Windsor Cay Community Development District

Meeting Agenda November 18, 2025

Agenda

Windsor Cay
Community Development District

219 East Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526
REVISED AGENDA

November 11, 2025

Board of Supervisors Windsor Cay
Community Development District

Dear Board Members:

The Special meeting of the Board of Supervisors of the Windsor Cay Community Development District will be held on Tuesday, November 18, 2025 at 3:00 PM, or shortly thereafter as reasonably possible, at The Cooper Memorial Library, 2525 Oakley Seaver Drive, Clermont, FL 34711. Following is the advance agenda for the meeting:

Roll Call
Public Comment Period
Organizational Matters
Administration of Oaths of Office to Newly Elected Board Members
Consideration of Resolution 2026-03 Canvassing and Certifying the Results of the Landowners’ Election
Electing Officers
Consideration of Resolution 2026-04 Electing Officers
Financing Matters
Consideration of Supplemental Assessment Methodology Report for Assessment Area Two
Consideration of Resolution 2026-02 Supplemental Assessment Resolution
Approval of Supplemental Notice of Imposition of Special Assessments
Consideration of Amended and Restated Disclosure of Public Finance
Ratification of Series 2025 Requisition #1
Consideration of Resolution 2026-05 Recognizing the Satisfaction of Contributions for the 2024 Assessments - Added
Staff Reports
Attorney
Engineer
Consideration of Proposal for Assessment Area #2 Regarding Capital Infrastructure Consultation
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Field Manager’s Report
Other Business
Supervisors Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me.

Sincerely,
George S. Flint
George S. Flint District Manager

Cc:	Tucker Mackie, District Counsel Bill Whitegon, District Engineer

Enclosures

Section III

Section B

RESOLUTION 2026-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT CANVASSING AND CERTIFYING THE RESULTS OF THE LANDOWNERS’ ELECTION OF SUPERVISORS HELD PURSUANT TO SECTION 190.006(2), FLORIDA STATUTES, AND PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, the Windsor Cay Community Development District (“District”) is a local unit of special-purpose government created and existing pursuant to Chapter 190, Florida Statutes, being situated entirely within Lake County, Florida; and

WHEREAS, pursuant to Section 190.006(2), Florida Statutes, a landowners’ meeting is required to be held within 90 days of the District’s creation and every two years following the creation of the District for the purpose of electing supervisors of the District; and

WHEREAS, such landowners meeting was held on November 4, 2025, at which the below recited persons were duly elected by virtue of the votes cast in his/her favor; and

WHEREAS, the Board of Supervisors of the District, by means of this Resolution, desire to canvas the votes and declare and certify the results of said election.

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT:

Section 1. The following individuals are found, certified, and declared to have been duly elected as Supervisor of and for the District, having been elected by the votes cast in their favor as shown:

Aaron Struckmeyer		Seat 3	Votes  100		
Christopher Cleary		Seat 4	Votes  99		
Justin Booth		Seat 5	Votes  100		

Section 2. In accordance with Section 190.006(2), Florida Statutes, and by virtue of the number of votes cast for the Supervisor, the above-named individuals are declared to have been elected for the following term of office:
Aaron Struckmeyer	 4 Year Term Justin Booth	 4 Year Term Christopher Cleary	   2 Year Term

Section 3. This resolution shall become effective immediately upon its adoption.

PASSED AND ADOPTED THIS 18th DAY OF NOVEMBER 2025

Attest:

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

	
Secretary / Assistant Secretary	Chairperson/Vice Chair, Board of Supervisors

Section D

RESOLUTION 2026-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT ELECTING THE OFFICERS OF THE DISTRICT AND PROVIDING AN EFFECTIVE DATE.

Whereas, the Windsor Cay 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 desires to elect the Officers of the District.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT:

Section 1. The following persons are elected to the offices shown:

Chairperson	 		
Vice Chairperson	 		
Secretary	 		
Assistant Secretary	 		
Assistant Secretary	 		
Assistant Secretary	 		
Assistant Secretary	 		
Assistant Secretary	 		
Treasurer	 		
Assistant Treasurer	 		
Assistant Treasurer	 		

Passed and adopted this 18th day of November 2025.

ATTEST:	WINDSOR CAY COMMUNITY
DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson/Vice Chair, Board of Supervisors

Section IV

Section A

SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

FOR WINDSOR CAY
COMMUNITY DEVELOPMENT DISTRICT

Date: November 13, 2025

Prepared by
Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Table of Contents
Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	7
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	8
True-Up Mechanism	8
Assessment Roll	9
Appendix	10
Table 1: Development Program	10
Table 2: Infrastructure Cost Estimates	11
Table 3: Bond Sizing	12
Table 4: Allocation of Benefit	13
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	14
Table 6: Par Debt and Annual Assessments	15
Table 7: Preliminary Assessment Roll	16
GMS-CF, LLC does not represent the Windsor Cay Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Windsor Cay Community Development District with financial advisory services or offer investment advice in any form.

Introduction

The Windsor Cay Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes (the “District”), as amended. The District will issue on December 4, 2025, its $7,090,000 of tax exempt bonds (the “Series 2025 Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within an assessment area within the District consisting of phases three and four of development within the boundaries of the District (herein “Assessment Area Two”) more specifically described in the Amended and Restated Engineer’s Report for Capital Improvement Program dated March 26, 2025 prepared by Donald W. Mcintosh Associates, Inc. as may be amended and supplemented from time to time (the “Engineer’s Report”). The District anticipates the acquisition of public infrastructure improvements that benefit property owners within the Assessment Area Two within the District.

Purpose

This Supplemental Assessment Methodology Report for Assessment Area Two (the “Supplemental Report”) supplements the Amended & Restated Master Assessment Methodology for Assessment Area Two dated March 26, 2025 (together the “Assessment Report”) and provides for an assessment methodology for allocating the Series 2025 bonds to be incurred by the District to benefiting properties in Assessment Area Two within the District. The Assessment Report allocates the debt to properties within Assessment Area Two based on the special benefits each received from the Capital Improvement Plan (“Phase Three & Four CIP”). This Assessment Report is designed to conform to the requirements of Chapters 190 and 170, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

Prior to the issuance of Bonds the District will impose non ad valorem special assessments on the benefited lands within Assessment Area Two within the District based on this Supplemental Report. It is anticipated that all of the proposed special assessments will be collected through the Uniform Method of Collection described in Chapter 197.3632, Florida Statutes or any other legal means available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 246.5 acres in Lake County, Florida and envisions 808 residential units. Assessment Area Two includes approximately 94.55 acres and envisions 268 residential units (herein the “Phase Three & Four Development Program”). The proposed Phase Three & Four Development Program

is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the Phase Three & Four CIP will provide facilities that benefit the assessable property within Assessment Area Two within the District. The Phase Three & Four CIP is delineated in the Engineer’s Report. Specifically, the District may construct and/or acquire certain roadway construction (on-site), roadway construction (offsite), stormwater management, landscape and irrigation, project contingency, land acquisition (Right-of-Way, ponds, etc.) and soft costs. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Phase Three & Four CIP.
The District Engineer determines the assessable acres that benefit from the District’s Phase Three & Four CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Phase Three & Four CIP.
This amount is initially divided equally among the benefited properties within Assessment Area Two on a prorated gross acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number of platted units.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to assessable property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large.

However, as discussed within this Supplemental Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within Assessment Area Two within the District. The implementation of the Phase Three & Four CIP enables properties within Assessment Area Two to be developed. Without the District’s Phase Three & Four CIP, there would be no infrastructure to support development of land within Assessment Area Two within the District. Without these improvements, development of the property within Assessment Area Two within the District would be prohibited by law.

There is no doubt that the general public and property owners outside of Assessment Area Two within the District will benefit from the provision of the District’s Phase Three & Four CIP. However, these benefits will be incidental to the District’s Phase Three & Four CIP, which is designed solely to meet the needs of property within

Assessment Area Two within the District. Properties outside the District boundaries and outside Assessment Area Two do not depend upon the District’s Phase Three & Four CIP. The property owners within Assessment Area Two are therefore receiving special benefits not received by those outside the District’s boundaries and outside of Assessment Area Two within the District.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within Assessment Area Two within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Phase Three & Four CIP that is necessary to support full development of property within Assessment Area Two will cost approximately $10,055,000. The District’s Underwriter has determined that financing costs required to fund a portion of the infrastructure improvements, including project costs, the cost of issuance of the Bonds, and the funding of a debt service reserve are $7,090,000. Additionally, funding required to complete the Phase Three & Four CIP is anticipated to be funded by the Pulte Homes Company LLC (the “Developer”). Without the Phase Three & Four CIP, the property within Assessment Area Two would not be able to be developed and occupied by future residents of the community.

Assessment Methodology

Overview

The District will issue on December 4, 2025, $7,090,000 in Bonds to fund a portion of the District’s Phase Three & Four CIP for Assessment Area Two, provide for capitalized interest, a debt service reserve account and cost of issuance. It is the purpose of this Supplemental Report to allocate the $7,090,000 in debt to the properties benefiting from the Phase Three & Four CIP.

Table 1 identifies the land uses as identified by the Developer of the land within Assessment Area Two within the District. The District has utilized the Engineer’s Report for the Phase Three & Four CIP needed to support the Phase Three & Four Development. These construction costs are outlined in Table 2. The improvements needed to support the Phase Three & Four Development Program within Assessment Area Two are described in detail in the Engineer’s Report and are estimated to cost
$10,055,000. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for a portion of the Phase Three & Four CIP and related costs was determined by the District’s Underwriter to total
$7,090,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of debt is a continuous process until the development plan is completed. The Phase Three & Four CIP funded by the Bonds benefits all developable acres within Assessment Area Two of the District.

The apportionment of Assessment Area Two Bond debt determines the initial “Special Assessment” amounts that will be levied initially to the 152 platted lots within phase 3 within Assessment Area Two of the District, and then on an equal basis to the remaining acres within Assessment Area Two of the District. A fair and reasonable methodology allocates Assessment Area Two Bond debt incurred by the District proportionately to the properties receiving the special benefits. At this point all of the lands within Assessment Area Two of the District are benefiting from the improvements.

Once platting or the recording of declaration of condominium, (“Assigned Properties”) has begun, the Special Assessments will be levied to the Assigned Properties based on the benefits they receive. The Unassigned Properties, defined as property that has not been platted, assigned development rights or subjected to a declaration of condominium, will continue to be assessed on a per acre basis (“Unassigned Properties”). Eventually the Assessment Area Two development plan will be completed and the debt relating to the Bonds will be allocated to the planned 268 residential units within Assessment Area Two within the District, which are the beneficiaries of the Phase Three & Four CIP, as depicted in Table 5 and Table 6. If there are changes to the Assessment Area Two development plan, a true up of the Special Assessments will be calculated to determine if a debt reduction or true-up payment from the landowner is required. The process is outlined in Section 3.0

In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. This is reflecting on Table 5. Based on the product type and number of units anticipated to absorb the Series 2025 Bond principal, the preliminary estimate is that the District will recognize a developer contribution equal to approximately $140,000 in eligible infrastructure.

Until all the land within Assessment Area Two within the District has been platted and sold, the Special Assessments on the portion of the land that has not been platted and sold are not fixed and determinable. The reasons for this are (1) until the lands are platted, the number of developable acres within each tract against which the assessments are levied is not determined and (2) the lands are subject to re-plat, which may result in changes in development density and product type. Only after the property has been platted and sold will the developable acreage be determined, the final plat be certain, the developable density known, the product types be confirmed, and the timing of the sales solidified.

The assignment of debt in this Assessment Report sets forth the process by which debt is apportioned. As mentioned herein, this Assessment Report will be supplemented from time to time.

Allocation of Benefit

The Phase Three & Four CIP consists of Roadway construction (on-site), roadway construction (offsite), stormwater management, landscape and irrigation, project contingency, land acquisition (Right-of-Way, ponds, etc.) and soft costs. There are three residential product types within the planned development within Assessment Area Two as reflected in Table 1. Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the Phase Three & Four CIP on the particular units exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Phase Three & Four CIP relating to Assessment Area Two will provide several types of systems, facilities and services for its residents. These include Roadway construction (on-site), roadway construction (offsite), stormwater management, landscape and irrigation, project contingency, land acquisition (Right-of-Way, ponds, etc.) and soft costs. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

For the provision of Phase Three & Four CIP relating to Assessment Area Two, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report relating to the Phase Three & Four CIP is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type). In lieu of having the District issue a greater amount of bonds, and in order to reduce assessment levels by product type, the Developer will be making a contribution of public infrastructure in the approximate amount of $140,000, as delineated in Table 5.

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the District’s Phase Three & Four CIP relating to Assessment Area Two have been apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the boundaries of the Assessment Area Two within District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Supplemental Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned, and the entire proposed Phase Three & Four CIP is developed or acquired and financed by the District.

True Up Mechanism

Although the District does not process plats, declaration of condominiums, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is

greater than or equal to the maximum annual debt service, then no debt reduction is required. In the case that the revenue generated is less than the required amount then a debt reduction or true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding bonds to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

The District will initially distribute the Special Assessment liens to any platted properties within Assessment Area Two, and then across the remaining property within Assessment Area Two of the District boundaries on a gross acreage basis. If the land use plan changes, this Supplemental Report will be modified accordingly. As a result, the Special Assessment liens are neither fixed nor are they determinable with certainty on any acre of land in the District prior to the time all Assigned Properties become known. The current assessment roll is depicted in Table 7.

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Product Types	Phase 3	Phase 4	No. of Units * ERUs	per Unit (1)	Total ERUs	
Single Family - 40'	80	24	104	0.8	83.2	
Single Family - 50'	72	26	98	1.0	98.0	
Single Family - 70'	0	66	66	1.4	92.4	
Total Units	152	116	268		273.6	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with Single Family 50' = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Capital Improvement Plan ("Phase Three & Four CIP")(1)	Phase Three	Phase Four	Total	

Roadway Construction (on-site)	
$46,000	
$35,000	
$81,000	
Roadway Construction (offsite)	$189,000	$144,000	$333,000	
Stormwater Management	$2,330,000	$1,777,000	$4,107,000	
Landscape and Irrigation	$338,000	$259,000	$597,000	
Project Contingency	$581,000	$443,000	$1,024,000	
Land Acquisition (Right-of-Way, ponds,etc.)	$1,784,000	$1,361,000	$3,145,000	
Soft Costs	$435,000	$333,000	$768,000	
Total Improvements	$ 5,703,000	$ 4,352,000	$10,055,000	

(1) A detailed description of these improvements is provided in the Amended and Restated Engineer's Report for Capital Improvement Program dated March 26, 2025

Prepared by: Governmental Management Services - Central Florida, LLC

BOND SIZING
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Average Coupon Amortization Capitalized Interest Debt Service Reserve Underwriters Discount

5.37%
30 years
None 50% Max Annual D/S
2%

Description Construction Funds Debt Service Reserve Capitalized Interest Underwriters Discount Cost of Issuance Original Issue Discount

Assessment Area Two (Phases Three & Four)

$
$
$
$
$
$

6,491,512
236,875
- 141,800
198,650
21,163

Bond Assumptions:

Par Amount	$	7,090,000

Prepared by: Governmental Management Services - Central Florida, LLC

ALLOCATION OF BENEFIT
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Product Types	

No. of Units *	

ERU
Factor	

Total ERUs	

% of Total ERUs	Total Improvement Costs Per Product
Type	

Improvement Costs Per Unit	
Single Family - 40'	104	0.8	83.2	30.41%	$	3,057,661	$	29,401	
Single Family - 50'	98	1.0	98.0	35.82%	$	3,601,572	$	36,751	
Single Family - 70'	66	1.4	92.4	33.77%	$	3,395,768	$	51,451	
Totals	268		273.6	100.00%	$	10,055,000		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

No. of

Total Improvements

Potential Allocation of Par Debt Per Product

Developer

Allocation of Par Debt

Par Debt

Product Types	Units *	Costs Per Product Type	Type	Contributions**	Per Product Type	Per Unit	
Single Family - 40'	104	$	3,057,661 $	2,113,450	$61,970	$	2,175,421	$ 20,918	
Single Family - 50'	98	$	3,601,572 $	2,489,401	$74,884	$	2,564,284	$ 26,166	
Single Family - 70'	66	$	3,395,768 $	2,347,149	$3,146	$	2,350,295	$ 35,611	
Totals	268	$	10,055,000 $	6,950,000	$140,000	$	7,090,000		

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT
ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

* Unit mix is subject to change based on marketing and other factors

** In order for debt service assessment levels to be consistent with market conditions, developer contributions are recognized. Based on the product type and number of units anticipated to absorb the Bond Principal, it is estimated that the CDD will recognize a developer contribution equal to $140,000 in eligible infrastructure.

Prepared by: Governmental Management Services - Central Florida, LLC

Product Types	
No. of Units *	Allocation of Par Debt Per Product Type	Total Par Debt Per Unit	Maximum Annual Debt Service	
Net Annual Debt Assessment Per Unit	Annual Debt Assessment Per Unit If paid in November	Gross Annual Debt Assessment Per Unit (1)	
Single Family - 40'	104	$ 2,175,420.65	$ 20,917.51	$ 145,360.44	$	1,397.70	$	1,426.22	$	1,486.91	
Single Family - 50'	98	$ 2,564,284.14	$ 26,166.16	$ 171,344.09	$	1,748.41	$	1,784.09	$	1,860.01	
Single Family - 70'	66	$ 2,350,295.21	$ 35,610.53	$ 157,045.47	$	2,379.48	$	2,428.04	$	2,531.36	
Totals	268	$ 7,090,000.00		$ 473,750.00				

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT
PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

(1) This amount includes 6% in collection fees and early payment discounts when collected on the Lake County Property Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL - ASSESSMENT AREA TWO
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Platted

	Product			Total Par Debt		Net Annual Debt	Annual Debt Assessment		Gross Annual Debt	
Owner	Book and Page #	Lot #	Type	Units		Allocated	Assessment Allocation		if Paid in November	Assessment Allocation(1)	
Pulte Home Corporation	Plat Book 87, Pages 25-33	376	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	377	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	378	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	379	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	380	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	381	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	382	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	383	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	384	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	385	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	386	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	387	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	388	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	389	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	390	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	391	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	392	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	393	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	394	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	395	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	396	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	397	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	398	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	399	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	400	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	401	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	402	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	403	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	404	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	405	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	406	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	407	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	408	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	409	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	410	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	411	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	412	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	413	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	414	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	415	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	416	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	417	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	418	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	419	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	420	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	421	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	422	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	423	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	424	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	425	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	426	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	427	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	428	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	429	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	430	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	431	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	432	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	433	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	434	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	435	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	436	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	437	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	603	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	604	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	605	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	606	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	607	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	608	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	609	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	610	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	611	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	612	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	613	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	614	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	615	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	616	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	617	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	618	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	619	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	620	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	621	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	622	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	623	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	624	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	625	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	

Owner	Book and Page #	Lot #

Product
Type	Units

Total Par Debt Allocated

Net Annual Debt Assessment Allocation

Annual Debt Assessment if Paid in November

Gross Annual Debt Assessment Allocation(1)

Pulte Home Corporation	Plat Book 87, Pages 25-33	626	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	627	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	628	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	629	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	630	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	631	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	632	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	633	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	634	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	635	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	636	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	637	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	638	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	639	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	640	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	641	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	642	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	643	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	644	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	645	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	646	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	647	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	648	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	649	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	650	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	651	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	652	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	653	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	654	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	655	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	656	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	657	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	658	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	659	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	660	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	661	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	662	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	663	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	664	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	665	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	666	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	667	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	668	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	669	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	670	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	671	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	672	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	673	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	674	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	675	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	676	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	677	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	678	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	679	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	680	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	681	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	682	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	683	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	684	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	685	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	686	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	687	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	688	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	689	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	690	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	691	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	692	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Total Platted				152	$	3,557,364.36	$	237,701.18	$	242,552.22	$	252,873.60	

Unplatted									

Owner	
Property			
Acres	Total Par Debt Allocated	Net Annual Debt Assessment Allocation	Annual Debt Assessment if Paid in November	Gross Annual Debt Assessment Allocation (1)	
Pulte Home Corporation	Phase 4 (2)			53.15	$	3,532,635.64	$	236,048.82	$	240,866.14	$	251,115.77	
Total Unplatted				53.15	$	3,532,635.64	$	236,048.82	$	240,866.14	$	251,115.77	
									
Total					$	7,090,000.00	$	473,750.00	$	483,418.37	$	503,989.36	

This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method
The Legal Description for Phase 4 is attached as Exhibit A

Annual Assessment Periods	30	
Average Coupon Rate (%)	5.37%	
Maximum Annual Debt Service	$473,750	

Prepared by: Governmental Management Services - Central Florida, LLC

Exhibit A

Windsor Cay Phase 4 CS#21-130(40)

DESCRIPTION:
That part of Sections 26 and 27, Township 24 South, Range 26 East, Lake County, Florida, described as follows:

BEGIN at the Northeast corner of WINDSOR CAY PHASE 1, according to the plat thereof, as recorded in Plat Book 80, Pages 78 through 96, of the Public Records of Lake County, Florida; thence run the following courses and distances along the North line of said plat of WINDSOR CAY PHASE 1: S89°59'42"W, 548.67 feet; N00°02'08"E, 234.00 feet; S89°57'11"W, 1431.08 feet; N89°57'07"W, 1324.92 feet to the Northwest corner of said plat of WINDSOR CAY PHASE 1 and the West line of the East 1/2 of the Southeast 1/4 of aforesaid Section 27; thence departing said North line, run N00°27'00"E along said West line, 165.56 feet to the Northwest corner of the Northeast 1/4 of the Southeast 1/4 of said Section 27; thence N00°14'28"E along the West line of the East 1/2 of the Northeast 1/4 of said Section 27, for a distance of 331.01 feet to the South line of lands described in Official Records Book 3674, Page 885, of the Public Records of Lake County, Florida; thence departing said West line, run S89°58'07"E along said South line, 331.25 feet to the East line of said lands described in Official Records Book 3674, Page 885; thence departing said South line, run N00°15'38"E along said East line, 269.17 feet to the South right-of-way line of County Road 474, according to the Florida Department of Transportation right-of-way map, Section 11518-2601, dated February 8, 1967, last revised July 1, 1971, as recorded in Road Plat Book 6, Pages 14 through 18, of the Public Records of Lake County, Florida; thence departing said East line, run N89°56'50"E along said South right-of-way line, 984.49 feet; thence N89°51'50"E along said South right-of-way line, 1252.41 feet to the West line of lands described in Official Records Book 1881, Page 1680, of the Public Records of Lake County, Florida; thence departing said South right-of-way line, run S20°16'43"E along said West line,
300.00 feet to the South line of said lands described in Official Records Book 1881, Page 1680; thence departing said West line, run N89°51'50"E along said South line, 400.00 feet to the West line of lands described in Official Records Book 2524, Page 2340, of the Public Records of Lake County, Florida; thence departing said South line, run S20°16'43"E along said West line, 520.77 to the Northeast corner of Parcel A, as described in Official Record Book 5715, Page 28, of the Public Records of Lake County, Florida; thence departing said West line, run S20°16'43"E along the East line of said Parcel A, for a distance of
249.85 feet to the South line of said Parcel A; thence departing said East line, run S89°59'42"W along said South line, 38.59 feet to the POINT OF BEGINNING. The bearings and distances in this description are based on Florida State Plane Coordinate System East Zone, NAD 83 Datum (2011 adjustment), average combined scale factor of 0.99999425 and all distances are grid dimensions.

