from all other moneys of the Trustee. All earnings on investments held in the Bond Redemption Fund shall be retained therein and applied as set forth below. Moneys in the Bond Redemption Fund (including all earnings on investments held in the Bond Redemption Fund) shall be accumulated therein to be used in the following order of priority, to the extent that the need therefor arises: FIRST, to the extent transfers from the Revenue Fund pursuant to paragraph SIXTH of Section 4.03 are insufficient, from the General Account of the Bond Redemption Fund, to make such deposits, if any, into the Rebate Fund as the Issuer may direct in accordance with an Arbitrage Certificate, such moneys thereupon to be used solely for the purposes specified in said Arbitrage Certificate; and any moneys so transferred from the Bond Redemption Fund to the Rebate Fund shall thereupon be free from the lien and pledge of this Indenture; and SECOND, from the General Account of the Bond Redemption Fund, to be used to call for optional redemption pursuant to Section 6.01(a) hereof or from only the Prepayment Account of the Bond Redemption Fund for extraordinary mandatory redemption pursuant to Section 6.01(b) hereof an amount of Bonds equal to the amount of money transferred to the applicable Account of the Bond Redemption Fund for the purpose of such optional redemption or extraordinary mandatory redemption on the dates and at the prices provided in Section 6.01(a) or (b) hereof, as the case may be. Any such redemption shall be made in accordance with the provisions of Article VI of this Indenture. The Issuer shall pay all expenses in connection with such redemption. SECTION 4.07. Procedure When Funds Are Sufficient to Pay All Bonds. If at any time the moneys held by the Trustee in the Funds and Accounts hereunder and available therefor are sufficient to pay the principal or Redemption Price of, as the case may be, and interest on all Bonds then Outstanding to maturity or prior redemption, together with any amounts due the Issuer, the Trustee, Paying Agent, Registrar, the Trustee, at the written direction of the Issuer, shall apply the amounts in the Funds and Accounts to the payment of the aforesaid obligations and the Issuer shall not be required to pay over any further Pledged Revenues with respect to such Bonds unless and until it shall appear that there is a deficiency in the Funds and Accounts held by the Trustee. SECTION 4.08. Unclaimed Moneys. In the event any Bond shall not be presented for payment when the principal of such Bond becomes due, to the extent required herein, either at maturity or at the date fixed for redemption of such Bond or otherwise, if amounts sufficient to pay such Bond have been deposited with the Trustee for the benefit of the owner of the Bond and have remained unclaimed for three (3) years after the date payment thereof becomes due shall, upon request of the Issuer, if the Issuer is not at the time to the knowledge of the Trustee in default with respect to any covenant in this Indenture or the Bonds contained, be paid to the Issuer; and the Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Issuer; provided, however, that the Trustee, before making payment to the Issuer, may, at the written direction and expense of the Issuer, cause a notice to be published in an Authorized Newspaper, stating that the money remaining unclaimed will be returned to the Issuer after a specified date. SECTION 4.09. Deposits Into And Application of Moneys In The Rebate Fund. (a) The Trustee is hereby authorized and directed to establish a Rebate Fund. There shall be deposited in the Rebate Fund such amounts as are required to be deposited therein pursuant to the Arbitrage Certificate. Subject to the payment provisions provided in subsection (b) below, all amounts on deposit at any time in the Rebate Fund shall be held by the Trustee in trust, to the extent required to pay arbitrage rebate to the United States of America, and neither the Issuer, the Trustee nor the Owner of any Bonds shall have any rights in or claim to such money. All amounts held in the Rebate Fund shall be governed by this Section and the Arbitrage Certificate. The Trustee shall be entitled to rely on the rebate calculations obtained from the rebate analyst retained by the Issuer pursuant to the Arbitrage Certificate and the Trustee shall not be responsible for any loss or damage resulting from any good faith action taken or omitted to be taken in reliance upon such calculations. (b) Pursuant to the Arbitrage Certificate, the Trustee shall remit all rebate installments and a final rebate payment to the United States. The Trustee shall have no obligation to pay any amounts required to be rebated pursuant to this Section and the Arbitrage Certificate, other than at the written direction of the Issuer and from moneys held in the Rebate Fund or from other moneys provided to it by the Issuer. Any moneys remaining in the Rebate Fund after redemption and payment of all of the Bonds and payment and satisfaction of any arbitrage rebate shall be withdrawn and paid to the Issuer. (c) Notwithstanding any other provision of this Indenture, including in particular Article XII hereof, the obligation to pay arbitrage rebate to the United States and to comply with all other requirements of this Section and the Arbitrage Certificate shall survive the defeasance or payment in full of the Bonds. (d) The Trustee shall not be deemed to have constructive knowledge of the Code or regulations, rulings and judicial decisions concerning the Code. SECTION 4.10. Deposits Into and Application of Moneys in the Costs of Issuance Fund. The Trustee is hereby authorized and directed to establish a temporary fund called the Costs of Issuance Fund into which the Trustee shall deposit a portion of the gross proceeds of the Bonds in the amount described in Section 3.02(c) hereof. The Trustee is authorized to apply such moneys upon the presentment of a requisition signed by a Responsible Officer with the invoices of the payees attached. The Trustee may conclusively rely on such signed requisition. Upon the disbursement of all moneys on deposit in the Costs of Issuance Fund, the Trustee is authorized to close the Costs of Issuance Fund. If after six (6) months from the date of issue of the Bonds there are any funds remaining in the Costs of Issuance Fund, such moneys shall be transferred to the Revenue Fund to be applied in accordance with Section 4.03 hereof and the Trustee shall be authorized to close the Costs of Issuance Fund. Moneys on deposit in the Costs of Issuance Fund shall not be part of the trust estate established by the Bonds and will not constitute Pledged Revenues. END OF ARTICLE IV SECURITY FOR AND INVESTMENT OR DEPOSIT OF FUNDS SECTION 5.01. Deposits and Security Therefor. All moneys received by the Trustee for deposit in any Fund or Account, except the Rebate Fund and Costs of Issuance Fund, established under this Indenture shall be considered trust funds, shall not be subject to lien or attachment, except for the lien created by this Indenture, and shall be deposited with the Trustee, until or unless invested or deposited as provided in Section 5.02 hereof. All deposits of moneys received by the Trustee under this Indenture (whether original deposits under this Section 5.01 or deposits or redeposits in time accounts under Section 5.02) shall, to the extent not insured unless such deposit is of the type described in (c) of the definition of Investment Securities, and to the extent permitted by law, be fully secured as to both principal and interest earned, by Investment Securities. If at any time the Trustee is unwilling to accept such deposits or unable to secure them as provided above, the Trustee may deposit such moneys with any other depository which is authorized to receive them and the deposits of which are insured by the Federal Deposit Insurance Corporation (including the FDIC Savings Association Insurance Fund). Such security shall be deposited with a Federal Reserve Bank, with the trust department of the Trustee as authorized by law with respect to trust funds in the State, or with a bank or trust company having a combined net capital and surplus of not less than $50,000,000. SECTION 5.02. Investment or Deposit of Funds. The Trustee shall, as directed by the Issuer in writing, invest any moneys held in the Funds and Accounts established herein in Investment Securities, as directed in writing by the Issuer. The Trustee shall have no liability for any losses or delays in liquidating any investments. All deposits in time accounts shall be subject to withdrawal without penalty and all investments shall mature or be subject to redemption by the holder without penalty, not later than the date when the amounts will foreseeably be needed for purposes set forth herein. The interest and income received upon such investments and any interest paid by the Trustee or any other depository of any Fund or Account and any profit or loss resulting from the sale of securities shall be added or charged to the Fund or Account for which such investments are made; provided, however, that if the amount in any Fund or Account equals or exceeds the amount required to be on deposit therein, any interest and other income so received shall be deposited in the Revenue Fund. Upon request of the Issuer, or on its own initiative whenever payment is to be made out of any Fund or Account, the Trustee shall sell such securities as may be requested to make the payment and restore the proceeds to the Fund or Account in which the securities were held. The Trustee shall not be accountable for any depreciation in the value of any such security or for any loss resulting from the sale thereof, except as provided hereinafter. If net proceeds from the sale of securities held in any Fund or Account shall be less than the amount invested and, as a result, the amount on deposit in such Fund or Account is less than the amount required to be on deposit in such Fund or Account, the amount of such deficit shall be transferred to such Fund or Account from the Revenue Fund. Absent specific written instructions from the Issuer, as aforesaid, all moneys in the Funds and Accounts established under this Indenture shall be held uninvested. The Trustee shall not be liable or responsible for any loss or entitled to any gain resulting from any investment or sale upon the investment instructions of the Issuer or otherwise, including that set forth in the first sentence of this paragraph. SECTION 5.03. Valuation of Funds. The Trustee shall value the assets in each of the Funds and Accounts established hereunder forty-five (45) days prior to each Interest Payment Date, and as soon as practicable after each such valuation date (but no later than ten (10) days after each such valuation date) shall provide the Issuer and the Lender a report of the status of each Fund and Account as of the valuation date. In computing the assets of any Fund or Account, investments and accrued interest thereon shall be deemed a part thereof, subject to the provisions of Section 5.02 hereof. For the purpose of determining the amount on deposit to the credit of any Fund or Account established hereunder, obligations in which money in such Fund or Account shall have been invested shall be valued at the market value or the amortized cost thereof, whichever is lower, or at the redemption price thereof, to the extent that any such obligation is then redeemable at the option of the holder. END OF ARTICLE V REDEMPTION OF BONDS SECTION 6.01. Redemption Dates and Prices. The Bonds may be made subject to optional, mandatory and extraordinary redemption, either in whole or in part, by the Issuer, prior to maturity in the amounts, at the times and in the manner provided in this Article VI. (a) Optional Redemption. The Bonds are subject to optional redemption at the option of the Issuer, in whole or in part, on any date on or after June 3, 2031 at a Redemption Price of 100% of the principal amount of the Outstanding Bonds to be redeemed, plus accrued interest to the redemption date, upon receipt by the Trustee not less than thirty-five (35) days or more than forty-five (45) days prior to such redemption date of a written direction from the Issuer stating that it intends to effect redemption of such Bonds on a date certain. (b) Extraordinary Mandatory Redemption in Whole or in Part. The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole on any date or in part, on any Interest Payment Date, at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date, from moneys deposited into the Prepayment Account of the Bond Redemption Fund following the Prepayment of Series 2026 Special Assessments on any portion of the Original Assessment Area within the District Lands in accordance with Section 7.08(a) hereof. On each March 15 and September 15, the Trustee shall determine the amount on deposit in the Prepayment Account of the Bond Redemption Fund and shall transfer from the Revenue Fund (to the extent not needed to satisfy the current Debt Service Requirements for the Bonds) for deposit in the Prepayment Account of the Bond Redemption Fund an amount sufficient to increase the amount on deposit therein to an integral multiple of $1,000 and, in each case, shall thereupon give notice and cause the extraordinary mandatory redemption of Bonds on any date with respect to Bonds subject to extraordinary mandatory redemption in whole, or, with respect to Bonds subject to extraordinary mandatory redemption in part, on the next possible redemption date which is an Interest Payment Date (taking into account the notice of redemption to be provided therefor) in the maximum aggregate principal amount for which moneys are then on deposit in the Prepayment Account of the Bond Redemption Fund in accordance with the provisions for extraordinary mandatory redemption of Bonds. The Bonds are also subject to extraordinary mandatory redemption in whole or in part pursuant to Section 7.32 hereof from all available moneys on deposit with the Trustee and any other available moneys provided by the Issuer. (c) Mandatory Sinking Fund Redemption. The Bonds are subject to mandatory sinking fund redemption on May 1 in the years and in the principal amounts set forth in the following table, at a Redemption Price of 100% of the principal amount thereof plus accrued interest to the redemption date. The outstanding balance of the Bonds shall be due and payable on May 1, 2045. Maturity Date Mandatory Sinking Fund Payment 2027 $ 555,000 2028 585,000 2029 610,000 2030 635,000 2031 660,000 2032 690,000 2033 720,000 2034 750,000 2035 785,000 2036 820,000 2037 850,000 2038 890,000 2039 930,000 2040 970,000 2041 1,010,000 2042 1,055,000 2043 1,100,000 2044 1,150,000 2045* 1,195,000 ________________________ *Final Maturity In connection with such mandatory sinking fund redemption of Bonds, amounts shall be transferred from the Revenue Fund to the Sinking Fund Account of the Debt Service Fund, all as more particularly described in Section 4.03 hereof. Upon any redemption of Bonds other than in accordance with scheduled mandatory sinking fund payments, the Issuer shall promptly cause to be recalculated and delivered to the Lender and the Trustee revised mandatory sinking fund payments recalculated so as to amortize the Outstanding principal amount of such Bonds in substantially equal annual installments of principal and interest (except for the last maturity which will represent the Outstanding balance of the Bonds) (subject to rounding to an amount of principal for each installment being devisable by $1,000) over the remaining term of such Bonds. The mandatory sinking fund payments as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund payments for any of such Bonds in any year. In the event of a redemption occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund payment is due, the foregoing recalculation shall not be made to mandatory sinking fund payments due in the Fiscal Year in which such redemption occurs, but shall be made to mandatory sinking fund payments for the immediately succeeding and subsequent Fiscal Years. The Trustee shall have no duty to revise or verify any recalculation of the mandatory sinking fund payments. SECTION 6.02. Notice of Redemption. When required to redeem the Bonds under any provision of this Indenture or directed to do so by the Issuer, the Trustee shall cause notice of the redemption, either in whole or in part, to be mailed at least thirty (30) days prior to the redemption date to all Owners of Bonds to be redeemed (as such Owners appear on the Bond Register on the fifth (5th) day prior to such mailing), at their registered addresses. Such notice shall be given in the name of the Issuer, shall be dated, shall set forth the Bonds Outstanding which shall be called for redemption and shall include, without limitation, the following additional information: (a) the redemption date; (b) the Redemption Price; (c) except as otherwise provided in Section 2.01 hereof when the Lender is the registered owner of the Bonds, that on a redemption or date when the Bonds are being redeemed in whole the Redemption Price will become due and payable without surrender of the Bonds called for redemption, and that interest thereon shall cease to accrue from and after said date; and (d) if the Lender is not the owner of 100% of the Bonds, the place where such Bonds are to be surrendered for payment of the Redemption Price shall be the designated corporate trust office of the Trustee. If at the time of mailing of notice of an optional redemption, the Issuer shall not have deposited with the Trustee or Paying Agent moneys sufficient to redeem all the Bonds called for redemption, such notice shall state that it is subject to the deposit of the redemption moneys with the Trustee or Paying Agent, as the case may be, not later than the opening of business on the redemption date, and such notice shall be of no effect unless such moneys are so deposited. The Trustee shall not be required to give notice of redemption with respect to any mandatory sinking fund redemption pursuant to Section 6.01(c) hereof. SECTION 6.03. Payment of Redemption Price. If any required (a) unconditional notice of redemption has been duly mailed or waived by the Owners of all Bonds called for redemption or (b) conditional notice of redemption has been so mailed or waived and the redemption moneys have been duly deposited with the Trustee or Paying Agent, then in either case, the Bonds called for redemption shall be payable on the redemption date at the applicable Redemption Price plus accrued interest, if any, to the redemption date. Bonds so called for redemption, for which moneys have been duly deposited with the Trustee, will cease to bear interest on the specified redemption date, shall no longer be secured by this Indenture and shall not be deemed to be Outstanding under the provisions of this Indenture. Subject to the terms and provisions of Section 2.01 hereof, payment of the Redemption Price, together with accrued interest, shall be made by the Trustee or Paying Agent to or upon the order of the Owners of the Bonds called for redemption. The Redemption Price of the Bonds to be redeemed, the expenses of giving notice and any other expenses of redemption, shall be paid out of the Fund from which redemption is to be made or by the Issuer. END OF ARTICLE VI COVENANTS OF THE ISSUER SECTION 7.01. Power to Issue Bonds and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Bonds, to adopt and execute this Indenture, to defease and refund the Refunded Bonds, and to pledge the Pledged Revenues for the benefit of the Bonds. The Pledged Revenues are not and shall not be subject to, nor shall the Issuer create or permit to be created on the Pledged Revenues, any other lien senior to or on a parity with or subordinate to the lien created in favor of the Bonds. The Prior 2015 Indenture is superseded by this Indenture, and, from and after the date hereof, the Issuer shall not issue any bonds pursuant to the Prior 2015 Indenture. The Bonds and the provisions of this Indenture are and will be valid and legally enforceable obligations of the Issuer in accordance with their respective terms. The Issuer shall, at all times, to the extent permitted by law, defend, preserve and protect the pledge created by this Indenture and all the rights of the Bondholders under this Indenture against all claims and demands of all other Persons whomsoever. SECTION 7.02. Payment of Principal and Interest on Bonds. The payment of the principal or Redemption Price of and interest on all of the Bonds issued under this Indenture shall be secured forthwith equally and ratably by a first lien on and pledge of the Pledged Revenues, and Pledged Revenues in an amount sufficient to pay the principal or Redemption Price of and interest on the Bonds authorized by this Indenture and all other amounts owing hereunder are hereby irrevocably pledged to the payment of the principal or Redemption Price of and interest on the Bonds authorized under this Indenture, as the same become due and payable. The Issuer shall promptly pay the interest on and the principal or Redemption Price of every Bond issued hereunder according to the terms thereof, but shall be required to make such payment only out of the Pledged Revenues. THE BONDS AUTHORIZED UNDER THIS INDENTURE AND THE OBLIGATION EVIDENCED THEREBY SHALL NOT CONSTITUTE A LIEN UPON ANY PROPERTY OF THE ISSUER, INCLUDING, WITHOUT LIMITATION, THE 2015 PROJECT OR ANY PORTION THEREOF IN RESPECT OF WHICH ANY SUCH BONDS ARE BEING ISSUED, OR ANY PART THEREOF, BUT SHALL CONSTITUTE A LIEN ONLY ON THE PLEDGED REVENUES AS SET FORTH IN THIS INDENTURE. NOTHING IN THE BONDS AUTHORIZED UNDER THIS INDENTURE OR IN THIS INDENTURE SHALL BE CONSTRUED AS OBLIGATING THE ISSUER TO PAY THE BONDS OR THE REDEMPTION PRICE THEREOF OR THE INTEREST THEREON EXCEPT FROM THE PLEDGED REVENUES, OR AS PLEDGING THE FAITH AND CREDIT OF THE ISSUER, THE COUNTY, OR THE STATE OR ANY POLITICAL SUBDIVISION THEREOF, OR AS OBLIGATING THE ISSUER, THE COUNTY, OR THE STATE OR ANY OF ITS POLITICAL SUBDIVISIONS, DIRECTLY OR INDIRECTLY OR CONTINGENTLY, TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR. SECTION 7.03. Series 2026 Special Assessments; Re-Assessments. (a) The Issuer shall levy the Series 2026 Special Assessments, and evidence and certify the same to the Tax Collector or shall cause the Property Appraiser to certify the same on the tax roll to the Tax Collector for collection by the Tax Collector and enforcement by the Tax Collector or the Issuer pursuant to the Act, Chapter 170 or Chapter 197, Florida Statutes, or any successor statutes, as applicable, and Section 7.04 hereof, to the extent and in an amount sufficient to pay Debt Service Requirements on all Outstanding Bonds. (b) If any Series 2026 Special Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or if the Issuer shall be satisfied that any such Series 2026 Special Assessment is so irregular or defective that the same cannot be enforced or collected, or if the Issuer shall have omitted to make such Series 2026 Special Assessment when it might have done so, the Issuer shall either (i) take all necessary steps to cause a new Series 2026 Special Assessment to be made for the whole or any part of said improvement or against any property benefited by said improvement, or (ii) in its sole discretion, make up the amount of such Series 2026 Special Assessment from any legally available moneys, which moneys shall be deposited into the Revenue Fund. In case such second Series 2026 Special Assessment shall be annulled, the Issuer shall obtain and make other Series 2026 Special Assessments until a valid Series 2026 Special Assessment shall be made. SECTION 7.04. Method of Collection. Series 2026 Special Assessments shall be collected by the Issuer in accordance with the provisions of the Act and Chapter 170 or Chapter 197, Florida Statutes, or any successor statutes thereto, as applicable, in accordance with the terms of this Section. The Issuer shall use the uniform method for the levy, collection and enforcement of Series 2026 Special Assessments afforded by Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, or any successor statutes thereto (the “Uniform Method”), and to do all things necessary to continue to use the Uniform Method or a comparable alternative method afforded by Section 197.3631, Florida Statutes, unless such method is not available. The Issuer shall enter into or maintain in effect one or more written agreements with the Property Appraiser and the Tax Collector, either individually or jointly (together, the “Property Appraiser and Tax Collector Agreement”) in order to effectuate the provisions of this Section. The Issuer shall use its best efforts to ensure that any such Property Appraiser and Tax Collector Agreement remains in effect for at least as long as the final maturity of Bonds Outstanding under this Indenture. To the extent that the Issuer is not able to collect Series 2026 Special Assessments pursuant to the Uniform Method, the Issuer may elect to collect and enforce Series 2026 Special Assessments pursuant to any available method under the Act, Chapter 170, Florida Statutes, or Chapter 197, Florida Statutes, or any successor statutes thereto. Except as otherwise provided above, the election to collect and enforce Series 2026 Special Assessments in any year pursuant to any one method shall not, unless prohibited by law, preclude the Issuer from electing to collect and enforce Series 2026 Special Assessments pursuant to any other method permitted by law in any subsequent year. SECTION 7.05. Delinquent Series 2026 Special Assessments. Subject to the provisions of Section 7.04 hereof, if the owner of any lot or parcel of land subject to the Series 2026 Special Assessment shall be delinquent in the payment of any Series 2026 Special Assessment, then such Series 2026 Special Assessment shall be enforced pursuant to the provisions of Chapter 197, Florida Statutes, or any successor statute thereto, including but not limited to the sale of tax certificates and tax deeds as regards such delinquent Series 2026 Special Assessment. In the event the provisions of Chapter 197, Florida Statutes, and any provisions of the Act with respect to such sale are inapplicable by operation of law, then upon the delinquency of any Series 2026 Special Assessment the Issuer shall, to the extent permitted by law, utilize any other method of enforcement as provided by Section 7.04 hereof, including, without limitation, declaring the entire unpaid balance of such Series 2026 Special Assessment to be in default and, at its own expense, cause such delinquent property to be foreclosed, pursuant to the provisions of Section 170.10, Florida Statutes, in the same method now or hereafter provided by law for the foreclosure of mortgages on real estate, or pursuant to the provisions of Chapter 173, Florida Statutes, and Sections 190.026 and 170.10, Florida Statutes, or otherwise as provided by law. SECTION 7.06. Sale of Tax Certificates and Issuance of Tax Deeds; Foreclosure of Special Assessment Liens. If the Series 2026 Special Assessments levied and collected under the Uniform Method described in Section 7.04 are delinquent, then the applicable procedures for issuance and sale of tax certificates and tax deeds for nonpayment shall be followed in accordance with Chapter 197, Florida Statutes and related statutes. Alternatively, if the Uniform Method is not utilized, and if any property shall be offered for sale for the nonpayment of any Special Assessment, and no person or persons shall purchase the same for an amount at least equal to the full amount due on the Series 2026 Special Assessment (principal, interest, penalties and costs, plus attorney’s fees, if any), the property may then be purchased by the Issuer for an amount equal to the balance due on the Series 2026 Special Assessment (principal, interest, penalties and costs, plus attorney’s fees, if any), and the Issuer shall thereupon receive in its corporate name or in the name of a special purpose entity acting on behalf of the Issuer or the Trustee, the title to the property for the benefit of the Owners. The Issuer, either through its own actions or actions caused to be done through the Trustee, shall have the power and shall use its best efforts to lease or sell such property and deposit all of the net proceeds of any such lease or sale into the Revenue Fund. Not less than ten (10) days prior to the filing of any foreclosure action or any sale of tax deed as herein provided, the Issuer shall cause written notice thereof to be mailed to the Owners of the Bonds secured by such delinquent Series 2026 Special Assessments. Not less than thirty (30) days prior to the proposed sale of any lot or tract of land acquired by foreclosure by the Issuer, it shall give written notice thereof to such Owners. The Issuer, either through its own actions or actions caused to be done through the Trustee, agrees that it shall be required to take the measure provided by law for sale of property acquired by it as trustee for the Owners within thirty (30) days after the receipt of a request therefor signed by the Lender. SECTION 7.07. Books and Records with Respect to Series 2026 Special Assessments. In addition to the books and records required to be kept by the Issuer pursuant to the provisions of Section 7.17 hereof, the Issuer shall keep books and records for the collection of the Series 2026 Special Assessments on the District Lands, which such books, records and accounts shall be kept separate and apart from all other books, records and accounts of the Issuer. The District Manager or the District Manager’s designee, at the end of each Fiscal Year, shall prepare a written report setting forth the collections received, the number and amount of delinquencies, the proceedings taken to enforce collections and cure delinquencies and an estimate of time for the conclusion of such legal proceedings. A signed copy of such report shall be furnished to the Lender as soon as practicable after such report shall become available but in no event later that sixty (60) days following the end of the Fiscal Year and shall, upon written request, be mailed to any Owner. SECTION 7.08. Removal of Series 2026 Special Assessment Liens; Prepayments. The following procedures shall apply in connection with the removal of Series 2026 Special Assessment liens and the receipt of Prepayments. (a) Any owner of property subject to the Series 2026 Special Assessments may, at its option, require the Issuer to release and extinguish the lien upon its property by virtue of the levy of the Series 2026 Special Assessments by paying to the Issuer the entire amount of the Series 2026 Special Assessment, plus accrued interest to the next succeeding Interest Payment Date (or the second succeeding Interest Payment Date if such prepayment is made within forty-five (45) calendar days before an Interest Payment Date), attributable to the property subject to Series 2026 Special Assessment owned by such owner. (b) Upon receipt of a Prepayment as described in (a) above, the Issuer shall immediately pay the amount so received to the Trustee along with written notice directing the Trustee to redeem Bonds on the earliest date the Bonds may be redeemed and the Issuer shall take such action as is necessary to record in the official records of the County evidence to the effect that the Series 2026 Special Assessment has been paid and that such Series 2026 Special Assessment lien is thereby released and extinguished. Upon receipt of any such moneys and direction from the Issuer, the Trustee shall promptly deposit the same into the Prepayment Account of the Bond Redemption Fund to be applied to the redemption of Bonds in accordance with Section 6.01(b) hereof and cause the redemption of Bonds as provided in such direction. SECTION 7.09. Deposit of Series 2026 Special Assessments. The Issuer covenants to cause any Series 2026 Special Assessments collected or otherwise received by it to be deposited with the Trustee within five (5) Business Days after receipt thereof for deposit into the Revenue Fund (except that amounts received as Prepayments of Series 2026 Special Assessments shall be designated by the Issuer as such upon delivery to the Trustee and shall be deposited directly into the Prepayment Account of the Bond Redemption Fund upon receipt by the Issuer). SECTION 7.10. Construction to be on District Lands within the Original Assessment Area. The Issuer covenants that no part of any capital project will be constructed on, over or under District Lands within the Original Assessment Area other than (i) lands good and marketable title to which is owned by the Issuer or other appropriate entity in fee simple, (ii) lands on, over or under which the Issuer or other appropriate entity shall have acquired perpetual easements for the purposes of any capital project, or (iii) lands, including public streets and highways, the right to the use and occupancy of which for such purposes shall be vested in the Issuer or other appropriate entity by law or by valid franchises, licenses, easements or rights of way or other legally effective permissions or approval. SECTION 7.11. Maintenance of the 2015 Project. The Issuer shall maintain the 2015 Project owned by the Issuer in accordance with the Act and all other applicable federal and State laws, rules and regulations. The Issuer shall maintain the 2015 Project owned by the Issuer in an efficient and economical manner, shall at all times maintain the same in good repair and in sound operating condition and shall make all necessary repairs, renewals and replacements. SECTION 7.12. Observance of and Compliance with Valid Requirements. The Issuer shall pay all municipal or governmental charges lawfully levied or assessed upon the 2015 Project or any part thereof or upon any revenues when the same shall become due, and the Issuer shall duly observe and comply with all valid requirements of any municipal or governmental authority relative to the 2015 Project. The Issuer shall not create or suffer to be created any lien or charge upon the 2015 Project or upon the Pledged Revenues, except the lien and charge of the Bonds on the Pledged Revenues. SECTION 7.13. Payment of Operating or Maintenance Costs by State or Others. The Issuer may permit the United States of America, the State, or any of their agencies, departments or political subdivisions to pay all or any part of the cost of maintaining, repairing and operating the South Parcel Project out of funds other than Pledged Revenues. SECTION 7.14. Public Liability and Property Damage Insurance; Maintenance of Insurance; Use of Insurance and Condemnation Proceeds. (a) Except as otherwise provided in subsection (d) of this Section, the Issuer will carry or cause to be carried, in respect of the South Parcel Project, comprehensive general liability insurance (covering bodily injury and property damage) issued by one or more insurance companies authorized and qualified to do business under the laws of the State, in such amounts as is customary for similar operations, or as is more specifically set forth hereinbelow. (b) At all times, to the extent commercially available, the Issuer shall maintain a practical insurance program, with reasonable terms, conditions, provisions and costs which the District Manager determines will afford adequate protection against loss caused by damage to or destruction of any component of the South Parcel Project owned by the Issuer. Limits for such coverage will be subject to the Consulting Engineer’s recommendations which are to be provided in an annual report, as required by Section 7.21 hereof. The Issuer shall also, at all times, maintain a practical comprehensive general liability insurance program with respect to the South Parcel Project for such coverage, with such reasonable terms, conditions, provisions and costs as the District Manager determines will afford adequate protection against bodily injury and property damage. All insurance policies of the Issuer relating to the South Parcel Project shall be carried with companies authorized to do business in the State, with a Best rating of no less than “A” as to management and Class “V” as to financial strength; provided, however, that if, in the opinion of the District Manager, adequate insurance protection under reasonable terms, conditions, provisions and cost cannot be purchased from an insurance company with the above-designated ratings, then the District Manager, on behalf of the Issuer, may secure such insurance protection as the Issuer determines to be in its best interests and otherwise consistent with this Indenture; provided further, however, that the Issuer may act as a self-insurer in accordance with the requirements of subsection (d) hereof. All policies providing the insurance coverages required by this Section shall designate the Issuer as the loss-payee and shall be made payable to the Issuer. (c) All proceeds received by the Issuer from property damage or destruction insurance and all proceeds received from the condemnation of the South Parcel Project or any part thereof are hereby pledged by the Issuer as security for the Bonds and shall be, with the written consent of the Lender, used to remedy the loss, damage or taking for which such proceeds are received, either by repairing the damaged property or replacing the destroyed or taken property, as soon as practicable after the receipt of such proceeds. (d) The Issuer, with the written consent of the Lender, shall be entitled to provide all or a portion of the insurance coverage required by subsections (a) and (b) of this Section through Qualified Self Insurance, provided that the requirements hereinafter set forth in this subsection (d) are satisfied. “Qualified Self Insurance” means insurance maintained through a program of self-insurance or insurance maintained with a company or association in which the Issuer has a material interest or of which the Issuer has control, either singly or with others. Prior to participation in any plan of Qualified Self Insurance not currently in effect, the Issuer shall deliver to the Lender (i) a copy of the proposed plan, and (ii) from the District Manager, an evaluation of the proposed plan together with an opinion to the effect that (A) the proposed Qualified Self Insurance plan will provide the coverage required by subsections (a) and (b) of this Section, and (B) the proposed Qualified Self Insurance plan provides for the creation of actuarially sound reserves. Each plan of Qualified Self Insurance shall be in written form, shall provide that upon the termination of such plan reserves will be established or insurance acquired in amounts adequate to cover any potential retained liability in respect of the period of self-insurance, and shall be reviewed annually by the District Manager or registered actuary who shall deliver to the Issuer a report on the adequacy of the reserves established thereunder in light of claims made. If the District Manager or registered actuary determines that such reserves are inadequate in light of the claims made, he shall make recommendations as to the amount of reserves that should be established and maintained, and the Issuer shall comply with such recommendations unless it can establish to the satisfaction of the Lender that such recommendations are unreasonable in light of the nature of the claims or the history of recovery against the Issuer for similar claims. A copy of each Qualified Self Insurance plan and of each annual report thereon shall be delivered to the Lender. (e) Copies of all recommendations and approvals made by the Consulting Engineer under the provisions of this Section shall be filed with the District Manager and the Lender. Within the first six (6) months of each Fiscal Year the District Manager shall file with the Lender, or if the Lender is not the Owner of the Bonds, the other owners of the Bonds, a complete report of the status of the insurance coverages relating to the South Parcel Project or any portion thereof, such report to include, without being limited thereto, a schedule of all insurance policies required by this Indenture which is then in effect, stating with respect to each policy the name of the insurer, the amount, number and expiration date, and the hazards and the risks covered thereby. The Trustee shall have no duty to require the filing of such documents or to determine compliance by the Issuer with the requirements of this Section. SECTION 7.15. Collection of Insurance Proceeds. Copies of all insurance policies referred to in Section 7.14 of this Article shall be available at the offices of the Issuer at all reasonable times to the inspection of the Holders of $500,000 or more in aggregate principal amount of the Bonds (or the Holders of all the Bonds, if less than $500,000 in principal amount of Bonds are Outstanding) and their agents and representatives duly authorized in writing. The Issuer covenants that it will take such action as may be necessary to demand, collect and sue for any insurance money which may become due and payable under any policy of insurance required under this Indenture, whether such policy is payable to the Issuer or to the Trustee. The Trustee is hereby authorized in its own name to demand, collect, sue and receive any insurance money which may become due and payable under any policies payable to it. Any appraisal or adjustment of any loss or damage under any policy of insurance required under this Indenture, whether such policy is payable to the Issuer or to the Trustee, and any settlement or payment of indemnity under any such policy which may be agreed upon by the Issuer and any insurer shall be evidenced by a certificate, signed by the District Manager approved by the Consulting Engineer, and filed with the Lender. The Trustee shall in no way be liable or responsible for the collection of insurance moneys in case of any loss or damage. SECTION 7.16. Use of Revenues for Authorized Purposes Only. None of the Pledged Revenues shall be used for any purpose other than as provided in this Indenture and no contract or contracts shall be entered into or any action taken by the Issuer or the Trustee which will be inconsistent with the provisions of this Indenture. SECTION 7.17. Books and Records; Annual Financial Statements. The Issuer shall keep proper books of record and account and annual financial statements in accordance with Generally Accepted Accounting Principles consistently applied and consistent with the provisions of this Indenture (separate from all other records and accounts), and which, together with all other books and records of the Issuer, including, without limitation, insurance policies, relating to the South Parcel Project, shall at all times be subject during regular business hours to the inspection of the Lender. The Issuer shall file with the Lender annually within two hundred-seventy (270) days after the close of each Fiscal Year, commencing with the Fiscal Year ending on September 30, 2025, its audited financial statements described in Section 7.22 hereof accompanied by a certificate of a Responsible Officer setting forth (i) a description in reasonable detail of the insurance then in effect pursuant to the requirements of Section 7.14 hereof and that the Issuer has complied in all respects with such requirements, (ii) whether during such year any material part of the South Parcel Project has been damaged or destroyed and, if so, the amount of insurance proceeds covering such loss or damage and specifying the Issuer’s reasonable and necessary replacement costs, and (iii) whether or not to the knowledge of the signatory, the Issuer is in default with respect to any of the covenants, agreements or conditions on its part contained in this Indenture, and if so, the nature of such default. The report, statements and other documents required to be furnished by the Issuer to the Lender pursuant to any provisions of this Indenture shall be provided by the Issuer via Electronic Means to the Lender. In addition, the Issuer shall file on an annual basis within ninety (90) days of Fiscal Year end, commencing September 30, 2026, of internally unaudited financial statements. (i) the proper maintenance, repair and operation of the South Parcel Project and any other capital assets owned by the Issuer during the ensuing Fiscal Year and an estimate of the amount of money necessary for such purposes; and SECTION 7.18. Reserved. SECTION 7.19. Employment of Certified Public Accountant. The Issuer shall employ or cause to be employed as required a Certified Public Accountant to perform auditing functions and duties required by the Act and this Indenture. SECTION 7.20. Establishment of Fiscal Year, Annual Budget. The Issuer has established a Fiscal Year beginning October 1 of each year and ending September 30 of the following year. The reports and budget of the Issuer shall relate to such Fiscal Year unless and until, in accordance with applicable law, a different Fiscal Year is established by Certified Resolution of the Issuer and a copy of such Certified Resolution is filed with the Lender. On or before the first day of each Fiscal Year the