The above-described parcel contains 53.153 acres more or less when measured in ground dimensions. Being subject to any rights-of-way, restrictions and easements of record.

/Users/gms/Documents/Districts/Windsor Cay CDD/MAM AA2/SL17747desc-Windsor Cay Phase Phase 4 Plat Bndy.docx
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Section B

RESOLUTION 2026-02

A RESOLUTION MAKING CERTAIN FINDINGS; APPROVING THE SUPPLEMENTAL ENGINEER’S REPORT AND SUPPLEMENTAL ASSESSMENT REPORT; SETTING FORTH THE TERMS OF THE SERIES 2025 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2025 BONDS; LEVYING AND ALLOCATING ASSESSMENTS SECURING SERIES 2025 BONDS; ADDRESSING COLLECTION OF THE SAME; PROVIDING FOR THE APPLICATION OF TRUE-UP PAYMENTS; PROVIDING FOR A SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR THE RECORDING OF A NOTICE OF SPECIAL ASSESSMENTS; AND PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE.
WHEREAS, the Windsor Cay Community Development District (“District”) has previously indicated its intention to undertake, install, establish, construct, or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District’s Board of Supervisors (“Board”) has previously adopted, after notice and public hearing, Resolution 2025-05, relating to the imposition, levy, collection, and enforcement of such special assessments; and
WHEREAS, pursuant to and consistent with the terms of Resolution 2025-05, this Resolution shall set forth the terms of bonds to be issued by the District and apply the adopted special assessment methodology to the actual scope of the project to be completed with such series of bonds and the terms of the bond issue; and

WHEREAS, on November 13, 2025, the District entered into a Bond Purchase Agreement whereby it agreed to sell its $7,090,000 Windsor Cay Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (the “Series 2025 Bonds”); and

WHEREAS, pursuant to and consistent with Resolution 2025-05, the District desires to set forth the particular terms of the sale of the Series 2025 Bonds and confirm the levy of special assessments securing the Series 2025 Bonds (the “Series 2025 Assessments”).

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and Resolution 2025-05.

SECTION	2.	MAKING	CERTAIN	FINDINGS;	APPROVING	THE SUPPLEMENTAL ENGINEER’S REPORT AND SUPPLEMENTAL ASSESSMENT
REPORT. The Board of Supervisors of the Windsor Cay Community Development District hereby finds and determines as follows:

On May 28, 2025, the District, after due notice and public hearing, adopted Resolution 2025-05, which, among other things, equalized, approved, confirmed, and levied special assessments on property benefitting from the infrastructure improvements authorized by the District. That Resolution provided that as each series of bonds were issued to fund all or any portion of the District’s infrastructure improvements a supplemental resolution would be adopted to set forth the specific terms of the bonds and to certify the amount of the lien of the special assessments securing any portion of the bonds, including interest, costs of issuance, the number of payments due, the true-up amounts, and the application of receipt of true-up proceeds.

The Amended and Restated Engineer’s Report for Capital Improvement Program dated March 26, 2025, prepared by the District Engineer Donald W. McIntosh Associates, Inc., and attached to this Resolution as Exhibit A (collectively, the “Engineer’s Report”), identifies and describes the presently expected components of the infrastructure improvements to be financed in part with the Series 2025 Bonds (the “Assessment Area Two Project”), and sets forth the estimated costs of the Assessment Area Two Project as $10,055,000. The District hereby confirms that the Assessment Area Two Project serves a proper, essential, and valid public purpose. The use of the Engineer’s Report in connection with the sale of the Series 2025 Bonds is hereby ratified.

The Supplemental Assessment Methodology for Assessment Area Two, dated November 13, 2025, attached to this Resolution as Exhibit B (the “Supplemental Assessment Report”), applies the adopted Amended & Restated Master Assessment Methodology Report for Assessment Area Two dated March 26, 2025, and approved by Resolution 2025-05 on May 28, 2025 (the “Master Assessment Report”), to the Assessment Area Two Project and the actual terms of the Series 2025 Bonds. The Supplemental Assessment Report is hereby approved and confirmed. The District ratifies its use in connection with the sale of the Series 2025 Bonds.

The Assessment Area Two Project will specially benefit all of the developable lands within the District, as set forth in the Supplemental Assessment Report. It is reasonable, proper, just, and right to assess the portion of the costs of the Assessment Area Two Project financed with the Series 2025 Bonds to the specially benefitted properties within the District as set forth in Resolution 2025-05 and this Resolution.

SECTION 3. SETTING FORTH THE TERMS OF THE SERIES 2025 BONDS; CONFIRMING THE MAXIMUM ASSESSMENT LIEN SECURING THE SERIES 2025
BONDS. As provided in Resolution 2025-05, this Resolution is intended to set forth the terms of the Series 2025 Bonds and the final amount of the lien of the Series 2025 Assessments securing those bonds. The Series 2025 Bonds, in an aggregate par amount of $7,090,000, shall bear such rates of interest and mature on such dates as shown on Exhibit C attached hereto. The sources and uses of funds of the Series 2025 Bonds shall be as set forth in Exhibit D. The debt service due on the Series 2025 Bonds is set forth on Exhibit E attached hereto. The lien of the Series

2025 Assessments securing the Series 2025 Bonds, as such land is described in Exhibit B, shall be the principal amount due on the Series 2025 Bonds, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.
SECTION 4. LEVYING AND ALLOCATING THE SERIES 2025 ASSESSMENTS SECURING THE SERIES 2025 BONDS; ADDRESSING COLLECTION OF THE SAME.
The Series 2025 Assessments securing the Series 2025 Bonds shall be levied and allocated in accordance with Exhibit B. The Supplemental Assessment Report is consistent with the District’s Master Assessment Report. The Supplemental Assessment Report, considered herein, reflects the actual terms of the issuance of the Series 2025 Bonds. The estimated costs of collection of the Series 2025 Assessments for the Series 2025 Bonds are as set forth in the Supplemental Assessment Report.
To the extent that land is added to the District and made subject to the lien of the Series 2025 Assessments described in the Supplemental Assessment Report, the District may, by supplemental resolution at a regularly noticed meeting and without the need for a public hearing on reallocation, determine such land to be benefitted by the Assessment Area Two Project and reallocate the Series 2025 Assessments securing the Series 2025 Bonds in order to impose Series 2025 Assessments on the newly added and benefitted property.

Taking into account earnings on certain funds and accounts as set forth in the Master Trust Indenture, dated April 1, 2024, and Second Supplemental Trust Indenture, dated November 1, 2025, the District shall begin annual collection of Series 2025 Assessments for the Series 2025 Bonds debt service payments using the methods available to it by law. Beginning with the first debt service payment on May 1, 2026, there shall be thirty (30) years of installments of principal and interest, as reflected on Exhibit E.
The District hereby certifies the Series 2025 Assessments for collection and directs staff to take all actions necessary to meet the time and other deadlines imposed for collection by Lake County and other Florida law. The District’s Board each year shall adopt a resolution addressing the manner in which the Series 2025 Assessments shall be collected for the upcoming fiscal year. The decision to collect Series 2025 Assessments by any particular method – e.g., on the tax roll or by direct bill – does not mean that such method will be used to collect Series 2025 Assessments in future years, and, subject to the terms of the indenture relating to the Series 2025 Bonds, the District reserves the right in its sole discretion to select collection methods in any given year, regardless of past practices.

SECTION 5. CALCULATION AND APPLICATION OF TRUE-UP PAYMENTS.
The terms of Resolution 2025-05 addressing true-up payments shall continue to apply in full force and effect.

SECTION 6. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this Resolution, the Series 2025 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 2025 Assessments

against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel 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 7. ASSESSMENT NOTICE. The District’s Secretary is hereby directed to record a Notice of Series 2025 Assessments securing the Series 2025 Bonds in the Official Records of Lake County, Florida, or such other instrument evidencing the actions taken by the District.
SECTION 8. CONFLICTS. This Resolution is intended to supplement Resolution 2025-05, which remains in full force and effect. This Resolution and Resolution 2025-05 shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

SECTION 9. SEVERABILITY. If any section or part of a section of this Resolution be 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.

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SECTION 10. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

APPROVED and ADOPTED, this 18th day of November 2025.

ATTEST:	WINDSOR	CAY	COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairperson, Board of Supervisors

Exhibit A:	Engineer’s Report
Exhibit B:	Supplemental Assessment Report
Exhibit C:	Maturities and Coupon of Series 2025 Bonds
Exhibit D:	Sources and Uses of Funds for Series 2025 Bonds
Exhibit E:	Annual Debt Service Payment Due on Series 2025 Bonds

EXHIBIT A
Engineer’s Report

AMENDED AND RESTATED ENGINEER’S REPORT FOR
CAPITAL IMPROVEMENT PROGRAM

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

March 26, 2025

FOR

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT LAKE COUNTY, FLORIDA

William C. Whitegon, PE, State of Florida, Professional Engineer License No. 70777
This item has been digitally signed and sealed by William C. Whitegon, PE on the date indicated here. Printed copies of this document are not considered signed and sealed and the signature must be verified on any electronic copies.

BY:

DONALD W. McINTOSH ASSOCIATES, INC.
1950 SUMMIT PARK DRIVE, SUITE 600
ORLANDO, FL 32810

AMENDED AND RESTATED ENGINEER’S REPORT FOR
CAPITAL IMPROVEMENT PROGRAM

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

BACKGROUND
The Windsor Cay Community Development District (“District”) was established under Lake County Ordinance No. 2022-55 enacted by the Board of County Commissioners with an effective date of December 12, 2022. The boundaries of the District were expanded under Lake County Ordinance No. 2025-10 enacted by the Board of County Commissioners with an effective date of March 5, 2025. As amended, the District is located on approximately 246.501 acres of land. This Report is being amended and restated to reflect the addition of land to the District boundaries, which generally consists of Phase 4 of the development within the District, and to provide updates related to development completed as of the date of this Report, which generally consists of Phases 1 and 2 of the development within the District. Pulte Home Company, LLC (together with affiliated entities, “Developer”), will act as the master developer of the development located within the District. As of the date of this Report, the real property associated with the first phase of development located within the District has been conveyed from the Developer to the intended long-term ownership and maintenance entity, meaning the District, the community homeowner’s association (“HOA”) or the private lot owners, as applicable. The real property associated with the second and third phases of development is owned by the Developer or the HOA. The real property associated with the fourth phase of development is jointly owned by the Developer and another entity, Park Square Enterprises, LLC. The District has been created as a unit of special-purpose government to construct, acquire, finance and maintain certain necessary public infrastructure improvements as described herein.  This

Engineer’s Report for Capital Improvement Program (Report) has been prepared at the request of the District.

The District is generally located west of US Highway 27, north of US Highway 192, and south of County Road 474, in unincorporated Lake County, Florida. Attached Exhibit “A” depicts the boundary of the District.

The Capital Improvement Program (CIP) included herein reflects the completed and proposed improvements within the currently approved District boundary, which will be discussed later in this Report.

As represented by the Developer, the currently contemplated master plan represents development of public infrastructure improvements to support a development program of approximately:
808 total residential dwelling units, comprised of 230 Single-Family Attached (Townhomes) units, 257 Single-Family Detached 40ft lots, 255 Single-Family Detached 50ft lots, and 66 Single-Family Detached 70ft lots.
community amenities and recreational facilities
Minor revisions to the currently contemplated development program can be implemented if consistent with the County-approved Preliminary Plat. Ultimate build-out of the development is presently expected to occur over an estimated period of five (5) years.

OBJECTIVE
This Report has been prepared to assist with the financing and construction of various necessary public infrastructure improvements contemplated to be constructed, acquired and/or installed to provide safe and adequate access, utilities, etc. within the District. This Report presents a narrative description of

the major components included within the infrastructure systems and current Engineer’s opinions of probable costs for completing the District-related improvements necessary to support the development of the lands located within the District. The CIP is currently anticipated to be implemented in four phases. The following chart shows the planned product types for the Development:

Product Type	Phase 1	Phase 2	Phase 3	Phase 4	TOTAL	
25’ (townhomes)	108	122	0	0	230	
40’	133	20	80	24	257	
50’	134	23	72	26	255	
70’	0	0	0	66	66	
TOTAL	375	165	152	116	808	

The CIP reflected in this Report represents the present intentions of the Developer and the District. The implementation of any CIP components discussed in this plan requires final approval by many regulatory and permitting agencies including Lake County. The actual improvements described herein may vary from the CIP discussed in this Report. If additional improvements not described herein are identified, this Report may be amended to reflect such additional improvements.

Engineer’s opinions of probable costs contained in this Report have been prepared based on the Engineer’s opinion and interpretation of the best available information at this time. The actual costs of construction, engineering design, planning, approvals and permitting may vary from the cost opinions presented herein.

TRANSPORTATION IMPROVEMENTS
Currently, the District’s eastern boundary abuts the west side of US highway 27, a major collector road, and the northern boundary abuts the south side of Lake County Road 44 (C.R. 44). Additionally, the District’s western boundary abuts the Green Swamp. The residential development within the District will be a gated community. The District-constructed roadways will be located outside of the proposed entrance gates. All roadways internal to the proposed entrance gates will be privately funded. Unless specifically indicated otherwise, all references to roadways in this Report refer to District-constructed roadways.

The primary roadway infrastructure is determined to be necessary to provide safe and adequate access to the lands within the District. A graphic depiction of the primary roadway infrastructure is set forth in Exhibit “B.”

The roadway improvements include the construction of Windsor Cay Boulevard from the community's southern entrance gates to the connection point with US Highway 27. Windsor Cay Boulevard is located within Phase 1. Windsor Cay Boulevard will consist of approximately fourteen hundred (1,400) linear feet of 2-lane divided roadway, which will provide east-west interconnectivity with the existing north-south arterial highway (US Highway 27) and access to residential areas, and support development within the District. This roadway will be owned and maintained by the District. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. Portions of this roadway will have landscaped parkways and/or medians. This District-constructed roadway will have landscaping and irrigation maintained by the District.

Additional roadway improvements at the Windsor Cay Boulevard entrance include the construction of a right-turn deceleration lane for southbound US

Highway 27 and the extension of the existing northbound US Highway 27 left-turn lane. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. These District-constructed turn lanes will be owned, operated, and maintained by the Florida Department of Transportation (FDOT).

The roadway improvements include the construction of Sandy Cliffs Drive from the community entrance gates to the connection point with US Highway
27. The portion of Sandy Cliffs Drive located within the District boundary is located within Phase 1. Sandy Cliffs Drive will consist of approximately fourteen hundred (1,400) linear feet of 2-lane undivided roadway, which will provide east-west interconnectivity with the existing north-south arterial highway (US Highway 27) and support development within the District. The portion of this roadway located within the District boundary will be owned and maintained by the District. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. Portions of this roadway will have landscaped parkways and/or medians. This District-constructed roadway will have landscaping and irrigation maintained by the District.

The portion of Sandy Cliffs Drive located outside of the District’s boundary, will be a privately owned roadway, but open to use for the public. There is a permanent easement in favor of the District for the purposes of access, operation, maintenance, and public use. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. This District-constructed roadway will be privately owned but operated and maintained by the District.

Additional roadway improvements at the Sandy Cliffs Drive entrance include the construction of a right-turn deceleration lane for southbound US Highway

27. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. This District-constructed turn lane will be owned, operated, and maintained by the Florida Department of Transportation (FDOT).

The roadway improvements include the construction of Anguilla Way from the community entrance gates to the connection point with C.R. 474. Anguilla Way is located within Phase 4. Anguilla Way will consist of approximately one hundred fifty (150) linear feet of 2-lane divided roadway, which will provide north-south interconnectivity with the existing east-west arterial county road (C.R. 474) and support development within the District. The portion of this roadway located within the District boundary will be owned and maintained by the District. It is proposed to be constructed using asphalt concrete surface with curb sections and sidewalks. Portions of this roadway will have landscaped parkways and/or medians. This District-constructed roadway will have landscaping and irrigation maintained by the District.

Additional roadway improvements at the Anguilla Way entrance include the construction of a right-turn deceleration lane for eastbound C.R. 44 and a left-turn lane for westbound C.R. 44. These are proposed to be constructed using asphalt concrete surface with paved shoulders and sidewalks. These District-constructed turn lanes will be owned, operated, and maintained by Lake County.

An allowance has been included for the cost to acquire real property tracts, located outside the entrance gates and adjacent to Windsor Cay Boulevard and Sandy Cliffs Drive, that are required to own, operate, and maintain District infrastructure. Additionally, an allowance has been included for the cost to acquire real property tracts, located outside the entrance gates on Anguilla Way and adjacent to C.R. 44 that are required to own, operate, and maintain District

infrastructure. A graphic depiction of land acquisition is set forth in Exhibit “D.” The actual value of the tracts was or will be determined by appraisal and approved by the District’s Board of Supervisors prior to acquisition at a cost not to exceed the appraised value or the cost basis, whichever is less. For the purposes of this Report and based on guidance from the Developer, the District’s monetary cost for land acquisition (including conservation areas) is assumed to be $129,187.60 per acre and is utilized for the estimates presented herein.

To adequately address the impact of additional traffic on US Highway 27, generated from the District, the existing traffic signal at the proposed Windsor Cay Boulevard entrance will require modifications. Modifications include altering and optimizing the timing of the traffic signal, adding and changing traffic movements, altering the pavement striping and markings on Woodcrest Way, and relocating pedestrian crossing pushbuttons and poles. The signal modifications and Woodcrest Way will ultimately be owned and maintained by Lake County; however, the District will fund for their construction.

As of the date of this Report, construction of the roadway improvements for Phase 1 (i.e., Windsor Cay Boulevard and Sandy Cliffs Drive) is complete and the District has acquired or is in the process of acquiring the applicable improvements and real property rights associated therewith. Construction of the private roadway improvements in Phase 2 is complete and construction of the private roadway improvements in Phase 3 is anticipated to be completed in the second quarter of calendar year 2025. Phase 2 and 3 roadway improvements and land acquisition is not contemplated by the District as those areas are gated and private. The District has easement rights over the Phase 2 and 3 roadways for purposes of accessing the public portions of the District Construction of the

roadway improvements in Phase 4 (i.e., Anguilla Way) is anticipated to be completed in the first quarter of calendar year 2026.

ELECTRICAL DISTRIBUTION AND STREET LIGHTING
The infrastructure roadway corridor will accommodate a plastic pipe duct bank system and plastic pipe streetlight conduits, manholes and pull boxes. This duct bank system and conduit network will enable the efficient distribution of electric power provided by Duke Energy to the development, including power to the streetlights. The proposed duct bank system will run within the rights-of-way or easements established for the primary roadway corridor and be placed as part of the initial roadway construction to significantly limit the amount of disruption required to provide these needed services as development progresses. Street light conduit and the street light network are also intended to be completed concurrent with the roadway construction. These street light conduit systems are not included in the CIP, as they will be constructed, owned, operated and maintained by Duke Energy. The CIP may, however, include the differential cost of undergrounding the street light utilities outside of the entrance gates. These costs are reflected in the Roadway Construction Costs and construction status is reflected in that section of this Report.

STORMWATER MANAGEMENT AND DRAINAGE FACILITIES
To enable construction of the public infrastructure improvements required to support the District, a site-wide master stormwater management system has been and will continue to be implemented. This master stormwater management system consists of a series of surface water retention/detention ponds enabling treatment and attenuation of stormwater runoff from development within the District. Drainage works consisting of roadway inlets,

collector pipes, manholes, outfall pipes, etc. to be constructed within the proposed infrastructure roadways will collect stormwater runoff and convey it to the master stormwater management system. These drainage improvements are included in this CIP and are identified as “Stormwater Management” in the estimates that follow.

The stormwater management infrastructure is determined to be necessary to provide adequate conveyance, treatment, and attenuation stormwater runoff from lands within the District. A graphic depiction of the stormwater management infrastructure is set forth in Exhibit “C.”

An allowance has been included for the cost to acquire the retention/detention stormwater management area tracts (real estate) required to construct the necessary master stormwater management improvements. The actual value of the tracts will be determined by appraisal and approved by the District’s Board of Supervisors prior to acquisition at a cost not to exceed the appraised value or the cost basis, whichever is less. For the purposes of this Report and based on guidance from the Developer, the District’s monetary cost for land acquisition (including conservation areas) is assumed to be $129,187.60 per acre and is utilized for the estimates presented herein.