Issuer shall adopt a final Annual Budget in accordance with the Act and shall supply a copy of such budget within thirty (30) days upon the approval thereof to the Lender and to any other Bondholders who shall have so requested in writing and shall have filed their names and addresses with the Secretary of the Board for such purpose. If for any reason the Issuer shall not have adopted the Annual Budget on or before the first day of any Fiscal Year, the Annual Budget for the preceding Fiscal Year shall, until the adoption of the new Annual Budget, be deemed in force for the ensuing Fiscal Year. The Issuer may at any time adopt an amended or supplemental Annual Budget for the remainder of the current Fiscal Year, and when such amended or supplemental Annual Budget is approved it shall be treated as the official Annual Budget under this Indenture. A copy of the Annual Budget shall be filed, on or before October 1 of each Fiscal Year commencing on October 1, 2026 for the Fiscal Year beginning October 1, 2026, delivered electronically via e-mail by the Issuer to the Lender and to any other Bondholders who shall have so requested in writing and shall have filed their names and addresses with the Secretary of the Board for such purpose. SECTION 7.21. Employment of Consulting Engineer; Consulting Engineer’s Report. (a) The Issuer shall, for the purpose of performing and carrying out the duties imposed on the Consulting Engineer by this Indenture and as required under the Act, employ one or more Independent engineers or engineering firms or corporations having a statewide and favorable repute for skill and experience in such work. (b) The Issuer shall cause the Consulting Engineer to make an inspection of the portions of the 2015 Project and any other capital assets owned by the Issuer at least once in each Fiscal Year and, on or before the first day of July in each Fiscal Year, to submit to the Board a report setting forth (i) its findings as to whether such portions of the South Parcel Project and any other capital assets owned by the Issuer have been maintained in good repair, working order and condition, and (ii) its recommendations as to: (ii) the insurance to be carried under the provisions of Section 7.14 hereof and the amount that should be set aside monthly for the purpose of paying insurance premiums which fall due less often than monthly. Promptly after the receipt of such reports by the Issuer, copies thereof shall be filed with the Lender, and to all other Bondholders who shall have filed their names and addresses with the Secretary of the Board for such purpose. SECTION 7.22. Audit and Other Reports. The Issuer covenants that after the end of each Fiscal Year, it will cause an audit to be made by a Certified Public Accountant covering all receipts and moneys then on deposit with or in the name of the Trustee or the Issuer and any security held therefor and any investments thereof. On or before June 30, of each year for the Fiscal Year ending on the preceding September 30, commencing June 30, 2027 for the Fiscal Year ending September 30, 2026, copies of such audit reports shall be filed with the District Manager and the Secretary of the Board, and mailed or delivered electronically via e-mail by said Secretary to the Lender and to all other Bondholders who shall have filed their names and addresses with him for such purpose. If the material required to be in such reports also appears in the annual report of the Issuer provided for in Section 7.17 hereof in a manner that can be readily identified, then the filing of a copy of such annual audit shall satisfy the requirement of this Section 7.22. The Issuer shall also provide such other information (financial or otherwise) from time to time requested by the Lender. SECTION 7.23. Information to Be Filed with Lender. The Issuer shall cause to be kept on file with the Lender at all times copies of the schedules of the Series 2026 Special Assessments. The Issuer shall keep accurate records and books of account and shall have a complete audit of such records and accounts made annually by a Certified Public Accountant, as provided in Section 7.22 hereof. A signed copy of said audit shall be furnished to the Lender as soon as practicable after such audit shall become available. SECTION 7.24. Covenant Against Sale or Encumbrance; Exceptions. The Issuer covenants that, except as in this Section permitted, it will not sell, lease or otherwise dispose of or encumber the 2015 Project. The Issuer may, however, from time to time, sell any machinery, fixtures, apparatus, tools, instruments or other movable property acquired by it from the proceeds of the Series 2015 Bonds if the District Manager shall determine, with the approval of the Consulting Engineer, that such items are no longer needed or are no longer useful in connection with the maintenance and operation of the South Parcel Project, and the proceeds thereof shall be applied to the replacement of the properties so sold or disposed of or, at the written direction of the Issuer shall be deposited to the credit of the Revenue Fund. Upon any sale of property relating to the 2015 Project, the aggregate of which in any thirty (30) day period exceeds Thirty Thousand Dollars ($30,000) under the provisions of this Section, the Issuer shall provide written notice to the Trustee and the Lender of the property so sold and the amount and disposition of the proceeds thereof. The Issuer may lease or grant easements, franchises or concessions for the use of any part of the 2015 Project not incompatible with the maintenance and operation thereof, if Bond Counsel and the Consulting Engineer shall approve such lease, easement, franchise or concession in writing, and the net proceeds of any such lease, easement, franchise or concession (after the making of provision for payment from said proceeds of all costs incurred in financing, constructing, operating, maintaining or repairing such leases, easements, franchises or concessions) shall be deposited as received to the credit of the Revenue Fund. SECTION 7.25. No Loss of Lien on Pledged Revenues. The Issuer shall not do or omit to do, or suffer to be done or omit to be done, any matter or thing whatsoever whereby the lien of the Bonds on the Pledged Revenues or any part thereof, or the priority thereof, would be lost or impaired; provided, however, that this Section shall not prohibit the Trustee from transferring moneys to the Rebate Fund held by the Trustee in the manner provided herein. SECTION 7.26. Compliance With Other Contracts and Agreements. The Issuer shall comply with and abide by all of the terms and conditions of any and all contracts and agreements which the Issuer entered into in connection with the South Parcel Project and the issuance of the Bonds. SECTION 7.27. Issuance of Additional Obligations. Except as provided below, without the express written consent of the Lender, which may be given at the sole discretion of the Lender, the Issuer shall not issue any obligations other than the Bonds payable from the Pledged Revenues, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge, payable from Pledged Revenues whether such other obligations are on a parity or subordinate basis with the Bonds. Notwithstanding the foregoing, the Issuer may issue additional bonds, not secured by the Series 2026 Special Assessments, if determined necessary for health or safety reasons or to mitigate any damage caused by any national disaster. SECTION 7.28. Extension of Time for Payment of Interest Prohibited. The Issuer shall not directly or indirectly extend or assent to an extension of time for payment of any claim for interest on any of the Bonds and shall not directly or indirectly be a party to or approve any arrangement therefor by purchasing or funding or in any manner keeping alive any such claim for interest; no claim for interest which in any way, at or after maturity, shall have been transferred or pledged apart from the Bonds to which it relates or which shall in any manner have been kept alive after maturity by extension or by purchase thereof by or on behalf of the Issuer, shall be entitled, in case of a default hereunder, to any benefit or security under this Indenture except after the prior payment in full of the principal of all Bonds and claims for interest appertaining thereto not so transferred, pledged, kept alive or extended. SECTION 7.29. Further Assurances. The Issuer shall not enter into any contract or take any action by which the rights of the Trustee or the Bondholders may be impaired and shall, from time to time, execute and deliver such further instruments and take such further action as may be required to carry out the purposes of this Indenture. SECTION 7.30. Use of Bond Proceeds to Comply with Internal Revenue Code. The Issuer covenants to the Holders of the Bonds that it will not make or direct the making of any investment or other use of the proceeds of any Bonds issued hereunder which would cause such Bonds to be “arbitrage bonds” as that term is defined in Section 148 (or any successor provision thereto) of the Code or “private activity bonds” as that term is defined in Section 141 (or any successor provision thereto) of the Code, and that it will comply with the requirements of such Code sections and related regulations throughout the term of such Bonds. The Issuer hereby further covenants and agrees to comply with the procedures and covenants contained in any arbitrage rebate agreement executed in connection with the issuance of the Bonds for so long as compliance is necessary in order to maintain the exclusion from gross income for federal income tax purposes of interest on the Bonds. SECTION 7.31. Corporate Existence and Maintenance of Properties. For so long as any Bonds are Outstanding hereunder, unless otherwise provided by the Act, the Issuer shall maintain its corporate existence as a local unit of special purpose government as a community development district under the Act and shall provide for or otherwise require the South Parcel Project, and all parts thereof owned by the Issuer to be (a) continuously operated, repaired, improved and maintained as shall be necessary to provide adequate service to the lands benefited thereby; and (b) in compliance with all valid and applicable laws, acts, rules, regulations, permits, orders, requirements and directions of any competent public authority. SECTION 7.32. New Series 2026 Special Assessment Proceedings. If as a result of an Adjustment Event the current level of Series 2026 Special Assessments being levied by the Issuer would not be sufficient to pay the Debt Service Requirements of the Bonds, the Issuer shall take all actions within its control to conduct new assessment proceedings under Chapter 170 Florida Statutes relating to the 2015 Project so that the Series 2026 Special Assessments will be sufficient to pay the Debt Service Requirements on the Bonds, including any amounts due and owing. Notwithstanding the foregoing, if the Issuer attempts to conduct new assessment proceedings but is advised by its methodology consultant in writing (with a copy to the Lender) that there is not sufficient special benefit from the 2015 Project to support a greater level of Series 2026 Special Assessments than in effect prior to the Adjustment Event, then such option shall not be exercised. If the Issuer elects not to take action to conduct new assessment proceedings as described above or is unable to increase the Series 2026 Special Assessments, the Bonds, in whole or in part, shall, at the direction of the Lender, become immediately subject to extraordinary mandatory redemption pursuant to Section 6.01(b) hereof. SECTION 7.33. Tax Audits and Determination of Taxability. The Issuer hereby covenants and agrees: (a) to give prompt written notice to the Lender and the Trustee if and when the Issuer receives notice of, or becomes aware of, any inquiry, audit, investigation or other proceeding of the IRS (or any other government agency exercising the same or a substantially similar function from time to time) with respect to the Bonds; (b) to give prompt written notice to the Lender and the Trustee if and when the Issuer receives notice of, or becomes aware of, any determination, whether preliminary or final, by the IRS (or any other government agency exercising the same or a substantially similar function from time to time) that the District, or any Florida community development district or other entity substantially similar to the Issuer, is not a political subdivision for purposes of Section 103(a) of the Code; (c) if, following its receipt of such notice set forth in (b) above, the Lender so requests the Issuer in writing, the Issuer shall, at the Issuer’s sole cost and expense, use its best efforts to obtain either (i) a final, non-appealable ruling from a court of competent jurisdiction or (ii) a determination letter issued to or on behalf of the Issuer by the Commissioner of the IRS or the Director of Tax-Exempt Bonds of the Tax-Exempt and Government Entities Division of the IRS (or any other government official exercising the same or a substantially similar function from time to time), in either case to the effect that the Issuer is a political subdivision for the purposes of Section 103(a) of the Code; and (d) in the event the Lender receives any notice from the IRS that interest on the Bonds is taxable because the District is not a political subdivision for purposes of Section 103(a) of the Code, the Issuer shall, upon written request thereof from the Lender, use its best efforts, at the Issuer’s sole cost and expense, to obtain either (i) a final, non-appealable ruling from a court of competent jurisdiction or (ii) a determination letter issued to or on behalf of the Issuer by the Commissioner of the IRS or the Director of Tax-Exempt Bonds of the Tax-Exempt and Government Entities Division of the IRS (or any other government official exercising the same or a substantially similar function from time to time), in either case to the effect that the Issuer is a political subdivision for the purposes of Section 103(a) of the Code and that, therefore, interest on the Bonds is exempt from federal income taxation. The covenants set forth in this Section 7.33 shall survive the payment in full of the Bonds. Notwithstanding the covenants of the Issuer set forth in paragraphs (c) and (d) of this Section 7.33, the Lender recognizes that the best efforts of the Issuer does not mean assurances can be given that the IRS will change its position. SECTION 7.34. Role of Lender. The Issuer acknowledges that the transaction contemplated hereby is an arm’s length, commercial transaction between the Issuer and the Lender in which: (a) the Lender is acting solely as a principal (i.e., as a lender); (b) the Lender is not acting as a municipal advisor or financial advisor to the Issuer; (c) the Lender has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934 to the Issuer with respect to such transaction and the discussions, undertakings and procedures leading thereto (irrespective of whether the Lender has provided other services or is currently providing other services to the Issuer on other matters); (d) the only obligations the Lender has to the Issuer with respect to such transaction are set forth in this Indenture and the Bond Placement Agreement; and (e) the Lender is not recommending that the Issuer take an action with respect to this transaction, and before taking any action with respect hereto, the Issuer has discussed this transaction with its own legal, accounting, tax, financial and other advisors, as it deems appropriate. END OF ARTICLE VII EVENTS OF DEFAULT AND REMEDIES SECTION 8.01. Events of Default and Remedies. Events of default and remedies with respect to the Bonds shall be as set forth in this Indenture. SECTION 8.02. Events of Default Defined. Each of the following shall be an “Event of Default” under this Indenture, with respect to the Bonds: (a) if payment of any installment of interest on any Bond is not made when it becomes due and payable; or (b) if payment of the principal or Redemption Price of any Bond is not made when it becomes due and payable at maturity or upon call or presentation for redemption to the extent required herein; or (c) if the Issuer, for any reason, is rendered incapable of fulfilling its obligations under this Indenture or under the Act; or (d) if the Issuer proposes or makes an assignment for the benefit of creditors or enters into a composition agreement with all or a material part of its creditors, or a trustee, receiver, executor, conservator, liquidator, sequestrator or other judicial representative, similar or dissimilar, is appointed for the Issuer or any of its assets or revenues, or there is commenced any proceeding in liquidation, bankruptcy, reorganization, arrangement of debts, debtor rehabilitation, creditor adjustment or insolvency, local, state or federal, by or against the Issuer and if such is not vacated, dismissed or stayed on appeal within ninety (90) days; or (e) if the Issuer defaults in the due and punctual performance of any other covenant in this Indenture or in any Bond issued pursuant to this Indenture and such default continues for thirty (30) days (the “Cure Period”) after the earlier of (i) the date the Issuer had received actual notice of such default or (ii) the date written notice requiring the same to be remedied shall have been given to the Issuer by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of the Lender; provided, however, that if such performance requires work to be done, actions to be taken, or conditions to be remedied, which by their nature cannot reasonably be done, taken or remedied, as the case may be, within the Cure Period, no Event of Default shall be deemed to have occurred or exist if, and so long as the Issuer shall commence such performance within the Cure Period and shall diligently and continuously prosecute the same to completion, but in no event shall the Cure Period be longer than sixty (60) days in the aggregate. For as long as an Event of Default under this Section 8.02 has occurred and is continuing, the Bonds shall bear interest at the Default Rate. In the event the Issuer cures any Event of Default under this Section 8.02, the interest rate on the Bonds shall return to the Initial Interest Rate or the Taxable Rate, as applicable. If any payment due on the Bonds is not received by the Lender when due, the Lender, in its sole discretion, may charge a Late Fee. Notwithstanding anything herein to the contrary, the occurrence of a Financial Covenant Reporting Failure shall not be an Event of Default but shall give the Lender the right to bring an action against the Issuer for specific performance or mandamus to compel performance. SECTION 8.03. Notice of Defaults. The Issuer shall within five (5) days after it acquires knowledge thereof, notify the Owner in writing at its notice address provided in Section 13.06 hereof (a) of any change in any material fact or circumstance represented or warranted by the Issuer in this Indenture or in connection with the issuance of the Bonds and (b) any event or condition which with the passage of time or giving of notice, or both, would constitute an Event of Default, and shall provide the Owner, with such written notice, a detailed statement by a responsible officer of the Issuer of all relevant facts and the action being taken or proposed to be taken by the Issuer with respect thereto. Regardless of the date of receipt of such notice by the Owner, such date shall not in any way modify the date of occurrence of the actual Event of Default. SECTION 8.04. No Acceleration. No Bonds issued under this Indenture shall be subject to acceleration. SECTION 8.05. Legal Proceedings by Trustee; Co-Equal Lien Status. If any Event of Default with respect to the Bonds has occurred and is continuing, the Trustee shall, at the written direction of the Lender, if it is the sole Owner of the Bonds, or if the Lender is not the sole Owner of the Bonds, the Trustee may, in its discretion, and upon the written request of the Holders of not less than a majority of the aggregate principal amount of the Outstanding Bonds and receipt of indemnity to its satisfaction shall, in its capacity as Trustee: (a) by mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Holders of the Bonds, including, without limitation, the right to require the Issuer to carry out any agreements with, or for the benefit of, the Bondholders of the Bonds and to perform its or their duties under the Act; (b) bring suit upon the Bonds; (c) by action or suit in equity require the Issuer to account as if it were the trustee of an express trust for the Holders of the Bonds; (d) by action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the Holders of the Bonds; and (e) by other proceeding in law or equity, exercise all rights and remedies available at law or in equity or as provided for by any other document or instrument securing such Bonds. SECTION 8.06. Discontinuance of Proceedings by Trustee. If any proceeding taken by the Trustee on account of any Event of Default is discontinued or is determined adversely to the Trustee, the Issuer, the Trustee, the Paying Agent, and the Bondholders shall be restored to their former positions and rights hereunder as though no such proceeding had been taken. SECTION 8.07. Bondholders May Direct Proceedings. Subject to Section 8.08 hereof, the Holders of a majority in aggregate principal amount of the Outstanding Bonds then subject to remedial proceedings under this Article VIII shall have the right to direct the method and place of conducting all remedial proceedings by the Trustee under this Indenture, provided that such directions shall not be otherwise than in accordance with law or the provisions of this Indenture. SECTION 8.08. Limitations on Actions by Bondholders. No Bondholder shall have any right to pursue any remedy hereunder unless (a) the Trustee shall have been given written notice of an Event of Default, (b) the Holders of at least a majority of the aggregate principal amount of the Outstanding Bonds shall have requested the Trustee, in writing, to exercise the powers hereinabove granted or to pursue such remedy in its or their name or names, (c) the Trustee shall have been offered indemnity reasonably satisfactory to it against costs, expenses and liabilities, and (d) the Trustee shall have failed to comply with such request within a reasonable time. Notwithstanding the foregoing, if the Lender is the only Bondholder, the Lender shall have the right, upon written notice to the Trustee, to pursue any remedy