As of the date of this Report, construction of the master stormwater management improvements for Phases 1 and 2 is complete and the District has acquired or is in the process of acquiring the applicable improvements and real property rights associated therewith. Acquisition of land located within Phase 2 is not contemplated by the District as there are no designated stormwater tracts located within Phase 2; however, the District has easement rights over Phase 2 land for purposes of accessing the public portions of the District. Construction of the master stormwater management improvements in Phase 3 is anticipated

to be completed in the second quarter of calendar year 2025. Construction of the master stormwater management improvements in Phase 4 is anticipated to be completed in the first quarter of calendar year 2026.

CONSERVATION AREAS, BUFFERS, AND COMMON AREAS
Currently, the District boundary includes a portion of the Green Swamp, located along the District’s western boundary, and Little Lake Sunshine, located in the north-central portion of the District. The District recognizes the value and benefit these areas may provide to the community in their natural state. These areas provide scenic views, wildlife habitat, and passive recreation opportunities along their boundaries. These areas are to be conserved and buffers provided to prevent the potential for secondary impacts. To this end, the conservation areas and their buffers will be placed in dedicated tracts (real property).

An allowance has been included for the cost to acquire the Conservation Area tracts (real property) and Conservation Buffer tracts (real property) required to protect these natural areas. The actual value of the tracts will be determined by appraisal and approved by the District’s Board of Supervisors prior to acquisition at a cost not to exceed the appraised value or the cost basis, whichever is less. For the purposes of this Report and based on guidance from the Developer, the District’s monetary cost for land acquisition (including conservation areas) is assumed to be $129,187.60 per acre and is utilized for the estimates presented herein.

The District boundary also includes landscape and open space common areas, located outside of the entrance gates. The District recognizes the value and benefit these areas may provide to the community. These areas will add to the

community’s aesthetics and provide for passive recreation opportunities. To this end, the common areas located outside of the entrance gates will be placed in dedicated tracts (real property).

An allowance has been included for the cost to acquire the Common Area tracts (real property) required to provide these opportunities. The actual value of the tracts will be determined by appraisal and approved by the District’s Board of Supervisors prior to acquisition at a cost not to exceed the appraised value or the cost basis, whichever is less. For the purposes of this Report and based on guidance from the Developer, the District’s monetary cost for land acquisition (including conservation areas) is assumed to be $129,187.60 per acre and is utilized for the estimates presented herein.

As of the date of this Report, installation of the landscape and hardscape improvements in public areas for Phase 1 are complete and the District has acquired or is in the process of acquiring the applicable improvements and real property rights associated therewith. Landscape and hardscape improvements located within Phase 2 lands are not contemplated by the District as those areas are gated and private. Further, there are no conservation tracts located within Phase 2 that would necessitate land acquisition. Installation of landscape and hardscape improvements in public areas in Phase 3 is anticipated to be completed in the second quarter of calendar year 2025. Installation of landscape and hardscape improvements in public areas in Phase 4 is anticipated to be completed in the first quarter of calendar year 2026.

DESIGN/PERMITTING AND CONTINGENCY
Estimated soft costs associated with the CIP are included in the Opinion of Probable Costs included herein. These include but are not limited to:
design/engineering/permitting;
land surveying;
legal consulting;
environmental consulting;
regulatory permitting;
materials testing;
as-built surveying; and
observation during construction to assure the site is constructed as designed and maintained in a safe and secure manner until sufficient infrastructure is in place to allow for dedication to the appropriate jurisdictional or regulatory agency.
A project contingency estimate has also been included.

COST ESTIMATES FOR DEVELOPMENT IMPROVEMENTS
A summary of the Engineer’s Opinion of Probable Costs is provided as Table 1. A listing of the entities expected to receive the dedication of various improvements along with the entities expected to assume responsibility for operation and maintenance of the facilities is provided in Table 2.

The opinions of probable costs provided in this Report represent only those facilities to be designed, constructed, and/or installed or acquired by the District. Costs are based upon the Engineer’s opinion and interpretation of the best available information; however, costs will vary based on final site planning, final engineering, approvals from regulatory agencies and economic factors.

In our opinion, the estimated costs identified herein are reasonable and sufficient for the design, construction and/or installation of the CIP.

CONCLUSIONS
The CIP will be designed in accordance with current governmental regulations and requirements. The CIP will serve its intended function so long as the construction is in substantial compliance with the design.

It is further our opinion that:

the estimated cost to the CIP as set forth herein is reasonable based on prices currently being experienced in Lake County, Florida, and is not greater than the lesser of the actual cost of construction or the fair market value of such infrastructure;
all of the improvements comprising the CIP are required by applicable development approvals issued pursuant to Section 380.06, Florida Statutes;
the CIP is feasible to construct, there are no technical reasons existing at this time that would prevent the implementation of the CIP, and it is reasonable to assume that all necessary regulatory approvals will be obtained in due course; and
the assessable property within the District will receive a special benefit from the CIP that is at least equal to such costs.

Also, the CIP will constitute a system of improvements that will provide benefits, both general, and special and peculiar, to all lands within the District. The general public, property owners, and property outside the District will benefit from the provisions of the District’s CIP; however, these are incidental

to the District’s CIP, which is designed solely to provide special benefits peculiar to property within the District. Special and peculiar benefits accrue to property within the District and enables properties within its boundaries to be developed.

The professional service for establishing the Construction Cost Estimate is consistent with the degree of care and skill exercised by members of the same profession under similar circumstances.

The CIP will be owned by the District or other governmental units and such CIP is intended to be available and will reasonably be available for use by the general public (either by being part of a system of improvements that is available to the general public or is otherwise available to the general public) including nonresidents of the District. All of the CIP is or will be located on lands owned or to be owned by the District or another governmental entity or on perpetual public easements in favor of the District or other governmental entity. The CIP, and any cost estimates set forth herein, do not include any earthwork, grading or other improvements on private lots or property.

Component	Phase 1
Estimated Proportionate Cost 1&2	Phase 2
Estimated Proportionate Cost 1&2	Phase 3
Estimated Proportionate Cost 1&2	Phase 4
Estimated Proportionate Cost 1&2	Total District
Capital Improvement Program	
Roadway						
Construction (on-site)	$113,000	$50,000	$46,000	$35,000	$244,000	
Roadway
Construction (offsite)	$466,000	$205,000	$189,000	$144,000	$1,004,000	
Stormwater					
Management	$5,748,000	$2,529,000	$2,330,000	$1,777,000	$12,384,000	
Landscape	and					
Irrigation	$834,000	$367,000	$338,000	$259,000	$1,798,000	
Construction Subtotal	$7,161,000	$3,151,000	$2,903,000	$2,215,000	$15,430,000	
Project	Contingency					
(20% Construction)	$1,432,000	$630,000	$581,000	$443,000	$3,086,000	
Land	Acquisition					
(Right-of-Way, ponds,					
etc.)	$4,402,000	$1,937,000	$1,784,000	$1,361,000	$9,484,000	
Soft Costs	$1,074,000	$473,000	$435,000	$333,000	$2,315,000	
$14,069,000	$6,191,000	$5,703,000	$4,352,000	$30,315,000	

Improvements identified in the Capital Improvement Plan, whether they are identified within “Phase 1”, “Phase 2”, “Phase 3”, or “Phase 4” in Table 1, may be financed with proceeds of any series of Bonds or other available capital, subject to Board approval. Phase 1 and 2 improvements are complete as of the date of this Report, and actual cost information is less than the estimated proportionate costs described in this Report.
Estimated costs for “Phase 1”, “Phase 2”,“Phase 3”, and “Phase 4” in Table 1 are the proportionate share of the “Total District Capital Improvement Program, based on the number of residential units in each phase. Phase 1 proposes 375 residential units. Phase 2 proposes 165 residential units. Phase 3 proposes 152 residential units. Phase 4 proposes 116 residential units. The total residential units proposed by all phases is 808.
This opinion of probable cost represents the Engineer's judgment as a design professional and is supplied for the general guidance of the District. The Engineer has no control over the cost of labor and material, competitive bidding or market conditions. While it is the Engineer's opinion that the costs identified herein are reasonable and sufficient for the design, construction and/or installation of the CIP, the Engineer does not guarantee the accuracy of such opinions as compared to contractor bids or actual cost to the District.

DISTRICT CONSTRUCTED
SYSTEM	OWNERSHIP	OPERATION AND MAINTENANCE ENTITY	
Roadways (Onsite)1	CDD	CDD	
Roadways (Offsite Windsor Cay Boulevard)	CDD	CDD	
Roadways (Offsite Sandy Cliffs Drive)	Private2	CDD	
Roadways (Offsite Anguilla Way Turn Lanes)	Lake County	Lake County	
Roadways (Offsite US 27 Turn Lanes)	FDOT	FDOT	
Stormwater Management	CDD	CDD	
Landscape and Irrigation	CDD	CDD	

Denotes roadways internal to the District boundaries but external to the gated entries. Roads internal to the gated entries will be owned and operated by the homeowners association.
There is a permanent easement in favor of the District for the purposes of access, operation, maintenance, and public use.

£¤27

±
1 " = 2,000 '

V474

Windsor Cay CDD

£¤27

Lake County Polk County

£¤192

Legend

Windsor Cay CDD

F:\Proj2022\22566\Gis\CDD Exhibits\Update 4-7-25\Exhibit A.mxd

EXHIBIT A DISTRICT BOUNDARY

£¤27

±

1 " = 1,000 '

UV474

Offsite Roadways

Offsite Roadways

£¤27

£¤27

Legend
 Windsor Cay CDD
Note: Solid Roadways Are Onsite Improvements by CDD & Cross-Hatched Roadways Are Offsite Improvements by CDD.

F:\Proj2022\22566\Gis\CDD Exhibits\Update 4-7-25\Exhibit B.mxd

EXHIBIT B PRIMARY ROADWAY INFRASTRUCTURE

£¤27

±

1 " = 1,000 '

VU474

£¤27

£¤27

Legend
 Windsor Cay CDD
Note: Solid Roadways And Hatched Pond Tracts Are Improvements by CDD. Cross-Hatched Roadways Are Offsite Improvements by CDD.

F:\Proj2022\22566\Gis\CDD Exhibits\Update 4-7-25\Exhibit C.mxd

EXHIBIT C STORMWATER MANAGEMENT INFRASTRUCTURE

£¤27

±

1 " = 1,000 '

UV474

£¤27

£¤27

Legend
 Windsor Cay CDD
Note: Hatched Tracts To Be Acquired by CDD.

F:\Proj2022\22566\Gis\CDD Exhibits\Update 4-7-25\Exhibit D.mxd

EXHIBIT D LAND ACQUISITION

Supplemental Assessment Report

Maturities and Coupon of Series 2025 Bonds

Sources and Uses of Funds for Series 2025 Bonds

N"m• 12., 2'0c!S ll:ODprn PreporuilbyDil' :Finanu:i,

ilO'ND D.EIIT SiEElVT.CE

Wiml�or Ca],' Cmmm.i□i�y.:0�1.'el.-:1prme1U Dhdl'.ict
S11ecild A�essrnect :Btmds, Serie.s .20_2.5(.A-me�rneat Area Tl\l,'01:Pru,jecl}

:J>,eri.m:! En<lin;s	
hin.cip.ii	

CCJllp,;lC	
ln1en!st	
Debt Ser.ice	A□n11al
IMhl Senic·e	
11/0I  1151
O!SIO L 1154!	

4!35,0CIO	

S.SIIO%	24,612.SD
24,612.SD	2.4JilL50•
4!S'JJilLlO	470.500.00	
11/01 1154!			1_650.00	L2JiSDJIIO•	472,]61.SD	
O!SIO L 115S	460•,00D	S.SIIO%	n,650.00	4T2JiSDJJO		
11/01 115S					472.650•.00	
	7,D'ICl•,000		7,0Sll.,217.91	14!,14:l;,.211-'Y.!	.1.4 ,2L7.92	

Section C

This instrument prepared by and return to:

Ryan J. Dugan KUTAK ROCK LLP
107 West College Avenue Tallahassee, Florida 32301

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT NOTICE OF SERIES 2025 ASSESSMENTS (ASSESSMENT AREA TWO PROJECT)

PLEASE TAKE NOTICE that the Board of Supervisors of the Windsor Cay Community Development District (the “District”) in accordance with Chapters 170, 190, and 197, Florida Statutes, adopted Resolution Nos. 2025-02, 2025-03, 2025-05, and 2026-02 (collectively, the “Assessment Resolutions”), providing for, levying and setting forth the terms of non-ad valorem special assessments constituting a governmental lien on certain real property within the boundaries of the District that are specially benefitted by the improvements of the Capital Improvement Program as defined and described in the District’s adopted Amended and Restated Engineer’s Report for Capital Improvement Program dated March 26, 2025 (the “Engineer’s Report”).
To finance the costs of the Capital Improvement Program, the District issued Windsor Cay Community Development District Special Assessment Bonds, Series 2025 (Assessment Area Two Project), which are secured by the non-ad valorem assessments levied by the Assessment Resolutions (the “Series 2025 Assessments”), as described in the Amended & Restated Master Assessment Methodology Report for Assessment Area Two dated March 26, 2025, as supplemented by the Supplemental Assessment Methodology for Assessment Area Two, dated November 13, 2025 (together, the “2025 Assessment Report”). The legal description of the lands on which said Series 2025 Assessments are imposed is attached to this Notice as

Exhibit A.	Copies of the Engineer’s Report, the Assessment Resolutions, and the 2025 Assessment Report may be obtained by contacting the District at:
Windsor Cay Community Development District c/o Governmental Management Services, LLC 219 E. Livingston Street
Orlando, Florida 32801
Ph.: (407) 841-5524

The Series 2025 Assessments provided for in the Assessment Resolutions were legally and validly determined and levied in accordance with all applicable requirements of Florida law, and the Series 2025 Assessments constitute and will at all relevant times in the future constitute, legal, valid and binding first liens on the land against which assessed until paid, coequal with the lien of all state, county, district and municipal taxes, and superior in dignity to all other liens, titles and claims.
The District is a special-purpose form of local government established pursuant to and governed by Chapter 190, Florida Statutes. Pursuant to Section 190.048, Florida Statutes, you are hereby notified that: THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT MAY IMPOSE AND LEVY TAXES OR ASSESSMENTS, OR BOTH TAXES AND ASSESSMENTS, ON THIS PROPERTY. THESE TAXES AND ASSESSMENTS PAY THE CONSTRUCTION, OPERATION, AND MAINTENANCE COSTS OF CERTAIN PUBLIC FACILITIES AND SERVICES OF THE DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD OF THE DISTRICT. THESE TAXES AND ASSESSMENTS ARE IN ADDITION TO COUNTY AND OTHER LOCAL GOVERNMENTAL TAXES AND ASSESSMENTS AND ALL OTHER TAXES AND ASSESSMENTS PROVIDED FOR BY LAW.

IN WITNESS WHEREOF, this Notice has been executed on the 	 day of

	 2025, and recorded in the Official Records of Lake County, Florida.

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

George Flint, District Manager and Secretary

Witness	Witness
Print Name: 		Print Name: 	
Address: 		Address: 	

STATE OF FLORIDA COUNTY OF 	

The foregoing instrument was acknowledged before me by means of ▢ physical presence or ▢ online notarization, this    day of 	 2025, by George Flint as District Manager and Secretary for the Windsor Cay Community Development District.

(Official Notary Signature & Seal)
Name: 	 Personally Known 	 OR Produced Identification 	 Type of Identification 	

EXHIBIT A

TABLE 7
WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL - ASSESSMENT AREA TWO
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA TWO

Platted

	Product			Total Par Debt		Net Annual Debt	Annual Debt Assessment		Gross Annual Debt	
Owner	Book and Page #	Lot #	Type	Units		Allocated	Assessment Allocation		if Paid in November	Assessment Allocation(1)	
Pulte Home Corporation	Plat Book 87, Pages 25-33	376	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	377	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	378	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	379	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	380	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	381	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	382	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	383	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	384	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	385	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	386	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	387	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	388	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	389	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	390	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	391	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	392	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	393	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	394	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	395	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	396	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	397	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	398	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	399	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	400	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	401	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	402	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	403	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	404	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	405	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	406	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	407	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	408	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	409	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	410	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	411	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	412	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	413	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	414	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	415	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	416	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	417	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	418	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	419	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	420	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	421	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	422	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	423	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	424	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	425	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	426	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	427	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	428	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	429	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	430	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	431	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	432	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	433	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	434	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	435	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	436	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	437	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	603	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	604	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	605	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	606	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	607	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	608	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	609	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	610	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	611	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	612	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	613	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	614	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	615	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	616	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	617	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	618	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	619	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	620	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	621	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	622	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	623	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	624	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	625	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	

Owner	Book and Page #	Lot #

Product
Type	Units

Total Par Debt Allocated

Net Annual Debt Assessment Allocation

Annual Debt Assessment if Paid in November

Gross Annual Debt Assessment Allocation(1)

Pulte Home Corporation	Plat Book 87, Pages 25-33	626	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	627	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	628	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	629	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	630	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	631	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	632	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	633	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	634	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	635	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	636	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	637	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	638	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	639	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	640	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	641	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	642	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	643	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	644	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	645	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	646	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	647	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	648	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	649	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	650	50'	1	$	26,166.16	$	1,748.41	$	1,784.09	$	1,860.01	
Pulte Home Corporation	Plat Book 87, Pages 25-33	651	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	652	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	653	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	654	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	655	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	656	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	657	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	658	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	659	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	660	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	661	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	662	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	663	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	664	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	665	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	666	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	667	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	668	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	669	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	670	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	671	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	672	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	673	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	674	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	675	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	676	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	677	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	678	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	679	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	680	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	681	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	682	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	683	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	684	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	685	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	686	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	687	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	688	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	689	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	690	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	691	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Pulte Home Corporation	Plat Book 87, Pages 25-33	692	40'	1	$	20,917.51	$	1,397.70	$	1,426.22	$	1,486.91	
Total Platted				152	$	3,557,364.36	$	237,701.18	$	242,552.22	$	252,873.60	

Unplatted									

Owner	
Property			
Acres	Total Par Debt Allocated	Net Annual Debt Assessment Allocation	Annual Debt Assessment if Paid in November	Gross Annual Debt Assessment Allocation (1)	
Pulte Home Corporation	Phase 4 (2)			53.15	$	3,532,635.64	$	236,048.82	$	240,866.14	$	251,115.77	
Total Unplatted				53.15	$	3,532,635.64	$	236,048.82	$	240,866.14	$	251,115.77	
									
Total					$	7,090,000.00	$	473,750.00	$	483,418.37	$	503,989.36	

This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method
The Legal Description for Phase 4 is attached as Exhibit A

Annual Assessment Periods	30	
Average Coupon Rate (%)	5.37%	
Maximum Annual Debt Service	$473,750	

Prepared by: Governmental Management Services - Central Florida, LLC

Exhibit A

Windsor Cay Phase 4 CS#21-130(40)

DESCRIPTION:
That part of Sections 26 and 27, Township 24 South, Range 26 East, Lake County, Florida, described as follows:

BEGIN at the Northeast corner of WINDSOR CAY PHASE 1, according to the plat thereof, as recorded in Plat Book 80, Pages 78 through 96, of the Public Records of Lake County, Florida; thence run the following courses and distances along the North line of said plat of WINDSOR CAY PHASE 1: S89°59'42"W, 548.67 feet; N00°02'08"E, 234.00 feet; S89°57'11"W, 1431.08 feet; N89°57'07"W, 1324.92 feet to the Northwest corner of said plat of WINDSOR CAY PHASE 1 and the West line of the East 1/2 of the Southeast 1/4 of aforesaid Section 27; thence departing said North line, run N00°27'00"E along said West line, 165.56 feet to the Northwest corner of the Northeast 1/4 of the Southeast 1/4 of said Section 27; thence N00°14'28"E along the West line of the East 1/2 of the Northeast 1/4 of said Section 27, for a distance of 331.01 feet to the South line of lands described in Official Records Book 3674, Page 885, of the Public Records of Lake County, Florida; thence departing said West line, run S89°58'07"E along said South line, 331.25 feet to the East line of said lands described in Official Records Book 3674, Page 885; thence departing said South line, run N00°15'38"E along said East line, 269.17 feet to the South right-of-way line of County Road 474, according to the Florida Department of Transportation right-of-way map, Section 11518-2601, dated February 8, 1967, last revised July 1, 1971, as recorded in Road Plat Book 6, Pages 14 through 18, of the Public Records of Lake County, Florida; thence departing said East line, run N89°56'50"E along said South right-of-way line, 984.49 feet; thence N89°51'50"E along said South right-of-way line, 1252.41 feet to the West line of lands described in Official Records Book 1881, Page 1680, of the Public Records of Lake County, Florida; thence departing said South right-of-way line, run S20°16'43"E along said West line,
300.00 feet to the South line of said lands described in Official Records Book 1881, Page 1680; thence departing said West line, run N89°51'50"E along said South line, 400.00 feet to the West line of lands described in Official Records Book 2524, Page 2340, of the Public Records of Lake County, Florida; thence departing said South line, run S20°16'43"E along said West line, 520.77 to the Northeast corner of Parcel A, as described in Official Record Book 5715, Page 28, of the Public Records of Lake County, Florida; thence departing said West line, run S20°16'43"E along the East line of said Parcel A, for a distance of
249.85 feet to the South line of said Parcel A; thence departing said East line, run S89°59'42"W along said South line, 38.59 feet to the POINT OF BEGINNING. The bearings and distances in this description are based on Florida State Plane Coordinate System East Zone, NAD 83 Datum (2011 adjustment), average combined scale factor of 0.99999425 and all distances are grid dimensions.

The above-described parcel contains 53.153 acres more or less when measured in ground dimensions. Being subject to any rights-of-way, restrictions and easements of record.

/Users/gms/Documents/Districts/Windsor Cay CDD/MAM AA2/SL17747desc-Windsor Cay Phase Phase 4 Plat Bndy.docx
Last printed 3/25/25 2:28:00 PM Page 1 of 1

Section D

This instrument was prepared by:

Ryan J. Dugan, Esq.
Kutak Rock LLP
107 West College Ave Tallahassee, Florida 32301

AMENDED & RESTATED DISCLOSURE OF PUBLIC FINANCE1

The Windsor Cay Community Development District (“District”) is a unit of special-purpose local government created pursuant to and existing under the provisions of Chapter 190, Florida Statutes. Under Florida law, community development districts are required to take affirmative steps to provide for the full disclosure of information relating to the public financing and maintenance of improvements to real property undertaken by such districts. The following information is provided to fulfill this statutory requirement.

WHAT IS THE DISTRICT AND HOW IS IT GOVERNED?

The District is an independent local unit of special purpose government, created pursuant to and existing under the provisions of Chapter 190, Florida Statutes, and established by Ordinance No. 2022-55, which was enacted by the Board of County Commissioners of Lake County, Florida (“County Commission”), and which became effective on December 6, 2022, as amended by Ordinance No. 2025-10, enacted by the County Commission and which became effective March 5, 2025, amending the boundaries of the District. The District currently encompasses approximately 246.501 acres of land located entirely within Lake County, Florida (“County”). The legal description of the lands encompassed within the District is attached hereto as Exhibit A. As a local unit of special-purpose government, the District provides an alternative means for planning, financing, constructing, operating and maintaining various public improvements and community facilities within its jurisdiction.

The District is governed by a five-member Board of Supervisors (“Board”), the members of which are initially elected by landowners within the District and must be at least eighteen (18) years of age, a resident of the State and a citizen of the United States. Upon the later of six (6) years after the District’s establishment and the year when the District next attains at least two hundred fifty (250) qualified electors, Supervisors whose terms are expiring will begin to be elected (as their terms expire) by qualified electors of the District. A qualified elector is a registered voter who is at least eighteen (18) years of age, a resident of the District and the State and a citizen of the United States. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, each elected to four-year terms. The seat of the remaining Supervisor whose term is expiring at such election shall be filled by a Supervisor who is elected by the landowners for a four-year term and who is not required to be a qualified elector. Thereafter, as terms expire, all Supervisors must be qualified electors and must be elected by qualified electors to serve staggered four-year terms.

Board meetings are noticed in the local newspaper and are conducted in a public forum in which public participation is permitted. Consistent with Florida’s public records laws, the records of the District are available for public inspection during normal business hours. Board members are similarly bound by

1 This Amended and Restated Disclosure of Public Finance amends and restates that certain Disclosure of Public Finance recorded in the Public Records of Lake County, Florida, on May 28, 2024, at Instrument No. 2024062567.

the State’s open meetings law and are subject to the same disclosure requirements as other elected officials under the State’s ethics laws.

For more information about the District, please visit: https://windsorcaycdd.com. Alternatively, please contact the District’s Manager, c/o Governmental Management Services – Central Florida, LLC, 219 East Livingston Street, Orlando, Florida 32801, telephone (407) 841-5524 (“District Office”).

DESCRIPTION OF PROJECTS, BONDS & ASSESSMENTS

The District is authorized by Chapter 190, Florida Statutes, to finance, fund, plan, establish, acquire, install, equip, operate, extend, construct, or reconstruct onsite and offsite roadways, stormwater management system, landscape and irrigation improvements, and other infrastructure projects and services necessitated by the development of, and serving lands within, the District.

To finance the construction of such projects, the District is authorized to issue bonds that are secured by special assessments levied against properties within the District that are benefitted by the projects. On October 10, 2023, the Circuit Court of the Fifth Judicial Circuit of Florida, in and for Lake County, entered a Final Judgment validating the District’s ability to issue not to exceed $32,940,000 in Special Assessment Bonds for infrastructure needs of the District.

Bonds & Assessments

On May 2, 2024, the District issued its $9,615,000 Special Assessment Bonds, Series 2024 (Assessment Area One Project) (“Series 2024 Bonds”) to finance a portion of its capital improvement plan known as the “Assessment Area One Project” (“Assessment Area One Project”). The Assessment Area One Project includes, among other things, onsite and offsite roadway improvements, stormwater management system, landscape and irrigation improvements, described in more detail in the Amended and Restated Engineer’s Report for Capital Improvement Program, dated March 27, 2024 (the “2024 Engineer’s Report”).

The Series 2024 Bonds are secured by special assessments (“Series 2024 Assessments”) levied and imposed on benefitted lands within the District. The Series 2024 Assessments are further described in the Amended and Restated Master Assessment Methodology Report for Assessment Area One, dated March 27, 2024, and the Supplemental Assessment Methodology for Assessment Area One, dated April 4, 2024 (together, the “2024 Assessment Report”).

On [CLOSING DATE], 2025, the District issued its $[PAR AMOUNT] Special Assessment Bonds, Series 2025 (Assessment Area Two Project) (“Series 2025 Bonds”) to finance a portion of its capital improvement plan known as the “Assessment Area Two Project” (“Assessment Area Two Project”). The Assessment Area Two Project includes, among other things, onsite and offsite roadway improvements, stormwater management system, landscape and irrigation improvements, as described in the Amended and Restated Engineer’s Report for Capital Improvement Program, dated March 26, 2025 (the “2025 Engineer’s Report,” and together with the 2024 Engineer’s Report, the “Engineer’s Report”).

The Series 2025 Bonds are secured by special assessments (“Series 2025 Assessments” and with the Series 2024 Assessments, the “Debt Assessments”) levied and imposed on benefitted lands within the District. The Assessments are further described in the Amended & Restated Master Assessment Methodology Report for Assessment Area Two, dated March 26, 2025, and the Supplemental Assessment

Methodology for Assessment Area Two, dated November 13, 2025 (together, the “2025 Assessment Report” and with the 2024 Assessment Report, the “Assessment Report”).

The District may undertake the construction, acquisition, or installation of other future improvements and facilities, which may be financed by bonds, notes or other methods authorized by Chapter 190, Florida Statutes. For further information, please contact the District Office.

Operation and Maintenance Assessments

In addition to the Debt Assessments, the District also imposes on an annual basis operations and maintenance assessments (“O&M Assessments”), which are determined and calculated annually by the Board in order to fund the District’s annual operations and maintenance budget. O&M Assessments are levied against all benefitted lands in the District and may vary from year to year based on the amount of the District’s budget. O&M Assessments may also be affected by the total number of units that ultimately are constructed within the District. The allocation of O&M Assessments is set forth in the resolutions imposing the assessments. Please contact the District Office for more information regarding the allocation of O&M Assessments.

Collection Methods

For any given fiscal year, the District may elect to collect any special assessment for any lot or parcel by any lawful means. Generally speaking, the District may elect to place a special assessment on that portion of the annual real estate tax bill, entitled “non-ad valorem assessments,” which would then be collected by the Lake County Tax Collector in the same manner as county ad valorem taxes. Alternatively, the District may elect to collect any special assessment by sending a direct bill to a given landowner. The District reserves the right to change collection methods from year to year.

For more information, please visit: https://windsorcaycdd.com. Additionally, a detailed description of all of the District’s assessments, fees and charges, as well as copies of the Engineer’s Report, Assessment Report, and other District records described herein, may be obtained from the registered agent of the District as designated to the Florida Department of Commerce in accordance with Section 189.014, Florida Statutes, or by contacting the District Office. Please note that changes to the District’s capital improvement plans and financing plans may affect the information contained herein and all such information is subject to change at any time and without further notice.

[THIS SPACE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the foregoing Disclosure of Public Finance has been executed to be effective as of the 	 day of 	 2025.

WITNESS

By: 	 Name: 	 Address: 	 

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

By: 	 Name: 	 Title: 	

By: 		 Name: 		 Address: 	

STATE OF FLORIDA
COUNTY OF 	

The foregoing instrument was acknowledged before me by means of  physical presence or 
online notarization, this 	 day of 	 2025, by 	, as
	 of WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT, who appeared before me this day in person, and who is either personally known to me, or produced 	 as identification.

(NOTARY SEAL)

NOTARY PUBLIC, STATE OF FLORIDA

Name:	 (Name of Notary Public, Printed, Stamped or Typed as Commissioned)

EXHIBIT A: Legal Description of Boundaries of District

EXHIBIT A
Legal Description of Boundaries of District

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2$47,02'

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HOO"l4'28"'£
589'58'07"[
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N89"51'50"[
S2016'4J"E

29◄8.!9'
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CUR\'£ TASl..f	
NUMBER	RADIUS	OEL'fA	""""'	CH°""	CHORD BEARIN	
c,	120.00'	55"44'05"	1,1.6_.7.,,).'	112.18'	SM"J1'40iV	
C2	50.00'	29'41'06"		25.62'	N56"J7"25"E	
c,	1,�00...0.0·	t\"20'12"	159,41'	143.0&'	N8T'26.S9"E	
C4		SS"lT10·	'8.54'	46.SS'	514'41'3()"[	
co	450.00'	20"05'55"	157.85'	157.0S	'	N$7"26'57'C	

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NOT£S:

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- This 11not o 111rwy.

-

Beo•• boMd OIi 11\1 Soitth r;.,, ot 11'11 $o\.11"""91 1/• o' �Uon 26. T00o"•lllp 24- Sowth. Ro11Qe 2$ Cost. lok1 Count)(. fbldo, os be'n9 S80'58'40-W. rtlctl"' lo th1 f'lorido Stote Plone Coo.-.:lhote S)llttffl. ncrtoa Cost Zone, 1983 North Amerioorl Dol\,n, 2011 odj.i,�c,nt,
Lond, e.llCMn hereon _,  not ohtroeted for 1'19hts-o1-wo,, e,o,-n_,t,._ O'Wflersh\:, or other 1n,1rumo,t1 ot ,-d  by tN1 fll'l'l'I. No mtt
opltlicwt 0, 011,t,oct of molt.'I offei:U� uu. Of bouo'lclory to  wbjk'\ pr�rl,y or tl'IOH o4 od)ohlf'lv IOl'ld OWi��-  boon �:ltd. It II,po.'1bl1 �-  ore dffd• of �Ol'd. --d•d dN$ Of othtr �.C"-""tl\ll •filch could off.el It'll ba,,ndonw1 o, ua of 11,. Mjld llf'(lp.,-ly,

w,	lht	w.

All cd))lnlfl9 r�hUl-of-wo,, -..bdl>(ciont Ofld li'llormotiotl on odl:::::! r,:erUH thc,v,n htrton ore 1rOf'I\ IMOr'fflOlioo-1 -,.o,on o,, C«mly 'To• A.,HSeor Cllt GIS porcel lo)'61' 01 prcmdi&d to ()Qnold Me otos ft0Clote11. lo-c. lnder-s� ...,,vt/':; endOonoltl Mdn.eollf'I AMoclcrl•, ln,c. 6d l'IOt 011..,..,t. rot ...,. rtQUirld to do C il\11 -,�  rt9«di'l9 •u<fl inlol'l-i'loliOl'I. Uura O Wt Sketch of llffcrlptlcn or1 pbced Cl'I 11otle1 lhot rtllclnot on ISudl \iformc11on 11 ct thtr Olmpwll.h thll re9crd-.
This Slut.cl ot OH�klfl does l'!Ol dtpict Ol'!y 1otem.nt1 ot rtc»l'O 11101 1110)' ti-I <itllln 0, (ldjol<'llnt;; I'll •�•  de<Krbt,cl heuon.
The contlg,rctlon ot tilt Sketch ,, Oetctl)ticrl It boMd on dittcllon ffotl'I C5tnL

1m1

DONALD w. MclNTOSH ASSOCIATES, INC.
ENGNEERS	PLANNERS	SUR\IEYORS

1950 SIJMWll PA.� DRl'-t'. SJIT£ 600, o.t..AAOO, P.. J2810 (407) 64	V.6e,
cornncA.1( (Y AUl'HOA2J.fl()W NO LM8

PREPARED FOlt:
Put,T£ H()Y£ ()()l,IPAIIY, U.C

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1 CHECll[O BY:...lL.I	JC8 NO.

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SHEtl_> 

Pl'!OJCCT HAWE: WNIISO't CAY

OA.l't:  4l'.202Z	OAIE:	4£2022	216-44	Nl'.A.	Of	•

Sl(Cf'Ot 11TL.£: COIi PAACQ.

I	I
P-rlnttd: Wtd 12-N'l-2024 - tO:ISIAN
,:\Pw'oJ1«11\1160\\U..g\,IUV:,M\,lood\2'1-1�9)�0$0!! CAY COO Ei,pontlon Sh\oh,.,.O

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CSf21-1J0(9)

sa SHUT I f'OII: ,en .,,,,, 4110 t.too«I
SEE SHEU 2 FOR Sl<tTCH
SQ: SHUT J l'Olt HOltS. 1.»1£ NIO Cl.lltYE T� Sfl: SMUT ' FOR t.roAL 0£$CRIPTl01f

Thot 9ort of \\1MOSM CAY PHASE 1. oocordri9 to th• plOt Uler.ot. 08 reeoroed � Plot Sook 80, P099s 78 t11rou9h 96, of th• P\lblk Rec-ordt of \.oke Cwnty, norido ond lh<1t port of S.ction• le ond 27. TOWNl'llp 24 Souttl. Rcnoe 215 Eost. LOke Co..-.ty, norido, desi:ribed 01 follows:
8'EC!N ot lhe Southeo9l cotner of the Southwest 1/4 of eoid 5ecti0n 26; thence S8P-"53'40"W olong tfie Soulh line of the South-.t 1/4 of .aid StcUon 26. fer o di•tonoe of 2647,02 r.. t to the $outh.. ,t comer of ,oid SKlion 26; thine. deporting 1ofd South�•. run sag�'42"W otong th• Scuth IIM of th• Southeast 1/• ot ao'd S.e-Uon 27, lor o distonoo of 1350.57 feet to Ule South•ut corner of tl\t Southoeost 1/4 of the Southeo,·t t/4 of so'ld S.Cllon 2� thence deportin;i soid Soutl! lbe, run N00"27'00�E alor,g the West line of the Ec:,l 1/2 of the Sovthcost 1/4 � $Old
Sec-Uon 21, lot o distcn,ce of 2648,89 ftet: thence N00"14'28�E olon,g lhe Wfst liM ot the EO!l 1/2 of the Northeast 1/4 of •oid Seetfon 27. f0t o <llston� of 3.)l,01 feet to tti• Sou-th l�n,e of lond• <INerlt>e<I in OHieiOI Records Book 3674, Pc,ge MS.. of the Publk Records of Loke County, F'lorido; thence deportrig soid West line, n.,n S89'58'01"t Olono
,oid South line, 331.25 foot to tho Cost lin.e of ,oid lond, di:ue.ribed in Officio! Records Book 3674, Poge 895( thence

°'

6ep,orlil'l9 aioid Soulh Int, rvnNoo,�•35� olono eoid Eoet li'\e, 269,17 fMl to tlwl South ri9ht-of-woy lino of County Rood 474, oeeordlno to t11e f'lorldo Oet,crtment of Tronaportotlon r1,ght...of-woy moll, SeetiOt'I 11518-2601, doled rtt>rvory 8. 19$7, Iott ,_,._d July 1. 1971,  re�ded In Rood Plot 8ool( 6. Po9n 14 throu9h 18. of Utie Pubfle Records of Ldte Co1r1ty, Florido; thence lk-pcrting sold Eost line, run N89'56'50"E olong said Soulh rlc;it-of-woy line.
984.49 !eel; thtnee NM'51'50..E Olong ao;d South tight-of-way lin•. 1252.41 feet to the West lin• of lon<JI dei,cribe<I In Ott!eiOI Ree0tde Boolt 1ea1. Po9e teeo. of the Pvblle Reecros 01 Loke county. florid« thence aeport.Slg 90id South
rlcl'lt•of...•"OY lln•. rvn 5201&'4:s''t o1ono sold W.tt tin._ 300,00 fMt to ttJ• South lht of told lon<lt 4escrlbed I� omeld Re-eordt 8ook 1881, Po90c 1&e0: thence deporting sold West IIM, run N89'51'50"E olong soid South llf't. 400.00 teet to
!he West line of londs dcscrbod in Offickll Reeords Book 2524, Page: 23•0. of the Public Re-cords of t.oke County. noridct thence dep0Min9 ,cid South Irle. run S2016'4SE dong soid We,t line, 520.77 to tho Nor-th.eost oomCf' of Porcel A. 09 descl'lbecf in OHieiol Record 8odt 5715. Pogo 28, cf ttle P1Jblie R:ecord:s of Loke County. Florido; lhmce cteportlng &old W.tt line, run S20ie·•YE oion9 ttie Eott llno of S(lid P<W'c:41 A, fer o cti&tonee ot 249.85 teet to the
South IIM of sold Porctl A; thence depor1n9 sokl Cost ll'le, run S69'59'42"W o!ong sold South line, 31J.�, .. t to tnt NorU1eost comu of oforescld plot of Wl:-.IDSOR CAY PHASE 1; thence deporting ,old South tine, nm S2016'43'( ol0f'l9 the [oi,tMy line of ,cid plot of M>lOSOR CAY PHASE 1, for o die.tonee of 773,63 feet to the NOl"thcrly line of Troct A, 0¢oordin9 to sold p6ol Of V!INOSOR C.t..Y PHASE 1; lhenoe �Orting ,old Eosterly lin,e, f\11'\ the IO!IOwif\9 COUl"ses ond
diatonoet Olono the Nor\he,ly U�e. westt'W1)' tint onct Southeirly lln.e of &old Troet A: S81U-30"W. 178.21 feel to o non-lo"9ont c1.1,,.. conCOYe Nortflw1slffly l'.OY'.ng o rodlus of 120.00, .. 1 end o chord boorlno of $61'31',W"'#, thenee Southwesterly dong tfle oro of soid curve throu9'1 o central ongle of 55'◄•◄'05.. for o disloMo of 116.73 f,.t to o hOtl-longtnt line: SOO'Ol'45"E, 120.01 feet; S89�'15"W, J00.00 feet SOO'Ol'45·t. 574.BJ fHt: S66'17'08..E, 562.95
teet to o non-tong,ent Cl.Ir.,. eonco,.,e Norttiwnterly t!O\{n9 o ,_.,s of 50,00 feet ond o eho,d beorin.g of HM"J7'2!J"E: tl'lene• Northeort-1)' olono 1he «<: of $ol'd C\lrvt through o eentrol on�• of 29'41'06� for o <llttone• of 2a.91 l•et to the point of reYCrse cur.oture of o curve coneove Sou1hcrly ho-.ing o rodlus of 100.00 feet on<I o chor<I btorlng ol N87'26'59"£; thtnce £oster1y olon.9 the ore of said ourve througll o centrol on9lo of 91•20•12• for o disla,ce of 159.41 feet to the pont of teY$'se c�votur� or o eaf� eoneove NOl'thetly having o rodt.it of 50.00 feel ond o chord beorlng of S74'◄1'JO'"E:. tl'lenee Eoattr1)' oton,g the ore of sold eul"Ytl lhrouot, o e.. trol ottQle of M'3r10· 101' o d'1Stonco ot
48.54 fMt to the po-it of compound c-.irvotvr• of o CtJM coneove Ncrthwest,r1y hoving o rodlu& of 450.00 teet on<I o
ct.or(I beori,11;> of N67"26'57'E; thence Na-thoeo�terty clong the ore of 11oid CIKVe through o ecntrol onglc of 20'05'55. f0t o dlstooco of 157.65 fett to lhoe pont of tOf'lgen<:y. N57'2J's.9�E. 42,14 feet to the .SolJlheost corner of sold Troct A,; lheMo deporting $Ol4 Southerly 1si., or Tr'oct A. run S20,rJ6•[. olon9 the NOl'thet'fy pr¢1ongotlon of the E.ostorty line of aoid plot 01 Wt,1DSOR CAY PHASE 1 o,,d told Eotterly r.-i•, tor o di•tonce of 674,35 '"t	to the South 1rne of I.he SOJtheost 1/4 of oforMoid Section 26; thence Oep<W'tfng toid Eost.-iy tin•. Nn H8:9'St'l1•w do'l9 eoid South line, 1n,35 feet to th• P((NT � 8ECtN:NING. The beor1n;s on.<I dlttoneet In this /ksciiptlon ore bosed Ol'I r1ori<10 Stole Pt,ono Ceor<llnot• System (0$1 Zon.e, MAO 83 O<tvm (2011 o<l).i.ttlnent}. 0,,..1110• eoml>hed sed.e foctor of 0.9999942� o,,d ell dls!O<"IC♦t ort 9rld d!Mtf'lt�._

Beil\9 -subje1ct to ooy rl�ts-ot-woy, restr'iCUons ond eos,em81'1ts of reeor<I,

The cbove-dcscrlbed porcel con\oil'ls 2◄6501 ocro$ more or lc,s whet1 moc.sured in 9round dlmtnsior,s.

. ...,..

DONALD w. MclNTOSH ASSOCIATES. INC. ENGINEERS	PLANNERS	SURVEYORS

0	0

l"'[(J,	

ORAAl" BY:_i!.... ICHEO<ED BY:...ll... I	JC8 N'O.	I	SC.Al.[		
OAT(; 4/2022	OAT(:  ◄/2022	:i:1844		M/A 	�	4	SK('ICH 'ftTI.[; (0() ll'Alt<XL	

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Pl'htl4 w.c! 1'2,,.JJ,i-2024 • 10:<19MI
r:\proJ2021\21601\Sd•9\lf>.WM\,tod\21-1�9) WICISOR Co\Y COO t�'1otl Sl:t\Ch,d"'f

SLl8925dae	cs,21'-130(9)

Section E

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2025 (ASSESSMENT AREA TWO PROJECT)

(Acquisition and Construction)

The undersigned, a Responsible Officer of the Windsor Cay Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of April 1, 2024, as supplemented by that certain Second Supplemental Trust Indenture dated as of November 1, 2025 (collectively, the “Indenture”) (except for terms defined herein, all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number: 1
Identify Acquisition Agreement, if applicable; Agreement by and between the Windsor Cay Community Development District and Pulte Home Company, LLC, Regarding the Acquisition of Certain Work Product, Infrastructure and Real Property dated July 26, 2023 (the “Acquisition Agreement”)1
Name of Payee: Pulte Home Company, LLC
Amount Payable: $4,412,161.35 which is the “Remaining Unfunded Eligible Project Costs calculated as follows:

EVENT	AMOUNT	
Acquisition of improvement costs attributable to phases 3 and 4 for landscape, hardscape and stormwater improvements (supporting documents attached hereto)	$1,706,814.45	
Acquisition of improvement costs attributable to phase 3 for roadway and stormwater improvements (supporting documents on file with Trustee attached to Requisition #1 dated May 1, 2024)	$1,638,235.22	
Acquisition of real property costs attributable to phase 3 (supporting documents attached hereto)2	$967,259.03	
Acquisition of improvement costs attributable to phase 3 for offsite roadway improvements (supporting documents
attached hereto)	$99,852.65	
TOTAL	$4,412,161.35	

1 Note, pursuant to the Acquisition Agreement, any amounts still owed after payment of a requisition may be paid with proceeds from additional monies released into the Construction Account at a future date without further authorization from the District’s Board of Supervisors, or from a future series of bonds
2 The real property costs attributable to phases 1 and 2 were paid to Pulte Home Company, LLC, pursuant to Requisition #10 dated August 23, 2024, which is on file with the Trustee.

Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments): Acquisition of Remaining Unfunded Project Costs pursuant to the Acquisition Agreement.
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2025 Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2025 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the Assessment Area Two Project; and
each disbursement represents a Cost of Assessment Area Two Project which has not previously been paid.
The undersigned hereby further certifies that there has not been filed with or served upon the District 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.
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 are on file with the District.

[Signature page(s) follow]

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

By:	�	
Responsible Officer
Date:	 ) l/{Z./l O LS_..
I	I

CONSULTING ENGINEER'S APPROVAL FOR
NON-COST OF ISSUANCE OR NON-OPERATING COSTS REQUESTS ONLY
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the Assessment Area Two Project and is consistent with: (i) the Acquisition Agreement; and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

��	
BY:	/4/4/t�m	C. 1/t ','M
Date:	// /t? U-,tP:S'

S'2�T  �sr� 2025

Board of Supervisors
Windsor Cay Community Development District
c/o Governmental Management Services - Central Florida, LLC 219 East Livingston Street
Orlando, Florida 32801

RE:	Acquisition of Certain Phases 1, 2 & 3 Improvements Dear Sir or Madam,
We are writing to request that the Windsor Cay Community Development District ("District") acquire from Pulte Home Company, LLC ("Developer") the public infrastrncture improvements set forth in Exhibit A, which is attached hereto. Developer created the improvements consistent with the District's Amended and Restated Engineer's Report for Capital Improvement Program, dated March 26, 2025, prepared by the District Engineer and the improvements are now complete. As set forth in more detail in a Bill of Sale dated on or about the same date as this letter, the Developer wishes to convey the improvements to the District in exchange for the payment of $3,439,103.74 representing the proportionate share attributable to Phases 1 and 2 of Costs Paid in creating and/or constrncting such improvements and $1,706,814.45 representing the proportionate share attributable to Phases 3 and 4 in Costs Paid in creating and/or constmcting such improvements. Please have funds for the Phase 1 and 2 proportionate value be made payable to the Developer from the proceeds of the Series 2024 Bonds, to the extent available, or a future issuance of bonds, to the extent available. Please have the funds for the Phase 3 and 4 proportionate value be made payable to the Developer from the proceeds of a future issuance of bonds, to the extent available.
Sincerely,

PULTE HOME COMPANY, LLC

�	
By: M/k2/I S°'JP.OC./4el�y£A.
Its: "f);Bt;;CroPt....
ACKNOWLEDGED AND AGREED TO BY:
�tc (jgJ:v
ChairNice Chair
Windsor Cay Community Development District

EXHIBIT A
Description of Improvements to be Acquired:

The following personal and intangible property as located within the public, non-gated p01tions of tracts identified on the plat ("Phase 1 Plat") known as Windsor Cay Phase 1, recorded in Plat Book 80, Page 78 of the Official Records of Lake, County, Florida:

All landscape, hardscape and inigation improvements including but not limited to monuments, walls, plants, trees, shrubbery, pumps, lines, spray heads, related system components.

The following personal and intangible property as located within tracts identified on the plat ("Phase 2 Plat") known as Windsor Cay Phase 2, recorded in Plat Book 84, Page 1 of the Official Records of Lake, County, Florida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stormwater retention basins, retaining wall, and related system components and soft costs,

The following personal and intangible property as located within tracts identified on the plat ("Phase 3 Plat") known as Windsor Cay Phase 3, recorded in Plat Book 87, Page 25 of the Official Records of Lake, County, Florida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stormwater retention basins, retaining wall, and related system components and soft costs,

Less and excluding the pond outfall structure and related earthwork located on tract S within the Phase 3 Plat which were previously acquired by the District pursuant to that certain Bill of Sale between Pulte Home Company, LLC, and the District dated April 23, 2024.

Imp_rovement Costs:

Improvement Description	
Contractor	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	
	
Seminole Masonry, Inc.					
Phase 1 Landscape/Hardscape/Sofi Costs	�Holmes Constrnctors, LLC	
$1,859,714.65	
$0	
$0	
$1,859,714.65	
	Cherrylake, Inc.					
Phase 2 Stormwater Improvements and Soft Costs	Blue Ox Enterprises, ILLC	
1,672,987.64	
0	
0	
1,672,987.64	

Phase 3 Stormwater Improvements and Soft Costs	IB!ue Ox Enterprises, LLC	

1,613,215.90	

0	

0	

1,613,215.90	

TOTAL		

$5,145,918.19	

$0	

$0	

$5,145,918.19	

The propotiionate share of the costs of the Improvements are prorated to each phase based on the number of units in each phase in accordance with the District's Amended and Restated Engineer's Report for Capital Improvement Program dated March 26, 2025:

PHASE 1 Proportionate Share of Costs oflmproyements:

Improvement Description	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	

Phase 1 Proportionate Share	
$2,388,266.49	$0	
$0	
$2,388,266.49	

Phase 2 Proportionate Share	
1,050,837.25	
0	
0	
1,050,837.25	

Phase 3 Proportionate Share	
968,044.02	
0	
0	
968,044.02	

Phase 4 Proportionate Share	
738,770.43	
0	
0	
738,770.43	

Subtotal of Phase 3 and 4 Proportionate Share	

$1,706,814.45	

$0	

$0	

$1,706,814.45	

Subtotal of Phase l and 2 Proportionate share	

$3,439,103.74			

$3,439,103.74	

GRANT TOTAL	
$5,145,918.19	
$0	
$0	
$5,145,918.19	

AFFIDAVIT REGARDING COSTS PAID

STATE OF-�"	=L�---	
COUNTYOF�L�/J.���F---- 
I, ,d-111!ctl :,��� /)IRc.c-ro'/2._ of Pulte Home Company, LLC, a Michigan limited liability�bmpany, being first duly sworn, do hereby state for my affidavit as follows:

I have personal knowledge of the matters set forth in this affidavit.
My name is,4A�QJ snucQ1�ffn11am P,IR6::;,�R., of Pulte Home Company, LLC, a Michigan limited liability company ("Developer"). I have authority to make this affidavit on behalf of Developer.
Developer is the developer of certain lands within the Windsor Cay Community Development District, a special purpose unit of local government established pursuant to Chapter 190, Florida Statutes ("District").
The District's Amended and Restated Engineer's Report for Capital Improvement Program, dated March 26, 2025 ("Engineer's Report") describes certain public infrastructure improvements and/or work product that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter 190, Florida Statutes.
The Developer has expended funds to develop and/or acquire certain of the public infrastructure improvements described in the Engineer's Report and more specifically described in Exhibit A. The attached Exhibit A accurately identifies certain of those improvements that have been completed to date and state the amounts that Developer has spent on those improvements. Notwithstanding anything to the contrary herein, certain amounts may still be owed to contractors and Developer agrees to timely make payment for all remaining amounts owed, and to ensure that no liens are placed on the property.

In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring the completed improvements that Developer has developed consistent with the Engineer's Report.

Under penalties of perjury, I declare that I have read the foregoing and the facts alleged are true and correct to the best of my knowledge and belief.

[CONTINUED ON NEXT PAGE]

Executed this JS day of	�bP\(s[B:-::,, 2025.
PULTE HOME COMPANY, LLC, a Michigan
limited liability company

By:/41-14)1.,/  �rx'U<'/41£ f6/<.
Its:	/)IR£C1:or::a_

��"----�-- --

STATE OF	fwR1�fr
COUNTY OF -�-f-\�=Ct€�-----

The foregoing instrnment was acknowledged before me by means of � physical presence or	D	online	notarization,	this	:2�� day	of	2t.P�e.1/IJ,,k<-	,	2025,	by
I'\.  .S�OLM�(, as	�,e.oJ\\Qg..	of Pulte Home Company, LLC, a Michigan limited liability cmnpny, and who has Rersonally appeared before me and is 12ersonally known to

we.

(NOTARY SEAL)

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,&d.:1.&..:c��;�""�-Gib].
,f�fi;ii:S:;·....	EUGEN_IARIOS-DORIA.	,
'f'ifN<:\ Notary Public· State of r-londa ,
�Rru�'j	Commission# HH 334450
····10/f1,f·' My Comm. ExpiresNov 21, 2026
Bonded through National Notary Assn. '
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,t1/l�1A-	�LO� - �t	If\: (Name typed, printed or stamped) Notary Public, State of		fu(},U>'A' Commission No. \:h'-33'-l':\IT,	I
My Commission Expires:  \L?-\ \v0i6'

Exhibit A:	Description of Improvements and/or Work Product

•

CERTIFICATE OF DISTRICT ENGINEER
RELATING TO PHASES 1, 2 & 3 INFRASTRUCTURE ACQUISITION
s�,le,,J,,r .z  , 2025
i
Board of Supervisors
Windsor Cay Community Development District

Re:		Windsor Cay Community Development District Phases 1, 2 & 3 Infrastructure Acquisition

Ladies and Gentlemen:

The undersigned, a representative of Donald W. McIntosh Associates, Inc. ("District Engineer"), as District Engineer for the Windsor Cay Community Development District ("District"), hereby makes the following certifications in connection with an acquisition of certain Phases 1, 2 & 3 Infrastructure improvements ("Improvements"), as described in that certain bill of sale ("Bill of Sale") dated as of or about the same date as this certificate. The undersigned, an authorized representative of the District Engineer, hereby certifies that:

I have reviewed certain documentation relating to the Improvements, including but not limited to, the forms of agreement, plans, schedules, invoices, and other documents.

The Improvements are within the scope as set forth in the Amended and Restated Engineer's Reportfor Capital Improvement Program, dated March 26, 2025, prepared by the District Engineer ("Engineer's Report"), and specially benefit property within the District as further described in the Engineer's Report.

The total Costs Paid associated with the Improvements is $5,145,918.19. Such costs are equal to or less than each of the following: (i) what was actually paid by Pulte Home Company, LLC, to create and/or construct the Improvements, and (ii) the reasonable fair market value of the Improvements.

All known plans, permits and specifications necessary for the future operation and maintenance of the Improvements are complete and on file with the District, and have been transferred, or are capable of being transferred, to the District for future operations and maintenance responsibilities.

With this document, I hereby certify that it is appropriate at this time to acquire the Improvements.

[Signature page follows]

Under penalties of perjury, I declare that I have read the foregoing certificate and that the facts stated in it are true.

DONALD W. MCINTOSH ASSOCIATES, INC.

By:tVe,a....,.&---:::::� "A"

STATE OF floc,·do
COUNTY OF O lb II�  e

INAMICHELLE BOSWELL MY COMMISSION# HH374668
EXPIRES: Aprll 8, 2027

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I HEREBY CERTIFY that the foregoing instrument was acknowledged before me by means of� physical presence or D online notarization, this 2 s day of Se l'Jfl!t11 he/', 2025, by Bill Whitegon of Donald W. McIntosh Associates, Inc., on behalf of the rompany.

(Offici�l Notary Signature & Seal) Name:	k/lc /1l dullr 't.io.su /I
Personally Known ......,,.'l�g,..s�--------- 

[notary seal]

OR Produced Identification 	_ Type of Identification 		_

CERTIFICATE OF CONSULTING ENGINEER RELATING TO PHASES 1, 2 & 3 INFRASTRUCTURE ACQUISITION
�w  .ts	,2025
Board of Supervisors
Windsor Cay Community Development District

Re:	Windsor Cay Community Development District Phases 1, 2 & 3 Infrastructure Acquisition
Ladies and Gentlemen:

The undersigned, a representative of Donald W. McIntosh Associates, Inc. ("Consulting Engineer"), as Consulting Engineer for Pulte Home Company, LLC ("Developer"), hereby makes the following certifications in connection with an acquisition by the Windsor Cay Community Development District of certain Phase 1 landscape and Phases 2 & 3 stormwater work product ("Work Product") and improvements ("Improvements"), as described in that certain bill of sale ("Bill of Sale") dated as of or about the same date as this certificate. In consideration of good and valuable consideration, and an additional payment of $10.00, the receipt and adequacy of which are hereby acknowledged, the undersigned, an authorized representative of the Consulting Engineer, hereby certifies that:
I have reviewed certain documentation relating to the Work Product and Improvements, including but not limited to, the fom1s of agreement, plans, schedules, invoices, and other documents.

The Improvements were installed in accordance with their specifications and they are capable of perfom1ing the functions for which they were intended.

The total costs associated with the Work Product and Improvements are as set forth in the Affidavit Regarding Costs Paid received from Developer, dated as of or about the same date as this certificate. Such costs are equal to or less than each of the following:
(i) what was actually paid by the Developer to create and/or construct the Work Product and Improvements, and (ii) the reasonable fair market value of the Work Product and Improvements.

All known plans, pem1its and specifications necessary for the future operation and maintenance of the Improvements are complete and on file with the District, and have been transferred, or are capable of being transferred, to the District for future operations and maintenance responsibilities.

With this document, I hereby certify that it is appropriate at this time for the District to acquire the Work Product and Improvements.

Under penalties of perjury, I declare that I have read the foregoing certificate and that the facts stated in it are true.

DONALD W. MCINTOSH ASSOCIATES, INC.

.

�By:	/J,It Ml	C .	I JL•k,.' 011'\
Its: 	_

STATE OF FLORIDA COUNTY OF Oro. /IU �

���d

sworn to cor affirmed) and subscribed before me this � 6"'day of 5 e.e-/2" he,, , 2025,�J.llu, lJb:te.g;:  an authorized representative of Donald W. Mclntos Associates, Inc., who � 1s personally	own to me or [ ] produced 	 as identification.

(NOTARY SEAL)
4'f otary Public Signature

INAMICHELLE BOSWELL MY COMMISSION# HH 374666
EXPIRES: Aprtl 8, 2027

::z;za._ u1tcklle. c&.s�II
(Name typed, printed or stamped)
Notary Public, State of�f�/ 		_ Commission No. 'J7 1/ {;(pl,	,

'

My Commission Expires:	If/9}a.7
;

2

BILL OF SALE

KNOW ALL MEN BY THESE PRESENTS, that Pulte Home Company, LLC, a Michigan limited liability company, whose address for purposes hereof is 4901 Vineland Road, Suite 500, Orlando, Florida 32811 ("Seller"), and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration, to it paid by the Windsor Cay Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes ("District") whose address is 219 East Livingston Street, Orlando, Florida 32801, the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred and delivered, and by these presents does grant, bargain, sell, transfer, and deliver unto the District, its successors and assigns, the following described property, assets and rights, to-wit:

See the attached Exhibit A.

TO HAVE AND TO HOLD all of the foregoing unto the District, its successors and assigns, for its own use forever, free and clear and discharged of and from any and all obligations, claims or liens.
AND the Seller does hereby covenant to and with the District, its successors and assigns, that they are the lawful owners of the above-described personal property and assets; that said personal property and assets are free from all liens and encumbrances; that Seller has good right to sell said personal property and assets; that all contractors, subcontractors and material men furnishing labor or materials relative to the construction of the personal property and assets have been paid in full; and that Seller will warrant and defend the sale of its said personal property and assets hereby made, unto the District, its successors and assigns, against the lawful claims and demands of all persons whosoever.

[signature contained on following page]

IN WITNESS WHEREOF, the Seller has caused this instrnment to be executed in its name this 		day of 	,2025.

Signed, sealed and delivered in the presence of:

PULTE HOME COMPANY, LLC,
a Michigan limited liability company

Witnessed:
.	.

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��	�1uwAd 

Print Name: /44£aM	fft</,JC/::M?Y(:-l

L/,ffly/1/NCt.,MvD,RD J'-;;>-�/1

Print Title: )/g6.Cfl)P-	7

PrintN�;;
1

·�:,;��<

t>RWJVr:>i:;,1Ft- 3:>-81/
STATE OF	fu,e,,r.itt
COUNTY OF���-ice"�---- 
The foregoing instrnment was acknowledged before me by means ofg physical presence or  □ online  notarization,  this  '2s� day  of  �\£J�	, 2025, by l\_(>..n,\,\. ,�_t.\1...4,c,V c ,as  :9-�'t'06E'...,	of Pulte Ho�ompany, LLC, a Michigan
limited liability company, and who has personally appeared before me and is personally known to me.

(NOTARY SEAL)

l

,tf.J,,.�'.lli&illillili.\;G&,r.».,���---�,,-.
-\.�. cv"rii/-..	EUGENIA RIOS-DORIA
/-?1f;];'}i�,°\ Notary Public • State of Florida
\?,tjf!J},1,f/	Commission II HH 334450 ,
··/o,f'-'!.-·' My Comm. ExpiresNov 21, 2026 f•.

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Bonded through National Notary Assn.
=	.�. �	...�---

 -evtti:® 1A �\O� ---)et 11" (Name typed, printed or stamped) Notary Public, State of	{Q:){.1£)1\

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Commission No.	\.¼t�)q�SQ
My Commission Expires:  ,\	'2..o24

2

EXHIBIT A
Description of Improvements to be Acquired:

The following personal and intangible property as located within the public, non-gated portions of tracts identified on the plat ("Phase 1 Plat") known as Windsor Cay Phase 1, recorded in Plat Book 80, Page 78 of the Official Records of Lake, County, Flotida:

All landscape, hardscape and ilTigation improvements including but not limited to monuments, walls, plants, trees, shrubbery, pumps, lines, spray heads, related system components.

The following personal and intangible property as located within tracts identified on the plat ("Phase 2 Plat") known as Windsor Cay Phase 2, recorded in Plat Book 84, Page 1 of the Official Records of Lake, County, Fl01ida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stormwater retention basins, retaining wall, and related system components and soft costs,

The following personal and intangible property as located within tracts identified on the plat ("Phase 3 Plat") known as Windsor Cay Phase 3, recorded in Plat Book 87, Page 25 of the Official Records of Lake, County, Florida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stormwater retention basins, retaining wall, and related system components and soft costs,

Less and excluding the pond outfall structure and related earthwork located on tract S within the Phase 3 Plat which were previously acquired by the District pursuant to that certain Bill of Sale between Pulte Home Company, LLC, and the District dated April 23, 2024.

Imp_rovement Costs:

Improvement Description	
Contractor	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	
	
Seminole Masonry, Inc.					
Phase I Landscape/Hardscape/Sof Costs	UK2 Holmes Constructors, LLC			
$(	
$1,859,714.65	
		$1,859,714.65	$0			
						
	Chenylake, Inc.					
Phase 2 Stormwater Improvements and Soft Costs	Blue Ox Enterprises, ILLC	
1,672,987.64	
0	
0	
1,672,987.64	

Phase 3 Stormwater Improvements and Soft Costs	�Jue Ox Enterprises, LLC	

1,613,215.90	

0	

0	

1,613,215.90	

TOTAL		

$5,145,918.19	

$0	

$0	

$5,145,918.19	

The propo1tionate share of the costs of the Improvements are prorated to each phase based on the number ofunits in each phase in accordance with the District's Amended and Restated Engineer's Rep01t for Capital Improvement Program dated March 26, 2025:

PHASE 1 Proportionate Share of Costs of Improvem�nts:

Improvement Description	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	

Phase 1 Proportionate Share	
$2,388,266.49	$0	
$0	
$2,388,266.49	

Phase 2 Proportionate Share	
1,050,837.25	0	
0	
1,050,837.25	

Phase 3 Proportionate Share	
968,044.02	0	
0	
968,044.02	

Phase 4 Proportionate Share	
738,770.43	
0	
0	
738,770.43	

Subtotal of Phase 3 and 4 Proportionate Share	

$1,706,814.45	

$0	

$0	

$1,706,814.45	

Subtotal of Phase 1 and 2 Proportionate share	

$3,439,103.74			

$3,439,103.74	

GRANT TOTAL	
$5,145,918.19	
$0	
$0	
$5,145,918.19	

��cut a1, 2024
Board of Supervisors
Windsor Cay Community Development District
c/o Governmental Management Services-Central Florida, LLC 219 East Livingston Street
Orlando, Florida 32801
RE: Acquisition of Real Property included in District's Improvement Plan Dear Sir or Madam,
We are writing to request that the Windsor Cay Community Development District ("District") acquire from Pulte Home Company, LLC ("Developer") the real property set forth in Exhibit A attached hereto ("Property"). The Property is included and described in the District's Amended and Restated Engineer's Report for Capital Improvement Program, dated March 27, 2024, as may be further amended from time to time, prepared by the District Engineer. The District's acquisition of the Property is consistent with that certain Agreement by and between the District and the Developer regarding the Acquisition of Certain Work Product, Infrastructure and Real Property dated July 26, 2023 ("Acquisition Agreement").
The appraised value of the Property on a per acre basis is $89,369.70 according to that certain Appraisal of Real Property by Integra Realty Resources prepared for the District dated April 23, 2024 ("Appraisal Report").1 The Developer's costs basis in the Property on a per acre basis is $129,180.38 as set forth in more detail in that certain Affidavit Regarding Costs Paid dated on or about the same date as this letter. Consistent with the Acquisition Agreement, the Developer wishes to convey the Property to the District in exchange for the payment of $2,818,135.44 representing a portion of the appraised value of the Property attributable to Phases 1 and 2 of the District ("Phases 1 and 2 Value") and payment of $967,259.03 representing the appraised value of the Property attributable to future phases of the District ("Future Phase Value"), net of any closing costs.