hereunder, or available to it at law or in equity, in its name and the Trustee shall have no liability or responsibility for the exercise of any remedies by the Lender. SECTION 8.09. Trustee May Enforce Rights Without Possession of Bonds. All rights under this Indenture and the Bonds may be enforced by the Trustee without the possession of any of the Bonds or the production thereof at the trial or other proceedings relative thereto, and any proceeding instituted by the Trustee shall be brought in its name for the ratable benefit of the Holders of the Bonds. SECTION 8.10. Remedies Not Exclusive. Except as limited under Section 13.01 of this Indenture, no remedy contained in this Indenture is intended to be exclusive of any other remedy or remedies, and each remedy is in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. SECTION 8.11. Delays and Omissions Not to Impair Rights. No delay or omission in respect of exercising any right or power accruing upon any Event of Default shall impair such right or power or be a waiver of such Event of Default, and every remedy given by this Article VIII may be exercised from time to time and as often as may be deemed expedient. SECTION 8.12. Application of Moneys in Event of Default. Any moneys held by the Trustee or received by the Trustee or the Paying Agent, as the case may be, in connection with any proceedings brought under this Article VIII with respect to the Bonds shall be applied in the following order of priority: FIRST: to the payment of the costs of the Trustee and Paying Agent incurred in connection with actions taken under this Article VIII with respect to the Bonds, including counsel fees and any disbursements of the Trustee and the Paying Agent and payment of unpaid fees and expenses owed to the Trustee; SECOND: to the payment of the costs of the Lender incurred in connection with actions taken under this Article VIII with respect to the Bonds, including counsel fees and any disbursements of Lender; THIRD: to payment of all installments of interest then due on the Bonds at the applicable rate or rates in the order of maturity of such installments of interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any preference or priority of one installment of interest over any other installment; and FOURTH: to payment to the persons entitled thereto of the unpaid principal or Redemption Price of any of the Bonds which shall have become due in the order of their due dates, with interest on such Bonds from the respective dates upon which they become due and, if the amount available shall not be sufficient to pay in full the principal or Redemption Price coming due on such Bonds on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, and any other amounts due on such Bonds to the persons entitled thereto without any preference or priority of one such Bond over another or of any installment of interest over another. Any surplus remaining after the payments described above shall be paid to the Issuer or to the Person lawfully entitled to receive the same or as a court of competent jurisdiction may direct. SECTION 8.13. Trustee’s Right to Receiver; Compliance with Act. The Trustee shall be entitled as of right to the appointment of a receiver and the Trustee, the Bondholders and any receiver so appointed shall have such rights and powers and be subject to such limitations and restrictions as are contained in the Act and other applicable law of the State. SECTION 8.14. Trustee and Bondholders Entitled to all Remedies under Act. It is the purpose of this Article, to provide such remedies to the Trustee and Bondholders as may be lawfully granted under the provisions of the Act and other applicable laws of the State; if any remedy herein granted shall be held unlawful, the Trustee and the Bondholders shall nevertheless be entitled to every other remedy provided by the Act and other applicable laws of the State. It is further intended that, insofar as lawfully possible, the provisions of this Article VIII shall apply to and be binding upon any receiver appointed in accordance with Section 8.13 hereof. In addition, the Issuer, to the extent permitted under Florida law, agrees to indemnify and hold harmless the Lender with respect to payment of any taxes or charges or similar levies which arise from the Refunding or the payment of the Bonds pursuant to this Indenture. END OF ARTICLE VIII THE TRUSTEE; THE PAYING AGENT AND REGISTRAR SECTION 9.01. Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created, but only upon the additional terms set forth in this Article IX, to all of which the parties hereto and the Bondholders agree. The Trustee shall act as Trustee for the Bonds under this Indenture. Prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, and subject to the provisions of Section 9.03 hereof, the Trustee shall have only such duties as are expressly set forth herein, and no duties shall be implied on the part of the Trustee. Subject to the provisions of Section 9.03 hereof, the Trustee shall have only such duties as are expressly set forth herein, and no duties shall be implied on the part of the Trustee. During the existence of any Event of Default, the Trustee shall exercise the rights, duties and powers vested in it with the same degree of skill and care as a prudent person would exercise or use under the circumstances in the conduct of their own affairs; provided, however, that if the Lender has elected to exercise remedial rights or otherwise instructed the Trustee not to exercise remedial rights, the Trustee’s duties shall be governed by the immediately preceding sentence and not the prudent person standard. SECTION 9.02. No Responsibility for Recitals. The recitals, statements and representations in this Indenture or in the Bonds, save only the Trustee’s Certificate, if any, upon the Bonds, have been made by the Issuer and not by the Trustee and the Trustee shall be under no responsibility for the correctness thereof. SECTION 9.03. Trustee May Act Through Agents; Answerable Only for Willful Misconduct or Negligence. The Trustee may execute any powers hereunder and perform any duties required of it through attorneys, agents, officers or employees, and shall be entitled to advice of Counsel concerning all questions hereunder; the Trustee shall not be answerable for the default or misconduct of any attorney or agent selected and supervised by it with reasonable care, and the advice or opinion of counsel selected by it with reasonable care shall be full and complete authorization and protection in respect to any action taken or omitted by it hereunder. The Trustee shall not be answerable for the exercise of any discretion or power under this Indenture nor for anything whatever in connection with the trust hereunder, except only its own negligence or willful misconduct or breach of its obligations hereunder. The Trustee shall not be liable for any error of judgment made in good faith, unless it has been proven that the Trustee was negligent in ascertaining the pertinent facts. The Trustee shall have no liability for any action or refraining from action if at the direction of the Lender or a majority of the beneficial owners of the Bonds. SECTION 9.04. Compensation and Indemnity. The Issuer shall pay the Trustee reasonable compensation for its services hereunder, and also all its reasonable expenses and disbursements, and shall, to the extent permitted by law, indemnify, defend, protect and hold the Trustee harmless against any liabilities, losses, damages, costs and expenses (“Losses”) which it may incur in the proper exercise and performance of its powers and duties hereunder, except with respect to Losses caused by the Trustee’s negligence or willful misconduct. If the Issuer defaults in respect of the foregoing obligations, the Trustee may deduct the amount owing to it from any moneys coming into its hands and payable to the Issuer but exclusive of the Rebate Fund, which right of payment shall be prior to the right of the holders of the Bonds. The provisions of this Section 9.04 shall survive the termination of this Indenture and, as to any Trustee, its removal or resignation as Trustee. No provision of this Indenture shall require the Trustee to expend or risk its own funds. SECTION 9.05. No Duty to Renew Insurance. The Trustee shall be under no duty to effect or to renew any insurance policy nor shall it incur any liability for the failure of the Issuer to require or effect or renew insurance or to report or file claims of loss thereunder. SECTION 9.06. Notice of Default; Right to Investigate. The Trustee shall give written notice by Electronic Means or first-class mail to registered Holders of the Bonds of all defaults known to the Trustee, unless such defaults have been remedied (the term “defaults” for purposes of this Section and Section 9.07 being defined to include the events specified as “Events of Default” in Article VIII hereof, but not including any notice or periods of grace provided for therein); provided that other than when the Lender owns any of the Bonds, except in the case of a default in payment of principal or interest or Redemption Price, the Trustee may withhold such notice so long as it in good faith determines that such withholding is in the interest of the Bondholders. The Trustee shall not be deemed to have notice of any default other than a payment default under this Indenture, unless notified in writing of such default by the Lender if the Owner of the Bonds or if not the Owner of the Bonds by the Holders of at least a majority of the aggregate principal amount of the Outstanding Bonds. The Trustee may, however, at any time require of the Issuer full information as to the performance of any covenant hereunder, and if information satisfactory to it is not forthcoming, the Trustee may make or cause to be made, at the expense of the Issuer, an investigation into the affairs of the Issuer. The Lender may take all actions hereunder that the trustee is authorized to take, if the Trustee does not take action or refuses to take action without indemnity. SECTION 9.07. Obligation to Act on Defaults. Unless (i) requested in writing to do so by the Holders of at least a majority of the aggregate principal amount of the Outstanding Bonds which are or would be, upon the taking of such action, subject to remedial proceedings under Article VIII of this Indenture, and (ii) it is furnished with indemnity satisfactory to it, the Trustee shall be under no obligation to take any action in respect of any default or otherwise. No provision of this Indenture or the Bonds shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, except to give notice of default as required under the Indenture. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Bonds. SECTION 9.08. Reliance by Trustee. The Trustee may act on any requisition, resolution, notice, telegram, facsimile transmission, request, consent, waiver, certificate, statement, affidavit, voucher, bond, or other paper or document which it in good faith believes to be genuine and to have been passed, signed or given by the persons purporting to be authorized (which in the case of the Issuer shall be a Responsible Officer) or to have been prepared and furnished pursuant to any of the provisions of this Indenture; the Trustee shall be under no duty to make any investigation as to any statement contained in any such instrument, but may accept the same as conclusive evidence of the accuracy of such statement. SECTION 9.09. Trustee May Deal in Bonds. The Trustee may in good faith buy, sell, own, hold and deal in any of the Bonds and may join in any action which any Bondholders may be entitled to take with like effect as if the Trustee were not a party to this Indenture. The Trustee may also engage in or be interested in any financial or other transaction with the Issuer; provided, however, that if the Trustee determines that any such relation is in conflict with its duties under this Indenture, it shall eliminate the conflict or resign as Trustee. SECTION 9.10. Construction of Ambiguous Provisions. The Trustee may construe any ambiguous or inconsistent provisions of this Indenture, and except as otherwise provided in Article XI of this Indenture, any construction by the Trustee shall be binding upon the Bondholders. The Trustee shall give prompt notice to the Issuer and the Lender of any intention to make such construction. SECTION 9.11. Resignation of Trustee. The Trustee may resign and be discharged of the trusts created by this Indenture by written resignation filed with the Secretary of the Issuer not less than sixty (60) days before the date when such resignation is to take effect. Notice of such resignation shall be sent by Electronic Means or first-class mail to each Bondholder as its name and address appears on the Bond Register and to any Paying Agent, Registrar, and Authenticating Agent at least sixty (60) days before the resignation is to take effect. Such resignation shall take effect on the day specified in the Trustee’s notice of resignation unless a successor Trustee is previously appointed, in which event the resignation shall take effect immediately on the appointment of such successor; provided, however, that notwithstanding the foregoing, such resignation shall not take effect until a successor Trustee has been appointed. If a successor Trustee has not been appointed within ninety (90) days after the Trustee has given its notice of resignation, the Trustee may petition any court of competent jurisdiction for the appointment of a temporary successor Trustee to serve as Trustee until a successor Trustee has been duly appointed. SECTION 9.12. Removal of Trustee. The Trustee may be removed at any time by either (a) the Issuer, if no default exists under this Indenture, or (b) an instrument or concurrent instruments in writing, executed by the Owners of at least a majority of the aggregate principal amount of the Bonds then Outstanding and filed with the Issuer. A photographic copy of any instrument or instruments filed with the Issuer under the provisions of this paragraph, duly certified by a Responsible Officer, shall be delivered promptly by the Issuer to the Trustee and to any Paying Agent, Registrar and Authenticating Agent. The Trustee may also be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in accordance with, any provision of this Indenture with respect to the duties and obligations of the Trustee by any court of competent jurisdiction upon the application of the Issuer or the Holders of not less than a majority of the aggregate principal amount of the Bonds then Outstanding. SECTION 9.13. Appointment of Successor Trustee. If the Trustee or any successor Trustee resigns or is removed or dissolved, or if its property or business is taken under the control of any state or federal court or administrative body, a vacancy shall forthwith exist in the office of the Trustee, and the Issuer shall appoint a successor and shall mail notice of such appointment by first-class mail to each Bondholder as its name and address appear on the Bond Register, and to the Paying Agent, Registrar, Authenticating Agent. If at the time of such appointment the Lender is the only Bondholder, such appointment shall be subject to the written consent of the Lender. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Indenture prior to the date specified in the notice of resignation or removal as the date when such resignation or removal was to take effect, the Lender, if the Owner of the Bonds or if the Lender is not the Owner of the Bonds, then by the Holders of a majority in aggregate principal amount of all Bonds then Outstanding may appoint a successor Trustee. SECTION 9.14. Qualification of Successor. A successor Trustee shall be a bank or trust company with trust powers, having a combined net capital and surplus of at least $50,000,000. SECTION 9.15. Instruments of Succession. Except as provided in Section 9.16 hereof, any successor Trustee shall execute, acknowledge and deliver to the Issuer an instrument accepting such appointment hereunder and thereupon, such successor Trustee, without any further act, deed, or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor in trust hereunder, with like effect as if originally named Trustee herein. The Trustee ceasing to act hereunder, after deducting all amounts owed to the Trustee, shall pay over to the successor Trustee all moneys held by it hereunder and, upon request of the successor Trustee, the Trustee ceasing to act and the Issuer shall execute and deliver an instrument or instruments prepared by the Issuer transferring to the successor Trustee all the estates, properties, rights, powers and trusts hereunder of the predecessor Trustee, except for its rights under Section 9.04 hereof. SECTION 9.16. Merger of Trustee. Any corporation, entity or purchaser into which any Trustee hereunder may be merged or with which it may be consolidated, or any corporation, entity or purchaser resulting from any merger or consolidation to which any Trustee hereunder shall be a party, or any corporation, entity or purchaser which shall have purchased substantially all of the bond administration business of the corporate trust department shall be the successor Trustee under this Indenture, without the execution or filing of any paper or any further act on the part of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that any such successor corporation continuing to act as Trustee hereunder shall meet the requirements of Section 9.14 hereof, and if such corporation, entity or purchaser does not meet the aforesaid requirements, a successor Trustee shall be appointed pursuant to this Article IX. The Trustee may not resign as the Paying Agent or the Registrar without resigning as Trustee. SECTION 9.17. Extension of Rights and Duties of Trustee to Paying Agent and Registrar. The provisions of Sections 9.02, 9.03, 9.04, 9.08, 9.09, 9.10 and 9.16 hereof are hereby made applicable to the Paying Agent and the Registrar, as appropriate, and any Person serving as Paying Agent and/or Registrar, hereby enters into and agrees to comply with the covenants and agreements of this Indenture applicable to the Paying Agent and Registrar, respectively. SECTION 9.18. Resignation of Paying Agent or Registrar. The Paying Agent or Registrar may resign and be discharged of the duties created by this Indenture by executing an instrument in writing resigning such duties and specifying the date when such resignation shall take effect, and filing the same with the Issuer, the Trustee, not less than forty-five (45) days before the date specified in such instrument when such resignation shall take effect, and by giving written notice of such resignation not less than three (3) weeks prior to such resignation date to any other Bondholders, mailed to their addresses as such appear in the Bond Register. Such resignation shall take effect on the date specified in such instrument and notice, but only if a successor Paying Agent or Registrar shall have been appointed as hereinafter provided, in which event such resignation shall take effect immediately upon the appointment of such successor Paying Agent or Registrar. If the successor Paying Agent or Registrar shall not have been appointed within a period of ninety (90) days following the giving of notice, then the Paying Agent or Registrar shall be authorized to petition any court of competent jurisdiction to appoint a successor Paying Agent or Registrar as provided in Section 9.22 hereof. SECTION 9.19. Removal of Paying Agent or Registrar. The Paying Agent or Registrar may be removed at any time prior to any Event of Default by the Issuer by filing with the Paying Agent or Registrar to be removed, and with the Trustee, an instrument or instruments in writing executed by the Issuer appointing a successor, or an instrument or instruments in writing designating, and accompanied by an instrument or appointment by the Issuer of, such successor. Such removal shall be effective thirty (30) days (or such longer period as may be set forth in such instrument) after delivery of the instrument; provided, however, that no such removal shall be effective until the successor Paying Agent or Registrar appointed hereunder shall execute, acknowledge and deliver to the Issuer an instrument accepting such appointment hereunder. SECTION 9.20. Appointment of Successor Paying Agent or Registrar. In case at any time the Paying Agent or Registrar shall be removed, or be dissolved, or if its property or affairs shall be taken under the control of any state or federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a vacancy shall forthwith and ipso facto exist in the office of the Paying Agent or Registrar, as the case may be, and a successor shall be appointed by the Issuer; and in case at any time the Paying Agent or Registrar shall resign, then a successor shall be appointed by the Issuer. After any such appointment, notice of such appointment shall be given by the Issuer to the predecessor Paying Agent or Registrar, the successor Paying Agent or Registrar, the Trustee and all Bondholders. Any new Paying Agent or Registrar so appointed shall immediately, and without further act, supersede the predecessor Paying Agent or Registrar. If at the time of such appointment the Lender is the only Bondholder, such appointment shall be subject to the written consent of the Lender. SECTION 9.21. Qualifications of Successor Paying Agent or Registrar. Every successor Paying Agent or Registrar (a) shall be a commercial bank or trust company (i) duly organized under the laws of the United States or any state or territory thereof, (ii) authorized by law to perform all the duties imposed upon it by this Indenture and (iii) capable of meeting its obligations hereunder, and (b) shall have a combined net capital and surplus of at least $50,000,000. SECTION 9.22. Judicial Appointment of Successor Paying Agent or Registrar. In case at any time the Paying Agent or Registrar shall resign and no appointment of a successor Paying Agent or Registrar shall be made pursuant to the foregoing provisions of this Indenture prior to the date specified in the notice of resignation as the date when such resignation is to take effect, the retiring Paying Agent or Registrar may forthwith apply to a court of competent jurisdiction for the appointment of a successor Paying Agent or Registrar. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Paying Agent or Registrar. Notice of such appointment shall be given by the successor registrar or Paying Agent to the Issuer, the Trustee and all Bondholders. In the absence of such an appointment, the Trustee shall become the Registrar or Paying Agent, or and shall so notify the Issuer and all Bondholders. SECTION 9.23. Acceptance of Duties by Successor Paying Agent or Registrar. Any successor Paying Agent or Registrar shall become duly vested with all the estates, property, rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named Paying Agent or Registrar herein. Upon request of such Paying Agent or Registrar, such predecessor Paying Agent or Registrar and the Issuer shall execute and deliver an instrument transferring to such successor Paying Agent or Registrar all the estates, property, rights and powers hereunder of such predecessor Paying Agent or Registrar and such predecessor Paying Agent or Registrar shall pay over and deliver to the successor Paying Agent or Registrar all moneys and other assets at the time held by it hereunder. SECTION 9.24. Successor by Merger or Consolidation. Any corporation into which any Paying Agent or Registrar hereunder may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which any Paying Agent or Registrar hereunder shall be a party, or any corporation which shall have purchased substantially all of the bond administration business of the corporate trust department shall be the successor Paying Agent or Registrar under this Indenture without the execution or filing of any paper or any further act on the part of the parties thereto, anything in this Indenture to the contrary notwithstanding. END OF ARTICLE IX ACTS OF BONDHOLDERS; EVIDENCE OF OWNERSHIP OF BONDS SECTION 10.01. Acts of Bondholders; Evidence of Ownership of Bonds. Any action to be taken by Bondholders may be evidenced by one or more concurrent written instruments of similar tenor signed or executed by such Bondholders in person or by an agent appointed in writing. The fact and date of the execution by any person of any such instrument may be provided by acknowledgment before a notary public or other officer empowered to take acknowledgments or by an affidavit of a witness to such execution. Any action by the Owner of any Bond shall bind all future Owners of the same Bond in respect of anything done or suffered by the Issuer, Trustee, Paying Agent or Registrar in pursuance thereof. END OF ARTICLE X AMENDMENTS AND SUPPLEMENTS SECTION 11.01. Amendments and Supplements Without Bondholders’ Consent. This Indenture and any Supplemental Indenture may be amended or supplemented, from time to time, with the written consent of the Lender (while the sole Owner), but without the consent of any other Bondholders, by a Supplemental Indenture authorized by a Certified Resolution of the Issuer filed with the Trustee, for one or more of the following purposes: (a) to add additional covenants of the Issuer or to surrender any right or power herein conferred upon the Issuer; (b) to cure any ambiguity or to cure, correct or supplement any defective provision (whether because of any inconsistency with any other provision hereof or otherwise) of this Indenture, in such manner as shall not impair the security hereof or thereof or adversely affect the rights and remedies of the Bondholders; (c) to provide for the execution of any and all contracts and other documents as may be required in order to effectuate the conveyance of the South Parcel Project and/or other assets of the Issuer to the State, the County, or any department, agency or branch thereof, or any other unit of government of the State; provided, however, that the Issuer shall have caused to be delivered to the Trustee and the Lender an opinion of Bond Counsel stating that such conveyance shall not impair the security hereof or adversely affect the rights and remedies of the Bondholders; and (d) to make such changes as may be necessary in order to reflect amendments to Chapters 170, 190 and 197, Florida Statutes, so long as, in the opinion of counsel to the Issuer, such changes either: (i) do not have an adverse effect on the Holders of the Bonds; or (ii) if such changes do have an adverse effect, that they nevertheless are required to be made as a result of such amendments. SECTION 11.02. Amendments With Bondholders’ Consent. Subject to the provisions of Section 11.03 hereof, this Indenture may be amended from time to time by a Supplemental Indenture approved solely by the Lender if the Lender is the sole Owner of all Bonds Outstanding or if the Lender is not the sole Owner of the Bonds Outstanding, approved by the Owners of at least a majority in aggregate principal amount of the Bonds then Outstanding; provided that with respect to (a) the interest payable upon any Bonds, (b) the date of maturity or redemption provisions of any Bonds, (c) this Article XI, and (d) the security provisions hereunder or under any Supplemental Indenture, this Indenture may only be amended by the approval of the Owners of all Bonds Outstanding. SECTION 11.03. Trustee Authorized to Join in Amendments and Supplements; Reliance on Counsel. The Trustee is authorized to join in the execution and delivery of any Supplemental Indenture or amendment permitted by this Article XI and in so doing may rely on a written opinion of Counsel delivered by and at the expense of the Issuer that such Supplemental Indenture or amendment is so permitted and has been duly authorized by the Issuer, that all things necessary to make it a valid and binding agreement have been done and on an opinion of Bond Counsel to the effect that such amendment or supplement will not adversely affect the tax-exempt status of the Bonds. The Trustee shall not be obligated to enter into any Supplemental Indenture or amendment that adversely impacts its rights or duties hereunder. END OF ARTICLE XI DEFEASANCE SECTION 12.01. Defeasance. When interest on, and principal or Redemption Price (as the case may be) of, the Bonds or any portion thereof to be defeased have been paid, or there shall have been deposited with the Trustee or such other escrow agent designated in a Certified Resolution of the Issuer moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys, remaining uninvested, will provide sufficient moneys to fully pay (i) such Bonds and (ii) any other sums payable hereunder by the Issuer, the right, title and interest of the Trustee with respect to the Bonds or portion thereof to be defeased shall thereupon cease, the lien of this Indenture on the Pledged Revenues, and the Funds and Accounts established under this Indenture shall be defeased and discharged, and the Trustee, on demand of the Issuer, shall release this Indenture as to such Bonds or portion thereof to be so defeased and shall execute such documents to evidence such release as may be reasonably required by the Issuer and shall turn over to the Issuer or to such Person, body or authority as may be entitled to receive the same all balances remaining in any Funds and Accounts upon the defeasance in whole of all of the Bonds. SECTION 12.02. Deposit of Funds for Payment of Bonds. If the Issuer deposits with an escrow agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Price of the Bonds becoming due, either at maturity or by redemption or otherwise, together with all interest accruing thereon to the date of maturity or such prior redemption, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 12.01 hereof, interest on such Bonds shall cease to accrue on such date of maturity or prior redemption and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided; provided, however, that (a) if the Bonds are to be redeemed prior to the maturity thereof, notice of the redemption thereof shall have been duly given in accordance with the provisions of Section 6.02 hereof, or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of such notice, and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the escrow agent, in accordance with this Section, the Issuer shall have given the escrow agent, in form satisfactory to the escrow agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the escrow agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the escrow agent shall hold such funds in trust for such Owners. At the time of the deposit referred to above, there shall be delivered to the escrow agent and Lender a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the escrow agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. In addition, Bond Counsel will deliver a defeasance opinion to the Issuer, the Trustee and the Lender. Money so deposited with the escrow agent which remains unclaimed three (3) years after the date payment thereof becomes due shall, upon request of the Issuer, if the Issuer is not at the time to the knowledge of the escrow agent in default with respect to any covenant in this Indenture or the Bonds contained, be paid to the Issuer; and the Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Issuer; provided, however, that the escrow agent, before making payment to the Issuer, may, at the expense and direction of the Issuer, cause a notice to be published in an Authorized Newspaper, stating that the money remaining unclaimed will be returned to the Issuer after a specified date. END OF ARTICLE XII MISCELLANEOUS PROVISIONS SECTION 13.01. Limitations on Recourse. No personal recourse shall be had for any claim based on this Indenture or the Bonds against any member of the Board of the Issuer, officer, employee or agent, past, present or future, of the Issuer or of any successor body as such, either directly or through the Issuer or any such successor body, under any constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise. The Bonds are payable solely from the Pledged Revenues, and any other moneys held by the Trustee under this Indenture for such purpose. There shall be no other recourse under the Bonds, this Indenture or otherwise, against the Issuer or any other property now or hereafter owned by it. SECTION 13.02. Payment Dates. In any case where an Interest Payment Date or the maturity date of the Bonds or the date fixed for the redemption of any Bonds shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day. SECTION 13.03. No Rights Conferred on Others. Nothing herein contained shall confer any right upon any Person other than the parties hereto, and the Holders of the Bonds. SECTION 13.04. Illegal Provisions Disregarded. If any term of this Indenture or the Bonds or the application thereof for any reason or circumstances shall to any extent be held invalid or unenforceable, the remaining provisions or the application of such terms or provisions to Persons and situations other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each remaining term and provision hereof and thereof shall be valid and enforced to the fullest extent permitted by law. SECTION 13.05. Substitute Notice. If for any reason it shall be impossible to make duplication of any notice that may be provided hereby in an Authorized Newspaper, then such publication in lieu thereof as shall be made with the approval of the Trustee shall constitute a sufficient publication of such notice. SECTION 13.06. Notices. Any notice, demand, direction, request or other instrument authorized or required by this Indenture to be given to or filed with the Issuer, the Lender or the Trustee shall be deemed to have been sufficiently given or filed for all purposes of this Indenture if and when given by Electronic Means or personally delivered and receipted for, or sent by registered United States mail, return receipt requested, addressed as follows: (a) As to the Issuer – Shingle Creek Community Development District c/o Governmental Management Services – Central Florida LLC 219 E. Livingston Street Orlando, FL 32801 Attn: Jeremy LeBrun Email: jlebrun@gmscfl.com with a copy to: Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, FL 32801 Attn: Jan Carpenter Email: jcarpenter@lathamluna.com (b) As to the Trustee - Regions Bank 51 Bay Street, 2nd Floor Jacksonville, FL 32202 Attention: Janet Ricardo Email: janet.ricardo@regions.com (c) As to the Lender - Seacoast National Bank 1950 Ringling Boulevard, Suite 101 Sarasota, FL 34236 Attention: Andres Rincon Email: Andres.Rincon@seacoastbank.com Any of the foregoing may, by notice sent to each of the others, designate a different or additional address to which notices under this Indenture are to be sent. All documents received by the Trustee under the provisions of this Indenture and not required to be redelivered shall be retained in its possession, subject at all reasonable times to the inspection of the Issuer, any Consultant, any Bondholder and the agents and representatives thereof as evidence in writing. SECTION 13.07. Brokerage Confirmations. The Issuer acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Issuer the right to receive individual confirmations of security transactions at no additional cost, as they occur, the Issuer specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Issuer periodic cash transaction statements that include detail for all investment transactions made by the Trustee under this Indenture. SECTION 13.08. WAIVER OF JURY TRIAL. THE ISSUER, THE TRUSTEE AND THE BONDHOLDERS WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS INDENTURE, THE BONDS AND/OR THE PLEDGED REVENUES. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY THE ISSUER, THE TRUSTEE AND THE LENDER, AS THE INITIAL BONDHOLDER. THE ISSUER, THE TRUSTEE AND THE LENDER, AS THE INITIAL BONDHOLDER, EACH ACKNOWLEDGE THAT NO PERSON ACTING ON BEHALF OF A PARTY TO THIS INDENTURE HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. THE ISSUER, THE TRUSTEE AND THE LENDER, AS THE INITIAL BONDHOLDER FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS INDENTURE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. SECTION 13.09. Banking Relationship. In accordance with the Proposal, the Issuer shall (i) prior to the date of issuance of the Bonds, open one or more accounts with the Lender for its existing banking services, including but not limited to the Issuer’s Bank United Operating Account, its Bank United Operating Account and Valley National Bank Operating Reserve Account and all other reserve accounts, depository accounts, treasury management accounts, any lock box, any accounts established with the State Board of Administration and with Truist Bank; and (ii) within thirty (30) days from the date of issuance of the Bonds, move the balances in the aforementioned accounts into the accounts opened in subsection (i), and such accounts shall remain with the Lender so long as the Bonds are outstanding provided that the Lender’s fees for such banking services remain reasonably consistent with then current market rates for such services for similar organizations located in similar geographic areas as the Issuer. SECTION 13.10. USA PATRIOT ACT Requirements of Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as business entity, a charity, a trust, or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation. SECTION 13.11. Controlling Law; Venue. This Indenture shall be governed by and construed in accordance with the laws of the State. Venue shall lie in the applicable State or federal court located within the County. SECTION 13.12. Successors and Assigns. All the covenants, promises and agreements in this Indenture contained by or on behalf of the Issuer or by or on behalf of the Trustee shall bind and inure to the benefit of their respective successors and assigns, whether so expressed or not. SECTION 13.13. Headings for Convenience Only. The table of contents and descriptive headings in this Indenture are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. SECTION 13.14. Counterparts. This Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument. SECTION 13.15. Recitals, Appendices and Exhibits. Any and all recitals hereto, and appendices and exhibits referred to in and attached to this Indenture, are hereby incorporated herein and made a part hereof for all purposes. END OF ARTICLE XIII IN WITNESS WHEREOF, Shingle Creek Community Development District has caused this Indenture to be executed by the Chairperson of its Board and its corporate seal to be hereunto affixed, attested by the Assistant Secretary of its Board and Regions Bank has caused this Indenture to be executed by one of its vice presidents, all as of the day and year first above written. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SEAL Attest: By: Name: Rob Bonin Title: Chairperson By: Name: Jeremy LeBrun Title: Assistant Secretary REGIONS BANK, as Trustee, Paying Agent and Registrar By: Name: Janet Ricardo Title: Vice President and Trust Officer STATE OF FLORIDA ) ) SS: COUNTY OF _______ ) The foregoing instrument was acknowledged before me by means of . physical presence or . online notarization, this _____ day of May, 2026, by Rob Bonin, Chairperson of the Board of Supervisors of Shingle Creek Community Development District, who acknowledged that he did sign the foregoing instrument as such officer for and on behalf of Shingle Creek Community Development District; that the same is his free act and deed as such officer and the free act and deed of Shingle Creek Community Development District; and that the seal affixed to said instrument is the seal of Shingle Creek Community Development District. He is personally known to me or produced ___________________ as identification. Notary: [NOTARIAL SEAL] Print Name: NOTARY PUBLIC, STATE OF FLORIDA My commission expires STATE OF FLORIDA ) ) SS: COUNTY OF ) The foregoing instrument was acknowledged before me by means of . physical presence or . online notarization, this _____ day of May, 2026, by Jeremy LeBrun, an Assistant Secretary of the Board of Supervisors of Shingle Creek Community Development District, who acknowledged that he did sign the foregoing instrument as such officer for and on behalf of Shingle Creek Community Development District; that the same is his free act and deed as such officer and the free act and deed of Shingle Creek Community Development District; and that the seal affixed to said instrument is the seal of Shingle Creek Community Development District. He is personally known to me or produced ___________________ as identification. Notary: [NOTARIAL SEAL] Print Name: NOTARY PUBLIC, STATE OF FLORIDA My commission expires STATE OF FLORIDA ) ) SS: COUNTY OF DUVAL ) The foregoing instrument was acknowledged before me by means of . physical presence or . online notarization, this _____ day of May, 2026 by Janet Ricardo, a Vice President and Trust Officer of Regions Bank, as Trustee (the “Trustee”), who acknowledged that she did so sign said instrument as such officer for and on behalf of the Trustee; that the same is her free act and deed as such officer, and the free act and deed of the Trustee; that she appeared before me on this day in person and acknowledged that she, being thereunto duly authorized, signed, for the uses and purposes therein set forth. She is personally known to me or has produced ______________________ as identification. Notary: [NOTARIAL SEAL] Print Name: NOTARY PUBLIC, STATE OF My commission expires EXHIBIT A LEGAL DESCRIPTION OF THE BOUNDARIES OF THE ORIGINAL ASSESSMENT AREA WITHIN THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT EXHIBIT B FORM OF BOND R-1 $15,960,000 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF OSCEOLA SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026 (ORIGINAL ASSESSMENT AREA) Interest Rate (subject to adjustment) Maturity Date Dated Date 4.25% May 1, 2045 June 3, 2026 Registered Owner: ---------------------SEACOAST NATIONAL BANK---------------------------- Principal Amount: FIFTEEN MILLION NINE HUNDRED SIXTY THOUSAND AND NO/100 DOLLARS KNOW ALL PERSONS BY THESE PRESENTS that Shingle Creek Community Development District, a local unit of special-purpose government organized and existing under the laws of the State of Florida (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof at the corporate trust office of Regions Bank, in Jacksonville, Florida, as paying agent (said Regions Bank and/or any bank or trust company to become successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above with interest thereon at the Initial Interest Rate per annum set forth above, subject to the occurrence of an Adjustment Event, until the final maturity thereof or earlier redemption in full; provided, however, that in the event of the occurrence of a Determination of Taxability the Bonds shall bear interest from such Taxable Date at the Taxable Rate, until the final maturity thereof or earlier redemption in full. Interest on this Bond shall be payable on each May 1 and November 1 commencing November 1, 2026. Interest shall be computed on 360-day year of twelve 30-day months. Principal is payable on the first day of November of each year commencing November 1, 2026 pursuant to mandatory sinking fund redemptions. Principal of this Bond is payable at the designated corporate trust office of Regions Bank, located in Jacksonville, Florida, in lawful money of the United States of America. Presentation of this Bond for the payment of principal, Redemption Price, or interest of this Bond on the maturity date shall not be required for as long as Seacoast National Bank is the Registered Owner and Lender. Principal, Redemption Price, and interest on this Bond is payable by either wire transfer (as provided below) or by check or draft of the Paying Agent made payable to the registered owner and mailed on each interest payment date to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by Regions Bank, as registrar (said Regions Bank and any successor registrar being herein called the “Registrar”) at the close of business on the fifteenth day of the calendar month next preceding each interest payment date or the date on which the principal of a Bond is to be paid (the “Record Date”). Such interest shall be payable on each May 1 and November 1, commencing November 1, 2026, from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a May 1 or November 1 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to November 1, 2026, in which case from Dated Date above, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so paid or duly provided for shall forthwith cease to be payable to the registered owner on such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Paying Agent, notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any time in any other lawful manner, as more fully provided in the Indenture (defined below). The foregoing notwithstanding, the Lender shall be entitled to have interest paid by wire transfer to the Lender at such bank account number on file with the Trustee and Paying Agent. THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM AND SECURED BY PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, OSCEOLA COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA, OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS, EXCEPT THAT THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, THE SERIES 2026 SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE COUNTY, THE STATE OF FLORIDA, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION. This Bond is one of an authorized issue of Bonds of Shingle Creek Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and by Ordinance No. 05-15 of the Board of County Commissioners of Osceola County, Florida, enacted on May 23, 2005 and effective on May 27, 2005, as amended and supplemented and designated as “Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area)” (the “Bonds”), in the principal amount of FIFTEEN MILLION NINE HUNDRED SIXTY THOUSAND AND NO/100 DOLLARS ($15,960,000) of like date, tenor and effect. The Bonds are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to currently refund the Issuer’s outstanding Special Assessment Bonds, Series 2015. The Bonds shall be issued as fully registered Bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Trust Indenture dated as of June 1, 2026 (the “Indenture”), by and between the Issuer and Regions Bank, as Trustee (the “Trustee”), executed counterparts of which are on file at the designated corporate trust office of the Trustee in Jacksonville, Florida. All capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Indenture. If there is a Determination of Taxability, the Bonds shall bear interest retroactively from the earliest effective date of such Determination of Taxability at a rate per annum equal to the Taxable Rate. Upon an occurrence of a Determination of Taxability, the Issuer hereby agrees to pay to the Owner (i) an additional amount equal to the difference between (A) the amount of interest actually paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period and (B) the amount of interest that would have been paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period had the Bonds borne interest at the Taxable Rate, plus (ii) an amount equal to any interest, charges, penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Owner (of former Owner) as a result of the occurrence of a Determination of Taxability. Upon the occurrence and continuance of an Event of Default described in Section 8.02 of the Indenture, the Bonds shall bear interest at the Default Rate pursuant to the terms of the Indenture. In the event the Issuer cures any Event of Default under Section 8.02 of the Indenture, the interest rate on the Bonds shall return to the applicable Interest Rate. Upon the occurrence of a Financial Covenant Reporting Failure, the Lender shall have the rights and remedies described in Section 8.01 of the Indenture. Subject to the occurrence of an Adjustment Event, the Bonds shall bear interest at the applicable interest rate as determined above until the final maturity of this Bond or the earlier redemption of this Bond in full. The Owner shall advise the Trustee and the Issuer in writing within a reasonable time in good faith what amounts, if any, are owing as a result of an Adjustment Event as described in the Indenture. The determination of the Owner as to such amounts owed shall be conclusive absent manifest error and the Trustee may conclusively rely upon such information without the duty to verify the accuracy of such information. Such additional amounts shall be paid by the Issuer within thirty (30) days after the date of such notice from the Owner. In no event, however, shall the interest rate applicable to any of the amounts payable on the Bonds, together with all fees, charges, and other amounts which may be treated as interest with respect thereto under applicable law, exceed the maximum rate permitted by law. Upon the occurrence of a Financial Covenant Reporting Failure, the Lender shall have the rights and remedies described in Section 8.01 of the Indenture. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Bonds issued under the Indenture, the operation and application of the Debt Service Fund and other Funds and Accounts charged with and pledged to the payment of the principal of and the interest on the Bonds, the levy and the evidencing and certifying for collection, of Series 2026 Special Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Bonds are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of Bonds, the conditions under which such Indenture may be amended with the consent of the registered owners of a majority in aggregate principal amount of the Bonds outstanding, and as to other rights and remedies of the registered owners of the Bonds. The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture. It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, Osceola County, Florida, the State of Florida or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, Osceola County, Florida, the State of Florida or any other political subdivision thereof, for the payment of the principal of and interest on this Bond or the making of any other sinking fund and other payments provided for in the Indenture, except for Series 2026 Special Assessments to be assessed and levied by the Issuer as set forth in the Indenture. By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture. This Bond is payable from and secured by Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of the Series 2026 Special Assessments to secure and pay the Bonds. The Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Bonds shall be made on the dates specified below. Optional Redemption The Bonds are subject to optional redemption at the option of the Issuer, in whole or in part, on any date on or after June 3, 2031 at a Redemption Price of 100% of the principal amount of the Outstanding Bonds to be redeemed, plus accrued interest to the redemption date, upon receipt by the Trustee not less than thirty-five (35) days or more than forty-five (45) days prior to such redemption date of a written direction from the Issuer stating that it intends to effect redemption of such Bonds on a date certain. Mandatory Sinking Fund Redemption The Bonds are subject to mandatory sinking fund redemption on May 1 in the years and in the principal amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. The outstanding balance of the Bonds shall be due and payable on May 1, 2045. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Bonds redeemed pursuant to extraordinary mandatory redemption as set forth below. Maturity Date Mandatory Sinking Fund Payment 2027 $ 555,000 2028 585,000 2029 610,000 2030 635,000 2031 660,000 2032 690,000 2033 720,000 2034 750,000 2035 785,000 2036 820,000 2037 850,000 2038 890,000 2039 930,000 2040 970,000 2041 1,010,000 2042 1,055,000 2043 1,100,000 2044 1,150,000 2045* 1,195,000 ______________________ * Final Maturity Extraordinary Mandatory Redemption in Whole or in Part The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole, or in part, on any date (except in the case of clause (i) below which must occur on an Interest Payment Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date, from moneys deposited into the Bond Redemption Fund following (i) the Prepayment of Series 2026 Special Assessments on any portion of the Original Assessment Area within the District in accordance with the provisions of the Indenture, or (ii) as a result of the application of Section 7.32 of the Indenture. Notice of Redemption The Trustee shall cause notice of redemption to be mailed at least thirty (30) days prior to the date of redemption to all registered owners of Bonds to be redeemed (as such owners appear on the books of the Registrar on the fifth (5th) day prior to such mailing) and to certain additional parties as set forth in the Indenture; provided, however, that failure to mail any such notice or any defect in the notice or the mailing thereof shall not affect the validity of the redemption of the Bonds for which such notice was duly mailed in accordance with the Indenture. If less than all of the Bonds shall be called for redemption, the notice of redemption shall specify the Bonds to be redeemed. On the redemption date, the Bonds called for redemption will be payable at the designated corporate trust office of the Paying Agent and on such date interest shall cease to accrue, such Bonds shall cease to be entitled to any benefit under the Indenture and such Bonds shall not be deemed to be outstanding under the provisions of the Indenture and the registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof, all as provided in the Indenture. No notice of redemption shall be given for a mandatory sinking fund redemption if Seacoast National Bank is the owner of 100% of the Bonds. Upon (i) any redemption of Bonds other than in accordance with scheduled mandatory sinking fund payments, and (ii) any change in the interest rate on the Bonds on account of a Determination of Taxability or otherwise, the Issuer shall promptly cause to be recalculated and delivered to the Lender and the Trustee revised mandatory sinking fund payments recalculated so as to amortize the Outstanding principal amount of such Bonds in substantially equal annual installments of principal and interest (except for the last maturity which will represent the Outstanding balance of the Bonds) (subject to rounding to an amount of principal for each installment being devisable by $1,000) over the remaining term of such Bonds. The mandatory sinking fund payments as so recalculated as a result of an extraordinary mandatory redemption in part shall not result in an increase in the aggregate of the mandatory sinking fund payments for any of such Bonds in any year (except, to the extent necessary for the last maturity which will represent the outstanding balance of the Bonds). In the event of a redemption occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund payment is due, the foregoing recalculation shall not be made to mandatory sinking fund payments due in the Fiscal Year in which such redemption occurs, but shall be made to mandatory sinking fund payments for the immediately succeeding and subsequent Fiscal Years. Notwithstanding anything to the contrary, upon any redemption of the Bonds, the Issuer covenants that such redemption will not result in any increase in annual Debt Service Requirements on the Bonds, through the final maturity date of the Bonds. The Issuer shall keep books for the registration of the Bonds at the corporate trust office of the Registrar in Jacksonville, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee or such other authenticating agent as may be appointed by the Trustee under the Indenture shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds. Neither the Issuer nor the Registrar on behalf of the Issuer shall be required (i) to issue transfer or exchange any Bond during a period beginning at the opening of business fifteen (15) days before the day of mailing of a notice of redemption of Bonds selected for redemption and ending at the close of business on the day of such mailing, or (ii) to transfer or exchange any Bond so selected for redemption in whole or in part. The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue and notwithstanding any notation of ownership or other writing thereon made by anyone other than the Issuer, the Trustee, the Paying Agent or the Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary. It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee, or such other authenticating agent as may be appointed by the Trustee under the Indenture, of the certificate of authentication endorsed hereon. IN WITNESS WHEREOF, Shingle Creek Community Development District has caused this Bond to be signed by the manual signature of the Chairperson of its Board of Supervisors and its seal to be imprinted hereon, and attested by the manual signature of an Assistant Secretary of its Board of Supervisors, all as of the date hereof. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT By: Chairperson Board of Supervisors (SEAL) Attest: By: Assistant Secretary, Board of Supervisors CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds delivered pursuant to the within mentioned Indenture. Date of Authentication: __________________ REGIONS BANK, as Trustee By: Vice President and Trust Officer ABBREVIATIONS The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIFORM TRANSFER MIN ACT - ________________ Custodian ____________ (Cust) (Minor) Under Uniform Transfer to Minors Act__________________________ (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT AND TRANSFER FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto ______________________________________________________________________________ (please print or typewrite name and address of assignee) ______________________________________________________________________________ the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________________________ Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Signature Guarantee: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. Please insert social security or other identifying number of Assignee. EXHIBIT C FORM OF REQUISITION SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2026 (ORIGINAL ASSESSMENT AREA) (Cost of Issuance Fund) The undersigned, a Responsible Officer of the Shingle Creek Community Development District (the “Issuer”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Trust Indenture from the Issuer to Regions Bank, as trustee (the “Trustee”), dated as of June 1, 2026 (the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture): (1) Requisition Number: (2) Name of Payee: (3) Amount Payable: (4) Purpose for which paid or incurred: pay costs of issuance. (5) Fund from which disbursement to be made: Cost of Issuance Fund. The undersigned hereby certifies that: 1. obligations in the stated amount set forth above have been incurred by the Issuer; and 2. each disbursement set forth above is a proper charge against the Cost of Issuance Fund. The undersigned hereby further certifies that there has not been filed with or served upon the Issuer notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof. The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain. Attached hereto are originals or copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT By: Responsible Officer EXHIBIT D FORM OF LENDER LETTER June 3, 2026 Shingle Creek Community Development District c/o Governmental Management Services – Central Florida, LLC 219 E. Livingston Street Orlando, Florida 33801 Attn: Jeremy LeBrun Re: $15,960,000 Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) (the “Bonds”) Ladies and Gentlemen: The undersigned is authorized to sign this letter on behalf of Seacoast National Bank, as the owner (the “Lender”) of the above-referenced Bonds. The undersigned acknowledges that the Bonds are being issued by the Shingle Creek Community Development District (the “Issuer”) for the purpose of providing a portion of the funds necessary to refund all of the Issuer’s outstanding Special Assessment Bonds, Series 2015. The undersigned further acknowledges that the Bonds, which are secured under that certain Trust Indenture, dated as of June 1, 2026 (the “Indenture”) by and between the Issuer and Regions Bank, as trustee (the “Trustee”), creates a security interest in the trust estate described therein (the “Security”) for the benefit of the Owners of the Bonds. Any capitalized term used in this letter and not otherwise defined shall have the meaning ascribed to such term in the Trust Indenture. In connection with the purchase of the Bonds by the Lender, the Lender hereby makes the following representations upon which you may rely: 1. The Lender has authority to purchase the Bonds and to execute this letter, any other instruments and documents required to be executed by the Lender in connection with the purchase of the Bonds. 2. The Lender is an “accredited investor” as described in Rule 501(a)(1), (2), (3), (6), (7) or (8) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) or is a “qualified institutional buyer” as defined in Rule 144A of the Securities Act, and therefore, has sufficient knowledge and experience in financial and business matters, including municipal and other tax-exempt loans including those which are not rated or credit-enhanced, to be able to evaluate the risks and merits of the purchase of the Bonds. 3. The Bonds are being purchased by the Lender not with a present view to, or for resale in connection with any distribution of the Bonds. 4. The Lender acknowledges that the Bonds are not registered under the Securities Act and that such registration is not legally required as of the date hereof; and further understands that the Bonds (a) are not being registered or otherwise qualified for sale under the “Blue Sky” laws and regulations of any state, (b) will not be listed in any stock or other securities exchange, (c) will not carry a rating from any rating service and (d) will be delivered in a form which is not readily marketable. 5. The Lender acknowledges that (a) the Bonds are not secured by any pledge of any moneys received or to be received from any taxation by the Issuer (other than the Security), Osceola County, Florida, the State of Florida or any other political subdivision thereof, (b) the Bonds do not and will not represent or constitute a general obligation or a pledge of the faith and credit of the Issuer, Osceola County, Florida, the State of Florida or any other political subdivision thereof; and (c) the liability of the Issuer with respect to the Bonds is limited to the Security as set forth in the Indenture. 6. The Lender acknowledges that the Issuer has not prepared and will not be preparing a disclosure document with respect to the Bonds. 7. The Lender acknowledges and agrees that its rights to challenge, object, enforce or otherwise make claims related to the Bonds and this transaction are limited to those provided for in the Indenture. Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Indenture. Very truly yours, SEACOAST NATIONAL BANK By: Name: Andres F. Rincon Title: Senior Vice President Date: June 3, 2026 BOND PLACEMENT AGREEMENT THIS BOND PLACEMENT AGREEMENT (the “Agreement”) dated June 3, 2026, is by and between SEACOAST NATIONAL BANK, a banking corporation organized under the laws of the State of Florida (herein the “Lender”), and the SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT, a local unit of special-purpose government, organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”) (together with its successors and assigns, the “District”). W I T N E S S E T H: WHEREAS, pursuant to the Act and Resolution No. 2026-05 (the “Bond Resolution”), adopted by the Board of Supervisors of the District, as the governing body of the District (the “Board”), on June 1, 2026, the District authorized the issuance of its $15,960,000 in principal amount of Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) (the “Bonds”); and WHEREAS, pursuant to the Bond Resolution, the Board appointed FMSbonds, Inc. as placement agent (the “Placement Agent”) to privately place the Bonds with a suitable institutional investor, which such suitable institutional investor was determined to be the Lender; and WHEREAS, the Bonds will be issued under, and secured by, the provisions of the 2026 Indenture (as defined in the Bond Resolution); and WHEREAS, any capitalized term used in this Agreement and not otherwise defined shall have the meaning ascribed to such term in the 2026 Indenture; and WHEREAS, the Lender has submitted a proposal to the District dated March 25, 2026 and approved by the Board on April 6, 2026 (the “Proposal”) whereby Lender will purchase the Bonds of the District pursuant to the terms of the Proposal, the Bond Resolution, this Agreement and 2026 Indenture; and WHEREAS, the Lender has reviewed the Bond Resolution and the 2026 Indenture and hereby finds the terms acceptable and consistent with the Proposal; and WHEREAS, on this date, the District has, pursuant to provisions of the Act, the Bond Resolution, the 2026 Indenture, the Proposal and this Agreement, agreed to issue and sell to the Lender and the Lender has, pursuant to the terms and provisions of this Agreement, the Proposal, the Bond Resolution and 2026 Indenture, agreed to purchase the Bonds in the principal amount of $15,960,000 (the “Purchase Price”); and WHEREAS, the Placement Agent, acting on behalf of the District, has negotiated the terms of the Bonds and 2026 Indenture with the Lender; and NOW THEREFORE, the District and the Lender hereby agree as follows: 1. Purchase and Sale. Upon the terms and conditions set forth herein and in the Bonds, the Bond Resolution, the Proposal and the 2026 Indenture (collectively the “Transaction Documents”) and upon the representations and warranties of the District set forth in the Transaction Documents and related closing opinions and certificates, the District agrees to sell the Bonds on a negotiated private placement basis to the Lender and the Lender agrees to purchase with immediately available funds, the Bonds, subject to the provisions of the Bond Resolution, the Proposal and 2026 Indenture. Since the dated date of the Bonds is the date hereof, there will be no accrued interest as part of the Purchase Price. The principal amount of the Bonds Outstanding at any time shall be determined by the records of the Lender, the Trustee and the District. 2. Private Placement Negotiated Sale. The Lender hereby acknowledges that the purchase of the Bonds from the District was on a negotiated private placement basis and that there has been no offering document prepared by the District in connection with such sale. The Lender, together with the District, acknowledge that the Placement Agent acted as the agent of the District in connection with the sale of the Bonds. The District and the Lender agree that the Bonds will not be held by DTC and no CUSIP numbers will be affixed to the Bonds. 3. Conditions for Purchase. The agreement by the Lender to purchase the Bonds on this date is subject to the satisfaction of the conditions set forth in Section 3.01 of the 2026 Indenture. The purchase of the Bonds by the Lender will constitute full evidence that such conditions have been satisfied or waived. Notwithstanding anything herein to the contrary, the Lender will purchase the Bonds as one single bond certificate. 