Please have funds for the Phases 1 and 2 Value be made payable to the Developer from the proceeds of the Series 2024 Bonds, to the extent available. Please have funds for the Future Phase Value be made payable to the Developer from the proceeds of a future issuance of bonds, once available.

[Continued to next page]

1 Note: Although Tracts F and H are included in the Appraisal Report, they are not part of the Property being acquired by the District. Further, the value of Tract 21 for purposes of the acquisition ($420,632) is greater than the value reflected in the Appraisal Report ($310,000) because the acreage for Tract Z1 for purposes of the acquisition (3.65 acres) is greater than the acreage reflected in the Appraisal Report (2.69). The value of Tract 21 for purposes of the acquisition is consistent with the per acreage valuation assigned by the Appraisal Report. The acreage for Tract Z1 for purposes of the acquisition was confinned by the District Engineer.

Sincerely,

a	,I

y:---,;.......,1-----L-.;...........,.-----''-A--..;_z,_-----

Its:,,:..::J/_.-�-	._.,.,�.=.....&--�..;......;...	_

ACKNOWLEDGED AND AGREED TO a/('

�	

ChairNice Chair

Windsor Cay Community Development District Exhibit A

EXHIBIT A
Tracts B, Fl, I, J, M, P, Q, W, Y, Zl, Z2, and drainage easements (DE), WINDSOR CAY PHASE 1, according to the plat thereof, as recorded in Plat Book 80, Pages 78 through 96, of the Public Records of Lake County, Florida.

AFFIDAVIT REGARDING COSTS PAID
STATE OF  Flo,i da
COUNTY OF 0,a"'j<
I,	Mc)< P.-noeo, as	\Jr-Lend Ac1;,;,-11cn of Pulte Home Company, LLC, a
Michigan limited liability company, being first d ly sworn, do hereby state for my affidavit as
follows:

I have personal knowledge of the matters set forth in this affidavit.
My name is Ma:x Prc\oro, and I am \JP-L&:-nel A,�::--h;�,of Pulte Home Company, LLC, a Michigan limited liability company ("Developer"). lave authority to make this affidavit on behalf of Developer.

Developer is the developer of certain lands within the Windsor Cay Community Development District, a special purpose unit of local government established pursuant to Chapter 190, Florida Statutes ("District") and the owner of certain lands to be located with the District a portion of which are included with the description in Exhibit A attached hereto ("Real Property").

The District's Amended and Restated Engineer's Report for Capital Improvement Program, dated March 27, 2024 ("Engineer's Report") describes certain real property and public infrastructure improvements and/or work product that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter 190, Florida Statutes ("District Improvements"). The Real Property is included and described in the Engineer's Report and is part of the District Improvements.
Pursuant to that certain Agreement by and between the District and the Developer regarding the Acquisition of Certain Work Product, Infrastructure and Real Property dated July 26, 2023, real property included and described in the Engineer's Report and part of the District Improvements may be acquired by the District provided that the purchase price for such real property is less than or equal to the appraised value or the cost basis, whichever is less.

Pursuant to conveyance documents executed between the Developer and certain third party landowners, the Developer has expended funds to acquire real property, which includes the Real Property. The Developer's cost basis in the Real Property on a per acre basis is
$129,180.38.

In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring land and completed improvements that Developer has acquired and/or developed consistent with the Engineer's Report.

Under penalties of perjury, I declare that I have read the foregoing and the facts alleged are true and correct to the best of my knowledge and belief.

4855-1334-3413. l

Executed this £"day of	£\jw.\-	2024.

limited Ii	ility co

PULTE HOME COMPANY, LLC, a Michigan
STATE OF 	;,f"""""'\o-...r:::.....t\da�----
COUNTY OF  ,C,--....:....zar'-'--"'--'--'Q'+"'e,, 	_

The foregoing instrument was acknowledged before me by means of �hysical presence or  D  online  notarization,  this �	day  of  I".�+	2024, by Mex Penaro   , as 'J\'-1a,od �(IM,HJm of Pulte Hom;;.company, LLC, a Michigan
limited liability company, and who has petsonally appeared before me and is personally known to me.

(NOTARY SEAL)

Notary Public Signature

166,:-, :\:; \ce.		Cb�bo> (Name typed, printed or stamped) Notary Public, State of E\or; da Commission No.	fB::I IQ 1:
My Commission Expires:	Ocb aa. :>oclf
\

Exhibit A:	Description of Real Property

4855-1334-3413.1

EXHIBIT A

Tracts B, Fl, I, J, M, P, Q, W, Y, Zl, Z2, and drainage easements (DE), WINDSOR CAY PHASE 1, according to the plat thereof, as recorded in Plat Book 80, Pages 78 through 96, of the Public Records of Lake County, Florida.

4855-1334-3413.l

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT PROMISSORY NOTE
(REAL PROPERTY - REMAINING VALUE ATTRIBUTABLE TO PHASE 3)

Owner:	PULTE HOME COMPANY, LLC

Principal Amount: Date:
Interest Rate:

$967,259.03
A�,.,,.1: a1, 2024
0.00%

WINDSOR  CAY COMMUNITY  DEVELOPMENT  DISTRICT,  a local  unit of
special-purpose government established pursuant to Chapter 190, Florida Statutes (the "District"), for value received, hereby promises to pay to the Owner set forth above, or its successors or assigns, the principal and interest as shown above, in a single installment, or multiple installments as may be designated by the Owner, which will be due and payable when and if the District, in its sole discretion, issues a future series of bonds or other indebtedness (the "Pledged Revenues") the proceeds of which are legally available for the payment of such principal and interest under the terms of the indenture, loan agreement and other agreements applicable to the District's receipt of such Pledged Revenues; provided however, that such payment is contingent upon a determination by the District's bond counsel that the acquisition is properly compensable from the proceeds of the Pledged Revenues. This Note is given to finance a portion of the purchase price for certain real property as more particularly described in the Agreement by and between the District and the Developer regarding the Acquisition of Certain Work Product, Infrastructure and Real Property dated July 26, 2023, by and between the District and Owner. The District is under no obligation to ensure the availability of such Pledged Revenues at any time and the Owner shall have no right to compel the District to pay such principal or interest from any other source of funds.
This Note is issued under and pursuant to the Constitution and laws of the State of Florida, particularly Chapter 190, Florida Statutes. This Note is issued with the intent that the laws of the State of Florida shall govern its construction.

This Note shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida. This Note may be assigned by Owner without the consent of the District or any party.

All acts and conditions required by the Constitution and laws of the State of Florida and the ordinances and resolutions of the District to happen, exist and be performed precedent to and in the issuance of this Note have happened, exist and have been performed as so required.

In the event a condition of default occurs under this Note, then in such event, this Note and all sums due hereunder shall thereafter without any further notice or action by the Owner bear interest at the highest lawful rate of interest per annum permitted under the laws of the State of Florida from the date of such default. Notwithstanding any term, condition, obligation or provision herein to the contrary, it is the express intent of the Owner that no interest, consideration or charge in excess of that permitted in the State of Florida may be accrued, charged or taken or become payable hereunder. In the event it is hereafter determined that the Owner has taken, charged or reserved interest in excess of

4889-2202-8243. l

that permitted under Florida law, whether due to prepayment, acceleration or otherwise, such excess shall be refunded to the District or credited against the sums due the Owner hereunder.

The District hereby waives presentment for payment, demand, protest, notice of protest and notice of dishonor, and expressly agrees jointly and severally to remain and continue bound for the payment of the principal and interest provided for by the terms of this Note, notwithstanding any extension or extensions of the time of, or for the payment of said principal or interest, or any change or changes in the amount or amounts agreed to be paid under or by virtue of the obligation to pay provided for in the Note, or any change or changes by way of release or surrender or substitution of any real property and collateral or either, held as security for this Note, and the District waives all and every kind of notice of such extension or extensions change or changes, and agrees that the same may be made without the joinder of the District.

TIDS NOTE SHALL NOT BE DEEMED TO CONSTITUTE A GENERAL DEBT OR A PLEDGE OF THE FAITH AND CREDIT OF THE DISTRICT, OR A DEBT OR PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF WITIDN THE MEANING OF ANY CONSTITUTIONAL, LEGISLATIVE OR CHARTER PROVISION OR LIMITATION, AND IT IS EXPRESSLY AGREED BY THE OWNER OF THIS NOTE THAT SUCH OWNER SHALL NEVER HAVE THE RIGHT, DIRECTLY OR INDIRECTLY, TO REQUIRE OR COMPEL THE EXERCISE OF THE AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER POLITICAL SUBDIVISION OF THE STATE OF FLORIDA OR TAXATION IN ANY FORM ON ANY REAL OR PERSONAL PROPERTY FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THIS NOTE.

IN WITNESS WHEREOF, the Windsor Cay Community Development District has caused this Note to bear the signature of its Chairman of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Secretary to the Board of Supervisors.

WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

By:�

Attest:

Print  Name:/J�  fr��

Title: Chair of the Board of Supervisors	Title: Secretary/Assistant Secretary

/THIS SPACE LEFT BLANK INTENTIONALLY}

Page 2 of2
4889-2202-8243.I

CERTIFICATE OF DlSTRTCT ENGINEER RELATING TO REAL PROPERTY ACQUISITION

August )3_,2024

Board of Supervisors
Windsor Cay Community Development District

Re:		Windsor Cay Community Development District Real Property Acquisition

Ladies and Gentlemen:

The undersigned, a representative of Donald W McIntosh Associates, Inc. ("District Engineer"), as District Engineer for the Windsor Cay Community Development District ("Districf'), hereby makes the following certifications in connection with an acquisition of certain real property ("Real Property"), as described in that certain Special Warranty Deed ("Deed") dated as of or about the same date as this certificate. The undersigned, an authorized r.eptesentative ofilie District Engineer, hereby certifies that:

1. l have reviewed certain documentation relating to the Real Property, including but not limited to, the Deed, that certain Affidavit Regarding Costs Paid ("Affidavit of Costs") dated as of or about the same date as this certificate, that certain Appraisal of Real Property by Integra Realty Resources prepared for the District dated April 23, 2024 ("Appraisal Report''), and other documents.

The Real Property is within the scope of the capital improvement plan as set forth in the Engi11eer '.s Report .for Capital Improvement Program, dated February 22, 2023, as amended and restated by the Amended and Restated Engineer :v Report fi>r Capital Improvement Program, dated March 27, 2024, each prepared by the District Engineer, (collectively, the "E11gineer's -Report"), and specially benefits property within the District as further described in the Engineer's 'Report.

The District is acquiring the Real Property, consisting of 49.2 acres, for a cash payment in the amount of $2,818,135.44 attributable to Phases I and 2 of the District, and a payment from the proceeds of a future bond issuance in the amount of $967,259.03 attributable to Phase 3 af the District. The value paid for the Real Property by the District is less than each of: (i) what was actually paid by Pulte Home Company, LLC according to the Affidavit of Costs, and (ii) the reasonable fair market value of the Real Property according to the Appraisal Report.

With this document, I hereby certify that it is appropriate at this time to acquire the ln1provements.
[Signature page follows]
LJ

Under penalties of perjuzy, I declare that I have read the foregoing certificate and that the facts stated in it are true.

DONALD W. MCINTOSH ASSOCIATES, INC.

��	
�

STATE OF El0'('� d."'°
COUNfY OF_ C)�	

I HEREBY CERTIFY that the foregoing instrument was acknowledged before me by means of
"'!ti physical presence or D online notarization, 'this	;2.�c4ty of  J!h,'Ov&r"
ro24, by Witliam C. Wbitegon of Donald W McIntosh Associates, Inc., on behalf of ihe company.

.	?/

KAlltERINE M.COLLINS
MY COMMISSION# HH311460 EXPIRES: OclDber 19, 2026

Cl!l
(Official Notary Signature & Seal)
Name:

[notary sealJ		OR Produced Identification Type ofldentification

December 13, 2023

Board of Supervisors
Windsor Cay Community Development District
c/o Governmental Management Services	Central Florida, LLC 219 East Livingston Street
Orlando, Florida 3280l

RE: Acquisition of Offsite Roadway Improvements Dear Sir or Madam,
We are writing to request that the Windsor Cay Community Development District ("District") acquire from Pulte Home Company, LLC ("Developer") the public infrastructure improvements set forth in Exhibit A, which is attached hereto. Developer created the improvements consistent with the District's Engineer's Report/or Capital Improvement Program, dated February 22, 2023, as amended and restated prepared by the District Engineer and the improvements are now complete. As set forth in more detail in a Bill of Sale dated on or about the same date as this letter, the Developer wishes to convey the improvements to the District in exchange for the payment of $246,346.99 representing the actual Cost Paid of creating and/or constructing such Phase I improvements and payment of $108,392.68 representing the actual Cost Paid of creating and/or constructing such Phase 2 improvements and payment of $99,852.65 representing the actual Cost Paid of creating and/or constructing such Phase 3 improvements. The remaining costs shown on Exhibit A primarily consists of retainage, and the Developer will request these funds from the District at such point in time when retainage is released to the contractor. Please have the funds made payable to the Developer from the proceeds of a future issuance of bonds, once available.

Sincerely,

K�

PULTE HOME COMPANY, LLC

Its: �t.---L&:>O �f'M-e�'T

D AND AGREED TO BY:

Windsor Cay Community Development District

EXHIBIT A

Description of Improvements to be Acquired:

The following constitute the Improvements as located within tracts identified on the plat ("Plat") known as Windsor Cay Phase I, recorded in Plat Book 80, Page(s) 78-96 et seq. of the Official Records of Lake, County, Florida:
Tile followi11g Personal and Intangible Property located witllln Ille public rigllt of way know as State Road 25 (US Higllway 27) east of Tract Zl as described in t/1e Plat:
All otfsite roadway and associated improvements, including turn lane paving, sidewalks, electric conduits, and other attendant improvements and appurtenances constructed in connection therewith.
(i) TIie following Personal and Intangible Property located witllin Ille unplatted real property' ("Unplatted Tract'? east of Tract Z2 and west oftlte public rigllt of way know as Stale Road 25 (US HigJ,way 27), and (ii) tl,e following Personal and lnta11gible Property located witl,in t/1e public rigJ,t of way know as State Road 25 (US Hlgltway 27) east oftl,e Unplatted Tract, all as described in tJ,e Plat:
All offsite roadway and associated improvements, including turn lane paving, sidewalks, and other attendant improvements and appurtenances constructed in connection therewith.

PHA�  l_Acquisition Costs;

Improvement Description	
Contractor	
Costs Paid	Balance to Finish	
Retainage (2.5%)	
Total Cost	
Off-site Roadway	
Blue Ox Enterprises, LLC	
$246,346.99	$0	$6,316.59	$252,663.58	

PHASE 2 Acq_uisition Costs:

Improvement Description	
Contractor	
Costs Paid	Balance to Finish	
Retainage (2.5%)	
Total Cost	

Off-site Roadway	
Blue Ox Enterprises, LLC	
$ I 08,392.68	$0	$2,779.3(	$111,171.9�	

Improvement
Description	
Contractor	
Costs Paid	Balance to
Finish	
Retainage (2.5%)	
Total Cost	

Off-site Roadway	
Blue Ox Enterprises, LLC	
$99,852.65	$0	$2,560.3:	$102,412.9i	

1 The unplatted real property will be privately owned, however, the District will have a permanent easement for purposes of access to the public roadway improvements located thereon, which will be an extension of the public right-of-way known as Sandy Cliffs Drive.

AFFIDAVIT REGARDING COSTS PAID
STATE OFF�
COUNTYO�F�O�.w◄��'GE.�--	

I, Aaron Struckmeyer, as Director of Pulte Home Company, LLC, a Michigan limited liability company, being first duly sworn, do hereby state for my affidavit as follows:
I have personal knowledge of the matters set forth in this affidavit.

My name is Aaron Struckmeyer, and I am a Director of Pulte Home Company, LLC, a Michigan limited liability company ("Developer"). I have authority to make this affidavit on behalf of Developer.

Developer is the developer of certain lands within the Windsor Cay Community Development District, a special purpose unit of local government established pursuant to Chapter l 90, Florida Statutes ("District").

The District's Engineer's Report for Capital Improvement Program, dated February 22, 2023 ("Engineer's Report") describes certain public infrastructure improvements and/or work product that the District intends to finance, fund, plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate, or maintain pursuant to Chapter 190, Florida Statutes.
Except as set forth in Exhibit A, no money is owed to any contractors or subcontractors for any work performed on the completed improvements. The Developer agrees to pay all remaining amounts under the contracts described in Exhibit A.

In making this affidavit, I understand that the District intends to rely on this affidavit for purposes of acquiring the completed improvements that Developer has developed consistent with the Engineer's Report.

Under penalties of perjury, I declare that I have read the foregoing and the facts alleged are true and correct to the best of my knowledge and belief.

[CONTINUED ON NEXT PAGE]

Executed this _J1._ day of	{)?c( VI(-)-f..A_	, 2023.

PULTE HOME COMPANY, LLC, a Michigan
limited liability company

 �	
By: Aaron Struckmeyer
Its: i&iliWJ-L· -t4.<J;1 l?c-\iU-�1'40.f'f

STATE OF 	.H�<>r�r,h�	-
coUNTY OF ...Q....,,....'f�IA�""-�..=..«�---
The foregoing instrument was acknowledged before me by means of �physical presence or  D  online  notarization,  this  \';''-  day  of  'D<.c�.,.....6-J   ,  2023,  by A"'('(J" :Sl:rwh'"'r , as 12,reJ......l.J i).,.,J,,.tt4�f Pulte Home Company, LLC a Michi an limited liability company, and who has personafly appeared before me and is rsonally known o me.

(NOTARY SEAL)

JUSTIN LEE GRAUER
Notary Public
State of Florlda Cammi HH412522 lxplrtl 1/11/'lfJ27

(Name typed, printed or stamped) Notary Public, State of Ft d n'l,, Commission No. HI-IL.11.�"l
My  Commission  Expires:fj'J,11)/

Exhibit A:	Description oflmprovements and/or Work Product

EXHIBIT A
Description of Improvements to be Acquired:
The following constitute the Improvements as loPlat Windsor Cay Phase 1, recorded in Plat Book 80, Page(s) 78-96 et seq. of the Official Records of Lake, County, Florida:
The following Personal and Intangible Property located within the public right of way know as State Road 25 (US Highway 27) east of Tract Z1 as described in the Plat:
All offsite roadway and associated improvements, including turn lane paving, sidewalks, electric conduits, and other attendant improvements and appurtenances constructed in connection therewith.
(i) The following Personal and Intangible Property located within the unplatted real property1 Tract Z2 and west of the public right of way know as State Road 25 (US Highway 27), and (ii) the following Personal and Intangible Property located within the public right of way know as State Road 25 (US Highway 27) east of the Unplatted Tract, all as described in the Plat:
All offsite roadway and associated improvements, including turn lane paving, sidewalks, and other attendant improvements and appurtenances constructed in connection therewith.

PHASE 1 Acquisition Costs:

Improvement Description	
Contractor	
Costs Paid	Balance to Finish	
Retainage (2.5%)	
Total Cost	
Off-site Roadway	Blue Ox Enterprises, LLC	$246,346.99	$0	$6,316.59	$252,663.58	
PHASE 2 Acquisition Costs:

Improvement Description	
Contractor	
Costs Paid	Balance to Finish	
Retainage (2.5%)	
Total Cost	
Off-site Roadway	Blue Ox Enterprises, LLC	$108,392.68	$0	$2,779.30	$111,171.98	
PHASE 3 Acquisition Costs:

Improvement Description	
Contractor	
Costs Paid	Balance to Finish	
Retainage (2.5%)	
Total Cost	
Off-site Roadway	Blue Ox Enterprises, LLC	$99,852.65	$0	$2,560.32	$102,412.97	

1 The unplatted real property will be privately owned, however, the District will have a permanent easement for purposes of public use and access to the public roadway improvements located thereon, which will be an extension of the public right-of-way known as Sandy Cliffs Drive.

CERTIFICATE OF DISTRICT ENGINEER
RELATING TO PHASES 1 AND 2 OFFSITE ROADWAYACQUISITION

December 18, 2023

Board of Supervisors
Windsor Cay Community Development District

Re:	Windsor Cay Community Development District Phases 1 and 2 Offsite Roadway Acquisition

Ladies and Gentlemen:

The undersigned, a representative of Donald W. McIntosh Associates, Inc. ("District Engineer"), as District Engineer for the Windsor Cay Community Development District ("District"), hereby makes the following certifications in connection with an acquisition of certain Phases 1 and 2 Offsite Roadway improvements ("Improvements"), as described in that certain bill of sale ("Bill of Sale") dated as of or about the same date as this certificate. The undersigned, an authorized representative of the District Engineer, hereby certifies that:

I have reviewed certain documentation relating to the Improvements, including but not limited to, the forms of agreement, plans, schedules, invoices, and other documents.

The Improvements are within the scope of the Phases 1 and 2 Offsite Roadway as set forth in the Engineer's Report for Capital Improvement Program, dated February 22, 2023, prepared by the District Engineer ("Engineer's Report"), and specially benefit property within the District as further described in the Engineer's Report.

The total Costs Paid associated with the Improvements is $454,592.31. Such costs are equal to or less than each of the following: (i) what was actually paid by Pulte Home Company, LLC, to create and/or construct the Improvements, and (ii) the reasonable fair market value of the Improvements.

All known plans, permits and specifications necessary for the future operation and maintenance of the Improvements are complete and on file with the District, and have been transferred, or are capable of being transferred, to the District for future operations and maintenance responsibilities.

With this document, I hereby certify that it is appropriate at this time to acquire the Improvements.

[Signature page follows]

Under penalties of perjury, I declare that I have read the foregoing certificate and that the facts stated in it are true.

DONALD W. MCINTOSH ASSOCIATES, INC.

By:£�	
/1,/,//.',.,,.,,	Bill Whitegon, P.E.

STATE OF r-/oe, du-
coUNTY 6F	Om r1r.3 e
I HEREBY CERTIFY that the foregoing instrument was acknowledged before me by means of 0 physical presence or O online notarization, this /tg" day of 7)11Ce/11he/' , 2023, by Bill Whitegon of Donald W. McIntosh Associates, Inc., on behalf of the company.

[notary seal]

CERTIFICATE OF CONSULTING ENGINEER RELATING TO OFFSITE ROADWAY ACQUISITION

Board of Supervisors
Windsor Cay Community Development District

Re:	Windsor Cay Community Development District Offsite Roadway Acquisition
Ladies and Gentlemen:
The undersigned, a representative of Donald W. McIntosh Associates, Inc. ("Consulting Engineer"), as Consulting Engineer for Pulte Home Company, LLC ("Developer"), hereby makes the following certifications in connection with an acquisition by the Windsor Cay Community Development District of certain Offsite Roadway work product ("Work Product") and improvements ("Improvements"), as described in that certain bill of sale ("Bill of Sale") dated as of or about the same date as this certificate. In consideration of good and valuable consideration, and an additional payment of$ I0.00, the receipt and adequacy of which are hereby acknowledged, the undersigned, an authorized representative of the Consulting Engineer, hereby certifies that:
I have reviewed certain documentation relating to the Work Product and Improvements, including but not limited to, the forms of agreement, plans, schedules, invoices, and other documents.

The Improvements were installed in accordance with their specifications and they are capable of performing the functions for which they were intended.

The total costs associated with the Work Product and Improvements are as set forth in the Affidavit Regarding Costs Paid received from Developer, dated as of or about the same date as this certificate. Such costs are equal to or less than each of the following:
(i) what was actually paid by the Developer to create and/or construct the Work Product and Improvements, and (ii) the reasonable fair market value of the Work Product and Improvements.
All known plans, permits and specifications necessary for the future operation and maintenance of the Improvements are complete and on file with the District, and have been transferred, or are capable of being transferred, to the District for future operations and maintenance responsibilities.

With this document, I hereby certify that it is appropriate at this time for the District to acquire the Work Product and Improvements.

Under penalties of perjury, I declare that I have read the foregoing certificate and that the facts stated in it are true.

DONALD W. MCINTOSH ASSOCIATES, INC.

Its: 	

STATE OF FLORIDA COUNTY OF ()Wpt	.
Sworn to (ora�f	ed) and subscribed before me this/�day of �c, I	,
2024, bJ/J  U;,,,,kd,,�n authorized representative of Donald W. McInt;		Associates, Inc., who [0 is	personally	wn to me or [ ] produced 	 as identification.

(NOTARY SEAL)

£:�1,:\ MY COMMISSION# HH171596

.

..

.....

..,	MADDY GUTIERREZ·lHOMPSON

\�·	'.°If	EXPIRES:August31,2025
·-t.r.ki';r.;?.t•··  BondedThru NdalyPullllcUndendall

(Name	, pnnted or g;;zed) Notary Pu lie, State of �'Jp..J Commission No. H-H:V}t5qt.,
My Commission Expires:�,Jo?-(

2

BILL OF SALE

KNOW ALL MEN BY THESE PRESENTS, that Pulte Home Company, LLC, a Michigan limited liability company, whose address for purposes hereof is 4901 Vineland Road, Suite 500, Orlando, Florida 32811 ("Seller"), and in consideration of the sum of Ten Dollars ($10.00) and other valuable consideration, to it paid by the Windsor Cay Community Development District, a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes ("District") whose address is 219 East Livingston Street, Orlando, Florida 32801, the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred and delivered, and by these presents does grant, bargain, sell, transfer, and deliver unto the District, its successors and assigns, the following described property, assets and rights, to-wit:

See the attached Exhibit A.

TO HAVE AND TO HOLD all of the foregoing unto the District, its successors and assigns, for its own use forever, free and clear and discharged of and from any and all obligations, claims or liens.
AND the Seller does hereby covenant to and with the District, its successors and assigns, that they are the lawful owners of the above-described personal property and assets; that said personal property and assets are free from all liens and encumbrances; that Seller has good right to sell said personal property and assets; that all contractors, subcontractors and material men furnishing labor or materials relative to the construction of the personal property and assets have been paid in full; and that Seller will warrant and defend the sale of its said personal property and assets hereby made, unto the District, its successors and assigns, against the lawful claims and demands of all persons whosoever.

[signature contained on following page]

IN WITNESS WHEREOF, the Seller has caused this instrument to be executed in its name this _j]_ day of /j��l:,!Z	, 2023.

Signed, sealed and delivered in the presence of:

PULTE HOME COMPANY, LLC,
a Michigan limited liability company

Witnessed:
<�_,,,,	c;:·-

Print Name: cs�<!/) .Jt/LL/'71:V

Print Name: L '-"l""'l., ronI l-\cv-

.----

Print Name:

---1-JLL!LLL"-'.:	=--<=-=::.LL=

Print Title: J?--f/1.:.: <-ri<·<--  LrLHI) D,3..,"7,..c,�/Yl:::",UT

STATE OF ---1tr--'l...,.0_._._f1=.,l..		_
COUNTYOF�C�2�r�����------

The foregoing instrument was acknowledged before me by means ofra:"physical presence or  □ online  notarization,  this �	day  of  Da-e""b v:   ,  2023,  by ft...ro.,.. 9f\M\""o/..,..  , as D,'r:rc.A.., L...J Qt.-cl�f Pulte Home Company, LLC a •  i an

limited liability company, and who has personally appeared before me and i	ersonally know to me.

(NOTARY SEAL)

JUSTIN LEE GRAUER
Notary Pubic
Stated Aartda
COl'M1IHH412522
Expires 6/19f}!J27

(Name typed, printed or stamped) Notary Public, State of Ea rli\ Commission No. k\li \f1d.t;').�
My Commission Expires: Oti/Jf/9o?7

EXHIBIT A

LIST OF IMPROVEMENTS

The following constitute the Improvements as located within tracts identified on the plat ("Plat") known as Windsor Cay Phase I, recorded in Plat Book 80, Page(s) 78-96 et seq. of the Official Records of Lake, County, Florida:
The following Personal and Intangible Property located within the public right of way know as State Road 25 (US Highway 27) east of Tract Zl as described in the Plat:
All offsite roadway and associated improvements, including tum lane paving, sidewalks, electric conduits, and other attendant improvements and appurtenances constructed in connection therewith.
(i) The following Personal and Intangible Property located within the unplatted real property ("Unplatted Tract'? east of Tract Z2 and west of the public right of way know as State Road 25 (US Highway 27), and (ii) the following Personal and Intangible Property located within the public right of way know as State Road 25 (US Highway 27) east of the Unplatted Tract, all as described in the Plat:
All offsite roadway and associated improvements, including tum lane paving, sidewalks, and other attendant improvements and appurtenances constructed in connection therewith.

Section V

RESOLUTION 2026-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT RECOGNIZING SATISFACTION OF CONTRIBUTIONS FOR THE 2024 ASSESSMENTS; PROVIDING ADDITIONAL AUTHORIZATION; PROVIDING FOR SEVERABILITY, CONFLICTS, AND AN EFFECTIVE DATE.

WHEREAS, the Windsor Cay Community Development District (“District”) is a local unit of special purpose government created and existing pursuant to Chapter 190, Florida Statutes; and

WHEREAS, Chapter 190, Florida Statutes, authorizes the District to construct, install, operate and/or maintain systems and facilities for certain basic infrastructure, including onsite roadway improvements and stormwater management facilities; and

WHEREAS, the District previously issued its $9,615,000 Special Assessment Bonds, Series 2024 (Assessment Area One Project) (“2024 Bonds”), in order to finance the District’s “Assessment Area One Project”; and

WHEREAS, also in connection with the issuance of the 2025 Bonds, and pursuant to Resolutions 2023-25, 2023-26, 2023-33, 2024-02, 2024-03, 2024-05, and 2024-06 (together, “Assessment
Resolutions”), the District levied non-ad valorem special assessments to secure the repayment of the 2024 Bonds (“2024 Assessments”); and

WHEREAS, the Supplemental Assessment Methodology for Assessment Area One, dated April 4, 2024, which was adopted as part of the Assessment Resolutions, recognizes a contribution obligation of
$355,000 for the 2024 Assessments (“2024 Contribution Obligation”) from the project developer, Pulte Home Company, LLC (“Developer”); and

WHEREAS, the Developer has constructed and funded certain public infrastructure for the Assessment Area One Project in the total amount of $3,439,103.74, as identified in the Developer Request Letter dated September 25, 2025, attached hereto as Exhibit A for which Developer has not been compensated by the District and which amount is greater than the 2024 Contribution Obligation,1 and, accordingly, Developer has requested that the District recognize the satisfaction of the 2024 Contribution Obligation.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT:

CONTRIBUTION. The District acknowledges and declares that the Developer has contributed infrastructure and/or monies in order to satisfy the 2024 Contribution Obligation.

GENERAL AUTHORIZATION. The Chairman, members of the Board of Supervisors and District staff are hereby generally authorized, upon the adoption of this Resolution, to do all acts and things required of them by this Resolution or desirable or consistent with the requirements or intent hereof.

1 The balance of improvement value, after recognizing the 2024 Contribution Obligation, equals $3,084,103.74 and remains eligible to be funded with future bond proceeds, if available.

CONFLICTS. All District resolutions or parts thereof in conflict herewith are, to the extent of such conflict, superseded and repealed. This Resolution is intended to supplement the Assessment Resolutions levying the 2024 Assessments which remain in full force and effect. This Resolution and the Assessment Resolutions levying the 2024 Assessments shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions or parts thereof in actual conflict with this Resolution are, to the extent of such conflict, superseded and repealed.

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.

EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption.

PASSED AND ADOPTED this 	 day of 	 2025.

ATTEST:	BOARD OF SUPERVISORS OF THE
WINDSOR CAY COMMUNITY DEVELOPMENT DISTRICT

Secretary / Asst. Secretary	By:		 Its: 	

Exhibit A:	Developer Request Letter dated September 25, 2025

Exhibit A

Board of Supervisors
Windsor Cay Community Development District
c/o Governmental Management Services - Central Florida, LLC 219 East Livingston Street
Orlando, Florida 32801

RE:	Acquisition of Certain Phases 1, 2 & 3 lmprovements Dear Sir or Madam,
We are writing to request that the Windsor Cay Community Development District ("District") acquire from Pulte Home Company, LLC ("Developer") the public infrastrncture improvements set forth in Exhibit A, which is attached hereto. Developer created the improvements consistent with the District's Amended and Restated Engineer's Report for Capital Improvement Program, dated March 26, 2025, prepared by the District Engineer and the improvements are now complete. As set forth in more detail in a Bill of Sale dated on or about the same date as this letter, the Developer wishes to convey the improvements to the District in exchange for the payment of $3,439,l 03.74 representing the proportionate share attributable to Phases I and 2 of Costs Paid in creating and/or constrncting such improvements and $1,706,814.45 representing the proportionate share attributable to Phases 3 and 4 in Costs Paid in creating and/or constrncting such improvements. Please have funds for the Phase 1 and 2 proportionate value be made payable to the Developer from the proceeds of the Series 2024 Bonds, to the extent available, or a future issuance of bonds, to the extent available. Please have the funds for the Phase 3 and 4 proportionate value be made payable to the Developer from the proceeds of a future issuance of bonds, to the extent available.
Sincerely,

PULTE HOME COMPANY, LLC

�	
By: 1/4/(t,t,I �rf<OCl4"\(;.y-ci<-
Its: 7)/Bf-CT01'
ACKNOWLEDGED AND AGREED TO BY:
�t.c /jg/;ry
Chair/Vice Chair
Windsor Cay Community Development District

EXHIBIT A
Desc1iption oflmprovements to be Acquired:

The following personal and intangible property as located within the public, non-gated portions of tracts identified on the plat ("Phase 1 Plat") known as Windsor Cay Phase I, recorded in Plat Book 80, Page 78 of the Official Records of Lake, County, Florida:

Al I landscape, hardscape and irrigation improvements including but not limited to monuments, walls, plants, trees, shrubbery, pumps, lines, spray heads, related system components.

The following personal and intangible property as located within tracts identified on the plat ("Phase 2 Plat") known as Windsor Cay Phase 2, recorded in Plat Book 84, Page l of the Official Records of Lake, County, Flmida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stonnwater retention basins, retaining wall, and related system components and soft costs,

The following personal and intangible property as located within tracts identified on the plat ("Phase 3 Plat") known as Windsor Cay Phase 3, recorded in Plat Book 87, Page 25 of the Official Records of Lake, County, Florida:

All stormwater management systems, including but not limited to ponds, inlets, yard drains, manholes and pipes providing drainage, curb and gutter providing drainage for streets and rights-of-way, stormwater retention basins, retaining wall, and related system components and soft costs,

Less and excluding the pond outfall stmcture and related earthwork located on tract S within the Phase 3 Plat which were previously acquired by the District pursuant to that certain Bill of Sale between Pulte Home Company, LLC, and the District dated April 23, 2024.

Improvement Costs:

Improvement Description	
Contractor	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	
	Seminole Masonry, Inc.					
Phase 1 Landscape/Hardscape/Soft Costs	lJK2 Holmes Constructors, LLC	
$1,859,714.65	
$0	
$(	
$1,859,714.65	
	Chcrrylake, Inc.					
Phase 2 Stormwater Improvements and Soft Costs	Blue Ox Enterprises,
..,LC	
1,672,987.64	
0	
0	
1,672,987.6�	

Phase 3 Stormwatcr Improvements and Soft Costs	Blue Ox Enterprises,
wLC	
1,613,215.9(	

0	

0	
1,613,215.9(	

TOTAL		

$5,145,918.19	

$0	

$0	
$5,145,918.19	

The propottionate share of the costs of the Improvements are prorated to each phase based on the number of units in each phase in accordance with the District's Amended and Restated Engineer's Report for Capital Improvement Program dated March 26, 2025:

PHASE I Proportionate Share of Costs oflmprovements:

Improvement Description	
Total Costs	Balance to Finish	
Retainage	
Costs Paid	

Phase l Proportionate Share	
$2,388,266.49	
so	
$0	
$2,388,266.49	

Phase 2 Proportionate Share	
1,050,837.25	
0	
0	
1,050,837.25	

Phase 3 Proportionate Share	
968,044.02	
0	
0	
968,044.02	

Phase 4 Proportionate Share	
738,770.43	
0	
0	
738,770.43	

Subtotal of Phase 3 and 4 Proportionate Share	

$1,706,814.4�	

$0	

$0	

$1,706,814.45	

Subtotal of Phase 1 and 2 Prnportionate share	

$3,439,103.74			

$3,439, I 03.74	

GRANT TOTAL	
$5,145,918.19	
$0	
$0	
$5,145,918.B	

Section VI

Section B

Section 1

_�_Tl_

onlJf!compon

I�•JJ�I_�s���,�t��

![) / I�:.:.�(,,,H
\jP'Ul':Pt�� rr ,t• \1:1•f
O• ,11,1!0. f I �)ii1

,•, ,', ,•, 11,•,r,·.,1 rnn

October 28, 2025

Windsor Cay Community Development District
c/o Governmental Management Services - Central Florida 219 East Livingston Street
Orlando, FL 32801

Re:		Windsor Cay Community Development District Assessment Area #2 Capital Infrastructure Consultation McIntosh Job No. 23562 (004)

Dear Chairman, Board of Supervisors:

Pursuant to your request, McIntosh Associates ("McIntosh") is pleased to submit for your consideration this Additional Services Agreement to provide professional consulting services to the Windsor Cay Community Development District ("DISTRICT") for Assessment Area #2 Capital Infrastructure Consultation ("Project"). The scope of this proposal includes Services related to CLIENT's financing of and assistance in DISTRICT improvements within Assessment Area #2, more commonly known as Windsor Cay Resort Phases 3 and 4. McIntosh agrees to provide the following Additional Services for the itemized fees and expenses set forth below, subject to this Additional Services Agreement which supplements our work authorization for the referenced project dated May 17, 2023 ("Original Work Authorization") as follows:

Scope of Work

PROFESSIONAL CONSULTING SERVICES

ASSESSMENT AREA #2 CAPITAL INFRASTRUCTURE CONSULTATION - McIntosh will
assist DISTRICT through the preparation of an Engineer's Report and Capital Improvement Program as required in order to pursue financing of DISTRICT improvements, assistance in advertisement of a Request for Qualifications for Construction Services, and other such services as may be requested by the DISTRICT associated with Assessment Area #2 of the DISTRICT. Professional services will be billed on an hourly basis.

Fees

The DISTRICT will compensate McIntosh pursuant to the hourly rate schedule contained in the Engineering Agreement. The DISTRICT will reimburse McIntosh all direct costs, which include items such as printing, drawings, travel, deliveries, et cetera, pursuant to the Agreement.

This proposal, together with the Engineering Agreement, represents the entire understanding between the DISTRICT and McIntosh with regard to the referenced work authorization. If you wish to accept this work

F:\Contract\Proposals\cp15775.docx

Windsor Cay Community Development District
Windsor Cay Community Development District -Assessment Area #2 Capital Infrastructure Consultation McIntosh Job No. 23562 (004)
October 28, 2025
Page 2 o/2

authorization, please sign where indicated and return a complete copy to our office (executed electronic scanned copies are acceptable). Upon receipt, we will promptly schedule our services.

We appreciate your confidence in McIntosh Associates, and look forward to continuing to serve you. Please contact the undersigned with any questions or clarification.

Sincerely,

McIntosh Associates

an LJA

�
illiam C. W-l'iitegon, PE
Project Manager

WCW/ss

APPROVED AND ACCEPTED

By	-
Authorized  Representative of
Windsor Cay Community Development District Date: 	
PURSUANT TO FLORIDA STATUTE 558.0035, AN INDIVIDUAL EMPLOYEE OR AGENT OF MCINTOSH ASSOCIATES MAY NOT BE HELD INDIVIDUALLY LIABLE FOR NEGLIGENCE.

Section C

Section 1

Windsor Cay Community Development District

Summary of Check Register

September 11, 2025 to November 5, 2025

	Fund	Date	Check No.'s		Amount	

General Fund						
		9/11/25	155	$	1,850.00	
		9/18/25	156-159	$	12,144.21	
		9/25/25	160	$	11,845.00	
		10/2/25	161	$	65.62	
		10/9/25	162-164	$	6,083.00	
		10/15/25	165-168	$	17,694.70	
		10/20/25	169-170	$	570.50	
			Total Amount	$	50,253.03	

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
9/11/25 00011	9/08/25 130-2025 202509 300-13100-10100	*	1,850.00
PROJECT # 130-2025-0866
FLORIDA PROPERTY ADVISORS LLC DBA	1,850.00 000155
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00007	9/12/25 47739	202508 310-51300-31100	*	105.00
ENGINEER SVCS AUG 25
DONALD W. MCINTOSH ASSOCIATES, INC.	105.00 000156
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00017	9/01/25 46695	202509 320-53800-46200	*	6,305.00
LANDSCAPE MAINT SEPT 25
EXCLUSIVE LANDSCAPING GROUP, INC	6,305.00 000157
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00008	8/31/25 00073019 202508 310-51300-48000	*	273.56
NOT BUDGET MTG 8/6/25
GANNETT MEDIA CORP DBA GANNETT	273.56 000158
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/18/25 00001	9/01/25 50	202509 320-53800-34000	*	1,250.00
FIELD MANAGEMENT SEPT 25
9/01/25 51	202509 310-51300-34000	*	3,541.67
MANAGEMENT FEES SEPT 25
9/01/25 51	202509 310-51300-35200	*	100.00
WEBSITE ADMIN SEPT 25
9/01/25 51	202509 310-51300-35100	*	150.00
INFORMATION TECH SEPT 25
9/01/25 51	202509 310-51300-31300	*	416.67
DISSEMINATION SVC SEPT 25
9/01/25 51	202509 310-51300-51000	*	.09
OFFICE SUPPLIES
9/01/25 51	202509 310-51300-42000	*	2.22
POSTAGE
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,460.65 000159
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
9/25/25 00005	9/24/25 29893	202509 300-15500-10000	*	11,845.00
FY26 ANNUAL INSURANCE
EGIS INSURANCE & RISK ADVISORS	11,845.00 000160

10/02/25	00010	8/29/25	
- - - - - - - -
10/09/25 00020	- - - -
10/01/25	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
08292025 202508 310-51300-49000	*	65.62
MEETING SPACE 8/29/25
LAKE SUMTER STATE COLLEGE	65.62 000161
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
93695	202510 310-51300-54000	*	175.00
FY26 SPECIAL DISTRICT FEE
FLORIDA COMMERCE	175.00 000162
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/09/25 00001	9/15/25 52	202510 310-51300-31700	*	5,408.00
ASSESSMENT ROLL FY26
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,408.00 000163
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
WCCD WINDSOR CAY CD CWRIGHT

CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
10/09/25 00015	8/01/25 28445	202508 320-53800-46900	*	500.00
FOUNTAIN MAINT AUG 25
MCDONNELL CORPORATION DBA RESORT	500.00 000164
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/15/25 00017 10/01/25 48714	202510 320-53800-46200	*	6,305.00
LANDSCAPE MAINT OCT 25
10/06/25 49234	202510 320-53800-46201	*	4,641.95
LANDSCAPE REPLACE OCT 25
EXCLUSIVE LANDSCAPING GROUP, INC	10,946.95 000165
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/15/25 00001 10/01/25 53	202510 310-51300-34000	*	3,647.92
MANAGEMENT FEES OCT 25
10/01/25 53	202510 310-51300-35200	*	103.00
WEBSITE ADMIN OCT 25
10/01/25 53	202510 310-51300-35100	*	154.50
INFORMATION TECH OCT 25
10/01/25 53	202510 310-51300-31300	*	429.17
DISSEMINATION SVC OCT 25
10/01/25 53	202510 310-51300-51000	*	.24
OFFICE SUPPLEIS OCT 25
10/01/25 53	202510 310-51300-42000	*	5.92
POSTAGE
10/01/25 54	202510 320-53800-34000	*	1,287.50
FIELD MANAGEMENT OCT 25
GOVERNMENTAL MANAGEMENT SERVICES-CF	5,628.25 000166
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/15/25 00004 10/10/25 3639713	202508 310-51300-31500	*	619.50
GENERAL COUNSEL AUG 25
KUTAK ROCK LLP	619.50 000167
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/15/25 00015 10/01/25 29210	202510 320-53800-46900	*	500.00
FOUNTAIN MAINT OCT 25
MCDONNELL CORPORATION DBA RESORT	500.00 000168
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/25 00021 10/20/25 7785-10- 202509 310-51300-31200	*	450.00
ARBITRAGE REPORT FY25
AMTEC	450.00 000169
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
10/20/25 00008	9/30/25 00073518 202509 310-51300-48000	*	120.50
NOT FY25 MTG DATE 9/24/25
GANNETT MEDIA CORP DBA GANNETT	120.50 000170
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	50,253.03
TOTAL FOR REGISTER	50,253.03 WCCD WINDSOR CAY CD CWRIGHT

Section 2

Windsor Cay
Community Development District

Unaudited Financial Reporting
September 30, 2025

Table of Contents

1		Balance Sheet	

2-3	
	General Fund	

4	
	Series 2024 Debt Service Fund	

5	
	Series 2024 Capital Projects 	

6	
	Capital Projects Fund	

7	
	Month to Month	

8	
	Long Term Debt Report	

9	
	Assessment Receivable Schedule	

Combined Balance Sheet September 30, 2025

	General		Debt Service		Capital Projects		Totals	
	Fund		Fund		Fund	Governmental Funds	
Assets:
Cash:
Operating Account	

$	

140,446	

$	

-	

$	

-	

$	

140,446	
Assessment Receivable	$	51,897	$	-	$	-	$	51,897	
Series 2024:
Reserve	
$	
-	
$	
332,621	
$	
-	
$	
332,621	
Revenue	$	-	$	287,177	$	-	$	287,177	
Construction	$	-	$	-	$	35,864	$	35,864	
Due from Developer	$	-	$	-	$	5,315	$	5,315	
Due from Capital Projects	$	1,850	$	-	$	-	$	1,850	
Prepaid Expenses	$	14,322	$	-	$	-	$	14,322	
Total Assets	$	208,515	$	619,799	$	41,179	$	869,493	
Liabilities:
Accounts Payable	

$	

2,314	

$	

-	

$	

-	

$	

2,314	
Contracts Payable	$	-	$	-	$	3,465	$	3,465	
Due to General Fund	$	-	$	-	$	1,850	$	1,850	
Total Liabilites	$	2,314	$	-	$	5,315	$	7,629	
Fund Balance:
Assigned:
Debt Service - Series 2024	

$	

-	

$	

619,799	

$	

-	

$	

619,799	
Capital Projects Series 2024	$	-	$	-	$	35,864	$	35,864	
Unassigned	$	206,201	$	-	$	-	$	206,201	
Total Fund Balances	$	206,201	$	619,799	$	35,864	$	861,864	
									
Total Liabilities & Fund Balance	$	208,515	$	619,799	$	41,179	$	869,493	

	Adopted	Prorated Budget		Actual		
		Budget	Thru 09/30/25	Thru 09/30/25		Variance	

Revenues:									
Assessments - Tax Roll	$	217,687	$	217,687	$	219,507	$	1,821	
Assessments - Direct	$	80,208	$	80,208	$	80,208	$	-	
Developer Contributions	$	25,311	$	25,311	$	-	$	(25,311)	
Boundary Amendment Contributions	$	-	$	-	$	3,370	$	3,370	
Total Revenues	$	323,205	$	323,205	$	303,086	$	(20,119)	

Expenditures:									
General & Administrative:									
Engineering	$	10,000	$	10,000	$	4,151	$	5,849	
Attorney	$	25,000	$	25,000	$	6,817	$	18,184	
Audit	$	4,000	$	4,000	$	4,800	$	(800)	
Assessment Administration	$	5,250	$	5,250	$	5,250	$	-	
Arbitrage	$	450	$	450	$	450	$	-	
Dissemination	$	5,000	$	5,000	$	5,000	$	(0)	
Trustee Fees	$	4,020	$	4,020	$	1,769	$	2,251	
Management Fees	$	42,500	$	42,500	$	42,500	$	-	
Information Technology	$	1,800	$	1,800	$	1,800	$	-	
Website Maintenance	$	1,200	$	1,200	$	1,200	$	-	
Telephone	$	300	$	300	$	-	$	300	
Postage & Delivery	$	1,000	$	1,000	$	89	$	911	
Insurance	$	5,500	$	5,500	$	5,200	$	300	
Printing & Binding	$	1,000	$	1,000	$	39	$	961	
Legal Advertising	$	5,000	$	5,000	$	3,432	$	1,568	
Property Appraiser Fee	$	-	$	-	$	50	$	(50)	
Boundary Amendment Expense	$	-	$	-	$	3,370	$	(3,370)	
Other Current Charges	$	1,750	$	1,750	$	1,150	$	600	
Office Supplies	$	625	$	625	$	2	$	623	
Travel Per Diem	$	660	$	660	$	-	$	660	
Dues, Licenses & Subscriptions	$	175	$	175	$	175	$	-	
Total Administrative	$	115,230	$	115,230	$	87,243	$	27,987	

	Adopted	Prorated Budget	Actual		
	Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Field Expenditures
Operations & Maintenance					
Field Management	$	15,000	$	15,000	$	15,000	$	-	
Property Insurance	$	-	$	-	$	6,716	$	(6,716)	
Landscape Maintenance	$	110,784	$	110,784	$	78,379	$	32,405	
Pond Disking	$	9,000	$	9,000	$	6,500	$	2,500	
Landscape Replacement	$	2,500	$	2,500	$	-	$	2,500	
Tree Trimming	$	7,875	$	7,875	$	-	$	7,875	
Mulch	$	10,000	$	10,000	$	-	$	10,000	
Electric	$	3,500	$	3,500	$	-	$	3,500	
Water & Sewer	$	25,000	$	25,000	$	3,303	$	21,697	
Irrigation Repairs	$	7,500	$	7,500	$	-	$	7,500	
Fountain Maintenance	$	6,000	$	6,000	$	6,000	$	-	
General Repairs & Maintenance	$	7,500	$	7,500	$	2,568	$	4,932	
Contingency	$	3,316	$	3,316	$	-	$	3,316	
Total Operations & Maintenance	$	207,975	$	207,975	$	118,466	$	81,261	
					
Total Expenditures	$	323,205	$	323,205	$	205,710	$	109,248	
					
Excess (Deficiency) of Revenues over Expenditures	$	0		$	97,376		
					
Fund Balance - Beginning	$	-		$	108,825		
					
Fund Balance - Ending	$	0		$	206,201		

Community Development District Debt Service Fund Series 2024
Statement of Revenues, Expenditures, and Changes in Fund Balance
For The Period Ending September 30, 2025

Adopted	Prorated Budget	Actual	
Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Revenues:		
Assessments - Tax Roll	$	503,286	$	503,286	$	507,495	$	4,209	
Assessments - Direct	$	161,956	$	161,956	$	161,956	$	-	
Interest	$	-	$	-	$	27,474	$	27,474	
Total Revenues	$	665,243	$	665,243	$	696,925	$	31,683	

Expenditures:					
Interest Expense - 11/1	$	263,422	$	263,422	$	263,422	$	-	
Principal Expense - 5/1	$	135,000	$	135,000	$	135,000	$	-	
Interest Expense - 5/1	$	264,894	$	264,894	$	264,894	$	-	
Total Expenditures	$	663,316	$	663,316	$	663,316	$	-	
					
Excess (Deficiency) of Revenues over Expendi	$	1,927		$	33,609		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$	-	$	-	$	(14,492)	$	(14,492)	
Total Other Financing Sources/(Uses)	$	-	$	-	$	(14,492)	$	(14,492)	
					
Net Change in Fund Balance	$	1,927		$	19,117		
					
Fund Balance - Beginning	$	265,694		$	600,682		
					
Fund Balance - Ending	$	267,620		$	619,799		

	Adopted	Prorated Budget	Actual		
		Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Revenues:					
Interest	$		-	$	-	$	1,379	$	1,379	
Total Revenues	$		-	$	-	$	1,379	$	1,379	

Expenditures:

Capital Outlay	

$		

-	$	-	$	7,316	

$	(7,316)	
Total Expenditures	$		-	$	-	$	7,316	$	(7,316)	
					
Excess (Deficiency) of Revenues over Expenditures	$		-	$	(5,936)		

Other Financing Sources/(Uses):					
Transfer In/(Out)	$		-	$	-	$	14,492	$	14,492	
Total Other Financing Sources/(Uses)	$		-	$	-	$	14,492	$	14,492	
					
Net Change in Fund Balance	$		-	$	8,556		
					
Fund Balance - Beginning	$		-	$	27,308		
					
Fund Balance - Ending	$		-	$	35,864		

		Adopted	Prorated Budget	Actual		
		Budget	Thru 09/30/25	Thru 09/30/25	Variance	

Revenues:					
Developer Contributions	$		-	$	-	$	-	$	-	
Total Revenues	$		-	$	-	$	-	$	-	

Expenditures:

Capital Outlay	

$		

-	$	-	$	5,315	

$	(5,315)	
Total Expenditures	$		-	$	-	$	5,315	$	(5,315)	
					
Excess (Deficiency) of Revenues over Expenditures	$		-	$	(5,315)		

Other Financing Sources/(Uses):					
Developer Advances	$		-	$	-	$	5,315	$	5,315	
Total Other Financing Sources/(Uses)	$		-	$	-	$	5,315	$	5,315	
					
Net Change in Fund Balance	$		-	$	-		
					
Fund Balance - Beginning	$		-	$	-		
					
Fund Balance - Ending	$		-	$	-		

Windsor Cay
Community Development District Month to Month

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

Revenues:															
Assessments Tax Roll	$	-  $	11,405  $	179,029  $	1,854  $	4,712  $	2,889  $	2,788  $	2,361  $	14,470  $	-  $	-  $	-  $	219,507	
Assessments Direct	$	-  $	40,104  $	-  $	-  $	20,052  $	-  $	-  $	20,052  $	-  $	-  $	-  $	-  $	80,208	
Developer Contributions	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Boundary Amendment Contributions	$	-  $	-  $	-  $	168  $	-  $	431  $	360  $	-  $	-  $	-  $	2,412  $	-  $	3,370	
Total Revenues	$	-  $	51,509  $	179,029  $	2,022  $	24,764  $	3,320  $	3,148  $	22,413  $	14,470  $	-  $	2,412  $	-  $	303,086	

Expenditures:															
General & Administrative:															
Engineering	$	-  $	-  $	-  $	3,750  $	-  $	116  $	-  $	180  $	-  $	-  $	105  $	-  $	4,151	
Attorney	$	28  $	56  $	-  $	1,069  $	553  $	-  $	921  $	2,093  $	790  $	148  $	620  $	540  $	6,817	
Audit	$	-  $	-  $	-  $	-  $	-  $	-  $	4,800  $	-  $	-  $	-  $	-  $	-  $	4,800	
Assessment Administration	$	5,250  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,250	
Arbitrage	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	450  $	450	
Dissemination	$	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	417  $	5,000	
Trustee Fees	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	1,769  $	-  $	-  $	-  $	-  $	1,769	
Management Fees	$	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	3,542  $	42,500	
Information Technology	$	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	150  $	1,800	
Website Maintenance	$	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	100  $	1,200	
Telephone	$	-	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Postage & Delivery	$	4  $	3  $	49  $	1  $	2  $	11  $	3  $	4  $	2  $	5  $	4  $	2  $	89	
Insurance	$	5,200  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	5,200	
Copies	$	-  $	-  $	-  $	-  $	24  $	4  $	9  $	-  $	2  $	-  $	-  $	-  $	39	
Legal Advertising	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	3,038  $	-  $	-  $	274  $	121  $	3,432	
Property Appraiser Fee	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	50  $	-  $	-  $	-  $	50	
Boundary Amendment Expense	$	-  $	168  $	-  $	431  $	360  $	2,412  $	-  $	-  $	-  $	-  $	-  $	-  $	3,370	
Contingencies	$	30  $	66  $	31  $	239  $	32  $	107  $	32  $	98  $	449  $	-  $	66  $	-  $	1,150	
Office Supplies	$	0  $	0  $	0  $	0  $	0  $	0  $	0  $	0  $	0  $	0  $	0  $	0  $	2	
Travel Per Diem	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Dues, Licenses & Subscriptions	$	175  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	175	
Total Administrative	$	14,896  $	4,501  $	4,288  $	9,697  $	5,179  $	6,858  $	9,974  $	11,391  $	5,502  $	4,361  $	5,277  $	5,321  $	87,243	

Field Expenditures															
Operations & Maintenance															
Field Management	$	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	1,250  $	15,000	
Landscape Maintenance	$	8,098  $	6,768  $	6,768  $	6,305  $	6,305  $	6,305  $	6,305  $	6,305  $	6,305  $	6,305  $	6,305  $	6,305  $	78,379	
Property Insurance	$	6,716  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	6,716	
Pond Disking	$	-  $	1,300  $	-  $	1,300  $	-  $	1,300  $	-  $	-  $	1,300  $	-  $	1,300  $	-  $	6,500	
Landscape Replacement	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Tree Trimming	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Mulch	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Electric	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Water & Sewer	$	85  $	-  $	-  $	(0) $	346  $	504  $	616  $	620  $	451  $	618  $	25  $	37  $	3,303	
Irrigation Repairs	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Fountain Maintenance	$	500  $	500  $	500  $	500  $	500  $	500  $	500  $	500  $	500  $	500  $	500  $	500  $	6,000	
General Repairs & Maintenance	$	-  $	-  $	2,177  $	-  $	-  $	-  $	391  $	-  $	-  $	-  $	-  $	-  $	2,568	
Contingency	$	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-  $	-	
Total Operations & Maintenance	$	16,649  $	9,818  $	10,695  $	9,355  $	8,401  $	9,859  $	9,062  $	8,675  $	9,806  $	8,673  $	9,380  $	8,092  $	118,466	
															
Total Expenditures	$	31,545  $	14,319  $	14,983  $	19,052  $	13,579  $	16,717  $	19,036  $	20,066  $	15,308  $	13,034  $	14,657  $	13,413  $	205,710	
															
Excess (Deficiency) of Revenues over Expenditures	$	(31,545)  $	37,189  $	164,046  $	(17,030)  $	11,184  $	(13,397)  $	(15,888)  $	2,347  $	(838) $	(13,034)  $	(12,245)  $	(13,413)  $	97,376	

Windsor Cay
Community Development District Long Term Debt Report

Series 2024, Special Assessment Revenue Bonds

Interest Rate:	4.600%, 5.450%, 5.750%
Maturity Date:	5/1/2054
Reserve Fund Definition	50% Maximum Annual Debt Service Reserve Fund Requirement		$332,621
Reserve Fund Balance	$332,621

Bonds Outstanding - 5/2/24	$9,615,000
Less: Principal Payment 5/1/25	($135,000)	
Current Bonds Outstanding	$9,480,000	

Windsor Cay
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Receipts Fiscal Year 2025

Gross Assessments	$ 231,581.89	$ 535,410.80	$ 766,992.69	
Net Assessments	$ 217,686.98	$ 503,286.15	$ 720,973.13	
	
30.19%	
69.81%	
100.00%	

ON ROLL ASSESSMENTS

Date	
Distribution	
Gross Amount	
iscount/Penalt	
Commission	
Interest	
Net Receipts	
General Fund	2024 Debt Service	
Total	

11/14/24	
10/01-10/31/24	
$2,304.94	
($92.20)	
($44.25)	
$0.00	
$2,168.49	
$654.74	
$1,513.75	
$2,168.49	
11/14/24	10/01-10/31/24	$1,083.57	($43.34)	($20.80)	$0.00	$1,019.43	$307.80	$711.63	$1,019.43	
11/21/24	11/01-11/10/24	$4,839.14	($193.54)	($92.92)	$0.00	$4,552.68	$1,374.61	$3,178.07	$4,552.68	
11/21/24	11/01-11/10/24	$11,008.84	($440.37)	($211.37)	$0.00	$10,357.10	$3,127.17	$7,229.93	$10,357.10	
11/25/24	11/11-11/17/24	$14,652.86	($586.13)	($281.34)	$0.00	$13,785.39	$4,162.29	$9,623.10	$13,785.39	
11/25/24	11/11-11/17/24	$6,259.29	($250.36)	($120.18)	$0.00	$5,888.75	$1,778.02	$4,110.73	$5,888.75	
12/11/24	11/18-11/30/24	$58,509.59	($2,340.14)	($1,123.38)	$0.00	$55,046.07	$16,620.33	$38,425.74	$55,046.07	
12/11/24	11/18-11/30/24	$134,932.44	($5,397.48)	($2,590.70)	$0.00	$126,944.26	$38,328.91	$88,615.35	$126,944.26	
12/27/24	12/1-12/14/24	$131,752.13	($5,245.13)	($2,530.14)	$0.00	$123,976.86	$37,432.95	$86,543.91	$123,976.86	
12/27/24	12/01-12/14/24	$304,971.40	($12,142.72)	($5,856.57)	$0.00	$286,972.11	$86,646.91	$200,325.20	$286,972.11	
01/23/25	12/15-12/31/24	$4,538.54	($144.33)	($87.89)	$0.00	$4,306.32	$1,300.23	$3,006.09	$4,306.32	
01/23/25	12/15-12/31/24	$1,933.88	($62.59)	($37.43)	$0.00	$1,833.86	$553.71	$1,280.15	$1,833.86	
02/11/25	1/1-1/31/25	$11,530.22	($230.63)	($225.99)	$0.00	$11,073.60	$3,343.51	$7,730.09	$11,073.60	
02/11/25	1/1-1/31/25	$4,718.08	($94.36)	($92.47)	$0.00	$4,531.25	$1,368.14	$3,163.11	$4,531.25	
03/14/25	2/1-2/28/25	$6,843.48	($68.43)	($135.50)	$0.00	$6,639.55	$2,004.71	$4,634.84	$6,639.55	
03/14/25	2/1-2/28/25	$3,017.45	($30.16)	($59.75)	$0.00	$2,927.54	$883.93	$2,043.61	$2,927.54	
04/30/25	3/1-3/31/25	$2,728.10	$0.00	($54.56)	$0.00	$2,673.54	$807.24	$1,866.30	$2,673.54	
04/30/25	3/1-3/31/25	$6,695.32	$0.00	($133.91)	$0.00	$6,561.41	$1,981.12	$4,580.29	$6,561.41	
05/30/25	4/1-4/30/25	$2,391.52	$0.00	($49.27)	$71.74	$2,413.99	$728.87	$1,685.12	$2,413.99	
05/30/25	4/1-4/30/25	$5,356.24	$0.00	($110.33)	$160.68	$5,406.59	$1,632.44	$3,774.15	$5,406.59	
06/30/25	05/1-5/31/25	$2,752.18	$0.00	($55.04)	$0.00	$2,697.14	$814.36	$1,882.78	$2,697.14	
06/30/25	05/1-5/31/25	$6,590.92	$0.00	($131.82)	$0.00	$6,459.10	$1,950.23	$4,508.87	$6,459.10	
06/30/25	05/1-5/31/25	$12,202.63	$0.00	($244.05)	$0.00	$11,958.58	$3,610.71	$8,347.87	$11,958.58	
06/30/25	05/1-5/31/25	$27,355.62	$0.00	($547.11)	$0.00	$26,808.51	$8,094.43	$18,714.08	$26,808.51	
	TOTAL	$ 768,968.38	$ (27,361.91)	$ (14,836.77)	$	232.42	$  727,002.12	$ 219,507.36	$ 507,494.76	$ 727,002.12	

101%

Net Percent Collected

0  Balance Remaining to Collect

Direct Bill Assessments

Pulte Homes LLC 2025-01				Net Assessments
$242,164.26	$80,207.79 100%		33%	
$161,956.47 67%			
Date
Received	Due
Date	Check
Number	Amount
Received	Net
Assessed	O & M	Debt Service S2024	Amount rec'd
O & M	Amount rec'd
Debt Svc	

11/22/24	
12/1/24	
9503011	
$121,082.13	
$121,082.13	
$40,103.90	
$80,978.24	
$40,103.89	
$80,978.24	
1/30/25	2/1/25	95031355	$60,541.07	$60,541.07	$20,051.95	$40,489.12	$20,051.95	$40,489.12	
5/1/25	5/1/25	95033313	$60,541.07	$60,541.07	$20,051.95	$40,489.12	$20,051.95	$40,489.12	
			$ 242,164.27	$ 242,164.27	$ 80,207.80	$  161,956.48	$ 80,207.79	$ 161,956.48	

Section D

Windsor Cay CDD
Field Management Report

November 18th, 2025 Ashley Hilyard Field Manager
GMS

1

Windsor Cay CDD Field Management Report | GMS 2025

Trash and debris have been cleared from all dry ponds.

The grates on two stormwater skimmers have been reset.

Cracks in mitered ends at tract Q, I East, and J dry ponds have been patched.

Erosion at base of skimmer in tract Q dry pond has been backfilled.

2

Windsor Cay CDD Field Management Report | GMS 2025

Landscape maintenance has transitioned to biweekly mowing for the season, with detail work conducted in between.

The next discing of the dry ponds is scheduled to be completed in late December.

Fountain Maintenance

Fountain maintenance and cleaning continues with daily servicing.
No current deficiencies noted.

General Maintenance

Additional areas of significant erosion in the dry ponds have been noted.
Maintenance staff will install filter fabric and rip rap prior to backfilling to mitigate further damage.

For any questions or comments regarding the above information, please contact me by phone at 407-577-0918, or by email at ahilyard@gmscfl.com. Thank you.

Respectfully, Ashley Hilyard