4. Representations of the District. (a) The District is authorized under the laws of the State of Florida to execute and deliver the Bonds, to enter into the Transaction Documents, to consummate the transactions contemplated thereby and to perform all of its obligations thereunder. The District is authorized by the Act to issue the Bonds for the purposes described in the 2026 Indenture and to enter into the Transaction Documents. (b) The execution and delivery of the Transaction Documents by the District has been duly authorized by all necessary action of the Board and the District has obtained such other approvals and consents as the parties hereto deem necessary to consummate the transactions contemplated thereby. The District further represents, covenants and warrants that all requirements on its part have been met, and procedures have occurred, necessary to ensure the enforceability of the Transaction Documents against the District, in accordance with their respective terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement of creditors’ rights or by general principles of equity. (c) The District will promptly and duly execute and cause to be filed with the appropriate parties and deliver to the Lender such further documents, instruments and assurances and take such further action at the expense of the District, as the Lender may from time to time reasonably request in order to carry out the intended purpose of the Bond Resolution, the 2026 Indenture, the Proposal and this Agreement and to secure the interest of the Lender in the Pledged Revenues. (d) The purchase of the Bonds is based solely upon the accuracy of the District’s representations and financial statements, any loan application and all additional information, representations, exhibits and other matters submitted by the District or the Placement Agent that were authorized and approved by the District, on behalf of the District, to the Lender for its consideration. (e) Subject to Section 5 hereof, the District represents and warrants that the negotiated sale requirements of Section 218.385, Florida Statutes, have been or will be fully satisfied on or before the issuance of the Bonds. 5. Section 218.385, Florida Statutes. On or before the purchase of the Bonds, the Lender has provided the District with the disclosure and truth-in-bonding statements required by and in accordance with, Section 218.385, Florida Statutes, as amended and supplemented. The above-referenced statements are attached to this Agreement as Schedule A. 6. Anti-Human Trafficking Affidavit. Pursuant to Section 787.06, Florida Statutes, the Lender shall provide the affidavit to the District in substantially the form attached hereto as Exhibit 1. 7. Fees and Expenses. As between the District and the Placement Agent and the Lender, the Lender shall not be liable for any expenses incurred by the District or Placement Agent in connection with the issuance and private placement of the Bonds. The Lender represents to the District that it has not employed or used the services of any attorney or other professional in connection with the Lender’s negotiations with the District and the purchase of the Bonds other than the law firm of Blalock Walters, P.A., acting as counsel to the Lender. In the event of a default by the District in the payment of the Bonds, the District shall pay the Lender’s reasonable attorneys’ fees, court costs and other related collection expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for appeals, and any anticipated postjudgment collection services, in addition to all other sums provided by law. The Lender shall be paid a fee at the time of delivery of the Bonds in an amount equal to .05% of the principal amount of the Bonds issued. 8. Effectiveness. This Agreement shall become effective upon the execution by the appropriate officials of the District and the Lender. 9. Headings. The headings set forth in this Agreement are inserted for convenience of reference only and shall not define or limit any of the terms or provisions hereof and shall not be deemed to be a part hereof. 10. Amendment. No modification, alteration or amendment to this Agreement shall be binding upon any party until such modification, alternation or amendment is reduced to writing and executed by all parties hereto. 11. Governing Law. The laws of the State of Florida shall govern this Agreement. 12. Counterparts. This Agreement may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatories upon the same instrument. 13. Severability; Survival. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the District hereby waives any provision of law which renders any provision hereof prohibited or unenforceable in any respect. IN WITNESS WHEREOF, the Lender and the District have caused this Agreement to be executed by its respective duly authorized officers all as of the date hereof. SEACOAST NATIONAL BANK By: Name: Andres F. Rincon Title: Senior Vice President Dated: June 3. 2026 (SEAL) SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT ATTEST: By: Name: Robin Bonin By: Title: Chairperson Name: Jeremy LeBrun Dated: June 3, 2026 Title: Assistant Secretary Dated: June 3, 2026 SCHEDULE A June 3, 2026 Board of Supervisors of the Shingle Creek Community Development District c/o Governmental Management Services – Central Florida, LLC 219 E. Livingston Street Orlando, FL 32801 Attn: Jeremy LeBrun $15,960,000 Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) To the Chairperson and Board Members: This letter shall serve as the disclosure statements and truth-in-bonding statement pursuant to Section 218.385, Florida Statutes, in connection with the private placement by FMSbonds, Inc., on behalf of the District (as defined below) of the above-referenced bonds (the “Bonds”) to Seacoast National Bank (the “Lender”). We represent to you as follows: 1. No management fee will be charged by the Lender. The Lender shall charge an origination fee of $79,800 which shall be payable from the proceeds of the Bonds or other available moneys. 2. The underwriting spread which the Lender expects to realize will be -0-. 3. No fee, bonus or other compensation will be paid by the Lender in connection with the issue of the Bonds to any person not regularly employed or retained by the Lender other than the Lender’s legal counsel, Blalock Walters, P.A. in the amount of $15,000, which fee will be paid by the herein defined District from the proceeds of the Bonds or other available moneys. 4. The Shingle Creek Community Development District (the “District”), is proposing to issue $15,960,000 of debt or obligation for the purposes of refinancing the previously approved funding of certain assessable projects within the Original Assessment Area within the District. This debt or obligation is expected to be repaid over a period of approximately 227 months and 150 days. At a constant assumed interest rate of 4.25%, the total interest paid over the life of the debt or obligation will be approximately $7,575,894.17. The source of repayment or security for this proposal is the Pledged Revenues (as defined in the Trust Indenture, dated June 1, 2026, relating to the Bonds). Authorizing this debt or obligation will result in up to approximately $23,535,894.17 of Pledged Revenues not being available to finance or refinance other assessable projects in the Original Assessment Area within the District in each calendar year from the date hereof through May 1, 2045. Very truly yours, SEACOAST NATIONAL BANK By: Name: Andres F. Rincon Title: Senior Vice President EXHIBIT 1 $15,960,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2026 (ORIGINAL ASSESSMENT AREA) ANTI-HUMAN TRAFFICKING AFFIDAVIT (Section 787.06, Florida Statutes) Before me, the undersigned authority, personally appeared Andres F. Rincon, who was sworn and says that the following information is true and correct: 1. I am a senior vice president of Seacoast National Bank (Entity). I have been authorized by the Entity to provide and execute this affidavit. 2. I am over eighteen years of age, and the following information is given from my own personal knowledge. 3. Entity is a nongovernmental entity and I hereby attest that Entity does not use coercion for labor or services as defined in Section 787.06, Florida Statutes. 4. This affidavit is made and given by the affiant under penalty of perjury with full knowledge of applicable Florida laws regarding sworn affidavits and the penalties and liabilities resulting from false statements and misrepresentations therein. Signature Andres F. Rincon____________________ Print Name STATE OF FLORIDA COUNTY OF SARASOTA Sworn to (or affirmed) and subscribed before me by means of physical presence or online notarization this day of May, 2026, by Andres F. Rincon, who is personally known to me or has produced as identification. My Commission Expires: Signature of Notary Public (Legibly print, type, or stamp commissioned name of Notary Public and affix official notary seal below.) 722557825v5 RESOLUTION NO. 2026-05 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING THE ISSUANCE OF ITS $_________ SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2026 (ORIGINAL ASSESSMENT AREA) (THE “BONDS”) FOR THE PURPOSE OF DEFEASING AND REFUNDING ALL OF THE OUTSTANDING SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2015; DETERMINING THE NEED FOR A NEGOTIATED PRIVATE PLACEMENT OF THE BONDS TO SEACOAST NATIONAL BANK (THE “LENDER”), AND PROVIDING FOR AN AWARD OF SUCH BONDS TO THE LENDER; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE AND A BOND PLACEMENT AGREEMENT; APPOINTING REGIONS BANK AS TRUSTEE, PAYING AGENT AND BOND REGISTRAR; APPOINTING FMSBONDS, INC. AS PLACEMENT AGENT; AUTHORIZING THE PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, AND PRIVATE PLACEMENT OF THE BONDS; MAKING CERTAIN DECLARATIONS, AS AMENDED; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Shingle Creek Community Development District (the “District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created pursuant to the provisions of Ordinance No. 05-15, duly enacted by the Board of County Commissioners of Osceola County, Florida on May 23, 2015 and becoming effective on May 27, 2015; and WHEREAS, the District was created for the purpose of delivering certain community development services and facilities within and outside its jurisdiction; and WHEREAS, pursuant to that certain Master Trust Indenture and First Supplemental Trust Indenture, each dated as of May 1, 2015, and each by and between the Issuer and Regions Bank, as the original trustee (the “Original Trustee”), the District issued its $21,465,000 aggregate principal amount of its Shingle Creek Community Development District Special Assessment Bonds, Series 2015 (the “2015 Bonds”) to finance certain public infrastructure (herein, the “2015 Project”); and WHEREAS, the District now hereby determines it to be in the best economic interest of the residents and property owners residing within the Original Assessment Area (as defined in the herein referred to 2026 Indenture) within the District to defease and refund the outstanding 2015 Bonds on a current basis; and WHEREAS, pursuant to the 2026 Indenture and this Resolution, the District hereby determines to issue its Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) (the “2026 Bonds”) in the aggregate principal amount of $_________ for the purpose of defeasing and redeeming all of the outstanding 2015 Bonds (the principal amount of such outstanding 2015 Bonds to be defeased and refunded is herein referred to as the “Refunded Bonds”); and WHEREAS, based on a written proposal dated March 25, 2026 (the “Proposal”) from Seacoast National Bank, a Florida banking corporation (the “Lender”), previously approved by the Board, the Lender will purchase, on a negotiated private placement basis, the 2026 Bonds to be issued by the District pursuant to the terms and provisions of the herein defined Placement Agreement substantially in the form attached hereto as Exhibit A; and WHEREAS, there has been submitted for this meeting with respect to the issuance and sale of the 2026 Bonds and submitted to the Board forms of: (i) a Bond Placement Agreement with respect to the 2026 Bonds by and between the Lender and the District, together with the form of a disclosure statement attached to the Bond Placement Agreement pursuant to Section 218.385, Florida Statutes, and attached affidavit of the Lender required under Section 787.06, Florida Statutes, substantially in the form attached hereto as Exhibit A (the “Placement Agreement”); and (ii) a Trust Indenture by and between the District and the Current Trustee (as herein defined), substantially in the form attached hereto as Exhibit B (the “2026 Indenture”). NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Shingle Creek Community Development District, as follows: Section 1: Negotiated Private Placement. The Board hereby finds that the complex nature of assessment bond financings, the favorable terms of the Proposal, and the volatile conditions prevailing in the market for tax-exempt special assessment bonds makes it necessary and in the best interest of the District that the 2026 Bonds, in the aggregate principal amount of $_________, be privately placed on a negotiated basis to the Lender pursuant to the terms of the Placement Agreement and the efforts of FMSbonds, Inc. acting as placement agent for the District. The District hereby further finds that it will not be adversely affected if the 2026 Bonds are not sold pursuant to a competitive sale. Section 2: Sale of the 2026 Bonds. The Proposal submitted by the Lender to purchase the 2026 Bonds on the conditions established pursuant to the terms and provisions of the Proposal and the 2026 Indenture (the form of which is attached hereto as Exhibit B) and on the terms and conditions set forth in the Placement Agreement (the form of which is attached hereto as Exhibit A) with respect to the 2026 Bonds, are hereby approved and adopted by the District. The Chairperson (or, in the absence of the Chairperson, any other member of the Board) is hereby authorized to execute and deliver on behalf of the District, and the Secretary or Assistant Secretary of the District is hereby authorized (if so required) to affix the seal of the District and attest to the execution of the Placement Agreement substantially in the form presented at this meeting. The disclosure statements of the Lender, as required by Section 218.385, Florida Statutes, and the affidavit of the Lender required under Section 787.06, Florida Statutes, to be delivered to the District prior to the execution of the Placement Agreement, will be entered into the official records of the District. The terms of the 2026 Bonds shall be consistent with the terms of the Proposal and the 2026 Indenture. Section 3: Purpose and Authorization. The Board authorizes the defeasance and optional redemption of the Refunded Bonds with a portion of the proceeds of the 2026 Bonds and other available moneys and to pay the costs of issuing the 2026 Bonds. Section 4: Details of the 2026 Bonds. That the proceeds of the 2026 Bonds and other available moneys shall be applied in accordance with the provisions of the 2026 Indenture. Regions Bank is hereby appointed as trustee, paying agent and bond registrar (collectively, the “Current Trustee”). The 2026 Bonds shall mature in the amount, bear interest at the rate (subject to adjustment), and be subject to redemption, all as provided in the 2026 Indenture. The execution of the 2026 Indenture shall constitute approval of such terms as set forth in this Section 4. The maximum aggregate principal amount of the 2026 Bonds authorized to be issued pursuant to this Resolution shall be $_________. The 2026 Bonds shall be issued as a single certificate and shall mature not later than May 1, 2045. Section 5: 2026 Indenture. The District hereby approves and authorizes the execution by the Chairperson or any other member of the Board and the Secretary, or any Assistant Secretary, of the Board and the delivery of the 2026 Indenture in substantially the form attached hereto as Exhibit B, with such changes therein as shall be approved by the Chairperson or any other member of the Board executing the same upon the advice of counsel to the District and the District’s Bond Counsel, with such execution to constitute conclusive evidence of such officer or member’s approval and the District’s approval of any changes therein from the form of 2026 Indenture. Section 6: Appointment. The Board hereby appoints FMSbonds, Inc. as the placement agent (“Placement Agent”) in connection with the negotiated private placement of the 2026 Bonds. The District shall pay the fee of the Placement Agent upon the issuance of the 2026 Bonds. Section 7: Authorization and Ratification of Prior Acts. All actions previously taken by or on behalf of District in connection with the issuance of the 2026 Bonds, the defeasance and refunding of the Refunded Bonds including the execution of the Proposal are hereby authorized, ratified and confirmed. Section 8: Further Official Action. That the Chairperson, Vice Chairperson, the Secretary, or any Assistant Secretary and each member of the Board and any other proper official of the District are each hereby authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or desirable for carrying out the transactions contemplated by this Resolution. In the event that the Chairperson or the Secretary is unable to execute and deliver the documents herein contemplated, such documents shall be executed and delivered by the respective designee of such officer or official or any other duly authorized officer or official of the District herein authorized. The Secretary or any Assistant Secretary is hereby authorized and directed to apply and attest the official seal of the District to any agreement or instrument authorized or approved herein that requires such a seal and attestation. Section 9: Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision. PASSED in public session of the Board of Supervisors of Shingle Creek Community Development District, this 1st day of June, 2026. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT By: Name: Rob Bonin Title: Chairperson, Board of Supervisors ATTEST: By: Name: Jeremy LeBrun Title: Assistant Secretary, Board of Supervisors EXHIBIT A FORM OF BOND PLACEMENT AGREEMENT EXHIBIT B FORM OF 2026 INDENTURE 722695918v2 RESOLUTION 2026-06 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT CONFIRMING, ALLOCATING, AUTHORIZING AND APPROVING THE DISTRICT’S $15,960,000 SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2026 (ORIGINAL ASSESSMENT AREA) (THE “SERIES 2026 BONDS”); CONFIRMING AND ADOPTING THE SERIES 2026 REFUNDING BONDS (ORIGINAL ASSESSMENT AREA) SUPPLEMENTAL ASSESSMENT METHODOLOGY REPORT (REFUNDING THE SERIES 2015 BONDS); ACCEPTING, CONFIRMING AND ADOPTING A SPECIAL ASSESSMENT ALLOCATION ROLL; ACCEPTING, CONFIRMING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2026 BOND; PROVIDING FOR THE SUPPLEMENTATION OF THE IMPROVEMENT LIEN BOOK; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE. WHEREAS, the Shingle Creek Community Development District (the “District”) is a local unit of special purpose government organized and existing under and pursuant to Chapter 190, Florida Statutes, as amended, of the State of Florida; WHEREAS, on April 6, 2015, in accordance with Chapters 170, 190 and 197, Florida Statutes, the Board of Supervisors of the District (the “Board”), adopted Resolutions 2015-08, 2015-09 and 2015-10, providing for the acquisition, construction and installation of certain capital improvements (the "Capital Improvement Program"), providing estimated costs of the Capital Improvement Program, defining assessable property to be benefited by the Capital Improvement Program, defining the portion of the costs of the Capital Improvement Program with respect to which assessments will be imposed and the manner in which such assessments shall be levied against such benefited property within the District, directing the preparation of an assessment roll, and stating the intent of the District to issue Bonds of the District secured by such assessments to finance the costs of the acquisition, construction and installation of the Capital Improvement Program, and the District duly adopted Resolution No. 2015-16 (collectively with Resolutions 2015-08 and 2015-09, the “Assessment Resolutions”), on May 20, 2015, following a public hearing conducted in accordance with the Act, to fix and establish the Assessments and the benefited property; WHEREAS, on May 20, 2015, the District, issued and sold its $21,465,000 Special Assessment Bonds, Series 2015 (the "Series 2015 Bonds") to finance a portion of the Capital Improvement Program, and levied special assessments to secure the Series 2015 Bonds (the “Series 2015 Assessments”) pursuant to the Assessment Resolutions; WHEREAS, in order to achieve debt service savings, the District has determined it is in the best interest of the District, its residents and landowners, to refund the outstanding Series 2015 Bonds via the issuance of its $15,960,000 Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area) (the “Series 2026 Bonds”); WHEREAS, in order to effectuate such refunding, on June 1, 2026, the Board adopted Resolution 2026-05 (the “Bond Resolution”), authorizing the refinancing of the Series 2015 Bonds and authorizing the issuance of the Series 2026 Bonds in accordance with the terms of that certain Trust Indenture, dated as of June 1, 2026 (the “Trust Indenture”), between the District and Regions Bank, attached thereto; and WHEREAS, pursuant to and consistent with the Assessment Resolutions, this Resolution sets forth the terms of the Series 2026 Bonds and confirms the lien of the levy of special assessments securing the Series 2026 Bonds. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS: SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including Chapters 170, 190 and 197, Florida Statutes, and the Assessment Resolutions and the Bond Resolution. SECTION 2. FINDINGS. The Board of Supervisors of the Shingle Creek Community Development District hereby finds and determines as follows: (a) The above recitals are true and correct and are incorporated into and made a part hereof. All capitalized terms used herein, including in the above recitals, shall have the meanings set forth herein. (b) On April 6, 2015 and May 20, 2015, the District, after due notice and public hearing, adopted the Assessment Resolutions, which, among other things, equalized, approved, confirmed and levied special assessments on property benefitting from the Capital Improvement Program authorized by the District. This Resolution shall supplement the Assessment Resolutions for the purpose of setting forth the specific terms of the Series 2026 Bonds and certifying the amount of the lien of the special assessments securing the Series 2026 Bonds, including interest, costs of issuance, and the number of payments due. (c) The District authorizes and approves its Series 2026 Bonds. (d) The Series 2026 Refunding Bonds (Original Assessment Area) Supplemental Assessment Methodology Report (Refunding the Series 2015 Bonds) for Shingle Creek Community Development District, dated June 1, 2026, attached hereto as Exhibit “A” (the “2026 Supplemental Assessment Report”), reallocates the assessments described in the Final Supplemental Assessment Methodology Shingle Creek Community Development District Series 2015 Bonds report, dated May 14, 2015 (the “2015 Assessment Methodology”), to the Series 2026 Bonds. The 2026 Supplemental Assessment Report, including the revised assessment allocation roll contained therein, is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2026 Bonds. (e) The District’s Capital Improvement Program, referred to as the “2015 Project” in and described in that certain Shingle Creek Community Development District Engineer’s Report for the 2015 Capital Improvement Project, dated April 15, 2015 (the “Engineer’s Report”), continues to specially benefit all of the properties identified in the 2015 Assessment Methodology, as described in the 2026 Supplemental Assessment Report. The benefits of the Capital Improvement Program exceed the assessments allocated as provided in the 2026 Supplemental Assessment Report. SECTION 3. CONFIRMATION OF ASSESSMENT LIEN FOR SERIES 2026 BOND. This Resolution is intended to set forth the terms of the Series 2026 Bonds and the final amount of the lien of the special assessments securing the Series 2026 Bonds (the “Series 2026 Assessments”). The Series 2026 Bonds shall bear such rate of interest (subject to possible adjustment) and maturity as shown in the Trust Indenture and the final payment on the Series 2026 Bonds shall be due as provided in the Trust Indenture. The lien of the Series 2026 Assessments is hereby confirmed and ratified, in conformance with the Assessment Resolutions and this Resolution. The lien of the Series 2026 Assessments securing the Series 2026 Bonds on certain the benefitted lands within the District (representing the defined assessment area), as set forth in the 2026 Supplemental Assessment Report, shall be the principal amount due on the Series 2026 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which annual assessments are grossed up to include early payment discounts required by law and costs of collection. Pursuant to the Trust Indenture, the Series 2015 Special Assessments are recast as the Series 2026 Special Assessments. SECTION 4. ALLOCATION AND COLLECTION OF ASSESSMENTS SECURING SERIES 2026 BONDS. (a) The Series 2026 Assessments shall be allocated in accordance with the 2026 Supplemental Assessment Report. The 2026 Supplemental Assessment Report is consistent with the 2015 Assessment Methodology. The 2026 Supplemental Assessment Report reflects the actual terms of the issuance of the Series 2026 Bonds. The estimated costs of the collection of the Series 2026 Assessments are set forth in the 2026 Supplemental Assessment Report. (b) The lien of the Series 2026 Assessments shall be on the land described in the assessment roll in the 2026 Supplemental Assessment Report. To the extent land and/or units is/are added to the land benefitting from the Capital Improvement Program, the District may, by supplemental resolution, determine such land to be benefited and reallocate the Series 2026 Assessments securing the Series 2026 Bonds and impose special assessments on the newly benefitted land. (c) The District hereby certifies the Series 2026 Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed by Osceola County, Florida and Florida law. The District intends, unless inapplicable or unavailable, to collect the special assessments securing the Series 2026 Bonds using the Uniform Method pursuant to Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the collection of the special assessments and present same to the Board as required by Florida law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District under Florida law. The decision to collect special assessments by any particular method shall not be construed to mean that such method will be used to collect special assessments in future years, and the District reserves the right in its sole discretion to use any collection method authorized by law and by the terms of the Trust Indenture, regardless of past practices. (d) Collection of the Series 2026 Assessments, securing the Series 2026 Bonds, in the manner specified herein is hereby accepted, confirmed and adopted. SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2026 Assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The Series 2026 Special Assessment levied against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel from the date of imposition until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles and claims. SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to supplement the Assessment Resolutions, which remain in full force and effect. This Resolution and the Assessment Resolutions shall be construed to the maximum extent possible to give full force and effect to the provisions of each Resolution. All Resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed. SECTION 7. SEVERABILITY. If any section or part of a section of this Resolution is declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional. SECTION 9. EFFECTIVE DATE. This Resolution shall become effective as of the date of its adoption. APPROVED AND ADOPTED this 1st day of June, 2026. [SIGNATURES ON FOLLOWING PAGE] SIGNATURE PAGE FOR RESOLUTION 2026-06 SHINGLE CREEK COMMUNITY ATTEST: DEVELOPMENT DISTRICT By: Name: Name: Assistant Secretary Chairman / Vice Chairman EXHIBIT “A” Series 2026 Refunding Bonds (Original Assessment Area) Supplemental Assessment Methodology Report (Refunding the Series 2015 Bonds) for Shingle Creek Community Development District, dated June 1, 2026 [See attached.] R-1 $15,960,000 UNITED STATES OF AMERICA STATE OF FLORIDA COUNTY OF OSCEOLA SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND SERIES 2026 (ORIGINAL ASSESSMENT AREA) Interest Rate (subject to adjustment) Maturity Date Dated Date 4.250% May 1, 2045 June 3, 2026 Registered Owner: ---------------------SEACOAST NATIONAL BANK---------------------------- Principal Amount: FIFTEEN MILLION NINE HUNDRED SIXTY THOUSAND AND NO/100 DOLLARS KNOW ALL PERSONS BY THESE PRESENTS that Shingle Creek Community Development District, a local unit of special-purpose government organized and existing under the laws of the State of Florida (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof at the corporate trust office of Regions Bank, in Jacksonville, Florida, as paying agent (said Regions Bank and/or any bank or trust company to become successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above with interest thereon at the Initial Interest Rate per annum set forth above, subject to the occurrence of an Adjustment Event, until the final maturity thereof or earlier redemption in full; provided, however, that in the event of the occurrence of a Determination of Taxability the Bonds shall bear interest from such Taxable Date at the Taxable Rate, until the final maturity thereof or earlier redemption in full. Interest on this Bond shall be payable on each May 1 and November 1 commencing November 1, 2026. Interest shall be computed on 360-day year of twelve 30-day months. Principal is payable on the first day of November of each year commencing November 1, 2026 pursuant to mandatory sinking fund redemptions. Principal of this Bond is payable at the designated corporate trust office of Regions Bank, located in Jacksonville, Florida, in lawful money of the United States of America. Presentation of this Bond for the payment of principal, Redemption Price, or interest of this Bond on the maturity date shall not be required for as long as Seacoast National Bank is the Registered Owner and Lender. Principal, Redemption Price, and interest on this Bond is payable by either wire transfer (as provided below) or by check or draft of the Paying Agent made payable to the registered owner and mailed on each interest payment date to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by Regions Bank, as registrar (said Regions Bank and any successor registrar being herein called the “Registrar”) at the close of business on the fifteenth day of the calendar month next preceding each interest payment date or the date on which the principal of a Bond is to be paid (the “Record Date”). Such interest shall be payable on each May 1 and November 1, commencing November 1, 2026, from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a May 1 or November 1 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to November 1, 2026, in which case from Dated Date above, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so paid or duly provided for shall forthwith cease to be payable to the registered owner on such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Paying Agent, notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any time in any other lawful manner, as more fully provided in the Indenture (defined below). The foregoing notwithstanding, the Lender shall be entitled to have interest paid by wire transfer to the Lender at such bank account number on file with the Trustee and Paying Agent. THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM AND SECURED BY PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, OSCEOLA COUNTY, FLORIDA (THE “COUNTY”), THE STATE OF FLORIDA, OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS, EXCEPT THAT THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, THE SERIES 2026 SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE COUNTY, THE STATE OF FLORIDA, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION. This Bond is one of an authorized issue of Bonds of Shingle Creek Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and by Ordinance No. 05-15 of the Board of County Commissioners of Osceola County, Florida, enacted on May 23, 2005 and effective on May 27, 2005 as amended and supplemented and designated as “Shingle Creek Community Development District Special Assessment Refunding Bonds, Series 2026 (Original Assessment Area)” (the “Bonds”), in the principal amount of FIFTEEN MILLION NINE HUNDRED SIXTY THOUSAND AND NO/100 DOLLARS ($15,960,000) of like date, tenor and effect. The Bonds are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to currently refund the Issuer’s outstanding Special Assessment Bonds, Series 2015. The Bonds shall be issued as fully registered Bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Trust Indenture dated as of June 1, 2026 (the “Indenture”), by and between the Issuer and Regions Bank, as Trustee (the “Trustee”), executed counterparts of which are on file at the designated corporate trust office of the Trustee in Jacksonville, Florida. All capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Indenture. If there is a Determination of Taxability, the Bonds shall bear interest retroactively from the earliest effective date of such Determination of Taxability at a rate per annum equal to the Taxable Rate. Upon an occurrence of a Determination of Taxability, the Issuer hereby agrees to pay to the Owner (i) an additional amount equal to the difference between (A) the amount of interest actually paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period and (B) the amount of interest that would have been paid to the Owner (or former Owner) on the Bonds during the Determination of Taxability Period had the Bonds borne interest at the Taxable Rate, plus (ii) an amount equal to any interest, charges, penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Owner (of former Owner) as a result of the occurrence of a Determination of Taxability. Upon the occurrence and continuance of an Event of Default described in Section 8.02 of the Indenture, the Bonds shall bear interest at the Default Rate pursuant to the terms of the Indenture. In the event the Issuer cures any Event of Default under Section 8.02 of the Indenture, the interest rate on the Bonds shall return to the applicable Interest Rate. Subject to the occurrence of an Adjustment Event, the Bonds shall bear interest at the applicable interest rate as determined above until the final maturity of this Bond or the earlier redemption of this Bond in full. The Owner shall advise the Trustee and the Issuer in writing within a reasonable time in good faith what amounts, if any, are owing as a result of an Adjustment Event as described in the Indenture. The determination of the Owner as to such amounts owed shall be conclusive absent manifest error and the Trustee may conclusively rely upon such information without the duty to verify the accuracy of such information. Such additional amounts shall be paid by the Issuer within thirty (30) days after the date of such notice from the Owner. In no event, however, shall the interest rate applicable to any of the amounts payable on the Bonds, together with all fees, charges, and other amounts which may be treated as interest with respect thereto under applicable law, exceed the maximum rate permitted by law. Upon the occurrence of a Financial Covenant Reporting Failure, the Lender shall have the rights and remedies described in Section 8.01 of the Indenture. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Bonds issued under the Indenture, the operation and application of the Debt Service Fund and other Funds and Accounts charged with and pledged to the payment of the principal of and the interest on the Bonds, the levy and the evidencing and certifying for collection, of Series 2026 Special Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Bonds are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of Bonds, the conditions under which such Indenture may be amended with the consent of the registered owners of a majority in aggregate principal amount of the Bonds outstanding, and as to other rights and remedies of the registered owners of the Bonds. The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture. It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, Osceola County, Florida, the State of Florida or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, Osceola County, Florida, the State of Florida or any other political subdivision thereof, for the payment of the principal of and interest on this Bond or the making of any other sinking fund and other payments provided for in the Indenture, except for Series 2026 Special Assessments to be assessed and levied by the Issuer as set forth in the Indenture. By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture. This Bond is payable from and secured by Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of the Series 2026 Special Assessments to secure and pay the Bonds. The Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Bonds shall be made on the dates specified below. Optional Redemption The Bonds are subject to optional redemption at the option of the Issuer, in whole or in part, on any date on or after June 3, 2031 at a Redemption Price of 100% of the principal amount of the Outstanding Bonds to be redeemed, plus accrued interest to the redemption date, upon receipt by the Trustee not less than thirty-five (35) days or more than forty-five (45) days prior to such redemption date of a written direction from the Issuer stating that it intends to effect redemption of such Bonds on a date certain. Mandatory Sinking Fund Redemption The Bonds are subject to mandatory sinking fund redemption on May 1 in the years and in the principal amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. The outstanding balance of the Bonds shall be due and payable on May 1, 2045. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Bonds redeemed pursuant to extraordinary mandatory redemption as set forth below. Maturity Date Mandatory Sinking Fund Payment 2027 $ 555,000 2028 585,000 2029 610,000 2030 635,000 2031 660,000 2032 690,000 2033 720,000 2034 750,000 2035 785,000 2036 820,000 2037 850,000 2038 890,000 2039 930,000 2040 970,000 2041 1,010,000 2042 1,055,000 2043 1,100,000 2044 1,150,000 2045* 1,195,000 ______________________ * Final Maturity Extraordinary Mandatory Redemption in Whole or in Part The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole, or in part, on any date (except in the case of clause (i) below which must occur on an Interest Payment Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date, from moneys deposited into the Bond Redemption Fund following (i) the Prepayment of Series 2026 Special Assessments on any portion of the District Lands in accordance with the provisions of the Indenture, or (ii) as a result of the application of Section 7.32 of the Indenture. Notice of Redemption The Trustee shall cause notice of redemption to be mailed at least thirty (30) days prior to the date of redemption to all registered owners of Bonds to be redeemed (as such owners appear on the books of the Registrar on the fifth (5th) day prior to such mailing) and to certain additional parties as set forth in the Indenture; provided, however, that failure to mail any such notice or any defect in the notice or the mailing thereof shall not affect the validity of the redemption of the Bonds for which such notice was duly mailed in accordance with the Indenture. If less than all of the Bonds shall be called for redemption, the notice of redemption shall specify the Bonds to be redeemed. On the redemption date, the Bonds called for redemption will be payable at the designated corporate trust office of the Paying Agent and on such date interest shall cease to accrue, such Bonds shall cease to be entitled to any benefit under the Indenture and such Bonds shall not be deemed to be outstanding under the provisions of the Indenture and the registered owners of such Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof, all as provided in the Indenture. No notice of redemption shall be given for a mandatory sinking fund redemption if Seacoast National Bank is the owner of 100% of the Bonds. Upon (i) any redemption of Bonds other than in accordance with scheduled mandatory sinking fund payments, and (ii) any change in the interest rate on the Bonds on account of a Determination of Taxability or otherwise, the Issuer shall promptly cause to be recalculated and delivered to the Lender and the Trustee revised mandatory sinking fund payments recalculated so as to amortize the Outstanding principal amount of such Bonds in substantially equal annual installments of principal and interest (except for the last maturity which will represent the Outstanding balance of the Bonds) (subject to rounding to an amount of principal for each installment being devisable by $1,000) over the remaining term of such Bonds. The mandatory sinking fund payments as so recalculated as a result of an extraordinary mandatory redemption in part shall not result in an increase in the aggregate of the mandatory sinking fund payments for any of such Bonds in any year (except, to the extent necessary for the last maturity which will represent the outstanding balance of the Bonds). In the event of a redemption occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund payment is due, the foregoing recalculation shall not be made to mandatory sinking fund payments due in the Fiscal Year in which such redemption occurs, but shall be made to mandatory sinking fund payments for the immediately succeeding and subsequent Fiscal Years. Notwithstanding anything to the contrary, upon any redemption of the Bonds, the Issuer covenants that such redemption will not result in any increase in annual Debt Service Requirements on the Bonds, through the final maturity date of the Bonds. The Issuer shall keep books for the registration of the Bonds at the corporate trust office of the Registrar in Jacksonville, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee or such other authenticating agent as may be appointed by the Trustee under the Indenture shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds. Neither the Issuer nor the Registrar on behalf of the Issuer shall be required (i) to issue transfer or exchange any Bond during a period beginning at the opening of business fifteen (15) days before the day of mailing of a notice of redemption of Bonds selected for redemption and ending at the close of business on the day of such mailing, or (ii) to transfer or exchange any Bond so selected for redemption in whole or in part. The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue and notwithstanding any notation of ownership or other writing thereon made by anyone other than the Issuer, the Trustee, the Paying Agent or the Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary. It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee, or such other authenticating agent as may be appointed by the Trustee under the Indenture, of the certificate of authentication endorsed hereon. IN WITNESS WHEREOF, Shingle Creek Community Development District has caused this Bond to be signed by the manual signature of the Chairperson of its Board of Supervisors and its seal to be imprinted hereon, and attested by the manual signature of an Assistant Secretary of its Board of Supervisors, all as of the date hereof. SHINGLE CREEK COMMUNITY DEVELOPMENT DISTRICT By: Chairperson Board of Supervisors (SEAL) Attest: By: Assistant Secretary, Board of Supervisors CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds delivered pursuant to the within-mentioned Indenture. Date of Authentication: __________________ REGIONS BANK, as Trustee By: Vice President and Trust Officer ABBREVIATIONS The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIFORM TRANSFER MIN ACT - ________________ Custodian ____________ (Cust) (Minor) Under Uniform Transfer to Minors Act__________________________ (State) Additional abbreviations may also be used though not in the above list. ASSIGNMENT AND TRANSFER FOR VALUE RECEIVED the undersigned sells, assigns and transfers unto ______________________________________________________________________________ (please print or typewrite name and address of assignee) ______________________________________________________________________________ the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________________________ Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Signature Guarantee: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. Please insert social security or other identifying number of Assignee.